Name: Waitr Holdings Inc. Q2 2022 Earnings Call
Start: 2022-08-08T21:01:04.000Z

Executive Summary

Q2 2022 revenue declined to $31.2M amid inflation, higher gas prices, and competitive pressure; GAAP net loss was $11.7M and Adjusted EBITDA was a loss of $3.6M, with ~$1.0M tied to an increase in insurance reserves .
Management accelerated the “deliver anything ASAP” transition: national collaboration with 7‑Eleven in June and a five‑year exclusive mobile ordering partnership with the New York Giants/Jets and MetLife Stadium in July .
Debt reduction actions continued: ~$21M pay‑down in Q2 and ~ $6.8M notes converted to equity in July, reducing long‑term debt from ~$84.5M at year‑end 2021 to ~$57.0M as of Aug 8, 2022 .
KPIs weakened: Average Daily Orders fell to 18,070 and Active Diners were ~1.3M by Aug 8 (down from 22,907 and ~1.5M in Q1), reflecting macro headwinds and competitive dynamics .
No formal quantitative guidance was provided; S&P Global consensus estimates were unavailable, limiting beat/miss assessment (values unavailable from S&P Global).

What Went Well and What Went Wrong

Executed strategic partnerships to expand non‑restaurant verticals: national addition of 7‑Eleven (~700+ stores) and exclusive MetLife Stadium mobile ordering (largest NFL venue deployment) .
Balance sheet progress: negotiated ~$21M debt pay‑down in Q2 and lender conversion of ~$6.8M notes into common stock in July, lowering long‑term debt to ~$57M and aligning lenders with equity upside .
Management reiterated platform consolidation and rebrand to “ASAP” to drive cost/resource savings and feature velocity: “Our focus is to be able to deliver a diverse set of products from any vendor… best‑in‑class proprietary stadium technology… should help us strategically expand” — Carl Grimstad, CEO .

Revenue compressed to $31.2M (from $49.2M YoY) as inflation, gas prices, and competition reduced order volumes; Adjusted EBITDA turned to a loss of $3.6M versus +$2.5M YoY .
KPIs deteriorated: Average Daily Orders fell to 18,070 and Active Diners slipped to ~1.3M, signaling softer engagement and order frequency .
Cash declined to $28.2M at quarter‑end, reflecting operating losses and debt service; GAAP net loss widened YoY to $11.7M .

Metric	Q4 2021	Q1 2022	Q2 2022
Revenue ($USD Millions)	$38.649	$35.040	$31.171
GAAP Diluted EPS ($USD)	$(0.06)	$(0.50)	$(0.07)
Net Loss ($USD Millions)	$(8.126)	$(77.216)	$(11.671)
Adjusted EBITDA ($USD Millions)	$1.692	$(1.791)	$(3.611)
Cash and Equivalents ($USD Millions)	$60.111	$54.877	$28.203

KPIs

KPI	Q1 2022	Q2 2022
Average Daily Orders	22,907	18,070
Active Diners (approx.)	~1.5M	~1.3M

Segment breakdown: Not disclosed; company reports consolidated results without segment detail in the press materials .

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q3 2022	Not provided	Not provided	Maintained (no guidance)
Margins/OpEx/Tax	FY/Q3 2022	Not provided	Not provided	Maintained (no guidance)
Segment-specific	FY/Q3 2022	Not provided	Not provided	Maintained (no guidance)

Note: No formal quantitative guidance was disclosed in the Q2 2022 press release or related materials .

Topic	Q4 2021 (Prior-2)	Q1 2022 (Prior-1)	Q2 2022 (Current)	Trend
Macro headwinds (inflation/gas)	Cited ongoing pandemic and weather impacts, focus on platform enhancements	Inflation/high gas prices drove lighter orders; adding lower-priced QSR integrations	Inflation/higher gas prices and competition pressured volumes	Persistent pressure; competitive response in motion
Rebrand & platform consolidation	Announced ASAP domain and rebrand intention	Migrating from three platforms to one; cost/resource savings expected	Official transition to ASAP name began in July; single app target	Execution progressing
Stadium partnerships	Active at LSU/Alabama/Superdome; expanding	Stadium tech as acquisition tool; expanding venues	Exclusive mobile ordering at MetLife (Giants/Jets), five-year deal	Major expansion
Retail/convenience expansion	Evaluating broader verticals	7‑Eleven integration testing slated for Q2 2022	7‑Eleven collaboration launched June (700+ stores)	Executed
Payments facilitation	1,900 merchants facilitated; ~$900M annualized volume (Jan)	>2,300 merchants facilitated; aiming to grow base	Continued facilitation; expect growth of revenue stream	Growing
Capital structure	No major changes disclosed	Debt maturity extended to May 15, 2024	~$21M pay‑down Q2; ~$6.8M notes converted to equity in July; LTD ~$57M	Deleveraging

“With the most recent conversion, debt has decreased by over $70 million… approximately 56% since January 1, 2020… Our focus is to be able to deliver a diverse set of products from any vendor… along with our best‑in‑class proprietary stadium technology” — Carl Grimstad, CEO .
“We focused our efforts on executing certain initiatives to transition the business to a ‘deliver anything ASAP’ model, including our collaboration with 7‑Eleven in June 2022” .
“We are shifting to a single platform and application which, once completed, should provide cost and resource savings” .
Prior quarter: integrations with Google Food Ordering, Olo Dispatch, Panera Bread, Inspire Brands; and platform consolidation to one app for efficiency .

Macro/volume outlook: Management emphasized inflation and gas prices as demand headwinds and pointed to lower-priced QSR integrations to broaden appeal and stabilize orders .
Strategy and rebrand: Clarified execution path for “deliver anything ASAP,” single-app consolidation, and leveraging stadium tech for expansion and customer acquisition .
Capital/debt: Discussed ~$21M debt pay-down and lender note conversion to equity, extending runway and aligning stakeholders .
External transcript reference for additional Q&A detail: MarketScreener Q2 2022 earnings call transcript (Aug 8, 2022) .

S&P Global consensus estimates could not be retrieved for ASAP due to mapping constraints; therefore, beat/miss versus Wall Street consensus cannot be assessed at this time (values unavailable from S&P Global).

Revenue and KPIs weakened materially in Q2 as inflation, fuel costs, and competition weighed on order flow; near-term trading likely hinges on evidence of stabilization in Average Daily Orders and Active Diners .
The pivot beyond restaurant delivery is tangible: execution of 7‑Eleven and MetLife Stadium deals expands volume opportunities outside core food delivery, a positive for medium-term diversification .
Deleveraging actions reduce financial risk and demonstrate lender alignment; monitoring liquidity is critical as cash declined to $28.2M at quarter‑end .
Platform consolidation to a single app should lower costs and accelerate feature rollouts; watch for operating efficiency improvements and Adjusted EBITDA trajectory in subsequent quarters .
Payments facilitation continues to grow and can provide non‑delivery revenue streams; track merchant counts and volume contributions in future releases .
Lack of formal guidance increases uncertainty; until S&P consensus is accessible, use historical trend analysis and KPI progress to frame expectations .
Near-term: sentiment may be driven by execution milestones (new venues, retail categories), order flow stabilization, and continued balance sheet progress; medium-term: success of “deliver anything ASAP” model in new geographies will shape the thesis .