Waitr Holdings Inc. (ASAP)·Q4 2021 Earnings Summary

Executive Summary

• Q4 2021 revenue declined 11% sequentially to $38.6M from $43.4M in Q3 and fell 17% YoY versus $46.8M in Q4 2020, reflecting softer order volumes and mix effects .
• The quarter swung to a net loss of $8.1M (diluted EPS -$0.06) versus net income of $12.3M (diluted EPS $0.09) in Q3 and $2.6M (diluted EPS $0.02) in Q4 2020, driven by operational deleverage and higher opex components .
• Adjusted EBITDA compressed to $1.7M from $3.1M in Q3 and $9.9M in Q4 2020 as investment in technology, integrations, and business development weighed on near-term profitability .
• Management advanced strategic initiatives: rebranding to “ASAP,” payments enablement (approx. 1,900 merchants; ~$900M annualized volume), and “deliver anything” integrations (Olo Dispatch, Google Food Ordering, stadium partnerships) to diversify beyond restaurant delivery .
• Wall Street consensus estimates via S&P Global were unavailable for ASAP; therefore, beats/misses vs Street cannot be assessed for Q4 2021 (S&P Global consensus unavailable for this ticker mapping).

What Went Well and What Went Wrong

What Went Well

• Integrated commerce initiatives progressed, including Olo Dispatch and Google Food Ordering, positioning for ecosystem expansion beyond food delivery: “We continue to invest in integrated commerce technologies…important steps in pursuing our overall growth strategy” — Carl Grimstad, CEO .
• Payments enablement scaled with ~1,900 merchants and ~$900M annualized volume through third-party processing access, providing a new monetization vertical and diversification .
• Cash reserves ended the year at $60.1M, providing liquidity to support rebranding and vertical expansion initiatives .

What Went Wrong

• Revenue contracted to $38.6M, down 11% QoQ and 17% YoY, indicating demand normalization and order compression following earlier growth periods .
• Profitability deteriorated with net loss of $8.1M and Adjusted EBITDA of $1.7M, reflecting operating deleverage and elevated opex (sales & marketing $5.7M vs $3.4M in Q4 2020; G&A $11.5M vs $10.7M) .
• The Cova acquisition LOI was terminated, removing a potential near-term catalyst in cannabis retail POS, though a payments-related partnership remains under discussion .

Financial Results

Quarterly Performance (oldest → newest)

Q4 YoY Comparison

KPIs

Note: Active Diners counts for Q2/Q3 were described qualitatively as “substantially consistent” without a numeric figure .

Guidance Changes

No formal quantitative guidance ranges were provided in the Q4 2021 press release and 8-K materials .

Earnings Call Themes & Trends

Note: Q4 2021 call transcript content was unavailable due to repository inconsistency; thematic tracking relies on press releases and 8-Ks .

Management Commentary

• “Our strategy is to expand our ecosystem…through the enhancement of our platforms and providing additional products and services. We continue to invest in integrated commerce technologies, such as Olo Dispatch and Google Food Ordering…” — Carl Grimstad, Chairman & CEO .
• “While 2021 presented challenges, including impacts from the ongoing pandemic and hurricanes in our core Southeast markets…We invested in product and engineering personnel…as we plan to expand our delivery verticals.” — Carl Grimstad .
• “We now facilitate merchant and restaurant access to third parties that provide payment processing solutions…approximately 1,900 merchants with an annualized volume of approximately $900 million.” — Company statement .
• “We have acquired the ‘ASAP.com’ domain name in connection with our rebranding strategy…we believe it better embodies the future direction of our Company…” — Carl Grimstad .

Q&A Highlights

The Q4 2021 earnings call transcript was not retrievable from the repository due to a database inconsistency; therefore, specific Q&A highlights, analyst questions, and guidance clarifications cannot be provided from the transcript at this time. Strategic themes above draw from 8-K/press release disclosures .

Estimates Context

• Wall Street consensus estimates via S&P Global for ASAP were unavailable because the SPGI/Capital IQ mapping for this ticker could not be retrieved; as a result, we cannot assess beats/misses vs Street for Q4 2021 (S&P Global consensus unavailable for this ticker mapping).
• Given revenue declined 11% QoQ and 17% YoY and Adjusted EBITDA compressed to $1.7M, near-term Street models may need to reflect lower volume/mix and higher opex until diversification initiatives ramp .

Key Takeaways for Investors

• Sequential and YoY revenue declines coupled with an $8.1M net loss and $1.7M Adjusted EBITDA signal near-term operational headwinds amid macro disruptions and strategic investment phase .
• Liquidity remains solid ($60.1M cash), supporting rebranding and “deliver anything” integrations; payments enablement shows traction (1,900 merchants; ~$900M annualized volume) .
• Narrative shift toward diversified commerce (Olo Dispatch, Google Food Ordering, stadium partnerships) could reduce reliance on core restaurant delivery over time .
• The termination of the Cova LOI removes a potential POS expansion catalyst, but payments partnership discussions mitigate strategic loss .
• Near-term trading: absent Street consensus benchmarks, stock reactions likely hinge on confidence in execution of integrations and payments scale-up versus ongoing demand normalization and opex levels .
• Medium-term thesis: if integrated commerce and payments initiatives scale, margin profile could improve; watch ADO trajectory, merchant volume growth, and Adjusted EBITDA margin stabilization/expansion .
• Monitor management disclosures for formal guidance and any incremental partnerships (stadiums/verticals/payment rails) that could accelerate diversification .