Waitr Holdings Inc.

OTCPK:ASAP Lagerbericht

Marktkapitalisierung: US$1.2m

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Waitr Holdings Zukünftiges Wachstum

Future Kriterienprüfungen 0/6

Wir verfügen derzeit nicht über ausreichende Analystenabdeckung, um Wachstum und Umsatz für Waitr Holdings zu prognostizieren.

Wichtige Informationen

n/a

Wachstumsrate der Gewinne

n/a

EPS-Wachstumsrate

Hospitality Gewinnwachstum18.4%
Wachstumsrate der Einnahmenn/a
Zukünftige Eigenkapitalrenditen/a
Analystenabdeckung

None

Zuletzt aktualisiertn/a

Jüngste Aktualisierungen zum künftigen Wachstum

Recent updates

Seeking Alpha • Sep 07

ASAP Is Still An Easy Pass

Summary ASAP operates in the delivery app and payment onboarding industries, which have undesirable competitive characteristics. WTRH is unprofitable and losing customers. The company has been able to improve its finances but paying with significant shareholder dilution. Dilution is not over, with the company planning to issue $50 million more in shares to pay for debts and operating expenses. Waiter Holdings (WTRH), soon to be renamed ASAP, is a company in the app delivery and in the merchant payment businesses. In February this year I analyzed the company quite negatively and issued a hold rating. Since then, the stock has fell 60%. In this review I find that WTRH has repaid some debts and reduced its leverage, albeit by significant dilution of shareholders. The company has continued losing clients on a YoY and on a QoQ basis. In 1Q22, the company recognized $68 million in additional goodwill impairment. In this article I also include an industry analysis section, missing in the previous article. On the positive side, the company called off an expensive acquisition of a cannabis industry related payment company. The carried three acquisitions on this segment show promising growth, but are still small compared to the company's losses. In my opinion, WTRH is still not a buy at all, with the possibility of continued dilution for current shareholders, and the enhanced risk of delisting from Nasdaq. Note: Unless otherwise stated, all information has been obtained from WTRH's filings with the SEC. WTRH's results in 1H22 For a more detailed analysis of WTRH's previous history and risks, please read my previous article from February. In that article I commented that WTRH had been losing customers and revenues since 2020, which added to millionaire goodwill impairments from bad acquisitions, compounded for the stock falling significantly. An unprofitable growth company that does not grow has a harder time accessing the debt markets, and therefore WTRH has been forced into issuing an enormous amount of shares to pay for its operating expenses, and for additional acquisitions. The December 2018 investor in the company has been diluted almost 95%. The December 2020 investor has been diluted almost 50%. Continued operating metrics deterioration For 1H22, the situation has not changed significantly in many aspects. The company is still losing customers and revenues, with the latter somewhat less affected by the upward impulse of food inflation. Active users fell 30%, purchases 50%, and gross sales 40% on a YoY basis, comparing 1H22 with 1H21. The numbers have also been falling steadily at the QoQ level. These drops in revenues, coupled with increasing SG&A, have increased WTRH's operating losses. While the company lost $600 thousand on 1H21, it lost $15 million at the operating level on 1H22, without considering $68 million in goodwill impairment for the current half. In August 2021, WTRH acquired three Cape Cod payment companies, whose business is signing up other businesses for third party payment processing systems, and gaining a commission on payments processed. This decision is related to WTRH's current CEO coming from a payment processing company. In terms of strategy, it is not very off considering that the company already has contact with small businesses. The payment business is growing, from about $3.5 million in revenues in 2H21 to about $5.3 million in 1H22. WTRH does not disclose segment figures at the operating level so we do not know if these revenue increases are helping the bottom line or not. The segment is still 10% of the company's revenue though, so it is not having a tremendous effect. Financial improvement paid by dilution Probably unable to access the debt markets, WTRH has been paying for operational expenses issuing shares, at lower and lower prices. Fortunately, it has used some of the proceeds to repay debts with a related party. It has also converted about $7.5 million of debts into shares at an average share price close to $0.25. This has resulted in the company reducing its term loan program from $35 million in December 2021, to about $7.5 million by August 2022. The company still has a Notes program for $50 million, with an average 5% fixed rate, maturing in May 2024. Dilution and share price collapse imply an additional risk because WTRH may be delisted from Nasdaq. The market had already issued a first warning, according to which WTRH's stock should trade above $1 for 10 days before July 2022. That was not achieved, and Nasdaq decided to downgrade the company's shares to its lowest tiered market (from Global Market to Capital Market), and to extend the deadline to January 2023. The problem facing WTRH is that it needs to obtain capital to keep running, because it is cash deficient at the operational and investing level. The company has a renewed $50 million ATM program, that would imply an additional 50% dilution, doubling the company's shares outstanding as of this point. To raise $50 million, at current share prices close to $0.2, the company would need to issue 250 million additional shares, while WTRH currently has 200 million shares outstanding. Interestingly, WTRH's shareholders voted against a share reverse split in June. This seemed the only way out of WTRH's conundrum and I do not understand the logic behind rejecting it. The Board posted a new share reverse split proposal for the shareholder meeting in October. Industry analysis I have got used to including an industry analysis on my company evaluations, something I did not do by the time I wrote the February article on WTRH. In my opinion, WTRH's position on the two industries where it competes is not good. Additionally, the industries dynamics do not prevent significant competition among firms. In the delivery app industry, WTRH has to fight with giants like Uber Eats (UBER) or DoorDash (DASH). The network effects behind these apps are significant, which generates a winner takes all environment. If rivalry, coupled with an economic downturn, pushes these companies into a price war, WTRH does not have the size to compete. For WTRH's customers, the restaurants or any business that needs delivery, the difference between the apps is commissions and the customer base that they offer. WTRH could compete on the basis of lower commissions, but it has to dilute its fixed costs on a smaller base than bigger competitors. In terms of customer base, or national presence, WTRH cannot compete with its rivals. Its customer base is therefore shrinking. In terms of suppliers, WTRH needs highly qualified IT technicians to run its systems, and it has to contract with delivery collaborators that could find more employment in bigger apps.
Seeking Alpha • Aug 26

ASAP, Inc. Stock: Name Change From Waitr Doesn't Fix The Sinking Financials

Summary Waitr Holdings has changed its name to ASAP, Inc. Declining sales and an accelerating loss highlight deep fundamental weaknesses. Intense competition from larger food delivery players highlights the challenging operating environment. We are bearish on the stock and expect more downside going forward. ASAP, Inc. (WTRH) is an online ordering technology platform connecting businesses like restaurants and convenience stores with consumers to streamline delivery services in approximately 1,000 cities across the U.S. The company had a moment back in 2020 at the height of the pandemic, supported by strong demand for home food delivery, although results have struggled ever since with operating and financial trends unable to gain traction. The company recently changed its name from "Waitr Holdings" as part of a rebranding strategy to jumpstart a turnaround. Unfortunately, we believe efforts will fall short against the weight of significant financial weaknesses and intense competition in this segment. Indeed, shares are down by more than 75% in the past year, highlighting significant fundamental challenges including declining revenue and an accelerating cash burn. The stock is extremely speculative, and we view the risks here tilted to the downside. WTRH Earnings Recap The company reported its Q2 earnings on August 8th with a non-GAAP EPS loss of -$0.06 compared to -$0.04 in Q2 2021. The company lost -$11.7 million during the quarter on $31.2 million in revenue, which fell by 37% year-over-year from $49.2 million in the period last year. Management noted the weakness reflected what was a tough comparison period in 2021 defined by the consumer spending boost from stimulus payments along with more recent headwinds like diners pulling back on orders amid inflationary pressures. In other words, fewer people are utilizing the platform with 18,070 daily average orders during the quarter compared to 35,583 in Q2 2021. Even with the declining top line, sales and marketing expenses jumped 55% y/y while the company also spent 45% more on research and development. The result is that the -$3.6 million in adjusted EBITDA for Q2 reversed a positive $2.5 million result in Q2 2021. It's also worth mentioning that the outstanding share count has climbed, with ASAP issuing stock to raise liquidity. The company ended the quarter with $28.2 million in cash against $61.8 million in long-term debt. Considering an ongoing operating cash flow bleed of -$14 million in Q2, we expect further capital issuances over the next year to support continuing operations. Company IR In terms of corporate developments, we won't knock ASAP for trying to stay relevant. The latest update is a collaboration with "7-Eleven" stores connecting with the platform to allow for delivery of customer online orders. ASAP is moving forward with agreements with different types of retailers covering goods like apparel, auto parts, and electronics as part of its "deliver anything" strategy. Keep in mind that the drivers work as independent contractors and are compensated as part of the order fee and through gratuities. Separately, ASAP also partners with stadiums and large event venues to allow attendees to order concessions directly from their seats through a mobile app as another growth opportunity. An important update in July was a sponsorship deal to serve as the exclusive mobile ordering platform at "MetLife Stadium" which host "New York Giants" and "New York Jets" football games. The system is currently active at the "University of Alabama", "Louisiana State University" and the "New Orleans Saints Superdome" with plans to expand nationally. Presumably, the segment should support some revenue boost into Q3 and Q4 as the sporting season gets underway although the contract details are unknown. Is WTRH A Good Investment? We're not convinced that ASAP's strategy to regain growth momentum will work. While headlines of partnering at NFL stadiums and even entering the New York City/New Jersey market for food delivery are positive, it's unclear whether the economics can move the needle to support a financial rebound from the declining broader business. The concept of ordering concessions from a mobile device with cashless payment is not necessarily new. Several other companies are offering similar solutions that are already live at major venues. Any plans for a national expansion will be highly contested. The reality here is that the core of the business remains the restaurant food delivery platform, which is dependent on both businesses signing up, and consumers choosing to place orders through the service. Again, this is a case of ASAP being a tiny player compared to category leaders like DoorDash, Inc. (DASH) or "Grubhub" from Just Eat Takeaway (OTCPK:JTKWY) which is backed by Amazon.com, Inc. (AMZN). Even Uber Technologies, Inc. (UBER) offers food delivery services through "Uber Eats". We can go on to include private names like "Delivery.com", "Postmates" or "GoPuff" as a pre-IPO. A lot of companies are attempting the deliver anything model.
Seeking Alpha • Aug 15

Waitr Holdings changes name to ASAP

Waitr Holdings (NASDAQ:WTRH) has changed its name to ASAP to  reflect a new business model of delivering anything. The delivery brand's new vision is to deliver to consumers, same day, from any type of business. The new business expansions include the company's proprietary in-stadium ordering technology. The new ticker symbol is still to be revealed. Source: Press Release
Seeking Alpha • Aug 09

Waitr to be known as ASAP drops 18% after Q2 results

Waitr (NASDAQ:WTRH) Q2 revenue drops 37% Y/Y to $31.17M due in part to macroeconomic factors in our markets affecting order flow; beats consensus by $0.17M. Average Daily Orders were 18,070 for the quarter. Active Diners as of August 8, 2022 were ~1.3M. Adjusted EBITDA loss of $3.6M, compared to Adjusted EBITDA of $2.5M. As of June 30, 2022, cash on hand was $28.2M. Net loss of 2022 was $11.7M; GAAP EPS of -$0.07. Sell side analyst give the stock a Strong Buy rating and score of 5.00 and an average price target of $2, currently the stock trades at $0.39 and has dropped 50% on a YTD basis. Previously (Aug. 8): Waitr GAAP EPS of -$0.07, revenue of $31.17M beats by $0.17M
Analyseartikel • Mar 16

One Waitr Holdings Inc. (NASDAQ:WTRH) Analyst Just Cut Their EPS Forecasts

One thing we could say about the covering analyst on Waitr Holdings Inc. ( NASDAQ:WTRH ) - they aren't optimistic...
Seeking Alpha • Feb 15

Waitr Continues With Dilutive Acquisitions While Searching For A New Business Model

Waitr owns two food delivery platforms, Waitr and Bite Squad. The company had to write down $192 million in goodwill from the investment in Bite Squad in 2019 after its stock price plummeted. Although the company had shown some recovery in 2020, its 2021 sales and profitability figures are down again. The company reached an agreement with Waiter.com and will have to change its name to ASAP, as well as its ticker. As part of its re-branding strategy, Waitr/ASAP entered the merchant services industry with four very dilutive acquisitions.
Analyseartikel • Nov 09

We Think Waitr Holdings' (NASDAQ:WTRH) Healthy Earnings Might Be Conservative

Despite posting healthy earnings, Waitr Holdings Inc.'s ( NASDAQ:WTRH ) stock has been quite weak. Along with the solid...
Seeking Alpha • Oct 28

If Waitr Holdings Improves Its User Experience, The Share Price Could Increase By More Than 45%

Waitr Holdings offers delivery, carryout, and dine-in options. Restaurants can connect to drivers and diners in cities across the United States. If the company refines its customer support team and adds new diners, the target market may increase. In sum, right now, I see significant potential in the company’s business model. In the future, I expect that the management will refine the process of onboarding new restaurants. The learning curve will help the management use more effectively every dollar invested. In my financial model, I included 7.8% sales growth from 2023 to 2032, an EBITDA margin of 8.7%, D&A of around $10 million, and changes in working capital of $7 million. The result includes a free cash flow that grows from $7.8 million to $18.2 million. I designed a financial model, which implied a fair price of $7.12. If we take into account that the company trades at less than $2, the shares are currently a gift.
Analyseartikel • Oct 18

An Intrinsic Calculation For Waitr Holdings Inc. (NASDAQ:WTRH) Suggests It's 46% Undervalued

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Waitr Holdings Inc...
Seeking Alpha • Jul 19

Waitr: Deep Value In A Frothy Market

The market continues to apply a steep discount to Waitr in comparison to peers. Currently trading at 0.76 P/S with a PE of 11.67, while peers have negative earnings and P/S multiples between 8-15. Long thesis: Profitable and financials getting healthier with every passing quarter as the business diversifies into new verticals. Short thesis: The company has shown stagnant growth in a market that's been growing and competitors will price them out of their existing markets. The current share price near 52 week lows presents a rare value play in a market besieged by rich valuations.

In diesem Abschnitt stellen wir normalerweise Umsatz- und Gewinnwachstumsprognosen vor, die auf den Konsensschätzungen professioneller Analysten basieren, um den Anlegern zu helfen, die Fähigkeit des Unternehmens zur Gewinnerzielung zu verstehen. Da Waitr Holdings jedoch nicht genügend Daten aus der Vergangenheit zur Verfügung gestellt hat und keine Analystenprognose vorliegt, können die zukünftigen Erträge nicht zuverlässig durch Extrapolation von Vergangenheitsdaten oder anhand von Analystenprognosen berechnet werden.

Dies ist eine recht seltene Situation, da 97 % der von SimplyWall St erfassten Unternehmen über Finanzdaten aus der Vergangenheit verfügen.

Gewinn- und Umsatzwachstumsprognosen

OTCPK:ASAP - Zukünftige Analystenschätzungen und Finanzdaten der Vergangenheit (USD Millions)
DatumUmsatzGewinneFreier CashflowBargeld aus operativen TätigkeitenDurchschn. Anz. Analysten
9/30/202363-70-14-13N/A
6/30/202376-138-24-21N/A
3/31/202393-137-32-26N/A
12/31/2022112-207-36-29N/A
9/30/2022130-170-35-23N/A
6/30/2022148-85-34-22N/A
3/31/2022166-79-35-22N/A
12/31/2021182-5-15-2N/A
9/30/20211906-28N/A
6/30/2021200-21625N/A
3/31/2021211143744N/A
12/31/2020204163238N/A
9/30/2020201-837N/A
6/30/2020197-233-25-20N/A
3/31/2020188-267-58-54N/A
12/31/2019192-289-78-73N/A
9/30/2019170-285-66-61N/A
6/30/2019140-71-50-46N/A
3/31/2019105-56-31-27N/A
12/31/201869-52-20-16N/A
9/30/201857-33-12-9N/A
6/30/201843-30-13-11N/A
3/31/201831-27-13-11N/A
12/31/201723-27-14-12N/A
12/31/20166-9N/A-4N/A
12/31/20150-1N/A-1N/A

Analystenprognosen zum zukünftigen Wachstum

Einkommen vs. Sparrate: Unzureichende Daten, um festzustellen, ob das prognostizierte Gewinnwachstum von ASAP über der Sparquote liegt (2.3%).

Ertrag vs. Markt: Unzureichende Daten, um festzustellen, ob die Gewinne von ASAP schneller wachsen werden als der Markt US

Hohe Wachstumserträge: Die Daten reichen nicht aus, um festzustellen, ob die Einnahmen von ASAP in den nächsten 3 Jahren erheblich steigen werden.

Einnahmen vs. Markt: Die Daten reichen nicht aus, um festzustellen, ob die Einnahmen von ASAP schneller wachsen werden als der Markt von US.

Hohe Wachstumseinnahmen: Es liegen keine ausreichenden Daten vor, um festzustellen, ob die Einnahmen von ASAP schneller wachsen werden als 20% pro Jahr.

Wachstumsprognosen für den Gewinn je Aktie

Künftige Eigenkapitalrendite

Künftige Eigenkapitalrendite: Unzureichende Daten, um festzustellen, ob die Eigenkapitalrendite von ASAP in 3 Jahren voraussichtlich hoch sein wird

Wachstumsunternehmen entdecken

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Unternehmensanalyse und Finanzdaten Status

DatenZuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse2024/04/01 12:41
Aktienkurs zum Tagesende2024/04/01 00:00
Gewinne2023/09/30
Jährliche Einnahmen2022/12/31

Datenquellen

Die in unserer Unternehmensanalyse verwendeten Daten stammen von S&P Global Market Intelligence LLC. Die folgenden Daten werden in unserem Analysemodell verwendet, um diesen Bericht zu erstellen. Die Daten sind normalisiert, was zu einer Verzögerung bei der Verfügbarkeit der Quelle führen kann.

PaketDatenZeitrahmenBeispiel US-Quelle *
Finanzdaten des Unternehmens10 Jahre
  • Gewinn- und Verlustrechnung
  • Kapitalflussrechnung
  • Bilanz
Konsensschätzungen der Analysten+3 Jahre
  • Finanzielle Vorausschau
  • Kursziele der Analysten
Marktpreise30 Jahre
  • Aktienkurse
  • Dividenden, Splits und Aktionen
Eigentümerschaft10 Jahre
  • Top-Aktionäre
  • Insiderhandel
Verwaltung10 Jahre
  • Das Führungsteam
  • Direktorium
Wichtige Entwicklungen10 Jahre
  • Ankündigungen des Unternehmens

* Beispiel für US-Wertpapiere, für nicht-US-amerikanische Wertpapiere werden gleichwertige regulatorische Formulare und Quellen verwendet.

Sofern nicht anders angegeben, beziehen sich alle Finanzdaten auf einen Jahreszeitraum, werden aber vierteljährlich aktualisiert. Dies wird als Trailing Twelve Month (TTM) oder Last Twelve Month (LTM) Daten bezeichnet. Erfahren Sie mehr.

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Einzelheiten zu dem Analysemodell, mit dem dieser Bericht erstellt wurde, finden Sie auf unserer Github-Seite. Außerdem bieten wir Leitfäden zur Verwendung unserer Berichte und Tutorials auf YouTube an.

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Analysten-Quellen

Waitr Holdings Inc. wird von 7 Analysten beobachtet. 0 dieser Analysten hat die Umsatz- oder Gewinnschätzungen übermittelt, die als Grundlage für unseren Bericht dienen. Die von den Analysten übermittelten Daten werden im Laufe des Tages aktualisiert.

AnalystEinrichtung
Daniel KurnosBenchmark Company
Jeffrey Van SinderenB. Riley Securities, Inc.
Alex FuhrmanCraig-Hallum Capital Group LLC