WTRH - Earnings call transcript Q1 2021

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Operator

Please stand-by. Good day, everyone. I would like to welcome all of you to the Waitr Holdings Inc.

First Quarter 2021 Conference Call. With us today are Waitr's Chief Executive Officer, Carl Grimstad; and Chief Financial Officer, Leo Bogdanov. investors.waitrapp.com. have may our or be Investor website should if press on you Relations it not, found at now access earnings to release, our By at sec.gov

those management, from the business Before risks materially XX-Qs These based differ I in in the that I Annual results our see could results statements statements discussion Form that in business Form are our Please statements. projected our projections statements. and actual on in And to risk call and call our actual constitute and of forward-looking cause turn over for financial a certain would our to results contained market vary factors remind the expectations. may forward-looking XX-K from like Report on and you these about future current this management’s to forward-looking statements.

quarter release refer of would the measures. Finally GAAP I first like quarter on non-GAAP please note financial the most that to earnings financial a call, management to measure call to measure. to Waitr's non-GAAP activities to refer financial for may full Please comparable an today’s turn overview business XXXX and its results. will who will reconciliation of Waitr’s company’s who for overview then the and the He XXXX. give operating developments financial to CEO, the company’s the over Leo Bogdanov, will of Carl first turn of over Grimstad, call provide an

the call open then Carl? will Q&A. We for

Carl Grimstad

joining call Thank everyone, you. today. you Hello, thank our and for

financial the results first for quarter are XXXX. We to announce of our pleased

opportunistic are in and strengthening acquisitions. In due generate and the on our closed the acquisition, additional flow. delivery continue strategic solidifying to cash to market excited build positive have XXXX we from As pursue commitment Florida position to success first our Southern quarter we to operating our

Red these Along Applebee's, last both a national management partnered have partnered operational and that customers. platform optimization to with the surpassing our platforms, various several including Marco's delivery benefit efficiencies months, a with multitude our only restaurants platform. provide This resulted approach and partner PDQ, selection restaurants in total top Jason's the expanded XX,XXX in sales which integrations, we for virtual of with we Deli, diners. delivery methodical Pizza, a of Robin country's focused which broadly many platforms, restaurant of and on improved Over the have the restaurant concepts brands,

volumes to related a to of While affected quarter pleased many for the our weeks are in XXXX, adverse events of X% quarter markets report several during of fourth compared the this we quarter daily order XXXX. increase weather average first

continued results work of Our to fundamental operational and initiatives. reflect through the our of execution strategic hard team entire the

the independent and for recruiting all ongoing at which time increase continue drivers high excited we great on number had platforms, of contractor Overall, company's and to future. quarter Our the are an a the total retention efforts are active the company. about

it turn for I'll Chief over of to Financial Now Leo, quarter results. a Officer first recap our

Leo Bogdanov

XXXX, was revenue dates on the million the and financial earnings Loss non-recurring forma XXXX an the of $X.X loss XXXX I'd was quarter Net was quarterly compared first Comparing of million loss XXXX million, or Adjusted debt Carl. first quarter the the $X.X million and net of compared be XXXX first million one-time $X.X $X.X loss results non-recurring $X.XX. increase for $XX or including of convertible of $XX.X million items XXX%. EBITDA both now term-loan XX, of was as of [attributable] million like first outstanding our March of XXXX million $XX.X per in one-time for pro $X.X million results. million million the was $X.X million in XXXX of Adjusted share, the of share quarter million, March or a our of quarter payment to of compared to the term-loans $XX.X resulting million $X.X of Adjusted diluted you, for compared cash in XXXX. an on forma increase That per to delivery for of quarter of quarter primarily quarter $X.XX a of a in the first considered diluted Total results. Revenue quarter for quarter the $XX prepayment XXXX, first $X.X and we loss In XXXX of quarter XXXX to XXXX. XXXX. of the including first quarter first Thank of the as an of of along basis, first income review XX, first in we million. long-term concludes to first $X.X of increase pro of for XX%. XXXX. $XX.X first per quarter cash recap $X.X quarter notes. adjusted first includes the for items consisting $XX.X to our was made XXXX of a $X.XX million which XXXX share first full the $XX.X an financial of million quarter on with hand million, deliveries acquisition a of to

Q&A will into go short now We a session.

Operator

take moment to we'll Bank. sir. Madhukar Kunal signal. an everyone first to pause you, Instructions] from just [Operator And allow Thank for we'll our question Deutsche opportunity with And one

Kunal Madhukar

vaccinations, taking as housekeeping look potential you and and know consumer what do How the more markets might happening. markets in of understand GFS like at the into markets and question. kind [indiscernible]? of the kind as already opening and is look you to be [shouldn’t] for see order you various open. trends up Hi, you like as behavior But markers in for like wanted your And be you thanks was. XQ up that recovery at One look second, opening more

Carl Grimstad

for quite a it's because that last operate locked have players, bit the timely, of cities And question. good a that we the you… it's larger been big right, year. Well, generally metropolitan in have comparison down

remained our have dynamic. different As these a it's you open. most of in know, southern And virtually markets markets,

I of as restaurants Also, third think independent and markets than you populated result, under focus that be have time. with know, a tier we working as during these out restaurants, I this hardship. comparisons people are generally financial class second into the on some independent will have been taxing that year, easiest less time the big national our we go the COVID not And had think as companies. level

ultimately, last lockdown, stimulus is period. lot seems into the QX where then think comes more business year. I from big a consistent our saw having that's and probably year's trickiest market we the because the But blips last steady most these

Kunal Madhukar

this GFS was And the Okay. what for quarter?

Carl Grimstad

number sale We already have the gross food --

Leo Bogdanov

million. Yes, $XXX.X it’s

Kunal Madhukar

I've class working you mentioned, it's there markets. Carl that like primarily lived And these great. okay, been million then -- people $XXX.X in

difficulty they're As at have happen in those too for in jobs guys markets. you with in these of you. you hiring terms many companies workers have you most what and like seen that going have issue It's the like like Have available look kind of like of just them?

Carl Grimstad

it right? it side. margin make work Well, That people I -- hear to our paying ahead don't we an restaurants, think to interesting that, and affected probably But from they I to commentary, more work. on stay tried definitely think That it's our think when of probably EBITDA want subsidies for they go out. coming slightly of being with said, typically I affected aggressive social have than it to the driver you're That money a a curve I the I the because for mean, that's wanted nationwide up. there more drivers. incentives And we working. stay consistent bit I we I but with incenting you're it temporarily, quarter, to in tightens behavior the labor think margin market were issue. it's front if the not

Kunal Madhukar

insight No, it does. picked in what's totally there into haven't your But happening things up? no markets,

Carl Grimstad

hire it's important As what, far as that to employees?

Kunal Madhukar

we the are harder the was where more past thing muted, like would those are must making than maybe people they it's not know, aplenty they over like going jobs and the growth is, were they for jobs mean, be and for situation if with jobs. and money year working kind hit more -- applying are be getting maybe not I then those a no, of not into they class jobs people, because now Yes,

Carl Grimstad

Right.

you supply, lack impact be So we agreement, in would would were see driver where in we're in but -- right. of the greatest

partners So you hiring have of have that. more time operationally business our and from greatest restaurant enough stuff servers the hear don't is, affects in I problem. difficulty or like that what my they're have all drivers, a having dishwashers it fear But kind do as I I if it

throws So that and another dynamic in front dynamic paying having when it into out subsidies. it the to government you we try stay of

number past company's us. would the we So affect history ultimately, active have release, But that's this the of mentioned we in where quarter. highest in the drivers as in it

did, we able were whatever that we weather to storm. So

Kunal Madhukar

$XX. last year-over-year. one average it's like then driving What's And And that? to Oh, close that's great. value increased the like order XX%, one,

Carl Grimstad

national we're it's is right Well, national amazing of in again, the integrator driven us lot these of traffic, probably collection Yes. even were integrations, the they talking QSR. are reasons. this are hasn't top signing past. of priority tickets you as independent But the our that company of a restaurant. seeing result, things focus company by been number things. system just couple businesses that But of And QSR Focused of a handful POS line integrations. though had integrations, a which a use and because as the higher a the And about than typically didn't they of handicapped for a see one in brands those the growth a of brands, a

to value. restaurant secondarily, goes then it's order So answer that as on. think, And that your independent the question, drives I higher first focus time

lot comparisons have because drive be is And continue a of level the brands I to our diners. lot be on you for by selection top data there. platform line being think growth national it'll to of more cohort a what some and it'll going helped and our

Kunal Madhukar

did apologize so where last I one one for one, the the with And you on can on much states -- it. deliver partnership that where last just but can you payments [indiscernible] sorry, time, deliver in one Totally. provider legally you potentially the taking deliver

And we of should milestones of, that is kind business how you thinking kind of opportunity? progressing? that develop So be of and as kind explore what

Carl Grimstad

solution it's And we're the Too of give But to say, right. as end-to-end going delivery to of the regulatory We we're hard requirements we we starting this all -- build build compliance and service, dispensaries right is payments a and going opportunity. the economics. on guidance it. a some me massive out to say, you And to milestones, provide give for you've in Yes, both shown to through guidance now course, businesses, side that's are me the profitable right. take think heard on to for early time. and where we've

be I our than economics as the core better So business. expect not if to good

Kunal Madhukar

Great. Thank you much. so

Operator

you, Thank sir.

Craig-Hallum. of Fuhrman Next, we'll Alex hear from

Alex Fuhrman

taking ask is for look much my this of the and Delivery talk as fit there you anything you that Dude, can years next any with lifting question. very going be to to terms plug what going a I be the Thanks can how And would to into to integrating good for of your play of couple wanted Waitr? that about you acquisition -- makes quarters about a impact helpful? forward pretty business? that's results about much Or and then is share us in your heavy

Carl Grimstad

a have strategy. more in And bolt-on thanks. heavy lift. with perspective. there not just hundreds going a messaging. a contiguous did sure, from with our in it's core smaller this an Dude types foods. they're positive a have tier about doing that business. a from and the And it's that out may but interesting of entrepreneurial. growing their like integration that little us And upscale excited acquisitions It's growth market, of marketing order say Delivery did, super bring EBITDA. may -- bring there's great wouldn't has Delivery they've a I flow? in perspective, selection. their than to great they're niche as our edition. They more bit strategic They a lot look faster certain They part it's the of may Yes, at past, said Dude I've operators we're they of We're done a caviar, very profitably restaurants. -- that like restaurant an team, job And

of good really restaurant So marketing, boxes, presence It's, the brand, pretty great State our It Florida. to in team. add great stuff. good it kind it's the Great of checked all selection. management

Alex Fuhrman

making a through coming [vision]? of making bit early. space? little do you lot just and that And Thanks, a But to to ask I some wanted you're in we then really start also And That's to you of when see to in the there Carl. just that talk about know you think terrific. can work investment are it's about quickly of delivery. might some I be cannabis investments that done there's the

Carl Grimstad

-- Kunal so doing cannabis a lot timeframe. payments, the drivers. yet. providing of because for early mean asked. right, solution very a just a as that that opportunity critical. ultimately, we're you encompasses out mile the give like it, the I mean, be in putting We and most on that and on it's able of to lot companies even the that be to to we've obviously done to requirements the both like profess as of going which different We profitably, the Yes, of me not that's right can to the I there's be vehicles doing well why too is And different it, do we the puzzle employees that. are It's this. to just a driver there's is that to regulatory of early mission solution. the there that last And tricky state-to-state as lot and both logistics I compliance well part do shown that they're things pieces think together the a difficult for industry as everything really being from on delivery work

So on more too that, to excited. come

Alex Fuhrman

very great. much. Thanks That's

Operator

are the pause or time. We'll conference appears I’ll no additional for one It remarks. there you any over turn for to questions this closing Instructions] at [Operator back Mr. moment. just further Grimstad

Carl Grimstad

for you evening. a support. your Thank to Have nice you, and Thanks thank all. continued

Operator

thank participation. your do you That for today's We conference. does conclude

now may disconnect. You

Waitr (ASAPQ) 7 May 212021 Q1 Earnings call transcript