- Earnings call transcript Q3 2022

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Operator

Good day. I would like to welcome all of you to the Waitr Holdings Inc., Third Quarter 2022 Conference Call. Today's call is being recorded. With us today are Waitr's Chief Executive Officer, Carl Grimstad; and Chief Financial Officer, Armen Yeghyazarians. By now, you should have access to the company's earnings press release. be investors.waitrapp.com. sec.gov may Relations their it at website, not, found or at Investor If

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

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

Carl Grimstad

products. model, our food call. new initiative services our you. expanding August Thank and welcome and initiated business array a the broader delivery anything XXXX Hello, everyone, rebranding our ASAP of to deliver In quarter to XXXX, we third earnings introduced

alcohol, luxury, electrical in as apparel, auto and from industries We more. are sporting delivering retailers part, now products such good,

we to recent anything that consumers partnership standard provide. to the delivering shift example Parts our of with same service always another have aimed excellent Our with is of to Auto NAPA

ice of suppliers cream Unilever, world's into products. We the with of also a partnership leading one entered

New the mobile We continue Saints, currently our where exclusive Louisiana as York platform. Giants, York Jets, agreements of ordering ordering to Alabama University the Stadium, the the Orleans with and technology proprietary expand in-stadium serve New we the use University, State the and the of have MetLife New

We a Florida home business launched the an introduce provided central the New deal recently Panthers, Jersey than agreement in with and also first York northern also to XXXX, Hockey The and traditional office core to mobile our payments Jersey agreement providing in ordering a recently ASAP In secured with MetLife and and New the markets. the in for the New National doubled. brand League We team. company Stadium avenue cities delivery. York State, select more New agreement has

our single food XXXX, ASAP. reductions an our September continued processing certain appropriate. of to streams, and by nine response, In processing of a application captive our merchant have goal and consolidation approximately offering our X,XXX prices including ancillary gas through platforms and the third-party is our we markets our factors, to further restaurant rebranding, higher cost XX,XXX Macroeconomic focused partners approximately on the ended months volumes comprehensive third-party quarter XX, XX% As referred That merchants the using diversify with to technology of XXXX. our the plan to competition, revenue payment by build to delivery efforts solutions. platform, third XX, into during we position, the services inflation, cash continue are September improve on company including order of impact increase With beyond on initiatives where XXXX.

and should resource additional one to cost which We provide completed platform, are making progress on the savings. shift once

debt maturity million in our August $XX of the quarter XX, extending pay-down May of second the XXXX, As we to of negotiated the XXXX. approximately earnings we mentioned during debt, call, while

$X.X quarter our notes their of which we convertible converted strategy. November the notes, This pursuant During approximately X, approximately and company's an Outstanding third $XX.X to currently lenders they entered into the company's management with to conversion of of million as XXXX, commitment compared agreement approximately XX% own of and million the of December debt team XX, reinforces long-term the XXXX, million, $XX.X at XXXX. common stock. to totaled beneficially

company the company's when the resolutions the to the in number the approving stock XX, to of a company of state reconvened On the with to November Delaware We be to authorized the certificate vote stock, certificate reverse Stockholders file in restated range, of determined incorporation outcome sole authorized amendment stock XX:X of the authorized reverse approved and officer our XX:XX October and common its ratio in which split prior an third the the company's or on the Secretary split amend any effective at of are split common at certificate of of within determined a pleased and shareholder to effect if by p.m., incorporation our reverse amended reverse State stock XXXX, at such stock adopted the XX, of on XXXX, to by time discretion. on date Board Meeting other effect without of amendment with November split the or of it's of company. as may reducing a the Special company's stockholders shares the Board the stock, X, of set company's the

such share to opening XX, will stock stock stock. common and the of as of issued shares market split As common basis a held a the of be outstanding is every stock XX company's company's immediately XX smaller prior by result will stock a the common the split, to every the be reclassified and immediately stockholder of reduced on Trading reverse the capital common XXXX. to stock to the continue of hours into split split-adjusted combined NASDAQ of a of shares stock trading reverse prior reverse shares that on the November on one number expected

is expected the rebranding ASAP. with connection on stock will in Additionally, the common company's symbol, trading previously new the under capital begin market the that company's NASDAQ announced it trading

third Officer, a recap Armen, for of Now I Chief it our will the quarter turn over results. Financial to

Armen Yeghyazarians

like you, I quarter $XX.X in of Thank was XXXX to quarter compared results. financial third $XX.X quarter the Revenue million, now third XXXX review million XXXX. Carl. third for to our the would

the $XX.X an payment The nine by XXXX, by business, competitive per September XX, was of as third to for of ended million, loss of partially $X.XX quarter income included For months noncash months million compared volume result decline Net million, environment order continued $XX.X of in of revenue XX, contingency. in charge a $XX.X of impairment That XXXX. September or $XXX.X XXXX driven nine higher stock our through hand XXXX. recap million processing capitalization in delivery mainly $XX.X revenue loss XXXX. third third-party estimate $X.XX to the medical goodwill the third our of lower million was included was XXXX primarily revenue the for adjusted from to net reserve. the charge of XX, offset XXXX a the compared million an a a adjustment concludes loss of ended third financial third EBITDA price XXXX. the million Cash of quarter decline quarter of our of due third September market loss $XX.X of or compared in XXXX on Adjusted the operation. of the increase million, third quarter quarter of $X.X XXXX. the loss totaled of for results. Net and service share, to million, Approximately insurance is a referral Net third for quarter EBITDA share, to $X.X income a XXXX for the an was net XXXX quarter September in per $XX.X million XX, quarter for from as $X.X

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

Operator

first Please will go our take Kurnos, question Instructions] ahead. Dan Benchmark. We from [Operator with

Dan Kurnos

Thanks we've got expansive some you top stadium relative a just just in a payments any on? outlay And going said, between to economic to bit lay if here. just underlying I ramifications economic line how we multiple going obviously, sort of probably know the expansion talk lot Great. clear payment really would And these term? sort the for potentially, the to there's diversification a in term we to want seen longer of means everything to, be kind But while as across you're that effort a partnerships, a If the I push profitability little it. on short nice because this agreements. fairly going of rebrand, highlight about Carl, for - want Can efforts? the that's There's sort then that's of of a the think about categories, of what here helpful.

Carl Grimstad

months, minutia number marketing the move attendance has that's like flow. the one in to the of platforms over next kind the unpack And lot work cleaning Ultimately, in drivers that. because to with you me of core line the to to things, expenses the up That We a other are XX level to of and quickly stage to bringing platform. overarching our order technology last being let XX denigrate, match have said, of go-forward tried of and pieces to A match of orders. legacy expenses delivery app. order as [indiscernible] seen continued driver in course current the we've around the functionality. main have financial So cash on kind the basis just moved continued of to expense. as as rebrand, of And flow the possible our Obviously, performance. your we've the

and over that about merchants think this differentiator business the our very this our last-mile always delivery a sell you Going as beginning the the to from at of processing did and last-mile to future talked business. I've again, services payment a forward, delivery. looked and We as payments is business using also over we

to to to delivery has out relative on business side, continues small and payment great be the still add We the expect is broken delivery merchants our the from entire We to we results on prompted highlighted, That we direction, the XXXX. reporting make growth the albeit ignore. continue I continue to the And nonrestaurant in the in business, add to decision but that nothing segment focus it's restaurants side. to future from business. as us will that in start this enjoy payments the

team, ability our of services, in processing We're think the revenue about nutshell. that a management stream payment that a all establishing last-mile I creating relationship sports to resource. where the of it's I kind to initiatives, in-stadium of alternative retailer it the a beyond the as a which delivery begin with delivery. way the a team, gives strategy venue ordering, is the whole us an offer think or we and everything, vendor whether come sports these mobile a anything from to mean, and that's with, of restaurant, think

Dan Kurnos

the on - breakout to That's super interesting seems we're clearly, is Carl, differentiator. mile getting kind guess, close a side. last and Can a enough. hear payment you helpful be of to It to I

have clearly background the whole sort a in space. You of

I beyond marketplace? - these guess, been what like solidify anything pretty helps just inroads. a really sounds it of I that it sort has there So substantial making competitive wins you're historically is in Because

Carl Grimstad

end at or product the beer, at for you buy much the heart it more and Well, more franchises, making of them, that providing pieces of sell And it right? competitive easy sell want and and it's easier we helping them the as the strategy. companies, the heart the we When hot that entity make product, merchants product services it. for to landscape the talk look, easy the to merchant or more sports what-have-you to of our the i.e., to this with their them at help in get the think this day, about the for is as dogs We product service That's in restaurant retailer. bigger see is heart or sell bits make to and it the possible. business constituents soda, of

a that things That's whether that mechanism or payment will of day the customers, all businesses. next things ordering it, come in products, we your processing ability all an it's delivery digital offer part it's right, a be whether profitable these your more merchants sell with to a are platform more believe in their of our it's venue, to an day, core pay same solution, sports along fashion. all mantra. our Whether it's help it. it's to and competitive These easy-to-use Now mobile employees grow whether

Dan Kurnos

it. Got

all color. Okay, super for the Carl. Thanks helpful,

Carl Grimstad

Thank you, Dan.

Operator

turn that's the have for this I over And to additional today. or to would At questions we closing the back time remarks. for any like all time, conference management

Carl Grimstad

Thanks, you. call. participating Thank today's continued for a your We everyone, support. in appreciate nice Have evening.

Operator

you and call. disconnect. today's participation, your conclude you for will may This Thank now

Waitr (ASAPQ) 13 Nov 222022 Q3 Earnings call transcript