Slide 1: Q3 2018 Company Update
Q3 2018 Company Update December 2018 NASDAQ:WTRH
Slide 2: Company Overview
LA WAITR. Company Overview
Slide 3: Waitr Has Accomplished A Great Deal In A Short Period Of Time
3 Orders Waitr Has Accomplished A Great Deal In A Short Period Of Time 2014 2015 2016 2017 2018E Founded 2013 Launched 1 st Market in Lake Charles in late 2014 Launched 2 nd Market in Lafayette in April 2015 Launched 3 rd Market in Baton Rouge in January 2016 3 11 24 45+ markets markets markets mark
Slide 4: Waitr Investment Highlights
4 Waitr Investment Highlights 4 Massive Restaurant Delivery Market Is Underpenetrated And Moving Online Leading Position In Our Current Markets With A Marketplace Model And Proven Expansion Strategy Strong Value Proposition To Customers And Restaurants Powered By A Differentiated Proprietary Technol
Slide 5: Massive Restaurant Delivery Market Is Underpenetrated And Moving Online
5 Massive Restaurant Delivery Market Is Underpenetrated And Moving Online …Creating A Massive Addressable Market Consumers Are Moving Online… Online Restaurant Delivery Is Expected To Double … With Restaurants Following Suit … 6% 11% 2016 2022E $520B Total U.S. Restaurant Industry $13B Current U.S.
Slide 6: Waitr Focuses On A Massive Underserved Market
6 Waitr Focuses On A Massive Underserved Market Core market represents 35% of U.S. restaurants Number of U.S. Restaurants By Market Population (1) 179K 177K 205K 28K Top 10 11 - 50 51 - 500 500+ Market Ranking by Population Waitr Targets Underserved Tier Two and Three Markets Restaurants On Waitr’s
Slide 7: Waitr's Marketplace Platform Connects Consumers And Restaurants
7 Waitr’s Marketplace Platform Connects Consumers And Restaurants Restaurants Consumers 842K+ Active Diners (2 ) 7,700+ Restaurants Partners (1) (1) As of 9/30/18 . (2) Diners who have placed an order over the past 12 months as of Q3 2018 . (3) Number of drivers who were active in Q3 2018. Drivers x
Slide 8: Supporting Waitr's Restaurant Customers: Its Drivers
8 Supporting Waitr’s Restaurant Customers: Its Drivers Background - checked , trusted partners Ability to schedule and optimize performance Quality control for demeanor and safety Readily identifiable and uniformed Stable jobs enhance reputation in community Every driver interviewed in - person with
Slide 9: Waitr Has Created A Great Consumer Experience For Online Discovery And Ordering
9 Waitr Has Created A Great Consumer Experience For Online Discovery And Ordering Personalize your experience 2 Choose Your Order & Customize With Add - Ins 4 Pick your location 1 Enjoy 6 Track Your Order 5 Discover New Restaurants 3
Slide 10: Delivering A Differentiated Experience For Restaurants
10 Delivering A Differentiated Experience For Restaurants Partnership Focused Restaurant Experience x Upfront restaurant investment x Menu onboarding & photography x In - market local team support Attractive Pricing For Restaurants x Most attractive transaction pricing – 15% fee versus ~30% at compe
Slide 11: A Growing List Of Leading Restaurant Partners
11 A Growing List Of Leading Restaurant Partners Waitr is Focused on Serving Local Independent Restaurants And Supports Regional and National Chains and Franchises 7,700 + Restaurant Partners Note: As of 9/30/18 .
Slide 12: Landcadia Brings Industry Expertise And Strong Sponsorship
12 Landcadia Brings Industry Expertise And Strong Sponsorship x Access to Tilman J. Fertitta and the Landry’s management team x Immediate access to restaurants to seed new growth markets x Promotion of Waitr as a delivery partner within Fertitta’s portfolio of over 4 million loyalty members across L
Slide 13: Waitr's Focus Is On Full Service Restaurants
13 Waitr’s Focus Is On Full Service Restaurants ~ $35 $16 - 20 ~ $6 Leading To Higher Net Revenue Per Order ~$10 ~$8 (1) QSR Delivery QSR Dine - In Source: Wall Street Research. (1) Includes Gratuity and delivery fees. QSR Delivery calculated as average meal delivery value of $9 - 12, plus $5 delive
Slide 14: How Waitr Launches And Grows New Markets
14 How Waitr Launches And Grows New Markets Phase 0 Phase 1 Phase 2 Phase 3 Pre - launch markets • ~$200K average cost • 1 new market launched every 2 weeks • Identification of markets and key restaurant partners • Building supply and stimulating early demand, awareness, app installs • Launch with 4
Slide 15: New Market Opportunities
15 New Market Opportunities x Proximity: 11 states with major interstate connectivity, 105 million people, 32% of US addressable population x Population Size: 50,000 - 750,000 x Other Factors: • Leverage Waitr Restaurant Partner Network • Restaurant Spending per Capita x Tip Credit: many states coun
Slide 16: Improving Launches In New Markets
16 Note: Date shown below market represents date launched. Late 2014 January 2016 November 2017 Days to reach 1,000 Cumulative Orders Improving Launches In New Markets June 2017 76 32 12 6 Lake Charles Baton Rouge Birmingham Jackson
Slide 17: Waitr Is Winning Versus The Competition
17 Waitr Is Winning Versus The Competition Columbus, GA Google Trends Web Search Interest Source: Google Trends. Note: Shown as 8 - week moving average; information from 10 /2/2016 through 11 / 1 8/2018 . Note: Defined by the number of restaurants served by Company in market vs. Grubhub, UberEats an
Slide 18: Waitr Outperforms The Competition
18 Waitr Outperforms The Competition Share of Q3 2018 transactions in cities where Waitr operates Market Share Average Monthly Customer Retention (1) : 29% Source: Second Measure. (1) Weighted average monthly customer retention for customers who made a purchase from 12/1/2016 – 11/30/2018. (2) Indus
Slide 19: Experienced Founder-Led Management Team
19 Experienced Founder - Led Management Team Dave Pringle Chief Financial Officer Chris Meaux Co - Founder, Chief Executive Officer & Chairman Meaux’s 2 Geaux Tyson Queen Director of Sales & Marketing Coco Pahl Head of Product Evan Diaz de Arce Co - founder, Finance Addison Killebrew Co - founder, C
Slide 20: Financial Highlights
LAI WAITR. Financial Highlights
Slide 21: Waitr Financial Highlights
21 Waitr Financial Highlights Note: A s of Q 3 2018. (1) Gross food sales represents food and beverage receipts, plus taxes, prepaid gratuities and delivery fees. (2) Refers to markets with positive Gross Margin. (3) Net revenue excludes gratuity payments. (4) On a net revenue basis . (5) Pro Forma
Slide 22: Rapid Growth And Scale
22 99 % Retention (1) Rapid Growth And Scale (1) Restaurant retention calculated using historical restaurant churn since inception. Excludes restaurant closures. (2) Diners who have placed an order over the past 12 months. (3) Diner retention is tracked quarterly. (in thousands) 150 % YoY Growth (in
Slide 23: Waitr's Restaurant Partners Are Growing With Waitr
23 $1.7 $3.3 $5.0 $6.4 Year 1 (2018) Year 2 (2017) Year 3 (2016) Year 4 (2015) ... And Waitr’s Restaurant Partners Are Growing With Waitr Monthly Gross Food Sales (2) per Active Restaurant (1) For period Q 3 2018. 3.8 x more sales through Waitr per restaurant (1) Market Cohorts Four Years on Platfor
Slide 24: High Growth Profile
24 $22.9 $5.7 $23.5 $77.8 2016 2017 Q3 2018 Run Rate Revenue $121.1 $31.4 $132.0 $310.8 2016 2017 Q3 2018 Run Rate Gross Food Sales (1) High Growth Profile ($ in millions) ($ in millions) Note: Q 3 run rate calculated as annualized Q3 2017 and 2018 results , respectively . (1) Gross food sales repre
Slide 25: Growth From Both Existing And Newly Launched Cities
25 Total Markets: 3 10 24 40 New Markets: 3 7 14 16 $1.8 $20.6 $44.4 $43.5 $10.8 $66.0 $94.1 $10.7 $48.0 $11.9 2015 2016 2017 YTD 2018 Growth From Both Existing And Newly Launched Cities Note: as of Q3 2018. (1) Growth rates based on annualized YTD 2018 GFS. The more cohorts mature, the more they co
Slide 26: Proven Market Contribution – Gross Margin
26 (40%) (20%) 0% 20% 40% 60% 80% Gross Margin Average Orders per Day Market Cohort Note: Three Months ended Q 3 2018; Gross Margin defined as gross profit / adjusted net revenue (excluding pass through gratuity). Cost of sales primarily consists of driver costs, payroll and expenses for city - leve
Slide 27: Q3 2018 Results Commentary
27 Q 3 2018 Results Commentary KPIs / GMV Waitr has expanded rapidly with 99% Restaurant Partner Retention , 90% Active Diner Retention, and 150% YoY Order G rowth Revenue Waitr’s 2 3 0 % Net Revenue Growth can b e attributed to the increasing number of restaurant partners, increasing take rate, inc
Slide 28: Operating Expenses Breakdown
28 Operating Expenses Breakdown As % of Revenue Sales and Marketing General and Administrative Operating Expenses Commentary Includes salaries for executives, finance, HR and administrative personnel, third - party legal and other services, insurance, corporate travel and entertainment expenses Incl
Slide 29: Appendix
L~|WAITR. Appendix
Slide 30: Example – Average Order
30 Customer Cost Restaurant Take Food Receipts $28.00 $28.00 - Gratuity $5.00 - - Total $33.00 $28.00 Waitr Take Rate To Waitr $0.00 ($4.20) $4.20 Delivery Fee $5.00 - $5.00 Total Gross Food Sales $38.00 $23.80 $9.20 15% Customer Cost Restaurant Take Food Receipts $28.00 $28.00 - Total $28.00 $28.00
Slide 31: Key Performance Metrics
31 Key Performance Metrics Note: R eflects Waitr standalone historical financials and are not pro forma with Landcadia. (1) Adjusted EBITDA is a non - GAAP financial measure. See the reconciliation of Adjusted EBITDA to net loss on page 3 2 . ($ in thousands) FY 2017 9 M ended Sep. 30, 2018 Gross Fo
Slide 32: Adjusted EBITDA Reconciliation
32 Adjusted EBITDA Reconciliation Note: FY 2017 r eflects Waitr standalone historical financials and are not pro forma with Landcadia. (1) Represents one - time, non recurring expense. (2) Represents non - cash expense. Net Income to Adjusted EBITDA Bridge ($ in thousands) 9 M ended FY 2017 Sep. 30,