Waitr Holdings Inc. · OTC:ASAPQ
Waitr — Landcadia Holdings — SPAC Merger (May 2018)
27 slides from Waitr's SPAC merger presentation, May 17, 2018
Slide 1: Potential Business Combination between Landcadia Holdings and Waitr
Potential Business Combination between Landcadia Holdings, Inc. and Waitr Incorporated May 2018
Slide 2: Important Information
2 / Landcadia Important Information This investor presentation (“Investor Presentation”) is for informational purposes only and does not constitute an offer to s ell , a solicitation of an offer to buy, or a recommendation to purchase any equity, debt or other financial instruments of Landc adi a Ho
Slide 3: Today's Presenters
3 / Landcadia Today’s Presenters ▪ Tilman J. Fertitta – Landcadia Holdings, Inc. Co - Chairman and Chief Executive Officer ▪ Steven L. Scheinthal – Landcadia Holdings, Inc. Vice President, General Counsel and Secretary ▪ Chris Meaux – Waitr , Inc. Founder & Chief Executive Officer ▪ Dave Pringle – W
Slide 4: Delivering On Landcadia's Investment Thesis
4 / Landcadia Delivering On Landcadia’s Investment Thesis x Restaurant ordering and food delivery technology platform x Massive underpenetrated market x Tremendous organic growth x Actionable acquisition opportunities to drive scale x Great customer experience and differentiated value proposition fo
Slide 5: Landcadia Brings Industry Expertise And Strong Sponsorship
5 / Landcadia 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 membe
Slide 6: Summary Transaction Terms
6 / Landcadia Summary Transaction Terms* • Pro - forma enterprise value of $388 million – Implied 2018E revenue multiples of 6.0x - 6.5x (1) – Implied 2019E revenue multiples of 3.0x – 3.2x (2) • $158 million of cash to fund growth initiatives and for general corporate purposes • Existing Waitr owne
Slide 7: Comparable Company Benchmarking
7 / Landcadia Comparable Company Benchmarking 2018E & 2019E Revenue Growth Source: Company filings and Capital IQ as of 5/15/18. (1) Waitr multiples assume a pro forma enterprise value at close of $387.6M. (2) Net revenue excludes gratuity. 2018 Median: 40% 125%+ 41% 40% 40% 30% 100%+ 26% 39% 29% 21
Slide 8: Company Overview
8 / Landcadia Company Overview
Slide 9: Waitr Has Accomplished A Great Deal In A Short Period Of Time
9 / Landcadia 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
Slide 10: Waitr Investment Highlights
10 / Landcadia Waitr Investment Highlights 10 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 Propr
Slide 11: Massive Restaurant Delivery Market Is Underpenetrated And Moving Online
11 / Landcadia 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
Slide 12: Waitr Focuses On A Massive Underserved Market
12 / Landcadia 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+ 12% 88% 11-50 51-500 Market Ranking by Population Waitr Targets Underserved Tier Two and Thr
Slide 13: Waitr's Marketplace Platform Connects Consumers And Restaurants
13 / Landcadia Waitr’s Marketplace Platform Connects Consumers And Restaurants x Discovery x Convenience x Personalization Consumers Restaurants x Higher Average Order Value And Incremental Orders x Deep Restaurant Integration x Rich Customer Data 4,700+ Restaurants Under Contract (2) 541K+ Active D
Slide 14: Supporting Waitr's Restaurant Customers: Its Drivers
14 / Landcadia Supporting Waitr’s Restaurant Customers: Its Drivers Background - checked , trusted partners Ability to schedule and optimize performance Quality control for demeanor, appearance, safety Readily identifiable and uniformed Stable jobs enhance reputation in community Every driver interv
Slide 15: Great Consumer Experience For Online Discovery And Ordering
15 / Landcadia 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 16: Delivering A Differentiated Experience For Restaurants
16 / Landcadia 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% commission v
Slide 17: A Growing List Of Leading Restaurant Partners
17 / Landcadia A Growing List Of Leading Restaurant Partners Waitr is Focused on Serving Local Independent Restaurants And Supports Regional and National Chains and Franchises 4,700+ Restaurants Under Contract Note: As of 4/16/18.
Slide 18: How Waitr Launches And Grows New Markets
18 / Landcadia 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 • L
Slide 19: New Market Opportunities
19 / Landcadia New Market Opportunities 2015 2016 2017 2018E 2019E 31 3 10 24 45+ 70+ 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 • Res
Slide 20: Improving Launches In New Markets
20 / Landcadia 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 76 32 12 6 Lake Charles Baton Rouge Birmingham Jackson June 2017
Slide 21: Waitr Is Winning Versus The Competition
21 / Landcadia 1/16 6/16 10/16 2/17 7/17 11/17 3/18 1/16 6/16 10/16 2/17 7/17 11/17 3/18 1/16 6/16 10/16 2/17 7/17 11/17 3/18 1/16 6/16 10/16 2/17 7/17 11/17 3/18 #1 #2 #3 #4+ Waitr Is Winning Versus The Competition Market Rank by Number of Restaurants on Platform in Each Market #1 Little Rock, AR G
Slide 22: Experienced Founder-Led Management Team
22 / Landcadia Experienced Founder - Led Management Team Dave Pringle Chief Financial Officer Chris Meaux Co - Founder & Chief Executive Officer 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,
Slide 23: Financial Highlights
23 / Landcadia Financial Highlights
Slide 24: Waitr Financial Highlights
24 / Landcadia Waitr Financial Highlights 24 Note: As of Q1 2018. (1) Gross Food Sales is equal to food receipts, plus taxes, prepaid gratuities, delivery fees, and upcharge. (2) Net revenue excludes gratuity payments. (3) On a net revenue basis Massive Growth Continues 160%+ Q1 2018 Year - Over - Y
Slide 25: Rapid Growth And Scale
25 / Landcadia 1,099 3,719 1,655 4,589 2016 2017 Q1'17 Q1'18 Contracted Restaurants 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 reten
Slide 26: Continued Improvements In Market Cohorts
26 / Landcadia Number of Orders per Quarter by Annual Market Cohort (1) Continued Improvements In Market Cohorts (in thousands) 0 100 200 300 400 500 600 700 800 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Orders per Quarter Quarters Since Market Launch 2017 2016 2015 (1) Annual market cohort refers to al
Slide 27: High Growth Profile
27 / Landcadia High Growth Profile Net Revenue Growth: Gross Food Sales (1) ($ Millions) (1) Gross Food Sales is equal to food receipts, plus taxes, prepaid gratuities, delivery fees, and upcharge. (2) Net revenue excludes gratuity payments. Net Revenue (2) Gross Food Sales Growth: 110%+ 90%+ 275%+