Waitr Holdings Inc. · OTC:ASAPQ
Waitr — Landcadia Holdings — SPAC Merger (August 2018)
30 slides from Waitr's SPAC merger presentation, Aug 2, 2018
Slide 1: Potential Business Combination between Landcadia Holdings and Waitr Incorporated
Potential Business Combination between Landcadia Holdings, Inc. and Waitr Incorporated August 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 Landcadia Hold
Slide 3: Delivering On Landcadia's Investment Thesis
3 / 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 4: Landcadia Brings Industry Expertise And Strong Sponsorship
4 / 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 5: Summary Transaction Terms
5 / Landcadia Summary Transaction Terms • Pro - forma enterprise value of $388 million – Implied 2018E revenue multiples of 5.8x - 6.3x (1) – Implied 2019E revenue multiples of 3.0x - 3.2x (2) • $141 million of cash to fund growth initiatives and for general corporate purposes • Existing Waitr owner
Slide 6: Comparable Company Benchmarking
6 / Landcadia Comparable Company Benchmarking 2018E & 2019E Revenue Growth Source: Company filings and Capital IQ as of 7/31/18. (1) Waitr multiples assume a pro forma enterprise value at close of $387.6M. (2) Net revenue excludes gratuity. 2018 Median: 40% 125%+ 44% 41% 39% 33% 90%+ 28% 40% 30% 21%
Slide 7: Company Overview
7 / Landcadia Company Overview
Slide 8: Waitr Has Accomplished A Great Deal In A Short Period Of Time
8 / 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 9: Waitr Investment Highlights
9 / Landcadia Waitr Investment Highlights 9 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 Proprie
Slide 10: Massive Restaurant Delivery Market Is Underpenetrated And Moving Online
10 / 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 11: Waitr Focuses On A Massive Underserved Market
11 / 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+ 15% 85% 11-50 51-500 Market Ranking by Population Waitr Targets Underserved Tier Two and Thr
Slide 12: Waitr's Marketplace Platform Connects Consumers And Restaurants
12 / Landcadia Waitr’s Marketplace Platform Connects Consumers And Restaurants Restaurants x Higher Average Order Value And Incremental Orders x Deep Restaurant Integration x Rich Customer Data 5,900+ Restaurants Under Contract (2) x Discovery x Convenience x Personalization Consumers 678K+ Active D
Slide 13: Supporting Waitr's Restaurant Customers: Its Drivers
13 / 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 14: Great Consumer Experience For Online Discovery And Ordering
14 / 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 15: Our Focus Is On Full Service Restaurants
15 / Landcadia Our Focus Is On Full Service Restaurants ~ $35 $16 - 20 ~ $6 QSR Delivery QSR Dine-In Leading To Higher Net Revenue Per Order ~ $10 ~ $8 QSR Delivery (1) (1) Source: Wall Street Research. (1) Includes Gratuity and delivery fees. QSR Delivery calculated as average meal delivery value o
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 5,900+ Restaurants Under Contract Note: As of 6/30/18.
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 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 pe
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 #2 #3 #4+ Waitr Is Winning Versus The Competition Market Rank by Number of Restaurants on Platform in Each Market #1 Columbus, GA Google Trends Web Search Interest Source: Google Trends. Note: Shown as 8 - week moving average; information from 6/30/2016 through 6/30/2018. Note: Def
Slide 22: Waitr Outperforms The Competition
22 / Landcadia Waitr Outperforms The Competition Share of June 2018 sales in cities where Waitr operates 0% 10% 20% 30% 40% 50% Competitor 4 Competitor 3 Competitor 2 Competitor 1 Market Share Average Monthly Customer Retention (1) : 30% Source: Second Measure. (1) Weighted average one year monthly
Slide 23: Experienced Founder-Led Management Team
23 / 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 24: Financial Highlights
24 / Landcadia Financial Highlights
Slide 25: Waitr Financial Highlights
25 / Landcadia Waitr Financial Highlights 25 Note: As of Q2 2018. (1) Gross food sales represents food and beverage receipts, plus taxes, prepaid gratuities and delivery fees. (2) Net revenue excludes gratuity payments. (3) On a net revenue basis Massive Growth Continues 130%+ Q2 2018 Year - Over -
Slide 26: Rapid Growth And Scale
26 / Landcadia 1,099 3,742 2,129 5,933 2016 2017 Q2'17 Q2'18 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 27: Continued Improvements In Market Cohorts
27 / Landcadia Number of Orders per Quarter by Annual Market Cohort (1) Continued Improvements In Market Cohorts (in thousands) (1) Annual market cohort refers to all markets established by Waitr in a respective year. 2015 2016 2017 2018 0 100 200 300 400 500 600 700 800 900 1 2 3 4 5 6 7 8 9 10 11
Slide 28: Proven Market Contribution – Gross Margin
28 / Landcadia Gross Margin Average Orders per Day 2017 2016 2015 Market Cohort Note: YTD as of Q2 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 - level teams and cr
Slide 29: High Growth Profile
29 / Landcadia High Growth Profile Net Revenue Growth: Gross Food Sales (1) ($ Millions) (1) Gross food sales represents food and beverage receipts, plus taxes, prepaid gratuities and delivery fees. (2) Net revenue excludes gratuity payments. Net Revenue (2) Gross Food Sales Growth: 115%+ 90%+ 275%+
Slide 30: Net Revenue Growth: Gross Food Sales
30 / Landcadia ~$30 ~$120 $216 $263 $260 - 280 2016 2017 Q1 2018 Run Rate Q2 2018 Run Rate 2018E Q2 Update Net Revenue Growth: Gross Food Sales (1) ($ Millions) (1) Gross food sales represents food and beverage receipts, plus taxes, prepaid gratuities and delivery fees. (2) Run rate gross food sales