Waitr Holdings Inc. · OTC:ASAPQ
Waitr — Investor Presentation (May 2019)
32 slides from Waitr's investor presentation, May 30, 2019
Slide 1: Investor Presentation May 2019
Investor Presentation May 2019 NASDAQ:WTRH Exhibit 99.1
Slide 2: Disclaimer
Disclaimer Important Information Any reproduction or distribution of this presentation, in whole or in part, or the disclosure of its contents, without the prior consent of Waitr Holdings Inc. (“Waitr”) is prohibited. The information contained herein does not purport to be all-inclusive. The data co
Slide 3: Experienced Founder-Led Management Team
Experienced Founder-Led Management Team Jeff Yurecko Chief Financial Officer Chris Meaux Co-Founder & Chief Executive Officer Meaux’s 2 Geaux Sonny Mayugba Chief Marketing Officer Kyle Hale Chief of Corporate Development Damon Schramm Chief Legal Officer Joe Stough President & Chief Operating Office
Slide 4: Company Overview
LA] WAITR. Company Overview
Slide 5: Waitr Has Accomplished A Great Deal In A Short Period Of Time
Source: Company filings, earnings transcripts and estimates. Founded Launched 1st Market in Lake Charles Launched 2nd Market in Lafayette Launched 3rd Market in Baton Rouge January 2017 1M Cumulative Orders Went Public via Merger with Landcadia Holdings 11M Cumulative Orders & 25 Profitable Markets
Slide 6: Where We Are Today
Where We Are Today Proven Ability To Scale With Significant Growth 5.1M Q1 2019 Orders ~24,000 Restaurants $170M+ Q1 2019 Gross Food Sales(1) ~700 Cities 78% Year-Over-Year PF Revenue Growth 2.2M Active Diners as of Q1 2019 Note: Q1 2019 metrics unless noted otherwise. Pro Forma numbers include the
Slide 7: Why Waitr Wins
Why Waitr Wins Strategic Focus on Small & Mid-Sized Markets 1 Platform Purpose-Built For Our Markets 2 Differentiated Restaurant Selection With A Focus On Full-Service Local Favorites 4 ~24,000 Restaurant Partners W-2 Based Employee Model With Predictable Driver Supply Ensures Consistent Experience
Slide 8: Massive Market That Is Moving Online
Massive Market That Is Moving Online Restaurant Sales $561B 3rd Party Delivery $25.1B 2018A Restaurant Sales $666B 3rd Party Delivery $48.1B 2023E Source: Cowen, Credit Suisse, Statista, Government Accountability Office. (1) US online music concert ticket sales as a % of total US music concert ticke
Slide 9: Waitr Has A Unique Focus On Serving Small and Mid-Sized Markets
Waitr Has A Unique Focus On Serving Small and Mid-Sized Markets Number of U.S. Restaurants By Market Rank(1) Source: National Restaurant Association, U.S. Census Bureau. Based on Second Measure. Refresh “Of our current markets, what % of the population do we have access to?” Favorable Take Rate Econ
Slide 10: Large Opportunity To Penetrate And Grow Profitably
Large Opportunity To Penetrate And Grow Profitably Grow Existing Markets Expand Into New Cities Increase Profitability As Markets Grow Note: Gross margin figures are for the year ended December 31, 2018. Gross margin is a non-GAAP figure, for a reconciliation of gross margin, see the Appendix. Penet
Slide 11: How We Do It
How We Do It Personalized experience 2 Choose Your Order & Customize With Add-Ins 4 Pick your location 1 Enjoy 6 Track Your Order 5 Discover New Restaurants 3 Jane Smith Jane.Smith@gmail.com Jane Smith
Slide 12: Waitr's Proven Market Launch Playbook
Waitr’s Proven Market Launch Playbook Pre-Launch Phase 1 Phase 2 Phase 3 Identify target cities and build sufficient restaurant density, driver recruitment and consumer demand Perform Build / Buy Analysis Rapid growth in restaurants and users, refine logistics by leveraging best practices from prior
Slide 13: W-2 Model For Food Delivery Is Setup For Success In Our Markets
W-2 Model For Food Delivery Is Setup For Success In Our Markets W-2 Model 1099 Model Result Employee Scheduling ü û Higher Driver Efficiency leads to higher wages per driver, resulting in higher retention and lower supply costs Employee Engagement ü û Strong employee engagement leads to higher drive
Slide 14: Waitr's Platform is Purpose Built for Full Service Restaurants
Waitr’s Platform is Purpose Built for Full Service Restaurants Waitr’s Focus Is On Full Service Restaurants Illustrative Restaurant Mix (Baton Rouge) Competitor Full Service Restaurants Have Unique Needs… Average Order Value QSR Full Service Incremental Demand Delivery Capacity High Volume Local Kno
Slide 15: Waitr Delivers Significant Value To Its Restaurant Partners
Waitr Delivers Significant Value To Its Restaurant Partners Source: Wall Street Research, company websites. (1) Gross food sales represents food and beverage receipts, plus taxes, prepaid gratuities and delivery fees. ($ in thousands) And Generates Higher GFS(1) Over Time For These Partners Waitr’s
Slide 16: All Of Waitr's Restaurants Are Partners
All Of Waitr’s Restaurants Are Partners Waitr’s Extensive Restaurant Selection Drives Market Share Number Of Restaurants Per Market Source: Company Websites. Baton Rouge, LA Columbus, GA Macon, GA Gainesville, FL Launched February 2018 Launched January 2016 Launched April 2018 Launched February 2017
Slide 17: Winning Across All Market Conditions
Winning Across All Market Conditions Macon, GA Second Measure Credit Card Transactions Source: Second Measure. Note: Shown as monthly totals; information from 6/30/2016 through 3/31/2019. Baton Rouge, LA Columbus, GA Gainesville, FL Launched February 2018 Launched January 2016 Launched April 2018 La
Slide 18: Multiple Drivers for Growth and Profitability
Multiple Drivers for Growth and Profitability In Market Expansion Accelerate Growth With Strategic Transactions Expand Product Offering Platform Opportunities PRODUCT DEVELOPMENT / IMPROVEMENTS TO RESTAURANT PARTNERS LOYALTY, CREDIT CARD PROCESSING, TABLE MANAGEMENT, POINT OF SALE 20+ TRANSACTIONS C
Slide 19: Financial Highlights
L~|WAITR. Financial Highlights
Slide 20: Waitr Financial Highlights
Waitr Financial Highlights Note: Gross margin figures are for the year ended December 31, 2018. Gross margin is a non-GAAP figure. For a reconciliation of gross margin, please see the Appendix. On a gross profit basis. Rapid Top Line Growth 1 Strong Operating Leverage with ~29% Gross Margin And 39%
Slide 21: Rapid Growth And Scale
Rapid Growth And Scale As of the end of the specified period. The number of diner accounts from which an order has been placed through the platforms during the past 12 months (as of the end of the specified period). Q1 2019 Run-Rate orders reflects actual first quarter 2019 orders presented on an an
Slide 22: High Growth Profile
High Growth Profile Note: Financials are pro forma for Waitr and Bite Squad. (1) Gross food sales represents food and beverage receipts, plus taxes, prepaid gratuities and delivery fees. Pro Forma for Waitr and Bite Squad ($ in millions) 107% YoY Growth 63% YoY Growth ($ in millions) 138% YoY Growth
Slide 23: Existing Market Growth
Existing Market Growth Client cohorts spend approximately 70% of what they spent in their first quarter on our platform after four quarters and thereafter Annual Market Cohort Spend ($ in Millions) Pro Forma for Waitr and Bite Squad
Slide 24: Waitr Continues To Grow Its Diner Base While Increasing Order Frequency
Waitr Continues To Grow Its Diner Base While Increasing Order Frequency Most attractive transaction pricing 15% commission versus ~30% at competitors ~2 – 4 week restaurant payback on upfront investment Pro Forma for Waitr and Bite Squad (Diners In Thousands) Waitr is Driving Increased Usage From It
Slide 25: Waitr Cohorts Are Stable Over Time
Waitr Cohorts Are Stable Over Time Most attractive transaction pricing 15% commission versus ~30% at competitors ~2 – 4 week restaurant payback on upfront investment Waitr Cohorts Are Stable and Improving With Opportunity to Improve Existing and Newly Acquired Cohorts January 2017 February 2017 Marc
Slide 26: Attractive Unit Economics With Multiple Levers To Improve Margin
Attractive Unit Economics With Multiple Levers To Improve Margin Most attractive transaction pricing 15% commission versus ~30% at competitors ~2 – 4 week restaurant payback on upfront investment 2017 2018 2018 Average Order Value $41.74 $37.29 $36.68 Commission From Restaurant $5.78 $5.88 $5.10 Fee
Slide 27: Increasing Scale Resulting In Meaningful Operating Leverage
Increasing Scale Resulting In Meaningful Operating Leverage Case Study – June 2018 Market Launch (2) Market Launch Higher Order Volumes Leading To Driver Efficiency (1) Average Daily Market Order Volume Deliveries Per Hour Average of the logarithmic regression across Waitr and Bite Squad’s top ten m
Slide 28: Waitr Investment Highlights
Waitr Investment Highlights Massive Restaurant Delivery Market Is Underpenetrated And Moving Online With Underserved Cities Providing A Large Opportunity Leading Position In Our Current Markets With A Marketplace Model And Proven Expansion Strategy Strong Value Proposition To Customers, Restaurants
Slide 29: Appendix
LA] WAITR. Appendix
Slide 30: Waitr Historical Financials
Waitr Historical Financials Note: Q1 2019 includes Bite Squad as of acquisition date. (1) Adjusted EBITDA is a non-GAAP financial measure. See the reconciliation of Adjusted EBITDA to net loss on page 32.
Slide 31: Adjusted EBITDA Reconciliation – Waitr Historical
Adjusted EBITDA Reconciliation – Waitr Historical
Slide 32: Gross Margin Reconciliation – Pro Forma
Gross Margin Reconciliation – Pro Forma