Waitr Holdings Inc (NASDAQ:WTRH) Q1 2019 Earnings Conference Call Transcript

May 08, 2019 • 05:00 pm ET


Waitr Holdings Inc (NASDAQ:WTRH) Q1 2019 Earnings Conference Call Transcript


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Greetings, and welcome to Waitr Holdings First Quarter Earnings Conference Call. This conference call will include forward-looking statements within the meanings of the securities law. These forward-looking statements will include things about the Company's strategic priorities and certain statements of our expectation and plans. Forward-looking statements are subject to risks and uncertainties that could cause our results to differ materially from the forward-looking statements that are contained in our Company's filings with the SEC, including the Risk Factors section of our recently filed Form 10-K. The Company does not assume any obligation to publicly release any revisions to the forward-looking statements discussed during this call.

In addition, on this call, we will refer to certain non-GAAP financial measures to help understand the Company's financial performance and to supplement to financial results that we provide in accordance with GAAP. The Company has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP counterparts in our earnings release filed with the SEC earlier today, and can be found on the Investors section of the Waitr website at investors.waitrapp.com.

Hosting today's call is Chris Meaux, Founder and Chief Executive Officer of Waitr; and Jeff Yurecko, Waitr's Chief Financial Officer.

I would now like to turn the conference over to Mr. Meaux. Please go ahead.

Christopher Meaux

Thank you. Good afternoon, everyone, and thank you for joining us today. When we founded Waitr in 2013, we couldn't imagine that the Company would become what we are today. Our founding strategy to serve smaller markets in the US continues to pay off. Our business model has proven to be an advantage over competitors in the small and midsized markets that we serve. These markets are won at the local level and our proven playbook is local market-focused, therefore, national scale is not always an advantage to winning at a hyperlocal layer.

We cater to the wants and needs of the community for consumers and restaurant partners alike. Our technology platform is purpose-built to serve restaurants and consumers in small to medium markets. Our routing algorithms are optimized for getting food to customers by car in the more spread-out geographies, creating leverageable advantages in our business model. Our restaurants are all contracted partners working with our local teams to magnify their presence in a crowded restaurant space, giving them visibility by putting their menu in the pocket of consumers creating a frictionless way to order.

Our W2 drivers are uniformed and trained to represent our brand to be an extension of our restaurants. This enhances the quality of the experience for both restaurants and consumers. These are all advantages for Waitr over larger competitors in the markets we serve, and provide a path for growth for our restaurant partners. For example, when the owner of Hot Food Express in Lafayette, Louisiana had dreams of growing sales for his small restaurant inside a convenience store, and in opening a second location, he turned to Waitr.

After being added onto the Waitr platform, he experienced increased sales