LANDCADIA HOLDINGS (NASDAQ:LCAHU) Q3 2019 Earnings Conference Call - Final Transcript
Nov 07, 2019 • 05:00 pm ET
Greetings, and welcome to Waitr Holdings Third Quarter Earnings Conference Call.
This conference call will include forward-looking statements within the meaning of the securities law. These forward-looking statements will include things about the Company's strategic priorities and certain statements of expectation and plans. Forward-looking statements are subject to risks and uncertainties that could cause the 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 in our Form 10-K. The Company does not assume any obligation to publicly release any revisions to the forward-looking statements discussed during the call.
In addition on this call, we'll refer to certain non-GAAP financial measures to help understand the Company's financial performance and to supplement the 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.waitr.com.
Hosting today's call is Adam Price, Chief Executive Officer; and Karl Meche, Chief Accounting Officer. I would now like to turn the call over to Mr. Price. Please go ahead, sir.
Hello, everyone. Welcome to the third quarter earnings call for Waitr. Although the third quarter was a challenging time in the sector, I want to reiterate our confidence in our cash position, changes we are making to the business and the past success of Waitr. This is my first quarter as CEO. And while I see a business with challenges, I also see a business with many opportunities. External perception is clear, there are multiple concerns about our business.
I want to talk about some of these throughout this call and stress that although this business may be challenged, we have a focused approach on how to sustain our business to bring value to shareholders over the long-term. My confidence about the path forward starts with Waitr's foundation. The building blocks at Waitr are incredibly strong. First, we were first mover in small to medium-sized markets around the U.S. and have stayed focused on that strategy.
As a result, even after the last year of intense competitive pressure, Waitr is still first in market share in nine out of our top 10 markets, and first or second in market share in 19 out of our top 20 markets. These markets are in place all around the U.S., in Florida, Minnesota, to Louisiana, to Hawaii. Second, given with the update to our restaurant take rates in August, Waitr's active restaurant base has increased from the start of the year to over 20,000 restaurant partners, all of whom have signed revenue share agreements for every order processed. Third, there is still many areas for Waitr to streamline operations, increase revenue from our current platform and build a sustainable business.
These are just some of the things I have seen in this business over the last quarter