Waitr Holdings Inc.

Good afternoon, everyone. I would like to welcome all of you to the Waiter Holdings, Inc. Fourth Quarter 2020 Conference Call. With us today are Waiter's Chief Executive Officer, Carl Grimstad, and Chief Financial Officer, Leo Bogdanov. By now, you should have access to our earnings press release. If not, it may be found at sec.gov or our investor relations website at investorswaiterapp.com. Before I turn the call over to management, I would like to remind you that certain statements and projections in this call about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations. Our actual could differ materially from those projected in the forward-looking statements. Please see the risk factors contained in our annual report on Form 10-K and in our Form 10-Qs for discussion of risk that may cause our actual results to vary from these forward-looking statements. Finally, please note that on today's call, management may refer to non-GAAP financial measures. Please refer to Waiter's fourth quarter 2020 earnings release for full reconciliation of its non-GAAP financial measure to the most comparable GAAP financial measure. I would now like to turn the call over to Waiter CEO, Carl Bermstad, who will give an overview of the company's business activities and developments for the fourth quarter of 2020. He will then turn the call over to Leo Bogdanov, who will provide an overview of the company's operating and financial results. We will then open the call for Q&A. Carl?

Thank you. Hello, everyone, and thank you for joining our call today. We are pleased to report another quarter of profitability and positive operating cash flow, marking 11 straight months of continued profitability in our business. Despite impacts from adverse weather-related events during the fourth quarter of 2020 and early 2021, along with the ongoing pandemic, we further solidified the sustainability of our business model and unit economics. Our business reflects the implementation of several fundamental strategic initiatives that stabilize the foundation of the company so that we could position it for future growth. Our efforts during 2020 included the expansion into new delivery verticals, such as alcohol and grocery, and the continued diversification of our product offering beyond restaurant food delivery with the launch of our table-side service technology. As the pandemic continues to impact the restaurant and hospitality sector, we remain steadfast in helping our restaurant partners navigate through these challenging times. In the first quarter of 2021, we completed the integration with several third-party platforms. We also continue to partner with major national chains and virtual ghost kitchens as the restaurant industry continues to adapt to the new environment in the midst of the pandemic. In the first quarter of 2021, we got our first set of virtual kitchens live on our platform. In 2021, we looked to build on our success from 2020 by focusing on profitable growth, both organically and through strategic acquisitions to bolster our delivery footprint and expansion into other delivery verticals while further refining our integrated payments platform. We have recently agreed to pursue a partnership with Flow Payments to create a compliant marketplace delivery and payment solution for dispensaries selling cannabis. We are excited for this new venture into uncharted waters as the regulatory framework around the cannabis industry continues to evolve. Now I will turn it over to Leo our Chief Financial Officer for a recap of fourth quarter results.

Thank you, Carl. I'd like to now comment on our fourth quarter and annual 2020 financial results. Revenue for the fourth quarter of 2020 was $46.8 million compared to $43.1 million in the fourth quarter of 2019. Annual revenue for 2020 was $204.3 million compared to $191.7 million in 2019. That income for the fourth quarter was $2.6 million, or $0.02 per diluted share, compared to a loss of $21.6 million, or $0.28 per diluted share in the fourth quarter of last year. That income for the year ended December 31, 2020, was $15.8 million, or $0.15 per diluted share, compared to a loss of $291.3 million, or a loss of $4 per diluted share the year ended December 31, 2019, an increase of $307.1 million. That loss for the year ended December 31, 2019, including goodwill and intangible accident impairment charges of $191.2 million. Adjusted EBITDA for the fourth quarter was $9.9 million, compared to a loss of $14.4 million in the fourth quarter of 2019, an increase of $24.3 million. Adjusted EBITDA for 2020 was $43.4 million, compared to a loss of $54.8 million in 2019, an increase of $98.2 million. or 179%. This change reflects the implementation of a myriad of initiatives around service and profitability. On December 31st, 2020, we had cash on hand of 84.7 million, an increase of 7.6 million from September 30, 2020, driven primarily by positive operating cash flows. Cash on hand as of January 31st, 2021, was 88.5 million. Total outstanding long-term debt was 99.1 million. consisting primarily of $49.4 million of term loans, $49.5 million of convertible notes. That concludes the recap of our fourth quarter and annual financial results. We will now go into a short Q&A session.