Waitr Holdings Inc.

Good day, everyone. I would like to welcome all of you to the Wader Holdings, Inc. First Quarter 2021 Conference Call. With us today are Wader's Chief Executive Officer, Carl Grinstad, and Chief Financial Officer, Leo Bogdanoff. 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 investors.waderapp.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 current business and market expectations, and our actual results 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 10Qs for a discussion of risks 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 first quarter 2021 earnings release for a full reconciliation of its non-GAAP financial measures to the most comparable GAAP financial measures. I would like to turn the call over to Waiter's CEO, Carl Grinstad, will give an overview of the company's business activities and developments for the first quarter of 2021 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 announce our financial results for the first quarter of 2021 as we continue to build on our success from 2020 and generate positive operating cash flow. In the first quarter, we are excited to have closed the delivery dudes acquisition, strengthening our market position in southern Florida and solidifying our commitment to pursue additional opportunistic strategic acquisitions. Over the last several months, we partnered with many of the country's top delivery management and optimization platforms, which provide improved operational efficiencies that benefit both restaurants and customers. Along with these platform integrations, we have partnered with a multitude of national brands, including PDQ, Applebee's, Marco's Pizza, Jason's Deli, Red Robin, and various delivery-only virtual restaurant concepts to our platforms, which have broadly expanded the restaurant selection for our diners. This focused and methodical sales approach resulted in us surpassing a total of 23,000 partnered restaurants on the platforms. While adverse weather-related events affected many of our markets for several weeks during the first quarter of 2021, we are pleased to report a 9% increase in average daily order volumes this quarter compared to the fourth quarter of 2020. Our results continue to reflect the hard work of our entire team through the execution of fundamental operational and strategic initiatives. Our ongoing recruiting and retention efforts continue to increase the total number of active independent contractor drivers on the platforms, which are at an all-time high for the company. Overall, we had a great quarter and are excited about the company's future. Now I'll turn it over to Leo, our Chief Financial Officer, for a recap of first quarter results. Thank you, Carl. I'd like to now review our first quarter 2021 financial results. Revenue on a pro forma basis, including the full quarterly results of delivery dues, was $53.4 million in the first quarter of 2021, compared to pro forma revenue of $46.5 million in the first quarter of 2020, an increase of $6.9 million, or 15%. That loss for the first quarter of 2021 was $3.7 million, which includes $5.1 million of items we consider to be one-time, non-recurrent. compared to a loss of $2.1 million in the first quarter of 2020. Adjusted net income for the first quarter of 2021 was $1.4 million compared to a loss of $2.1 million in the first quarter of 2020, an increase of $3.5 million. Adjusted EBITDA for the first quarter of 2021 was $8.3 million compared to $3.7 million in the first quarter of 2020, an increase of $4.6 million or 121%. Loss per share, including Inclusive at one time and non-recurring items for both the first quarter of 2021 and 2020 was three cents. Adjusted earnings for diluted share for the first quarter of 2021 was one cent, compared to an adjusted loss for diluted share of three cents for the first quarter of 2020. In the first quarter of 2021, we made a prepayment of 15 million on our term loan, along with a cash payment of 10.9 million for the acquisition of delivery dues, resulting in cash on hand 67.9 million as of March 31st, 2021. Total outstanding long-term debt as of March 31st, 2021 was 84.5 million, consistent primarily of our 35 million term loan and 49.5 million convertible notes. That concludes the recap of our first quarter financial results. We'll now go into a short Q&A session.

Thank you, sir. If you would like to ask a question, please signal by pressing star 1 on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, that is star one if you would like to ask a question. And we'll pause for just one moment to allow everyone an opportunity to signal. And we'll take our first question from Kunal Madhukar with Deutsche Bank.