Waitr Holdings Inc.

Good afternoon, everyone. I would like to welcome all of you to the Wader Holdings Incorporated Second Quarter 2021 Conference Call. Today's call is being recorded. With us today are Wader's Chief Executive Officer, Carl Grimstad, 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.waitrapp.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, 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 10-Qs for 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 Wader's second 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 now turn the call over to Wader's CEO, Carl Grimstad, who will give an overview of the company's business activities and developments for the second quarter of 2021. He will then turn the call over to Leo Bogdanoff, 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. This quarter, we strengthened our market presence in the on-demand delivery sector by partnering with a number of national brands, including Potbelly, Long John Silver's, Smoothie King, Applebee's, Red Robin, and KFC. With the onboarding of these popular chains and our continued addition of independent restaurants, we now have over 25,000 partnered restaurants on our platform. We continue to support our restaurant partners and communities we serve and are hopeful that the recent signs of recovery from COVID-related impacts continue and that the emergence of COVID variants does not result in more hardships for the restaurant industry as a whole. As I've mentioned many times before, our strategy is to increase our ecosystem of restaurants, diners, and independent contract drivers. As the size of this group increases, we plan to introduce additional products and services that are anticipated to create larger revenue and earnings growth opportunities. To that extent, during the quarter, we methodically invested our capital in various initiatives, which are positioning the company for future growth. These include additional investments in our technology platform with new product offerings, bolstering our customer and partner support teams, as well as continued opportunistic expansion into new markets, all of which we believe are necessary for the core delivery business. Additionally, we continue to strategically invest in our independent contract driver base, in the second quarter of 2021, ensuring adequate driver supply. This has resulted in the highest level of active independent contractor drivers since the company's inception at approximately 34,000 drivers. We have very recently executed three definitive purchase agreements to purchase payment processing companies, pro merchant, Cape Cod Merchant Services, and flow payments. The combination of these businesses will continue to broaden the company's capabilities beyond third-party food delivery. We are excited to close these transactions in the near term. During the quarter, we also made an investment in FIGURE Technology in their Series D financing round. FIGURE is on the cutting edge of payment solutions and utilizes blockchain technology for loan origination equity management, private fund services, banking, and payments. We are also working on an agreement with their affiliate, Figure Payments, with the goal of leveraging their underlying technology within our constituent base of diners, restaurant partners, and independent contract drivers to facilitate alternative payment and disbursement options. This is anticipated to further intertwine our business with transformative FinTech solutions. As previously announced, we also have recently launched a strategic initiative to change our name and visual identity in a comprehensive company rebrand. We look to identify a corporate name and brand that unifies our current service offering and better reflects our long-term business strategy. The rebranding strategy reflects our ongoing commitment to innovation, continued expansion into new delivery verticals, and other business ventures. We are looking forward to the second half of the year as we continue to make long-term investments in the company and focus on fundamental operational and strategic initiatives necessary to grow the business. With that, I'm going to turn it over to Leo, our Chief Financial Officer, for a recap of second quarter results. Thank you, Carl.

I'd like to now review our second quarter of 2021 financial results. Revenue for the second quarter of 2021 was $49.2 million compared to $50.9 million in the first quarter of 2021, $60.5 million in the second quarter of 2020. With the six months ended June 30th, 2021, revenue was $100.1 million compared to $104.7 million with the six months ended June 30th, 2020. Adjusted EBITDA for the second quarter of 2021 was $2.5 million, compared to $8.3 million in the first quarter of 2021, and $16.7 million in the second quarter of 2020. Loss per share for the second quarter of 2021 was $0.05, compared to a loss per share of $0.03 in the first quarter of 2021, and earnings per diluted share of $0.10 for the second quarter of 2020. Adjusted loss per diluted share for the second quarter of 2021 was $0.04, compared to adjusted earnings per diluted share of $0.01 in the first quarter of 2021 and $0.11 in the second quarter of 2020. Cash on hand totaled $60.5 million as of June 30, 2021. Total outstanding long-term debt as of June 30, 2021 was $84.5 million, consisting primarily of our $35 million term loans and $49.5 million of convertible notes. That concludes the recap of our second quarter 2021 financial results.