Waitr Holdings Inc.

I would like to welcome all of you to the Wader Holdings Incorporated 4th Quarter 2021 Conference Call. Today's conference is being recorded. With us today are Wader's Chief Executive Officer, Carl Grinstead, and Chief Financial Officer, Leo Bogdanov. By now, you should have access to the company's earnings press release. If not, it may be found at sec.gov or the 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 future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and actual results could differ materially from those projected in the forward-looking statements. Please see the risk factors contained in the company's annual report on Form 10-K for discussion of risks that may cause actual results to vary from these forward-looking statements. Please note that on today's call, management may refer to non-GAAP financial measures. Please refer to Wader's fourth 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 Grinstead, who will give an overview of the company's business activities and developments for the fourth 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 welcome to the fourth quarter 2021 earnings call. During 2021, we delivered over $540 million in gross food sales for our restaurant and business partners through over 100,000 independent contract drivers, resulting in payments to these independent contract drivers of over $104 million. We started our payment strategy in late 2021 and are now facilitating access to third parties that are providing payment processing services for approximately 1,900 merchants with an annualized volume of approximately $900 million. In the fourth quarter of 2021, we continued to methodically deploy our capital in various initiatives in order to position the company for long-term growth. These include investments in our technology platform with new product offerings, expansion of our complementary businesses, and solidifying key partnership opportunities within our industry. Additionally, we continued investing in product and engineering personnel including key additions to our technology management team in early 2022. We should benefit from this as we plan to move into multiple delivery verticals and expand our payments capabilities. Our investments in 2021 also included the acquisition of businesses that offer access to third-party payment processing solution providers. These acquisitions were important steps in pursuing our overall growth strategy of facilitating access to a full suite of third-party payment processing solution services to our current base of restaurants and other future merchants. These services, along with the existing logistics network, will provide value-added and competitively priced payment solutions to our restaurant ecosystem, as well as an expanding merchant base beyond the restaurant industry. Additionally, we solidified key partnerships with integrated commerce technologies such as OLO Dispatch and the continued build-out of our Google food ordering capabilities. We believe these integrations will provide a vehicle to generate additional order flow by opening the doors to a wider consumer base within our markets. While 2021 presented challenges, including impacts from the ongoing pandemic and hurricanes in our core southern markets, the recent macroeconomic headwinds such as inflation and rising gas prices present more challenges that we are currently navigating. We continue to focus our effort on our core delivery markets, enhancing our technology platforms and providing quality service to our restaurant partners and diners. On December 17, 2021, the company announced that it had entered into a non-binding letter of intent to acquire Retail Innovation Labs Incorporated, which does business as COVA. The parties mutually agreed on March 10, 2022, that they are no longer pursuing a business combination as contemplated in the letter of intent, but continue to discuss a potential business relationship involving facilitating COVA customer access to third parties that provide payment processing solutions. The company believes that such an arrangement can be mutually beneficial and will allow both parties to continue to execute their respective business strategies without affecting a business combination. As previously announced, we have acquired the ASAP.com domain name, as well as several related domain names in connection with our rebranding strategy. We expect ASAP will serve as the foundation of our brand moving forward, as we believe it better embodies the future direction of our company. We are excited to show the public what 2022 has to offer as we continue to diversify the company and help grow our constituent base of merchants, consumers, and independent contract drivers. We continually strive to build on and monetize this ever-expanding ecosystem by providing other value-added third-party services to this core base. With that, I will turn it over to Leo, our Chief Financial Officer, for a recap of the fourth quarter results.

Thank you, Carl. I'd like to now review our fourth quarter and annual 2021 financial results. Revenue for the fourth quarter of 2021 was $38.6 million compared to $46.8 million in the fourth quarter of 2020. Revenue in the fourth quarter of 2021 decreased approximately 11% from revenues of $43.4 million for the third quarter of 2021, which is consistent with the decline from third to fourth quarter of 2020. The year ended December 31st, 2021. Revenue was $182.2 million. compared to $204.3 million for the year ended December 31, 2020. Adjusted EBITDA for the fourth quarter of 2021 was $1.7 million, compared to $9.9 million in the fourth quarter of 2020. Adjusted EBITDA for the year ended December 31, 2021 was $15.6 million, compared to $43.4 million for the year ended December 31, 2020. Net loss per share for the fourth quarter of 2021 was $0.06. compared to net income per share of 2 cents in the fourth quarter of 2020. Net loss for the year ended December 31st, 2021 was 5.2 million or 4 cents per share compared to net income of 15.8 million or 15 cents per share for the year ended December 31st, 2020. Cash on hand totaled 60.1 million as of December 31st, 2021. Total outstanding long-term debt as December 31st, 2021 was $84.5 million, consistent primarily of our $35 million of term loans and $49.5 million of convertible notes. That concludes the recap of our fourth quarter and annual 2021 financial results. We'll now go into a short Q&A session.