Waitr Holdings Inc (ASAP) 2022 Q3 法說會逐字稿

Good day. I would like to welcome all of you to the Waitr Holdings Inc., Third Quarter 2022 Conference Call.

再會。歡迎大家參加 Waitr Holdings Inc. 2022 年第三季電話會議。

Today's call is being recorded.

今天的通話正在錄音。

With us today are Waitr's Chief Executive Officer, Carl Grimstad; and Chief Financial Officer, Armen Yeghyazarians.

今天與我們在一起的有 Waitr 執行長 Carl Grimstad；財務長 Armen Yeghyazarians。

By now, you should have access to the company's earnings press release. If not, it may be found at sec.gov or their Investor Relations website, at investors.waitrapp.com.

到目前為止，您應該可以訪問該公司的收益新聞稿。如果沒有，可以在 sec.gov 或其投資者關係網站 Investors.waitrapp.com 上找到。

Before I turn the call over to management, I would like to remind you that certain statements and projections in this call about future businesses 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 and quarterly reports on Form 10-Q for a discussion of risks that may cause actual results to vary from these forward-looking statements.

在我將電話轉交給管理層之前，我想提醒您，本次電話會議中有關未來業務和財務業績的某些陳述和預測構成前瞻性陳述。這些陳述是基於管理階層目前的業務和市場預期，實際結果可能與前瞻性陳述中的預測有重大差異。請參閱公司年度報告（表格 10-K）和季度報告（表格 10-Q）中包含的風險因素，以了解可能導致實際結果與這些前瞻性陳述不同的風險的討論。

Finally, please note that on today's call management may refer to non-GAAP financial measures. Please refer to Waitr's third quarter 2022 earnings release for a full reconciliation of its non-GAAP financial measures to the most comparable GAAP financial measures.

最後，請注意，今天的電話會議管理可能會參考非公認會計準則財務指標。請參閱 Waitr 的 2022 年第三季收益發布，以了解其非 GAAP 財務指標與最具可比性 GAAP 財務指標的全面調整。

I would now like to turn the call over to Waitr's CEO, Carl Grimstad, who will give an overview of the company's business activities and developments for the third quarter of 2022. He will then turn the call over to Armen Yeghyazarians, who will provide an overview of the company's operating and financial results.

我現在想將電話轉給 Waitr 的執行長 Carl Grimstad，他將概述公司 2022 年第三季的業務活動和發展。 。

Please go ahead.

請繼續。

Thank you. Hello, everyone, and welcome to the third quarter 2022 earnings call.

謝謝。大家好，歡迎參加 2022 年第三季財報電話會議。

In August 2022, we initiated our rebranding initiative and introduced our new deliver anything ASAP business model, expanding our food delivery services to a broader array of products. We are now delivering from retailers in industries such as apparel, luxury, sporting good, alcohol, auto part, electrical products and more.

2022 年 8 月，我們啟動了品牌重塑計劃，並推出了新的「盡快送貨」業務模式，將我們的送餐服務擴展到更廣泛的產品範圍。我們現在從服裝、奢侈品、體育用品、酒類、汽車零件、電子產品等行業的零售商處發貨。

Our recent partnership with NAPA Auto Parts is another example of our shift to delivering anything to consumers with the same excellent standard of service that we have always aimed to provide.

我們最近與 NAPA Auto Parts 的合作關係是我們轉變的另一個例子，即我們向消費者提供我們一直致力於提供的優質服務標準。

We also entered into a partnership with Unilever, one of the world's leading suppliers of ice cream products.

我們還與世界領先的冰淇淋產品供應商之一聯合利華建立了合作夥伴關係。

We continue to expand the use of our proprietary in-stadium ordering technology and currently have agreements with MetLife Stadium, the New York Giants, the New York Jets, the New Orleans Saints, the University of Alabama and the Louisiana State University, where we serve as the exclusive mobile ordering platform. We also recently secured a mobile ordering agreement with the Florida Panthers, the first agreement deal for the company with a National Hockey League team.

我們繼續擴大我們專有的體育場內訂購技術的使用，目前與我們服務的大都會人壽體育場、紐約巨人隊、紐約噴氣機隊、新奧爾良聖徒隊、阿拉巴馬大學和路易斯安那州立大學簽訂了協議作為獨家行動訂購平台。我們最近也與佛羅裡達黑豹隊達成了行動訂購協議，這是該公司與國家冰球聯盟球隊的第一份協議。

The MetLife Stadium agreement also provided an avenue to introduce the ASAP brand to the New York and New Jersey markets. We recently launched in select cities in central and northern New Jersey and in New York State, providing home and office delivery.

大都會人壽體育場協議還提供了將 ASAP 品牌引入紐約和新澤西市場的途徑。我們最近在新澤西州中部和北部以及紐約州的部分城市推出服務，提供家庭和辦公室送貨服務。

In 2022, our traditional core payments business has more than doubled. As of September 30, 2022, approximately 2,900 merchants are using our third-party payment processing services referred by ASAP. That is an increase of 80% through the 9 months ended September 30, 2022.

2022年，我們的傳統核心支付業務成長了一倍多。截至 2022 年 9 月 30 日，約有 2,900 家商家正在使用 ASAP 推薦的我們的第三方支付處理服務。截至 2022 年 9 月 30 日的 9 個月，成長了 80%。

With approximately 30,000 captive restaurant partners on the platform, we plan to continue to build on our ancillary revenue streams, with the goal to diversify the company further beyond third-party food delivery by offering merchant processing solutions.

該平台上有大約 30,000 家專屬餐廳合作夥伴，我們計劃繼續建立我們的輔助收入流，目標是透過提供商業處理解決方案，使公司進一步多元化，超越第三方食品配送。

Macroeconomic factors, including inflation, higher gas prices and competition, continued to impact our markets and order volumes during the third quarter of 2022. In response, we have focused our efforts on certain initiatives to improve our cash position, including our comprehensive rebranding, consolidation of our technology platforms into a single application and cost reductions where appropriate. We are making progress on the shift to one platform, which once completed should provide additional cost and resource savings.

2022 年第三季度，包括通貨膨脹、汽油價格上漲和競爭在內的宏觀經濟因素繼續影響我們的市場和訂單量。狀況，包括全面的品牌重塑、整合將我們的技術平台整合到單一應用程式中，並在適當的情況下降低成本。我們在向單一平台的轉變方面正在取得進展，一旦完成，將會節省額外的成本和資源。

As we mentioned in our August earnings call, during the second quarter of 2022, we negotiated the pay-down of approximately $21 million of debt, while extending the debt maturity to May 15, 2024. During the third quarter of 2022, we entered into an agreement with the lenders of our convertible notes, pursuant to which they converted approximately $6.8 million of notes and currently beneficially own approximately 13% of the company's common stock. This conversion reinforces their commitment to the company's management team and strategy. Outstanding long-term debt as of November 9, 2022, totaled approximately $55.9 million, compared to $84.5 million at December 31, 2021.

正如我們在8 月的財報電話會議中所提到的，在2022 年第二季度，我們協商償還了約2,100 萬美元的債務，同時將債務期限延長至2024 年5 月15 日。季度，我們簽訂了與我們的可轉換票據出借人達成的一項協議，根據該協議，他們轉換了約 680 萬美元的票據，目前實益擁有該公司約 13% 的普通股。這一轉變加強了他們對公司管理團隊和策略的承諾。截至 2022 年 11 月 9 日，未償長期債務總額約為 5,590 萬美元，而 2021 年 12 月 31 日為 8,450 萬美元。

We are pleased with the outcome of the shareholder vote at the reconvened Special Meeting of Stockholders on October 20, in which our stockholders approved an amendment to the company's certificate of incorporation to effect the reverse stock split of the company's common stock, within a set range, without reducing the authorized number of shares of the company common stock, if and when it's determined by the company's Board in its sole discretion.

我們對 10 月 20 日重新召開的特別股東大會上的股東投票結果感到滿意，股東們在會上批准了對公司註冊證書的修訂，以在一定範圍內對公司普通股進行反向股票分割，如果公司董事會自行決定，不減少公司普通股的授權數量。

On November 2, 2022, our Board adopted resolutions approving the reverse stock split at a reverse stock split ratio of 20:1 and authorized the company to file a certificate of amendment with the Secretary of State in the state of Delaware to amend the company's third amended and restated certificate of incorporation to effect the reverse stock split on or prior to the time effective at 11:59 p.m., on November 21, 2022, or such other date as may be determined by any authorized officer of the company.

2022年11月2日，公司董事會通過決議，批准反向股票分割，反向股票分割比例為20:1，並授權公司向特拉華州國務卿提交修訂證書，修改公司第三修訂和重述的本公司註冊證書，以在2022 年11 月21 日晚上11:59 或公司任何授權管理人員可能確定的其他日期生效的時間或之前實施反向股票分割。

As a result of the reverse stock split, every 20 shares of the company's common stock issued and outstanding immediately prior to the reverse stock split will be reduced to a smaller number of shares such that every 20 shares of the common stock held by a stockholder immediately prior to the reverse stock split will be combined and reclassified into one share of common stock.

由於反向股票分割，在反向股票分割之前，公司已發行和流通的每 20 股普通股將減少到更少的股份數量，這樣股東立即持有的每 20 股普通股在反向股票分割之前將被合併並重新分類為一股普通股。

Trading of the company's common stock on the NASDAQ capital market is expected to continue on a split-adjusted basis as of the opening trading hours on November 22, 2022. Additionally, in connection with the company's previously announced rebranding it is expected that the company's common stock will begin trading on the NASDAQ capital market under the new trading symbol, ASAP.

截至2022 年11 月22 日開市交易時間，該公司普通股在納斯達克資本市場的交易預計將繼續在分拆調整的基礎上進行。該公司的普通股將繼續在納斯達克資本市場上進行交易。

Now I will turn it over to Armen, our Chief Financial Officer, for a recap of the third quarter results.

現在我將把它交給我們的財務長阿門，回顧第三季的業績。

Thank you, Carl. I would like to now review our third quarter 2022 financial results.

謝謝你，卡爾。我現在想回顧一下我們 2022 年第三季的財務表現。

Revenue for the third quarter 2022 was $25.1 million, compared to $43.4 million in the third quarter of 2021. For the 9 months ended September 30, 2022, revenue was $91.4 million, compared to $143.5 million for the 9 months ended September 30, 2021. The decline in revenue was primarily as a result of lower order volume driven by higher competitive environment of delivery business, partially offset by revenue from our third-party payment processing referral service operation.

2022年第三季的營收為2,510萬美元，而2021年第三季的營收為4,340萬美元。日的9個月的收入為1.435億美元。

Adjusted EBITDA for the third quarter of 2022 was a net loss of $4.7 million, compared to adjusted EBITDA of $3.1 million in the third quarter of 2021. Approximately $0.5 million of the third quarter 2022 loss is from an increase to an insurance reserve.

2022 年第三季調整後 EBITDA 淨虧損為 470 萬美元，而 2021 年第三季調整後 EBITDA 為 310 萬美元。

Net loss for the third quarter of 2022 was $73.5 million, or a loss of $0.40 per share, compared to net income of $12.3 million, or $0.09 per share, in the third quarter of 2021.

2022 年第三季的淨虧損為 7,350 萬美元，即每股虧損 0.40 美元，而 2021 年第三季的淨利潤為 1,230 萬美元，即每股虧損 0.09 美元。

Net loss for the third quarter of 2022 included a $53.9 million noncash goodwill impairment charge mainly due to continued decline in our stock price and market capitalization through September 30, 2022. Net income for the third quarter of 2021 included a $16.7 million adjustment for the charge in an estimate of a medical contingency.

2022 年第三季的淨虧損包括5,390 萬美元的非現金商譽減損費用，主要是由於截至2022 年9 月30 日我們的股價和市值持續下跌。的費用調整估計醫療事故。

Cash on hand totaled $20.1 million as of September 30, 2022.

截至 2022 年 9 月 30 日，手頭現金總額為 2,010 萬美元。

That concludes the recap of our third quarter 2022 financial results. We will now go into a short Q&A session.

我們對 2022 年第三季財務表現的回顧到此結束。我們現在將進入一個簡短的問答環節。

(Operator Instructions) We will take our first question from Dan Kurnos, with Benchmark.

（操作員說明）我們將透過 Benchmark 回答 Dan Kurnos 提出的第一個問題。

Carl, obviously, a lot going on here between the rebrand, the partnerships, the stadium agreements. There's a -- we've seen for a while a fairly clear diversification effort here. Can we just talk a little bit about sort of the economic ramifications of everything that's going on? And I know you're going to probably want to highlight sort of the payments push because that's got a really nice underlying profitability to it. But just how we think about top line relative to some of these expansive efforts? If there's any economic outlay in the short term? And then if you want to, as I just said, kind of lay in sort of what this means longer term for payment expansion across multiple categories, potentially, that would be helpful.

卡爾，顯然，在品牌重塑、合作夥伴關係、體育場協議之間發生了很多事情。我們已經看到一段時間以來相當明顯的多元化努力。我們可以談談正在發生的一切的經濟影響嗎？我知道您可能會想要強調某種支付推動，因為這具有非常好的潛在盈利能力。但我們如何看待這些擴張性努力的營收呢？短期內是否有經濟支出？然後，正如我剛才所說，如果您想了解這對於跨多個類別的支付擴展的長期意義，可能會有所幫助。

So let me kind of unpack that. Ultimately, because the core delivery [basis] has continued to have [attendance] over the course of the last 12 to 18 months, that's the overarching driver to the financial performance. Obviously, you have to match expenses to your order flow. And as we've seen order flow denigrate, we've tried to move as quickly as possible to [match in line] our expenses with the current level of orders.

那麼就讓我來解開這個問題。最終，由於核心交付[基礎]在過去 12 至 18 個月中持續[參與]，因此這是財務表現的整體驅動力。顯然，您必須將費用與訂單流程相匹配。正如我們所看到的訂單流惡化一樣，我們試圖盡快採取行動，使我們的支出與目前的訂單水準保持一致。

That being said, a number of the main drivers of [cash pieces] are legacy things, like the rebrand, (inaudible) go-forward marketing expense. And just the continued work on our technology platform. We moved to 1 app. A lot of other minutia in and around cleaning the platforms up and bringing in kind of the next stage of functionality.

話雖這麼說，[現金]的許多主要驅動力都是遺留的東西，例如品牌重塑、（聽不清楚）前進的行銷費用。以及我們在技術平台上的持續工作。我們遷移到 1 個應用程式。清理平台並引入下一階段功能的許多其他細節。

Going forward, and you and I've talked about this over and over again, from the very beginning we always looked at this business as a payments business that also did last-mile delivery. [We think] using the last-mile delivery as a differentiator to sell our payment processing services to merchants is the future of our business.

展望未來，你和我已經一遍又一遍地談論這個問題，從一開始我們就一直將這項業務視為支付業務，同時也進行最後一英里的交付。 [我們認為]使用最後一哩交付作為向商家銷售我們的支付處理服務的差異化因素是我們業務的未來。

We continue to add restaurants on the delivery side, and we continue to add nonrestaurant merchants on the payment side. We highlighted, albeit it's still small relative to the entire business, but the growth is nothing to ignore. And I expect that as our focus continues to be in this direction, we will enjoy great results from that segment in 2023. That has prompted us to make the decision to start reporting in the future the payments business broken out from the delivery business.

配送端我們繼續增加餐廳，支付端我們繼續增加非餐廳商家。我們強調，儘管相對於整個業務來說仍然很小，但成長不容忽視。我預計，隨著我們的重點繼續朝著這個方向發展，我們將在 2023 年從該領域獲得巨大的業績。

I think that the way to think about all of these initiatives, whether it's the in-stadium mobile ordering, the delivery of anything and everything, think of it as a resource. We're establishing a vendor relationship with a retailer or restaurant, a sports team, a sports venue that gives us the ability to offer our payment processing services, which is kind of where the management team, we come from to begin with, and creating an alternative revenue stream beyond last-mile delivery. I mean, that's the whole strategy in a nutshell.

我認為思考所有這些舉措的方式，無論是體育場內的行動訂購、任何物品的交付，都應將其視為一種資源。我們正在與零售商或餐廳、運動隊、體育場館建立供應商關係，這使我們能夠提供支付處理服務，這也是我們管理團隊的出發點，並創建最後一英里交付之外的替代收入來源。我的意思是，簡而言之，這就是整個策略。

That's super helpful and interesting to kind of hear we're getting close to a breakout on the payment side. Can you -- I guess, (inaudible), clearly, last mile is a differentiator. It seems to be enough. You clearly have a background in sort of the whole space. So I just -- I guess, is there anything beyond it that really helps sort of solidify these wins in what has historically been a competitive marketplace? Because it sounds like you're making pretty substantial inroads.

聽說我們在支付方面即將取得突破，這是非常有幫助和有趣的。你能——我猜，（聽不清楚），顯然，最後一哩路是一個差異化因素。似乎已經足夠了。顯然你對整個空間都有背景。所以我想，除了它之外，還有什麼東西可以真正有助於在歷史上競爭激烈的市場中鞏固這些勝利嗎？因為聽起來你正在取得相當大的進展。

Well, look, at the end of the day, and you see this in bits and pieces in the competitive landscape with the bigger companies, we think the heart of this business is the merchant or the restaurant or the retailer. And providing services that help that entity sell more product and make it easier for them to sell more product is at the heart of the strategy.

好吧，看，歸根結底，你會在與大公司的競爭格局中看到這一點，我們認為這個行業的核心是商人、餐廳或零售商。提供幫助該實體銷售更多產品並讓他們更容易銷售更多產品的服務是該策略的核心。

When we talk to the sports franchises, it's about helping them get their constituents to buy more product, service (i.e., beer, soda, hot dogs or what-have-you) and making it easy for them, right? We want to make it easy for our merchants to sell as much product as possible. That's at the heart of it.

當我們與體育特許經營商交談時，我們的目標是幫助他們讓選民購買更多的產品和服務（即啤酒、蘇打水、熱狗或其他什麼），並讓他們變得更容易，對嗎？我們希望讓我們的商家能夠輕鬆銷售盡可能多的產品。這就是它的核心。

Now all of these things that come along with it, whether it's the mobile ordering platform in a sports venue, whether it's a competitive payment processing solution, whether it's an easy-to-use delivery mechanism to offer to your customers, it's all part of it. Whether it's an ability to pay your employees same day or next day, right, in a digital fashion. These are all things that we believe will help our core merchants sell more products, be more profitable and grow their businesses. That's our mantra.

現在，所有這些隨之而來的東西，無論是體育場館中的行動訂購平台，無論是有競爭力的支付處理解決方案，還是為客戶提供的易於使用的交付機制，它們都是它。無論是當天還是第二天以數位方式向員工支付工資的能力。我們相信這些都將幫助我們的核心商家銷售更多產品、獲得更多利潤並發展業務。這是我們的座右銘。

And that's all the time we have for questions today. At this time, I would like to turn the conference back over to management for any additional or closing remarks.

這就是我們今天提問的全部時間。此時，我想將會議轉回管理層，以發表任何補充或結束語。

Thank you. Thanks, everyone, for participating in today's call. We appreciate your continued support. Have a nice evening.

謝謝。感謝大家參加今天的電話會議。我們感謝您一如既往的支持。祝你今晚愉快。

This will conclude today's call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。