Waitr Incorporated Reports Recent Business Highlights

Aug 02, 2018 03:41PM ● By Camille Mosley

LAKE CHARLES, La.--( BUSINESS WIRE) Waitr Incorporated (“Waitr”) today reported recent business highlights for the second quarter ended June 30, 2018.

As previously announced, Waitr has entered into an agreement for a business combination with Landcadia Holdings, Inc. (Nasdaq:LCA) (“Landcadia”), a special purpose acquisition company, which is expected to be completed later this year.

Second Quarter Highlights:

- Gross food sales1 for the second quarter of 2018 increased 136% over the comparable quarter of 2017, which drove a year-over-year increase in revenue of 229% for the same period. Due to the strong second quarter results, Waitr is increasing its revenue outlook for full year 2018 to between $62 million and $67 million, up from its previous outlook of between $60 million and $65 million.
- Waitr is now in 34 markets, up from 15 markets in the second quarter of 2017 and 29 markets in the first quarter of 2018.

- Waitr now has 5,933 contracted restaurants, up 179% from the second quarter of 2017.

- Waitr now has 678,818 active diners, 2 up 179% from the second quarter of 2017.

"We are very pleased with the results in the second quarter,” said Chris Meaux, founder and Chief Executive Officer of Waitr. “These results exceeded our expectations, allowing us to increase our outlook for the year. Our partnership with Landry’s has also helped to accelerate our growth during the quarter. We currently have 57 of Landry’s restaurants on our platform and expect to add additional restaurants by the end of the year. We believe that our strong position in our current markets, proven expansion strategy, strong value proposition to customers and restaurants, differentiated proprietary technology platform and high growth business model built in a capital efficient manner has positioned us well for the long term.

“We are excited about the pending merger with Landcadia which we expect will provide us with the capital to accelerate our growth in our current markets, expand into new markets and take advantage of potential opportunistic acquisitions,” continued Meaux. “We are on track to complete the proposed transaction later this year.”

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