David Rosenthal: evaluation

Transcript context

…Right. The thing that we see in markets is an explosion and then consolidation, especially when there are these low margin, highly competitive ones. You're right, as everything started to consolidate around them, and they suddenly had a large balance sheet, it became possible to see how they would be the one left standing who would roll up others rather than being forced to join one of the big guys on unfavorable terms. As we’ve seen, it's even become a question of, do they need to roll up anymore, or are they just going to take so much share? It doesn't matter. By the end of 2019, they finish with—and this is the second year, we have full financials for them in the S-1—$885 million in net revenue, up over 3X year on year, 263 million orders also up over 3X, 8 billion in total gross order value—and I thought this is interesting too—60% year over year, same-store sales growth on the platform. Taking out new market launches, taking out new restaurants added to the platform, just for existing restaurants that were on the platform last year, doing 60% more sales the next year in 2019. The question you're asking yourself if you're one of those restaurants is, is all 60% of those new customers? Or is that some of my old customers shifting their behavior toward ordering through this thing where I don't make as much profit?…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.