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    Andrew Gwynn

    Research Analyst at BNP Paribas

    Andrew Gwynn's questions to Just Eat Takeaway.com (TKAYF) leadership

    Andrew Gwynn's questions to Just Eat Takeaway.com (TKAYF) leadership • Q2 2023

    Question

    Andrew Gwynn of BNP Paribas asked about the drivers behind the relatively subdued sequential order momentum, questioning the impact of cost-of-living pressures versus the company's focus on profitability.

    Answer

    CEO Jitse Groen attributed the trend primarily to the post-pandemic normalization of user numbers rather than cost-of-living pressures, which he noted are not a major topic in continental Europe. COO Jörg Gerbig and CEO Jitse Groen explained that the order profile remains similar, with growth in adjacencies like grocery adding to the logistics share, which is becoming more efficient and profitable.

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    Andrew Gwynn's questions to Just Eat Takeaway.com (TKAYF) leadership • FY 2022

    Question

    Andrew Gwynn of BNP Paribas Exane questioned which long-term financial metrics the company prioritizes for evaluation, highlighting the difference between adjusted EBITDA and free cash flow.

    Answer

    CEO Jitse Groen identified GTV growth and profitability growth as the key metrics, pointing to Northern Europe's 5% EBITDA margin as the target for the entire business. CFO Brent Wissink added that profitability is the primary focus, which will sequentially lead to positive free cash flow and then positive net income.

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    Andrew Gwynn's questions to Just Eat Takeaway.com (TKAYF) leadership • Q2 2022

    Question

    Andrew Gwynn of BNP Paribas inquired about the company's commitment to its employed courier model, suggesting a more pragmatic, less wedded approach might be emerging due to capital constraints.

    Answer

    CEO Jitse Groen clarified that the company's courier model strategy is driven by legal assessments in each country to ensure compliance and avoid large potential fines, rather than a rigid ideology. He noted that in the U.K., the network is already mostly gig-based, with the employee model used strategically in city centers for visibility and marketing benefits.

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    Andrew Gwynn's questions to Just Eat Takeaway.com (TKAYF) leadership • Q4 2021

    Question

    Andrew Gwynn of Exane BNP Paribas noted suggestions of soft trading in Q1 and asked which of the 2022 guidance targets is the higher priority: mid-teens GTV growth or the adjusted EBITDA range.

    Answer

    CEO Jitse Groen responded that both are priorities. He explained that the company has strong control over its EBITDA profile through its investment decisions, while GTV growth is also crucial, though subject to tough year-over-year comparisons. He expressed confidence in hitting the targets, noting that inflation provides a tailwind for GTV.

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