9/9/2023 0 Comments Drive shack earnings call![]() There's a large addressable market in the venue-based entertainment business. Our proof of concept is clear with these two venues, both delivering sales results slightly ahead of their plan and generating profitability margins well within the expected unit economic range. We are extremely pleased with the performance of our two Puttery venues, The Colony, which has been open now for 11 months, and Charlotte, which has been opened for 8. We have a strong foundation in our core business with our Drive Shack venues and American Golf courses and each continues to deliver exceptional results. We've seen the demand for future events across both the corporate and social categories continue to rise, which will translate into strong revenue results in the back half of this year.Īdjusted EBITDA for the quarter was $4.6 million, which was $3 million below last year's second quarter, which was expected with the strategic investments in headcount and other related expenses we've made to support the development and growth in Puttery. Total event revenue in Q2 was $14 million and is up significantly at over $10 million to last year, with more than $7 million of the increase coming from private event sales at American Golf. Our newest Puttery located in D.C.'s Penn Quarter opened to the public on June 21 and generated just above $100,000 for the few days it was opened in the second quarter. We continue to gain proof-of-concept with Puttery, which continues to deliver results in line with our expectations.įor Q2, our two venues in The Colony and Charlotte generated combined total revenue of $4.4 million. Our four Drive Shack venues delivered total revenue of just over $11 million, and while down just slightly versus last year, they drove a strong events business with over $3 million in event revenue this quarter. Our core business remains solid with our 53 American Golf courses delivering $71 million in total revenue, coming in at $8.5 million above last year's same quarter, driven by strong demand for events. We delivered nearly $87 million in total company revenue, up $13 million or 17% compared to Q2 last year. Our sales results this quarter reflect the strong momentum we continue to see across our entire brand portfolio. Actual results may differ materially from those considered by these statements, and we encourage you to review the disclaimers in our press release and investor supplement and to review the risk factors contained in our annual and quarterly reports filed with the SEC.Īnd with that, I'd like to now turn the call over to Hana. I'd like to point out that certain remarks made today will include forward-looking statements. Please take a moment to download the presentation now if you haven't had a chance to do so already. We've posted the investor supplement to our Investor Relations website at ir. Joining me on the call today is President and Chief Executive Officer, Hana Khouri. ![]() I'd like to welcome you to Drive Shack Inc.'s second quarter 2022 earnings call. Thank you, Gretchen, and good morning, everyone. Īt this time, I would like to hand the call over to Kelley Buchhorn, CFO. after the prepared remarks, you will have a question-and-answer session. Currently, all lines have been placed on mute to prevent any background noise. At this time, I would like to welcome everyone to Drive Shack's Second Quarter 2022 Earnings Conference Call. ![]() My name is Gretchen, and I will be your conference operator today. ![]() (DS) Q2 2022 Earnings Conference Call Aug9:00 AM ET ![]()
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