Drive Shack Inc · Q2 2020 earnings

Briefing

Drive Shack reported a loss in Q2 2020 due to suspended operations at the beginning of the quarter, but experienced positive momentum as venues reopened with new safety measures and a repositioned labor model.

Drive Shack Inc. reported a loss of $40.921 million, or ($0.61) per share, for the second quarter ended June 30, 2020, compared to a loss of $14.354 million, or ($0.21) per share, in the corresponding period of the prior year. The company's total revenue was $32.1 million, compared to $71.615 million in the same quarter of the previous year. Despite the challenging environment, the company experienced positive momentum as it reopened its golf courses and Gen 2.0 Drive Shack venues.

• All traditional golf courses and most entertainment golf venues resumed operations by the end of June.
• Traditional golf business generated $30 million in revenue, or $22 million after adjusting for managed course expense reimbursements.
• Entertainment golf venues generated approximately $2 million in revenue across 85 collective days of operations.
• The company had approximately $12 million of unrestricted cash on hand as of July 31, 2020.

Headline financials

Revenue & EPS history

The Company cautions that this release contains forward-looking statements, including, without limitation, statements relating to our expected results of operations and the impact on our business and operations of the COVID-19 pandemic.