There's a large addressable market in the venue-based entertainment business. We are gaining a clear proof of concept with our two Puttery venues, both delivering sales results slightly ahead of their plan and generating profitability margins ahead of our expectations. As I mentioned, our walk-in business has normalized and demand for events is accelerating. We have a strong core business foundation with both our Drive Shack venues and American Golf courses. Including our Q1 results, we remain on track to deliver our goal of 18 million and adjusted EBITDA for full year '22. With that roughly 1 million of incremental expense related to these investments was realized in Q1 this year, that had yet to be incurred in Q1 of last year. We also made strategic investments in headcount and other related expenses throughout 2021 to support the development and growth of our Puttery business. While it did come in below last year's first quarter it was expected given we exited five of our traditional golf courses after Q1 last year, which together contributed 1.3 million in course EBITDA in Q1. Demand for future events remains exceptionally strong across our entire brand portfolio including corporate, social and private events.Īdjusted EBITDA for the quarter was $1 million and in line with our expectations. Total event revenue in Q1 this year was 6.4 million and is up over 5 million to last year, with more than 3 million of the increase coming from private event sales at American Golf. Our walk-in business has largely normalized and we continue to experience strong momentum at our venues and courses. Our two Puttery venues located in the Colony, Texas and Charlotte, North Carolina exceeded our expectations, generating a combined 4.4 million in total revenue. Our core business remained solid with four Drive Shack renews and 55 American golf courses delivering sales results above last year same quarter. For the first quarter we delivered 69 million in total company revenue up 8 million or 13% compared to Q1 last year. Thanks for joining us today.Ģ022 is off to an incredible start. 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. Actual results may differ materially from those considered by these statements. 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 have not 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’s first quarter 2022 earnings call. Thanks, Chelsea, and good morning, everyone. Today’s call is being recorded.Īt this time, I would like to hand the call over to Kelley Buchhorn, Interim Chief Financial Officer. After the prepared remarks, we 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 First Quarter Year 2022 Earnings Conference Call. My name is Chelsea, and I will be your conference operator today. Kelley Buchhorn - Interim Chief Financial Officer Hana Khouri - President and Chief Executive Officer (DS) Q1 2022 Earnings Conference Call 9:00 AM ET
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