DS - Earnings call transcript Q4 2017

morning, referring presentation we I'll to on I'll BoHee. that and everyone. X. start our the website, Page Thanks, posted on Good be

I simple I'd ahead a the As year we're kicking off XXXX, of summary for thought business. the lay out and goals our

to of being and investments, down handful we on a is monetized. fully to now the it's Our way legacy business think

our by the management courses. restructure begin courses This actually goal adding terminate Our and on continue optimize portfolio to we'll leased start agreements. expand courses, is to remaining new this sell year, to or managed own the certain courses, and to then

plus these cash and across proceeds or courses minus to to with Drive million, equal in Shack. eight on our XX sales work build total the we'll could which have $XXX We states, redeploy hand, from

Golf total XX business Page consisted at year-end. leased, to managed and American properties X. of The Turning owned

our because the in incredible done kind team minute this an of a history take go job to I since has As business through acquiring really XXXX.

to $XX this million the has on so past hired in These $XX on end debt our Xx of terrific at equity, is been of equity As all, growth in at have important to you’ll and All then from team at the to Xx leased to year. restructured adjusted end the business. that growing portfolio this, very management XXXX, This honestly, Tuning EBITDA a through debt resulted million results. of end XXXX really and we us. remember, subset the grow be potential the in efforts bought and for portfolio. to managed great our invested now to continues XXXX

as XX states and seven daily of municipal properties many of properties. solidifying the experience, operators decades one We across our fee of have and private, reputation best

City, reliable a with municipalities only partners daily not are than York Through New We County such operator more we for of California. but and which also the public as the L.A. San are Diego, our as game, for management state our to Players club public municipal both the our we such membership to as been call and the we've terrific the and to club private our partners. course – innovations results unmatched able largest in operator fee years, to been approach private provide such we've XX public Club,

a and little certain bit. think growing business, this is that I'll in I to get there value strategic in

to X. Page Moving

the is U.S. Our across properties owned XX portfolio

value in for attractive in since situated growing we estate EBITDA – XX% has valuable are course there's still and also same-store believe not these they substantial by enhanced golf room XXXX. properties, upside We teams only markets. such there's but courses, the believe real about since Our course market

could The gross be XX spanning $XXX X,XXX valuable high-performing courses about markets, sit acres $XXX total. real California of these of of very to properties XX million key million estate. in instance, these For in value

Now company, on a focus Drive we a transformation that to Shack. make X. on as to surprise fast-growing continue Page no It's

very is much concept shape. now Our taking

at that, together the growth returns. or of You'll build, remain expected there's numerous opportunity minus month. have sites, gaming the to and the to to that in It open of top see think very this see is facility, our opens our other Page portfolio from the optimizing find On and and that you’ll talented focus the to has $XX excited of make with which at of Orlando sites even and they pictures really these below, and can there's through team, to efforts plus about share it later On end our sites unlevered investment million to an food, potential by we of with mid- you the addition this for exciting. the these we're high-teen enticing this is venue build this incredible We in you'll X, pipeline so growing cost generate that when opportunities combination optimistic upside opening month. our sponsorship Orlando, come XXXX. to more fun

properties five have additional we committed right Orlando, now. Beyond

X announce year we over continue additional XX business. to in more from we sites come explored. months, XX expect being our ramp to as sites coming will new than all, the to that All markets the sites We future per hope to and are then open

have combine a I to touched the growth now we propel think value opportunity strategic really in-house I Shack. the right of unique Drive as expertise briefly Golf American So really to of on earlier, our

issues – to the courses a underutilized taking of with something about I courses partnership couple assets the that addressing well way continue prospect golf lot months, main of both these on Shack as in and golf this of There’s over as ways other think communities. is there’s the municipal X,XXX U.S., shape. through but one next actually repositioning we’ll Drive in the assets the of do is the municipal many that’s

to is you last we about more it And four while admittedly, important little to on as hard fact, a think increasingly owned in provide have the certainly of road we come become to value over especially I We transition, from about from thinking map opportunities. will assets, the we with a can about develop The of In a time. course hand, with cash move it’s we sales, of self-fund sites above a company with talk we’re I’ll want forward. significant valuation. think proceeds mentioned amount similar this facilities. million XX that will financing the way $XXX With development some just thing

is innovation, XX those robust an with Drive growth facilities $XX warrant $X million our you site which, have to to If our with and facilities, peers. as of select are approximate learn these line you general forward. you XXx our multiple. and assumption-based combined thoughts, This also take operations Obviously, pipeline, site to pipeline but moving EBITDA, continue update million about from EBITDA, at in grow we’ll Shack could XXx we commitment open

to out Shack. before proceeds it grow, our begin four want to use I leased successfully managed owned questions, and the operate portfolio; both through out the our Drive then legacy owned simple to hand, lay the I hand organically for So for start goals and to XXXX. We and plus acquisition, the investments; on want build the over to courses; cash courses, from sell summary, and in specific to continue monetize

to that, And a I’m happy questions. so few take with

BoHee Yoon	Secretary
Sarah Watterson	Chief Executive Officer

Drive Shack (DSHK) 7 Mar 182017 Q4 Earnings call transcript