DS - Earnings call transcript Q1 2020

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Operator

Good morning. My name is Maria, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Drive Shack's First Quarter 2020 Earnings Conference Call. [Operator Instructions].

At this time, I would like to hand the call over to Austin Pruitt, Head of Investor Relations. Ms. begin. may you Pruitt,

Austin Pruitt

good Drive I Earnings Shack's and welcome Call. like you to First morning, you, would everyone. to Thank Quarter XXXX

the Officer. Larry Goodfield, Joining our Chief Accounting Chief are today Interim our Officer Board; Chief and of Financial Executive and me our Hana President; Wes and Officer Khouri, here Chairman Edens,

remarks differ so. filed materially factors you if in risk We you certain review have We the with and from have our on those today you supplement disclaimers the out download investor reports made like our statements. review contained website, point considered already SEC. forward-looking to in results done supplement I by the include posted an investor to encourage these which our press annual would and to we statements. release quarterly to encourage may will not and that Actual

to And the call now over to turn I would Hana. like

Wesley Edens

This calling everybody, sorry. morning, is Good - Actually in. Okay. Wes. for thanks and

goes into now, I Before events last right quarter give helpful the would be terms context period it a of few in the to the the in the Hana extraordinary bit we're thought of that specifics of of little months. and

lots the of actually extraordinary periods. results of the tale through activity. good We had is we very of quarter. had really first period actually quarter in very when The venues. different from XX X tale The March X January had We a our

growth to positive us. of have a We There's new exciting substantial that going are some very for on. things provide think initiatives platform for we going lots

and closed X gone an for one rest a later. a to America that suspended most of the the did And basically the retail vibrant that XX, of one and active March of our Adam days the Then reopen. shuttered in Silver position business a folks waiting NBA basketball as We like was venues, operating have from season. night

was that, group. our is our cetera. physical the the in the of very that restaurant space majority which space eatertainment, the the I'd actually category, and - naturally In businesses, et X, say between bays. X, food separation actually in provides for We're the Of outdoors; our businesses positioned well

very stark is versus our we that no characteristics the has good reality about change. about although revenues that's But the feel company others. so And ready to just today,

very Hana team job right job - voluntary position. a her her all and venues teams for extraordinary soon extraordinary activities, shut creating a They very, reduced overhead, on we're very in an balance, as furlough as short and her job to management us. good down, took own And an did did are of basically the a cut actually, good pay cuts. in period

unlevered sheet. We have a balance substantial and

have effectively no debt, very We little debt. asset corporate level

have through public we're have company, liquidity, amounts a additional We of but or to modest either through borrowings capital raises. liquidity access

it's next So on think of weeks. we importantly, actually the of the most couple over we're number a reopening of the sites And a good place. verge

group, extraordinary So the by team cetera. but field, did part of in just and the look all in that America. not opinion, an stores really executive being reopening entire operating reopening the period, to people it, an the we extraordinary really forward the the people, job, And my et

it turn that, over So Hana? with let me Hana. to

Hana Khouri

Thank you, Wes.

couple we where about take the what last into has of before and just months are to today. happened want over get and a I So back step we deck, the talk

And quarter, is we QX, beginning to showed we At now Wes have a have that us said. that track what proof of as the on really of were concept. strong

But desirable us are Raleigh, locations. space, last that around entertainment forced West blown Richmond to their have we situated really some March in We venues which down assets liquidity, best and XX, in place year, to Palm, not in X lot and results. time. we the shut absolutely have - of revenue, and assets of X golf The which a were the difficult those away opened not had to acted courses, very us golf decisions period really and having great I a of quickly all to of a preserve our be. make is resulted with nearly our But we short

of Wes our went corporate projects our all our I X,XXX a These more AGC capital and Drive across furloughed a paused As amongst X,XXX in Shack. We us spending, others deferred put to are to team just that financial served favorable of staff. and said, We many few of at - our over offices. we down skeleton all a measures construction position.

our Today, we burn acted golf about business. properties liquidity has $X.X now, of of we around courses and have as in source cash monthly some opened, of golf have XX which million liquidity the entertainment $XX open, about of XX and for none our a million. Right

and assets worth dollars. have with hundred of few amount balance We small an unlevered a debt only sheet corporate million a

of sources and a the different meaningful our have at we planning assets. of scenarios. We And value our we're for as reopening look few liquidity venues,

we of first said, and XX% capacity around hopeful, in or open be full and are then a X for that sometime by the the we're scenario could up which The would year. capacity month end Wes May, as

to the that they will in for the of out that more a last I coronavirus there's beginning or ways think at hoping feel year cure did people be going and vaccine comfortable that year. the and by we're same then all a going that

longer. that we take little this all know However, a could

So scenario us has capacity we're reduced also a at that the for XXXX. greatly making operating plans through

feels back able deal also safety to sure we've reopening these everyone that out not only we our to done guests great And employees. the while safe, to plans, about they're a come thinking Shack, themselves Drive As make are to our but of enjoy there. and are to we making be

work. daily to addition of administer back temperature them and come we're employees, going to to In antibody our screens they also PPE required testing before to

details measures in our temperature guests which I'd going be deck, now. are that to like screened about when to sharing reopening I'm arrive. going Additionally, require turn to our they the we're more to

on the that fact our to I'm I to closures. company and have So just again Page very looking was pace at a prior really X, QX strong the to highlight want

Our out the to is Box. is want total company through year. the which Urban the closure internally prior that development point around $XX I we million, to also up XX% quarter on of revenue for the work from period, continued

least of As development will a to reminder, XX%. at unlevered experience the generate Urban Box yields XX%

will returns that even over moment. to those in more higher. expect just We time, that speak I'll a be

fast we and On again, X, to really Page to worked spending expenses COVID was critical, the and company. reduce our response across

we that of not preferred QX part in to dividends. the pay elected expense, As reduction

of plan Additionally, really period that closure, worked safe responsible. create the and to throughout we diligently the that was reopening financially

Shack, responsibly at venues. focus minor On when we Page reopening safely tweak, with is we that on X speak we but about steadfast, our remain focused X, and are which the Drive first

industry are fulfilling the eatertainment and excited on Urban development Drive focused are both our We plans for still and about Box. Shack

active maintaining Dallas identified and forward that Box our normalize. Urban site an we're Page have and process Urban in has to Again, looking which Shack on that X. addition soon Orleans, that Box X Manhattan, New Turning we're focusing committed; XX. have The resuming and in in as Chicago, Drive selection sites as we And venues Charlotte, venues committed to of operation. over are X Newport things we to X are already the pipeline,

did our highlights the COVID-XX. despite X by how Page interruption well again, quarter caused really, venues this business

internal Our which only generated again the below is coronavirus. million, venues due $XX around XX% projections to and

around As things a reminder, XX. we March closed these

results. really incredible So

as to couple be reopen to also weekend able that of end couple the the next a as as we're our believe soon going maybe of We next as in properties. and of early weeks,

On want reopened. to Page for team, the me had would us which to It get to smaller, suddenly that on X that highlight really closure. the we important XX, was success once we set the up was I much during things focused initiatives of the

First, promoting focus ways cost other efficiencies reducing the on overhead across looked business. we and streamline operations things. We at we further to by our could wanted

and operation was The that reality will reopen, developed were post A to me way we in is to that going for be it has least virus, once we foreseeable operate did the before changed are able at the the COVID-XX. not same once future. have operate we for last how several important we Second, to weeks, over we lot an changed. the strategy things that going to

with like capacity way our for contending things doable group social restrictions, distancing, up, mandated us. be very to and to going thanks smaller is set actually sizes buildings We're the which, are

team be and venues proactive to goal get innovative our in with here to for those to operation coming our reopen. strategies able once up engaged we're really was So

Shack development wanted that so growing to modified on me really we that the development state. and maintain that And continued makes continued innovation like scale. Drive was business. reservation third, in it the even to game sure Things make I a our focus special on a smaller important

ways talking soon. help We social working could about begin which also of that mobile new your we'll this we're ordering as initiatives distancing, on discussing began from such and world us technology bay, with

to come teach measures to Most training employees enforce work. and discussed, had already and going employees guidelines prior them they of to that the The to to properly. shields addition wear never to and CDC is all work. gloves I going In masks PPE to when providing we're wear face training how be their our to have return to

they need sure that with safe. in empowered and for feel them they want that we safe So make order guests really for knowledge feel also the to to feel our to

Orleans future, venues shows some and our Drive in New in the look well Urban facade and Charlotte. Page Shack the As Box to the as venues Chicago as we of XX, of on renderings Dallas

little the line. Talking bit a about time

to has construction well venues due some as Urban XXXX as been for delayed Box. X the Orleans until and New restrictions coronavirus

and venue will our So open. our venue Dallas Charlotte

However, they of end year. will the open of instead this at in XXXX

The food the and modern The The is XX, on Urban which plan As fall. bring design We be and and put name of begin the to as golfs. more to a process looking about we experience I've indoor a of begin known been excited experience we right - for in to have on that we just technology now be our beverage everyone, now to couldn't together and track, the mini now will turn elevate Page we announcing and construction serve to really to will again, Puttery. Puttery as forward remind really Box, spend

the end. million $XX the the are will development to on we the million, or of which the your Box The $X is $X high million Urban XX%. XX% refer Slide of yields bringing attention The cost On development believe lower EBITDAs end now with of to $X on as and Puttery, to Urban to Box it, million XX, to we

yields in construction be efficiencies these We learned to operations. due we even and progress to expect higher as

in this believe be do a really we path So growth is us business. Box to going that for real of Urban

it that, hand with I So want to to over Larry.

Lawrence Goodfield

Hana. you it's all great to to And this Thanks, morning. talk

If increase better of XX, of result XXXX, the the quarter entertainment as quarter to turn after revenue you our $XX X% and our closed. golf golf comparable first more earning Raleigh, than start Slide first traditional reimbursements. mainly out in performance. discussion XXXX revenue XXXX. in of an by or all the even period days compared to for course our to million, XXXX. playable of before the substantially first business this And million of first being represents, But with our and we did online I'm during venues mid-March, our West And $X.X quarter the entertainment in Palm golf though well Richmond managed for And closed was was adjusting for golf of a going us, that's

better QX were So pleased that course growth, the March, given it's operations the - suspension and well. it's are hearing of in as in with the up company's in it - year-over-year was have pandemic. would QX. not obviously the done And on we're what overall for for demand for very is we golf demand we And if

Now more detail in little to level. jump the a unit business on

Hard late if February million would when entered COVID from but X venues popular had overhang Drive say Shack a is the with bit. the here impact to good. probably drove started not been feel to the played have $XX.X Our an first whether frankly, we better it. consciousness instinct revenue is before down seasonality which in our into virus we before contributed volume And COVID, that closed around they closed,

this prior the our of the courses. as in the $XX adjusting side, total to that's by more and Golf for reimbursements XX%, jump revenue XXXX And around first period our playable which operations is increase very quarter. revenue in the on rounds XX%, American for mid-March, days $XX for us, by was from XX% suspension And meaningful year our quarter aided we course same-store public of million, revenue due of really prior prior in managed of after the an approximately increased see to relative year's the a million. same On to

know And Florida so XXXX. warm grass in during play is showed that what interest first resurgent from weather a information our the locations California we green of quarter this in and

my final our also including existing on COVID-XX cash And spending in mentioned, we Hana. furloughing as and substantial And employees. manage Wes to majority reduced and our corporate payments certain of to broadly, point liquidity, and by Hana of balances, we deferred expenditures, operating mentioned earlier response

which hold. been as temporary cash month. is have unrestricted around $XX have it our net excludes estimate we $X.X on expenditures, that cash per And and so of new million weekly May a of And placed X, obviously we capital million any burn approximately

that turn Hana. back the with section. I'll it And to concludes that, financial

Hana Khouri

Thanks, thank you time, work just through our opportunity everyone proud joining I'm I as to dedication. really today. take want quickly for and And say really their to this of to us Larry. this we difficult team

As been forward, about relentless which you a Shack making and we Drive sure we're very, to vision down heard been tell, more. all They cannot has very team. appreciate can carried small have that have

come which continued tirelessly We're very for on also learning support side who way. the excitement to and for our that doors for forward their prepared can the our we we other apply moving enthusiasm even soon. really out grateful come reopen, so business have working to that expressed our we're be anything more lessons We're to our today to hope and stronger guests of the

So I'd questions. to for it turn with back to that, like the operator

Operator

[Operator Instructions].

Our the Securities. first of question line comes Hecht JMP from Aaron of

Aaron Hecht

today, during I Shack remained call healthy on pandemic. the the having well everyone the Drive and is and for hope Thanks team has

liquidity start So here I'll side. on the

that's said it, was up positive traditional going on. open golf all on cash million. $XX open, term courses, you cash. $X.X traditional the already reopened? courses I it doesn't near flow get bad everything the cash think going hit burn, guys sound Obviously, guys that you're of golf That You Monthly of million if you are given are some to can here

Hana Khouri

absolutely all question. can get Aaron, with for it's Thanks Hana. courses cash the XX our Yes, open. We to of flow golf positive

about half have now, of XX. open We them right

the reopen And states, X across California they open. of weeks reopen We call that and The are expecting very California. are that in quickly on when we'll have, next, hopefully, Counties. [indiscernible] all are courses in the majority spread rules have it, kind other we around but remainder based can can't and different when we

So that's something that the has getting we even day, But team to been every and more great we've done courses. a word we're job. open been there that working navigate, really can

as We're our County get So word example, and that yesterday, of all our an X reopen. L.A. back running. we up more of could hoping courses got to courses

we get made, there. your is, that reductions our with AGC the to running can answer we With the yes, So question and up - and yes. absolutely

Aaron Hecht

the hear. what seeing? to changed given beverage new the there And ability demand your in what's you on the for then environment? volume terms food are And distancing? on good And in to on side, side courses, going then maximize of and social this what's That's

Hana Khouri

of the of and depending mall that that The - thing the So of specifically, team great might don't X. see golf in only singles tee outdoor. way of be sheets to rule. or varies. at are they're outside, on that issues positioned local that's you to play there that have or be our Shack with just we're golf Yes. is lot it to we're a outdoor, done great that restaurant about mostly courses lot It all could or we have groups when AGC Similarly, courses, ensure But groups team bays largely could play, It you at have Drive looking that indoors. aren't the has we're manage a because the we and a - could the a right? X a in

at has you, has it can not - demand I tell all. actually the been subsided

of In courses outlined times coronavirus an golf shut surge golf demand else. fact, that Because cases, down everything a in as kind was in all when we across many tee our for saw of activity to even being were they be outside saying exercise because and due permissible what get great essentially can't it virus still your way under was a is lockdown spread point. to at one the outside

yes, in So think answer very seen to your I we've directly, question surge demand. a

as we cart inside. doing course. course. there'll be managing change to beverage. every far honest That very then tables folks F&B grab-and-go majority of We It's that our or distancing sit-down are a the outside by in F&B, And requirements in beverage just weeks. as out distance And by we're goes, the we're will food with managing in will coming and our at next most not But - food social so are of and course one courses, courses, furniture totally no spacing of you. at we socially couple and rearranging be different

Aaron Hecht

Got the that are that's side, you. over if have you sense. you are what the those the you to makes of on weeks. case, Do different the going those about perfect venues terms That you time locations? of up frames geographies And do those what entertainment let open going politicians staggered be in seeing - coming across in opening going to in the first? areas potentially talked to and terms you certain then And Are that opening? think you they're

Hana Khouri

closely. It the they kind the the next is those those. longer, as just be week, slowed We've to West that last down to of But comes of to but and of Palm Florida locked coronavirus seeing County down will of open, take on X great as looking an that open one Beach night, but actually be early was outbreak Beach try be how for not the and it, end we're that. agreement of bit we're anymore. largely as It's in prevalence a officials Beach the of could to be at of mind. accelerate due areas and Florida ready able kind were watching that very to to counties very in state positive Palm been meeting question. County this to come Palm first to Yes, is able the and

soon that as position We're Same a as open can for Orlando, right? Palm. West we in open we

far North Carolina and Richmond, as North under operating plan as - is Virginia, same the North and of Richmond now. Carolina is Carolina most go, As the X-phase right country

As gotten now, Carolina and North venues of Phase as have out bars entertainment not to yet. of X. specifically right part Phase X has very called They

So says, X, they time, X. once hit to X it that from to Phase move X Phase will weeks on in they

We where we X. is in terms fall in opening. Phase are would That of

and also will we Watching just there. What other is to the up, circumstance being reopen. states Virginia, indication. begin be accelerated very open closely be a is U.S. going see government of to happen says think that of across at poised ready but what if what we're kind the to with of rest looking kind similar looks In it will we're to seeing really waiting Florida any But the every as like we're as first. day,

Aaron Hecht

closely. the economy. really Rooting watching for all We're

Hana Khouri

Yes, for sure.

Aaron Hecht

talk take So do process it a Maybe light to up? when you operations the bit. to venues, get about you the will certain think little how reopen green get long

Hana Khouri

Yes.

no X than take So days, it but reason. sounds us there's question. estimate good which it will We more very good short, really

poised preparing, to open Florida, first. be really that to been in have considering looks We specifically

fully that IT of sure equipment We're operational our restarted of systems. have all the and all bays online testing We functional. the they're and and all make to of

staff intact that they Our we're GMs them have antibody that time, testing. a ready sure At will reopen. to team to make we that's call when we'll bring in, conduct started have to

to which a We we we them received a they training been do before guidelines, their PPE while. it's will their on on refresher, closed, give obviously, and CDC but want already

hand All of have on given dropshipped have our that that our ops vendors orders them. they have teams

let the to as us So vendors product as go, know that and manner have have need day. our soon within essentially timely they'll to all we in we of to just a we're ready a

line of our big really really, So reason and have - process, X-day part that been they through are vendors great whole time this of exists for reason a the the us. part this

Aaron Hecht

terms what of phase social them the being Got new in you. you distancing does profitability entertainment facilities, then kind profitability guidelines with the And but to of EBITDA through into the as you again? your for or outlined that normal do as them venues

Hana Khouri

Yes.

phased So we've this. - we've looked it a looked at at taken to approach and this we've

we're that we're So we're largely XX% restaurant than open a when be capacity outdoors. at we're is open, minds, for XX% in greater XX% because our capacity. would capacity a for hoping we what us -

limiting with So distancing, people sizes social outdoors. we we will at will and help look seat the group to

now, up EBITDA that if So we're XX% XX%, right XX to, second courses the In XX EBITDA open. positive. at its able at state being which potential looking we're in looking the And the being we're month. the first is month, from or of current scale is loss with to XX% AGC say,

So...

Aaron Hecht

So the the on is weighed XX%? final leverage

Hana Khouri

That's and things other XX% And that been then would And and We'll to a very take really, our look We've our we'll for where the situation. really to operations. But further venues. operating we stay really good EBITDA worst we're model are with obviously, will - what at overhead ensure feel hours that, our like days forever, operating this We've adjustments make we we a Right. to about at and is that if these we done it take we are. that. our it. aggressive case, run at positive. look fluid open really

ensure that with change, to our as to able to be we So success. things change want

Aaron Hecht

going general facility? in more in be charge available more to able you per you're if bay is eventually, the space think Do to just

Hana Khouri

would think I do we to others. for simply that, guests and don't want our something that's

here. would never think in everyone - our look, there's were the have to pent-up want a want I any demand be possible. feel way capitalizing that we situation because, we And lot our has to think as of I on operations normalized we guests as

and the I out of is Would think I that just itching sometime at there. right, are a be to going increasing we because lot simply think prices result would I in would to future? folks off never It's of That's No. as look at And do look that. safely, responsibly. Maybe. Yes, But just of get the we something doing a absolutely. it appetite the COVID-XX? table. not

Aaron Hecht

you maybe Is little Yes. thoughts guys that like was to down ability loans, makes conserve any The it shutting those Are - development targets, something underwriting that? paused think come that impaired be negative there development that implications from the can Just I time? announced hit don't the sense that to construction but to any called. capital. is you have bit? that for a around and any

Hana Khouri

don't mean hitting are of as The pause simply in I the with will kind - start is It to there's not tell the to pause. repercussions money as all development. well always money Orleans that into - always it Yes. we've that we we Box, lost. The - Urban put put certainty. on New on I cost that there can have be has you over.

the to and resume construction. alongside about we're we've that for working us. really agreements during far for been With Orleans, Dallas great with we're with and that time and not - sure into an our Charlotte, are to we're success As really, Dallas in make Charlotte us been able counties set and New going when as the this Orleans and us they've municipalities New issue up

Aaron Hecht

higher seems Puttery, then like And has that you. it predicated setting density. always customer The Got on been

what's you So and with how challenge going of that given to that do on kind allocating COVID? navigate capital

Hana Khouri

course before Interestingly with have - thing our distancing a Yes. the itself. we enough, on enforced of distancing The social was kind Puttery, on social

you're the go behind your or means you of of X doesn't in might that part literally that So ahead hole size able large steps It X That mean be or you, be X ahead on group playing limited just when you. on steps course. your of playing you're with a the group. group course, won't you to

as during much it see being especially issue, of don't play. I So an game

the making an not to the As as as goes, spaces If and we there's out planning space our Colony, example, far going naturally bar interior we any Puttery, Puttery is observe to release is first we're bar of of where on of design. lot once the we for The current adjustments - The renderings that within which and can a the social open, be The kind space distancing. venue that our still people

well, an exterior space bar. have there outside We as an

overly these by not time from think that we we've at way numbers It's really all. the hope concerned hopefully, And XXXX, something in I'm our So we hit having by that I be at. all we're a world. that closely in negative a worked open in different

Operator

Our of BTIG. comes Peter from next Saleh of the question line

Peter Saleh

I us a some the these this think at you Hana, Great. to wanted was reopen January capacity hope the running everybody just sense ask, I and I in February or the what of can well case, capacity of venues? doing you just you you is morning. you said where expect to were give that's If of in venues. when some be about XX% capacity

Hana Khouri

we a number. XX% Yes. to we pick I mean, I of think, kind to had - capacity, had first, the

the we're think what know none that of us will to able is I happen when really reality reopen.

still I done to come indications people want the We have really the on XX% historically. for just number good what based that all reasons was will capacity spoke But that about. we've

a we did you of at capacities. range our venues, when look So

because would at somewhere looked safe Saturday Saturday a be we most obviously, on XX% much you a at than a people going way lighter of standing we Tuesday, in cases. operate Friday or initial night, lot and the room at was be our Friday going That's capacity, or to along with night. of lobbies because comes want to the reopening. If spaces, XXX% to between us don't bar require in for And On in a Monday capacity congregating that in a just least our our it you're wait capacity that to and was times. capacity or simply phases have not

Peter Saleh

in early begin said second I helpful. the on be in locations? of - terms it XXXX, Puttery, may is half 'XX On the until Very this we the think X on Okay. fall. Or should timing, delayed construction expecting more 'XX? Any thoughts you first The the

Hana Khouri

to goal super Obviously, right those a of half variables of lot excited we're our we really is as something with possible. want No, open contend soon of Yes. get as first about. It's that XXXX. to now. kind But

So a and soon the And goal it's half can XXXX tell I first definitely possible. you of as focus. as

Peter Saleh

sort on costs go the delays your and more just there estimates, costs just of, I Is initial there's obviously maybe we Or labor? available construction outside anticipate these know lower guess, to as being construction locations? we do but forward some lots the control, maybe the you consider And side. stuff construction any should of your for same? essentially of I relative

Hana Khouri

next yes, Yes, just labor have In hoping we the and which things by vast an to really - been it's question yet, answers market be thinking because weeks, we're and that is we're are going could to I ourselves see sure like. we that go what amount changed other couple better are and other labor possible. that availability due the things have don't this. going not of amount cost down for by that of able we'll to what for But think to look the the

Peter Saleh

on chain All And terms operators shortage restaurant seeing some on then from on some we've just any question supply my shocks chain? supply supply right. of of And communities, the of in seeing of maybe beverage. some sort your of we're that anything? declines and some products of and spikes the - there hearing you thoughts in last Very helpful. any other are there shortages food and or and some been Are

Hana Khouri

this we're started the have to of hearing that about because we our meat things and contend all X.X hamburger Yes. We've weeks going to last spoken with. week, to these vendors other about in

of As that be does right appear will it not now, to something affect us.

We We're - making are meat doing of that in the the plans happen, currently contingency with case in supply that in now. process right specifically the for does U.S.

small should But that have we've see we interruption of very have in as assured chain. a vendors changed Our things supply obviously, no quickly seen, amount time. us in

So to prepared we just want that for be possibility.

Peter Saleh

Excellent.

Is for incur that on that add? the costs of guys PPE on estimate any cost safely to that any you is, are and reopening you with to do? planning question incremental how some last my much the there additional estimates will testing expect Just

Hana Khouri

Yes. estimates, Again, only totally have you. with it's venues. Right $XXX,XXX. it's to pretty be X they're minimal, - we honest under Early now,

of price. procurement for obtaining masks PPE and some supplies. really kind - the was great there have gloves testing run what the a We other before these that's the best masks on head of and started worked are this believe this all source antibody tests for companies with of need doing possible the the closely the to We a the best we massive -

securing by will gloves, be not trying that for quantify believe might to ongoing do, were rush you do able masks these and were them fairly keep to but we be which them we employees should a way a much for just shipment in at I costs in next said, safe. it for So now, right of rate be associated the of That if better position to with end then we than now obtain we're minimal there get supplies our already to to a we we and expect week. right this that

Operator

At the this over Pruitt time, I'm questions. closing call I Austin to back showing remarks. to for turn would like no further

Austin Pruitt

Thank call, for forward safe. during you, Stay updating difficult We these after especially participating QX. to today's times. look all, in you

Operator

concludes you. today's call. Thank That

disconnect. may now You

Drive Shack (DSHK) 8 May 202020 Q1 Earnings call transcript