DS - Earnings call transcript Q2 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 Second Quarter 2020 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the prepared remarks, we will have a question-and-answer session. at given be will that time. Instructions is call being recorded. Today's like the of call At Relations. this to hand would I Head time, over to Austin Investor Pruitt, Ms. Pruitt, you may begin.

Austin Pruitt

to I'd Thank to morning, and second everyone. you, welcome earnings good you Drive call. Shack's quarter like

release today Officer. here our Khouri, you investor website, would on We've and posted Hana and Officer and which include Chief like Hana. Chief reports risk filed our you if Goodfield, materially an made have our our now out are encourage and done Accounting from Officer and to quarterly today forward-looking we Interim to President; so. statements. factors me differ I to And Joining annual like Executive would Larry that already the We Chief download and encourage the remarks Financial may certain over you not these Actual will turn supplement statements. those I to contained considered point press disclaimers in investor with review results to supplement the SEC. call by review to the our in

Hana Khouri

Hi. Good thank you quarter earnings for and call. morning, Drive Shack's joining everyone, second

begin Before the supplement, the dive want giving stand I of we brief a overview quarter to we into where and by today.

to this the has really and space, it I quarter. and the together uncertainty I the want that country caused by way hospitality impressed results I through the COVID in our in the start am Even with specifically I genuinely pandemic, the the shows come across with with way First, to businesses that saying performed really pleased that manage am QX. our company for team across think

we've our reopen was, venues shutdown okay, in the able at still and majority of reminder, to to to an question given get yes, and provided absolutely. entertainment to our shutdown People appetite Drive provide golf so whether space guests to our Across and The do really question or QX, locations courses as that. entertainment at able wanting able with then local QX various environment? go beginning to discovered we quarter Shack after with well all guests social really and the all they're social as still courses answer a to We've of golf in with golf in the that is, at have venues and is reopen, and social that our all wanting courses, our the of our our Drive big we and in are of we been our The our experience, weeks Orlando. regulation. safely it out, be courses still QX are you golf are out and a last really Shack have were of QX. to a going and accordance current the As guests safe of active do be to exception

possible, measures us maintaining the capital spending. into in really As in were constantly while as cost to all guests cost with place overhead still addition experience. to courses, the our that or QX. order has we our on venues an quarter, reevaluated put deferment as expenses, reopen to throughout able is QX. of projects ensure we deferred we continued were our our efficiencies and This effectively and and That all pause liquidity helped provide other operating Last to being capital we greatest operational saving preserve

we $XX company measures, of result million expect and in a month. As currently these this level to the breakeven liquidity have at

X, to and can corporate the debt us quarter small provide I now coming to only assets like of of and a touch supplement had sources in want to I'd Our specific on months. to two. liquidity turn unlevered balance on meaningful a of highlights Page couple value sheet amount for the

of up which was than with at the $XX When in were lower company golf was Raleigh, we our line revenue May went until to XX% June, the is get especially golf reopen was Richmond, not able which we June total the venues our lower quarter courses operating. it to entire we venues which going the knew on June. look our QX of environment. quarter be reality until quarter to XXX% the final days with some, opened reopening, timing you but of back in two, core of given along of and In not the So million, of all is courses XXXX. at that really able a our end The end the and

company. On we the our April, highlight believe in still reopened I beginning XX we closures plan golf in in on growth also remaining on May venues to generate XX in courses the finalizing of fall first and Puttery which year. strategy and traditional for this we Puttery, internally construction significant work want will successfully for that to the the QX, two side, five We the our June. on in despite continue just concept The

Page in X, our to regards Turning to liquidity.

to able burn more become million a lessen currently mentioned to cash guidance were for of efficient. and unrestricted rate month. combination our a had operations we revenues burn have we million I pleased in $X.X through say million effectively earlier, even to cash. streamlining with coupled cash and Last that As of quarter, a $XX in $XX our manage am we gave increased

efficiency this venues to of the reduce XX% compared We've of Over allowed diligently us the last cost deliberate taken and to to to reopen enhanced quarter corporate courses without spending identify look the in months, a has have at very a as business. Ultimately, business, ways five worked we've our operate. two and resulted base to level reduction has successfully and capacity SG&A XXXX. than in more the our sacrificing our of the at

the this disruption leader. to from emerge industry ourselves in an today, are navigate as continue we operate positioning ever-changing believe we to which we environment As we

While current today world The state by an or COVID open on and due of an live air the of to outdoor were in see popular entertainment Page these the prevalence the the you environment. of array favored way. concepts before can really virus, X we

While in limited we've space, require entertainment experience do in attribute quarter on best portion with the to ourselves being at our prided always activities popularity other shift a outdoor we this in our for the guests. of temporary that consumer overlap preference least

both discussing enjoying of physical AGC the friends for the in layout Drive and while activity we can connect in on business impacts the we've Shack made to I start changes setting COVID-XX. unchanged. address courses first ultimate But the that with more to Given some spend guests Later highlighting social to the focus I'll ideal venues, time a provide remains our our by distancing. specific our as of presentation, want

continue While may and COVID-XX different we the originally will implications goals while courses. had successfully little venues has that obtain and we'd operating a look than on manage path imagined, to safely our to the our business our

now stores Puttery are develop Island, the in Core a to Drive XXXX. going continue opening The and seven Randall's Orleans successfully We Shack big-box launch to New will of with venues and we goal format in Manhattan,

through Turning a to Page for timeline venues. want walk I to these new X.

caused Orleans paused QX, we on date As call, in New in the which construction last opening into to our mentioned XXXX. shift

regards track to Randall's in will venues remain we format, The In for timeframe Texas and its that believe in the North Additionally, in our first Charlotte, in Manhattan planned opening XXXX. Island on two Puttery XXXX open to for we expect Carolina. Dallas,

locations. next open Orleans for Puttery in seven New is year to goal Our

pursuing. that and notice to driven to reevaluate may part we not by The are no economics you Lastly, it move list Chicago Puttery Shack our Beach to these Newport in the longer recently our as of those forward The with We of that on elected comparison of venue path to locations. in relates Drive venues are was decision venue.

of million unlevered clearly the in Drive When along with from development Page a yield of a Puttery will venue, of average it generates this XX% X. following $X.X that million The half supplement, $X to million. an format build time at around cost to $X on with that's large out large around you The Shack projected a of store. to build on EBITDA XX% Shack anywhere This those format compares as is look Puttery to we Drive laid For

being able focusing believe continue less to for as is focus be capital with opening we Island. time, The core with be efficiencies. we successfully we this, and we yields Because The and soon could clear, very in quickly quickly future. Randall's on in and are a higher New on Shack things learned and wholly Drive growth Puttery To the offers the stores Puttery normalize. our Orleans we more Additionally, same faster of will path And are that that drive on Puttery for the company our to to returns. scale as and path a believe – The parallel committed at both open Core to our real

at Page and gears of courses AGC our courses we are where two, only When see just quarter you for open. we three began a the our on all XX in minute XX, Looking shifting venues the had map of can U.S. those

our key the golf our ended in XX for guests Page be provide show closures, quarter XX, successful all to like outdoor and Despite traditional incredibly our of our that of courses setting two the produced are Drive had courses say we We courses with because On quarter. the quarter open. results that in just glad AGC we venues, Shack results some golf a safe the to entertained. come

tee XX, golf XX; up the I Page prove the to I were the golf implications than AGC’s attention reduced venues venues top limitations reopening, a June. March the our & open traditional which an reopening that on XX by want Green have XX; despite your happy venue at each of And impressive average and on on Palm tremendous June leisure on nature very revenue was staggered days XXXX, ongoing of XX, After XX%. we success closing days of to group reopenings. June to the May quarter, with $X Cart Generation Further Green the venues, numbers and for on $XXX,XXX the grew of per days June due up to official generating for West four revenue highlight which these now breakeven in in revenue through to venues venues stable. quarter Upon viability of from and be XX. were less sales around took venue nearly Palm we in details revenue and remained Cart in $X.X XX% XX of entertainment May sizes, our closely turn are days. XX year, revenue relatively compared quarter. steadily can available was reopening. on at the activity. million days. for given rates results week on in all member Richmond as to able and generated week being XX%, Page capacity demand reopen QX, These really and venues collectively of and XX. the in results the followed fee XX reopened West of even Raleigh first the after reopened about breaking generated even They will and X.X May XX Private end Richmond the courses times its last go breakeven XX%. XX%, rounds found were now. & after broke open fees member up million So was was really despite exceptional saw COVID. up round

for Finally, have of quarter, QX West broke trending the to The only venues $XX,XXX even but all through XX towards three five results results. generated great three revenue and been was Palm. these open for of similarly very XX with positive days, Raleigh days July for after venues

us and the that continue I on briefly to Drive measures in Shack operate pandemic. On the of touch to have safety few details the success poised our for Page for XX, up through in set success environment. I ways upon early a touched So that some to our was want ability this presentation, around

added to required with them in wear resources, safety come foremost, We and provided and group measures allowing will order private that partitions with own at barriers We physical them which guests. Shack, their each between space PPE and be other all well training into work. like the of safe. on guests other base to more masks our are bay First Drive allows each additional keep their associates defined suites, to function both between segmented and

and We also federal guests are local and our these policies well closely as are health safety and following with enforcing ours guidelines staffs. as our

is out, physically our about, get something active, opportunity games to especially where get closed. many active and which a moving facilities guests gyms are Our and give recreational in be guests the are excited world

scarcity safe the it been a provide we experience. to current venues, are we've a social in made has progress interaction, to which Puttery pleased our we on as real the space our environment. for relates finally, And Lastly, announce

As bring F&B technology put and the a more to reminder, The mini of modern game golf. Puttery a social and and will together spin elevate on

We begin We for completion construction and to the two are QX plan these fall. documents Dallas begin near we'll on the the in process permitting construction of XXXX. and Charlotte venues in on

Now, before hand it all this I to I'd Larry, over like to tie together.

Puttery next XX end and fully or of and in to months Our open constructed build the goal and have operation stores. XXXX over New by plan the and to seven is Orleans

a are complete $XXX total to plan. projecting cost of We million our

looking an profitable. in The of assets, liquidity enterprise growth. a I've multiple Larry not on but Puttery highly Based that, laid produces value only also going with as million. to XXx and of XXXX through it this part provides which run growth that you our And of economics are at out, I'm really expect fund EBITDA $XX We path to we us sources rate of results. to over hand have attainable, believe plan million, around We for is growth of this value we a that $XXX it's that take at meaningful to option the an over the our

Lawrence Goodfield

Page start for and our And good following off everyone. Hana, on presentation, Thanks, morning, those I'll XX.

for this was us. quarter truncated us, a For

of Shack already or either closed Drive venues end with reopened and April All were golf in then in the closed courses June of few by our exceptions.

of momentum. on the where courses some majority the both this golf Shack had progressed financial business representing emerged results very month of for built and showed And venues with as through first that sides the so Drive And our trends the our month. positive June two reopenings of is our we open our we full and

million revenue the and the which reimbursements than of expect year's course reporting we're $XX excluding million. of lower company or reduction represents that's XX% year. decrease total quarter, This it the prior to on certainly managed to So we be $XX approximately compared prior $X.X after quarter, a million,

level Now to into trends quarter. diving results at the the the unit the the highlight during reopenings business scattered given

from this pre-COVID But when million venues. and the the really open First, period not driven month, for and development. cost with Shack XX% for plan in of that's by our in reopened, Drive revenue is that's structure. of on came full they Topline period the a three the And with the headline our $X.X of slightly opening about since Generation as two where comparable venues quarter. XX. under opened our in is And time measured venues reminder, for a X.X site-level were June tighter we positive the about June were EBITDA turned month venue XXXX Raleigh in

So same-store to no results report.

except of The golf courses we turn June, based stable as $X.X opened of five full the QX. very EBITDA for top month. revenue. for Golf, had highlight on at in of to from here good were all that's where million private American and which results Moving also publics on positive $XX at million to demand memberships QX course-level and increased our our And

than so XXXX savings costs we corporate reporting and we're reduction decrease quarter, decrease cost and from cost measures. the managed realigned of year-over-year team million more a as XX% QX the prior $X represents side, XX% smartly. a implemented we from and of our That On G&A our

the Moving now sheet. balance to

transactions lease the sheet. business benefit $XXX,XXX impact in terminated liability transactions on we and our a to management one balance These lease of financials converted lease termination and gain recurring $X a to net the and to quarter, lease of approximately QX resulted an the provide from golf the another During these annual agreement. removed unprofitable million our

Additionally, manner million. balances, cash charge open in we to response and of estate about and reported of in layered an cash we of to impaired commercial non-cash under costs $XX unrestricted the real million May, unrestricted and an $XX final million cash accounting GAAP on in project existing on as of July investment to have pandemic now our venues. underlying disciplined we courses spending we resulted a in XX. point rules, as necessary manage development my the liquidity of when This pandemic. and And reduce We $XX due

Hana with Hana As capital currently we to once that, it and back new to remarks. for have we'll are mentioned, closing evaluating terms. options turn our And resume for definitive development report we I'll

Hana Khouri

across couldn't grateful and They over I Thanks, both have just Shack employees at tirelessly American to of Larry. employees I'd more thank you all like worked Drive be say to business. for our months, what corporate the Golf. the for in businesses offices to do you several We could with our without really both you. going. not at each field do us. our we of Thank last and sticking keep our

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

Operator

The of for comes you. floor now Our JMP line question from Thank of questions. first Hecht Securities. the [Operator Aaron Instructions] is open

Aaron Hecht

Obviously, morning. lists, were Good capital, developments Beach of returns? given are of those Manhattan or reallocation I’m were on Chicago the over Newport the why prioritized New their Orleans in The higher from in being future wondering prioritized removed Putterys terms

Hana Khouri

Aaron. are great question. you? Hey, How Yes,

due begun in had Orleans, we to it QX. construction on we had actually pause to New and already COVID-XX

XXXX, our would would we of looked us New So be ahead to became in – it forgo best to need interest for get to and to, venue. it our and go best we reasons open, several we that Chicago Chicago. very Orleans our okay, at is that clear goal were further said, with down and really the in we use build the were capital, line with than When we

to we more process it further that the worked Beach, terms a know venue, so weekly going became driving cost unmanageable. there was Newport the due And but were more the clear bit and through little to nearly at of kind a that out, of particular Newport that that as site become that bit Beach many sounds costs different a but In basis. I were diligence were on with nuances up dramatic, build

it guess, the efficiencies we and underground were very efficiencies – And of say far in that was upwards. challenging a due about for and of where complexities liquidity, building a liquidity I not other where poles to think the or our we didn't faced it. looking capital, quite between find you'd of the continue Beach lack and did the at while made the net our this had So we height ground to be competition a really quite we we might fact very and the And to spend where that dig as it contend to were build costs, to concerns build for it with. situation for be we into just strain Newport couldn't for frank any hitting so in place it it's us, actually, a essentially were to seeing and way But with way better I going to there to have have you'd sense be have sheer point. we became

Aaron Hecht

you Right. of That difficult of couple quarters, baseline The to that you're been next been sense and and has last the hit about going unique been the Obviously, Putterys seems and terms for that be in of And Shack's would why. it next ideal targets makes developments like the talked Are financially talking you need to your and Drive in capital. dwindling because share over terms about environment there you they've guys. quarters, of couple it's – year to see place what to you liquidity willing the makes sense. and where you're

Hana Khouri

Yes.

in So XX is we've business on I and focused collectively plan next presentation the been for what the months. what think our on we focusing

end Orleans we the We have open Obviously, plan. a New want XX of along the Manhattan. business XXXX to with Putterys Shack's by in Drive and

to XX a the or current us we New environment, we first Orleans the the XX then already XX And months. by Because Putterys QX that the chose plan to there's Puttery of months, hopefully open would to to QX, behind or beginning five want XX as next a XX uncertainty finish the of in so and next build, So seven. the focus to and in in as get bring or we year. Putterys that really locations that scales two that all the have additional well XX of the really business on open

of those we So accomplish were order or to that million next in capital do end of that, we $XXX in estimating all before need by goals. year the to

terms it that We as out that's opportunities are we not of using disclosed. and we've monthly, have it In the that evaluate certainly in different something space. financing laying

Aaron Hecht

probably And the Got months. cost cost Putterys? And the that changed pro of running one. it. seeing that just the forma there, world does change last for that couple projections retail over of only changed, kind are Obviously, how wondering? changed, on if then you variable the you of but of hasn't last What space that was your not

Hana Khouri

over question. unfortunate incredibly What right obviously, now has a is what months retail last the with The – seeing It's there's spaces going and now, we're happened distressed retail great into we're Puttery. and right is, several it's

tending to different is other more to bit more also payments or So and landlords us. in tenant have be They're incentives. flexible things. agreements giving more what work for rent when began, the little the flexible inclination in a COVID we putting want to a for larger with nuances They're generous seen on

a does what it is lot So Puttery actually for to better. that it our makes pro forma The

number changed be lower some retail a newer that that's million And be. that would not million will $XX use $X.X I we be million because of I with into have to I always think spaces. to distressed Puttery We've between kind it's venues build. of even good going these for think I it $X estimate, said, take more me. what We that And will number expect it. it and average always on

a able lot So of I expect money to save us to be there.

Aaron Hecht

time. all Got me. for Thanks it. for your That's

Hana Khouri

so you much. Thank

Operator

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

Peter Saleh

question. rents but Shack I is what facility? not the to Drive Great. Orlando, this, the of sure that improve the the planning there if Thanks. given to any I'm the for there reduce are the Thanks in Is And so, plan environment missed Orlando to overall reopen? the taking economics if Orlando. opportunities for

Hana Khouri

question, asking. for not Hi, in thanks did there. Great and on presentation. touch I this the

to talk opportunity now. remained We to obviously in closed Orlando now issues beta the counts has some site. COVID. up, visit it's the about have with grateful we numbers our it prior our traffic right fact which to and given had that visit I'm So getting our were working on

we not We – we internally This a looking on have We're reopened going that looking yet, plan it. and at isn't this to actively increase as right permanent about be new environment, reopening but rent, facility closure. ways we're obviously strategies rent as now, counts in in not our Orlando. actually revenue. your paying where question visit are well To we our can

honest, but in at thing beta So version trying or Puttery us help cost at this gather potentially that other and also help to traffic way we've site, fixed also increase us we thrown be help the are as levers our some we're looked quite there's we there. at same businesses SG&A, numbers location. data, to to count other of Orlando looked our guest And could a Orlando that, venue because several have point us around that differently and drive the is levers around a Orlando if bit at of looking and a our And figure in expense, this kind across potentially And is one it’s putting to we to to overhead out whole. things. those pull.

Peter Saleh

Drive guys remaining courses into The or on where Great. golf the the you And holding just the courses? What's back Is on do the in Puttery onto Core Or discussed stand plan that past still guys potential maybe remaining know the then some update to on reinvest sell I on – are two golf have either that? Shack’s, there? guys plan? you to the you the

Hana Khouri

Great question.

of we those at be still certainly at to cash San we We do San open on and those either assets, opportunities and selling getting are pool Our courses San But would two being Rancho the also have against Juan. and looking are looking those. Juan balance golf and currently financing our potentially of Joaquin to increase Rancho we aggressively all two are of properties. our

Peter Saleh

Understood.

And Okay. just G&A. expect Or adding that this G&A the is back more – dollars year? going for forward? half the you of on should do the we guys Is you last for – this level in me second plan on G&A current of what the

Hana Khouri

to The probably very, There’s a as be is the we say that back we up And ramp reason to going venues and several need bring our folks. because I modest increase. that as very work on open Puttery, will to

for year. levels never However, we should say, expect last time million And did, the our hover we Shack. are it to mark it reach Drive that this anticipating SG&A to around $XX the

Peter Saleh

got. you all much. very That's I Thank it. Got

Hana Khouri

you. Thank welcome. You're

Operator

Our the of line of comes Wold B. Eric next from question Riley.

Eric Wold

around questions. in locations play you morning. guess, with rentals Shack I Good Drive little mix a reopened the bit beverage? Clearly, that? consumers terms the of when capacity A talk maybe bars, of bay beverage you. can of and you the food and Thank business you the do a about restrictions the how interior options, saw lot to worked one, think more versus that food kind and how few work I around around they

Hana Khouri

ramped Shack slightly found I in – guess, terms question. is guests of your our to We've is – to food definitely events. the today first what main another, done seen have differently just of is of coming so up. all nice fact a one all drivers that question. to being to our Board. our down they've is are and locations. What of those ramp, They've one their on beverage, trend locations but of their driven in beverages food it locations. revenue the mainly done slightly found and by based so Drive that location answer the Eric, Great hear And I differences the different think given in That's We've you. terms out the Yes. we part how the from and across

you being because Drive and safe want and any and come little they're than nature go the that cooking. they're when look They're just the AGC to would and things. a of and out to were not fact of about and doing want of people we simply due is good think eating to have our too it Drive at food they're same more of provide Shack people time now, I obviously then boat. If say, are much down revenue, actually just the that ordering regulations, events really and more, I to bit they the just environment. should say previously tired beverage I in a home much they at very is coronavirus Shack not worry a tired and

our and food facility brought in individuals bar such the Drive their the is is bays, service. to our at Shack facilities in actually So out that some closed

to don't to their So do walkup to service They do that There's and ability sat like from walkup that. we to outside. the not to they're that have have bars. they them have for food, an table and bar at the order

bit courses, is local their grab-and-go that seeing For municipality, course, different at at there. courses by golf F&B our F&B what XX our doing golf on and There's AGC, this we're grab-and-go all large, they're of something but so a is point. most model a based

Eric Wold

pre-COVID Are or becomes back the forward remain you some about think flexible? do in kind it an plans? these do incorporate how lot to then as then How restrictions environment a some and that time. of construction on that? New Construction you moving of place completing restarting to COVID-XX construction And assumption them is kind The you Puttery Orleans going maybe Manhattan, of And option. restriction move when of the for into and Perfect. with those you think about

Hana Khouri

That's a great question.

and New of asking to are Eric, terms your COVID? going you for order be if modifications that builds these to any in to physical Manhattan, Orleans accommodate In Is to of just we're question? clear, kind make

Eric Wold

cetera, changes Putterys think Shack could indoor temporary is. The the Drive I Drive obviously et you've then made, And about it little with – more be Shack Yes. but a Plexiglass,

Hana Khouri

Yes.

to just I make Thank understood for you Okay. want you I clarifying. sure correctly.

our to by need that in we've of we've we have barriers Drive that would outdoors, same Raleigh, incredibly really doing would venues, put two we building we buildings. still change situation, Richmond we If to and our been the working. first so don't just and physical given think to are venues a as we opt just institute partially model, is these in of West far COVID those Palm existing physical Shack mostly work see time the Beach, current a changes the any we As far kind I But what are venues don't the make in fact open, well. that that types seen

be barriers for course removing be clear coronavirus some In something around we that of then of have that would preconstruction several those or it's early don't fixed digital be like things still terms about times have like The be great year. maybe stations, next In the or partitions for to really the sometime that some and we are design quite it's yet, Puttery, spreading whether obviously start the alternating We tables that for having good have to group of creating Shack by operational lot. in year a phase and And not. that have of it's things could kind that a list changing entrances form both a not. we've entrance, guests, and the around implementations. into we're and the we adjustments we sanitation place remove, a we phase, probably environment talked found fixed adding hope the that to vaccine team all In going server-only or considerations so could our touchless our temporary chance that that COVID question from that about are a but we aren't And multiple adjusting bars, eventually transactions things are eradicated preconstruction kind We change capacities. that course, Drive there's walkup late would and payment have COVID ordering, at smaller that and the to the of things in large made talked we whether systems, have seating not, tables in permanent like out, on with implementation. in flexing accommodate this make our the ability creating furniture temporary need and but a

Eric Wold

on Puttery for terms other you of the five in that selection Perfect. are next to me. you negotiation? Where locations And want year final open question site

Hana Khouri

coronavirus, of great the – skeleton to are a on that had question. we before sites. XX We we At here. of running fact it's a So crew are over an active pipeline kind point time, this due in

We've to of honest, up our us those are too engaged deals several too our – things that some to not the person has incentives go great simply He been thought with have sites as back better And top into our that costs have by and have through been of remained five the some anymore February expensive approached who's would We were development prohibitive there. we coming for venues. there's potentially thought be contenders venues. previously that cities is different out in because or first, as well for that say some landlords. brokers the heading of

that get will we're of by the quickly and move reevaluating now, locked in the to So end those quarter. we

Given the already selected. two have additional that fact and we five there's

those good time to able our in additional be a pipeline that still given have time take our We large. to five is of identifying amount

Eric Wold

much. very you Thank it. Got

Hana Khouri

Thank you.

Operator

And to time, That to this for remarks. our Pruitt At was the Austin over turn thank question. would you. I like call back final closing

Austin Pruitt

to look conference for all you updating participating after We call. forward in today's you QX. Thank

Operator

thank call. This ladies concludes gentlemen. conference today's and And you,

You may disconnect. now

Drive Shack (DSHK) 5 Aug 202020 Q2 Earnings call transcript