DS - Earnings call transcript Q4 2021

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Operator

Good morning. My name is Brittany, and I will be your conference operator today. At this time, I would like to welcome everyone to Drive Shack’s Fourth Quarter and Full Year 2021 Earnings Conference Call. [Operator Instructions] Today’s call is being recorded. [Operator Instructions] At this time, I would like to hand the call over to Kelley Buchhorn, Head of Investor Relations and Treasury, Ms. begin. may you Buchhorn,

Kelley Buchhorn

good Shack’s I’d Call. Fourth and you to to Drive Quarter morning, you, like everyone. welcome Thank XXXX Earnings

me Mike and and President Investor Relations investor today Officer, ir.driveshack.com. our Joining Khouri; at Hana supplement Chief to Chief We’ve Nichols. Executive Officer, website posted the Financial is

that these the statements. a and our to today to to I’d the And like I’d so you include done SEC. already. presentation, now quarterly you Actual in differ turn right take the supplement the press risk If the results if disclaimers and factors contained made chance with considered call that, We in materially Hana. haven’t please to encourage certain point now over forward-looking you to review statements. from out like had will our by do download to investor with release the remarks time filed and to may annual review reports haven’t those

Hana Khouri

us morning, in three for the just revenue prior is Thanks annual Good $XX revenue, everyone. We total in finishing highest million today. for XXXX million Shack XXXX Inc. over year. Drive with years, record which reported year a was $XXX above joining

adjusted delivered million around XXXX, traditional For also we highest in EBITDA, total since business an $XX entertainment company into the golf our transforming company.

so $XX EBITDA For increase around the high, an fourth pre-COVID XXXX, $X.X prior versus million million. of million adjusted million demand quarter, versus year. exceeded The traditional of $XXX generated revenue revenue, AGC total remains even company levels. and in for golf over $XX did In

of XX% Revenue and notable at with each daily over remain and capacity XX% fee fees from XXXX. clubs also cart green a private year. is increase up versus in Our membership prior total rounds approximately nearly rounds XX%

was of is and we’ve its on stay XXXX the non-golfers elect. here transformative to and game will of in game golf popularity to all for hugely golf gain rebounding generated, Based the golfers terms you are numbers with of only year continue the aware, due a As COVID. to momentum

expectations almost year, year event projections ending guests, coming the Orlando $XX.X the but Our Shack events Drive business history. a above over the even In rate driven At four walk-in also of run revenue non-COVID million walk-in over its venues in million outperformed gathering year lucent. generated our broke the group mainly revenue grew $X.X Drive year. first time around $XX in and the was million our the in revenue in EBITDA, million in and in XXXX, as beginning slightly just the in and QX, by $X of being the regulations in course and venues Shack the for revenue.

quarter were XX%. this QX had both out courses pre-COVID success over of coming COVID. was in and AGC XX% levels great around while just business walk-in in of Our events Shack XXXX, our Drive We’ve and venues

We with Puttery are seeing the pattern our venues. same

with opened venues the venues just Charlotte and additional revenue currently just million for $X for Our and planned in under XXXX. QX in seven openings We two an have the generated under year. Colony million in $X Puttery

for of Page the venues, In history to get we’re of deck on venues X working bit of There’s sign this of we’ll most a addition a company are large these who of new the our those XXXX year for to pipeline openings, of you to additional which goal our story. XXXX. openings on through to in XX

a business operating from three-plus past traditional Inc. a Drive Shack entertainment transformation an undergone the company. significant to golf years, Over has

Richmond growth in three initial agreements significantly golf of of strong, first to location development Drive These XX%. later our fund During year, venues venues converted business, putting fund We the and mid-December to opened immersive an April colony them a and three into We beating golf this the XXXX, of new entertainment we followed the since and of year Generation XXXX August, tech-enabled time, course our sold Shack expectations Orlando opened that West in Palm of indoor, We plans owned of Raleigh, and were which today. in our Puttery, majority in namely XXXX. Orlando, last took developed by of number technology experience. operate and learnings portfolio just those Charlotte outside We’ve the the Beach. within their from managed our called our our September we in experience that by entertainment of three opened first September venues a months specifically Puttery opened Dallas venue XXXX. outperforming of in opening in X.X our is our October Shack enhancements Drive

Our by goal a of total XX to end Puttery the XXXX. open is menus of

our now of view X Turning Page a to and and for courses time-line summary venues.

in On Richmond with managed XX and in business, our QX our courses. the West Palm. Shack XX venues owned, Golf we and American side held currently across Drive entertainment business, golf X Raleigh, states Orlando, courses we XX nine four leased With have of

and we we new We New in three now North execution. Houston venues two on Kansas, we In in reported Missouri which we announced Kansas Missouri and venues a leases open and have additional Puttery Miami an have With City, nearing are committed QX, stated additionally had venues in to And Since – morning, in D.C., Carolina. the an Texas leases we then, City. five Charlotte, in this Manhattan. we York earlier on leases just additional New Orleans Pittsburgh Colony, added Puttery, and rather. lease location Philadelphia, Chicago, were and

U.S. actively a future pipeline we’re XXXX and and beyond. of prioritized the pursuing for Puttery have locations, markets robust across We

lease to the with U.S. time several negotiations in brokers in line markets moments. a and are across in active and in engaged speak actively development We and remain multiple plans more our I’ll few markets major landlords

mid-December. and about in the the opened September courses. different Texas across We in feet, with different an two courses, and has in mentioned four We three and story has which handful observed and I footage square lounges large we sizes Charlotte number the throughout. XX,XXX two prove numbers first nine indoor/outdoor two be of on patio. out so response venue The and spans in each venues debuted intentional As venue across floors of is and square and first call of our Colony, uniquely rooftop, XXXX. concepts square courses X earlier, our library, were difference the the Carolina number in size the guest trends bars, illusion. two courses to library lounges positive. patio North single and multiple of both conservatory It in of just multiple with we courses, feet, venues Puttery terrace, we hole bars, at with of The Even very XX,XXX continues that is venues, themed we’ve our similar seating the Colony a areas under could these venues perform Charlotte,

of – of with XX% opening through evenly The event revenue the generated million year, the to X% see and in million being in food charts revenue of of that roughly to at the beverage. event gameplay, XX% total their of $X Looking plan over on reservation to was just the in remaining sales. February this the of in in revenue, their via mix XX% Both has opening through platform. comprised Colony nearly generated year, over year this this half Page plan Alcohol this From F&B X, game mid-December split course our that Charlotte of food their revenue. venue to and per revenue, X% of in February attributed openings between around sales advance nine-hole XX% last venues of an to year XX% guests visits roughly $X their revenue $X minutes average and play. XX each takes XX% revenue from beverage nearly revenue, February from nearly million

these particularly positive We’re extremely results with strong venues generating in with pleased EBITDA each in operating to-date, performance level QX. venue the

delivering level of them to we forward projected We’re within month, put several we and quarters the expect proof gaining each with well ago. concept continue passing economics venue

as million delivering to events. last venues impressively $XX.X record Shack was annual $X performed which revenue of million to high Our attributed X $XX.X of revenue year Drive walk-in and million, well,

numbers, XXXX, highest EBITDA Orlando million. venue With Again, even annual to-date $XX.X EBITDA. level revenue delivering we the its in first these also level generated high ever broke of record venue positive

seeing events strong, are us, has to returned continue business also stable we’re our the and post-COVID from with Drive the levels The indicators above results to that locations with our largely for Our business projections. Shack normalized rate a rebound. demand venues pre-COVID expect we the Drive with their or run increasing delivering Shack walk-in great them continuing are events, at

total a million versus XXXX. in deck. on was revenue Page illustrated walk-in You for XXXX, can venues in see million XX Event in $XX.X the Drive $XX.X In Shack generated $X.X the versus of $X revenue million million XXXX. XXXX trend of

As X of of pre-COVID a I events XXXX XX% QX was almost were $X Shack revenue, levels approximately million generated of of XXXX, and QX mentioned which million the over $X.X $X of million nearly earlier, while in venues Drive in just XX% walk-in $X levels million.

confident The momentum showing million. our management with opening Given revenue, XXXX we reimbursement $XXX.X excluding from has results world, signs of that business XXXX, of COVID-XX. that in golf our our throughout a of continued traditional was revenue QX are are pre-COVID of quarter rebounding side total our fee

increase XX% outperformed XXXX. As XX% and Page our fees on private courses versus nearly private up numbers public this total XXXX. versus a cart Both revenue up rounds was at XXXX courses you can XX% with and from green see XX, and

our continue and in both We in of up and private event public was capacity at almost clubs coming across year-over-year XXX% $XX XXXX. million maintain all membership-based at to XX% revenue private

now Page we to As turn XX.

seven we additional to venues. XXXX, of expect course the open Over Puttery

strategy to the City, In from communicating and these, expect as it comes venues to City. venues signed a when addition Missouri. a LOI and tenth ensure York currently D.C., have revenue and openings process. as we New eight when process we leases to amount to we taken thoughtful in bit of the Miami, number approach very are we we time them. the current of given robust that other about Chicago, are open market we announced be openings the Puttery of year transparent clear to and our that in of Philadelphia, open want to today, possible additional learned We’ve builds in want expect have negotiation Behind quite this our lease between the two the and We last open conditions. And as in pipeline to ensure Kansas morning, appropriate Pittsburgh, we have Houston, venues

the of obstacles XXXX in Page a is the venues across are on attainable U.S., we very either are shows an and for seven realistic. possible a entertainment visual While XX by chain representation map have golf that presented present, existing supply the evaluating and GC location states on still labor strain the The the we where confident or location.

around Puttery, illustrative outlines XX U.S. each risk of Shack forward ability Drive can States. XX higher for business. big we capacity to $X growth that current quarters you under across U.S. grow prioritized we to and us for Our venue less to adjacency the and nearly be remain look expect we for build with million put million gives With and includes Puttery level at an Drive projected total company. returns both confident the and that economics XX $XX a markets will current continue XX the than future is box the markets United Puttery spend Shack. markets the economics Venue. of see coverage path Page a capital level And to just to venue. here, quickly to ago, venue our When we several was as best our Puttery

take construct Drive approximately a and level that expect complete expect EBITDA the to venue build six to and Shack both early and where between Mike through Comparing financial both million Puttery Colony it are physically between months each we’ve results a to $X These targets venues proving $X but level $X I we’re and that to of to million that results, and we’re these results. within in million between that well it our million. nine We we venue and XX $XX approximately EBITDA now provided. and strategy XX to over Charlotte are seeing to months spend will million. in the ranges taking new our generate capital great take $X economic to turn you generating to also million and $XX to the venue,

Mike Nichols

Thanks, good Hana, everyone. and morning,

Let’s start on Page XX.

$XX currently Puttery to XXXX, development we to million that estimate plans planned need of ahead finalize of look to open we our to As development we our venues will plans in capital additional fund XXXX. XXXX approximately partially for growth venues in additional fund and capital

to transaction necessary fund capital in the of and with quarter development the finalize expect debt working second capital the to markets are near-term to We plans. secure XXXX the our

Our will with funded beyond plans and capital XXXX additional and development flow from cash be for debt operations.

deck now XX the $XX.X a performance financial for On in company the increase in basis XX% for of Page we Turning over a a revenue, summary generated to of XXXX. quarter, fourth QX the million view for total the quarter. our $XX.X million

quarter the For an million, million million loss versus EBITDA of positive loss reported adjusted of and quarter, our $X.X fourth of EBITDA adjusted quarter EBITDA adjusted $X.X XXXX. an and the sixth operating we consecutive of million operating of for $X.X $X.X

and XXXX $XX.X million in loss year, For cut in XXXX. a of we nearly $XX.X to million, operating from half our over increase the XXXX generated revenues million full in $XXX.X XX%

was completed delivered QX EBITDA improvement of the Puttery XXXX Entertainment of $X.X negative million the XXXX, have compared Colony $X.X Our XXXX. quarter, million year million over opened location At of our and the Shack generated our adjusted full we comparison, our which operations for venues adjusted for full and revenues quarter so delivered level EBITDA segment QX of for million first Charlotte as mid-December. $XX.X – our business doubled totaled to over year-over-year. unit its $XX.X $XX.X in Drive million revenue nearly segment revenue $XX in revenue, million golf location entertainment $X.X golf a million

American million of course including $XX.X million. Golf of managed during side, generated revenue On $XX golf quarter, the the traditional reimbursements

year, course managed during course million reimbursements, X% included million approximately American quarter which was of Golf’s up Excluding fourth last $XX.X the reimbursements. versus same year revenue $XX.X this period the

This For were of revenue, which the higher reimbursements. course rounds responsible compared million American produced course fees, revenue of year, XX% nearly to Strong $XXX.X million green public the $XXX.X is including million AGC total and $XX.X reimbursements. private course up full Golf million managed for included of $XX.X memberships XXXX’s increase. managed cart of revenue, and event approximately

earlier, versus I quarter XXXX. an of $X.X in $X.X we operating operating fourth the million mentioned loss an loss As this for reported million of year

loss traditional While to employees, demand. course compensation from included decreasing Puttery includes on a excludes basis, well as side year-over-year and increased rent for maintenance also to abatements American of costs furloughed related operating particularly deferred of this on Golf increased return golf XXXX. as $XXX,XXX XXXX to maintenance that $XXX,XXX costs quarter’s the related golf compared costs preopening company and COVID It strong of the benefited in QX the

operating that reduced the million beverages. in food increase shareholders $XX.X by in common or reduced expenses a of compared sale as by quarter These was $XX.X common of the per $XX.X in of Additionally, golf gain San course XXXX. from loss in driven $XX.X to income and across which was from as a positions year XXXX, to segments. million in Rancho we operations costs $X.XX was share, to After by and the driven sales levels the XX% net offset costs, our in year-over-year growth revenue loss of increase $X.X SG&A increased and mentioned operating fourth XXXX for revenue significantly share growth the on onset XXXX XXXX COVID-XX full shareholders more The year. $XX.X this revenue $XXX.X were million to our of Joaquin per represented earlier. line XXXX operating relative with both or in when applicable on strong net QX a $X.XX million result rate operating to The historical in fourth million million quarter million headcount furloughed a were quarter earlier $XX.X million of our previously are

$XX.X the share. to full million net of per the to $X.XX XXXX’s year $X.XX XXXX, share net million loss is loss per compared For shareholders to or $XX.X common common or

XX. Page Moving to

$X.X golf. for which was our million $X.X venue million contribution EBITDA Puttery $X.X Drive company company this million traditional the $XX.X included EBITDA year, both quarter and traditional Last entertainment venue Shack golf fourth million encompassing quarter total $XX.X year of of for AGC’s total QX million Our course contribution includes million for course year, EBITDA entertainment which the for and golf golf. fourth to for million, was of year. EBITDA $X.X Core $X.X was SG&A last this $X.X AGC’s million contribution for contribution and compared

venue versus impressive increase driven in million the For to $X in segments XXXX the and Puttery million XX% XXXX, full year from in by traditional period. million from total contribution a and $XX.X doubled than to more performance entertainment to Drive increasing million same million Shack both AGC golf in with $XX.X golf and XXXX, million over EBITDA $XX.X XXXX XXX% producing $XX.X $XX.X

XXXX, at Looking versus to had At XXXX. future of cash liquidity $XX.X the unrestricted needs. million of of December capital the end and million we $XX.X end

reminder, proceeds XXXX. As million we been February the two the Puttery capital of a of for seven first first that received with need growth This from provided we execution our the to approximately cash announced. eight follow-on offering our in common which settled leases another venues, plans of stock net $XX having opened have complete our

to we debt cash from earlier, redevelopment be mentioned flows continued with to in As capital operations. conjunction find Puttery markets also will looking

company’s it of payable preferred to pleased XXXX. April Shack as am stock Hana quarterly remarks. With I of will turn closing The Board period dividends back holders XXXX. that, declared April on X, to X announce I Finally, Drive for the dividends May are the for XX, to ending the record

Hana Khouri

profitability, brand it increasing team in operator over much, well really so a locations. remain With existing in to at year driving to Drive fiercely looking record the videos in Puttery turn I’ll new for questions. our that, as Mike. courses We awareness The as and our and forward on is both Shack Thanks further focused XXXX.

Operator

We Instructions] from BTIG. take with question will our [Operator Saleh first Peter

Peter Saleh

clarification and good Great. just first. of point morning. Hana, Thanks a

you this that Puttery profitable that EBITDA these venue this are quarter. fact locations Charlotte’s generated the a of positive the venues point? I mentioned Are at both at think in open operating of this couple been results the release, despite you suggesting point level months only that for

Hana Khouri

hi. Hi, for been I’m been our that we’ve especially open really out Great that short coming question. of of time. both fact results what impressed Puttery locations, the the Yes, We’ve is Peter. given a with Yes, only suggesting.

Peter Saleh

the Great. units quarter And you units units then little seven of you’ll when some purposes? Can just bit fourth quarter nine in third or in for this a year, by the mentioned, modeling I more open year-end. I that these detail terms to strategy Puttery open the to of have, give should guess, quarter, more terms timing of units second us start

Hana Khouri

to Yes, I open a of QX, expect. expecting them potentially the opening of bit of majority QX. generally at tell we of might one with potential of here. little what the can of be But QX Obviously, them there swing we’re you course. a end the

Peter Saleh

Okay. with that Or unit? different QX a is the And D.C.? end be of

Hana Khouri

that be one a D.C. we’ve that that working well, – is difficult market. D.C. been not Yes, of first kind is up. been on would It’s longest, pretty D.C. the but

working one that been we’ve a on So bit. quite

Peter Saleh

just Puttery’s and the at Understood. and Charlotte between today, the All game least the a looking here. beverage And – guys between that Colony a right. the announced looks performance looks mix is little like bit little of it. different it Got like you bit different the then at

think Do a about to the little how a Or bit can Charlotte on about forward? that lose you play do So pick and bit expect game more more beverage? talk going on we little up that? you

Hana Khouri

the is keep we it’s Colony ahead the initially of Colony, Charlotte. mind, a When couple interesting. and Yes, opened of in

we opened seeing for similar opened Colony opened the initially in September, we you’re Charlotte. Charlotte what When where the results X on Page in Colony, as mid-December. saw So

I right expect seeing to XX% now, sales, that closer be of So we’re Colony. in beverage would gameplay what the to to number in Charlotte. the XX% similarly

then we’re play, in have opened, to first hour when that back, but many is of play. drinks. we don’t expect And down, come want couple it just I couple to They come go play people courses. they in, they to finding when for while come they what of might happy might a they a or So especially a

Charlotte to and It’s in of Colony market Charlotte especially that of in a very other location entertainment as of We’re area seeing location. a right walkable due the kind great is well. The just bars its location, is venues. middle other the the kind of

is early that kind think it to, in days. the especially I of I So, what attribute

Peter Saleh

before looks open you guys suspect Is end some Or not amount I going Great. the Charlotte the And the yet at on along. and the to trying something to fourth it then profitable events just a events there engaged Colony double of forward? guys on couple on least function events? maybe the percentage quarter, just Colony is small like Just fourth Obviously, getting really weeks? doing in the being business more lastly Have of is a that I understand that for is wise Charlotte quarter business. have. on really my you pass the that the most the business it on mix there? very of much

Hana Khouri

the interesting. When we had of opening it’s in Colony, we September. advantage the Yes, open

some of – December had close. Year’s too was able of holiday to bit parties, as in were kind those able able et cetera. So the to but month et many were a I have secure capitalize guests to we Charlotte parties, we of opened if think it the lot of still business, have of don’t opening we we full got that full corporate that been New might And mid-December, cetera. fully parties, their were We we on planning a their earlier. With functions,

that normalize. business. don’t have it be the than from to what does. the see event Charlotte I though. Charlotte we’ll increase to Colony so does too to two event the – I courses the Colony expect have different in So, less do continue And to up expect to and to end revenue doing

for the So, much we so have and venue Charlotte proceeding things. in other space

events. a presold of We number have

the were to you’re right Charlotte, again, seeing in ability Peter, all parties the it that holiday those we lack able I of to after able December of to in would like – just now really and really attribute Colony. the the be to numbers go I So, in

Peter Saleh

Understood. Great. I’ll you very pass line. much. Thank the

Hana Khouri

you. Thank

Operator

We with Group. Furman Alex our take Craig-Hallum next will question Capital from

line Your is open. now

Alex Furman

a open and too bit very bit traditional Shack of for full never my much might Shack you look Thank it like world? least maybe pre-COVID you starting unit. those We the I for COVID, back look Great. It little Or Drive about before If soon Drive sounds little ask a year the question. sense at imagine at Are units the taking could to mix a to to tell? to the maturity? of I a walk-in in what see got on is levels starting post-COVID four get business all get they’re to different like could business.

Hana Khouri

and think only run the expect on might mix we skewed to little but we venues and be currently XXXX What question. basis. Alex, The before the thanks might good pandemic end majority Orlando point. the the seen see these of starting for I that we’ve as at up tail hit. would sales venues there’s of is walk-in the more you that here. bit between except for hit a hitting team a – mix from we are We them a – now be I’m bring upside – or yes, what what the these a venue rate think, opened than events to

business. in $X not plan expect and event us. I on million in still event event might with instead Meaning I in out event. $XX.X walk just a to might Shack an would walk-in, then planning was see to walk that we little XXXX less in doing people million sales just and venues more again, way business the maybe Drive event. on would a So say of the did walk-in in some might What big They They revenue. of to come give about that

it in keeping we’re I eye that we’re because think normalize kind it year definitely XXXX that and a quantifying progresses big So, seeing way. as of in this our on

Alex Furman

going a new year. Okay. the on the the in locations a like give this That’s you location there helpful. feature side your these mostly Thank going mostly X size? half us If of any to settled the you. then big courses things, locations be it or would kind helpful? to to Just of in are of them as color of of sense where there’s first these you are back year, be of curious Puttery sounds coming be? And any bunch Are how large going as Colony? on Can

Hana Khouri

Yes.

feature an be is that So part most Colony always the courses. for or two with our need We of – really learned What venues the don’t most will courses. able to three could we we might have bar convert revenue sell depending courses either event we that into the additional seating and those greater so some of or – one events on of more get market. four

Philly, Chicago, that feature City Pittsburgh three to mean of courses but in So City two well we’ve venue courses. in meatpacking. Meatpacking Miami and does announced, necessarily largest as that be as date, more Houston, have Kansas will for our either these will the York D.C., will or not we majority New

ways different coming to event expect come revenue space some to the does of course in revenue have not able and and meatpacking for some several host – not and further information for could that really But we’re that to modeling that does about a in always save especially We kind events. – people district, in be trying in been the weeks. spaces

Alex Furman

helpful. very really much. Thank that’s you Okay,

Hana Khouri

Thank Yes. you.

Operator

Hutton. from question our with EF Eddie next Reily take will We

open. now line is Your

Eddie Reilly

you curious Colony? any in of traffic? Did taking I guys. during see effect Hey December the the was question. results COVID there my at uptick for cases Thanks the how might in terms operating have affected

Hana Khouri

didn’t. we no Eddie, Hey,

has were I partial a Charlotte closely. though we any month think for – But I it in in historically didn’t colony December, I FX watching did only more worried say there was at bit watching relaxed would protocols open a been. see and And no, think in I everyone for really Texas was about even I the it COVID we either. was closely, specifically. Colony. see was been I the than Carolina their anything has than little not North frankly more Charlotte

we surprisingly didn’t in no, effects and really So see gratefully, didn’t location. we the – either

Eddie Reilly

on and February And numbers comment two you. you could Got locations? for within just traffic January

Hana Khouri

haven’t kind any we of visit historically And Yes. given numbers. like guest

We months are will better as data. get in going we be to the – releasing those we coming

ages I of streamlined that guests, a demographics cetera, guest so become guest actually questions so strategy. repeat visits our the we like to this time of great general in we’re important collecting through spent et think last is work the answer have like really data what and of traffic, estate guests, deal that more our real able and we can to quarter that refine a on income guest other continue our the format

Eddie Reilly

that gross you. Yes, going beverage this could driving sustainable forward. strong would what’s the On results and is Got going you detail And on there? give food continued margins, us helpful some forward? be really

Mike Nichols

Yes, certainly.

I Puttery, think the it expand seeing and is beverage gross believe food we I we margins from our standpoint, are And grow. as sustainable.

puttery’s and As revenue to continue become success a solid new as And venues, the larger those and roll percentage F&B we you’ll golf you’ve is the our out overall Charlotte. that think of for both seen our expand margin of they strong will across Colony side, pretty in produce Puttery results. entertainment I see and the

Hana Khouri

specifically, Eddie, you alcohol in as food beverage I the and Page the majority of pretty And how see were is typically Puttery just X, would add, alcohol. are for mix And margins on high. can

XX% our of revenue margins. XX% from definitely total F&B alcohol, helps about those just or around comes So which over

a or sure Puttery reduced I’m on if Shack a menu. asking Shack we bit about Drive gone But Shack the the have were specifically. Drive side, you On side, not to of Drive

well We’re there where we this great and we inflation can in generate rolling continue new that to price some really so can results. as combat menu take out a April,

Eddie Reilly

go up other opportunity you any maybe types that picking you steam. Do into able venues, simulation golf there of guys might you there be types Is be last And Thanks. I to focus question for you. really these strategic here. road, years big know Puttery venues five, But Really now concepts? think XX have talked these other down opening one then the to Got entertainment venues. on or about? of me. the seem picture is right

Hana Khouri

Yes, definitely.

grow hyper in on set very right especially it focused we’ve Puttery us. on kind of well sure on goals relates traditional entertainment forward, the both the sky and limit But now as of off to we existing side are locations front and execute revenue to as We the that making the the that continuing in what’s us as for our is golf side.

As he are the really steam, space. in lot possibility menus a entertainment said, and the gaining of there’s

foreseeable definitely a this these really again, longer entertainment for creating road they’re focused delivering there’s the in and the future, Puttery other concepts moment But time we’re So down in years either venues for our acquiring at we that getting results on term as own. possibility promised. and see developed

Eddie Reilly

it. Got great on Thanks And a quarter. guys. congrats

Hana Khouri

Thanks, Eddie.

Operator

I program this We queue questions remarks. closing for will the Kelley at time. turn or additional any over Buchhorn have in further no the back to

Kelley Buchhorn

any then other everyone, quarter. Thanks, morning. if you Britney, feel great and rest your again, for always, to have Have out next you day. as any forward thanks We look this with joining to follow-ups. before to Thanks. And do time us a speaking reach free

Operator

does This Thank for your program. today’s participation. you conclude

time. wonderful disconnect may at have day. You And any a

Drive Shack (DSHK) 11 Mar 222021 Q4 Earnings call transcript