![]() ![]() In April 2018, we opened our first Drive Shack venue in Orlando, which served as our beta site. During this time, we sold the majority of our owned course portfolio to fund the growth of our entertainment golf business, namely building the 4 Drive Shack venues we operate today. Over the past few years, Drive Shack has undergone a significant transformation from a traditional golf business to an entertainment operating company. ![]() So before we go further into where we are today, let's just take a step back to talk about how we got here on. We ended the quarter with $81 million of unrestricted cash on hand and have ample liquidity to fund the development of our first seven Puttery venues. We also executed our formal partnership agreement with Rory McIlroy and his partner group Symphony Ventures where they've committed to invest at least $10 million in Puttery through 2023. ![]() An additional two sites are currently in or nearing lease execution with several others actively working in the pipeline. We have five Puttery venues in development right now, those are in Dallas, Charlotte, D.C., Miami and most recently, Houston. Next, we've made massive progress on Puttery and are looking forward to opening our first venue just outside of Dallas in the coming weeks, followed closely thereafter by our second Puttery venue in Charlotte, North Carolina. American Golf also continues to perform well with revenue of around $62 million for the quarter. Drive Shack venues also surpassed their pre-pandemic EBITDA performance, with Orlando breaking even for the first time since 2019. On a trailing 12-month basis, we have delivered total company adjusted EBITDA of just over $19 million, which is incredible. We also delivered $7.7 million in total company adjusted EBITDA, our fourth consecutive quarter of positive adjusted EBITDA. ![]() We generated $74 million in total company revenue and just over $1 million in positive operating income, which was the first time we've reported operating income in 3 years. First and foremost, obviously, is earnings. Q2 was a fantastic quarter for us, and I'll go through the highlights now on of the supplement. Good morning, everyone, and thank you for joining our second quarter conference call. We encourage you to review the disclaimers in our press release and investor supplement and to review the risk factors contained in our annual and quarterly reports filed with the SEC.Īnd with that, I'd like to now turn the call over to Hana. Actual results may differ materially from those considered by these statements. I'd like to point out that certain remarks made today will include forward-looking statements. We've posted the investor supplement on our Investor Relations website at ir., and we encourage you to download it now if you've not done so already. Joining me today is President and Chief Executive Officer, Hana Khouri and our Chief Financial Officer, Mike Nichols. I'd like to welcome you to our second quarter earnings call. Thanks, Ashley, and good morning, everyone. Īt this time, I would like to hand the call over to Kelley Buchhorn, Head of Investor Relations. After the prepared remarks, we will have a question-and-answer session, instructions will be given at that time. Currently all lines have been placed on mute, to prevent any background noise. At this time, I would like to welcome everyone to the Drive Shack's Second Quarter 2021 Earnings Conference Call. My name is Ashley, and I will be your conference operator today. (DS) Q2 2021 Earnings Conference Call Aug9:00 AM ET ![]()
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