![]() We are also really pleased with the progress that we've made in Q4 with our new experience that we are launching in the coming weeks, the Urban Box, which will feature tech enhanced putting and entertainment. After launching our Gen 2.0 venues we spent some time going back into Orlando and revamping that site with specific enhancements to the technology and outfield. This served as our beta site where we tested new enhancements we would later roll out in our in Gen 2.0 venues. What really marked the transition for us was the massively successful launch of our Core big-box golf entertainment stores that we call Drive Shack.Īs a reminder, we launched our first Drive Shack venue in Orlando in 2018. We launched three new stores that generated around $15 million in the second half of last year, putting us on pace to achieve EBITDA margins of 25% and yields of 10% to 15% in 2020. ![]() ![]() So Q was really a significant quarter and year for us as we really completed our evolution from a development company into a venue based eatertainment company. I'm now going to start with a short summary of our fourth quarter highlights, then move on to discuss results and updates across the business. I am confident that Larry will be a great resource in leading the continued growth for the Drive Shack organization. Throughout his time with Fortress and throughout his time with Fortress and Drive Shack, he has touched virtually every part of the accounting and finance function. Larry was a key part of the company's transition from predominantly a financial services organization to an operating company.įor the past year, Larry has focused on several projects in addition to his role as Chief Accounting Officer and Treasurer. I'm pleased to announce that Larry Goodfield will be named our Interim CFO. We have quite a bit to talk about today after a very exciting quarter and year, but before we get started, I want to announce that David Hammarley is no longer with Drive Shack. Good morning everyone and thank you for joining Drive Shack's fourth quarter earnings 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 now, I would like to turn the call over to Hana. Actual results may differ materially from those considered by these statements. I would like to point out that certain remarks made today will include forward-looking statements. We have posted an investor supplement on our website, which we encourage you to download if you have not already done so. Joining me here today are Hana Khouri, our Chief Executive Officer and President and Larry Goodfield, our Chief Accounting Officer and Interim Chief Financial Officer. I would like to welcome you to Drive Shack's fourth quarter 2019 earnings call. Today's call is being recorded.Īt this time, I would like to hand the call over to Austin Pruitt, Head of Investor Relations. ![]() After the prepared remarks, we will have a question-and-answer session. 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 Fourth Quarter and Full Year 2019 Earnings Conference Call. My name is Crystal, and I will be your conference operator today. Lawrence Goodfield - Chief Accounting Officer and Interim Chief Financial Officer Hana Khouri - Chief Executive Officer and President (DS) Q4 2019 Results Earnings Conference Call Ma9:00 AM ETĪustin Pruitt - Head of Investor Relations ![]()
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