Preferred Stock Dividends for Fourth Quarter 2021
Three Months Ended September 30,
|
Nine Months Ended September 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Total revenues
|
$
|
76,366
|
$
|
66,465
|
$
|
211,337
|
$
|
159,700
| ||||||||
Operating Loss
|
$
|
(5,921
|
)
|
$
|
(5,996
|
)
|
$
|
(12,744
|
)
|
$
|
(32,987
|
)
| ||||
Net Loss
|
$
|
(8,866
|
)
|
$
|
(9,412
|
)
|
$
|
(21,739
|
)
|
$
|
(66,300
|
)
| ||||
Loss applicable to common stockholders
|
$
|
(10,246
|
)
|
$
|
(10,807
|
)
|
$
|
(25,909
|
)
|
$
|
(70,485
|
)
| ||||
Loss applicable to common stock, per share
| ||||||||||||||||
Basic
|
$
|
(0.11
|
)
|
$
|
(0.16
|
)
|
$
|
(0.29
|
)
|
$
|
(1.05
|
)
| ||||
Diluted
|
$
|
(0.11
|
)
|
$
|
(0.16
|
)
|
$
|
(0.29
|
)
|
$
|
(1.05
|
)
| ||||
Adjusted EBITDA1 |
$
|
3,254
|
$
|
3,340
|
$
|
13,707
|
$
|
(8,407
|
)
|
Kelley Buchhorn
646-585-5591
Morgan Schaaf
469-283-2760
(unaudited)
| ||||||||
September 30, 2021
|
December 31, 2020
| |||||||
Assets
| ||||||||
Current assets
| ||||||||
Cash and cash equivalents
|
$
|
63,867
|
$
|
47,786
| ||||
Restricted cash
|
3,442
|
2,252
| ||||||
Accounts receivable, net
|
4,084
|
4,446
| ||||||
Real estate securities, available-for-sale
|
3,414
|
3,223
| ||||||
Other current assets
|
28,605
|
14,410
| ||||||
Total current assets
|
103,412
|
72,117
| ||||||
Restricted cash, noncurrent
|
709
|
795
| ||||||
Property and equipment, net of accumulated depreciation
|
174,616
|
169,425
| ||||||
Operating lease right-of-use assets
|
186,220
|
192,828
| ||||||
Intangibles, net of accumulated amortization
|
13,767
|
15,124
| ||||||
Other assets
|
5,752
|
6,765
| ||||||
Total assets
|
$
|
484,476
|
$
|
457,054
| ||||
Liabilities and Equity
| ||||||||
Current liabilities
| ||||||||
Obligations under finance leases
|
$
|
5,638
|
$
|
6,470
| ||||
Membership deposit liabilities
|
17,978
|
14,692
| ||||||
Accounts payable and accrued expenses
|
33,812
|
29,596
| ||||||
Deferred revenue
|
13,086
|
23,010
| ||||||
Other current liabilities
|
20,744
|
28,217
| ||||||
Total current liabilities
|
91,258
|
101,985
| ||||||
Credit facilities and obligations under finance leases - noncurrent
|
9,997
|
12,751
| ||||||
Operating lease liabilities - noncurrent
|
174,776
|
167,837
| ||||||
Junior subordinated notes payable
|
51,177
|
51,182
| ||||||
Membership deposit liabilities, noncurrent
|
102,521
|
99,862
| ||||||
Deferred revenue, noncurrent
|
10,555
|
9,953
| ||||||
Other liabilities
|
3,377
|
3,447
| ||||||
Total liabilities
|
$
|
443,661
|
$
|
447,017
| ||||
Commitments and contingencies
| ||||||||
Equity
| ||||||||
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of September 30, 2021 and December 31, 2020
|
$
|
61,583
|
$
|
61,583
| ||||
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 92,086,727 and 67,323,592 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
|
921
|
673
| ||||||
Additional paid-in capital
|
3,233,866
|
3,178,704
| ||||||
Accumulated deficit
|
(3,257,835
|
)
|
(3,232,391
|
)
| ||||
Accumulated other comprehensive income
|
1,254
|
1,468
| ||||||
Total equity of the company
|
$
|
39,789
|
$
|
10,037
| ||||
Noncontrolling interest
|
1,026
|
-
| ||||||
Total equity
|
$
|
40,815
|
$
|
10,037
| ||||
Total liabilities and equity
|
$
|
484,476
|
$
|
457,054
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Revenues
| ||||||||||||||||
Golf operations
|
$
|
62,257
|
$
|
58,766
|
$
|
177,170
|
$
|
137,066
| ||||||||
Sales of food and beverages
|
14,109
|
7,699
|
34,167
|
22,634
| ||||||||||||
Total revenues
|
76,366
|
66,465
|
211,337
|
159,700
| ||||||||||||
Operating costs
| ||||||||||||||||
Operating expenses
|
60,729
|
54,993
|
165,234
|
142,584
| ||||||||||||
Cost of sales - food and beverages
|
3,696
|
2,170
|
8,951
|
6,654
| ||||||||||||
General and administrative expense
|
9,685
|
7,916
|
25,697
|
24,102
| ||||||||||||
Depreciation and amortization
|
5,823
|
6,853
|
17,852
|
20,329
| ||||||||||||
Pre-opening costs
|
2,030
|
227
|
3,375
|
1,049
| ||||||||||||
(Gain) Loss on lease terminations and impairment
|
324
|
302
|
2,972
|
(2,031
|
)
| |||||||||||
Total operating costs
|
82,287
|
72,461
|
224,081
|
192,687
| ||||||||||||
Operating income (loss)
|
(5,921
|
)
|
(5,996
|
)
|
(12,744
|
)
|
(32,987
|
)
| ||||||||
Other income (expenses)
| ||||||||||||||||
Interest and investment income
|
190
|
135
|
502
|
400
| ||||||||||||
Interest expense, net
|
(2,626
|
)
|
(2,896
|
)
|
(7,964
|
)
|
(8,232
|
)
| ||||||||
Other income (loss), net
|
107
|
(157
|
)
|
29
|
(24,212
|
)
| ||||||||||
Total other income (expenses)
|
(2,329
|
)
|
(2,918
|
)
|
(7,433
|
)
|
(32,044
|
)
| ||||||||
Loss before income tax
|
(8,250
|
)
|
(8,914
|
)
|
(20,177
|
)
|
(65,031
|
)
| ||||||||
Income tax expense
|
616
|
498
|
1,562
|
1,269
| ||||||||||||
Net loss
|
(8,866
|
)
|
(9,412
|
)
|
(21,739
|
)
|
(66,300
|
)
| ||||||||
Less: net loss attributable to noncontrolling interest
|
(15
|
)
|
-
|
(15
|
)
|
-
| ||||||||||
Net loss attributable to the Company
|
(8,851
|
)
|
(9,412
|
)
|
(21,724
|
)
|
(66,300
|
)
| ||||||||
Preferred dividends
|
(1,395
|
)
|
(1,395
|
)
|
(4,185
|
)
|
(4,185
|
)
| ||||||||
Loss applicable to common stockholders
|
$
|
(10,246
|
)
|
$
|
(10,807
|
)
|
$
|
(25,909
|
)
|
$
|
(70,485
|
)
| ||||
Loss applicable to common stock, per share
| ||||||||||||||||
Basic
|
$
|
(0.11
|
)
|
$
|
(0.16
|
)
|
$
|
(0.29
|
)
|
$
|
(1.05
|
)
| ||||
Diluted
|
$
|
(0.11
|
)
|
$
|
(0.16
|
)
|
$
|
(0.29
|
)
|
$
|
(1.05
|
)
| ||||
Weighted average number of shares of common stock outstanding
| ||||||||||||||||
Basic
|
92,085,846
|
67,212,532
|
88,938,344
|
67,131,827
| ||||||||||||
Diluted
|
92,415,570
|
67,212,532
|
89,521,013
|
67,131,827
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
Net loss
|
$
|
(8,866
|
)
|
$
|
(9,412
|
)
|
$
|
(21,737
|
)
|
$
|
(66,300
|
)
| ||||
Income tax expense
|
616
|
498
|
1,562
|
1,269
| ||||||||||||
Other income (loss)
|
(107
|
)
|
157
|
(29
|
)
|
24,212
| ||||||||||
Net interest expense
|
2,436
|
2,761
|
7,462
|
7,832
| ||||||||||||
Operating loss
|
$
|
(5,921
|
)
|
$
|
(5,996
|
)
|
$
|
(12,742
|
)
|
$
|
(32,987
|
)
| ||||
Depreciation and amortization
|
5,823
|
6,853
|
17,852
|
20,329
| ||||||||||||
(Gain) loss on lease termination and impairment
|
324
|
302
|
2,972
|
(2,031
|
)
| |||||||||||
Pre-opening costs
|
2,030
|
227
|
3,375
|
1,049
| ||||||||||||
Other items(1) |
998
|
1,954
|
2,250
|
5,233
| ||||||||||||
Adjusted EBITDA
|
$
|
3,254
|
$
|
3,340
|
$
|
13,707
|
$
|
(8,407
|
)
|
(1)
|
For the three months ended September 30, 2021 and 2020, other items include (i) corporate severance of $50 and $440, respectively; (ii) transactional G&A of $461 and $1,101, respectively; and (iii) employee stock-based compensation of $487 and $413, respectively. For the nine months ended September 30, 2021 and 2020, other items include (i) corporate severance of $180 and $1,132 respectively; (ii) transactional G&A of $833 and $3,114, respectively; and (iii) employee stock-based compensation of $1,237 and $986, respectively.
|
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Drive Shack Inc. published this content on 08 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2021 13:07:22 UTC.