Drive Shack Inc. (NYSE:DS) Q1 2019 Earnings Conference Call Transcript

May 10, 2019 • 09:00 am ET


Drive Shack Inc. (NYSE:DS) Q1 2019 Earnings Conference Call Transcript


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Good morning. My name is Lorie, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Drive Shack's First Quarter 2019 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 period. Instructions will be given at that time. Today's call is being recorded. Thank you.

At this time, I would like to hand the call over to Austin Pruitt, Head of Investor Relations. Please go ahead.

Austin Pruitt

Thank you, Lorie, and good morning, everyone. I would like to welcome you to Drive Shack's first quarter 2019 earnings call. Joining me here today are Ken May, our Chief Executive Officer; and David Hammarley, our Chief Financial Officer.

We've posted an investor supplement on our website, which we encourage you to download if you have not already done so. I would like to point out that certain remarks made today will include forward-looking statements. Our actual results may differ materially from those considered by these statements. 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.

And now, I would like to turn the call over to Ken.

Kenneth A. May

Thanks, Austin. And good morning, everyone. Welcome to our Q1 earnings call. We've got a lot of good things to talk about today. Appreciate you joining us. I'm going to start with a short summary and discuss our Q2 and 2019 goals and just going to tell you where we're at with those. Dave is going to follow up with the Q1 results and our initiatives and the fine work that's being done by the American Golf team.

As far as summary, at a high level, David and I have been here for six months now. There's been a lot of changes and a lot of restructuring. I can't imagine or I can't begin to tell you how much restructuring we've done. Every facet and every functional area of this business has been restructured, and new leadership has been inserted where appropriate.

And so, in my 35 years in business, I've never seen some of the leadership team as good as what we have right here. And so, high level, we love where we are at as a company. We are poised to begin executing on our plan. Just for -- to remind you, I'm a FedEx guy, spent 25 years launching airplanes and trucks around the world. We focus and we actually do what we say we're going to do. At FedEx, I terminated quite a few people for having too many two-minute flight delays. And so you're going to see us focus very, very much as we open these next three locations and as we begin rolling out more.

Our goal remains the same. We want to expand our presence into the eatertainment industry as an interactive dining and entertainment