Adjusted EBITDA was $3.3 million for third quarter 2021, relatively flat compared to Adjusted EBITDA for the third quarter 2020. Loss applicable to common stock, per shareįor the three months ended September 30, 2021, the Company reported an operating loss of ($5.9) million and a net loss of ($8.9) million compared to an operating loss of ($6.0) million and a net loss of ($9.4) million in the same period last year. Three and Nine Months Ended Septemcompared to the Three and Nine Months Ended Septem($ in thousands, except for per share data) (Unaudited):

Adjusted EBITDA was $3.0 million in the third quarter this year, relatively flat versus the same period last year.Īs of September 30, 2021, the Company had cash and cash equivalents of $63.9 million compared to $47.8 million as of December 31, 2020. Additionally, the Company’s operating expenses this year are more normalized, including G&A expenses, given it is beyond the peak COVID-19 impacts during the same period last year when its operating expenses were below historic levels. The Company incurred significantly higher pre-opening costs in the third quarter this year compared to the same period last year due to increased costs associated with its new Puttery venues incurred this year. Operating loss for the third quarter 2021 was ($5.9) million, an improvement of $0.1 million versus an operating loss of ($6.0) million in the third quarter 2020. Additionally, the Company debuted its first Puttery entertainment golf venue in September 2021, which generated total revenue of $0.8 million this year. The increase to last year’s third quarter was primarily due to strict COVID-19 local mandates that remained in effect on large group gatherings last year, which impacted both walk-in and event revenue in the prior year’s quarter. The Company’s entertainment golf business, comprised of both Drive Shack and Puttery venues, generated total revenue of $11.3 million in the third quarter 2021, an increase of $5.1 million compared to $6.2 million in the third quarter 2020. The increase to last year’s third quarter was largely due to higher event revenue and green and cart fee revenue this year. The Company’s traditional golf business, American Golf, generated total revenue of $65.1 million in the third quarter 2021, which included $14.7 million of managed course expense reimbursements, compared to $60.3 million in the third quarter 2020, which included $15.2 million of managed course expense reimbursements. Total revenue for the third quarter this year was $76.4 million compared to $66.5 million in the same period last year. 2021 has been an instrumental year and we remain centered on our strategic priorities to drive growth and profitability this year and beyond.” Our American Golf and Drive Shack businesses have largely returned to pre-COVID levels, and our events business continues to meaningfully increase as we near the important, key holiday months. Khouri continued, “We delivered strong results for the third quarter, including the highest quarterly revenue in three years and our fifth consecutive quarter of positive adjusted EBITDA. We look forward to opening additional Puttery venues in the coming months, including our Charlotte location which is planned to open later this quarter.” I am beyond proud of the countless team members that worked hard to deliver our first venue and I thank them for their unmatched dedication and commitment to bring our Puttery brand and vision to life. Guests are responding favorably to our inaugural Puttery and the feedback on their experience remains overwhelmingly positive. “Our first Puttery venue debuted in our home market on September 3 rd in The Colony, Texas, one of the most exciting entertainment districts in North Texas. “The third quarter was a historic quarter for our Company with the launch of Puttery, our new, competitive socializing and immersive entertainment experience,” said Drive Shack Inc.’s President and Chief Executive Officer Hana Khouri. (the “Company”) (NYSE: DS), a leading owner and operator of golf-related leisure and entertainment businesses, today reported its financial results for the third quarter and nine months ended September 30, 2021. DALLAS-( BUSINESS WIRE)- Drive Shack Inc.

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