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Corridor of Fame Resort & Leisure Firm (NASDAQ:HOFV) This fall 2023 Earnings Name Transcript March 21, 2024
Corridor of Fame Resort & Leisure Firm is not one of many 30 hottest shares amongst hedge funds on the finish of the third quarter (see the details here).
Operator: Good morning and welcome to the Corridor of Fame Resort & Leisure Firm’s Fourth Quarter 2023 Earnings Convention Name. This convention name is being recorded. [Operator Instructions] I’ll now flip the decision over to Anne Graffice, Government Vice President, World Advertising and marketing and Public Affairs.
Anne Graffice: Thanks, and good morning. Welcome to our fourth quarter 2023 earnings convention name. Our newest press launch, supplemental slides have been posted final night after market hours. These paperwork might be discovered on the Investor Relations part of our web site at hofreco.com. After my temporary introduction, Michael Crawford, our President and CEO, will give an replace on the corporate’s technique and outlook. John Van Buiten, our Vice President and Company Controller, will then present evaluation of the quarter’s monetary outcomes and the corporate’s fiscal 2024 monetary outlook. Throughout at this time’s name, we’ll make forward-looking statements that replicate the corporate’s present expectations about future plans and efficiency.
These statements depend on assumptions and estimates, and precise outcomes could differ materially as a result of dangers and uncertainties. I encourage every of you to learn the complete disclosure regarding forward-looking statements within the earnings press launch. Moreover, please be aware the corporate makes use of non-GAAP outcomes to judge efficiency internally as detailed in our press launch. It is now my pleasure to show the decision over to Michael Crawford. Mike?
Michael Crawford : Thanks, Anne. Good morning, all people. It’s one other sunny morning right here in Canton, Ohio, which each time I believe we’ve these calls the solar is out, in order that all the time encourages me. I believed I would just begin by thanking our group. We had a extremely great 2023, as you most likely noticed in our This fall earnings launch final night. We have had so many people which have stayed with our firm, which have endured tough instances, and so they’ve actually helped us develop. They usually proceed to execute on the highest degree and their dedication is admittedly what’s inspiring us to do nice issues for our friends and for our shareholders. Let me discuss some key highlights from 2023, and I am going to begin with the Village. Amazingly sufficient, we hit our 2024 attendance targets in 2023.
We welcomed over 3.1 million guests, and we observe this knowledge scientifically. We’ve AI knowledge that tracks this for us, and it is by cellphone protection. And so you possibly can think about not everybody has a cellphone or has notifications turned on. In order that variety of 3.1 million may very well be just below what it was truly, nevertheless it’s spectacular that by the natural progress of property, experiences and simply different programming on the vacation spot that our group was in a position to hit its 2024 attendance goal in 2023. Second, we actually began to see friends coming for single issues to do right here, that means they’re coming for a sporting occasion or coming for a dinner. They’re beginning to rework these into a number of experiences every time they arrive to the vacation spot.
And that is nice for us. This eat, play, keep idea is beginning to take maintain, and you may hear that that is going to be an enormous focus of ours in 2024 as nicely, giving entry to friends to do a number of issues once they come to our campus and actually get pleasure from and lengthen the size of keep whereas they’re right here. We diversified our income streams. As you noticed, we opened a number of new tenants at our vacation spot. Our heart for excellence is now virtually absolutely tenanted as nicely. So we’re getting income from lease and base rents. We’re getting income from income share in some situations with these tenants. We truly personal the Don Shula’s location, so we’re producing income by our P&L there. A lot of sponsorship exercise, new occasions, creating a really diversified portfolio of income, to not point out gaming and our media divisions as nicely.
It is necessary to notice, although, that as I have a look at 2023, in all honesty, this was our first full yr of operation. It is the primary full yr that we have had our fan engagement zone, our Play Motion Plaza, our Middle for Efficiency. The entire totally different property right here absolutely practical. And admittedly, we’re not even tenanted 100% in a few of these places. And as you nicely know, and I am going to discuss this in a second, our Gameday Bay Water Park and our Tapestry Lodge should not open, however our DoubleTree lodge continues to carry out at a excessive degree as nicely. ’23 was additionally a yr that we targeted on operational effectivity and truly enhancing our expense base. And that is one thing that is onerous to do within the early years of opening a vacation spot. It’s a must to be taught the seasonality, you need to learn the way new occasions influence different areas of the campus, new tenants opening, et cetera.
However for instance, we had a really devoted and purposeful deal with procurement. That focus led to tons of of hundreds of {dollars} of financial savings for us as an organization in a single yr. And so we’ll proceed to search for methods to stabilize bills whereas rising income. And I believe that type of got here by in our earnings launch final evening, rising income by virtually 100% or a little bit over 100% quarter-over-quarter from ’22 to ’23 whereas truly decreasing our expense base. That is a really, very excessive watermark for an organization in its early phases of progress. The opposite factor we did was deal with key partnerships and sponsorships, and I am going to discuss sponsorships in a second. However I used to be very pleased with the truth that we have been in a position to signal a cope with Josh David Blitzer for our sports activities complicated partnership.
Now I do know there’s been some confusion on what that deal truly was. So let me be clear. They bought an 80% possession stake of the Sports activities Advanced, the P&L of that asset. However as a result of they’re world class at doing what they do, sports activities programming. And we felt like that they may actually deliver new, thrilling and really partaking programming to us as a vacation spot and strategically drive new visitation that might induce visits to our eating places, to our inns, et cetera, this sponsorship or this partnership was actually necessary to us. And so we prolonged the rights for them to additionally program sports activities inside our heart for efficiency or dome. They do not have an possession stake in that heart for efficiency, solely the rights to do sports activities. We proceed to construct live performance programming, pageant programming, different enterprise programming in that ourselves.
However it’s a world-class operator that’s already bringing nice alternatives for us on campus, and I am enthusiastic about what they are going to do for us in 2024 and past. One other factor we did was enhance our occasions. In 2022, we hosted about 80 occasions. In 2023, we hosted about 120 occasions. This yr, we’re anticipating to develop that double digits once more as nicely. And you’ll already see the roster that we have introduced our calendar, and we’re getting higher at placing issues out additional upfront. So our advertising group has a greater alternative to talk to these occasions. Visitors have a greater alternative to plan their calendars round these occasions. And we expect there’s actually going to be an uptick on that entrance as nicely. After which lastly, sponsorships. And let me say this about sponsorships.
I stated this earlier on a few earnings calls. We weren’t dashing to signal new sponsors in sure classes. Why? As a result of we knew that strategically, as we open new property, as we introduced in further attendance, as we had extra occasions that the worth to these sponsors and people companions was going to extend. And that very nicely has been the case. In 2023, we signed 24 new sponsors, 4 within the fourth quarter alone, and we elevated or upsized among the sponsors that had already been right here. And so within the carbonated beverage class, for instance, we took a sponsor that was a 1-year deal and prolonged right into a 3-year deal and the dimensions of that sponsorship significantly grew. And that is been our technique all alongside. And so I believe what the takeaway for that is, that technique is now working.
And we’re displaying the worth to companions, the worth is being acknowledged by these companions, and so they’re committing to a one-of-a-kind vacation spot that was nationally televised 18 instances final yr that continues to have distinctive programming, distinctive property that they will actually showcase their services or products at. And so quite a lot of actually nice progress, and I wish to congratulate the sponsorship group on all of the efforts on their entrance. Turning to media. The media vertical continues to develop. Final yr, we had 5 reveals airing throughout a number of platforms, nationwide platforms, by the best way. Simply within the fourth quarter alone, we had the Subsequent Man Up contained in the NFL Alumni Academy airing on Amazon. We had 6 new episodes of the GOAT Code on Brink’s tv. These are all actually distinctive, and it reveals our entry to distinctive IP, corridor of famers and the way we are able to construct nice content material and storytelling that’s going to be interesting to nationwide streaming providers to nationwide broadcast providers like Field, like Amazon, like Brink’s.
I am actually inspired concerning the pipeline, and I am trying ahead to creating some key bulletins right here in 2024 that I believe are going to up the sport for us at a fair totally different degree and begin producing significant income out of the Media division. On the gaming entrance. As you all know, final yr, we have been in a position to get hold of 2 totally different sports activities betting licenses. And let me discuss each. The primary is our cellular betting license and our companion there. And as it’s possible you’ll recall, we took an possession stake in higher as an organization as a result of we consider so deeply of their mannequin. And I believe they’re proving that out that they’ve a novel strategy to interact friends. And that is what we’re all about, creating distinctive experiences. We proceed to refine what we do with them, we proceed to deal with activate them, not solely on campus however off-campus.
And so this yr, we will attempt to proceed to push that cellular gaming partnership to a fair increased degree. What they only accomplished a spherical a valuation and so they valued at $375 million. Why is that necessary? Once more, our possession stake of their firm continues to extend in worth as nicely. And in order that’s an necessary be aware to make right here, not solely are they offering income to us straight from the gaming that they are doing and our percentages of unhealthy and assured income coming from that and sponsorship, however they’re additionally offering further worth by our possession stake. On-site sports activities betting or because it’s referred to retail sports activities betting. We do have a retail sports activities betting license. However let me be clear. 97% of all bets which might be occurring within the state of Ohio — and by the best way, within the state of Ohio, sports activities betting is prolific, setting data on a number of days this yr in Ohio for sports activities betting not just for the state however for the nation.
And so Ohio is a sports activities state. And the folks which might be partaking actually are having fun with their alternative to have entry to sports activities betting, however they’re doing it extra by cellular. And so what we have seen as we studied this trade is you have truly seen retail sports activities books closing in some circumstances or licenses not being fulfilled in different circumstances by companions as a result of the worth from the retail sports activities e book just isn’t fairly what we initially had imagined it to be. And it is producing solely 3% of the income out of all sports activities betting that’s occurring. Does that imply we have given up and we’re not going to have a sports activities betting companion right here on campus? No. We’re actively engaged with a number of companions. We’ve a devoted deal with this. Can I promise that ultimately, we may have one?
Not at this cut-off date. What I’d say is, we expect very strongly that that is going to reinforce the visitor expertise, that we wish to have a sports activities e book right here. We expect it is a distinctive property. We’re a sports activities and leisure vacation spot. I believe yr spherical, there can be exercise right here, and we’ve an opportunity to be totally different than different sports activities books, however we would like the suitable companion and we would like the companion that finds the worth in what we do and {couples} it with what they do. And so we’ll proceed to search for that sports activities companion, and we’ll maintain you knowledgeable alongside the best way as we make progress there. Final couple of issues in gaming. You noticed final yr, we began to have a number of e-gaming and basic gaming alternatives. And the purpose of these was to proceed to realize credibility within the area.
And so even just lately, we have introduced partnerships with excessive colleges and collegiate ranges for brand spanking new tournaments. However gaming begins to go broader. And I say this not as anyone who has loved the chance to play beer pong possibly in my earlier days or when my daughter was in school, however beer pong is a gaming alternative. And we simply have that right here on campus. It was very nicely acquired. We will be having once more this yr one of many largest corn maintain championships within the nation, nationally televised on ESPN. So we’re persevering with to look to strategically advance our gaming division and try to make it significant from a visitor expertise standpoint and likewise from a income standpoint. I talked about sponsorships a second in the past, however the very last thing I’ll say about sponsorships, the extra we’ve a synergistic mannequin the place media and gaming and the village involves life, the extra we are able to create broader alternatives for sponsored companions.
And I believe that is creating worth for them, nevertheless it’s additionally creating alternative for us to proceed to develop these partnerships in a significant manner. Let me flip to 2024. 2024, we’ve a number of key priorities, the primary of which is proceed to develop income. I believe we have proven our skill to try this. I believe we have achieved it in tough instances. So I believe this group has executed. I believe we have proven our skill to diversify the place income is coming from. However for instance, I talked about this earlier, we launched our calendar of occasions. We expect that by giving visitor superior discover on all the things that we’re doing, and by the best way, we’ll proceed so as to add extra occasions all through this yr, they are often extra planful, they will anticipate earlier. We are able to market and promote these occasions in a extra superior manner.
And so we’re enthusiastic about the truth that we’re getting forward of issues, and we’re beginning to get a extra secure view of our occasion calendar. It additionally, by the best way, permits us to have interaction with sponsors a lot earlier on as nicely. Not solely although are we specializing in income, however we’re specializing in closing the hole in direction of profitability. As you noticed, loss quarter-over-quarter narrowed. And that narrowed due to our group’s deal with this, stabilization across the firm, early stage firm, usually takes 3 to five years. We’re advancing that, I believe, a lot faster. For those who have a look at our DoubleTree asset inside 2, 2.5 years, stabilized worthwhile. I believe the identical factor goes to be the case for the middle for excellence. I believe the identical factor goes to be the case for the Sports activities Advanced.
So the steering I’d give is we’re persevering with to look asset by asset, however we’re doing this in a really built-in manner, uplift by something we’re doing in a single specific enterprise vertical, creating uplift within the different 2 as nicely. We’ll be specializing in that synergistic mannequin in a way more vital manner, however how we will do that’s we will implement a campus-wide working system. Expertise is the important thing. A lot of you e book holidays otherwise you e book experiences, the extra we give friends to advance e book once they’re coming right here, a meal or a keep, rides, parking, taking it and making it a really environment friendly course of, and we are able to do that by a brand new campus-wide working system, the upper the visitor engagement survey rating must be and the upper the chance for us to develop income.
And so we’re enthusiastic about launching that later this yr. I wish to additionally speak a little bit bit about our lodge. We proceed to deal with how can we develop our lodge in numerous methods with group bookings, with the issues that we’re doing there, I believe we’re very uniquely positioned out there and this asset, I am pleased with the group there and what they have been in a position to accomplish, however I additionally consider that there is quite a lot of room to develop, and I do know they’re extremely targeted on that. Bundling. So packaging experiences, and once more, that campus-wide working system permits ease of doing that. However we would like folks coming right here not for 1 go to to a Shula’s restaurant, we would like them coming for a Shula’s restaurant, a bourbon bar expertise, going to a water park possibly not in that order, however having a number of experiences whereas they’re right here to provide them a full day.
And a part of the metrics that we use this yr and final yr to gauge success: attendance progress, new and repeat visitation, but additionally size of keep. And in order we bundle packages as expertise permits us to have interaction with friends extra, we are able to enhance hyperlink this present day. As they keep longer, they’ve a greater expertise and so they spend extra. We’ve higher entry to their pockets. We will deal with attendance progress. We’re giving steering that we undertaking to get to about 3.5 million to three.7 million in attendance this yr. I believe we are able to obtain that. We’re targeted on bringing folks right here for brand spanking new occasions, new experiences. And as we open extra and program extra, I believe repeat visitation will proceed to develop. Different key priorities for us: restructuring our stability sheet.
I’ve talked about this previously. As instances have been tough by COVID after which the inflationary atmosphere that we have all needed to face provide chain points we have needed to face, we’re coming by this. However what that compelled us to do was finance all property individually. And my focus and our firm’s focus now could be to take these specific particular person asset financing devices and see if we are able to realign these. A lot of the debt we’ve within the firm is excellent long-term debt. A few of that isn’t. And so we have already engaged in extending among the debt that was coming due this yr. We have taken benefit of extensions and we’ll be extending these not less than for one more yr. However the main aim is to restructure the stability sheet to have extra fairness within the firm after which additionally the debt restructuring to make it long term and extra user-friendly for an early-stage firm.
We wish to proceed to deal with creating our section 2 property, Gameday Water Park and the Tapestry Lodge. So let me type of put some rumors to relaxation right here. Development has not stopped on the Gameday water park. We have launched photographs simply as current as final week and at this time displaying quite a lot of progress on the within of the water park, nevertheless it has slowed. And why has it slowed? As a result of as we have all the time stated, we is not going to overextend ourselves as we full monetary capital stack increase, we’ll proceed to extra aggressively pursue development. We completed the muse and the location work for the lodge. There’s quite a lot of work progressing nonetheless. The parking zone beside the water park is filled with tools that’s on the point of be put in into the water park, however our opening has been impacted by the slowing of our development there.
And so now we’re projecting a 2025 and I am hopeful early 2025 opening of the water park as a result of our aim is to finalize the capital inventory for each the lodge and the water park within the subsequent month or 2 months. And we have had a ton of help from our group, each on the metropolis, the county and the state degree. We’ve all the devices aligned. The trick is all the things has to shut on the similar time, and that is pretty difficult. And so whereas disappointing that I do not consider we’ll have it open by the tip of this yr, a number of months later, in ’25, we hope to have this asset open and able to roll and having an awesome expertise for our friends. Talking of expertise. At all times our aim is to deal with creating distinctive experiences and content material. And I believe you are seeing that and also you’re seeing that in our outcomes, proper?
You are seeing that in income. You are seeing that in attendance. You are seeing that in media views, social media views. Each metric that we’re utilizing grew in 2023 and we count on to have these issues develop in 2024 as nicely. Lastly, I am going to say we’re inspecting off-site asset growth. We’ve a plan to leverage entry to the model of the Professional Soccer Corridor of Fame that we’ve and probably create a lot smaller property, restaurant bar, cafe-type eating places which have programming, which have memorabilia, which have alternatives for our friends to have interaction with the groups within the cities that all these places would exist. We have employed anyone who’s an absolute professional at doing this. We’ve a plan, and we’ve a marketing strategy. This isn’t one thing that we intend to spend money on as an organization.
We’re not there but. However taking up companions or possibly spinning that off and having a separate alternative is one thing that we’re exploring. I stated lastly, however I’ll say one different factor. Partnerships are essential to us. So we’re persevering with to have a look at how we develop our partnership with the NFL. I used to be in New York 2 months in the past, I had the chance to fulfill with the commissioner and his group. We then shortly after that, introduced one of many largest flag soccer tournaments that the NFL host each single yr. we’ll be transferring to Canton, Ohio, and will probably be this yr, bringing actually hundreds of friends to our campus for a number of days. The variety of lodge rooms, the variety of meals, meals that must be served, rides, particular occasion areas, assembly area, these are the varieties of partnerships with the NFL that we wish to proceed to develop.
And I believe as we proceed to develop our capabilities and our skill to execute, it provides them confidence that we are able to do increasingly with them. We have been working with them very carefully on media with the NFL Movies division. We have produced a number of items of content material with them, Excellent 10 being a superb instance of that. I believe we will have a chance as a result of the NFL flag occasion is nationally televised to essentially showcase but once more the campus and all the things that we’ve to supply. These are very distinctive issues that quite a lot of firms our measurement haven’t got the chance to do. Our partnership with the Professional Soccer Corridor of Fame, they introduced a major enlargement and renovation over the following 3 years — 3 to five years, I ought to say, virtually $80 million value of recent enlargement.
I believe it enhances what we’re doing very nicely. We’re constructing new thrilling experiences right here. That’s the jewel that we’re constructing round. And I believe them changing into extra trendy, extra partaking, extra personalised. I do know Jim Porter and his group are doing a extremely good job specializing in a plan there, and we’re enthusiastic about how we are able to proceed to construct that partnership in a way more significant manner. And with that renovation, we hope new and thrilling friends come keep longer and provides a chance to showcase our campus as nicely. The identical weekend that we’re internet hosting or the identical week that we’re internet hosting the NFL flag occasion, we’re additionally internet hosting the American Corn Holding League Championships once more, second yr in a row, nationally totalized on ESPN, very busy week out right here.
We are actually seeing, as you noticed This fall final yr, our plan and our technique of flattening seasonality and pushing income by all 4 quarters come to life. However we may have extremely busy weekends over the course of the summer time. Put aside black school corridor of fame kickoff traditional. All of these occasions, we are actually including extra festivals, we’re now including extra organically constructed festivals. Our group is happy to have these alternatives to proceed to have interaction and develop our roster of occasions for our friends to get pleasure from. I am going to simply shut by saying this. I believe we have proven that executing our technique is delivering outcomes, and in some circumstances, delivering them on a way more expedited calendar than what we initially anticipated it to be. And I hope that what individuals are seeing is that whereas I do know there’s quite a lot of merchants on the market, there’s quite a lot of alternative to transform these into buyers.
This can be a inventory that I believe is undervalued. I’ve stated that earlier than. I believe the corporate has an awesome alternative to develop. The basics are there. We’ve the suitable focus and we’ve the suitable group. So I am very appreciative of all people who takes the time to know who we’re and actually values the expertise, the content material we create, the gaming environments, however I believe this firm will proceed to develop this yr in a really significant manner simply because it did final yr. So an thrilling ’24 forward of us. I am going to come again in only a few moments, however let me flip it over to John Van Buiten, our Principal Accounting Officer, and he’ll present us the monetary outcomes for This fall of final yr.
John Van Buiten : Thanks, Mike, and good morning, everybody. Shifting on to our monetary outcomes. Our fourth quarter complete income was $6.1 million, which represents a rise of 101% from the identical interval final yr. Income progress within the quarter was primarily pushed by occasion and rental income on the Corridor of Fame Village. Fiscal yr 2023 income as a complete was $24.1 million, which was a rise of 51% from the prior yr. For the complete yr, income progress was primarily pushed by elevated occasion and rental income on the Corridor of Fame Village in addition to increased working income at our DoubleTree Lodge. The corporate’s income combine continues to grow to be extra diversified as we’ve accomplished development of our — of lots of our section 2 property and have realized income from our media and gaming verticals.
This alteration in income combine highlights the synergies and which have various income streams that we’re creating throughout the firm, from occasion income, tenanting and leases, lodge and restaurant income, media and gaming. We count on that the income streams will proceed to develop and broaden in future years as we attain stabilization. Fourth quarter adjusted EBITDA was minus $1.9 million in comparison with minus $5.5 million in the identical quarter final yr. For the complete yr, adjusted EBITDA was minus $25.5 million in comparison with minus $26 million for 2022. The corporate continued to spend money on headcount and different useful resource wants as we have opened vacation spot property and developed our different enterprise verticals. We count on to see working leverage enhance all through the course of this fiscal yr.
The corporate posted a web lack of $20.2 million within the quarter. Included on this web loss, the corporate acknowledged an $8.8 million impairment expense, of which $7.7 million was associated to the anticipated sale of our Without end Garden Sports activities Advanced. Curiosity expense elevated to $4.7 million, ensuing from each increased debt balances in addition to decrease capitalized curiosity as property are positioned into service. This was partially offset by $4.1 million in different revenue representing the acquire on the end result of the arbitration with Johnson Controls. Shifting to the stability sheet. We completed the quarter with a money and liquid funding stability of roughly $12 million, which was largely unchanged from the stability on the finish of the third quarter. The corporate’s utilization of money was attributed to working actions in addition to development expenditures, which totaled roughly $15 million through the fourth quarter.
Our web debt stability elevated to $219 million in comparison with $202 million on the finish of the prior quarter. The rise in notes payable through the quarter was primarily as a result of new drawdowns beneath our fan engagement zone senior mortgage, which was beforehand reassigned to CH Capital Lending in addition to accruals of paid-in-kind curiosity. Relating to upcoming debt maturities this yr, we’ve already offered discover to IRG and its affiliate lenders to train the 1-year extension for the roughly $49 million in debt coming due on the finish of this month. As we’ve famous in prior quarters, we’re working to restructure and optimize our total capital construction in a manner that gives the corporate one of the best alternative to maneuver effectively in direction of continued stabilization of all aspects of our said enterprise mannequin.
Current macro traits and credit score circumstances have resulted in vital tightening within the lending markets and better borrowing prices. We proceed to work in direction of closing all the essential financing required for the remaining section 2 development, together with a number of financing transactions associated to our Gameday Bay Water Park and Onsite Tapestry Lodge. To reiterate, we’re in a really difficult and restrictive credit score atmosphere, however we’re working diligently in direction of closing the remaining development financing wanted to fund these vital property. Shifting to our 2024 monetary steering. We expect income to be within the vary of $27 million to $30 million primarily based on present water park development time line. We’re guiding to an adjusted EBITDA loss within the mid-teens hundreds of thousands vary.
As we’ve highlighted, the corporate in our Corridor of Fame Village are within the very early progress phases. Following the sale of 80% of our possession of the Without end Lengthy Sports activities Advanced, we is not going to be recognizing future income or adjusted EBITDA from the asset as a result of accounting guidelines. The ensuing revenue will as an alternative be proven as revenue from our funding going ahead. The corporate is very targeted on expense administration and staying lean the place doable, whereas on the similar time balancing the necessity to make investments as a way to help our continued progress. We count on elevated diversification of income and EBITDA throughout a number of streams, with each driving synergies to help the ecosystem that we’re working to construct. In closing, the corporate is aware of the present financial atmosphere and can stay intensely targeted on driving profitability by various income streams and disciplined value administration whereas making strategic investments to help our continued progress.
Lastly, as you have come to count on, we’ll proceed to offer clear and well timed updates to our shareholders as we transfer forward. Operator, we’d now wish to open the road for any questions.
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