Financial Performance - Seaport Entertainment Group reported a net loss of $32.5 million, or $5.89 per share, for Q3 2024, a significant improvement from a net loss of $736.2 million, or $133.31 per share, in Q3 2023[3]. - Total revenues for Q3 2024 were $39.7 million, slightly down from $40.5 million in the same quarter last year, representing a decrease of 1.9%[3]. - Year-to-date revenues for the nine months ended September 30, 2024, totaled $88.3 million, down 4.8% from $92.8 million in the same period of 2023[8]. - The net loss for the nine months ended September 30, 2024, was $111.3 million, a reduction of 86.1% compared to a net loss of $802.1 million in the prior year[8]. - Operating loss for the three months ended September 30, 2024, was $(20,000,000), significantly improved from a loss of $(688,895,000) in the same quarter of 2023[19]. - Net loss attributable to common stockholders for the three months ended September 30, 2024, was $(32,511,000), compared to $(736,154,000) in 2023[19]. - Basic earnings per share for the three months ended September 30, 2024, was $(5.89), an improvement from $(133.31) in the same period of 2023[19]. Revenue Breakdown - Sponsorships, events, and entertainment revenue increased slightly to $24,703,000 from $24,482,000, while hospitality revenue decreased to $8,817,000 from $10,677,000[19]. - Total revenues for the three months ended September 30, 2024, were $39,697,000, a decrease of 1.95% from $40,486,000 in the same period of 2023[19]. Expenses and Costs - Total expenses rose to $64,495,000 for the three months ended September 30, 2024, compared to $56,912,000 in 2023, marking an increase of 13.5%[19]. - General and administrative expenses surged to $18,319,000 in Q3 2024, up from $7,220,000 in Q3 2023, reflecting a 153% increase[19]. - Depreciation and amortization expenses decreased to $7,694,000 in Q3 2024 from $13,636,000 in Q3 2023, a reduction of 43.5%[19]. - Interest expense for the three months ended September 30, 2024, was $(3,133,000), compared to $(592,000) in the same period of 2023, indicating an increase in interest costs[19]. Cash and Debt Position - As of September 30, 2024, the company had $27.8 million in cash and cash equivalents, with an additional $5.0 million available under its revolving credit facility[9]. - The company has $103.4 million in consolidated debt with a weighted-average interest rate of 8.0%, and 41% of this debt is fixed at a weighted-average interest rate of 4.9%[9]. Strategic Initiatives - The company completed a rights offering on October 17, 2024, issuing 7,000,000 shares at $25.00 per share, generating net proceeds of approximately $166.7 million[4]. - Seaport Entertainment Group extended its programming agreement with Live Nation for The Rooftop at Pier 17 for five years, effective January 1, 2025[5]. - The company plans to launch year-round concert and event programming at The Rooftop at Pier 17 starting in fall/winter 2025[5]. - The company is focusing on long-term value creation through strategic partnerships and enhancing operational efficiencies to strengthen cash flow[6].
Seaport Entertainment Group Inc.(SEG) - 2024 Q3 - Quarterly Results