Q1 2025 Highlights & Management Commentary Seaport Entertainment Group's Q1 2025 saw productive operational advancements, including internalized food and beverage and new programming, leading to a $31.9 million net loss - Management highlighted a productive start to the year, focusing on internalizing food and beverage operations, advancing programming, and positioning the company for a strong spring and summer season2 - Key operational achievements include internalizing food and beverage operations, signing a 74,497 square foot lease with Meow Wolf, and planning a new 17,500 square foot event space at Pier 173 Q1 2025 Key Financial Results | Metric | Value | Per Share | | :--- | :--- | :--- | | Net Loss | ($31.9) million | ($2.51) | | Non-GAAP Adjusted Net Loss | ($22.8) million | ($1.79) | Financial Performance Q1 2025 financial performance showed top-line growth, improved profitability, and a solid balance sheet with strong cash and manageable long-term debt Quarterly Operating Results (Q1 2025 vs Q1 2024) Q1 2025 total revenues increased 10.7% to $16.1 million, narrowing net loss attributable to common stockholders by 27.7% to ($31.9) million - The year-over-year increase in total revenues was impacted by the consolidation of the Tin Building by Jean-Georges as of January 1, 20255 Q1 2025 vs. Q1 2024 Financial Summary (in thousands, except per share data) | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | Variance (%) | | :--- | :--- | :--- | :--- | | Total Revenues | $16,069 | $14,511 | 10.7% | | Net Loss | ($31,538) | ($44,078) | 28.4% | | Net Loss Attributable to Common Stockholders | ($31,888) | ($44,078) | 27.7% | | Net Loss Per Share | ($2.51) | ($7.98) | 68.5% | | Non-GAAP Adjusted Net Loss | ($22,758) | ($34,644) | 34.3% | | Non-GAAP Adjusted Net Loss Per Share | ($1.79) | ($6.27) | 71.4% | Balance Sheet and Liquidity As of March 31, 2025, the company maintained $132.0 million in cash and equivalents, with $102.4 million in consolidated debt maturing in approximately 8.0 years - The company's debt structure is entirely asset-specific secured debt, with no meaningful maturities until Q3 2029, providing financial stability7 Debt and Liquidity Summary (as of March 31, 2025) | Metric | Value | | :--- | :--- | | Cash, Cash Equivalents & Restricted Cash | $132.0 million | | Consolidated Debt Outstanding | $102.4 million | | Effective Weighted-Average Interest Rate | 7.3% | | Weighted-Average Debt Maturity | ~8.0 years | Financial Statements This section presents detailed unaudited financial statements for Q1 2025, including Consolidated Balance Sheets, Statements of Operations, and GAAP to Non-GAAP reconciliations Consolidated Balance Sheets As of March 31, 2025, total assets were $718.4 million, total liabilities $177.4 million, and total equity $541.1 million, with a slight decrease from year-end 2024 Balance Sheet Comparison (in thousands) | Account | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Total Assets | $718,414 | $743,556 | | Cash and cash equivalents | $129,921 | $165,667 | | Total Liabilities | $177,355 | $172,174 | | Total Equity | $541,059 | $571,382 | Consolidated and Combined Statements of Operations Q1 2025 operations show Hospitality revenue increased to $7.7 million, total expenses grew to $48.8 million, and net loss improved to ($31.5) million from ($44.1) million Revenue Breakdown - Q1 2025 vs Q1 2024 (in thousands) | Revenue Source | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Hospitality revenue | $7,735 | $4,077 | | Entertainment revenue | $4,209 | $3,564 | | Rental revenue | $3,789 | $6,537 | | Total Revenues | $16,069 | $14,511 | Profitability Metrics - Q1 2025 vs Q1 2024 (in thousands) | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Total Expenses | $48,771 | $45,840 | | Operating Loss | ($32,702) | ($31,321) | | Net Loss | ($31,538) | ($44,078) | Reconciliation of GAAP to Non-GAAP Measures This section reconciles Q1 2025 GAAP net loss of ($31.9) million to Non-GAAP adjusted net loss of ($22.8) million, with key adjustments for depreciation and non-cash compensation Reconciliation to Non-GAAP Adjusted Net Loss - Q1 2025 (in thousands) | Line Item | Amount (in thousands) | | :--- | :--- | | Net loss attributable to common stockholders (GAAP) | ($31,888) | | Depreciation and amortization | $8,098 | | Non-cash compensation | $2,037 | | Straight line rent, net | $655 | | Capitalized interest | ($1,660) | | Non-GAAP adjusted net loss | ($22,758) | Other Information This section provides supplementary information, including investor call details, a corporate overview, forward-looking statements, and Non-GAAP financial measure explanations Investor Conference Call and Webcast An investor conference call and webcast to discuss Q1 2025 results is scheduled for May 13, 2025, at 8:30 AM ET - A conference call to discuss Q1 2025 results is scheduled for Tuesday, May 13, 2025, at 8:30 AM ET8 - An audio webcast will be available through the 'Investors' section of the company's website, with a replay available until May 27, 20259 About Seaport Entertainment Group & Forward-Looking Statements Seaport Entertainment Group is an entertainment and hospitality company, with forward-looking statements subject to various risks and uncertainties - The company's business model focuses on owning, operating, and developing assets that combine entertainment, restaurant, sports, retail, and hospitality offerings11 - The forward-looking statements section lists numerous risk factors, including macroeconomic conditions, consumer spending patterns, and real estate industry trends that could impact actual results12 Non-GAAP Financial Measures The company utilizes Non-GAAP financial measures, like Adjusted Net Loss, to supplement GAAP results by excluding non-cash or non-recurring items, with reconciliations provided - The company believes Non-GAAP measures like Non-GAAP Adjusted Net Loss provide a meaningful supplement to its operating performance by removing potential distortions and certain non-cash items1314 - Adjustments to derive Non-GAAP Adjusted Net Loss include excluding depreciation, amortization, non-cash compensation, straight-line rental revenue, and other non-recurring items16
Seaport Entertainment Group Inc.(SEG) - 2025 Q1 - Quarterly Results