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Seaport Entertainment Group Inc.(SEG) - 2025 Q1 - Earnings Call Transcript
2025-05-13 13:32
Financial Data and Key Metrics Changes - Total consolidated revenues for Q1 2025 were $16.1 million, representing a 12% year-over-year decrease compared to pro forma Q1 2024 [18] - First quarter net loss attributed to common stockholders was $31.9 million, an improvement of $12.2 million or 28% versus the comparable period in 2024 [24] - Non-GAAP adjusted net loss attributable to common stockholders for Q1 was $22.8 million, representing an improvement of $11.9 million or more than 34% versus the comparable period in 2024 [24] - General and administrative expenses during the quarter were just under $10 million, resulting in a year-over-year reduction of 41% [22] Business Line Data and Key Metrics Changes - Hospitality segment revenues decreased 16%, with same-store hospitality revenues down 12% year-over-year [5][19] - Entertainment revenue increased 18% versus Q1 2024, benefiting from increased Seaport Winter activation revenue and higher ticket sales [20] - Landlord segment operating EBITDA increased 13% versus Q1 2024, primarily due to better expense management [22] Market Data and Key Metrics Changes - The Las Vegas Aviators reached the midpoint of the 2025 season in first place atop the AAA Minor League standings, indicating strong performance [11] - The company hosted various events, including the Las Vegas College Baseball Classic and the West Coast Conference Baseball Tournament, contributing to ticket sales and attendance [11] Company Strategy and Development Direction - The main priority is to achieve breakeven in 2026, profitability in 2027, and stabilize the current asset base by 2028 [4] - Strategies include evolving the TIM building experience, monetizing non-cash flowing assets, and optimizing the Las Vegas Ballpark [4] - The company aims to transform the Seaport into a year-round vibrant neighborhood, enhancing its entertainment and hospitality offerings [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges of cash burn and emphasized the importance of strategic initiatives to improve operational performance [4][26] - The company is optimistic about the future, citing strong demand for private events and improved performance in various segments [24][26] Other Important Information - Capital expenditures in Q1 2025 totaled $16.5 million, primarily related to the build-out of Catano, NYC [25] - The marketing process for 250 Water Street has attracted over 130 potential buyers or partners [14][15] Q&A Session Summary - No specific questions and answers were provided in the content, indicating a focus on prepared remarks rather than an interactive Q&A session.