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LuxUrban Hotels (LUXH) investor relations material
LuxUrban Hotels Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary20 Nov, 2024
Executive summary
Net rental revenue for Q3 2024 was $13.1M, down 58% year-over-year, reflecting a streamlined hotel portfolio and exit from underperforming properties; gross loss was $16.8M versus a $7.8M profit last year.
Nine-month net rental revenue fell 47% to $45.3M, with a gross loss of $60.6M compared to a $23.4M profit in the prior year; net loss for the period was $99.5M, up from $24.6M.
Management transitions included new CEO, CFO, and board members, bringing over 60 years of industry experience and a consulting agreement with the founder.
The company exited underperforming hotels, focused on the New York market, and implemented cost-cutting and operational improvements under the “LuxUrban 2.0” initiative.
Liquidity remains a concern, with a working capital deficit of $80.8M and cash of $0.2M at quarter-end; substantial doubt exists about the company’s ability to continue as a going concern.
Financial highlights
Q3 2024 net rental revenue: $13.1M (down 58% YoY); nine-month net rental revenue: $45.3M (down 47% YoY).
Q3 2024 gross loss: $16.8M (vs. $7.8M profit prior year); nine-month gross loss: $60.6M (vs. $23.4M profit prior year).
Q3 2024 net loss: $31.0M (vs. $4.9M profit prior year); nine-month net loss: $100.2M (vs. $24.6M loss prior year).
Total operating expenses rose to $12.1M in Q3 2024 from $2.7M in Q3 2023, mainly due to a $9.7M litigation reserve.
Cash and equivalents at September 30, 2024: $0.2M; total current liabilities: $83.6M.
Outlook and guidance
Management expects Q4 to benefit from seasonally strong New York hotel demand and higher daily rates.
Ongoing focus on cost reduction, operational efficiency, and securing additional capital; positive property-level cash flow anticipated but legacy liabilities remain a challenge.
Strategic initiatives include a proposed joint venture to enhance operations and guest experience, with potential $7M initial investment.
95% of legacy pre-sold room inventory expected to be utilized by end of 2024, with new higher rates available in Q1 2025.
Strategic focus on long-term master lease agreements and dynamic pricing to drive future growth.
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Frequently asked questions
LuxUrban Hotels Inc. is a U.S.-based hospitality company that operates and manages short-term rental accommodations primarily in major metropolitan areas. The company partners with property owners to lease, renovate, and manage properties, converting them into hotel-style lodging options available through its online booking platform. Focused on urban locations, LuxUrban aims to provide guests with comfortable, centrally located accommodations suited for both business and leisure travel. The company is headquartered in Miami, Florida, and its shares are listed on the NASDAQ.
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