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    Edward Reily

    Research Analyst at EF Hutton

    Edward Reily's questions to SALEM MEDIA GROUP, INC. /DE/ (SALM) leadership

    Edward Reily's questions to SALEM MEDIA GROUP, INC. /DE/ (SALM) leadership • Q1 2023

    Question

    Edward Reily from EF Hutton inquired about the outlook for political advertising revenue for the remainder of 2023 and into the next year, and also requested a segment-level breakdown for the Q2 revenue guidance.

    Answer

    CEO David Santrella stated that while formal proposals for political advertising have not yet been received, preliminary discussions are underway. COO David Evans added that they expect political revenue to materialize in Q3 and Q4, coinciding with the start of Republican debates. Regarding Q2 guidance, Santrella declined to break it down by segment but highlighted that a lighter book publishing schedule is a key driver of the expected decline, while Evans noted that digital remains the strongest performing area.

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    Edward Reily's questions to Drive Shack (DSHK) leadership

    Edward Reily's questions to Drive Shack (DSHK) leadership • Q2 2022

    Question

    Edward Reily sought clarification on the $2.5 million sequential increase in G&A, the potential value of real estate monetization, whether the F&B gross margin decline was linked to the inventory true-up, and the rationale behind changing real estate brokers for the Puttery expansion.

    Answer

    Executive Kelley Buchhorn and CEO Hana Khouri explained the G&A increase was a planned, one-time adjustment to build corporate staff to support Puttery's growth and is now at a normalized level. Khouri confirmed they are evaluating all assets for potential sale to fund growth but did not provide specific values. She also affirmed the F&B gross margin decline was directly attributable to the one-time inventory true-up. The change to a national real estate broker was made to gain broader reach, expedite timelines, and better navigate permitting and zoning hurdles to meet development goals.

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    Edward Reily's questions to Drive Shack (DSHK) leadership • Q4 2021

    Question

    Edward Reily asked about the impact of the December COVID-19 surge on Puttery traffic, recent traffic trends, the drivers of strong food and beverage margins, and the company's long-term potential to expand into other 'eatertainment' concepts.

    Answer

    CEO Hana Khouri reported that the December COVID surge did not negatively affect traffic at either Puttery location. She noted that the company is improving its data collection to provide more detailed guest traffic metrics in the future. Both CEO Hana Khouri and CFO Michael Nichols attributed the strong F&B margins to the high proportion of alcohol sales, which make up about 80% of Puttery's F&B revenue. Regarding future growth, Khouri acknowledged the long-term potential for new concepts but emphasized that the company's immediate focus is on executing the Puttery rollout.

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