Drive Shack Financials

DSHK

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2022 Currency USD FYE December

This page shows Drive Shack (DSHK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 23/100

Based on FY2021 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Drive Shack has an operating margin of -7.3%, meaning the company retains $-7 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -16.7% the prior year.

Growth

100

Drive Shack's revenue surged 28.1% year-over-year to $281.9M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Drive Shack has elevated debt relative to equity (D/E of 15.95), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Drive Shack's current ratio of 0.91 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 16/100, which could limit financial flexibility.

Cash Flow

While Drive Shack generated $254K in operating cash flow, capex of $32.6M consumed most of it, leaving -$32.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

5/9

Drive Shack passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.01x

For every $1 of reported earnings, Drive Shack generates $-0.01 in operating cash flow ($254K OCF vs -$31.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-1.9x

Drive Shack earns $-1.9 in operating income for every $1 of interest expense (-$20.6M vs $10.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$281.9M

YoY+28.1%

5Y CAGR-1.2%

10Y CAGR-0.4%

Drive Shack generated $281.9M in revenue in fiscal year 2021. This represents an increase of 28.1% from the prior year.

EBITDA

$3.4M

YoY+135.8%

Drive Shack's EBITDA was $3.4M in fiscal year 2021, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 135.8% from the prior year.

Free Cash Flow

-$32.3M

YoY-169.4%

Drive Shack generated -$32.3M in free cash flow in fiscal year 2021, representing cash available after capex. This represents a decrease of 169.4% from the prior year.

Net Income

-$31.4M

YoY+44.3%

Drive Shack reported -$31.4M in net income in fiscal year 2021. This represents an increase of 44.3% from the prior year.

EPS (Diluted)

$-0.41

YoY+55.4%

Drive Shack earned $-0.41 per diluted share (EPS) in fiscal year 2021. This represents an increase of 55.4% from the prior year.

Cash & Debt

$58.3M

YoY+22.0%

5Y CAGR-16.1%

10Y CAGR-9.4%

Drive Shack held $58.3M in cash against $0 in long-term debt as of fiscal year 2021.

Dividends Per Share

N/A

Shares Outstanding

92M

YoY+36.8%

5Y CAGR+6.6%

10Y CAGR-1.3%

Drive Shack had 92M shares outstanding in fiscal year 2021. This represents an increase of 36.8% from the prior year.

Gross Margin

95.5%

YoY-0.5pp

5Y CAGR+2.7pp

Drive Shack's gross margin was 95.5% in fiscal year 2021, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.

Operating Margin

-7.3%

YoY+9.3pp

5Y CAGR+5.8pp

Drive Shack's operating margin was -7.3% in fiscal year 2021, reflecting core business profitability. This is up 9.3 percentage points from the prior year.

Net Margin

-11.1%

YoY+14.5pp

5Y CAGR-37.0pp

10Y CAGR-115.3pp

Drive Shack's net profit margin was -11.1% in fiscal year 2021, showing the share of revenue converted to profit. This is up 14.5 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$32.6M

YoY+205.3%

5Y CAGR+21.0%

Drive Shack invested $32.6M in capex in fiscal year 2021, funding long-term assets and infrastructure. This represents an increase of 205.3% from the prior year.

DSHK Income Statement

Metric	FY21	FY20	FY19	FY18	FY17	FY16
Revenue	$281.9M+28.1%	$220.0M-19.1%	$272.1M-13.5%	$314.4M+7.4%	$292.6M-2.1%	$298.9M
Cost of Revenue	$12.8M+45.1%	$8.8M-41.9%	$15.2M-24.5%	$20.2M-3.8%	$21.0M-2.9%	$21.6M
Gross Profit	$269.1M+27.4%	$211.2M-17.8%	$256.8M-12.7%	$294.2M+8.3%	$271.6M-2.0%	$277.3M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$33.8M+8.1%	$31.3M-34.8%	$48.0M+24.4%	$38.6M+22.8%	$31.4M+7.7%	$29.2M
Operating Income	-$20.6M+43.7%	-$36.6M+45.6%	-$67.3M-154.5%	-$26.4M+41.1%	-$44.9M-14.6%	-$39.2M
Interest Expense	$10.7M-3.2%	$11.0M+0.3%	$11.0M-39.9%	$18.3M-7.6%	$19.8M-62.5%	$52.9M
Income Tax	$1.8M+4.3%	$1.7M+166.0%	$641K+125.7%	$284K-70.6%	$965K+410.6%	$189K
Net Income	-$31.4M+44.3%	-$56.4M-2.7%	-$54.9M-41.8%	-$38.7M+8.3%	-$42.2M-154.6%	$77.3M
EPS (Diluted)	$-0.41+55.4%	$-0.92-2.2%	$-0.90-36.4%	$-0.66+7.0%	$-0.71-168.3%	$1.04

Metric	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20
Revenue	$88.7M+2.3%	$86.7M+25.7%	$69.0M-2.2%	$70.5M-7.6%	$76.4M+3.4%	$73.9M+20.9%	$61.1M+1.3%	$60.3M
Cost of Revenue	$5.0M-13.9%	$5.8M+72.2%	$3.4M	N/A	$3.7M+17.3%	$3.2M+49.8%	$2.1M	N/A
Gross Profit	$83.7M+3.4%	$80.9M+23.3%	$65.6M	N/A	$72.7M+2.7%	$70.7M+19.9%	$59.0M	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$8.6M-25.8%	$11.6M+27.5%	$9.1M	N/A	$9.7M+20.6%	$8.0M+0.6%	$8.0M	N/A
Operating Income	-$5.2M+18.4%	-$6.4M+65.4%	-$18.4M-133.4%	-$7.9M-33.1%	-$5.9M-662.3%	$1.1M+113.4%	-$7.9M-115.9%	-$3.6M
Interest Expense	$2.6M-26.5%	$3.5M+34.1%	$2.6M	N/A	$2.6M-5.3%	$2.8M+4.6%	$2.6M-80.7%	$13.7M
Income Tax	$472K-45.6%	$868K+20.4%	$721K+230.7%	$218K-64.6%	$616K+36.9%	$450K-9.1%	$495K+13.5%	$436K
Net Income	-$7.2M+24.2%	-$9.4M+50.3%	-$19.0M-96.6%	-$9.6M-9.0%	-$8.9M-349.5%	-$2.0M+81.9%	-$10.9M-209.6%	$9.9M
EPS (Diluted)	$-0.09+25.0%	$-0.12+45.5%	$-0.22-83.3%	$-0.12-9.1%	$-0.11-175.0%	$-0.04+73.3%	$-0.15-215.4%	$0.13

DSHK Balance Sheet

Metric	FY21	FY20	FY19	FY18	FY17	FY16
Total Assets	$482.8M+5.6%	$457.1M-11.4%	$516.0M+28.4%	$401.9M-25.1%	$536.6M-54.2%	$1.2B
Current Assets	$100.8M+39.8%	$72.1M-2.9%	$74.3M-60.8%	$189.4M-8.7%	$207.5M-75.9%	$861.1M
Cash & Equivalents	$58.3M+22.0%	$47.8M+68.1%	$28.4M-64.1%	$79.2M-52.7%	$167.7M+19.7%	$140.1M
Inventory	$2.2M+14.3%	$1.9M-29.4%	$2.8M-3.3%	$2.9M-39.5%	$4.7M+5.0%	$4.5M
Accounts Receivable	$5.6M+25.1%	$4.4M-15.3%	$5.2M-30.2%	$7.5M-14.4%	$8.8M+9.1%	$8.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$452.9M+1.3%	$447.0M-0.8%	$450.4M+68.5%	$267.3M-26.9%	$365.6M-61.7%	$953.9M
Current Liabilities	$110.7M+8.6%	$102.0M+9.6%	$93.1M-10.2%	$103.7M-0.3%	$104.0M-85.1%	$698.2M
Long-Term Debt	N/A	N/A	N/A	$10.5M-90.6%	$112.1M+0.5%	$111.6M
Total Equity	$28.4M+182.9%	$10.0M-84.7%	$65.6M-51.3%	$134.7M-21.3%	$171.1M-21.6%	$218.1M
Retained Earnings	-$3.3B-1.1%	-$3.2B-1.8%	-$3.2B-2.3%	-$3.1B-1.3%	-$3.1B-1.6%	-$3.0B

Metric	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20
Total Assets	$455.7M-0.5%	$458.0M-4.5%	$479.7M-0.6%	$482.8M-0.3%	$484.5M-2.3%	$495.8M-0.8%	$499.9M+9.4%	$457.1M
Current Assets	$59.0M-10.6%	$66.0M-25.6%	$88.7M-12.1%	$100.8M-2.5%	$103.4M-10.2%	$115.2M+0.2%	$115.0M+59.4%	$72.1M
Cash & Equivalents	$11.7M-48.6%	$22.7M-48.5%	$44.1M-24.4%	$58.3M-8.7%	$63.9M-21.6%	$81.4M-5.2%	$85.9M+79.8%	$47.8M
Inventory	$2.9M+4.7%	$2.8M+5.0%	$2.7M+19.2%	$2.2M+5.8%	$2.1M+7.8%	$2.0M-2.9%	$2.0M+3.2%	$1.9M
Accounts Receivable	$5.9M+2.1%	$5.7M+6.0%	$5.4M-2.8%	$5.6M+36.2%	$4.1M-10.8%	$4.6M-11.0%	$5.1M+15.7%	$4.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$468.4M+1.6%	$461.0M-2.1%	$470.9M+4.0%	$452.9M+2.1%	$443.7M-0.6%	$446.3M-0.3%	$447.5M+0.1%	$447.0M
Current Liabilities	$109.8M+4.1%	$105.5M-3.5%	$109.2M-1.4%	$110.7M+21.3%	$91.3M-3.5%	$94.6M-0.2%	$94.8M-7.0%	$102.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$15.4M-204.8%	-$5.1M-169.0%	$7.3M-74.1%	$28.4M-28.6%	$39.8M-19.6%	$49.5M-5.5%	$52.4M+421.9%	$10.0M
Retained Earnings	-$3.3B-0.3%	-$3.3B-0.3%	-$3.3B-0.6%	-$3.3B-0.3%	-$3.3B-0.3%	-$3.2B-0.1%	-$3.2B-0.4%	-$3.2B

DSHK Cash Flow Statement

Metric	FY21	FY20	FY19	FY18	FY17	FY16
Operating Cash Flow	$254K+119.2%	-$1.3M+95.3%	-$28.1M-290.4%	-$7.2M+41.8%	-$12.4M-232.2%	$9.4M
Capital Expenditures	$32.6M+205.3%	$10.7M-85.7%	$74.9M+20.1%	$62.4M+81.8%	$34.3M+172.8%	$12.6M
Free Cash Flow	-$32.3M-169.4%	-$12.0M+88.4%	-$103.0M-48.1%	-$69.6M-49.1%	-$46.7M-1354.7%	-$3.2M
Investing Cash Flow	-$32.6M-230.7%	$24.9M+308.0%	-$12.0M-146.3%	$25.9M-96.1%	$656.6M+536.7%	-$150.3M
Financing Cash Flow	$44.1M+1028.1%	-$4.7M+55.8%	-$10.7M+90.2%	-$109.6M+82.2%	-$617.0M-359.9%	$237.4M
Dividends Paid	$5.1M+1000.2%	$465K	$0	$0-100.0%	$8.0M-74.9%	$32.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20
Operating Cash Flow	$14.4M+24561.0%	-$59K+97.6%	-$2.5M-130.3%	$8.1M+197.4%	-$8.3M-203.9%	$8.0M+206.2%	-$7.6M-874.2%	$976K
Capital Expenditures	$22.2M+24.5%	$17.8M+62.5%	$11.0M+6.1%	$10.3M+69.1%	$6.1M-36.3%	$9.6M+46.7%	$6.5M+512.5%	$1.1M
Free Cash Flow	-$7.8M+56.6%	-$17.9M-33.2%	-$13.4M-507.0%	-$2.2M+84.7%	-$14.4M-818.6%	-$1.6M+88.8%	-$14.1M-15223.9%	-$92K
Investing Cash Flow	-$22.0M-24.3%	-$17.7M-116.6%	-$8.2M+20.8%	-$10.3M-69.1%	-$6.1M+36.3%	-$9.6M-46.7%	-$6.5M-118.9%	$34.6M
Financing Cash Flow	-$3.2M+6.2%	-$3.4M+5.7%	-$3.6M-12.6%	-$3.2M-8.9%	-$3.0M-16.1%	-$2.6M-104.9%	$52.8M+4261.3%	-$1.3M
Dividends Paid	$1.4M0.0%	$1.4M0.0%	$1.4M+103.6%	-$39.0M-2893.4%	$1.4M0.0%	$1.4M+50.0%	$930K-88.3%	$8.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

DSHK Financial Ratios

Metric	FY21	FY20	FY19	FY18	FY17	FY16
Gross Margin	95.5%-0.5pp	96.0%+1.6pp	94.4%+0.8pp	93.6%+0.7pp	92.8%+0.1pp	92.8%
Operating Margin	-7.3%+9.3pp	-16.7%+8.1pp	-24.7%-16.3pp	-8.4%+6.9pp	-15.3%-2.2pp	-13.1%
Net Margin	-11.1%+14.5pp	-25.6%-5.5pp	-20.2%-7.9pp	-12.3%+2.1pp	-14.4%-40.3pp	25.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	35.5%
Return on Assets	-6.5%+5.8pp	-12.3%-1.7pp	-10.6%-1.0pp	-9.6%-1.8pp	-7.9%-14.5pp	6.6%
Current Ratio	0.91+0.2	0.71-0.1	0.80-1.0	1.83-0.2	2.00+0.8	1.23
Debt-to-Equity	15.95-28.6	44.54+37.7	6.87+6.8	0.08-0.6	0.66+0.1	0.51
FCF Margin	-11.5%-6.0pp	-5.5%+32.4pp	-37.9%-15.7pp	-22.1%-6.2pp	-16.0%-14.9pp	-1.1%

Metric	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21	Q2'21	Q1'21	Q4'20
Gross Margin	94.4%+1.1pp	93.3%-1.8pp	95.1%	N/A	95.2%-0.6pp	95.7%-0.8pp	96.6%	N/A
Operating Margin	-5.9%+1.5pp	-7.3%+19.3pp	-26.7%-15.5pp	-11.2%-3.4pp	-7.8%-9.2pp	1.4%+14.3pp	-12.9%-6.8pp	-6.0%
Net Margin	-8.1%+2.8pp	-10.9%+16.6pp	-27.5%-13.8pp	-13.7%-2.1pp	-11.6%-8.9pp	-2.7%+15.2pp	-17.8%-34.4pp	16.5%
Return on Equity	8.0%+6.7pp	1.2%-27.7pp	28.9%	N/A	N/A	N/A	N/A	99.1%
Return on Assets	-1.6%+0.5pp	-2.1%+1.9pp	-4.0%-1.9pp	-2.0%-0.2pp	-1.8%-1.4pp	-0.4%+1.8pp	-2.2%-4.4pp	2.2%
Current Ratio	0.54-0.1	0.63-0.2	0.81-0.1	0.91-0.2	1.13-0.1	1.220.0	1.21+0.5	0.71
Debt-to-Equity	-30.35+60.7	-91.04-155.2	64.14+48.2	15.95+4.8	11.15+2.1	9.01+0.5	8.54-36.0	44.54
FCF Margin	-8.7%+11.9pp	-20.6%-1.2pp	-19.5%-16.3pp	-3.1%+15.8pp	-18.9%-16.8pp	-2.1%+21.0pp	-23.1%-22.9pp	-0.1%

Note: The current ratio is below 1.0 (0.91), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Drive Shack's annual revenue?

Drive Shack (DSHK) reported $281.9M in total revenue for fiscal year 2021. This represents a 28.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Drive Shack's revenue growing?

Drive Shack (DSHK) revenue grew by 28.1% year-over-year, from $220.0M to $281.9M in fiscal year 2021.

Is Drive Shack profitable?

No, Drive Shack (DSHK) reported a net income of -$31.4M in fiscal year 2021, with a net profit margin of -11.1%.

What is Drive Shack's earnings per share (EPS)?

Drive Shack (DSHK) reported diluted earnings per share of $-0.41 for fiscal year 2021. This represents a 55.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Drive Shack's EBITDA?

Drive Shack (DSHK) had EBITDA of $3.4M in fiscal year 2021, measuring earnings before interest, taxes, depreciation, and amortization.

What is Drive Shack's gross margin?

Drive Shack (DSHK) had a gross margin of 95.5% in fiscal year 2021, indicating the percentage of revenue retained after direct costs of goods sold.

What is Drive Shack's operating margin?

Drive Shack (DSHK) had an operating margin of -7.3% in fiscal year 2021, reflecting the profitability of core business operations before interest and taxes.

What is Drive Shack's net profit margin?

Drive Shack (DSHK) had a net profit margin of -11.1% in fiscal year 2021, representing the share of revenue converted into profit after all expenses.

What is Drive Shack's free cash flow?

Drive Shack (DSHK) generated -$32.3M in free cash flow during fiscal year 2021. This represents a -169.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Drive Shack's operating cash flow?

Drive Shack (DSHK) generated $254K in operating cash flow during fiscal year 2021, representing cash generated from core business activities.

What are Drive Shack's total assets?

Drive Shack (DSHK) had $482.8M in total assets as of fiscal year 2021, including both current and long-term assets.

What are Drive Shack's capital expenditures?

Drive Shack (DSHK) invested $32.6M in capital expenditures during fiscal year 2021, funding long-term assets and infrastructure.

How many shares does Drive Shack have outstanding?

Drive Shack (DSHK) had 92M shares outstanding as of fiscal year 2021.

What is Drive Shack's current ratio?

Drive Shack (DSHK) had a current ratio of 0.91 as of fiscal year 2021, which is below 1.0, which may suggest potential liquidity concerns.

What is Drive Shack's debt-to-equity ratio?

Drive Shack (DSHK) had a debt-to-equity ratio of 15.95 as of fiscal year 2021, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Drive Shack's return on assets (ROA)?

Drive Shack (DSHK) had a return on assets of -6.5% for fiscal year 2021, measuring how efficiently the company uses its assets to generate profit.

What is Drive Shack's Piotroski F-Score?

Drive Shack (DSHK) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Drive Shack's earnings high quality?

Drive Shack (DSHK) has an earnings quality ratio of -0.01x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Drive Shack cover its interest payments?

Drive Shack (DSHK) has an interest coverage ratio of -1.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Drive Shack?

Drive Shack (DSHK) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.