LuxUrban Hotels Inc. (NASDAQ:LUXH) Q1 2024 Earnings Call Transcript May 14, 2024 9:00 AM ET

Company Participants

Devin Sullivan - MD of The Equity Group
Shanoop Kothari - CEO
Robert Arigo - COO

Conference Call Participants

Derek Greenberg - Maxim Group
Matthew Erdner - Jones Trading
Nehal Chokshi - Northland Capital Markets
Daniel Kurnos - Benchmark
Tom Kerr - Zacks Investment Research

Operator

Ladies and gentlemen, thank you for standing by. Welcome everyone to the LuxUrban Hotels Inc. First Quarter 2024 Financial Results Conference Call. At this time, all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] I will now like to hand the call over to Devin Sullivan, Managing Director of The Equity Group. You may begin your conference.

Devin Sullivan

Thank you, Bhavesh. Good morning, everyone. And thank you for joining us today for LuxUrban Hotels 2024 first quarter financial results conference call. Our speakers for today will be Shanoop Kothari, the company's Chief Executive Officer, and Robert Arigo, Chief Operating Officer.

Before we begin, I'd like to remind everyone that this call may contain certain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, set forth in Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Statements that are not purely historical are forward-looking statements. Forward-looking statements include but are not limited to statements regarding expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Generally, the words anticipates, believes, continues, could, estimates, projects, intends, may, might, plans, possible, potential, predicts, projects, would, and should, and similar expressions may identify forward-looking statements, but the absence of those words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements with respect to the company's ability to successfully de-platform its properties from its former franchise partner and operate independently, its ability to improve its working capital and cash flow profiles, enhance its balance sheet and deliver organic revenue growth, schedule property openings, expected closings of noted lease transactions, and the company's ability to continue closing on additional leases for properties in their pipeline, as well as the company's anticipated ability to commercialize efficiently and profitably the properties it leases and will lease in the future. These statements are based on current expectations and beliefs concerning future developments and their potential effect on the company, and there can be no assurance that future developments will be those that have been anticipated. These forward-looking statements are subject to a number of risks, uncertainties, some of which are beyond our control, or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including those set forth under the caption, risk factors in our public filings with the SEC, including item 1A of our annual report on Form 10-K for the year ended December 31, 2023, and our Form 10-Q for the three months ended March 31, 2024, filed with the SEC on May 13th, 2024, and any updates to those factors as set forth in subsequent quarterly reports on Form 10-Q or other public filings with the SEC. The forward-looking information and forward-looking statements are made as of today's date and the company does not undertake any update -- undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein except in accordance with applicable securities laws. Management will also be discussing non-GAAP financial metrics. The reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found in the company's press release.