Extended Stay America (STAY) Tops Q2 EPS by 1c

Extended Stay America (NASDAQ: STAY) reported Q2 EPS of ($0.04), $0.01 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $230.8 million versus the consensus estimate of $228.92 million.

Second Quarter 2020 Highlights

• Net loss of $8.8 million
• Total revenues of $230.8 million
• Comparable system-wide Revenue Per Available Room (“RevPAR”) declined 28.7% to $38.38
• Comparable system-wide occupancy of 69.6%
• Adjusted EBITDA1 of $74.4 million
• Adjusted Funds From Operations (“Adjusted FFO”)1 of $0.17 per diluted Paired Share
• Adjusted Paired Share Loss1 of ($0.04) per diluted Paired Share
• Comparable system-wide RevPAR index of 141, a 4,640 basis point increase

Extended Stay America’s President and Chief Executive Officer Bruce Haase commented, “I am proud of our Company’s performance during these unprecedented times, with our second quarter comparable system-wide RevPAR decline of 28.7% being significantly better than any public hotel company in the US. System-wide occupancy levels have improved significantly off April lows to over 80% in recent weeks – approaching pre-pandemic 2019 levels – and many markets are now running positive RevPAR growth over last year. This performance illustrates the strength of our unique business model and our singular focus on the extended stay segment, unlike anyone else in the industry.”

“Since June, STAY is generating positive cash flow, and with July results showing continued improvement, we repaid our $350 million ESH REIT revolver last week. While others in the industry have deeply cut management and staff, ESA has continued to invest for the long-term growth of the Company.”

For earnings history and earnings-related data on Extended Stay America (STAY) click here.

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