Extended Stay America (STAY) Tops Q3 EPS by 8c, Revenues Beat

Extended Stay America (NASDAQ: STAY) reported Q3 EPS of $0.19, $0.08 better than the analyst estimate of $0.11. Revenue for the quarter came in at $285.9 million versus the consensus estimate of $273.52 million.

Third Quarter 2020 Highlights

• Net income of $31.5 million
• Total revenues of $285.9 million
• Comparable system-wide Revenue Per Available Room (“RevPAR”) declined 14.7% to $46.75
• Comparable system-wide occupancy of 79.8%
• Adjusted EBITDA of $112.7 million
• Adjusted Funds From Operations (“Adjusted FFO”)1 of $0.40 per diluted Paired Share
• Adjusted Paired Share Income1 of $0.19 per diluted Paired Share
• Comparable system-wide RevPAR index of 129, a 3,230 basis point increase

Extended Stay America’s President and Chief Executive Officer Bruce Haase, commented, “We are pleased with another strong quarter easily outperforming every industry benchmark and improving our RevPAR index by more than 30% against our closest competition. Our performance illustrates the strength of our unique operating model, our singular focus on the extended stay segment, and the successful implementation of a wide variety of operational, marketing, and distribution channel initiatives.”

“We generated strong free cash flow and fully repaid our REIT’s outstanding revolver during the quarter. While others in the industry are forced to make difficult short-term decisions, we continue to invest in our properties, our people, and our longer term strategies which will enable further long-term success as the lodging markets recover.”

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

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