June 30, 2022 | December 31, 2021 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 48,422 | $ | 37,571 |
Restricted cash | 38,238 | 34,878 | ||
Restricted investment | 334 | 576 | ||
Accounts receivable, net | 16,535 | 10,502 | ||
Due from affiliates | 397 | 165 | ||
Due from Ashford Trust | 5,033 | 2,575 | ||
Due from Braemar | 3,810 | 1,144 | ||
Inventories | 1,812 | 1,555 | ||
Prepaid expenses and other | 5,266 | 9,490 | ||
Total current assets | 119,847 | 98,456 | ||
Investments in unconsolidated entities | 4,088 | 3,581 | ||
Property and equipment, net | 81,154 | 83,566 | ||
Operating lease right-of-use assets | 25,437 | 26,975 | ||
Goodwill | 58,602 | 56,622 | ||
Intangible assets, net | 239,551 | 244,726 | ||
Other assets, net | 531 | 870 | ||
Total assets | $ | 529,210 | $ | 514,796 |
LIABILITIES | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 38,167 | $ | 39,897 |
Dividends payable | 26,593 | 34,574 | ||
Due to affiliates | 103 | - | ||
Deferred income | 406 | 2,937 | ||
Notes payable, net | 4,688 | 6,725 | ||
Finance lease liabilities | 2,424 | 1,065 | ||
Operating lease liabilities | 3,760 | 3,628 | ||
Other liabilities | 29,275 | 25,899 | ||
Total current liabilities | 105,416 | 114,725 | ||
Deferred income | 8,274 | 7,968 | ||
Deferred tax liability, net | 30,643 | 32,848 | ||
Deferred compensation plan | 2,838 | 3,326 | ||
Notes payable, net | 89,674 | 52,669 | ||
Finance lease liabilities | 42,189 | 43,479 | ||
Operating lease liabilities | 21,800 | 23,477 | ||
Other liabilities | 1,670 | - | ||
Total liabilities | 302,504 | 278,492 | ||
MEZZANINE EQUITY | ||||
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021
| 478,000 | 478,000 | ||
Redeemable noncontrolling interests | 1,509 | 69 | ||
EQUITY (DEFICIT) | ||||
Common stock, 100,000,000 shares authorized, $0.001 par value, 3,182,033 and 3,072,688 shares issued and 3,115,816 and 3,023,002 shares outstanding at June 30, 2022 and December 31, 2021, respectively
| 3 | 3 | ||
Additional paid-in capital | 295,461 | 294,395 | ||
Accumulated deficit | (547,602) | (534,999) | ||
Accumulated other comprehensive income (loss) | (257) | (1,206) | ||
Treasury stock, at cost, 66,217 and 49,686 shares at June 30, 2022 and December 31, 2021, respectively
| (867) | (596) | ||
Total equity (deficit) of the Company | (253,262) | (242,403) | ||
Noncontrolling interests in consolidated entities | 459 | 638 | ||
Total equity (deficit) | (252,803) | (241,765) | ||
Total liabilities and equity (deficit) | $ | 529,210 | $ | 514,796 |
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
REVENUE | ||||||||
Advisory services fees: | ||||||||
Base advisory fees | $ | 11,839 | $ | 9,932 | $ | 23,513 | $ | 19,731 |
Other advisory revenue | 130 | 130 | 258 | 258 | ||||
Hotel management fees: | ||||||||
Base management fees | 9,484 | 5,308 | 15,658 | 9,165 | ||||
Incentive management fees | 2,867 | 1,207 | 3,871 | 1,822 | ||||
Other management fees | 1,069 | - | 1,069 | - | ||||
Design and construction fees | 4,738 | 1,867 | 9,262 | 3,409 | ||||
Audio visual | 35,977 | 9,451 | 60,942 | 13,062 | ||||
Other | 12,072 | 12,166 | 23,511 | 22,795 | ||||
Cost reimbursement revenue | 89,277 | 45,351 | 163,328 | 77,538 | ||||
Total revenues | 167,453 | 85,412 | 301,412 | 147,780 | ||||
EXPENSES | ||||||||
Salaries and benefits | 16,086 | 16,541 | 32,232 | 31,079 | ||||
Stock/unit-based compensation | 920 | 1,377 | 1,670 | 2,740 | ||||
Cost of revenues for design and construction | 2,206 | 1,022 | 4,116 | 1,780 | ||||
Cost of revenues for audio visual | 23,279 | 6,872 | 41,158 | 11,258 | ||||
Depreciation and amortization | 8,019 | 8,259 | 15,644 | 16,398 | ||||
General and administrative | 9,770 | 6,065 | 17,082 | 11,208 | ||||
Other | 5,669 | 5,059 | 11,136 | 8,670 | ||||
Reimbursed expenses | 89,181 | 45,217 | 163,089 | 77,332 | ||||
Total operating expenses | 155,130 | 90,412 | 286,127 | 160,465 | ||||
OPERATING INCOME (LOSS) | 12,323 | (5,000) | 15,285 | (12,685) | ||||
Equity in earnings (loss) of unconsolidated entities | 67 | (58) | 257 | (172) | ||||
Interest expense | (2,536) | (1,288) | (3,815) | (2,555) | ||||
Amortization of loan costs | (232) | (45) | (305) | (131) | ||||
Interest income | 38 | 72 | 119 | 135 | ||||
Realized gain (loss) on investments | - | (179) | (71) | (373) | ||||
Other income (expense) | (259) | (172) | (112) | (285) | ||||
INCOME (LOSS) BEFORE INCOME TAXES | 9,401 | (6,670) | 11,358 | (16,066) | ||||
Income tax (expense) benefit | (4,076) | 697 | (5,354) | 1,648 | ||||
NET INCOME (LOSS) | 5,325 | (5,973) | 6,004 | (14,418) | ||||
(Income) loss from consolidated entities attributable to noncontrolling interests | 298 | 234 | 558 | 329 | ||||
Net (income) loss attributable to redeemable noncontrolling interests | (141) | 19 | (132) | 195 | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 5,482 | (5,720) | 6,430 | (13,894) | ||||
Preferred dividends, declared and undeclared | (9,020) | (8,633) | (18,393) | (17,239) | ||||
Amortization of preferred stock discount | - | (311) | - | (627) | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (3,538) | $ | (14,664) | $ | (11,963) | $ | (31,760) |
INCOME (LOSS) PER SHARE - BASIC AND DILUTED | ||||||||
Basic: | ||||||||
Net income (loss) attributable to common stockholders | $ | (1.21) | $ | (5.31) | $ | (4.11) | $ | (11.66) |
Weighted average common shares outstanding - basic | 2,913 | 2,764 | 2,908 | 2,724 | ||||
Diluted: | ||||||||
Net income (loss) attributable to common stockholders | $ | (1.34) | $ | (5.31) | $ | (4.15) | $ | (11.66) |
Weighted average common shares outstanding - diluted | 3,109 | 2,764 | 3,006 | 2,724 |
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Net income (loss) | $ | 5,325 | $ | (5,973) | $ | 6,004 | $ | (14,418) |
(Income) loss from consolidated entities attributable to noncontrolling interests | 298 | 234 | 558 | 329 | ||||
Net (income) loss attributable to redeemable noncontrolling interests | (141) | 19 | (132) | 195 | ||||
Net income (loss) attributable to the company | 5,482 | (5,720) | 6,430 | (13,894) | ||||
Interest expense | 2,537 | 1,290 | 3,816 | 2,557 | ||||
Amortization of loan costs | 232 | 45 | 305 | 136 | ||||
Depreciation and amortization | 9,297 | 9,574 | 18,179 | 19,048 | ||||
Income tax expense (benefit) | 4,076 | (697) | 5,354 | (1,648) | ||||
Net income (loss) attributable to unitholders redeemable noncontrolling interests | 141 | (19) | 132 | (43) | ||||
EBITDA | 21,765 | 4,473 | 34,216 | 6,156 | ||||
Deferred compensation plans | (600) | 2,743 | (489) | 2,801 | ||||
Stock/unit-based compensation | 920 | 1,548 | 1,751 | 3,181 | ||||
Change in contingent consideration fair value | - | - | - | 22 | ||||
Transaction costs | 1,339 | 1,017 | 1,868 | 1,492 | ||||
Loss on disposal of assets | 10 | 315 | 764 | 1,166 | ||||
Reimbursed software costs, net | (94) | (108) | (237) | (207) | ||||
Legal, advisory and settlement costs | 625 | 557 | 672 | 852 | ||||
Severance and executive recruiting costs | 368 | 169 | 728 | 692 | ||||
Amortization of hotel signing fees and lock subsidies | 185 | 124 | 337 | 242 | ||||
Other (gain) loss | 291 | (112) | 129 | (76) | ||||
Adjusted EBITDA | $ | 24,809 | $ | 10,726 | $ | 39,739 | $ | 16,321 |
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Net income (loss) | $ | 5,325 | $ | (5,973) | $ | 6,004 | $ | (14,418) |
(Income) loss from consolidated entities attributable to noncontrolling interests | 298 | 234 | 558 | 329 | ||||
Net (income) loss attributable to redeemable noncontrolling interests | (141) | 19 | (132) | 195 | ||||
Preferred dividends, declared and undeclared | (9,020) | (8,633) | (18,393) | (17,239) | ||||
Amortization of preferred stock discount | - | (311) | - | (627) | ||||
Net income (loss) attributable to common stockholders | (3,538) | (14,664) | (11,963) | (31,760) | ||||
Amortization of loan costs | 232 | 45 | 305 | 136 | ||||
Depreciation and amortization | 9,297 | 9,574 | 18,179 | 19,048 | ||||
Net income (loss) attributable to unitholders redeemable noncontrolling interests | 141 | (19) | 132 | (43) | ||||
Preferred dividends, declared and undeclared | 9,020 | 8,633 | 18,393 | 17,239 | ||||
Amortization of preferred stock discount | - | 311 | - | 627 | ||||
Deferred compensation plans | (600) | 2,743 | (489) | 2,801 | ||||
Stock/unit-based compensation | 920 | 1,548 | 1,751 | 3,181 | ||||
Change in contingent consideration fair value | - | - | - | 22 | ||||
Transaction costs | 1,339 | 1,017 | 1,868 | 1,492 | ||||
Loss on disposal of assets | 10 | 315 | 764 | 1,166 | ||||
Non-cash interest from finance lease | 185 | 150 | 327 | 301 | ||||
Reimbursed software costs, net | (94) | (108) | (237) | (207) | ||||
Legal, advisory and settlement costs | 625 | 557 | 672 | 852 | ||||
Severance and executive recruiting costs | 368 | 169 | 728 | 692 | ||||
Amortization of hotel signing fees and lock subsidies | 185 | 124 | 337 | 242 | ||||
Other (gain) loss | 291 | (112) | 129 | (76) | ||||
GAAP income tax expense (benefit) | 4,076 | (697) | 5,354 | (1,648) | ||||
Adjusted income tax (expense) benefit (1)
| (5,152) | (900) | (7,768) | (556) | ||||
Adjusted net income available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 17,305 | $ | 8,686 | $ | 28,482 | $ | 13,509 |
Adjusted net income per diluted share available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 2.21 | $ | 1.17 | $ | 3.71 | $ | 1.83 |
Weighted average diluted shares | 7,820 | 7,430 | 7,674 | 7,384 | ||||
Components of weighted average diluted shares | ||||||||
Common shares | 2,913 | 2,764 | 2,908 | 2,724 | ||||
Series D convertible preferred stock | 4,218 | 4,246 | 4,216 | 4,227 | ||||
Deferred compensation plan | 203 | 198 | 202 | 198 | ||||
Acquisition related shares | 331 | 97 | 217 | 159 | ||||
Restricted shares and units | 155 | 125 | 131 | 76 | ||||
Weighted average diluted shares | 7,820 | 7,430 | 7,674 | 7,384 | ||||
Reconciliation of income tax expense (benefit) to adjusted income tax (expense) benefit | ||||||||
GAAP income tax (expense) benefit excluding noncontrolling interests | $ | (4,076) | $ | 697 | $ | (5,354) | $ | 1,648 |
Less deferred income tax (expense) benefit | 1,076 | 1,597 | 2,414 | 2,204 | ||||
Adjusted income tax (expense) benefit (1)
| $ | (5,152) | $ | (900) | $ | (7,768) | $ | (556) |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||||||||
REIT Advisory | Products & Services | Corporate/ Other | Ashford Inc. Consolidated | REIT Advisory | Products & Services | Corporate/ Other | Ashford Inc. Consolidated | |||||||||
REVENUE | ||||||||||||||||
Advisory services fees: | ||||||||||||||||
Base advisory fees - Trust | $ | 8,612 | $ | - | $ | - | $ | 8,612 | $ | 7,254 | $ | - | $ | - | $ | 7,254 |
Base advisory fees - Braemar | 3,227 | - | - | 3,227 | 2,678 | - | - | 2,678 | ||||||||
Other advisory revenue - Braemar | 130 | - | - | 130 | 130 | - | - | 130 | ||||||||
Hotel management fees: | ||||||||||||||||
Base management fees | - | 9,484 | - | 9,484 | - | 5,308 | - | 5,308 | ||||||||
Incentive management fees | - | 2,867 | - | 2,867 | - | 1,207 | - | 1,207 | ||||||||
Other management fees | - | 1,069 | - | 1,069 | - | - | - | - | ||||||||
Design and construction fees | - | 4,738 | - | 4,738 | - | 1,867 | - | 1,867 | ||||||||
Audio visual | - | 35,977 | - | 35,977 | - | 9,451 | - | 9,451 | ||||||||
Other | - | 12,072 | - | 12,072 | 16 | 12,150 | - | 12,166 | ||||||||
Cost reimbursement revenue | 7,252 | 79,774 | 2,251 | 89,277 | 6,667 | 38,131 | 553 | 45,351 | ||||||||
Total revenues | 19,221 | 145,981 | 2,251 | 167,453 | 16,745 | 68,114 | 553 | 85,412 | ||||||||
EXPENSES | ||||||||||||||||
Salaries and benefits | - | 9,736 | 6,950 | 16,686 | - | 6,754 | 7,044 | 13,798 | ||||||||
Deferred compensation plans | - | 19 | (619) | (600) | - | - | 2,743 | 2,743 | ||||||||
Stock/unit-based compensation | - | 78 | 842 | 920 | - | 194 | 1,183 | 1,377 | ||||||||
Cost of audio visual revenues | - | 23,279 | - | 23,279 | - | 6,872 | - | 6,872 | ||||||||
Cost of design and construction revenues | - | 2,206 | - | 2,206 | - | 1,022 | - | 1,022 | ||||||||
Depreciation and amortization | 852 | 7,102 | 65 | 8,019 | 1,084 | 6,982 | 193 | 8,259 | ||||||||
General and administrative | - | 6,529 | 3,241 | 9,770 | - | 3,699 | 2,366 | 6,065 | ||||||||
Other | - | 5,669 | - | 5,669 | 267 | 4,774 | 18 | 5,059 | ||||||||
Reimbursed expenses | 3,070 | 79,711 | 2,251 | 85,032 | 1,791 | 38,032 | 553 | 40,376 | ||||||||
REIT stock/unit-based compensation | 4,086 | 63 | - | 4,149 | 4,742 | 99 | - | 4,841 | ||||||||
Total operating expenses | 8,008 | 134,392 | 12,730 | 155,130 | 7,884 | 68,428 | 14,100 | 90,412 | ||||||||
OPERATING INCOME (LOSS) | 11,213 | 11,589 | (10,479) | 12,323 | 8,861 | (314) | (13,547) | (5,000) | ||||||||
Other | - | (1,217) | (1,705) | (2,922) | - | (1,354) | (316) | (1,670) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 11,213 | 10,372 | (12,184) | 9,401 | 8,861 | (1,668) | (13,863) | (6,670) | ||||||||
Income tax (expense) benefit | (2,896) | (3,893) | 2,713 | (4,076) | (2,179) | (713) | 3,589 | 697 | ||||||||
NET INCOME (LOSS) | 8,317 | 6,479 | (9,471) | 5,325 | 6,682 | (2,381) | (10,274) | (5,973) | ||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests | - | 298 | - | 298 | - | 234 | - | 234 | ||||||||
Net (income) loss attributable to redeemable noncontrolling interests | - | - | (141) | (141) | - | - | 19 | 19 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $ | 8,317 | $ | 6,777 | $ | (9,612) | $ | 5,482 | $ | 6,682 | $ | (2,147) | $ | (10,255) | $ | (5,720) |
Interest expense | - | 1,087 | 1,450 | 2,537 | - | 1,017 | 273 | 1,290 | ||||||||
Amortization of loan costs | - | 51 | 181 | 232 | - | 24 | 21 | 45 | ||||||||
Depreciation and amortization | 852 | 8,380 | 65 | 9,297 | 1,084 | 8,297 | 193 | 9,574 | ||||||||
Income tax expense (benefit) | 2,896 | 3,893 | (2,713) | 4,076 | 2,179 | 713 | (3,589) | (697) | ||||||||
Net income (loss) attributable to unitholders redeemable noncontrolling interests | - | - | 141 | 141 | - | - | (19) | (19) | ||||||||
EBITDA | 12,065 | 20,188 | (10,488) | 21,765 | 9,945 | 7,904 | (13,376) | 4,473 | ||||||||
Deferred compensation plans | - | 19 | (619) | (600) | - | - | 2,743 | 2,743 | ||||||||
Stock/unit-based compensation | - | 78 | 842 | 920 | - | 364 | 1,184 | 1,548 | ||||||||
Transaction costs | - | 771 | 568 | 1,339 | - | 348 | 669 | 1,017 | ||||||||
Loss on disposal of assets | - | 10 | - | 10 | 267 | 48 | - | 315 | ||||||||
Reimbursed software costs, net | (94) | - | - | (94) | (108) | - | - | (108) | ||||||||
Legal, advisory and settlement costs | - | 9 | 616 | 625 | - | 247 | 310 | 557 | ||||||||
Severance and executive recruiting costs | - | 78 | 290 | 368 | - | 17 | 152 | 169 | ||||||||
Amortization of hotel signing fees and lock subsidies | - | 185 | - | 185 | - | 124 | - | 124 | ||||||||
Other (gain) loss | - | 204 | 87 | 291 | - | (137) | 25 | (112) | ||||||||
Adjusted EBITDA | 11,971 | 21,542 | (8,704) | 24,809 | 10,104 | 8,915 | (8,293) | 10,726 | ||||||||
Interest expense | - | (1,087) | (1,450) | (2,537) | - | (1,017) | (273) | (1,290) | ||||||||
Non-cash interest from finance lease | - | 185 | - | 185 | - | 150 | - | 150 | ||||||||
Adjusted income tax (expense) benefit | (3,247) | (4,630) | 2,725 | (5,152) | (2,782) | (2,328) | 4,210 | (900) | ||||||||
Adjusted net income (loss) available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 8,724 | $ | 16,010 | $ | (7,429) | $ | 17,305 | $ | 7,322 | $ | 5,720 | $ | (4,356) | $ | 8,686 |
Adjusted net income (loss) per diluted share available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis (1)
| $ | 1.12 | $ | 2.05 | $ | (0.95) | $ | 2.21 | $ | 0.99 | $ | 0.77 | $ | (0.59) | $ | 1.17 |
Weighted average diluted shares | 7,820 | 7,820 | 7,820 | 7,820 | 7,430 | 7,430 | 7,430 | 7,430 |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||
REIT Advisory | Products & Services | Corporate/ Other | Ashford Inc. Consolidated | REIT Advisory | Products & Services | Corporate/ Other | Ashford Inc. Consolidated | |||||||||
REVENUE | ||||||||||||||||
Advisory services fees: | ||||||||||||||||
Base advisory fees - Trust | $ | 17,347 | $ | - | $ | - | $ | 17,347 | $ | 14,508 | $ | - | $ | - | $ | 14,508 |
Base advisory fees - Braemar | 6,166 | - | - | 6,166 | 5,223 | - | - | 5,223 | ||||||||
Other advisory revenue - Braemar | 258 | - | - | 258 | 258 | - | - | 258 | ||||||||
Hotel management fees: | ||||||||||||||||
Base management fees | - | 15,658 | - | 15,658 | - | 9,165 | - | 9,165 | ||||||||
Incentive management fees | - | 3,871 | - | 3,871 | - | 1,822 | - | 1,822 | ||||||||
Other management fees | - | 1,069 | - | 1,069 | - | - | - | - | ||||||||
Design and construction fees | - | 9,262 | - | 9,262 | - | 3,409 | - | 3,409 | ||||||||
Audio visual | - | 60,942 | - | 60,942 | - | 13,062 | - | 13,062 | ||||||||
Other | 15 | 23,496 | - | 23,511 | 33 | 22,762 | - | 22,795 | ||||||||
Cost reimbursement revenue | 14,828 | 144,687 | 3,813 | 163,328 | 11,791 | 64,850 | 897 | 77,538 | ||||||||
Total revenues | 38,614 | 258,985 | 3,813 | 301,412 | 31,813 | 115,070 | 897 | 147,780 | ||||||||
EXPENSES | ||||||||||||||||
Salaries and benefits | - | 17,686 | 15,035 | 32,721 | - | 12,529 | 15,749 | 28,278 | ||||||||
Deferred compensation plans | - | 36 | (525) | (489) | - | - | 2,801 | 2,801 | ||||||||
Stock/unit-based compensation | - | 177 | 1,493 | 1,670 | - | 358 | 2,382 | 2,740 | ||||||||
Cost of audio visual revenues | - | 41,158 | - | 41,158 | - | 11,258 | - | 11,258 | ||||||||
Cost of design and construction revenues | - | 4,116 | - | 4,116 | - | 1,780 | - | 1,780 | ||||||||
Depreciation and amortization | 1,705 | 13,669 | 270 | 15,644 | 2,073 | 13,960 | 365 | 16,398 | ||||||||
General and administrative | - | 11,735 | 5,347 | 17,082 | - | 6,904 | 4,304 | 11,208 | ||||||||
Other | 706 | 10,400 | 30 | 11,136 | 619 | 8,033 | 18 | 8,670 | ||||||||
Reimbursed expenses | 6,263 | 144,535 | 3,813 | 154,611 | 3,621 | 64,636 | 897 | 69,154 | ||||||||
REIT stock/unit-based compensation | 8,326 | 152 | - | 8,478 | 7,964 | 214 | - | 8,178 | ||||||||
Total operating expenses | 17,000 | 243,664 | 25,463 | 286,127 | 14,277 | 119,672 | 26,516 | 160,465 | ||||||||
OPERATING INCOME (LOSS) | 21,614 | 15,321 | (21,650) | 15,285 | 17,536 | (4,602) | (25,619) | (12,685) | ||||||||
Other | - | (1,948) | (1,979) | (3,927) | - | (2,725) | (656) | (3,381) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 21,614 | 13,373 | (23,629) | 11,358 | 17,536 | (7,327) | (26,275) | (16,066) | ||||||||
Income tax (expense) benefit | (5,347) | (5,576) | 5,569 | (5,354) | (4,133) | (475) | 6,256 | 1,648 | ||||||||
NET INCOME (LOSS) | 16,267 | 7,797 | (18,060) | 6,004 | 13,403 | (7,802) | (20,019) | (14,418) | ||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests | - | 558 | - | 558 | - | 329 | - | 329 | ||||||||
Net (income) loss attributable to redeemable noncontrolling interests | - | - | (132) | (132) | - | 152 | 43 | 195 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $ | 16,267 | $ | 8,355 | $ | (18,192) | $ | 6,430 | 13,403 | (7,321) | (19,976) | (13,894) | ||||
Interest expense | - | 2,116 | 1,700 | 3,816 | - | 1,991 | 566 | 2,557 | ||||||||
Amortization of loan costs | - | 102 | 203 | 305 | - | 61 | 75 | 136 | ||||||||
Depreciation and amortization | 1,705 | 16,204 | 270 | 18,179 | 2,073 | 16,610 | 365 | 19,048 | ||||||||
Income tax expense (benefit) | 5,347 | 5,576 | (5,569) | 5,354 | 4,133 | 475 | (6,256) | (1,648) | ||||||||
Net income (loss) attributable to unitholders redeemable noncontrolling interests | - | - | 132 | 132 | - | - | (43) | (43) | ||||||||
EBITDA | 23,319 | 32,353 | (21,456) | 34,216 | 19,609 | 11,816 | (25,269) | 6,156 | ||||||||
Deferred compensation plans | - | 36 | (525) | (489) | - | - | 2,801 | 2,801 | ||||||||
Stock/unit-based compensation | - | 258 | 1,493 | 1,751 | - | 714 | 2,467 | 3,181 | ||||||||
Change in contingent consideration fair value | - | - | - | - | - | 22 | - | 22 | ||||||||
Transaction costs | - | 1,095 | 773 | 1,868 | - | 372 | 1,120 | 1,492 | ||||||||
Loss on disposal of assets | 706 | 58 | - | 764 | 619 | 547 | - | 1,166 | ||||||||
Reimbursed software costs, net | (237) | - | - | (237) | (207) | - | - | (207) | ||||||||
Legal, advisory and settlement costs | - | (84) | 756 | 672 | - | 295 | 557 | 852 | ||||||||
Severance and executive recruiting costs | - | 131 | 597 | 728 | - | 87 | 605 | 692 | ||||||||
Amortization of hotel signing fees and lock subsidies | - | 337 | - | 337 | - | 242 | - | 242 | ||||||||
Other (gain) loss | - | 42 | 87 | 129 | - | (110) | 34 | (76) | ||||||||
Adjusted EBITDA | 23,788 | 34,226 | (18,275) | 39,739 | 20,021 | 13,985 | (17,685) | 16,321 | ||||||||
Interest expense | - | (2,116) | (1,700) | (3,816) | - | (1,991) | (566) | (2,557) | ||||||||
Non-cash interest from finance lease | - | 327 | - | 327 | - | 301 | - | 301 | ||||||||
Adjusted income tax (expense) benefit | (6,230) | (7,445) | 5,907 | (7,768) | (5,446) | (3,137) | 8,027 | (556) | ||||||||
Adjusted net income (loss) available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 17,558 | $ | 24,992 | $ | (14,068) | $ | 28,482 | $ | 14,575 | $ | 9,158 | $ | (10,224) | $ | 13,509 |
Adjusted net income (loss) per diluted share available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis (1)
| $ | 2.29 | $ | 3.26 | $ | (1.83) | $ | 3.71 | $ | 1.97 | $ | 1.24 | $ | (1.38) | $ | 1.83 |
Weighted average diluted shares | 7,674 | 7,674 | 7,674 | 7,674 | 7,384 | 7,384 | 7,384 | 7,384 |
Three Months Ended June 30, 2022 | ||||||||||||||
Remington | Premier | INSPIRE | RED | OpenKey |
Other (1)
| Products & Services | ||||||||
REVENUE | ||||||||||||||
Hotel management fees: | ||||||||||||||
Base management fees | $ | 9,484 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 9,484 |
Incentive management fees | 2,867 | - | - | - | - | - | 2,867 | |||||||
Other management fees | 1,069 | - | - | - | - | - | 1,069 | |||||||
Design and construction fees | - | 4,738 | - | - | - | - | 4,738 | |||||||
Audio visual | - | - | 35,977 | - | - | - | 35,977 | |||||||
Other | - | - | - | 7,684 | 413 | 3,975 | 12,072 | |||||||
Cost reimbursement revenue | 77,379 | 2,347 | 39 | 9 | - | - | 79,774 | |||||||
Total revenues | 90,799 | 7,085 | 36,016 | 7,693 | 413 | 3,975 | 145,981 | |||||||
EXPENSES | ||||||||||||||
Salaries and benefits | 4,779 | 540 | 2,896 | 660 | 628 | 233 | 9,736 | |||||||
Deferred compensation plans | - | - | - | 19 | - | - | 19 | |||||||
Stock/unit-based compensation | 40 | 15 | 19 | 4 | - | - | 78 | |||||||
Cost of audio visual revenues | - | - | 23,279 | - | - | - | 23,279 | |||||||
Cost of design and construction revenues | - | 2,206 | - | - | - | - | 2,206 | |||||||
Depreciation and amortization | 3,123 | 2,974 | 472 | 214 | 2 | 317 | 7,102 | |||||||
General and administrative | 1,118 | 960 | 2,241 | 1,278 | 654 | 278 | 6,529 | |||||||
Other | - | - | - | 3,708 | 85 | 1,876 | 5,669 | |||||||
Reimbursed expenses | 77,365 | 2,317 | 20 | 9 | - | - | 79,711 | |||||||
REIT stock/unit-based compensation | 14 | 30 | 19 | - | - | - | 63 | |||||||
Total operating expenses | 86,439 | 9,042 | 28,946 | 5,892 | 1,369 | 2,704 | 134,392 | |||||||
OPERATING INCOME (LOSS) | 4,360 | (1,957) | 7,070 | 1,801 | (956) | 1,271 | 11,589 | |||||||
Other | (130) | - | (328) | (201) | 4 | (562) | (1,217) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | 4,230 | (1,957) | 6,742 | 1,600 | (952) | 709 | 10,372 | |||||||
Income tax (expense) benefit | 138 | (907) | (2,377) | (531) | - | (216) | (3,893) | |||||||
NET INCOME (LOSS) | 4,368 | (2,864) | 4,365 | 1,069 | (952) | 493 | 6,479 | |||||||
(Income) loss from consolidated entities attributable to noncontrolling interests | - | - | - | - | 228 | 70 | 298 | |||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $ | 4,368 | $ | (2,864) | $ | 4,365 | $ | 1,069 | $ | (724) | $ | 563 | $ | 6,777 |
Interest expense | - | - | 276 | 181 | - | 630 | 1,087 | |||||||
Amortization of loan costs | - | - | 35 | 16 | - | - | 51 | |||||||
Depreciation and amortization | 3,123 | 2,974 | 1,685 | 495 | 1 | 102 | 8,380 | |||||||
Income tax expense (benefit) | (138) | 907 | 2,377 | 531 | - | 216 | 3,893 | |||||||
EBITDA | 7,353 | 1,017 | 8,738 | 2,292 | (723) | 1,511 | 20,188 | |||||||
Deferred compensation plans | - | - | - | 19 | - | - | 19 | |||||||
Stock/unit-based compensation | 40 | 15 | 19 | 4 | - | - | 78 | |||||||
Transaction costs | 692 | - | 18 | 61 | - | - | 771 | |||||||
Loss on disposal of assets | - | - | 10 | - | - | - | 10 | |||||||
Legal, advisory and settlement costs | - | - | - | 9 | - | - | 9 | |||||||
Severance and executive recruiting costs | 17 | 61 | - | - | - | - | 78 | |||||||
Amortization of hotel signing fees and lock subsidies | - | - | 192 | - | (7) | - | 185 | |||||||
Other (gain) loss | 167 | 30 | 7 | - | - | - | 204 | |||||||
Adjusted EBITDA | 8,269 | 1,123 | 8,984 | 2,385 | (730) | 1,511 | 21,542 | |||||||
Interest expense | - | - | (276) | (181) | - | (630) | (1,087) | |||||||
Non-cash interest from finance lease | - | - | - | - | - | 185 | 185 | |||||||
Adjusted income tax (expense) benefit | (1,766) | (286) | (1,882) | (433) | - | (263) | (4,630) | |||||||
Adjusted net income (loss) available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 6,503 | $ | 837 | $ | 6,826 | $ | 1,771 | $ | (730) | $ | 803 | $ | 16,010 |
Adjusted net income (loss) per diluted share available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis (2)
| $ | 0.83 | $ | 0.11 | $ | 0.87 | $ | 0.23 | $ | (0.09) | $ | 0.10 | $ | 2.05 |
Weighted average diluted shares | 7,820 | 7,820 | 7,820 | 7,820 | 7,820 | 7,820 | 7,820 |
Three Months Ended June 30, 2021 | ||||||||||||||
Remington | Premier | INSPIRE | RED | OpenKey |
Other (1)
| Products & Services | ||||||||
REVENUE | ||||||||||||||
Hotel management fees: | ||||||||||||||
Base management fees | $ | 5,308 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 5,308 |
Incentive management fees | 1,207 | - | - | - | - | - | 1,207 | |||||||
Design and construction fees | - | 1,867 | - | - | - | - | 1,867 | |||||||
Audio visual | - | - | 9,451 | - | - | - | 9,451 | |||||||
Other | - | - | - | 6,861 | 477 | 4,812 | 12,150 | |||||||
Cost reimbursement revenue | 37,568 | 563 | - | - | - | - | 38,131 | |||||||
Total revenues | 44,083 | 2,430 | 9,451 | 6,861 | 477 | 4,812 | 68,114 | |||||||
EXPENSES | ||||||||||||||
Salaries and benefits | 2,746 | 857 | 1,778 | 587 | 596 | 190 | 6,754 | |||||||
Stock/unit-based compensation | 161 | 18 | 13 | - | 2 | - | 194 | |||||||
Cost of audio visual revenues | - | - | 6,872 | - | - | - | 6,872 | |||||||
Cost of design and construction revenues | - | 1,022 | - | - | - | - | 1,022 | |||||||
Depreciation and amortization | 3,034 | 3,057 | 470 | 93 | 4 | 324 | 6,982 | |||||||
General and administrative | 426 | 377 | 1,364 | 919 | 550 | 63 | 3,699 | |||||||
Other | - | - | - | 3,293 | 166 | 1,315 | 4,774 | |||||||
Reimbursed expenses | 37,516 | 516 | - | - | - | - | 38,032 | |||||||
REIT stock/unit-based compensation | 52 | 47 | - | - | - | - | 99 | |||||||
Total operating expenses | 43,935 | 5,894 | 10,497 | 4,892 | 1,318 | 1,892 | 68,428 | |||||||
OPERATING INCOME (LOSS) | 148 | (3,464) | (1,046) | 1,969 | (841) | 2,920 | (314) | |||||||
Other | (260) | - | (211) | (319) | - | (564) | (1,354) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | (112) | (3,464) | (1,257) | 1,650 | (841) | 2,356 | (1,668) | |||||||
Income tax (expense) benefit | (400) | 552 | 257 | (534) | - | (588) | (713) | |||||||
NET INCOME (LOSS) | (512) | (2,912) | (1,000) | 1,116 | (841) | 1,768 | (2,381) | |||||||
(Income) loss from consolidated entities attributable to noncontrolling interests | - | - | - | 59 | 208 | (33) | 234 | |||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $ | (512) | $ | (2,912) | $ | (1,000) | $ | 1,175 | $ | (633) | $ | 1,735 | $ | (2,147) |
Interest expense | - | - | 210 | 143 | - | 664 | 1,017 | |||||||
Amortization of loan costs | - | - | 15 | 9 | - | - | 24 | |||||||
Depreciation and amortization | 3,034 | 3,057 | 1,712 | 329 | 2 | 163 | 8,297 | |||||||
Income tax expense (benefit) | 400 | (552) | (257) | 534 | - | 588 | 713 | |||||||
EBITDA | 2,922 | (407) | 680 | 2,190 | (631) | 3,150 | 7,904 | |||||||
Stock/unit-based compensation | 332 | 18 | 13 | - | 1 | - | 364 | |||||||
Transaction costs | 154 | - | - | 194 | - | - | 348 | |||||||
Loss on disposal of assets | - | - | 51 | (3) | - | - | 48 | |||||||
Legal, advisory and settlement costs | 3 | - | 244 | - | - | - | 247 | |||||||
Severance and executive recruiting costs | 16 | - | - | - | 1 | - | 17 | |||||||
Amortization of hotel signing fees and lock subsidies | - | - | 116 | - | 8 | - | 124 | |||||||
Other (gain) loss | - | - | (136) | - | (1) | - | (137) | |||||||
Adjusted EBITDA | 3,427 | (389) | 968 | 2,381 | (622) | 3,150 | 8,915 | |||||||
Interest expense | - | - | (210) | (143) | - | (664) | (1,017) | |||||||
Non-cash interest from finance lease | - | - | - | - | - | 150 | 150 | |||||||
Adjusted income tax (expense) benefit | (1,075) | (277) | (3) | (271) | - | (702) | (2,328) | |||||||
Adjusted net income (loss) available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 2,352 | $ | (666) | $ | 755 | $ | 1,967 | $ | (622) | $ | 1,934 | $ | 5,720 |
Adjusted net income (loss) per diluted share available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis (2)
| $ | 0.32 | $ | (0.09) | $ | 0.10 | $ | 0.26 | $ | (0.08) | $ | 0.26 | $ | 0.77 |
Weighted average diluted shares | 7,430 | 7,430 | 7,430 | 7,430 | 7,430 | 7,430 | 7,430 |
Six Months Ended June 30, 2022 | ||||||||||||||
Remington | Premier | INSPIRE | RED | OpenKey |
Other (1)
| Products & Services | ||||||||
REVENUE | ||||||||||||||
Hotel management fees: | ||||||||||||||
Base management fees | $ | 15,658 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 15,658 |
Incentive management fees | 3,871 | - | - | - | - | - | 3,871 | |||||||
Other management fees | 1,069 | - | - | - | - | - | 1,069 | |||||||
Design and construction fees | - | 9,262 | - | - | - | - | 9,262 | |||||||
Audio visual | - | - | 60,942 | - | - | - | 60,942 | |||||||
Other | 181 | - | - | 13,729 | 791 | 8,795 | 23,496 | |||||||
Cost reimbursement revenue | 140,527 | 4,049 | 96 | 9 | 4 | 2 | 144,687 | |||||||
Total revenues | 161,306 | 13,311 | 61,038 | 13,738 | 795 | 8,797 | 258,985 | |||||||
EXPENSES | ||||||||||||||
Salaries and benefits | 8,267 | 990 | 5,353 | 1,336 | 1,313 | 427 | 17,686 | |||||||
Deferred compensation plans | - | - | - | 36 | - | - | 36 | |||||||
Stock/unit-based compensation | 100 | 32 | 37 | 8 | - | - | 177 | |||||||
Cost of audio visual revenues | - | - | 41,158 | - | - | - | 41,158 | |||||||
Cost of design and construction revenues | - | 4,116 | - | - | - | - | 4,116 | |||||||
Depreciation and amortization | 5,819 | 5,936 | 940 | 326 | 6 | 642 | 13,669 | |||||||
General and administrative | 1,878 | 1,578 | 4,258 | 2,379 | 1,202 | 440 | 11,735 | |||||||
Other | - | - | - | 6,979 | 147 | 3,274 | 10,400 | |||||||
Reimbursed expenses | 140,475 | 3,987 | 58 | 9 | 4 | 2 | 144,535 | |||||||
REIT stock/unit-based compensation | 52 | 62 | 38 | - | - | - | 152 | |||||||
Total operating expenses | 156,591 | 16,701 | 51,842 | 11,073 | 2,672 | 4,785 | 243,664 | |||||||
OPERATING INCOME (LOSS) | 4,715 | (3,390) | 9,196 | 2,665 | (1,877) | 4,012 | 15,321 | |||||||
Other | 36 | - | (589) | (413) | 4 | (986) | (1,948) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | 4,751 | (3,390) | 8,607 | 2,252 | (1,873) | 3,026 | 13,373 | |||||||
Income tax (expense) benefit | 5 | (566) | (3,371) | (872) | - | (772) | (5,576) | |||||||
NET INCOME (LOSS) | 4,756 | (3,956) | 5,236 | 1,380 | (1,873) | 2,254 | 7,797 | |||||||
(Income) loss from consolidated entities attributable to noncontrolling interests | - | - | - | - | 454 | 104 | 558 | |||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $ | 4,756 | $ | (3,956) | $ | 5,236 | $ | 1,380 | $ | (1,419) | $ | 2,358 | $ | 8,355 |
Interest expense | - | - | 516 | 340 | - | 1,260 | 2,116 | |||||||
Amortization of loan costs | - | - | 70 | 32 | - | - | 102 | |||||||
Depreciation and amortization | 5,819 | 5,936 | 3,364 | 893 | 4 | 188 | 16,204 | |||||||
Income tax expense (benefit) | (5) | 566 | 3,371 | 872 | - | 772 | 5,576 | |||||||
EBITDA | 10,570 | 2,546 | 12,557 | 3,517 | (1,415) | 4,578 | 32,353 | |||||||
Deferred compensation plans | - | - | - | 36 | - | - | 36 | |||||||
Stock/unit-based compensation | 181 | 32 | 37 | 8 | - | - | 258 | |||||||
Transaction costs | 942 | - | 44 | 109 | - | - | 1,095 | |||||||
Loss on disposal of assets | - | - | 10 | - | 48 | - | 58 | |||||||
Legal, advisory and settlement costs | 5 | - | (98) | 9 | - | - | (84) | |||||||
Severance and executive recruiting costs | 34 | 77 | 19 | - | 1 | - | 131 | |||||||
Amortization of hotel signing fees and lock subsidies | - | - | 337 | - | - | - | 337 | |||||||
Other (gain) loss | (13) | 57 | (2) | - | - | - | 42 | |||||||
Adjusted EBITDA | 11,719 | 2,712 | 12,904 | 3,679 | (1,366) | 4,578 | 34,226 | |||||||
Interest expense | - | - | (516) | (340) | - | (1,260) | (2,116) | |||||||
Non-cash interest from finance lease | - | - | - | - | - | 327 | 327 | |||||||
Adjusted income tax (expense) benefit | (2,443) | (667) | (2,827) | (687) | - | (821) | (7,445) | |||||||
Adjusted net income (loss) available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 9,276 | $ | 2,045 | $ | 9,561 | $ | 2,652 | $ | (1,366) | $ | 2,824 | $ | 24,992 |
Adjusted net income (loss) per diluted share available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis (2)
| $ | 1.21 | $ | 0.27 | $ | 1.25 | $ | 0.35 | $ | (0.18) | $ | 0.37 | $ | 3.26 |
Weighted average diluted shares | 7,674 | 7,674 | 7,674 | 7,674 | 7,674 | 7,674 | 7,674 |
Six Months Ended June 30, 2021 | ||||||||||||||
Remington | Premier | INSPIRE | RED | OpenKey |
Other (1)
| Products & Services | ||||||||
REVENUE | ||||||||||||||
Hotel management fees: | ||||||||||||||
Base management fees | $ | 9,165 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 9,165 |
Incentive management fees | 1,822 | - | - | - | - | - | 1,822 | |||||||
Design and construction fees | - | 3,409 | - | - | - | - | 3,409 | |||||||
Audio visual | - | - | 13,062 | - | - | - | 13,062 | |||||||
Other | 20 | - | - | 11,422 | 931 | 10,389 | 22,762 | |||||||
Cost reimbursement revenue | 63,885 | 965 | - | - | - | - | 64,850 | |||||||
Total revenues | 74,892 | 4,374 | 13,062 | 11,422 | 931 | 10,389 | 115,070 | |||||||
EXPENSES | ||||||||||||||
Salaries and benefits | 5,437 | 1,455 | 3,022 | 1,047 | 1,194 | 374 | 12,529 | |||||||
Stock/unit-based compensation | 291 | 33 | 28 | 1 | 5 | - | 358 | |||||||
Cost of audio visual revenues | - | - | 11,258 | - | - | - | 11,258 | |||||||
Cost of design and construction revenues | - | 1,780 | - | - | - | - | 1,780 | |||||||
Depreciation and amortization | 6,068 | 6,113 | 937 | 185 | 8 | 649 | 13,960 | |||||||
General and administrative | 894 | 685 | 2,515 | 1,667 | 1,062 | 81 | 6,904 | |||||||
Other | - | - | 22 | 5,630 | 300 | 2,081 | 8,033 | |||||||
Reimbursed expenses | 63,752 | 884 | - | - | - | - | 64,636 | |||||||
REIT stock/unit-based compensation | 133 | 81 | - | - | - | - | 214 | |||||||
Total operating expenses | 76,575 | 11,031 | 17,782 | 8,530 | 2,569 | 3,185 | 119,672 | |||||||
OPERATING INCOME (LOSS) | (1,683) | (6,657) | (4,720) | 2,892 | (1,638) | 7,204 | (4,602) | |||||||
Other | (393) | - | (564) | (475) | (1) | (1,292) | (2,725) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | (2,076) | (6,657) | (5,284) | 2,417 | (1,639) | 5,912 | (7,327) | |||||||
Income tax (expense) benefit | (663) | 1,320 | 1,077 | (794) | - | (1,415) | (475) | |||||||
NET INCOME (LOSS) | (2,739) | (5,337) | (4,207) | 1,623 | (1,639) | 4,497 | (7,802) | |||||||
(Income) loss from consolidated entities attributable to noncontrolling interests | - | - | - | (38) | 411 | (44) | 329 | |||||||
Net (income) loss attributable to redeemable noncontrolling interests | - | - | - | - | 152 | - | 152 | |||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $ | (2,739) | $ | (5,337) | $ | (4,207) | $ | 1,585 | $ | (1,076) | $ | 4,453 | $ | (7,321) |
Interest expense | - | - | 413 | 294 | - | 1,284 | 1,991 | |||||||
Amortization of loan costs | - | - | 44 | 17 | - | - | 61 | |||||||
Depreciation and amortization | 6,068 | 6,113 | 3,438 | 633 | 4 | 354 | 16,610 | |||||||
Income tax expense (benefit) | 663 | (1,320) | (1,077) | 794 | - | 1,415 | 475 | |||||||
EBITDA | 3,992 | (544) | (1,389) | 3,323 | (1,072) | 7,506 | 11,816 | |||||||
Stock/unit-based compensation | 650 | 33 | 28 | - | 3 | - | 714 | |||||||
Change in contingent consideration fair value | - | - | 22 | - | - | - | 22 | |||||||
Transaction costs | 159 | - | - | 213 | - | - | 372 | |||||||
Loss on disposal of assets | - | - | 573 | (26) | - | - | 547 | |||||||
Legal, advisory and settlement costs | 25 | - | 270 | - | - | - | 295 | |||||||
Severance and executive recruiting costs | 61 | - | - | - | 26 | - | 87 | |||||||
Amortization of hotel signing fees and lock subsidies | - | - | 227 | - | 15 | - | 242 | |||||||
Other (gain) loss | - | - | (109) | - | (1) | - | (110) | |||||||
Adjusted EBITDA | 4,887 | (511) | (378) | 3,510 | (1,029) | 7,506 | 13,985 | |||||||
Interest expense | - | - | (413) | (294) | - | (1,284) | (1,991) | |||||||
Non-cash interest from finance lease | - | - | - | - | - | 301 | 301 | |||||||
Adjusted income tax (expense) benefit | (590) | (277) | (140) | (371) | - | (1,759) | (3,137) | |||||||
Adjusted net income (loss) available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 4,297 | $ | (788) | $ | (931) | $ | 2,845 | $ | (1,029) | $ | 4,764 | $ | 9,158 |
Adjusted net income (loss) per diluted share available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis (2)
| $ | 0.58 | $ | (0.11) | $ | (0.13) | $ | 0.39 | $ | (0.14) | $ | 0.65 | $ | 1.24 |
Weighted average diluted shares | 7,384 | 7,384 | 7,384 | 7,384 | 7,384 | 7,384 | 7,384 |
2022 | 2022 | 2021 | 2021 | June 30, 2022 | ||||||
2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | TTM | ||||||
Net income (loss) | $ | 5,325 | $ | 679 | $ | 3,956 | $ | (356) | $ | 9,604 |
(Income) loss from consolidated entities attributable to noncontrolling interests | 298 | 260 | 169 | 180 | 907 | |||||
Net (income) loss attributable to redeemable noncontrolling interests | (141) | 9 | 7 | 13 | (112) | |||||
Net income (loss) attributable to the company | 5,482 | 948 | 4,132 | (163) | 10,399 | |||||
Interest expense | 2,537 | 1,279 | 1,303 | 1,324 | 6,443 | |||||
Amortization of loan costs | 232 | 73 | 113 | 78 | 496 | |||||
Depreciation and amortization | 9,297 | 8,882 | 9,263 | 9,298 | 36,740 | |||||
Income tax expense (benefit) | 4,076 | 1,278 | 1,388 | 98 | 6,840 | |||||
Net income (loss) attributable to unitholders redeemable noncontrolling interests | 141 | (9) | (7) | (13) | 112 | |||||
EBITDA | 21,765 | 12,451 | 16,192 | 10,622 | 61,030 | |||||
Deferred compensation plans | (600) | 111 | 481 | (1,611) | (1,619) | |||||
Stock/unit-based compensation | 920 | 831 | 897 | 860 | 3,508 | |||||
Transaction costs | 1,339 | 529 | 1,187 | 745 | 3,800 | |||||
Loss on disposal of assets | 10 | 754 | 272 | 157 | 1,193 | |||||
Reimbursed software costs, net | (94) | (143) | (187) | (113) | (537) | |||||
Legal, advisory and settlement costs | 625 | 47 | 168 | 800 | 1,640 | |||||
Severance and executive recruiting costs | 368 | 360 | 285 | 340 | 1,353 | |||||
Amortization of hotel signing fees and lock subsidies | 185 | 152 | 141 | 135 | 613 | |||||
Other (gain) loss | 291 | (162) | 52 | (529) | (348) | |||||
Impairment | - | - | - | 1,160 | 1,160 | |||||
Adjusted EBITDA | $ | 24,809 | $ | 14,930 | $ | 19,488 | $ | 12,566 | $ | 71,793 |
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Ashford Inc. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 21:40:04 UTC.