March 31, 2024 | December 31, 2023 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 52,364 | $ | 52,054 |
Restricted cash | 14,961 | 23,216 | ||
Restricted investment | 109 | 128 | ||
Accounts receivable, net of allowance of $2,141 and $2,090, respectively
| 34,469 | 26,945 | ||
Due from affiliates | - | 41 | ||
Due from Ashford Trust | 11,475 | 18,933 | ||
Due from Braemar | 5,993 | 714 | ||
Inventories | 2,545 | 2,481 | ||
Prepaid expenses and other | 16,395 | 16,418 | ||
Total current assets | 138,311 | 140,930 | ||
Investments
| 9,301 | 9,265 | ||
Property and equipment, net | 57,454 | 56,852 | ||
Operating lease right-of-use assets | 20,844 | 21,193 | ||
Deferred tax assets, net
| 4,240 | 4,358 | ||
Goodwill | 61,013 | 61,013 | ||
Intangible assets, net | 204,569 | 210,095 | ||
Other assets, net | 1,339 | 1,101 | ||
Total assets | $ | 497,071 | $ | 504,807 |
LIABILITIES | ||||
Current liabilities: | ||||
Accounts payable and accrued expenses | $ | 37,006 | $ | 54,837 |
Dividends payable | 37,881 | 28,508 | ||
Due to affiliates | 789 | - | ||
Deferred income | 10,234 | 11,963 | ||
Notes payable, net | 4,358 | 4,387 | ||
Finance lease liabilities | 382 | 437 | ||
Operating lease liabilities | 4,339 | 4,160 | ||
Claims liabilities and other | 31,331 | 31,112 | ||
Total current liabilities | 126,320 | 135,404 | ||
Deferred income | 8,683 | 6,415 | ||
Deferred tax liability, net | 31,015 | 29,517 | ||
Deferred compensation plan | 613 | 891 | ||
Notes payable, net | 135,474 | 132,579 | ||
Finance lease liabilities | 2,778 | 2,832 | ||
Operating lease liabilities | 18,546 | 19,174 | ||
Other liabilities | 2,628 | 2,590 | ||
Total liabilities | 326,057 | 329,402 | ||
MEZZANINE EQUITY | ||||
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023
| 478,000 | 478,000 | ||
Redeemable noncontrolling interests | 1,999 | 1,972 | ||
EQUITY (DEFICIT) | ||||
Common stock, 100,000,000 shares authorized, $0.001 par value, 3,560,279 and 3,317,786 shares issued and 3,430,643 and 3,212,312 shares outstanding at March 31, 2024 and December 31, 2023, respectively
| 4 | 3 | ||
Additional paid-in capital | 298,764 | 299,304 | ||
Accumulated deficit | (616,927) | (609,312) | ||
Accumulated other comprehensive income (loss) | (160) | (213) | ||
Treasury stock, at cost, 129,636 and 105,474 shares at March 31, 2024 and December 31, 2023, respectively
| (1,411) | (1,354) | ||
Total equity (deficit) of the Company | (319,730) | (311,572) | ||
Noncontrolling interests in consolidated entities | 10,745 | 7,005 | ||
Total equity (deficit) | (308,985) | (304,567) | ||
Total liabilities, mezzanine equity and equity (deficit) | $ | 497,071 | $ | 504,807 |
Three Months Ended | ||||
March 31, | ||||
2024 | 2023 | |||
REVENUES:
| ||||
Advisory services fees: | ||||
Base advisory fees | $ | 11,547 | $ | 12,108 |
Incentive advisory fees | 67 | 67 | ||
Other advisory revenue | 130 | 128 | ||
Hotel management fees: | ||||
Base management fees | 8,948 | 9,010 | ||
Incentive management fees | 1,456 | 982 | ||
Other management fees | 2,066 | 2,195 | ||
Design and construction fees | 9,447 | 6,929 | ||
Audio visual | 44,912 | 40,357 | ||
Other | 16,251 | 9,074 | ||
Cost reimbursement revenue | 114,310 | 104,272 | ||
Total revenues | 209,134 | 185,122 | ||
EXPENSES:
| ||||
Salaries and benefits | 22,221 | 22,304 | ||
Stock/unit-based compensation | 457 | 489 | ||
Cost of revenues for design and construction | 2,030 | 2,866 | ||
Cost of revenues for audio visual | 30,882 | 27,828 | ||
Depreciation and amortization | 6,381 | 7,000 | ||
General and administrative | 16,843 | 9,692 | ||
Other | 8,923 | 6,102 | ||
Reimbursed expenses | 114,377 | 104,198 | ||
Total operating expenses | 202,114 | 180,479 | ||
OPERATING INCOME (LOSS) | 7,020 | 4,643 | ||
Equity in earnings (loss) of unconsolidated entities | 36 | (459) | ||
Interest expense | (4,156) | (2,837) | ||
Amortization of loan costs | (276) | (241) | ||
Interest income | 692 | 277 | ||
Realized gain (loss) on investments | - | (80) | ||
Other income (expense) | 545 | 493 | ||
INCOME (LOSS) BEFORE INCOME TAXES | 3,861 | 1,796 | ||
Income tax (expense) benefit | (2,346) | (620) | ||
NET INCOME (LOSS) | 1,515 | 1,176 | ||
Net (income) loss from consolidated entities attributable to noncontrolling interests | 171 | 288 | ||
Net (income) loss attributable to redeemable noncontrolling interests | (92) | (155) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 1,594 | 1,309 | ||
Preferred dividends, declared and undeclared | (9,202) | (9,034) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (7,608) | $ | (7,725) |
INCOME (LOSS) PER SHARE - BASIC AND DILUTED | ||||
Basic: | ||||
Net income (loss) attributable to common stockholders | $ | (2.43) | $ | (2.59) |
Weighted average common shares outstanding - basic | 3,134 | 2,984 | ||
Diluted: | ||||
Net income (loss) attributable to common stockholders | $ | (2.43) | $ | (2.59) |
Weighted average common shares outstanding - diluted | 3,160 | 2,984 |
Three Months Ended | ||||
March 31, | ||||
2024 | 2023 | |||
Net income (loss) | $ | 1,515 | $ | 1,176 |
Net (income) loss from consolidated entities attributable to noncontrolling interests | 171 | 288 | ||
Net (income) loss attributable to redeemable noncontrolling interests | (92) | (155) | ||
Net income (loss) attributable to the company | 1,594 | 1,309 | ||
Interest expense | 4,163 | 2,835 | ||
Amortization of loan costs | 276 | 241 | ||
Depreciation and amortization | 8,515 | 8,532 | ||
Income tax expense (benefit) | 2,346 | 620 | ||
Net income (loss) attributable to unitholders redeemable noncontrolling interests | 92 | 155 | ||
EBITDA | 16,986 | 13,692 | ||
Deferred compensation plans | (278) | (220) | ||
Stock/unit-based compensation | 449 | 487 | ||
Change in contingent consideration fair value | (50) | 780 | ||
Transaction costs | 4,733 | 203 | ||
Loss on disposal of assets | 15 | 1,017 | ||
Reimbursed software costs, net | - | (74) | ||
Legal, advisory and settlement costs | 145 | 291 | ||
Severance and executive recruiting costs | 700 | 1,143 | ||
Amortization of hotel signing fees and lock subsidies | 391 | 240 | ||
Other (gain) loss | (18) | 53 | ||
Adjusted EBITDA | $ | 23,073 | $ | 17,612 |
Three Months Ended | ||||
March 31, | ||||
2024 | 2023 | |||
Net income (loss) | $ | 1,515 | $ | 1,176 |
Net (income) loss from consolidated entities attributable to noncontrolling interests | 171 | 288 | ||
Net (income) loss attributable to redeemable noncontrolling interests | (92) | (155) | ||
Preferred dividends, declared and undeclared | (9,202) | (9,034) | ||
Net income (loss) attributable to common stockholders | (7,608) | (7,725) | ||
Amortization of loan costs | 276 | 241 | ||
Depreciation and amortization | 8,515 | 8,532 | ||
Net income (loss) attributable to unitholders redeemable noncontrolling interests | 92 | 155 | ||
Preferred dividends, declared and undeclared | 9,202 | 9,034 | ||
Deferred compensation plans | (278) | (220) | ||
Stock/unit-based compensation | 449 | 487 | ||
Change in contingent consideration fair value | (50) | 780 | ||
Transaction costs | 4,733 | 203 | ||
Loss on disposal of assets | 15 | 1,017 | ||
Reimbursed software costs, net | - | (74) | ||
Legal, advisory and settlement costs | 145 | 291 | ||
Severance and executive recruiting costs | 700 | 1,143 | ||
Amortization of hotel signing fees and lock subsidies | 391 | 240 | ||
Other (gain) loss | (18) | 53 | ||
GAAP income tax expense (benefit) | 2,346 | 620 | ||
Adjusted income tax (expense) benefit (1)
| (730) | (1,407) | ||
Adjusted net income available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 18,180 | $ | 13,370 |
Adjusted net income per diluted share available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 1.99 | $ | 1.67 |
Weighted average diluted shares | 9,132 | 7,997 | ||
Components of weighted average diluted shares | ||||
Common shares | 3,134 | 2,984 | ||
Series D convertible preferred stock | 4,314 | 4,226 | ||
Deferred compensation plan | 272 | 208 | ||
Acquisition related shares | 1,284 | 453 | ||
Restricted shares and units | 128 | 126 | ||
Weighted average diluted shares | 9,132 | 7,997 | ||
Reconciliation of income tax expense (benefit) to adjusted income tax (expense) benefit | ||||
GAAP income tax (expense) benefit | $ | (2,346) | $ | (620) |
Less deferred income tax (expense) benefit | (1,616) | 787 | ||
Adjusted income tax (expense) benefit (1)
| $ | (730) | $ | (1,407) |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||||||||
Advisory
| Products & Services | Corporate/ Other | Ashford Inc. Consolidated |
Advisory
| Products & Services | Corporate/ Other | Ashford Inc. Consolidated | |||||||||
REVENUES: | ||||||||||||||||
Advisory services fees: | ||||||||||||||||
Base advisory fees - Trust | $ | 8,221 | $ | - | $ | - | $ | 8,221 | $ | 8,468 | $ | - | $ | - | $ | 8,468 |
Base advisory fees - Braemar | 3,326 | - | - | 3,326 | 3,640 | - | - | 3,640 | ||||||||
Incentive advisory fees - Braemar | 67 | - | - | 67 | 67 | - | - | 67 | ||||||||
Other advisory revenue - Braemar | 130 | - | - | 130 | 128 | - | - | 128 | ||||||||
Hotel management fees: | ||||||||||||||||
Base management fees | - | 8,948 | - | 8,948 | - | 9,010 | - | 9,010 | ||||||||
Incentive management fees | - | 1,456 | - | 1,456 | - | 982 | - | 982 | ||||||||
Other management fees | - | 2,066 | - | 2,066 | - | 2,195 | - | 2,195 | ||||||||
Design and construction fees | - | 9,447 | - | 9,447 | - | 6,929 | - | 6,929 | ||||||||
Audio visual | - | 44,912 | - | 44,912 | - | 40,357 | - | 40,357 | ||||||||
Other | 37 | 16,214 | - | 16,251 | 127 | 8,947 | - | 9,074 | ||||||||
Cost reimbursement revenue | 9,468 | 105,006 | (164) | 114,310 | 8,451 | 92,194 | 3,627 | 104,272 | ||||||||
Total revenues | 21,249 | 188,049 | (164) | 209,134 | 20,881 | 160,614 | 3,627 | 185,122 | ||||||||
EXPENSES: | ||||||||||||||||
Salaries and benefits | - | 14,721 | 7,778 | 22,499 | - | 12,889 | 9,635 | 22,524 | ||||||||
Deferred compensation plans | - | - | (278) | (278) | - | 13 | (233) | (220) | ||||||||
Stock/unit-based compensation | - | 44 | 413 | 457 | - | 70 | 419 | 489 | ||||||||
Cost of audio visual revenues | - | 30,882 | - | 30,882 | - | 27,828 | - | 27,828 | ||||||||
Cost of design and construction revenues | - | 2,030 | - | 2,030 | - | 2,866 | - | 2,866 | ||||||||
Depreciation and amortization | 131 | 6,215 | 35 | 6,381 | 516 | 6,412 | 72 | 7,000 | ||||||||
General and administrative | - | 10,517 | 6,326 | 16,843 | - | 7,901 | 1,791 | 9,692 | ||||||||
Other | - | 8,923 | - | 8,923 | 1,032 | 5,070 | - | 6,102 | ||||||||
Reimbursed expenses | 7,831 | 104,983 | (104) | 112,710 | 4,800 | 92,136 | 3,627 | 100,563 | ||||||||
REIT stock/unit-based compensation | 1,644 | 23 | - | 1,667 | 3,577 | 58 | - | 3,635 | ||||||||
Total operating expenses | 9,606 | 178,338 | 14,170 | 202,114 | 9,925 | 155,243 | 15,311 | 180,479 | ||||||||
OPERATING INCOME (LOSS) | 11,643 | 9,711 | (14,334) | 7,020 | 10,956 | 5,371 | (11,684) | 4,643 | ||||||||
Other | - | (108) | (3,051) | (3,159) | - | (618) | (2,229) | (2,847) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 11,643 | 9,603 | (17,385) | 3,861 | 10,956 | 4,753 | (13,913) | 1,796 | ||||||||
Income tax (expense) benefit | (2,931) | (3,454) | 4,039 | (2,346) | (2,562) | (2,844) | 4,786 | (620) | ||||||||
NET INCOME (LOSS) | 8,712 | 6,149 | (13,346) | 1,515 | 8,394 | 1,909 | (9,127) | 1,176 | ||||||||
Net (income) loss from consolidated entities attributable to noncontrolling interests | - | 168 | 3 | 171 | - | 288 | - | 288 | ||||||||
Net (income) loss attributable to redeemable noncontrolling interests | - | - | (92) | (92) | - | - | (155) | (155) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 8,712 | 6,317 | (13,435) | 1,594 | 8,394 | 2,197 | (9,282) | 1,309 | ||||||||
Preferred dividends, declared and undeclared | - | - | (9,202) | (9,202) | - | - | (9,034) | (9,034) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 8,712 | $ | 6,317 | $ | (22,637) | $ | (7,608) | $ | 8,394 | $ | 2,197 | $ | (18,316) | $ | (7,725) |
(Continued) |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||||||||
Advisory
| Products & Services | Corporate/ Other | Ashford Inc. Consolidated |
Advisory
| Products & Services | Corporate/ Other | Ashford Inc. Consolidated | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 8,712 | $ | 6,317 | $ | (22,637) | $ | (7,608) | $ | 8,394 | $ | 2,197 | $ | (18,316) | $ | (7,725) |
Preferred dividends, declared and undeclared | - | - | 9,202 | 9,202 | - | - | 9,034 | 9,034 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 8,712 | 6,317 | (13,435) | 1,594 | 8,394 | 2,197 | (9,282) | 1,309 | ||||||||
Interest expense | - | 935 | 3,228 | 4,163 | - | 575 | 2,260 | 2,835 | ||||||||
Amortization of loan costs | - | 14 | 262 | 276 | - | 46 | 195 | 241 | ||||||||
Depreciation and amortization | 131 | 8,349 | 35 | 8,515 | 516 | 7,944 | 72 | 8,532 | ||||||||
Income tax expense (benefit) | 2,931 | 3,454 | (4,039) | 2,346 | 2,562 | 2,844 | (4,786) | 620 | ||||||||
Net income (loss) attributable to unitholders redeemable noncontrolling interests | - | - | 92 | 92 | - | - | 155 | 155 | ||||||||
EBITDA | 11,774 | 19,069 | (13,857) | 16,986 | 11,472 | 13,606 | (11,386) | 13,692 | ||||||||
Deferred compensation plans | - | - | (278) | (278) | - | 13 | (233) | (220) | ||||||||
Stock/unit-based compensation | - | 45 | 404 | 449 | - | 68 | 419 | 487 | ||||||||
Change in contingent consideration fair value | - | (50) | - | (50) | - | 780 | - | 780 | ||||||||
Transaction costs | - | 86 | 4,647 | 4,733 | - | 104 | 99 | 203 | ||||||||
Loss on disposal of assets | - | 15 | - | 15 | 1,032 | (15) | - | 1,017 | ||||||||
Reimbursed software costs, net | - | - | - | - | (74) | - | - | (74) | ||||||||
Legal, advisory and settlement costs | - | 113 | 32 | 145 | - | 227 | 64 | 291 | ||||||||
Severance and executive recruiting costs | - | 40 | 660 | 700 | - | 153 | 990 | 1,143 | ||||||||
Amortization of hotel signing fees and lock subsidies | - | 391 | - | 391 | - | 240 | - | 240 | ||||||||
Other (gain) loss | - | (53) | 35 | (18) | - | 38 | 15 | 53 | ||||||||
Adjusted EBITDA | 11,774 | 19,656 | (8,357) | 23,073 | 12,430 | 15,214 | (10,032) | 17,612 | ||||||||
Interest expense | - | (935) | (3,228) | (4,163) | - | (575) | (2,260) | (2,835) | ||||||||
Adjusted income tax (expense) benefit | (2,141) | (1,207) | 2,618 | (730) | (2,843) | (1,732) | 3,168 | (1,407) | ||||||||
Adjusted net income (loss) available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 9,633 | $ | 17,514 | $ | (8,967) | $ | 18,180 | $ | 9,587 | $ | 12,907 | $ | (9,124) | $ | 13,370 |
INCOME (LOSS) PER SHARE - DILUTED | ||||||||||||||||
Net income (loss) per diluted share attributable to common stockholders (1)
| $ | 2.76 | $ | 2.00 | $ | (7.19) | $ | (2.43) | $ | 2.81 | $ | 0.74 | $ | (6.14) | $ | (2.59) |
Weighted average common shares outstanding - diluted | 3,160 | 3,160 | 3,160 | 3,160 | 2,984 | 2,984 | 2,984 | 2,984 | ||||||||
ADJUSTED INCOME (LOSS) PER SHARE - DILUTED | ||||||||||||||||
Adjusted net income (loss) per diluted share available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis (1)
| $ | 1.05 | $ | 1.92 | $ | (0.98) | $ | 1.99 | $ | 1.20 | $ | 1.61 | $ | (1.14) | $ | 1.67 |
Weighted average diluted shares | 9,132 | 9,132 | 9,132 | 9,132 | 7,997 | 7,997 | 7,997 | 7,997 |
Three Months Ended March 31, 2024 | ||||||||||||||
Remington | Premier | INSPIRE | RED | OpenKey |
Other (1)
| Products & Services | ||||||||
REVENUES: | ||||||||||||||
Hotel management fees: | ||||||||||||||
Base management fees | $ | 8,948 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 8,948 |
Incentive management fees | 1,456 | - | - | - | - | - | 1,456 | |||||||
Other management fees | 2,066 | - | - | - | - | - | 2,066 | |||||||
Design and construction fees | - | 9,447 | - | - | - | - | 9,447 | |||||||
Audio visual | - | - | 44,912 | - | - | - | 44,912 | |||||||
Other | - | - | - | 11,224 | 353 | 4,637 | 16,214 | |||||||
Cost reimbursement revenue | 101,340 | 3,518 | 84 | 64 | - | - | 105,006 | |||||||
Total revenues | 113,810 | 12,965 | 44,996 | 11,288 | 353 | 4,637 | 188,049 | |||||||
EXPENSES: | ||||||||||||||
Salaries and benefits | 5,700 | 775 | 5,743 | 1,503 | 680 | 320 | 14,721 | |||||||
Stock/unit-based compensation | 21 | 11 | 7 | 5 | - | - | 44 | |||||||
Cost of audio visual revenues | - | - | 30,882 | - | - | - | 30,882 | |||||||
Cost of design and construction revenues | - | 2,030 | - | - | - | - | 2,030 | |||||||
Depreciation and amortization | 2,621 | 2,720 | 549 | 322 | 3 | - | 6,215 | |||||||
General and administrative | 2,573 | 1,058 | 3,432 | 2,298 | 357 | 799 | 10,517 | |||||||
Other | 234 | - | 15 | 5,907 | 30 | 2,737 | 8,923 | |||||||
Reimbursed expenses | 101,338 | 3,508 | 73 | 64 | - | - | 104,983 | |||||||
REIT stock/unit-based compensation | 2 | 10 | 11 | - | - | - | 23 | |||||||
Total operating expenses | 112,489 | 10,112 | 40,712 | 10,099 | 1,070 | 3,856 | 178,338 | |||||||
OPERATING INCOME (LOSS) | 1,321 | 2,853 | 4,284 | 1,189 | (717) | 781 | 9,711 | |||||||
Other | 7 | - | (566) | (451) | (9) | 911 | (108) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,328 | 2,853 | 3,718 | 738 | (726) | 1,692 | 9,603 | |||||||
Income tax (expense) benefit | (248) | (599) | (1,960) | (256) | - | (391) | (3,454) | |||||||
NET INCOME (LOSS) | 1,080 | 2,254 | 1,758 | 482 | (726) | 1,301 | 6,149 | |||||||
Net (income) loss from consolidated entities attributable to noncontrolling interests | - | - | - | - | 168 | - | 168 | |||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $ | 1,080 | $ | 2,254 | $ | 1,758 | $ | 482 | $ | (558) | $ | 1,301 | $ | 6,317 |
Interest expense | - | - | 473 | 442 | 7 | 13 | 935 | |||||||
Amortization of loan costs | - | - | 5 | 9 | - | - | 14 | |||||||
Depreciation and amortization | 2,621 | 2,720 | 1,986 | 1,013 | 3 | 6 | 8,349 | |||||||
Income tax expense (benefit) | 248 | 599 | 1,960 | 256 | - | 391 | 3,454 | |||||||
EBITDA | 3,949 | 5,573 | 6,182 | 2,202 | (548) | 1,711 | 19,069 | |||||||
Stock/unit-based compensation | 22 | 11 | 7 | 5 | - | - | 45 | |||||||
Change in contingent consideration fair value | (50) | - | - | - | - | - | (50) | |||||||
Transaction costs | - | - | - | 86 | - | - | 86 | |||||||
Loss on disposal of assets | - | - | 22 | (7) | - | - | 15 | |||||||
Legal, advisory and settlement costs | 109 | - | - | 4 | - | - | 113 | |||||||
Severance and executive recruiting costs | 40 | - | - | - | - | - | 40 | |||||||
Amortization of hotel signing fees and lock subsidies | - | - | 391 | - | - | - | 391 | |||||||
Other (gain) loss | 20 | - | (73) | - | - | - | (53) | |||||||
Adjusted EBITDA | 4,090 | 5,584 | 6,529 | 2,290 | (548) | 1,711 | 19,656 | |||||||
Interest expense | - | - | (473) | (442) | (7) | (13) | (935) | |||||||
Adjusted income tax (expense) benefit | (39) | (50) | (930) | (92) | - | (96) | (1,207) | |||||||
Adjusted net income (loss) available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 4,051 | $ | 5,534 | $ | 5,126 | $ | 1,756 | $ | (555) | $ | 1,602 | $ | 17,514 |
INCOME (LOSS) PER SHARE - DILUTED | ||||||||||||||
Net income (loss) per diluted share attributable to common stockholders (2)
| $ | 0.34 | $ | 0.71 | $ | 0.56 | $ | 0.15 | $ | (0.18) | $ | 0.41 | $ | 2.00 |
Weighted average common shares outstanding - diluted | 3,160 | 3,160 | 3,160 | 3,160 | 3,160 | 3,160 | 3,160 | |||||||
ADJUSTED INCOME (LOSS) PER SHARE - DILUTED | ||||||||||||||
Adjusted net income (loss) per diluted share available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis (2)
| $ | 0.44 | $ | 0.61 | $ | 0.56 | $ | 0.19 | $ | (0.06) | $ | 0.18 | $ | 1.92 |
Weighted average diluted shares | 9,132 | 9,132 | 9,132 | 9,132 | 9,132 | 9,132 | 9,132 |
Three Months Ended March 31, 2023 | ||||||||||||||
Remington | Premier | INSPIRE | RED | OpenKey |
Other (1)
| Products & Services | ||||||||
REVENUES: | ||||||||||||||
Hotel management fees: | ||||||||||||||
Base management fees | $ | 9,010 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 9,010 |
Incentive management fees | 982 | - | - | - | - | - | 982 | |||||||
Other management fees | 2,195 | - | - | - | - | - | 2,195 | |||||||
Design and construction fees | - | 6,929 | - | - | - | - | 6,929 | |||||||
Audio visual | - | - | 40,357 | - | - | - | 40,357 | |||||||
Other | - | - | - | 7,628 | 389 | 930 | 8,947 | |||||||
Cost reimbursement revenue | 89,277 | 2,842 | 52 | 23 | - | - | 92,194 | |||||||
Total revenues | 101,464 | 9,771 | 40,409 | 7,651 | 389 | 930 | 160,614 | |||||||
EXPENSES: | ||||||||||||||
Salaries and benefits | 5,897 | 581 | 4,448 | 951 | 658 | 354 | 12,889 | |||||||
Deferred compensation plans | - | - | - | 13 | - | - | 13 | |||||||
Stock/unit-based compensation | 31 | 28 | 6 | 5 | - | - | 70 | |||||||
Cost of audio visual revenues | - | - | 27,828 | - | - | - | 27,828 | |||||||
Cost of design and construction revenues | - | 2,866 | - | - | - | - | 2,866 | |||||||
Depreciation and amortization | 2,871 | 2,888 | 463 | 181 | 3 | 6 | 6,412 | |||||||
General and administrative | 1,481 | 736 | 2,762 | 2,135 | 649 | 138 | 7,901 | |||||||
Other | 780 | - | - | 3,989 | 50 | 251 | 5,070 | |||||||
Reimbursed expenses | 89,266 | 2,808 | 39 | 23 | - | - | 92,136 | |||||||
REIT stock/unit-based compensation | 11 | 34 | 13 | - | - | - | 58 | |||||||
Total operating expenses | 100,337 | 9,941 | 35,559 | 7,297 | 1,360 | 749 | 155,243 | |||||||
OPERATING INCOME (LOSS) | 1,127 | (170) | 4,850 | 354 | (971) | 181 | 5,371 | |||||||
Other | 19 | - | (311) | 142 | - | (468) | (618) | |||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,146 | (170) | 4,539 | 496 | (971) | (287) | 4,753 | |||||||
Income tax (expense) benefit | (296) | 51 | (2,616) | (45) | - | 62 | (2,844) | |||||||
NET INCOME (LOSS) | 850 | (119) | 1,923 | 451 | (971) | (225) | 1,909 | |||||||
Net (income) loss from consolidated entities attributable to noncontrolling interests | - | - | - | - | 226 | 62 | 288 | |||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $ | 850 | $ | (119) | $ | 1,923 | $ | 451 | $ | (745) | $ | (163) | $ | 2,197 |
Interest expense | - | - | 295 | 277 | 1 | 2 | 575 | |||||||
Amortization of loan costs | - | - | 37 | 9 | - | - | 46 | |||||||
Depreciation and amortization | 2,871 | 2,888 | 1,580 | 594 | 2 | 9 | 7,944 | |||||||
Income tax expense (benefit) | 296 | (51) | 2,616 | 45 | - | (62) | 2,844 | |||||||
EBITDA | 4,017 | 2,718 | 6,451 | 1,376 | (742) | (214) | 13,606 | |||||||
Stock/unit-based compensation | 29 | 28 | 6 | 5 | - | - | 68 | |||||||
Deferred compensation plans | - | - | - | 13 | - | - | 13 | |||||||
Change in contingent consideration fair value | 780 | - | - | - | - | - | 780 | |||||||
Transaction costs | (122) | - | - | 226 | - | - | 104 | |||||||
Loss on disposal of assets | - | - | (15) | - | - | - | (15) | |||||||
Legal, advisory and settlement costs | 222 | - | - | 5 | - | - | 227 | |||||||
Severance and executive recruiting costs | 16 | - | 102 | - | - | 35 | 153 | |||||||
Amortization of hotel signing fees and lock subsidies | - | - | 236 | - | 4 | - | 240 | |||||||
Other (gain) loss | (57) | - | 95 | - | - | - | 38 | |||||||
Adjusted EBITDA | 4,885 | 2,746 | 6,875 | 1,625 | (738) | (179) | 15,214 | |||||||
Interest expense | - | - | (295) | (277) | (1) | (2) | (575) | |||||||
Adjusted income tax (expense) benefit | (96) | (102) | (1,504) | (73) | - | 43 | (1,732) | |||||||
Adjusted net income (loss) available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis | $ | 4,789 | $ | 2,644 | $ | 5,076 | $ | 1,275 | $ | (739) | $ | (138) | $ | 12,907 |
INCOME (LOSS) PER SHARE - DILUTED | ||||||||||||||
Net income (loss) per diluted share attributable to common stockholders (2)
| $ | 0.28 | $ | (0.04) | $ | 0.64 | $ | 0.15 | $ | (0.25) | $ | (0.05) | $ | 0.74 |
Weighted average common shares outstanding - diluted | 2,984 | 2,984 | 2,984 | 2,984 | 2,984 | 2,984 | 2,984 | |||||||
ADJUSTED INCOME (LOSS) PER SHARE - DILUTED | ||||||||||||||
Adjusted net income (loss) per diluted share available to common stockholders, unitholders and Series D convertible preferred stockholders on an "as converted" basis (2)
| $ | 0.60 | $ | 0.33 | $ | 0.63 | $ | 0.16 | $ | (0.09) | $ | (0.02) | $ | 1.61 |
Weighted average diluted shares | 7,997 | 7,997 | 7,997 | 7,997 | 7,997 | 7,997 | 7,997 |
2024
| 2023 | 2023 | 2023 | March 31, 2024 | ||||||
1st Quarter
| 4th Quarter | 3rd Quarter | 2nd Quarter | TTM | ||||||
Net income (loss) | $ | 1,515 | $ | (4,614) | $ | (3,070) | $ | 1,501 | $ | (4,668) |
Net (income) loss from consolidated entities attributable to noncontrolling interests | 171 | 188 | 190 | 214 | 763 | |||||
Net (income) loss attributable to redeemable noncontrolling interests | (92) | (102) | (111) | (133) | (438) | |||||
Net income (loss) attributable to the company | 1,594 | (4,528) | (2,991) | 1,582 | (4,343) | |||||
Interest expense | 4,163 | 4,309 | 3,657 | 3,422 | 15,551 | |||||
Amortization of loan costs | 276 | 278 | 268 | 264 | 1,086 | |||||
Depreciation and amortization | 8,515 | 9,221 | 8,998 | 8,692 | 35,426 | |||||
Income tax expense (benefit) | 2,346 | (2,186) | (205) | 1,227 | 1,182 | |||||
Net income (loss) attributable to unitholders redeemable noncontrolling interests | 92 | 102 | 111 | 133 | 438 | |||||
EBITDA | 16,986 | 7,196 | 9,838 | 15,320 | 49,340 | |||||
Deferred compensation plans | (278) | (480) | (689) | (570) | (2,017) | |||||
Stock/unit-based compensation | 449 | 462 | 465 | 992 | 2,368 | |||||
Change in contingent consideration fair value | (50) | 170 | 130 | (480) | (230) | |||||
Transaction costs | 4,733 | 1,740 | 685 | 419 | 7,577 | |||||
Loss on disposal of assets | 15 | 2,109 | 13 | 2 | 2,139 | |||||
Legal, advisory and settlement costs | 145 | 128 | 117 | 635 | 1,025 | |||||
Severance and executive recruiting costs | 700 | 1,594 | 785 | 1,133 | 4,212 | |||||
Amortization of hotel signing fees and lock subsidies | 391 | 321 | 334 | 305 | 1,351 | |||||
Other (gain) loss | (18) | (38) | 89 | 72 | 105 | |||||
Adjusted EBITDA | $ | 23,073 | $ | 13,202 | $ | 11,767 | $ | 17,828 | $ | 65,870 |
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Ashford Inc. published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 20:16:30 UTC.