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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________

Commission file number: 001-36400

ASHFORD INC.
(Exact name of registrant as specified in its charter)
Nevada
 
84-2331507
(State or other jurisdiction of incorporation or organization)
 
(IRS employer identification number)
 
 
 
14185 Dallas Parkway
 
 
Suite 1100
 
 
Dallas
 
 
Texas
 
75254
(Address of principal executive offices)
 
(Zip code)

(972) 490-9600
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
 
 
 
 
Non-accelerated filer
Smaller reporting company
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes þ No

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common Stock
 
AINC
 
NYSE American LLC
Preferred Stock Purchase Rights
 
 
 
NYSE American LLC
    
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.001 par value per share
 
2,553,922
(Class)
 
Outstanding at November 4, 2020




ASHFORD INC.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2020

TABLE OF CONTENTS

 
 
 




PART I. FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS (unaudited)
ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
 
September 30, 2020
 
December 31, 2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
68,623

 
$
35,349

Restricted cash
36,577

 
17,900

Restricted investment
156

 
1,195

Accounts receivable, net
3,833

 
7,241

Due from affiliates
108

 
357

Due from Ashford Trust
2,585

 
4,805

Due from Braemar
124

 
1,591

Inventories
1,550

 
1,642

Prepaid expenses and other
7,693

 
7,212

Total current assets
121,249

 
77,292

Investments in unconsolidated entities
3,777

 
3,476

Property and equipment, net
96,623

 
116,190

Operating lease right-of-use assets
31,450

 
31,699

Goodwill
66,834

 
205,606

Intangible assets, net
278,777

 
347,961

Other assets
3,131

 
276

Total assets
$
601,841

 
$
782,500

LIABILITIES


 
 
Current liabilities:
 
 
 
Accounts payable and accrued expenses
$
42,093

 
$
39,160

Dividends payable
15,860

 
4,725

Due to affiliates
733

 
1,011

Deferred income
15,883

 
233

Deferred compensation plan
17

 
35

Notes payable, net
57,719

 
3,550

Finance lease liabilities
560

 
572

Operating lease liabilities
3,696

 
3,207

Other liabilities
34,023

 
19,066

Total current liabilities
170,584

 
71,559

Deferred income
9,338

 
13,047

Deferred tax liability, net
46,739

 
69,521

Deferred compensation plan
1,139

 
4,694

Notes payable, net
4,574

 
33,033

Finance lease liabilities
42,710

 
41,482

Operating lease liabilities
27,810

 
28,519

Other liabilities

 
430

Total liabilities
302,894

 
262,285

Commitments and contingencies (note 9)


 


MEZZANINE EQUITY
 
 
 
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000 shares issued and outstanding, net of discount, as of September 30, 2020 and December 31, 2019
476,446

 
474,060

Redeemable noncontrolling interests
2,962

 
4,131

EQUITY (DEFICIT)
 
 
 
Common stock, 100,000,000 shares authorized, $0.001 par value, 2,539,046 and 2,202,580 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
3

 
2

Additional paid-in capital
290,674

 
285,825

Accumulated deficit
(469,651
)
 
(244,084
)
Accumulated other comprehensive income (loss)
(1,363
)
 
(216
)
Treasury stock, at cost, 31,840 and 1,638 shares at September 30, 2020 and December 31, 2019, respectively
(436
)
 
(131
)
Total equity (deficit) of the Company
(180,773
)
 
41,396

Noncontrolling interests in consolidated entities
312

 
628

Total equity (deficit)
(180,461
)
 
42,024

Total liabilities and equity (deficit)
$
601,841

 
$
782,500

See Notes to Condensed Consolidated Financial Statements.

2


ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
REVENUE
 
 
 
 
 
 
 
Advisory services
$
10,832

 
$
10,871

 
$
34,098

 
$
33,280

Hotel management fees
3,777

 

 
13,592

 

Project management fees
1,790

 
6,660

 
7,780

 
19,533

Audio visual
3,114

 
22,430

 
33,758

 
83,532

Other
8,222

 
5,627

 
18,250

 
14,719

Cost reimbursement revenue
28,133

 
11,301

 
127,830

 
32,611

Total revenues
55,868

 
56,889

 
235,308

 
183,675

EXPENSES
 
 
 
 
 
 
 
Salaries and benefits
13,820

 
13,602

 
43,807

 
40,795

Cost of revenues for project management
703

 
1,461

 
3,032

 
4,376

Cost of revenues for audio visual
3,126

 
17,732

 
25,872

 
61,400

Depreciation and amortization
10,094

 
8,048

 
30,172

 
16,671

General and administrative
5,540

 
6,795

 
16,064

 
22,238

Impairment

 

 
178,213

 

Other
9,147

 
4,849

 
14,734

 
9,326

Reimbursed expenses
28,072

 
11,203

 
127,638

 
32,185

Total expenses
70,502

 
63,690

 
439,532

 
186,991

OPERATING INCOME (LOSS)
(14,634
)
 
(6,801
)
 
(204,224
)
 
(3,316
)
Equity in earnings (loss) of unconsolidated entities
48

 
464

 
301

 
(109
)
Interest expense
(1,259
)
 
(456
)
 
(3,681
)
 
(1,198
)
Amortization of loan costs
(86
)
 
(75
)
 
(242
)
 
(214
)
Interest income

 

 
29

 
29

Realized gain (loss) on investments

 

 
(386
)
 

Other income (expense)
(44
)
 
(20
)
 
(499
)
 
(115
)
INCOME (LOSS) BEFORE INCOME TAXES
(15,975
)
 
(6,888
)
 
(208,702
)
 
(4,923
)
Income tax (expense) benefit
1,835

 
297

 
7,404

 
(1,429
)
NET INCOME (LOSS)
(14,140
)
 
(6,591
)
 
(201,298
)
 
(6,352
)
(Income) loss from consolidated entities attributable to noncontrolling interests
319

 
101

 
757

 
395

Net (income) loss attributable to redeemable noncontrolling interests
604

 
334

 
1,688

 
623

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(13,217
)
 
(6,156
)
 
(198,853
)
 
(5,334
)
Preferred dividends, declared and undeclared
(7,985
)
 
(2,909
)
 
(23,800
)
 
(8,492
)
Amortization of preferred stock discount
(781
)
 
(363
)
 
(2,386
)
 
(1,338
)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(21,983
)
 
$
(9,428
)
 
$
(225,039
)
 
$
(15,164
)
 
 
 
 
 
 
 
 
INCOME (LOSS) PER SHARE - BASIC AND DILUTED
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
$
(9.53
)
 
$
(3.65
)
 
$
(99.62
)
 
$
(6.09
)
Weighted average common shares outstanding - basic
2,306

 
2,580

 
2,259

 
2,489

Diluted:
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
$
(9.53
)
 
$
(3.94
)
 
$
(99.62
)
 
$
(7.95
)
Weighted average common shares outstanding - diluted
2,306

 
2,782

 
2,259

 
2,679

See Notes to Condensed Consolidated Financial Statements.

3


ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited, in thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2020
 
2019
 
2020
 
2019
NET INCOME (LOSS)
$
(14,140
)
 
$
(6,591
)
 
$
(201,298
)
 
$
(6,352
)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
 
 
 
 
 
 
 
Foreign currency translation adjustment
(1,170
)
 
(116
)
 
(584
)
 
119

Unrealized gain (loss) on restricted investment
(214
)
 

 
(1,014
)
 

Less reclassification for realized (gain) loss on restricted investment included in net income

 

 
386

 

COMPREHENSIVE INCOME (LOSS)
(15,524
)
 
(6,707
)
 
(202,510
)
 
(6,233
)
Comprehensive (income) loss attributable to noncontrolling interests
319

 
101

 
757

 
395

Comprehensive (income) loss attributable to redeemable noncontrolling interests
739

 
350

 
1,753

 
609

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
$
(14,466
)
 
$
(6,256
)
 
$
(200,000
)
 
$
(5,229
)
See Notes to Condensed Consolidated Financial Statements.


4


ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)
(unaudited, in thousands)

 
Common Stock
 
Additional Paid-in Capital
 
Accumulated
 Deficit
 
Accumulated Other Comprehensive Income (Loss)
 
Treasury Stock
 
Noncontrolling Interests in Consolidated Entities
 
Total
 
Convertible Preferred Stock
 
Redeemable Noncontrolling Interests
 
Shares
 
Amount
Shares
 
Amount
 
Shares
 
Amount
Balance at June 30, 2020
2,505

 
$
3

 
$
288,774

 
$
(447,649
)
 
$
(114
)
 
(31
)
 
$
(428
)
 
$
251

 
$
(159,163
)
 
19,120

 
$
475,665

 
$
3,682

Equity-based compensation
35

 

 
1,922

 

 

 

 

 

 
1,922

 

 

 

Forfeiture of restricted common shares
(1
)
 

 
7

 

 

 
(1
)
 
(7
)
 

 

 

 

 

Purchase of treasury stock

 

 

 

 

 

 
(1
)
 

 
(1
)
 

 

 

Amortization of preferred stock discount

 

 

 
(781
)
 

 

 

 

 
(781
)
 

 
781

 

Dividends declared and undeclared - preferred stock

 

 

 
(7,985
)
 

 

 

 

 
(7,985
)
 

 

 

Deferred compensation plan distribution

 

 
2

 

 

 

 

 

 
2

 

 

 

Employee advances

 

 
(31
)
 

 

 

 

 

 
(31
)
 

 

 

Contributions from noncontrolling interests

 

 

 

 

 

 

 
380

 
380

 

 

 

Redemption value adjustment

 

 

 
(19
)
 

 

 

 

 
(19
)
 

 

 
19

Foreign currency translation adjustment

 

 

 

 
(1,035
)
 

 

 

 
(1,035
)
 

 

 
(135
)
Unrealized gain (loss) on available for sale securities

 

 

 

 
(214
)
 

 

 

 
(214
)
 

 

 

Net income (loss)

 

 

 
(13,217
)
 

 

 

 
(319
)
 
(13,536
)
 

 

 
(604
)
Balance at September 30, 2020
2,539

 
$
3

 
$
290,674

 
$
(469,651
)
 
$
(1,363
)
 
(32
)
 
$
(436
)
 
$
312

 
$
(180,461
)
 
19,120

 
$
476,446

 
$
2,962

 
Common Stock
 
Additional Paid-in Capital
 
Accumulated
 Deficit
 
Accumulated Other Comprehensive Income (Loss)
 
Treasury Stock
 
Noncontrolling Interests in Consolidated Entities
 
Total
 
Convertible Preferred Stock
 
Redeemable Noncontrolling Interests
 
Shares
 
Amount
Shares
 
Amount
 
Shares
 
Amount
Balance at December 31, 2019
2,203

 
$
2

 
$
285,825

 
$
(244,084
)
 
$
(216
)
 
(2
)
 
$
(131
)
 
$
628

 
$
42,024

 
19,120

 
$
474,060

 
$
4,131

Equity-based compensation
365

 
1

 
4,512

 

 

 

 

 
3

 
4,516

 

 

 

Forfeiture of restricted common shares
(28
)
 

 
287

 

 

 
(28
)
 
(287
)
 

 

 

 

 

Purchase of treasury stock
(2
)
 

 

 

 

 
(2
)
 
(18
)
 

 
(18
)
 

 

 

Amortization of preferred stock discount

 

 

 
(2,386
)
 

 

 

 

 
(2,386
)
 

 
2,386

 

Dividends declared and undeclared - preferred stock

 

 

 
(23,800
)
 

 

 

 

 
(23,800
)
 

 

 

Deferred compensation plan distribution
1

 

 
8

 

 

 

 

 

 
8

 

 

 

Employee advances

 

 
79

 

 

 

 

 

 
79

 

 

 

Contributions from noncontrolling interests

 

 

 

 

 

 

 
457

 
457

 

 

 

Reallocation of carrying value

 

 
(37
)
 

 

 

 

 
(19
)
 
(56
)
 

 

 
56

Redemption value adjustment

 

 

 
(528
)
 

 

 

 

 
(528
)
 

 

 
528

Foreign currency translation adjustment

 

 

 

 
(519
)
 

 

 

 
(519
)
 

 

 
(65
)
Unrealized gain (loss) on available for sale securities

 

 

 

 
(1,014
)
 

 

 

 
(1,014
)
 

 

 

Reclassification for realized loss (gain) on available for sale securities

 

 

 

 
386

 

 

 

 
386

 

 

 

Net income (loss)

 

 

 
(198,853
)
 

 

 

 
(757
)
 
(199,610
)
 

 

 
(1,688
)
Balance at September 30, 2020
2,539

 
$
3

 
$
290,674

 
$
(469,651
)
 
$
(1,363
)
 
(32
)
 
$
(436
)
 
$
312

 
$
(180,461
)
 
19,120

 
$
476,446

 
$
2,962



5


 
Common Stock
 
Additional Paid-in Capital
 
Accumulated
 Deficit
 
Accumulated Other Comprehensive Income (Loss)
 
Noncontrolling Interests in Consolidated Entities
 
Total
 
Convertible Preferred Stock
 
Redeemable Noncontrolling Interests
 
Shares
 
Amount
 
Shares
 
Amount
Balance at June 30, 2019
2,476

 
$
25

 
$
289,821

 
$
(219,965
)
 
$
(293
)
 
$
410

 
$
69,998

 
8,120

 
$
201,822

 
$
3,615

Equity-based compensation
3

 

 
2,081

 

 

 
8

 
2,089

 

 

 

Acquisition of Sebago
135

 
1

 
4,546

 

 

 

 
4,547

 

 

 

Amortization of preferred stock discount

 

 

 
(363
)
 

 

 
(363
)
 

 
363

 

Dividends declared - preferred stock

 

 

 
(2,909
)
 

 

 
(2,909
)
 

 

 

Deferred compensation plan distribution
1

 

 
20

 

 

 

 
20

 

 

 

Contributions from noncontrolling interests

 

 

 

 

 
583

 
583

 

 

 

Reallocation of carrying value

 

 
(255
)
 

 

 
(135
)
 
(390
)
 

 

 
390

Redemption value adjustment

 

 

 
14

 

 

 
14

 

 

 
(14
)
Foreign currency translation adjustment

 

 

 

 
(100
)
 

 
(100
)
 

 

 
(16
)
Net income (loss)

 

 

 
(6,156
)
 

 
(101
)
 
(6,257
)
 

 

 
(334
)
Balance at September 30, 2019
2,615

 
$
26

 
$
296,213

 
$
(229,379
)
 
$
(393
)
 
$
765

 
$
67,232

 
8,120

 
$
202,185

 
$
3,641


 
Common Stock
 
Additional Paid-in Capital
 
Accumulated
 Deficit
 
Accumulated Other Comprehensive Income (Loss)
 
Noncontrolling Interests in Consolidated Entities
 
Total
 
Convertible Preferred Stock
 
Redeemable Noncontrolling Interests
 
Shares
 
Amount
 
Shares
 
Amount
Balance at December 31, 2018
2,392

 
$
24

 
$
280,159

 
$
(214,242
)
 
$
(498
)
 
$
458

 
$
65,901

 
8,120

 
$
200,847

 
$
3,531

Equity-based compensation
8

 

 
6,917

 

 

 
(16
)
 
6,901

 

 

 

Acquisition of BAV Services
60

 
1

 
3,747

 

 

 

 
3,748

 

 

 

Acquisition of Sebago
135

 
1

 
4,546

 

 

 

 
4,547

 

 

 

Investment in Real Estate Advisory Holdings LLC
17

 

 
887

 

 

 

 
887

 

 

 

Amortization of preferred stock discount

 

 

 
(1,338
)
 

 

 
(1,338
)
 

 
1,338

 

Dividends declared - preferred stock

 

 

 
(8,492
)
 

 

 
(8,492
)
 

 

 

Deferred compensation plan distribution
3

 

 
93

 

 

 

 
93

 

 

 

Employee advances

 

 
353

 

 

 

 
353

 

 

 

Contributions from noncontrolling interests

 

 

 

 

 
1,038

 
1,038

 

 

 

Reallocation of carrying value

 

 
(489
)
 

 

 
(257
)
 
(746
)
 

 

 
746

Redemption value adjustment

 

 

 
27

 

 

 
27

 

 

 
(27
)
Distributions to consolidated noncontrolling interests

 

 

 

 

 
(63
)
 
(63
)
 

 

 

Foreign currency translation adjustment

 

 

 

 
105

 

 
105

 

 

 
14

Net income (loss)

 

 

 
(5,334
)
 

 
(395
)
 
(5,729
)
 

 

 
(623
)
Balance at September 30, 2019
2,615

 
$
26

 
$
296,213

 
$
(229,379
)
 
$
(393
)
 
$
765

 
$
67,232

 
8,120

 
$
202,185

 
$
3,641

See Notes to Condensed Consolidated Financial Statements.

6


ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
 
Nine Months Ended September 30,
 
2020
 
2019
Cash Flows from Operating Activities
 
 
 
Net income (loss)
$
(201,298
)
 
$
(6,352
)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
 
 
 
Depreciation and amortization
34,438

 
21,461

Change in fair value of deferred compensation plan
(3,566
)
 
(5,603
)
Equity-based compensation
4,088

 
6,950

Equity in (earnings) loss in unconsolidated entities
(301
)
 
109

Deferred tax expense (benefit)
(12,918
)
 
(1,057
)
Change in fair value of contingent consideration
751

 
4,412

Impairment
178,213

 

(Gain) loss on disposal of property and equipment
6,556

 
(73
)
Amortization of other assets
978

 

Amortization of loan costs
242

 
214

Realized loss on restricted investments
386

 

Write off of deferred loan costs
145

 

Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
 
 
 
Accounts receivable
3,276

 
(969
)
Due from affiliates
249

 
(10
)
Due from Ashford Trust
2,220

 
849

Due from Braemar
1,467

 
(228
)
Inventories
73

 
(154
)
Prepaid expenses and other
(709
)
 
(230
)
Investment in unconsolidated entities

 
115

Operating lease right-of-use assets
2,551

 
1,387

Other assets
(142
)
 

Accounts payable and accrued expenses
3,273

 
2,113

Due to affiliates
(278
)
 
(610
)
Other liabilities
15,498

 
3,864

Operating lease liabilities
(2,522
)
 
(1,362
)
Deferred income
12,030

 
(2,078
)
Net cash provided by (used in) operating activities
44,700

 
22,748

Cash Flows from Investing Activities
 
 
 
Purchases of furniture, fixtures and equipment under the Ashford Trust ERFP Agreement

 
(13,089
)
Purchases of furniture, fixtures and equipment under the Braemar ERFP Agreement

 
(10,300
)
Additions to property and equipment
(2,383
)
 
(5,143
)
Proceeds from disposal of property and equipment, net
4

 
231

Additional purchase price paid for Remington working capital adjustment
(1,293
)
 

Acquisition of BAV

 
(4,267
)
Acquisition of Sebago

 
(2,426
)
Investment in REA Holdings

 
(2,176
)
Acquisition of assets related to RED
(1,170
)
 
(1,570
)
Net cash provided by (used in) investing activities
(4,842
)
 
(38,740
)
 
 
 
(Continued)


7


 
Nine Months Ended September 30,
 
2020
 
2019
 
 
 
 
Cash Flows from Financing Activities
 
 
 
Payments for dividends on preferred stock
(12,665
)
 
(5,582
)
Payments on revolving credit facilities
(12,200
)
 
(25,980
)
Borrowings on revolving credit facilities
10,412

 
26,448

Proceeds from notes payable
44,797

 
11,019

Payments on notes payable
(17,029
)
 
(1,735
)
Payments on finance lease liabilities
(637
)
 
(476
)
Payments of loan costs
(290
)
 
(45
)
Purchase of treasury stock
(18
)
 

Employee advances
79

 
353

Payment of contingent consideration
(1,384
)
 

Contributions from noncontrolling interest
457

 
980

Distributions to noncontrolling interests in consolidated entities

 
(63
)
Net cash provided by (used in) financing activities
11,522

 
4,919

Effect of foreign exchange rate changes on cash and cash equivalents
571

 
8

Net change in cash, cash equivalents and restricted cash
51,951

 
(11,065
)
Cash, cash equivalents and restricted cash at beginning of period
53,249

 
59,443

Cash, cash equivalents and restricted cash at end of period
$
105,200

 
$
48,378

 
 
 
 
Supplemental Cash Flow Information
 
 
 
Interest paid
$
3,039

 
$
1,063

Income taxes paid (refunded), net
7,746

 
2,203

Supplemental Disclosure of Non-Cash Investing and Financing Activities
 
 
 
Ashford Inc. common stock consideration for BAV acquisition
$

 
$
3,748

Ashford Inc. common stock consideration for Sebago acquisition

 
4,547

Ashford Inc. common stock consideration for investment in REA Holdings

 
887

Distribution from deferred compensation plan
8

 
93

Capital expenditures accrued but not paid
743

 
445

Finance lease additions
1,864

 
1,620

Contributions from noncontrolling interests

 
58

 
 
 
 
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
 
 
 
Cash and cash equivalents at beginning of period
$
35,349

 
$
51,529

Restricted cash at beginning of period
17,900

 
7,914

Cash, cash equivalents and restricted cash at beginning of period
$
53,249

 
$
59,443

 
 
 
 
Cash and cash equivalents at end of period
$
68,623

 
$
36,400

Restricted cash at end of period
36,577

 
11,978

Cash, cash equivalents and restricted cash at end of period
$
105,200

 
$
48,378

See Notes to Condensed Consolidated Financial Statements.

8

ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)



1. Organization and Description of Business
Ashford Inc. (the “Company”) is a Nevada corporation that provides products and services primarily to clients in the hospitality industry, including Ashford Hospitality Trust, Inc. (“Ashford Trust”) and Braemar Hotels & Resorts Inc. (“Braemar”). We became a public company in November 2014, and our common stock is listed on the NYSE American LLC (“NYSE American”). Unless the context otherwise requires, references to the “Company”, “we”, “us” or “Ashford Inc.” for the period before August 8, 2018 refer to Old Ashford (as defined below), for the period from and including August 8, 2018 through November 6, 2019 refer to Maryland Ashford (as defined below), and for the period beginning on and including November 6, 2019, and thereafter refer to Ashford Inc., a Nevada corporation.
We provide: (i) advisory services; (ii) asset management services; (iii) hotel management services; (iv) project management services; (v) event technology and creative communications solutions; (vi) mobile room keys and keyless entry solutions; (vii) watersports activities and other travel, concierge and transportation services; (viii) hypoallergenic premium room products and services; (ix) debt placement and related services; (x) real estate advisory and brokerage services; and (xi) wholesaler, dealer manager and other broker-dealer services. We conduct these activities and own substantially all of our assets primarily through Ashford Hospitality Advisors, LLC (“Ashford LLC”), Ashford Hospitality Services, LLC (“Ashford Services”) and their respective subsidiaries.
We are currently the advisor to Ashford Trust and Braemar. In our capacity as the advisor to Ashford Trust and Braemar, we are responsible for implementing the investment strategies and managing the day-to-day operations of Ashford Trust and Braemar from an ownership perspective, in each case subject to the supervision and oversight of the respective board of directors of Ashford Trust and Braemar. Ashford Trust is focused on investing in full-service hotels in the upscale and upper upscale segments in the U.S. that have revenue per available room (“RevPAR”) generally less than twice the national average. Braemar invests primarily in luxury hotels and resorts with RevPAR of at least twice the U.S. national average. Each of Ashford Trust and Braemar is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the common stock of each of Ashford Trust and Braemar is traded on the New York Stock Exchange (the “NYSE”).
We provide the personnel and services that we believe are necessary for each of Ashford Trust and Braemar to conduct their respective businesses. We may also perform similar functions for new or additional platforms. In our capacity as an advisor, we are not responsible for managing the day-to-day operations of the individual hotel properties owned by either Ashford Trust or Braemar, which duties are, and will continue to be, the responsibility of the hotel management companies that operate the hotel properties owned by Ashford Trust and Braemar. Additionally, Remington, which we acquired on November 6, 2019, operates certain of the hotel properties owned by Ashford Trust and Braemar.
Shareholder Rights Plan
On March 13, 2020, we adopted a shareholder rights plan by entering into a Rights Agreement, dated March 13, 2020, with ComputerShare Trust Company, N.A., as rights agent (the “Rights Agreement”). We intend for the shareholder rights plan to improve the bargaining position of the Company’s board of directors (the “Board”) in the event of an unsolicited offer to acquire our outstanding shares of common stock. The Board implemented the rights plan by declaring a dividend of one preferred share purchase right (a “Right”) that was paid on March 23, 2020, for each outstanding share of our common stock on March 23, 2020 (the “Record Date”), to our stockholders of record on that date. Each of those Rights becomes exercisable on the Distribution Date (defined below) and entitles the registered holder to purchase from the Company one one-thousandth of a share of our Series E Preferred Stock, par value $0.001 per share, at a price of $275 per one one-thousandth of a share of our Series E Preferred Stock represented by such a right, subject to adjustment. The Rights will expire on February 13, 2021 unless the expiration date is extended or unless the Rights are earlier redeemed by the Company.
Initially, the Rights will be attached to all certificates representing our common stock, and no separate certificates evidencing the Rights (the “Rights Certificates”) will be issued. The Rights Agreement provides that, until the date on which the Rights separate and begin trading separately from our common stock (which we refer to as the “Distribution Date”) or earlier expiration or redemption of the Rights: (i) the Rights will be transferred with and only with the shares of our common stock; (ii) new certificates representing shares of our common stock issued after the Record Date or upon transfer or new issuance of shares of our common stock will contain a notation incorporating the Rights Agreement by reference; and (iii) the surrender for transfer of any certificates for shares of our common stock outstanding as of the Record Date, even without such notation or a copy of the Summary of Rights (as defined in the Rights Agreement) being attached thereto, will also constitute the transfer of the Rights associated with the shares of our common stock represented by such certificate. The Distribution Date will occur, and the Rights would separate and begin

9

ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)


trading separately from the shares of our common stock, and Rights Certificates will be caused to evidence the Rights on the earlier to occur of:
i.
10 business days following a public announcement, or the public disclosure of facts indicating, that a person or group of affiliated or associated persons has acquired Beneficial Ownership (as defined in the Rights Agreement) of 10% or more of the outstanding shares of our common stock (referred to, subject to certain exceptions, as “Acquiring Persons”) (or, in the event an exchange of the Rights for shares of our common stock is effected in accordance with certain provisions of the Rights Agreement and the Board determines that a later date is advisable, then such later date that is not more than 20 days after such public announcement); or
ii.
10 business days (or such later date as may be determined by action of the Board prior to such time as any person becomes an Acquiring Person) following the commencement of, or announcement of an intention to make, a tender offer or exchange offer, the consummation of which would result in the Beneficial Ownership by a person or group of 10% or more of the outstanding shares of our common stock.
The Rights also become exercisable if a person or group that already beneficially owns 10% or more of our common stock acquires any additional shares of our common stock without the approval of the Board, except that the Distribution Date will not occur as a result of our company, one of our subsidiaries, one of our employee benefit plans or a trustee for one of those plans, or Mr. Monty J. Bennett and certain of his affiliates and associates acquiring additional shares of our common stock, and those persons will not be Acquiring Persons.
If a person or group becomes an Acquiring Person at any time after the date of the Rights Agreement, with certain limited exceptions, the Rights will become exercisable for shares of our common stock (or, in certain circumstances, shares of our Series E Preferred Stock or other of our securities that are similar) having a value equal to two times the exercise price of the right. From and after the announcement that any person has become an Acquiring Person, if the Rights evidenced by a Rights Certificate are or were at any time on or after the earlier of: (i) the date of such announcement; or (ii) the Distribution Date acquired or beneficially owned by an Acquiring Person or an associate or affiliate of an Acquiring Person, such Rights shall become void, and any holder of such Rights shall thereafter have no right to exercise such Rights. In addition, if, at any time after a person becomes an Acquiring Person: (i) we consolidate with, or merge with and into, any other person; (ii) any person consolidates with us, or merges with and into us and we are the continuing or surviving corporation of such merger and, in connection with such merger, all or part of the shares of our common stock are or will be changed into or exchanged for stock or other securities of any other person (or of ours) or cash or any other property; or (iii) 50% or more of our consolidated assets or Earning Power (as defined in the Rights Agreement) are sold, then proper provision will be made so that each holder of a right will thereafter have the right to receive, upon the exercise of a right at the then current exercise price of the right, that number of shares of common stock of the acquiring company which at the time of such transaction will have a market value of two times the exercise price of the Right. Upon the occurrence of an event of the type described in this paragraph, if the Board so elects, we will deliver upon payment of the exercise price of a right an amount of cash or securities equivalent in value to the shares of common stock issuable upon exercise of a right. If we fail to meet that obligation within 30 days following of the announcement that a person has become an Acquiring Person, we must deliver, upon exercise of a right but without requiring payment of the exercise price then in effect, shares of our common stock (to the extent available) and cash equal in value to the difference between the value of the shares of our common stock otherwise issuable upon the exercise of a right and the exercise price then in effect. The Board may extend the 30-day period described above for up to an additional 60 days to permit the taking of action that may be necessary to authorize sufficient additional shares of our Common Stock to permit the issuance of such shares of our Common Stock upon the exercise in full of the Rights.
COVID-19, Management’s Plans and Liquidity
In December 2019, COVID-19 was identified in Wuhan, China, which subsequently spread to other regions of the world, and has resulted in significant travel restrictions and extended shutdown of numerous businesses in every state in the United States. In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. Our clients Ashford Trust and Braemar have reported that the negative impact on room demand within their respective portfolios stemming from COVID-19 is significant, which has resulted and is expected to result in significantly reduced occupancy and RevPAR. Furthermore, the prolonged presence of the virus has resulted in health and other government authorities imposing widespread restrictions on travel and other businesses. The hotel industry has experienced postponement or cancellation of a significant number of business conferences and similar events. Following the government mandates and health official orders, the Company dramatically reduced staffing and expenses at its products and services businesses and at our corporate office. COVID-19 has had a significant negative impact on the Company’s operations and financial results to date. In addition, a possible “second wave” or recurrence of COVID-19 cases could result in further reductions in business and personal travel and could cause state and local governments to reinstate travel restrictions. The Company expects that the COVID-19 pandemic will have a significant negative impact on the Company’s results of operations,

10

ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)


financial position and cash flow in 2020 and beyond. As a result, in March 2020, the Company declared 50% of the cumulative preferred dividend which was due with respect to its Series D Convertible Preferred Stock for the first quarter of 2020, reduced the cash compensation of its executive officers and other employees, amended payment terms pursuant to certain hotel management agreements to better manage corporate working capital, reduced planned capital expenditures, and significantly reduced operating expenses. On March 16, 2020, the Company announced that the Board had declared and the Company would pay 50% of the dividend which was due with respect to its Series D Convertible Preferred Stock for the first quarter of 2020. The declared $3.9 million dividends were paid on April 15, 2020. On June 24, 2020, the Company declared the remaining 50% or approximately $4.0 million of dividends, including compounding dividends, due with respect to its Series D Convertible Preferred Stock for the first quarter of 2020 which were paid on July 14, 2020. The Company did not declare dividends with respect to its Series D Convertible Preferred Stock for the second quarter of 2020. On September 14, 2020, the Board declared a dividend of $0.411875 per share which was due with respect to its Series D Convertible Preferred Stock for the third quarter of 2020. The declared $7.9 million dividends were paid on October 15, 2020. As of September 30, 2020, the Company had aggregate undeclared preferred stock dividends of approximately $7.9 million which relates to the second quarter of 2020. The Company adopted a remote-work policy at its corporate office in an effort to protect the health and safety of its employees and does not anticipate these policies to have any adverse impact on its ability to continue to operate its business.
We are required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. Violations of certain debt covenants may result in the inability of our portfolio companies to borrow unused amounts under their respective lines of credit, even if repayment of some or all of their borrowings is not required. As of September 30, 2020, we were in compliance in all material respects with all covenants or other requirements set forth in our $35 million Term Loan Agreement, as amended. However, as of September 30, 2020, the entire $34.1 million outstanding balance under our Term Loan agreement, as amended, has been classified as a current liability on our condensed consolidated balance sheets due to uncertainty about the Company’s ability to remain in compliance with the loan’s financial covenants for the next twelve months. This uncertainty is the result of issues outside of management’s control, including that Ashford Trust, one of the Company’s key clients, currently exhibits conditions that create substantial doubt about its ability to continue as a going concern and continued cash payment of advisory fees and other revenue remains subject to the discretion of the independent board members of Ashford Trust. As of September 30, 2020, Presentation Technologies LLC (“JSAV”) was not in compliance with certain debt covenants pursuant to existing debt agreements which have no recourse to Ashford Inc., including the leverage and fixed charge coverage ratios, which constituted an “Event of Default” as such term is defined under the applicable loan agreements. Following an Event of Default, JSAV’s lender can generally elect to accelerate all principal and accrued interest payments that remain outstanding under the applicable loan agreements. As a result, JSAV’s outstanding debt balance of $20.6 million has been classified as a current liability within our condensed consolidated balance sheet as of September 30, 2020. As of September 30, 2020, Pure Wellness and RED were in compliance in all material respects with all covenants or other requirements set forth in their debt and related agreements as amended. However, there can be no guarantee that our portfolio companies will remain in compliance for the remainder of the fiscal year. Due to the significant negative impact of COVID-19 on the operations of our portfolio companies, we expect that within the next twelve months RED will violate debt covenants pursuant to certain existing loan agreements which have no recourse to Ashford Inc. As a result, RED may be required to immediately repay a debt balance of $2.6 million which has therefore been classified as a current liability within our condensed consolidated balance sheet as of September 30, 2020. The JSAV and RED portfolio company loans are secured by the respective portfolio company’s tangible assets. None of our portfolio companies’ debt has recourse to Ashford Inc. with the exception of $3.8 million of debt held by the entity that conducts RED’s legacy U.S. Virgin Islands operations which is currently not expected to violate debt covenants. See notes 2 and 6.

11

ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)


The Company has determined that there is substantial doubt about the Company’s ability to continue as a going concern for at least one year after the date the financial statements are issued. U.S. generally accepted accounting principles require that in making this determination, the Company cannot consider any remedies that are outside of the Company’s control and have not been fully implemented. As a result, the Company could not consider future potential fundraising activities, whether through equity or debt offerings, disposition of assets or the likelihood of obtaining debt waivers as we could not conclude they were probable of being effectively implemented. Further, the Company could not consider continued cash payment of advisory fees and other revenue from Ashford Trust, one of the Company’s key customers, due to the uncertainty of future payment of such fees because Ashford Trust currently exhibits conditions that create substantial doubt about its ability to continue as a going concern. Also, the continued cash payment of such advisory fees and other revenue remains subject to the discretion of the independent board members of Ashford Trust, which is not within the Company’s control. As such, the Company’s ability to remain in compliance with the financial covenants related to our Term Loan Agreement, as amended, for the next twelve months is outside of management’s control. Accordingly, the Company has classified the entire $34.1 million outstanding under our Term Loan Agreement, as amended, as a current liability on our condensed consolidated balance sheet which resulted in a negative $49.3 million working capital position as of September 30, 2020.
We expect that the continuing COVID-19 pandemic will put additional financial stress on Ashford Trust, which may in turn negatively impact our ability to collect our receivables fully or in a timely manner. As previously disclosed, the independent members of the Board determined to provide Ashford Trust with a short-term deferral of certain fees and expenses payable pursuant to our advisory agreement with Ashford Trust and the Ashford Trust Agreement. The Board may decide to make similar deferrals or waivers in the future or decide to accept a form of consideration other than cash for fees and expenses pursuant to the advisory agreement with Ashford Trust and the Ashford Trust Agreement. Additionally, due to the uncertainty surrounding future cash flows and Ashford Trust’s financial position, it may be necessary for Ashford Trust to seek protection under Chapter 11 of the United States Bankruptcy Code. If Ashford Trust files for bankruptcy, this may result in the termination of its advisory agreement, hotel management agreement, project management agreement and/or any other agreements with the Company or our consolidated portfolio companies. Any unsecured claim we hold against a bankrupt entity, including the termination fee due under our advisory agreement with Ashford Trust, may be paid only to the extent funds are available and is unlikely to be paid in full. We may recover substantially less than the full value of any unsecured claims in the event of the bankruptcy of Ashford Trust, which would adversely impact our financial condition and could cause us to seek protection under Chapter 11 of the United States Bankruptcy Code.
The condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.
Other Developments
On March 13, 2020, the Company entered into the Extension Agreement (the “Extension Agreement”), related to the Ashford Trust Enhanced Return Funding Program (the “Ashford Trust ERFP Agreement”). Under the terms of the Extension Agreement, the remaining ERFP commitment funding deadline under the Ashford Trust ERFP Agreement of $11.4 million as of September 30, 2020 and December 31, 2019, has been extended from January 22, 2021 to December 31, 2022. See note 9.
On March 16, 2020, the Company announced that in light of the uncertainty created by the effects of the COVID-19, effective March 21, 2020, the base salary for its Chief Executive Officer, Mr. Monty J. Bennett, will be temporarily reduced by 20% and the base salary for certain other Company officers, including its Chief Financial Officer and its other named executive officers, will be temporarily reduced by 15% until the effects of COVID-19 have subsided and it has been determined that the Company is in a healthy financial position. Any amounts relinquished pursuant to the reduction may be paid by the Company in the future.
On March 16, 2020, the Company announced that in light of the uncertainty created by the effects of COVID-19, the annual cash retainer for each non-employee director serving on the Company’s Board would be temporarily reduced by 25% and would continue in effect until the Board determined in its discretion that the effects of COVID-19 had subsided. The Company also disclosed at that time that any amounts relinquished pursuant to the reduction in fees may be paid in the future, as determined by the Board in its discretion. On August 7, 2020, the Company announced that for fiscal year 2020, the directors will receive the full value of their annual cash retainer (without reduction). However, the full value of such cash retainer will be paid 25% in fully vested common shares and 75% in cash. The remaining quarterly installments of such retainer will be adjusted so that, for fiscal year 2020 in the aggregate, each director will have received 25% of the value of the full annual cash retainer in equity and the remaining 75% in cash. This arrangement does not apply to any additional cash retainers for committee service or service as lead director, which will continue to be paid in cash. The Board currently intends to continue this arrangement through our 2021 Annual Meeting of Stockholders, at which time the Board currently intends to re-examine the program.

12

ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)


On May 15, 2020, the Company and its Chief Executive Officer, Mr. Monty J. Bennett, entered into a letter agreement pursuant to which, effective as of May 15, 2020 and continuing through and including the Company’s last payroll period in 2020, Mr. Monty J. Bennett will accept payment of his base salary (as previously reduced by mutual agreement of the Company and Mr. Monty J. Bennett) in the form of common stock of the Company, issued pursuant to the Company’s 2014 Incentive Plan, as amended. Each issuance of the Company’s common stock will occur on, or as soon as reasonably practicable following, each regular payroll date. The number of shares issued with respect to each payroll date will be equal to the cash salary which would have been paid, less any taxes withheld and benefits deductions, divided by the volume weighted average price per share of the Company’s common stock over all trading days in the period commencing on the first trading date in the applicable payroll period and ending on the last trading date immediately prior to the last day of the payroll period. The Board and Mr. Bennett agreed to effectuate this change to preserve Company liquidity as the Company navigates the effects of the novel coronavirus (COVID-19).
The accompanying condensed consolidated financial statements reflect the operations of our advisory and asset management business, hospitality products and services business, and entities that we consolidate. In this report, the terms the “Company,” “we,” “us” or “our” refers to Ashford Inc. and all entities included in its condensed consolidated financial statements.
2. Significant Accounting Policies
Basis of Presentation and Principles of Consolidation—The accompanying historical unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Ashford Inc., its majority-owned subsidiaries and entities which it controls. All significant intercompany accounts and transactions between these entities have been eliminated in these historical condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the condensed consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in our 2019 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 12, 2020.
In the fourth quarter of 2019, cost reimbursement revenue and reimbursed expenses were reclassified from their previous presentation into aggregated financial statement line items titled “cost reimbursement revenue” and “reimbursed expenses” in our consolidated statements of operations. Our presentation of the three and nine months ended September 30, 2019, revenues and operating expense line item amounts have been reclassified to conform to the presentation adopted in the fourth quarter of 2019. These reclassifications have no effect on total revenues, total operating expense or net income previously reported.
A variable interest entity (“VIE”) must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires significant judgment.

13

ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)


Noncontrolling Interests—The following tables present information about noncontrolling interests in our consolidated subsidiaries, including those related to consolidated VIEs, as of September 30, 2020 and December 31, 2019 (in thousands):

 
September 30, 2020
 
Ashford
Holdings
 
JSAV (3)
 
OpenKey(4)
 
Pure
Wellness
(5)
 
RED (6)
 
Other
Ashford Inc. ownership interest
99.84
%
 
88.70
%
 
49.04
%
 
70.00
%
 
84.21
%
 
55.00
%
Redeemable noncontrolling interests(1) (2)
0.16
%
 
11.30
%
 
25.06
%
 
%
 
%
 
%
Noncontrolling interests in consolidated entities
%
 
%
 
25.90
%
 
30.00
%