DALLAS, May 2, 2019 /PRNewswire/ -- Ashford Inc.
(NYSE American: AINC) ("Ashford"
or the "Company") today reported the following results and
performance measures for the first quarter ended March 31, 2019. Unless otherwise stated,
all reported results compare the first quarter ended March 31, 2019, with the first quarter ended
March 31, 2018 (see discussion
below). The reconciliation of non-GAAP financial measures is
included in the financial tables accompanying this press
release.
STRATEGIC OVERVIEW
- High-growth, fee-based business model
- Diversified platform of multiple fee generators
- Seeks to grow in three primary areas:
-
- Expanding existing platforms accretively, and accelerating
performance to earn incentive fees;
- Starting new platforms for additional base and incentive fees;
and
- Investing in or incubating strategic businesses that can
achieve accelerated growth through doing business with our existing
platforms, and by leveraging our deep knowledge and extensive
relationships within the hospitality sector
- Highly-aligned management team with superior long-term track
record
- Leader in asset and investment management for the real estate
& hospitality sectors
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders for the first
quarter of 2019 totaled $2.6 million,
or $1.13 per diluted share, compared
with a net loss of $5.7 million, or
$2.84 per diluted share, in the
prior-year quarter. Adjusted net income for the first quarter was
$10.1 million, or $2.39 per diluted share, compared with
$4.6 million, or $1.72 per diluted share, in the prior-year
quarter.
- Total revenue for the first quarter of 2019 was $63.3 million, reflecting a growth rate of 31%
over the prior-year quarter.
- Adjusted EBITDA for the first quarter was $11.3 million, reflecting a growth rate of 110%
over the prior-year quarter.
- At the end of the first quarter of 2019, the Company had
approximately $7.0 billion of assets
under management, representing 8.1% growth over last quarter.
- On January 17, 2019, the Company
announced the new Enhanced Return Funding Program agreement with
Braemar Hotels & Resorts.
- During the quarter, J&S Audio Visual completed the
acquisition of substantially all of the assets of BAV, an
integrated provider of audio visual services based in Buffalo, New York.
- As of March 31, 2019, the Company
had corporate cash of $37.0
million.
ENHANCED RETURN FUNDING PROGRAM WITH BRAEMAR HOTELS &
RESORTS
On January 17, 2019, the Company
announced that it entered into an agreement with Braemar Hotels
& Resorts, Inc. (NYSE: BHR) ("Braemar") for the new Enhanced
Return Funding Program ("ERFP" or the "Program"). Under the
Program with Braemar, the Company has agreed to provide up to
$50 million in connection with the
acquisition by Braemar of additional hotels. Ashford will provide 10% of the purchase price
of each hotel acquired by Braemar up to $500
million in total acquisitions. The Program is expected to
generate attractive returns on invested capital for Ashford via incremental base advisory fees,
potential incentive fees, fees for various products and services
offered, and tax savings.
Braemar's acquisition of the Ritz-Carlton Lake Tahoe located in
Truckee, California, which was
completed on January 15, 2019, is the
first hotel acquisition by Braemar to benefit from the Program. In
connection with this acquisition, and subject to the terms of the
ERFP, the Company has committed to providing Braemar with
approximately $10.3 million of cash
via the future purchase of hotel furniture, fixtures, and equipment
("FF&E") at Braemar properties.
ENHANCED RETURN FUNDING PROGRAM WITH ASHFORD TRUST
During the second quarter of 2018, the Company entered into an
agreement with Ashford Hospitality Trust, Inc. (NYSE: AHT)
("Ashford Trust" or "Trust") for an ERFP. Under the Program with
Trust, the Company agreed to provide $50
million in connection with the acquisition by Trust of
additional hotels. Ashford will
provide 10% of the purchase price of each hotel acquired by Trust,
and, to date, Trust has acquired four hotels for a combined
$406 million under the Program.
During the quarter, Trust completed the acquisition of the
Embassy Suites New York Midtown Manhattan in New York, New York for $195 million, which is the third Trust hotel
acquisition to benefit from the ERFP. In connection with the
acquisition, the Company has committed to provide Ashford Trust
with approximately $19.5 million of
cash under the ERFP via the future purchase of FF&E at Trust
properties.
During the quarter, Trust completed the acquisition of the
Hilton Santa Cruz/Scotts Valley in
Santa Cruz, California for
$50 million, becoming the fourth
Trust hotel acquisition to benefit from the ERFP. In connection
with the acquisition, the Company provided Ashford Trust with
approximately $5 million of cash
under the ERFP via the purchase of FF&E at Trust
properties.
PREMIER PROJECT MANAGEMENT UPDATE
In August 2018, the Company
completed the acquisition of Premier Project Management ("Premier")
for $203 million. Premier
provides comprehensive and cost-effective design, development, and
project management services. It provides project oversight,
coordination, planning, and execution of renovation, capital
expenditure or ground-up development projects. Its operations are
responsible for managing and implementing substantially all capital
improvements at Ashford Trust and Braemar hotels. Additionally, it
has extensive experience working with many of the major hotel
brands in the areas of renovating, converting, developing or
repositioning hotels. Premier generated $7.8
million of revenue and $3.7
million of Adjusted EBITDA in the first quarter, including
$800,000 of revenue from its new
architectural services initiative.
J&S AUDIO VISUAL UPDATE
The Company owns a controlling interest in a privately-held
company that conducts the business of J&S Audio Visual in
the United States, Mexico, and the Dominican Republic ("J&S"). J&S
provides an integrated suite of audio visual services, including
show and event services, hospitality services, creative services,
and design and integration, making J&S a leading single-source
solution for their clients' meeting and event needs. During
the quarter, J&S completed the acquisition of substantially all
of the assets of BAV, an integrated provider of audio and visual
services based in Buffalo, New
York, for approximately $5
million in cash and $4 million
of Ashford common stock (excluding
transaction costs, working capital adjustments, and contingent
consideration). After giving effect to the transaction, the Company
owns an approximate 88% interest in the common equity of
J&S. With over 30 years of operating history, BAV
provides integrated single-source audio visual services with a
well-diversified geographical presence and customer base. BAV
has a strong presence in many east coast markets, including
New York and Washington D.C., with an operational presence
in approximately 32 states across the U.S. representing
approximately 100 clients and nearly 200 events annually.
BAV's estimated customer retention rate is approximately 90% which
highlights the high level of customer service, professional
production quality, and unique, tailored solutions the company
provides. J&S expects revenue, market, service offering
and customer diversification benefits considering BAV's focus on
customer satisfaction and professional quality. BAV does not
currently have any contracts in place with Ashford asset-managed hotels. During the
first quarter, J&S had revenue growth of 33% compared to the
prior-year period. Additionally, at the end of the first
quarter, J&S had multi-year contracts in place with 84 hotels
and convention centers, in addition to regular business
representing over 2,700 annual events and productions, 500 venue
locations, and 750 clients.
RED HOSPITALITY & LEISURE UPDATE
RED Hospitality & Leisure ("RED Hospitality") is a leading
provider of watersports activities and other travel and
transportation services in the U.S.
Virgin Islands. RED Hospitality has several potential future
avenues for growth, including: opportunities to expand into several
other hotels at Ashford-advised
REIT platforms; expansion in the USVI, elsewhere in the
Caribbean market, and the U.S. To
that end, with the commencement of ferry transportation services
and beach and watersports services to the Westin St. John in
January, continued beach and watersports services to the
Ritz-Carlton St. Thomas Club - the timeshare and rental property
adjacent to the Ritz-Carlton St. Thomas hotel - and increased
direct bookings and private charter business, in the first quarter,
RED Hospitality generated $1.6
million of revenue and $394,000 of Adjusted EBITDA. First quarter
revenue growth was 509% compared to the prior-year period, and
Adjusted EBITDA growth was 359% compared to the prior-year period.
Moreover, RED Hospitality generated more Adjusted EBITDA in the
first quarter this year than in the full year 2018.
FINANCIAL RESULTS
Net loss attributable to common stockholders for the quarter
totaled $2.6 million, or $1.13 per diluted share, compared with a net loss
of $5.7 million, or $2.84 per diluted share, in the prior-year
quarter. Adjusted net income for the quarter was $10.1 million, or $2.39 per diluted share, compared with
$4.6 million, or $1.72 per diluted share in the prior-year
quarter.
For the quarter ended March 31,
2019, base advisory fee revenue was $10.6 million. The base advisory fee
revenue in the first quarter was comprised of $8.0 million from Ashford Trust and $2.6 million from Braemar.
Adjusted EBITDA for the quarter was $11.3
million, compared with $5.4
million for the first quarter of 2018, reflecting a growth
rate of 110%.
CAPITAL STRUCTURE
At the end of the first quarter of 2019, the Company had
approximately $7.0 billion of assets
under management from its advised platforms. The Company had
corporate cash of $37.0 million, 2.8
million fully diluted shares, and a current fully diluted equity
market capitalization of approximately $153
million. The Company's financial results include 1.45
million common shares associated with its Series B convertible
preferred stock. The Company had $24.9
million of loans at March 31,
2019, of which approximately $3.2
million related to its joint venture partners' share of
those loans.
QUARTERLY HIGHLIGHTS FOR ADVISED PLATFORMS
ASHFORD TRUST
HIGHLIGHTS
- During the quarter, Trust completed the acquisition of the
310-room Embassy Suites New York Midtown Manhattan in New York, New York for $195 million. This was the third Trust
acquisition to benefit from the ERFP.
- During the quarter, Trust completed the acquisition of the
178-room Hilton Santa Cruz/Scotts
Valley in Santa Cruz,
California for $50 million.
This was the fourth Trust acquisition to benefit from the
ERFP.
- During the quarter, Trust refinanced a mortgage loan secured by
two hotels with an outstanding balance totaling approximately
$178 million with a new loan totaling
$240 million.
Braemar Hotels & Resorts HIGHLIGHTS
- During the quarter, Braemar entered into the new Enhanced
Return Funding Program with Ashford Inc.
- During the quarter, Braemar completed the acquisition of the
170-room Ritz-Carlton Lake Tahoe in Truckee, California. This was the first
Braemar acquisition to benefit from the ERFP.
- During the quarter, Braemar refinanced a mortgage loan with an
existing outstanding balance totaling approximately $187 million with a new mortgage loan totaling
$195 million.
- Braemar remains on track with its Autograph Collection
conversion at the Courtyard San Francisco Downtown.
- Subsequent to quarter end, Braemar announced the planned
opening of The Notary Hotel, an Autograph Collection property, in
downtown Philadelphia after a
multi-million dollar conversion of its Courtyard Downtown
Philadelphia.
"We are pleased with our first quarter results, which reflect
the diligent execution of our operating strategy," commented
Monty J. Bennett, Ashford's Chairman and Chief Executive
Officer. "We also remain excited about our Enhanced Return Funding
Program with our advised platforms. To date, the
ERFP initiative has resulted in the acquisition of five
high-quality hotels totaling over $500
million in new assets, and these two Programs should
continue to create substantial growth in assets under management
for us while also delivering attractive returns to our shareholders
and the shareholders of our advised platforms. Additionally, we
continue to use our hospitality and management experience to
identify and invest in unique business opportunities in the
industry and, consistent with those efforts, we are excited about
J&S' recent acquisition of BAV. Looking ahead, we remain
committed to maximizing value for our shareholders as we look to
opportunistically grow our business by accretively expanding our
existing REIT platforms, adding additional investment platforms and
investing in other hospitality-related businesses through which we
can accelerate meaningful, profitable growth."
INVESTOR CONFERENCE CALL AND SIMULCAST
The Company will conduct a conference call on Friday, May 3, 2019, at 12:00 p.m. ET. The number for this
interactive teleconference is (323) 794-2588. A replay
of the conference call will be available through Friday, May 10, 2019, by dialing (719) 457-0820
and entering the confirmation number 2573500.
The Company will also provide an online simulcast and
rebroadcast of its first quarter 2019 earnings release conference
call. The live broadcast of the Company's quarterly
conference call will be available online at the Company's web site,
www.ashfordinc.com on Friday, May 3,
2019, beginning at 12:00 p.m.
ET. The online replay will follow shortly after the
call and continue for approximately one year.
Included in this press release are certain supplemental measures
of performance which are not measures of operating performance
under GAAP, to assist investors in evaluating the Company's
historical or future financial performance. These supplemental
measures include adjusted earnings before interest, tax,
depreciation and amortization ("Adjusted EBITDA") and Adjusted Net
Income. We believe that Adjusted EBITDA and Adjusted Net Income
provide investors and management with a meaningful indicator of
operating performance. Management also uses Adjusted EBITDA and
Adjusted Net Income, among other measures, to evaluate
profitability and our board of directors includes these measures in
reviews to determine quarterly distributions to stockholders. We
calculate Adjusted EBITDA by subtracting or adding to net income
(loss): interest expense, income taxes, depreciation, amortization,
net income (loss) to noncontrolling interests, transaction costs,
and other expenses. We calculate Adjusted Net Income by subtracting
or adding to net income (loss): net income (loss) to noncontrolling
interests, transaction costs, and other expenses. Our methodology
for calculating Adjusted EBITDA and Adjusted Net Income may differ
from the methodologies used by other comparable companies, when
calculating the same or similar supplemental financial measures and
may not be comparable with these companies. Neither Adjusted EBITDA
nor Adjusted Net Income represents cash generated from operating
activities as determined by GAAP and should not be considered as an
alternative to a) GAAP net income (loss) as an indication of our
financial performance or b) GAAP cash flows from operating
activities as a measure of our liquidity nor are such measures
indicative of funds available to satisfy our cash needs. The
Company urges investors to carefully review the U.S. GAAP financial
information as shown in our periodic reports on Form 10-Q and Form
10-K, as amended and our Current Report on Form 8-K to reflect the
acquisition of the Remington project management business.
* * * * *
Ashford provides global asset
management, investment management and related services to the real
estate and hospitality sectors.
Follow Chairman and CEO Monty
Bennett on Twitter at www.twitter.com/MBennettAshford r
@MBennettAshford.
Ashford has created an Ashford
App for the hospitality REIT investor community. The Ashford
App is available for free download at Apple's App Store and the Google Play Store by searching
"Ashford."
Forward Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties. When we use the
words "will likely result," "may," "can," "anticipate," "estimate,"
"should," "expect," "believe," "intend," or similar expressions, we
intend to identify forward-looking statements. Such statements are
subject to numerous assumptions and uncertainties, many of which
are outside Ashford's
control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: adverse litigation or regulatory developments;
general volatility of the capital markets and the market price of
our common stock; changes in our business or investment strategy;
availability, terms and deployment of capital; availability of
qualified personnel; changes in our industry and the market in
which we operate, interest rates or the general economy; the degree
and nature of our competition; risks associated with the Remington
Project Management business combination transaction, such as the
risk that the Project Management business will not be integrated
successfully, that such integration may be more difficult,
time-consuming or costly than expected or that the expected
benefits of the acquisition will not be realized. These and other
risk factors are more fully discussed in Ashford's filings with the Securities and
Exchange Commission (SEC) including Ashford's definitive proxy statement filed
with the SEC on April 1, 2019 and
Ashford's 10-K filed with the SEC
on March 8, 2019.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or circumstances, changes in expectations or
otherwise.
ASHFORD INC. AND
SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (unaudited, in thousands, except share and per
share amounts)
|
|
|
March 31,
2019
|
|
December 31,
2018
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
39,953
|
|
|
$
|
51,529
|
|
Restricted
cash
|
12,604
|
|
|
7,914
|
|
Accounts receivable,
net
|
12,504
|
|
|
4,928
|
|
Due from
affiliates
|
75
|
|
|
45
|
|
Due from Ashford
Trust OP
|
4,416
|
|
|
5,293
|
|
Due from Braemar
OP
|
2,031
|
|
|
1,996
|
|
Inventories
|
1,537
|
|
|
1,202
|
|
Prepaid expenses and
other
|
3,713
|
|
|
3,902
|
|
Total current
assets
|
76,833
|
|
|
76,809
|
|
Investments in
unconsolidated entities
|
3,400
|
|
|
500
|
|
Furniture, fixtures
and equipment, net
|
54,647
|
|
|
47,947
|
|
Operating lease
right-of-use assets
|
26,151
|
|
|
—
|
|
Goodwill
|
65,112
|
|
|
59,683
|
|
Intangible assets,
net
|
192,755
|
|
|
193,194
|
|
Other
assets
|
1,208
|
|
|
872
|
|
Total
assets
|
$
|
420,106
|
|
|
$
|
379,005
|
|
LIABILITIES
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
21,696
|
|
|
$
|
24,880
|
|
Due to
affiliates
|
1,176
|
|
|
2,032
|
|
Deferred
income
|
68
|
|
|
148
|
|
Deferred compensation
plan
|
160
|
|
|
173
|
|
Notes payable,
net
|
2,933
|
|
|
2,595
|
|
Operating lease
liabilities
|
2,396
|
|
|
—
|
|
Other
liabilities
|
12,576
|
|
|
8,418
|
|
Total current
liabilities
|
41,005
|
|
|
38,246
|
|
Deferred
income
|
13,103
|
|
|
13,396
|
|
Deferred tax
liability, net
|
31,806
|
|
|
31,506
|
|
Deferred compensation
plan
|
11,108
|
|
|
10,401
|
|
Notes payable,
net
|
21,672
|
|
|
15,177
|
|
Operating lease
liabilities
|
23,767
|
|
|
—
|
|
Other
liabilities
|
1,902
|
|
|
—
|
|
Total
liabilities
|
144,363
|
|
|
108,726
|
|
MEZZANINE
EQUITY
|
|
|
|
Series B cumulative
convertible preferred stock, $25 par value, 8,120,000 shares issued
and outstanding, net of discount at March 31, 2019 and December 31,
2018
|
201,338
|
|
|
200,847
|
|
Redeemable
noncontrolling interests
|
3,810
|
|
|
3,531
|
|
EQUITY
|
|
|
|
Preferred stock,
$0.01 par value, 50,000,000 shares authorized:
|
|
|
|
Series A cumulative
preferred stock, no shares issued and outstanding at March 31, 2019
and December 31, 2018
|
—
|
|
|
—
|
|
Common stock, $0.01
par value, 100,000,000 shares authorized, 2,470,293 and 2,391,541
shares issued and outstanding at March 31, 2019 and
December 31, 2018, respectively
|
25
|
|
|
24
|
|
Additional paid-in
capital
|
287,129
|
|
|
280,159
|
|
Accumulated
deficit
|
(216,703)
|
|
|
(214,242)
|
|
Accumulated other
comprehensive income (loss)
|
(483)
|
|
|
(498)
|
|
Total stockholders'
equity of the Company
|
69,968
|
|
|
65,443
|
|
Noncontrolling
interests in consolidated entities
|
627
|
|
|
458
|
|
Total
equity
|
70,595
|
|
|
65,901
|
|
Total liabilities and
equity
|
$
|
420,106
|
|
|
$
|
379,005
|
|
ASHFORD INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited, in thousands, except per share
amounts)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2019
|
|
2018
|
REVENUE
|
|
|
|
Advisory
services:
|
|
|
|
Base advisory
fee
|
$
|
10,622
|
|
|
$
|
10,711
|
|
Incentive advisory
fee
|
170
|
|
|
452
|
|
Reimbursable
expenses
|
2,509
|
|
|
1,949
|
|
Non-cash
stock/unit-based compensation
|
5,758
|
|
|
9,292
|
|
Other advisory
revenue
|
128
|
|
|
128
|
|
Audio
visual
|
30,975
|
|
|
23,310
|
|
Project
management
|
7,790
|
|
|
—
|
|
Other
|
5,368
|
|
|
2,326
|
|
Total
revenue
|
63,320
|
|
|
48,168
|
|
EXPENSES
|
|
|
|
Salaries and
benefits
|
14,760
|
|
|
13,468
|
|
Non-cash
stock/unit-based compensation
|
8,026
|
|
|
13,089
|
|
Cost of revenues for
audio visual
|
21,439
|
|
|
16,587
|
|
Cost of revenues for
project management
|
2,712
|
|
|
—
|
|
Depreciation and
amortization
|
4,527
|
|
|
1,040
|
|
General and
administrative
|
7,975
|
|
|
6,255
|
|
Impairment
|
—
|
|
|
1,919
|
|
Other
|
1,339
|
|
|
846
|
|
Total operating
expenses
|
60,778
|
|
|
53,204
|
|
OPERATING INCOME
(LOSS)
|
2,542
|
|
|
(5,036)
|
|
Equity in earnings
(loss) of unconsolidated entities
|
(275)
|
|
|
—
|
|
Interest
expense
|
(297)
|
|
|
(143)
|
|
Amortization of loan
costs
|
(69)
|
|
|
(23)
|
|
Interest
income
|
20
|
|
|
112
|
|
Other income
(expense)
|
(53)
|
|
|
(39)
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
1,868
|
|
|
(5,129)
|
|
Income tax (expense)
benefit
|
(1,300)
|
|
|
(706)
|
|
NET INCOME
(LOSS)
|
568
|
|
|
(5,835)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
163
|
|
|
173
|
|
Net (income) loss
attributable to redeemable noncontrolling interests
|
(21)
|
|
|
(61)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
710
|
|
|
(5,723)
|
|
Preferred
dividends
|
(2,791)
|
|
|
—
|
|
Amortization of
preferred stock discount
|
(491)
|
|
|
—
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(2,572)
|
|
|
$
|
(5,723)
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE - BASIC AND DILUTED
|
|
|
|
Basic:
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(1.06)
|
|
|
$
|
(2.73)
|
|
Weighted average
common shares outstanding - basic
|
2,419
|
|
|
2,094
|
|
Diluted:
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(1.13)
|
|
|
$
|
(2.84)
|
|
Weighted average
common shares outstanding - diluted
|
2,449
|
|
|
2,115
|
|
ASHFORD INC. AND
SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO
EBITDA AND ADJUSTED EBITDA
(unaudited, in thousands)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2019
|
|
2018
|
Net income
(loss)
|
$
|
568
|
|
|
$
|
(5,835)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
163
|
|
|
173
|
|
Net (income) loss
attributable to redeemable noncontrolling interests
|
(21)
|
|
|
(61)
|
|
Net income (loss)
attributable to the company
|
710
|
|
|
(5,723)
|
|
Interest
expense
|
257
|
|
|
121
|
|
Amortization of loan
costs
|
63
|
|
|
16
|
|
Depreciation and
amortization
|
5,346
|
|
|
1,503
|
|
Income tax expense
(benefit)
|
1,230
|
|
|
632
|
|
Net income (loss)
attributable to redeemable noncontrolling interests
|
(4)
|
|
|
(12)
|
|
EBITDA
|
7,602
|
|
|
(3,463)
|
|
Equity-based
compensation
|
2,156
|
|
|
3,793
|
|
Market change in
deferred compensation plan
|
740
|
|
|
561
|
|
Change in contingent
consideration fair value
|
15
|
|
|
213
|
|
Transaction
costs
|
980
|
|
|
1,156
|
|
Software
implementation costs
|
—
|
|
|
27
|
|
Reimbursed software
costs
|
(641)
|
|
|
(237)
|
|
Impairment
|
—
|
|
|
1,919
|
|
Dead deal
costs
|
87
|
|
|
—
|
|
Severance and
executive recruiting costs
|
203
|
|
|
1,301
|
|
Amortization of hotel
signing fees and lock subsidies
|
178
|
|
|
139
|
|
Other (gain) loss on
disposal of assets
|
(26)
|
|
|
—
|
|
Foreign currency
transactions (gain) loss
|
11
|
|
|
(36)
|
|
Adjusted
EBITDA
|
$
|
11,305
|
|
|
$
|
5,373
|
|
ASHFORD INC. AND
SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO
ADJUSTED NET INCOME (LOSS) (unaudited, in thousands,
except per share amounts)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2019
|
|
2018
|
Net income
(loss)
|
$
|
568
|
|
|
$
|
(5,835)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
163
|
|
|
173
|
|
Net (income) loss
attributable to redeemable noncontrolling interests
|
(21)
|
|
|
(61)
|
|
Preferred
dividends
|
(2,791)
|
|
|
—
|
|
Amortization of
preferred stock discount
|
(491)
|
|
|
—
|
|
Net income (loss)
attributable to common stockholders
|
(2,572)
|
|
|
(5,723)
|
|
Amortization of loan
costs
|
63
|
|
|
16
|
|
Depreciation and
amortization
|
5,346
|
|
|
1,503
|
|
Net income (loss)
attributable to redeemable noncontrolling interests
|
(4)
|
|
|
(12)
|
|
Preferred
dividends
|
2,791
|
|
|
—
|
|
Amortization of
preferred stock discount
|
491
|
|
|
—
|
|
Equity-based
compensation
|
2,156
|
|
|
3,793
|
|
Market change in
deferred compensation plan
|
740
|
|
|
561
|
|
Change in contingent
consideration fair value
|
15
|
|
|
213
|
|
Transaction
costs
|
980
|
|
|
1,156
|
|
Software
implementation costs
|
—
|
|
|
27
|
|
Reimbursed software
costs
|
(641)
|
|
|
(237)
|
|
Impairment
|
—
|
|
|
1,919
|
|
Dead deal
costs
|
87
|
|
|
—
|
|
Severance and
executive recruiting costs
|
203
|
|
|
1,301
|
|
Amortization of hotel
signing fees and lock subsidies
|
178
|
|
|
139
|
|
Other (gain) loss on
disposal of assets
|
(26)
|
|
|
—
|
|
Foreign currency
transactions (gain) loss
|
11
|
|
|
(36)
|
|
GAAP income tax
expense (benefit)
|
1,230
|
|
|
632
|
|
Adjusted income tax
(expense) benefit (1)
|
(930)
|
|
|
(632)
|
|
Adjusted net
income
|
$
|
10,118
|
|
|
$
|
4,620
|
|
Adjusted net
income per diluted share available to common
stockholders
|
$
|
2.39
|
|
|
$
|
1.72
|
|
Weighted average
diluted shares
|
4,233
|
|
|
2,688
|
|
|
|
|
|
Components of
weighted average diluted shares
|
|
|
|
Common
shares
|
2,423
|
|
|
2,097
|
|
Series B cumulative
convertible preferred stock
|
1,450
|
|
|
—
|
|
Deferred compensation
plan
|
204
|
|
|
207
|
|
Stock
options
|
70
|
|
|
331
|
|
OpenKey put
option
|
31
|
|
|
17
|
|
J&S put
option
|
46
|
|
|
27
|
|
Restricted
shares
|
9
|
|
|
9
|
|
Weighted average
diluted shares
|
4,233
|
|
|
2,688
|
|
|
|
|
|
Reconciliation of
income tax expense (benefit) to adjusted income tax (expense)
benefit
|
|
|
|
GAAP Income tax
(expense) benefit
|
$
|
(1,300)
|
|
|
$
|
(706)
|
|
Less GAAP income tax
(expense) benefit attributable to noncontrolling
interests
|
(70)
|
|
|
(74)
|
|
GAAP Income tax
(expense) benefit excluding noncontrolling interests
|
(1,230)
|
|
|
(632)
|
|
Less deferred income
tax (expense) benefit
|
(300)
|
|
|
—
|
|
Adjusted income tax
(expense) benefit (1)
|
$
|
(930)
|
|
|
$
|
(632)
|
|
|
|
(1)
|
Income tax expense
(benefit) is adjusted to exclude the effects of deferred income tax
expense (benefit) because current income tax expense (benefit) (i)
provides a more accurate period-over-period comparison of the
ongoing operating performance of our advisory and hospitality
products and services businesses, and (ii) provides more useful
information to investors regarding our economic performance
inclusive of the impacts from the Tax Cuts and Jobs Act. See Note
12 to our consolidated financial statements in our Annual Report on
Form 10-K for the year ended December 31, 2018.
|
ASHFORD INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
AND RECONCILIATION OF NET INCOME (LOSS) TO EBITDA,
ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS) BY
SEGMENT (unaudited, in thousands, except per share
amounts)
|
|
|
Three Months Ended
March 31, 2019
|
|
Three Months Ended
March 31, 2018
|
|
REIT
Advisory
|
|
Hospitality
Products & Services
|
|
Corporate/
Other
|
|
Ashford Inc.
Consolidated
|
|
REIT
Advisory
|
|
Hospitality
Products & Services
|
|
Corporate/
Other
|
|
Ashford Inc.
Consolidated
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base advisory fee -
Trust
|
$
|
8,045
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,045
|
|
|
$
|
8,604
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,604
|
|
Incentive advisory
fee - Trust
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
452
|
|
|
—
|
|
|
—
|
|
|
452
|
|
Reimbursable expenses
- Trust
|
2,040
|
|
|
—
|
|
|
—
|
|
|
2,040
|
|
|
1,529
|
|
|
—
|
|
|
—
|
|
|
1,529
|
|
Non-cash
stock/unit-based compensation - Trust
|
4,289
|
|
|
—
|
|
|
—
|
|
|
4,289
|
|
|
6,745
|
|
|
—
|
|
|
—
|
|
|
6,745
|
|
Base advisory fee -
Braemar
|
2,577
|
|
|
—
|
|
|
—
|
|
|
2,577
|
|
|
2,107
|
|
|
—
|
|
|
—
|
|
|
2,107
|
|
Incentive advisory
fee - Braemar
|
170
|
|
|
—
|
|
|
—
|
|
|
170
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Reimbursable expenses
- Braemar
|
469
|
|
|
—
|
|
|
—
|
|
|
469
|
|
|
420
|
|
|
—
|
|
|
—
|
|
|
420
|
|
Non-cash
stock/unit-based compensation - Braemar
|
1,469
|
|
|
—
|
|
|
—
|
|
|
1,469
|
|
|
2,547
|
|
|
—
|
|
|
—
|
|
|
2,547
|
|
Other advisory
revenue - Braemar
|
128
|
|
|
—
|
|
|
—
|
|
|
128
|
|
|
128
|
|
|
—
|
|
|
—
|
|
|
128
|
|
Audio
visual
|
—
|
|
|
30,975
|
|
|
—
|
|
|
30,975
|
|
|
—
|
|
|
23,310
|
|
|
—
|
|
|
23,310
|
|
Project
management
|
—
|
|
|
7,790
|
|
|
—
|
|
|
7,790
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
1,429
|
|
|
3,939
|
|
|
—
|
|
|
5,368
|
|
|
489
|
|
|
1,837
|
|
|
—
|
|
|
2,326
|
|
Total
revenue
|
20,616
|
|
|
42,704
|
|
|
—
|
|
|
63,320
|
|
|
23,021
|
|
|
25,147
|
|
|
—
|
|
|
48,168
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
—
|
|
|
5,498
|
|
|
8,008
|
|
|
13,506
|
|
|
—
|
|
|
2,149
|
|
|
10,426
|
|
|
12,575
|
|
Market change in
deferred compensation plan
|
—
|
|
|
—
|
|
|
740
|
|
|
740
|
|
|
—
|
|
|
—
|
|
|
561
|
|
|
561
|
|
REIT non-cash
stock/unit-based compensation expense
|
5,758
|
|
|
109
|
|
|
—
|
|
|
5,867
|
|
|
9,292
|
|
|
—
|
|
|
—
|
|
|
9,292
|
|
AINC and subsidiary
non-cash stock/unit-based compensation expense
|
—
|
|
|
6
|
|
|
2,153
|
|
|
2,159
|
|
|
—
|
|
|
8
|
|
|
3,789
|
|
|
3,797
|
|
Reimbursable
expenses
|
2,509
|
|
|
—
|
|
|
—
|
|
|
2,509
|
|
|
1,949
|
|
|
—
|
|
|
—
|
|
|
1,949
|
|
Cost of audio visual
revenues
|
—
|
|
|
21,439
|
|
|
—
|
|
|
21,439
|
|
|
—
|
|
|
16,587
|
|
|
—
|
|
|
16,587
|
|
Cost of project
management revenues
|
—
|
|
|
2,712
|
|
|
—
|
|
|
2,712
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
General and
administrative
|
—
|
|
|
4,008
|
|
|
1,972
|
|
|
5,980
|
|
|
—
|
|
|
2,494
|
|
|
2,144
|
|
|
4,638
|
|
Depreciation and
amortization
|
1,183
|
|
|
3,221
|
|
|
123
|
|
|
4,527
|
|
|
390
|
|
|
492
|
|
|
158
|
|
|
1,040
|
|
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,863
|
|
|
—
|
|
|
56
|
|
|
1,919
|
|
Other
|
—
|
|
|
1,339
|
|
|
—
|
|
|
1,339
|
|
|
—
|
|
|
634
|
|
|
212
|
|
|
846
|
|
Total operating
expenses
|
9,450
|
|
|
38,332
|
|
|
12,996
|
|
|
60,778
|
|
|
13,494
|
|
|
22,364
|
|
|
17,346
|
|
|
53,204
|
|
OPERATING INCOME
(LOSS)
|
11,166
|
|
|
4,372
|
|
|
(12,996)
|
|
|
2,542
|
|
|
9,527
|
|
|
2,783
|
|
|
(17,346)
|
|
|
(5,036)
|
|
Other
|
—
|
|
|
(611)
|
|
|
(63)
|
|
|
(674)
|
|
|
19
|
|
|
(224)
|
|
|
112
|
|
|
(93)
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
11,166
|
|
|
3,761
|
|
|
(13,059)
|
|
|
1,868
|
|
|
9,546
|
|
|
2,559
|
|
|
(17,234)
|
|
|
(5,129)
|
|
Income tax (expense)
benefit
|
(2,489)
|
|
|
(1,613)
|
|
|
2,802
|
|
|
(1,300)
|
|
|
(2,116)
|
|
|
(881)
|
|
|
2,291
|
|
|
(706)
|
|
NET INCOME
(LOSS)
|
8,677
|
|
|
2,148
|
|
|
(10,257)
|
|
|
568
|
|
|
7,430
|
|
|
1,678
|
|
|
(14,943)
|
|
|
(5,835)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
163
|
|
|
—
|
|
|
163
|
|
|
—
|
|
|
173
|
|
|
—
|
|
|
173
|
|
Net (income) loss
attributable to redeemable noncontrolling interests
|
—
|
|
|
(25)
|
|
|
4
|
|
|
(21)
|
|
|
—
|
|
|
(73)
|
|
|
12
|
|
|
(61)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
$
|
8,677
|
|
|
$
|
2,286
|
|
|
$
|
(10,253)
|
|
|
$
|
710
|
|
|
$
|
7,430
|
|
|
$
|
1,778
|
|
|
$
|
(14,931)
|
|
|
$
|
(5,723)
|
|
Interest
expense
|
—
|
|
|
223
|
|
|
34
|
|
|
257
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|
121
|
|
Amortization of loan
costs
|
—
|
|
|
15
|
|
|
48
|
|
|
63
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
Depreciation and
amortization
|
1,183
|
|
|
4,040
|
|
|
123
|
|
|
5,346
|
|
|
390
|
|
|
955
|
|
|
158
|
|
|
1,503
|
|
Income tax expense
(benefit)
|
2,489
|
|
|
1,543
|
|
|
(2,802)
|
|
|
1,230
|
|
|
2,116
|
|
|
807
|
|
|
(2,291)
|
|
|
632
|
|
Net income (loss)
attributable to redeemable noncontrolling interests
|
—
|
|
|
—
|
|
|
(4)
|
|
|
(4)
|
|
|
—
|
|
|
—
|
|
|
(12)
|
|
|
(12)
|
|
EBITDA
|
12,349
|
|
|
8,107
|
|
|
(12,854)
|
|
|
7,602
|
|
|
9,936
|
|
|
3,677
|
|
|
(17,076)
|
|
|
(3,463)
|
|
Equity-based
compensation
|
—
|
|
|
4
|
|
|
2,152
|
|
|
2,156
|
|
|
—
|
|
|
4
|
|
|
3,789
|
|
|
3,793
|
|
Market change in
deferred compensation plan
|
—
|
|
|
—
|
|
|
740
|
|
|
740
|
|
|
—
|
|
|
—
|
|
|
561
|
|
|
561
|
|
Change in contingent
consideration fair value
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
213
|
|
|
213
|
|
Transaction
costs
|
—
|
|
|
274
|
|
|
706
|
|
|
980
|
|
|
—
|
|
|
70
|
|
|
1,086
|
|
|
1,156
|
|
Software
implementation costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
27
|
|
Reimbursed software
costs, net
|
(641)
|
|
|
—
|
|
|
—
|
|
|
(641)
|
|
|
(237)
|
|
|
—
|
|
|
—
|
|
|
(237)
|
|
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,863
|
|
|
—
|
|
|
56
|
|
|
1,919
|
|
Dead deal
costs
|
—
|
|
|
—
|
|
|
87
|
|
|
87
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Severance and
executive recruiting costs
|
—
|
|
|
203
|
|
|
—
|
|
|
203
|
|
|
—
|
|
|
—
|
|
|
1,301
|
|
|
1,301
|
|
Amortization of hotel
signing fees and lock subsidies
|
—
|
|
|
178
|
|
|
—
|
|
|
178
|
|
|
—
|
|
|
139
|
|
|
—
|
|
|
139
|
|
Other (gain) loss on
disposal of assets
|
—
|
|
|
(26)
|
|
|
—
|
|
|
(26)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign currency
transactions (gain) loss
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
(36)
|
|
|
—
|
|
|
(36)
|
|
Adjusted
EBITDA
|
11,708
|
|
|
8,766
|
|
|
(9,169)
|
|
|
11,305
|
|
|
11,562
|
|
|
3,854
|
|
|
(10,043)
|
|
|
5,373
|
|
Interest
expense
|
—
|
|
|
(223)
|
|
|
(34)
|
|
|
(257)
|
|
|
—
|
|
|
(121)
|
|
|
—
|
|
|
(121)
|
|
Adjusted income tax
(expense) benefit
|
(1,509)
|
|
|
(1,742)
|
|
|
2,321
|
|
|
(930)
|
|
|
(2,116)
|
|
|
(807)
|
|
|
2,291
|
|
|
(632)
|
|
Adjusted net
income (loss)
|
$
|
10,199
|
|
|
$
|
6,801
|
|
|
$
|
(6,882)
|
|
|
$
|
10,118
|
|
|
$
|
9,446
|
|
|
$
|
2,926
|
|
|
$
|
(7,752)
|
|
|
$
|
4,620
|
|
Adjusted net
income (loss) per diluted share available to common stockholders
(1)
|
$
|
2.41
|
|
|
$
|
1.61
|
|
|
$
|
(1.63)
|
|
|
$
|
2.39
|
|
|
$
|
3.51
|
|
|
$
|
1.09
|
|
|
$
|
(2.88)
|
|
|
$
|
1.72
|
|
Weighted average
diluted shares
|
4,233
|
|
|
4,233
|
|
|
4,233
|
|
|
4,233
|
|
|
2,688
|
|
|
2,688
|
|
|
2,688
|
|
|
2,688
|
|
|
|
(1)
|
The sum of the
adjusted net income (loss) per diluted share available to common
stockholders as calculated for the segments may differ from the
consolidated total due to rounding.
|
ASHFORD INC. AND
SUBSIDIARIES HOSPITALITY PRODUCTS &
SERVICES CONSOLIDATED STATEMENTS OF OPERATIONS
AND RECONCILIATION OF NET INCOME (LOSS) TO EBITDA,
ADJUSTED EBITDA AND ADJUSTED NET INCOME
(LOSS) (unaudited, in thousands, except per share
amounts)
|
|
|
Three Months Ended
March 31, 2019
|
|
Three Months Ended
March 31, 2018
|
|
Premier
|
|
J&S
|
|
OpenKey
|
|
Other
(1)
|
|
Hospitality
Products & Services
|
|
Premier
|
|
J&S
|
|
OpenKey
|
|
Other
(1)
|
|
Hospitality
Products & Services
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio
visual
|
$
|
—
|
|
|
$
|
30,975
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30,975
|
|
|
$
|
—
|
|
|
$
|
23,310
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,310
|
|
Project
management
|
7,790
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,790
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
—
|
|
|
—
|
|
|
257
|
|
|
3,682
|
|
|
3,939
|
|
|
—
|
|
|
—
|
|
|
319
|
|
|
1,518
|
|
|
1,837
|
|
Total
revenue
|
7,790
|
|
|
30,975
|
|
|
257
|
|
|
3,682
|
|
|
42,704
|
|
|
—
|
|
|
23,310
|
|
|
319
|
|
|
1,518
|
|
|
25,147
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
942
|
|
|
3,579
|
|
|
486
|
|
|
491
|
|
|
5,498
|
|
|
—
|
|
|
1,315
|
|
|
527
|
|
|
307
|
|
|
2,149
|
|
REIT non-cash
stock/unit-based compensation expense
|
109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
AINC and subsidiary
non-cash stock/unit-based compensation expense
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
Cost of audio visual
revenues
|
—
|
|
|
21,439
|
|
|
—
|
|
|
—
|
|
|
21,439
|
|
|
—
|
|
|
16,587
|
|
|
—
|
|
|
—
|
|
|
16,587
|
|
Cost of project
management revenues
|
2,712
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,712
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
General and
administrative
|
284
|
|
|
2,972
|
|
|
368
|
|
|
384
|
|
|
4,008
|
|
|
—
|
|
|
1,901
|
|
|
341
|
|
|
252
|
|
|
2,494
|
|
Depreciation and
amortization
|
2,738
|
|
|
455
|
|
|
7
|
|
|
21
|
|
|
3,221
|
|
|
—
|
|
|
454
|
|
|
6
|
|
|
32
|
|
|
492
|
|
Other
|
—
|
|
|
18
|
|
|
93
|
|
|
1,228
|
|
|
1,339
|
|
|
—
|
|
|
—
|
|
|
295
|
|
|
339
|
|
|
634
|
|
Total operating
expenses
|
6,788
|
|
|
28,463
|
|
|
957
|
|
|
2,124
|
|
|
38,332
|
|
|
—
|
|
|
20,257
|
|
|
1,177
|
|
|
930
|
|
|
22,364
|
|
OPERATING INCOME
(LOSS)
|
1,002
|
|
|
2,512
|
|
|
(700)
|
|
|
1,558
|
|
|
4,372
|
|
|
—
|
|
|
3,053
|
|
|
(858)
|
|
|
588
|
|
|
2,783
|
|
Other
|
—
|
|
|
(333)
|
|
|
(1)
|
|
|
(277)
|
|
|
(611)
|
|
|
—
|
|
|
(209)
|
|
|
(7)
|
|
|
(8)
|
|
|
(224)
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
1,002
|
|
|
2,179
|
|
|
(701)
|
|
|
1,281
|
|
|
3,761
|
|
|
—
|
|
|
2,844
|
|
|
(865)
|
|
|
580
|
|
|
2,559
|
|
Income tax (expense)
benefit
|
(426)
|
|
|
(887)
|
|
|
—
|
|
|
(300)
|
|
|
(1,613)
|
|
|
—
|
|
|
(746)
|
|
|
—
|
|
|
(135)
|
|
|
(881)
|
|
NET INCOME
(LOSS)
|
576
|
|
|
1,292
|
|
|
(701)
|
|
|
981
|
|
|
2,148
|
|
|
—
|
|
|
2,098
|
|
|
(865)
|
|
|
445
|
|
|
1,678
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
—
|
|
|
177
|
|
|
(14)
|
|
|
163
|
|
|
—
|
|
|
(11)
|
|
|
156
|
|
|
28
|
|
|
173
|
|
Net (income) loss
attributable to redeemable noncontrolling interests
|
—
|
|
|
(227)
|
|
|
202
|
|
|
—
|
|
|
(25)
|
|
|
—
|
|
|
(355)
|
|
|
282
|
|
|
—
|
|
|
(73)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
$
|
576
|
|
|
$
|
1,065
|
|
|
$
|
(322)
|
|
|
$
|
967
|
|
|
$
|
2,286
|
|
|
$
|
—
|
|
|
$
|
1,732
|
|
|
$
|
(427)
|
|
|
$
|
473
|
|
|
$
|
1,778
|
|
Interest
expense
|
—
|
|
|
184
|
|
|
—
|
|
|
39
|
|
|
223
|
|
|
—
|
|
|
118
|
|
|
—
|
|
|
3
|
|
|
121
|
|
Amortization of loan
costs
|
—
|
|
|
11
|
|
|
3
|
|
|
1
|
|
|
15
|
|
|
—
|
|
|
10
|
|
|
3
|
|
|
3
|
|
|
16
|
|
Depreciation and
amortization
|
2,738
|
|
|
1,226
|
|
|
3
|
|
|
73
|
|
|
4,040
|
|
|
—
|
|
|
924
|
|
|
3
|
|
|
28
|
|
|
955
|
|
Income tax expense
(benefit)
|
426
|
|
|
817
|
|
|
—
|
|
|
300
|
|
|
1,543
|
|
|
—
|
|
|
672
|
|
|
—
|
|
|
135
|
|
|
807
|
|
EBITDA
|
3,740
|
|
|
3,303
|
|
|
(316)
|
|
|
1,380
|
|
|
8,107
|
|
|
—
|
|
|
3,456
|
|
|
(421)
|
|
|
642
|
|
|
3,677
|
|
Equity-based
compensation
|
3
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Change in contingent
consideration fair value
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Transaction
costs
|
—
|
|
|
199
|
|
|
—
|
|
|
75
|
|
|
274
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
6
|
|
|
70
|
|
Severance and
executive recruiting
costs
|
—
|
|
|
183
|
|
|
20
|
|
|
—
|
|
|
203
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Amortization of hotel
signing fees and lock subsidies
|
—
|
|
|
140
|
|
|
38
|
|
|
—
|
|
|
178
|
|
|
—
|
|
|
128
|
|
|
11
|
|
|
—
|
|
|
139
|
|
Other (gain) loss on
disposal of assets
|
—
|
|
|
(26)
|
|
|
—
|
|
|
—
|
|
|
(26)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign currency
transactions (gain) loss
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
(36)
|
|
|
—
|
|
|
—
|
|
|
(36)
|
|
Adjusted
EBITDA
|
3,743
|
|
|
3,825
|
|
|
(257)
|
|
|
1,455
|
|
|
8,766
|
|
|
—
|
|
|
3,612
|
|
|
(406)
|
|
|
648
|
|
|
3,854
|
|
Interest
expense
|
—
|
|
|
(184)
|
|
|
—
|
|
|
(39)
|
|
|
(223)
|
|
|
—
|
|
|
(118)
|
|
|
—
|
|
|
(3)
|
|
|
(121)
|
|
Adjusted income tax
(expense) benefit
|
(1,073)
|
|
|
(325)
|
|
|
—
|
|
|
(344)
|
|
|
(1,742)
|
|
|
—
|
|
|
(672)
|
|
|
—
|
|
|
(135)
|
|
|
(807)
|
|
Adjusted net
income (loss)
|
$
|
2,670
|
|
|
$
|
3,316
|
|
|
$
|
(257)
|
|
|
$
|
1,072
|
|
|
$
|
6,801
|
|
|
$
|
—
|
|
|
$
|
2,822
|
|
|
$
|
(406)
|
|
|
$
|
510
|
|
|
$
|
2,926
|
|
Adjusted net
income (loss) per diluted share available to common stockholders
(2)
|
$
|
0.63
|
|
|
$
|
0.78
|
|
|
$
|
(0.06)
|
|
|
$
|
0.25
|
|
|
$
|
1.61
|
|
|
$
|
—
|
|
|
$
|
1.05
|
|
|
$
|
(0.15)
|
|
|
$
|
0.19
|
|
|
$
|
1.09
|
|
Weighted average
diluted shares
|
4,233
|
|
|
4,233
|
|
|
4,233
|
|
|
4,233
|
|
|
4,233
|
|
|
2,688
|
|
|
2,688
|
|
|
2,688
|
|
|
2,688
|
|
|
2,688
|
|
|
|
(1)
|
Represents RED
Hospitality & Leisure LLC, Pure Wellness and Lismore Capital
LLC.
|
(2)
|
The sum of the
adjusted net income (loss) per diluted share available to common
stockholders as calculated for the subsidiaries may differ from the
Hospitality Products & Services total due to
rounding.
|
View original
content:http://www.prnewswire.com/news-releases/ashford-reports-first-quarter-2019-results-300843139.html
SOURCE Ashford Inc.