DALLAS, Aug. 9, 2018 /PRNewswire/ -- Ashford Inc. (NYSE
American: AINC) ("Ashford" or the "Company") today reported the
following results and performance measures for the second quarter
ended June 30, 2018. Unless
otherwise stated, all reported results compare the second quarter
ended June 30, 2018, with the second
quarter ended June 30, 2017 (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 the existing platforms accretively and accelerating
performance to earn incentive fees
- Starting new platforms for additional base and incentive
fees
- 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 income attributable to the Company for the quarter totaled
$9.0 million, or $0.93 per diluted share, compared with a net loss
of $6.7 million, or $3.85 per diluted share, in the prior year
quarter. Adjusted net income for the quarter was $9.5 million, or $3.60 per diluted share, compared with
$4.0 million, or $1.73 per diluted share, in the prior year
quarter.
- Total revenue for the quarter was $54.8
million, reflecting a growth rate of 179% over the prior
year quarter
- Debt placement fee revenue from Lismore Capital was
$5.0 million in the quarter
- Adjusted EBITDA for the second quarter was $11.3 million, reflecting a growth rate of 167%
over the prior year quarter
- Adjusted EBITDA for J&S Audio Visual was $2.6 million in the quarter, bringing the year to
date Adjusted EBITDA to $6.2
million
- At the end of the second quarter, the Company had approximately
$7.0 billion of assets under
management
- On June 22, 2018, effective after
the market close, the Company was added as a member of the U.S.
small-cap Russell 2000® Index and the U.S. broad-market Russell
3000® Index
- On June 26, 2018, the Company
announced the new Enhanced Return Funding Program agreement with
Ashford Hospitality Trust
- As of June 30, 2018, the Company
had corporate cash of $37.7
million
ENHANCED RETURN FUNDING PROGRAM
On June 26, 2018 the Company
announced that it had entered into an agreement with Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or "Trust")
for the new Enhanced Return Funding Program ("ERFP" or the
"Program"). Under the Program, the Company has agreed to provide
$50 million to Ashford Trust in
connection with the acquisition by Ashford Trust of additional
hotels. Ashford will provide 10% of the purchase price of each
hotel acquired by Ashford Trust, helping Ashford Trust grow its
assets by as much as $500 million.
The Company will target funding the Program with approximately 50%
cash on hand and 50% debt. The Program will replace Ashford's
legacy Key Money concept and has the ability to be upsized to up to
$100 million based upon mutual
agreement.
Ashford Trust's acquisition of the Hilton Alexandria Old Town
located in Alexandria, Virginia,
which was completed on June 29, 2018
for total consideration of $111
million, is the first hotel acquisition to benefit from the
Program. In connection with this acquisition and subject to the
terms of the ERFP, the Company has committed to provide Ashford
Trust with approximately $11.1
million of cash via the future purchase of hotel furniture,
fixtures, and equipment at Ashford Trust properties.
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. The Company anticipates funding the
Program with existing cash on its balance sheet, its existing
credit facility and with ongoing cash flow.
ACQUISITION OF REMINGTON'S PROJECT MANAGEMENT
BUSINESS
On August 8, 2018 the Company
announced that it had completed the acquisition of the Project
Management business of privately-held Remington Holdings, L.P.
("Remington") for $203 million.
The transaction received the support of 87% of shares that voted at
the special meeting. The Company also announced that a majority of
shares excluding shares owned by Ashford Trust, Braemar Hotels
& Resorts (NYSE: BHR) ("Braemar"), and insiders and related
parties, present and voting at the meeting voted in favor of the
proposal.
Remington's Project Management business 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. Additionally, it has extensive experience
working with many of the major hotel brands in the areas of
renovating, converting, developing or repositioning hotels. In
2017, Remington Project Management had revenues of approximately
$29.0 million and adjusted EBITDA of
approximately $16.3 million.
The purchase price was paid by issuing convertible preferred
stock to the sellers. The newly created convertible preferred stock
has a conversion price of $140 per
share (a 45% premium to the trading level at the time of the
announcement) and, if converted, would convert into an estimated
1,450,000 shares of common stock. Dividends on the
convertible preferred stock are payable at an annual rate of 5.5%
in the first year, 6.0% in the second year, and 6.5% in the third
year and each year thereafter. Voting rights of the convertible
preferred stock will be on an as-converted basis, and the holders
of the convertible preferred stock will have a voting limit of 25%
of the Company's voting securities for five years.
J&S AUDIO VISUAL UPDATE
The Company currently owns an 85% 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. In the
second full quarter since the Company's investment, revenue growth
at J&S was 23% and Adjusted EBITDA growth was 50% as compared
to the prior year period. Since Ashford's investment in
November 2017 through the end of the
second quarter, revenues at J&S increased $10.1 million, or 22%, and Adjusted EBITDA
increased $2.7 million, or 55%, over
the prior year period. Additionally, J&S executed five new
hotel contracts during the second quarter. As of the end of the
second quarter, J&S had multi-year contracts in place with 72
hotels and convention centers in addition to regular business
representing over 2,500 annual events and productions, 500 venue
locations, and 650 clients.
OPENKEY UPDATE
Ashford currently owns a 46% interest in OpenKey. OpenKey is the
universal, industry-standard smartphone App for keyless entry in
hotel guestrooms. OpenKey continues to expand its platform
with approximately 10,000 rooms under contract with access to 15
hotel brands and portfolios across its current customer base.
In the second quarter, revenue growth at OpenKey was 256% compared
to the prior year period, and year to date revenue growth was 594%
compared to the prior year period.
RED HOSPITALITY & LEISURE UPDATE
The Company currently owns an approximate 80% controlling
interest in RED Hospitality & Leisure. RED
Hospitality & Leisure is a leading provider of watersports
activities and other travel and transportation services in the
U.S. Virgin Islands. RED
Hospitality has already begun limited ferry operations between St.
Thomas and St. John and expects to capitalize on new contracts and
charter business as the Virgin
Islands resorts begin to reopen in the second half of this
year and into early 2019. RED Hospitality generated $390,000 of revenue and $72,000 of Adjusted EBITDA in the second
quarter.
FINANCIAL RESULTS
Net income attributable to the Company for the quarter totaled
$9.0 million, or $0.93 per diluted share, compared with a net loss
of $6.7 million, or $3.85 per diluted share, in the prior year
quarter. Adjusted net income for the quarter was $9.5 million, or $3.60 per diluted share, compared with
$4.0 million, or $1.73 per diluted share, in the prior year
quarter.
For the quarter ended June 30,
2018, base advisory fee revenue was $11.2 million, including $8.9 million from Ashford Trust and $2.3 million from Braemar.
Adjusted EBITDA for the quarter was $11.3
million, compared with $4.2
million for prior year quarter, reflecting a growth rate of
167%.
CAPITAL STRUCTURE
At the end of the second quarter, the Company had approximately
$7.0 billion of assets under
management from its managed companies, corporate cash of
$37.7 million, and 2.6 million fully
diluted shares. The Company has a current fully diluted
equity market capitalization of approximately $230 million, and had $13.2 million of debt on its balance sheet at
June 30, 2018 of which approximately
$2 million related to its joint
venture partners' share of debt.
QUARTERLY HIGHLIGHTS FOR ADVISED PLATFORMS
ASHFORD TRUST HIGHLIGHTS
- Trust refinanced a mortgage loan, secured by 22 hotels, with an
existing outstanding balance totaling approximately $972 million. The new loan totals $985 million and is expected to result in annual
interest savings of approximately $11
million as compared to the previous loan terms.
- Trust refinanced seven mortgage loans with existing outstanding
balances totaling approximately $1.07
billion. The new financing is comprised of six separate
mortgage loans and totals approximately $1.27 billion.
- Trust entered into the new Enhanced Return Funding Program with
Ashford Inc.
- Trust completed the acquisition of the 252-room Hilton
Alexandria Old Town located in Alexandria, Virginia for $111 million. Concurrent with the completion of
the acquisition, Trust financed the hotel with a $73.5 million non-recourse mortgage loan.
Braemar Hotels & Resorts HIGHLIGHTS
- Ashford Hospitality Prime rebranded to Braemar Hotels &
Resorts on April 24, 2018
- Braemar completed the acquisition of the 266-room Ritz-Carlton
Sarasota in Sarasota, Florida for
$171 million. Concurrent with the
completion of the acquisition, Braemar financed the hotel with a
$100 million non-recourse mortgage
loan.
- Braemar refinanced two mortgage loans with existing outstanding
balances totaling approximately $358
million with a new loan totaling $435
million.
- Braemar sold the 293-room Renaissance Tampa International Plaza
hotel in Tampa, Florida for
$68 million.
"We are pleased with our second quarter operating results which
reflect the continued execution of our growth strategy," commented
Monty J. Bennett, Ashford's Chairman
and Chief Executive Officer. "We are excited to have completed the
Remington Project Management acquisition as it will add scale,
diversification and enhance our competitive position in the
hospitality industry by expanding the services we can offer to both
our advised REITs as well as other hospitality companies.
Additionally, both J&S and Lismore significantly contributed to
our strong growth in Adjusted EBITDA during the quarter. We
also entered into an agreement with Ashford Trust for the new
Enhanced Return Funding Program and utilized the ERFP to partner
with Trust on its acquisition of the Hilton Alexandria Old Town
hotel. We believe this new ERFP Program could result in substantial
growth in assets under management for us while delivering
attractive returns to our shareholders. We were also pleased
to become a member of the U.S. small-cap Russell 2000® Index, one
of the most widely used performance benchmarks for small-cap
companies. We believe our inclusion will provide increased
visibility within the investment community and improve the
liquidity of our stock. Looking ahead, we remain committed to
maximizing value for our shareholders and are well positioned 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, August 10, 2018, at 11:00 a.m. ET. The number for this
interactive teleconference is (323) 794-2590. A replay
of the conference call will be available through Friday, August 17, 2018, by dialing (719)
457-0820 and entering the confirmation number 3206187.
The Company will also provide an online simulcast and
rebroadcast of its second quarter 2018 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, August 10,
2018, beginning at 11:00 a.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 or
@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 July 12, 2018 and Ashford's 10-K filed with the
SEC on March 12, 2018.
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)
|
|
|
June 30,
2018
|
|
December 31,
2017
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
40,868
|
|
|
$
|
36,480
|
|
Restricted
cash
|
12,389
|
|
|
9,076
|
|
Accounts receivable,
net
|
5,944
|
|
|
5,127
|
|
Due from Ashford
Trust OP
|
13,467
|
|
|
13,346
|
|
Due from Braemar
OP
|
342
|
|
|
1,738
|
|
Inventories
|
1,229
|
|
|
1,066
|
|
Prepaid expenses and
other
|
2,982
|
|
|
2,913
|
|
Total current
assets
|
77,221
|
|
|
69,746
|
|
Investments in
unconsolidated entities
|
500
|
|
|
500
|
|
Furniture, fixtures
and equipment, net
|
26,333
|
|
|
21,154
|
|
Goodwill
|
13,103
|
|
|
12,947
|
|
Intangible assets,
net
|
9,230
|
|
|
9,713
|
|
Other
assets
|
11,758
|
|
|
750
|
|
Total
assets
|
$
|
138,145
|
|
|
$
|
114,810
|
|
LIABILITIES
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
21,596
|
|
|
$
|
20,451
|
|
Due to
affiliates
|
5,834
|
|
|
4,272
|
|
Deferred
income
|
294
|
|
|
459
|
|
Deferred compensation
plan
|
216
|
|
|
311
|
|
Notes payable,
net
|
1,670
|
|
|
1,751
|
|
Other
liabilities
|
23,489
|
|
|
9,076
|
|
Total current
liabilities
|
53,099
|
|
|
36,320
|
|
Accrued
expenses
|
—
|
|
|
78
|
|
Deferred
income
|
12,817
|
|
|
13,440
|
|
Deferred compensation
plan
|
13,094
|
|
|
18,948
|
|
Notes payable,
net
|
11,321
|
|
|
9,956
|
|
Total
liabilities
|
90,331
|
|
|
78,742
|
|
MEZZANINE
EQUITY
|
|
|
|
Redeemable
noncontrolling interests
|
4,852
|
|
|
5,111
|
|
EQUITY
|
|
|
|
Preferred stock,
$0.01 par value, 50,000,000 shares authorized:
|
|
|
|
Series A cumulative
preferred stock, no shares issued and outstanding at June 30, 2018
and
December 31, 2017
|
—
|
|
|
—
|
|
Common stock, $0.01
par value, 100,000,000 shares authorized, 2,109,388 and 2,093,556
shares issued
and outstanding at June 30, 2018 and
December 31, 2017, respectively
|
21
|
|
|
21
|
|
Additional paid-in
capital
|
257,303
|
|
|
249,695
|
|
Accumulated
deficit
|
(215,435)
|
|
|
(219,396)
|
|
Accumulated other
comprehensive income (loss)
|
(348)
|
|
|
(135)
|
|
Total stockholders'
equity of the Company
|
41,541
|
|
|
30,185
|
|
Noncontrolling
interests in consolidated entities
|
1,421
|
|
|
772
|
|
Total
equity
|
42,962
|
|
|
30,957
|
|
Total liabilities and
equity
|
$
|
138,145
|
|
|
$
|
114,810
|
|
ASHFORD INC. AND
SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(unaudited, in
thousands, except per share amounts)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
REVENUE
|
|
|
|
|
|
|
|
Advisory
services:
|
|
|
|
|
|
|
|
Base advisory
fee
|
$
|
11,174
|
|
|
$
|
10,904
|
|
|
$
|
21,885
|
|
|
$
|
21,731
|
|
Incentive advisory
fee
|
452
|
|
|
770
|
|
|
904
|
|
|
1,541
|
|
Reimbursable
expenses
|
2,496
|
|
|
3,195
|
|
|
4,445
|
|
|
5,311
|
|
Non-cash
stock/unit-based compensation
|
10,318
|
|
|
3,289
|
|
|
19,610
|
|
|
2,006
|
|
Other advisory
revenue
|
130
|
|
|
14
|
|
|
258
|
|
|
14
|
|
Audio
visual
|
23,376
|
|
|
—
|
|
|
46,686
|
|
|
—
|
|
Other
|
6,865
|
|
|
1,467
|
|
|
9,191
|
|
|
2,049
|
|
Total
revenue
|
54,811
|
|
|
19,639
|
|
|
102,979
|
|
|
32,652
|
|
EXPENSES
|
|
|
|
|
|
|
|
Salaries and
benefits
|
3,476
|
|
|
6,126
|
|
|
16,944
|
|
|
16,169
|
|
Non-cash
stock/unit-based compensation
|
12,590
|
|
|
5,488
|
|
|
25,679
|
|
|
6,477
|
|
Cost of audio visual
revenues
|
17,021
|
|
|
—
|
|
|
33,608
|
|
|
—
|
|
Depreciation and
amortization
|
1,193
|
|
|
587
|
|
|
2,233
|
|
|
1,055
|
|
General and
administrative
|
8,769
|
|
|
4,697
|
|
|
15,024
|
|
|
8,346
|
|
Impairment
|
—
|
|
|
1,072
|
|
|
1,919
|
|
|
1,072
|
|
Other
|
892
|
|
|
251
|
|
|
1,738
|
|
|
251
|
|
Total operating
expenses
|
43,941
|
|
|
18,221
|
|
|
97,145
|
|
|
33,370
|
|
OPERATING INCOME
(LOSS)
|
10,870
|
|
|
1,418
|
|
|
5,834
|
|
|
(718)
|
|
Interest
expense
|
(161)
|
|
|
(6)
|
|
|
(304)
|
|
|
(6)
|
|
Amortization of loan
costs
|
(24)
|
|
|
(9)
|
|
|
(47)
|
|
|
(9)
|
|
Interest
income
|
73
|
|
|
38
|
|
|
185
|
|
|
71
|
|
Dividend
income
|
—
|
|
|
—
|
|
|
—
|
|
|
93
|
|
Unrealized gain
(loss) on investments
|
—
|
|
|
78
|
|
|
—
|
|
|
203
|
|
Realized gain (loss)
on investments
|
—
|
|
|
(94)
|
|
|
—
|
|
|
(294)
|
|
Other income
(expense)
|
(221)
|
|
|
(13)
|
|
|
(260)
|
|
|
(21)
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
10,537
|
|
|
1,412
|
|
|
5,408
|
|
|
(681)
|
|
Income tax (expense)
benefit
|
(1,605)
|
|
|
(8,643)
|
|
|
(2,311)
|
|
|
(9,273)
|
|
NET INCOME
(LOSS)
|
8,932
|
|
|
(7,231)
|
|
|
3,097
|
|
|
(9,954)
|
|
(Income) loss from
consolidated entities attributable to
noncontrolling interests
|
118
|
|
|
190
|
|
|
291
|
|
|
165
|
|
Net (income) loss
attributable to redeemable noncontrolling
interests
|
(90)
|
|
|
332
|
|
|
(151)
|
|
|
695
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE
COMPANY
|
$
|
8,960
|
|
|
$
|
(6,709)
|
|
|
$
|
3,237
|
|
|
$
|
(9,094)
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE - BASIC AND DILUTED
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
4.26
|
|
|
$
|
(3.32)
|
|
|
$
|
1.54
|
|
|
$
|
(4.51)
|
|
Weighted average common
shares outstanding - basic
|
2,095
|
|
|
2,019
|
|
|
2,094
|
|
|
2,017
|
|
Diluted:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
0.93
|
|
|
$
|
(3.85)
|
|
|
$
|
(1.40)
|
|
|
$
|
(4.77)
|
|
Weighted average common
shares outstanding - diluted
|
2,487
|
|
|
2,265
|
|
|
2,219
|
|
|
2,051
|
|
ASHFORD INC. AND
SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
|
(unaudited, in
thousands)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income
(loss)
|
$
|
8,932
|
|
|
$
|
(7,231)
|
|
|
$
|
3,097
|
|
|
$
|
(9,954)
|
|
(Income) loss from
consolidated entities attributable to
noncontrolling interests
|
118
|
|
|
190
|
|
|
291
|
|
|
165
|
|
Net (income) loss
attributable to redeemable noncontrolling
interests
|
(90)
|
|
|
332
|
|
|
(151)
|
|
|
695
|
|
Net income (loss)
attributable to the company
|
8,960
|
|
|
(6,709)
|
|
|
3,237
|
|
|
(9,094)
|
|
Interest
expense
|
135
|
|
|
4
|
|
|
256
|
|
|
4
|
|
Amortization of loan
costs
|
17
|
|
|
5
|
|
|
33
|
|
|
5
|
|
Depreciation and
amortization
|
1,741
|
|
|
578
|
|
|
3,244
|
|
|
1,043
|
|
Income tax expense
(benefit)
|
1,620
|
|
|
8,643
|
|
|
2,252
|
|
|
9,273
|
|
Net income (loss)
attributable to redeemable
noncontrolling interests (1)
|
18
|
|
|
4
|
|
|
6
|
|
|
—
|
|
EBITDA
|
12,491
|
|
|
2,525
|
|
|
9,028
|
|
|
1,231
|
|
Equity-based
compensation
|
2,272
|
|
|
2,187
|
|
|
6,065
|
|
|
4,455
|
|
Market change in
deferred compensation plan
|
(6,375)
|
|
|
(1,673)
|
|
|
(5,814)
|
|
|
1,667
|
|
Change in contingent
consideration fair value
|
346
|
|
|
—
|
|
|
559
|
|
|
—
|
|
Transaction
costs
|
3,020
|
|
|
1,169
|
|
|
4,176
|
|
|
1,830
|
|
Software
implementation costs
|
18
|
|
|
35
|
|
|
45
|
|
|
94
|
|
Reimbursed software
costs
|
(439)
|
|
|
(219)
|
|
|
(676)
|
|
|
(274)
|
|
Impairment
|
—
|
|
|
—
|
|
|
1,919
|
|
|
—
|
|
Realized and
unrealized (gain) loss on derivatives
|
—
|
|
|
16
|
|
|
—
|
|
|
41
|
|
Legal and settlement
costs
|
(104)
|
|
|
155
|
|
|
(50)
|
|
|
155
|
|
Severance
costs
|
—
|
|
|
33
|
|
|
1,301
|
|
|
82
|
|
Amortization of hotel
signing fees and lock subsidies
|
109
|
|
|
—
|
|
|
248
|
|
|
—
|
|
Other (gain) loss on
disposal of assets
|
(117)
|
|
|
—
|
|
|
(117)
|
|
|
—
|
|
Foreign currency
transactions (gain) loss
|
58
|
|
|
—
|
|
|
22
|
|
|
—
|
|
Adjusted
EBITDA
|
$
|
11,279
|
|
|
$
|
4,228
|
|
|
$
|
16,706
|
|
|
$
|
9,281
|
|
|
(1)
Represents the 0.2% interest in Ashford Hospitality Advisors, LLC
prior to our legal entity restructuring on April 6, 2017 and 0.2%
interest in Ashford Hospitality Holdings, LLC
thereafter.
|
ASHFORD INC. AND
SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS)
|
(unaudited,
in thousands, except per share amounts)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income
(loss)
|
$
|
8,932
|
|
|
$
|
(7,231)
|
|
|
$
|
3,097
|
|
|
$
|
(9,954)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
118
|
|
|
190
|
|
|
291
|
|
|
165
|
|
Net (income) loss
attributable to redeemable noncontrolling interests
|
(90)
|
|
|
332
|
|
|
(151)
|
|
|
695
|
|
Net income (loss)
attributable to the company
|
8,960
|
|
|
(6,709)
|
|
|
3,237
|
|
|
(9,094)
|
|
Depreciation and
amortization
|
1,741
|
|
|
578
|
|
|
3,244
|
|
|
1,043
|
|
Net income (loss)
attributable to redeemable noncontrolling
interests (1)
|
18
|
|
|
4
|
|
|
6
|
|
|
—
|
|
Equity-based
compensation
|
2,272
|
|
|
2,187
|
|
|
6,065
|
|
|
4,455
|
|
Market change in
deferred compensation plan
|
(6,375)
|
|
|
(1,673)
|
|
|
(5,814)
|
|
|
1,667
|
|
Change in contingent
consideration fair value
|
346
|
|
|
—
|
|
|
559
|
|
|
—
|
|
Transaction
costs
|
3,020
|
|
|
1,169
|
|
|
4,176
|
|
|
1,830
|
|
Software
implementation costs
|
18
|
|
|
35
|
|
|
45
|
|
|
94
|
|
Reimbursed software
costs
|
(439)
|
|
|
(219)
|
|
|
(676)
|
|
|
(274)
|
|
Impairment
|
—
|
|
|
—
|
|
|
1,919
|
|
|
—
|
|
Realized and
unrealized (gain) loss on derivatives
|
—
|
|
|
16
|
|
|
—
|
|
|
41
|
|
Legal and settlement
costs
|
(104)
|
|
|
155
|
|
|
(50)
|
|
|
155
|
|
Adjustment to income
tax expense from restructuring (2)
|
—
|
|
|
8,433
|
|
|
—
|
|
|
8,433
|
|
Severance
costs
|
—
|
|
|
33
|
|
|
1,301
|
|
|
82
|
|
Amortization of hotel
signing fees and lock subsidies
|
109
|
|
|
—
|
|
|
248
|
|
|
—
|
|
Other (gain) loss on
disposal of assets
|
(117)
|
|
|
—
|
|
|
(117)
|
|
|
—
|
|
Foreign currency
transactions (gain) loss
|
58
|
|
|
—
|
|
|
22
|
|
|
—
|
|
Adjusted net
income
|
$
|
9,507
|
|
|
$
|
4,009
|
|
|
$
|
14,165
|
|
|
$
|
8,432
|
|
Adjusted net
income per diluted share available to common
stockholders
|
$
|
3.60
|
|
|
$
|
1.73
|
|
|
$
|
5.32
|
|
|
$
|
3.64
|
|
Weighted average
diluted shares
|
2,640
|
|
|
2,318
|
|
|
2,664
|
|
|
2,314
|
|
|
|
|
|
|
|
|
|
Components of
weighted average diluted shares
|
|
|
|
|
|
|
|
Common
shares
|
2,099
|
|
|
2,023
|
|
|
2,098
|
|
|
2,022
|
|
Deferred compensation
plan
|
206
|
|
|
209
|
|
|
207
|
|
|
209
|
|
Stock
options
|
250
|
|
|
49
|
|
|
290
|
|
|
49
|
|
OpenKey put
option
|
26
|
|
|
37
|
|
|
22
|
|
|
34
|
|
J&S put
option
|
50
|
|
|
—
|
|
|
38
|
|
|
—
|
|
Restricted
shares
|
9
|
|
|
—
|
|
|
9
|
|
|
—
|
|
Weighted average
diluted shares
|
2,640
|
|
|
2,318
|
|
|
2,664
|
|
|
2,314
|
|
|
(1)
Represents the 0.2% interest in Ashford Hospitality Advisors, LLC
prior to the legal restructuring of our organizational structure on
April 6, 2017 and 0.2% interest in Ashford Hospitality Holdings,
LLC thereafter.
|
(2)
Represents the impact of our second quarter 2017 legal entity
restructuring on income tax expense for the periods
presented.
|
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
June 30, 2018
|
|
Three Months Ended
June 30, 2017
|
|
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
|
$
|
8,862
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,862
|
|
|
$
|
8,628
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,628
|
|
Incentive advisory
fee - Trust
|
452
|
|
|
—
|
|
|
—
|
|
|
452
|
|
|
452
|
|
|
—
|
|
|
—
|
|
|
452
|
|
Reimbursable expenses
- Trust
|
1,997
|
|
|
—
|
|
|
—
|
|
|
1,997
|
|
|
2,662
|
|
|
—
|
|
|
—
|
|
|
2,662
|
|
Non-cash
stock/unit-based compensation - Trust
|
8,940
|
|
|
—
|
|
|
—
|
|
|
8,940
|
|
|
2,954
|
|
|
—
|
|
|
—
|
|
|
2,954
|
|
Base advisory fee -
Braemar
|
2,312
|
|
|
—
|
|
|
—
|
|
|
2,312
|
|
|
2,276
|
|
|
—
|
|
|
—
|
|
|
2,276
|
|
Incentive advisory
fee - Braemar
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
318
|
|
|
—
|
|
|
—
|
|
|
318
|
|
Reimbursable expenses
- Braemar
|
499
|
|
|
—
|
|
|
—
|
|
|
499
|
|
|
533
|
|
|
—
|
|
|
—
|
|
|
533
|
|
Non-cash
stock/unit-based compensation - Braemar
|
1,378
|
|
|
—
|
|
|
—
|
|
|
1,378
|
|
|
335
|
|
|
—
|
|
|
—
|
|
|
335
|
|
Other advisory
revenue - Braemar
|
130
|
|
|
—
|
|
|
—
|
|
|
130
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
14
|
|
Audio
visual
|
—
|
|
|
23,376
|
|
|
—
|
|
|
23,376
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
5,587
|
|
|
1,278
|
|
|
—
|
|
|
6,865
|
|
|
794
|
|
|
673
|
|
|
—
|
|
|
1,467
|
|
Total
revenue
|
30,157
|
|
|
24,654
|
|
|
—
|
|
|
54,811
|
|
|
18,966
|
|
|
673
|
|
|
—
|
|
|
19,639
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
—
|
|
|
2,418
|
|
|
7,101
|
|
|
9,519
|
|
|
—
|
|
|
626
|
|
|
6,851
|
|
|
7,477
|
|
Market change in
deferred compensation plan
|
—
|
|
|
—
|
|
|
(6,375)
|
|
|
(6,375)
|
|
|
—
|
|
|
—
|
|
|
(1,673)
|
|
|
(1,673)
|
|
REIT non-cash
stock/unit-based compensation expense
|
10,318
|
|
|
—
|
|
|
—
|
|
|
10,318
|
|
|
3,289
|
|
|
—
|
|
|
—
|
|
|
3,289
|
|
AINC non-cash
stock/unit-based compensation expense
|
—
|
|
|
—
|
|
|
2,272
|
|
|
2,272
|
|
|
—
|
|
|
12
|
|
|
2,187
|
|
|
2,199
|
|
Reimbursable
expenses
|
2,496
|
|
|
—
|
|
|
—
|
|
|
2,496
|
|
|
3,195
|
|
|
—
|
|
|
—
|
|
|
3,195
|
|
Cost of audio visual
revenues
|
—
|
|
|
17,021
|
|
|
—
|
|
|
17,021
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
General and
administrative
|
—
|
|
|
2,733
|
|
|
3,872
|
|
|
6,605
|
|
|
—
|
|
|
737
|
|
|
1,087
|
|
|
1,824
|
|
Depreciation and
amortization
|
369
|
|
|
503
|
|
|
321
|
|
|
1,193
|
|
|
367
|
|
|
23
|
|
|
197
|
|
|
587
|
|
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,041
|
|
|
—
|
|
|
31
|
|
|
1,072
|
|
Other
|
—
|
|
|
545
|
|
|
347
|
|
|
892
|
|
|
—
|
|
|
251
|
|
|
—
|
|
|
251
|
|
Total operating
expenses
|
13,183
|
|
|
23,220
|
|
|
7,538
|
|
|
43,941
|
|
|
7,892
|
|
|
1,649
|
|
|
8,680
|
|
|
18,221
|
|
OPERATING INCOME
(LOSS)
|
16,974
|
|
|
1,434
|
|
|
(7,538)
|
|
|
10,870
|
|
|
11,074
|
|
|
(976)
|
|
|
(8,680)
|
|
|
1,418
|
|
Other
|
27
|
|
|
(432)
|
|
|
72
|
|
|
(333)
|
|
|
—
|
|
|
(14)
|
|
|
8
|
|
|
(6)
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
17,001
|
|
|
1,002
|
|
|
(7,466)
|
|
|
10,537
|
|
|
11,074
|
|
|
(990)
|
|
|
(8,672)
|
|
|
1,412
|
|
Income tax (expense)
benefit
|
(3,003)
|
|
|
(503)
|
|
|
1,901
|
|
|
(1,605)
|
|
|
(4,054)
|
|
|
—
|
|
|
(4,589)
|
|
|
(8,643)
|
|
NET INCOME
(LOSS)
|
13,998
|
|
|
499
|
|
|
(5,565)
|
|
|
8,932
|
|
|
7,020
|
|
|
(990)
|
|
|
(13,261)
|
|
|
(7,231)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
118
|
|
|
—
|
|
|
118
|
|
|
—
|
|
|
190
|
|
|
—
|
|
|
190
|
|
Net (income) loss
attributable to redeemable noncontrolling interests
|
—
|
|
|
(72)
|
|
|
(18)
|
|
|
(90)
|
|
|
—
|
|
|
336
|
|
|
(4)
|
|
|
332
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
$
|
13,998
|
|
|
$
|
545
|
|
|
$
|
(5,583)
|
|
|
$
|
8,960
|
|
|
$
|
7,020
|
|
|
$
|
(464)
|
|
|
$
|
(13,265)
|
|
|
$
|
(6,709)
|
|
Interest
expense
|
—
|
|
|
135
|
|
|
—
|
|
|
135
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Amortization of loan
costs
|
—
|
|
|
17
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
Depreciation and
amortization
|
369
|
|
|
1,051
|
|
|
321
|
|
|
1,741
|
|
|
367
|
|
|
14
|
|
|
197
|
|
|
578
|
|
Income tax expense
(benefit)
|
3,003
|
|
|
518
|
|
|
(1,901)
|
|
|
1,620
|
|
|
4,054
|
|
|
—
|
|
|
4,589
|
|
|
8,643
|
|
Net income (loss)
attributable to redeemable noncontrolling interests
(1)
|
—
|
|
|
—
|
|
|
18
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
EBITDA
|
17,370
|
|
|
2,266
|
|
|
(7,145)
|
|
|
12,491
|
|
|
11,441
|
|
|
(441)
|
|
|
(8,475)
|
|
|
2,525
|
|
Equity-based
compensation
|
—
|
|
|
—
|
|
|
2,272
|
|
|
2,272
|
|
|
—
|
|
|
—
|
|
|
2,187
|
|
|
2,187
|
|
Market change in
deferred compensation plan
|
—
|
|
|
—
|
|
|
(6,375)
|
|
|
(6,375)
|
|
|
—
|
|
|
—
|
|
|
(1,673)
|
|
|
(1,673)
|
|
Change in contingent
consideration fair value
|
—
|
|
|
—
|
|
|
346
|
|
|
346
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Transaction
costs
|
—
|
|
|
—
|
|
|
3,020
|
|
|
3,020
|
|
|
—
|
|
|
167
|
|
|
1,002
|
|
|
1,169
|
|
Software
implementation costs
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
34
|
|
|
—
|
|
|
1
|
|
|
35
|
|
Reimbursed software
costs, net
|
(439)
|
|
|
—
|
|
|
—
|
|
|
(439)
|
|
|
(250)
|
|
|
—
|
|
|
31
|
|
|
(219)
|
|
Realized and
unrealized (gain) loss on derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
Legal and settlement
costs
|
—
|
|
|
—
|
|
|
(104)
|
|
|
(104)
|
|
|
—
|
|
|
—
|
|
|
155
|
|
|
155
|
|
Severance
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
33
|
|
Amortization of hotel
signing fees and lock subsidies
|
—
|
|
|
109
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other (gain) loss on
disposal of assets
|
—
|
|
|
(117)
|
|
|
—
|
|
|
(117)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign currency
transactions (gain) loss
|
—
|
|
|
58
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted
EBITDA
|
16,949
|
|
|
2,316
|
|
|
(7,986)
|
|
|
11,279
|
|
|
11,225
|
|
|
(274)
|
|
|
(6,723)
|
|
|
4,228
|
|
Interest
expense
|
—
|
|
|
(135)
|
|
|
—
|
|
|
(135)
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
(4)
|
|
Amortization of loan
costs
|
—
|
|
|
(17)
|
|
|
—
|
|
|
(17)
|
|
|
—
|
|
|
(5)
|
|
|
—
|
|
|
(5)
|
|
Income tax (expense)
benefit
|
(3,003)
|
|
|
(518)
|
|
|
1,901
|
|
|
(1,620)
|
|
|
(4,054)
|
|
|
—
|
|
|
(4,589)
|
|
|
(8,643)
|
|
Adjustment to income
tax expense from restructuring
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,433
|
|
|
8,433
|
|
Adjusted net
income (loss)
|
$
|
13,946
|
|
|
$
|
1,646
|
|
|
$
|
(6,085)
|
|
|
$
|
9,507
|
|
|
$
|
7,171
|
|
|
$
|
(283)
|
|
|
$
|
(2,879)
|
|
|
$
|
4,009
|
|
Adjusted net
income (loss) per diluted share available to common stockholders
(2)
|
$
|
5.28
|
|
|
$
|
0.62
|
|
|
$
|
(2.30)
|
|
|
$
|
3.60
|
|
|
$
|
3.09
|
|
|
$
|
(0.12)
|
|
|
$
|
(1.24)
|
|
|
$
|
1.73
|
|
Weighted average
diluted shares
|
2,640
|
|
|
2,640
|
|
|
2,640
|
|
|
2,640
|
|
|
2,318
|
|
|
2,318
|
|
|
2,318
|
|
|
2,318
|
|
|
(1) Represents the
0.2% interest in Ashford Hospitality Advisors, LLC prior to our
legal entity restructuring on April 6, 2017 and 0.2% interest in
Ashford Hospitality Holdings, LLC thereafter.
|
(2) 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
|
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)
|
|
|
Six Months Ended
June 30, 2018
|
|
Six Months Ended
June 30, 2017
|
|
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
|
$
|
17,466
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,466
|
|
|
$
|
17,452
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,452
|
|
Incentive advisory
fee - Trust
|
904
|
|
|
—
|
|
|
—
|
|
|
904
|
|
|
904
|
|
|
—
|
|
|
—
|
|
|
904
|
|
Reimbursable expenses
- Trust
|
3,526
|
|
|
—
|
|
|
—
|
|
|
3,526
|
|
|
4,229
|
|
|
—
|
|
|
—
|
|
|
4,229
|
|
Non-cash
stock/unit-based compensation - Trust
|
15,685
|
|
|
—
|
|
|
—
|
|
|
15,685
|
|
|
3,356
|
|
|
—
|
|
|
—
|
|
|
3,356
|
|
Base advisory fee -
Braemar
|
4,419
|
|
|
—
|
|
|
—
|
|
|
4,419
|
|
|
4,279
|
|
|
—
|
|
|
—
|
|
|
4,279
|
|
Incentive advisory
fee - Braemar
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
637
|
|
|
—
|
|
|
—
|
|
|
637
|
|
Reimbursable expenses
- Braemar
|
919
|
|
|
—
|
|
|
—
|
|
|
919
|
|
|
1,082
|
|
|
—
|
|
|
—
|
|
|
1,082
|
|
Non-cash
stock/unit-based compensation - Braemar
|
3,925
|
|
|
—
|
|
|
—
|
|
|
3,925
|
|
|
(1,350)
|
|
|
—
|
|
|
—
|
|
|
(1,350)
|
|
Other advisory
revenue - Braemar
|
258
|
|
|
—
|
|
|
—
|
|
|
258
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
14
|
|
Audio
visual
|
—
|
|
|
46,686
|
|
|
—
|
|
|
46,686
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
6,708
|
|
|
2,483
|
|
|
—
|
|
|
9,191
|
|
|
1,351
|
|
|
698
|
|
|
—
|
|
|
2,049
|
|
Total
revenue
|
53,810
|
|
|
49,169
|
|
|
—
|
|
|
102,979
|
|
|
31,954
|
|
|
698
|
|
|
—
|
|
|
32,652
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
—
|
|
|
4,567
|
|
|
17,527
|
|
|
22,094
|
|
|
—
|
|
|
1,046
|
|
|
12,812
|
|
|
13,858
|
|
Market change in
deferred compensation plan
|
—
|
|
|
—
|
|
|
(5,814)
|
|
|
(5,814)
|
|
|
—
|
|
|
—
|
|
|
1,667
|
|
|
1,667
|
|
REIT non-cash
stock/unit-based compensation expense
|
19,610
|
|
|
—
|
|
|
—
|
|
|
19,610
|
|
|
2,006
|
|
|
—
|
|
|
—
|
|
|
2,006
|
|
AINC non-cash
stock/unit-based compensation expense
|
—
|
|
|
8
|
|
|
6,061
|
|
|
6,069
|
|
|
—
|
|
|
16
|
|
|
4,455
|
|
|
4,471
|
|
Reimbursable
expenses
|
4,445
|
|
|
—
|
|
|
—
|
|
|
4,445
|
|
|
5,311
|
|
|
—
|
|
|
—
|
|
|
5,311
|
|
Cost of audio visual
revenues
|
—
|
|
|
33,608
|
|
|
—
|
|
|
33,608
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
General and
administrative
|
—
|
|
|
5,227
|
|
|
6,016
|
|
|
11,243
|
|
|
—
|
|
|
1,138
|
|
|
2,541
|
|
|
3,679
|
|
Depreciation and
amortization
|
759
|
|
|
995
|
|
|
479
|
|
|
2,233
|
|
|
626
|
|
|
28
|
|
|
401
|
|
|
1,055
|
|
Impairment
|
1,919
|
|
|
—
|
|
|
—
|
|
|
1,919
|
|
|
1,041
|
|
|
—
|
|
|
31
|
|
|
1,072
|
|
Other
|
—
|
|
|
1,179
|
|
|
559
|
|
|
1,738
|
|
|
—
|
|
|
251
|
|
|
—
|
|
|
251
|
|
Total operating
expenses
|
26,733
|
|
|
45,584
|
|
|
24,828
|
|
|
97,145
|
|
|
8,984
|
|
|
2,479
|
|
|
21,907
|
|
|
33,370
|
|
OPERATING INCOME
(LOSS)
|
27,077
|
|
|
3,585
|
|
|
(24,828)
|
|
|
5,834
|
|
|
22,970
|
|
|
(1,781)
|
|
|
(21,907)
|
|
|
(718)
|
|
Other
|
46
|
|
|
(656)
|
|
|
184
|
|
|
(426)
|
|
|
—
|
|
|
(22)
|
|
|
59
|
|
|
37
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
27,123
|
|
|
2,929
|
|
|
(24,644)
|
|
|
5,408
|
|
|
22,970
|
|
|
(1,803)
|
|
|
(21,848)
|
|
|
(681)
|
|
Income tax (expense)
benefit
|
(5,266)
|
|
|
(1,237)
|
|
|
4,192
|
|
|
(2,311)
|
|
|
(8,352)
|
|
|
—
|
|
|
(921)
|
|
|
(9,273)
|
|
NET INCOME
(LOSS)
|
21,857
|
|
|
1,692
|
|
|
(20,452)
|
|
|
3,097
|
|
|
14,618
|
|
|
(1,803)
|
|
|
(22,769)
|
|
|
(9,954)
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
—
|
|
|
291
|
|
|
—
|
|
|
291
|
|
|
—
|
|
|
311
|
|
|
(146)
|
|
|
165
|
|
Net (income) loss
attributable to redeemable noncontrolling interests
|
—
|
|
|
(145)
|
|
|
(6)
|
|
|
(151)
|
|
|
—
|
|
|
695
|
|
|
—
|
|
|
695
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
$
|
21,857
|
|
|
$
|
1,838
|
|
|
$
|
(20,458)
|
|
|
$
|
3,237
|
|
|
$
|
14,618
|
|
|
$
|
(797)
|
|
|
$
|
(22,915)
|
|
|
$
|
(9,094)
|
|
Interest
expense
|
—
|
|
|
256
|
|
|
—
|
|
|
256
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Amortization of loan
costs
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
Depreciation and
amortization
|
759
|
|
|
2,006
|
|
|
479
|
|
|
3,244
|
|
|
626
|
|
|
16
|
|
|
401
|
|
|
1,043
|
|
Income tax expense
(benefit)
|
5,266
|
|
|
1,178
|
|
|
(4,192)
|
|
|
2,252
|
|
|
8,352
|
|
|
—
|
|
|
921
|
|
|
9,273
|
|
Net income (loss)
attributable to redeemable noncontrolling interests (1)
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
EBITDA
|
27,882
|
|
|
5,311
|
|
|
(24,165)
|
|
|
9,028
|
|
|
23,596
|
|
|
(772)
|
|
|
(21,593)
|
|
|
1,231
|
|
Equity-based
compensation
|
—
|
|
|
4
|
|
|
6,061
|
|
|
6,065
|
|
|
—
|
|
|
—
|
|
|
4,455
|
|
|
4,455
|
|
Market change in
deferred compensation plan
|
—
|
|
|
—
|
|
|
(5,814)
|
|
|
(5,814)
|
|
|
—
|
|
|
—
|
|
|
1,667
|
|
|
1,667
|
|
Change in contingent
consideration fair value
|
—
|
|
|
—
|
|
|
559
|
|
|
559
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Transaction
costs
|
—
|
|
|
70
|
|
|
4,106
|
|
|
4,176
|
|
|
—
|
|
|
167
|
|
|
1,663
|
|
|
1,830
|
|
Software
implementation costs
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
91
|
|
|
—
|
|
|
3
|
|
|
94
|
|
Reimbursed software
costs, net
|
(676)
|
|
|
—
|
|
|
—
|
|
|
(676)
|
|
|
(305)
|
|
|
—
|
|
|
31
|
|
|
(274)
|
|
Impairment
|
1,863
|
|
|
—
|
|
|
56
|
|
|
1,919
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Realized and
unrealized (gain) loss on derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
41
|
|
Legal and settlement
costs
|
—
|
|
|
—
|
|
|
(50)
|
|
|
(50)
|
|
|
—
|
|
|
—
|
|
|
155
|
|
|
155
|
|
Severance
costs
|
—
|
|
|
—
|
|
|
1,301
|
|
|
1,301
|
|
|
—
|
|
|
—
|
|
|
82
|
|
|
82
|
|
Amortization of hotel
signing fees and lock subsidies
|
—
|
|
|
248
|
|
|
—
|
|
|
248
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other (gain) loss on
disposal of assets
|
—
|
|
|
(117)
|
|
|
—
|
|
|
(117)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign currency
transactions (gain) loss
|
—
|
|
|
22
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted
EBITDA
|
29,114
|
|
|
5,538
|
|
|
(17,946)
|
|
|
16,706
|
|
|
23,382
|
|
|
(605)
|
|
|
(13,496)
|
|
|
9,281
|
|
Interest
expense
|
—
|
|
|
(256)
|
|
|
—
|
|
|
(256)
|
|
|
—
|
|
|
(4)
|
|
|
—
|
|
|
(4)
|
|
Amortization of loan
costs
|
—
|
|
|
(33)
|
|
|
—
|
|
|
(33)
|
|
|
—
|
|
|
(5)
|
|
|
—
|
|
|
(5)
|
|
Income tax (expense)
benefit
|
(5,266)
|
|
|
(1,178)
|
|
|
4,192
|
|
|
(2,252)
|
|
|
(8,352)
|
|
|
—
|
|
|
(921)
|
|
|
(9,273)
|
|
Adjustment to income
tax expense from restructuring
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,433
|
|
|
8,433
|
|
Adjusted net
income (loss)
|
$
|
23,848
|
|
|
$
|
4,071
|
|
|
$
|
(13,754)
|
|
|
$
|
14,165
|
|
|
$
|
15,030
|
|
|
$
|
(614)
|
|
|
$
|
(5,984)
|
|
|
$
|
8,432
|
|
Adjusted net
income (loss) per diluted share available to common stockholders
(2)
|
$
|
8.95
|
|
|
$
|
1.53
|
|
|
$
|
(5.16)
|
|
|
$
|
5.32
|
|
|
$
|
6.50
|
|
|
$
|
(0.27)
|
|
|
$
|
(2.59)
|
|
|
$
|
3.64
|
|
Weighted average
diluted shares
|
2,664
|
|
|
2,664
|
|
|
2,664
|
|
|
2,664
|
|
|
2,314
|
|
|
2,314
|
|
|
2,314
|
|
|
2,314
|
|
|
(1) Represents the
0.2% interest in Ashford Hospitality Advisors, LLC prior to our
legal entity restructuring on April 6, 2017 and 0.2% interest in
Ashford Hospitality Holdings, LLC thereafter.
|
(2) 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
June 30, 2018
|
|
Three Months Ended
June 30, 2017
|
|
J&S
|
|
OpenKey
|
|
Other
(1)
|
|
Hospitality
Products &
Services
|
|
J&S
|
|
OpenKey
|
|
Other
(1)
|
|
Hospitality
Products &
Services
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio
visual
|
$
|
23,376
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,376
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other
|
—
|
|
|
153
|
|
|
1,125
|
|
|
1,278
|
|
|
—
|
|
|
43
|
|
|
630
|
|
|
673
|
|
Total
revenue
|
23,376
|
|
|
153
|
|
|
1,125
|
|
|
24,654
|
|
|
—
|
|
|
43
|
|
|
630
|
|
|
673
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
1,622
|
|
|
499
|
|
|
297
|
|
|
2,418
|
|
|
—
|
|
|
448
|
|
|
178
|
|
|
626
|
|
Equity based
compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
Cost of audio visual
revenues
|
17,021
|
|
|
—
|
|
|
—
|
|
|
17,021
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
General and
administrative
|
2,065
|
|
|
407
|
|
|
261
|
|
|
2,733
|
|
|
—
|
|
|
389
|
|
|
348
|
|
|
737
|
|
Depreciation and
amortization
|
489
|
|
|
7
|
|
|
7
|
|
|
503
|
|
|
—
|
|
|
6
|
|
|
17
|
|
|
23
|
|
Other
|
—
|
|
|
(3)
|
|
|
548
|
|
|
545
|
|
|
—
|
|
|
—
|
|
|
251
|
|
|
251
|
|
Total operating
expenses
|
21,197
|
|
|
910
|
|
|
1,113
|
|
|
23,220
|
|
|
—
|
|
|
855
|
|
|
794
|
|
|
1,649
|
|
OPERATING INCOME
(LOSS)
|
2,179
|
|
|
(757)
|
|
|
12
|
|
|
1,434
|
|
|
—
|
|
|
(812)
|
|
|
(164)
|
|
|
(976)
|
|
Other
|
(412)
|
|
|
(7)
|
|
|
(13)
|
|
|
(432)
|
|
|
—
|
|
|
(4)
|
|
|
(10)
|
|
|
(14)
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
1,767
|
|
|
(764)
|
|
|
(1)
|
|
|
1,002
|
|
|
—
|
|
|
(816)
|
|
|
(174)
|
|
|
(990)
|
|
Income tax (expense)
benefit
|
(502)
|
|
|
—
|
|
|
(1)
|
|
|
(503)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
NET INCOME
(LOSS)
|
1,265
|
|
|
(764)
|
|
|
(2)
|
|
|
499
|
|
|
—
|
|
|
(816)
|
|
|
(174)
|
|
|
(990)
|
|
(Income) loss from
consolidated entities attributable
to noncontrolling interests
|
(82)
|
|
|
187
|
|
|
13
|
|
|
118
|
|
|
—
|
|
|
139
|
|
|
51
|
|
|
190
|
|
Net (income) loss
attributable to redeemable
noncontrolling interests
|
(295)
|
|
|
223
|
|
|
—
|
|
|
(72)
|
|
|
—
|
|
|
336
|
|
|
—
|
|
|
336
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE
COMPANY
|
$
|
888
|
|
|
$
|
(354)
|
|
|
$
|
11
|
|
|
$
|
545
|
|
|
$
|
—
|
|
|
$
|
(341)
|
|
|
$
|
(123)
|
|
|
$
|
(464)
|
|
Interest
expense
|
122
|
|
|
—
|
|
|
13
|
|
|
135
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
Amortization of loan
costs
|
10
|
|
|
3
|
|
|
4
|
|
|
17
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
5
|
|
Depreciation and
amortization
|
1,001
|
|
|
3
|
|
|
47
|
|
|
1,051
|
|
|
—
|
|
|
2
|
|
|
12
|
|
|
14
|
|
Income tax expense
(benefit)
|
517
|
|
|
—
|
|
|
1
|
|
|
518
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
EBITDA
|
2,538
|
|
|
(348)
|
|
|
76
|
|
|
2,266
|
|
|
—
|
|
|
(337)
|
|
|
(104)
|
|
|
(441)
|
|
Transaction
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
167
|
|
|
167
|
|
Amortization of hotel
signing fees and lock subsidies
|
100
|
|
|
9
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other (gain) loss on
disposal of assets
|
(111)
|
|
|
—
|
|
|
(6)
|
|
|
(117)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign currency
transactions (gain) loss
|
58
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted
EBITDA
|
2,585
|
|
|
(339)
|
|
|
70
|
|
|
2,316
|
|
|
—
|
|
|
(337)
|
|
|
63
|
|
|
(274)
|
|
Interest
expense
|
(122)
|
|
|
—
|
|
|
(13)
|
|
|
(135)
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
(4)
|
|
Amortization of loan
costs
|
(10)
|
|
|
(3)
|
|
|
(4)
|
|
|
(17)
|
|
|
—
|
|
|
(2)
|
|
|
(3)
|
|
|
(5)
|
|
Income tax (expense)
benefit
|
(517)
|
|
|
—
|
|
|
(1)
|
|
|
(518)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted net
income (loss)
|
$
|
1,936
|
|
|
$
|
(342)
|
|
|
$
|
52
|
|
|
$
|
1,646
|
|
|
$
|
—
|
|
|
$
|
(339)
|
|
|
$
|
56
|
|
|
$
|
(283)
|
|
Adjusted net
income (loss) per diluted share
available to common stockholders (2)
|
$
|
0.73
|
|
|
$
|
(0.13)
|
|
|
$
|
0.02
|
|
|
$
|
0.62
|
|
|
$
|
—
|
|
|
$
|
(0.15)
|
|
|
$
|
0.02
|
|
|
$
|
(0.12)
|
|
Weighted average
diluted shares
|
2,640
|
|
|
2,640
|
|
|
2,640
|
|
|
2,640
|
|
|
2,318
|
|
|
2,318
|
|
|
2,318
|
|
|
2,318
|
|
|
(1) Represents
Pure Rooms, and for the three months ended June 30, 2018, also
includes RED Hospitality & Leisure 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.
|
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)
|
|
|
Six Months Ended
June 30, 2018
|
|
Six Months Ended
June 30, 2017
|
|
J&S
|
|
OpenKey
|
|
Other
(1)
|
|
Hospitality
Products &
Services
|
|
J&S
|
|
OpenKey
|
|
Other
(1)
|
|
Hospitality
Products &
Services
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Audio
visual
|
$
|
46,686
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46,686
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other
|
—
|
|
|
472
|
|
|
2,011
|
|
|
2,483
|
|
|
—
|
|
|
68
|
|
|
630
|
|
|
698
|
|
Total
revenue
|
46,686
|
|
|
472
|
|
|
2,011
|
|
|
49,169
|
|
|
—
|
|
|
68
|
|
|
630
|
|
|
698
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits
|
2,937
|
|
|
1,026
|
|
|
604
|
|
|
4,567
|
|
|
—
|
|
|
868
|
|
|
178
|
|
|
1,046
|
|
Equity based
compensation
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
Cost of audio visual
revenues
|
33,608
|
|
|
—
|
|
|
—
|
|
|
33,608
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
General and
administrative
|
3,966
|
|
|
748
|
|
|
513
|
|
|
5,227
|
|
|
—
|
|
|
790
|
|
|
348
|
|
|
1,138
|
|
Depreciation and
amortization
|
943
|
|
|
13
|
|
|
39
|
|
|
995
|
|
|
—
|
|
|
11
|
|
|
17
|
|
|
28
|
|
Other
|
—
|
|
|
292
|
|
|
887
|
|
|
1,179
|
|
|
—
|
|
|
—
|
|
|
251
|
|
|
251
|
|
Total operating
expenses
|
41,454
|
|
|
2,087
|
|
|
2,043
|
|
|
45,584
|
|
|
—
|
|
|
1,685
|
|
|
794
|
|
|
2,479
|
|
OPERATING INCOME
(LOSS)
|
5,232
|
|
|
(1,615)
|
|
|
(32)
|
|
|
3,585
|
|
|
—
|
|
|
(1,617)
|
|
|
(164)
|
|
|
(1,781)
|
|
Other
|
(621)
|
|
|
(14)
|
|
|
(21)
|
|
|
(656)
|
|
|
—
|
|
|
(12)
|
|
|
(10)
|
|
|
(22)
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
4,611
|
|
|
(1,629)
|
|
|
(53)
|
|
|
2,929
|
|
|
—
|
|
|
(1,629)
|
|
|
(174)
|
|
|
(1,803)
|
|
Income tax (expense)
benefit
|
(1,248)
|
|
|
—
|
|
|
11
|
|
|
(1,237)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
NET INCOME
(LOSS)
|
3,363
|
|
|
(1,629)
|
|
|
(42)
|
|
|
1,692
|
|
|
—
|
|
|
(1,629)
|
|
|
(174)
|
|
|
(1,803)
|
|
(Income) loss from
consolidated entities attributable
to noncontrolling interests
|
(93)
|
|
|
343
|
|
|
41
|
|
|
291
|
|
|
—
|
|
|
260
|
|
|
51
|
|
|
311
|
|
Net (income) loss
attributable to redeemable
noncontrolling interests
|
(650)
|
|
|
505
|
|
|
—
|
|
|
(145)
|
|
|
—
|
|
|
695
|
|
|
—
|
|
|
695
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE
COMPANY
|
$
|
2,620
|
|
|
$
|
(781)
|
|
|
$
|
(1)
|
|
|
$
|
1,838
|
|
|
$
|
—
|
|
|
$
|
(674)
|
|
|
$
|
(123)
|
|
|
$
|
(797)
|
|
Interest
expense
|
240
|
|
|
—
|
|
|
16
|
|
|
256
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
Amortization of loan
costs
|
20
|
|
|
6
|
|
|
7
|
|
|
33
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
5
|
|
Depreciation and
amortization
|
1,925
|
|
|
6
|
|
|
75
|
|
|
2,006
|
|
|
—
|
|
|
4
|
|
|
12
|
|
|
16
|
|
Income tax expense
(benefit)
|
1,189
|
|
|
—
|
|
|
(11)
|
|
|
1,178
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
EBITDA
|
5,994
|
|
|
(769)
|
|
|
86
|
|
|
5,311
|
|
|
—
|
|
|
(668)
|
|
|
(104)
|
|
|
(772)
|
|
Equity-based
compensation
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Transaction
costs
|
64
|
|
|
—
|
|
|
6
|
|
|
70
|
|
|
—
|
|
|
—
|
|
|
167
|
|
|
167
|
|
Amortization of hotel
signing fees and lock subsidies
|
228
|
|
|
20
|
|
|
—
|
|
|
248
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other (gain) loss on
disposal of assets
|
(111)
|
|
|
—
|
|
|
(6)
|
|
|
(117)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign currency
transactions (gain) loss
|
22
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted
EBITDA
|
6,197
|
|
|
(745)
|
|
|
86
|
|
|
5,538
|
|
|
—
|
|
|
(668)
|
|
|
63
|
|
|
(605)
|
|
Interest
expense
|
(240)
|
|
|
—
|
|
|
(16)
|
|
|
(256)
|
|
|
—
|
|
|
—
|
|
|
(4)
|
|
|
(4)
|
|
Amortization of loan
costs
|
(20)
|
|
|
(6)
|
|
|
(7)
|
|
|
(33)
|
|
|
—
|
|
|
(2)
|
|
|
(3)
|
|
|
(5)
|
|
Income tax (expense)
benefit
|
(1,189)
|
|
|
—
|
|
|
11
|
|
|
(1,178)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted net
income (loss)
|
$
|
4,748
|
|
|
$
|
(751)
|
|
|
$
|
74
|
|
|
$
|
4,071
|
|
|
$
|
—
|
|
|
$
|
(670)
|
|
|
$
|
56
|
|
|
$
|
(614)
|
|
Adjusted net
income (loss) per diluted share
available to common stockholders (2)
|
$
|
1.78
|
|
|
$
|
(0.28)
|
|
|
$
|
0.03
|
|
|
$
|
1.53
|
|
|
$
|
—
|
|
|
$
|
(0.29)
|
|
|
$
|
0.02
|
|
|
$
|
(0.27)
|
|
Weighted average
diluted shares
|
2,664
|
|
|
2,664
|
|
|
2,664
|
|
|
2,664
|
|
|
2,314
|
|
|
2,314
|
|
|
2,314
|
|
|
2,314
|
|
|
(1) Represents
Pure Rooms, and for the six months ended June 30, 2018, also
includes RED Hospitality & Leisure 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-second-quarter-results-300695097.html
SOURCE Ashford Inc.