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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For
the quarterly period ended September 30, 2022
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For
the transition period from ________________ to
________________
Commission file number: 001-36400
ASHFORD INC.
(Exact name of registrant as specified in its charter)
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Nevada |
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84-2331507 |
(State or other jurisdiction of incorporation or
organization) |
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(IRS employer identification number) |
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14185 Dallas Parkway |
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Suite 1200 |
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Dallas |
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Texas |
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75254 |
(Address of principal executive offices) |
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(Zip code) |
(972) 490-9600
(Registrant’s telephone number, including area code)
Indicate by check mark whether the
registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
þ
Yes
¨
No
Indicate by check mark whether the
registrant has submitted electronically every Interactive Data File
required to be submitted pursuant to Rule 405 of Regulation S-T
(§232.405 of this chapter) during the preceding 12 months (or for
such shorter period that the registrant was required to submit such
files).
þ Yes
¨
No
Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, a smaller reporting company, or an emerging
growth company. See the definitions of “large accelerated filer,”
“accelerated filer,” “smaller reporting company,” and “emerging
growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If
an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.
¨
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
☐
Yes
þ
No
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol |
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Name of each exchange on which registered |
Common Stock |
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AINC |
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NYSE American LLC |
Preferred Stock Purchase Rights |
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NYSE American LLC |
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable
date.
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Common Stock, $0.001 par value per share |
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3,115,061 |
(Class) |
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Outstanding at November 7, 2022 |
ASHFORD INC.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30,
2022
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
(unaudited)
ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
December 31, 2021 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
44,071 |
|
|
$ |
37,571 |
|
Restricted cash |
37,114 |
|
|
34,878 |
|
Restricted investment |
348 |
|
|
576 |
|
|
|
|
|
Accounts receivable, net |
19,458 |
|
|
10,502 |
|
Due from affiliates |
256 |
|
|
165 |
|
Due from Ashford Trust |
4,483 |
|
|
2,575 |
|
Due from Braemar |
9,562 |
|
|
1,144 |
|
|
|
|
|
Inventories |
1,853 |
|
|
1,555 |
|
Prepaid expenses and other |
5,760 |
|
|
9,490 |
|
|
|
|
|
Total current assets |
122,905 |
|
|
98,456 |
|
Investments in unconsolidated entities |
3,941 |
|
|
3,581 |
|
Property and equipment, net |
81,471 |
|
|
83,566 |
|
Operating lease right-of-use assets |
24,800 |
|
|
26,975 |
|
|
|
|
|
Goodwill |
58,675 |
|
|
56,622 |
|
Intangible assets, net |
233,031 |
|
|
244,726 |
|
Other assets, net |
376 |
|
|
870 |
|
Total assets |
$ |
525,199 |
|
|
$ |
514,796 |
|
LIABILITIES |
|
|
|
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
$ |
47,751 |
|
|
$ |
39,897 |
|
Dividends payable |
26,777 |
|
|
34,574 |
|
Due to affiliates |
236 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income |
426 |
|
|
2,937 |
|
|
|
|
|
Notes payable, net |
5,046 |
|
|
6,725 |
|
Finance lease liabilities |
2,441 |
|
|
1,065 |
|
Operating lease liabilities |
3,880 |
|
|
3,628 |
|
Other liabilities |
26,644 |
|
|
25,899 |
|
Total current liabilities |
113,201 |
|
|
114,725 |
|
|
|
|
|
Deferred income |
7,537 |
|
|
7,968 |
|
Deferred tax liability, net |
28,516 |
|
|
32,848 |
|
Deferred compensation plan |
2,759 |
|
|
3,326 |
|
Notes payable, net |
88,961 |
|
|
52,669 |
|
Finance lease liabilities |
41,915 |
|
|
43,479 |
|
Operating lease liabilities |
21,041 |
|
|
23,477 |
|
Other liabilities |
2,876 |
|
|
— |
|
Total liabilities |
306,806 |
|
|
278,492 |
|
Commitments and contingencies (note 10)
|
|
|
|
MEZZANINE EQUITY |
|
|
|
Series D Convertible Preferred Stock, $0.001 par value, 19,120,000
shares issued and outstanding as of September 30, 2022 and
December 31, 2021
|
478,000 |
|
|
478,000 |
|
Redeemable noncontrolling interests |
1,732 |
|
|
69 |
|
EQUITY (DEFICIT) |
|
|
|
Common stock, 100,000,000 shares authorized, $0.001 par value,
3,182,033 and 3,072,688 shares issued and 3,115,061 and 3,023,002
shares outstanding at September 30, 2022 and December 31,
2021, respectively
|
3 |
|
|
3 |
|
Additional paid-in capital |
297,069 |
|
|
294,395 |
|
Accumulated deficit |
(557,635) |
|
|
(534,999) |
|
Accumulated other comprehensive income (loss) |
(471) |
|
|
(1,206) |
|
Treasury stock, at cost, 66,972 and 49,686 shares at
September 30, 2022 and December 31, 2021,
respectively
|
(877) |
|
|
(596) |
|
Total equity (deficit) of the Company |
(261,911) |
|
|
(242,403) |
|
Noncontrolling interests in consolidated entities |
572 |
|
|
638 |
|
Total equity (deficit) |
(261,339) |
|
|
(241,765) |
|
Total liabilities, mezzanine equity and equity
(deficit) |
$ |
525,199 |
|
|
$ |
514,796 |
|
See Notes to Condensed Consolidated Financial
Statements.
ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
REVENUE |
|
|
|
|
|
|
|
|
|
Advisory services fees |
$ |
12,255 |
|
|
$ |
10,143 |
|
|
$ |
36,026 |
|
|
$ |
30,132 |
|
|
|
Hotel management fees |
12,876 |
|
|
7,750 |
|
|
33,474 |
|
|
18,737 |
|
|
|
Design and construction fees |
6,276 |
|
|
2,202 |
|
|
15,538 |
|
|
5,611 |
|
|
|
Audio visual |
26,159 |
|
|
15,108 |
|
|
87,101 |
|
|
28,170 |
|
|
|
Other |
10,391 |
|
|
13,104 |
|
|
33,902 |
|
|
35,899 |
|
|
|
Cost reimbursement revenue |
96,651 |
|
|
59,879 |
|
|
259,979 |
|
|
137,417 |
|
|
|
Total revenues |
164,608 |
|
|
108,186 |
|
|
466,020 |
|
|
255,966 |
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
Salaries and benefits |
21,328 |
|
|
13,793 |
|
|
54,776 |
|
|
46,961 |
|
|
|
Cost of revenues for design and construction |
1,789 |
|
|
1,032 |
|
|
5,905 |
|
|
2,812 |
|
|
|
Cost of revenues for audio visual |
19,884 |
|
|
11,353 |
|
|
61,042 |
|
|
22,611 |
|
|
|
Depreciation and amortization |
8,096 |
|
|
8,056 |
|
|
23,740 |
|
|
24,454 |
|
|
|
General and administrative |
8,390 |
|
|
7,585 |
|
|
25,926 |
|
|
19,444 |
|
|
|
Impairment |
— |
|
|
1,160 |
|
|
— |
|
|
1,160 |
|
|
|
Other |
5,750 |
|
|
4,758 |
|
|
16,886 |
|
|
13,428 |
|
|
|
Reimbursed expenses |
96,576 |
|
|
59,822 |
|
|
259,665 |
|
|
137,154 |
|
|
|
Total expenses |
161,813 |
|
|
107,559 |
|
|
447,940 |
|
|
268,024 |
|
|
|
OPERATING INCOME (LOSS) |
2,795 |
|
|
627 |
|
|
18,080 |
|
|
(12,058) |
|
|
|
Equity in earnings (loss) of unconsolidated entities |
(147) |
|
|
12 |
|
|
110 |
|
|
(160) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
(2,966) |
|
|
(1,290) |
|
|
(6,781) |
|
|
(3,845) |
|
|
|
Amortization of loan costs |
(219) |
|
|
(78) |
|
|
(524) |
|
|
(209) |
|
|
|
Interest income |
76 |
|
|
72 |
|
|
195 |
|
|
207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gain (loss) on investments |
(3) |
|
|
370 |
|
|
(74) |
|
|
(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
(22) |
|
|
29 |
|
|
(134) |
|
|
(256) |
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
(486) |
|
|
(258) |
|
|
10,872 |
|
|
(16,324) |
|
|
|
Income tax (expense) benefit |
(617) |
|
|
(98) |
|
|
(5,971) |
|
|
1,550 |
|
|
|
NET INCOME (LOSS) |
(1,103) |
|
|
(356) |
|
|
4,901 |
|
|
(14,774) |
|
|
|
(Income) loss from consolidated entities attributable to
noncontrolling interests |
272 |
|
|
180 |
|
|
830 |
|
|
509 |
|
|
|
Net (income) loss attributable to redeemable noncontrolling
interests |
(158) |
|
|
13 |
|
|
(290) |
|
|
208 |
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |
(989) |
|
|
(163) |
|
|
5,441 |
|
|
(14,057) |
|
|
|
Preferred dividends, declared and undeclared |
(9,029) |
|
|
(8,762) |
|
|
(27,422) |
|
|
(26,001) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of preferred stock discount |
— |
|
|
(306) |
|
|
— |
|
|
(933) |
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ |
(10,018) |
|
|
$ |
(9,231) |
|
|
$ |
(21,981) |
|
|
$ |
(40,991) |
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER SHARE - BASIC AND DILUTED |
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders |
$ |
(3.38) |
|
|
$ |
(3.31) |
|
|
$ |
(7.59) |
|
|
$ |
(14.93) |
|
|
|
Weighted average common shares outstanding - basic |
2,960 |
|
|
2,785 |
|
|
2,895 |
|
|
2,746 |
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders |
$ |
(3.38) |
|
|
$ |
(3.64) |
|
|
$ |
(7.64) |
|
|
$ |
(14.93) |
|
|
|
Weighted average common shares outstanding - diluted |
2,960 |
|
|
2,982 |
|
|
2,960 |
|
|
2,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Condensed Consolidated Financial
Statements.
ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
$ |
(1,103) |
|
|
$ |
(356) |
|
|
$ |
4,901 |
|
|
$ |
(14,774) |
|
|
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
(214) |
|
|
(8) |
|
|
96 |
|
|
96 |
|
|
|
Unrealized gain (loss) on restricted investment |
— |
|
|
(600) |
|
|
— |
|
|
(350) |
|
|
|
Less reclassification for realized (gain) loss on restricted
investment included in net income |
— |
|
|
5 |
|
|
— |
|
|
378 |
|
|
|
COMPREHENSIVE INCOME (LOSS) |
(1,317) |
|
|
(959) |
|
|
4,997 |
|
|
(14,650) |
|
|
|
Comprehensive (income) loss attributable to noncontrolling
interests |
272 |
|
|
180 |
|
|
830 |
|
|
509 |
|
|
|
Comprehensive (income) loss attributable to redeemable
noncontrolling interests |
(158) |
|
|
13 |
|
|
(290) |
|
|
208 |
|
|
|
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |
$ |
(1,203) |
|
|
$ |
(766) |
|
|
$ |
5,537 |
|
|
$ |
(13,933) |
|
|
|
See Notes to Condensed Consolidated Financial
Statements.
ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Additional Paid-in Capital |
|
Accumulated
Deficit |
|
Accumulated Other Comprehensive Income (Loss) |
|
Treasury Stock |
|
Noncontrolling Interests in Consolidated Entities |
|
Total |
|
Convertible Preferred Stock |
|
Redeemable Noncontrolling Interests |
|
Shares |
|
Amount |
Shares |
|
Amount |
|
Shares |
|
Amount |
Balance at June 30, 2022 |
3,116 |
|
|
$ |
3 |
|
|
$ |
295,461 |
|
|
$ |
(547,602) |
|
|
$ |
(257) |
|
|
(66) |
|
|
$ |
(867) |
|
|
$ |
459 |
|
|
$ |
(252,803) |
|
|
19,120 |
|
|
$ |
478,000 |
|
|
$ |
1,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
— |
|
|
— |
|
|
1,814 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,814 |
|
|
— |
|
|
— |
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forfeiture of restricted common shares |
(1) |
|
|
— |
|
|
10 |
|
|
— |
|
|
— |
|
|
(1) |
|
|
(10) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
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|
|
|
Dividends declared and undeclared - preferred stock |
— |
|
|
— |
|
|
— |
|
|
(9,029) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(9,029) |
|
|
— |
|
|
— |
|
|
— |
|
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|
|
|
|
|
|
Employee advances |
— |
|
|
— |
|
|
6 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
|
— |
|
|
— |
|
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— |
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|
|
Contributions from noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
163 |
|
|
163 |
|
|
— |
|
|
— |
|
|
— |
|
Reallocation of carrying value |
— |
|
|
— |
|
|
(222) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
222 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Redemption value adjustment |
— |
|
|
— |
|
|
— |
|
|
(15) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(15) |
|
|
— |
|
|
— |
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(214) |
|
|
— |
|
|
— |
|
|
— |
|
|
(214) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
(989) |
|
|
— |
|
|
— |
|
|
— |
|
|
(272) |
|
|
(1,261) |
|
|
— |
|
|
— |
|
|
158 |
|
Balance at September 30, 2022 |
3,115 |
|
|
$ |
3 |
|
|
$ |
297,069 |
|
|
$ |
(557,635) |
|
|
$ |
(471) |
|
|
(67) |
|
|
$ |
(877) |
|
|
$ |
572 |
|
|
$ |
(261,339) |
|
|
19,120 |
|
|
$ |
478,000 |
|
|
$ |
1,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Additional Paid-in Capital |
|
Accumulated
Deficit |
|
Accumulated Other Comprehensive Income (Loss) |
|
Treasury Stock |
|
Noncontrolling Interests in Consolidated Entities |
|
Total |
|
Convertible Preferred Stock |
|
Redeemable Noncontrolling Interests |
|
Shares |
|
Amount |
Shares |
|
Amount |
|
Shares |
|
Amount |
Balance at December 31, 2021 |
3,023 |
|
|
$ |
3 |
|
|
$ |
294,395 |
|
|
$ |
(534,999) |
|
|
$ |
(1,206) |
|
|
(49) |
|
|
$ |
(596) |
|
|
$ |
638 |
|
|
$ |
(241,765) |
|
|
19,120 |
|
|
$ |
478,000 |
|
|
$ |
69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
110 |
|
|
— |
|
|
3,354 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,354 |
|
|
— |
|
|
— |
|
|
112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forfeiture of restricted common shares |
(3) |
|
|
— |
|
|
40 |
|
|
— |
|
|
— |
|
|
(3) |
|
|
(40) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Purchase of treasury stock |
(15) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(15) |
|
|
(241) |
|
|
— |
|
|
(241) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of Chesapeake |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and undeclared - preferred stock |
— |
|
|
— |
|
|
— |
|
|
(27,422) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(27,422) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee advances |
— |
|
|
— |
|
|
(251) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(251) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions from noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
327 |
|
|
327 |
|
|
— |
|
|
— |
|
|
— |
|
Reallocation of carrying value |
— |
|
|
— |
|
|
(469) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
469 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Redemption value adjustment |
— |
|
|
— |
|
|
— |
|
|
(16) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(16) |
|
|
— |
|
|
— |
|
|
16 |
|
Distributions to consolidated noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(32) |
|
|
(32) |
|
|
— |
|
|
— |
|
|
(145) |
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
96 |
|
|
— |
|
|
— |
|
|
— |
|
|
96 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
— |
|
|
— |
|
|
— |
|
|
(639) |
|
|
639 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
5,441 |
|
|
— |
|
|
— |
|
|
— |
|
|
(830) |
|
|
4,611 |
|
|
— |
|
|
— |
|
|
290 |
|
Balance at September 30, 2022 |
3,115 |
|
|
$ |
3 |
|
|
$ |
297,069 |
|
|
$ |
(557,635) |
|
|
$ |
(471) |
|
|
(67) |
|
|
$ |
(877) |
|
|
$ |
572 |
|
|
$ |
(261,339) |
|
|
19,120 |
|
|
$ |
478,000 |
|
|
$ |
1,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Additional Paid-in Capital |
|
Accumulated
Deficit |
|
Accumulated Other Comprehensive Income (Loss) |
|
Treasury Stock |
|
Noncontrolling Interests in Consolidated Entities |
|
Total |
|
Convertible Preferred Stock |
|
Redeemable Noncontrolling Interests |
|
Shares |
|
Amount |
Shares |
|
Amount |
|
Shares |
|
Amount |
Balance at June 30, 2021 |
3,023 |
|
|
$ |
3 |
|
|
$ |
292,534 |
|
|
$ |
(520,787) |
|
|
$ |
(429) |
|
|
(48) |
|
|
$ |
(582) |
|
|
$ |
251 |
|
|
$ |
(229,010) |
|
|
19,120 |
|
|
$ |
477,574 |
|
|
$ |
94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
— |
|
|
— |
|
|
868 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
868 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forfeiture of restricted common shares |
(1) |
|
|
— |
|
|
9 |
|
|
— |
|
|
— |
|
|
(1) |
|
|
(9) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of preferred stock discount |
— |
|
|
— |
|
|
— |
|
|
(306) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(306) |
|
|
— |
|
|
306 |
|
|
— |
|
Dividends declared and undeclared - preferred stock |
— |
|
|
— |
|
|
— |
|
|
(8,762) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(8,762) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan distribution |
1 |
|
|
— |
|
|
13 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13 |
|
|
— |
|
|
— |
|
|
— |
|
Employee advances |
— |
|
|
— |
|
|
141 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
141 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions from noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
367 |
|
|
367 |
|
|
— |
|
|
— |
|
|
— |
|
Acquisition of noncontrolling interest in consolidated
entities |
— |
|
|
— |
|
|
(2) |
|
|
5 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reallocation of carrying value |
— |
|
|
— |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Redemption value adjustment |
— |
|
|
— |
|
|
— |
|
|
21 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
21 |
|
|
— |
|
|
— |
|
|
(21) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(8) |
|
|
— |
|
|
— |
|
|
— |
|
|
(8) |
|
|
— |
|
|
— |
|
|
— |
|
Unrealized gain (loss) on available for sale securities |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(600) |
|
|
— |
|
|
— |
|
|
— |
|
|
(600) |
|
|
— |
|
|
— |
|
|
— |
|
Reclassification for realized loss (gain) on available for sale
securities |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5 |
|
|
— |
|
|
— |
|
|
— |
|
|
5 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
(163) |
|
|
— |
|
|
— |
|
|
— |
|
|
(180) |
|
|
(343) |
|
|
— |
|
|
— |
|
|
(13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2021 |
3,023 |
|
|
$ |
3 |
|
|
$ |
293,562 |
|
|
$ |
(529,992) |
|
|
$ |
(1,032) |
|
|
(49) |
|
|
$ |
(591) |
|
|
$ |
439 |
|
|
$ |
(237,611) |
|
|
19,120 |
|
|
$ |
477,880 |
|
|
$ |
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Additional Paid-in Capital |
|
Accumulated
Deficit |
|
Accumulated Other Comprehensive Income (Loss) |
|
Treasury Stock |
|
Noncontrolling Interests in Consolidated Entities |
|
Total |
|
Convertible Preferred Stock |
|
Redeemable Noncontrolling Interests |
|
Shares |
|
Amount |
Shares |
|
Amount |
|
Shares |
|
Amount |
Balance at December 31, 2020 |
2,868 |
|
|
$ |
3 |
|
|
$ |
293,597 |
|
|
$ |
(491,483) |
|
|
$ |
(1,156) |
|
|
(32) |
|
|
$ |
(438) |
|
|
$ |
(121) |
|
|
$ |
(199,598) |
|
|
19,120 |
|
|
$ |
476,947 |
|
|
$ |
1,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
169 |
|
|
— |
|
|
3,395 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
|
|
3,398 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forfeiture of restricted common shares |
(3) |
|
|
— |
|
|
32 |
|
|
— |
|
|
— |
|
|
(3) |
|
|
(32) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Purchase of treasury stock |
(14) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(14) |
|
|
(121) |
|
|
— |
|
|
(121) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of preferred stock discount |
— |
|
|
— |
|
|
— |
|
|
(933) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(933) |
|
|
— |
|
|
933 |
|
|
— |
|
Dividends declared and undeclared - preferred stock |
— |
|
|
— |
|
|
— |
|
|
(26,001) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(26,001) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan distribution |
3 |
|
|
— |
|
|
39 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
39 |
|
|
— |
|
|
— |
|
|
— |
|
Employee advances |
— |
|
|
— |
|
|
190 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
190 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions from noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
367 |
|
|
367 |
|
|
— |
|
|
— |
|
|
— |
|
Acquisition of noncontrolling interest in consolidated
entities |
— |
|
|
— |
|
|
(3,317) |
|
|
2,564 |
|
|
— |
|
|
— |
|
|
— |
|
|
325 |
|
|
(428) |
|
|
— |
|
|
— |
|
|
(1,648) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reallocation of carrying value |
— |
|
|
— |
|
|
(374) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
374 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Redemption value adjustment |
— |
|
|
— |
|
|
— |
|
|
(82) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(82) |
|
|
— |
|
|
— |
|
|
82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
96 |
|
|
— |
|
|
— |
|
|
— |
|
|
96 |
|
|
— |
|
|
— |
|
|
— |
|
Unrealized gain (loss) on available for sale securities |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(350) |
|
|
— |
|
|
— |
|
|
— |
|
|
(350) |
|
|
— |
|
|
— |
|
|
— |
|
Reclassification for realized loss (gain) on available for sale
securities |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
378 |
|
|
— |
|
|
— |
|
|
— |
|
|
378 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
(14,057) |
|
|
— |
|
|
— |
|
|
— |
|
|
(509) |
|
|
(14,566) |
|
|
— |
|
|
— |
|
|
(208) |
|
Balance at September 30, 2021 |
3,023 |
|
|
$ |
3 |
|
|
$ |
293,562 |
|
|
$ |
(529,992) |
|
|
$ |
(1,032) |
|
|
(49) |
|
|
$ |
(591) |
|
|
$ |
439 |
|
|
$ |
(237,611) |
|
|
19,120 |
|
|
$ |
477,880 |
|
|
$ |
60 |
|
See Notes to Condensed Consolidated Financial
Statements.
ASHFORD INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
|
Cash Flows from Operating Activities |
|
|
|
|
|
Net income (loss) |
$ |
4,901 |
|
|
$ |
(14,774) |
|
|
|
Adjustments to reconcile net income (loss) to net cash flows
provided by (used in) operating activities: |
|
|
|
|
|
Depreciation and amortization |
28,431 |
|
|
28,942 |
|
|
|
|
|
|
|
|
|
Change in fair value of deferred compensation plan |
(567) |
|
|
1,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based compensation |
3,591 |
|
|
3,650 |
|
|
|
Equity in (earnings) loss in unconsolidated entities |
(110) |
|
|
160 |
|
|
|
Deferred tax expense (benefit) |
(3,622) |
|
|
(5,169) |
|
|
|
Change in fair value of contingent consideration |
300 |
|
|
23 |
|
|
|
Impairment |
— |
|
|
1,160 |
|
|
|
(Gain) loss on disposal of assets |
837 |
|
|
1,321 |
|
|
|
Amortization of other assets |
497 |
|
|
863 |
|
|
|
Amortization of loan costs |
524 |
|
|
209 |
|
|
|
Realized loss on restricted investments |
74 |
|
|
378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (gain) loss |
70 |
|
|
(306) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities, exclusive of the
effect of acquisitions: |
|
|
|
|
|
Accounts receivable |
(9,643) |
|
|
(3,924) |
|
|
|
Due from affiliates |
(91) |
|
|
(160) |
|
|
|
Due from Ashford Trust |
(1,908) |
|
|
11,130 |
|
|
|
Due from Braemar |
(8,418) |
|
|
(274) |
|
|
|
Inventories |
(361) |
|
|
(630) |
|
|
|
Prepaid expenses and other |
3,804 |
|
|
680 |
|
|
|
Investment in unconsolidated entities |
150 |
|
|
68 |
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
2,580 |
|
|
2,753 |
|
|
|
Other assets |
(3) |
|
|
38 |
|
|
|
Accounts payable and accrued expenses |
7,627 |
|
|
(5,499) |
|
|
|
Due to affiliates |
232 |
|
|
(1,461) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities |
724 |
|
|
(3,338) |
|
|
|
Operating lease liabilities |
(2,589) |
|
|
(2,760) |
|
|
|
Deferred income |
(2,943) |
|
|
(1,908) |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
24,087 |
|
|
12,362 |
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property and equipment |
(5,146) |
|
|
(3,394) |
|
|
|
Proceeds from sale of property and equipment, net |
418 |
|
|
2,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in unconsolidated entity |
(400) |
|
|
(250) |
|
|
|
Acquisition of Chesapeake, net of cash acquired |
(6,363) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of common stock of related parties |
— |
|
|
(873) |
|
|
|
Acquisition of assets related to RED |
(2,856) |
|
|
(2,335) |
|
|
|
Proceeds from sale of equity method investment |
— |
|
|
535 |
|
|
|
Proceeds from note receivable |
1,380 |
|
|
— |
|
|
|
Issuance of note receivable |
— |
|
|
(2,881) |
|
|
|
Net cash provided by (used in) investing activities |
(12,967) |
|
|
(6,993) |
|
|
|
|
|
|
(Continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments for dividends on preferred stock |
(35,219) |
|
|
(8,353) |
|
|
|
Payments on revolving credit facilities |
(2,910) |
|
|
(620) |
|
|
|
Borrowings on revolving credit facilities |
1,092 |
|
|
469 |
|
|
|
Proceeds from notes payable |
68,674 |
|
|
2,900 |
|
|
|
Payments on notes payable |
(30,062) |
|
|
(7,769) |
|
|
|
Payments on finance lease liabilities |
(918) |
|
|
(255) |
|
|
|
Payments of loan costs |
(2,694) |
|
|
(116) |
|
|
|
Purchase of treasury stock |
(241) |
|
|
(121) |
|
|
|
Employee advances |
(251) |
|
|
190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contributions from noncontrolling interest |
327 |
|
|
367 |
|
|
|
Distributions to noncontrolling interests in consolidated
entities |
(177) |
|
|
— |
|
|
|
Net cash provided by (used in) financing activities |
(2,379) |
|
|
(13,308) |
|
|
|
Effect of foreign exchange rate changes on cash and cash
equivalents |
(5) |
|
|
37 |
|
|
|
Net change in cash, cash equivalents and restricted
cash |
8,736 |
|
|
(7,902) |
|
|
|
Cash, cash equivalents and restricted cash at beginning of
period |
72,449 |
|
|
82,666 |
|
|
|
Cash, cash equivalents and restricted cash at end of
period |
$ |
81,185 |
|
|
$ |
74,764 |
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information |
|
|
|
|
|
Interest paid |
$ |
6,556 |
|
|
$ |
3,624 |
|
|
|
Income taxes paid (refunded), net |
4,137 |
|
|
3,370 |
|
|
|
Supplemental Disclosure of Non-Cash Investing and Financing
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of Chesapeake through issuance of Series CHP Units from
our subsidiary Ashford Holdings |
$ |
1,390 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related contingent consideration liability |
1,670 |
|
|
— |
|
|
|
Distribution from deferred compensation plan |
— |
|
|
39 |
|
|
|
Capital expenditures accrued but not paid |
317 |
|
|
111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance lease additions |
585 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of noncontrolling interest in consolidated entities
with notes payable and common stock |
— |
|
|
2,127 |
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash, Cash Equivalents and Restricted
Cash |
|
|
|
|
|
Cash and cash equivalents at beginning of period |
$ |
37,571 |
|
|
$ |
45,270 |
|
|
|
Restricted cash at beginning of period |
34,878 |
|
|
37,396 |
|
|
|
Cash, cash equivalents and restricted cash at beginning of
period |
$ |
72,449 |
|
|
$ |
82,666 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
$ |
44,071 |
|
|
$ |
40,210 |
|
|
|
Restricted cash at end of period |
37,114 |
|
|
34,554 |
|
|
|
Cash, cash equivalents and restricted cash at end of
period |
$ |
81,185 |
|
|
$ |
74,764 |
|
|
|
See
Notes to Condensed Consolidated Financial Statements.
ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Organization and Description of Business
Ashford Inc. (the “Company,” “we,” “us” or “our”) is a Nevada
corporation that provides products and services primarily to
clients in the hospitality industry, including Ashford Hospitality
Trust, Inc. (“Ashford Trust”) and Braemar Hotels & Resorts Inc.
(“Braemar”). We became a public company in November 2014, and our
common stock is listed on the NYSE American LLC (“NYSE
American”).
We provide: (i) advisory services; (ii) asset management services;
(iii) hotel management services; (iv) design and construction and
architectural services; (v) event technology and creative
communications solutions; (vi) mobile room keys and keyless entry
solutions; (vii) watersports activities and other travel, concierge
and transportation services; (viii) hypoallergenic premium room
products and services; (ix) debt placement and related services;
(x) real estate advisory and brokerage services; and (xi)
wholesaler, dealer manager and other broker-dealer services. We
conduct these activities and own substantially all of our assets
primarily through Ashford Hospitality Advisors LLC (“Ashford LLC”),
Ashford Hospitality Services LLC (“Ashford Services”) and their
respective subsidiaries.
We are currently the advisor for Ashford Trust and Braemar. In our
capacity as the advisor to Ashford Trust and Braemar, we are
responsible for implementing the investment strategies and managing
the day-to-day operations of Ashford Trust and Braemar and their
respective hotels from an ownership perspective, in each case
subject to the respective advisory agreements and the supervision
and oversight of the respective boards of directors of Ashford
Trust and Braemar. Ashford Trust is focused on investing in
full-service hotels in the upscale and upper upscale segments in
the United States that have revenue per available room (“RevPAR”)
generally less than twice the U.S. national average. Braemar
invests primarily in luxury hotels and resorts with RevPAR of at
least twice the U.S. national average. Each of Ashford Trust and
Braemar is a real estate investment trust (“REIT”) as defined in
the Internal Revenue Code of 1986, as amended (the “Internal
Revenue Code”), and the common stock of each of Ashford Trust and
Braemar is traded on the New York Stock Exchange (the
“NYSE”).
We provide the personnel and services that we believe are necessary
for each of Ashford Trust and Braemar to conduct their respective
businesses. We may also perform similar functions for new or
additional platforms. In our capacity as an advisor, we are not
responsible for managing the day-to-day operations of the
individual hotel properties owned by either Ashford Trust or
Braemar, which duties are, and will continue to be, the
responsibility of the hotel management companies that operate the
hotel properties owned by Ashford Trust and Braemar. Additionally,
Remington Lodging & Hospitality, LLC (“Remington”), a
subsidiary of the Company, operates certain hotel properties owned
by Ashford Trust, Braemar and third-parties. As of September 30,
2022, Remington provided hotel management services to 117 hotels,
44 of which were owned by third-parties.
Shareholder Rights Plan
On August 30, 2022, we adopted a
shareholder rights plan by entering into a Rights
Agreement, dated August 30, 2022, with ComputerShare Trust Company,
N.A., as rights agent (the “Rights Agreement”). The Rights
Agreement was adopted in response to recent volatility of the stock
market and trading of our Common Stock and is intended to protect
the Company and its stockholders from efforts to obtain control or
rapid share accumulations that are inconsistent with the best
interests of the Company and its stockholders. The Board
implemented the rights plan by declaring (i) a
dividend to the holders of the Company’s common stock of one
preferred share purchase right (a “Right”) for each share of common
stock and (ii) a dividend to the holders of the Company’s Series D
Convertible Preferred Stock of one Right in respect of each share
of the Company’s common stock issuable upon conversion of the
Series D Convertible Preferred Stock. The dividends were
distributed on September 9, 2022, to our stockholders of record on
that date. Each of those Rights becomes exercisable on the date on
which the Rights separate and begin trading separately from our
common stock and entitles the registered holder to purchase from
the Company one one-thousandth of a share of our Series F Preferred
Stock, par value $0.001 per share (“Series F Preferred Stock”), at
a price of $275 per one one-thousandth of a share of our Series F
Preferred Stock represented by such Right, subject to adjustment.
The Rights will expire on July 30, 2023 unless the expiration date
is extended or unless the Rights are earlier redeemed by the
Company. The value of the Rights was de minimis.
Other Developments
On March 10, 2022, the Company
entered into a Limited Waiver Under Advisory Agreement
(“Braemar Limited Waiver”)
with Braemar, Braemar Hospitality Limited Partnership (“Braemar
OP”), Braemar TRS Corporation (“Braemar TRS”) and Ashford
LLC.
On March 15, 2022, the Company
entered into a Limited Waiver Under Advisory Agreement
(the “Ashford Trust Limited Waiver” and together with the Braemar
Limited Waiver, the “Limited Waivers”)
with Ashford Trust, Ashford
ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
(unaudited)
Hospitality Limited Partnership (“Ashford Trust OP”), Ashford TRS
Corporation (“Ashford Trust TRS”) and Ashford LLC. Pursuant to the
Limited Waivers, the parties to the Second Amended and Restated
Advisory Agreement with Ashford Trust and the
Fifth Amended and Restated Advisory Agreement
with Braemar waive the operation of any provision of such agreement
that would otherwise limit the ability of Ashford Trust or Braemar,
as applicable, in its discretion, at its cost and expense, to award
during the first and second fiscal quarters of calendar year
2022
(the “Waiver Period”),
cash incentive compensation to employees and other representatives
of the Company; provided that, pursuant to the Ashford Trust
Limited Waiver, such awarded cash incentive compensation does not
exceed
$8.5 million,
in the aggregate, during the Waiver Period.
On April 1, 2022, the Company entered into a Credit Agreement (the
“Credit Agreement”) with Mustang Lodging Funding LLC, as
administrative agent, and the lenders from time to time party
thereto. The Credit Agreement evidences a senior secured term loan
facility (the “Credit Facility”) in the amount of
$100.0 million, including a $50.0 million term loan
funded on the closing date of the Credit Facility (the “Closing
Date”) and commitments to fund up to an additional
$50.0 million of term loans in up to five separate borrowings
within 24 months after the Closing Date, subject to certain
conditions. On April 18, 2022, the Company drew an additional
$20.0 million on the Credit Facility. See note 6.
On April 10, 2022, the Company’s board of directors (the “Board”)
declared a cash dividend on the Company’s Series D Convertible
Preferred Stock for accrued and unpaid dividends for the quarters
ended June 30, 2020 and December 31, 2020 to stockholders of record
as of April 11, 2022. The Company paid the dividend of
approximately $17.8 million, or $0.932 per share of Series D
Convertible Preferred Stock, on April 15, 2022. Dividends for the
Series D Convertible Preferred Stock remain in arrears for the
quarters ended June 30, 2021 and December 31, 2021. On each of
April 15, 2022 and July 15, 2022, the Company paid
$8.7 million of dividends previously declared by the Board
with respect to the Company’s Series D Convertible Preferred Stock
for the first and second quarters of 2022. On October 3, 2022, the
Board declared a cash dividend on the Company’s Series D
Convertible Preferred Stock for the quarter ended September 30,
2022. The Company paid the dividend of $8.7 million, or $0.455
per share of Series D Convertible Preferred Stock, on October 14,
2022. See note 12.
On April 15, 2022, the Company acquired privately held Chesapeake
Hospitality (“Chesapeake”), a third-party hotel management company.
See note 4.
In the third quarter of 2022,
given the recent increases in the federal funds rate and interest
rates on short-term U.S. Treasury securities, the independent
members of the respective boards of directors of Ashford Trust and
Braemar approved the engagement of the Company to actively manage
and invest each of Ashford Trust’s and Braemar’s excess cash in
short-term U.S. Treasury securities (the “Cash Management
Strategy”). As consideration for the Company’s services under the
respective engagements, (i) Ashford Trust will pay the Company an
annual fee equal to 20 basis points (0.20%) of the average daily
balance of Ashford Trust’s excess cash invested by the Company; and
(ii) Braemar will pay the Company an annual fee equal to the lesser
of (a) 20 basis points (0.20%) of the average daily balance of
Braemar’s excess cash invested by the Company and (b) the actual
rate of return realized by the Cash Management Strategy; provided
that in no event will the Cash Management Fee be less than zero
(such respective fees, the “Cash Management Fees”). The Cash
Management Fees will be calculated and payable monthly in arrears.
Investment of Ashford Trust’s and Braemar’s excess cash pursuant to
the Cash Management Strategy commenced in October
2022.
2. Significant Accounting Policies
Basis of Presentation and Principles of
Consolidation—The
accompanying historical unaudited condensed consolidated financial
statements have been prepared in accordance with generally accepted
accounting principles (“GAAP”) for interim financial information
and with instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by GAAP for complete financial
statements. In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for
a fair presentation have been included. These condensed
consolidated financial statements include the accounts of Ashford
Inc., its majority-owned subsidiaries and entities which it
controls. All intercompany accounts and transactions between these
entities have been eliminated in these historical condensed
consolidated financial statements. We have condensed or omitted
certain information and footnote disclosures normally included in
financial statements presented in accordance with GAAP in the
accompanying unaudited condensed consolidated financial statements.
We believe the disclosures made herein are adequate to prevent the
information presented from being misleading. However, the condensed
consolidated financial statements and related notes should be read
in conjunction with the financial statements and notes thereto
included in our 2021 Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission (the “SEC”) on March 25,
2022.
ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
(unaudited)
Cost reimbursement revenue and reimbursed expenses for the three
and nine months ended September 30, 2021 were restated as
previously disclosed in the restated condensed consolidated
statement of operations for the three and nine months ended
September 30, 2021 included in the Company’s Annual Report on Form
10-K for the year ended December 31, 2021. The restatement related
to Remington’s recognition of cost reimbursement revenue and
reimbursed expenses for certain insurance costs and the timing of
recognition of cost reimbursement revenue and reimbursed expenses
for hotel management related salaries and benefits costs that are
reimbursed from hotel owners, resulting in a $5.8 million and
$1.3 million increase in cost reimbursement revenue and
reimbursed expenses for the three and nine months ended September
30, 2021, respectively. These costs are reported gross in the
Company’s condensed consolidated statements of operations in cost
reimbursement revenue with an offsetting amount reported in
reimbursed expenses.
The condensed consolidated balance sheet and statement of equity
(deficit) as of September 30, 2022 include a correction of an
immaterial error which resulted in $639,000 of cumulative
unrealized losses on available-for-sale common shares of Ashford
Trust and Braemar held by Remington being reclassified from
accumulated other comprehensive income to accumulated deficit.
Beginning January 1, 2022, unrealized gains and losses on
available-for-sale common shares are recorded in other income
(expense) in the Company’s condensed consolidated statements of
operations.
A variable interest entity (“VIE”) must be consolidated by a
reporting entity if the reporting entity is the primary beneficiary
because it has (i) the power to direct the VIE’s activities that
most significantly impact the VIE’s economic performance, and (ii)
the obligation to absorb losses of the VIE or the right to receive
benefits from the VIE. We determine whether we are the primary
beneficiary of a VIE upon our initial involvement with the VIE and
we reassess whether we are the primary beneficiary of a VIE on an
ongoing basis. Our determination of whether we are the primary
beneficiary of a VIE is based upon the facts and circumstances for
each VIE and requires significant judgment.
Noncontrolling Interests—The
following tables present information about noncontrolling interests
in our consolidated subsidiaries, including those related to
consolidated VIEs, as of September 30, 2022 and
December 31, 2021 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
Ashford
Holdings |
|
|
|
OpenKey
(3)
|
|
Pure
Wellness
(4)
|
|
|
|
|
Ashford Inc. ownership interest |
99.87 |
% |
|
|
|
76.79 |
% |
|
70.00 |
% |
|
|
|
|
Redeemable noncontrolling interests
(1) (2)
|
0.13 |
% |
|
|
|
— |
% |
|
— |
% |
|
|
|
|
Noncontrolling interests in consolidated entities |
— |
% |
|
|
|
23.21 |
% |
|
30.00 |
% |
|
|
|
|
|
100.00 |
% |
|
|
|
100.00 |
% |
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying value of redeemable noncontrolling interests |
$ |
1,732 |
|
|
|
|
n/a |
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption value adjustment, year-to-date |
16 |
|
|
|
|
n/a |
|
n/a |
|
|
|
|
Redemption value adjustment, cumulative |
597 |
|
|
|
|
n/a |
|
n/a |
|
|
|
|
Carrying value of noncontrolling interests |
n/a |
|
|
|
601 |
|
|
(29) |
|
|
|
|
|
Assets, available only to settle subsidiary’s obligations
(5)
|
n/a |
|
|
|
3,140 |
|
|
1,178 |
|
|
|
|
|
Liabilities
(6)
|
n/a |
|
|
|
669 |
|
|
1,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit facility
(6)
|
n/a |
|
|
|
— |
|
|
150 |
|
|
|
|
|
ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
Ashford
Holdings |
|
|
|
OpenKey
(3)
|
|
Pure
Wellness
(4)
|
|
|
|
|
Ashford Inc. ownership interest |
99.87 |
% |
|
|
|
75.38 |
% |
|
70.00 |
% |
|
|
|
|
Redeemable noncontrolling interests
(1) (2)
|
0.13 |
% |
|
|
|
— |
% |
|
— |
% |
|
|
|
|
Noncontrolling interests in consolidated entities |
— |
% |
|
|
|
24.62 |
% |
|
30.00 |
% |
|
|
|
|
|
100.00 |
% |
|
|
|
100.00 |
% |
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying value of redeemable noncontrolling interests |
$ |
69 |
|
|
|
|
n/a |
|
n/a |
|
|
|
|
Redemption value adjustment, year-to-date |
96 |
|
|
|
|
n/a |
|
n/a |
|
|
|
|
Redemption value adjustment, cumulative |
581 |
|
|
|
|
n/a |
|
n/a |
|
|
|
|
Carrying value of noncontrolling interests |
n/a |
|
|
|
479 |
|
|
159 |
|
|
|
|
|
Assets, available only to settle subsidiary’s obligations
(5)
|
n/a |
|
|
|
2,533 |
|
|
1,779 |
|
|
|
|
|
Liabilities
(6)
|
n/a |
|
|
|
424 |
|
|
1,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit facility
(6)
|
n/a |
|
|
|
— |
|
|
100 |
|
|
|
|
|
________
(1) Redeemable
noncontrolling interests are included in the “mezzanine” section of
our condensed consolidated balance sheets as they may be redeemed
by the holder for cash or registered shares in certain
circumstances outside of the Company’s control. The carrying value
of the noncontrolling interests is based on the greater of the
accumulated historical cost or the redemption value, which is
generally fair value.
(2) Redeemable
noncontrolling interests in Ashford Hospitality Holdings LLC
(“Ashford Holdings”) represent the members’ proportionate share of
equity in earnings/losses of Ashford Holdings. Net income/loss
attributable to the common unit holders is allocated based on the
weighted average ownership percentage of the members’
interest.
(3) Represents
ownership interests in OpenKey, Inc. (“OpenKey”), a VIE for
which we are considered the primary beneficiary and therefore
we consolidate it. OpenKey is a hospitality focused mobile key
platform that provides a universal smartphone app for keyless entry
into hotel guest rooms. On March 9, 2021, we acquired all of the
redeemable noncontrolling interests in OpenKey for a purchase price
of approximately $1.9 million. See note 6.
(4) Represents
ownership interests in PRE Opco, LLC (“Pure Wellness”), a VIE for
which we are considered the primary beneficiary and therefore
we consolidate it. Pure Wellness provides hypoallergenic premium
rooms in the hospitality and commercial office industry. See note
11.
(5) Total
assets consist primarily of cash and cash equivalents, property and
equipment, intangibles and other assets that can only be used to
settle the subsidiaries’ obligations.
(6) Liabilities
consist primarily of accounts payable, accrued expenses and notes
payable for which creditors do not have recourse to Ashford Inc.
See note 6.
Investments in Unconsolidated Entities—We
hold “investments in unconsolidated entities” in our condensed
consolidated balance sheets, which are considered to be variable
interests and voting interests in the underlying entities. Certain
of our investments in variable interests are not consolidated
because we have determined that we are not the primary beneficiary.
Certain other investments are not consolidated as the underlying
entity does not meet the definition of a VIE and we do not control
more than 50% of the voting interests. We review our “investments
in unconsolidated entities” for impairment in each reporting period
pursuant to the applicable authoritative accounting guidance. An
investment is impaired when its estimated fair value is less than
the carrying amount of our investment. No such impairment was
recorded during the three and nine months ended September 30,
2022 and 2021.
ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
(unaudited)
We held an investment in an unconsolidated variable interest entity
with a carrying value of $500,000 at September 30, 2022 and
December 31, 2021. We account for the investment at estimated
fair value based on recent observable transactions as we do not
exercise significant influence over the entity. No equity in
earnings (loss) of unconsolidated entities due to a change in fair
value of the investment was recognized during the three and nine
months ended September 30, 2022 and 2021. In the event that
the assumptions used to estimate fair value change in the future,
we may be required to record an impairment charge related to this
investment.
Our investment in Real Estate Advisory Holdings LLC (“REA
Holdings”) is accounted for under the equity method as we have
significant influence over the voting interest entity. We have an
option to acquire an additional 50% of the ownership interests in
REA Holdings for $12.5 million beginning on January 1,
2022, which expires on the later of (i) February 28, 2024 and (ii)
30 business days following the completion date of the Company’s
preliminary audit for calendar year 2023.
The following table summarizes our carrying value and ownership
interest in REA Holdings (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
December 31, 2021 |
Carrying value of the investment in REA Holdings |
$ |
2,791 |
|
|
$ |
2,831 |
|
Ownership interest in REA Holdings |
30 |
% |
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
The following table summarizes our equity in earnings (loss) in REA
Holdings (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
Equity in earnings (loss) in unconsolidated entities REA
Holdings |
$ |
(147) |
|
|
$ |
(3) |
|
|
$ |
110 |
|
|
$ |
(21) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Use of Estimates—The
preparation of these condensed consolidated financial statements in
accordance with accounting principles generally accepted in the
United States requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
condensed consolidated financial statements and the reported
amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
Acquisitions—We
account for acquisitions and investments in businesses as business
combinations if the target meets the definition of a business
and (a) the target is a VIE and we are the target’s primary
beneficiary, and therefore we must consolidate its financial
statements, or (b) we acquire more than 50% of the voting
interest of the target and it was not previously consolidated. We
record business combinations using the acquisition method of
accounting, which requires all of the assets acquired and
liabilities assumed to be recorded at fair value as of
the acquisition date. The excess of the purchase price
over the estimated fair values of the net tangible and intangible
assets acquired is recorded as goodwill. The application of the
acquisition method of accounting for business combinations requires
management to make significant estimates and assumptions in the
determination of the fair value of assets acquired and liabilities
assumed in order to properly allocate purchase price consideration
between assets that are depreciated and amortized from goodwill.
The fair value assigned to tangible and intangible assets acquired
and liabilities assumed are based on management’s estimates and
assumptions, as well as other information compiled by management,
including valuations that utilize customary valuation procedures
and techniques. Significant assumptions and estimates include, but
are not limited to, the cash flows that an asset is expected to
generate in the future, the appropriate weighted-average cost of
capital, and the cost savings expected to be derived from acquiring
an asset, if applicable. If the actual results differ from the
estimates and judgments used in these estimates, the amounts
recorded in our consolidated financial statements may be exposed to
potential impairment of the intangible assets and
goodwill.
If our investment involves the acquisition of an asset or group of
assets that does not meet the definition of a business, the
transaction is accounted for as an asset acquisition. An asset
acquisition is recorded at cost, which includes capitalizing
transaction costs, and does not result in the recognition of
goodwill.
Cash and Cash Equivalents—Cash
and cash equivalents include cash on hand or held in banks and
short-term investments with an initial maturity of three months or
less at the date of purchase.
ASHFORD INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(continued)
(unaudited)
Restricted Cash—Restricted
cash was comprised of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
December 31, 2021 |
|
|
REIT Advisory: |
|
|
|
|
|
Insurance claim reserves
(1)
|
$ |
25,616 |
|
|
$ |
24,588 |
|
|
|
|
|
|
|
|
|
Remington: |
|
|
|
|
|
Managed hotel properties’ reserves
(2)
|
9,584 |
|
|
6,923 |
|
|
|
Insurance claim reserves
(3)
|
859 |
|
|
1,312 |
|
|
|
Total Remington restricted cash |
10,443 |
|
|
8,235 |
|
|
|
|
|
|
|
|
|
INSPIRE: |
|
|
|
|
|
Debt service related operating reserves
(4)
|
— |
|
|
1,000 |
|
|
|
|
|
|
|
|
|
Marietta: |
|
|
|
|
|
Capital improvement reserves
(5)
|
255 |
|
|
255 |
|
|
|
|