XML 19 R8.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (94,549) $ (15,899)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:    
Depreciation and amortization 55,398 51,991
Equity-based compensation 6,039 5,908
Bad debt expense 574 307
Amortization of loan costs and capitalized default interest 1,458 3,248
Write-off of loan costs and exit fees 3,572 647
Amortization of intangibles 621 366
Amortization of non-refundable membership initiation fees (285) (117)
Interest expense accretion on refundable membership club deposits 616 651
(Gain) loss on insurance settlement and disposition of assets (10,149) 1,154
Unrealized (gain) loss on investment in Ashford Inc. 0 5,390
Realized and unrealized (gain) loss on derivatives (133) 1,162
Net settlement of trading derivatives 30 (1,074)
Equity in (earnings) loss of unconsolidated entity 138 149
Deferred income tax expense (benefit) (844) 816
Changes in operating assets and liabilities, exclusive of the effects of hotel acquisition:    
Accounts receivable and inventories 7,271 (5,886)
Prepaid expenses and other assets (67) (2,672)
Accounts payable and accrued expenses (7,912) 13,856
Operating lease right-of-use assets 387 398
Due to/from related parties, net (442) (1,041)
Due to/from third-party hotel managers 2,077 (6,378)
Due to/from Ashford Inc. (802) (345)
Operating lease liabilities (162) (144)
Other liabilities 1,535 (3,521)
Net cash provided by (used in) operating activities (35,629) 48,966
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from property insurance 2,528 0
Acquisition of hotel properties, net of cash and restricted cash acquired 0 (111,751)
Investment in unconsolidated entity (26) (332)
Net proceeds from disposition of assets 0 10,300
Improvements and additions to hotel properties (21,451) (108,182)
Net cash provided by (used in) investing activities (18,949) (209,965)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on indebtedness 109,317 329,500
Repayments of indebtedness (46,033) (257,086)
Payments of loan costs and exit fees (6,478) (4,447)
Payments for derivatives (92) (89)
Purchase of common stock (260) (384)
Payments for dividends and distributions (13,599) (24,931)
Proceeds from issuance of preferred stock 474 0
Preferred stock offering costs 0 (110)
Issuance of common stock 6,390 0
Distributions to noncontrolling interest in consolidated entities (2,639) 0
Other 0 8
Net cash provided by (used in) financing activities 47,080 42,461
Net change in cash, cash equivalents and restricted cash (7,498) (118,538)
Cash, cash equivalents and restricted cash at beginning of period 130,383 258,488
Cash, cash equivalents and restricted cash at end of period 122,885 139,950
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest paid 20,969 38,221
Income taxes paid (refunded) 898 (490)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Common stock purchases accrued but not paid 2 0
Dividends and distributions declared but not paid 3,208 9,502
Capital expenditures accrued but not paid 7,380 18,815
Non-cash loan proceeds 2,229 0
Non-cash loan principal associated with default interest and late charges 9,859 0
Accrued common stock offering expense 223 0
Unsettled common stock offering proceeds 243 0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash, cash equivalents and restricted cash $ 122,885 $ 139,950