ASHFORD HOSPITALITY TRUST, INC. AHT Cash Flow

Ashford hospitality trust, inc. (AHT)

CashFlow / TTM

Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash Flows from Operating Activities
Net income (loss)
-142,679	-173,108	-168,283	-170,282	-156,309	-128,786	-123,251	-89,472	-88,760	-106,875	-103,287	-78,580	-58,782	-28,269	-22,642	-72,534	306,412	316,181	319,488	331,892	-38,207	-40,450	-43,648	-33,695	-48,558	-43,640	-42,270	-55,810	-62,208	-60,277	-67,230	-68,552	-117	0	0	0
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
269,003	268,517	265,534	262,589	258,458	253,887	249,099	245,080	246,731	246,832	246,867	246,399	243,863	243,600	242,171	234,708	210,410	178,890	148,570	122,566	110,931	111,153	115,509	121,739	127,990	131,887	133,310	134,652	136,527	137,041	136,617	135,656	134,274	0	0	0
Impairment charges
33,600	28,281	28,254	21,740	23,400	10,067	11,879	11,860	10,200	14,906	18,043	17,927	17,816	43,829	39,018	19,294	19,511	-20,348	-20,354	-410	-415	410	406	401	396	392	5,357	1,233	1,229	-1,751	-6,910	-964	-1,396	0	0	0
Amortization of intangibles
257	194	237	237	237	-118	238	237	238	177	176	167	156	207	198	216	167	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Recognition of deferred income
954	855	755	943	577	708	840	611	869	593	317	114	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income tax expense (benefit)
-159	1,665	730	585	135	3,404	3,010	2,311	2,324	-1,683	-196	-1,134	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bad debt expense
3,127	2,966	2,908	2,206	2,148	2,271	2,413	2,511	2,185	1,763	1,173	1,185	1,185	1,136	1,286	1,090	1,059	1,132	812	498	346	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Income (Loss) from Equity Method Investments
-2,307	-2,233	-1,645	392	867	-1,394	-2,383	-5,691	-5,866	-5,258	-5,139	-3,288	-6,110	-2,179	-5,988	-3,794	-6,831	-13,383	-6,183	-629	2,495	-1,984	-14,920	-20,014	-23,404	-17,805	-15,073	-17,417	-20,833	-22,722	-21,577	-23,900	14,528	0	0	0
Distributions of earnings from unconsolidated entities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	996	1,245	995	1,244	995	746	498	0	0	0	0	0	-	-	-	-	-	-	-	-
Income from financing derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,215	14,267	22,320	30,286	32,040	40,199	50,348	60,539	70,573	0	0	0
Gain (Loss) on Sale of Properties
26,126	3,004	633	717	475	400	424	14,104	14,030	21,195	22,628	31,630	31,599	24,475	23,626	532	381,351	381,377	380,832	380,933	3,731	3,775	3,721	3,672	193	4,562	4,562	4,510	4,486	5	-306	-147	2,655	0	0	0
Marketable Securities, Gain (Loss)
1,980	1,426	1,175	328	-924	-272	-352	-780	-3,678	955	943	1,600	4,946	0	-130	-499	1,776	5,688	5,384	6,658	5,447	3,614	4,559	2,840	3,978	1,487	1,519	2,656	1,861	1,993	320	36	-1,371	0	0	0
Purchases of marketable securities
4,208	4,792	4,921	2,780	12,228	27,338	31,178	65,023	54,793	87,128	83,015	48,782	48,239	0	0	31,976	96,322	174,178	221,704	211,398	169,605	137,708	91,452	73,432	61,484	18,346	27,755	29,197	46,239	79,585	88,906	83,814	56,167	0	0	0
Sales of marketable securities
13,413	15,946	15,905	27,534	16,414	14,853	26,024	78,649	77,374	0	0	0	-	-	-	-	95,963	160,494	195,877	185,449	143,732	124,939	90,719	72,816	61,025	17,355	26,838	28,268	45,252	78,851	68,205	63,179	35,667	0	0	0
Net settlement of trading derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-85	-	170	1,420	1,619	505	1,338	2,428	986	1,694	2,236	5,299	7,123	4,093	4,033	-120	-754	1,315	0	0	0
Realized and unrealized (gains) losses on derivatives
-5,294	-3,098	-2,497	677	-2,178	-15,022	-10,339	-7,367	-7,510	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for derivatives
-	-	-	-	-	-	-	-	-	-	-	-	230	230	7,205	10,206	9,975	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Realized and unrealized (gain) loss on derivatives
-	-	-	5,664	-	-	-	5,296	-	13,451	21,048	14,919	6,116	2,635	-4,866	1,245	9,861	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of loan costs and premiums and write-off of premiums, loan costs and exit fees
32,153	31,218	31,361	34,833	30,012	27,133	21,321	13,758	14,190	24,139	27,867	33,905	34,696	27,700	26,535	21,070	23,059	18,388	23,756	21,269	17,590	18,069	9,720	9,934	9,870	13,732	13,396	13,010	10,319	5,405	5,665	5,486	6,325	0	0	0
Unrealized loss on derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-16,081	-24,618	-32,865	-35,657	-45,763	-53,135	-63,410	-70,286	0	0	0
Equity-based compensation
19,717	19,856	20,094	24,527	26,939	25,482	24,952	18,861	12,287	12,912	10,484	9,116	9,672	6,545	4,936	4,283	3,470	4,627	8,785	14,838	19,155	25,454	24,876	21,685	25,539	20,788	20,964	20,636	17,440	17,664	16,400	15,723	12,391	0	0	0
Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,952	5,321	-6,811	-2,257	-12,521	-8,085	-12,422	-19,863	7,695	1,754	-16,985	1,075	-1,600	2,301	22,754	16,403	0	0	0
Accounts receivable and inventories
6,639	-3,014	10,501	12,372	-5,553	318	2,001	-3,475	-2,037	-4,141	-2,125	-2	880	5,455	-3,469	-2,021	-5,325	1,785	2,275	1,589	174	9,168	4,985	7,153	-633	-1,637	758	-1,481	8,757	2,513	1,335	-29,527	1,413	0	0	0
Prepaid expenses and other assets
-2,307	-2,491	3,988	-4,240	1,946	8,685	5,152	8,837	4,762	456	899	2,835	7,453	6,554	7,546	6,243	1,042	3,358	1,596	862	-415	8	-544	1,287	129	2,792	1,278	3,433	-1,001	202	182	1,209	180	0	0	0
Operating lease right-of-use assets
-1,322	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease liabilities
-937	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable and accrued expenses
-4,177	7,823	12,092	9,296	376	-2,338	-11,455	-18,808	-5,316	-6,508	3,504	9,910	1,670	6,009	-1,899	2,374	-1,373	7,459	13,032	23,712	12,445	14,100	6,376	7,593	4,582	2,568	10,552	3,357	11,671	16,398	8,677	-6,378	2,704	0	0	0
Due to/from affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,473	1,748	4,536	761	-2,171	-332	-2,167	1,123	-134	-131	-4	-1,532	144	0	0	0	-	-	-	-
Due to/from related parties
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	0
Due to/from related parties
-4,496	-3,791	-2,584	920	-574	691	-1,572	-326	944	-404	4,239	95	-610	359	-2,587	435	-2,624	-3,517	-2,942	-3,571	1,630	401	68	-2,153	-3,391	-1,145	-2,809	-5,409	1,310	7,398	7,058	5,514	169	0	0	0
Due to/from third-party hotel managers
4,372	-2,542	2,303	-5,260	-4,214	101	-1,463	-1,495	-4,353	-3,643	-1,862	-688	9,731	22,563	20,304	22,290	8,858	-3,895	-4,249	15,702	22,169	18,244	20,511	892	-5,683	0	0	0	-	-	-	-	-	-	-	-
Due to/from Braemar OP, net
-	-	-	-	-	-	-	-	-488	-7	14	7	1,016	-103	834	90	136	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Due to/from Ashford Inc., net
-1,256	-110	-12,639	-5,703	-8,793	-8,513	4,155	-1,552	-570	3,449	6,257	4,129	5,860	347	-1,995	1,220	1,654	3,209	2,647	2,436	1,518	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Due to/from Ashford Prime OP, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Due to/from Ashford Prime
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Other liabilities
234	103	489	1,051	1,532	1,847	1,468	1,915	1,317	704	574	-815	641	616	546	560	2,295	1,938	5,850	5,845	1,490	1,851	-2,088	-3,638	-3,639	-3,329	-2,830	-1,349	-1,376	-10,006	-9,426	-10,230	-9,412	0	0	0
Net cash provided by (used in) operating activities
177,209	194,092	174,842	191,678	181,560	166,183	171,191	184,503	207,382	167,151	192,259	169,279	179,723	261,328	245,961	223,234	203,577	151,722	129,201	130,565	111,319	129,578	132,984	137,549	145,457	132,572	137,282	137,363	130,635	117,013	82,720	70,905	74,593	0	0	0
Cash Flows from Investing Activities
Payments to Acquire Equity Method Investments
647	647	299	299	667	668	1,001	1,001	984	1,304	971	971	2,321	2,000	2,000	2,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	145,351	0	0	0
Proceeds from payments on notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	4,246	245	246	245	245	245	245	245	246	246	246	246	245	246	5,215	5,214	5,216	5,215	247	22,360	22,611	0	0	0
Proceeds from franchise agreement extensions
4,000	4,000	4,000	4,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distribution from Ashford Prime OP
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of hotel properties and assets, net of cash and restricted cash acquired
212,552	260,268	263,889	375,274	162,593	115,130	112,030	473	363	0	0	0	-	-	-	-	620,369	709,834	683,275	359,209	71,591	0	0	0	-	-	-	-	-	-	-	-	0	0	0	0
Change in restricted cash related to improvements and additions to hotel properties
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-72,492	-49,578	-19,460	30,243	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Improvements and additions to hotel properties
159,220	164,345	171,122	181,301	207,325	222,611	229,647	229,201	221,960	230,218	225,928	220,117	204,040	198,130	190,612	187,035	175,159	143,548	135,193	121,961	120,105	118,810	109,063	103,224	96,285	87,774	82,167	78,167	81,403	84,509	83,535	77,129	67,797	0	0	0
Net proceeds from sale of assets and hotel properties
102,676	83,833	12,780	35,094	40,629	40,573	40,938	98,477	105,267	118,190	144,229	196,595	181,754	168,979	142,940	2,632	7,650	14,889	15,045	15,369	30,269	23,229	23,073	22,908	654	8,048	8,048	7,889	7,741	0	9,938	10,100	154,015	0	0	0
Payments for initial franchise fees
475	224	424	454	329	380	105	225	225	225	225	75	30	100	300	423	568	498	506	383	208	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Due from Ashford Prime OP
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-13,635	0	0	0	13,635	0	0	0	-	-	-	-	-	0	0	0
Liquidation of U.S. AQUA Fund
-	-	-	-	-	-	-	-	50,942	50,942	50,942	48,363	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from property insurance
1,233	267	231	198	651	1,724	1,901	3,903	3,442	3,973	3,870	2,029	1,872	268	259	136	385	649	1,635	1,953	1,671	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) investing activities
-253,193	-337,384	-418,723	-518,036	-329,634	-296,492	-299,944	-125,941	-63,881	-55,923	-27,409	26,671	-21,858	-15,696	-109,764	-561,399	-780,316	-794,024	-780,890	-475,694	-207,245	-347,918	-265,370	-324,798	-353,998	-167,684	-157,108	-65,064	-68,446	-79,317	-72,951	-43,522	-47,774	0	0	0
Cash Flows from Financing Activities
Borrowings on indebtedness
404,795	417,582	361,262	2,689,241	2,705,769	3,200,881	3,257,201	1,106,328	704,800	630,800	630,800	450,000	487,500	412,500	465,000	734,250	2,277,782	1,902,782	2,362,207	2,099,857	718,825	737,025	294,100	287,200	287,075	479,875	410,875	545,875	346,000	0	0	0	-	-	-	-
Repayments of indebtedness
272,357	248,133	188,528	2,247,950	2,463,100	2,969,976	2,966,416	1,106,099	754,836	663,648	697,382	598,853	559,037	414,221	383,686	286,457	1,550,299	1,283,111	1,607,084	1,612,621	514,657	526,083	207,536	205,758	184,815	332,379	329,850	495,776	353,409	218,671	266,171	116,727	235,753	0	0	0
Payments for loan costs and exit fees
9,643	9,697	10,224	62,474	55,555	63,210	62,519	15,245	13,871	20,850	21,371	20,015	20,156	14,774	15,668	17,199	47,993	38,227	52,921	47,781	20,054	20,842	6,543	6,368	5,386	11,419	9,585	13,014	10,375	6,071	7,345	4,092	6,048	0	0	0
Payments for dividends and distributions
86,210	93,349	99,868	99,231	97,445	98,354	100,307	100,546	101,592	97,708	95,155	93,008	91,465	92,008	91,480	92,070	91,282	90,491	89,026	86,571	85,417	84,263	82,945	81,305	78,829	76,353	74,029	72,881	71,564	69,526	66,430	62,945	53,295	0	0	0
Purchases of common stock
1,031	2,165	2,290	2,157	1,598	947	948	-196	1,272	-1,270	-1,269	-722	-729	-105,317	-53,569	-52,739	-52,292	52,293	543	673	458	458	468	632	401	0	0	0	-	-	-	-	-	-	-	-
Payments for derivatives
1,112	1,107	1,116	3,229	3,162	3,341	3,416	820	871	728	676	406	199	489	673	1,040	2,217	1,837	2,050	1,700	666	660	381	364	184	232	83	220	184	0	0	0	-	-	-	-
Common stock offering costs
-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from common stock offering
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	110,870	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	86,027	0	0	0
Proceeds from preferred stock offerings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	244	244	243	7,502	15,982	44,950	44,907	118,480	109,756	0	0	0
Cash income from derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,878	15,843	55,952	47,887	32,046	151,349	93,084	82,945	72,705	0	0	0
Issuances of treasury stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-
Contributions from noncontrolling interests in consolidated entities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0
Distributions to noncontrolling interests in consolidated entities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,235	2,122	2,123	1,867	14,376	15,413	15,413	15,413	1,924	179	179	3,052	3,179	0	0	0
Other
28	28	28	57	53	53	53	25	94	94	94	93	66	66	66	63	35	16	16	18	31	50	50	53	69	69	69	62	64	0	0	0	-	-	-	-
Net cash provided by (used in) financing activities
34,379	81,490	91,552	306,027	115,814	70,586	126,594	-115,451	-163,902	7,621	-35,089	-113,041	-34,150	-109,638	-78,924	285,631	644,604	547,709	721,470	546,746	182,209	188,487	94,214	131,377	151,386	199,146	130,824	-12,703	-43,863	-72,189	-24,524	30,592	-76,900	0	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash
-41,605	-61,802	-152,329	-20,331	-32,260	-59,723	-2,159	-56,889	-20,401	118,849	129,761	82,909	123,715	135,994	57,273	-52,534	67,865	-94,593	69,781	201,617	86,283	-29,853	-38,172	-55,872	-57,155	164,034	110,998	59,596	18,326	-34,493	-14,755	57,975	-50,081	0	0	0
Supplemental Cash Flow Information
Interest paid
233,771	234,772	227,846	220,633	215,344	211,033	213,723	212,702	210,644	207,960	204,533	203,196	201,895	201,724	195,930	188,075	165,809	145,968	126,652	109,968	108,013	113,743	121,512	128,940	135,452	137,154	136,210	136,484	139,382	134,862	137,268	136,427	134,668	0	0	0
Income taxes paid (received), net
-1,059	-930	-875	2,191	1,890	-336	-554	-508	-253	1,881	2,025	1,577	1,882	3,308	5,404	8,838	8,730	7,165	4,788	1,337	1,159	1,166	1,367	1,214	1,294	1,825	1,976	1,792	836	592	611	1,572	2,366	0	0	0
Supplemental Disclosure of Investing and Financing Activities
Non-cash deferred compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	958	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Deferred compensation to be settled in shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Dividend receivable from Ashford Prime
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	498	249	249	498	498	498	249	0	0	0	-	-	-	-	-	-	-	-
Accrued but unpaid capital expenditures
24,239	33,975	30,225	32,300	23,615	15,126	22,609	24,848	19,456	19,761	16,403	17,689	11,402	10,780	9,021	8,029	7,525	4,364	5,539	6,369	2,774	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Transfer of debt to Ashford Prime
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	69,000	69,000	69,000	69,000	0	0	0	0	-	-	-	-	-	-	-	-
Assumption of debt in hotel acquisition
24,922	24,922	24,922	24,922	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash dividends paid
0	0	0	0	123	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of units for hotel acquisition
-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock repurchase accrued but not paid
-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued interest added to principal of indebtedness
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,100	4,822	4,678	4,538	4,392	0	0	0
Net assets distributed to Ashford Prime OP (net of cash contributed)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,000	0	0	0
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Dividends declared but not paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-