Ashford inc. (AINC)
CashFlow / TTM
Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14
Cash Flows from Operating Activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

-15,374

-3,635

4,962

14,223

7,820

-2,879

-7,143

-23,306

-20,194

-13,846

-12,680

-6,728

-12,403

-5,614

-13,676

-11,629

-12,044

-33,121

-32,838

-47,081

-47,081

0

0

0

Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization

31,142

26,505

21,529

17,200

13,308

9,552

5,491

4,141

2,938

0

0

0

-

-

-

942

799

617

713

401

359

0

0

0

Change in fair value of deferred compensation plan

-5,732

-10,507

-6,707

-8,265

-8,444

3,197

2,929

7,631

10,410

2,724

224

2,825

-2,127

0

0

0

-

-

-

-

-

-

-

-

Equity-based compensation

8,874

8,911

8,812

8,380

10,019

10,157

10,067

9,994

8,469

9,174

10,027

10,898

11,573

12,138

12,755

13,308

15,609

17,336

18,148

22,226

21,505

0

0

0

Straight-line rent amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Change in fair value of deferred compensation plan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

Realized and unrealized (gain) loss on investment in unconsolidated entity, net

-

-

-

-

-

-

-

-

-

-

-

-

1,460

581

2,535

3,601

2,141

0

0

0

-

-

-

-

Income (Loss) from Equity Method Investments

-286

-109

-573

-275

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax (benefit) deficiency on equity-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

284

299

283

71

-1,096

0

0

0

-

-

-

-

Excess tax benefit on equity-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Deferred Income Tax Expense (Benefit)

-1,930

1,851

-11,996

-11,940

-12,240

-14,518

0

8,669

6,002

4,323

3,442

-6,578

-2,075

-1,765

-1,484

-1,446

-4,242

-3,503

-2,273

-960

0

0

0

0

Change in fair value of contingent consideration

4,244

4,412

1,418

143

338

1,404

1,625

1,279

1,066

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Impairment

0

0

0

0

1,919

1,919

1,919

2,991

1,072

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

(Gain) loss on sale of furniture, fixtures and equipment

-

-

-

-

-

-

-

-

-

-8

-8

-8

0

0

0

0

-

-

-

-

-

-

-

-

Amortization of Debt Issuance Costs

308

278

333

287

241

191

77

62

39

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Realized and unrealized (gain) loss on investments, net

-

-

-

-

-

-

-

-

-91

-1,989

-2,430

-2,178

-7,787

11,492

4,107

1,871

7,600

-9,781

-1,955

45

0

0

0

0

Purchases of investments in securities

-

-

-

-

-

-

-

-

-

-

-

-

153,259

97,882

183,162

228,835

174,812

172,490

70,410

3,895

0

0

0

0

Sales of investments in securities

-

-

-

-

-

-

-

-

-

-

-

-

225,470

204,979

322,151

342,150

212,953

170,581

44,075

1,005

0

0

0

0

Changes in operating assets and liabilities, exclusive of the effect of acquisitions:
Accounts receivable

-

0

0

4,718

-

0

0

2,639

-

209

-214

-1,535

-234

-198

-122

1,539

250

216

290

6

0

0

0

0

Due from affiliates

-843

55

93

75

45

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Inventories

397

137

276

413

132

354

362

259

205

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,683

7,270

5,934

3,337

0

0

0

Prepaid expenses and other

2,172

1,136

854

614

907

374

616

152

128

115

-565

-622

-604

141

-535

706

1,196

448

874

1,011

497

0

0

0

Operating lease right-of-use assets

-2,048

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

0

-688

-577

-503

84

514

462

397

-190

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Due from Ashford Trust OP, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Due from Ashford Prime OP

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Accounts payable and accrued expenses

5,006

2,588

2,593

449

2,145

2,871

5,788

-5,824

1,575

5,523

5,147

13,549

4,791

-368

773

1,193

2,725

5,351

2,000

3,693

1,934

0

0

0

Due to affiliates

-1,314

903

-2,509

-1,268

-954

-2,468

859

183

689

738

-640

-897

-290

-185

613

900

-296

-198

-331

-80

667

0

0

0

Other liabilities

2,152

1,898

1,040

-1,049

-658

-725

-922

801

-676

1,018

1,963

1,128

4,068

3,544

3,986

6,071

2,347

2,683

7,362

5,979

3,337

0

0

0

Operating lease liabilities

-2,021

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income

-420

-2,437

-1,879

13

-373

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income

-

-

-

-

-

-

-

-

-

-

0

3,606

-

3,305

2,381

1,643

629

0

0

0

-

-

-

-

Due to broker

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

0

0

Net cash provided by (used in) operating activities

24,699

28,712

23,748

19,359

21,519

16,922

19,616

13,264

19,415

24,130

13,943

18,392

84,858

106,761

115,260

108,553

24,801

-12,946

-18,213

-22,291

-25,074

0

0

0

Cash Flows from Investing Activities
Purchases of furniture, fixtures and equipment under the Ashford Trust ERFP Agreement

-

-

-

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Additions to property and equipment

6,654

6,554

8,072

8,015

8,942

9,293

7,641

6,084

3,580

3,900

6,379

6,329

6,240

4,795

1,439

1,400

2,137

2,248

3,477

3,803

3,471

0

0

0

Proceeds from disposal of property and equipment, net

-

-

-

-

-

-

-

-

15

15

15

15

0

0

0

0

-

-

-

-

-

-

-

-

Payments to Acquire Businesses, Gross

-

-

0

0

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments to Acquire Equity Method Investments

314

2,176

2,176

2,176

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition of assets related to RED

1,892

2,998

2,792

4,753

5,474

4,796

4,420

1,970

750

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

-28,831

-57,539

-45,441

-37,959

-28,099

-30,784

-31,033

-26,897

-23,158

-3,756

-6,235

-4,939

-4,865

-3,420

-64

-6,900

-7,637

-7,748

-8,977

-3,803

-3,471

0

0

0

Cash Flows from Financing Activities
Employee advances

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit (deficiency) on equity-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-284

-299

-283

-71

1,096

0

0

0

-

-

-

-

Excess tax benefit on equity-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Purchases of common stock

-

-

-

-

-

-

-

-

24

24

24

25

20

10

12

32

77

87

85

64

0

0

0

0

Payments for dividends on preferred stock

9,710

8,373

7,257

7,257

4,466

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on revolving credit facilities

46,808

32,311

27,073

22,956

20,881

15,474

10,988

5,739

924

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Borrowings on revolving credit facilities

57,647

32,049

28,860

24,236

21,878

17,784

11,770

6,766

1,507

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from note payable

11,105

11,565

12,164

11,820

6,593

16,047

11,765

11,350

10,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Payments on notes payable

2,479

2,655

2,211

1,940

1,853

1,535

1,123

716

222

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Payments of loan costs

76

611

664

664

638

72

15

43

28

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Employee advances

-

-

-

-

-

-

-

-

-

0

0

812

-

0

0

0

-

-

-

-

-

-

-

-

Contributions from owner

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

56,553

0

0

0

Employee advances

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

Contributions from noncontrolling interest

980

980

455

455

2,666

2,666

2,999

2,999

983

1,305

972

1,023

2,373

2,051

2,051

4,200

4,780

4,780

4,780

2,580

0

0

0

0

Distributions to noncontrolling interests in consolidated entities

63

63

363

318

314

313

253

2,935

55,310

55,311

55,078

96,491

44,116

0

0

0

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-2,067

1,515

21,748

21,049

20,514

33,931

13,777

10,529

-44,534

-54,397

-54,516

-94,669

-42,106

-42,306

-41,830

4,568

5,858

45,435

45,419

49,426

57,542

0

0

0

Effect of foreign exchange rate changes on cash and cash equivalents

5

31

3

153

-47

-80

-75

-213

-10

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net change in cash, cash equivalents and restricted cash

-

0

0

2,602

-

0

0

-3,317

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net change in cash, cash equivalents and restricted cash

-

0

0

2,602

-

0

0

-3,317

-

-34,023

-46,808

-81,216

37,887

0

0

0

-

-

-

-

-

-

-

-

Supplemental Cash Flow Information
Interest paid

-

-

0

968

-

-

0

166

-

9

5

1

134

136

175

175

42

40

0

0

0

0

0

0

Income taxes paid

3,179

2,186

2,104

1,306

1,358

2,530

2,565

5,086

4,948

4,767

4,466

2,313

2,333

3,232

3,506

5,457

5,966

4,308

3,523

749

215

0

0

0

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Amortization of discount on preferred stock

-

0

0

1,221

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contributions associated with non-cash compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

18,620

0

0

0

Dividends associated with deferred compensation plan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

567

0

0

0

Contributions associated with deferred compensation plan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

747

0

0

0

Dividends declared but not paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued

113

137

180

207

241

274

251

197

229

152

112

112

0

0

0

0

-

-

-

-

-

-

-

-

Capital expenditures accrued but not paid

968

26

-1,247

-483

618

1,366

2,063

2,248

1,397

555

-156

1,299

620

866

2,573

426

192

576

-345

332

530

0

0

0

Redemption of investment in unconsolidated entity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Redemption of investment in unconsolidated entity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Accrued but unpaid redemption of AQUA U.S. Fund

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

0

-

-

-

-

Finance lease additions

42,028

1,840

289

357

220

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash
Net change in cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

24,741

18,229

23,332

28,997

0

0

0

Ashford Trust OP
Due from affiliates

-

0

0

-7,468

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Braemar OP
Due from affiliates

-

0

0

1,472

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

BAV
Common stock consideration for acquisition

-

-

-

-

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

REA Holdings
Common stock consideration for acquisition

887

887

887

890

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-