BRAEMAR HOTELS & RESORTS INC. BHR Cash Flow

Braemar hotels & resorts inc. (BHR)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)
1,196	2,585	28,324	24,320	-4,691	3,538	-17,928	-
Net income (loss)
-	-	-	-	-	-	-	-3,793
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization
70,112	57,383	52,262	45,897	43,824	40,686	30,862	29,549
Equity-based compensation
7,943	7,004	-1,327	4,156	3,847	2,351	342	0
Bad debt expense
444	501	256	217	117	151	719	0
Amortization of loan costs
4,343	4,260	4,903	3,169	2,575	1,828	745	1,253
Write-off of loan costs and exit fees
647	4,178	3,874	2,595	54	0	1,971	0
Amortization of intangibles
651	194	180	-	-	-	-	-
Amortization of intangibles
-	-	-	107	-106	-	-	-
Amortization of non-refundable membership initiation fees
181	36	0	0	-	-	-	-
Interest expense accretion on refundable membership club deposits
864	676	0	0	-	-	-	-
Write-off of income guarantee
0	2,000	0	0	-	-	-	-
(Gain) loss on insurance settlement, disposition of assets and sale of hotel properties
25,165	15,738	23,797	27,150	0	-	-	-
(Gain) loss on sale of hotel property
-	-	-	-	-	0	-	-
Impairment charges
0	71	1,068	0	0	-	-	-
Realized (gain) loss on marketable securities
-	-	-	-	1,068	0	0	-
Amortization of intangibles
-	-	-	-	-	214	216	215
Unrealized Gain (Loss) on Investment in Affiliated Entity
-	-	-	-1,970	-7,609	-	-	-
Realized and unrealized (gain) loss on derivatives
-	-	-	269	-3,252	-111	-	-
Purchases of trading securities
-	-	-	-	-	0	0	-
Purchases of trading securities
-	-	-	-	105,878	0	0	-
Sales of trading securities
-	-	-	-	55,654	0	0	-
Realized and unrealized (gain) loss on derivatives
-1,381	-82	-2,327	0	0	-	-	-
Realized and unrealized (gain) loss on investment in Ashford Inc.
-5,552	-8,010	9,717	-	-	-	-	-
Net settlement of trading derivatives
1,076	-102	1,397	-	-	-	-	-
Unrealized (gain) loss on derivatives
-	-	-	-	-	-	-36	0
Equity in (earnings) loss of unconsolidated entity
-199	-234	0	-2,587	-2,927	0	0	-
Deferred income tax expense (benefit)
764	-807	615	1,089	-1,093	0	-	-
Deferred tax benefit
-	-	-	-	-	-	0	-
Payments for derivatives
-	-	-	114	3,853	0	0	-
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions and dispositions:
Restricted cash
-	-	-	-	-	1,291	-10,940	6,083
Accounts receivable and inventories
5,788	-5,249	-6,901	5,617	-1,923	3,433	-220	-548
Insurance receivable
0	-8,825	-3,580	0	0	-	-	-
Prepaid expenses and other assets
2,228	-2,447	846	933	338	-19	-751	-1,380
Accounts payable and accrued expenses
13,394	-8,172	782	3,277	5,416	4,360	-1,940	-1,621
Operating lease right-of-use assets
518	-	-	-	-	-	-	-
Due to/from related parties, net
-775	560	41	-27	191	-497	-12	0
Due to/from affiliate
0	0	-2,500	2,500	0	0	-	-
Due to/from third-party hotel managers
-5,484	1,634	7,777	2,882	-5,014	13,281	-2,275	6,548
Operating lease liabilities
194	-	-	-	-	-	-	-
Due from Ashford Inc.
-	-	-	-	-	2,546	-	-
Due to/from Ashford Trust OP, net
-	-	-	-	-	-	9,858	0
Due from Ashford Inc.
-	-	-	-	-	-	0	0
Other liabilities
-300	-12,342	196	251	-80	212	12	286
Net cash provided by (used in) operating activities
66,262	70,733	70,608	58,607	8,972	54,854	34,085	27,852
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance
11,020	32,364	11,918	691	24	125	0	0
Net proceeds from disposition of assets and sale of hotel properties
10,300	65,336	103,094	82,732	0	0	0	-
Proceeds from sale of furniture, fixtures and equipment
-	-	-	-	206	0	-	-
Proceeds from sale of investment in Ashford Inc.
597	0	0	43,489	0	0	-	-
Proceeds from liquidation of AQUA U.S. Fund
0	0	2,289	-	-	-	-	-
Acquisition of hotel properties, net of cash and restricted cash acquired
111,751	184,960	248,199	0	143,632	172,112	0	0
Investment in unconsolidated entity
332	2,000	0	-	-	-	-	-
Investment in unconsolidated entity
-	-	-	0	16,623	0	0	-
Change in restricted cash related to improvements and additions to hotel properties
-	-	-	-	-	19,742	0	0
Improvements and additions to hotel properties
136,259	77,564	43,044	23,423	19,322	21,034	28,354	11,944
Net cash provided by (used in) investing activities
-226,425	-166,824	-173,942	103,489	-179,347	-212,763	-28,354	-11,944
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness
329,500	575,000	523,500	0	152,000	82,299	199,875	0
Repayments of indebtedness
257,086	400,551	464,228	73,268	76,998	8,180	148,594	7,187
Payments of loan costs and exit fees
4,447	9,517	11,342	4,062	3,317	4,357	2,831	0
Payments for derivatives
115	362	375	13	117	126	36	0
Purchase of common stock
384	323	395	39,228	8,876	15,448	0	0
Payments for spin-off costs
-	-	-	-	-	1,091	354	0
Payments for dividends and distributions
33,409	30,328	27,101	16,879	11,819	6,402	0	0
Proceeds from issuance of preferred stock
645	37,954	40,163	-	-	-	-	-
Preferred stock offering costs
-	-	-	4,211	62,290	-	-	-
Issuance of preferred stock
-	-	-	-	-	0	0	-
Proceeds from issuance of common stock
0	0	66,442	0	3,104	143,935	0	0
Issuance of restricted shares/units
-	-	-	-	-	19	0	0
Forfeiture of restricted shares/units
-	-	-	-	10	22	0	0
Contributions from owners
-	-	-	-	-	-	177,740	19,421
Contributions from a noncontrolling interest in a consolidated entity
-	-	-	-	-	-	282	0
Distributions to owners
-	-	-	-	-	-	85,700	24,068
Redemption of operating partnership units
-	-	-	-	5,855	3,074	0	0
Distributions to noncontrolling interest in consolidated entities
2,654	2,654	2,654	6,421	2,938	1,981	16,601	212
Other
8	18	21	35	0	0	-	-
Distribution to redeemable noncontrolling interests in operating partnership
-	-	-	-	-	-	6,049	0
Net cash provided by (used in) financing activities
32,058	169,237	124,031	-135,625	107,464	185,572	117,732	-12,046
Net change in cash, cash equivalents and restricted cash
-128,105	73,146	20,697	26,471	-62,911	-	-	-
Net change in cash, cash equivalents and restricted cash
-128,105	73,146	20,697	26,471	-62,911	-	-	-
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid
49,645	43,886	34,267	37,800	-	-	-	-
Interest paid
-	-	-	-	34,687	36,983	32,448	30,055
Income taxes paid (refund)
-11	2,299	803	380	2,145	874	212	870
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid
9,143	8,514	8,146	5,038	-	-	-	-
Common stock purchases accrued but not paid
136	0	0	-	-	-	-	-
Investment in unconsolidated entity
-	-	-	-	51,292	0	0	-
Net other assets and liabilities acquired
-	-	-	-	-	1,473	0	0
Assumption of debt
-	-	-	-	-	69,000	0	0
Dividends and distributions declared but not paid
-	-	-	-	-	1,674	1,245	0
Common stock purchases accrued but not paid
-	-	-	-	-	660	0	0
Capital expenditures accrued but not paid
18,572	10,637	4,430	1,574	549	140	779	753
Unsettled preferred stock offering proceeds
75	0	0	-	-	-	-	-
Non-cash consideration from sale of property, plant and equipment
-	-	-	-	1,363	0	0	-
Investment in Ashford Inc.
-	-	-	-	1,363	0	0	-
Financed insurance premiums
-	-	-	-	-	-	1,284	1,047
Investment in Ashford Inc.
-	-	-	-	-	-	1,091	0
Receivable related to liquidation of AQUA U.S. Fund
-	-	-	2	0	0	-	-
Deferred loan costs incurred but not paid
-	-	-	-	-	-	1,886	0
Non cash contribution from owners
-	-	-	-	-	-	1,109	0
Distributions declared but not paid to a noncontrolling interest in a consolidated entity
-	-	-	-	3,766	2,938	1,981	2,224
Non-cash dividends paid
0	58	0	0	-	-	-	-
Accrued preferred stock offering expenses
33	97	0	0	42	0	0	-
Non-cash preferred stock offering expense
-	-	-	0	0	0	-	-
Non-cash settlement of note receivable
0	8,098	0	0	-	-	-	-
Non-cash settlement of TIF loan
0	8,098	0	0	-	-	-	-
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Net change in cash and cash equivalents
-	-	-	-	-	27,663	123,463	3,862
Accrued preferred stock offering expenses
33	97	0	0	42	-	0	-
Ashford Inc.
Net income (loss)
-15,374	7,820	-20,194	-12,403	-	-	-	-
Equity in (earnings) loss of unconsolidated entity
-286	0	0	-	-	-	-	-
Due to/from affiliate
-555	1,833	-3,382	-1,284	-	-	-	-
Distribution of Ashford Inc. common stock
3,965	0	0	-	-	-	-	-
Ashford Trust OP
Due to/from affiliate
0	0	488	-1,016	-	-	-	-