BRAEMAR HOTELS & RESORTS INC. BHR Cash Flow

Braemar hotels & resorts inc. (BHR)

CashFlow / Quarterly

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
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)
17,095	-8,954	-5,623	-1,322	-13,913	-626	12,854	4,270	28,444	-217	386	-289	845	21,322	2,292	-139	-6,108	-7,282	9,124	-425	-925	4,389	4,525	-4,451	-16,960	29	4,329	-5,326
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization
18,121	16,831	18,474	16,686	15,092	14,474	14,811	13,006	12,689	14,133	13,469	11,971	11,555	11,175	11,263	11,904	11,440	11,308	10,559	10,517	10,550	10,657	10,706	8,773	-	-	-	-
Depreciation and amortization
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,767	7,647	7,450
Equity-based compensation
2,035	2,359	2,021	1,528	1,295	1,674	1,442	2,593	665	-921	597	-1,668	617	1,233	2,919	-613	1,747	935	696	469	564	431	1,356	0	-	-	-	-
Bad debt expense
137	141	79	87	315	77	52	57	84	44	92	36	61	65	30	61	4	54	59	0	-	-	-	-	-	-	-	-
Amortization of loan costs
1,095	1,047	1,021	1,180	1,103	1,094	1,075	988	1,149	1,356	1,349	1,049	763	767	758	881	740	642	501	692	500	480	477	371	201	148	148	248
Write-off of loan costs and exit fees
0	335	0	312	0	0	4,176	2	1,531	380	0	1,963	0	2,595	0	0	0	0	0	54	0	0	0	0	0	0	0	1,971
Amortization of intangibles
-	-	-	119	-	-	-	43	-	43	43	50	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of non-refundable membership initiation fees
64	50	40	27	18	13	5	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense accretion on refundable membership club deposits
213	213	213	225	300	226	150	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment charges
0	0	0	0	0	0	59	12	60	1,008	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Realized (gain) loss on marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-249	1,317	0	0	0	0	-	-	-	-
Amortization of intangibles
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-22	-5	-	2	55	53	54	53	54	53	55	52	55	54
Unrealized Gain (Loss) on Investment in Affiliated Entity
-	-1,471	-4,626	707	-	2,158	-6,024	528	-	1,875	-1,563	3,091	-879	-458	860	-1,493	-	-	-	-	-	-	-	-	-	-	-	-
Realized and unrealized (gain) loss on derivatives
-	-	-	-937	-	-	-	73	-	-531	-215	-1,054	-1,871	-3,990	2,597	3,533	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of trading securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,621	0	0	-	-	-	-	-	-	-	-
Purchases of trading securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	28,614	77,264	0	0	0	0	-	-	-	-
Sales of trading securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	28,535	27,119	0	0	0	0	-	-	-	-
Realized and unrealized (gain) loss on derivatives
-219	-804	-1,283	925	721	-578	-495	270	-3,389	1,062	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized (gain) loss on derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-32	-	3	-51	-15	-5	-9	9	-31
Equity in (earnings) loss of unconsolidated entity
-50	-48	-51	-50	-88	-81	-62	-3	0	0	0	0	0	0	63	-2,650	1,292	-3,399	-820	0	-	-	-	-	-	-	-	-
Deferred income tax expense (benefit)
-52	224	413	179	-943	14	-14	136	496	335	477	-693	732	222	82	53	-	-	-	-	-	-	-	-	-	-	-	-
Deferred tax (benefit) expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-43	-875	0	-	-	-	-	-	-	-	-
Payments for derivatives
-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	114	0	3,853	0	0	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions and dispositions:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	507	2,023	-1,097	-737	418	2,530	-920	-1,000	-227	757	-10,470
Accounts receivable and inventories
-98	561	-4,029	9,354	-10,842	1,068	-894	5,419	-6,641	2,162	-5,155	2,733	1,535	-542	2,775	1,849	-2,610	-199	-261	1,147	-4,133	462	4,212	2,892	-	-	-	-
Insurance receivable
-	-	-	0	-	-	-	5,387	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts receivable and inventories
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-925	320	3,559
Prepaid expenses and other assets
-444	-475	1,611	1,536	-1,525	2,327	-6,996	3,747	88	-1,600	-475	2,833	-413	-1,872	266	2,952	-698	-585	-511	2,132	-781	1,195	-2,455	2,022	-1,035	-385	-856	1,525
Accounts payable and accrued expenses
-462	7,520	6,385	-49	-5,563	630	-4,020	781	-4,318	5,008	-1,835	1,927	-4,651	-6,118	5,943	8,103	-663	1,763	160	4,156	-2,489	2,735	-1,313	5,427	-3,121	-867	1,400	648
Operating lease right-of-use assets
120	228	55	115	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Due to/from related parties, net
266	58	-606	-493	216	596	246	-498	296	-311	277	-221	77	78	108	-290	185	114	93	-201	108	-59	119	-665	-12	0	0	0
Due to/from affiliate
345	36	-1,494	1,113	-1,479	2,082	833	-1,436	0	0	0	-2,500	2,500	0	0	0	757	-955	759	-561	-	-	-	-	-	-	-	-
Due to/from third-party hotel managers
894	-7,444	3,584	-2,518	-3,944	3,493	2,722	-637	1,979	785	3,336	1,677	-1,145	4,730	1,171	-1,874	-2,111	-518	-1,725	-660	829	-1,669	16,156	-2,035	95	1,158	-2,472	-1,056
Operating lease liabilities
50	58	56	30	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Due from Ashford Inc.
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	37	-415	273	-	-	-	-	-	-	-	-
Due to/from Ashford Trust OP, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,546	-559	-7,862	-	-	-	-
Due from Ashford Inc.
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Due to/from Ashford Trust
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Other liabilities
3,221	1,371	1,294	-6,186	-4,491	-4,256	-3,648	53	52	56	55	33	78	57	58	58	-79	39	-18	-22	15	77	134	-14	8	-5	3	6
Net cash provided by (used in) operating activities
17,296	16,487	33,095	-616	17,848	14,224	34,712	3,949	23,984	16,020	26,050	4,554	11,690	13,674	21,100	12,143	16,138	13,597	18,610	-39,373	14,575	17,456	27,311	-4,488	3,575	10,436	10,770	9,304
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	673	0	0	20	4	71	30	24	0	-	-	-	-
Proceeds from sale of investment in Ashford Inc.
-	-	-	-	-	-	-	-	-2,289	0	0	2,289	0	0	43,489	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of hotel properties, net of cash and restricted cash acquired
0	0	-344	112,095	7,086	-1	173,375	4,500	4,506	27	89,638	154,028	0	0	0	0	-	-	-	-	2,503	0	0	169,609	0	0	0	0
Investment in unconsolidated entity
0	176	0	156	0	0	0	2,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in restricted cash related to improvements and additions to hotel properties
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,854	-108	-1,092	-1,103	2,347	18,498	0	-	-	-	-
Improvements and additions to hotel properties
28,077	35,475	36,063	36,644	25,954	19,187	16,687	15,736	10,300	11,004	12,467	9,273	6,808	9,668	3,590	3,357	5,377	5,247	4,102	4,596	3,279	4,863	3,351	9,541	10,974	3,212	8,213	5,955
Net cash provided by (used in) investing activities
-16,460	-26,771	-34,299	-148,895	-25,339	-19,186	-100,063	-22,236	100,206	-11,031	-102,105	-161,012	-6,117	73,064	39,226	-2,684	-66,575	-101,548	-7,724	-3,500	-4,608	-7,180	-21,825	-179,150	-10,974	-3,212	-8,213	-5,955
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness
0	80,500	0	249,000	0	0	575,000	0	0	40,000	51,000	432,500	0	0	0	0	82,000	0	0	70,000	2,299	0	0	80,000	0	0	0	199,875
Repayments of indebtedness
0	70,000	0	187,086	747	492	398,598	714	87,843	40,927	684	334,774	1,985	67,031	2,109	2,143	2,112	2,014	1,983	70,889	2,239	1,967	1,937	2,037	1,940	1,841	1,814	142,999
Payments of loan costs and exit fees
0	2,007	-1	2,441	110	1	9,314	92	609	901	735	9,097	1,398	2,644	5	15	2,118	151	-19	1,067	1,080	0	0	3,277	0	0	10	2,821
Payments for derivatives
26	27	7	55	14	0	281	67	28	9	19	319	8	1	0	4	109	0	0	8	33	0	0	93	0	0	0	36
Purchase of common stock
0	182	0	202	119	1	129	74	200	76	113	6	4	14,519	24,705	0	1	0	105	8,770	15,448	0	0	0	-	-	-	-
Payments for spin-off costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,091	354	0	0	0
Payments for dividends and distributions
8,478	8,475	8,477	7,979	7,667	7,539	7,604	7,518	7,522	7,521	7,433	4,625	4,595	4,702	4,177	3,405	4,094	4,415	1,636	1,674	1,725	1,727	1,705	1,245	0	0	0	0
Preferred stock offering costs
-	-	0	-110	-	-	0	0	-	-6	1,592	38,577	-22	-154	4,441	-54	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of common stock
-	-	-	-	-	-	-	-	0	-9	-199	66,650	0	0	0	0	-	-	-	-	2	-48	-42	144,023	0	0	0	0
Preferred stock offering costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Contributions from owners
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	153,594	5,621	12,407	6,118
Redemption of operating partnership units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1	0	1,839	4,017	3,074	0	0	0	-	-	-	-
Distributions to owners
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13,661	10,100	54,381
Distributions to noncontrolling interest in consolidated entities
-	-	-	-	-	-	-	-	-	-	-	-	2,655	0	0	3,766	0	0	0	2,938	0	1,981	0	0	888	1	0	15,712
Other
0	1	0	7	0	0	0	18	0	0	21	0	16	0	0	19	0	0	0	0	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
-10,403	-190	-8,483	51,134	27,181	-8,571	159,074	-8,447	-97,228	-11,077	43,430	188,906	-10,651	-89,051	-26,555	-9,368	73,257	-6,808	60,378	-19,363	-21,310	-5,726	-3,672	216,280	137,087	-9,882	483	-9,956
Net change in cash, cash equivalents and restricted cash
-9,567	-10,474	-9,687	-98,377	19,690	-13,533	93,723	-26,734	26,962	-6,088	-32,625	32,448	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in cash, cash equivalents and restricted cash
-9,567	-10,474	-9,687	-98,377	19,690	-13,533	93,723	-26,734	26,962	-6,088	-32,625	32,448	-5,078	-2,313	33,771	91	-	-	-	-	-	-	-	-	-	-	-	-
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid
11,424	12,794	13,064	12,363	12,245	9,665	12,945	9,031	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest paid
-	-	-	-	-	-	-	-	-	-	8,153	7,981	-	9,394	9,963	9,682	8,857	8,709	8,655	8,466	9,929	9,643	9,647	7,764	8,557	8,240	8,310	7,341
Income taxes paid (refund)
479	4	730	-1,224	673	922	1,447	-743	-222	96	213	716	1	31	204	144	357	576	986	226	155	146	170	403	212	0	0	0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid
-359	168	160	9,174	-326	268	198	8,374	-453	243	331	8,025	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock purchases accrued but not paid
-	-	-	-	-	-	-	-	-	-	-	112	-	-	5,354	103	-	-	-	-	-	-	-	-	-	-	-	-
Net other assets and liabilities acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,088	0	0	-3,615	-	-	-	-
Assumption of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	69,000	-	-	-	-
Stock repurchase accrued but not paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-
Net other assets and liabilities acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Assumption of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Dividends and distributions declared but not paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-86	637	4,325	-	-198	1,880	1,638	-52	0	21	1,705	1,245	0	0	0
Capital expenditures accrued but not paid
-243	2,419	1,505	14,891	5,470	1,509	-480	4,138	1,709	1,223	-199	1,697	393	447	255	479	-64	-167	242	538	-238	-806	-77	1,261	-	-	-	-
Non-cash dividends paid
-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash dividends paid
0	0	0	0	0	0	0	58	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued common stock offering expense
-	-	-	-	-	-	-	-	-	-	-	133	-	-	201	0	-	-	-	-	-	-	-	-	-	-	-	-
Accrued preferred stock offering expenses
-	-	-	-	-	-	-	-	-	-	-	216	-479	0	479	0	-	-	-	-	-	-	-	-	-	-	-	-
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Net change in cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-94,759	71,264	-62,236	-11,343	4,550	1,814	32,642	129,688	-2,658	3,040	-6,607
Accrued preferred stock offering expenses
-	-	-	-	-	-	-	-	-	-	-	216	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-