BRAEMAR HOTELS & RESORTS INC. BHR Cash Flow

Braemar hotels & resorts inc. (BHR)

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
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)
1,196	-29,812	-21,484	-3,007	2,585	44,942	45,351	32,883	28,324	725	22,264	24,170	24,320	17,367	-11,237	-4,405	-4,691	492	12,163	7,564	3,538	-12,497	-16,857	-17,053	-17,928	0	0	0
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization
70,112	67,083	64,726	61,063	57,383	54,980	54,639	53,297	52,262	51,128	48,170	45,964	45,897	45,782	45,915	45,211	43,824	42,934	42,283	42,430	40,686	0	0	0	-	-	-	-
Depreciation and amortization
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Equity-based compensation
7,943	7,203	6,518	5,939	7,004	6,374	3,779	2,934	-1,327	-1,375	779	3,101	4,156	5,286	4,988	2,765	3,847	2,664	2,160	2,820	2,351	0	0	0	-	-	-	-
Bad debt expense
444	622	558	531	501	270	237	277	256	233	254	192	217	160	149	178	117	0	0	0	-	-	-	-	-	-	-	-
Amortization of loan costs
4,343	4,351	4,398	4,452	4,260	4,306	4,568	4,842	4,903	4,517	3,928	3,337	3,169	3,146	3,021	2,764	2,575	2,335	2,173	2,149	1,828	1,529	1,197	868	745	0	0	0
Write-off of loan costs and exit fees
647	647	312	4,488	4,178	5,709	6,089	1,913	3,874	2,343	4,558	4,558	2,595	2,595	0	0	54	54	54	54	0	0	0	0	1,971	0	0	0
Amortization of intangibles
-	-	-	270	-	-	-	173	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of non-refundable membership initiation fees
181	135	98	63	36	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense accretion on refundable membership club deposits
864	951	964	901	676	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment charges
0	0	0	59	71	131	1,139	1,080	1,068	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Realized (gain) loss on marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,068	1,068	1,068	1,317	0	0	0	0	-	-	-	-
Amortization of intangibles
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	48	-	164	215	214	214	215	214	215	216	0	0	0
Unrealized Gain (Loss) on Investment in Affiliated Entity
-	0	0	-7,831	-	0	0	7,154	-	2,524	191	2,614	-1,970	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Realized and unrealized (gain) loss on derivatives
-	-	-	-1,092	-	-	-	-1,200	-	-3,671	-7,130	-4,318	269	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of trading securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Purchases of trading securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	105,878	105,878	105,878	77,264	0	0	0	0	-	-	-	-
Sales of trading securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	55,654	55,654	55,654	27,119	0	0	0	0	-	-	-	-
Realized and unrealized (gain) loss on derivatives
-1,381	-441	-215	573	-82	-4,192	-2,552	-2,057	-2,327	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized (gain) loss on derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-68	-80	-20	-36	0	0	0
Equity in (earnings) loss of unconsolidated entity
-199	-237	-270	-281	-234	-146	-65	-3	0	0	0	63	-2,587	-1,295	-4,694	-5,577	-2,927	0	0	0	-	-	-	-	-	-	-	-
Deferred income tax expense (benefit)
764	-127	-337	-764	-807	632	953	1,444	615	851	738	343	1,089	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Deferred tax (benefit) expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Payments for derivatives
-	-	-	-	-	-	-	-	-	-	-	-	114	114	3,967	3,967	3,853	0	0	0	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisitions and dispositions:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	696	607	1,114	1,291	1,028	383	-1,390	-10,940	0	0	0
Accounts receivable and inventories
5,788	-4,956	-4,449	-1,314	-5,249	-1,048	46	-4,215	-6,901	1,275	-1,429	6,501	5,617	1,472	1,815	-1,221	-1,923	-3,446	-2,785	1,688	3,433	0	0	0	-	-	-	-
Insurance receivable
-	-	-	0	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts receivable and inventories
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Prepaid expenses and other assets
2,228	1,147	3,949	-4,658	-2,447	-834	-4,761	1,760	846	345	73	814	933	648	1,935	1,158	338	255	2,035	91	-19	-273	-1,853	-254	-751	0	0	0
Accounts payable and accrued expenses
13,394	8,293	1,403	-9,002	-8,172	-6,927	-2,549	-364	782	449	-10,677	-2,899	3,277	7,265	15,146	9,363	5,416	3,590	4,562	3,089	4,360	3,728	126	2,839	-1,940	0	0	0
Operating lease right-of-use assets
518	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Due to/from related parties, net
-775	-825	-287	565	560	640	-267	-236	41	-178	211	42	-27	81	117	102	191	114	-59	-33	-497	-617	-558	-677	-12	0	0	0
Due to/from affiliate
0	-1,824	222	2,549	0	1,479	-603	-1,436	-2,500	0	0	0	2,500	757	-198	561	0	0	0	0	-	-	-	-	-	-	-	-
Due to/from third-party hotel managers
-5,484	-10,322	615	-247	1,634	7,557	4,849	5,463	7,777	4,653	8,598	6,433	2,882	1,916	-3,332	-6,228	-5,014	-2,074	-3,225	14,656	13,281	12,547	15,374	-3,254	-2,275	0	0	0
Operating lease liabilities
194	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Due from Ashford Inc.
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Due to/from Ashford Trust OP, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Due from Ashford Inc.
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Due to/from Ashford Trust
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Other liabilities
-300	-8,012	-13,639	-18,581	-12,342	-7,799	-3,487	216	196	222	223	226	251	94	76	0	-80	14	52	204	212	205	123	-8	12	0	0	0
Net cash provided by (used in) operating activities
66,262	66,814	64,551	66,168	70,733	76,869	78,665	70,003	70,608	58,314	55,968	51,018	58,607	63,055	62,978	60,488	8,972	7,409	11,268	19,969	54,854	43,854	36,834	20,293	34,085	0	0	0
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	693	24	95	125	129	125	0	0	0	-	-	-	-
Proceeds from sale of investment in Ashford Inc.
-	-	-	-	-	-	-	-	0	2,289	2,289	45,778	43,489	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of hotel properties, net of cash and restricted cash acquired
111,751	118,837	118,836	292,555	184,960	182,380	182,408	98,671	248,199	243,693	243,666	154,028	0	0	0	0	-	-	-	-	172,112	169,609	169,609	169,609	0	0	0	0
Investment in unconsolidated entity
332	332	156	156	2,000	2,000	2,000	2,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in restricted cash related to improvements and additions to hotel properties
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-449	44	18,650	19,742	0	0	0	-	-	-	-
Improvements and additions to hotel properties
136,259	134,136	117,848	98,472	77,564	61,910	53,727	49,507	43,044	39,552	38,216	29,339	23,423	21,992	17,571	18,083	19,322	17,224	16,840	16,089	21,034	28,729	27,078	31,940	28,354	0	0	0
Net cash provided by (used in) investing activities
-226,425	-235,304	-227,719	-293,483	-166,824	-41,279	-33,124	-35,166	-173,942	-280,265	-196,170	-54,839	103,489	43,031	-131,581	-178,531	-179,347	-117,380	-23,012	-37,113	-212,763	-219,129	-215,161	-201,549	-28,354	0	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness
329,500	329,500	249,000	824,000	575,000	575,000	615,000	91,000	523,500	523,500	483,500	432,500	0	82,000	82,000	82,000	152,000	72,299	72,299	72,299	82,299	80,000	80,000	80,000	199,875	0	0	0
Repayments of indebtedness
257,086	257,833	188,325	586,923	400,551	487,647	528,082	130,168	464,228	378,370	404,474	405,899	73,268	73,395	8,378	8,252	76,998	77,125	77,078	77,032	8,180	7,881	7,755	7,632	148,594	0	0	0
Payments of loan costs and exit fees
4,447	4,557	2,551	11,866	9,517	10,016	10,916	2,337	11,342	12,131	13,874	13,144	4,062	4,782	2,289	2,265	3,317	2,279	2,128	2,147	4,357	3,277	3,277	3,287	2,831	0	0	0
Payments for derivatives
115	103	76	350	362	376	385	123	375	355	347	328	13	114	113	113	117	41	41	41	126	93	93	93	36	0	0	0
Purchase of common stock
384	503	322	451	323	404	479	463	395	199	14,642	39,234	39,228	39,225	24,706	106	8,876	24,323	24,323	24,218	15,448	0	0	0	-	-	-	-
Payments for spin-off costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,091	1,445	1,445	1,445	354	0	0	0
Payments for dividends and distributions
33,409	32,598	31,662	30,789	30,328	30,183	30,165	29,994	27,101	24,174	21,355	18,099	16,879	16,378	16,091	13,550	11,819	9,450	6,762	6,831	6,402	4,677	2,950	1,245	0	0	0	0
Preferred stock offering costs
-	-	0	37,844	-	-	0	1,586	-	40,141	39,993	42,842	4,211	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of common stock
-	-	-	-	-	-	-	-	66,442	66,442	66,451	66,650	0	0	0	0	-	-	-	-	143,935	143,933	143,981	144,023	0	0	0	0
Preferred stock offering costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Contributions from owners
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	177,740	0	0	0
Redemption of operating partnership units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,855	8,930	8,930	7,091	3,074	0	0	0	-	-	-	-
Distributions to owners
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Distributions to noncontrolling interest in consolidated entities
-	-	-	-	-	-	-	-	-	-	-	-	6,421	3,766	3,766	3,766	2,938	2,938	4,919	4,919	1,981	2,869	889	889	16,601	0	0	0
Other
8	8	7	7	18	18	18	39	21	37	37	16	35	19	19	19	0	0	0	0	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
32,058	69,642	61,261	228,818	169,237	44,828	42,322	-73,322	124,031	210,608	132,634	62,649	-135,625	-51,717	30,526	117,459	107,464	12,897	13,979	-50,071	185,572	343,969	339,813	343,968	117,732	0	0	0
Net change in cash, cash equivalents and restricted cash
-128,105	-98,848	-101,907	1,503	73,146	80,418	87,863	-38,485	20,697	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in cash, cash equivalents and restricted cash
-128,105	-98,848	-101,907	1,503	73,146	80,418	87,863	-38,485	20,697	-11,343	-7,568	58,828	26,471	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid
49,645	50,466	47,337	47,218	43,886	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest paid
-	-	-	-	-	-	-	-	-	-	0	36,099	-	37,896	37,211	35,903	34,687	35,759	36,693	37,685	36,983	35,611	34,208	32,871	32,448	0	0	0
Income taxes paid (refund)
-11	183	1,101	1,818	2,299	1,404	578	-656	803	1,026	961	952	380	736	1,281	2,063	2,145	1,943	1,513	697	874	931	785	615	212	0	0	0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid
9,143	9,176	9,276	9,314	8,514	8,387	8,362	8,495	8,146	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock purchases accrued but not paid
-	-	-	-	-	-	-	-	-	-	-	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net other assets and liabilities acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,473	0	0	0	-	-	-	-
Assumption of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	69,000	0	0	0	-	-	-	-
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
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	6,126	-	3,268	3,466	1,607	1,674	2,971	2,971	2,950	1,245	0	0	0
Capital expenditures accrued but not paid
18,572	24,285	23,375	21,390	10,637	6,876	6,590	6,871	4,430	3,114	2,338	2,792	1,574	1,117	503	490	549	375	-264	-583	140	0	0	0	-	-	-	-
Non-cash dividends paid
-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash dividends paid
0	0	0	0	58	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued common stock offering expense
-	-	-	-	-	-	-	-	-	-	-	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Accrued preferred stock offering expenses
-	-	-	-	-	-	-	-	-	-	-	216	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Net change in cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-97,074	2,235	-67,215	27,663	168,694	161,486	162,712	123,463	0	0	0
Accrued preferred stock offering expenses
-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-