Choice hotels international inc /de (CHH)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income

222,878

216,355

122,327

106,712

128,029

123,160

113,709

121,613

111,061

107,441

98,250

100,211

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

18,828

14,330

6,680

6,996

11,542

9,365

9,582

8,226

8,024

8,342

8,336

8,184

Depreciation and amortization – marketing and reservation system

17,294

19,597

20,609

20,663

-

-

-

-

-

-

-

-

Franchise agreement acquisition cost amortization

7,992

9,239

7,191

6,423

-

-

-

-

-

-

-

-

Gain (Loss) on Extinguishment of Debt

-7,188

0

0

-

-

-

-

-526

0

0

-

-

Gain on disposal of assets, net

2,103

56

237

571

1,521

2,809

151

-9

-

-

-

-

Provision for credit losses, net

8,240

10,542

5,514

3,365

1,704

2,775

2,743

2,923

2,192

3,547

2,578

9,433

Impairment of long-lived assets

7,259

0

0

-

-

-

-

-

-

-

-

-

Impairment of goodwill

3,097

4,289

0

0

-

-

-

-

-

-

-

-

Loss on extinguishment of debt

-4,700

0

0

-

-

-

-

-

-

-

-

-

Non-cash stock compensation and other charges

17,615

15,986

22,857

15,346

11,805

9,706

11,422

12,366

14,511

9,304

13,761

10,914

Non-cash interest and other loss (income)

-4,010

3,695

-772

1,059

3,229

3,174

1,545

292

2,208

-1,711

-5,403

9,300

Deferred income taxes

-9,810

3,510

-57,106

29,723

-615

22,899

6,277

1,126

-5,866

2,381

-5,553

-3,073

Equity in net losses from unconsolidated joint ventures, less distributions received

-12,562

-7,389

-6,579

-1,025

-3,279

-2,200

-811

-1,098

-

-

-

-

Franchise agreement acquisition cost, net of reimbursements

-38,944

-52,929

-30,638

-17,410

-

-

-

-

-

-

-

-

Change in working capital and other, net of acquisition

-21,824

-2,031

40,158

38,150

-

-

-

-

-

-

-

-

Dividends received from equity method investments

-

-

-

-

-

-

-

-

1,139

1,155

1,337

1,180

Equity in net (income) loss of affiliates

-

-

-

-

-

-

-

-

269

1,226

1,113

1,414

Changes in assets and liabilities, net of acquisition:
Receivables

-

-

-

-

-401

14,250

7,899

6,807

9,764

9,229

796

4,358

Advances to/from marketing and reservation activities, net

-

-

-

-

-11,074

-70,179

-42,991

-30,983

-1,553

-

-

-

Receivable - marketing and reservation fees, net

-

-

-

-

-

-

-

-

-

-4,654

12,232

7,578

Forgivable notes receivable, net

-

-

-

-

23,066

12,914

8,347

10,898

3,475

-

-

-

Accounts payable

-

-

-

-

6,493

9,636

2,304

11

-1,851

5,744

-8,279

-13,138

Accrued expenses and other current liabilities

-

-

-

-

5,166

6,678

-9,595

12,376

6,346

10,630

-1,289

-3,206

Income taxes payable/receivable

-

-

-

-

808

139

4,276

-2,662

-4,562

-1,417

8,163

-1,870

Deferred revenue

-

-

-

-

5,251

5,297

-9,861

2,188

1,523

15,413

4,650

-1,549

Other assets

-

-

-

-

5,792

1,250

3,197

3,476

3,162

12,705

-3,041

1,046

Other liabilities

-

-

-

-

6,062

-575

9,857

-17,520

29

7,374

-4,341

-3,737

Net cash provided by operating activities

270,556

242,896

257,374

152,035

165,079

187,612

153,913

150,122

131,369

144,935

112,216

104,399

CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment

57,342

47,673

23,437

25,191

27,765

20,946

33,397

15,443

10,924

24,368

11,135

12,611

Investment in intangible assets

6,699

1,803

2,517

2,580

733

636

-

-

-

-

-

-

Proceeds from sales of assets

10,585

3,053

1,000

11,462

6,347

15,612

243

0

1,654

0

0

-

Asset acquisition, net of cash acquired

168,954

3,179

0

28,583

9,200

0

-

-

-

-

-

-

Proceeds from sale of unconsolidated joint venture

8,937

0

0

-

-

-

-

-

-

-

-

-

Business acquisition, net of cash acquired

0

231,317

0

1,341

13,269

0

0

-

-

466

0

0

Payment on business disposition, net

10,783

0

0

-

-

-

-

-

-

-

-

-

Contributions to equity method investments

27,828

9,604

50,554

34,661

23,737

17,789

5,685

20,285

5,000

0

0

-

Distributions from equity method investments

10,241

1,429

4,569

3,700

518

0

0

-

-

-

-

-

Purchases of investments, employee benefit plans

3,175

2,895

2,447

1,661

3,220

2,794

2,676

1,697

1,602

1,948

3,854

7,802

Proceeds from sales of investments, employee benefit plans

2,217

2,825

2,245

1,911

3,170

964

4,168

11,223

644

1,649

13,895

7,819

Issuance of notes receivable

20,722

36,045

19,738

32,604

36,884

3,340

1,095

23,736

9,227

11,786

1,995

7,410

Collections of notes receivable

14,231

4,997

655

11,070

4,849

11,289

9,748

3,270

4,690

5,083

324

434

Other items, net

1,875

1,040

-109

-11

-114

6

728

433

564

319

584

695

Net cash used in investing activities

-251,167

-321,252

-90,115

-98,467

-99,810

-17,646

-29,422

-47,101

-20,329

-32,155

-3,349

-20,265

CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities

-72,400

20,600

-115,003

25,795

158,867

0

-57,000

57,000

-200

277,500

6,700

-112,000

Principal payments on long-term debt

256,809

603

660

988

130,501

10,108

8,204

4,422

297

25

0

100,000

Payments for (Proceeds from) Hedge, Financing Activities

-

-

-

-550

0

0

-

-

-

8,663

0

0

Debt issuance costs

3,936

2,590

0

284

2,169

0

0

4,759

2,356

800

0

0

Purchase of treasury stock

50,638

148,679

9,807

35,926

72,873

77,972

3,965

22,586

53,617

11,212

59,128

63,732

Dividends paid

48,089

48,715

48,651

46,182

45,214

43,529

32,799

654,092

43,747

43,808

44,274

43,142

Proceeds from issuance of long term debt

422,376

9,037

0

0

176

250

3,360

543,500

75

247,733

0

0

(Payments on) proceeds from transfer of interest in notes receivable

-24,409

173

24,237

0

0

-

-

-

-

-

-

-

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

1,460

1,559

1,227

625

5,834

10,135

Proceeds from exercise of stock options

21,400

41,400

14,100

12,951

7,056

10,098

8,864

7,090

3,845

2,457

9,158

9,026

Net cash provided by (used in) financing activities

-12,495

-129,417

-135,777

-44,084

-84,658

-121,261

-88,284

-76,710

-95,070

-91,193

-95,110

-75,713

Net change in cash and cash equivalents

6,894

-207,773

31,482

9,484

-19,389

48,705

36,207

26,311

15,970

21,587

13,757

8,421

Effect of foreign exchange rate changes on cash and cash equivalents

230

-921

1,391

-462

-2,049

-1,621

-2,589

809

-172

1,802

1,433

-2,118

Supplemental disclosure of cash flow information:
Cash payments during the period for:
Income taxes, net of refunds

41,859

77,357

39,181

65,683

54,990

77,562

47,513

51,548

45,483

50,127

34,213

45,808

Interest, net of capitalized interest

48,179

43,254

42,405

41,992

40,056

40,644

43,327

16,954

15,527

2,036

5,008

11,378

Non-cash investing and financing activities:
Equity method investments

-

-

-

-

-

2,827

0

3,900

0

0

-

-

Dividends declared but not paid

-

-

-

-

-

-

-

1

10,719

10,960

44,059

43,810

Capital lease obligation

-

-

-

-

-

-

-

-

908

2,538

0

0

Debt issuance costs

-

-

-

-

-

-

-

6,500

0

0

-

-

Issuance of common stock pursuant to share based compensation plans

-

-

-

-

-

-

-

-

-

9,233

7,150

-

Issuance of treasury stock to employee stock purchase plan

-

-

-

-

-

-

-

-

739

625

622

547

Issuance of restricted shares of common stock

-

-

-

-

-

-

-

-

-

-

-

9,482

Issuance of performance vested restricted stock units

-

-

-

-

-

-

-

-

-

256

462

0

Investment in property and equipment acquired in accounts payable

959

5,949

1,099

3,648

3,717

15,670

658

0

0

-

-

-

Sale of investment in unconsolidated joint venture

-

-

-

2,350

0

0

-

-

-

-

-

-

Seller-financing to purchaser

0

0

2,000

0

0

-

-

-

-

-

-

-