CHOICE HOTELS INTERNATIONAL INC /DE CHH Cash Flow

Choice hotels international inc /de (CHH)

CashFlow / Quarterly

Mar'20	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	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
55,463	42,169	76,239	74,389	30,081	31,471	79,959	79,839	25,086	-9,816	57,189	50,685	24,269	-838	47,565	38,822	21,163	29,203	41,419	35,813	21,594	25,285	39,365	35,400	23,110	23,443	38,716	31,807	19,743	20,704	49,050	31,862	19,997	25,451	42,302	27,578	15,730	24,143	40,494	27,011	15,793
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
6,529	6,239	5,568	3,405	3,616	3,793	3,815	3,669	3,053	1,694	1,601	1,659	1,726	-1,711	2,986	2,956	2,765	2,749	3,108	2,995	2,690	2,462	2,293	2,332	2,278	2,488	2,399	2,520	2,175	2,237	1,995	1,977	2,017	2,048	2,073	1,948	1,955	1,872	2,078	2,220	2,172
Depreciation and amortization – marketing and reservation system
4,873	4,939	3,756	4,078	4,521	4,910	4,639	4,977	5,071	5,155	5,297	4,867	5,290	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Franchise agreement acquisition cost amortization
2,819	455	2,486	2,366	2,685	2,577	2,287	2,221	2,154	2,001	1,885	1,816	1,489	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on disposal of assets, net
0	-78	-8	69	2,120	-2	-24	82	0	-	-	-	-	194	384	2	-9	2	-76	1,303	292	0	-40	277	2,572	151	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Provision for credit losses, net
7,686	2,518	2,187	552	2,983	4,263	1,923	967	3,389	1,820	1,987	766	941	2,272	131	307	655	164	343	374	823	1,099	293	-16	1,399	479	511	707	1,046	872	815	557	679	1,347	-495	562	778	1,126	784	781	856
Impairment of long-lived assets
0	-12	-33	0	7,304	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of goodwill
0	0	0	0	3,097	4,289	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on extinguishment of debt
-607	-34	-25	-4,641	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash stock compensation and other charges
-2,575	5,182	4,260	4,184	3,989	4,531	3,739	3,929	3,787	2,642	12,133	4,610	3,472	4,309	3,071	4,612	3,354	2,876	3,530	2,890	2,509	1,613	3,382	1,836	2,875	2,787	3,069	3,030	2,536	5,060	2,438	2,325	2,543	4,249	2,826	2,923	4,513	2,335	1,672	2,627	2,670
Non-cash interest and other loss (income)
4,339	-1,395	295	-415	-2,495	3,203	-316	-166	974	-321	-177	27	-301	252	-151	291	667	61	1,828	834	506	1,338	1,117	303	416	488	90	891	76	925	187	773	-1,593	-871	3,057	372	-350	-724	-1,294	1,294	-987
Deferred income taxes
26,677	-6,542	-850	-4,675	2,257	-2,100	9,438	-1,246	-2,582	-5,980	-51,858	-3,797	4,529	25,394	8,359	2,168	-6,198	-2,414	-296	1,862	233	3,683	9,943	11,617	-2,344	5,926	8,587	-5,389	-2,847	2,271	-1,339	164	30	-3,027	-2,799	-52	12	-323	2,649	-10	65
Equity in net losses from unconsolidated joint ventures, less distributions received
-2,105	-328	-6,854	-1,426	-3,954	-267	-420	33	-6,735	-2,301	-735	-1,157	-2,386	629	539	278	-2,471	-362	-136	-1,576	-1,205	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Franchise agreement acquisition cost, net of reimbursements
-7,122	-13,352	-6,470	-12,721	-6,401	-12,375	-20,228	-8,401	-11,925	-9,195	-7,335	-9,625	-4,483	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in working capital and other, net of acquisition
-42,283	18,692	-2,787	-6,715	-31,014	47,028	16,199	-28,904	-36,354	90,363	-24,290	-19,869	-6,046	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends received from equity method investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	146	-	456	399	0	-	-	-	-	-	-	-	-
Equity in net (income) loss of affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	421	60	-141	-	171	-128	-55	7	-39	0	301	336	342	195	353
Changes in assets and liabilities, net of acquisition:
Receivables
-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,368	24,585	14,473	-24,933	-4,324	17,232	11,624	-16,247	-9,021	19,587	19,931	-18,736	-13,714	25,334	15,015	-25,454	20,003	11,388	870	-5,730	4,436	9,808	1,250	-5,282	4,450	9,626	435
Advances to/from marketing and reservation activities, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-16,888	2,867	39,804	7,267	-14,617	902	-4,626	-9,992	-28,665	-20,619	-10,903	-13,279	-24,081	-4,608	-1,023	-	-	-	-	-	-	-	-	-	-	-	-
Receivable - marketing and reservation fees, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,798	6,187	-	-9,913	2,408	8,979	-7,248	-15,402	7,087	10,909
Forgivable notes receivable, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,935	6,710	6,464	2,037	1,843	5,815	13,371	4,138	2,084	3,069	3,623	2,625	2,127	1,866	1,729	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-14,099	14,547	-3,980	1,382	-11,879	18,142	-1,152	-12,209	13,529	6,236	2,080	1,024	-8,613	-578	10,471	-5,969	-350	-382	6,712	-6,319	-1,558	7,801	-1,775	-530	-2,769	5,749	3,294
Accrued expenses and other current liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,419	15,679	-24,521	19,249	-7,114	17,083	-24,052	17,760	-5,835	14,614	-19,861	13,162	-4,294	12,682	-31,145	22,685	7,350	7,683	-25,342	16,930	420	7,927	-18,931	11,840	5,391	4,010	-10,611
Income taxes payable/receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,905	12,251	-1,788	-10,258	8,616	-323	2,773	-7,842	-7,217	12,038	3,160	-19,831	22,909	-3,169	4,367	-15,979	1,509	3,628	8,180	-18,916	2,950	10,222	1,182	-13,357	448	6,825	4,667
Deferred revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,812	1,706	40,458	3,129	-1,919	-3,511	7,552	546	-1,480	-1,701	7,932	-175	-6,368	-8,478	5,160	-5,830	12,422	-6,401	1,997	-7,852	15,838	-11,172	4,709	-4,030	13,968	-3,663	9,138
Other assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-876	3,596	7,238	966	-326	-4,674	9,826	125	23	-2,001	3,103	802	731	-2,205	3,869	-3,982	3,127	1,720	2,611	2,606	-194	-397	1,147	950	7,448	-2,591	6,898
Other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,568	-1,734	-842	314	4,979	332	437	368	355	1,061	-2,359	1,006	1,580	4,649	2,622	-15,907	-793	315	-1,135	2,890	-2,237	715	-1,339	1,917	4,880	1,929	-1,352
Net cash provided by operating activities
5,764	79,579	93,238	79,796	17,943	96,059	83,023	59,262	4,552	92,355	100,911	39,894	24,214	63,626	60,548	49,231	-21,370	61,421	61,115	58,378	-15,835	49,234	72,546	60,568	5,264	47,424	76,502	29,392	595	31,699	82,158	31,853	4,412	25,476	73,842	37,268	-5,217	36,696	66,635	34,624	6,980
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment
6,229	11,207	7,958	23,271	14,906	13,544	12,518	16,615	4,996	5,923	6,827	5,969	4,718	7,607	6,672	5,606	5,306	5,955	7,256	7,750	6,804	9,060	4,572	4,299	3,015	5,475	5,887	7,940	14,095	2,918	6,289	3,107	3,129	2,795	3,019	3,275	1,835	6,695	5,424	7,691	4,558
Investment in intangible assets
1,004	3,040	2,622	277	760	138	336	136	1,193	141	148	140	2,088	2,098	160	160	162	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sales of assets
0	0	0	0	10,585	0	1	3,052	0	-	-	-	-	3,102	6,660	0	1,700	0	64	4,691	1,592	0	3,396	3,513	8,703	243	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Asset acquisition, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	3,320	-126	0	25,389	433	8,767	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of unconsolidated joint venture
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	2,350	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Business acquisition, net of cash acquired
-	-	-	-	-	0	0	0	231,317	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	466
Contributions to equity method investments
2,201	10,499	3,653	5,181	8,495	554	1,844	5,751	1,455	5,678	2,749	10,517	31,610	10,482	4,491	15,395	4,293	19,926	1,365	525	1,921	3,427	7,416	3,567	3,379	1,924	1,910	851	1,000	10,831	3,139	3,715	2,600	1,400	2,000	0	1,600	0	0	0	0
Distributions from equity method investments
157	400	2,332	1,785	5,724	0	219	444	766	262	2,611	1,186	510	0	81	3,552	67	248	0	270	0	0	0	-216	216	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of investments, employee benefit plans
1,544	427	472	673	1,603	454	394	378	1,669	307	404	312	1,424	231	290	244	896	243	1,241	647	1,089	1,274	300	330	890	831	265	338	1,242	506	222	226	743	551	-88	242	897	552	192	100	1,104
Proceeds from sales of investments, employee benefit plans
1,697	20	483	77	1,637	179	818	799	1,029	95	56	1,251	843	516	259	773	363	250	1,833	162	925	-2	325	360	281	116	118	52	3,882	314	1,940	317	8,652	78	219	37	310	631	182	314	522
Issuance of notes receivable
5,778	9,955	5,890	3,122	1,755	7,169	9,871	16,505	2,500	1,173	3,588	5,114	9,863	12,323	7,233	5,561	7,487	11,631	23,753	1,500	0	0	1,117	1,636	587	1,095	0	0	0	19,500	100	417	3,719	4,907	1,669	1,174	1,477	2,885	893	7,474	534
Collections of notes receivable
63	3,740	5,049	346	5,096	250	1,242	3,355	150	25	78	30	522	30	882	10,049	109	1,152	130	3,462	105	1,457	89	9,675	68	9,524	23	182	19	3,160	47	-88	151	4,675	2	6	7	28	5,018	27	10
Other items, net
-14	33	2,151	-112	-197	-25	1,297	-232	0	0	1	-114	4	49	-49	15	-26	-559	184	184	77	-586	296	142	154	150	274	203	101	111	96	118	108	252	120	97	95	23	-65	237	124
Net cash used in investing activities
-14,825	-31,001	-174,899	-40,987	-4,280	-21,405	-27,159	-31,503	-241,185	-11,840	-10,972	-19,471	-47,832	-32,462	-12,130	-12,607	-41,268	-36,712	-53,808	-2,021	-7,269	-12,356	-9,891	3,574	1,027	408	-8,195	-9,098	-12,537	-30,392	-7,859	-7,354	-1,496	-3,498	-6,499	-4,745	-5,587	-9,496	-1,244	-15,161	-6,254
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities
396,800	-170,200	88,400	-33,000	42,400	-35,800	-12,600	-1,000	70,000	-75,029	-63,174	400	22,800	-27,019	-35,136	8,683	79,267	-3,165	149,032	-7,700	20,700	0	0	-15,000	15,000	-29,500	-42,700	-2,800	18,000	73,725	-16,725	5,900	-5,900	-400	0	8,100	-7,900	6,400	284,500	2,800	-16,200
Principal payments on long-term debt
33,239	256,438	123	125	123	126	115	251	111	176	175	156	153	152	213	305	318	307	124,025	3,087	3,082	2,998	2,998	2,060	2,052	2,046	2,063	2,049	2,046	3,920	169	167	166	223	61	8	5	5	20	0	0
Debt issuance costs
-	-	-	-	-	0	1,676	0	914	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	149	2,207	-4	804	0	0
Purchase of treasury stock
54,072	5,868	2,333	10,486	31,951	39,413	38,693	28,704	41,869	920	1,473	143	7,271	1,968	5,680	19,421	8,857	16,423	50,206	17	6,227	54,215	19,213	14	4,530	281	33	17	3,634	359	54	7,319	14,854	28,821	22,269	320	2,207	41	1,929	306	8,936
Dividends paid
12,791	11,986	11,972	11,968	12,163	12,087	12,174	12,189	12,265	12,168	12,150	12,194	12,139	11,492	11,497	11,581	11,612	11,041	11,233	11,230	11,710	10,762	10,810	11,173	10,784	10,773	10,765	10,758	503	21,341	611,355	10,683	10,713	10,824	11,001	10,972	10,950	10,924	10,960	10,979	10,945
Proceeds from issuance of long term debt
0	398,513	3,148	12,224	8,491	8,509	176	140	212	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on transfer of interest in notes receivable
-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Payments on) proceeds from transfer of interest in notes receivable
0	0	0	0	-24,409	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,473	-	978	295	1,024	244	70	194	952	766	152	219	422	119	47	227	834	294	319	-37	49
Proceeds from exercise of stock options
1,235	2,881	2,248	7,068	9,203	245	3,096	15,007	23,052	4,301	3,209	1,627	4,963	6,149	2,568	97	4,137	675	681	81	5,619	5,114	3,437	0	1,547	2,187	704	606	5,367	2,395	4,250	56	389	119	594	894	2,238	1,136	6	667	648
Net cash provided by (used in) financing activities
297,933	-46,724	79,068	-36,287	-8,552	-78,712	-61,986	-26,824	38,105	-83,985	-49,526	-10,466	8,200	-33,932	-50,242	-22,527	62,617	-30,261	-37,740	-26,430	9,773	-65,134	-28,406	-27,926	205	-40,169	-51,427	-14,824	18,136	17,810	-444,995	369,497	-19,022	-39,630	-32,690	-18,353	-4,397	-15,936	-58,818	-13,455	-2,984
Net change in cash and cash equivalents
288,872	1,854	-2,593	2,522	5,111	-4,058	-6,122	935	-198,528	-3,470	40,413	9,957	-15,418	-2,768	-1,824	14,097	-21	-5,552	-30,433	29,927	-13,331	-28,256	34,249	36,216	6,496	7,663	16,880	5,470	6,194	19,117	-370,696	393,996	-16,106	-17,652	34,653	14,170	-15,201	11,264	6,573	6,008	-2,258
Effect of foreign exchange rate changes on cash and cash equivalents
-684	343	-245	75	57	-216	-110	-621	26	-42	478	528	427	-722	-111	-281	652	-268	-956	179	-1,004	-1,257	-1,399	448	587	-1,006	468	-1,905	-146	-4	370	82	361	-25	-880	386	347	447	2,049	-675	-19
Supplemental disclosure of cash flow information:
Cash payments during the period for:
Income taxes, net of refunds
1,024	16,178	10,247	14,627	807	26,551	28,336	17,436	5,034	7,927	441	29,359	1,454	33,598	19,585	8,292	4,208	22,516	11,422	18,695	2,357	25,962	32,006	13,752	5,842	34,523	1,338	10,623	1,029	25,848	11,309	12,645	1,746	28,261	9,696	3,770	3,756	23,566	14,640	8,173	3,748
Interest, net of capitalized interest
12,627	6,010	21,043	1,241	19,885	1,508	20,188	1,676	19,882	1,286	19,913	1,332	19,874	1,057	19,900	1,323	19,712	869	19,387	1,071	18,729	518	19,531	982	19,613	1,083	20,211	1,633	20,400	1,288	7,967	311	7,388	429	7,420	369	7,309	112	583	695	646
Non-cash investing and financing activities:
Equity method investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,952	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends declared but not paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11,173	-	7	7	10,759	-10,676	19	-32	10,690	-22,127	10,874	10,980	10,992	-21,926	10,952	10,963	10,971
Capital lease obligation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-145	623	0	430	55	2,483	0	0
Issuance of common stock pursuant to share based compensation plans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	771	7,253	-	-	-	-	-	-	770	8,497	-	1,382	770	7,452	-	-	-	-
Issuance of treasury stock to employee stock purchase plan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	189	170	195	185	201	110	163	151
Issuance of restricted shares of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,163
Issuance of performance vested restricted stock units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	0	0	0	256
Investment in property and equipment acquired in accounts payable
2,709	-616	-8	-4,149	5,732	4,206	-1,650	3,019	374	341	-137	171	724	3,094	-120	-270	944	2,106	-47	278	1,380	14,780	202	85	603	-105	-5,333	-4,260	10,356	0	0	0	0	-	-	-	-	-	-	-	-