Choice hotels international inc /de (CHH)
CashFlow / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income

248,260

222,878

212,180

215,900

221,350

216,355

175,068

152,298

123,144

122,327

131,305

121,681

109,818

106,712

136,753

130,607

127,598

128,029

124,111

122,057

121,644

123,160

121,318

120,669

117,076

113,709

110,970

121,304

121,359

121,613

126,360

119,612

115,328

111,061

109,753

107,945

107,378

107,441

0

0

0

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

21,741

18,828

16,382

14,629

14,893

14,330

12,231

10,017

8,007

6,680

3,275

4,660

5,957

6,996

11,456

11,578

11,617

11,542

11,255

10,440

9,777

9,365

9,391

9,497

9,685

9,582

9,331

8,927

8,384

8,226

8,037

8,115

8,086

8,024

7,848

7,853

8,125

8,342

0

0

0

Depreciation and amortization – marketing and reservation system

17,646

17,294

17,265

18,148

19,047

19,597

19,842

20,500

20,390

20,609

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Franchise agreement acquisition cost amortization

8,126

7,992

10,114

9,915

9,770

9,239

8,663

8,261

7,856

7,191

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on disposal of assets, net

-17

2,103

2,179

2,163

2,176

56

0

0

0

-

-

-

-

571

379

-81

1,220

1,521

1,519

1,555

529

2,809

2,960

3,000

2,723

151

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Provision for credit losses, net

12,943

8,240

9,985

9,721

10,136

10,542

8,099

8,163

7,962

5,514

5,966

4,110

3,651

3,365

1,257

1,469

1,536

1,704

2,639

2,589

2,199

2,775

2,155

2,373

3,096

2,743

3,136

3,440

3,290

2,923

3,398

2,088

2,093

2,192

1,971

3,250

3,469

3,547

0

0

0

Impairment of long-lived assets

-45

7,259

7,271

7,304

7,304

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of goodwill

0

3,097

7,386

7,386

7,386

4,289

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on extinguishment of debt

-5,307

-4,700

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash stock compensation and other charges

11,051

17,615

16,964

16,443

16,188

15,986

14,097

22,491

23,172

22,857

24,524

15,462

15,464

15,346

13,913

14,372

12,650

11,805

10,542

10,394

9,340

9,706

10,880

10,567

11,761

11,422

13,695

13,064

12,359

12,366

11,555

11,943

12,541

14,511

12,597

11,443

11,147

9,304

0

0

0

Non-cash interest and other loss (income)

2,824

-4,010

588

-23

226

3,695

171

310

503

-772

-199

-173

91

1,059

868

2,847

3,390

3,229

4,506

3,795

3,264

3,174

2,324

1,297

1,885

1,545

1,982

2,079

1,961

292

-1,504

1,366

965

2,208

2,355

-1,996

-1,074

-1,711

0

0

0

Deferred income taxes

14,610

-9,810

-5,368

4,920

8,349

3,510

-370

-61,666

-64,217

-57,106

-25,732

34,485

40,450

29,723

1,915

-6,740

-7,046

-615

5,482

15,721

25,476

22,899

25,142

23,786

6,780

6,277

2,622

-7,304

-1,751

1,126

-4,172

-5,632

-5,848

-5,866

-3,162

2,286

2,328

2,381

0

0

0

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

-10,713

-12,562

-12,501

-6,067

-4,608

-7,389

-9,423

-9,738

-10,928

-6,579

-3,649

-2,375

-940

-1,025

-2,016

-2,691

-4,545

-3,279

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Franchise agreement acquisition cost, net of reimbursements

-39,665

-38,944

-37,967

-51,725

-47,405

-52,929

-49,749

-36,856

-38,080

-30,638

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in working capital and other, net of acquisition

-33,093

-21,824

6,512

25,498

3,309

-2,031

41,304

815

9,850

40,158

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends received from equity method investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

-

-

-

-

-

-

-

-

Equity in net (income) loss of affiliates

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-5

-215

-87

269

598

979

1,174

1,226

0

0

0

Changes in assets and liabilities, net of acquisition:
Receivables

-

-

-

-

-

-

-

-

-

-

-

-

-

-

17,493

9,801

2,448

-401

8,285

3,588

5,943

14,250

11,761

7,068

12,815

7,899

1,181

34,898

20,952

6,807

26,531

10,964

9,384

9,764

10,212

10,226

10,044

9,229

0

0

0

Advances to/from marketing and reservation activities, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

33,050

35,321

33,356

-11,074

-28,333

-42,381

-63,902

-70,179

-73,466

-68,882

-52,871

-42,991

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Receivable - marketing and reservation fees, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-5,774

-11,263

-6,584

-4,654

0

0

0

Forgivable notes receivable, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

17,146

17,054

16,159

23,066

25,167

25,408

22,662

12,914

11,401

11,444

10,241

8,347

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,150

70

3,665

6,493

-7,098

18,310

6,404

9,636

22,869

727

-6,087

2,304

-4,689

3,574

3,770

11

-339

-1,547

6,636

-1,851

3,938

2,727

675

5,744

0

0

0

Accrued expenses and other current liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,988

3,293

4,697

5,166

3,677

4,956

2,487

6,678

2,080

3,621

1,689

-9,595

-72

11,572

6,573

12,376

6,621

-309

-65

6,346

1,256

6,227

2,310

10,630

0

0

0

Income taxes payable/receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,110

8,821

-3,753

808

3,224

-12,609

-248

139

-11,850

18,276

3,069

4,276

8,128

-13,272

-6,475

-2,662

-5,599

-4,158

2,436

-4,562

997

-1,505

-4,902

-1,417

0

0

0

Deferred revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

53,105

43,374

38,157

5,251

2,668

3,107

4,917

5,297

4,576

-312

-7,089

-9,861

-15,516

3,274

5,351

2,188

166

3,582

-1,189

1,523

5,345

3,475

10,984

15,413

0

0

0

Other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,924

11,474

3,204

5,792

4,951

5,300

7,973

1,250

1,927

2,635

2,431

3,197

-1,587

809

4,734

3,476

10,064

6,743

4,626

3,162

1,506

9,148

6,954

12,705

0

0

0

Other liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,306

2,717

4,783

6,062

6,116

1,492

2,221

-575

63

1,288

4,876

9,857

-7,056

-9,429

-13,763

-17,520

1,277

-167

233

29

-944

6,173

7,387

7,374

0

0

0

Net cash provided by operating activities

258,377

270,556

287,036

276,821

256,287

242,896

239,192

257,080

237,712

257,374

228,645

188,282

197,619

152,035

149,830

150,397

159,544

165,079

152,892

164,323

166,513

187,612

185,802

189,758

158,582

153,913

138,188

143,844

146,305

150,122

143,899

135,583

140,998

131,369

142,589

135,382

132,738

144,935

0

0

0

CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment

48,665

57,342

59,679

64,239

57,583

47,673

40,052

34,361

23,715

23,437

25,121

24,966

24,603

25,191

23,539

24,123

26,267

27,765

30,870

28,186

24,735

20,946

17,361

18,676

22,317

33,397

30,840

31,242

26,409

15,443

15,320

12,050

12,218

10,924

14,824

17,229

21,645

24,368

0

0

0

Investment in intangible assets

6,943

6,699

3,797

1,511

1,370

1,803

1,806

1,618

1,622

2,517

4,474

4,486

4,506

2,580

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sales of assets

0

10,585

10,585

10,586

13,638

3,053

0

0

0

-

-

-

-

11,462

8,360

1,764

6,455

6,347

6,347

9,679

8,501

15,612

15,855

12,459

8,946

243

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Asset acquisition, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

28,583

25,696

34,589

34,589

9,200

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of unconsolidated joint venture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Business acquisition, net of cash acquired

-

-

-

-

-

231,317

231,317

231,317

231,317

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

466

0

0

0

Contributions to equity method investments

21,534

27,828

17,883

16,074

16,644

9,604

14,728

15,633

20,399

50,554

55,358

57,100

61,978

34,661

44,105

40,979

26,109

23,737

7,238

13,289

16,331

17,789

16,286

10,780

8,064

5,685

14,592

15,821

18,685

20,285

10,854

9,715

6,000

5,000

3,600

1,600

1,600

0

0

0

0

Distributions from equity method investments

4,674

10,241

9,841

7,728

6,387

1,429

1,691

4,083

4,825

4,569

4,307

1,777

4,143

3,700

3,948

3,867

585

518

270

270

-216

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of investments, employee benefit plans

3,116

3,175

3,202

3,124

2,829

2,895

2,748

2,758

2,692

2,447

2,371

2,257

2,189

1,661

1,673

2,624

3,027

3,220

4,251

3,310

2,993

2,794

2,351

2,316

2,324

2,676

2,351

2,308

2,196

1,697

1,742

1,432

1,448

1,602

1,603

1,883

1,741

1,948

0

0

0

Proceeds from sales of investments, employee benefit plans

2,277

2,217

2,376

2,711

3,433

2,825

2,741

1,979

2,431

2,245

2,666

2,869

2,391

1,911

1,645

3,219

2,608

3,170

2,918

1,410

1,608

964

1,082

875

567

4,168

4,366

6,188

6,453

11,223

10,987

9,266

8,986

644

1,197

1,160

1,437

1,649

0

0

0

Issuance of notes receivable

24,745

20,722

17,936

21,917

35,300

36,045

30,049

23,766

12,375

19,738

30,888

34,533

34,980

32,604

31,912

48,432

44,371

36,884

25,253

2,617

2,753

3,340

4,435

3,318

1,682

1,095

19,500

19,600

20,017

23,736

9,143

10,712

11,469

9,227

7,205

6,429

12,729

11,786

0

0

0

Collections of notes receivable

9,198

14,231

10,741

6,934

9,943

4,997

4,772

3,608

283

655

660

1,464

11,483

11,070

12,192

11,440

4,853

4,849

5,154

5,113

11,326

11,289

19,356

19,290

9,797

9,748

3,384

3,408

3,138

3,270

4,785

4,740

4,834

4,690

43

5,059

5,080

5,083

0

0

0

Other items, net

2,058

1,875

1,817

963

843

1,040

1,065

-231

-113

-109

-60

-110

19

-11

-619

-386

-217

-114

-141

-29

-71

6

742

720

781

728

689

511

426

433

574

598

577

564

335

150

290

319

0

0

0

Net cash used in investing activities

-261,712

-251,167

-241,571

-93,831

-84,347

-321,252

-311,687

-295,500

-283,468

-90,115

-110,737

-111,895

-105,031

-98,467

-102,717

-144,395

-133,809

-99,810

-75,454

-31,537

-25,942

-17,646

-4,882

-3,186

-15,858

-29,422

-60,222

-59,886

-58,142

-47,101

-20,207

-18,847

-16,238

-20,329

-26,327

-21,072

-31,488

-32,155

0

0

0

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

282,000

-72,400

62,000

-39,000

-7,000

20,600

-18,629

-69,203

-67,803

-115,003

-66,993

-38,955

-30,672

25,795

49,649

233,817

217,434

158,867

162,032

13,000

5,700

0

-29,500

-72,200

-60,000

-57,000

46,225

72,200

80,900

57,000

-17,125

-400

1,800

-200

6,600

291,100

285,800

277,500

0

0

0

Principal payments on long-term debt

289,925

256,809

497

489

615

603

653

713

618

660

636

674

823

988

1,143

124,955

127,737

130,501

133,192

12,165

11,138

10,108

9,156

8,221

8,210

8,204

10,078

8,184

6,302

4,422

725

617

458

297

79

38

30

25

0

0

0

Debt issuance costs

-

-

-

-

-

2,590

2,590

914

914

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,356

2,352

3,156

3,007

800

0

0

0

Purchase of treasury stock

72,759

50,638

84,183

120,543

138,761

148,679

110,186

72,966

44,405

9,807

10,855

15,062

34,340

35,926

50,381

94,907

75,503

72,873

110,665

79,672

79,669

77,972

24,038

4,858

4,861

3,965

4,043

4,064

11,366

22,586

51,048

73,263

66,264

53,617

24,837

4,497

4,483

11,212

0

0

0

Dividends paid

48,717

48,089

48,190

48,392

48,613

48,715

48,796

48,772

48,777

48,651

47,975

47,322

46,709

46,182

45,731

45,467

45,116

45,214

44,935

44,512

44,455

43,529

43,540

43,495

43,080

32,799

43,367

643,957

643,882

654,092

643,575

43,221

43,510

43,747

43,847

43,806

43,813

43,808

0

0

0

Proceeds from issuance of long term debt

413,885

422,376

32,372

29,400

17,316

9,037

528

352

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

-24,409

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

2,541

1,633

1,532

1,460

1,982

2,064

2,089

1,559

912

807

815

1,227

1,402

1,674

1,410

625

0

0

0

Proceeds from exercise of stock options

13,432

21,400

18,764

19,612

27,551

41,400

45,456

45,569

32,189

14,100

15,948

15,307

13,777

12,951

7,477

5,590

5,574

7,056

11,495

14,251

14,170

10,098

7,171

4,438

5,044

8,864

9,072

12,618

12,068

7,090

4,814

1,158

1,996

3,845

4,862

4,274

4,047

2,457

0

0

0

Net cash provided by (used in) financing activities

293,990

-12,495

-44,483

-185,537

-176,074

-129,417

-134,690

-122,230

-105,872

-135,777

-85,724

-86,440

-98,501

-44,084

-40,413

-27,911

-31,814

-84,658

-119,531

-110,197

-111,693

-121,261

-96,296

-119,317

-106,215

-88,284

-30,305

-423,873

-39,552

-76,710

-134,150

278,155

-109,695

-95,070

-71,376

-97,504

-92,606

-91,193

0

0

0

Net change in cash and cash equivalents

290,655

6,894

982

-2,547

-4,134

-207,773

-207,185

-160,650

-151,628

31,482

32,184

-10,053

-5,913

9,484

6,700

-21,909

-6,079

-19,389

-42,093

22,589

28,878

48,705

84,624

67,255

36,509

36,207

47,661

-339,915

48,611

26,311

-10,458

394,891

15,065

15,970

44,886

16,806

8,644

21,587

0

0

0

Effect of foreign exchange rate changes on cash and cash equivalents

-511

230

-329

-194

-890

-921

-747

-159

990

1,391

711

122

-687

-462

-8

-853

-393

-2,049

-3,038

-3,481

-3,212

-1,621

-1,370

497

-1,856

-2,589

-1,587

-1,685

302

809

788

-462

-158

-172

300

3,229

2,168

1,802

0

0

0

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

42,076

41,859

52,232

70,321

73,130

77,357

58,733

30,838

42,761

39,181

64,852

83,996

62,929

65,683

54,601

46,438

56,841

54,990

58,436

79,020

74,077

77,562

86,123

55,455

52,326

47,513

38,838

48,809

50,831

51,548

53,961

52,348

43,473

45,483

40,788

45,732

50,135

50,127

0

0

0

Interest, net of capitalized interest

40,921

48,179

43,677

42,822

43,257

43,254

43,032

42,757

42,413

42,405

42,176

42,163

42,154

41,992

41,804

41,291

41,039

40,056

39,705

39,849

39,760

40,644

41,209

41,889

42,540

43,327

43,532

31,288

29,966

16,954

16,095

15,548

15,606

15,527

15,210

8,373

8,699

2,036

0

0

0

Non-cash investing and financing activities:
Equity method investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends declared but not paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

97

109

70

1

-11,450

-595

10,417

10,719

10,920

10,998

10,981

10,960

0

0

0

Capital lease obligation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

908

1,108

2,968

2,968

2,538

0

0

0

Issuance of common stock pursuant to share based compensation plans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

0

0

-

0

0

0

-

-

-

-

Issuance of treasury stock to employee stock purchase plan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

739

751

691

659

625

0

0

0

Issuance of restricted shares of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Issuance of performance vested restricted stock units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

256

0

0

0

Investment in property and equipment acquired in accounts payable

-2,064

959

5,781

4,139

11,307

5,949

2,084

3,597

749

1,099

3,852

3,869

3,428

3,648

2,660

2,733

3,281

3,717

16,391

16,640

16,447

15,670

785

-4,750

-9,095

658

763

6,096

10,356

0

0

0

0

-

-

-

-

-

-

-

-