Drive shack inc. (DS)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash Flows From Operating Activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

-54,854

-38,683

-42,201

77,336

21,554

32,394

152,341

434,110

-

-

-

Net income

-

-

-

-

-

-

-

-

259,447

621,662

-209,904

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

22,396

19,704

24,304

26,496

28,645

117,594

30,973

7,451

-

-

-

Depreciation and amortization

-

-

-

-

-

-

-

-

-

262

-

Depreciation and amortization

-

-

-

-

-

-

-

-

312

-

295

Amortization of discount and premium

275

-1,159

3,457

6,445

2,555

14,482

30,621

45,582

-44,786

18,982

-28,066

Other amortization

7,225

10,965

10,564

10,254

10,782

10,663

-

-

-

-

-

Interest income in CDOs redirected for reinvestment or CDO bond paydown

-

-

-

-

-

-

-

-

-10,279

25,975

-20,984

Net interest income on investments accrued to principal balance

0

0

8,458

28,886

27,246

20,386

26,148

22,398

-19,507

12,535

0

Amortization of revenue on golf membership deposit liabilities

1,422

1,549

1,264

884

509

167

0

-

-

-

-

Amortization of prepaid golf membership dues

14,569

26,545

28,919

28,902

29,558

28,071

0

-

-

-

-

Non-cash operating lease expense

7,043

0

0

-

-

-

-

-

-

-

-

Non-cash directors compensation

-

-

-

-

313

321

350

280

-

75

-

Stock-based compensation

1,317

2,304

563

351

-

-

-

-

-

-

-

Impairment and other losses

15,413

8,240

60

10,381

11,896

-

-

-

-

-

-

Interest expense on debt accrued to principal balance

-

-

-

-

-

-

-

-

728

2,964

2,402

Valuation allowance on loans

-

-

-

-

-

-2,419

-25,035

-24,587

-

-339,887

-

Non-cash director' compensation

-

-

-

-

-

-

-

-

149

-

105

Valuation allowance (reversal) on loans

-

-

-

-

-

-

-

-

-15,163

-

15,007

Other-than-temporary impairment on securities and other investments

-

-

-

-

-

0

5,266

18,923

15,840

99,029

533,533

Change in fair value on investments in excess mortgage servicing rights

-

-

-

-

-

-

3,894

9,023

-

-

-

Change in fair value of investments in equity method investees

-

-

-

-

-

-

19,170

-

-

-

-

Change in fair value of contingent consideration

-

-

-

-

-

-1,500

0

-

-

-

-

Straight-lining of rental income

-

-

-

-

-

21,794

0

-

-

-

-

Equity in earnings from equity method investments, net of distributions

1,381

1,471

1,536

-1,338

-6,194

954

677

-

-

-

-

Gain on deconsolidation

-

-

-

82,196

-

-

-

-

-

-

-

Other (gains) losses, net

19,303

9,651

-5,429

20,629

-

-

-

-

-

-

-

Realized and unrealized (gain) loss on investments

0

131

-1,128

-21,906

-

-

-

-

-

-

-

Gain on deconsolidation

-

-

-

-

0

0

-

-

-

-

-

Loss (gain) on settlement of investments, net

-

-

-

-

19,305

51,380

17,369

232,897

-

-

-

Unrealized (gain) on investments

-

-

-

-

1,758

0

-

-

-

-

-

Proceeds from sale of real estate held for sale

-

-

-

-

-

-

-

-

650

-

1,350

Distributions of earnings from equity method investees

-

-

-

-

-

-

-

-

0

193

91

Impairment of long-lived assets

-

-

-

-

-

-

-

-

433

260

550

Change in fair value of investments in excess mortgage servicing rights

-

-

-

-

-

-

-

-

-367

0

0

Gain on settlement of investments (net) and real estate held-for-sale

-

-

-

-

-

-

-

-

-77,310

52,307

-11,438

Gain on deconsolidation

-

-

-

-

-

-

-

-

-

0

-

Unrealized loss on non-hedge derivatives

-

-

-

-

-

17,565

10,467

2,547

11,572

-36,564

55

Loss on extinguishment of debt, net

-230

-1,542

-294

-780

15,306

-3,410

4,565

24,085

66,110

265,656

215,279

Change in:
Restricted cash

-

-

-

-

2,344

-1,464

-10,595

3,829

1,161

-151

4,142

Accounts receivable, net, other current assets and other assets - noncurrent

-2,727

-3,075

2,159

-595

1,805

314

19,077

1,702

-1,342

-4,577

4,370

Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent

7,335

23,839

33,277

27,868

18,361

30,665

63,684

3,220

-

-

-

Acquisition of investments in excess mortgage servicing rights

-

-

-

-

-

-

-

221,832

2,268

-

0

Net cash used in operating activities

-28,118

-7,202

-12,375

9,363

-2,641

-

-

-

57,031

-

74,169

Due to affiliates

-

-

-

-

-

-

-

-

240

-78

-35

Accrued expenses and other liabilities

-

-

-

-

-

-

-

-

986

-1,278

-584

Payment of deferred interest

-

-

-

-

-

-

-

-

-

0

-

Deferred interest received

-

-

-

-

-

-

-

-

1,027

44

0

Net cash used in operating activities

-

-

-

-

-

37,479

106,186

97,334

-

48,890

-

Cash Flows From Investing Activities
Proceeds from sale of property and equipment

62,899

78,888

0

0

-

-

-

-

-

-

-

Funds reserved for future capital expenditures

-

-

-

-

-

3,424

0

-

-

-

-

Change in restricted cash from investing activities

-

-

-

-

56,774

0

0

-

-

-

-

Proceeds from sale of real estate securities

-

-

-

-

-

-

-

-

3,885

-

131,120

Acquisition of investments in excess mortgage servicing rights

-

-

-

-

-

-

-

-

40,492

0

0

Acquisition and additions of investments in real estate

-

-

-

-

-

315,454

1,254,214

185,982

-

0

-

Deposits paid on property and equipment

-

-

-

0

0

-

-

-

-

-

-

Deposits received on real estate held-for-sale

0

9,400

0

0

-

-

-

-

-

-

-

Acquisition and additions of property and equipment and intangibles

74,868

62,352

34,292

12,571

7,637

-

-

-

-

-

-

Purchase of real estate securities

-

-

-

3,086,654

-

-

-

-

-

-

-

Proceeds from sale of securities and loans

0

0

595,850

2,777,808

-

-

-

-

-

-

-

Principal repayments from investments

0

0

100,020

152,769

128,191

245,447

494,443

191,703

-

-

-

Restructuring of investments in media and golf, net of cash and cash equivalents acquired

-

-

-

-

-

-

60,654

0

-

-

-

Principal repayments from loans and non-CDO securities (excluding non-Agency RMBS)

-

-

-

-

-

-

-

-

82,907

64,533

63,934

Purchase of real estate securities

-

-

-

-

1,409,693

404,638

1,411,002

989,709

333,895

4,059

1,800

Purchase of real estate related and other loans

-

-

-

-

-

-

382,771

27,226

0

-

14,588

Purchase of real estate loans

-

-

-

-

-

-

-

-

-

6,024

-

Proceeds from sale of securities and loans

-

-

-

-

1,425,480

798,580

46,536

127,000

-

26,022

-

Return of margin deposits on total rate of return swaps (treated as derivative instruments)

-

-

-

-

-

-

-

-

0

-

37

Net payments for settlement of TBAs

0

0

4,669

-18,318

0

0

-

-

14,322

-

11,610

Principal repayments from repurchased CDO debt

-

-

-

-

-

-

-

-

65,912

1,211

0

Principal repayments from CDO securities

-

-

-

-

-

-

-

-

10,728

0

0

Principal repayments from non-Agency RMBS

-

-

-

-

-

-

-

-

-

148

-

Return of investment in excess mortgage servicing rights

-

-

-

-

-

-

15,803

29,167

760

0

0

Proceeds from sale of real estate held for sale

-

-

-

-

-

-

-

-

-

840

-

Acquisition of servicing rights

-

-

-

-

-

-

-

-

-

100

-

Deposits paid on investments

-

-

-

-

-

655

505

275

-

0

-

Additions to investments in real estate

-

-

-

-

-

-

-

-

-

0

-

Return of deposit paid on investments

-

-

-

-

-

-

-

-

-

0

-

Margin received on derivative instruments

-

-

-

-

-

-

-

-

0

5,073

3,550

Payments on settlement of derivative instruments

-

-

-

-

-

-

-

-

-

11,394

-

Contributions to equity method investment

24

7

343

0

0

-

374,367

0

-

-

-

Net cash used in investing activities

-11,993

25,929

656,566

-150,330

193,115

319,856

-2,926,731

-1,077,154

-226,135

76,443

172,084

Cash Flows From Financing Activities
Issuance of other bonds payable

-

-

-

-

-

-

-

-

-

97,650

-

Repayments of debt obligations

7,440

107,790

606,568

2,790,931

1,983,438

831,042

1,400,255

135,497

204,151

143,678

77,360

Golf membership deposits received

2,262

3,143

3,431

3,865

4,711

3,518

0

-

-

-

-

Preferred stock dividends paid

5,580

5,580

5,580

5,580

5,580

5,580

5,580

5,580

8,371

19,484

0

Repurchases of debt obligations

-

-

-

-

152,281

0

31,285

35,748

101,954

72,718

27,422

Repurchases of debt obligations

-

-

-

-

-

-

-

-

0

9,715

0

Borrowings under debt obligations

0

0

1,651

3,068,280

1,966,666

668,003

3,271,588

903,274

142,736

-

0

Borrowings under repurchase agreements

-

-

-

-

-

-

-

-

321,020

18,914

0

Repayments of repurchase agreements

-

-

-

-

-

-

-

-

100,012

71,491

205,163

Margin deposits under repurchase agreements and derivatives

0

0

89,692

135,758

130,398

36,752

207,905

-87,895

-

17,370

-

Return of margin deposits under repurchase agreements and derivatives

0

0

87,785

133,991

128,430

38,079

175,405

-87,895

-

17,370

-

Borrowings under mortgage notes payable

-

-

-

-

-

-

-

-

-

0

-

Margin deposits under repurchase agreements

-

-

-

-

-

-

-

-

0

-

7,303

Return of margin deposits under repurchase agreements

-

-

-

-

-

-

-

-

0

-

7,586

Issuance of common stock

-

-

-

0

-

198,702

1,264,769

435,821

211,567

0

0

Costs related to issuance of common stock

-

-

-

-

-

595

2,471

1,083

905

0

0

Contribution of cash upon spin-off

-

-

-

-

-

269,091

181,582

0

-

-

-

Cash consideration paid to redeem preferred stock

-

-

-

-

-

-

-

-

0

16,001

0

Common stock dividends paid

0

0

8,019

32,011

31,897

145,299

165,989

104,196

23,706

0

0

Payment of deferred financing costs

-

-

-

-

-

4,592

40,633

2,385

-

1,677

-

Payment of deferred financing costs

-

-

-

4,248

754

-

-

-

1,581

-

200

Proceeds from settlement of derivative instruments

-

-

-

0

13,519

4,151

-217

-

-

-

-

Purchase of derivative instruments

-

-

-

-

-

-

-

244

-

0

-

Proceeds from settlement of derivative instruments

-

-

-

-

-

-

-

0

-

-

-

Restricted cash returned from refinancing activities

-

-

-

-

-

-

18,312

0

58,293

58,091

82,163

Other financing activities

14

631

-55

-217

-625

-617

0

-

-

-

-

Net cash used in financing activities

-10,744

-109,596

-617,047

237,391

-218,685

-389,417

2,694,591

1,054,362

292,936

-160,109

-227,699

Net Decrease in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent

-50,855

-90,869

27,144

96,424

-

-

-

-

-

-

-

Net Increase (Decrease) in Cash and Cash Equivalents

-

-

-

-

-28,211

-32,082

-125,954

74,542

123,832

-34,776

18,554

Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense

3,854

10,607

12,414

12,316

-

-

-

-

-

-

-

Cash paid during the period for interest expense

-

-

-

-

16,438

73,735

48,892

71,395

99,096

125,582

161,254

Cash paid during the period for income taxes

124

225

1,700

386

268

1,355

899

-

-

-

-

Supplemental Schedule of Non-Cash Investing and Financing Activities
Common stock dividends declared but not paid

-

-

-

8,019

7,999

7,971

35,145

37,954

15,777

0

0

Preferred stock dividends declared but not paid

930

930

930

930

930

930

930

930

930

0

0

Financing costs accrued but not paid

-

-

-

22

0

0

-

-

-

-

-

Assumption of mortgage notes payable, at fair value

-

-

-

-

-

-

43,128

0

-

-

-

Re-issuance of other bonds and notes payable to third parties upon deconsolidation of CDO

-

-

-

-

-

-

-

29,959

-

0

-

Issuance of seller financing for acquisition of senior housing properties, at fair value

-

-

-

-

-

-

9,412

0

-

-

-

Additions to finance lease assets and liabilities

12,776

4,442

4,265

8,240

7,182

6,529

0

-

-

-

-

Changes in property and equipment not yet paid for

-

-

-

0

0

-

-

-

-

-

-

Increases in accounts payable and accrued expenses related to the purchase of property and equipment

-7,508

3,174

8,557

-

-

-

-

-

-

-

-

Option exercise

-

-

-

410

752

3,369

885

-

-

-

-

Property and equipment sold but not settled

0

0

800

0

0

-

-

-

-

-

-

Issuance of junior subordinated notes in exchange of previously issued trust preferred securities

-

-

-

-

-

-

-

-

0

-

100,000

Common stock issued to redeem preferred stock

-

-

-

-

-

-

-

-

0

28,457

0

Face amount of CDO bonds issued in exchange for previously issued junior subordinated notes of $52,094

-

-

-

-

-

-

-

-

0

37,625

0

Loans reclassified as other investments

-

-

-

-

-

-

-

-

0

24,907

0

Purchase price payable on investments in excess mortgage servicing rights

-

-

-

-

-

-

-

59

-

0

-