| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
Net income (loss) | ||||||||||
766,000 | 769,000 | 390,000 | 206,000 | 124,000 | 346,000 | 205,000 | 87,000 | 111,000 | 55,000 | -46,000 |
Loss from discontinued operations | ||||||||||
- | - | - | - | - | - | - | - | - | -3,000 | -3,000 |
Gain on sale of discontinued operations | ||||||||||
- | - | - | - | - | - | - | - | - | 7,000 | 0 |
Income from continuing operations | ||||||||||
- | - | - | - | - | - | - | - | - | 51,000 | -43,000 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||
Gain (Loss) on Sale of Properties | ||||||||||
723,000 | 772,000 | 236,000 | -6,000 | 9,000 | 311,000 | 125,000 | 0 | -2,000 | 26,000 | 0 |
Depreciation and amortization | ||||||||||
329,000 | 327,000 | 348,000 | 326,000 | 320,000 | 354,000 | 345,000 | 353,000 | 305,000 | 279,000 | 269,000 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | ||||||||||
-30,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Amortization of share awards | ||||||||||
35,000 | 28,000 | 32,000 | 26,000 | 26,000 | 52,000 | 27,000 | 22,000 | - | - | - |
Amortization of operating lease right-of-use assets | ||||||||||
35,000 | - | - | - | - | - | - | - | - | - | - |
Deferred income taxes | ||||||||||
28,000 | -33,000 | 56,000 | -12,000 | -103,000 | -28,000 | -7,000 | 65,000 | -137,000 | -8,000 | 73,000 |
Asset impairments | ||||||||||
18,000 | 47,000 | 0 | 0 | - | - | 22,000 | 0 | 6,000 | 44,000 | 12,000 |
Income (Loss) from Equity Method Investments | ||||||||||
-10,000 | 8,000 | 219,000 | 67,000 | -64,000 | -54,000 | -50,000 | -44,000 | -17,000 | -54,000 | -28,000 |
Amortization of management and franchise agreement assets constituting payments to customers | ||||||||||
22,000 | 20,000 | 18,000 | 16,000 | - | - | - | - | - | - | - |
Gain on extinguishment of debt | ||||||||||
- | - | - | - | - | - | - | - | - | 35,000 | 0 |
Net realized gains from other marketable securities | ||||||||||
- | - | - | - | - | - | - | 17,000 | 0 | 0 | - |
Unrealized (gains) losses, net | ||||||||||
- | - | - | - | - | - | - | - | -13,000 | 19,000 | 10,000 |
Gain on sale of contractual right | ||||||||||
16,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Realized (gains) losses, net | ||||||||||
2,000 | -3,000 | -41,000 | 4,000 | 0 | - | - | - | - | - | - |
Unrealized (gains) losses, net | ||||||||||
26,000 | -47,000 | 1,000 | - | - | - | - | - | - | - | - |
Provisions (recoveries) on hotel loans | ||||||||||
- | - | - | - | - | - | 6,000 | 4,000 | 4,000 | 1,000 | 9,000 |
Income from cost method investments | ||||||||||
- | - | - | - | - | - | - | - | - | 0 | 22,000 |
Foreign currency (gains) losses | ||||||||||
- | - | - | - | - | - | -5,000 | -3,000 | -5,000 | -3,000 | 5,000 |
Distributions from unconsolidated hospitality ventures | ||||||||||
13,000 | 17,000 | 29,000 | 35,000 | 36,000 | - | - | - | - | - | - |
Working capital changes and other | ||||||||||
-55,000 | -25,000 | 4,000 | -42,000 | 55,000 | -18,000 | -41,000 | 5,000 | 32,000 | 36,000 | 47,000 |
Increase (decrease) in cash attributable to changes in assets and liabilities and other | ||||||||||
Restricted cash | ||||||||||
- | - | - | - | -78,000 | 18,000 | 73,000 | 1,000 | 2,000 | - | - |
Receivables, net | ||||||||||
29,000 | -14,000 | 37,000 | 14,000 | -29,000 | 28,000 | 9,000 | 33,000 | 17,000 | 22,000 | 57,000 |
Inventories | ||||||||||
-1,000 | 0 | -12,000 | -2,000 | -1,000 | -8,000 | -3,000 | -8,000 | -7,000 | 4,000 | -10,000 |
Prepaid income taxes | ||||||||||
-10,000 | 5,000 | -14,000 | -21,000 | 16,000 | 53,000 | -16,000 | -8,000 | 6,000 | 76,000 | -66,000 |
Accounts payable, accrued expenses, and other current liabilities | ||||||||||
26,000 | -80,000 | 102,000 | 7,000 | -7,000 | 186,000 | 71,000 | 81,000 | 10,000 | 11,000 | -46,000 |
Operating lease liabilities | ||||||||||
-34,000 | - | - | - | - | - | - | - | - | - | - |
Accrued compensation and benefits | ||||||||||
-1,000 | 6,000 | 22,000 | 7,000 | 5,000 | -9,000 | -5,000 | 22,000 | 5,000 | 11,000 | 4,000 |
Other long-term liabilities | ||||||||||
73,000 | 51,000 | 53,000 | 34,000 | 1,000 | -19,000 | -6,000 | -118,000 | 62,000 | -11,000 | 10,000 |
Other, net | ||||||||||
54,000 | 65,000 | 41,000 | 93,000 | 66,000 | 43,000 | 28,000 | 34,000 | 24,000 | -43,000 | -31,000 |
Net cash provided by (used in) operating activities | ||||||||||
396,000 | 341,000 | 587,000 | 462,000 | 538,000 | 473,000 | 456,000 | 499,000 | 393,000 | 450,000 | 276,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Purchases of marketable securities and short-term investments | ||||||||||
350,000 | 665,000 | 469,000 | 464,000 | 530,000 | 421,000 | 301,000 | 370,000 | 503,000 | 1,741,000 | 402,000 |
Proceeds from marketable securities and short-term investments | ||||||||||
349,000 | 624,000 | 480,000 | 457,000 | 521,000 | 320,000 | 741,000 | 467,000 | 417,000 | 1,343,000 | 321,000 |
Contributions to equity method and other investments | ||||||||||
48,000 | 60,000 | 89,000 | 107,000 | 37,000 | 114,000 | 428,000 | 90,000 | 44,000 | 84,000 | 51,000 |
Return of equity method and other investments | ||||||||||
28,000 | 51,000 | 425,000 | 132,000 | 19,000 | 57,000 | 86,000 | 39,000 | 3,000 | - | - |
Proceeds from sale of investments | ||||||||||
- | - | - | - | - | - | 0 | 52,000 | 0 | 0 | - |
Acquisitions, net of cash acquired | ||||||||||
18,000 | 678,000 | 259,000 | 492,000 | 3,000 | 548,000 | 814,000 | 233,000 | 716,000 | 0 | 109,000 |
Capital expenditures | ||||||||||
369,000 | 297,000 | 298,000 | 211,000 | 269,000 | 253,000 | 232,000 | 301,000 | 331,000 | 310,000 | 216,000 |
Issuance of financing receivables | ||||||||||
18,000 | 2,000 | 0 | 38,000 | 8,000 | 5,000 | - | 67,000 | 3,000 | - | - |
Proceeds from financing receivables | ||||||||||
46,000 | 0 | 0 | 38,000 | 28,000 | 56,000 | 279,000 | 18,000 | 11,000 | - | - |
Proceeds from sales of real estate, net of cash disposed | ||||||||||
940,000 | 1,382,000 | 663,000 | 289,000 | 88,000 | 1,467,000 | 601,000 | 87,000 | 108,000 | 0 | 0 |
Proceeds from sale of contractual right | ||||||||||
21,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Issuance of Notes Receivable | ||||||||||
- | - | - | - | - | - | - | - | - | 4,000 | - |
Proceeds from sales of real estate | ||||||||||
- | - | - | - | - | - | - | - | - | 233,000 | 0 |
Sales proceeds transferred to escrow as restricted cash | ||||||||||
- | - | - | - | 0 | 870,000 | 498,000 | 44,000 | 35,000 | 210,000 | 0 |
Sales proceeds transferred from escrow to cash and cash equivalents | ||||||||||
- | - | - | - | 143,000 | 714,000 | 466,000 | 0 | 132,000 | 113,000 | 0 |
Pre-condemnation proceeds | ||||||||||
0 | 7,000 | 15,000 | 0 | 0 | - | - | - | - | - | - |
(Increase) decrease in restricted cash | ||||||||||
- | - | - | - | - | 8,000 | 9,000 | -1,000 | 25,000 | 1,000 | -9,000 |
Other investing activities | ||||||||||
-4,000 | -12,000 | 11,000 | -24,000 | -1,000 | 22,000 | 38,000 | 48,000 | 29,000 | 2,000 | -21,000 |
Net cash provided by (used in) investing activities | ||||||||||
585,000 | 374,000 | 457,000 | -372,000 | -47,000 | 373,000 | -147,000 | -489,000 | -1,015,000 | -663,000 | -427,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Proceeds from long-term debt | ||||||||||
400,000 | 416,000 | 670,000 | 620,000 | 12,000 | 249,000 | 385,000 | 10,000 | 519,000 | 0 | 495,000 |
Repayments of debt | ||||||||||
409,000 | 231,000 | 782,000 | 438,000 | 5,000 | 208,000 | 368,000 | 0 | 54,000 | 39,000 | 257,000 |
Proceeds from revolver | ||||||||||
- | - | - | - | - | - | - | - | - | - | 675,000 |
Payments on revolver | ||||||||||
- | - | - | - | - | - | - | - | - | - | 705,000 |
Repurchase of senior subordinated notes | ||||||||||
- | - | - | - | - | - | - | - | - | - | 600,000 |
Repurchases of common stock | ||||||||||
421,000 | 946,000 | 743,000 | 272,000 | 715,000 | 443,000 | 275,000 | 136,000 | 396,000 | 0 | 0 |
Contingent consideration paid | ||||||||||
24,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Proceeds from Issuance of Redeemable Preferred Stock | ||||||||||
0 | 0 | 9,000 | 0 | 0 | - | - | - | - | - | - |
Payments for Repurchase of Redeemable Preferred Stock | ||||||||||
0 | 10,000 | 0 | 0 | - | - | - | - | - | - | - |
Dividends paid | ||||||||||
80,000 | 68,000 | 0 | 0 | - | - | - | - | - | - | - |
Repayment of capital lease obligation | ||||||||||
- | - | - | - | - | 191,000 | 0 | 0 | - | - | - |
Issuance of common stock, net of related costs | ||||||||||
- | - | - | - | - | - | - | - | - | - | 1,355,000 |
Issuance of Class A common stock in IPO, net of underwriter fees | ||||||||||
- | - | - | - | - | - | - | - | - | - | 127,000 |
Other financing activities | ||||||||||
-7,000 | -11,000 | -12,000 | -6,000 | -7,000 | -14,000 | -6,000 | 2,000 | -13,000 | 0 | -34,000 |
Net cash provided by (used in) financing activities | ||||||||||
-541,000 | -850,000 | -858,000 | -96,000 | -715,000 | -607,000 | -264,000 | -124,000 | 56,000 | -39,000 | 1,056,000 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||||||||
1,000 | 5,000 | -7,000 | 12,000 | -4,000 | -8,000 | -4,000 | -7,000 | -10,000 | 8,000 | -6,000 |
Proceeds from sale of discontinued operations | ||||||||||
- | - | - | - | - | - | - | - | - | 27,000 | 0 |
Sale proceeds transferred to escrow as restricted cash | ||||||||||
- | - | - | - | - | - | - | - | - | 22,000 | 0 |
Sales proceeds transferred from escrow to cash and cash equivalents | ||||||||||
- | - | - | - | - | - | - | - | - | 22,000 | 0 |
Net cash provided by investing activities of discontinued operations | ||||||||||
- | - | - | - | - | - | - | - | - | 27,000 | 0 |
Net cash provided by discontinued operations | ||||||||||
- | - | - | - | - | - | - | - | - | 27,000 | 0 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ||||||||||
441,000 | -130,000 | 179,000 | 6,000 | -228,000 | 231,000 | 41,000 | -121,000 | -576,000 | -217,000 | 899,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||
Cash paid during the period for interest | ||||||||||
- | - | - | - | 69,000 | 71,000 | 66,000 | 68,000 | 49,000 | 57,000 | 50,000 |
Cash paid during the period for income taxes | ||||||||||
- | - | - | - | 145,000 | 267,000 | 119,000 | 50,000 | 60,000 | 63,000 | 60,000 |
Non-cash operating activities are as follows: | ||||||||||
Non-cash debt repayment guarantee | ||||||||||
- | - | - | - | - | - | 0 | - | - | - | - |
Non-cash performance guarantee | ||||||||||
- | - | - | - | - | - | 128,000 | 0 | 0 | - | - |
Non-cash investing and financing activities are as follows: | ||||||||||
Non-cash contributions to equity method and other investments (see Note 7, Note 13) | ||||||||||
- | - | - | - | 17,000 | 0 | 0 | - | - | - | - |
Non-cash management and franchise agreement intangibles | ||||||||||
- | - | - | - | 3,000 | 0 | 128,000 | - | - | - | - |
Timeshare Inventory transfered to fixed assets (see Note 2) | ||||||||||
- | - | - | - | - | - | - | - | - | - | 47,000 |
Acquisitions of treasury stock (see Note 17) | ||||||||||
- | - | - | - | - | - | - | - | - | - | 2,000 |
Purchase of land | ||||||||||
- | - | - | - | - | - | - | - | - | 24,000 | 0 |
Equity contribution of property and equipment, net | ||||||||||
- | - | - | - | - | - | - | - | 10,000 | 0 | 0 |
Equity contribution of long-term debt (see Note 8) | ||||||||||
- | - | - | - | - | - | - | - | 25,000 | 0 | 0 |
Contribution to investment (see Note 3) | ||||||||||
- | - | - | - | - | - | - | - | 20,000 | 0 | 0 |
Non-cash contract acquisition costs | ||||||||||
- | - | - | - | - | - | - | 0 | 0 | - | - |
Change in accrued capital expenditures | ||||||||||
- | - | - | - | 6,000 | 4,000 | -7,000 | -40,000 | 19,000 | 4,000 | - |
Acquired capital leases | ||||||||||
- | - | - | - | - | - | - | - | 7,000 | 0 | 0 |