Extended stay america, inc. (STAY)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11
OPERATING ACTIVITIES:
Net income

165,138

211,756

172,188

163,352

283,022

150,554

82,656

22,281

46,635

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

197,400

209,329

229,216

221,309

-

-

-

-

-

Depreciation

-

-

-

-

202,531

185,833

166,679

128,564

119,064

Amortization of deferred financing costs

-

-

-

-

-

-

-

-

10,428

Amortization of intangible assets

-

-

-

-

1,366

1,374

1,374

1,374

1,374

Foreign currency transaction loss (gain)

400

-400

700

1,576

-2,732

-3,763

-

-

-

Loss on interest rate swap

0

0

-667

0

0

-

-

-

-

Amortization of deferred financing costs and debt discount

13,687

8,614

8,097

31,116

12,608

19,597

24,191

45,365

-

Amortization and write-off of above-market ground leases

0

-1,427

-136

-136

-136

-136

-136

-136

-111

Debt modification and extinguishment costs

1,084

1,183

2,351

3,999

-

-

-

-

-

Debt modification and extinguishment costs

1,084

1,183

2,351

3,999

-

-

-

-

-

Loss on disposal of property and equipment

-6,072

-3,413

-8,606

-10,740

-9,299

-3,144

-3,493

-3,499

-643

Gain on sale of hotel properties, net

0

42,478

9,973

-

130,894

864

-

-

-

Loss on sale of office building

-

-

-

-

-

-

-

-

-1,553

Impairment of long-lived assets

2,700

43,600

25,200

9,828

9,011

2,300

3,330

1,420

0

Equity-based compensation

6,913

8,318

7,552

12,000

10,500

8,803

20,168

6,428

4,730

Deferred income tax benefit

-8,116

1,019

963

-25,975

8,709

-520

-11,554

2,387

-2,499

Changes in assets and liabilities:
Accounts receivable, net

-5,749

-2,244

895

2,655

-8,306

5,040

2,909

2,879

1,901

Other assets

-739

10,214

3,606

-1,829

2,755

821

2,464

5,098

-725

Accounts payable and accrued liabilities

8,996

14,050

7,034

-1,427

14,590

2,498

26,485

-2,095

-36

Net cash provided by operating activities

399,950

449,850

446,520

422,404

-

-

-

-

180,605

Net cash provided by operating activities

-

-

-

-

428,889

370,485

311,313

201,110

-

INVESTING ACTIVITIES:
Purchases of property and equipment

182,364

158,709

166,378

-

-

-

-

-

-

Acquisition of hotel properties

10,136

12,729

0

-

-

-

-

-

-

Purchases of property and equipment

-

-

-

225,323

204,717

173,239

172,540

271,464

106,064

Acquisition of hotel property

-

-

-

0

-

-

-

-

-

Development in process payments

59,670

34,790

0

0

-

-

-

-

-

Payment for intangible assets

9,124

3,046

0

0

-

-

-

-

-

Acquisition of hotels, property and equipment

-

-

-

-

-

-

16,368

128,299

-

Proceeds from sale of hotel properties

0

309,062

63,936

0

277,108

3,223

-

-

-

(Increase) decrease in restricted cash and insurance collateral

-

-

-

-

11,363

26,151

-22,173

-175,167

-16,469

Proceeds from insurance and related recoveries

1,485

6,488

3,302

3,057

5,261

13,924

2,020

-

-

Proceeds from mortgage loans

-

-

-

-

-

-

-

2,520,000

-

Proceeds from sale of office building

-

-

-

-

-

-

-

-

11,586

Proceeds from litigation settlement

-

-

-

-

-

-

-

-

26,994

Decrease in cash collateral for insurance reserves

-

-

-

-

-

-

-

-

7,626

Net cash used in investing activities

-259,809

106,276

-99,140

-222,266

-

-

-

-

-43,389

Purchase of HVM noncontrolling interests

-

-

-

-

-

-

544

-

-

Proceeds from insurance recoveries

-

-

-

-

-

-

-

754

-

(Increase) decrease in cash collateral related to insurance reserves

-

-

-

-

-

-

-

-

7,626

Net cash (used in) provided by investing activities

-

-

-

-

66,289

-182,243

-165,259

-223,842

-

FINANCING ACTIVITIES:
Principal payments on mortgage loan

-

-

-

1,931,157

586,892

1,794

5,865

1,974,511

24,067

Proceeds from term loan facilities, net of debt discount

-

-

-

1,293,500

-

373,125

-

-

-

Principal payments on term loan facility

507,261

147,215

16,193

366,463

8,537

-

-

-

-

Proceeds from revolving credit facility

750,000

-

-

788,000

500,000

-

-

-

-

Proceeds from revolving credit facility

0

0

105,000

70,000

90,000

210,000

20,000

-

-

Payments on revolving credit facilities

0

0

150,000

25,000

90,000

230,000

-

-

-

Payments of deferred financing costs

20,689

0

0

34,475

11,476

5,222

9,850

64,619

-

Principal payments on finance leases

117

-

-

-

-

-

-

-

-

Debt modification and extinguishment costs

1,084

1,183

2,351

3,999

-

-

-

-

-

Proceeds from mezzanine loans

-

-

-

-

-

-

-

1,080,000

-

Principal payments on mezzanine loans

-

-

-

-

-

365,000

715,000

700,000

-

Tax withholdings related to restricted stock unit settlements

1,598

3,989

3,548

2,229

1,105

-

-

-

-

Repurchase of Corporation common stock and ESH REIT Class B common stock (Paired Shares)

130,721

85,405

62,323

139,895

0

0

-

-

-

Repurchase of Corporation mandatorily redeemable preferred stock

0

3

14,069

0

0

-

-

-

-

Sale of equity

-

-

-

-

-

-

649,750

-

125

Equity issuance costs

-

-

-

-

-

-

47,585

-

52

Corporation common distributions

67,182

45,791

56,126

74,153

12,278

-

-

832,938

-

Member distributions

-

-

-

-

-

-

-

-

26,064

Contributions from HVM members

-

-

-

-

-

-

-

75

-

ESH REIT common distributions

103,211

120,005

102,845

126,058

122,876

108,253

78,400

397

-

ESH REIT preferred distributions

16

16

16

16

16

16

16

16

16

Net cash used in financing activities

-

-

-

-

-243,180

-127,160

-188,977

27,594

-

Net cash provided by (used in) financing activities

-81,879

-403,607

-302,471

-551,945

-

-

-

-

-50,074

CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH DUE TO CHANGES IN FOREIGN CURRENCY EXCHANGE RATES

72

-157

293

-

-

-

-

-

-

CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH DUE TO CHANGES IN FOREIGN CURRENCY EXCHANGE RATES

-

-

-

-76

-83

-215

-202

136

71

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

58,334

152,362

45,202

-

-

-

-

-

-

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

-

-

-

-351,883

-

-

-

-

-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

-

-

-

-

251,915

60,867

-43,125

4,998

87,213

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash payments for interest, excluding modification, prepayment and other penalties, net of capitalized interest of $859 and $313

108,515

118,509

123,953

117,518

-

-

-

-

-

Cash payments for interest, excluding prepayment and other penalties

-

-

-

-

120,220

125,258

201,227

196,350

219,239

Cash (refunds) payments for income taxes, net of refunds of $18 and $0

39,622

38,577

55,694

78,903

69,825

36,379

233

11,349

1,161

Operating cash payments for finance leases

242

-

-

-

-

-

-

-

-

Operating cash payments for operating leases

2,779

-

-

-

-

-

-

-

-

NONCASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures included in accounts payable and accrued liabilities

23,446

27,850

12,596

21,912

23,951

15,912

21,241

13,625

13,867

Additions to finance lease right-of-use assets and liabilities

109

-

-

-

-

-

-

-

-

Capital lease assets included in accounts payable and accrued liabilities

-

-

-

0

-

-

-

-

-

Acquisition of hotels, property and equipment paid by Sponsors

-

-

-

-

-

-

-

3,925

-

Deferred financing costs included in accounts payable and accrued liabilities

-

-

-

79

0

0

-

2,000

-

Principal payments on term loan facilities included in accounts payable and accrued liabilities

-

-

-

3,250

0

0

-

-

-

Proceeds from sale of hotel properties included in other assets

0

0

12,589

0

0

-

-

-

-

Issuance of mandatorily redeemable preferred stock

-

-

-

-

-

-

21,202

-

-

ESH REIT
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

-

-

-

212,207

-

-

-

-

-

Depreciation and amortization

-

-

-

216,394

-

-

-

-

-

Foreign currency transaction (gain) loss

-

-

-

1,245

-

-

-

-

-

Loss on interest rate swap

-

-

-

0

-

-

-

-

-

Amortization and write-off of deferred financing costs and debt discount

-

-

-

30,358

-

-

-

-

-

Amortization and write-off of above-market ground leases

-

-

-

-136

-

-

-

-

-

Debt prepayment and extinguishment costs

-

-

-

3,999

-

-

-

-

-

Loss on disposal of property and equipment

-

-

-

-10,739

-

-

-

-

-

Gain (Loss) on Sale of Properties, before Applicable Income Taxes

-

-

-

0

-

-

-

-

-

Impairment of Long-Lived Assets Held-for-use

-

-

-

0

-

-

-

-

-

Equity-based compensation

-

-

-

126

-

-

-

-

-

Deferred income tax benefit

-

-

-

571

-

-

-

-

-

Deferred rents receivable from Extended Stay America, Inc.

-

-

-

-1,288

-

-

-

-

-

Due (to) from Extended Stay America, Inc., net

-

-

-

-4,400

-

-

-

-

-

Other assets

-

-

-

-3,268

-

-

-

-

-

Unearned rental revenues/rents receivable from Extended Stay America, Inc., net

-

-

-

3,267

-

-

-

-

-

Accounts payable and accrued liabilities

-

-

-

7,113

-

-

-

-

-

Net cash provided by operating activities

-

-

-

492,349

-

-

-

-

-

Purchases of property and equipment

-

-

-

222,257

-

-

-

-

-

Acquisition of hotel property

-

-

-

0

-

-

-

-

-

Development in process payments

-

-

-

0

-

-

-

-

-

Payment for intangible assets

-

-

-

0

-

-

-

-

-

Proceeds from Sale of Productive Assets

-

-

-

0

-

-

-

-

-

Proceeds from insurance and related recoveries

-

-

-

2,958

-

-

-

-

-

Net cash (used in) provided by investing activities

-

-

-

-219,299

-

-

-

-

-

Principal payments on mortgage loan

-

-

-

1,931,157

-

-

-

-

-

Proceeds from term loan facilities, net of debt discount

-

-

-

1,293,500

-

-

-

-

-

Principal payments on term loan facilities

-

-

-

366,463

-

-

-

-

-

Proceeds from senior notes, net of debt discount

-

-

-

788,000

-

-

-

-

-

Proceeds from revolving credit facilities

-

-

-

70,000

-

-

-

-

-

Payments on revolving credit facilities

-

-

-

25,000

-

-

-

-

-

Payments of deferred financing costs

-

-

-

34,165

-

-

-

-

-

Debt prepayment and extinguishment costs

-

-

-

4,000

-

-

-

-

-

Proceeds from loan payable to Extended Stay America, Inc.

-

-

-

75,000

-

-

-

-

-

Principal payments on loan payable to Extended Stay America, Inc.

-

-

-

25,000

-

-

-

-

-

Net proceeds to Extended Stay America, Inc.

-

-

-

-10,306

-

-

-

-

-

Repurchase of Corporation common stock and ESH REIT Class B common stock (Paired Shares)

-

-

-

53,675

-

-

-

-

-

Issuance of Class B common stock related to issuance of Paired Shares

-

-

-

1,244

-

-

-

-

-

Payments of Ordinary Dividends, Common Stock

-

-

-

281,364

-

-

-

-

-

ESH REIT preferred distributions

-

-

-

16

-

-

-

-

-

Net cash used in financing activities

-

-

-

-503,401

-

-

-

-

-

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

-

-

-

-230,351

-

-

-

-

-

Cash payments for interest, excluding prepayment and other penalties

-

-

-

116,919

-

-

-

-

-

Cash payments for income taxes, net of refunds of $0 and $6

-

-

-

1,712

-

-

-

-

-

Capital expenditures included in accounts payable and accrued liabilities

-

-

-

20,996

-

-

-

-

-

Capital lease assets included in accounts payable and accrued liabilities

-

-

-

0

-

-

-

-

-

Deferred financing costs included in accounts payable and accrued liabilities

-

-

-

76

-

-

-

-

-

Principal payments on term loan facilities included in accounts payable and accrued liabilities

-

-

-

3,250

-

-

-

-

-

Proceeds from sale of hotel properties included in other assets

-

-

-

0

-

-

-

-

-

Net receivable related to RSUs not yet settled or issued included in due to/from Extended Stay America, Inc.

-

-

-

958

-

-

-

-

-