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Ashford Reports Third Quarter 2019 Results

DALLAS, Oct. 30, 2019 /PRNewswire/ -- Ashford Inc. (NYSE American: AINC) ("Ashford" or the "Company") today reported the following results and performance measures for the third quarter ended September 30, 2019.  Unless otherwise stated, all reported results compare the third quarter ended September 30, 2019, with the third quarter ended September 30, 2018 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release. 

STRATEGIC OVERVIEW

  • High-growth, fee-based business model
  • Diversified platform of multiple fee generators
  • Seeks to grow in two primary areas:
    • Grow our existing REIT platforms accretively and create new platforms; and
    • Grow our service businesses via increased AUM and third-party business
  • Highly-aligned management team with superior long-term track record
  • Leader in asset and investment management for the real estate & hospitality sectors

FINANCIAL AND OPERATING HIGHLIGHTS

  • Net loss attributable to common stockholders for the third quarter of 2019 totaled $9.4 million, or $3.94 per diluted share, compared with net income of $1.4 million, or $0.18 per diluted share, in the prior-year quarter. Adjusted net income for the third quarter was $7.0 million, or $1.58 per diluted share, compared with $2.6 million, or $0.75 per diluted share, in the prior-year quarter.
  • Total revenue for the third quarter of 2019 was $56.9 million, reflecting a growth rate of 36.9% over the prior-year quarter.
  • Adjusted EBITDA for the third quarter was $8.4 million, reflecting a growth rate of 104.1% over the prior-year quarter.
  • At the end of the third quarter of 2019, the Company had approximately $8.1 billion of gross assets under management.
  • During the quarter, the Company closed on the acquisition of Sebago for $7 million, which equates to an implied trailing 12-month Adjusted EBITDA multiple of 4.4x.
  • During the quarter, the Company formed Ashford Securities LLC, a dedicated platform to raise retail capital through financial intermediaries and the broker-dealer channel.
  • Subsequent to quarter end, the Company repurchased stock from Ashford Trust and Braemar Hotels & Resorts that represented approximately 16% of its common shares outstanding.
  • Subsequent to quarter end, the Company announced it had obtained stockholder approval for the proposed acquisition of Remington Holdings' Hotel Management business.
  • As of September 30, 2019, the Company had corporate cash of $33.2 million.

AGREEMENT TO ACQUIRE REMINGTON'S HOTEL MANAGEMENT BUSINESS
On June 3, 2019, the Company announced that it had signed a definitive agreement to acquire the Hotel Management business of privately-held Remington Holdings, LP ("Remington"). The proposed acquisition of Remington's high-margin, low-capex Hotel Management business is expected to be immediately accretive to adjusted net income per share and will immediately add scale, diversification and an enhanced competitive position for Ashford. It will also expand the breadth of services the Company offers to its advised REITs. Additionally, the Company believes the transaction represents a compelling opportunity to further diversify its earnings stream and, moving forward, the potential to expand business to other third-party clients.

Remington is an independent hotel management company with over 40 years of experience in the hospitality business. Remington's Hotel Management business currently provides comprehensive and cost-effective hotel management services for both Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or "Trust") and Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar"). Remington's portfolio consists of almost 90 hotels with over 17,400 rooms of full-service and select-service properties representing over a dozen brands across 28 states as well as the District of Columbia. Remington's Hotel Management business currently has very little third-party business outside of the Company's advised REITs, which will be an immediate growth opportunity and area of focus for the Company going forward.

On October 24, 2019, the Company announced the final results of the Special Meeting of Stockholders held October 24, 2019, during which Ashford stockholders overwhelmingly approved the proposal in connection with the transaction.  Holders of approximately 92% of Ashford shares present and voting at the meeting voted in favor of the proposal, including a majority of shares, excluding shares owned by Ashford Trust, Braemar, the Bennetts, and management, present and voting at the meeting voted in favor of the proposal.  The Company also announced that it has received the final, official private letter ruling from the Internal Revenue Service related to the transaction.

The proposed acquisition is expected to close on or around November 6, 2019.

STOCK REPURCHASE FROM ASHFORD TRUST AND BRAEMAR
On October 2, 2019, the Company announced that it acquired an aggregate of 412,974 shares of its common stock owned by Ashford Trust and Braemar for $30 per share, resulting in a total cost of approximately $12.4 million. This stock purchase represented approximately 16% of the Company's common shares outstanding.  Due to the parameters of the private letter ruling received from the Internal Revenue Service ("IRS"), the Company was only able to acquire the shares held by Ashford Trust's and Braemar's taxable REIT subsidiaries. Ashford Trust has announced that it intends to distribute its remaining 205,086 shares of Ashford common stock to its shareholders and unitholders in a pro-rata distribution. Braemar has also announced that it intends to distribute its remaining 174,983 shares of Ashford common stock to its shareholders and unitholders in a pro-rata distribution.  Both distributions are to occur prior to the Remington closing.

CREATION OF ASHFORD SECURITIES  
On September 25, 2019, the Company announced that it had formed Ashford Securities LLC ("Ashford Securities") to raise capital in order to grow its existing and future platforms. Following registration with the Financial Industry Regulatory Authority and other regulatory authorities, Ashford Securities will be a dedicated capital raising platform to fund investment opportunities sponsored and asset-managed by Ashford. Types of capital raised may include, but are not limited to, preferred equity, convertible preferred equity, mezzanine debt, or non-traded REIT common equity (for future platforms).

Ashford Securities is not raising common equity for the Company nor for its existing advised platforms of Ashford Trust and Braemar. Ashford Securities expects to begin raising capital late in the first half of next year. Competitors in the space have been able to raise hundreds of millions of dollars annually.

PREMIER PROJECT MANAGEMENT UPDATE
In August 2018, the Company completed the acquisition of Premier Project Management ("Premier") for $203 million.  Premier provides comprehensive and cost-effective architecture, design, development, and project management services. It provides project oversight, coordination, planning, and execution of renovation, capital expenditure or ground-up development projects. Its operations are responsible for managing and implementing substantially all capital improvements at Trust and Braemar hotels. Additionally, it has extensive experience working with many of the major hotel brands in the areas of renovating, converting, developing or repositioning hotels. Premier generated $7.9 million of revenue and $3.7 million of Adjusted EBITDA in the third quarter, including $422,000 of revenue from its new architectural services initiative.

JSAV UPDATE
The Company owns a controlling interest in a privately-held company that conducts the business of JSAV in the United States, Mexico and internationally ("JSAV"). JSAV provides an integrated suite of audio visual services, including show and event services, hospitality services, creative services, and design and integration, making JSAV a leading single-source solution for their clients' meeting and event needs.  In the first quarter of 2019, JSAV completed the acquisition of BAV.  During the third quarter, JSAV had revenue growth of 54% compared to the prior-year period.  Additionally, at the end of the third quarter, JSAV had multi-year contracts in place with 93 hotels and convention centers, in addition to regular business representing over 2,700 annual events and productions, 500 venue locations, and 750 clients. 

RED HOSPITALITY & LEISURE UPDATE
RED Hospitality & Leisure ("RED Hospitality") is a leading provider of watersports activities and other travel and transportation services in the U.S. Virgin Islands. RED Hospitality has several potential avenues for future growth including opportunities to expand into other hotels at Ashford-advised REITs or non-Ashford hotels in the USVI, the Caribbean, and the U.S. To that end, with the commencement of ferry transportation services and beach and watersports services to the Westin St. John in January, continued beach and watersports services to the Ritz-Carlton St. Thomas Club - the timeshare and rental property adjacent to the Ritz-Carlton St. Thomas hotel - and increased direct bookings and private charter business, in the third quarter, RED Hospitality generated $1.7 million of revenue and $419,000 of Adjusted EBITDA. Third quarter revenue growth was 526% compared to the prior-year period.

ACQUISITION OF SEBAGO
On July 23, 2019, the Company announced that RED Hospitality completed the acquisition of substantially all of the assets of Sebago, a leading provider of watersports activities and excursion services based in Key West, Florida for approximately $2.5 million in cash and $4.5 million of Ashford common stock (excluding transaction costs and working capital adjustments). Based on unaudited financials provided by the seller, Sebago's Adjusted EBITDA for the trailing twelve-month period ended April 30, 2019 was $1.6 million. The implied Adjusted EBITDA multiple based on the total purchase price is 4.4x which the Company believes represents an attractive potential return on investment. After giving effect to the transaction, Ashford will own an approximately 84% interest in the common equity of RED Hospitality.

With over 25 years of operating history, Sebago provides watersports activities and excursion services in the Key West market. Sebago's watersports activities and excursion services include sunset sails, reef snorkeling, kayak tours, jet ski tours, and all-day adventure tours combining the best of all their excursion products. Sebago has a leading brand with 3 of the top 10 ranked tours on TripAdvisor.   Sebago's sales booths are well-located across the Key West market, and they have ideal dock locations for marketing and boarding the company's tours in the Key West Bight marina – a hub of tourism centrally located in Key West. Based on local regulations, significant barriers to entry exist for this competitive market including the transfer of boat slips, the supply of boat slips for commercial use, and physical limitations to expanding the Key West Bight marina. The Company believes the brand recognition, existing employee base, lead time to replicate existing assets, and other significant barriers to entry support Sebago's competitive advantage and future growth potential.

FINANCIAL RESULTS
Net loss attributable to common stockholders for the quarter totaled $9.4 million, or $3.94 per diluted share, compared with net income of $1.4 million, or $0.18 per diluted share, in the prior-year quarter.  Adjusted net income for the quarter was $7.0 million, or $1.58 per diluted share, compared with $2.6 million, or $0.75 per diluted share in the prior-year quarter.

For the quarter ended September 30, 2019, base advisory fee revenue was $10.6 million.  The base advisory fee revenue in the third quarter was comprised of $8.0 million from Ashford Trust and $2.6 million from Braemar.

Adjusted EBITDA for the quarter was $8.4 million, reflecting a growth rate of 104.1% over the prior-year quarter.

CAPITAL STRUCTURE
At the end of the third quarter of 2019, the Company had approximately $8.1 billion of gross assets under management from its advised platforms.  The Company had corporate cash of $33.2 million, 3.0 million fully diluted shares, and a current fully diluted equity market capitalization of approximately $56 million.  The Company's financial results include 1.45 million common shares associated with its Series B convertible preferred stock.  The Company had $28.9 million of loans at September 30, 2019, of which approximately $3.9 million related to its joint venture partners' share of those loans.

QUARTERLY HIGHLIGHTS FOR ADVISED PLATFORMS

ASHFORD TRUST HIGHLIGHTS

  • During the quarter, Ashford Trust completed the sale of the Marriott Plaza San Antonio in San Antonio, Texas for $34.0 million.
  • During the quarter, Ashford Trust completed the sales of the Courtyard Savannah Downtown in Savannah, Georgia and the Hilton Garden Inn in Wisconsin Dells, Wisconsin for $37.8 million.
  • Subsequent to quarter end, Ashford Trust entered into a new franchise agreement for the Hilton Alexandria Old Town in Alexandria, Virginia that transitioned the hotel from being Hilton-managed to being managed by Remington Lodging.
  • Subsequent to quarter end, Ashford Trust announced that it had entered into a new franchise agreement with Marriott International to convert its Crowne Plaza La Concha Key West Hotel in Key West, Florida to an Autograph Collection property.
  • Subsequent to quarter end, Ashford Trust sold a 1.65-acre parking lot adjacent to its Hilton St. Petersburg Bayfront Hotel in St. Petersburg, Florida for $17.5 million in total consideration which will be paid over time.

BRAEMAR HOTELS & RESORTS HIGHLIGHTS

  • During the quarter, Braemar opened The Notary Hotel, an Autograph Collection property, in downtown Philadelphia after a multi-million-dollar conversion of its Courtyard Downtown Philadelphia.
  • During the quarter, Braemar announced the planned opening of The Clancy, an Autograph Collection property, in downtown San Francisco. The re-branded property is expected to open in early 2020 after a multi-million-dollar conversion of the Courtyard San Francisco Downtown.
  • During the quarter, Braemar announced the extension of its mortgage loan for the Ritz-Carlton St. Thomas.
  • During the quarter, Braemar refinanced its mortgage loan for the 142-room Pier House Resort & Spa in Key West, Florida.
  • Subsequent to quarter end, Braemar announced the opening of The Maple Grove Presidential Villa at the Bardessono Hotel & Spa in Yountville, CA.

"We are very pleased with our third quarter results, which reflect the diligent execution of our operating strategy focused on accretively growing our advised platforms and acquiring growth-oriented, hospitality-related businesses," commented Monty J. Bennett, Ashford's Chairman and Chief Executive Officer. "To this end, the recent formation of Ashford Securities will provide Ashford and its advised platforms an additional source of capital that is not dependent on the traditional publicly-traded capital markets.  We are excited to pursue a fresh source of capital that will help us prudently grow all our platforms over the long term for increased shareholder value. We are also equally excited that the proposed acquisition of Remington's Hotel Management business will immediately add scale, diversification and an enhanced competitive position for Ashford in the hospitality industry. Looking ahead to the remainder of 2019 and 2020, we remain committed to maximizing value for our shareholders as we look to opportunistically grow our existing REIT platforms and create new platforms and grow our service businesses via increased AUM and third-party business."

INVESTOR CONFERENCE CALL AND SIMULCAST
The Company will conduct a conference call on Thursday, October 31, 2019, at 12:00 p.m. ET. The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Thursday, November 7, 2019, by dialing (412) 317-6671 and entering the confirmation number, 13694099.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2019 earnings release conference call.  The live broadcast of the Company's quarterly conference call will be available online at the Company's web site, www.ashfordinc.com on Thursday, October 31, 2019, beginning at 12:00 p.m. ET.  The online replay will follow shortly after the call and continue for approximately one year.

Included in this press release are certain supplemental measures of performance which are not measures of operating performance under GAAP, to assist investors in evaluating the Company's historical or future financial performance. These supplemental measures include adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA") and Adjusted Net Income. We believe that Adjusted EBITDA and Adjusted Net Income provide investors and management with a meaningful indicator of operating performance. Management also uses Adjusted EBITDA and Adjusted Net Income, among other measures, to evaluate profitability and our board of directors includes these measures in reviews to determine quarterly distributions to stockholders. We calculate Adjusted EBITDA by subtracting or adding to net income (loss): interest expense, income taxes, depreciation, amortization, net income (loss) to noncontrolling interests, transaction costs, and other expenses. We calculate Adjusted Net Income by subtracting or adding to net income (loss): net income (loss) to noncontrolling interests, transaction costs, and other expenses. Our methodology for calculating Adjusted EBITDA and Adjusted Net Income may differ from the methodologies used by other comparable companies, when calculating the same or similar supplemental financial measures and may not be comparable with these companies. Neither Adjusted EBITDA nor Adjusted Net Income represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity nor are such measures indicative of funds available to satisfy our cash needs. The Company urges investors to carefully review the U.S. GAAP financial information as shown in our periodic reports on Form 10-Q and Form 10-K, as amended and our Current Report on Form 8-K to reflect the acquisition of the Remington project management business.

*  *  *  *  *

Ashford provides global asset management, investment management and related services to the real estate and hospitality sectors.

Follow Chairman and CEO Monty Bennett on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford.

Ashford has created an Ashford App for the hospitality REIT investor community.  The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."

Forward-Looking Statements

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are subject to risks and uncertainties.  When we use the words "will likely result," "may," "can," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements.  Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Inc.'s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: adverse litigation or regulatory developments; general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; the degree and nature of our competition; risks related to Ashford Inc.'s ability to complete the acquisition on the proposed terms; the possibility that competing offers will be made; risks associated with the Remington Hotel Management business combination transaction, such as the risk that the Hotel Management business will not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected or that the expected benefits of the acquisition will not be realized.  These and other risk factors are more fully discussed in Ashford Inc.'s filings with the Securities and Exchange Commission (SEC) including Ashford Inc.'s definitive proxy statement filed with the SEC on September 23, 2019 and Ashford Inc.'s 10-K filed with the SEC on March 8, 2019.

The forward-looking statements included in this press release are only made as of the date of this press release.  Investors should not place undue reliance on these forward-looking statements.  We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.

 

 

ASHFORD INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except share and per share amounts)



September 30, 2019


December 31, 2018

ASSETS




Current assets:




Cash and cash equivalents

$

36,400



$

51,529


Restricted cash

11,978



7,914


Accounts receivable, net

6,628



4,928


Due from affiliates

55



45


Due from Ashford Trust OP

4,444



5,293


Due from Braemar OP

2,224



1,996


Inventories

1,356



1,202


Prepaid expenses and other

4,236



3,902


Total current assets

67,321



76,809


Investments in unconsolidated entities

3,339



500


Furniture, fixtures and equipment, net

72,043



47,947


Operating lease right-of-use assets

21,522




Goodwill

61,969



59,683


Intangible assets, net

193,766



193,194


Other assets

1,877



872


Total assets

$

421,837



$

379,005


LIABILITIES




Current liabilities:




Accounts payable and accrued expenses

$

27,314



$

24,880


Dividends payable

2,910




Due to affiliates

1,353



2,032


Deferred income

211



148


Deferred compensation plan

47



173


Notes payable, net

3,549



2,595


Operating lease liabilities

2,206




Other liabilities

18,827



8,418


Total current liabilities

56,417



38,246


Deferred income

11,409



13,396


Deferred tax liability, net

31,656



31,506


Deferred compensation plan

4,831



10,401


Notes payable, net

25,126



15,177


Operating lease liabilities

19,340




Total liabilities

148,779



108,726


MEZZANINE EQUITY




Series B convertible preferred stock, $25 par value, 8,120,000 shares issued and outstanding, net of discount at 
     September 30, 2019 and December 31, 2018

202,185



200,847


Redeemable noncontrolling interests

3,641



3,531


EQUITY




Preferred stock, $0.01 par value, 50,000,000 shares authorized:




Series A cumulative preferred stock, no shares issued and outstanding at September 30, 2019 and 
     December 31, 2018




Common stock, $0.01 par value, 100,000,000 shares authorized, 2,614,719 and 2,391,541 shares issued and 
     outstanding at September 30, 2019 and December 31, 2018, respectively

26



24


Additional paid-in capital

296,213



280,159


Accumulated deficit

(229,379)



(214,242)


Accumulated other comprehensive income (loss)

(393)



(498)


Total stockholders' equity of the Company

66,467



65,443


Noncontrolling interests in consolidated entities

765



458


Total equity

67,232



65,901


Total liabilities and equity

$

421,837



$

379,005


 

 

ASHFORD INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except per share amounts)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


2019


2018

REVENUE








Advisory services:








Base advisory fee

$

10,570



$

11,655



$

32,382



$

33,540


Incentive advisory fee

170



452



509



1,356


Reimbursable expenses

2,541



2,607



8,270



7,052


Non-cash stock/unit-based compensation

6,643



6,170



18,912



25,780


Other advisory revenue

131



132



389



390


Audio visual

22,430



14,526



83,532



61,212


Project management

7,881



3,616



23,371



3,616


Other

6,523



2,407



16,310



11,598


Total revenue

56,889



41,565



183,675



144,544


EXPENSES








Salaries and benefits

12,393



13,666



36,689



30,610


Non-cash stock/unit-based compensation

8,831



8,221



26,176



33,900


Cost of revenues for audio visual

17,732



14,392



61,400



48,000


Cost of revenues for project management

2,576



1,189



7,890



1,189


Depreciation and amortization

8,374



2,972



17,835



5,205


General and administrative

8,935



12,195



27,675



27,219


Impairment







1,919


Other

4,849



434



9,326



2,172


Total operating expenses

63,690



53,069



186,991



150,214


OPERATING INCOME (LOSS)

(6,801)



(11,504)



(3,316)



(5,670)


Equity in earnings (loss) of unconsolidated entities

464





(109)




Interest expense

(456)



(289)



(1,198)



(593)


Amortization of loan costs

(75)



(130)



(214)



(177)


Interest income



103



29



288


Other income (expense)

(20)



(78)



(115)



(338)


INCOME (LOSS) BEFORE INCOME TAXES

(6,888)



(11,898)



(4,923)



(6,490)


Income tax (expense) benefit

297



13,904



(1,429)



11,593


NET INCOME (LOSS)

(6,591)



2,006



(6,352)



5,103


(Income) loss from consolidated entities attributable to noncontrolling
interests

101



413



395



704


Net (income) loss attributable to redeemable noncontrolling interests

334



968



623



817


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(6,156)



3,387



(5,334)



6,624


Preferred dividends

(2,909)



(1,675)



(8,492)



(1,675)


Amortization of preferred stock discount

(363)



(303)



(1,338)



(303)


NET INCOME (LOSS) ATTRIBUTABLE TO COMMON
STOCKHOLDERS

$

(9,428)



$

1,409



$

(15,164)



$

4,646










INCOME (LOSS) PER SHARE - BASIC AND DILUTED








Basic:








Net income (loss) attributable to common stockholders

$

(3.65)



$

0.67



$

(6.09)



$

2.20


Weighted average common shares outstanding - basic

2,580



2,109



2,489



2,100


Diluted:








Net income (loss) attributable to common stockholders

$

(3.94)



$

0.18



$

(7.95)



$

0.11


Weighted average common shares outstanding - diluted

2,782



2,337



2,679



2,417


 

 

ASHFORD INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA

(unaudited, in thousands)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


2019


2018

Net income (loss)

$

(6,591)



$

2,006



$

(6,352)



$

5,103


(Income) loss from consolidated entities attributable to noncontrolling
interests

101



413



395



704


Net (income) loss attributable to redeemable noncontrolling interests

334



968



623



817


Net income (loss) attributable to the company

(6,156)



3,387



(5,334)



6,624


Interest expense

400



257



1,050



513


Amortization of loan costs

69



123



197



156


Depreciation and amortization

9,408



4,298



20,790



7,542


Income tax expense (benefit)

(291)



(13,900)



1,360



(11,648)


Net income (loss) attributable to redeemable noncontrolling
interests

(15)



3



(25)



9


EBITDA

3,415



(5,832)



18,038



3,196


Non-cash stock-based compensation

2,083



1,988



6,930



8,053


Market change in deferred compensation plan

(1,526)



2,274



(5,603)



(3,540)


Change in contingent consideration fair value

2,784



(221)



4,229



338


Transaction costs

1,988



6,201



6,101



10,377


Software implementation costs







45


Reimbursed software costs

(424)



(489)



(1,591)



(1,165)


Impairment







1,919


Dead deal costs

(4)



9



83



9


Legal and settlement costs







(50)


Severance and executive recruiting costs

52



15



712



1,316


Amortization of hotel signing fees and lock subsidies

131



135



458



383


Other (gain) loss on disposal of assets

(107)



55



(64)



(62)


Foreign currency transactions (gain) loss

12



(17)



(9)



5


Adjusted EBITDA

$

8,404



$

4,118



$

29,284



$

20,824


 

 

ASHFORD INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS)

(unaudited, in thousands, except per share amounts)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


2019


2018

Net income (loss)

$

(6,591)



$

2,006



$

(6,352)



$

5,103


(Income) loss from consolidated entities attributable to noncontrolling
interests

101



413



395



704


Net (income) loss attributable to redeemable noncontrolling interests

334



968



623



817


Preferred dividends

(2,909)



(1,675)



(8,492)



(1,675)


Amortization of preferred stock discount

(363)



(303)



(1,338)



(303)


Net income (loss) attributable to common stockholders

(9,428)



1,409



(15,164)



4,646


Amortization of loan costs

69



123



197



156


Depreciation and amortization

9,408



4,298



20,790



7,542


Net income (loss) attributable to redeemable noncontrolling interests

(15)



3



(25)



9


Preferred dividends

2,909



1,675



8,492



1,675


Amortization of preferred stock discount

363



303



1,338



303


Non-cash stock-based compensation

2,083



1,988



6,930



8,053


Market change in deferred compensation plan

(1,526)



2,274



(5,603)



(3,540)


Change in contingent consideration fair value

2,784



(221)



4,229



338


Transaction costs

1,988



6,201



6,101



10,377


Software implementation costs







45


Reimbursed software costs

(424)



(489)



(1,591)



(1,165)


Impairment







1,919


Dead deal costs

(4)



9



83



9


Legal and settlement costs







(50)


Severance and executive recruiting costs

52



15



712



1,316


Amortization of hotel signing fees and lock subsidies

131



135



458



383


Other (gain) loss on disposal of assets

(107)



55



(64)



(62)


Foreign currency transactions (gain) loss

12



(17)



(9)



5


GAAP income tax expense (benefit)

(291)



(13,900)



1,360



(11,648)


Adjusted income tax (expense) benefit (1)

(1,014)



(1,248)



(2,421)



(3,500)


Adjusted net income

$

6,990



$

2,613



$

25,813



$

16,811


Adjusted net income per diluted share available to common stockholders

$

1.58



$

0.75



$

5.98



$

5.72


Weighted average diluted shares

4,434



3,482



4,313



2,937










Components of weighted average diluted shares








Common shares

2,580



2,109



2,489



2,100


Series B cumulative convertible preferred stock

1,450



851



1,450



284


Deferred compensation plan

202



205



203



206


Stock options



253



29



278


Put options

164



51



113



56


Acquisition related shares

22





15




Restricted shares and units

16



13



14



13


Weighted average diluted shares

4,434



3,482



4,313



2,937










Reconciliation of income tax expense (benefit) to adjusted income tax
(expense) benefit








GAAP income tax (expense) benefit

$

297



$

13,904



$

(1,429)



$

11,593


Less GAAP income tax (expense) benefit attributable to noncontrolling
interests

6



4



(69)



(55)


GAAP income tax (expense) benefit excluding noncontrolling interests

291



13,900



(1,360)



11,648


Less deferred income tax (expense) benefit

1,305



15,148



1,061



15,148


Adjusted income tax (expense) benefit (1)

$

(1,014)



$

(1,248)



$

(2,421)



$

(3,500)



(1) Income tax expense (benefit) is adjusted to exclude the effects of deferred income tax expense (benefit) because current income tax expense (benefit) (i) provides a more accurate period-over-period comparison of the ongoing operating performance of our advisory and hospitality products and services businesses, and (ii) provides more useful information to investors regarding our economic performance inclusive of the impacts from the Tax Cuts and Jobs Act. See Note 12 to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2018.

 

 

ASHFORD INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS) BY SEGMENT


(unaudited, in thousands, except per share amounts)



Three Months Ended September 30, 2019


Three Months Ended September 30, 2018


REIT
Advisory


Hospitality
Products
& Services


Corporate/
Other


Ashford Inc.
Consolidated


REIT
Advisory


Hospitality
Products
& Services


Corporate/
Other


Ashford Inc.
Consolidated

REVENUE
















Advisory services:
















Base advisory fee - Trust

$

8,003



$



$



$

8,003



$

9,145



$



$



$

9,145


Incentive advisory fee - Trust









452







452


Reimbursable expenses - Trust

2,018







2,018



2,119







2,119


Non-cash stock/unit-based compensation - Trust

4,649







4,649



4,855







4,855


Base advisory fee - Braemar

2,567







2,567



2,510







2,510


Incentive advisory fee - Braemar

170







170










Reimbursable expenses - Braemar

523







523



488







488


Non-cash stock/unit-based compensation - Braemar

1,994







1,994



1,315







1,315


Other advisory revenue - Braemar

131







131



132







132


Audio visual



22,430





22,430





14,526





14,526


Project management



7,881





7,881





3,616





3,616


Other

1,326



4,547



650



6,523



640



1,767





2,407


Total revenue

21,381



34,858



650



56,889



21,656



19,909





41,565


EXPENSES
















Salaries and benefits



5,235



8,169



13,404





3,070



7,956



11,026


Market change in deferred compensation plan





(1,526)



(1,526)







2,274



2,274


REIT non-cash stock/unit-based compensation

6,643



101





6,744



6,170



64





6,234


AINC and subsidiary non-cash stock-based compensation



27



2,060



2,087





(2)



1,989



1,987


Reimbursable expenses

2,541





650



3,191



2,607







2,607


Cost of audio visual revenues



17,732





17,732





14,392





14,392


Cost of project management revenues



2,576





2,576





1,189





1,189


General and administrative



3,833



2,426



6,259





3,012



6,942



9,954


Depreciation and amortization

2,722



5,534



118



8,374



808



2,232



(68)



2,972


Other



4,848



1



4,849





654



(220)



434


Total operating expenses

11,906



39,886



11,898



63,690



9,585



24,611



18,873



53,069


OPERATING INCOME (LOSS)

9,475



(5,028)



(11,248)



(6,801)



12,071



(4,702)



(18,873)



(11,504)


Other



(4)



(83)



(87)



(46)



(267)



(81)



(394)


INCOME (LOSS) BEFORE INCOME TAXES

9,475



(5,032)



(11,331)



(6,888)



12,025



(4,969)



(18,954)



(11,898)


Income tax (expense) benefit

(2,093)



192



2,198



297



(2,693)



828



15,769



13,904


NET INCOME (LOSS)

7,382



(4,840)



(9,133)



(6,591)



9,332



(4,141)



(3,185)



2,006


(Income) loss from consolidated entities attributable to noncontrolling interests



101





101





413





413


Net (income) loss attributable to redeemable noncontrolling interests



319



15



334





971



(3)



968


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

$

7,382



$

(4,420)



$

(9,118)



$

(6,156)



$

9,332



$

(2,757)



$

(3,188)



$

3,387


Interest expense



365



35



400





175



82



257


Amortization of loan costs



21



48



69





18



105



123


Depreciation and amortization

2,722



6,566



120



9,408



808



3,558



(68)



4,298


Income tax expense (benefit)

2,093



(186)



(2,198)



(291)



2,693



(824)



(15,769)



(13,900)


Net income (loss) attributable to redeemable noncontrolling interests





(15)



(15)







3



3


EBITDA

12,197



2,346



(11,128)



3,415



12,833



170



(18,835)



(5,832)


Non-cash stock-based compensation



23



2,060



2,083





(1)



1,989



1,988


Market change in deferred compensation plan





(1,526)



(1,526)







2,274



2,274


Change in contingent consideration fair value



2,784





2,784







(221)



(221)


Transaction costs



311



1,677



1,988







6,201



6,201


Reimbursed software costs, net

(424)







(424)



(489)







(489)


Dead deal costs





(4)



(4)







9



9


Severance and executive recruiting costs



52





52





15





15


Amortization of hotel signing fees and lock subsidies



131





131





135





135


Other (gain) loss on disposal of assets



(107)





(107)





55





55


Foreign currency transactions (gain) loss



12





12





(17)





(17)


Adjusted EBITDA

11,773



5,552



(8,921)



8,404



12,344



357



(8,583)



4,118


Interest expense



(365)



(35)



(400)





(175)



(82)



(257)


Adjusted income tax (expense) benefit

(1,164)



(1,107)



1,257



(1,014)



(1,583)



1,301



(966)



(1,248)


Adjusted net income (loss)

$

10,609



$

4,080



$

(7,699)



$

6,990



$

10,761



$

1,483



$

(9,631)



$

2,613


Adjusted net income (loss) per diluted share available to common stockholders (1)

$

2.39



$

0.92



$

(1.74)



$

1.58



$

3.09



$

0.43



$

(2.77)



$

0.75


Weighted average diluted shares

4,434



4,434



4,434



4,434



3,482



3,482



3,482



3,482



(1)      The sum of the adjusted net income (loss) per diluted share available to common stockholders, as calculated for the segments, may differ from the consolidated total due to rounding.

 

 

ASHFORD INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS) BY SEGMENT

(unaudited, in thousands, except per share amounts)



Nine Months Ended September 30, 2019


Nine Months Ended September 30, 2018


REIT
Advisory


Hospitality
Products
& Services


Corporate/
Other


Ashford Inc.
Consolidated


REIT
Advisory


Hospitality
Products
& Services


Corporate/
Other


Ashford Inc.
Consolidated

REVENUE
















Advisory services:
















Base advisory fee - Trust

$

24,463



$



$



$

24,463



$

26,611



$



$



$

26,611


Incentive advisory fee - Trust









1,356







1,356


Reimbursable expenses - Trust

6,716







6,716



5,645







5,645


Non-cash stock/unit-based compensation - Trust

13,486







13,486



20,540







20,540


Base advisory fee - Braemar

7,919







7,919



6,929







6,929


Incentive advisory fee - Braemar

509







509










Reimbursable expenses - Braemar

1,554







1,554



1,407







1,407


Non-cash stock/unit-based compensation - Braemar

5,426







5,426



5,240







5,240


Other advisory revenue - Braemar

389







389



390







390


Audio visual



83,532





83,532





61,212





61,212


Project management



23,371





23,371





3,616





3,616


Other

4,176



11,484



650



16,310



1,757



9,841





11,598


Total revenue

64,638



118,387



650



183,675



69,875



74,669





144,544


EXPENSES
















Salaries and benefits



16,408



24,341



40,749





7,637



25,483



33,120


Market change in deferred compensation plan





(5,603)



(5,603)







(3,540)



(3,540)


REIT non-cash stock/unit-based compensation

18,912



315





19,227



25,780



64





25,844


AINC and subsidiary non-cash stock-based compensation



123



6,826



6,949





6



8,050



8,056


Reimbursable expenses

8,270





650



8,920



7,052







7,052


Cost of audio visual revenues



61,400





61,400





48,000





48,000


Cost of project management revenues



7,890





7,890





1,189





1,189


General and administrative



11,842



8,456



20,298





8,239



12,958



21,197


Depreciation and amortization

5,475



12,023



337



17,835



1,567



3,227



411



5,205


Impairment









1,863





56



1,919


Other



9,326





9,326





1,833



339



2,172


Total operating expenses

32,657



119,327



35,007



186,991



36,262



70,195



43,757



150,214


OPERATING INCOME (LOSS)

31,981



(940)



(34,357)



(3,316)



33,613



4,474



(43,757)



(5,670)


Other



(1,388)



(219)



(1,607)





(923)



103



(820)


INCOME (LOSS) BEFORE INCOME TAXES

31,981



(2,328)



(34,576)



(4,923)



33,613



3,551



(43,654)



(6,490)


Income tax (expense) benefit

(7,132)



(1,470)



7,173



(1,429)



(6,657)



(1,711)



19,961



11,593


NET INCOME (LOSS)

24,849



(3,798)



(27,403)



(6,352)



26,956



1,840



(23,693)



5,103


(Income) loss from consolidated entities attributable to noncontrolling interests



395





395





704





704


Net (income) loss attributable to redeemable noncontrolling interests



598



25



623





826



(9)



817


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

$

24,849



$

(2,805)



$

(27,378)



$

(5,334)



$

26,956



$

3,370



$

(23,702)



$

6,624


Interest expense



945



105



1,050





431



82



513


Amortization of loan costs



53



144



197





51



105



156


Depreciation and amortization

5,475



14,977



338



20,790



1,567



5,564



411



7,542


Income tax expense (benefit)

7,132



1,401



(7,173)



1,360



6,657



1,656



(19,961)



(11,648)


Net income (loss) attributable to redeemable noncontrolling interests





(25)



(25)







9



9


EBITDA

37,456



14,571



(33,989)



18,038



35,180



11,072



(43,056)



3,196


Non-cash stock-based compensation



104



6,826



6,930





3



8,050



8,053


Market change in deferred compensation plan





(5,603)



(5,603)







(3,540)



(3,540)


Change in contingent consideration fair value



4,229





4,229







338



338


Transaction costs



784



5,317



6,101





70



10,307



10,377


Software implementation costs













45



45


Reimbursed software costs, net

(1,591)







(1,591)



(1,165)







(1,165)


Impairment









1,863





56



1,919


Dead deal costs





83



83







9



9


Legal and settlement costs













(50)



(50)


Severance and executive recruiting costs



703



9



712





15



1,301



1,316


Amortization of hotel signing fees and lock subsidies



458





458





383





383


Other (gain) loss on disposal of assets



(64)





(64)





(62)





(62)


Foreign currency transactions (gain) loss



(9)





(9)





5





5


Adjusted EBITDA

35,865



20,776



(27,357)



29,284



35,878



11,486



(26,540)



20,824


Interest expense



(945)



(105)



(1,050)





(431)



(82)



(513)


Adjusted income tax (expense) benefit

(3,841)



(3,865)



5,285



(2,421)



(5,547)



(1,179)



3,226



(3,500)


Adjusted net income (loss)

$

32,024



$

15,966



$

(22,177)



$

25,813



$

30,331



$

9,876



$

(23,396)



$

16,811


Adjusted net income (loss) per diluted share available to common stockholders (1)

$

7.42



$

3.70



$

(5.14)



$

5.98



$

10.33



$

3.36



$

(7.97)



$

5.72


Weighted average diluted shares

4,313



4,313



4,313



4,313



2,937



2,937



2,937



2,937



(1)      The sum of the adjusted net income (loss) per diluted share available to common stockholders, as calculated for the segments, may differ from the consolidated total due to rounding.

 

 

ASHFORD INC. AND SUBSIDIARIES

HOSPITALITY PRODUCTS & SERVICES

CONSOLIDATED STATEMENTS OF OPERATIONS AND

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS)

(unaudited, in thousands, except per share amounts)



Three Months Ended September 30, 2019


Three Months Ended September 30, 2018


Premier


JSAV


OpenKey


Other (1)


Hospitality
Products
& Services


Premier


JSAV


OpenKey


Other (1)


Hospitality
Products &
Services

REVENUE




















Audio visual



22,430







22,430





14,526







14,526


Project management

7,881









7,881



3,616









3,616


Other





313



4,234



4,547







301



1,466



1,767


Total revenue

7,881



22,430



313



4,234



34,858



3,616



14,526



301



1,466



19,909


EXPENSES




















Salaries and benefits

1,113



3,091



436



595



5,235



498



1,631



633



308



3,070


REIT non-cash stock/unit-based compensation

101









101



64









64


AINC and subsidiary non-cash stock-based compensation

9



12



6





27







(2)





(2)


Cost of audio visual revenues



17,732







17,732





14,392







14,392


Cost of project management revenues

2,576









2,576



1,189









1,189


General and administrative

368



2,507



336



622



3,833



172



2,064



512



264



3,012


Depreciation and amortization

4,937



513



7



77



5,534



1,618



587



7



20



2,232


Other



1,623



118



3,107



4,848







128



526



654


Total operating expenses

9,104



25,478



903



4,401



39,886



3,541



18,674



1,278



1,118



24,611


OPERATING INCOME (LOSS)

(1,223)



(3,048)



(590)



(167)



(5,028)



75



(4,148)



(977)



348



(4,702)


Other



(263)



(3)



262



(4)





(231)



(4)



(32)



(267)


INCOME (LOSS) BEFORE INCOME TAXES

(1,223)



(3,311)



(593)



95



(5,032)



75



(4,379)



(981)



316



(4,969)


Income tax (expense) benefit

9



698





(515)



192



(7)



909





(74)



828


NET INCOME (LOSS)

(1,214)



(2,613)



(593)



(420)



(4,840)



68



(3,470)



(981)



242



(4,141)


(Income) loss from consolidated entities attributable to
noncontrolling interests





146



(45)



101





151



242



20



413


Net (income) loss attributable to redeemable noncontrolling
interests



165



154





319





679



292





971


NET INCOME (LOSS) ATTRIBUTABLE TO THE
COMPANY

$

(1,214)



$

(2,448)



$

(293)



$

(465)



$

(4,420)



$

68



$

(2,640)



$

(447)



$

262



$

(2,757)


Interest expense



263





102



365





154





21



175


Amortization of loan costs



13



3



5



21





10



3



5



18


Depreciation and amortization

4,937



1,456



3



170



6,566



1,618



1,868



3



69



3,558


Income tax expense (benefit)

(9)



(692)





515



(186)



7



(905)





74



(824)


EBITDA

3,714



(1,408)



(287)



327



2,346



1,693



(1,513)



(441)



431



170


Non-cash stock-based compensation

9



11



3





23







(1)





(1)


Change in contingent consideration fair value



1,635





1,149



2,784












Transaction costs



199





112



311












Severance and executive recruiting costs

8



24





20



52









15



15


Amortization of hotel signing fees and lock subsidies



110



21





131





125



10





135


Other (gain) loss on disposal of assets



(109)





2



(107)





55







55


Foreign currency transactions (gain) loss



12







12





(17)







(17)


Adjusted EBITDA

3,731



474



(263)



1,610



5,552



1,693



(1,350)



(432)



446



357


Interest expense



(263)





(102)



(365)





(154)





(21)



(175)


Adjusted income tax (expense) benefit

(1,669)



40





522



(1,107)



(419)



826





894



1,301


Adjusted net income (loss)

$

2,062



$

251



$

(263)



$

2,030



$

4,080



$

1,274



$

(678)



$

(432)



$

1,319



$

1,483


Adjusted net income (loss) per diluted share available to
common stockholders (2)

$

0.47



$

0.06



$

(0.06)



$

0.46



$

0.92



$

0.37



$

(0.19)



$

(0.12)



$

0.38



$

0.43


Weighted average diluted shares

4,434



4,434



4,434



4,434



4,434



3,482



3,482



3,482



3,482



3,482



(1)     Represents RED Hospitality & Leisure LLC, Pure Wellness, Lismore Capital LLC and AINC Bar Draught LLC.

(2)      The sum of the adjusted net income (loss) per diluted share available to common stockholders, as calculated for the subsidiaries, may differ from the Hospitality Products & Services total due to rounding.

 

 

ASHFORD INC. AND SUBSIDIARIES

HOSPITALITY PRODUCTS & SERVICES

CONSOLIDATED STATEMENTS OF OPERATIONS AND

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS)

(unaudited, in thousands, except per share amounts)



Nine Months Ended September 30, 2019


Nine Months Ended September 30, 2018


Premier


JSAV


OpenKey


Other (1)


Hospitality
Products
& Services


Premier


JSAV


OpenKey


Other (1)


Hospitality
Products
& Services

REVENUE




















Audio visual

$



$

83,532



$



$



$

83,532



$



$

61,212



$



$



$

61,212


Project management

23,371









23,371



3,616









3,616


Other





764



10,720



11,484







773



9,068



9,841


Total revenue

23,371



83,532



764



10,720



118,387



3,616



61,212



773



9,068



74,669


EXPENSES




















Salaries and benefits

3,170



10,377



1,321



1,540



16,408



498



4,568



1,659



912



7,637


REIT non-cash stock/unit-based compensation

315









315



64









64


AINC and subsidiary non-cash stock-based compensation

69



21



33





123







6





6


Cost of audio visual revenues



61,400







61,400





48,000







48,000


Cost of project management revenues

7,890









7,890



1,189









1,189


General and administrative

1,091



8,209



1,000



1,542



11,842



172



6,030



1,260



777



8,239


Depreciation and amortization

10,413



1,471



21



118



12,023



1,618



1,530



20



59



3,227


Other



3,262



260



5,804



9,326







420



1,413



1,833


Total operating expenses

22,948



84,740



2,635



9,004



119,327



3,541



60,128



3,365



3,161



70,195


OPERATING INCOME (LOSS)

423



(1,208)



(1,871)



1,716



(940)



75



1,084



(2,592)



5,907



4,474


Other



(1,016)



(4)



(368)



(1,388)





(852)



(18)



(53)



(923)


INCOME (LOSS) BEFORE INCOME TAXES

423



(2,224)



(1,875)



1,348



(2,328)



75



232



(2,610)



5,854



3,551


Income tax (expense) benefit

(759)



130





(841)



(1,470)



(7)



(339)





(1,365)



(1,711)


NET INCOME (LOSS)

(336)



(2,094)



(1,875)



507



(3,798)



68



(107)



(2,610)



4,489



1,840


(Income) loss from consolidated entities attributable to
noncontrolling interests





475



(80)



395





58



585



61



704


Net (income) loss attributable to redeemable noncontrolling
interests



71



527





598





29



797





826


NET INCOME (LOSS) ATTRIBUTABLE TO THE
COMPANY

$

(336)



$

(2,023)



$

(873)



$

427



$

(2,805)



$

68



$

(20)



$

(1,228)



$

4,550



$

3,370


Interest expense



761





184



945





394





37



431


Amortization of loan costs



36



9



8



53





30



9



12



51


Depreciation and amortization

10,413



4,224



10



330



14,977



1,618



3,793



9



144



5,564


Income tax expense (benefit)

759



(199)





841



1,401



7



284





1,365



1,656


EBITDA

10,836



2,799



(854)



1,790



14,571



1,693



4,481



(1,210)



6,108



11,072


Non-cash stock-based compensation

69



19



16





104







3





3


Change in contingent consideration fair value



3,080





1,149



4,229












Transaction costs



478





306



784





64





6



70


Severance and executive recruiting costs

106



557



20



20



703









15



15


Amortization of hotel signing fees and lock subsidies



372



86





458





353



30





383


Other (gain) loss on disposal of assets



(66)





2



(64)





(56)





(6)



(62)


Foreign currency transactions (gain) loss



(9)







(9)





5







5


Adjusted EBITDA

11,011



7,230



(732)



3,267



20,776



1,693



4,847



(1,177)



6,123



11,486


Interest expense



(761)





(184)



(945)





(394)





(37)



(431)


Adjusted income tax (expense) benefit

(3,831)



(236)





202



(3,865)



(419)



(363)





(397)



(1,179)


Adjusted net income (loss)

$

7,180



$

6,233



$

(732)



$

3,285



$

15,966



$

1,274



$

4,090



$

(1,177)



$

5,689



$

9,876


Adjusted net income (loss) per diluted share available to
common stockholders (2)

$

1.66



$

1.45



$

(0.17)



$

0.76



$

3.70



$

0.43



$

1.39



$

(0.40)



$

1.94



$

3.36


Weighted average diluted shares

4,313



4,313



4,313



4,313



4,313



2,937



2,937



2,937



2,937



2,937



(1)     Represents RED Hospitality & Leisure LLC, Pure Wellness, Lismore Capital LLC and AINC Bar Draught LLC.

(2)      The sum of the adjusted net income (loss) per diluted share available to common stockholders, as calculated for the subsidiaries, may differ from the Hospitality Products & Services total due to rounding.

 

 

Cision View original content:http://www.prnewswire.com/news-releases/ashford-reports-third-quarter-2019-results-300948576.html

SOURCE Ashford Inc.

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