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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Cash Flows from Operating Activities      
Net income (loss) $ (633,222) $ (142,679) $ (156,309)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:      
Depreciation and amortization 252,765 269,003 258,458
Impairment charges 91,721 33,628 23,391
Amortization of intangibles (307) (257) (237)
Recognition of deferred income (768) (954) (577)
Bad debt expense 1,810 3,127 2,148
Deferred income tax expense (benefit) (1,058) (159) 135
Equity in (earnings) loss of unconsolidated entities 448 2,307 (867)
(Gain) loss on disposition of assets and hotel properties 36,680 (26,126) (475)
(Gain) loss on extinguishment of debt (90,349) 0 0
Realized and unrealized (gain) loss on marketable securities (801) (1,980) 924
Realized (gain) loss on investment in Ashford Inc. 0 (11,792) 0
Purchases of marketable securities (1,997) (4,208) (12,228)
Sales of marketable securities 17,389 13,413 16,414
Gain on insurance settlements 0 (450) (928)
Net settlement of trading derivatives 2,347 (3,485) 648
Realized and unrealized (gain) loss on derivatives (878) 5,294 2,178
Amortization of loan costs, premiums and capitalized default interest and write-off of premiums, loan costs and exit fees 10,229 32,153 30,012
Equity-based compensation 10,746 19,717 26,939
Amortization of parking asset 117 118 0
Non-cash interest income (854) (191) 0
Changes in operating assets and liabilities, exclusive of the effect of acquisitions and dispositions of hotel properties:      
Accounts receivable and inventories 15,738 (6,639) 5,553
Prepaid expenses and other assets 1,079 2,307 (1,946)
Operating lease right-of-use assets 1,006 1,322 0
Operating lease liabilities (595) (937) 0
Accounts payable and accrued expenses and accrued interest payable 143,241 (4,177) 376
Due to/from related parties (2,782) (4,496) (574)
Due to/from third-party hotel managers 3,763 4,372 (4,214)
Due to/from Ashford Inc., net 6,091 (1,256) (8,793)
Other liabilities (11,090) 234 1,532
Net cash provided by (used in) operating activities (149,531) 177,209 181,560
Cash Flows from Investing Activities      
Investment in unconsolidated entity (430) (647) (667)
Proceeds from franchise agreement 0 4,000 0
Acquisition of hotel properties and assets, net of cash and restricted cash acquired (1,113) (212,552) (162,593)
Improvements and additions to hotel properties (46,206) (159,220) (207,325)
Net proceeds from disposition of assets and hotel properties 38,763 102,676 40,629
Payments for initial franchise fees 0 (475) (329)
Proceeds from sale of investment in Ashford Inc. 0 11,792 0
Proceeds from property insurance 1,382 1,233 651
Net cash provided by (used in) investing activities (7,604) (253,193) (329,634)
Cash Flows from Financing Activities      
Borrowings on indebtedness 88,000 404,795 2,705,769
Repayments of indebtedness (137,849) (272,357) (2,463,100)
Payments for loan costs and exit fees (26,682) (9,643) (55,555)
Payments for dividends and distributions (28,619) (86,210) (97,445)
Purchases of common stock (399) (1,031) (1,598)
Payments for derivatives (83) (1,112) (3,162)
Proceeds from common stock offerings 31,873 0 14,752
Preferred and common stock offering costs 0 (91) 0
Net proceeds from sale of FF&E 0 0 16,100
Other 0 28 53
Net cash provided by (used in) financing activities (73,759) 34,379 115,814
Net increase (decrease) in cash, cash equivalents and restricted cash (230,894) (41,605) (32,260)
Cash, cash equivalents and restricted cash at beginning of period 398,207 439,812 472,072
Cash, cash equivalents and restricted cash and at end of period 167,313 398,207 439,812
Supplemental Cash Flow Information      
Interest paid 91,372 233,711 215,344
Income taxes paid (refunded) 1,021 (1,059) 1,890
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Accrued but unpaid capital expenditures 12,640 24,239 23,615
Non-cash dividends paid 0 0 123
Accrued stock offering costs 0 0 1,075
Notes receivable issued in land sale 0 7,590 0
Other non-cash consideration from land sale 0 4,797 0
Issuance of units for hotel acquisition 0 7,854 0
Assumption of debt in hotel acquisition 0 24,922 0
Buyer assumption of debt in hotel disposition 108,750 0 0
Non-cash extinguishment of debt 179,030 0 0
Non-cash loan principal associated with default interest and late charges 47,453 0 0
Non-cash loan proceeds associated with accrued interest and legal fees 22,456 0 0
Non-cash extinguishment of preferred stock 179,061 0 0
Issuance of common stock from preferred stock exchanges 123,584 0 0
Dividends and distributions declared but not paid 868 20,849 26,794
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash      
Cash and cash equivalents 92,905 262,636 319,210
Cash and cash equivalents included in assets held for sale   0 0
Restricted cash 74,408 135,571 120,602
Restricted cash included in assets held for sale   0 0
Cash, cash equivalents and restricted cash $ 167,313 $ 398,207 $ 439,812