DALLAS, Feb. 28, 2019 /PRNewswire/ -- Ashford Inc. AINC ("Ashford" or the "Company") today reported the following results and performance measures for the fourth quarter and year ended December 31, 2018. Unless otherwise stated, all reported results compare the fourth quarter and year ended December 31, 2018, with the fourth quarter and year ended December 31, 2017 (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 three primary areas:
- Expanding existing platforms accretively, and accelerating performance to earn incentive fees;
- Starting new platforms for additional base and incentive fees; and
- Investing in or incubating strategic businesses that can achieve accelerated growth through doing business with our existing platforms, and by leveraging our deep knowledge and extensive relationships within the hospitality sector
- 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 income attributable to common stockholders for the fourth quarter of 2018 totaled $0.3 million, or $0.14 per share, compared with a net loss of $7.4 million, or $3.58 per share, in the prior year quarter. Adjusted net income for the fourth quarter was $9.3 million, or $2.20 per diluted share, compared with $4.9 million, or $1.91 per diluted share, in the prior year quarter.
- Total revenue for the fourth quarter of 2018 was $51.0 million, reflecting a growth rate of 72% over the prior year quarter. Total revenue for the full year 2018 was $195.5 million, reflecting a growth rate of 140% over the prior year.
- Adjusted EBITDA for the fourth quarter was $8.0 million reflecting a growth rate of 65% over the prior year quarter. Adjusted EBITDA for the full year 2018 was $28.8 million, reflecting a growth rate of 65% over the prior year.
- At the end of the fourth quarter of 2018, the Company had approximately $6.5 billion of assets under management.
- In September and October, the Company completed an underwritten public offering of 280,000 shares of common stock resulting in net proceeds of approximately $19 million.
- On January 17, 2019, the Company announced the new Enhanced Return Funding Program agreement with Braemar Hotels & Resorts.
- As of December 31, 2018, the Company had corporate cash of $50.4 million.
ENHANCED RETURN FUNDING PROGRAM WITH BRAEMAR HOTELS & RESORTS
On January 17, 2019, the Company announced that it entered into an agreement with Braemar Hotels & Resorts, Inc. BHR ("Braemar") for the new Enhanced Return Funding Program ("ERFP" or the "Program"). Under the Program with Braemar, the Company has agreed to provide up to $50 million in connection with the acquisition by Braemar of additional hotels. Ashford will provide 10% of the purchase price of each hotel acquired by Braemar up to $500 million in total acquisitions.
Braemar's acquisition of the Ritz-Carlton Lake Tahoe located in Truckee, California, which was completed on January 15, 2019 for $103 million, is the first hotel acquisition by Braemar to benefit from the Program. In connection with this acquisition, and subject to the terms of the ERFP, the Company has committed to provide Braemar with approximately $10.3 million of cash via the future purchase of hotel furniture, fixtures, and equipment ("FF&E") at Braemar properties.
The Program is expected to generate attractive returns on invested capital for Ashford via incremental base advisory fees, potential incentive fees, fees for various products and services offered, and tax savings.
ENHANCED RETURN FUNDING PROGRAM WITH ASHFORD TRUST
During the second quarter of 2018, the Company entered into an agreement with Ashford Hospitality Trust, Inc. AHT ("Ashford Trust" or "Trust") for an ERFP. Under the Program with Trust, the Company agreed to provide $50 million in connection with the acquisition by Trust of additional hotels. Ashford will provide 10% of the purchase price of each hotel acquired by Trust, and, to date, Trust has acquired four hotels for a combined $406 million under the Program.
During the quarter, Trust completed the acquisition of the La Posada de Santa Fe in Santa Fe, New Mexico for $50 million, which is the second hotel acquisition to benefit from the ERFP. Also, during the quarter, the Company acquired $16.1 million in FF&E from Ashford Trust, fulfilling its ERFP obligation on the Hilton Alexandria Old Town and La Posada de Santa Fe acquisitions.
Subsequent to quarter end, Trust completed the acquisition of the Embassy Suites New York Midtown Manhattan in New York, New York for $195 million, becoming the third hotel acquisition to benefit from the ERFP. In connection with the acquisition, the Company has committed to provide Ashford Trust with approximately $19.5 million of cash under the ERFP via the future purchase of FF&E at Trust properties.
Subsequent to quarter end, Trust completed the acquisition of the Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for $50 million, becoming the fourth hotel acquisition to benefit from the ERFP. In connection with the acquisition, the Company has committed to provide Ashford Trust with approximately $5 million of cash under the ERFP via the future purchase of FF&E at Trust properties.
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 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 Ashford 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 produced Adjusted EBITDA of $3.7 million in the fourth quarter and $5.4 million since the acquisition.
J&S AUDIO VISUAL UPDATE
The Company currently owns an 85% controlling interest in a privately-held company that conducts the business of J&S Audio Visual in the United States, Mexico, and the Dominican Republic ("J&S"). J&S provides an integrated suite of audio visual services, including show and event services, hospitality services, creative services, and design and integration, making J&S a leading single-source solution for their clients' meeting and event needs. The Company's 85% interest in J&S resulted in Adjusted EBITDA of $0.3 million in the fourth quarter, which is consistent with historical seasonality, and $5.1 million in Adjusted EBITDA for the full year. Additionally, as of the end of the fourth quarter, J&S had multi-year contracts in place with 74 hotels and convention centers, in addition to regular business representing over 2,500 annual events and productions, 500 venue locations, and 650 clients.
FINANCIAL RESULTS
Net income attributable to common stockholders for the quarter totaled $0.3 million, or $0.14 per share, compared with a net loss of $7.4 million, or $3.58 per share, in the prior year quarter. Adjusted net income for the quarter was $9.3 million, or $2.20 per diluted share, compared with $4.9 million, or $1.91 per diluted share, in the prior year quarter.
For the quarter ended December 31, 2018, base advisory fee revenue was $11.4 million, which reflected a growth rate of 4.0% over the prior year quarter. The base advisory fee revenue in the fourth quarter was comprised of $8.9 million from Ashford Trust and $2.5 million from Braemar.
Adjusted EBITDA for the quarter was $8.0 million, compared with $4.8 million for the fourth quarter of 2017, reflecting a growth rate of 65%.
For 2018, the Company earned a $2.0 million incentive fee from Braemar. The incentive fee will be paid and recognized as revenue by the Company over a three-year period, subject to the FCCR condition in accordance with the advisory agreement.
CAPITAL STRUCTURE
At the end of the fourth quarter of 2018, the Company had approximately $6.5 billion of assets under management from its advised platforms. The Company had corporate cash of $50.4 million, 2.8 million fully diluted shares, and a current fully diluted equity market capitalization of approximately $165 million. The Company's financial results include 1.45 million common shares associated with its Series B convertible preferred stock. The Company had $18.0 million of loans at December 31, 2018, of which approximately $2.8 million related to its joint venture partners' share of those loans.
In September and October 2018, the Company completed its underwritten public offering of 280,000 shares of common stock at a price to the public of $74.50 per share. Total net proceeds from the offering, after deducting the underwriters' discounts, commissions and offering expenses, were approximately $19 million.
QUARTERLY HIGHLIGHTS FOR ADVISED PLATFORMS
ASHFORD TRUST HIGHLIGHTS
- During the quarter, Trust completed the acquisition of the 157-room La Posada de Santa Fe in Santa Fe, New Mexico for $50 million. This was the second Trust acquisition to benefit from the ERFP.
- Subsequent to quarter end, Trust completed the acquisition of the 310-room Embassy Suites New York Midtown Manhattan in New York, New York for $195 million. This was the third Trust acquisition to benefit from the ERFP.
- Subsequent to quarter end, Trust completed the acquisition of the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, California for $50 million. This was the fourth Trust acquisition to benefit from the ERFP.
BRAEMAR HOTELS & RESORTS HIGHLIGHTS
- During the quarter, Braemar completed an offering of its 8.25% Series D Cumulative Preferred Stock raising net proceeds of approximately $38.7 million, which were used to partially fund the acquisition of the Ritz-Carlton Lake Tahoe.
- Braemar remains on track with its Autograph Collection conversions at both the Courtyard Philadelphia Downtown and Courtyard San Francisco Downtown.
- Subsequent to quarter end, Braemar entered into the new Enhanced Return Funding Program with Ashford Inc.
- Subsequent to quarter end, Braemar completed the acquisition of the 170-room Ritz-Carlton Lake Tahoe in Truckee, California for $103 million. This was the first Braemar acquisition to benefit from the ERFP.
- Subsequent to quarter end, Braemar refinanced a mortgage loan with an existing outstanding balance totaling approximately $187 million with a new mortgage loan totaling $195 million.
"We are pleased with our operating results for 2018, which reflect the diligent execution of our strategy focused on growing our advised platforms and acquiring growth-oriented hospitality-related businesses," commented Monty J. Bennett, Ashford's Chairman and Chief Executive Officer. "During the year, through the acquisition of Premier Project Management, we added scale, diversification and enhanced our competitive position in the hospitality industry, and we also continued to benefit from strong growth within our service businesses. We remain extremely excited about our Enhanced Return Funding Program with our advised platforms and so far have successfully partnered with them on the acquisition of five high-quality hotels totaling over $500 million in new assets. We believe these two ERFP Programs should continue to create substantial growth in assets under management for us while also delivering attractive returns to our shareholders and the shareholders of our advised platforms. Looking ahead to 2019, we are well-positioned to continue to successfully execute on our strategy."
INVESTOR CONFERENCE CALL AND SIMULCAST
The Company will conduct a conference call on Friday, March 1, 2019, at 12:00 p.m. ET. The number for this interactive teleconference is (323) 794-2093. A replay of the conference call will be available through Friday, March 8, 2019, by dialing (719) 457-0820 and entering the confirmation number 8529693.
The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2018 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 Friday, March 1, 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'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 associated with the Remington Project Management business combination transaction, such as the risk that the Project 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's filings with the Securities and Exchange Commission (SEC) including Ashford's definitive proxy statement filed with the SEC on July 12, 2018 and Ashford's 10-K filed with the SEC on March 12, 2018.
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) | |||||||
December 31, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 51,529 | $ | 36,480 | |||
Restricted cash | 7,914 | 9,076 | |||||
Accounts receivable, net | 4,928 | 5,127 | |||||
Due from affiliates | 45 | — | |||||
Due from Ashford Trust OP | 5,293 | 13,346 | |||||
Due from Braemar OP | 1,996 | 1,738 | |||||
Inventories | 1,202 | 1,066 | |||||
Prepaid expenses and other | 3,902 | 2,913 | |||||
Total current assets | 76,809 | 69,746 | |||||
Investments in unconsolidated entities | 500 | 500 | |||||
Furniture, fixtures and equipment, net | 47,947 | 21,154 | |||||
Goodwill | 59,683 | 12,947 | |||||
Intangible assets, net | 193,194 | 9,713 | |||||
Other assets | 872 | 750 | |||||
Total assets | $ | 379,005 | $ | 114,810 | |||
LIABILITIES | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 24,880 | $ | 20,451 | |||
Due to affiliates | 2,032 | 4,272 | |||||
Deferred income | 148 | 459 | |||||
Deferred compensation plan | 173 | 311 | |||||
Notes payable, net | 2,595 | 1,751 | |||||
Other liabilities | 8,418 | 9,076 | |||||
Total current liabilities | 38,246 | 36,320 | |||||
Accrued expenses | — | 78 | |||||
Deferred income | 13,396 | 13,440 | |||||
Deferred tax liability, net | 31,506 | — | |||||
Deferred compensation plan | 10,401 | 18,948 | |||||
Notes payable, net | 15,177 | 9,956 | |||||
Total liabilities | 108,726 | 78,742 | |||||
MEZZANINE EQUITY | |||||||
Series B cumulative convertible preferred stock, $25 par value, 8,120,000 shares issued and outstanding, | 200,847 | — | |||||
Redeemable noncontrolling interests | 3,531 | 5,111 | |||||
EQUITY | |||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized: | |||||||
Series A cumulative preferred stock, no shares issued and outstanding at December 31, 2018 and | — | — | |||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 2,391,541 and 2,093,556 shares issued | 24 | 21 | |||||
Additional paid-in capital | 280,159 | 249,695 | |||||
Accumulated deficit | (214,242) | (219,396) | |||||
Accumulated other comprehensive income (loss) | (498) | (135) | |||||
Total stockholders' equity of the Company | 65,443 | 30,185 | |||||
Noncontrolling interests in consolidated entities | 458 | 772 | |||||
Total equity | 65,901 | 30,957 | |||||
Total liabilities and equity | $ | 379,005 | $ | 114,810 | |||
ASHFORD INC. AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(unaudited, in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
REVENUE | |||||||||||||||
Advisory services: | |||||||||||||||
Base advisory fee | $ | 11,365 | $ | 10,924 | $ | 44,905 | $ | 43,523 | |||||||
Incentive advisory fee | 1,131 | 771 | 2,487 | 3,083 | |||||||||||
Reimbursable expenses | 2,785 | 2,251 | 9,837 | 9,705 | |||||||||||
Non-cash stock/unit-based compensation | 5,946 | 3,945 | 31,726 | 9,394 | |||||||||||
Other advisory revenue | 131 | 131 | 521 | 277 | |||||||||||
Audio visual | 19,974 | 9,186 | 81,186 | 9,186 | |||||||||||
Project management | 7,018 | — | 10,634 | — | |||||||||||
Other | 2,626 | 2,458 | 14,224 | 6,405 | |||||||||||
Total revenue | 50,976 | 29,666 | 195,520 | 81,573 | |||||||||||
EXPENSES | |||||||||||||||
Salaries and benefits | 7,243 | 16,033 | 37,853 | 43,610 | |||||||||||
Non-cash stock/unit-based compensation | 8,017 | 6,044 | 41,917 | 17,863 | |||||||||||
Cost of revenues for audio visual | 16,555 | 7,757 | 64,555 | 7,757 | |||||||||||
Cost of revenues for project management | 1,978 | — | 3,167 | — | |||||||||||
Depreciation and amortization | 4,137 | 891 | 9,342 | 2,527 | |||||||||||
General and administrative | 7,137 | 4,870 | 34,356 | 17,113 | |||||||||||
Impairment | — | — | 1,919 | 1,072 | |||||||||||
Other | 1,078 | 1,535 | 3,250 | 2,153 | |||||||||||
Total operating expenses | 46,145 | 37,130 | 196,359 | 92,095 | |||||||||||
OPERATING INCOME (LOSS) | 4,831 | (7,464) | (839) | (10,522) | |||||||||||
Interest expense | (366) | (72) | (959) | (83) | |||||||||||
Amortization of loan costs | (64) | (15) | (241) | (39) | |||||||||||
Interest income | 41 | 91 | 329 | 244 | |||||||||||
Dividend income | — | — | — | 93 | |||||||||||
Unrealized gain (loss) on investments | — | — | — | 203 | |||||||||||
Realized gain (loss) on investments | — | — | — | (294) | |||||||||||
Other income (expense) | (496) | (47) | (834) | (73) | |||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 3,946 | (7,507) | (2,544) | (10,471) | |||||||||||
Income tax (expense) benefit | (1,229) | (475) | 10,364 | (9,723) | |||||||||||
NET INCOME (LOSS) | 2,717 | (7,982) | 7,820 | (20,194) | |||||||||||
(Income) loss from consolidated entities attributable to noncontrolling | 220 | 91 | 924 | 358 | |||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | 621 | 489 | 1,438 | 1,484 | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 3,558 | (7,402) | 10,182 | (18,352) | |||||||||||
Preferred dividends | (2,791) | — | (4,466) | — | |||||||||||
Amortization of preferred stock discount | (427) | — | (730) | — | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON | $ | 340 | $ | (7,402) | $ | 4,986 | $ | (18,352) | |||||||
INCOME (LOSS) PER SHARE - BASIC AND DILUTED | |||||||||||||||
Basic: | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | 0.14 | $ | (3.58) | $ | 2.29 | $ | (9.04) | |||||||
Weighted average common shares outstanding - basic | 2,381 | 2,069 | 2,170 | 2,031 | |||||||||||
Diluted: | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | (1.96) | $ | (3.72) | $ | (2.11) | $ | (9.59) | |||||||
Weighted average common shares outstanding - diluted | 2,652 | 2,118 | 2,332 | 2,067 | |||||||||||
ASHFORD INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (unaudited, in thousands) Three Months Ended Year Ended December 31, December 31, 2018 2017 2018 2017 Net income (loss) $ 2,717 $ (7,982) $ 7,820 $ (20,194) (Income) loss from consolidated entities attributable to noncontrolling 220 91 924 358 Net (income) loss attributable to redeemable noncontrolling interests 621 489 1,438 1,484 Net income (loss) attributable to the company 3,558 (7,402) 10,182 (18,352) Interest expense 313 60 826 68 Amortization of loan costs 59 10 215 23 Depreciation and amortization 4,788 1,182 12,330 2,799 Income tax expense (benefit) 1,217 475 (10,431) 9,723 Net income (loss) attributable to redeemable noncontrolling — (15) 9 (19) EBITDA 9,935 (5,690) 13,131 (5,758) Equity-based compensation 1,960 2,092 10,013 8,440 Market change in deferred compensation plan (4,904) 6,737 (8,444) 10,410 Change in contingent consideration fair value — 1,066 338 1,066 Transaction costs 836 593 11,213 2,906 Software implementation costs — 17 45 165 Reimbursed software costs (462) (218) (1,627) (710) Impairment — — 1,919 — Dead deal costs 8 — 17 — Realized and unrealized (gain) loss on derivatives — — — 41 Legal and settlement costs — (8) (50) 470 Severance costs 3 — 1,319 170 Amortization of hotel signing fees and lock subsidies 245 174 628 174 Other (gain) loss on disposal of assets 279 — 188 — Foreign currency transactions (gain) loss 55 51 60 51 Adjusted EBITDA $ 7,955 $ 4,814 $ 28,750 $ 17,425 (1) Represents the 0.2% interest in Ashford Hospitality Advisors, LLC prior to our legal entity restructuring on April 6, 2017 and 0.2% interest in Ashford Hospitality Holdings, LLC thereafter.
interests
interests (1)
ASHFORD INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS) (unaudited, in thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, 2018 2017 2018 2017 Net income (loss) $ 2,717 $ (7,982) $ 7,820 $ (20,194) (Income) loss from consolidated entities attributable to noncontrolling 220 91 924 358 Net (income) loss attributable to redeemable noncontrolling interests 621 489 1,438 1,484 Preferred dividends (2,791) — (4,466) — Amortization of preferred stock discount (427) — (730) — Net income (loss) attributable to common stockholders 340 (7,402) 4,986 (18,352) Amortization of loan costs 59 10 215 23 Depreciation and amortization 4,788 1,182 12,330 2,799 Net income (loss) attributable to redeemable noncontrolling — (15) 9 (19) Preferred dividends 2,791 — 4,466 — Amortization of preferred stock discount 427 — 730 — Equity-based compensation 1,960 2,092 10,013 8,440 Market change in deferred compensation plan (4,904) 6,737 (8,444) 10,410 Change in contingent consideration fair value — 1,066 338 1,066 Transaction costs 836 593 11,213 2,906 Software implementation costs — 17 45 165 Reimbursed software costs (462) (218) (1,627) (710) Impairment — — 1,919 — Dead deal costs 8 — 17 — Realized and unrealized (gain) loss on derivatives — — — 41 Legal and settlement costs — (8) (50) 470 Severance costs 3 — 1,319 170 Amortization of hotel signing fees and lock subsidies 245 174 628 174 Other (gain) loss on disposal of assets 279 — 188 — Foreign currency transactions (gain) loss 55 51 60 51 GAAP income tax expense (benefit) 1,217 475 (10,431) 9,723 Adjusted income tax (expense) benefit (2) (3) 1,691 155 (1,809) (1,290) Adjusted net income $ 9,333 $ 4,909 $ 26,115 $ 16,067 Adjusted net income per diluted share available to common $ 2.20 $ 1.91 $ 8.01 $ 6.75 Weighted average diluted shares 4,236 2,572 3,262 2,381 Components of weighted average diluted shares Common shares 2,385 2,072 2,174 2,037 Series B cumulative convertible preferred stock 1,450 — 575 — Deferred compensation plan 205 208 206 209 Stock options 121 243 239 99 OpenKey put option 31 23 24 30 J&S put option 35 26 35 6 Restricted shares 9 — 9 — Weighted average diluted shares 4,236 2,572 3,262 2,381 Reconciliation of income tax expense (benefit) to adjusted income GAAP Income tax (expense) benefit $ (1,229) $ (475) $ 10,364 $ (9,723) Less current income tax (expense) benefit attributable to (12) — (67) — GAAP Income tax (expense) benefit excluding noncontrolling (1,217) (475) 10,431 (9,723) Less deferred income tax (expense) benefit (2,908) — 12,240 — Less adjustment to income tax expense from restructuring — (630) — (8,433) Adjusted income tax (expense) benefit (2) (3) $ 1,691 $ 155 $ (1,809) $ (1,290)
interests
interests (1)
stockholders
tax (expense) benefit
noncontrolling interests
interests
(1) Represents the 0.2% interest in Ashford Hospitality Advisors, LLC prior to the legal restructuring of our organizational structure on April 6, 2017 and 0.2% interest in Ashford Hospitality Holdings, LLC thereafter. | |
(2) Beginning in 2018, 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 beginning January 1, 2018. See Note 12 to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2017. | |
(3) Prior period amounts represent the impact of our second quarter 2017 legal entity restructuring on income tax expense for the three and twelve month periods ended December 31, 2017. |
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 December 31, 2018 Three Months Ended December 31, 2017 REIT Hospitality Products & Services Corporate/ Ashford Inc. Consolidated REIT Hospitality Products & Services Corporate/ Ashford Inc. Consolidated REVENUE Advisory services: Base advisory fee - Trust $ 8,871 $ — $ — $ 8,871 $ 8,704 $ — $ — $ 8,704 Incentive advisory fee - Trust 453 — — 453 453 — — 453 Reimbursable expenses - Trust 2,260 — — 2,260 1,698 — — 1,698 Non-cash stock/unit-based compensation - Trust 4,705 — — 4,705 3,329 — — 3,329 Base advisory fee - Braemar 2,494 — — 2,494 2,220 — — 2,220 Incentive advisory fee - Braemar 678 — — 678 318 — — 318 Reimbursable expenses - Braemar 525 — — 525 553 — — 553 Non-cash stock/unit-based compensation - Braemar 1,241 — — 1,241 616 — — 616 Other advisory revenue - Braemar 131 — — 131 131 — — 131 Audio visual — 19,974 — 19,974 — 9,186 — 9,186 Project management — 7,018 — 7,018 — — — — Other 769 1,857 — 2,626 1,657 801 — 2,458 Total revenue 22,127 28,849 — 50,976 19,679 9,987 — 29,666 EXPENSES Salaries and benefits — 3,688 7,929 11,617 — 1,592 7,382 8,974 Market change in deferred compensation plan — — (4,904) (4,904) — — 6,737 6,737 REIT non-cash stock/unit-based compensation expense 5,946 109 — 6,055 3,945 — — 3,945 AINC and subsidiary non-cash stock/unit-based compensation expense — 4 1,958 1,962 — 12 2,087 2,099 Reimbursable expenses 2,785 — — 2,785 2,251 — — 2,251 Cost of audio visual revenues — 16,555 — 16,555 — 7,757 — 7,757 Cost of project management revenues — 1,978 — 1,978 — — — — General and administrative — 3,171 1,711 4,882 — 1,433 1,508 2,941 Depreciation and amortization 562 3,458 117 4,137 376 344 171 891 Other — 1,080 (2) 1,078 — 469 1,066 1,535 Total operating expenses 9,293 30,043 6,809 46,145 6,572 11,607 18,951 37,130 OPERATING INCOME (LOSS) 12,834 (1,194) (6,809) 4,831 13,107 (1,620) (18,951) (7,464) Other — (841) (44) (885) — (134) 91 (43) INCOME (LOSS) BEFORE INCOME TAXES 12,834 (2,035) (6,853) 3,946 13,107 (1,754) (18,860) (7,507) Income tax (expense) benefit (4,525) 152 3,144 (1,229) (5,429) 280 4,674 (475) NET INCOME (LOSS) 8,309 (1,883) (3,709) 2,717 7,678 (1,474) (14,186) (7,982) (Income) loss from consolidated entities attributable to noncontrolling interests — 220 — 220 — 91 — 91 Net (income) loss attributable to redeemable noncontrolling interests — 621 — 621 — 474 15 489 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY $ 8,309 $ (1,042) $ (3,709) $ 3,558 $ 7,678 $ (909) $ (14,171) $ (7,402) Interest expense — 277 36 313 — 60 — 60 Amortization of loan costs — 14 45 59 — 10 — 10 Depreciation and amortization 562 4,109 117 4,788 376 635 171 1,182 Income tax expense (benefit) 4,525 (164) (3,144) 1,217 5,429 (280) (4,674) 475 Net income (loss) attributable to redeemable noncontrolling interests (1) — — — — — — (15) (15) EBITDA 13,396 3,194 (6,655) 9,935 13,483 (484) (18,689) (5,690) Equity-based compensation — 1 1,959 1,960 — 5 2,087 2,092 Market change in deferred compensation plan — — (4,904) (4,904) — — 6,737 6,737 Change in contingent consideration fair value — — — — — — 1,066 1,066 Transaction costs — 6 830 836 — 3 590 593 Software implementation costs — — — — 16 — 1 17 Reimbursed software costs, net (462) — — (462) (218) — — (218) Dead deal costs — — 8 8 — — — — Legal and settlement costs — — — — — — (8) (8) Severance costs — 3 — 3 — — — — Amortization of hotel signing fees and lock subsidies — 245 — 245 — 174 — 174 Other (gain) loss on disposal of assets — 279 — 279 — — — — Foreign currency transactions (gain) loss — 55 — 55 — 51 — 51 Adjusted EBITDA 12,934 3,783 (8,762) 7,955 13,281 (251) (8,216) 4,814 Interest expense — (277) (36) (313) — (60) — (60) Adjusted income tax (expense) benefit (275) (62) 2,028 1,691 (5,429) 280 4,674 (475) Adjustment to income tax expense from restructuring — — — — — — 630 630 Adjusted net income (loss) $ 12,659 $ 3,444 $ (6,770) $ 9,333 $ 7,852 $ (31) $ (2,912) $ 4,909 Adjusted net income (loss) per diluted share available to common stockholders (2) $ 2.99 $ 0.81 $ (1.60) $ 2.20 $ 3.05 $ (0.01) $ (1.13) $ 1.91 Weighted average diluted shares 4,236 4,236 4,236 4,236 2,572 2,572 2,572 2,572 (1) Represents the 0.2% interest in Ashford Hospitality Advisors, LLC prior to our legal entity restructuring on April 6, 2017 and 0.2% interest in Ashford Hospitality Holdings, LLC thereafter. (2) 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.
Advisory
Other
Advisory
Other
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) Year Ended December 31, 2018 Year Ended December 31, 2017 REIT Hospitality Products & Services Corporate/ Ashford Inc. Consolidated REIT Hospitality Products & Services Corporate/ Ashford Inc. Consolidated REVENUE Advisory services: Base advisory fee - Trust $ 35,482 $ — $ — $ 35,482 $ 34,724 $ — $ — $ 34,724 Incentive advisory fee - Trust 1,809 — — 1,809 1,809 — — 1,809 Reimbursable expenses - Trust 7,905 — — 7,905 7,600 — — 7,600 Non-cash stock/unit-based compensation - Trust 25,245 — — 25,245 11,077 — — 11,077 Base advisory fee - Braemar 9,423 — — 9,423 8,799 — — 8,799 Incentive advisory fee - Braemar 678 — — 678 1,274 — — 1,274 Reimbursable expenses - Braemar 1,932 — — 1,932 2,105 — — 2,105 Non-cash stock/unit-based compensation - Braemar 6,481 — — 6,481 (1,683) — — (1,683) Other advisory revenue - Braemar 521 — — 521 277 — — 277 Audio visual — 81,186 — 81,186 — 9,186 — 9,186 Project management — 10,634 — 10,634 — — — — Other 8,467 5,757 — 14,224 4,006 2,399 — 6,405 Total revenue 97,943 97,577 — 195,520 69,988 11,585 — 81,573 EXPENSES Salaries and benefits — 11,325 33,412 44,737 — 3,351 28,561 31,912 Market change in deferred compensation plan — — (8,444) (8,444) — — 10,410 10,410 REIT non-cash stock/unit-based compensation expense 31,726 173 — 31,899 9,394 — — 9,394 AINC and subsidiary non-cash stock/unit-based compensation expense — 10 10,008 10,018 — 39 8,430 8,469 Reimbursable expenses 9,837 — — 9,837 9,705 — — 9,705 Cost of audio visual revenues — 64,555 — 64,555 — 7,757 — 7,757 Cost of project management revenues — 3,167 — 3,167 — — — — General and administrative — 11,410 14,669 26,079 — 2,998 5,698 8,696 Depreciation and amortization 2,129 6,685 528 9,342 1,373 394 760 2,527 Impairment 1,863 — 56 1,919 1,041 — 31 1,072 Other — 2,913 337 3,250 — 1,087 1,066 2,153 Total operating expenses 45,555 100,238 50,566 196,359 21,513 15,626 54,956 92,095 OPERATING INCOME (LOSS) 52,388 (2,661) (50,566) (839) 48,475 (4,041) (54,956) (10,522) Other — (1,764) 59 (1,705) — (181) 232 51 INCOME (LOSS) BEFORE INCOME TAXES 52,388 (4,425) (50,507) (2,544) 48,475 (4,222) (54,724) (10,471) Income tax (expense) benefit (12,566) (175) 23,105 10,364 (18,324) 280 8,321 (9,723) NET INCOME (LOSS) 39,822 (4,600) (27,402) 7,820 30,151 (3,942) (46,403) (20,194) (Income) loss from consolidated entities attributable to noncontrolling interests — 924 — 924 — 504 (146) 358 Net (income) loss attributable to redeemable noncontrolling interests — 1,447 (9) 1,438 — 1,465 19 1,484 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY $ 39,822 $ (2,229) $ (27,411) $ 10,182 $ 30,151 $ (1,973) $ (46,530) $ (18,352) Interest expense — 708 118 826 — 68 — 68 Amortization of loan costs — 65 150 215 — 23 — 23 Depreciation and amortization 2,129 9,673 528 12,330 1,373 666 760 2,799 Income tax expense (benefit) 12,566 108 (23,105) (10,431) 18,324 (280) (8,321) 9,723 Net income (loss) attributable to redeemable noncontrolling interests (1) — — 9 9 — — (19) (19) EBITDA 54,517 8,325 (49,711) 13,131 49,848 (1,496) (54,110) (5,758) Equity-based compensation — 4 10,009 10,013 — 10 8,430 8,440 Market change in deferred compensation plan — — (8,444) (8,444) — — 10,410 10,410 Change in contingent consideration fair value — — 338 338 — — 1,066 1,066 Transaction costs — 76 11,137 11,213 — 170 2,736 2,906 Software implementation costs — — 45 45 160 — 5 165 Reimbursed software costs, net (1,627) — — (1,627) (741) — 31 (710) Impairment 1,863 — 56 1,919 — — — — Dead deal costs — — 17 17 — — — — Realized and unrealized (gain) loss on derivatives — — — — — — 41 41 Legal and settlement costs — — (50) (50) — — 470 470 Severance costs — 18 1,301 1,319 — 88 82 170 Amortization of hotel signing fees and lock subsidies — 628 — 628 — 174 — 174 Other (gain) loss on disposal of assets — 188 — 188 — — — — Foreign currency transactions (gain) loss — 60 — 60 — 51 — 51 Adjusted EBITDA 54,753 9,299 (35,302) 28,750 49,267 (1,003) (30,839) 17,425 Interest expense — (708) (118) (826) — (68) — (68) Adjusted income tax (expense) benefit (7,206) 143 5,254 (1,809) (18,324) 280 8,321 (9,723) Adjustment to income tax expense from restructuring — — — — — — 8,433 8,433 Adjusted net income (loss) $ 47,547 $ 8,734 $ (30,166) $ 26,115 $ 30,943 $ (791) $ (14,085) $ 16,067 Adjusted net income (loss) per diluted share available to common stockholders (2) $ 14.58 $ 2.68 $ (9.25) $ 8.01 $ 13.00 $ (0.33) $ (5.92) $ 6.75 Weighted average diluted shares 3,262 3,262 3,262 3,262 2,381 2,381 2,381 2,381 (1) Represents the 0.2% interest in Ashford Hospitality Advisors, LLC prior to our legal entity restructuring on April 6, 2017 and 0.2% interest in Ashford Hospitality Holdings, LLC thereafter. (2) 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.
Advisory
Other
Advisory
Other
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 December 31, 2018 Three Months Ended December 31, 2017 Premier J&S OpenKey Other (1) Hospitality Products & Services Premier J&S OpenKey Other (1) Hospitality Products & Services REVENUE Audio visual $ — $ 19,974 $ — $ — $ 19,974 $ — $ 9,186 $ — $ — $ 9,186 Project management 7,018 — — — 7,018 — — — — — Other — — 226 1,631 1,857 — — 187 614 801 Total revenue 7,018 19,974 226 1,631 28,849 — 9,186 187 614 9,987 EXPENSES Salaries and benefits 888 2,076 392 332 3,688 — 868 553 171 1,592 REIT non-cash stock/unit-based 109 — — — 109 — — — — — AINC and subsidiary non-cash — — 4 — 4 — — 12 — 12 Cost of audio visual revenues — 16,555 — — 16,555 — 7,757 — — 7,757 Cost of project management 1,978 — — — 1,978 — — — — — General and administrative 362 1,964 523 322 3,171 — 1,030 299 104 1,433 Depreciation and amortization 2,740 691 7 20 3,458 — 319 8 17 344 Other — — 246 834 1,080 — — 166 303 469 Total operating expenses 6,077 21,286 1,172 1,508 30,043 — 9,974 1,038 595 11,607 OPERATING INCOME (LOSS) 941 (1,312) (946) 123 (1,194) — (788) (851) 19 (1,620) Other — (823) (5) (13) (841) — (121) (4) (9) (134) INCOME (LOSS) BEFORE 941 (2,135) (951) 110 (2,035) — (909) (855) 10 (1,754) Income tax (expense) benefit (232) 415 — (31) 152 — 252 — 28 280 NET INCOME (LOSS) 709 (1,720) (951) 79 (1,883) — (657) (855) 38 (1,474) (Income) loss from consolidated — — 241 (21) 220 — (49) 142 (2) 91 Net (income) loss attributable to — 332 289 — 621 — 136 338 — 474 NET INCOME (LOSS) $ 709 $ (1,388) $ (421) $ 58 $ (1,042) $ — $ (570) $ (375) $ 36 $ (909) Interest expense — 239 — 38 277 — 58 — 2 60 Amortization of loan costs — 10 2 2 14 — 5 1 4 10 Depreciation and amortization 2,740 1,297 3 69 4,109 — 608 3 24 635 Income tax expense (benefit) 232 (427) — 31 (164) — (252) — (28) (280) EBITDA 3,681 (269) (416) 198 3,194 — (151) (371) 38 (484) Equity-based compensation — — 1 — 1 — — 5 — 5 Transaction costs — 6 — — 6 — — — 3 3 Severance costs — — 3 — 3 — — — — — Amortization of hotel signing fees — 234 11 — 245 — 152 22 — 174 Other (gain) loss on disposal of — 250 29 — 279 — — — — — Foreign currency transactions — 55 — — 55 — 51 — — 51 Adjusted EBITDA 3,681 276 (372) 198 3,783 — 52 (344) 41 (251) Interest expense — (239) — (38) (277) — (58) — (2) (60) Adjusted income tax (expense) (704) 622 — 20 (62) — 252 — 28 280 Adjusted net income (loss) $ 2,977 $ 659 $ (372) $ 180 $ 3,444 $ — $ 246 $ (344) $ 67 $ (31) Adjusted net income (loss) per $ 0.70 $ 0.16 $ (0.09) $ 0.04 $ 0.81 $ — $ 0.10 $ (0.13) $ 0.03 $ (0.01) Weighted average diluted shares 4,236 4,236 4,236 4,236 4,236 2,572 2,572 2,572 2,572 2,572 (1) Represents Pure Wellness, and for the three months ended December 31, 2018, also includes RED Hospitality & Leisure 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.
compensation expense
stock/unit-based compensation
expense
revenues
INCOME TAXES
entities attributable to
noncontrolling interests
redeemable noncontrolling
interests
ATTRIBUTABLE TO THE
COMPANY
and lock subsidies
assets
(gain) loss
benefit
diluted share available to common
stockholders (2)
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) Year Ended December 31, 2018 Year Ended December 31, 2017 Premier J&S OpenKey Other (1) Hospitality Products & Services Premier J&S OpenKey Other (1) Hospitality Products & Services REVENUE Audio visual $ — $ 81,186 $ — $ — $ 81,186 $ — $ 9,186 $ — $ — $ 9,186 Project management 10,634 — — — 10,634 — — — — — Other — — 999 4,758 5,757 — — 327 2,072 2,399 Total revenue 10,634 81,186 999 4,758 97,577 — 9,186 327 2,072 11,585 EXPENSES Salaries and benefits 1,386 6,644 2,051 1,244 11,325 — 868 1,816 667 3,351 REIT non-cash stock/unit-based 173 — — — 173 — — — — — AINC and subsidiary non-cash — — 10 — 10 — — 39 — 39 Cost of audio visual revenues — 64,555 — — 64,555 — 7,757 — — 7,757 Cost of project management 3,167 — — — 3,167 — — — — — General and administrative 534 7,994 1,783 1,099 11,410 — 1,030 1,431 537 2,998 Depreciation and amortization 4,358 2,221 27 79 6,685 — 319 25 50 394 Other — — 666 2,247 2,913 — — 192 895 1,087 Total operating expenses 9,618 81,414 4,537 4,669 100,238 — 9,974 3,503 2,149 15,626 OPERATING INCOME (LOSS) 1,016 (228) (3,538) 89 (2,661) — (788) (3,176) (77) (4,041) Other — (1,675) (23) (66) (1,764) — (121) (31) (29) (181) INCOME (LOSS) BEFORE 1,016 (1,903) (3,561) 23 (4,425) — (909) (3,207) (106) (4,222) Income tax (expense) benefit (239) 76 — (12) (175) — 252 — 28 280 NET INCOME (LOSS) 777 (1,827) (3,561) 11 (4,600) — (657) (3,207) (78) (3,942) (Income) loss from consolidated — 58 826 40 924 — (49) 515 38 504 Net (income) loss attributable to — 361 1,086 — 1,447 — 136 1,329 — 1,465 NET INCOME (LOSS) $ 777 $ (1,408) $ (1,649) $ 51 $ (2,229) $ — $ (570) $ (1,363) $ (40) $ (1,973) Interest expense — 633 — 75 708 — 58 — 10 68 Amortization of loan costs — 40 11 14 65 — 5 8 10 23 Depreciation and amortization 4,358 5,090 12 213 9,673 — 608 11 47 666 Income tax expense (benefit) 239 (143) — 12 108 — (252) — (28) (280) EBITDA 5,374 4,212 (1,626) 365 8,325 — (151) (1,344) (1) (1,496) Equity-based compensation — — 4 — 4 — — 10 — 10 Transaction costs — 70 — 6 76 — — — 170 170 Severance costs — — 3 15 18 — — — 88 88 Amortization of hotel signing fees — 587 41 — 628 — 152 22 — 174 Other (gain) loss on disposal of — 194 — (6) 188 — — — — — Foreign currency transactions — 60 — — 60 — 51 — — 51 Adjusted EBITDA 5,374 5,123 (1,578) 380 9,299 — 52 (1,312) 257 (1,003) Interest expense — (633) — (75) (708) — (58) — (10) (68) Adjusted income tax (expense) (1,123) 259 — 1,007 143 — 252 — 28 280 Adjusted net income (loss) $ 4,251 $ 4,749 $ (1,578) $ 1,312 $ 8,734 $ — $ 246 $ (1,312) $ 275 $ (791) Adjusted net income (loss) per $ 1.30 $ 1.46 $ (0.48) $ 0.40 $ 2.68 $ — $ 0.10 $ (0.55) $ 0.12 $ (0.33) Weighted average diluted shares 3,262 3,262 3,262 3,262 3,262 2,381 2,381 2,381 2,381 2,381 (1) Represents Pure Wellness, and for the year ended December 31, 2018, also includes RED Hospitality & Leisure 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.
compensation expense
stock/unit-based compensation
expense
revenues
INCOME TAXES
entities attributable to
noncontrolling interests
redeemable noncontrolling
interests
ATTRIBUTABLE TO THE
COMPANY
and lock subsidies
assets
(gain) loss
benefit
diluted share available to common
stockholders (2)
View original content:http://www.prnewswire.com/news-releases/ashford-reports-fourth-quarter-and-year-end-2018-results-300804536.html
SOURCE Ashford Inc.
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