2017 Q2 Form 10-Q Financial Statement

#000123258217000060 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $390.7M $410.7M
YoY Change -4.87% 11.19%
Cost Of Revenue $254.1M $266.4M
YoY Change -4.62% 10.04%
Gross Profit $136.5M $144.3M
YoY Change -5.41% 13.44%
Gross Profit Margin 34.94% 35.14%
Selling, General & Admin $17.50M $14.90M
YoY Change 17.45% 2.05%
% of Gross Profit 12.82% 10.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.50M $60.00M
YoY Change 0.83% 14.07%
% of Gross Profit 44.32% 41.58%
Operating Expenses $78.10M $75.00M
YoY Change 4.13% 11.61%
Operating Profit $72.58M $69.47M
YoY Change 4.48% 97.36%
Interest Expense -$58.80M -$49.80M
YoY Change 18.07% 9.21%
% of Operating Profit -81.02% -71.69%
Other Income/Expense, Net -$146.0K -$3.085M
YoY Change -95.27% 35.13%
Pretax Income $12.03M $35.74M
YoY Change -66.33% -382.11%
Income Tax $1.606M $603.0K
% Of Pretax Income 13.35% 1.69%
Net Earnings $10.18M $30.75M
YoY Change -66.88% -351.17%
Net Earnings / Revenue 2.61% 7.49%
Basic Earnings Per Share -$0.01 $0.23
Diluted Earnings Per Share -$0.01 $0.23
COMMON SHARES
Basic Shares Outstanding 95.32M shares 94.47M shares
Diluted Shares Outstanding 95.32M shares 94.47M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $404.4M $261.8M
YoY Change 54.47% -7.2%
Cash & Equivalents $404.4M $261.8M
Short-Term Investments
Other Short-Term Assets $24.10M $24.10M
YoY Change 0.0% 36.16%
Inventory $4.413M $4.765M
Prepaid Expenses
Receivables $76.00M $75.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $508.9M $366.1M
YoY Change 39.01% -8.18%
LONG-TERM ASSETS
Property, Plant & Equipment $4.069B $4.236B
YoY Change -3.94% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.586M $60.70M
YoY Change -90.8% -49.3%
Other Assets $153.4M $195.1M
YoY Change -21.37% 3.23%
Total Long-Term Assets $4.272B $4.535B
YoY Change -5.8% -1.03%
TOTAL ASSETS
Total Short-Term Assets $508.9M $366.1M
Total Long-Term Assets $4.272B $4.535B
Total Assets $4.781B $4.901B
YoY Change -2.45% -1.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.90M $10.30M
YoY Change 73.79% -10.43%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $173.9M $35.80M
YoY Change 385.75% -8.67%
LONG-TERM LIABILITIES
Long-Term Debt $3.698B $3.759B
YoY Change -1.61% 2.94%
Other Long-Term Liabilities $34.50M $57.50M
YoY Change -40.0% 116.98%
Total Long-Term Liabilities $3.733B $3.816B
YoY Change -2.19% 3.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $173.9M $35.80M
Total Long-Term Liabilities $3.733B $3.816B
Total Liabilities $3.925B $3.991B
YoY Change -1.66% 3.56%
SHAREHOLDERS EQUITY
Retained Earnings -$1.019B -$799.9M
YoY Change 27.42% 11.26%
Common Stock $974.0K $962.0K
YoY Change 1.25% -22.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $747.6M $799.7M
YoY Change
Total Liabilities & Shareholders Equity $4.781B $4.901B
YoY Change -2.45% -1.6%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $10.18M $30.75M
YoY Change -66.88% -351.17%
Depreciation, Depletion And Amortization $60.50M $60.00M
YoY Change 0.83% 14.07%
Cash From Operating Activities $95.70M $72.60M
YoY Change 31.82% 45.2%
INVESTING ACTIVITIES
Capital Expenditures -$53.40M -$47.50M
YoY Change 12.42% -87.16%
Acquisitions
YoY Change
Other Investing Activities $92.30M $140.6M
YoY Change -34.35% 1166.67%
Cash From Investing Activities $39.00M $93.00M
YoY Change -58.06% -125.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -51.60M -129.5M
YoY Change -60.15% -155.11%
NET CHANGE
Cash From Operating Activities 95.70M 72.60M
Cash From Investing Activities 39.00M 93.00M
Cash From Financing Activities -51.60M -129.5M
Net Change In Cash 83.10M 36.10M
YoY Change 130.19% -149.12%
FREE CASH FLOW
Cash From Operating Activities $95.70M $72.60M
Capital Expenditures -$53.40M -$47.50M
Free Cash Flow $149.1M $120.1M
YoY Change 24.15% -71.39%

Facts In Submission

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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Deferred Income Taxes And Tax Credits
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us-gaap Depreciation And Amortization
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122241000 USD
us-gaap Depreciation Depletion And Amortization
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125245000 USD
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us-gaap Direct Costs Of Hotels
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us-gaap Direct Costs Of Hotels
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461983000 USD
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us-gaap Equity Method Investment Other Than Temporary Impairment
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us-gaap Equity Method Investment Other Than Temporary Impairment
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10002000 USD
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us-gaap Food And Beverage Cost Of Sales
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88520000 USD
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us-gaap Food And Beverage Cost Of Sales
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us-gaap Food And Beverage Revenue
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132261000 USD
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us-gaap Food And Beverage Revenue
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126692000 USD
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us-gaap Gain Loss On Sale Of Properties
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22980000 USD
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14092000 USD
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us-gaap General And Administrative Expense
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3254000 USD
us-gaap General And Administrative Expense
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0 USD
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us-gaap Impairment Of Real Estate
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CY2016Q2 us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
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35738000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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24228000 USD
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12034000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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CY2016Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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1232000 USD
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15553000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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17387000 USD
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830000 USD
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1614000 USD
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1547000 USD
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13370000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Interest Expense Debt
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us-gaap Investment Income Interest
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Land
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Land
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us-gaap Marketable Securities Gain Loss
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us-gaap Marketable Securities Gain Loss
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MarketableSecuritiesUnrealizedGainLoss
0 USD
us-gaap Marketable Securities Unrealized Gain Loss
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0 USD
CY2017Q2 us-gaap Marketable Securities Unrealized Gain Loss
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us-gaap Marketable Securities Unrealized Gain Loss
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CY2016Q4 us-gaap Minority Interest
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us-gaap Minority Interest Change In Redemption Value
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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0 USD
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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122644000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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135180000 USD
CY2016Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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22262000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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3783000 USD
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us-gaap Net Income Loss Available To Common Stockholders Basic
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6000 USD
us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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13000 USD
us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Nonredeemable
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4376000 USD
us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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2264000 USD
CY2017Q2 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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231000 USD
us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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us-gaap Number Of Operating Segments
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us-gaap Occupancy Costs
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us-gaap Occupancy Costs
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us-gaap Occupancy Revenue
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us-gaap Occupancy Revenue
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
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225557000 USD
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28824000 USD
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14948000 USD
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28714000 USD
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443000 USD
us-gaap Other Sales Revenue Net
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836000 USD
CY2017Q2 us-gaap Other Sales Revenue Net
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675000 USD
us-gaap Other Sales Revenue Net
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1063000 USD
CY2016Q2 us-gaap Owned Property Management Costs
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14880000 USD
us-gaap Owned Property Management Costs
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28575000 USD
CY2017Q2 us-gaap Owned Property Management Costs
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14247000 USD
us-gaap Owned Property Management Costs
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27073000 USD
us-gaap Payments For Capital Improvements
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us-gaap Payments For Capital Improvements
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110057000 USD
us-gaap Payments For Derivative Instrument Financing Activities
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73000 USD
us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
550000 USD
us-gaap Payments For Fees
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30000 USD
us-gaap Payments For Fees
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225000 USD
us-gaap Payments For Purchase Of Securities Operating Activities
PaymentsForPurchaseOfSecuritiesOperatingActivities
0 USD
us-gaap Payments For Purchase Of Securities Operating Activities
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34776000 USD
us-gaap Payments Of Debt Issuance Costs
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4575000 USD
us-gaap Payments Of Debt Issuance Costs
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5790000 USD
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45432000 USD
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49122000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
110000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
2000000 USD
us-gaap Payments To Acquire Equity Method Investments
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650000 USD
CY2016Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
8491000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
16981000 USD
CY2017Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
10956000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
21912000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
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CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
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17578000 USD
CY2017Q2 us-gaap Prepaid Expense Current And Noncurrent
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24131000 USD
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123000 USD
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37500000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
180800000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
66000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
94000 USD
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
-734000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
142792000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
105267000 USD
us-gaap Proceeds From Sale Of Securities Operating Activities
ProceedsFromSaleOfSecuritiesOperatingActivities
0 USD
us-gaap Proceeds From Sale Of Securities Operating Activities
ProceedsFromSaleOfSecuritiesOperatingActivities
64688000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
35135000 USD
us-gaap Profit Loss
ProfitLoss
22996000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
10428000 USD
us-gaap Profit Loss
ProfitLoss
-21509000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5054564000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5007516000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4160563000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4069152000 USD
CY2016Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
11558000 USD
CY2017Q2 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
11817000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
693000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
681000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
0 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
317000 USD
CY2016Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
132768000 USD
CY2017Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
107722000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
105888000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
244233000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
153680000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
161935000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
144014000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
150502000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-974015000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1019264000 USD
CY2016Q2 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
410227000 USD
us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
777606000 USD
CY2017Q2 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
389995000 USD
us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
743316000 USD
CY2016Q2 us-gaap Revenues
Revenues
410670000 USD
us-gaap Revenues
Revenues
778442000 USD
CY2017Q2 us-gaap Revenues
Revenues
390670000 USD
us-gaap Revenues
Revenues
744379000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3326000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4138000 USD
CY2016Q4 us-gaap Short Term Investments
ShortTermInvestments
53185000 USD
CY2017Q2 us-gaap Short Term Investments
ShortTermInvestments
19270000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
791621000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
747592000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
792377000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
748330000 USD
us-gaap Trading Gains Losses
TradingGainsLosses
560000 USD
us-gaap Trading Gains Losses
TradingGainsLosses
1242000 USD
CY2016Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
6878000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
13796000 USD
CY2017Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1743000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-325000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94474000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
94309000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95320000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95086000 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
94474000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
94309000 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
95320000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
95086000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94474000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94309000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95320000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95086000 shares
CY2016Q2 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
3941000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
3941000 USD
CY2017Q2 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1575000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1629000 USD
us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;">Revenue Recognition</font><font style="font-family:inherit;font-size:10pt;">&#8212;Hotel revenues, including room, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, are recognized when services have been rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;"></font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">&#8212;The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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0001232582-17-000060.txt Edgar Link pending
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