$APLE
Apple Hospitality REIT, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020051353 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q3
Revenue $148.8M $81.08M $331.7M
YoY Change -55.14% -76.23% -0.14%
Cost Of Revenue $66.30M $43.50M $146.7M
YoY Change -54.81% -69.98% -1.94%
Gross Profit $82.50M $37.60M $185.0M
YoY Change -55.41% -80.84% 1.31%
Gross Profit Margin 55.43% 46.38% 55.77%
Selling, General & Admin $54.70M $43.10M $69.50M
YoY Change -21.29% -38.25% 13.75%
% of Gross Profit 66.3% 114.63% 37.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.20M $49.90M $47.80M
YoY Change 5.02% 3.74% 3.46%
% of Gross Profit 60.85% 132.71% 25.84%
Operating Expenses $104.9M $93.00M $117.4M
YoY Change -10.65% -21.12% 9.51%
Operating Profit -$22.40M -$55.40M $67.60M
YoY Change -133.14% -170.75% -10.34%
Interest Expense -$18.50M -$18.40M -$14.80M
YoY Change 25.0% 15.72% 12.98%
% of Operating Profit -21.89%
Other Income/Expense, Net
YoY Change
Pretax Income -$40.90M -$78.20M $46.40M
YoY Change -188.15% -225.72% -25.4%
Income Tax $100.0K $100.0K $100.0K
% Of Pretax Income 0.22%
Net Earnings -$40.95M -$78.24M $46.22M
YoY Change -188.59% -226.02% -25.57%
Net Earnings / Revenue -27.51% -96.5% 13.93%
Basic Earnings Per Share
Diluted Earnings Per Share -$183.2K -$350.2K $206.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.40M $156.5M
YoY Change
Cash & Equivalents $27.40M $184.2M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $30.00M $24.90M $40.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $57.40M $181.4M $40.50M
YoY Change 41.73% 247.51% -15.63%
LONG-TERM ASSETS
Property, Plant & Equipment $4.794B $4.776B $4.893B
YoY Change -2.02% -2.27% 1.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $28.20M $27.70M $41.90M
YoY Change -32.7% -16.57% 21.45%
Total Long-Term Assets $4.859B $4.841B $4.950B
YoY Change -1.84% -1.94% 0.6%
TOTAL ASSETS
Total Short-Term Assets $57.40M $181.4M $40.50M
Total Long-Term Assets $4.859B $4.841B $4.950B
Total Assets $4.916B $5.022B $4.990B
YoY Change -1.48% 0.67% 0.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $113.5M $108.0M $95.50M
YoY Change 18.85% 41.18% -0.52%
Accrued Expenses $12.30M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $113.5M $108.0M $107.8M
YoY Change 5.29% 21.35% 12.29%
LONG-TERM LIABILITIES
Long-Term Debt $1.728B $1.801B $1.556B
YoY Change 11.07% 16.37% 17.86%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.728B $1.801B $1.556B
YoY Change 11.07% 16.37% 17.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $113.5M $108.0M $107.8M
Total Long-Term Liabilities $1.728B $1.801B $1.556B
Total Liabilities $1.841B $1.909B $1.664B
YoY Change 10.7% 16.64% 17.48%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $4.488B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.075B $3.113B $3.327B
YoY Change
Total Liabilities & Shareholders Equity $4.916B $5.022B $4.990B
YoY Change -1.48% 0.67% 0.44%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q3
OPERATING ACTIVITIES
Net Income -$40.95M -$78.24M $46.22M
YoY Change -188.59% -226.02% -25.57%
Depreciation, Depletion And Amortization $50.20M $49.90M $47.80M
YoY Change 5.02% 3.74% 3.46%
Cash From Operating Activities $13.70M -$20.80M $127.4M
YoY Change -89.25% -119.28% -2.38%
INVESTING ACTIVITIES
Capital Expenditures -$6.100M -$11.30M -$12.80M
YoY Change -52.34% -35.8% -5.88%
Acquisitions
YoY Change
Other Investing Activities -$63.40M -$24.70M -$400.0K
YoY Change 15750.0% 3428.57% -104.17%
Cash From Investing Activities -$69.50M -$36.00M -$13.20M
YoY Change 426.52% 96.72% 230.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -72.70M -229.6M -112.1M
YoY Change -35.15% 159.14% -9.81%
NET CHANGE
Cash From Operating Activities 13.70M -20.80M 127.4M
Cash From Investing Activities -69.50M -36.00M -13.20M
Cash From Financing Activities -72.70M -229.6M -112.1M
Net Change In Cash -128.5M -286.4M 2.100M
YoY Change -6219.05% -28740.0% -4.55%
FREE CASH FLOW
Cash From Operating Activities $13.70M -$20.80M $127.4M
Capital Expenditures -$6.100M -$11.30M -$12.80M
Free Cash Flow $19.80M -$9.500M $140.2M
YoY Change -85.88% -107.57% -2.71%

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<p style="margin-top:10pt;margin-bottom:0pt;text-indent:2.27%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</p>
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-top:10pt;margin-bottom:0pt;text-indent:2.27%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with no effect on previously reported net income or shareholders’ equity.</p>
CY2020Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
5990190000
CY2019Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
5880167000
CY2020Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1196245000
CY2019Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1054429000
CY2020Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
4793945000
CY2019Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
4825738000
CY2020Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
235
CY2020Q3 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
30023
CY2020Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
34
aple Number Of Units In Real Estate Property1
NumberOfUnitsInRealEstateProperty1
335
CY2019 aple Number Of Units In Real Estate Property1
NumberOfUnitsInRealEstateProperty1
1285
CY2020Q3 us-gaap Line Of Credit
LineOfCredit
129700000
CY2019Q4 us-gaap Line Of Credit
LineOfCredit
50900000
CY2020Q3 us-gaap Unsecured Debt
UnsecuredDebt
863813000
CY2019Q4 us-gaap Unsecured Debt
UnsecuredDebt
813934000
CY2020Q3 us-gaap Secured Debt
SecuredDebt
515426000
CY2019Q4 us-gaap Secured Debt
SecuredDebt
455573000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
1508939000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
1320407000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2745000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
70724000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
239531000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
296213000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
338597000
CY2020Q3 aple Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
567405000
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1515215000
CY2020Q3 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-1850000
CY2020Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8126000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
1508939000
CY2020Q3 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
1289964000
CY2020Q3 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.85
CY2019Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
LongtermDebtPercentageBearingFixedInterestAmount
1297467000
CY2019Q4 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.98
CY2020Q3 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
225251000
CY2020Q3 us-gaap Long Term Debt Percentage Bearing Variable Interest Rate
LongTermDebtPercentageBearingVariableInterestRate
0.15
CY2019Q4 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
28400000
CY2019Q4 us-gaap Long Term Debt Percentage Bearing Variable Interest Rate
LongTermDebtPercentageBearingVariableInterestRate
0.02
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1515215000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1325867000
CY2020Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0382
CY2019Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0359
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27400000
CY2020Q3 us-gaap Secured Debt
SecuredDebt
515426000
CY2019Q4 us-gaap Secured Debt
SecuredDebt
455573000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
1500000000
CY2020Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1500000000
CY2019Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1300000000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
1300000000
CY2020Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
1142500000
CY2020Q3 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
-48320000
CY2019Q4 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
-4698000
CY2020Q3 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
-11000000.0
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
33000
CY2019Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
-3298000
CY2020Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-2706000
CY2019Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
895000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
-48628000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
-16966000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-5006000
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
3391000
CY2019 aple Annual Distribution Rate
AnnualDistributionRate
1.20
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.30
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.90
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
67300000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
201500000
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
22400000
CY2020Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
345000000
aple Share Repurchase Program End Date
ShareRepurchaseProgramEndDate
July 2021
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
1500000
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
300000
aple Stock Repurchased During Period Weighted Average Market Purchase Price Per Share
StockRepurchasedDuringPeriodWeightedAverageMarketPurchasePricePerShare
9.42
aple Stock Repurchased During Period Weighted Average Market Purchase Price Per Share
StockRepurchasedDuringPeriodWeightedAverageMarketPurchasePricePerShare
14.92
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
14300000
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
4300000
CY2020Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0
CY2020Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0

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