2018 Q1 Form 10-Q Financial Statement

#000157408518000038 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $102.5M $97.30M
YoY Change 5.34% -2.51%
Cost Of Revenue $63.82M $27.70M
YoY Change 130.39% -2.12%
Gross Profit $38.67M $69.60M
YoY Change -44.44% -2.66%
Gross Profit Margin 37.73% 71.53%
Selling, General & Admin $39.80M $45.20M
YoY Change -11.95% -1.74%
% of Gross Profit 102.92% 64.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.05M $12.02M
YoY Change 8.57% 1.01%
% of Gross Profit 33.75% 17.27%
Operating Expenses $58.00M $58.00M
YoY Change 0.0% -3.33%
Operating Profit $14.29M $7.250M
YoY Change 97.08% -36.7%
Interest Expense -$9.400M -$5.900M
YoY Change 59.32% -47.32%
% of Operating Profit -65.79% -81.38%
Other Income/Expense, Net -$100.0K -$200.0K
YoY Change -50.0%
Pretax Income $4.842M -$767.0K
YoY Change -731.29% -432.03%
Income Tax $572.0K -$478.0K
% Of Pretax Income 11.81%
Net Earnings $4.020M -$13.00K
YoY Change -31023.08% -90.3%
Net Earnings / Revenue 3.92% -0.01%
Basic Earnings Per Share $0.07 -$0.07
Diluted Earnings Per Share $0.07 -$0.07
COMMON SHARES
Basic Shares Outstanding 31.68M shares 27.27M shares
Diluted Shares Outstanding 31.68M shares 27.27M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.20M $161.3M
YoY Change -40.98% 58.29%
Cash & Equivalents $95.22M $161.3M
Short-Term Investments
Other Short-Term Assets $5.900M $6.500M
YoY Change -9.23% 27.45%
Inventory $1.429M $1.790M
Prepaid Expenses
Receivables $19.70M $24.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $122.2M $194.5M
YoY Change -37.17% 58.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.148B $1.157B
YoY Change -0.77% 6.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.997M $11.50M
YoY Change -82.63% -74.84%
Other Assets $64.00M $36.70M
YoY Change 74.39% -0.54%
Total Long-Term Assets $1.301B $1.256B
YoY Change 3.54% 2.42%
TOTAL ASSETS
Total Short-Term Assets $122.2M $194.5M
Total Long-Term Assets $1.301B $1.256B
Total Assets $1.423B $1.451B
YoY Change -1.92% 7.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.50M $52.90M
YoY Change 8.7% 10.67%
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 $68.40M $65.40M
YoY Change 4.59% 11.41%
LONG-TERM LIABILITIES
Long-Term Debt $821.1M $856.2M
YoY Change -4.1% 2.65%
Other Long-Term Liabilities $5.200M $5.100M
YoY Change 1.96% 2.0%
Total Long-Term Liabilities $826.3M $861.3M
YoY Change -4.06% 2.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.40M $65.40M
Total Long-Term Liabilities $826.3M $861.3M
Total Liabilities $894.6M $926.7M
YoY Change -3.46% 3.22%
SHAREHOLDERS EQUITY
Retained Earnings -$91.77M -$91.25M
YoY Change 0.57% -1.52%
Common Stock $325.0K $317.0K
YoY Change 2.52% 11.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $380.8M $376.6M
YoY Change
Total Liabilities & Shareholders Equity $1.423B $1.451B
YoY Change -1.92% 7.49%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $4.020M -$13.00K
YoY Change -31023.08% -90.3%
Depreciation, Depletion And Amortization $13.05M $12.02M
YoY Change 8.57% 1.01%
Cash From Operating Activities $3.949M $4.554M
YoY Change -13.29% -62.5%
INVESTING ACTIVITIES
Capital Expenditures -$20.24M -$163.3M
YoY Change -87.61% 4760.12%
Acquisitions $4.500M $154.0M
YoY Change -97.08%
Other Investing Activities -$2.000M $2.290M
YoY Change -187.34% 241.79%
Cash From Investing Activities -$22.24M -$161.0M
YoY Change -86.19% 5898.96%
FINANCING ACTIVITIES
Cash Dividend Paid $7.518M $4.625M
YoY Change 62.55% 35.83%
Common Stock Issuance & Retirement, Net $74.00K -$66.64M
YoY Change -100.11%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$8.447M $188.9M
YoY Change -104.47% -2116.5%
NET CHANGE
Cash From Operating Activities $3.949M $4.554M
Cash From Investing Activities -$22.24M -$161.0M
Cash From Financing Activities -$8.447M $188.9M
Net Change In Cash -$26.73M $32.45M
YoY Change -182.39% 35557.14%
FREE CASH FLOW
Cash From Operating Activities $3.949M $4.554M
Capital Expenditures -$20.24M -$163.3M
Free Cash Flow $24.19M $167.9M
YoY Change -85.59% 982.72%

Facts In Submission

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CY2018Q1 us-gaap Direct Costs Of Hotels
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CY2018Q1 us-gaap Dividends Common Stock Cash
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CY2017 us-gaap Environmental Costs Recognized Recovery Credited To Expense
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1997000 USD
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CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2017Q1 us-gaap Interest Expense Debt
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CY2018Q1 us-gaap Investment Income Interest
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200000 USD
CY2017Q4 us-gaap Land
Land
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CY2018Q1 us-gaap Land
Land
344937000 USD
CY2017Q4 us-gaap Liabilities
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CY2018Q1 us-gaap Liabilities
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CY2017Q4 us-gaap Liabilities And Stockholders Equity
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CY2018Q1 us-gaap Liabilities And Stockholders Equity
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CY2017Q4 us-gaap Long Term Debt
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CY2017Q4 us-gaap Minority Interest
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CY2018Q1 us-gaap Minority Interest
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CY2017Q4 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
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0.25
CY2018Q1 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
MinorityInterestOwnershipPercentageByNoncontrollingOwners
0.25
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3949000 USD
CY2017Q1 us-gaap Net Income Loss
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CY2018Q1 us-gaap Net Income Loss
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4020000 USD
CY2017Q1 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
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CY2018Q1 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
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-42000 USD
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-1686000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2313000 USD
CY2017Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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-255000 USD
CY2018Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
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292000 USD
CY2017Q4 us-gaap Notes Receivable Net
NotesReceivableNet
8098000 USD
CY2018Q1 us-gaap Notes Receivable Net
NotesReceivableNet
8098000 USD
CY2018Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2017Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
12 hotel
CY2018Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
12 hotel
CY2018Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
6 state
CY2018Q1 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
3576 hotel
CY2017Q1 us-gaap Occupancy Costs
OccupancyCosts
15797000 USD
CY2018Q1 us-gaap Occupancy Costs
OccupancyCosts
14918000 USD
CY2017Q1 us-gaap Occupancy Revenue
OccupancyRevenue
67418000 USD
CY2018Q1 us-gaap Occupancy Revenue
OccupancyRevenue
65507000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
7250000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
14288000 USD
CY2017Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
84000 USD
CY2018Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
84000 USD
CY2017Q4 us-gaap Other Assets
OtherAssets
9426000 USD
CY2018Q1 us-gaap Other Assets
OtherAssets
15400000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2017Q1 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
27731000 USD
CY2018Q1 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
29664000 USD
CY2017Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
5365000 USD
CY2018Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
13482000 USD
CY2017Q4 us-gaap Other Liabilities
OtherLiabilities
1628000 USD
CY2018Q1 us-gaap Other Liabilities
OtherLiabilities
1681000 USD
CY2017Q1 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
157000 USD
CY2018Q1 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
63000 USD
CY2017Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
40000 USD
CY2018Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
0 USD
CY2017Q1 us-gaap Owned Property Management Costs
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3545000 USD
CY2018Q1 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
3617000 USD
CY2017Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
9273000 USD
CY2018Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
15736000 USD
CY2017Q1 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
319000 USD
CY2018Q1 us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
67000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
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6000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
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74000 USD
CY2017Q1 us-gaap Payments Of Debt Issuance Costs
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CY2018Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
92000 USD
CY2017Q1 us-gaap Payments Of Dividends
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4625000 USD
CY2018Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
7518000 USD
CY2017Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
154028000 USD
CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
4500000 USD
CY2017Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
CY2018Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
2000000 USD
CY2017Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1673000 USD
CY2018Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1707000 USD
CY2017Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
3670000 USD
CY2018Q1 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
5943000 USD
CY2018Q1 us-gaap Proceeds From Insurance Settlement Operating Activities
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0 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
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66650000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
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0 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
432500000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
18000 USD
CY2017Q1 us-gaap Proceeds From Repurchase Of Equity
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38577000 USD
CY2017Q1 us-gaap Revenue From Leased And Owned Hotels
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97256000 USD
CY2018Q1 us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
0 USD
CY2017Q1 us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
2289000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
0 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
-289000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
4270000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1403110000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1406476000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1145842000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1148303000 USD
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
36000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
57000 USD
CY2017Q4 us-gaap Recorded Third Party Environmental Recoveries Net
RecordedThirdPartyEnvironmentalRecoveriesNet
8825000 USD
CY2018Q1 us-gaap Recorded Third Party Environmental Recoveries Net
RecordedThirdPartyEnvironmentalRecoveriesNet
14203000 USD
CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
46627000 USD
CY2018Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
46259000 USD
CY2017Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
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CY2018Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
714000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
37855000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
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CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
47820000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
63385000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-88807000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-91769000 USD
CY2017Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
97296000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
102489000 USD
CY2018Q1 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
102489000 USD
CY2017Q1 us-gaap Revenues
Revenues
97296000 USD
CY2018Q1 us-gaap Revenues
Revenues
102489000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
-1668000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2593000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
58000 USD
CY2018Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
74000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
381305000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
380776000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
376552000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
375981000 USD
CY2017Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
106123000 USD
CY2018Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
106123000 USD
CY2017Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-898000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
73000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27267000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31683000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27267000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31680000 shares
CY2017Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1963000 USD
CY2018Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
2000 USD
CY2018Q1 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:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Rooms revenue represents revenues from the occupancy of our hotel rooms and is driven by the occupancy and average daily rate charged.&#160;Rooms revenue includes revenue for guest no-shows, day use,&#160;and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized&#160;as services are provided&#160;over the course of the hotel stay.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Food &amp; Beverage (&#8220;F&amp;B&#8221;) revenue consists of&#160;revenue&#160;from the restaurants and lounges at our hotel properties, In-room dining and mini-bars revenue,&#160;and banquet/catering&#160;revenue from group&#160;and social functions.&#160;Other F&amp;B&#160;revenue may include revenue from&#160;audio-visual equipment/services, rental of function rooms, and other F&amp;B related revenues.&#160;Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audio visual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenues as appropriate (i.e. gross vs. net).</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas,&#160;parking,&#160;entertainment and other guest services, as well as rental revenue; primarily consisting of leased retail outlets at our hotel properties. Attrition and cancellation fees are recognized for non-cancellable deposits when the customer provides notification of cancellation within&#160;established management policy time frames.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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>
CY2018Q1 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:24px;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 condensed 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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