$DRH
Diamondrock Hospitality Co

2014 Q1 Form 10-Q Financial Statement

#000129894614000057 Filed on May 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $190.1M $175.9M
YoY Change 8.09% 55.03%
Cost Of Revenue $150.4M $140.4M
YoY Change 7.12% 42.54%
Gross Profit $39.70M $35.50M
YoY Change 11.83% 78.39%
Gross Profit Margin 20.89% 20.19%
Selling, General & Admin $5.200M $7.800M
YoY Change -33.33% 73.33%
% of Gross Profit 13.1% 21.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.10M $26.80M
YoY Change -6.34% 30.73%
% of Gross Profit 63.22% 75.49%
Operating Expenses $29.60M $34.10M
YoY Change -13.2% 39.18%
Operating Profit $10.06M $1.354M
YoY Change 643.13% -126.53%
Interest Expense $14.53M $13.58M
YoY Change 6.94% 18.44%
% of Operating Profit 144.35% 1003.18%
Other Income/Expense, Net -$12.87M -$12.30M
YoY Change 4.68% 9.21%
Pretax Income -$2.811M -$10.94M
YoY Change -74.31% -31.28%
Income Tax -$6.848M -$6.145M
% Of Pretax Income
Net Earnings $4.037M -$4.126M
YoY Change -197.84% -257.78%
Net Earnings / Revenue 2.12% -2.35%
Basic Earnings Per Share $0.02 -$0.02
Diluted Earnings Per Share $0.02 -$0.02
COMMON SHARES
Basic Shares Outstanding 195.6M shares 195.3M shares
Diluted Shares Outstanding 196.4M shares 195.3M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.5M $77.40M
YoY Change 44.06% -39.81%
Cash & Equivalents $111.5M $77.38M
Short-Term Investments
Other Short-Term Assets $76.90M $71.10M
YoY Change 8.16% 5.49%
Inventory
Prepaid Expenses
Receivables $76.10M $71.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $264.5M $219.7M
YoY Change 20.39% -11.3%
LONG-TERM ASSETS
Property, Plant & Equipment $2.563B $2.607B
YoY Change -1.67% 17.46%
Goodwill
YoY Change
Intangibles $39.68M $40.71M
YoY Change -2.54% -5.44%
Long-Term Investments
YoY Change
Other Assets $104.9M $99.60M
YoY Change 5.32% 51.37%
Total Long-Term Assets $2.752B $2.796B
YoY Change -1.58% 17.36%
TOTAL ASSETS
Total Short-Term Assets $264.5M $219.7M
Total Long-Term Assets $2.752B $2.796B
Total Assets $3.017B $3.016B
YoY Change 0.02% 14.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.90M $50.50M
YoY Change 8.71% 21.1%
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 $108.9M $109.8M
YoY Change -0.82% 21.86%
LONG-TERM LIABILITIES
Long-Term Debt $1.088B $1.078B
YoY Change 0.98% 19.31%
Other Long-Term Liabilities $101.1M $103.7M
YoY Change -2.51% -2.08%
Total Long-Term Liabilities $1.189B $1.181B
YoY Change 0.68% 17.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $108.9M $109.8M
Total Long-Term Liabilities $1.189B $1.181B
Total Liabilities $1.353B $1.342B
YoY Change 0.86% 17.57%
SHAREHOLDERS EQUITY
Retained Earnings -$317.0M -$303.9M
YoY Change 4.33% 38.85%
Common Stock $1.981B $1.978B
YoY Change 0.12% 15.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.664B $1.675B
YoY Change
Total Liabilities & Shareholders Equity $3.017B $3.016B
YoY Change 0.02% 14.66%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $4.037M -$4.126M
YoY Change -197.84% -257.78%
Depreciation, Depletion And Amortization $25.10M $26.80M
YoY Change -6.34% 30.73%
Cash From Operating Activities $10.84M $18.21M
YoY Change -40.46% 944.92%
INVESTING ACTIVITIES
Capital Expenditures -$26.00M -$13.90M
YoY Change 87.05% 104.41%
Acquisitions
YoY Change
Other Investing Activities $4.200M -$7.700M
YoY Change -154.55% -108.71%
Cash From Investing Activities -$21.73M -$21.60M
YoY Change 0.58% -126.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.898M $1.620M
YoY Change 17.16% -45.01%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$22.22M $71.14M
YoY Change -131.24% 274.97%
NET CHANGE
Cash From Operating Activities $10.84M $18.21M
Cash From Investing Activities -$21.73M -$21.60M
Cash From Financing Activities -$22.22M $71.14M
Net Change In Cash -$33.10M $67.75M
YoY Change -148.86% -33.76%
FREE CASH FLOW
Cash From Operating Activities $10.84M $18.21M
Capital Expenditures -$26.00M -$13.90M
Free Cash Flow $36.84M $32.11M
YoY Change 14.73% 275.9%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
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CY2014Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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CY2014Q1 us-gaap Amortization Of Financing Costs
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CY2014Q1 us-gaap Amortization Of Intangible Assets
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CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2014Q1 us-gaap Assets
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CY2013Q4 us-gaap Assets
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CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2013Q4 us-gaap Common Stock Shares Authorized
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CY2013Q4 us-gaap Common Stock Shares Issued
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CY2014Q1 us-gaap Common Stock Shares Issued
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CY2013Q4 us-gaap Common Stock Shares Outstanding
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CY2014Q1 us-gaap Common Stock Value
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CY2013Q4 us-gaap Common Stock Value
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CY2014Q1 us-gaap Concentration Risk Credit Risk
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentration of Credit Risk</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our note receivable and cash and cash equivalents. We perform periodic evaluations of the underlying hotel property securing the note receivable. See further discussion in Note 5. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution.</font></div></div>
CY2014Q1 us-gaap Costs And Expenses
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CY2013Q1 us-gaap Costs And Expenses
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CY2013Q1 us-gaap Depreciation And Amortization
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CY2014Q1 us-gaap Depreciation Nonproduction
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CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Depreciation And Amortization
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CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
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CY2013Q1 us-gaap Dividends Payable Current And Noncurrent
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CY2014Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
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CY2014Q1 us-gaap Income Loss From Continuing Operations
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CY2013Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2014Q1 us-gaap Increase Decrease In Restricted Cash
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CY2014Q1 us-gaap Line Of Credit Facility Commitment Fee Description
LineOfCreditFacilityCommitmentFeeDescription
In addition to the interest payable on amounts outstanding under the facility, we are required to pay an amount equal to 0.35% of the unused portion of the facility if the unused portion of the facility is greater than 50% or 0.25% if the unused portion of the facility is less than or equal to 50%.
CY2014Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
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CY2014Q1 us-gaap Payments Of Financing Costs
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CY2013Q1 us-gaap Payments To Acquire Productive Assets
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CY2014Q1 us-gaap Payments To Acquire Productive Assets
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CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2014Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2013Q4 us-gaap Preferred Stock Shares Authorized
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CY2013Q4 us-gaap Preferred Stock Shares Issued
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CY2013Q4 us-gaap Preferred Stock Shares Outstanding
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CY2014Q1 us-gaap Preferred Stock Value
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CY2013Q4 us-gaap Preferred Stock Value
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CY2014Q1 us-gaap Prepaid Expense And Other Assets
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CY2013Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
5074000 USD
CY2014Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
6000000 USD
CY2014Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 USD
CY2013Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
25000000 USD
CY2014Q1 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
0 USD
CY2013Q1 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
102000000 USD
CY2014Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3188753000 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3168088000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2563061000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2567533000 USD
CY2014Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
272000 USD
CY2013Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
265000 USD
CY2014Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2013Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
35000000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
89106000 USD
CY2014Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
97949000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-317041000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-300877000 USD
CY2014Q1 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
190084000 USD
CY2013Q1 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
175863000 USD
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the financial statements in conformity with U.S. GAAP 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2013Q4 us-gaap Secured Debt
SecuredDebt
1091861000 USD
CY2014Q1 us-gaap Secured Debt
SecuredDebt
1088259000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1860000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1047000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
1680691000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
1663716000 USD
CY2014Q1 us-gaap Units Of Partnership Interest Amount
UnitsOfPartnershipInterestAmount
0 shares
CY2013Q4 us-gaap Units Of Partnership Interest Amount
UnitsOfPartnershipInterestAmount
0 shares
CY2014Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
196405055 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
195301268 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
195301268 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
195623959 shares
CY2013Q1 drh Amortization Of Note Receivable Discount As Interest Income
AmortizationOfNoteReceivableDiscountAsInterestIncome
533000 USD
CY2014Q1 drh Amortization Of Note Receivable Discount As Interest Income
AmortizationOfNoteReceivableDiscountAsInterestIncome
696000 USD
CY2014Q1 drh Depreciation And Amortization From Continuing Operations
DepreciationAndAmortizationFromContinuingOperations
25123000 USD
CY2013Q1 drh Depreciation And Amortization From Continuing Operations
DepreciationAndAmortizationFromContinuingOperations
26251000 USD
CY2014Q1 drh Due From Managers
DueFromManagers
76056000 USD
CY2013Q4 drh Due From Managers
DueFromManagers
69353000 USD
CY2013Q4 drh Due To Managers
DueToManagers
54225000 USD
CY2014Q1 drh Due To Managers
DueToManagers
54914000 USD
CY2013Q1 drh Increase Decrease In Due To From Hotel Managers
IncreaseDecreaseInDueToFromHotelManagers
3130000 USD
CY2014Q1 drh Increase Decrease In Due To From Hotel Managers
IncreaseDecreaseInDueToFromHotelManagers
6014000 USD
CY2014Q1 drh Line Of Credit Facility Covenant Minimum Number Of Unencumbered Borrowing Base Properties
LineOfCreditFacilityCovenantMinimumNumberOfUnencumberedBorrowingBaseProperties
5 Hotel
CY2014Q1 drh Line Of Credit Facility Covenant Minimum Unencumbered Borrowing Base Value
LineOfCreditFacilityCovenantMinimumUnencumberedBorrowingBaseValue
250000000 USD
CY2014Q1 drh Line Of Credit Facility Covenant Percent Of Net Proceeds From Future Equity Issuances
LineOfCreditFacilityCovenantPercentOfNetProceedsFromFutureEquityIssuances
0.75
CY2014Q1 drh Line Of Credit Facility Interest And Commitment Fee Amount
LineOfCreditFacilityInterestAndCommitmentFeeAmount
200000 USD
CY2013Q1 drh Line Of Credit Facility Interest And Commitment Fee Amount
LineOfCreditFacilityInterestAndCommitmentFeeAmount
300000 USD
CY2014Q1 drh Line Of Credit Facility Leverage Ratio
LineOfCreditFacilityLeverageRatio
4.7
CY2014Q1 drh Lineof Credit Facility Numberof Unencumbered Borrowing Base Properties
LineofCreditFacilityNumberofUnencumberedBorrowingBaseProperties
5 Hotel
CY2014Q1 drh Lineof Credit Facility Unencumbered Borrowing Base Value
LineofCreditFacilityUnencumberedBorrowingBaseValue
329000000 USD
CY2014Q1 drh Long Term Debt Components Mortgage Loan
LongTermDebtComponentsMortgageLoan
1088259000 USD
CY2014Q1 drh Maximum Possible Payout To Executive Officer As Percentage Of Target Award
MaximumPossiblePayoutToExecutiveOfficerAsPercentageOfTargetAward
1.5
CY2013Q1 drh Non Cash Ground Rent
NonCashGroundRent
1693000 USD
CY2014Q1 drh Non Cash Ground Rent
NonCashGroundRent
1696000 USD
CY2014Q1 drh Number Of Hotel Properties
NumberOfHotelProperties
26 Hotel
CY2014Q1 drh Number Of Hotel Properties Secured By Mortgage Debt
NumberOfHotelPropertiesSecuredByMortgageDebt
14 Hotel
CY2014Q1 drh Number Of Rooms In Hotel That Secures Senior Loan We Own
NumberOfRoomsInHotelThatSecuresSeniorLoanWeOwn
443 rooms
CY2014Q1 drh Number Of Rooms In Hotels And Resorts Owned
NumberOfRoomsInHotelsAndResortsOwned
11121 rooms
CY2014Q1 drh Operating Partnership Units Option To Redeem For Common Stock Ratio
OperatingPartnershipUnitsOptionToRedeemForCommonStockRatio
1
CY2014Q1 drh Percent Of Unused Portion Line Of Credit Facility Triggering Commitment Fee Percentage
PercentOfUnusedPortionLineOfCreditFacilityTriggeringCommitmentFeePercentage
0.50
CY2014Q1 drh Sharebased Compensation Arrangementby Sharebased Payment Arrangement Performance Period
SharebasedCompensationArrangementbySharebasedPaymentArrangementPerformancePeriod
P3Y
CY2014Q1 drh Total Other Liabilities
TotalOtherLiabilities
1353127000 USD
CY2013Q4 drh Total Other Liabilities
TotalOtherLiabilities
1367081000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001298946
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
195679187 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
DiamondRock Hospitality Co

Files In Submission

Name View Source Status
0001298946-14-000057-index-headers.html Edgar Link pending
0001298946-14-000057-index.html Edgar Link pending
0001298946-14-000057.txt Edgar Link pending
0001298946-14-000057-xbrl.zip Edgar Link pending
drh-20140331.xml Edgar Link completed
drh-20140331.xsd Edgar Link pending
drh-20140331_cal.xml Edgar Link unprocessable
drh-20140331_def.xml Edgar Link unprocessable
drh-20140331_lab.xml Edgar Link unprocessable
drh-20140331_pre.xml Edgar Link unprocessable
drh_10qxmarch312014.htm Edgar Link pending
drh_exhibit101xmarch312014.htm Edgar Link pending
drh_exhibit311xmarch312014.htm Edgar Link pending
drh_exhibit312xmarch312014.htm Edgar Link pending
drh_exhibit321xmarch312014.htm Edgar Link pending
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