$DRH
DiamondRock Hospitality Co

2016 Q2 Form 10-Q Financial Statement

#000129894616000160 Filed on August 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $256.7M $249.8M
YoY Change 2.75% 8.64%
Cost Of Revenue $166.8M $163.8M
YoY Change 1.83% 4.33%
Gross Profit $89.80M $86.00M
YoY Change 4.42% 17.81%
Gross Profit Margin 34.99% 34.43%
Selling, General & Admin $6.700M $6.300M
YoY Change 6.35% 46.51%
% of Gross Profit 7.46% 7.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.00M $25.60M
YoY Change -2.34% 1.99%
% of Gross Profit 27.84% 29.77%
Operating Expenses $31.80M $31.90M
YoY Change -0.31% 641.86%
Operating Profit $58.11M $44.16M
YoY Change 31.57% -19.76%
Interest Expense $11.07M $12.84M
YoY Change -13.74% -12.07%
% of Operating Profit 19.06% 29.07%
Other Income/Expense, Net -$2.885M -$12.61M
YoY Change -77.12% -1153.55%
Pretax Income $55.22M $31.55M
YoY Change 75.01% -43.89%
Income Tax $11.05M $6.731M
% Of Pretax Income 20.0% 21.33%
Net Earnings $44.18M $24.82M
YoY Change 77.97% -52.19%
Net Earnings / Revenue 17.21% 9.94%
Basic Earnings Per Share $0.22 $0.12
Diluted Earnings Per Share $0.22 $0.12
COMMON SHARES
Basic Shares Outstanding 201.3M shares 200.8M shares
Diluted Shares Outstanding 201.8M shares 201.1M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $166.5M $84.10M
YoY Change 97.98% -66.88%
Cash & Equivalents $166.5M $84.12M
Short-Term Investments
Other Short-Term Assets $52.50M $54.30M
YoY Change -3.31% -35.05%
Inventory
Prepaid Expenses
Receivables $90.80M $100.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $309.8M $238.7M
YoY Change 29.79% -43.07%
LONG-TERM ASSETS
Property, Plant & Equipment $2.641B $2.896B
YoY Change -8.81% 14.22%
Goodwill
YoY Change
Intangibles $18.14M $24.17M
YoY Change -24.96% -30.09%
Long-Term Investments
YoY Change
Other Assets $107.7M $68.00M
YoY Change 58.38% -33.33%
Total Long-Term Assets $2.767B $2.989B
YoY Change -7.41% 11.83%
TOTAL ASSETS
Total Short-Term Assets $309.8M $238.7M
Total Long-Term Assets $2.767B $2.989B
Total Assets $3.077B $3.227B
YoY Change -4.66% 4.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.60M $67.00M
YoY Change -11.04% 30.1%
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 $85.20M $92.50M
YoY Change -7.89% 28.65%
LONG-TERM LIABILITIES
Long-Term Debt $925.3M $1.097B
YoY Change -15.67% -2.52%
Other Long-Term Liabilities $173.8M $96.60M
YoY Change 79.92% -3.69%
Total Long-Term Liabilities $1.099B $1.194B
YoY Change -7.94% -2.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.20M $92.50M
Total Long-Term Liabilities $1.099B $1.194B
Total Liabilities $1.239B $1.405B
YoY Change -11.81% 0.76%
SHAREHOLDERS EQUITY
Retained Earnings -$224.0M -$233.9M
YoY Change -4.22% -18.04%
Common Stock $2.062B $2.056B
YoY Change 0.28% 3.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.838B $1.822B
YoY Change
Total Liabilities & Shareholders Equity $3.077B $3.227B
YoY Change -4.66% 4.38%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $44.18M $24.82M
YoY Change 77.97% -52.19%
Depreciation, Depletion And Amortization $25.00M $25.60M
YoY Change -2.34% 1.99%
Cash From Operating Activities $64.90M $65.50M
YoY Change -0.92% 19.09%
INVESTING ACTIVITIES
Capital Expenditures -$26.70M -$12.00M
YoY Change 122.5% -16.67%
Acquisitions
YoY Change
Other Investing Activities $118.1M -$95.20M
YoY Change -224.05% -210.06%
Cash From Investing Activities $91.40M -$107.2M
YoY Change -185.26% -248.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -38.70M 38.60M
YoY Change -200.26% 150.65%
NET CHANGE
Cash From Operating Activities 64.90M 65.50M
Cash From Investing Activities 91.40M -107.2M
Cash From Financing Activities -38.70M 38.60M
Net Change In Cash 117.6M -3.100M
YoY Change -3893.55% -102.18%
FREE CASH FLOW
Cash From Operating Activities $64.90M $65.50M
Capital Expenditures -$26.70M -$12.00M
Free Cash Flow $91.60M $77.50M
YoY Change 18.19% 11.67%

Facts In Submission

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CY2015Q4 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
74657000 USD
CY2016Q2 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
73601000 USD
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
44164000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
65571000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
58105000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
82416000 USD
CY2015Q2 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
77546000 USD
us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
154052000 USD
CY2016Q2 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
79524000 USD
us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
158453000 USD
CY2015Q2 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
12165000 USD
us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
24084000 USD
CY2016Q2 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
13144000 USD
us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
26361000 USD
CY2015Q2 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
8903000 USD
us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
15103000 USD
CY2016Q2 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
8772000 USD
us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
15381000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
32199000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
54096000 USD
us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
325000 USD
us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
0 USD
us-gaap Payments For Mortgage Deposits
PaymentsForMortgageDeposits
75000 USD
us-gaap Payments For Mortgage Deposits
PaymentsForMortgageDeposits
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2735000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
685000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
45852000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
50488000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
955000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2740000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
150400000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
0 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
46758000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
52494000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7766000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of First Mortgage Bond
ProceedsFromIssuanceOfFirstMortgageBond
85000000 USD
us-gaap Proceeds From Issuance Of First Mortgage Bond
ProceedsFromIssuanceOfFirstMortgageBond
0 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
100000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
135000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
75000000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
118309000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3608644000 USD
CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3329150000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2882176000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2641298000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
534000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
1434000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
7001000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
5678000 USD
us-gaap Repayments Of First Mortgage Bond
RepaymentsOfFirstMortgageBond
108821000 USD
us-gaap Repayments Of First Mortgage Bond
RepaymentsOfFirstMortgageBond
249793000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
45000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
75000000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
59339000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
45644000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-234280000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-224005000 USD
CY2015Q2 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
249801000 USD
us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
458689000 USD
CY2016Q2 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
256664000 USD
us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
469698000 USD
CY2015Q4 us-gaap Secured Debt
SecuredDebt
1169749000 USD
CY2016Q2 us-gaap Secured Debt
SecuredDebt
825995000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3363000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1824605000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
1837764000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201142747 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201115115 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201827384 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201768451 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
200830064 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
200738301 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
201273767 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
201133321 shares
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>

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