$DRH
DiamondRock Hospitality Co

2017 Q2 Form 10-Q Financial Statement

#000129894617000064 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $243.3M $256.7M
YoY Change -5.22% 2.75%
Cost Of Revenue $160.2M $166.8M
YoY Change -3.96% 1.83%
Gross Profit $83.10M $89.80M
YoY Change -7.46% 4.42%
Gross Profit Margin 34.16% 34.99%
Selling, General & Admin $6.800M $6.700M
YoY Change 1.49% 6.35%
% of Gross Profit 8.18% 7.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.50M $25.00M
YoY Change 2.0% -2.34%
% of Gross Profit 30.69% 27.84%
Operating Expenses $32.40M $31.80M
YoY Change 1.89% -0.31%
Operating Profit $50.65M $58.11M
YoY Change -12.83% 31.57%
Interest Expense $9.585M $11.07M
YoY Change -13.45% -13.74%
% of Operating Profit 18.92% 19.06%
Other Income/Expense, Net -$9.667M -$2.885M
YoY Change 235.08% -77.12%
Pretax Income $40.98M $55.22M
YoY Change -25.78% 75.01%
Income Tax $4.389M $11.05M
% Of Pretax Income 10.71% 20.0%
Net Earnings $36.60M $44.18M
YoY Change -17.16% 77.97%
Net Earnings / Revenue 15.04% 17.21%
Basic Earnings Per Share $0.18 $0.22
Diluted Earnings Per Share $0.18 $0.22
COMMON SHARES
Basic Shares Outstanding 200.8M shares 201.3M shares
Diluted Shares Outstanding 201.7M shares 201.8M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $149.6M $166.5M
YoY Change -10.15% 97.98%
Cash & Equivalents $149.6M $166.5M
Short-Term Investments
Other Short-Term Assets $40.60M $52.50M
YoY Change -22.67% -3.31%
Inventory
Prepaid Expenses
Receivables $99.20M $90.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $289.4M $309.8M
YoY Change -6.58% 29.79%
LONG-TERM ASSETS
Property, Plant & Equipment $2.739B $2.641B
YoY Change 3.71% -8.81%
Goodwill
YoY Change
Intangibles $26.90M $18.14M
YoY Change 48.32% -24.96%
Long-Term Investments
YoY Change
Other Assets $41.50M $107.7M
YoY Change -61.47% 58.38%
Total Long-Term Assets $2.808B $2.767B
YoY Change 1.46% -7.41%
TOTAL ASSETS
Total Short-Term Assets $289.4M $309.8M
Total Long-Term Assets $2.808B $2.767B
Total Assets $3.097B $3.077B
YoY Change 0.65% -4.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $63.80M $59.60M
YoY Change 7.05% -11.04%
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 $89.30M $85.20M
YoY Change 4.81% -7.89%
LONG-TERM LIABILITIES
Long-Term Debt $943.7M $925.3M
YoY Change 1.99% -15.67%
Other Long-Term Liabilities $174.3M $173.8M
YoY Change 0.29% 79.92%
Total Long-Term Liabilities $1.118B $1.099B
YoY Change 1.72% -7.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.30M $85.20M
Total Long-Term Liabilities $1.118B $1.099B
Total Liabilities $1.262B $1.239B
YoY Change 1.86% -11.81%
SHAREHOLDERS EQUITY
Retained Earnings -$225.6M -$224.0M
YoY Change 0.73% -4.22%
Common Stock $2.060B $2.062B
YoY Change -0.07% 0.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.835B $1.838B
YoY Change
Total Liabilities & Shareholders Equity $3.097B $3.077B
YoY Change 0.65% -4.66%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $36.60M $44.18M
YoY Change -17.16% 77.97%
Depreciation, Depletion And Amortization $25.50M $25.00M
YoY Change 2.0% -2.34%
Cash From Operating Activities $58.60M $64.90M
YoY Change -9.71% -0.92%
INVESTING ACTIVITIES
Capital Expenditures -$28.60M -$26.70M
YoY Change 7.12% 122.5%
Acquisitions
YoY Change
Other Investing Activities $0.00 $118.1M
YoY Change -100.0% -224.05%
Cash From Investing Activities -$28.60M $91.40M
YoY Change -131.29% -185.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -38.70M
YoY Change -100.0% -200.26%
NET CHANGE
Cash From Operating Activities 58.60M 64.90M
Cash From Investing Activities -28.60M 91.40M
Cash From Financing Activities 0.000 -38.70M
Net Change In Cash 30.00M 117.6M
YoY Change -74.49% -3893.55%
FREE CASH FLOW
Cash From Operating Activities $58.60M $64.90M
Capital Expenditures -$28.60M -$26.70M
Free Cash Flow $87.20M $91.60M
YoY Change -4.8% 18.19%

Facts In Submission

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dei Document Period End Date
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dei Document Type
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us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
158453000 USD
CY2017Q2 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
78608000 USD
us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
150267000 USD
CY2016Q2 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
13144000 USD
us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
26361000 USD
CY2017Q2 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
13027000 USD
us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
26627000 USD
CY2016Q2 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
8772000 USD
us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
15381000 USD
CY2017Q2 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
6949000 USD
us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
12961000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
54096000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
60403000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
685000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
529000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
50488000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
50360000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2740000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1579000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
0 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
93795000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
37682000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
40640000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
100000000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
200000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
75000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
118309000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3381878000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3524376000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2646676000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2739193000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
1434000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
1042000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
5678000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
5870000 USD
us-gaap Repayments Of First Mortgage Bond
RepaymentsOfFirstMortgageBond
249793000 USD
us-gaap Repayments Of First Mortgage Bond
RepaymentsOfFirstMortgageBond
170368000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
75000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
46069000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
41481000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-220580000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-225641000 USD
CY2016Q2 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
256664000 USD
us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
469698000 USD
CY2017Q2 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
243272000 USD
us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
439482000 USD
CY2016Q4 us-gaap Secured Debt
SecuredDebt
821167000 USD
CY2017Q2 us-gaap Secured Debt
SecuredDebt
645798000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3363000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3340000 USD
CY2017Q1 us-gaap Share Price
SharePrice
11.20
CY2017Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
143500000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
1836787000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
1834742000 USD
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
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201741394 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201729516 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
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
200810323 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
200732639 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;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><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 style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font></div></div>

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