2023 Q3 Form 10-Q Financial Statement

#000129894623000079 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $276.5M $291.2M
YoY Change 3.1% 3.5%
Cost Of Revenue $196.3M $199.7M
YoY Change 7.26% 11.66%
Gross Profit $80.18M $91.56M
YoY Change -5.84% -10.74%
Gross Profit Margin 29.0% 31.44%
Selling, General & Admin $10.28M $8.284M
YoY Change -0.32% -28.05%
% of Gross Profit 12.82% 9.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.68M $27.84M
YoY Change 2.33% 1.65%
% of Gross Profit 34.53% 30.41%
Operating Expenses $37.96M $36.12M
YoY Change 1.6% -7.14%
Operating Profit $42.22M $55.43M
YoY Change -11.66% -12.94%
Interest Expense $15.97M -$15.05M
YoY Change 76.07% -255.5%
% of Operating Profit 37.83% -27.14%
Other Income/Expense, Net -$15.20M -$15.05M
YoY Change -19.66% 46.34%
Pretax Income $27.55M $39.56M
YoY Change -4.55% -25.91%
Income Tax $224.0K $422.0K
% Of Pretax Income 0.81% 1.07%
Net Earnings $27.27M $36.51M
YoY Change -4.16% -30.48%
Net Earnings / Revenue 9.86% 12.54%
Basic Earnings Per Share $0.12 $0.17
Diluted Earnings Per Share $0.12 $0.17
COMMON SHARES
Basic Shares Outstanding 209.6M shares 209.8M shares
Diluted Shares Outstanding 212.2M shares 212.2M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.7M $98.56M
YoY Change -67.27% 37.43%
Cash & Equivalents $102.7M $98.56M
Short-Term Investments
Other Short-Term Assets $80.19M $86.22M
YoY Change 14.9% 27.44%
Inventory
Prepaid Expenses
Receivables $167.7M $164.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $350.6M $349.0M
YoY Change -38.11% 11.22%
LONG-TERM ASSETS
Property, Plant & Equipment $2.766B $2.838B
YoY Change 3.41% 5.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $42.50M $37.54M
YoY Change -7.58% -11.38%
Total Long-Term Assets $2.906B $2.876B
YoY Change 3.05% 1.58%
TOTAL ASSETS
Total Short-Term Assets $350.6M $349.0M
Total Long-Term Assets $2.906B $2.876B
Total Assets $3.256B $3.225B
YoY Change -3.84% 2.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $171.7M $159.5M
YoY Change 38.64% 50.42%
Accrued Expenses $111.8M $111.2M
YoY Change 1.4% 1.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $289.9M $277.2M
YoY Change 83.52% 81.32%
LONG-TERM LIABILITIES
Long-Term Debt $1.179B $1.181B
YoY Change -13.7% 0.98%
Other Long-Term Liabilities $136.6M $136.1M
YoY Change 1.54% 1.57%
Total Long-Term Liabilities $1.316B $1.317B
YoY Change -12.33% 1.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $289.9M $277.2M
Total Long-Term Liabilities $1.316B $1.317B
Total Liabilities $1.606B $1.601B
YoY Change -9.93% 2.47%
SHAREHOLDERS EQUITY
Retained Earnings -$651.5M -$670.1M
YoY Change -7.42% -7.36%
Common Stock $2.096M $2.289B
YoY Change -99.91% -0.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.644B $1.623B
YoY Change
Total Liabilities & Shareholders Equity $3.256B $3.225B
YoY Change -3.84% 2.54%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $27.27M $36.51M
YoY Change -4.16% -30.48%
Depreciation, Depletion And Amortization $27.68M $27.84M
YoY Change 2.33% 1.65%
Cash From Operating Activities $70.26M $56.36M
YoY Change -14.88% -9.59%
INVESTING ACTIVITIES
Capital Expenditures $51.42M $28.12M
YoY Change -410.56% -148.04%
Acquisitions
YoY Change
Other Investing Activities $1.500M -$1.500M
YoY Change -104.15%
Cash From Investing Activities -$49.92M -$29.62M
YoY Change 201.5% 32.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.19M -13.19M
YoY Change -106.23% 106.72%
NET CHANGE
Cash From Operating Activities 70.26M 56.36M
Cash From Investing Activities -49.92M -29.62M
Cash From Financing Activities -11.19M -13.19M
Net Change In Cash 9.149M 13.55M
YoY Change -96.28% -59.68%
FREE CASH FLOW
Cash From Operating Activities $70.26M $56.36M
Capital Expenditures $51.42M $28.12M
Free Cash Flow $18.84M $28.24M
YoY Change -80.99% -76.63%

Facts In Submission

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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
136091000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
114067000 usd
us-gaap Interest Paid Net
InterestPaidNet
29314000 usd
us-gaap Interest Paid Net
InterestPaidNet
24389000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1833000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3261000 usd
CY2023Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
6437000 usd
CY2022Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
9000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6153000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8672000 usd
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
0 usd
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
51000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
98556000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
67564000 usd
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
37535000 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
39614000 usd
CY2023Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
35 hotel
CY2023Q2 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
9617 room
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassification</span></div><div style="text-align:justify;text-indent:24.75pt"><span><br/></span></div><div style="text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not effect the Company's financial position, results of operations, or cash flows. An adjustment has been made to the consolidated statements of operations for the year ended December 31, 2022 for presentation of other department and support expenses and other property-level expenses.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
9800000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11000000 usd
CY2023Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
0 usd
CY2022Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Concentration of Credit Risk</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. 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.</span></div>
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3989632000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3942832000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1249237000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1194356000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2740395000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2748476000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6200000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8000000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
900000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
1181428000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
1185793000 usd
CY2023Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0488
CY2023Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
35 hotel
CY2023Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
512000 usd
CY2022Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
658000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1026000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1310000 usd
CY2023Q2 drh Interest Expense Income Trading Liabilities
InterestExpenseIncomeTradingLiabilities
19000 usd
CY2022Q2 drh Interest Expense Income Trading Liabilities
InterestExpenseIncomeTradingLiabilities
-2720000 usd
drh Interest Expense Income Trading Liabilities
InterestExpenseIncomeTradingLiabilities
2033000 usd
drh Interest Expense Income Trading Liabilities
InterestExpenseIncomeTradingLiabilities
-10222000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
15567000 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
9675000 usd
us-gaap Interest Expense
InterestExpense
32739000 usd
us-gaap Interest Expense
InterestExpense
13794000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
-4200000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P64Y
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0577
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2754000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2787000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
5524000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
5573000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
417000 usd
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
533000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
757000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
763000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
978000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
994000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1961000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1979000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1963000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3966000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4026000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4594000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4737000 usd
CY2023Q2 drh Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
752819000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
772105000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
660872000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
111233000 usd
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
drh Common Stock Voting Rights Votes
CommonStockVotingRightsVotes
1 vote
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.08250
CY2022 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.08250
CY2019Q4 drh Common Unit Issuance Value Per Share
CommonUnitIssuanceValuePerShare
11.76
CY2018Q4 drh Operating Partnership Units Option To Redeem For Common Stock Ratio
OperatingPartnershipUnitsOptionToRedeemForCommonStockRatio
1
CY2018Q4 drh Operating Partnership Units Option To Redeem For Common Stock Ratio
OperatingPartnershipUnitsOptionToRedeemForCommonStockRatio
1
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.06
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.03
CY2023Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.515625
CY2023Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
0.515625
drh Share Based Compensation Arrangement By Share Based Payment Award Conversion Ratio
ShareBasedCompensationArrangementByShareBasedPaymentAwardConversionRatio
1
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
36511000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
50063000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
43213000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
57637000 usd
CY2023Q2 us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
0 usd
CY2022Q2 us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
0 usd
us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
0 usd
us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
0 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
36511000 usd
CY2022Q2 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
50063000 usd
us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
43213000 usd
us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
57637000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
211673828 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
212834222 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
211543398 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
212663838 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
212161950 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
213520706 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
212092590 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
213279174 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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