$RLJ
RLJ Lodging Trust

2023 Q3 Form 10-Q Financial Statement

#000151133723000021 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023 Q1
Revenue $334.4M $357.0M $314.5M
YoY Change 5.14% 8.01% 29.48%
Cost Of Revenue $213.5M $211.9M $201.0M
YoY Change 7.19% 11.2% 26.38%
Gross Profit $120.9M $145.1M $113.5M
YoY Change 1.69% 3.66% 35.36%
Gross Profit Margin 36.15% 40.65% 36.09%
Selling, General & Admin $41.70M $39.31M $38.30M
YoY Change 21.97% 8.3% 4.52%
% of Gross Profit 34.49% 27.09% 33.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $44.70M $44.93M $45.00M
YoY Change -3.99% -4.26% -3.99%
% of Gross Profit 36.97% 30.96% 39.64%
Operating Expenses $300.0M $84.24M $284.3M
YoY Change 7.45% -69.24% 17.19%
Operating Profit -$179.1M $60.87M -$170.8M
YoY Change 11.72% -145.46% 7.59%
Interest Expense $24.83M -$19.31M $24.13M
YoY Change 9.76% -180.96% -1.75%
% of Operating Profit -31.73%
Other Income/Expense, Net $1.921M $736.0K $849.0K
YoY Change 170.56% 2.08% -88.35%
Pretax Income $16.68M $42.08M $10.85M
YoY Change -7.74% 24.64% -171.03%
Income Tax $332.0K $357.0K $339.0K
% Of Pretax Income 1.99% 0.85% 3.12%
Net Earnings $16.43M $34.57M $10.65M
YoY Change -6.62% 4.86% -169.82%
Net Earnings / Revenue 4.91% 9.68% 3.38%
Basic Earnings Per Share $0.06 $0.22 $0.03
Diluted Earnings Per Share $0.06 $0.22 $0.03
COMMON SHARES
Basic Shares Outstanding 157.5M shares 159.2M shares 162.6M shares
Diluted Shares Outstanding 155.1M shares 156.7M shares 160.1M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $494.6M $476.9M $474.3M
YoY Change 1.32% -6.75% -0.98%
Cash & Equivalents $494.6M $476.9M $474.3M
Short-Term Investments
Other Short-Term Assets $74.80M $82.60M $76.62M
YoY Change 9.69% 37.45% 36.37%
Inventory
Prepaid Expenses
Receivables $48.00M $41.75M $41.18M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $617.4M $601.3M $592.1M
YoY Change 3.12% -1.83% 3.32%
LONG-TERM ASSETS
Property, Plant & Equipment $4.280B $4.289B $4.301B
YoY Change -0.69% 0.46% 0.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.300M $7.480M $7.260M
YoY Change 7.72% 7.98% 9.27%
Other Assets $35.80M $34.40M $31.24M
YoY Change -30.49% -22.32% -27.77%
Total Long-Term Assets $4.323B $4.331B $4.340B
YoY Change -1.03% 0.24% -0.2%
TOTAL ASSETS
Total Short-Term Assets $617.4M $601.3M $592.1M
Total Long-Term Assets $4.323B $4.331B $4.340B
Total Assets $4.940B $4.933B $4.932B
YoY Change -0.53% -0.01% 0.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $150.7M $126.9M $144.8M
YoY Change -0.16% -8.78% 11.4%
Accrued Expenses $132.4M $142.4M $127.3M
YoY Change 4.0% 1.58% -2.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $305.5M $288.6M $291.5M
YoY Change 4.32% 0.45% 8.49%
LONG-TERM LIABILITIES
Long-Term Debt $2.220B $2.219B $2.219B
YoY Change 0.32% 0.32% 0.39%
Other Long-Term Liabilities $31.00M $25.04M $27.90M
YoY Change 40.99% 34.76% 30.19%
Total Long-Term Liabilities $2.251B $2.244B $2.247B
YoY Change 0.72% 0.6% 0.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $305.5M $288.6M $291.5M
Total Long-Term Liabilities $2.251B $2.244B $2.247B
Total Liabilities $2.556B $2.546B $2.539B
YoY Change 1.13% 1.14% 1.51%
SHAREHOLDERS EQUITY
Retained Earnings -$1.041B -$1.036B -$1.058B
YoY Change -0.04% -0.88% -1.11%
Common Stock $3.005B $3.013B $3.036B
YoY Change -1.74% -1.38% -2.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.370B $2.386B $2.379B
YoY Change
Total Liabilities & Shareholders Equity $4.940B $4.933B $4.932B
YoY Change -0.53% -0.01% 0.21%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $16.43M $34.57M $10.65M
YoY Change -6.62% 4.86% -169.82%
Depreciation, Depletion And Amortization $44.70M $44.93M $45.00M
YoY Change -3.99% -4.26% -3.99%
Cash From Operating Activities $89.10M $95.10M $42.02M
YoY Change 1.99% -10.3% 308.3%
INVESTING ACTIVITIES
Capital Expenditures $36.20M $33.14M $32.63M
YoY Change -138.33% -222.4% -234.11%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$44.00K $0.00
YoY Change -100.0% -100.35% -100.0%
Cash From Investing Activities -$36.20M -$33.18M -$32.63M
YoY Change -61.06% 126.89% -433.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.80M -56.16M -$40.19M
YoY Change 221.81% -3.05% -81.01%
NET CHANGE
Cash From Operating Activities 89.10M 95.10M $42.02M
Cash From Investing Activities -36.20M -33.18M -$32.63M
Cash From Financing Activities -33.80M -56.16M -$40.19M
Net Change In Cash 19.10M 5.756M -$30.81M
YoY Change -218.55% -82.8% -83.92%
FREE CASH FLOW
Cash From Operating Activities $89.10M $95.10M $42.02M
Capital Expenditures $36.20M $33.14M $32.63M
Free Cash Flow $52.90M $61.96M $9.384M
YoY Change -70.9% -53.44% -72.9%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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DerivativeInstrumentGainLossReclassifiedFromAociIntoIncomeEffectivePortionStatementOfIncomeOrComprehensiveIncomeExtensibleEnumeration
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us-gaap Amortization Of Financing Costs
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us-gaap Comparability Of Prior Year Financial Data
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<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows.</span></div>
us-gaap Use Of Estimates
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<div style="text-indent:18pt"><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-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div>
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CY2022Q2 rlj Paymentsof Dividendson Unvested Restricted Shares
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24000 usd
rlj Paymentsof Dividendson Unvested Restricted Shares
PaymentsofDividendsonUnvestedRestrictedShares
399000 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 usd
rlj Restricted Cash Reserves Escrows As Percentage Of Revenue Required To Be Maintained Minimum
RestrictedCashReservesEscrowsAsPercentageOfRevenueRequiredToBeMaintainedMinimum
0.030
rlj Restricted Cash Reserves Escrows As Percentage Of Revenue Required To Be Maintained Maximum
RestrictedCashReservesEscrowsAsPercentageOfRevenueRequiredToBeMaintainedMaximum
0.050
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
34400000 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
28200000 usd
CY2023Q2 rlj Number Of Real Estate Properties Operated Under Management Agreements
NumberOfRealEstatePropertiesOperatedUnderManagementAgreements
96 hotel
CY2019Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
35 hotel
CY2023Q2 rlj Number Of Real Estate Properties Operated Under Franchise Agreements
NumberOfRealEstatePropertiesOperatedUnderFranchiseAgreements
59 hotel
CY2019Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
35 hotel
CY2023Q2 rlj Number Of Hotels Without Franchise Agreements
NumberOfHotelsWithoutFranchiseAgreements
2 hotel
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.08
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
52000000 usd
CY2023Q2 us-gaap Preferred Stock Convertible Conversion Ratio
PreferredStockConvertibleConversionRatio
0.2806
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
6828527 shares
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
41395000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
32966000 usd
us-gaap Net Income Loss
NetIncomeLoss
17718000 usd
rlj Paymentsof Dividendson Unvested Restricted Shares
PaymentsofDividendsonUnvestedRestrictedShares
50000 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
351000 usd
CY2022Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
368000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
219000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
27000 usd
CY2023Q2 rlj Net Income Loss Available To Common Stockholders Basic Excluding Amounts Attributable To Unvested Restricted Shares
NetIncomeLossAvailableToCommonStockholdersBasicExcludingAmountsAttributableToUnvestedRestrictedShares
34568000 usd
CY2022Q2 rlj Net Income Loss Available To Common Stockholders Basic Excluding Amounts Attributable To Unvested Restricted Shares
NetIncomeLossAvailableToCommonStockholdersBasicExcludingAmountsAttributableToUnvestedRestrictedShares
26295000 usd
rlj Net Income Loss Available To Common Stockholders Basic Excluding Amounts Attributable To Unvested Restricted Shares
NetIncomeLossAvailableToCommonStockholdersBasicExcludingAmountsAttributableToUnvestedRestrictedShares
38865000 usd
rlj Net Income Loss Available To Common Stockholders Basic Excluding Amounts Attributable To Unvested Restricted Shares
NetIncomeLossAvailableToCommonStockholdersBasicExcludingAmountsAttributableToUnvestedRestrictedShares
5084000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
156424444 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
163539446 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
157945406 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
163857785 shares
CY2023Q2 rlj Incremental Common Shares Attributable To Unvested Restricted Shares
IncrementalCommonSharesAttributableToUnvestedRestrictedShares
316743 shares
CY2022Q2 rlj Incremental Common Shares Attributable To Unvested Restricted Shares
IncrementalCommonSharesAttributableToUnvestedRestrictedShares
245127 shares
rlj Incremental Common Shares Attributable To Unvested Restricted Shares
IncrementalCommonSharesAttributableToUnvestedRestrictedShares
435974 shares
rlj Incremental Common Shares Attributable To Unvested Restricted Shares
IncrementalCommonSharesAttributableToUnvestedRestrictedShares
359365 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
156741187 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
163784573 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
158381380 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164217150 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.25
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
476936000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
511481000 usd
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
34396000 usd
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
44281000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
511332000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
555762000 usd
us-gaap Interest Paid Net
InterestPaidNet
44386000 usd
us-gaap Interest Paid Net
InterestPaidNet
45747000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1924000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
677000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
8630000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
7667000 usd
rlj Right Of Use Asset And Operating Lease Liability Remeasurement Adjustment
RightOfUseAssetAndOperatingLeaseLiabilityRemeasurementAdjustment
5016000 usd
rlj Right Of Use Asset And Operating Lease Liability Remeasurement Adjustment
RightOfUseAssetAndOperatingLeaseLiabilityRemeasurementAdjustment
0 usd
rlj Gross Proceedsfrom Saleof Real Estate Heldforinvestment
GrossProceedsfromSaleofRealEstateHeldforinvestment
0 usd
rlj Gross Proceedsfrom Saleof Real Estate Heldforinvestment
GrossProceedsfromSaleofRealEstateHeldforinvestment
49900000 usd
rlj Disposal Group Costof Dispositionof Property Plantand Equipment
DisposalGroupCostofDispositionofPropertyPlantandEquipment
44000 usd
rlj Disposal Group Costof Dispositionof Property Plantand Equipment
DisposalGroupCostofDispositionofPropertyPlantandEquipment
836000 usd
rlj Noncash Divestiture Of Other Assets
NoncashDivestitureOfOtherAssets
0 usd
rlj Noncash Divestiture Of Other Assets
NoncashDivestitureOfOtherAssets
991000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
44000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
48073000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
10854000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
7405000 usd
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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