$SVC
Service Properties Trust

2017 Q4 Form 10-Q Financial Statement

#000094539417000054 Filed on November 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $535.1M $577.6M $543.5M
YoY Change 11.66% 6.27% 6.18%
Cost Of Revenue $314.0M $343.3M $322.0M
YoY Change 12.42% 6.61% 4.34%
Gross Profit $221.1M $234.3M $221.5M
YoY Change 10.55% 5.79% 8.95%
Gross Profit Margin 41.32% 40.57% 40.75%
Selling, General & Admin $49.30M $13.40M $37.70M
YoY Change 516.25% -64.46% 90.4%
% of Gross Profit 22.3% 5.72% 17.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $99.90M $98.21M $90.14M
YoY Change 9.66% 8.95% 6.98%
% of Gross Profit 45.18% 41.91% 40.69%
Operating Expenses $149.2M $111.6M $127.9M
YoY Change 50.55% -12.74% 22.98%
Operating Profit $71.90M $122.7M $93.47M
YoY Change -28.74% 31.28% -4.95%
Interest Expense -$45.40M $46.57M $41.28M
YoY Change 23.71% 12.82% 12.7%
% of Operating Profit -63.14% 37.96% 44.16%
Other Income/Expense, Net
YoY Change
Pretax Income $26.40M $86.32M $52.75M
YoY Change -58.56% 63.64% -14.54%
Income Tax $400.0K $619.0K $948.0K
% Of Pretax Income 1.52% 0.72% 1.8%
Net Earnings $31.55M $85.73M $51.81M
YoY Change -50.08% 65.46% -15.32%
Net Earnings / Revenue 5.89% 14.84% 9.53%
Basic Earnings Per Share
Diluted Earnings Per Share $191.8K $521.9K $329.3K
COMMON SHARES
Basic Shares Outstanding 164.3M shares 164.1M shares 157.2M shares
Diluted Shares Outstanding 164.2M shares 157.3M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.10M $14.50M $9.500M
YoY Change 121.1% 52.63% 28.38%
Cash & Equivalents $24.14M $14.49M $9.534M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $78.50M $75.20M $62.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $102.6M $89.70M $72.40M
YoY Change 34.65% 23.9% 33.33%
LONG-TERM ASSETS
Property, Plant & Equipment $6.643B $6.668B $6.161B
YoY Change 6.99% 8.23% 1.92%
Goodwill
YoY Change
Intangibles $108.3M
YoY Change -0.24%
Long-Term Investments
YoY Change
Other Assets $73.40M $73.10M $60.60M
YoY Change 21.32% 20.63% 36.79%
Total Long-Term Assets $7.048B $7.055B $6.514B
YoY Change 7.47% 8.31% 1.14%
TOTAL ASSETS
Total Short-Term Assets $102.6M $89.70M $72.40M
Total Long-Term Assets $7.048B $7.055B $6.514B
Total Assets $7.150B $7.144B $6.586B
YoY Change 7.78% 8.48% 1.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $267.8M $207.7M $219.7M
YoY Change 8.64% -5.46% 19.14%
Accrued Expenses
YoY Change
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 $393.9M $334.3M $313.4M
YoY Change 15.51% 6.67% 29.13%
LONG-TERM LIABILITIES
Long-Term Debt $4.001B $4.021B $3.121B
YoY Change 26.46% 28.82% -4.73%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.001B $4.021B $3.121B
YoY Change 26.46% 28.82% -4.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $393.9M $334.3M $313.4M
Total Long-Term Liabilities $4.001B $4.021B $3.121B
Total Liabilities $4.395B $4.355B $3.435B
YoY Change 25.4% 26.8% -2.39%
SHAREHOLDERS EQUITY
Retained Earnings $3.310B $3.278B $3.042B
YoY Change 6.61% 7.79%
Common Stock $1.643M $1.643M $1.643M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.755B $2.789B $3.151B
YoY Change
Total Liabilities & Shareholders Equity $7.150B $7.144B $6.586B
YoY Change 7.78% 8.48% 1.41%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $31.55M $85.73M $51.81M
YoY Change -50.08% 65.46% -15.32%
Depreciation, Depletion And Amortization $99.90M $98.21M $90.14M
YoY Change 9.66% 8.95% 6.98%
Cash From Operating Activities $186.2M $151.2M $128.6M
YoY Change 8.0% 17.57% 4.72%
INVESTING ACTIVITIES
Capital Expenditures -$40.90M -$265.0M -$46.30M
YoY Change -66.8% 472.35% -75.32%
Acquisitions
YoY Change
Other Investing Activities -$28.20M -$1.200M $0.00
YoY Change
Cash From Investing Activities -$69.10M -$266.2M -$46.30M
YoY Change -43.91% 474.95% -75.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $372.2M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -107.2M 94.10M -93.10M
YoY Change 123.33% -201.07% -273.37%
NET CHANGE
Cash From Operating Activities 186.2M 151.2M 128.6M
Cash From Investing Activities -69.10M -266.2M -46.30M
Cash From Financing Activities -107.2M 94.10M -93.10M
Net Change In Cash 9.900M -20.90M -10.80M
YoY Change 725.0% 93.52% -2.7%
FREE CASH FLOW
Cash From Operating Activities $186.2M $151.2M $128.6M
Capital Expenditures -$40.90M -$265.0M -$46.30M
Free Cash Flow $227.1M $416.2M $174.9M
YoY Change -23.17% 137.96% -43.65%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Business and Property Management Agreements with RMR LLC</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> employees. The personnel and various services we require to operate our business are provided to us by RMR LLC. We have </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> agreements with RMR LLC to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which relates to our property level operations of the office building component of one of our hotels. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of </font><font style="font-family:inherit;font-size:10pt;">$10,865</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$34,942</font><font style="font-family:inherit;font-size:10pt;"> for the three months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$68,526</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$83,547</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, respectively.&#160;The business management fees for the three and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> include estimated annual incentive fees for 2017 of </font><font style="font-family:inherit;font-size:10pt;">$873</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$38,243</font><font style="font-family:inherit;font-size:10pt;">, respectively, based on our common share total return, as defined, as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">. Although we recognized estimated incentive fees in accordance with GAAP, the actual amount of annual incentive fees payable to RMR LLC for 2017, if any, will be calculated based on our common share total return, as defined, for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> year period ending December 31, 2017, and will be payable in 2018. The net business management fees we recognized for the three months ended September 30, 2016 and </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended September 30, 2016 included </font><font style="font-family:inherit;font-size:10pt;">$25,036</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$56,272</font><font style="font-family:inherit;font-size:10pt;">, respectively, of then estimated 2016 incentive fees; in January 2017, we paid RMR LLC an incentive fee of </font><font style="font-family:inherit;font-size:10pt;">$52,407</font><font style="font-family:inherit;font-size:10pt;"> for 2016. The net business management fees we recognized for the 2017 and 2016 periods are included in general and administrative expenses in our condensed consolidated statements of comprehensive income.&#160;</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to our property management agreement with RMR LLC, we recognized property management fees of </font><font style="font-family:inherit;font-size:10pt;">$12</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$16</font><font style="font-family:inherit;font-size:10pt;"> for the three months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$33</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$42</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, respectively.&#160;&#160;These fees are payable to RMR LLC in connection with the management of the office building component of one of our hotels. These amounts are included in hotel operating expenses in our condensed consolidated statements of comprehensive income.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are generally responsible for all of our operating expenses, including certain expenses incurred by RMR LLC on our behalf.&#160;We recognized </font><font style="font-family:inherit;font-size:10pt;">$40</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$45</font><font style="font-family:inherit;font-size:10pt;"> for property management related expenses related to the office building component of one of our hotels for the three months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$131</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$129</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, respectively. These amounts are included in hotel operating expenses in our condensed consolidated statements of comprehensive income. In addition, we are responsible for our share of RMR LLC&#8217;s costs for providing our internal audit function. The amounts recognized as expense for internal audit costs were </font><font style="font-family:inherit;font-size:10pt;">$67</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$34</font><font style="font-family:inherit;font-size:10pt;"> for the three months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$202</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$168</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and 2016, respectively. These amounts are included in general and administrative expenses in our condensed consolidated statements of comprehensive income for these periods.</font></div></div>
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates.&#160;&#160;Significant estimates in our condensed consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of fixed assets, impairment of real estate and the valuation of intangible assets.</font></div></div>

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