$SVC
Service Properties Trust

2018 Q4 Form 10-Q Financial Statement

#000094539418000028 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $550.8M $603.2M $577.6M
YoY Change 2.93% 4.43% 6.27%
Cost Of Revenue $336.3M $365.5M $343.3M
YoY Change 7.1% 6.48% 6.61%
Gross Profit $214.5M $237.6M $234.3M
YoY Change -2.99% 1.41% 5.79%
Gross Profit Margin 38.94% 39.4% 40.57%
Selling, General & Admin $66.60M $13.40M $13.40M
YoY Change 35.09% 0.0% -64.46%
% of Gross Profit 31.05% 5.64% 5.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $102.8M $101.0M $98.21M
YoY Change 2.9% 2.85% 8.95%
% of Gross Profit 47.93% 42.51% 41.91%
Operating Expenses $169.3M $114.4M $111.6M
YoY Change 13.47% 2.51% -12.74%
Operating Profit $45.20M $123.2M $122.7M
YoY Change -37.13% 0.43% 31.28%
Interest Expense -$154.4M $49.31M $46.57M
YoY Change 240.09% 5.87% 12.82%
% of Operating Profit -341.59% 40.01% 37.96%
Other Income/Expense, Net
YoY Change
Pretax Income -$109.2M $117.0M $86.32M
YoY Change -513.64% 35.52% 63.64%
Income Tax -$800.0K $707.0K $619.0K
% Of Pretax Income 0.6% 0.72%
Net Earnings -$108.9M $117.1M $85.73M
YoY Change -445.09% 36.59% 65.46%
Net Earnings / Revenue -19.76% 19.41% 14.84%
Basic Earnings Per Share
Diluted Earnings Per Share -$662.8K $712.7K $521.9K
COMMON SHARES
Basic Shares Outstanding 164.4M shares 164.2M shares 164.1M shares
Diluted Shares Outstanding 164.3M shares 164.2M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.00M $19.80M $14.50M
YoY Change 7.88% 36.55% 52.63%
Cash & Equivalents $25.97M $19.85M $14.49M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $91.20M $88.20M $75.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $117.2M $108.0M $89.70M
YoY Change 14.23% 20.4% 23.9%
LONG-TERM ASSETS
Property, Plant & Equipment $6.550B $6.639B $6.668B
YoY Change -1.41% -0.44% 8.23%
Goodwill
YoY Change
Intangibles $105.7M
YoY Change -2.35%
Long-Term Investments
YoY Change
Other Assets $50.00M $65.60M $73.10M
YoY Change -31.88% -10.26% 20.63%
Total Long-Term Assets $7.060B $7.144B $7.055B
YoY Change 0.17% 1.26% 8.31%
TOTAL ASSETS
Total Short-Term Assets $117.2M $108.0M $89.70M
Total Long-Term Assets $7.060B $7.144B $7.055B
Total Assets $7.177B $7.252B $7.144B
YoY Change 0.37% 1.5% 8.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $274.2M $188.8M $207.7M
YoY Change 2.39% -9.1% -5.46%
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 $407.0M $322.6M $334.3M
YoY Change 3.33% -3.5% 6.67%
LONG-TERM LIABILITIES
Long-Term Debt $4.173B $4.136B $4.021B
YoY Change 4.29% 2.88% 28.82%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.173B $4.136B $4.021B
YoY Change 4.29% 2.88% 28.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $407.0M $322.6M $334.3M
Total Long-Term Liabilities $4.173B $4.136B $4.021B
Total Liabilities $4.580B $4.459B $4.355B
YoY Change 4.2% 2.39% 26.8%
SHAREHOLDERS EQUITY
Retained Earnings $3.232B $3.684B $3.278B
YoY Change -2.36% 12.37% 7.79%
Common Stock $1.644M $1.644M $1.643M
YoY Change 0.06% 0.06% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.597B $2.793B $2.789B
YoY Change
Total Liabilities & Shareholders Equity $7.177B $7.252B $7.144B
YoY Change 0.37% 1.5% 8.48%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$108.9M $117.1M $85.73M
YoY Change -445.09% 36.59% 65.46%
Depreciation, Depletion And Amortization $102.8M $101.0M $98.21M
YoY Change 2.9% 2.85% 8.95%
Cash From Operating Activities $193.6M $140.0M $151.2M
YoY Change 3.97% -7.41% 17.57%
INVESTING ACTIVITIES
Capital Expenditures -$104.1M -$48.20M -$265.0M
YoY Change 154.52% -81.81% 472.35%
Acquisitions
YoY Change
Other Investing Activities -$45.80M -$29.60M -$1.200M
YoY Change 62.41% 2366.67%
Cash From Investing Activities -$149.8M -$77.80M -$266.2M
YoY Change 116.79% -70.77% 474.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -53.10M -66.70M 94.10M
YoY Change -50.47% -170.88% -201.07%
NET CHANGE
Cash From Operating Activities 193.6M 140.0M 151.2M
Cash From Investing Activities -149.8M -77.80M -266.2M
Cash From Financing Activities -53.10M -66.70M 94.10M
Net Change In Cash -9.300M -4.500M -20.90M
YoY Change -193.94% -78.47% 93.52%
FREE CASH FLOW
Cash From Operating Activities $193.6M $140.0M $151.2M
Capital Expenditures -$104.1M -$48.20M -$265.0M
Free Cash Flow $297.7M $188.2M $416.2M
YoY Change 31.09% -54.78% 137.96%

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;">Note 9. 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;">$10,430</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$10,865</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, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$30,048</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$68,526</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, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively.&#160;Based on our common share total return, as defined in our business management agreement, as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, no </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> incentive fees are included in the net business management fees we recognized for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">. The actual amount of annual incentive fees for </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, if any, will be based on our common share total return, as defined in our business management agreement, for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> year period ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, and will be payable in </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">. The net business management fees we recognized for the </font><font style="font-family:inherit;font-size:10pt;">three and 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;"> included </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, of then estimated </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> incentive fees; in January </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, we paid RMR LLC an incentive fee of </font><font style="font-family:inherit;font-size:10pt;">$74,573</font><font style="font-family:inherit;font-size:10pt;"> for </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">. These amounts 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;">$18</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$12</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, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$43</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$33</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, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively.&#160;These fees are payable 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 reimbursed RMR LLC </font><font style="font-family:inherit;font-size:10pt;">$56</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$40</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, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$167</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$131</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, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, which 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;">$49</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$67</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, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$173</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$202</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, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, 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;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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