2021 Q1 Form 10-Q Financial Statement

#000094539421000023 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $261.2M $483.8M
YoY Change -46.01% -7.84%
Cost Of Revenue $215.0M $271.1M
YoY Change -20.71% -14.65%
Gross Profit $46.20M $212.6M
YoY Change -78.27% 2.61%
Gross Profit Margin 17.69% 43.95%
Selling, General & Admin $12.70M $14.00M
YoY Change -9.29% 14.75%
% of Gross Profit 27.49% 6.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $124.4M $127.9M
YoY Change -2.78% 28.74%
% of Gross Profit 269.19% 60.16%
Operating Expenses $140.4M $145.8M
YoY Change -3.7% 30.65%
Operating Profit -$94.20M $66.83M
YoY Change -240.96% -30.11%
Interest Expense $89.39M $71.08M
YoY Change 25.77% 42.82%
% of Operating Profit 106.36%
Other Income/Expense, Net
YoY Change
Pretax Income -$191.3M -$32.59M
YoY Change 486.97% -114.39%
Income Tax $853.0K $342.0K
% Of Pretax Income
Net Earnings -$195.0M -$33.65M
YoY Change 479.47% -114.9%
Net Earnings / Revenue -74.66% -6.96%
Basic Earnings Per Share -$1.19 -$0.20
Diluted Earnings Per Share -$1.19 -$0.20
COMMON SHARES
Basic Shares Outstanding 164.5M shares 164.4M shares
Diluted Shares Outstanding 164.5M shares 164.4M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $874.5M $55.20M
YoY Change 1484.24% 132.91%
Cash & Equivalents $874.5M $55.22M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $52.60M $65.10M
Other Receivables $17.70M $0.00
Total Short-Term Assets $944.8M $120.3M
YoY Change 685.37% 16.34%
LONG-TERM ASSETS
Property, Plant & Equipment $7.813B $8.235B
YoY Change -5.12% 23.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.90M $101.2M
YoY Change -81.32% 34.75%
Total Long-Term Assets $8.570B $8.876B
YoY Change -3.45% 24.1%
TOTAL ASSETS
Total Short-Term Assets $944.8M $120.3M
Total Long-Term Assets $8.570B $8.876B
Total Assets $9.515B $8.997B
YoY Change 5.76% 23.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $474.6M $420.2M
YoY Change 12.95% 59.17%
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 $474.6M $468.9M
YoY Change 1.22% 23.26%
LONG-TERM LIABILITIES
Long-Term Debt $7.133B $6.145B
YoY Change 16.08% 48.48%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $7.133B $6.145B
YoY Change 16.08% 48.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $474.6M $468.9M
Total Long-Term Liabilities $7.133B $6.145B
Total Liabilities $7.608B $6.614B
YoY Change 15.02% 46.36%
SHAREHOLDERS EQUITY
Retained Earnings $2.985B $3.458B
YoY Change -13.67% 0.01%
Common Stock $1.648M $1.646M
YoY Change 0.12% 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.907B $2.382B
YoY Change
Total Liabilities & Shareholders Equity $9.515B $8.997B
YoY Change 5.76% 23.99%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$195.0M -$33.65M
YoY Change 479.47% -114.9%
Depreciation, Depletion And Amortization $124.4M $127.9M
YoY Change -2.78% 28.74%
Cash From Operating Activities -$62.72M $97.02M
YoY Change -164.65% 121.17%
INVESTING ACTIVITIES
Capital Expenditures -$29.50M -$38.50M
YoY Change -23.38% -75.89%
Acquisitions
YoY Change
Other Investing Activities -$39.30M -$31.20M
YoY Change 25.96% -111.92%
Cash From Investing Activities -$68.81M -$69.61M
YoY Change -1.16% -168.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $43.00K
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $919.6M -$8.906M
YoY Change -10425.9% -92.77%
NET CHANGE
Cash From Operating Activities -$62.72M $97.02M
Cash From Investing Activities -$68.81M -$69.61M
Cash From Financing Activities $919.6M -$8.906M
Net Change In Cash $788.1M $18.50M
YoY Change 4160.89% -18.88%
FREE CASH FLOW
Cash From Operating Activities -$62.72M $97.02M
Capital Expenditures -$29.50M -$38.50M
Free Cash Flow -$33.22M $135.5M
YoY Change -124.52% -33.43%

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CY2021Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
973168000 USD
CY2020Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
230000000 USD
CY2021Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
51592000 USD
CY2020Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
150000000 USD
CY2021Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
303000 USD
CY2020Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
99755000 USD
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
43000 USD
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1648000 USD
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
88863000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
919625000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8906000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
788095000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
18496000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
91456000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
81259000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
879551000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
99755000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
874455000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
55218000 USD
CY2021Q1 us-gaap Restricted Cash
RestrictedCash
5096000 USD
CY2020Q1 us-gaap Restricted Cash
RestrictedCash
44537000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
879551000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
98410000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
78994000 USD
CY2021Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
182000 USD
CY2020Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
220000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
9250000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
9858000 USD
CY2021Q1 us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
NoncashOrPartNoncashAcquisitionInvestmentsAcquired1
0 USD
CY2020Q1 us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
NoncashOrPartNoncashAcquisitionInvestmentsAcquired1
42000000 USD
CY2021Q1 svc Ownership Percentage Held In Subsidiary
OwnershipPercentageHeldInSubsidiary
1
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
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. Significant estimates in our condensed consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets, impairment of real estate and related intangibles.
CY2021Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-1883000 USD
CY2020Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-3543000 USD
CY2021Q1 svc Straight Line Rent Receivables
StraightLineRentReceivables
17660000 USD
CY2020Q4 svc Straight Line Rent Receivables
StraightLineRentReceivables
16264000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164498000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164370000 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164498000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164498000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164370000 shares
CY2021Q1 svc Real Estate Investment Property And Real Estate Held For Sale At Cost
RealEstateInvestmentPropertyAndRealEstateHeldForSaleAtCost
11204220000 USD
CY2021Q1 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
13805000 USD
CY2021Q1 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-9000 USD
CY2021Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
45745 sqft
CY2021Q1 svc Number Of Management Agreements Or Leases
NumberOfManagementAgreementsOrLeases
7 agreement
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.01
CY2021Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1648000 USD
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="margin-bottom:10pt;margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 8. Business and Property Management Agreements with RMR LLC</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline"> </span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have no employees. The personnel and various services we require to operate our business are provided to us by RMR LLC. We have two 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 our net lease portfolio, excluding properties leased to TA, and the office building component of one of our hotels. RMR also provides certain construction supervision services at our hotels managed by Sonesta.</span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We recognized net business management fees payable to RMR LLC of $10,299 and $10,560 for the three months ended March 31, 2021 and 2020, respectively. Based on our common share total return, as defined in our business management agreement, as of each of March 31, 2021 and 2020, no incentive fees are included in the net business management fees we </span></div><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">recognized for the three months ended March 31, 2021 or 2020. The actual amount of annual incentive fees for 2021, if any, will be based on our common share total return, as defined in our business management agreement, for the three-year period ending December 31, 2021, and will be payable in 2022. We did not incur an incentive fee payable to RMR LLC for the year ended December 31, 2020. We include business management fee amounts in general and administrative expenses in our condensed consolidated statements of income (loss).</span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We recognized property management and construction supervision fees payable to RMR LLC of $804 and $1,032 for the three months ended March 31, 2021 and 2020, respectively. Of those amounts, for the three months ended March 31, 2021 and 2020, $802 and $1,016, respectively, of property management fees were expensed to other operating expenses in our condensed consolidated statements of income (loss) and $2 and $16, respectively, of construction and supervision fees were capitalized and included in building, improvements and equipment in our condensed consolidated balance sheets.</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%">We are generally responsible for all our operating expenses, including certain expenses incurred or arranged by RMR LLC on our behalf. We are generally not responsible for payment of RMR LLC’s employment, office or administrative expenses incurred to provide management services to us, except for the applicable employment and related expenses of RMR LLC employees assigned to work exclusively or partly at our net lease properties (excluding properties leased to TA) and the office building component of one of our hotels, our share of the wages, benefits and other related costs of RMR LLC's centralized accounting personnel, our share of RMR LLC’s costs for providing our internal audit function, and as otherwise agreed. We reimbursed RMR LLC $744 and $543 for these expenses and costs for the three months ended March 31, 2021 and 2020, respectively. We included these amounts in other operating expenses and selling, general and administrative expenses, as applicable, in our condensed consolidated statements of income (loss).</span></div>
CY2021Q1 dei Entity Number Of Employees
EntityNumberOfEmployees
0 employee
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
853000 USD
CY2021Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
-100000 USD
CY2021Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-753000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
342000 USD
CY2020Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
-51000 USD
CY2020Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-291000 USD
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
168953000 USD
CY2021Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
92217000 USD
CY2021Q1 us-gaap Revenues
Revenues
261170000 USD
CY2021Q1 us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization
214987000 USD
CY2021Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
3417000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
124368000 USD
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12657000 USD
CY2021Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1211000 USD
CY2021Q1 us-gaap Costs And Expenses
CostsAndExpenses
356640000 USD
CY2021Q1 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-9000 USD
CY2021Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-6481000 USD
CY2021Q1 us-gaap Interest And Other Income
InterestAndOtherIncome
57000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
89391000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-191294000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
853000 USD
CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-2843000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-194990000 USD
CY2021Q1 us-gaap Assets
Assets
9514515000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
383503000 USD
CY2020Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
100273000 USD
CY2020Q1 us-gaap Revenues
Revenues
483776000 USD
CY2020Q1 us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization
271148000 USD
CY2020Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
3759000 USD
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
127926000 USD
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
14024000 USD
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
16740000 USD
CY2020Q1 us-gaap Costs And Expenses
CostsAndExpenses
433597000 USD
CY2020Q1 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-6911000 USD
CY2020Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-5045000 USD
CY2020Q1 us-gaap Interest And Other Income
InterestAndOtherIncome
262000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
71075000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-32590000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
342000 USD
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-718000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-33650000 USD
CY2020Q4 us-gaap Assets
Assets
8687319000 USD
CY2020Q4 svc Number Of Real Estate Properties To Be Sold Or Rebranded
NumberOfRealEstatePropertiesToBeSoldOrRebranded
5 property

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