Ashford Inc. (AINC) 10-Q Quarterly Report Thu Aug 08 2019

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ASHFORD REPORTS SECOND QUARTER 2019 RESULTS

Gross Assets Under Management $8.2 Billion at Quarter End

Total Revenue Increased 16% in the Second Quarter

Announced Definitive Agreement to Acquire Remington’s Hotel Management Business

Closed on Acquisition of Sebago

DALLAS, August 1, 2019 - Ashford Inc. (NYSE American: AINC) (“Ashford” or the “Company”) today reported the following results and performance measures for the second quarter ended June 30, 2019. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2019, with the second quarter ended June 30, 2018 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW


•	High-growth, fee-based business model


•	Diversified platform of multiple fee generators


•	Seeks to grow in three primary areas:


◦	Expanding existing platforms accretively, and accelerating performance to earn incentive fees;


◦	Starting new platforms for additional base and incentive fees; and


◦	Investing in or incubating strategic businesses that can achieve accelerated growth through doing business with our existing platforms, and by leveraging our deep knowledge and extensive relationships within the hospitality sector


•	Highly-aligned management team with superior long-term track record


•	Leader in asset and investment management for the real estate & hospitality sectors

FINANCIAL AND OPERATING HIGHLIGHTS


•	Net loss attributable to common stockholders for the second quarter of 2019 totaled $3.2 million, or $3.00 per diluted share, compared with net income of $9.0 million, or $0.93 per diluted share, in the prior-year quarter. Adjusted net income for the second quarter was $8.7 million, or $2.04 per diluted share, compared with $9.5 million, or $3.61 per diluted share, in the prior-year quarter.


•	Total revenue for the second quarter of 2019 was $63.5 million, reflecting a growth rate of 16% over the prior-year quarter.


•	Adjusted EBITDA for the second quarter was $9.6 million.


•	At the end of the second quarter of 2019, the Company had approximately $8.2 billion of gross assets under management.


•	During the quarter, the Company signed a definitive agreement to acquire the Hotel Management business of privately-held Remington Holdings, LP.

The following information was filed by Ashford Inc. (AINC) on Thursday, August 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Deric Eubanks

Jordan Jennings

Joe Calabrese

Chief Financial Officer

Investor Relations

Financial Relations Board

(972) 490-9600

(972) 778-9487

(212) 827-3772

Ashford Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
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Inside Ashford Inc.'s 10-Q Quarterly Report:

M & A - Other Highlight
On July 1, 2019, the Company's newly created subsidiary, AINC Bar Draught LLC ("Bar Draught"), acquired the assets of a provider of an innovative draft cocktail system technology for $250,000 cash and contingent consideration of up to $550,000 cash, if earned, 6 to 12 months after the acquisition date.

M & A - Other Highlight
On July 1, 2019, the Company's newly created subsidiary, AINC Bar Draught LLC ("Bar Draught"), acquired the assets of a provider of an innovative draft cocktail system technology for $250,000 cash and contingent consideration of up to $550,000 cash, if earned, 6 to 12 months after the acquisition date.
Financial - Expense Highlight
The change in cash salaries and benefits expense is primarily due to fluctuations in the number of employees, salary and bonus awards, group insurance costs, payroll taxes and employee participation in the benefits offered.
Financial - Expense Highlight
The change in cash salaries and benefits expense is primarily due to fluctuations in the number of employees, salary and bonus awards, group insurance costs, payroll taxes and employee participation in the benefits offered.
Financial - Expense Highlight
Our long-term liquidity requirements consist primarily of funds necessary to pay for operating expenses attributable to paying our employees, investments to grow our business, funding our ERFP Commitments, paying dividends on preferred stock and certain subsidiary financing transactions.
Other - Other
Factors that could have a...Read more
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During the 2018 period, $6.7...Read more
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Risk Factors" of our Annual...Read more
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We conduct our advisory business...Read more
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As of August 6, 2019,...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Ashford Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: AINC
CIK: 1604738
Form Type: 10-Q Quarterly Report
Accession Number: 0001604738-19-000031
Submitted to the SEC: Thu Aug 08 2019 11:04:01 AM EST
Accepted by the SEC: Thu Aug 08 2019
Period: Sunday, June 30, 2019
Industry: Management Consulting Services