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Ashford Inc. (AINC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Ashford Inc.

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CIK: 1604738 Ticker: AINC
EXHIBIT 99.1


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NEWS RELEASE

Contact:  
 
Deric Eubanks
 
Jordan Jennings
 
Joe Calabrese
 
 
Chief Financial Officer
 
Investor Relations
 
Financial Relations Board
 
 
(972) 490-9600
 
(972) 778-9487
 
(212) 827-3772

ASHFORD REPORTS FIRST QUARTER 2020 RESULTS
Gross Assets Under Management $8.0 Billion at Quarter End
Total Revenue Increased 111% in the First Quarter
OpenKey Sees Significant Increase in Demand for its Digital Key Product
Implementing Proactive Measures to Mitigate COVID-19 Impact

DALLAS, June 17, 2020 - Ashford Inc. (NYSE American: AINC) (“Ashford” or the “Company”) today reported the following results and performance measures for the first quarter ended March 31, 2020. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2020, with the first quarter ended March 31, 2019 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
COVID-19 UPDATE
On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. In the United States, federal, state, and local government agencies implemented emergency declarations and issued restrictions on travel, implementation of social distancing protocols, stay at home orders, limitations on gatherings and mandates to close all non-essential businesses.

In response to the impact of COVID-19 on the hospitality industry, the Company is deploying numerous strategies and protocols to protect the health and safety of its employees, guests, partners, and communities where it operates. Additionally, the Company has taken steps to ensure that it has additional financial flexibility going forward to navigate this crisis, including:

•
The Company has taken proactive and aggressive actions to protect liquidity and reduce corporate expenses through compensation reductions and the curtailment of expenses resulting in an approximate 25% reduction in corporate G&A and will continue to take all necessary additional actions to preserve capital and liquidity.
•
During the quarter, the Company converted its existing credit agreement with Bank of America, N.A. into a $35 million term loan agreement.
•
The Company’s portfolio companies and advised REIT platforms have each taken action to enhance their financial flexibility including implementing workforce reductions and expense reductions.

The anticipated negative impact of the COVID-19 crisis on economic activity and the hospitality industry continues to evolve. The crisis is expected to continue to impact the Company’s financial results during the second quarter of 2020 and beyond.

The following information was filed by Ashford Inc. (AINC) on Wednesday, June 17, 2020 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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Assess how Ashford Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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Ashford Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Ashford Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Equity (Deficit)
Condensed Consolidated Statements Of Operations
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Schedules (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Deferred Compensation Plan
Deferred Compensation Plan (Details)
Deferred Compensation Plan (Tables)
Equity (Deficit)
Equity (Deficit) (Details)
Equity (Deficit) (Tables)
Equity-Based Compensation
Equity-Based Compensation (Details)
Equity-Based Compensation (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Tables)
Goodwill And Intangible Assets, Net - Goodwill (Details)
Goodwill And Intangible Assets, Net - Intangible Assets (Details)
Goodwill And Intangible Assets, Net - Narrative (Details)
Income (Loss) Per Share
Income (Loss) Per Share (Details)
Income (Loss) Per Share (Tables)
Mezzanine Equity
Mezzanine Equity (Details)
Mezzanine Equity (Tables)
Notes Payable, Net
Notes Payable, Net (Details)
Notes Payable, Net (Tables)
Organization And Description Of Business
Organization And Description Of Business (Details)
Organization And Description Of Business - Performance Obligation (Details)
Related Party Transactions
Related Party Transactions (Details)
Related Party Transactions (Tables)
Related Party Transactions - Performance Obligations (Details)
Revenues
Revenues (Details)
Revenues (Tables)
Revenues Revenues - Remaining Performance Obligations (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Noncontrolling Interests (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Fair Value Of Financial Instruments
Summary Of Fair Value Of Financial Instruments (Details)
Summary Of Fair Value Of Financial Instruments (Tables)

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: 0001604738-20-000033
Submitted to the SEC: Thu Jun 25 2020 4:13:50 PM EST
Accepted by the SEC: Thu Jun 25 2020
Period: Tuesday, March 31, 2020
Industry: Management Consulting Services

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