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ASHFORD REPORTS SECOND QUARTER 2021 RESULTS
Gross Assets Under Management $7.6 Billion at Quarter End
Company Publishes Investor Presentation with Long-Term Growth Outlook
OpenKey Continues to See Significant Increase in Demand for its Digital Key Product
Red Hospitality & Leisure Expands to The Ritz-Carlton Turks & Caicos
DALLAS, July 29, 2021 - Ashford Inc. (NYSE American: AINC) (“Ashford” or the “Company”) today reported the following results and performance measures for the second quarter ended June 30, 2021. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2021, with the second quarter ended June 30, 2020 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
•High-growth, fee-based business model
•Diversified platform of multiple fee generators
•Four paths to growth:
•Recovery of the hospitality industry;
•Increase assets under management (AUM);
•Growth of third-party business; and
•Acquisition or incubation of additional businesses
•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 quarter was $(14.7) million, or $(5.31) per diluted share. Adjusted net income for the quarter was $8.7 million, or $1.17 per diluted share.
•Total revenue, excluding cost reimbursement revenue, for the quarter was $40.1 million, reflecting an 87% growth rate over the prior year quarter.
•Adjusted EBITDA for the quarter was $10.7 million, reflecting a 235% growth rate over the prior year quarter.
•At the end of the second quarter, the Company had approximately $7.6 billion of gross assets under management.
•At the end of the second quarter, the Company’s advised REITs had total net working capital of $700 million.
•As of June 30, 2021, the Company had corporate cash of approximately $27.6 million.
•During the quarter, the Company published an investor presentation outlining the growth prospects for its businesses over the coming years.
The following information was filed by Ashford Inc. (AINC) on Friday, July 30, 2021 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.