|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 FOURTH QUARTER
AND FULL YEAR 2022 RESULTS
DALLAS, February 22, 2023 - Ashford Inc., an alternative asset management company with a portfolio of strategic operating businesses (NYSE American: AINC) (“Ashford” or the “Company”), today reported the following results and performance measures for the fourth quarter and full year ended December 31, 2022. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2022, with the fourth quarter and full year ended December 31, 2021 (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
FOURTH QUARTER 2022 FINANCIAL HIGHLIGHTS
•Net loss attributable to common stockholders for the quarter was $(10.8) million, or $(3.65) per diluted share. Adjusted net income for the quarter was $13.2 million, or $1.65 per diluted share.
•Total revenue, excluding cost reimbursement revenue, for the quarter was $76.6 million, reflecting a 24% growth rate over the prior year quarter. In the prior year quarter, the Company recognized $5.5 million of Base Advisory Fee revenue from Ashford Hospitality Trust, Inc. (“Ashford Trust”) (NYSE: AHT) which had been deferred in previous quarters.
•Total Advisory Fee revenue from Braemar Hotels & Resorts Inc. (“Braemar”) (NYSE: BHR) in the fourth quarter increased 27% over the prior year quarter.
•Adjusted EBITDA for the quarter was $19.4 million.
•During the quarter, the Company completed a transaction with Ashford Trust whereby the Company transferred its interest in the operating lease for the Hilton Atlanta/Marietta Hotel and Conference Center to Ashford Trust in exchange for the remaining ERFP obligation of $11.4 million.
•At the end of the fourth quarter, the Company had approximately $8.2 billion of gross assets under management.
The following information was filed by Ashford Inc. (AINC) on Wednesday, February 22, 2023 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.