Ashford (US:AINC)2023-02-26 03:31Financial Data and Key Metrics Changes - The net loss attributable to common stockholders for Q4 2022 was $10.8 million, while the full year loss was $32.8 million [9] - Adjusted EBITDA for Q4 2022 was $19.4 million, and for the full year, it was $75.7 million, reflecting a growth rate of 56% over 2021 [9] - Adjusted net income for Q4 2022 was $13.2 million, with adjusted net income per diluted share at $1.65; for the full year, adjusted net income was $53.6 million, with adjusted net income per share at $6.88 [9] Business Line Data and Key Metrics Changes - INSPIRE generated $34.2 million in audiovisual revenue for Q4 2022, a 57.3% increase year-over-year, with adjusted EBITDA of $4.6 million [13] - Remington achieved hotel management fee revenue of $13.1 million and adjusted EBITDA of $6.8 million in Q4 2022, reflecting growth of 73.8% and 93.4% respectively over the prior year [14] - Premier generated $6.6 million in fee revenue for Q4 2022, representing a 68.0% growth year-over-year, with adjusted EBITDA of $2.7 million [15] Market Data and Key Metrics Changes - Braemar reported a RevPAR increase of 20% in Q4 2022 compared to Q4 2019, indicating strong performance in urban hotels [6] - RED Hospitality generated $6 million in revenue for Q4 2022, with an adjusted EBITDA margin of 8.2% [16] Company Strategy and Development Direction - The company is focused on growing assets under management and capital raising efforts, with a recent completion of a $460 million offering for Braemar's non-traded preferred stock [5][6] - The strategy includes pursuing third-party sales and executing strategic acquisitions to enhance growth across its operating businesses [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the recovery in the lodging industry is gaining momentum, and both advised REIT platforms are well-positioned for future growth [5] - The company anticipates significant growth opportunities in the hospitality sector, particularly in the U.S. Virgin Islands and other Caribbean markets [18] Other Important Information - As of December 31, 2022, the company had ownership interests in 116 hotels with approximately 26,000 rooms and gross assets of about $8.2 billion [6] - The company has a strong liquidity position with over $500 million in net working capital [7] Q&A Session Summary Question: How is INSPIRE sourcing new business, particularly in Mexico and the Dominican Republic? - Management highlighted strong leadership in those markets and relationships built over 20 years, contributing to growth [22] Question: What is the outlook for RED, especially after potential slowdowns due to weather events? - Management indicated that seasonal factors affect performance, but they expect significant growth in 2023 with new contracts [25] Question: What is the size of the Ashford Trust untraded preferred raise? - The offering is for $500 million and will be open for three years [27] Question: Will Ashford Securities raise capital for entities outside of Ashford? - Management stated that while it is a possibility, they would ensure it is a smart and profitable move [28]