Extended Stay America Announces Third Quarter 2020 Results
- Net income of $31.5 million
- Adjusted EBITDA1 of $112.7 million
- Comparable system-wide RevPAR decrease of 14.7%
-
Third Quarter 2020 Highlights
- Net income of $31.5 million
- Total revenues of $285.9 million
- Comparable system-wide Revenue Per
Available Room (“RevPAR”) declined 14.7% to $46.75 - Comparable system-wide occupancy of 79.8%
- Adjusted EBITDA of $112.7 million
- Adjusted Funds From Operations (“Adjusted FFO”)1 of $0.40 per diluted Paired Share
- Adjusted Paired Share Income1 of
$0 .19 per diluted Paired Share - Comparable system-wide RevPAR index of 129, a 3,230 basis point increase
Extended Stay America’s President and Chief Executive Officer
“We generated strong free cash flow and fully repaid our REIT’s outstanding revolver during the quarter. While others in the industry are forced to make difficult short-term decisions, we continue to invest in our properties, our people, and our longer term strategies which will enable further long-term success as the lodging markets recover.”
1 See “Disclosure Regarding Non-GAAP Financial Measures” for an explanation of non-GAAP measures included in this release (i.e.,
Financial and Operating Results
Total revenues for the three months ended
Comparable system-wide RevPAR for the three months ended
Net income for the three months ended
Adjusted EBITDA for the three months ended
Adjusted FFO for the three months ended
Adjusted Paired Share Income for the three months ended
Capital Expenditures and Balance Sheet
The Company invested
As of
Hotel and Development Pipeline
As of
Company Owned Pipeline & |
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Under Option | Pre-Development | Under Construction | Total Pipeline | Opened YTD | ||||||||||
# Hotels | # Rooms | # Hotels | # Rooms | # Hotels | # Rooms | # Hotels | # Rooms | # Hotels | # Rooms | |||||
0 | 0 | 4 | 504 | 6 | 764 | 10 | 1,268 | 5 | 612 | |||||
Third Party Pipeline & |
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Commitments | Applications | Executed | Total Pipeline | Opened YTD | ||||||||||
# Hotels | # Rooms | # Hotels | # Rooms | # Hotels | # Rooms | # Hotels | # Rooms | # Hotels | # Rooms | |||||
28 | 3,472 | 0 | 0 | 27 | 3,184 | 55 | 6,656 | 3 | 280 | |||||
Definitions | ||||||||||||||
Under Option | Locations with a signed purchase and sale agreement |
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Pre-Development | Land purchased, permitting and/or site work |
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Commitments | Signed commitment or build or convert a certain number of hotels by a third party, generally associated with a prior portfolio sale |
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Applications | Third party filed franchise application with deposit | |||||||||||||
Executed | Franchise and development application approved, geography identified and deposits paid, various stages of pre-development and/or under construction |
Distributions and Share Repurchases
On
The Company did not repurchase any Paired Shares during the third quarter and has
Q4 and Full Year 2020 Outlook Update
The Company’s Q4 2020 Outlook is as follows:
in millions, except % | Low | High | |||||||||
Comparable system-wide RevPAR % Chg. | -15 | % | -11 | % | |||||||
Adjusted EBITDA | $ | 78 | $ | 88 | |||||||
The Company’s 2020 Outlook is as follows:
in millions, except % | Low | High | ||||||||||
Comparable system-wide RevPAR % Chg. | -16.5 | % | -15.5 | % | ||||||||
Net Income | $ | 31 | $ | 45 | ||||||||
Adjusted EBITDA | $ | 363 | $ | 373 | ||||||||
Depreciation and amortization | $ | 203 | $ | 206 | ||||||||
Net interest expense | $ | 130 | $ | 130 | ||||||||
Capital expenditures | $ | 170 | $ | 190 | ||||||||
Performance for the fourth quarter is subject to risks and uncertainties, in particular the ongoing impact of the COVID-19 pandemic, which could cause actual results to deviate materially and adversely from current trends and expectations. In such event, the Company does not expect to, and undertakes no obligation to, announce changes in expectations prior to the announcement of actual fourth quarter and full year 2020 results.
Webcast and Conference Call Details
The Company will host a conference call on
RevPAR Index
RevPAR Index is stated as a percentage and calculated by comparing RevPAR for owned hotels or system-wide hotels to the aggregate RevPAR of a group of competing hotels generally in the same market. As such, the RevPAR Index is only a measure of RevPAR relative to certain competing hotels and not a measure of our absolute RevPAR or profitability. We subscribe to
Disclosure Regarding Non-GAAP Financial Measures
Forward Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding our business performance, financial results, liquidity and capital resources, capital expenditures, Q4 2020 and full year 2020 outlook, distribution policy, plans, goals, beliefs, business trends and future events, as well as the impact of the COVID-19 pandemic, its effects on the foregoing, government actions taken in response to the pandemic and actions that we have or plan to take in response to the pandemic and other non-historical statements. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results or performance to differ from those projected in the forward-looking statements, possibly materially. For a description of factors that may cause the Company’s actual results or performance to differ from projected results or performance implied by forward-looking statements, please review the information under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in the Company’s combined annual report on Form 10-K filed with the
About
Extended Stay America® is the leading brand in the mid-priced extended stay segment in the
Contacts
Investors or Media:
Rob Ballew
(980) 345-1546
investorrelations@esa.com
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE AND NINE MONTHS ENDED |
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(In thousands, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
2020 | 2019 | % Variance | 2020 | 2019 | % Variance | |||||||||||||||
REVENUES: | ||||||||||||||||||||
$ | 273,056 | $ | 320,669 | (14.8 | )% | Room revenues | $ | 747,371 | $ | 899,329 | (16.9 | )% | ||||||||
7,552 | 6,475 | 16.6 | % | Other hotel revenues | 20,640 | 17,848 | 15.6 | % | ||||||||||||
1,443 | 1,351 | 6.8 | % | Franchise and management fees | 3,940 | 4,023 | (2.1 | )% | ||||||||||||
282,051 | 328,495 | (14.1 | )% | 771,951 | 921,200 | (16.2 | )% | |||||||||||||
3,837 | 4,200 | (8.6 | )% | Other revenues from franchised and managed properties | 11,072 | 12,821 | (13.6 | )% | ||||||||||||
285,888 | 332,695 | (14.1 | )% | Total revenues | 783,023 | 934,021 | (16.2 | )% | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||
149,156 | 152,913 | (2.5 | )% | Hotel operating expenses | 427,886 | 437,111 | (2.1 | )% | ||||||||||||
23,193 | 22,292 | 4.0 | % | General and administrative expenses | 70,234 | 67,606 | 3.9 | % | ||||||||||||
52,286 | 49,748 | 5.1 | % | Depreciation and amortization | 153,848 | 147,543 | 4.3 | % | ||||||||||||
420 | 2,679 | (84.3 | )% | Impairment of long-lived assets | 1,095 | 2,679 | (59.1 | )% | ||||||||||||
225,055 | 227,632 | (1.1 | )% | 653,063 | 654,939 | (0.3 | )% | |||||||||||||
4,353 | 4,699 | (7.4 | )% | Other expenses from franchised and managed properties | 12,643 | 14,342 | (11.8 | )% | ||||||||||||
229,408 | 232,331 | (1.3 | )% | Total operating expenses | 665,706 | 669,281 | (0.5 | )% | ||||||||||||
1 | 3 | (66.7 | )% | OTHER INCOME | 4 | 31 | (87.1 | )% | ||||||||||||
56,481 | 100,367 | (43.7 | )% | INCOME FROM OPERATIONS | 117,321 | 264,771 | (55.7 | )% | ||||||||||||
(155 | ) | 101 | (253.5 | )% | OTHER NON-OPERATING (INCOME) EXPENSE | 246 | (248 | ) | (199.2 | )% | ||||||||||
32,276 | 36,535 | (11.7 | )% | INTEREST EXPENSE, NET | 98,582 | 95,905 | 2.8 | % | ||||||||||||
24,360 | 63,731 | (61.8 | )% | INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE | 18,493 | 169,114 | (89.1 | )% | ||||||||||||
(7,132 | ) | 10,501 | (167.9 | )% | INCOME TAX (BENEFIT) EXPENSE | (12,074 | ) | 27,822 | (143.4 | )% | ||||||||||
31,492 | 53,230 | (40.8 | )% | NET INCOME | 30,567 | 141,292 | (78.4 | )% | ||||||||||||
(7,272 | ) | (12,159 | ) | (40.2 | )% | NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (14,156 | ) | (24,790 | ) | (42.9 | )% | ||||||||
$ | 24,220 | $ | 41,071 | (41.0 | )% | NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. COMMON SHAREHOLDERS | $ | 16,411 | $ | 116,502 | (85.9 | )% | ||||||||
$ | 0.14 | $ | 0.22 | (38.1 | )% | NET INCOME PER EXTENDED STAY AMERICA, INC. COMMON SHARE - DILUTED | $ | 0.09 | $ | 0.62 | (85.1 | )% | ||||||||
178,198 | 187,015 | WEIGHTED-AVERAGE EXTENDED STAY AMERICA, INC. COMMON SHARES OUTSTANDING - DILUTED | 178,071 | 188,317 | ||||||||||||||||
CONSOLIDATED BALANCE SHEET DATA | ||||||||||||||||||||
AS OF |
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(In thousands) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Cash and cash equivalents | $ | 381,486 | $ | 346,812 | ||||||||||||||||
Restricted cash | $ | 14,894 | $ | 14,858 | ||||||||||||||||
Total assets | $ | 4,069,933 | $ | 4,030,596 | ||||||||||||||||
Total debt, net of unamortized deferred financing costs and debt discounts (1) | $ | 2,684,024 | $ | 2,639,766 | ||||||||||||||||
Total equity | $ | 1,134,141 | $ | 1,176,270 | ||||||||||||||||
(1) Unamortized deferred financing costs and debt discounts totaled |
OPERATING METRICS | |||||||||||||||||||||
FOR THE THREE AND NINE MONTHS ENDED |
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(Unaudited) | |||||||||||||||||||||
COMPARABLE SYSTEM-WIDE OPERATING METRICS (1) | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
2020 | 2019 | Variance | 2020 | 2019 | Variance | ||||||||||||||||
626 | 626 | - | Number of hotels (as of |
624 | 624 | - | |||||||||||||||
68,922 | 68,922 | - | Number of rooms (as of |
68,700 | 68,700 | - | |||||||||||||||
79.8 | % | 80.8 | % | (100 | )bps | Comparable System-Wide Occupancy(1) | 73.8 | % | 77.3 | % | (350 | )bps | |||||||||
$ | 58.56 | $ | 67.83 | (13.7 | )% | Comparable System-Wide ADR(1) | $ | 58.35 | $ | 67.02 | (12.9 | )% | |||||||||
$ | 46.75 | $ | 54.78 | (14.7 | )% | Comparable System-Wide RevPAR(1) | $ | 43.06 | $ | 51.81 | (16.9 | )% | |||||||||
COMPARABLE COMPANY-OWNED OPERATING METRICS (2) | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
2020 | 2019 | Variance | 2020 | 2019 | Variance | ||||||||||||||||
554 | 554 | - | Number of hotels (as of |
553 | 553 | - | |||||||||||||||
61,552 | 61,552 | - | Number of rooms (as of |
61,445 | 61,445 | - | |||||||||||||||
79.5 | % | 80.8 | % | (130 | )bps | Comparable Company-Owned Occupancy(2) | 73.3 | % | 77.4 | % | (410 | )bps | |||||||||
$ | 60.04 | $ | 70.10 | (14.4 | )% | Comparable Company-Owned ADR(2) | $ | 59.97 | $ | 69.15 | (13.3 | )% | |||||||||
$ | 47.76 | $ | 56.66 | (15.7 | )% | Comparable Company-Owned RevPAR(2) | $ | 43.96 | $ | 53.53 | (17.9 | )% | |||||||||
COMPANY-OWNED OPERATING METRICS (3) | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
2020 | 2019 | Variance | 2020 | 2019 | Variance | ||||||||||||||||
562 | 554 | 8 | Number of hotels (as of |
562 | 554 | 8 | |||||||||||||||
62,545 | 61,552 | 993 | Number of rooms (as of |
62,545 | 61,552 | 993 | |||||||||||||||
79.2 | % | 80.8 | % | (160 | )bps | Company-Owned Occupancy(3) | 73.2 | % | 77.4 | % | (420 | )bps | |||||||||
$ | 60.09 | $ | 70.10 | (14.3 | )% | Company-Owned ADR(3) | $ | 60.08 | $ | 69.15 | (13.1 | )% | |||||||||
$ | 47.60 | $ | 56.66 | (16.0 | )% | Company-Owned RevPAR(3) | $ | 43.95 | $ | 53.53 | (17.9 | )% | |||||||||
(1) Includes hotels owned, franchised or managed for the full three and nine months ended |
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(2) Includes hotels owned and operated by the Company for the full three and nine months ended |
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(3) Includes results of operations based on the Company's owned and operated hotels during the periods presented, which is summarized below: | |||||||||||||||||||||
Date | Number of Hotels Acquired or Opened | Number of Rooms | Number of |
Number of Owned Rooms(1) | |
- | - | 554 | 61,552 | ||
1 | 121 | 555 | 61,673 | ||
2 | 260 | 557 | 61,933 | ||
1 | 120 | 558 | 62,053 | ||
1 | 120 | 559 | 62,173 | ||
2 | 248 | 561 | 62,421 | ||
1 | 124 | 562 | 62,545 | ||
- | - | 562 | 62,545 | ||
(1) As of end of period. | |||||
NON-GAAP RECONCILIATION OF NET INCOME TO HOTEL OPERATING PROFIT AND HOTEL OPERATING MARGIN | ||||||||||
FOR THE THREE AND NINE MONTHS ENDED |
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(In thousands) | ||||||||||
(Unaudited) | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
2020 | 2019 | Variance | 2020 | 2019 | Variance | |||||
(40.8)% | Net income | (78.4)% | ||||||||
(7,132) | 10,501 | (167.9)% | Income tax (benefit) expense | (12,074) | 27,822 | (143.4)% | ||||
32,276 | 36,535 | (11.7)% | Interest expense, net | 98,582 | 95,905 | 2.8% | ||||
(155) | 101 | (253.5)% | Other non-operating (income) expense | 246 | (248) | (199.2)% | ||||
(1) | (3) | (66.7)% | Other income | (4) | (31) | (87.1)% | ||||
420 | 2,679 | (84.3)% | Impairment of long-lived assets | 1,095 | 2,679 | (59.1)% | ||||
52,286 | 49,748 | 5.1% | Depreciation and amortization | 153,848 | 147,543 | 4.3% | ||||
23,193 | 22,292 | 4.0% | General and administrative expenses | 70,234 | 67,606 | 3.9% | ||||
1,330 | 1,660 | (19.9)% | Loss on disposal of assets (1) | 6,309 | 5,037 | 25.3% | ||||
(1,443) | (1,351) | 6.8% | Franchise and management fees | (3,940) | (4,023) | (2.1)% | ||||
516 | 499 | 3.4% | System services loss, net | 1,571 | 1,521 | 3.3% | ||||
(24.5)% | (28.6)% | |||||||||
(14.8)% | Room revenues | (16.9)% | ||||||||
7,552 | 6,475 | 16.6% | Other hotel revenues | 20,640 | 17,848 | 15.6% | ||||
(14.2)% | Total room and other hotel revenues | (16.3)% | ||||||||
47.3% | 53.8% | (650) bps | 45.1% | 52.9% | (780) bps | |||||
(1) Included in hotel operating expenses in the consolidated statements of operations. |
NON-GAAP RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA | |||||||||||||||
FOR THE THREE AND NINE MONTHS ENDED |
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(In thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
$ | 31,492 | $ | 53,230 | Net income | $ | 30,567 | $ | 141,292 | |||||||
32,276 | 36,535 | Interest expense, net | 98,582 | 95,905 | |||||||||||
(7,132 | ) | 10,501 | Income tax (benefit) expense | (12,074 | ) | 27,822 | |||||||||
52,286 | 49,748 | Depreciation and amortization | 153,848 | 147,543 | |||||||||||
108,922 | 150,014 | EBITDA | 270,923 | 412,562 | |||||||||||
1,656 | 1,876 | Equity-based compensation | 4,646 | 6,131 | |||||||||||
420 | 2,679 | Impairment of long-lived assets | 1,095 | 2,679 | |||||||||||
516 | - | System services loss, net(1) | 1,571 | - | |||||||||||
1,175 | 1,756 | Other expense(2) | 6,555 | 4,907 | |||||||||||
$ | 112,689 | $ | 156,325 | Adjusted EBITDA | $ | 284,790 | $ | 426,279 | |||||||
(1) In light of the growth of our franchise business and in order to enhance comparability, effective |
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(2) Includes loss on disposal of assets and non-operating (income) expense, including foreign currency transaction costs. Loss on disposal of assets totaled |
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NON-GAAP RECONCILIATION OF NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. | ||||||||||||||||
COMMON SHAREHOLDERS TO FUNDS FROM OPERATIONS, ADJUSTED FUNDS FROM OPERATIONS |
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AND ADJUSTED FUNDS FROM OPERATIONS PER DILUTED PAIRED SHARE | ||||||||||||||||
FOR THE THREE AND NINE MONTHS ENDED |
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(In thousands, except per share and per Paired Share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
$ | 0.14 | $ | 0.22 | Net income per |
$ | 0.09 | $ | 0.62 | ||||||||
$ | 24,220 | $ | 41,071 | Net income attributable to |
$ | 16,411 | $ | 116,502 | ||||||||
7,268 | 12,155 | Noncontrolling interests attributable to Class B common shares of ESH REIT | 14,144 | 24,778 | ||||||||||||
50,667 | 48,247 | Real estate depreciation and amortization | 148,977 | 143,335 | ||||||||||||
420 | 2,679 | Impairment of long-lived assets | 1,095 | 2,679 | ||||||||||||
(11,835 | ) | (8,250 | ) | Tax effect of adjustments to net income attributable to |
(24,265 | ) | (23,132 | ) | ||||||||
70,740 | 95,902 | Funds from Operations | 156,362 | 264,162 | ||||||||||||
- | 6,716 | Debt modification and extinguishment costs | - | 6,716 | ||||||||||||
- | (1,088 | ) | Tax effect of adjustments to Funds from Operations | - | (1,088 | ) | ||||||||||
$ | 70,740 | $ | 101,530 | Adjusted Funds from Operations | $ | 156,362 | $ | 269,790 | ||||||||
$ | 0.40 | $ | 0.54 | Adjusted Funds from Operations per Paired Share – diluted | $ | 0.88 | $ | 1.43 | ||||||||
178,198 | 187,015 | Weighted average Paired Shares outstanding – diluted | 178,071 | 188,317 | ||||||||||||
(1) The tax effect of adjustments to net income attributable to |
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NON-GAAP RECONCILIATION OF NET INCOME ATTRIBUTABLE TO EXTENDED STAY AMERICA, INC. | |||||||||||||||||
COMMON SHAREHOLDERS TO PAIRED SHARE INCOME, ADJUSTED PAIRED SHARE INCOME | |||||||||||||||||
AND ADJUSTED PAIRED SHARE INCOME PER DILUTED PAIRED SHARE | |||||||||||||||||
FOR THE THREE AND NINE MONTHS ENDED |
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(In thousands, except per share and per Paired Share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
$ | 0.14 | $ | 0.22 | Net income per |
$ | 0.09 | $ | 0.62 | |||||||||
$ | 24,220 | $ | 41,071 | Net income attributable to |
$ | 16,411 | $ | 116,502 | |||||||||
7,268 | 12,155 | Noncontrolling interests attributable to Class B common shares of ESH REIT | 14,144 | 24,778 | |||||||||||||
31,488 | 53,226 | Paired Share Income | 30,555 | 141,280 | |||||||||||||
- | 6,716 | Debt modification and extinguishment costs | - | 6,716 | |||||||||||||
420 | 2,679 | Impairment of long-lived assets | 1,095 | 2,679 | |||||||||||||
516 | - | System services loss, net(1) | 1,571 | - | |||||||||||||
1,175 | 1,756 | Other expense(2) | 6,555 | 4,907 | |||||||||||||
(489 | ) | (1,806 | ) | Tax effect of adjustments to Paired Share Income(3) | (1,209 | ) | (2,299 | ) | |||||||||
$ | 33,110 | $ | 62,571 | Adjusted Paired Share Income | $ | 38,567 | $ | 153,283 | |||||||||
$ | 0.19 | $ | 0.33 | Adjusted Paired Share Income per Paired Share – diluted | $ | 0.22 | $ | 0.81 | |||||||||
178,198 | 187,015 | Weighted average Paired Shares outstanding – diluted | 178,071 | 188,317 | |||||||||||||
(1) In light of the growth of our franchise business and in order to enhance comparability, effective |
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(2) Includes loss on disposal of assets and non-operating (income) expense, including foreign currency transaction costs. Loss on disposal of assets totaled |
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(3) The tax effect of adjustments to Paired Share Income for the three months ended |
NON-GAAP RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA | |||||||||||
FOR THE YEARS ENDED |
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(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Year Ended | Year Ended |
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(Outlook) | |||||||||||
(Actual) | Low | High | |||||||||
$ | 165,138 | Net income | $ | 30,605 | $ | 44,605 | |||||
127,764 | Interest expense, net | 130,000 | 130,000 | ||||||||
29,315 | Income tax expense (benefit)(1) | (19,000 | ) | (26,000 | ) | ||||||
197,400 | Depreciation and amortization | 203,000 | 206,000 | ||||||||
519,617 | EBITDA | 344,605 | 354,605 | ||||||||
6,913 | Equity-based compensation | 6,200 | 6,200 | ||||||||
2,679 | Impairment of long-lived assets | 1,095 | 1,095 | ||||||||
- | System services loss, net(2) | 2,100 | 2,100 | ||||||||
5,829 | Other expense(3) | 9,000 | 9,000 | ||||||||
$ | 535,038 | Adjusted EBITDA | $ | 363,000 | $ | 373,000 | |||||
(1) The 2020 Outlook with respect to income tax applies to absolute income tax benefit only. Due to (1) certain provisions of the CARES Act related to income tax relief, (2) greater variability in forecasted results within the current year than in prior years and (3) a wider than usual range between the forecasted financial results of |
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(2) In light of the growth of our franchise business and in order to enhance comparability, effective |
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(3) Includes loss on disposal of assets and non-operating (income) expense, including foreign currency transaction costs. | |||||||||||
Source: Extended Stay America, Inc.