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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUE        
Total revenues $ 45,598,000 $ 63,466,000 $ 179,440,000 $ 126,786,000
EXPENSES        
Salaries and benefits 13,677,000 10,979,000 29,987,000 27,193,000
Depreciation and amortization 10,109,000 4,515,000 20,078,000 8,623,000
General and administrative 4,341,000 8,989,000 10,524,000 15,443,000
Impairment 0 0 178,213,000 0
Other 1,361,000 3,138,000 5,587,000 4,477,000
Reimbursed expenses 24,055,000 11,231,000 99,566,000 20,982,000
Total expenses 56,737,000 62,523,000 369,030,000 123,301,000
OPERATING INCOME (LOSS) (11,139,000) 943,000 (189,590,000) 3,485,000
Equity in earnings (loss) of unconsolidated entities 17,000 (298,000) 253,000 (573,000)
Interest expense (1,246,000) (445,000) (2,422,000) (742,000)
Amortization of loan costs (90,000) (70,000) (156,000) (139,000)
Interest income 1,000 9,000 29,000 29,000
Realized gain (loss) on investments (11,000) 0 (386,000) 0
Other income (expense) 66,000 (42,000) (455,000) (95,000)
INCOME (LOSS) BEFORE INCOME TAXES (12,402,000) 97,000 (192,727,000) 1,965,000
Income tax (expense) benefit 3,484,000 (426,000) 5,569,000 (1,726,000)
NET INCOME (LOSS) (8,918,000) (329,000) (187,158,000) 239,000
(Income) loss from consolidated entities attributable to noncontrolling interests 278,000 131,000 438,000 294,000
Net (income) loss attributable to redeemable noncontrolling interests 644,000 310,000 1,084,000 289,000
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (7,996,000) 112,000 (185,636,000) 822,000
Preferred dividends, declared and undeclared (7,940,000) (2,791,000) (15,815,000) (5,583,000)
Amortization of preferred stock discount (795,000) (484,000) (1,605,000) (975,000)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (16,731,000) $ (3,163,000) $ (203,056,000) $ (5,736,000)
Basic:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (7.37) $ (1.28) $ (90.81) $ (2.35)
Weighted average common shares outstanding – basic (in shares) 2,269 2,462 2,236 2,441
Diluted:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (7.37) $ (3.00) $ (90.81) $ (3.94)
Weighted average common shares outstanding – diluted (in shares) 2,269 2,717 2,236 2,583
Total advisory services revenue        
REVENUE        
Total revenues $ 11,430,000 $ 11,489,000 $ 23,266,000 $ 22,409,000
Hotel management        
REVENUE        
Total revenues 3,691,000 0 9,815,000 0
Project management        
REVENUE        
Total revenues 2,052,000 6,430,000 5,990,000 12,872,000
EXPENSES        
Cost of revenues 878,000 1,442,000 2,329,000 2,915,000
Audio visual        
REVENUE        
Total revenues 970,000 30,127,000 30,644,000 61,102,000
EXPENSES        
Cost of revenues 2,316,000 22,229,000 22,746,000 43,668,000
Other        
REVENUE        
Total revenues 3,337,000 4,083,000 10,028,000 9,093,000
Cost reimbursement revenue        
REVENUE        
Total revenues 24,118,000 11,337,000 99,697,000 21,310,000
Premier | Project management        
REVENUE        
Total revenues 2,052,000 6,430,000 5,990,000 12,872,000
JSAV        
REVENUE        
Total revenues 970,000 30,127,000 30,644,000 61,102,000
JSAV | Audio visual        
REVENUE        
Total revenues 970,000 30,127,000 30,644,000 61,102,000
Accumulated Deficit        
EXPENSES        
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (7,996,000) 112,000 (185,636,000) 822,000
Preferred dividends, declared and undeclared (7,940,000)   (15,815,000)  
Amortization of preferred stock discount $ (795,000) $ (484,000) $ (1,605,000) $ (975,000)