XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUE        
Total revenues $ 55,868,000 $ 56,889,000 $ 235,308,000 $ 183,675,000
EXPENSES        
Salaries and benefits 13,820,000 13,602,000 43,807,000 40,795,000
Depreciation and amortization 10,094,000 8,048,000 30,172,000 16,671,000
General and administrative 5,540,000 6,795,000 16,064,000 22,238,000
Impairment 0 0 178,213,000 0
Other 9,147,000 4,849,000 14,734,000 9,326,000
Reimbursed expenses 28,072,000 11,203,000 127,638,000 32,185,000
Total expenses 70,502,000 63,690,000 439,532,000 186,991,000
OPERATING INCOME (LOSS) (14,634,000) (6,801,000) (204,224,000) (3,316,000)
Equity in earnings (loss) of unconsolidated entities 48,000 464,000 301,000 (109,000)
Interest expense (1,259,000) (456,000) (3,681,000) (1,198,000)
Amortization of loan costs (86,000) (75,000) (242,000) (214,000)
Interest income 0 0 29,000 29,000
Realized gain (loss) on investments 0 0 (386,000) 0
Other income (expense) (44,000) (20,000) (499,000) (115,000)
INCOME (LOSS) BEFORE INCOME TAXES (15,975,000) (6,888,000) (208,702,000) (4,923,000)
Income tax (expense) benefit 1,835,000 297,000 7,404,000 (1,429,000)
NET INCOME (LOSS) (14,140,000) (6,591,000) (201,298,000) (6,352,000)
(Income) loss from consolidated entities attributable to noncontrolling interests 319,000 101,000 757,000 395,000
Net (income) loss attributable to redeemable noncontrolling interests 604,000 334,000 1,688,000 623,000
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (13,217,000) (6,156,000) (198,853,000) (5,334,000)
Preferred dividends, declared and undeclared (7,985,000) (2,909,000) (23,800,000) (8,492,000)
Amortization of preferred stock discount (781,000) (363,000) (2,386,000) (1,338,000)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (21,983,000) $ (9,428,000) $ (225,039,000) $ (15,164,000)
Basic:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (9.53) $ (3.65) $ (99.62) $ (6.09)
Weighted average common shares outstanding – basic (in shares) 2,306 2,580 2,259 2,489
Diluted:        
Net income (loss) attributable to common stockholders (in dollars per share) $ (9.53) $ (3.94) $ (99.62) $ (7.95)
Weighted average common shares outstanding – diluted (in shares) 2,306 2,782 2,259 2,679
Advisory services        
REVENUE        
Total revenues $ 10,832,000 $ 10,871,000 $ 34,098,000 $ 33,280,000
Hotel management fees        
REVENUE        
Total revenues 3,777,000 0 13,592,000 0
Project management fees        
REVENUE        
Total revenues 1,790,000 6,660,000 7,780,000 19,533,000
EXPENSES        
Cost of revenues 703,000 1,461,000 3,032,000 4,376,000
Audio visual        
REVENUE        
Total revenues 3,114,000 22,430,000 33,758,000 83,532,000
EXPENSES        
Cost of revenues 3,126,000 17,732,000 25,872,000 61,400,000
Other        
REVENUE        
Total revenues 8,222,000 5,627,000 18,250,000 14,719,000
Cost reimbursement revenue        
REVENUE        
Total revenues $ 28,133,000 $ 11,301,000 $ 127,830,000 $ 32,611,000