Announcement • Jul 26
Ashford Inc. Announces Demise of W. Michael Murphy, Member of Board of Directors Ashford Inc. announced that Mr. W. Michael Murphy, a member of its Board of Directors, passed away on July 24, 2024. Mr. Murphy had a distinguished career in the hotel industry and has been a key member of the Company's Board of Directors, serving since August 2018. Prior to serving on the board of Ashford Inc., Michael served on the board of Braemar Hotels & Resorts from 2013 to 2015 and he served on the board of Ashford Hospitality Trust from 2003 to 2013. Announcement • Apr 03
Ashford's Board of Directors Approves Plan to Terminate Registration of Common Stock Ashford Inc. (‘Ashford’ or the ‘Company’) announced that a Special Committee of independent and disinterested directors has recommended, and its Board of Directors has approved, a plan to terminate the registration of the Company's common stock under the federal securities laws following the completion of a proposed reverse stock split transaction (the ‘Reverse Stock Split’) immediately followed by a forward stock split transaction and to delist its shares of common stock from trading on the NYSE American LLC (the ‘NYSE American’) (the ‘Proposed Transaction’). It is expected that this plan would be initiated in the summer of 2024, subject to Ashford's stockholders approving the Proposed Transaction at a Special Meeting of Stockholders to be held for that purpose. Ashford is taking these steps to avoid the substantial cost and expense of being a public reporting company and to focus the Company's resources on enhancing long-term stockholder value. The Company anticipates savings exceeding $2,500,000 on an annual basis as a result of the Proposed Transaction. Without its public company status, Ashford would have an ongoing cost structure befitting its current and foreseeable scale of operations, and its management would be able to focus on long-term growth without an undue emphasis on short-term financial results. The purpose of the reverse stock split is to (i) help Ashford reduce and maintain below 300 record holders of its common stock, which is the level at which SEC public reporting obligations are required, (ii) offer liquidity to smaller stockholders at $5.00 per share without a brokerage commission, and (iii) provide all stockholders the opportunity to vote on this matter. Among the factors considered by Ashford's Board of Directors were: the significant ongoing costs and management time and effort involved in the Company remaining a public company, including the preparation and filing of periodic and other reports with the SEC and compliance with Sarbanes-Oxley Act and other applicable requirements; the limited trading volume and liquidity of the Company's common stock; the business and operations of the Company are expected to continue substantially as presently conducted, except without the burden of public company costs; enabling the Company's stockholders with the smallest holdings, who represent a large number of the record holders of Company's common stock, to liquidate their holdings in the Company's common stock and receive a premium over current market prices without incurring brokerage commissions; the determination of Oppenheimer, independent fairness opinion provider to the Special Committee, that the Proposed Transaction consideration for the fractional shares is fair from a financial point of view to the unaffiliated stockholders; and as a result of the deregistration and delisting, the ability of the Company's management and employees to focus their time, effort and resources on the Company's long-term growth and increasing long-term stockholder value. Subject to regulatory clearance of the Company's proxy statement to be filed relating to the Proposed Transaction and stockholder approval thereof, it is anticipated that the Company would initiate its plan to terminate the registration of its common stock shortly after the Special Meeting of Stockholders, which is expected to be held in the summer of 2024. Approval of the Reverse Stock Split requires a majority vote cast of the Company's common stock (taking into account the Company's Series D Convertible Preferred Stock on an as-converted basis) at the Special Meeting. (A ‘majority vote’ means that more votes have been cast for a proposal than against it, and abstentions and broker non-votes, if any, will not be considered as votes cast). New Risk • Mar 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Market cap is less than US$10m (€6.96m market cap, or US$7.52m). Minor Risk Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Announcement • Mar 29
Ashford Inc., Annual General Meeting, May 15, 2024 Ashford Inc., Annual General Meeting, May 15, 2024, at 09:30 Central Daylight. Location: 14185 Dallas Parkway, Suite 1200 Dallas, Texas 75254 Dallas United States Agenda: To Election of six directors; to consider Advisory approval of our executive compensation; to consider Ratification of the appointment of BDO USA, P.C. as our independent auditor for 2024; to consider Approval of Amendment No. 2 to the Ashford Inc. 2014 Incentive Plan; and to consider transaction of any other business that may properly come before the annual meeting. Announcement • Mar 27
Ashford Inc. to Report Q1, 2024 Results on May 08, 2024 Ashford Inc. announced that they will report Q1, 2024 results After-Market on May 08, 2024 Reported Earnings • Mar 03
Full year 2023 earnings released: US$1.50 loss per share (vs US$11.26 loss in FY 2022) Full year 2023 results: US$1.50 loss per share (improved from US$11.26 loss in FY 2022). Revenue: US$765.9m (up 171% from FY 2022). Net loss: US$4.63m (loss narrowed 86% from FY 2022). New Risk • Feb 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Market cap is less than US$10m (€7.39m market cap, or US$7.97m). Minor Risk Shareholders have been diluted in the past year (3.1% increase in shares outstanding). New Risk • Jan 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.93m (US$9.73m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€8.93m market cap, or US$9.73m). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Shareholders have been diluted in the past year (3.1% increase in shares outstanding). Announcement • Dec 28
Ashford Inc. to Report Q4, 2023 Results on Feb 29, 2024 Ashford Inc. announced that they will report Q4, 2023 results After-Market on Feb 29, 2024 Announcement • Dec 27
Ashford Receives Letter of Non-Compliance from NYSE American Ashford Inc. ("Ashford" or the "Company") announced that it received a letter from the NYSE American LLC (the "NYSE American") dated December 20, 2023, notifying that the Company is no longer in compliance with NYSE American continued listing standards. Specifically, the letter states that the Company is not in compliance with the continued listing standards set in Sections 1003(a)(i) and (ii) of the NYSE American Company Guide (the "Company Guide"). Section 1003(a)(i) requires a listed company to have stockholders' equity of $2 million or more if the listed company has reported losses from continuing operations and/or net losses in two of its three most recent fiscal years. Section 1003(a)(ii) requires a listed company to have stockholders' equity of $4 million or more if the listed company has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years. The Company reported a stockholders' deficit of $295.7 million as of September 30, 2023, and has had losses from continuing operations and/or net losses in three of its four most recent fiscal years ended December 31, 2022. However, Section 1003(a) of the Company Guide states that the NYSE American will not normally consider suspending dealings in, or removing from the list, the securities of a listed company which is below standards (i) and (ii) of Section 1003(a) if the listed company is in compliance with the following two standards: (1) total value of market capitalization of at least $50 million; or total assets and revenue of $50 million each in its last fiscal year, or in two of its last three fiscal years; and (2) the listed company has at least 1.1 million shares publicly held, a market value of publicly held shares of at least $15 million and 400 round lot shareholders. As of December 20, 2023, the Company was in compliance with the first standard because it had total assets and total revenue of at least $50 million in its last fiscal year and was in compliance with the second standard, except that the current market value of publicly held shares was below $15 million. The Company must submit a plan of compliance (the "Plan") by January 19, 2024 addressing how it intends to regain compliance with Sections 1003(a)(i) and (ii) of the Company Guide by June 20, 2025, or sooner if the NYSE American determines that the nature and circumstances of the Company's continued listing status warrant a shorter period of time. The Company intends to fully comply with the NYSE American's requests and will submit its Plan accordingly. The Company's stock will continue to be listed on the NYSE American while the Company evaluates its various alternatives. The Company's receipt of such notification from the NYSE American does not affect the Company's business, operations or reporting requirements with the U.S. Securities and Exchange Commission. Announcement • Dec 08
Ashford Inc. Announces Executive Changes Ashford Inc. announced that On December 5, 2023, Mark Nunneley, Chief Accounting Officer of the company, announced to the Board of Directors (the ‘ Board ‘) of the Company his intention to voluntarily step down from his role as the Chief Accounting Officer and all other positions he holds with the Company and its subsidiaries, affiliated entities, and entities that it advises to become Senior Managing Director of the Company on a full-time basis, in which role he will provide strategic advice to the Company and be responsible for special projects as requested by the Company. Mr. Nunneley’s transition will be effective December 31, 2023 (the ‘ Effective Date ‘). On December 7, 2023, Justin Coe, the Company’s current Senior Vice President of Accounting, was appointed to fill the role of Chief Accounting Officer at the Company, effective January 1, 2024. Mr. Coe, age 40, has served as the Company’s Senior Vice President of Accounting since July 2015. As Senior Vice President of Accounting, Mr. Coe was responsible for overseeing most of the accounting functions for the Company and each of its advised platforms, including Ashford Hospitality Trust Inc. and Braemar Hotels & Resorts Inc. Such functions include tax, financial reporting, corporate controller, portfolio accounting, internal audit, information systems, acquisitions and special projects. Prior to joining the Company, Mr. Coe was a Senior Manager at Ernst & Young LLP and served since 2006 in various Assurance and Advisory roles for public and private companies in the airline, real estate, medical device and other industries domestically and internationally. Mr. Coe holds Bachelor of Business Administration and Master of Accountancy degrees from Texas State University – San Marcos and is a licensed certified public accountant (CPA) in the state of Texas. Reported Earnings • Nov 10
Third quarter 2023 earnings released: US$3.87 loss per share (vs US$3.38 loss in 3Q 2022) Third quarter 2023 results: US$3.87 loss per share (further deteriorated from US$3.38 loss in 3Q 2022). Revenue: US$181.2m (up 167% from 3Q 2022). Net loss: US$12.0m (loss widened 20% from 3Q 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Capital Markets industry in Germany. Announcement • Sep 20
Ashford Inc. to Report Q3, 2023 Results on Nov 01, 2023 Ashford Inc. announced that they will report Q3, 2023 results at 4:00 PM, US Eastern Standard Time on Nov 01, 2023 Reported Earnings • Aug 04
Second quarter 2023 earnings released: US$2.41 loss per share (vs US$1.22 loss in 2Q 2022) Second quarter 2023 results: US$2.41 loss per share (further deteriorated from US$1.22 loss in 2Q 2022). Revenue: US$192.7m (up 147% from 2Q 2022). Net loss: US$7.46m (loss widened 111% from 2Q 2022). Revenue is forecast to grow 21% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Announcement • Jun 20
Ashford Inc. to Report Q2, 2023 Results on Aug 02, 2023 Ashford Inc. announced that they will report Q2, 2023 results After-Market on Aug 02, 2023 Reported Earnings • May 07
First quarter 2023 earnings released: US$2.59 loss per share (vs US$3.00 loss in 1Q 2022) First quarter 2023 results: US$2.59 loss per share (improved from US$3.00 loss in 1Q 2022). Revenue: US$185.1m (up 209% from 1Q 2022). Net loss: US$7.73m (loss narrowed 8.3% from 1Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Capital Markets industry in Germany. Reported Earnings • Feb 24
Full year 2022 earnings released: US$11.26 loss per share (vs US$16.68 loss in FY 2021) Full year 2022 results: US$11.26 loss per share (improved from US$16.68 loss in FY 2021). Revenue: US$644.4m (up 257% from FY 2021). Net loss: US$32.8m (loss narrowed 29% from FY 2021). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Capital Markets industry in Germany. Announcement • Jan 06
Ashford Inc. to Report Q4, 2022 Results on Feb 22, 2023 Ashford Inc. announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 22, 2023 Board Change • Nov 18
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Independent Director W. Murphy was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 04
Third quarter 2022 earnings released: US$3.38 loss per share (vs US$3.32 loss in 3Q 2021) Third quarter 2022 results: US$3.38 loss per share (further deteriorated from US$3.32 loss in 3Q 2021). Revenue: US$164.6m (up 241% from 3Q 2021). Net loss: US$10.0m (loss widened 8.5% from 3Q 2021). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Capital Markets industry in Germany. Announcement • Sep 02
Ashford Inc. to Report Q3, 2022 Results on Nov 02, 2022 Ashford Inc. announced that they will report Q3, 2022 results After-Market on Nov 02, 2022 Breakeven Date Change • Aug 14
Forecast to breakeven in 2022 The 2 analysts covering Ashford expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$9.60m in 2022. Reported Earnings • Aug 05
Second quarter 2022 earnings released: US$1.22 loss per share (vs US$5.31 loss in 2Q 2021) Second quarter 2022 results: US$1.22 loss per share (up from US$5.31 loss in 2Q 2021). Revenue: US$78.2m (up 95% from 2Q 2021). Net loss: US$3.54m (loss narrowed 76% from 2Q 2021). Over the next year, revenue is forecast to grow 134% compared to a 7.9% decline forecast for the industry in Germany. Announcement • Jun 23
Ashford Inc. to Report Q2, 2022 Results on Aug 03, 2022 Ashford Inc. announced that they will report Q2, 2022 results at 4:00 PM, US Eastern Standard Time on Aug 03, 2022 Breakeven Date Change • Jun 15
Forecast to breakeven in 2022 The 2 analysts covering Ashford expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$9.30m in 2022. Reported Earnings • May 06
First quarter 2022 earnings released: US$3.00 loss per share (vs US$6.37 loss in 1Q 2021) First quarter 2022 results: US$3.00 loss per share (up from US$6.37 loss in 1Q 2021). Revenue: US$134.0m (up 344% from 1Q 2021). Net loss: US$8.43m (loss narrowed 51% from 1Q 2021). Over the next year, revenue is forecast to grow 96% compared to a 7.6% decline forecast for the industry in Germany. Buying Opportunity • May 03
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €16.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Meanwhile, the company became loss making. For the next 3 years, revenue is forecast to grow by 31% per annum. Earnings is also forecast to grow by 2.0% per annum over the same time period. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director W. Murphy was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 20
Ashford Inc., Ashford Hospitality Services, LLC, Ashford Hospitality Trust, Inc. and Braemar Hotels & Resorts Inc. Announce Resignation of Jeremy Welter as the Chief Operating Officer On April 15, 2022, Ashford Inc. (the Advisor) and Ashford Hospitality Services, LLC, a subsidiary of the Advisor (Ashford Services), agreed with Jeremy Welter, the Chief Operating Officer of the Advisor, that, effective July 15, 2022 (the Resignation Date"), Mr. Welter would terminate employment with and service to the Advisor, Ashford Services and their affiliates. Mr. Welter is also the Chief Operating Officer of Ashford Hospitality Trust, Inc. (Ashford Trust) and Braemar Hotels & Resorts Inc. and accordingly his service as Chief Operating Officer of each of Ashford Trust and the Company will also end effective as of the Resignation Date. Board Change • Apr 18
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director W. Murphy was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 01
Ashford Inc., Annual General Meeting, May 11, 2022 Ashford Inc., Annual General Meeting, May 11, 2022, at 09:30 Central Standard Time. Location: Renaissance Nashville Hotel 611 Commerce Street Nashville Tennessee United States Agenda: To consider election of six directors; to consider advisory approval of the company's executive compensation; to consider ratification of the appointment of BDO USA, LLP as the company's independent auditor for 2022; and to consider transaction of any other business that may properly come before the annual meeting. Announcement • Mar 29
Ashford Inc. to Report Q1, 2022 Results on May 04, 2022 Ashford Inc. announced that they will report Q1, 2022 results After-Market on May 04, 2022 Reported Earnings • Oct 29
Third quarter 2021 earnings released: US$3.32 loss per share (vs US$9.53 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: US$102.4m (up 269% from 3Q 2020). Net loss: US$9.23m (loss narrowed 58% from 3Q 2020). Board Change • Sep 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director W. Murphy was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 11
Ashford Regains Compliance with NYSE American Continued Listing Standards Ashford Inc. announced that on August 9, 2021, the Company received written notice from the NYSE American LLC (the "Exchange") stating that the Company has regained compliance with all of the continued listing standards set forth in Part 10, Section 1003 of the NYSE American Company Guide (the "Company Guide"). By meeting the continued listing requirements, Ashford has resolved its continued listing deficiency and, effective at the start of trading on August 10, 2021, the ".BC" designation, signifying noncompliance with the Exchange's listing standards, will be removed from the "AINC" trading symbol. "We are pleased to have regained compliance with the NYSE American's continued listing standards, and remain focused on the execution of our strategic plan," commented Jeremy J. Welter, Ashford's President and Chief Operating Officer. "Ashford has an unwavering commitment to maximize value for our shareholders and we remain focused on our unique investment strategy to strategically invest in operating companies that service the hospitality industry and act as an accelerator to grow these companies. The Ashford group of companies are well-positioned to capitalize on the continuing recovery in the hospitality industry and I am excited about the future prospects for our Company". Reported Earnings • Jul 31
Second quarter 2021 earnings released: US$5.31 loss per share (vs US$7.37 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$88.3m (up 311% from 2Q 2020). Net loss: US$14.7m (loss narrowed 12% from 2Q 2020). Reported Earnings • May 11
First quarter 2021 earnings released: US$6.37 loss per share (vs US$84.73 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: US$63.9m (up 9.7% from 1Q 2020). Net loss: US$17.1m (loss narrowed 91% from 1Q 2020). 
