Choice Hotels (CHH) Financials

$4.5 B

Mkt cap, 21-May-2018

$209.4 M

Revenue Q1, 2018
Net income (Q1, 2018)25.1 M
EBIT (Q1, 2018)46.2 M
Cash, 31-Mar-201836.8 M
EV5.3 B

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

724.3 m758 m859.9 m924.6 m1 b

Revenue growth, %

5%13%8%

General and administrative expense

148.7 m163.4 m

Operating expense total

148.7 m742.9 m

Depreciation and amortization

12.4 m

EBIT

193.9 m215.2 m226.2 m238.9 m264.4 m

EBIT margin, %

27%28%26%26%26%

Interest expense

42.8 m44.4 m45 m

Interest income

1.6 m3.5 m5.9 m

Pre tax profit

184 m200 m224 m

Income tax expense

56 m60.6 m109.1 m

Net Income

112.6 m123.2 m128 m139.4 m114.9 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Revenue

232.2 m241.5 m207.1 m241.8 m267.6 m197.9 m276.8 m209.4 m

General and administrative expense

33.1 m30.2 m35.1 m40 m34.4 m32.8 m38.2 m40.9 m

Operating expense total

169.2 m167.7 m164.2 m176.8 m189.4 m145.4 m199.3 m163.1 m

Depreciation and amortization

3.1 m

EBIT

62.9 m73.8 m42.9 m64.9 m78.6 m52.5 m77.5 m46.2 m

EBIT margin, %

27%31%21%27%29%27%28%22%

Interest expense

11.1 m10.8 m11.1 m11.2 m11.2 m11.2 m11.3 m11.3 m

Interest income

277 k359 k839 k827 k836 k1.3 m1.4 m1.6 m

Pre tax profit

52.9 m62.3 m30.4 m55.6 m70.2 m41.4 m67.4 m30.5 m

Income tax expense

17.1 m20.8 m10.8 m16.8 m22.6 m12.6 m22.4 m5.4 m

Net Income

41.5 m19 m35.4 m39.4 m21.6 m35.8 m41.4 m19.6 m38.8 m47.6 m28.7 m45 m25.1 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

167.8 m214.9 m193.4 m202.5 m235.3 m

Accounts Receivable

125.5 m

Inventories

Current Assets

258.6 m351.4 m311 m344.9 m402.9 m

Goodwill

65.8 m65.8 m79.3 m78.9 m80.8 m

Total Assets

539.9 m647.3 m717 m852.5 m927.6 m

Accounts Payable

41.7 m57.1 m64.4 m48.1 m63.5 m

Short-term debt

10.1 m12.3 m1.2 m1.2 m1.2 m

Current Liabilities

174.3 m200.1 m208 m263.7 m294.5 m

Long-term debt

783.5 m782.1 m812.9 m839.4 m725.3 m

Total Debt

793.6 m794.4 m814.1 m840.6 m726.5 m

Total Liabilities

1.2 b1.1 b

Additional Paid-in Capital

117.8 m127.7 m149.9 m159 m182.4 m

Retained Earnings

341.6 m432.4 m514.9 m607.6 m673.8 m

Debt to Assets Ratio

1.5 x1.2 x1.1 x1 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

161.1 m174.9 m211.5 m244.4 m230.7 m199.3 m194.1 m207.9 m206 m187.5 m198 m36.8 m

Accounts Receivable

143 m

Current Assets

258.3 m277.7 m385 m405.4 m397.6 m359.5 m338.1 m378 m371.9 m342.9 m380.2 m231.8 m

Goodwill

65.8 m65.8 m65.8 m65.8 m65.8 m79.5 m80 m79.6 m79.8 m79.1 m80 m174.5 m

Total Assets

555.7 m554.9 m628.4 m664.2 m702.6 m712.8 m787.3 m843.4 m846.3 m904.1 m948 m1.1 b

Accounts Payable

40.8 m44.8 m50.9 m64.1 m72.2 m59.9 m60.6 m74.9 m60.4 m59.1 m67.7 m62.7 m

Short-term debt

9.1 m11 m12 m12 m1.1 m1.7 m1 m833 k660 k1.2 m1.3 m1.3 m

Current Liabilities

179.1 m168.3 m200.7 m199.5 m201.7 m191.1 m220.3 m259.3 m258.5 m274.1 m276.4 m269.3 m

Long-term debt

816 m795.5 m777.5 m774.8 m800 m815.9 m892.4 m901.4 m866.2 m862.4 m863 m795.7 m

Total Debt

825.1 m806.5 m789.5 m786.7 m801.2 m817.6 m893.5 m902.2 m866.9 m863.6 m864.3 m797 m

Total Liabilities

1 b1 b1 b1.1 b1.1 b1.1 b1.2 b1.2 b1.2 b1.2 b1.2 b1.3 b

Additional Paid-in Capital

114.6 m118 m119 m123.3 m134.1 m147 m150.1 m152.6 m155.4 m160.7 m164.8 m195.7 m

Retained Earnings

325 m349.5 m389.6 m418.3 m466.8 m497.2 m522.9 m551.7 m587.8 m624.1 m657 m640.2 m

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

112.6 m123.2 m128 m139.4 m

Depreciation and Amortization

9.5 m9.4 m11.5 m11.7 m

Accounts Payable

2.3 m9.6 m6.5 m(13.7 m)

Cash From Operating Activities

152 m183.9 m159.9 m152 m

Cash From Investing Activities

(27.5 m)(17.6 m)(99.8 m)(98.5 m)

Long-term Borrowings

(8.2 m)(10.1 m)(130.5 m)(988 k)

Dividends Paid

(32.8 m)(43.5 m)(45.2 m)(46.2 m)

Cash From Financing Activities

(117.5 m)(79.5 m)(44.1 m)

Interest Paid

43.3 m40.6 m40.1 m42 m

Income Taxes Paid

47.5 m77.6 m55 m65.7 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Net Income

85.3 m19 m58.5 m97.9 m21.6 m57.4 m98.8 m19.6 m60 m107.6 m28.7 m73.7 m25.1 m

Depreciation and Amortization

7.1 m2.1 m4.6 m6.9 m2.7 m5.7 m8.8 m2.8 m5.7 m8.7 m3.1 m6.1 m3.1 m

Accounts Payable

1.3 m2.1 m8.3 m21.8 m(1.2 m)17 m5.1 m(4 m)10.6 m(3.5 m)9.2 m19 m

Cash From Operating Activities

105 m5.3 m65.8 m138.4 m(15.8 m)37.9 m98.8 m(22.9 m)27.9 m88.4 m24.2 m64.1 m4.6 m

Cash From Investing Activities

(5.3 m)(63.1 m)(41.3 m)(53.9 m)(66 m)(47.8 m)(67.3 m)(241.2 m)

Long-term Borrowings

(6.2 m)(2.1 m)(4.1 m)(7.1 m)(3.1 m)(6.2 m)(130.2 m)(318 k)(623 k)(836 k)(153 k)(309 k)(111 k)

Dividends Paid

(22 m)(10.8 m)(22 m)(32.8 m)(11.7 m)(22.9 m)(34.2 m)(11.6 m)(23.2 m)(34.7 m)(12.1 m)(24.3 m)(12.3 m)

Cash From Financing Activities

(48.1 m)205 k(27.7 m)(56.1 m)9.8 m(12 m)(49.5 m)64.2 m40.1 m(10.2 m)8.2 m(2.3 m)38.1 m

Interest Paid

42.2 m19.6 m20.6 m40.1 m18.7 m19.8 m39.2 m19.7 m21 m40.9 m19.9 m21.2 m19.9 m

Income Taxes Paid

13 m5.8 m19.6 m51.6 m2.4 m21.1 m32.5 m4.2 m12.5 m32.1 m1.5 m30.8 m5 m

Ratios

USDY, 2018

EV/EBIT

114.8 x

EV/CFO

1.2 k x
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