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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

or

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-36412

 

La Quinta Holdings Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

90-1032961

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

909 Hidden Ridge, Suite 600

Irving, Texas 75038

(Address of principal executive offices) (Zip Code)

(214) 492-6600

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

o

 

Accelerated filer

o

 

 

 

 

 

 

Non-accelerated filer

 

x  (Do not check if a smaller reporting company)

 

Smaller reporting company

o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

The registrant had outstanding 129,638,534 shares of Common Stock, par value $0.01 per share as of October 23, 2015.

 

 

 

 


LA QUINTA HOLDINGS INC.

FORM 10-Q TABLE OF CONTENTS

FOR THE PERIOD ENDED SEPTEMBER 30, 2015

 

 

2


SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, this Quarterly Report on Form 10-Q may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts included in this Form 10-Q, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, business trends and other information, may be forward-looking statements. Words such as “estimates,” “expects,” “contemplates,” “will,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “may,” “should” and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Form 10-Q. Such risks, uncertainties and other important factors that could cause actual results to differ include, among others, the risks, uncertainties and factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K, as amended, as filed with the Securities and Exchange Commission (the “SEC”), as such risk factors may be updated from time to time in our periodic filings with the SEC, and are accessible on the SEC’s website at www.sec.gov, and also include the following:

 

·

business, financial, and operating risks inherent to the hospitality industry;

 

·

macroeconomic and other factors beyond our control can adversely affect and reduce demand for hotel rooms;

 

·

contraction in the global economy or low levels of economic growth;

 

·

inability to compete effectively;

 

·

any deterioration in the quality or reputation of our brand;

 

·

inability to develop our pipeline;

 

·

the geographic concentration of our hotels;

 

·

delays or increased expense relating to our efforts to develop, redevelop or renovate our hotels;

 

·

inability by us or our franchisees to make necessary investments to maintain the quality and reputation of our brand;

 

·

inability to access capital necessary for growth;

 

·

seasonal and cyclical volatility in the hotel industry;

 

·

inability to maintain good relationships with our franchisees;

 

·

inability to protect our brand standards;

 

·

risks resulting from significant investments in owned real estate;

 

·

failure to keep pace with developments in technology;

 

·

failures or interruptions in, material damage to, or difficulties in updating, our information technology systems, software or websites;

 

·

inability to protect our guests’ personal information;

 

·

failure to comply with marketing and advertising laws;

 

·

disruptions to our reservation system;

 

·

failure to protect our trademarks and other intellectual property;

 

·

risks of doing business internationally;

 

·

the loss of senior executives or key field personnel;

 

·

the results of the audit by the Internal Revenue Service;

3


 

·

our substantial indebtedness; and

 

·

Blackstone’s significant influence of us.

We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. There can be no assurance that (i) we have correctly measured or identified all of the factors affecting our business or the extent of these factors’ likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) our strategy, which is based in part on this analysis, will be successful. All forward-looking statements in this report apply only as of the date of this report or as of the date they were made and, except as required by applicable law, we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

All references to “we”, “us”, “our”, “Company” or “La Quinta” in this Quarterly Report on Form 10-Q mean La Quinta Holdings Inc., the La Quinta Predecessor Entities (as defined below) and their respective subsidiaries, unless the context otherwise requires.

 

 

4


PART I—FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements

La Quinta Holdings Inc.

Condensed Consolidated Balance Sheets (Unaudited)

As of September 30, 2015 and December 31, 2014

 

 

 

September 30,

2015

 

 

December 31,

2014

 

 

 

(in thousands, except share data)

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

117,569

 

 

$

109,857

 

Accounts receivable, net of allowance for doubtful accounts of $5,207 and $4,567

 

 

43,910

 

 

 

39,938

 

Assets held for sale

 

 

70,453

 

 

 

 

Deferred tax assets

 

 

28,947

 

 

 

59,746

 

Other current assets

 

 

13,267

 

 

 

11,581

 

Total Current Assets

 

 

274,146

 

 

 

221,122

 

Property and equipment, net of accumulated depreciation

 

 

2,645,993

 

 

 

2,826,248

 

Intangible assets, net of accumulated amortization

 

 

178,413

 

 

 

179,406

 

Deferred costs, net of accumulated amortization

 

 

25,211

 

 

 

28,295

 

Other non-current assets

 

 

11,161

 

 

 

10,636

 

Total Non-Current Assets

 

 

2,860,778

 

 

 

3,044,585

 

Total Assets

 

$

3,134,924

 

 

$

3,265,707

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

17,514

 

 

$

19,001

 

Accounts payable

 

 

27,943

 

 

 

21,447

 

Accrued expenses and other liabilities

 

 

74,868

 

 

 

71,117

 

Accrued payroll and employee benefits

 

 

40,794

 

 

 

35,196

 

Accrued real estate taxes

 

 

25,713

 

 

 

20,570

 

Total Current Liabilities

 

 

186,832

 

 

 

167,331

 

Long-term debt

 

 

1,720,988

 

 

 

1,866,698

 

Other long-term liabilities

 

 

35,249

 

 

 

23,727

 

Deferred tax liabilities

 

 

373,699

 

 

 

399,496

 

Total Liabilities

 

 

2,316,768

 

 

 

2,457,252

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Preferred Stock, $0.01 par value; 100,000,000 shares authorized and none outstanding as

   of September 30, 2015  and  December 31, 2014

 

 

 

 

 

 

Common Stock, $0.01 par value; 2,000,000,000 shares authorized at September 30,

   2015, 130,983,804 shares issued and 129,638,534 shares outstanding as of

   September 30, 2015 and 130,778,365 shares issued and 130,695,274 shares

   outstanding as of December 31, 2014

 

 

1,310

 

 

 

1,307

 

Additional paid-in-capital

 

 

1,149,957

 

 

 

1,129,815

 

Accumulated deficit

 

 

(302,546

)

 

 

(321,083

)

Treasury stock at cost, 1,345,270 shares at September 30, 2015 and 83,091 shares at

    December 31, 2014

 

 

(23,004

)

 

 

(1,532

)

Accumulated other comprehensive loss

 

 

(10,420

)

 

 

(3,127

)

Noncontrolling interests

 

 

2,859

 

 

 

3,075

 

Total Equity

 

 

818,156

 

 

 

808,455

 

Total Liabilities and Equity

 

$

3,134,924

 

 

$

3,265,707

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

5


La Quinta Holdings Inc.

Condensed Consolidated Statements of Operations (Unaudited)

For the three and nine months ended September 30, 2015 and 2014

 

 

 

 

Three Months Ended

 

 

Nine months ended

 

 

 

September 30, 2015

 

 

September 30, 2014

 

 

September 30, 2015

 

 

September 30, 2014

 

 

 

(in thousands, except per share data)

 

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Room revenues

 

$

238,758

 

 

$

234,658

 

 

$

692,893

 

 

$

649,181

 

Franchise and other fee-based revenues

 

 

28,504

 

 

 

25,224

 

 

 

75,558

 

 

 

68,215

 

Other hotel revenues

 

 

5,173

 

 

 

5,078

 

 

 

14,686

 

 

 

14,809

 

 

 

 

272,435

 

 

 

264,960

 

 

 

783,137

 

 

 

732,205

 

Brand marketing fund revenues from franchise and

   managed properties

 

 

6,668

 

 

 

6,158

 

 

 

17,960

 

 

 

16,511

 

Total Revenues

 

 

279,103

 

 

 

271,118

 

 

 

801,097

 

 

 

748,716

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct lodging expenses

 

 

105,268

 

 

 

101,076

 

 

 

302,775

 

 

 

285,430

 

Depreciation and amortization

 

 

44,363

 

 

 

45,086

 

 

 

132,293

 

 

 

129,948

 

General and administrative expenses

 

 

31,761

 

 

 

32,251

 

 

 

92,674

 

 

 

100,863

 

Other lodging and operating expenses

 

 

17,165

 

 

 

15,589

 

 

 

49,122

 

 

 

46,124

 

Marketing, promotional and other advertising expenses

 

 

19,230

 

 

 

16,639

 

 

 

57,034

 

 

 

50,170

 

Impairment loss

 

 

1,823

 

 

 

 

 

 

44,321

 

 

 

5,157

 

Loss on sale

 

 

85

 

 

 

 

 

 

4,088

 

 

 

 

 

 

 

219,695

 

 

 

210,641

 

 

 

682,307

 

 

 

617,692

 

Brand marketing fund expenses from franchise and

   managed properties

 

 

6,668

 

 

 

6,158

 

 

 

17,960

 

 

 

16,511

 

Total Operating Expenses

 

 

226,363

 

 

 

216,799

 

 

 

700,267

 

 

 

634,203

 

Operating Income

 

 

52,740

 

 

 

54,319

 

 

 

100,830

 

 

 

114,513

 

OTHER INCOME (EXPENSES):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(20,970

)

 

 

(24,495

)

 

 

(65,932

)

 

 

(97,260

)

Loss on extinguishment of debt, net

 

 

 

 

 

 

 

 

 

 

 

(2,030

)

Other income (loss)

 

 

719

 

 

 

(795

)

 

 

1,298

 

 

 

(1,096

)

Total Other Income (Expenses)

 

 

(20,251

)

 

 

(25,290

)

 

 

(64,634

)

 

 

(100,386

)

Income (Loss) from Continuing Operations Before

   Income Taxes

 

 

32,489

 

 

 

29,029

 

 

 

36,196

 

 

 

14,127

 

Income tax provision

 

 

(15,406

)

 

 

(16,162

)

 

 

(17,366

)

 

 

(21,860

)

Recognition of net deferred tax liabilities upon

   C-corporation conversion

 

 

 

 

 

 

 

 

 

 

 

(321,054

)

Net Income (Loss) from Continuing Operations, net of tax

 

 

17,083

 

 

 

12,867

 

 

 

18,830

 

 

 

(328,787

)

Loss on Discontinued Operations, net of tax

 

 

 

 

 

 

 

 

 

 

 

(503

)

NET INCOME (LOSS)

 

 

17,083

 

 

 

12,867

 

 

 

18,830

 

 

 

(329,290

)

Income from noncontrolling interests in continuing

   operations

 

 

(25

)

 

 

(50

)

 

 

(293

)

 

 

(3,814

)

Income from noncontrolling interests in discontinued

   operations

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

(25

)

 

 

(50

)

 

 

(293

)

 

 

(3,814

)

Amounts attributable to La Quinta Holdings’ stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

 

17,058

 

 

 

12,817

 

 

 

18,537

 

 

 

(332,601

)

Loss from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

(503

)

Net Income  (Loss) attributable to La Quinta Holdings’ stockholders

 

$

17,058

 

 

$

12,817

 

 

$

18,537

 

 

$

(333,104

)

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.13

 

 

$

0.10

 

 

$

0.14

 

 

$

(2.65

)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

6


La Quinta Holdings Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

For the three and nine months ended September 30, 2015 and 2014

 

 

 

Three Months Ended

 

 

Nine months ended

 

 

 

September 30, 2015

 

 

September 30, 2014

 

 

September 30, 2015

 

 

September 30, 2014

 

 

 

(in thousands, except per share data)

 

NET INCOME (LOSS)

 

$

17,083

 

 

$

12,867

 

 

$

18,830

 

 

$

(329,290

)

Cash flow hedge adjustment, net of tax

 

 

(4,586

)

 

 

3,118

 

 

 

(7,293

)

 

 

582

 

COMPREHENSIVE NET INCOME (LOSS)

 

 

12,497

 

 

 

15,985

 

 

 

11,537

 

 

 

(328,708

)

Comprehensive net income attributable to noncontrolling

   interests

 

 

(25

)

 

 

(50

)

 

 

(293

)

 

 

(3,814

)

Comprehensive net income (loss) attributable to

   La Quinta Holdings’ stockholders

 

$

12,472

 

 

$

15,935

 

 

$

11,244

 

 

$

(332,522

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

7


La Quinta Holdings Inc.

Condensed Consolidated Statements of Equity (Unaudited)

For the nine months ended September 30, 2015 and 2014

 

 

 

 

 

 

 

Equity Attributable to La Quinta Holdings Inc. Stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Members’

 

 

Common Stock

 

 

Treasury

 

 

Paid in

 

 

Accumulated

 

 

Comprehensive

 

 

Noncontrolling

 

 

Total

 

 

 

Equity

 

 

Shares

 

 

Amount

 

 

Stock

 

 

Capital

 

 

Deficit

 

 

Income (Loss)

 

 

Interests

 

 

Equity

 

 

 

(in thousands, except share data)

 

Balance as of January 1, 2014

 

$

319,096

 

 

 

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

(13,843

)

 

$

305,253

 

Net income (loss)

 

 

(16,214

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(316,890

)

 

 

 

 

 

3,814

 

 

 

(329,290

)

Capital contributions

 

 

21,516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,516

 

Distributions

 

 

(106

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,398

)

 

 

(4,504

)

Issuance of common stock

 

 

 

 

 

43,987,500

 

 

 

440

 

 

 

 

 

 

692,781

 

 

 

 

 

 

 

 

 

 

 

 

693,221

 

Equity based compensation

 

 

 

 

 

4,434,867

 

 

 

44

 

 

 

 

 

 

39,534

 

 

 

 

 

 

 

 

 

 

 

 

39,578

 

Repurchase of common stock

 

 

 

 

 

(56,102

)

 

 

(1

)

 

 

(943

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(944

)

Acquisitions

 

 

 

 

 

4,348,284

 

 

 

44

 

 

 

 

 

 

73,062

 

 

 

 

 

 

 

 

 

 

 

 

73,106

 

Cash flow hedge adjustment, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

582

 

 

 

 

 

 

582

 

La Quinta Predecessor Entities reorganization

 

 

(324,292

)

 

 

78,008,014

 

 

 

780

 

 

 

 

 

 

306,033

 

 

 

 

 

 

 

 

 

17,479

 

 

 

 

Balance as of September 30, 2014

 

$

 

 

 

130,722,563

 

 

$

1,307

 

 

$

(943

)

 

$

1,111,410

 

 

$

(316,890

)

 

$

582

 

 

$

3,052

 

 

$

798,518

 

Balance as of January 1, 2015

 

$

 

 

 

130,695,274

 

 

$

1,307

 

 

$

(1,532

)

 

$

1,129,815

 

 

$

(321,083

)

 

$

(3,127

)

 

$

3,075

 

 

$

808,455

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,537

 

 

 

 

 

 

293

 

 

 

18,830

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(509

)

 

 

(509

)

Equity based compensation

 

 

 

 

 

204,549

 

 

 

3

 

 

 

 

 

 

19,209

 

 

 

 

 

 

 

 

 

 

 

 

19,212

 

Tax benefit related to equity based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

933

 

 

 

 

 

 

 

 

 

 

 

 

933

 

Repurchase of common stock

 

 

 

 

 

(1,261,289

)

 

 

 

 

 

(21,472

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,472

)

Cash flow hedge adjustment, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,293

)

 

 

 

 

 

(7,293

)

Balance as of September 30, 2015

 

$

 

 

 

129,638,534

 

 

$

1,310

 

 

$

(23,004

)

 

$

1,149,957

 

 

$

(302,546

)

 

$

(10,420

)

 

$

2,859

 

 

$

818,156

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

8


La Quinta Holdings Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2015 and 2014

 

 

 

2015

 

 

2014

 

 

 

(in thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

18,830

 

 

$

(329,290

)

Adjustment to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

132,100

 

 

 

129,568

 

Amortization of other non-current assets

 

 

304

 

 

 

736

 

Amortization of intangible assets

 

 

713

 

 

 

807

 

Loss on extinguishment of debt, net

 

 

 

 

 

2,030

 

Interest expense added to long-term debt

 

 

 

 

 

18,601

 

Amortization of long-term debt reduction

 

 

 

 

 

(1,532

)

(Gain) loss related to casualty disasters

 

 

1,064

 

 

 

(1,125

)

Write off of deferred incentive costs

 

 

4

 

 

 

 

Amortization of leasehold interests

 

 

(520

)

 

 

(427

)

Amortization of deferred costs

 

 

4,157

 

 

 

6,807

 

Loss on sale or retirement of assets

 

 

4,249

 

 

 

 

Impairment loss

 

 

44,321

 

 

 

5,308

 

Equity based compensation

 

 

19,212

 

 

 

39,578

 

Deferred income taxes

 

 

9,862

 

 

 

18,257

 

Recognition of net deferred tax liabilities upon C-corporation conversion

 

 

 

 

 

321,054

 

Excess tax benefits from equity based compensation

 

 

(933

)

 

 

 

Provision for doubtful accounts

 

 

1,863

 

 

 

1,556

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(7,833

)

 

 

(5,675

)

Other current assets

 

 

(219

)

 

 

3,066

 

Receivables from / payable to affiliates

 

 

 

 

 

1,298

 

Other non-current assets

 

 

(1,829

)

 

 

(285

)

Accounts payable

 

 

386

 

 

 

(8,391

)

Accrued payroll and employee benefits

 

 

5,598

 

 

 

5,623

 

Accrued real estate taxes

 

 

5,143

 

 

 

4,005

 

Accrued expenses and other liabilities

 

 

3,681

 

 

 

15,241

 

Other long-term liabilities

 

 

1,102

 

 

 

868

 

Net cash provided by operating activities

 

 

241,255

 

 

 

227,678

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Acquisitions, net of cash acquired

 

 

 

 

 

(77,667

)

Capital expenditures

 

 

(74,383

)

 

 

(65,832

)

Decrease  in restricted cash

 

 

 

 

 

103,026

 

Decrease in other non-current assets

 

 

1,000

 

 

 

382

 

Insurance proceeds on casualty disasters

 

 

5,370

 

 

 

997

 

Payment of franchise incentives

 

 

(30

)