{ "docId": "019de518-3090-72a1-bd91-9840a49ed4b4", "docSlug": "3d61f1632a5d9565316ece6938abf20e", "documentTitle": "Summit Hotel Properties | Results Presentation Deck | 32 slides", "authorId": "summit-hotel-properties", "authorName": "Summit Hotel Properties", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 12, "pageCount": 32, "prevPage": 11, "nextPage": 13, "slideType": "revenue_buildup", "function": "decompose_segments", "density": "overcrowded", "nDataPoints": 288, "notes": null, "elementsJson": null, "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019de518-3090-72a1-bd91-9840a49ed4b4/12", "deckHref": "/decks/019de518-3090-72a1-bd91-9840a49ed4b4", "deckJsonHref": "/decks/019de518-3090-72a1-bd91-9840a49ed4b4.json", "deckAnchorHref": "/decks/019de518-3090-72a1-bd91-9840a49ed4b4#slide-12", "components": [ { "bbox": { "h": 0.047, "w": 0.12, "x": 0.842, "y": 0.926 }, "kind": "image", "text": "SUMMIT\nHOTEL PROPERTIES", "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b0b5a326-4298-480f-95ee-09bf4abe3b7e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.29, "x": 0.043, "y": 0.156 }, "kind": "paragraph", "text": "FYE 2023\n(Amounts in thousands, except statistics)", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "348a5b5a-75a2-48c6-8dba-76892f2c2adf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.058, "y": 0.909 }, "kind": "source-note", "text": "(1) Non-cash interest income relates to the amortization of the discount on certain notes receivable. The discount on these notes receivable was recorded at inception of the related loans based on the\nestimated value of the embedded purchase options in the notes receivable.\n(2) GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5df4e234-e2cb-494a-96df-1fa7e466653a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.016, "x": 0.043, "y": 0.96 }, "kind": "source-note", "text": "12", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "77f21d5e-5e9b-45e1-9b8f-9a9c99300975", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.61, "w": 0.694, "x": 0.285, "y": 0.179 }, "kind": "table", "text": "Summit Wholly-Owned FYE 2023 FYE 2022 GIC Joint Venture (2) FYE 2023 FYE 2022 Other Joint Ventures (2) FYE 2023 FYE 2022 Combined FYE 2023 FYE 2022 GIC JV Pro Rata Adj FYE 2023 FYE 2022 Other JVs Pro Rata Adj FYE 2023 FYE 2022 Pro Rata FYE 2023 FYE 2022 Rooms sold 2,416,720 2,442,311 1,479,685 1,361,179 78,664 39,063 3,975,069 3,842,553 Rooms available 3,410,723 3,520,394 2,010,814 1,941,252 100,375 54,762 5,521,912 5,516,408 Occupancy 70.9% 69.4% 73.6% 70.1% 78.4% 71.3% 72.0% 69.7% ADR $ 168.39 $ 162.28 $ 157.06 $ 151.28 $ 212.28 $ 181.76 $ 165.04 $ 158.58 RevPAR $ 119.32 $ 112.59 $ 115.58 $ 106.08 $ 166.37 $ 129.65 $ 118.81 $ 110.46 Room revenue 406,960 396,350 232,404 205,920 16,699 7,100 656,063 609,370 Other revenue 41,421 36,010 28,078 25,596 10,565 4,719 80,064 66,325 Total revenue $ 448,381 $ 432,360 $ 260,482 $ 231,516 $ 27,264 $ 11,819 $ 736,127 $ 675,695 Hotel EBITDA $ 149,478 $ 146,846 $ 99,920 $ 89,034 $ 8,624 $ 2,581 $ 258,022 $ 238,461 % margin 33.3% 34.0% 38.4% 38.5% 31.6% 21.8% 35.1% 35.3% Net (loss) income $ 2,081 $ (3,969) $ (30,589) $ 6,364 $ 392 $ (1,178) $ (28,116) $ 1,217 $ 14,863 $ (2,439) $ (39) $ 118 $ (13,292) $ (1,104) Depreciation and amortization 78,122 81,170 68,636 66,760 4,166 2,230 150,924 150,160 (33,632) (32,712) (417) (223) 116,875 117,225 Interest expense 34,198 35,016 48,692 28,995 3,908 1,570 86,798 65,581 (23,859) (14,208) (391) (157) 62,548 51,216 Interest income (523) (53) (45) (12) - - (568) (65) 22 6 - - (546) (59) Income tax expense (benefit) 428 500 2,370 3,111 - - 2,798 3,611 (1,161) (1,524) - - 1,637 2,087 EBITDA $ 114,306 $ 112,664 $ 89,064 $ 105,218 $ 8,466 $ 2,622 $ 211,836 $ 220,504 $ (43,767) $ (50,877) $ (847) $ (262) $ 167,222 $ 169,365 Loss on write-down or impairment of assets 11,270 10,420 5,391 - - 16,661 10,420 14,019 10,420 Loss (gain) on disposal of assets and other dispositions, net 338 190 47 (20,505) - - 385 (20,315) (23) 10,047 - - 362 (10,268) EBITDAre $ 125,914 $ 123,274 $ 94,502 $ 84,713 $ 8,466 $ 2,622 $ 228,882 $ 210,609 $ (46,432) $ (40,830) $ (847) $ (262) $ 181,603 $ 169,517 Recoveries of provisions for credit losses (1,230) (1,100) - - - - (1,230) (1,100) (1,230) (1,100) Amortization of key money liabilities (220) (128) (206) (193) (72) (42) (498) (363) 101 95 7 4 (390) (264) Equity-based compensation 7,742 8,446 - - - - 7,742 8,446 7,742 8,446 Transaction costs and other 14 12 (1) 737 - - 13 749 (361) - 13 388 Debt transaction costs 270 1,492 125 36 - - 395 1,528 (61) (18) - - 334 1,510 Non-cash interest income (1) (531) (113) - - - - (531) (113) - - - - (531) (113) Non-cash lease expense, net 438 476 43 29 - - 481 505 (21) (14) - - 460 491 Casualty losses, net 789 2,203 1,214 302 109 - 2,112 2,505 (595) (148) (11) - 1,506 2,357 Special allocation related to sale of joint venture - (417) - - - - - (417) - - - - - (417) Other 457 - (1) (1) - - 455 - 2 - 457 Adjusted EBITDAre $ 133,643 $ 134,145 $ 95,676 $ 85,624 $ 8,502 $ 2,580 $ 237,821 $ 222,349 $ (47,006) $ (41,276) $ (851) $ (258) $ 189,964 $ 180,815", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7e46473c-0c66-486e-9081-02c4313ec786", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.025, "w": 0.784, "x": 0.043, "y": 0.056 }, "kind": "title", "text": "Reconciliation to Adjusted EBITDAre – By Ownership Interest (Unaudited)", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5d71f6f8-b209-4015-911e-03f22b9d2646", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 14, "from": 7, "beatId": "e146f08c-39be-4827-8a14-7ad02945a0db", "arcName": "The Sequoia Pitch", "arcSlug": "sequoia-pitch", "beatName": "Financials", "beatSlug": "sequoia-pitch-financials", "evidence": "Detailed financial results and reconciliations are presented in these slides.", "position": 0, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [ { "to": 14, "from": 7, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "452a2e4c-a1f1-41ef-b852-eb2c3cf2d943", "evidence": "The presentation emphasizes the company's financial performance and growth potential.", "position": 0, "objective": "To highlight the importance of investing in Summit Hotel Properties", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }