Ashford Inc. (AINC), a diversified alternative asset management company, has reported its financial results for the fourth quarter and full year of 2023. Despite the ongoing challenges in the hospitality industry, the company has faced significant financial difficulties, as evidenced by its substantial stockholders' deficit.
Financials
For the full year 2023, Ashford Inc. reported annual revenue of
$746.8 million
, a decrease of 3.2% compared to the previous year. The company's net loss for the year was$46.3 million
, compared to a net loss of $40.6 million in 2022. Operating cash flow for the year was $18.8 million, while free cash flow was negative $5.9 million.In the fourth quarter of 2023, the company generated revenue of
$209.1 million
, a 13.0% increase compared to the same period in 2022. Net loss attributable to common stockholders for the quarter was $13.6 million, compared to a net loss of $12.2 million in the prior-year quarter. Adjusted EBITDA for the quarter was $13.2 million, compared to $11.9 million in the fourth quarter of 2022.[The rest of the article remains unchanged]