Choice Hotels International Reports 2020 First Quarter Results

ROCKVILLE, Md. - Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, today reported its results for the three months ended March 31, 2020.

Towards the latter portion of the first quarter of 2020, the company adopted a number of mitigation measures, including mobilizing its efforts to provide a broad range of support to its franchisees, guests and communities, while preserving the company's financial flexibility by bolstering liquidity and reducing discretionary spending. Highlights of first quarter 2020 results include:

• Net income was $55.5 million for first quarter 2020, representing diluted earnings per share (EPS) of $0.99.
• First quarter adjusted net income, excluding certain items described in Exhibit 6, decreased 9% to $42.8 million from first quarter 2019.
• Adjusted EPS were $0.76, a 10% decrease from first quarter 2019.
• Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter were $69.2 million, an 8% decrease from first quarter 2019.
• Domestic systemwide revenue per available room (RevPAR) declined 15% for first quarter 2020 compared to the same period of the prior year, outperforming total industry results by 430 basis points and exceeding growth within the primary chain scale segments in which the company competes, as reported by STR.
• Awarded 42 new conversion franchise agreements in first quarter 2020 compared to 47 in the same period of the prior year.
• Recognized a $30.6 million non-cash tax benefit in first quarter 2020 related to a restructuring of the company's foreign operations.

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