$HST
HOST HOTELS & RESORTS, INC.

2023 Q4 Form 10-Q Financial Statement

#000107075023000133 Filed on November 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.323B $1.214B
YoY Change 4.75% 2.1%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $993.0M $937.0M
YoY Change 8.05% 5.64%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $186.0M $174.0M
YoY Change 12.05% 6.1%
% of Gross Profit
Operating Expenses $1.179B $1.111B
YoY Change 8.66% 5.71%
Operating Profit $157.0M
YoY Change 6.08%
Interest Expense -$31.00M $48.00M
YoY Change 3.33% 20.0%
% of Operating Profit 30.57%
Other Income/Expense, Net
YoY Change
Pretax Income $143.0M $128.0M
YoY Change -2.05% 4.92%
Income Tax $9.000M $15.00M
% Of Pretax Income 6.29% 11.72%
Net Earnings $132.0M $111.0M
YoY Change -10.2% -2.63%
Net Earnings / Revenue 9.98% 9.14%
Basic Earnings Per Share $0.16
Diluted Earnings Per Share $0.19 $0.16
COMMON SHARES
Basic Shares Outstanding 705.4M shares 711.6M
Diluted Shares Outstanding 711.9M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.361B $1.134B
YoY Change 56.98% 5.98%
Cash & Equivalents $1.144B $916.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $72.00M $322.0M
Other Receivables $128.0M $78.00M
Total Short-Term Assets $1.561B $1.534B
YoY Change 13.61% -4.18%
LONG-TERM ASSETS
Property, Plant & Equipment $9.624B $9.679B
YoY Change -1.27% 2.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $126.0M $139.0M
YoY Change -4.55% 0.72%
Other Assets $2.000M $5.000M
YoY Change 25.0%
Total Long-Term Assets $10.68B $10.76B
YoY Change -1.96% 1.82%
TOTAL ASSETS
Total Short-Term Assets $1.561B $1.534B
Total Long-Term Assets $10.68B $10.76B
Total Assets $12.24B $12.29B
YoY Change -0.21% 1.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $408.0M $228.0M
YoY Change 9.68% 40.74%
Accrued Expenses $563.0M $565.0M
YoY Change -0.88% -0.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $971.0M $793.0M
YoY Change 3.3% 8.33%
LONG-TERM LIABILITIES
Long-Term Debt $4.209B $4.212B
YoY Change -0.14% -0.05%
Other Long-Term Liabilities $237.0M $256.0M
YoY Change 0.85% 7.11%
Total Long-Term Liabilities $4.446B $4.468B
YoY Change -0.09% 0.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $971.0M $793.0M
Total Long-Term Liabilities $4.446B $4.468B
Total Liabilities $5.417B $5.261B
YoY Change 0.5% 1.47%
SHAREHOLDERS EQUITY
Retained Earnings -$839.0M -$652.0M
YoY Change -10.65% -23.83%
Common Stock $7.542B $7.595B
YoY Change -2.36% -1.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.633B $6.870B
YoY Change
Total Liabilities & Shareholders Equity $12.24B $12.29B
YoY Change -0.21% 1.03%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $132.0M $111.0M
YoY Change -10.2% -2.63%
Depreciation, Depletion And Amortization $186.0M $174.0M
YoY Change 12.05% 6.1%
Cash From Operating Activities $307.0M $314.0M
YoY Change -14.72% -9.77%
INVESTING ACTIVITIES
Capital Expenditures $174.0M $149.0M
YoY Change 18.37% -227.35%
Acquisitions
YoY Change
Other Investing Activities $254.0M $161.0M
YoY Change -184.95% 3120.0%
Cash From Investing Activities $80.00M $12.00M
YoY Change -117.94% -110.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -165.0M -210.0M
YoY Change 43.48% 377.27%
NET CHANGE
Cash From Operating Activities 307.0M 314.0M
Cash From Investing Activities 80.00M 12.00M
Cash From Financing Activities -165.0M -210.0M
Net Change In Cash 222.0M 116.0M
YoY Change -210.45% -39.58%
FREE CASH FLOW
Cash From Operating Activities $307.0M $314.0M
Capital Expenditures $174.0M $149.0M
Free Cash Flow $133.0M $165.0M
YoY Change -37.56% -64.52%

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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
ContingenciesWhile the majority of our hotels in Florida were affected by Hurricane Ian, which made landfall on September 28, 2022, the most significant damage sustained during the storm occurred at The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa. The Hyatt Regency Coconut Point reopened to guests in November 2022, with the final phase of reconstruction, the resort's waterpark, completed in June 2023. On July 6, 2023, The Ritz-Carlton, Naples reopened the guestrooms, suites and amenities, including the new tower expansion. Our current estimate of the book value of the property and equipment written off and remediation costs is approximately $130 million for which we recorded a corresponding insurance receivable. As of September 30, 2023, we have received $184 million of insurance proceeds related to these claims, of which $130 million reduced our receivable to zero and, during the third quarter, $54 million of these proceeds were recognized as a gain on business interruption, which is included in gain on insurance and business interruption settlements on our unaudited consolidated statements of operations. Subsequent to quarter end, we received an additional $24 million of business interruption proceeds. Our expected potential insurance recovery is $310 million for covered costs, including the property remediation and reconstruction costs and the near-term loss of business; however, there can be no assurances that we will be able to collect the full amount.
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