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HOST HOTELS & RESORTS, INC.

2024 Q2 Form 10-Q Financial Statement

#000107075024000128 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $1.466B $1.471B
YoY Change 5.24% 6.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.042B $1.031B
YoY Change 6.44% 6.95%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $188.0M $180.0M
YoY Change 11.9% 6.51%
% of Gross Profit
Operating Expenses $1.230B $1.211B
YoY Change 7.24% 6.88%
Operating Profit $292.0M $291.0M
YoY Change 17.27% 17.34%
Interest Expense $50.00M $47.00M
YoY Change -338.1% -4.08%
% of Operating Profit 17.12% 16.15%
Other Income/Expense, Net
YoY Change
Pretax Income $258.0M $270.0M
YoY Change 13.16% -6.57%
Income Tax $16.00M -$2.000M
% Of Pretax Income 6.2% -0.74%
Net Earnings $239.0M $268.0M
YoY Change 13.81% -6.62%
Net Earnings / Revenue 16.3% 18.22%
Basic Earnings Per Share $0.34 $0.38
Diluted Earnings Per Share $0.34 $0.38
COMMON SHARES
Basic Shares Outstanding 705.0M shares 703.6M shares
Diluted Shares Outstanding 705.9M shares 705.5M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.047B $1.580B
YoY Change 3.15% 180.64%
Cash & Equivalents $805.0M $1.349B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $72.00M $72.00M
Other Receivables $151.0M $158.0M
Total Short-Term Assets $1.270B $1.810B
YoY Change -19.97% 51.85%
LONG-TERM ASSETS
Property, Plant & Equipment $10.02B $9.565B
YoY Change 3.09% -1.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $156.0M $147.0M
YoY Change 8.33% -2.0%
Other Assets $2.000M $2.000M
YoY Change -80.0%
Total Long-Term Assets $11.14B $10.65B
YoY Change 3.33% -3.44%
TOTAL ASSETS
Total Short-Term Assets $1.270B $1.810B
Total Long-Term Assets $11.14B $10.65B
Total Assets $12.41B $12.46B
YoY Change 0.34% 1.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $226.0M $237.0M
YoY Change 8.13% 8.22%
Accrued Expenses $562.0M $564.0M
YoY Change -0.88% -1.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $788.0M $801.0M
YoY Change 1.55% 1.52%
LONG-TERM LIABILITIES
Long-Term Debt $4.396B $4.510B
YoY Change 4.42% 7.18%
Other Long-Term Liabilities $234.0M $213.0M
YoY Change 0.0% 7.58%
Total Long-Term Liabilities $4.630B $4.723B
YoY Change 4.19% 7.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $788.0M $801.0M
Total Long-Term Liabilities $4.630B $4.723B
Total Liabilities $5.418B $5.524B
YoY Change 3.79% 6.33%
SHAREHOLDERS EQUITY
Retained Earnings -$615.0M -$712.0M
YoY Change -3.3% -3.65%
Common Stock $7.507B $7.521B
YoY Change -2.23% -1.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.814B $6.736B
YoY Change
Total Liabilities & Shareholders Equity $12.41B $12.46B
YoY Change 0.34% 1.96%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $239.0M $268.0M
YoY Change 13.81% -6.62%
Depreciation, Depletion And Amortization $188.0M $180.0M
YoY Change 11.9% 6.51%
Cash From Operating Activities $453.0M $365.0M
YoY Change -11.52% 18.51%
INVESTING ACTIVITIES
Capital Expenditures $121.0M $103.0M
YoY Change -31.64% -29.45%
Acquisitions
YoY Change
Other Investing Activities -$554.0M $3.000M
YoY Change -8014.29% -92.68%
Cash From Investing Activities -$675.0M -$100.0M
YoY Change 297.06% -4.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -309.0M -$44.00M
YoY Change 251.14% -114.29%
NET CHANGE
Cash From Operating Activities 453.0M $365.0M
Cash From Investing Activities -675.0M -$100.0M
Cash From Financing Activities -309.0M -$44.00M
Net Change In Cash -531.0M $219.0M
YoY Change -309.06% -310.58%
FREE CASH FLOW
Cash From Operating Activities $453.0M $365.0M
Capital Expenditures $121.0M $103.0M
Free Cash Flow $332.0M $262.0M
YoY Change -0.9% 61.73%

Facts In Submission

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CY2023Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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CY2024Q1 us-gaap Construction In Progress Gross
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CY2024Q1 us-gaap Property Plant And Equipment Net
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CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2024Q1 us-gaap Stock Repurchased During Period Shares
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CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2024Q1 us-gaap Units Of Partnership Interest Amount
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CY2023Q4 us-gaap Units Of Partnership Interest Amount
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CY2024Q1 us-gaap Share Price
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CY2023Q4 us-gaap Share Price
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CY2024Q1 hst Number Of Partnerships Consolidated
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CY2024Q1 us-gaap Loss Contingency Disclosures
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Contingencies<div style="margin-top:12pt;padding-left:36pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">While 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. </span></div>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 March 31, 2024, we have received $244 million of insurance proceeds related to these claims, of which $130 million reduced our receivable to zero and, during the first quarter, $10 million of these proceeds were recognized as a gain on business interruption and $21 million was recognized as a gain on property insurance, which are both included in gain on insurance settlements on our unaudited condensed consolidated statements of operations. Subsequent to quarter end, we received an additional $19 million of insurance proceeds.
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2024Q1 us-gaap Common Stock Shares Outstanding
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CY2024Q1 us-gaap Common Stock Shares Issued
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