$HST
HOST HOTELS & RESORTS, INC.

2024 Q3 Form 10-Q Financial Statement

#000107075024000167 Filed on August 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024 Q1
Revenue $1.319B $1.466B $1.471B
YoY Change 8.65% 5.24% 6.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.016B $1.042B $1.031B
YoY Change 8.43% 6.44% 6.95%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $197.0M $188.0M $180.0M
YoY Change 13.22% 11.9% 6.51%
% of Gross Profit
Operating Expenses $1.213B $1.230B $1.211B
YoY Change 9.18% 7.24% 6.88%
Operating Profit $135.0M $292.0M $291.0M
YoY Change -14.01% 17.27% 17.34%
Interest Expense -$46.00M $50.00M $47.00M
YoY Change -195.83% -338.1% -4.08%
% of Operating Profit -34.07% 17.12% 16.15%
Other Income/Expense, Net
YoY Change
Pretax Income $90.00M $258.0M $270.0M
YoY Change -29.69% 13.16% -6.57%
Income Tax $6.000M $16.00M -$2.000M
% Of Pretax Income 6.67% 6.2% -0.74%
Net Earnings $82.00M $239.0M $268.0M
YoY Change -26.13% 13.81% -6.62%
Net Earnings / Revenue 6.22% 16.3% 18.22%
Basic Earnings Per Share $0.12 $0.34 $0.38
Diluted Earnings Per Share $0.12 $0.34 $0.38
COMMON SHARES
Basic Shares Outstanding 702.4M shares 705.0M shares 703.6M shares
Diluted Shares Outstanding 702.4M shares 705.9M shares 705.5M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $804.0M $1.047B $1.580B
YoY Change -29.1% 3.15% 180.64%
Cash & Equivalents $564.0M $805.0M $1.349B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $78.00M $72.00M $72.00M
Other Receivables $77.00M $151.0M $158.0M
Total Short-Term Assets $959.0M $1.270B $1.810B
YoY Change -37.48% -19.97% 51.85%
LONG-TERM ASSETS
Property, Plant & Equipment $10.96B $10.02B $9.565B
YoY Change 13.26% 3.09% -1.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $162.0M $156.0M $147.0M
YoY Change 16.55% 8.33% -2.0%
Other Assets $2.000M $2.000M $2.000M
YoY Change -60.0% -80.0%
Total Long-Term Assets $12.12B $11.14B $10.65B
YoY Change 12.67% 3.33% -3.44%
TOTAL ASSETS
Total Short-Term Assets $959.0M $1.270B $1.810B
Total Long-Term Assets $12.12B $11.14B $10.65B
Total Assets $13.08B $12.41B $12.46B
YoY Change 6.41% 0.34% 1.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $248.0M $226.0M $237.0M
YoY Change 8.77% 8.13% 8.22%
Accrued Expenses $559.0M $562.0M $564.0M
YoY Change -1.06% -0.88% -1.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $807.0M $788.0M $801.0M
YoY Change 1.77% 1.55% 1.52%
LONG-TERM LIABILITIES
Long-Term Debt $5.081B $4.396B $4.510B
YoY Change 20.63% 4.42% 7.18%
Other Long-Term Liabilities $310.0M $234.0M $213.0M
YoY Change 21.09% 0.0% 7.58%
Total Long-Term Liabilities $5.391B $4.630B $4.723B
YoY Change 20.66% 4.19% 7.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $807.0M $788.0M $801.0M
Total Long-Term Liabilities $5.391B $4.630B $4.723B
Total Liabilities $6.198B $5.418B $5.524B
YoY Change 17.81% 3.79% 6.33%
SHAREHOLDERS EQUITY
Retained Earnings -$674.0M -$615.0M -$712.0M
YoY Change 3.37% -3.3% -3.65%
Common Stock $7.461B $7.507B $7.521B
YoY Change -1.76% -2.23% -1.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.712B $6.814B $6.736B
YoY Change
Total Liabilities & Shareholders Equity $13.08B $12.41B $12.46B
YoY Change 6.41% 0.34% 1.96%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $82.00M $239.0M $268.0M
YoY Change -26.13% 13.81% -6.62%
Depreciation, Depletion And Amortization $197.0M $188.0M $180.0M
YoY Change 13.22% 11.9% 6.51%
Cash From Operating Activities $349.0M $453.0M $365.0M
YoY Change 11.15% -11.52% 18.51%
INVESTING ACTIVITIES
Capital Expenditures $151.0M $121.0M $103.0M
YoY Change 1.34% -31.64% -29.45%
Acquisitions
YoY Change
Other Investing Activities -$925.0M -$554.0M $3.000M
YoY Change -674.53% -8014.29% -92.68%
Cash From Investing Activities -$1.076B -$675.0M -$100.0M
YoY Change -9066.67% 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 482.0M -309.0M -$44.00M
YoY Change -329.52% 251.14% -114.29%
NET CHANGE
Cash From Operating Activities 349.0M 453.0M $365.0M
Cash From Investing Activities -1.076B -675.0M -$100.0M
Cash From Financing Activities 482.0M -309.0M -$44.00M
Net Change In Cash -245.0M -531.0M $219.0M
YoY Change -311.21% -309.06% -310.58%
FREE CASH FLOW
Cash From Operating Activities $349.0M $453.0M $365.0M
Capital Expenditures $151.0M $121.0M $103.0M
Free Cash Flow $198.0M $332.0M $262.0M
YoY Change 20.0% -0.9% 61.73%

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CY2023Q4 us-gaap Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
72000000 usd
CY2024Q2 us-gaap Senior Notes
SeniorNotes
3307000000 usd
CY2023Q4 us-gaap Senior Notes
SeniorNotes
3120000000 usd
CY2024Q2 us-gaap Line Of Credit
LineOfCredit
990000000 usd
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
989000000 usd
CY2024Q2 us-gaap Secured Debt
SecuredDebt
99000000 usd
CY2023Q4 us-gaap Secured Debt
SecuredDebt
100000000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1466000000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1393000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2937000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2774000000 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10017000000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9624000000 usd
CY2024Q2 us-gaap Share Price
SharePrice
17.98
CY2023Q4 us-gaap Share Price
SharePrice
19.47
CY2024Q2 hst Number Of Partnerships Consolidated
NumberOfPartnershipsConsolidated
1 partnership
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
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, </span></div><div style="margin-top:12pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">2023, The Ritz-Carlton, Naples reopened the guestrooms, suites and amenities, including the new tower expansion. </span></div><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%">Our 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 June 30, 2024, we have received $279 million of insurance proceeds related to these claims, of which $130 million reduced our receivable to zero and, during the second quarter, $9 million of these proceeds were recognized as a gain on business interruption and $26 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 $25 million of insurance proceeds. </span></div>Additionally, during the second quarter, we recognized $21 million of business interruption proceeds related to claims resulting from the August 2023 wildfires in Maui. This was included in gain on insurance settlements on our unaudited condensed consolidated statement of operations. There was no property damage caused by the event.
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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