$HST
HOST HOTELS & RESORTS, INC.

2014 Q3 Form 10-Q Financial Statement

#000156459014004822 Filed on October 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $1.294B $1.211B
YoY Change 6.85% 4.58%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $921.0M $957.0M
YoY Change -3.76% 1.59%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $178.0M $171.0M
YoY Change 4.09% 11.76%
% of Gross Profit
Operating Expenses $1.099B $1.132B
YoY Change -2.92% 3.19%
Operating Profit $202.0M
YoY Change
Interest Expense $51.00M -$66.00M
YoY Change -177.27% -27.47%
% of Operating Profit 25.25%
Other Income/Expense, Net
YoY Change
Pretax Income $151.0M $13.00M
YoY Change 1061.54% -144.83%
Income Tax $6.000M $11.00M
% Of Pretax Income 3.97% 84.62%
Net Earnings $144.0M $19.00M
YoY Change 657.89% -155.88%
Net Earnings / Revenue 11.13% 1.57%
Basic Earnings Per Share $0.19 $0.03
Diluted Earnings Per Share $0.19 $0.03
COMMON SHARES
Basic Shares Outstanding 755.6M 749.0M
Diluted Shares Outstanding 756.4M 749.7M

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $387.0M $354.0M
YoY Change 9.32% 39.37%
Cash & Equivalents $387.0M $354.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $543.0M $439.0M
YoY Change 23.69% 24.72%
LONG-TERM ASSETS
Property, Plant & Equipment $10.63B $11.11B
YoY Change -4.33% -5.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $409.0M $425.0M
YoY Change -3.76% 87.22%
Other Assets $142.0M $121.0M
YoY Change 17.36% 31.52%
Total Long-Term Assets $11.59B $12.12B
YoY Change -4.39% -4.46%
TOTAL ASSETS
Total Short-Term Assets $543.0M $439.0M
Total Long-Term Assets $11.59B $12.12B
Total Assets $12.14B $12.56B
YoY Change -3.41% -3.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $244.0M $193.0M
YoY Change 26.42% 83.81%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $244.0M $193.0M
YoY Change 26.42% 83.81%
LONG-TERM LIABILITIES
Long-Term Debt $4.012B $4.560B
YoY Change -12.02% -17.02%
Other Long-Term Liabilities $325.0M $373.0M
YoY Change -12.87% 9.38%
Total Long-Term Liabilities $4.337B $4.933B
YoY Change -12.08% -15.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $244.0M $193.0M
Total Long-Term Liabilities $4.337B $4.933B
Total Liabilities $4.581B $5.337B
YoY Change -14.17% -13.13%
SHAREHOLDERS EQUITY
Retained Earnings -$1.155B
YoY Change
Common Stock $8.502B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.315B $7.226B
YoY Change
Total Liabilities & Shareholders Equity $12.14B $12.56B
YoY Change -3.41% -3.67%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $144.0M $19.00M
YoY Change 657.89% -155.88%
Depreciation, Depletion And Amortization $178.0M $171.0M
YoY Change 4.09% 11.76%
Cash From Operating Activities $239.0M $237.0M
YoY Change 0.84% 91.13%
INVESTING ACTIVITIES
Capital Expenditures -$108.0M -$111.0M
YoY Change -2.7% -3.48%
Acquisitions
YoY Change
Other Investing Activities -$72.00M -$16.00M
YoY Change 350.0% -96.35%
Cash From Investing Activities -$180.0M -$127.0M
YoY Change 41.73% -77.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -105.0M -152.0M
YoY Change -30.92% -169.41%
NET CHANGE
Cash From Operating Activities 239.0M 237.0M
Cash From Investing Activities -180.0M -127.0M
Cash From Financing Activities -105.0M -152.0M
Net Change In Cash -46.00M -42.00M
YoY Change 9.52% -80.0%
FREE CASH FLOW
Cash From Operating Activities $239.0M $237.0M
Capital Expenditures -$108.0M -$111.0M
Free Cash Flow $347.0M $348.0M
YoY Change -0.29% 45.61%

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us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
7000000
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
1000000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1065000000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-606000000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-5000000
us-gaap Interest Paid
InterestPaid
227000000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-2000000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-474000000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-63000000
hst Debt Instruments Periodic Payment Interest
DebtInstrumentsPeriodicPaymentInterest
139000000
hst Debt Instruments Periodic Payment Interest
DebtInstrumentsPeriodicPaymentInterest
204000000
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
2000000
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
23000000
us-gaap Interest Paid
InterestPaid
141000000
us-gaap Income Taxes Paid
IncomeTaxesPaid
20000000
us-gaap Income Taxes Paid
IncomeTaxesPaid
13000000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:6.67%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;text-indent:4.54%;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain prior year financial statement amounts have been reclassified to conform with the current year presentation.</p></div>
us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
200000
us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
200000
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
4000000
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
3000000
CY2014Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
115
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
144000000
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
19000000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
478000000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
194000000
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
755600000
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
749000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
755300000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
740900000
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
3200000
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
800000
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
700000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
700000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
800000
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
756400000
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
749700000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
756000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
744900000
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30000000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30000000
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30000000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29000000
CY2014Q3 us-gaap Land
Land
1993000000
CY2013Q4 us-gaap Land
Land
1973000000
CY2014Q3 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
13318000000
CY2013Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
13435000000
CY2014Q3 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
2209000000
CY2013Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
2223000000
CY2014Q3 us-gaap Construction In Progress Gross
ConstructionInProgressGross
188000000
CY2013Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
176000000
CY2014Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17708000000
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17807000000
CY2014Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7079000000
CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6812000000
CY2014Q3 hst Disposal Group Not Discontinued Operation Revenue
DisposalGroupNotDiscontinuedOperationRevenue
11000000
CY2013Q3 hst Disposal Group Not Discontinued Operation Revenue
DisposalGroupNotDiscontinuedOperationRevenue
35000000
hst Disposal Group Not Discontinued Operation Revenue
DisposalGroupNotDiscontinuedOperationRevenue
45000000
hst Disposal Group Not Discontinued Operation Revenue
DisposalGroupNotDiscontinuedOperationRevenue
117000000
CY2014Q3 hst Disposal Group Not Discontinued Operation Income Loss Before Income Tax
DisposalGroupNotDiscontinuedOperationIncomeLossBeforeIncomeTax
2000000
CY2013Q3 hst Disposal Group Not Discontinued Operation Income Loss Before Income Tax
DisposalGroupNotDiscontinuedOperationIncomeLossBeforeIncomeTax
1000000
hst Disposal Group Not Discontinued Operation Income Loss Before Income Tax
DisposalGroupNotDiscontinuedOperationIncomeLossBeforeIncomeTax
11000000
hst Disposal Group Not Discontinued Operation Income Loss Before Income Tax
DisposalGroupNotDiscontinuedOperationIncomeLossBeforeIncomeTax
14000000
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
112000000
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
21000000
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
91000000
CY2013Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
3000000
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
20000000
CY2013Q3 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
14000000
CY2014Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
131000000
CY2014Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther
3000000
CY2014Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
134000000
CY2014Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
1000000
CY2014Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
133000000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2000000
us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
7000000
CY2014Q3 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
3000000
us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
2000000
CY2014Q3 us-gaap Number Of Foreign Currency Derivatives Held
NumberOfForeignCurrencyDerivativesHeld
4
CY2013Q3 us-gaap Convertible Debt
ConvertibleDebt
371000000
CY2013Q3 us-gaap Line Of Credit
LineOfCredit
946000000
CY2014Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
6000000
CY2014Q3 hst Number Of Impaired Assets
NumberOfImpairedAssets
1
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2014Q3 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
6
CY2014Q3 hst Number Of Partnerships Consolidated
NumberOfPartnershipsConsolidated
6
CY2014Q3 hst Number Of Partnerships Consolidated With Finite Lives
NumberOfPartnershipsConsolidatedWithFiniteLives
2
CY2014Q3 us-gaap Redeemable Noncontrolling Interest Equity Fair Value
RedeemableNoncontrollingInterestEquityFairValue
70000000
CY2013Q4 us-gaap Redeemable Noncontrolling Interest Equity Fair Value
RedeemableNoncontrollingInterestEquityFairValue
68000000
CY2014Q3 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
-1000000
CY2013Q3 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
-1000000
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
4000000
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
2000000
CY2014Q3 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
2000000
us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
7000000
us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
3000000
CY2014Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
31000000
CY2014Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
50000000
CY2014Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1295000000

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