$PK
Park Hotels & Resorts Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023037945 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $679.0M $714.0M
YoY Change 2.57% 2.73%
Cost Of Revenue $241.0M $245.0M
YoY Change 4.78% 12.9%
Gross Profit $438.0M $469.0M
YoY Change 1.39% -1.88%
Gross Profit Margin 64.51% 65.69%
Selling, General & Admin $269.0M $278.0M
YoY Change 1.13% 2.58%
% of Gross Profit 61.42% 59.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $65.00M $64.00M
YoY Change -2.99% -5.88%
% of Gross Profit 14.84% 13.65%
Operating Expenses $353.0M $364.0M
YoY Change 0.57% 1.96%
Operating Profit $85.00M $105.0M
YoY Change -7.61% -11.76%
Interest Expense $65.00M -$48.00M
YoY Change 6.56% -177.42%
% of Operating Profit 76.47% -45.71%
Other Income/Expense, Net $19.00M $22.00M
YoY Change 5.56% 22.22%
Pretax Income $31.00M -$143.0M
YoY Change -16.22% -192.26%
Income Tax $0.00 $3.000M
% Of Pretax Income 0.0%
Net Earnings $27.00M -$150.0M
YoY Change -22.86% -200.0%
Net Earnings / Revenue 3.98% -21.01%
Basic Earnings Per Share $0.13 -$0.70
Diluted Earnings Per Share $0.13 -$0.70
COMMON SHARES
Basic Shares Outstanding 215.7M 215.6M
Diluted Shares Outstanding 212.0M shares 215.0M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $726.0M $797.0M
YoY Change -25.23% 5.15%
Cash & Equivalents $726.0M $797.0M
Short-Term Investments
Other Short-Term Assets $63.00M $83.00M
YoY Change 57.5% 112.82%
Inventory
Prepaid Expenses
Receivables $149.0M $134.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $938.0M $1.014B
YoY Change -18.79% 7.19%
LONG-TERM ASSETS
Property, Plant & Equipment $8.028B $8.207B
YoY Change -3.18% -1.43%
Goodwill
YoY Change
Intangibles $42.00M $43.00M
YoY Change -2.33% 0.0%
Long-Term Investments
YoY Change
Other Assets $60.00M $45.00M
YoY Change 106.9% -61.21%
Total Long-Term Assets $8.367B $8.330B
YoY Change -3.06% -4.85%
TOTAL ASSETS
Total Short-Term Assets $938.0M $1.014B
Total Long-Term Assets $8.367B $8.330B
Total Assets $9.305B $9.344B
YoY Change -4.92% -3.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $293.0M $279.0M
YoY Change 15.35% 32.23%
Accrued Expenses $225.0M $228.0M
YoY Change -7.41% -7.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $654.0M $638.0M
YoY Change 5.48% 9.62%
LONG-TERM LIABILITIES
Long-Term Debt $4.490B $4.490B
YoY Change -3.85% -3.87%
Other Long-Term Liabilities $221.0M $203.0M
YoY Change 24.86% 21.56%
Total Long-Term Liabilities $4.711B $4.693B
YoY Change -2.81% -3.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $654.0M $638.0M
Total Long-Term Liabilities $4.711B $4.693B
Total Liabilities $5.365B $5.286B
YoY Change -1.87% -2.47%
SHAREHOLDERS EQUITY
Retained Earnings -$169.0M -$165.0M
YoY Change -544.74% -2850.0%
Common Stock $4.153B $4.223B
YoY Change -4.02% -2.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.984B $4.058B
YoY Change
Total Liabilities & Shareholders Equity $9.305B $9.344B
YoY Change -4.92% -3.68%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $27.00M -$150.0M
YoY Change -22.86% -200.0%
Depreciation, Depletion And Amortization $65.00M $64.00M
YoY Change -2.99% -5.88%
Cash From Operating Activities $127.0M $146.0M
YoY Change -14.19% -0.68%
INVESTING ACTIVITIES
Capital Expenditures $71.00M $70.00M
YoY Change -236.54% -325.81%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.000M
YoY Change -100.0% -99.5%
Cash From Investing Activities -$71.00M -$69.00M
YoY Change 914.29% -141.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -112.0M -110.0M
YoY Change 1300.0% -33.33%
NET CHANGE
Cash From Operating Activities 127.0M 146.0M
Cash From Investing Activities -71.00M -69.00M
Cash From Financing Activities -112.0M -110.0M
Net Change In Cash -56.00M -33.00M
YoY Change -142.11% -122.0%
FREE CASH FLOW
Cash From Operating Activities $127.0M $146.0M
Capital Expenditures $71.00M $70.00M
Free Cash Flow $56.00M $76.00M
YoY Change -72.0% -57.3%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Interim results are not necessarily indicative of full year performance.</span></p>
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us-gaap Depreciation Nonproduction
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us-gaap Depreciation Nonproduction
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Allocated Share Based Compensation Expense
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EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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us-gaap Earnings Per Share Diluted
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EarningsPerShareDiluted
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us-gaap Number Of Operating Segments
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NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
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pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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CY2022Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
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us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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215000000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
228000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
232000000
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.70
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.54
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.66
us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
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CY2023Q2 us-gaap Depreciation And Amortization
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CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
128000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2023Q2 pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
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CY2022Q2 pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
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pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
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pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
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CY2023Q2 pk Impairment And Casualty Loss
ImpairmentAndCasualtyLoss
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CY2022Q2 pk Impairment And Casualty Loss
ImpairmentAndCasualtyLoss
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pk Impairment And Casualty Loss
ImpairmentAndCasualtyLoss
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pk Impairment And Casualty Loss
ImpairmentAndCasualtyLoss
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CY2023Q2 us-gaap Other Cost And Expense Operating
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CY2022Q2 us-gaap Other Cost And Expense Operating
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us-gaap Other Cost And Expense Operating
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CY2023Q2 us-gaap Gain Loss On Disposition Of Assets1
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CY2022Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
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us-gaap Gain Loss On Disposition Of Assets1
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us-gaap Gain Loss On Disposition Of Assets1
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CY2023Q2 us-gaap Investment Income Interest
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CY2022Q2 us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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CY2022Q2 us-gaap Interest Expense
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us-gaap Interest Expense
InterestExpense
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CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2023Q2 us-gaap Income Tax Expense Benefit
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CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
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CY2023Q2 us-gaap Other Nonoperating Income Expense
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CY2022Q2 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
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CY2022Q2 pk Other Items
OtherItems
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OtherItems
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pk Other Items
OtherItems
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CY2023Q2 pk Adjusted Ebitda
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CY2022Q2 pk Adjusted Ebitda
AdjustedEbitda
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pk Adjusted Ebitda
AdjustedEbitda
344000000
pk Adjusted Ebitda
AdjustedEbitda
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CY2023Q2 us-gaap Assets
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Assets
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CY2023Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
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CY2023Q2 us-gaap Litigation Reserve
LitigationReserve
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pk Rule10 B51 Arr Adopted Flag
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