$PK
Park Hotels & Resorts Inc.

2017 Q1 Form 10-Q Financial Statement

#000156459017008759 Filed on May 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $684.0M $661.0M
YoY Change 3.48% 7.83%
Cost Of Revenue $245.0M $241.0M
YoY Change 1.66% 5.24%
Gross Profit $439.0M $420.0M
YoY Change 4.52% 9.38%
Gross Profit Margin 64.18% 63.54%
Selling, General & Admin $257.0M $236.0M
YoY Change 8.9% 4.89%
% of Gross Profit 58.54% 56.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $70.00M $73.00M
YoY Change -4.11% -146.5%
% of Gross Profit 15.95% 17.38%
Operating Expenses $345.0M $325.0M
YoY Change 6.15% -0.61%
Operating Profit $94.00M $80.00M
YoY Change 17.5% 40.35%
Interest Expense $30.00M $46.00M
YoY Change -34.78% -209.52%
% of Operating Profit 31.91% 57.5%
Other Income/Expense, Net $13.00M $16.00M
YoY Change -18.75% -420.0%
Pretax Income $69.00M $37.00M
YoY Change 86.49% -76.28%
Income Tax -$2.281B $14.00M
% Of Pretax Income -3305.8% 37.84%
Net Earnings $2.350B $22.00M
YoY Change 10581.82% -85.03%
Net Earnings / Revenue 343.57% 3.33%
Basic Earnings Per Share $11.65 $0.11
Diluted Earnings Per Share $11.02 $0.11
COMMON SHARES
Basic Shares Outstanding 202.0M 198.0M
Diluted Shares Outstanding 213.0M 198.0M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $318.0M $116.0M
YoY Change 174.14%
Cash & Equivalents $318.0M $116.0M
Short-Term Investments
Other Short-Term Assets $51.00M $51.00M
YoY Change 0.0%
Inventory
Prepaid Expenses
Receivables $180.0M $133.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $549.0M $300.0M
YoY Change 83.0%
LONG-TERM ASSETS
Property, Plant & Equipment $8.516B $8.662B
YoY Change -1.69%
Goodwill $604.0M
YoY Change
Intangibles $43.00M
YoY Change
Long-Term Investments $82.00M $98.00M
YoY Change -16.33%
Other Assets $18.00M $92.00M
YoY Change -80.43%
Total Long-Term Assets $9.291B $9.538B
YoY Change -2.59%
TOTAL ASSETS
Total Short-Term Assets $549.0M $300.0M
Total Long-Term Assets $9.291B $9.538B
Total Assets $9.840B $9.838B
YoY Change 0.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $174.0M $178.0M
YoY Change -2.25%
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 $509.0M $328.0M
YoY Change 55.18%
LONG-TERM LIABILITIES
Long-Term Debt $3.012B $4.062B
YoY Change -25.85%
Other Long-Term Liabilities $202.0M $100.0M
YoY Change 102.0%
Total Long-Term Liabilities $3.214B $4.162B
YoY Change -22.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $509.0M $328.0M
Total Long-Term Liabilities $3.214B $4.162B
Total Liabilities $3.869B $6.954B
YoY Change -44.36%
SHAREHOLDERS EQUITY
Retained Earnings $2.258B
YoY Change
Common Stock $2.000M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.971B $2.860B
YoY Change
Total Liabilities & Shareholders Equity $9.840B $9.838B
YoY Change 0.02%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $2.350B $22.00M
YoY Change 10581.82% -85.03%
Depreciation, Depletion And Amortization $70.00M $73.00M
YoY Change -4.11% -146.5%
Cash From Operating Activities $141.0M $95.00M
YoY Change 48.42% -315.91%
INVESTING ACTIVITIES
Capital Expenditures $37.00M $65.00M
YoY Change -43.08% -53.9%
Acquisitions
YoY Change
Other Investing Activities $0.00 $16.00M
YoY Change -100.0% -101.76%
Cash From Investing Activities -$37.00M -$49.00M
YoY Change -24.49% -93.6%
FINANCING ACTIVITIES
Cash Dividend Paid $110.0M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -119.0M -1.000M
YoY Change 11800.0% -100.13%
NET CHANGE
Cash From Operating Activities 141.0M 95.00M
Cash From Investing Activities -37.00M -49.00M
Cash From Financing Activities -119.0M -1.000M
Net Change In Cash -14.00M 45.00M
YoY Change -131.11% -336.84%
FREE CASH FLOW
Cash From Operating Activities $141.0M $95.00M
Capital Expenditures $37.00M $65.00M
Free Cash Flow $104.0M $30.00M
YoY Change 246.67% -116.22%

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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Interim results are not necessarily indicative of full year performance.</p></div>
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<div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:6.67%;">Certain line items on the condensed combined consolidated balance sheets as of December 31, 2016 have been reclassified to conform to the current period presentation.</p></div>
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BuildingsAndImprovementsGross
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CY2016Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
6015000000
CY2017Q1 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
924000000
CY2016Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
922000000
CY2017Q1 us-gaap Construction In Progress Gross
ConstructionInProgressGross
115000000
CY2016Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
79000000
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
55000000
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10459000000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10413000000
CY2017Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1943000000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1872000000
CY2017Q1 us-gaap Depreciation Nonproduction
DepreciationNonproduction
69000000
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
12000000
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
750000000
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
2209000000
CY2017Q1 pk Debt And Capital Lease Obligations Gross
DebtAndCapitalLeaseObligationsGross
3026000000
CY2016Q1 us-gaap Depreciation Nonproduction
DepreciationNonproduction
72000000
CY2017Q1 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
19000000
CY2016Q1 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
19000000
CY2017Q1 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
8000000
CY2016Q1 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
8000000
CY2017Q1 pk Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
3
CY2016Q4 pk Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
3
CY2017Q1 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
862000000
CY2016Q4 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
861000000
CY2017Q1 pk Longterm Debt And Capital Lease Obligations Gross
LongtermDebtAndCapitalLeaseObligationsGross
3026000000
CY2016Q4 pk Longterm Debt And Capital Lease Obligations Gross
LongtermDebtAndCapitalLeaseObligationsGross
3026000000
CY2017Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
14000000
CY2016Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
14000000
CY2017Q1 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-2300000000
CY2016Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
28000000
CY2017Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.270
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.295
CY2017Q1 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.00
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.284
CY2017Q1 pk Incremental Common Shares Attributable To Dilutive Net Effect Of Shares Issued With Respect To E And P Dividend
IncrementalCommonSharesAttributableToDilutiveNetEffectOfSharesIssuedWithRespectToEAndPDividend
11000000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
91687
CY2017Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2017Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q1 pk Adjusted Ebitda
AdjustedEbitda
179000000
CY2016Q1 pk Adjusted Ebitda
AdjustedEbitda
182000000
CY2016Q1 pk Other Adjustment Items
OtherAdjustmentItems
1000000
CY2016Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2016Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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