$PK
Park Hotels & Resorts Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017015322 Filed on August 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2 2015 Q4
Revenue $733.0M $725.0M $675.0M
YoY Change 1.1% 0.83%
Cost Of Revenue $250.0M $249.0M $238.0M
YoY Change 0.4% 2.89%
Gross Profit $483.0M $476.0M $437.0M
YoY Change 1.47% -0.21%
Gross Profit Margin 65.89% 65.66% 64.74%
Selling, General & Admin $268.0M $242.0M $228.0M
YoY Change 10.74% 4.76%
% of Gross Profit 55.49% 50.84% 52.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $73.00M $74.00M $75.00M
YoY Change -1.35% 2.78%
% of Gross Profit 15.11% 15.55% 17.16%
Operating Expenses $360.0M $335.0M $319.0M
YoY Change 7.46% 1.21%
Operating Profit $123.0M $142.0M $118.0M
YoY Change -13.38% -2.74%
Interest Expense $31.00M $46.00M -$43.00M
YoY Change -32.61% -221.05%
% of Operating Profit 25.2% 32.39% -36.44%
Other Income/Expense, Net $15.00M $19.00M -$1.000M
YoY Change -21.05%
Pretax Income $96.00M $101.0M $74.00M
YoY Change -4.95% -4.72%
Income Tax -$19.00M $39.00M $5.000M
% Of Pretax Income -19.79% 38.61% 6.76%
Net Earnings $112.0M $60.00M $68.00M
YoY Change 86.67% 33.33%
Net Earnings / Revenue 15.28% 8.28% 10.07%
Basic Earnings Per Share $0.52 $0.30
Diluted Earnings Per Share $0.52 $0.30 $343.4K
COMMON SHARES
Basic Shares Outstanding 214.0M 198.0M
Diluted Shares Outstanding 215.0M 198.0M

Balance Sheet

Concept 2017 Q2 2016 Q2 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $306.0M $198.0M
YoY Change 54.55%
Cash & Equivalents $324.0M $198.0M $72.00M
Short-Term Investments
Other Short-Term Assets $53.00M $43.00M
YoY Change 23.26%
Inventory
Prepaid Expenses
Receivables $188.0M $155.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $547.0M $396.0M
YoY Change 38.13%
LONG-TERM ASSETS
Property, Plant & Equipment $8.495B $8.612B $8.676B
YoY Change -1.36%
Goodwill $617.0M
YoY Change
Intangibles
YoY Change
Long-Term Investments $87.00M $99.00M
YoY Change -12.12%
Other Assets $18.00M $90.00M
YoY Change -80.0%
Total Long-Term Assets $9.270B $9.483B
YoY Change -2.25%
TOTAL ASSETS
Total Short-Term Assets $547.0M $396.0M
Total Long-Term Assets $9.270B $9.483B
Total Assets $9.817B $9.879B
YoY Change -0.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $178.0M $189.0M
YoY Change -5.82%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $45.00M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $485.0M $340.0M
YoY Change 42.65%
LONG-TERM LIABILITIES
Long-Term Debt $3.014B $4.062B
YoY Change -25.8%
Other Long-Term Liabilities $194.0M $100.0M
YoY Change 94.0%
Total Long-Term Liabilities $3.208B $4.162B
YoY Change -22.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $485.0M $340.0M
Total Long-Term Liabilities $3.208B $4.162B
Total Liabilities $3.768B $6.948B
YoY Change -45.77%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.823B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.049B $2.907B $2.797B
YoY Change
Total Liabilities & Shareholders Equity $9.817B $9.879B
YoY Change -0.63%

Cashflow Statement

Concept 2017 Q2 2016 Q2 2015 Q4
OPERATING ACTIVITIES
Net Income $112.0M $60.00M $68.00M
YoY Change 86.67% 33.33%
Depreciation, Depletion And Amortization $73.00M $74.00M $75.00M
YoY Change -1.35% 2.78%
Cash From Operating Activities $133.0M $124.0M $146.0M
YoY Change 7.26% 3.33%
INVESTING ACTIVITIES
Capital Expenditures -$49.00M -$63.00M -$64.00M
YoY Change -22.22% 18.87%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $19.00M
YoY Change -100.0%
Cash From Investing Activities -$49.00M -$63.00M -$45.00M
YoY Change -22.22% -55.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -96.00M 18.00M -43.00M
YoY Change -633.33% 157.14%
NET CHANGE
Cash From Operating Activities 133.0M 124.0M 146.0M
Cash From Investing Activities -49.00M -63.00M -45.00M
Cash From Financing Activities -96.00M 18.00M -43.00M
Net Change In Cash -12.00M 79.00M 58.00M
YoY Change -115.19% -664.29%
FREE CASH FLOW
Cash From Operating Activities $133.0M $124.0M $146.0M
Capital Expenditures -$49.00M -$63.00M -$64.00M
Free Cash Flow $182.0M $187.0M $210.0M
YoY Change -2.67% 8.09%

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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: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;">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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us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
As a result of the spin-off, each holder of Hilton common stock on the record date of December 15, 2016 received one share of our common stock for every five shares of Hilton common stock owned.
CY2017Q2 us-gaap Land
Land
3398000000
CY2016Q4 us-gaap Land
Land
3397000000
CY2017Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
6044000000
CY2016Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
6015000000
CY2017Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
949000000
CY2016Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
922000000
CY2017Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
121000000
CY2016Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
79000000
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10512000000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10413000000
CY2017Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2017000000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1872000000
CY2017Q2 us-gaap Depreciation Nonproduction
DepreciationNonproduction
72000000
CY2016Q2 us-gaap Depreciation Nonproduction
DepreciationNonproduction
73000000
us-gaap Depreciation Nonproduction
DepreciationNonproduction
141000000
CY2017Q2 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
20000000
CY2016Q4 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
19000000
CY2017Q2 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
9000000
CY2016Q4 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
8000000
CY2017Q2 pk Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
3
CY2016Q4 pk Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
3
CY2017Q2 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
863000000
CY2016Q4 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
861000000
CY2017Q2 pk Longterm Debt And Capital Lease Obligations Gross
LongtermDebtAndCapitalLeaseObligationsGross
3027000000
CY2016Q4 pk Longterm Debt And Capital Lease Obligations Gross
LongtermDebtAndCapitalLeaseObligationsGross
3026000000
CY2017Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
13000000
CY2016Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
14000000
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
55000000
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
12000000
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
750000000
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
2210000000
CY2017Q2 pk Debt And Capital Lease Obligations Gross
DebtAndCapitalLeaseObligationsGross
3027000000
CY2017Q2 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-24000000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-2312000000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.265
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.295
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.284
CY2017Q2 pk Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
-1000000
pk Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
-6000000
pk Adjusted Ebitda
AdjustedEbitda
391000000
pk Adjusted Ebitda
AdjustedEbitda
414000000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1000000
pk Incremental Common Shares Attributable To Dilutive Net Effect Of Shares Issued With Respect To E And P Dividend
IncrementalCommonSharesAttributableToDilutiveNetEffectOfSharesIssuedWithRespectToEAndPDividend
6000000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32279
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32279
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q2 pk Adjusted Ebitda
AdjustedEbitda
212000000
CY2017Q2 pk Other Adjustment Items
OtherAdjustmentItems
1000000
CY2016Q2 pk Other Adjustment Items
OtherAdjustmentItems
2000000
pk Other Adjustment Items
OtherAdjustmentItems
1000000
pk Other Adjustment Items
OtherAdjustmentItems
3000000
CY2016Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2017Q2 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
111000000
CY2016Q2 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
60000000
pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
2456000000
pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
82000000
CY2016Q2 pk Adjusted Ebitda
AdjustedEbitda
232000000
CY2016Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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