$PK
Park Hotels & Resorts Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018018916 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $731.0M $733.0M
YoY Change -0.27% 1.1%
Cost Of Revenue $243.0M $250.0M
YoY Change -2.8% 0.4%
Gross Profit $488.0M $483.0M
YoY Change 1.04% 1.47%
Gross Profit Margin 66.76% 65.89%
Selling, General & Admin $259.0M $268.0M
YoY Change -3.36% 10.74%
% of Gross Profit 53.07% 55.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $69.00M $73.00M
YoY Change -5.48% -1.35%
% of Gross Profit 14.14% 15.11%
Operating Expenses $346.0M $360.0M
YoY Change -3.89% 7.46%
Operating Profit $149.0M $123.0M
YoY Change 21.14% -13.38%
Interest Expense $31.00M $31.00M
YoY Change 0.0% -32.61%
% of Operating Profit 20.81% 25.2%
Other Income/Expense, Net $18.00M $15.00M
YoY Change 20.0% -21.05%
Pretax Income $231.0M $96.00M
YoY Change 140.63% -4.95%
Income Tax $13.00M -$19.00M
% Of Pretax Income 5.63% -19.79%
Net Earnings $216.0M $112.0M
YoY Change 92.86% 86.67%
Net Earnings / Revenue 29.55% 15.28%
Basic Earnings Per Share $1.07 $0.52
Diluted Earnings Per Share $1.07 $0.52
COMMON SHARES
Basic Shares Outstanding 200.0M 214.0M
Diluted Shares Outstanding 201.0M 215.0M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $421.0M $306.0M
YoY Change 37.58% 54.55%
Cash & Equivalents $438.0M $324.0M
Short-Term Investments
Other Short-Term Assets $46.00M $53.00M
YoY Change -13.21% 23.26%
Inventory
Prepaid Expenses
Receivables $180.0M $188.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $647.0M $547.0M
YoY Change 18.28% 38.13%
LONG-TERM ASSETS
Property, Plant & Equipment $7.999B $8.495B
YoY Change -5.84% -1.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $56.00M $87.00M
YoY Change -35.63% -12.12%
Other Assets $17.00M $18.00M
YoY Change -5.56% -80.0%
Total Long-Term Assets $8.804B $9.270B
YoY Change -5.03% -2.25%
TOTAL ASSETS
Total Short-Term Assets $647.0M $547.0M
Total Long-Term Assets $8.804B $9.270B
Total Assets $9.451B $9.817B
YoY Change -3.73% -0.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $181.0M $178.0M
YoY Change 1.69% -5.82%
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 $426.0M $485.0M
YoY Change -12.16% 42.65%
LONG-TERM LIABILITIES
Long-Term Debt $2.947B $3.014B
YoY Change -2.22% -25.8%
Other Long-Term Liabilities $285.0M $194.0M
YoY Change 46.91% 94.0%
Total Long-Term Liabilities $3.232B $3.208B
YoY Change 0.75% -22.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $426.0M $485.0M
Total Long-Term Liabilities $3.232B $3.208B
Total Liabilities $3.645B $3.768B
YoY Change -3.26% -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 $5.806B $6.049B
YoY Change
Total Liabilities & Shareholders Equity $9.451B $9.817B
YoY Change -3.73% -0.63%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $216.0M $112.0M
YoY Change 92.86% 86.67%
Depreciation, Depletion And Amortization $69.00M $73.00M
YoY Change -5.48% -1.35%
Cash From Operating Activities $105.0M $133.0M
YoY Change -21.05% 7.26%
INVESTING ACTIVITIES
Capital Expenditures -$33.00M -$49.00M
YoY Change -32.65% -22.22%
Acquisitions
YoY Change
Other Investing Activities $175.0M $0.00
YoY Change
Cash From Investing Activities $142.0M -$49.00M
YoY Change -389.8% -22.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -87.00M -96.00M
YoY Change -9.38% -633.33%
NET CHANGE
Cash From Operating Activities 105.0M 133.0M
Cash From Investing Activities 142.0M -49.00M
Cash From Financing Activities -87.00M -96.00M
Net Change In Cash 160.0M -12.00M
YoY Change -1433.33% -115.19%
FREE CASH FLOW
Cash From Operating Activities $105.0M $133.0M
Capital Expenditures -$33.00M -$49.00M
Free Cash Flow $138.0M $182.0M
YoY Change -24.18% -2.67%

Facts In Submission

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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 revenues 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:4.54%;">Certain line items on the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2017 and condensed consolidated statements of cash flows for the six months ended June 30, 2017 have been reclassified to conform to the current period presentation.</p></div>
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Land
3335000000
CY2017Q4 us-gaap Land
Land
3364000000
CY2018Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5672000000
CY2017Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5911000000
CY2018Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
937000000
CY2017Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
966000000
CY2018Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
150000000
CY2017Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
117000000
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10094000000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10358000000
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2095000000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2047000000
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment
31000000
CY2018Q2 us-gaap Depreciation Nonproduction
DepreciationNonproduction
69000000
CY2017Q2 us-gaap Depreciation Nonproduction
DepreciationNonproduction
72000000
us-gaap Depreciation Nonproduction
DepreciationNonproduction
139000000
us-gaap Depreciation Nonproduction
DepreciationNonproduction
141000000
CY2017Q4 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
20000000
CY2018Q2 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
1000000
CY2017Q4 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
10000000
CY2018Q2 us-gaap Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Deprecation
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation
0
CY2018Q2 pk Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
3
CY2018Q2 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
957000000
CY2017Q4 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
962000000
CY2018Q2 pk Longterm Debt And Capital Lease Obligations Gross
LongtermDebtAndCapitalLeaseObligationsGross
2958000000
CY2017Q4 pk Longterm Debt And Capital Lease Obligations Gross
LongtermDebtAndCapitalLeaseObligationsGross
2973000000
CY2018Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
11000000
CY2017Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
12000000
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
13000000
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
751000000
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
32000000
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
2162000000
CY2018Q2 us-gaap Long Term Debt
LongTermDebt
2958000000
CY2018Q2 pk Income Tax Expense Benefit Built In Gains Losses
IncomeTaxExpenseBenefitBuiltInGainsLosses
4000000
pk Income Tax Expense Benefit Built In Gains Losses
IncomeTaxExpenseBenefitBuiltInGainsLosses
4000000
CY2017Q2 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
-24000000
us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
-2312000000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.240
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.024
CY2018Q2 pk Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
1000000
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
1000000
pk Participating Securities Distributed And Undistributed Earnings Loss Basic And Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
6000000
CY2018Q2 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
215000000
CY2017Q2 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
111000000
pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
365000000
pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
2456000000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1000000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1000000
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
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2018Q2 pk Adjusted Ebitda
AdjustedEbitda
228000000
CY2017Q2 pk Adjusted Ebitda
AdjustedEbitda
213000000
pk Adjusted Ebitda
AdjustedEbitda
402000000
pk Adjusted Ebitda
AdjustedEbitda
393000000
CY2018Q2 pk Other Items
OtherItems
1000000
CY2017Q2 pk Other Items
OtherItems
2000000
pk Other Items
OtherItems
4000000
pk Other Items
OtherItems
4000000
CY2018Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
33000000

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