$PK
Park Hotels & Resorts Inc.

2017 Q4 Form 10-K Financial Statement

#000156459019005443 Filed on February 28, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $686.0M $688.0M $733.0M
YoY Change 2.39% 2.53% 1.1%
Cost Of Revenue $241.0M $241.0M $250.0M
YoY Change -0.41% 1.69% 0.4%
Gross Profit $445.0M $447.0M $483.0M
YoY Change 3.97% 3.0% 1.47%
Gross Profit Margin 64.87% 64.97% 65.89%
Selling, General & Admin $278.0M $264.0M $268.0M
YoY Change 19.83% 14.78% 10.74%
% of Gross Profit 62.47% 59.06% 55.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $71.00M $74.00M $73.00M
YoY Change -11.25% 1.37% -1.35%
% of Gross Profit 15.96% 16.55% 15.11%
Operating Expenses $355.0M $358.0M $360.0M
YoY Change 4.11% 10.49% 7.46%
Operating Profit $65.00M $89.00M $123.0M
YoY Change -25.29% -19.09% -13.38%
Interest Expense -$9.000M $32.00M $31.00M
YoY Change -81.63% -176.19% -32.61%
% of Operating Profit -13.85% 35.96% 25.2%
Other Income/Expense, Net $3.000M $18.00M $15.00M
YoY Change -116.67% -460.0% -21.05%
Pretax Income $59.00M $61.00M $96.00M
YoY Change 195.0% -3.17% -4.95%
Income Tax $2.374B -$44.00M -$19.00M
% Of Pretax Income 4023.73% -72.13% -19.79%
Net Earnings $60.00M $103.0M $112.0M
YoY Change 252.94% 202.94% 86.67%
Net Earnings / Revenue 8.75% 14.97% 15.28%
Basic Earnings Per Share $0.28 $0.48 $0.52
Diluted Earnings Per Share $0.28 $0.48 $0.52
COMMON SHARES
Basic Shares Outstanding 214.0M 214.0M
Diluted Shares Outstanding 215.0M 215.0M

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $364.0M $357.0M $306.0M
YoY Change 24.23% 3.18% 54.55%
Cash & Equivalents $364.0M $377.0M $324.0M
Short-Term Investments
Other Short-Term Assets $48.00M $48.00M $53.00M
YoY Change -17.24% 11.63% 23.26%
Inventory
Prepaid Expenses
Receivables $125.0M $158.0M $188.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $537.0M $563.0M $547.0M
YoY Change 11.64% 3.3% 38.13%
LONG-TERM ASSETS
Property, Plant & Equipment $8.311B $8.464B $8.495B
YoY Change -2.69% -1.27% -1.36%
Goodwill $606.0M
YoY Change 0.33%
Intangibles $41.00M
YoY Change -6.82%
Long-Term Investments $84.00M $85.00M $87.00M
YoY Change 3.7% -15.0% -12.12%
Other Assets $52.00M $20.00M $18.00M
YoY Change -8.77% -74.68% -80.0%
Total Long-Term Assets $9.177B $9.240B $9.270B
YoY Change -1.88% -1.95% -2.25%
TOTAL ASSETS
Total Short-Term Assets $537.0M $563.0M $547.0M
Total Long-Term Assets $9.177B $9.240B $9.270B
Total Assets $9.714B $9.803B $9.817B
YoY Change -1.22% -1.67% -0.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $215.0M $178.0M $178.0M
YoY Change 28.74% 0.56% -5.82%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $494.0M $481.0M $485.0M
YoY Change 5.56% 73.65% 42.65%
LONG-TERM LIABILITIES
Long-Term Debt $2.961B $3.015B $3.014B
YoY Change -1.69% -1.89% -25.8%
Other Long-Term Liabilities $232.0M $210.0M $194.0M
YoY Change 146.81% 110.0% 94.0%
Total Long-Term Liabilities $3.193B $3.225B $3.208B
YoY Change 2.8% 1.64% -22.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $494.0M $481.0M $485.0M
Total Long-Term Liabilities $3.193B $3.225B $3.208B
Total Liabilities $3.752B $3.733B $3.768B
YoY Change -37.58% -36.46% -45.77%
SHAREHOLDERS EQUITY
Retained Earnings $2.229B
YoY Change
Common Stock $3.827B $3.823B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.011B $6.070B $6.049B
YoY Change
Total Liabilities & Shareholders Equity $9.714B $9.803B $9.817B
YoY Change -1.22% -1.67% -0.63%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $60.00M $103.0M $112.0M
YoY Change 252.94% 202.94% 86.67%
Depreciation, Depletion And Amortization $71.00M $74.00M $73.00M
YoY Change -11.25% 1.37% -1.35%
Cash From Operating Activities $195.0M $184.0M $133.0M
YoY Change 85.71% 145.33% 7.26%
INVESTING ACTIVITIES
Capital Expenditures -$60.00M -$39.00M -$49.00M
YoY Change 5.26% -7.14% -22.22%
Acquisitions
YoY Change
Other Investing Activities $20.00M $0.00 $0.00
YoY Change -253.85%
Cash From Investing Activities -$40.00M -$39.00M -$49.00M
YoY Change -42.86% -7.14% -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 -151.0M -93.00M -96.00M
YoY Change 46.6% -180.87% -633.33%
NET CHANGE
Cash From Operating Activities 195.0M 184.0M 133.0M
Cash From Investing Activities -40.00M -39.00M -49.00M
Cash From Financing Activities -151.0M -93.00M -96.00M
Net Change In Cash 4.000M 52.00M -12.00M
YoY Change -105.88% -64.86% -115.19%
FREE CASH FLOW
Cash From Operating Activities $195.0M $184.0M $133.0M
Capital Expenditures -$60.00M -$39.00M -$49.00M
Free Cash Flow $255.0M $223.0M $182.0M
YoY Change 57.41% 90.6% -2.67%

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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
CY2018 us-gaap Prior Period Reclassification Adjustment Description
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain line items on the consolidated balance sheet as of December 31, 2017 and on the statements of comprehensive income&nbsp;&nbsp;and statements of cash flows for the years ended December 31, 2017 and 2016 have been reclassified to conform to the current period presentation.</p>
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0.2
CY2018 us-gaap Stockholders Equity Note Stock Split
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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.
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CY2017Q4 us-gaap Security Deposit Liability
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CY2018Q4 pk Number Of Hotel Portfolio Properties Sold
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3
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CY2016 us-gaap Deferred Foreign Income Tax Expense Benefit
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3000000
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92000000
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83000000
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7000000
CY2018 pk Description Of Renewal Periods
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allow for one or more renewal periods at the option of our hotel managers.
CY2018 pk Number Of Operating Hotels Under Franchise Agreements
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4
CY2018 pk Franchise Agreements Initial Term
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P20Y
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9000000
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2000000
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4000000
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5000000
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-5000000
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-25000000
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3000000
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-2000000
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7000000
CY2018Q4 pk Deferred Tax Assets Accrued Compensation
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3000000
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