$PK
Park Hotels & Resorts Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019015965 Filed on May 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $659.0M $17.00M
YoY Change 3776.47% -97.51%
Cost Of Revenue $231.0M $238.0M
YoY Change -2.94% -2.86%
Gross Profit $428.0M $430.0M
YoY Change -0.47% -2.05%
Gross Profit Margin 64.95% 2529.41%
Selling, General & Admin $248.0M $258.0M
YoY Change -3.88% 0.39%
% of Gross Profit 57.94% 60.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.00M $70.00M
YoY Change -11.43% 0.0%
% of Gross Profit 14.49% 16.28%
Operating Expenses $330.0M $345.0M
YoY Change -4.35% 0.0%
Operating Profit $129.0M $174.0M
YoY Change -25.86% 85.11%
Interest Expense $32.00M $31.00M
YoY Change 3.23% 3.33%
% of Operating Profit 24.81% 17.82%
Other Income/Expense, Net $20.00M $17.00M
YoY Change 17.65% 30.77%
Pretax Income $104.0M $149.0M
YoY Change -30.2% 115.94%
Income Tax $7.000M $5.000M
% Of Pretax Income 6.73% 3.36%
Net Earnings $96.00M $150.0M
YoY Change -36.0% -93.62%
Net Earnings / Revenue 14.57% 882.35%
Basic Earnings Per Share $0.48 $0.71
Diluted Earnings Per Share $0.48 $0.71
COMMON SHARES
Basic Shares Outstanding 201.0M 211.0M
Diluted Shares Outstanding 202.0M 212.0M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $276.0M $172.0M
YoY Change 60.47% -45.91%
Cash & Equivalents $276.0M $280.0M
Short-Term Investments
Other Short-Term Assets $76.00M $54.00M
YoY Change 40.74% 5.88%
Inventory
Prepaid Expenses
Receivables $172.0M $138.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $524.0M $364.0M
YoY Change 43.96% -33.7%
LONG-TERM ASSETS
Property, Plant & Equipment $7.944B $8.051B
YoY Change -1.33% -5.46%
Goodwill $607.0M
YoY Change
Intangibles $2.000M
YoY Change
Long-Term Investments $49.00M $87.00M
YoY Change -43.68% 6.1%
Other Assets $14.00M $108.0M
YoY Change -87.04% 500.0%
Total Long-Term Assets $8.870B $8.972B
YoY Change -1.14% -3.43%
TOTAL ASSETS
Total Short-Term Assets $524.0M $364.0M
Total Long-Term Assets $8.870B $8.972B
Total Assets $9.394B $9.336B
YoY Change 0.62% -5.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $162.0M $172.0M
YoY Change -5.81% -1.15%
Accrued Expenses $204.0M
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 $611.0M $418.0M
YoY Change 46.17% -17.88%
LONG-TERM LIABILITIES
Long-Term Debt $2.949B $2.946B
YoY Change 0.1% -2.19%
Other Long-Term Liabilities $213.0M $211.0M
YoY Change 0.95% 4.46%
Total Long-Term Liabilities $3.162B $3.157B
YoY Change 0.16% -1.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $611.0M $418.0M
Total Long-Term Liabilities $3.162B $3.157B
Total Liabilities $3.814B $3.571B
YoY Change 6.8% -7.7%
SHAREHOLDERS EQUITY
Retained Earnings $2.044B $2.193B
YoY Change -6.79% -2.88%
Common Stock $2.000M $3.580B
YoY Change -99.94% 178900.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.628B $5.765B
YoY Change
Total Liabilities & Shareholders Equity $9.394B $9.336B
YoY Change 0.62% -5.12%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $96.00M $150.0M
YoY Change -36.0% -93.62%
Depreciation, Depletion And Amortization $62.00M $70.00M
YoY Change -11.43% 0.0%
Cash From Operating Activities $72.00M $43.00M
YoY Change 67.44% -69.5%
INVESTING ACTIVITIES
Capital Expenditures $64.00M $53.00M
YoY Change 20.75% 43.24%
Acquisitions
YoY Change
Other Investing Activities $66.00M $378.0M
YoY Change -82.54%
Cash From Investing Activities $2.000M $325.0M
YoY Change -99.38% -978.38%
FINANCING ACTIVITIES
Cash Dividend Paid $201.0M $119.0M
YoY Change 68.91% 8.18%
Common Stock Issuance & Retirement, Net $348.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -209.0M -468.0M
YoY Change -55.34% 293.28%
NET CHANGE
Cash From Operating Activities 72.00M 43.00M
Cash From Investing Activities 2.000M 325.0M
Cash From Financing Activities -209.0M -468.0M
Net Change In Cash -135.0M -99.00M
YoY Change 36.36% 607.14%
FREE CASH FLOW
Cash From Operating Activities $72.00M $43.00M
Capital Expenditures $64.00M $53.00M
Free Cash Flow $8.000M -$10.00M
YoY Change -180.0% -109.62%

Facts In Submission

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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:4.54%;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.&nbsp;&nbsp;Interim results are not necessarily indicative of full year performance. </p>
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CY2018Q1 pk Reclassification Of Currency Translation Adjustment From Accumulated Other Comprehensive Loss To Earnings On Disposition Of Unconsolidated Equity Method Investments
ReclassificationOfCurrencyTranslationAdjustmentFromAccumulatedOtherComprehensiveLossToEarningsOnDispositionOfUnconsolidatedEquityMethodInvestments
31000000
CY2019Q1 us-gaap Land
Land
3340000000
CY2018Q4 us-gaap Land
Land
3344000000
CY2019Q1 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5615000000
CY2018Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
5616000000
CY2019Q1 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
941000000
CY2018Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
949000000
CY2019Q1 us-gaap Construction In Progress Gross
ConstructionInProgressGross
147000000
CY2018Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
124000000
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10043000000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10033000000
CY2019Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2099000000
CY2018Q1 pk Number Of Hotel Portfolio Properties Sold
NumberOfHotelPortfolioPropertiesSold
12
CY2019Q1 us-gaap Depreciation Nonproduction
DepreciationNonproduction
62000000
CY2018Q1 us-gaap Depreciation Nonproduction
DepreciationNonproduction
69000000
CY2019Q1 pk Number Of Consolidated Variable Interest Entities
NumberOfConsolidatedVariableInterestEntities
3
CY2019Q1 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
962000000
CY2018Q4 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
955000000
CY2019Q1 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
2958000000
CY2018Q4 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
2958000000
CY2019Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
9000000
CY2018Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
10000000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
13000000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
751000000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
32000000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
728000000
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1434000000
CY2019Q1 us-gaap Long Term Debt
LongTermDebt
2958000000
CY2019Q1 pk Number Of Consolidated Properties Under Ground Leases
NumberOfConsolidatedPropertiesUnderGroundLeases
13
CY2019Q1 pk Leases Ending Expiration Date
LeasesEndingExpirationDate
2076
CY2019Q1 pk Date Majorityof Leases Expire
DateMajorityofLeasesExpire
2027
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
20000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
27000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
28000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
27000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
21000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
204000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
327000000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
123000000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P15Y9M18D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.057
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
7000000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
3000000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
7000000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
213000000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5000000
CY2019Q1 pk Income Tax Expense Benefit Built In Gains Losses
IncomeTaxExpenseBenefitBuiltInGainsLosses
1000000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.205
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.024
CY2018Q1 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
150000000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1000000
CY2018Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1000000
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2018Q1 pk Adjusted Ebitda
AdjustedEbitda
174000000
CY2018Q1 pk Other Items
OtherItems
3000000
CY2019Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
62000000

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