$PK
Park Hotels & Resorts Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020024165 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $599.0M $659.0M
YoY Change -9.1% 3776.47%
Cost Of Revenue $235.0M $231.0M
YoY Change 1.73% -2.94%
Gross Profit $364.0M $428.0M
YoY Change -14.95% -0.47%
Gross Profit Margin 60.77% 64.95%
Selling, General & Admin $273.0M $248.0M
YoY Change 10.08% -3.88%
% of Gross Profit 75.0% 57.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.00M $62.00M
YoY Change 20.97% -11.43%
% of Gross Profit 20.6% 14.49%
Operating Expenses $369.0M $330.0M
YoY Change 11.82% -4.35%
Operating Profit -$637.0M $129.0M
YoY Change -593.8% -25.86%
Interest Expense $40.00M $32.00M
YoY Change 25.0% 3.23%
% of Operating Profit 24.81%
Other Income/Expense, Net $21.00M $20.00M
YoY Change 5.0% 17.65%
Pretax Income -$679.0M $104.0M
YoY Change -752.88% -30.2%
Income Tax $10.00M $7.000M
% Of Pretax Income 6.73%
Net Earnings -$688.0M $96.00M
YoY Change -816.67% -36.0%
Net Earnings / Revenue -114.86% 14.57%
Basic Earnings Per Share -$2.89 $0.48
Diluted Earnings Per Share -$2.89 $0.48
COMMON SHARES
Basic Shares Outstanding 238.0M 201.0M
Diluted Shares Outstanding 238.0M 202.0M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.304B $276.0M
YoY Change 372.46% 60.47%
Cash & Equivalents $1.342B $276.0M
Short-Term Investments
Other Short-Term Assets $73.00M $76.00M
YoY Change -3.95% 40.74%
Inventory
Prepaid Expenses
Receivables $113.0M $172.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.490B $524.0M
YoY Change 184.35% 43.96%
LONG-TERM ASSETS
Property, Plant & Equipment $9.383B $7.944B
YoY Change 18.11% -1.33%
Goodwill $607.0M
YoY Change
Intangibles $2.000M
YoY Change
Long-Term Investments $30.00M $49.00M
YoY Change -38.78% -43.68%
Other Assets $38.00M $14.00M
YoY Change 171.43% -87.04%
Total Long-Term Assets $9.787B $8.870B
YoY Change 10.34% -1.14%
TOTAL ASSETS
Total Short-Term Assets $1.490B $524.0M
Total Long-Term Assets $9.787B $8.870B
Total Assets $11.28B $9.394B
YoY Change 20.04% 0.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $188.0M $162.0M
YoY Change 16.05% -5.81%
Accrued Expenses $257.0M $204.0M
YoY Change 25.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $548.0M $611.0M
YoY Change -10.31% 46.17%
LONG-TERM LIABILITIES
Long-Term Debt $4.870B $2.949B
YoY Change 65.14% 0.1%
Other Long-Term Liabilities $241.0M $213.0M
YoY Change 13.15% 0.95%
Total Long-Term Liabilities $5.111B $3.162B
YoY Change 61.64% 0.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $548.0M $611.0M
Total Long-Term Liabilities $5.111B $3.162B
Total Liabilities $5.647B $3.814B
YoY Change 48.06% 6.8%
SHAREHOLDERS EQUITY
Retained Earnings $2.044B
YoY Change -6.79%
Common Stock $2.000M
YoY Change -99.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.630B $5.628B
YoY Change
Total Liabilities & Shareholders Equity $11.28B $9.394B
YoY Change 20.04% 0.62%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$688.0M $96.00M
YoY Change -816.67% -36.0%
Depreciation, Depletion And Amortization $75.00M $62.00M
YoY Change 20.97% -11.43%
Cash From Operating Activities -$13.00M $72.00M
YoY Change -118.06% 67.44%
INVESTING ACTIVITIES
Capital Expenditures $26.00M $64.00M
YoY Change -59.38% 20.75%
Acquisitions
YoY Change
Other Investing Activities $206.0M $66.00M
YoY Change 212.12% -82.54%
Cash From Investing Activities $180.0M $2.000M
YoY Change 8900.0% -99.38%
FINANCING ACTIVITIES
Cash Dividend Paid $136.0M $201.0M
YoY Change -32.34% 68.91%
Common Stock Issuance & Retirement, Net $66.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 789.0M -209.0M
YoY Change -477.51% -55.34%
NET CHANGE
Cash From Operating Activities -13.00M 72.00M
Cash From Investing Activities 180.0M 2.000M
Cash From Financing Activities 789.0M -209.0M
Net Change In Cash 956.0M -135.0M
YoY Change -808.15% 36.36%
FREE CASH FLOW
Cash From Operating Activities -$13.00M $72.00M
Capital Expenditures $26.00M $64.00M
Free Cash Flow -$39.00M $8.000M
YoY Change -587.5% -180.0%

Facts In Submission

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<p style="margin-top:8pt;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.  Interim results are not necessarily indicative of full year performance. </p>
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<p style="margin-top:8pt;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 condensed consolidated statements of comprehensive income for the three months ended March 31, 2019 have been reclassified to conform to the current period presentation.</p>
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LongtermDebtAndFinancingLeaseObligationsGross
4884000000
CY2019Q4 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
3886000000
CY2020Q1 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
3000000
CY2019Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
3000000
CY2020Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
17000000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
18000000
CY2020Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
4870000000
CY2019Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
3871000000
CY2020Q1 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.0186
CY2020Q1 us-gaap Derivative Maturity Dates
DerivativeMaturityDates
2022-04-21
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
19000000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1709000000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
97000000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
827000000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
676000000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1556000000
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
4884000000
CY2019Q1 pk Percentage Of Adjusted Taxable Income
PercentageOfAdjustedTaxableIncome
0.30
CY2020Q1 pk Percentage Of Adjusted Taxable Income
PercentageOfAdjustedTaxableIncome
0.50
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10000000
CY2020Q1 pk Income Tax Expense Benefit Built In Gains Losses
IncomeTaxExpenseBenefitBuiltInGainsLosses
12000000
CY2020Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
14000000
CY2020Q1 pk Income Tax Benefit Partially Offset By Trs
IncomeTaxBenefitPartiallyOffsetByTRS
17000000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7000000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.225
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-688000000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
96000000
CY2020Q1 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
-688000000
CY2019Q1 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
96000000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
238000000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
201000000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1000000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
238000000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
202000000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.89
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.89
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2020Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
599000000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
659000000
CY2020Q1 pk Adjusted Ebitda
AdjustedEbitda
91000000
CY2019Q1 pk Adjusted Ebitda
AdjustedEbitda
181000000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
75000000
CY2019Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
62000000
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
16000000
CY2019Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
17000000
CY2020Q1 pk Casualty Gain Loss And Impairment Loss Net
CasualtyGainLossAndImpairmentLossNet
694000000
CY2020Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
21000000
CY2019Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
20000000
CY2020Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
62000000
CY2019Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
31000000
CY2020Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000000
CY2019Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000000
CY2020Q1 us-gaap Interest Expense
InterestExpense
40000000
CY2019Q1 us-gaap Interest Expense
InterestExpense
32000000
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1000000
CY2019Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5000000
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2000000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10000000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7000000
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000000
CY2020Q1 pk Other Items
OtherItems
3000000
CY2019Q1 pk Other Items
OtherItems
2000000
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-689000000
CY2019Q1 us-gaap Profit Loss
ProfitLoss
97000000
CY2020Q1 us-gaap Assets
Assets
11277000000
CY2019Q4 us-gaap Assets
Assets
11290000000
CY2020Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
47000000

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