$PK
Park Hotels & Resorts Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021025547 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $165.0M $599.0M
YoY Change -72.45% -9.1%
Cost Of Revenue $56.00M $235.0M
YoY Change -76.17% 1.73%
Gross Profit $109.0M $364.0M
YoY Change -70.05% -14.95%
Gross Profit Margin 66.06% 60.77%
Selling, General & Admin $151.0M $273.0M
YoY Change -44.69% 10.08%
% of Gross Profit 138.53% 75.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $74.00M $75.00M
YoY Change -1.33% 20.97%
% of Gross Profit 67.89% 20.6%
Operating Expenses $232.0M $369.0M
YoY Change -37.13% 11.82%
Operating Profit -$123.0M -$637.0M
YoY Change -80.69% -593.8%
Interest Expense $63.00M $40.00M
YoY Change 57.5% 25.0%
% of Operating Profit
Other Income/Expense, Net $7.000M $21.00M
YoY Change -66.67% 5.0%
Pretax Income -$190.0M -$679.0M
YoY Change -72.02% -752.88%
Income Tax $1.000M $10.00M
% Of Pretax Income
Net Earnings -$190.0M -$688.0M
YoY Change -72.38% -816.67%
Net Earnings / Revenue -115.15% -114.86%
Basic Earnings Per Share -$0.81 -$2.89
Diluted Earnings Per Share -$0.81 -$2.89
COMMON SHARES
Basic Shares Outstanding 235.0M 238.0M
Diluted Shares Outstanding 236.0M 238.0M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $868.0M $1.304B
YoY Change -33.44% 372.46%
Cash & Equivalents $868.0M $1.342B
Short-Term Investments
Other Short-Term Assets $35.00M $73.00M
YoY Change -52.05% -3.95%
Inventory
Prepaid Expenses
Receivables $38.00M $113.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $941.0M $1.490B
YoY Change -36.85% 184.35%
LONG-TERM ASSETS
Property, Plant & Equipment $9.125B $9.383B
YoY Change -2.75% 18.11%
Goodwill
YoY Change
Intangibles $44.00M
YoY Change
Long-Term Investments $14.00M $30.00M
YoY Change -53.33% -38.78%
Other Assets $32.00M $38.00M
YoY Change -15.79% 171.43%
Total Long-Term Assets $9.493B $9.787B
YoY Change -3.0% 10.34%
TOTAL ASSETS
Total Short-Term Assets $941.0M $1.490B
Total Long-Term Assets $9.493B $9.787B
Total Assets $10.43B $11.28B
YoY Change -7.48% 20.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $196.0M $188.0M
YoY Change 4.26% 16.05%
Accrued Expenses $240.0M $257.0M
YoY Change -6.61% 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 $516.0M $548.0M
YoY Change -5.84% -10.31%
LONG-TERM LIABILITIES
Long-Term Debt $5.121B $4.870B
YoY Change 5.15% 65.14%
Other Long-Term Liabilities $134.0M $241.0M
YoY Change -44.4% 13.15%
Total Long-Term Liabilities $5.255B $5.111B
YoY Change 2.82% 61.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $516.0M $548.0M
Total Long-Term Liabilities $5.255B $5.111B
Total Liabilities $5.781B $5.647B
YoY Change 2.37% 48.06%
SHAREHOLDERS EQUITY
Retained Earnings $185.0M
YoY Change
Common Stock $4.522B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.704B $5.630B
YoY Change
Total Liabilities & Shareholders Equity $10.43B $11.28B
YoY Change -7.48% 20.04%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$190.0M -$688.0M
YoY Change -72.38% -816.67%
Depreciation, Depletion And Amortization $74.00M $75.00M
YoY Change -1.33% 20.97%
Cash From Operating Activities -$71.00M -$13.00M
YoY Change 446.15% -118.06%
INVESTING ACTIVITIES
Capital Expenditures $5.000M $26.00M
YoY Change -80.77% -59.38%
Acquisitions
YoY Change
Other Investing Activities $2.000M $206.0M
YoY Change -99.03% 212.12%
Cash From Investing Activities -$3.000M $180.0M
YoY Change -101.67% 8900.0%
FINANCING ACTIVITIES
Cash Dividend Paid $136.0M
YoY Change -32.34%
Common Stock Issuance & Retirement, Net $0.00 $66.00M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.000M 789.0M
YoY Change -100.89% -477.51%
NET CHANGE
Cash From Operating Activities -71.00M -13.00M
Cash From Investing Activities -3.000M 180.0M
Cash From Financing Activities -7.000M 789.0M
Net Change In Cash -81.00M 956.0M
YoY Change -108.47% -808.15%
FREE CASH FLOW
Cash From Operating Activities -$71.00M -$13.00M
Capital Expenditures $5.000M $26.00M
Free Cash Flow -$76.00M -$39.00M
YoY Change 94.87% -587.5%

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: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. Interim results are not necessarily indicative of full year performance.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;"> </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:4.54%;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 loss and the condensed consolidated statements of cash flows for the three months ended March 31, 2020 have been reclassified to conform to the current period presentation.</p>
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52000000
CY2021Q1 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2021Q1 us-gaap Depreciation Nonproduction
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73000000
CY2020Q1 us-gaap Depreciation Nonproduction
DepreciationNonproduction
74000000
CY2020Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
88000000
CY2021Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
5121000000
CY2020Q2 pk Debt Instrument Libor Floor
DebtInstrumentLIBORFloor
0.0025
CY2021Q1 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
14000000
CY2020Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
14000000
CY2021Q1 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
943000000
CY2020Q4 pk Unconsolidated Affiliate Debt
UnconsolidatedAffiliateDebt
943000000
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
607000000
CY2021Q1 us-gaap Capital Lease Obligations
CapitalLeaseObligations
1000000
CY2020Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
1000000
CY2021Q1 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
5155000000
CY2020Q4 pk Longterm Debt And Financing Lease Obligations Gross
LongtermDebtAndFinancingLeaseObligationsGross
5156000000
CY2021Q1 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
3000000
CY2020Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
3000000
CY2021Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
37000000
CY2020Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
38000000
CY2020Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
5121000000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
115000000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
99000000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1332000000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
677000000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
657000000
CY2021Q1 pk Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
2275000000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
5155000000
CY2019 pk Percentage Of Adjusted Taxable Income
PercentageOfAdjustedTaxableIncome
0.30
CY2020 pk Percentage Of Adjusted Taxable Income
PercentageOfAdjustedTaxableIncome
0.30
CY2021Q1 pk Percentage Of Adjusted Taxable Income
PercentageOfAdjustedTaxableIncome
0.50
CY2020Q1 pk Percentage Of Adjusted Taxable Income
PercentageOfAdjustedTaxableIncome
0.50
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000
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
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1000000
CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-4000000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.600
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.002
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.600
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-190000000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q1 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
-190000000
CY2020Q1 pk Net Income Attributable To Stockholders Net Of Earnings Allocated To Participating Securities
NetIncomeAttributableToStockholdersNetOfEarningsAllocatedToParticipatingSecurities
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
235000000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
238000000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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1000000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236000000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
238000000
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.81
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.81
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.89
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
165000000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
599000000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-191000000
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-689000000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
74000000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
75000000
CY2021Q1 pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
18000000
CY2020Q1 pk Corporate General And Administrative Expenses Excluding Severance
CorporateGeneralAndAdministrativeExpensesExcludingSeverance
14000000
CY2020Q1 pk Impairment Loss And Casualty Gain Loss Net
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694000000
CY2021Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
7000000
CY2020Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
21000000
CY2020Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
62000000
CY2020Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000000
CY2021Q1 us-gaap Interest Expense
InterestExpense
63000000
CY2020Q1 us-gaap Interest Expense
InterestExpense
40000000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10000000
CY2020Q1 us-gaap Severance Costs1
SeveranceCosts1
-2000000
CY2020Q1 pk Other Items
OtherItems
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CY2021Q1 pk Adjusted Ebitda
AdjustedEbitda
-36000000
CY2020Q1 pk Adjusted Ebitda
AdjustedEbitda
91000000
CY2021Q1 pk Other Items
OtherItems
4000000
CY2021Q1 us-gaap Assets
Assets
10434000000
CY2020Q4 us-gaap Assets
Assets
10587000000
CY2021Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
52000000

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