Park Hotels & Resorts Inc. Files 10-Q for Q1 2024
Ticker: PK · Form: 10-Q · Filed: May 1, 2024 · CIK: 1617406
Sentiment: neutral
Topics: 10-Q, Park Hotels & Resorts, Q1 2024, Financial Filing, Hotel Industry
TL;DR
<b>Park Hotels & Resorts Inc. has filed its Q1 2024 10-Q, detailing financial performance and operational data.</b>
AI Summary
Park Hotels & Resorts Inc. (PK) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Park Hotels & Resorts Inc. filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's address is 1775 Tyson's Blvd, 7th Floor, Tysons, VA 22102. The company was formerly known as Hilton Worldwide, Inc. until August 20, 2014. The filing includes data related to various financial and operational segments for Q1 2024 and Q1 2023.
Why It Matters
For investors and stakeholders tracking Park Hotels & Resorts Inc., this filing contains several important signals. This 10-Q provides investors with a quarterly update on the company's financial health and operational performance, crucial for assessing investment value. Understanding the segment-specific revenues and operational metrics allows for a deeper analysis of the company's business drivers and potential future growth.
Risk Assessment
Risk Level: medium — Park Hotels & Resorts Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial and operational information. However, the hotel industry can be sensitive to economic downturns and travel trends, which are not explicitly detailed as risks in this excerpt but are inherent to the business.
Analyst Insight
Review the detailed segment revenues and operational metrics in the 10-Q to identify trends and compare performance against prior periods and industry benchmarks.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Occupancy | ||
| Food and Beverage | ||
| Ancillary Hotel | ||
| Hotel Other |
Key Numbers
- 2024-03-31 — Period of Report (Conformed Period of Report)
- 2024-05-01 — Filing Date (Filed as of Date)
- 2024-01-01 — Quarter Start Date (Reporting Period)
- 2023-03-31 — Prior Year Quarter End (Comparison Period)
Key Players & Entities
- Park Hotels & Resorts Inc. (company) — Filer
- 1775 Tyson's Blvd, 7th Floor, Tysons, VA 22102 (company) — Business Address
- Hilton Worldwide, Inc. (company) — Former Company Name
- 2014-08-20 (date) — Date of Name Change
FAQ
When did Park Hotels & Resorts Inc. file this 10-Q?
Park Hotels & Resorts Inc. filed this Quarterly Report (10-Q) with the SEC on May 1, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Park Hotels & Resorts Inc. (PK).
Where can I read the original 10-Q filing from Park Hotels & Resorts Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Park Hotels & Resorts Inc..
What are the key takeaways from Park Hotels & Resorts Inc.'s 10-Q?
Park Hotels & Resorts Inc. filed this 10-Q on May 1, 2024. Key takeaways: Park Hotels & Resorts Inc. filed a 10-Q for the period ending March 31, 2024.. The filing covers the first quarter of 2024.. The company's address is 1775 Tyson's Blvd, 7th Floor, Tysons, VA 22102..
Is Park Hotels & Resorts Inc. a risky investment based on this filing?
Based on this 10-Q, Park Hotels & Resorts Inc. presents a moderate-risk profile. The filing is a standard quarterly report (10-Q), which typically contains routine financial and operational information. However, the hotel industry can be sensitive to economic downturns and travel trends, which are not explicitly detailed as risks in this excerpt but are inherent to the business.
What should investors do after reading Park Hotels & Resorts Inc.'s 10-Q?
Review the detailed segment revenues and operational metrics in the 10-Q to identify trends and compare performance against prior periods and industry benchmarks. The overall sentiment from this filing is neutral.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
- 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.
Filing Stats: 4,871 words · 19 min read · ~16 pages · Grade level 13.9 · Accepted 2024-05-01 16:09:07
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share PK New York Stock E
Filing Documents
- pk-20240331.htm (10-Q) — 797KB
- ex311-q12024.htm (EX-31.1) — 10KB
- ex312-q12024.htm (EX-31.2) — 10KB
- ex321-q12024.htm (EX-32.1) — 6KB
- ex322-q12024.htm (EX-32.2) — 6KB
- 0001617406-24-000039.txt ( ) — 4709KB
- pk-20240331.xsd (EX-101.SCH) — 39KB
- pk-20240331_cal.xml (EX-101.CAL) — 59KB
- pk-20240331_def.xml (EX-101.DEF) — 199KB
- pk-20240331_lab.xml (EX-101.LAB) — 428KB
- pk-20240331_pre.xml (EX-101.PRE) — 320KB
- pk-20240331_htm.xml (XML) — 508KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Page Item 1.
Financial Statements (unaudited)
Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.
Controls and Procedures
Controls and Procedures 25
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 26 Item 1A.
Risk Factors
Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28
Signatures
Signatures 29 2 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. PARK HOTELS & RESORTS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share and per share data) March 31, 2024 December 31, 2023 (unaudited) ASSETS Property and equipment, net $ 7,441 $ 7,459 Contract asset 774 760 Intangibles, net 42 42 Cash and cash equivalents 378 717 Restricted cash 32 33 Accounts receivable, net of allowance for doubtful accounts of $ 3 and $ 3 125 112 Prepaid expenses 62 59 Other assets 40 40 Operating lease right-of-use assets 191 197 TOTAL ASSETS (variable interest entities – $ 231 and $ 236 ) $ 9,085 $ 9,419 LIABILITIES AND EQUITY Liabilities Debt $ 3,764 $ 3,765 Debt associated with hotels in receivership 725 725 Accrued interest associated with hotels in receivership 49 35 Accounts payable and accrued expenses 223 210 Dividends payable 57 362 Due to hotel managers 101 131 Other liabilities 206 200 Operating lease liabilities 218 223 Total liabilities (variable interest entities – $ 217 and $ 218 ) 5,343 5,651 Commitments and contingencies – refer to Note 11 Stockholders' Equity Common stock, par value $ 0.01 per share, 6,000,000,000 shares authorized, 211,377,190 shares issued and 210,525,968 shares outstanding as of March 31, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023 2 2 Additional paid-in capital 4,154 4,156 Accumulated deficit ( 367 ) ( 344 ) Total stockholders' equity 3,789 3,814 Noncontrolling interests ( 47 ) ( 46 ) Total equity 3,742 3,768 TOTAL LIABILITIES AND EQUITY $ 9,085 $ 9,419 Refer to the notes to the unaudited condensed consolidated financial statements. 3 Table of Contents PARK HOTELS & RESORTS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except per share data) Three Months Ended March 31, 2024 2023 Revenues Rooms $ 374 $ 382 Food and beverage 182 181 Ancillary hotel 62 65 Other 21 20 Total revenues 639 648 Operating expenses Rooms