Park Hotels & Resorts Q2 2024 10-Q Filing

Ticker: PK · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 1617406

Sentiment: neutral

Topics: 10-Q, quarterly-report, real-estate, hospitality

TL;DR

**PARK HOTELS & RESORTS FILES Q2 10-Q: FINANCIALS AND OPERATIONS DETAILED.**

AI Summary

Park Hotels & Resorts Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial metrics and operational data are presented, reflecting the company's performance in the hotel and lodging sector.

Why It Matters

This filing provides investors with a detailed look at Park Hotels & Resorts' financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the hotel industry can be sensitive to economic fluctuations and travel trends.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Park Hotels & Resorts Inc.?

Park Hotels & Resorts Inc. operates in the Hotels & Motels sector, as indicated by its Standard Industrial Classification code [7011].

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted on August 1, 2024.

What period does this 10-Q report cover?

This 10-Q report covers the period ending June 30, 2024.

What was Park Hotels & Resorts Inc. formerly known as?

Park Hotels & Resorts Inc. was formerly known as Hilton Worldwide, Inc., with a name change date of August 20, 2014.

Where is Park Hotels & Resorts Inc. headquartered?

The company's business and mailing address is 1775 Tyson's Blvd, 7th Floor, Tysons, VA 22102.

Filing Stats: 5,026 words · 20 min read · ~17 pages · Grade level 14.5 · Accepted 2024-08-01 16:06:35

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 32

Signatures

Signatures 34 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) June 30, 2024 December 31, 2023 (unaudited) ASSETS Property and equipment, net $ 7,422 $ 7,459 Contract asset 789 760 Intangibles, net 42 42 Cash and cash equivalents 449 717 Restricted cash 35 33 Accounts receivable, net of allowance for doubtful accounts of $ 4 and $ 3 133 112 Prepaid expenses 75 59 Other assets 40 40 Operating lease right-of-use assets 181 197 TOTAL ASSETS (variable interest entities – $ 237 and $ 236 ) $ 9,166 $ 9,419 LIABILITIES AND EQUITY Liabilities Debt $ 3,856 $ 3,765 Debt associated with hotels in receivership 725 725 Accrued interest associated with hotels in receivership 64 35 Accounts payable and accrued expenses 230 210 Dividends payable 58 362 Due to hotel managers 111 131 Other liabilities 171 200 Operating lease liabilities 215 223 Total liabilities (variable interest entities – $ 217 and $ 218 ) 5,430 5,651 Commitments and contingencies – refer to Note 12 Stockholders' Equity Common stock, par value $ 0.01 per share, 6,000,000,000 shares authorized, 209,770,362 shares issued and 208,917,170 shares outstanding as of June 30, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023 2 2 Additional paid-in capital 4,133 4,156 Accumulated deficit ( 355 ) ( 344 ) Total stockholders' equity 3,780 3,814 Noncontrolling interests ( 44 ) ( 46 ) Total equity 3,736 3,768 TOTAL LIABILITIES AND EQUITY $ 9,166 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues Rooms $ 416 $ 442 $ 790 $ 824 Food and beverage 182 178 364 359 Ancillary hotel 66 72 128 137 Ot

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