Park Hotels & Resorts Files Q3 2024 10-Q
Ticker: PK · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 1617406
Sentiment: neutral
Topics: 10-Q, real-estate, hospitality, financials
TL;DR
**PARK Q3 10-Q FILED: Check financials for latest hotel performance.**
AI Summary
Park Hotels & Resorts Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial metrics and business segment information are provided, reflecting the company's ongoing activities in the hotel and lodging industry.
Why It Matters
This filing provides investors with a detailed look at Park Hotels & Resorts' financial health and operational performance during the third quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — As a real estate and hospitality company, Park Hotels & Resorts is subject to market fluctuations, interest rate changes, and economic downturns that can impact its performance.
Key Numbers
- 2024 Q3 — Reporting Period (Indicates the specific quarter for which financial data is reported.)
- 12/31 — Fiscal Year End (Specifies the end date of the company's fiscal year.)
Key Players & Entities
- Park Hotels & Resorts Inc. (company) — Filer of the 10-Q
- 20240930 (date) — End of reporting period
- 20241030 (date) — Filing date
- Hilton Worldwide, Inc. (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on October 30, 2024.
What was Park Hotels & Resorts Inc. formerly known as?
Park Hotels & Resorts Inc. was formerly known as Hilton Worldwide, Inc.
What is the Standard Industrial Classification (SIC) code for Park Hotels & Resorts Inc.?
The SIC code for Park Hotels & Resorts Inc. is 7011, which corresponds to Hotels & Motels.
In which state was Park Hotels & Resorts Inc. incorporated?
Park Hotels & Resorts Inc. was incorporated in Delaware (DE).
Filing Stats: 5,018 words · 20 min read · ~17 pages · Grade level 14.8 · Accepted 2024-10-30 16:02:19
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-20240930.htm (10-Q) — 1140KB
- ex311.htm (EX-31.1) — 10KB
- ex312.htm (EX-31.2) — 10KB
- ex321.htm (EX-32.1) — 6KB
- ex322.htm (EX-32.2) — 6KB
- 0001617406-24-000070.txt ( ) — 5847KB
- pk-20240930.xsd (EX-101.SCH) — 43KB
- pk-20240930_cal.xml (EX-101.CAL) — 63KB
- pk-20240930_def.xml (EX-101.DEF) — 240KB
- pk-20240930_lab.xml (EX-101.LAB) — 485KB
- pk-20240930_pre.xml (EX-101.PRE) — 364KB
- pk-20240930_htm.xml (XML) — 697KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Page Item 1.
Financial Statements (unaudited)
Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets as of September 30 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 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 32 Item 1A.
Risk Factors
Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34
Signatures
Signatures 35 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) September 30, 2024 December 31, 2023 (unaudited) ASSETS Property and equipment, net $ 7,413 $ 7,459 Contract asset 804 760 Intangibles, net 42 42 Cash and cash equivalents 480 717 Restricted cash 38 33 Accounts receivable, net of allowance for doubtful accounts of $ 3 and $ 3 124 112 Prepaid expenses 57 59 Other assets 38 40 Operating lease right-of-use assets 177 197 TOTAL ASSETS (variable interest entities – $ 231 and $ 236 ) $ 9,173 $ 9,419 LIABILITIES AND EQUITY Liabilities Debt $ 3,855 $ 3,765 Debt associated with hotels in receivership 725 725 Accrued interest associated with hotels in receivership 79 35 Accounts payable and accrued expenses 240 210 Dividends payable 57 362 Due to hotel managers 111 131 Other liabilities 187 200 Operating lease liabilities 212 223 Total liabilities (variable interest entities – $ 215 and $ 218 ) 5,466 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, 207,257,541 shares issued and 206,403,675 shares outstanding as of September 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 4,103 4,156 Accumulated deficit ( 353 ) ( 344 ) Total stockholders' equity 3,752 3,814 Noncontrolling interests ( 45 ) ( 46 ) Total equity 3,707 3,768 TOTAL LIABILITIES AND EQUITY $ 9,173 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues Rooms $ 403 $ 432 $ 1,193 $ 1,256 Food and beverage 157 159 521 518 Ancillar