Company Quick10K Filing
Park Hotels & Resorts
Price24.80 EPS1
Shares239 P/E24
MCap5,937 P/FCF17
Net Debt3,754 EBIT355
TEV9,691 TEV/EBIT27
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-02
8-K 2020-11-07
8-K 2020-11-05
8-K 2020-10-23
8-K 2020-09-18
8-K 2020-09-15
8-K 2020-09-14
8-K 2020-08-05
8-K 2020-05-29
8-K 2020-05-27
8-K 2020-05-19
8-K 2020-05-18
8-K 2020-05-11
8-K 2020-05-08
8-K 2020-04-24
8-K 2020-03-20
8-K 2020-03-16
8-K 2020-02-26
8-K 2020-02-20
8-K 2020-01-27
8-K 2020-01-15
8-K 2019-11-06
8-K 2019-09-13
8-K 2019-09-02
8-K 2019-08-28
8-K 2019-07-31
8-K 2019-05-06
8-K 2019-05-05
8-K 2019-04-26
8-K 2019-02-27
8-K 2019-02-22
8-K 2019-01-25
8-K 2018-11-01
8-K 2018-06-30
8-K 2018-04-27
8-K 2018-03-31
8-K 2018-03-06
8-K 2018-03-05
8-K 2017-12-31

PK 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1: Organization and Recent Events
Note 2: Basis of Presentation and Summary of Significant Accounting Policies
Note 3: Acquisitions and Dispositions
Note 4: Property and Equipment
Note 5: Consolidated Variable Interest Entities ("VIES") and Investments in Affiliates
Note 6: Goodwill
Note 7: Debt
Note 8: Fair Value Measurements
Note 9: Income Taxes
Note 10: Share - Based Compensation
Note 11: Earnings per Share
Note 12: Business Segment Information
Note 13: Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits
EX-31.1 pk-ex311_8.htm
EX-31.2 pk-ex312_6.htm
EX-32.1 pk-ex321_9.htm
EX-32.2 pk-ex322_7.htm

Park Hotels & Resorts Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
151296302017201820192020
Assets, Equity
2.41.91.41.00.50.02017201820192020
Rev, G Profit, Net Income
0.80.40.1-0.3-0.6-1.02017201820192020
Ops, Inv, Fin

pk-10q_20200930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to           

Commission File Number 001-37795

 

Park Hotels & Resorts Inc.

(Exact name of Registrant as specified in its Charter)

 

 Delaware

 

36-2058176

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S Employer

Identification No.)

 

1775 Tysons Boulevard., 7th Floor, Tysons, VA

 

22102

(Address of principal executive offices)

 

(Zip Code)

(Registrant’s telephone number, including area code): (571) 302-5757

 

 

Securities registered pursuant to Section 12(b) of the Act.

 

Title of each class

Trading Symbol

Name of exchange on which registered

Common Stock, $0.01 par value per share

PK

New York Stock Exchange

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

The number of shares of common stock outstanding on October 30, 2020 was 235,612,787.

 

 

 

 


 

Table of Contents

 

PART I. FINANCIAL INFORMATION

 

Page

 

 

 

 

Item 1.

Financial Statements (unaudited)

 

2

 

Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

 

2

 

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2020 and 2019

 

3

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

 

4

 

Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2020 and 2019  

 

5

 

Notes to Condensed Consolidated Financial Statements

 

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

20

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

32

Item 4.

Controls and Procedures

 

32

 

 

 

 

PART II. OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

 

33

Item 1A.

Risk Factors

 

33

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

35

Item 3.

Defaults Upon Senior Securities

 

36

Item 4.

Mine Safety Disclosures

 

36

Item 5.

Other Information

 

36

Item 6.

Exhibits

 

37

 

Signatures

 

38

 

 

 

1


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Property and equipment, net

 

$

9,255

 

 

$

9,594

 

Assets held for sale, net

 

 

 

 

 

71

 

Investments in affiliates

 

 

17

 

 

 

35

 

Goodwill

 

 

 

 

 

607

 

Intangibles, net

 

 

45

 

 

 

46

 

Cash and cash equivalents

 

 

1,134

 

 

 

346

 

Restricted cash

 

 

35

 

 

 

40

 

Accounts receivable, net of allowance for doubtful accounts of $4 and $2

 

 

36

 

 

 

180

 

Prepaid expenses

 

 

43

 

 

 

83

 

Other assets

 

 

53

 

 

 

40

 

Operating lease right-of-use assets

 

 

235

 

 

 

248

 

TOTAL ASSETS (variable interest entities - $234 and $242)

 

$

10,853

 

 

$

11,290

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt

 

$

5,121

 

 

$

3,871

 

Accounts payable and accrued expenses

 

 

168

 

 

 

217

 

Due to hotel managers

 

 

102

 

 

 

159

 

Deferred income tax liabilities

 

 

34

 

 

 

50

 

Other liabilities

 

 

124

 

 

 

282

 

Operating lease liabilities

 

 

249

 

 

 

260

 

Total liabilities (variable interest entities - $217 and $219)

 

 

5,798

 

 

 

4,839

 

Commitments and contingencies - refer to Note 13

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share, 6,000,000,000 shares authorized,

    235,914,952 shares issued and 235,613,445 shares outstanding as of

    September 30, 2020 and 239,589,639 shares issued and 239,386,877

    shares outstanding as of December 31, 2019

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

4,512

 

 

 

4,575

 

Retained earnings

 

 

595

 

 

 

1,922

 

Accumulated other comprehensive loss

 

 

(5

)

 

 

(3

)

Total stockholders' equity

 

 

5,104

 

 

 

6,496

 

Noncontrolling interests

 

 

(49

)

 

 

(45

)

Total equity

 

 

5,055

 

 

 

6,451

 

TOTAL LIABILITIES AND EQUITY

 

$

10,853

 

 

$

11,290

 

 

Refer to the notes to the unaudited condensed consolidated financial statements.

 

2


 

PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(unaudited, in millions, except per share data)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms

 

$

70

 

 

$

430

 

 

$

453

 

 

$

1,267

 

Food and beverage

 

 

10

 

 

 

156

 

 

 

174

 

 

 

534

 

Ancillary hotel

 

 

15

 

 

 

64

 

 

 

87

 

 

 

174

 

Other

 

 

3

 

 

 

22

 

 

 

25

 

 

 

59

 

Total revenues

 

 

98

 

 

 

672

 

 

 

739

 

 

 

2,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms

 

 

30

 

 

 

114

 

 

 

162

 

 

 

334

 

Food and beverage

 

 

18

 

 

 

117

 

 

 

155

 

 

 

371

 

Other departmental and support

 

 

64

 

 

 

153

 

 

 

296

 

 

 

453

 

Other property-level

 

 

84

 

 

 

54

 

 

 

200

 

 

 

152

 

Management fees

 

 

2

 

 

 

32

 

 

 

27

 

 

 

101

 

Impairment and casualty loss, net

 

 

2

 

 

 

8

 

 

 

696

 

 

 

8

 

Depreciation and amortization

 

 

75

 

 

 

61

 

 

 

225

 

 

 

184

 

Corporate general and administrative

 

 

13

 

 

 

14

 

 

 

42

 

 

 

47

 

Acquisition costs

 

 

9

 

 

 

59

 

 

 

10

 

 

 

65

 

Other

 

 

6

 

 

 

23

 

 

 

31

 

 

 

61

 

Total expenses

 

 

303

 

 

 

635

 

 

 

1,844

 

 

 

1,776

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) gain on sales of assets, net

 

 

(1

)

 

 

1

 

 

 

62

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income

 

 

(206

)

 

 

38

 

 

 

(1,043

)

 

 

278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

2

 

 

 

2

 

 

 

5

 

Interest expense

 

 

(59

)

 

 

(33

)

 

 

(149

)

 

 

(98

)

Equity in (losses) earnings from investments in affiliates

 

 

(7

)

 

 

3

 

 

 

(16

)

 

 

18

 

Other loss, net

 

 

(3

)

 

 

(1

)

 

 

(6

)

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

 

(275

)

 

 

9

 

 

 

(1,212

)

 

 

202

 

Income tax expense

 

 

(1

)

 

 

 

 

 

(14

)

 

 

(12

)

Net (loss) income

 

 

(276

)

 

 

9

 

 

 

(1,226

)

 

 

190

 

Net loss (income) attributable to noncontrolling interests

 

 

 

 

 

(4

)

 

 

3

 

 

 

(7

)

Net (loss) income attributable to stockholders

 

$

(276

)

 

$

5

 

 

$

(1,223

)

 

$

183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustment, net of tax expense of $0

 

 

1

 

 

 

(3

)

 

 

4

 

 

 

(2

)

Change in fair value of interest rate swap, net of tax expense

    of $0

 

 

 

 

 

 

 

 

(6

)

 

 

 

Total other comprehensive income (loss)

 

 

1

 

 

 

(3

)

 

 

(2

)

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (loss) income

 

 

(275

)

 

 

6

 

 

 

(1,228

)

 

 

188

 

Comprehensive (income) loss attributable to noncontrolling

   interests

 

 

 

 

 

(4

)

 

 

3

 

 

 

(7

)

Comprehensive (loss) income attributable to stockholders

 

$

(275

)

 

$

2

 

 

$

(1,225

)

 

$

181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) Earnings per share - Basic

 

$

(1.17

)

 

$

0.02

 

 

$

(5.19

)

 

$

0.90

 

(Loss) Earnings per share - Diluted

 

$

(1.17

)

 

$

0.02

 

 

$

(5.19

)

 

$

0.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - Basic

 

 

235

 

 

 

206

 

 

 

236

 

 

 

203

 

Weighted average shares outstanding - Diluted

 

 

235

 

 

 

207

 

 

 

236

 

 

 

204

 

 

Refer to the notes to the unaudited condensed consolidated financial statements.

3


 

PARK HOTELS & RESORTS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2020

 

 

2019

 

Operating Activities:

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(1,226

)

 

$

190

 

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating

   activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

225

 

 

 

184

 

Gain on sales of assets, net

 

 

(62

)

 

 

(20

)

Impairment and casualty loss, net

 

 

696

 

 

 

8

 

Equity in losses (earnings) from investments in affiliates

 

 

16

 

 

 

(18

)

Other loss, net

 

 

6

 

 

 

1

 

Share-based compensation expense

 

 

10

 

 

 

12

 

Amortization of deferred financing costs

 

 

6

 

 

 

3

 

Distributions from unconsolidated affiliates

 

 

5

 

 

 

16

 

Deferred income taxes

 

 

2

 

 

 

 

Changes in operating assets and liabilities

 

 

48

 

 

 

(27

)

Net cash (used in) provided by operating activities

 

 

(274

)

 

 

349

 

Investing Activities:

 

 

 

 

 

 

 

 

Acquisitions, net of cash and restricted cash acquired

 

 

 

 

 

(913

)

Capital expenditures for property and equipment

 

 

(70

)

 

 

(182

)

Proceeds from asset dispositions, net

 

 

207

 

 

 

230

 

Contributions to unconsolidated affiliates

 

 

(2

)

 

 

 

Insurance proceeds for property damage claims

 

 

1

 

 

 

10

 

Net cash provided by (used in) investing activities

 

 

136

 

 

 

(855

)

Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of Senior Secured Notes

 

 

1,376

 

 

 

 

Borrowings from credit facilities

 

 

1,000

 

 

 

850

 

Repayments of credit facilities

 

 

(1,099

)

 

 

 

Repayment of mortgage debt

 

 

(4

)

 

 

 

Debt issuance costs

 

 

(39

)

 

 

(11

)

Dividends paid

 

 

(241

)

 

 

(382

)

Distributions to noncontrolling interests, net

 

 

(1

)

 

 

(5

)

Tax withholdings on share-based compensation

 

 

(5

)

 

 

(7

)

Repurchase of common stock

 

 

(66

)

 

 

 

Net cash provided by financing activities

 

 

921

 

 

 

445

 

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

783

 

 

 

(61

)

Cash and cash equivalents and restricted cash, beginning of period

 

 

386

 

 

 

425

 

Cash and cash equivalents and restricted cash, end of period

 

$

1,169

 

 

$

364

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosures