Park Hotels & Resorts (PK) FY2019 results: revenue $2.8 billion, up 3.9% on the year
Park Hotels & Resorts Inc. (PK) reported revenue of $2.8 billion for fiscal 2019, the year ended 31 December 2019, up 3.9% on the year before. Net income was $306 million, down 35.2%, and diluted earnings per share $1.44. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$2.8 billion
+3.9% on the year
FY2015FY2019
Operating margin
15.0%
18.4% a year earlier
FY2015FY2019
Net income
$306 million
-35.2% on the year
FY2015FY2019
Diluted EPS
$1.44
-37.7% on the year
FY2015FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,844
2,737
2,791
+3.9%
Operating income
426
504
371
-15.5%
Operating margin
15.0%
18.4%
13.3%
Interest expense
140
127
124
+10.2%
Pre-tax income
351
500
285
-29.8%
Income tax
35.0
23.0
-2,346
+52.2%
Effective tax rate
10.0%
4.6%
-823.2%
Net income
306
472
2,625
-35.2%
Net margin
10.8%
17.2%
94.1%
Diluted EPS
$1.44
$2.31
$12.21
-37.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
499
444
653
+12.4%
Capital expenditure
240
178
185
+34.8%
Free cash flow
259
266
468
-2.6%
Free cash flow margin
9.1%
9.7%
16.8%
Cash from investing
-635
419
-165
Cash from financing
97.0
-816
-459
Depreciation and amortisation
264
277
288
-4.7%
Share-based compensation
16.0
16.0
14.0
0.0%
Buybacks
0.0
348
n/a
Dividends paid
494
464
386
+6.5%
Dividend per share
$1.90
$1.99
$1.84
-4.5%
Diluted shares, weighted
213m
204m
214m
+4.4%
Shares outstanding at period end
239m
201m
215m
+19.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
6,496
5,632
6,011
+15.3%
Non-controlling interest
-45.0
-46.0
-49.0
Debt
3,886
2,958
2,973
+31.4%
Other liabilities
953
819
779
+16.4%
Total liabilities and equity
11,290
9,363
9,714
+20.6%
Fixed assets
9,594
7,975
8,311
+20.3%
Goodwill
607
607
606
0.0%
Intangible assets
46.0
27.0
41.0
+70.4%
Cash and equivalents
346
410
364
-15.6%
Other assets
697
344
392
+102.6%
Total assets
11,290
9,363
9,714
+20.6%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.