Park Hotels & Resorts (PK) FY2020 results: revenue $852 million, down 70.0% on the year
Park Hotels & Resorts Inc. (PK) reported revenue of $852 million for fiscal 2020, the year ended 31 December 2020, down 70.0% on the year before. Net income was -$1.4 billion, and diluted earnings per share $-6.11. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$852 million
-70.0% on the year
FY2015FY2020
Operating margin
-141.1%
15.0% a year earlier
FY2015FY2020
Net income
-$1.4 billion
FY2015FY2020
Diluted EPS
-$6.11
FY2015FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
852
2,844
2,737
-70.0%
Operating income
-1,202
426
504
Operating margin
-141.1%
15.0%
18.4%
Interest expense
213
140
127
+52.1%
Pre-tax income
-1,450
351
500
Income tax
-6.0
35.0
23.0
Effective tax rate
n/a
10.0%
4.6%
Net income
-1,440
306
472
Net margin
-169.0%
10.8%
17.2%
Diluted EPS
-$6.11
$1.44
$2.31
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-438
499
444
Capital expenditure
86.0
240
178
-64.2%
Free cash flow
-524
259
266
Free cash flow margin
-61.5%
9.1%
9.7%
Cash from investing
119
-635
419
Cash from financing
914
97.0
-816
+842.3%
Depreciation and amortisation
298
264
277
+12.9%
Share-based compensation
20.0
16.0
16.0
+25.0%
Buybacks
66.0
0.0
348
Dividends paid
241
494
464
-51.2%
Dividend per share
$0.45
$1.90
$1.99
-76.3%
Diluted shares, weighted
236m
213m
204m
+10.8%
Shares outstanding at period end
236m
239m
201m
-1.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,893
6,496
5,632
-24.7%
Non-controlling interest
-50.0
-45.0
-46.0
Debt
5,156
3,886
2,958
+32.7%
Other liabilities
588
953
819
-38.3%
Total liabilities and equity
10,587
11,290
9,363
-6.2%
Fixed assets
9,193
9,594
7,975
-4.2%
Goodwill
n/a
607
607
Intangible assets
45.0
46.0
27.0
-2.2%
Cash and equivalents
951
346
410
+174.9%
Other assets
398
697
344
-42.9%
Total assets
10,587
11,290
9,363
-6.2%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.