About Park and Safe Harbor Disclosure About Park Hotels & Resorts Inc. Park (NYSE: PK) is one of the largest publicly-traded lodging REITs with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 45 premium-branded hotels and resorts with over 29,000 rooms primarily located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information. Forward-Looking Statements This suppl ...

Park Hotels & Resorts Inc. (NYSE:PK) Q1 2023 Earnings Conference Call May 1, 2023 11:00 AM ET Company Participants Ian C. Weissman - SVP, Corporate Strategy Thomas J. Baltimore, Jr. - Chairman, President and CEO Sean Dell'Orto - EVP, CFO, and Treasurer Conference Call Participants Smedes Rose - Citigroup Duane Pfennigwerth - Evercore ISI Floris Van Dijkum - Compass Point Research Dany Asad - Bank of America Securities Anthony Powell - Barclays Bank Aryeh Klein - BMO Capital Markets Dori Kesten - Wells Fargo ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's Q1 2023 financial statements show significant performance improvement, with total revenues increasing by **35.3%** to **$648 million** and a swing from a **$56 million** net loss to a **$33 million** net income [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets decreased to **$9,553 million** from **$9,731 million**, primarily due to reduced cash, while total liabilities also decreased to **$5,365 million** Condensed Consolidated Balance Sheets (in millions) | Account | March 31, 2023 (unaudited) | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$9,553** | **$9,731** | | Cash and cash equivalents | $842 | $906 | | Property and equipment, net | $8,198 | $8,301 | | **Total Liabilities** | **$5,365** | **$5,440** | | Debt | $4,566 | $4,617 | | **Total Equity** | **$4,188** | **$4,291** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues increased by **35.3%** to **$648 million** for the three months ended March 31, 2023, resulting in a net income of **$33 million** compared to a **$57 million** net loss in the prior-year period Condensed Consolidated Statements of Operations (in millions, except per share data) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Total Revenues | $648 | $479 | | Operating Income | $80 | $1 | | Net Income (Loss) Attributable to Stockholders | $33 | $(57) | | Earnings (Loss) per Share – Diluted | $0.15 | $(0.24) | - The company recognized a **$15 million** gain on the sale of assets during Q1 2023, which contributed to the positive net income[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly increased to **$104 million** in Q1 2023, with **$49 million** from investing activities and **$217 million** used in financing activities Summary of Cash Flows (in millions) | Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $104 | $44 | | Net cash provided by (used in) investing activities | $49 | $(21) | | Net cash used in financing activities | $(217) | $(69) | | **Net decrease in cash** | **$(64)** | **$(46)** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's REIT organization, accounting policies, and key financial activities including land acquisition, hotel sale, debt structure, and **$168 million** in capital expenditure commitments - In March 2023, the company purchased two parcels of land adjacent to the Hilton Hawaiian Village Waikiki Beach Resort for approximately **$18 million**[31](index=31&type=chunk) - In February 2023, the company sold the Hilton Miami Airport hotel for gross proceeds of **$118.25 million**, recognizing a net gain of approximately **$15 million**[32](index=32&type=chunk) - Total debt as of March 31, 2023, was approximately **$4.6 billion**, with contractual maturities of **$861 million** in 2023[36](index=36&type=chunk)[41](index=41&type=chunk) - The company has outstanding commitments of approximately **$168 million** for capital expenditures, including major projects at the Bonnet Creek complex, Casa Marina Key West, and Hilton Hawaiian Village[54](index=54&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q1 2023 performance to improved demand across segments, maintaining a strong liquidity position with **$842 million** in cash and nearly **$1 billion** available under its revolving credit facility [Overview and Outlook](index=14&type=section&id=Overview%20and%20Outlook) The company operates a portfolio of **46 premium-branded hotels** in prime U.S. markets, expecting positive momentum to continue through 2023 driven by improving demand and anticipated international travel recovery - The company holds investments in **46 hotels** with over **29,000 rooms**, with approximately **88%** being luxury and upper upscale, located in prime U.S. markets[60](index=60&type=chunk) - Management expects positive momentum to continue through 2023, based on current demand trends and an expected improvement in international travel during the second half of the year[66](index=66&type=chunk) [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Increased revenues and operating expenses were driven by significant market recovery, with rooms revenue increasing by **$90 million** and strong growth in key markets like San Francisco, Hawaii, and New York Change in Hotel Revenues and Operating Expenses (Q1 2023 vs Q1 2022, in millions) | Category | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Rooms revenue | $382 | $292 | $90 | | Food and beverage revenue | $181 | $110 | $71 | | Total corporate general and administrative | $16 | $16 | $0 | - Market-specific recovery was strong in Q1 2023 vs Q1 2022: - **San Francisco:** Occupancy **+23.3 percentage points**, ADR **+45.7%** - **Hawaii:** Occupancy **+10.6 percentage points**, ADR **+10.4%** - **New York (Hilton Midtown):** Occupancy **+35.2 percentage points**, ADR **+4.2%**[88](index=88&type=chunk) [Non-GAAP Financial Measures](index=15&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like EBITDA and FFO, with Hotel Adjusted EBITDA increasing to **$152 million** and Adjusted FFO attributable to stockholders rising to **$92 million** in Q1 2023 Reconciliation of Net Income (Loss) to Hotel Adjusted EBITDA (in millions) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net income (loss) | $33 | $(56) | | EBITDA | $152 | $76 | | Adjusted EBITDA | $146 | $82 | | **Hotel Adjusted EBITDA** | **$152** | **$89** | Reconciliation to Adjusted FFO (in millions, except per share) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net income (loss) attributable to stockholders | $33 | $(57) | | Nareit FFO attributable to stockholders | $82 | $13 | | **Adjusted FFO attributable to stockholders** | **$92** | **$18** | | **Adjusted FFO per share – Diluted** | **$0.42** | **$0.08** | [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, the company had **$842 million** in cash and **$946 million** available under its Revolver, with plans to address a **$725 million** mortgage due in November 2023 - As of March 31, 2023, the company had total liquidity of approximately **$1.8 billion**, consisting of **$842 million** in cash and **$946 million** of available capacity under its Revolver[38](index=38&type=chunk)[96](index=96&type=chunk) - The company plans to address the **$725 million** mortgage loan secured by its San Francisco hotels, due in November 2023, by the end of the second quarter of 2023[98](index=98&type=chunk) - In February 2023, a new **$300 million** stock repurchase program was authorized; during Q1 2023, the company repurchased 8.8 million shares for a total of **$105 million**[65](index=65&type=chunk)[104](index=104&type=chunk) - A dividend of **$0.15 per share** was declared for Q1 2023[111](index=111&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to market risk from changes in interest rates, which can affect future income, cash flows, and the fair value of its financial instruments - The company's main market risk exposure is from changes in interest rates[114](index=114&type=chunk) [Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes in internal control over financial reporting - The CEO and CFO concluded that as of March 31, 2023, the company's disclosure controls and procedures were **effective**[115](index=115&type=chunk) - No **material changes** were made to the company's internal control over financial reporting during the most recent fiscal quarter[116](index=116&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course litigation but does not expect the outcomes to have a material adverse effect on its consolidated financial position or operations - The company is involved in ordinary course litigation but does not expect the outcomes to have a **material adverse effect** on its consolidated financial position[118](index=118&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022 - **No material changes** from the risk factors disclosed in the 2022 Form 10-K were reported[119](index=119&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2023, the company repurchased **8,990,348 shares**, including **8,815,500** under publicly announced programs, with a new **$300 million** repurchase program authorized in February 2023 Purchases of Equity Securities (Q1 2023) | Period | Total Shares Purchased | Weighted Avg. Price Paid | Shares Purchased as Part of Program | Max Value Remaining in Program (in millions) | | :--- | :--- | :--- | :--- | :--- | | Jan 2023 | 2,536,900 | $11.64 | 2,536,900 | $43 | | Feb 2023 | 174,848 | $13.78 | — | $300 | | Mar 2023 | 6,278,600 | $11.93 | 6,278,600 | $225 | | **Total** | **8,990,348** | | **8,815,500** | | - A new **$300 million** stock repurchase program was authorized on February 17, 2023, expiring in February 2025, which replaced the previous program[124](index=124&type=chunk) [Other Information](index=27&type=section&id=Item%205.%20Other%20Information) There was no other information to report for this period - None[127](index=127&type=chunk)

Financial Performance - Q1 2023 - Comparable RevPAR was $158.84[7], with Comparable Occupancy at 65.0%[7] and Comparable ADR at $244.38[7] - Total Revenues reached $648 million[7], while Operating Income amounted to $80 million[7], resulting in an Operating Income Margin of 12.4%[7] - Comparable Hotel Revenues totaled $623 million[7], and Comparable Hotel Adjusted EBITDA reached $151 million[7], yielding a Comparable Hotel Adjusted EBITDA Margin of 24.2%[7] - Adjusted EBITDA was $146 million[37] Full Year 2023 Outlook - The company anticipates Net Income to be between $113 million and $191 million[60] - Adjusted EBITDA is projected to range from $624 million to $704 million[60] - Hotel Adjusted EBITDA is expected to be between $656 million and $736 million[60] Capital Structure - As of March 31, 2023, the company's Total Debt stood at $4,566 million[29, 55, 154] - Net debt was $3,886 million[55] - The company has approximately $950 million of available capacity under the Revolver[176]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 | | --- | (State or other ...

Park Hotels & Resorts Inc. (NYSE:PK) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET Company Participants Ian Weissman - Senior Vice President, Corporate Strategy Tom Baltimore - Chairman, President and Chief Executive Officer Sean Dell'Orto - Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Floris Van Dijkum - Compass Point Duane Pfennigwerth - Evercore ISI Anthony Powell - Barclays Smedes Rose - Citi Patrick Scholes - Truist Securities Aryeh Klein ...

Fourth Quarter and Full Year 2022 Supplemental Data DECEMBER 31, 2022 Royal Palm South Beach Miami, a Tribute Portfolio Resort Hilton Hawaiian Village Waikiki Beach Resort Parc 55 San Francisco, a Hilton Hotel About Park and Safe Harbor Disclosure About Park Hotels & Resorts Inc. Park (NYSE: PK) is the second largest publicly-traded lodging real estate company with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio consists of 46 premium- ...

PARK HOTELS & RESORTS Nareit Conference NOVEMBER 2022 TEXAS NAMES THE Park Hotels & Resorts To be the preeminent lodging REIT, focused on consistently delivering superior, risk-adjusted returns for stockholders through active asset management and a thoughtful external growth strategy, while maintaining a strong and flexible balance sheet Mission Investment Strategy Guiding Principles Upper-Upscale & Luxury Full-Service Premiere Urban and Resort Destinations Affiliation with Dominant Global Brands Aggressive ...

Park Hotels & Resorts Inc. (NYSE:PK) Q3 2022 Earnings Conference Call November 3, 2022 11:00 PM ET Company Participants Ian Weissman - Senior Vice President of Corporate Strategy Tom Baltimore - Chairman & Chief Executive Officer Sean Dell'Orto - Chief Financial Officer Conference Call Participants Smedes Rose - Citi Dany Asad - Bank of America Dori Kesten - Wells Fargo Anthony Powell - Barclays Duane Pfennigwerth - Evercore ISI Chris Woronka - Deutsche Bank Neil Malkin - Capital One Securities Robin Farley ...

Park Hotels & Resorts Inc. (NYSE:PK) Q2 2022 Earnings Conference Call August 4, 2022 11:00 AM ET Company Participants Ian Weissman - Senior Vice President of Corporate Strategy Tom Baltimore - Chairman & Chief Executive Officer Sean Dell'Orto - Chief Financial Officer Conference Call Participants Patrick Scholes - Truist Securities Anthony Powell - Barclays Capital Floris Van Dijkum - Compass Point Chris Woronka - Deutsche Bank Dori Kesten - Wells Fargo Neil Malkin - Capital One Duane Pfennigwerth - Evercor ...