Park Hotels & Resorts(PK) - 2023 Q1 - Earnings Call Presentation

Net debt, presented herein, is a non-GAAP financial measure that the Company uses to evaluate its financial leverage. Net debt is calculated as (i) long-term debt, including current maturities and excluding unamortized deferred financing costs; and (ii) the Company's share of investments in affiliate debt, excluding unamortized deferred financing costs; reduced by (a) cash and cash equivalents; and (b) restricted cash and cash equivalents. Net debt to Adjusted EBITDA ratio, presented herein, is a non-GAAP f ...