Common-Size Income Statement
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Hilton Worldwide Holdings Inc. pages available for free this week:
- Cash Flow Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2013
- Price to Operating Profit (P/OP) since 2013
- Aggregate Accruals
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Hilton Worldwide Holdings Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Revenue composition trends
- The proportion of franchise and licensing fees as a percentage of total revenues showed an increasing trend from 17.33% in March 2019 to a peak of 27.77% in June 2021, followed by a gradual decrease, stabilizing around 22-24% by mid-2024. Base and other management fees fluctuated moderately, generally ranging between 2.5% and 4%, with a notable dip to as low as 1.42% in June 2020, before recovering. Incentive management fees declined sharply during the early 2020 period, reaching negative territory in June 2020 (-0.89%), but then rebounded and stabilized around 2-3% from 2021 onward. Owned and leased hotels’ share dropped significantly during the pandemic onset in 2020 but recovered somewhat afterwards, fluctuating between 10% and 14%. Other revenues and other revenues from managed and franchised properties remained relatively stable as a percentage of total revenues, with other revenues generally around 1-2% and the latter around 56-61% throughout the periods.
- Expense patterns
- Owned and leased hotels expenses initially hovered around -13%, but experienced a deepening impact during the pandemic, reaching nearly -16.84% in mid-2020, before partially recovering and moderating to roughly -10% by mid-2024. Depreciation and amortization showed a sharp rise as a percentage of revenues during the early pandemic quarter (-15.6% in June 2020), then steadily declined to below -2% in the recent periods. General and administrative expenses also surged during the pandemic peak, near -13.71% in December 2020, but decreased gradually, stabilizing around -3.8% to -4.2% by 2024. Reorganization and impairment costs appeared sporadically during 2020, with significant negative impacts such as -6.74% for reorganization and up to -13.71% for impairment losses, reflecting extraordinary pandemic-related charges. Other expenses and other expenses from managed and franchised properties exhibited volatility, especially during the pandemic, with other expenses ranging from approximately -0.6% to -1.25% and the latter showing heightened variability but remaining a large proportion of expenses around -54% to -69% of revenues.
- Profitability and operating results
- Operating income displayed considerable volatility linked to pandemic effects: it was positive and growing pre-pandemic (peaking at 24.7% in September 2021), plunged drastically to a low of -53.55% in June 2020, then gradually recovered and stabilized in the 15-25% range from mid-2021 onward. Interest expense as a percentage of revenues rose sharply during the pandemic peak (up to -18.79% in June 2020) but thereafter declined to a consistent range near -4.5% to -5.1%. Non-operating gains and losses, including those from foreign currency transactions and debt extinguishment, contributed sporadically to fluctuations, with notable losses related to debt extinguishment in late 2020. Income before taxes followed the operating income trend, deepening into negative territory during the pandemic but improving strongly after, returning to positive gains around 14-20% by mid-2024. Income tax expense as a percentage of revenues fluctuated widely, reflecting both benefits and expenses, with higher benefits realized during the pandemic recovery quarters. Net income attributable to stockholders mirrored the typical cycle of pre-pandemic growth, pandemic decline, and post-pandemic recovery, peaking at around 16.4% in June 2022 and settling near 10-14% by mid-2024.
- Overall insights
- The financial data reveals a company significantly impacted by the COVID-19 pandemic, with steep declines in revenue-related fees and operating profitability during early and mid-2020. Substantial impairment, reorganization costs, and increased interest expenses underscore this impact. Recovery trends are evident from late 2020 through 2024, as revenue mix stabilizes, operating income improves, and net income returns to positive levels. The company's business model shows resilience, with franchise and licensing fees increasing their proportion of revenues post-pandemic, offsetting fluctuations in owned and leased hotel operations. Cost management appears effective in reducing depreciation and administrative expenses after the pandemic peak. The data highlights the cyclical nature of the hospitality industry faced with external shocks and the company's ability to restore profitability within a few years following such a crisis.