Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Hilton Worldwide Holdings Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	1,151)	1,257)	407)	(720)	886)
Amortization of contract acquisition costs	43)	38)	32)	29)	29)
Depreciation and amortization expenses	147)	162)	188)	331)	346)
Impairment losses	38)	—)	—)	258)	—)
(Gain) loss on sales of assets, net	—)	—)	7)	—)	(81)
(Gain) loss on foreign currency transactions	16)	(5)	7)	27)	2)
Loss on debt extinguishment	—)	—)	69)	48)	—)
Loss on investments in unconsolidated affiliate	92)	—)	—)	—)	—)
Share-based compensation expense	169)	162)	193)	97)	154)
Amortization of deferred financing costs and discounts	16)	16)	16)	17)	16)
Deferred income taxes	(264)	34)	(4)	(235)	(20)
Contract acquisition costs, net of refunds	(233)	(81)	(200)	(50)	(90)
Accounts receivable, net	(126)	(270)	(301)	488)	(105)
Prepaid expenses	(27)	(21)	(22)	60)	6)
Other current assets	16)	78)	(107)	(26)	15)
Accounts payable, accrued expenses and other	181)	198)	273)	(414)	99)
Changes in operating assets and liabilities	44)	(15)	(157)	108)	15)
Change in operating lease right-of-use assets	73)	105)	96)	94)	43)
Change in operating lease liabilities	(98)	(113)	(123)	(142)	(80)
Change in deferred revenues	215)	174)	(128)	215)	(17)
Change in liability for guest loyalty program	337)	31)	(105)	610)	191)
Change in other liabilities	284)	(11)	(111)	8)	(14)
Other	(84)	(73)	(78)	13)	4)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	795)	424)	(298)	1,428)	498)
Net cash provided by operating activities	1,946)	1,681)	109)	708)	1,384)
Capital expenditures for property and equipment	(151)	(39)	(35)	(46)	(81)
Issuance of financing receivables	(22)	(46)	(3)	(3)	—)
Proceeds from (payments for) undesignated derivative financial instruments	(26)	79)	(5)	(3)	—)
Proceeds from asset dispositions	5)	—)	6)	—)	120)
Capitalized software costs	(96)	(63)	(44)	(46)	(124)
Investments in unconsolidated affiliates	(15)	(53)	—)	—)	—)
Other	—)	(1)	24)	(9)	(38)
Net cash used in investing activities	(305)	(123)	(57)	(107)	(123)
Borrowings	609)	23)	1,510)	4,590)	2,200)
Repayment of debt	(183)	(48)	(3,230)	(2,121)	(1,547)
Debt issuance costs and redemption premium	(20)	—)	(76)	(71)	(29)
Dividends paid	(158)	(123)	—)	(42)	(172)
Repurchases of common stock	(2,338)	(1,590)	—)	(296)	(1,538)
Share-based compensation tax withholdings	(54)	(58)	(49)	(58)	(44)
Proceeds from share-based compensation	51)	29)	52)	31)	17)
Settlements of interest rate swap with financing component	53)	2)	—)	—)	—)
Other	—)	—)	—)	(1)	—)
Net cash provided by (used in) financing activities	(2,040)	(1,765)	(1,793)	2,032)	(1,113)
Effect of exchange rate changes on cash, restricted cash and cash equivalents	(12)	(19)	(10)	—)	(2)
Net increase (decrease) in cash, restricted cash and cash equivalents	(411)	(226)	(1,751)	2,633)	146)
Cash, restricted cash and cash equivalents, beginning of period	1,286)	1,512)	3,263)	630)	484)
Cash, restricted cash and cash equivalents, end of period	875)	1,286)	1,512)	3,263)	630)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Hilton Worldwide Holdings Inc. net cash provided by operating activities increased from 2021 to 2022 and from 2022 to 2023.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Hilton Worldwide Holdings Inc. net cash used in investing activities decreased from 2021 to 2022 and from 2022 to 2023.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Hilton Worldwide Holdings Inc. net cash provided by (used in) financing activities increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Hilton Worldwide Holdings Inc. (NYSE:HLT)

Cash Flow Statement