Analysis of Geographic Areas
Hilton Worldwide Holdings Inc. operates in 2 regions: U.S. and All other.
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2013
- Operating Profit Margin since 2013
- Price to Book Value (P/BV) since 2013
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Area Asset Turnover
Hilton Worldwide Holdings Inc., asset turnover by geographic area
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| U.S. | |||||
| All other |
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).
- U.S. Asset Turnover
- The asset turnover ratio in the U.S. segment demonstrated significant fluctuations over the five-year period. It began at a relatively high level of 51.19 in 2019, followed by a sharp decline to 28.07 in 2020. This drop likely reflects operational challenges or reduced efficiency during that year. In 2021, the ratio partially recovered to 42.54, continuing to improve substantially to reach 62.59 in 2022, which represents the peak within the observed timeframe. However, in 2023, the ratio declined again to 43.64, indicating a reduction in asset utilization efficiency compared to the previous year, though it remained above the 2021 level.
- All Other Asset Turnover
- The "All other" geographic segment exhibited a generally increasing trend in asset turnover ratios over the period. Starting at 8.63 in 2019, the ratio fell to its lowest point of 3.28 in 2020, mirroring a similar downturn as seen in the U.S. segment during that year. Since then, the asset turnover improved steadily, rising to 5.30 in 2021, almost doubling to 10.80 in 2022, and further increasing to 11.30 in 2023. This consistent growth suggests a progressive enhancement in asset efficiency in regions outside the U.S.
- Comparative Insights
- Overall, the U.S. segment exhibits greater volatility with pronounced swings, recovering strongly post-2020 but not maintaining peak efficiency in the latter year. Conversely, the "All other" segment displays a steadier upward trajectory in asset turnover post-2020, implying improving operational performance outside the U.S. Despite differences in magnitude and variability, both segments experienced a sharp downturn in 2020, likely attributable to external disruptions during that period.
Area Asset Turnover: U.S.
Hilton Worldwide Holdings Inc.; U.S.; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2023 Calculation
Area asset turnover = Revenues ÷ Property and equipment, net
= ÷ =
- Revenues
- The revenues experienced a significant decline in 2020, dropping from 7,423 million US dollars in 2019 to 3,593 million US dollars, which reflects a decrease likely related to external adverse conditions during that period. Subsequently, revenues showed a consistent recovery over the next three years, increasing to 4,765 million in 2021, 6,947 million in 2022, and 7,986 million in 2023. By the end of 2023, revenues not only recovered but slightly exceeded the 2019 levels, indicating a strong rebound and growth trajectory.
- Property and Equipment, Net
- The net value of property and equipment displayed a gradual decrease from 145 million US dollars in 2019 to 111 million in 2022. This decline suggests potential asset disposals or depreciation exceeding capital expenditures during these years. However, there was a notable increase in 2023, rising sharply to 183 million US dollars, which could indicate reinvestment or acquisitions of assets in the U.S. geographic area.
- Area Asset Turnover
- The area asset turnover ratio, which measures revenue generated per unit of property and equipment, showed high volatility. It started at 51.19 in 2019 and substantially declined to 28.07 in 2020, reflecting less efficient use of assets during the revenue downturn. The ratio improved in 2021 to 42.54 and peaked at 62.59 in 2022, demonstrating enhanced asset utilization despite the lower asset base. In 2023, the ratio decreased to 43.64, likely influenced by the substantial increase in property and equipment value, diluting turnover despite higher revenues.
Area Asset Turnover: All other
Hilton Worldwide Holdings Inc.; All other; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2023 Calculation
Area asset turnover = Revenues ÷ Property and equipment, net
= ÷ =
- Revenue Trends
- The revenues in the "All other" geographic area exhibited a fluctuating pattern over the five-year period. Beginning at $2,029 million in 2019, revenues sharply declined to $714 million in 2020, likely reflecting external disruptions. Subsequently, there was a gradual recovery, with revenues increasing to $1,023 million in 2021 and further accelerating to $1,826 million in 2022. The upward momentum continued into 2023, reaching $2,249 million, surpassing the pre-decline level of 2019.
- Property and Equipment, Net
- The net value of property and equipment showed a consistent decline from 2019 to 2022, falling from $235 million to $169 million. This downward trend suggests either asset disposals, depreciation exceeding acquisitions, or other adjustments during the period. In 2023, there was a marginal recovery, with an increase to $199 million, indicating potential reinvestment or revaluation activities.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures the efficiency in generating revenues from property assets, followed a pattern closely aligned with the revenue changes. Starting at 8.63 in 2019, it significantly dropped to 3.28 in 2020. This was followed by a recovery to 5.3 in 2021 and a strong increase to 10.8 in 2022. The ratio further improved to 11.3 in 2023, indicating enhanced asset utilization and improved operational efficiency in generating revenues from the existing asset base during the latter years.
- Overall Observations
- The analyzed geographic area demonstrated resilience and recovery post-2020 downturn. While property and equipment values decreased during the initial years, the notable improvement in asset turnover ratios in 2022 and 2023 points to more effective use of assets to support rising revenues. The upward revenue trajectory combined with improved asset efficiency suggests that the area regained momentum and possibly benefited from strategic management decisions or favorable market conditions in the recent years.
Property and equipment, net
Hilton Worldwide Holdings Inc., property and equipment, net by geographic area
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| U.S. | |||||
| All other | |||||
| Total |
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).
- U.S. Property and Equipment, Net
- The net value of property and equipment in the U.S. exhibited a declining trend from 2019 through 2022, decreasing from $145 million to $111 million. However, in 2023, there was a significant reversal, with the value rising sharply to $183 million, surpassing the 2019 level. This suggests increased investment or asset revaluation in the U.S. geographic area during the last reported year.
- All Other Geographic Areas Property and Equipment, Net
- For regions outside the U.S., the net property and equipment values also demonstrated a downward trajectory from $235 million in 2019 to $169 million in 2022. In 2023, these assets rebounded to $199 million, indicating some recovery but remaining below the initial 2019 figure. This pattern implies moderate reinvestment or asset valuation increases, although not restoring previous asset levels fully.
- Total Property and Equipment, Net
- The aggregated net property and equipment values followed a similar pattern, decreasing steadily from $380 million in 2019 to $280 million in 2022. The trend reversed in 2023, with the total rising substantially to $382 million, slightly above the starting level. The decline over the first four years could reflect asset disposals, depreciation, or limited capital expenditures, while the rebound in 2023 points to a renewed focus on capital investment or asset value adjustments.
Revenues
Hilton Worldwide Holdings Inc., revenues by geographic area
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| U.S. | |||||
| All other | |||||
| Total |
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).
- U.S. Revenue Trend
- The revenue from the U.S. geographic area experienced a significant decline from 7,423 million US dollars in 2019 to 3,593 million in 2020, likely reflecting external challenges during that period. Following this drop, there was a recovery trend with revenues increasing to 4,765 million in 2021 and continuing upwards to 6,947 million in 2022. By 2023, the U.S. revenue surpassed the initial 2019 level, reaching 7,986 million, indicating a strong rebound and growth over the four-year period.
- All Other Regions Revenue Trend
- Revenues from all other geographic areas combined showed a similar pattern but on a smaller scale. The amount fell sharply from 2,029 million in 2019 to 714 million in 2020. A recovery followed, with revenues rising to 1,023 million in 2021 and continuing to 1,826 million in 2022. By 2023, this segment reached 2,249 million, exceeding the 2019 value and indicating gradual and steady growth.
- Total Geographic Revenue Trend
- Total revenues combining both the U.S. and other regions declined markedly in 2020 to 4,307 million from 9,452 million in 2019. Recovery commenced in 2021 with totals at 5,788 million, followed by a strong rebound nearing pre-decline levels in 2022 at 8,773 million. By 2023, total revenues reached 10,235 million, surpassing the 2019 figure and demonstrating overall robust growth post-decline.
- Summary of Patterns
- The data reveals a sharp downturn in revenues across all regions in 2020. This was succeeded by a consistent and substantial recovery period across each subsequent year through 2023. Both the U.S. and other geographic areas contributed to the overall growth, with the U.S. market providing the larger share of total revenues. The recovery not only regains pre-2020 revenue levels but also achieves higher figures by 2023, suggesting renewed strength and expansion in the company’s geographic revenue streams.