MCLEAN, Va. - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its first quarter 2017 results. The Company completed the spin-offs of Park Hotels & Resorts Inc. ("Park") and Hilton Grand Vacations Inc. ("HGV") on January 3, 2017 (the "spin-offs"). All results herein present the performance of Hilton giving effect to the spinoffs, with the historical financial results of Park and HGV reflected as discontinued operations. Additionally, all share and sharerelated information presented herein have been retroactively adjusted to reflect the 1-for-3 reverse stock split of Hilton's outstanding common stock that occurred on January 3, 2017 (the "Reverse Stock Split"). Highlights include:
- Diluted EPS from continuing operations for the first quarter was $0.22 and diluted EPS, adjusted for special items, was $0.38
- Net income for the first quarter was $75 million
- Adjusted EBITDA for the first quarter was $424 million, an increase of 16 percent from pro forma Adjusted EBITDA for the first quarter of 2016
- Adjusted EBITDA margin was 55.4 percent, an increase of 550 basis points from pro forma Adjusted EBITDA margin for the first quarter of 2016
- System-wide comparable RevPAR increased 3.0 percent on a currency neutral basis for the first quarter compared to the prior year, achieving high end of guidance
- Added 7,800 net rooms in the first quarter, representing 20 percent growth from the same period in 2016
- Approved 27,000 new rooms for development during the first quarter, growing Hilton's development pipeline to a record 325,000 rooms, representing 16 percent growth from March 31, 2016
- Initiated a stock repurchase program in March and repurchased 1.2 million shares of Hilton common stock for an aggregate cost of $70 million during the first quarter, and 2.1 million shares at an aggregate cost of $123 million through April 2017
- Executed financing transactions during the first quarter that collectively lowered weighted average cost of debt by 25 basis points, reduced interest rate risk and extended weighted average debt maturities by nearly 1.5 years
- Raised Adjusted EBITDA guidance for full year 2017 to between $1,860 million and $1,900 million, an increase of $20 million at the midpoint
About Hilton
Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 24 world-class brands comprising more than 8,300 properties and over 1.25 million rooms, in 138 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed over 3 billion guests in its more than 100-year history, was named the No.1 World's Best Workplace by Great Place to Work and Fortune and has been recognized as a global leader on the Dow Jones Sustainability Indices for seven consecutive years. Hilton has introduced industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades and the ability to book confirmed connecting rooms. Through the award-winning guest loyalty program Hilton Honors, the more than 200 million Hilton Honors members who book directly with Hilton can earn Points for hotel stays and experiences money can't buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit stories.hilton.com for more information, and connect with Hilton on Facebook, X, LinkedIn, Instagram and YouTube.