Hilton Reports First Quarter Results
Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its first quarter 2020 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic had on Hilton's business, the effects of which were not significant until March 2020.
Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its first quarter 2020 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic had on Hilton's business, the effects of which were not significant until March 2020.
Highlights include:
- Diluted EPS was $0.06 for the first quarter, and diluted EPS, adjusted for special items, was $0.74
- Net income was $18 million for the first quarter
- Adjusted EBITDA was $363 million for the first quarter
- System-wide comparable RevPAR decreased 22.6 percent on a currency neutral basis for the first quarter from the same period in 2019
- Approved 29,500 new rooms for development during the first quarter, growing Hilton's development pipeline to 405,000 rooms as of March 31, 2020, representing 9 percent growth from March 31, 2019
- Opened 8,800 rooms in the first quarter, contributing to 6,100 net additional rooms
- In April 2020, pre-sold Hilton Honors points to American Express for $1.0 billion in cash
- In April 2020, issued $1.0 billion of senior notes consisting of: (i) $500 million aggregate principal amount of 5.375% Senior Notes due 2025 and (ii) $500 million aggregate principal amount of 5.750% Senior Notes due 2028
- Giving effect to the Hilton Honors pre-sale and issuance of senior notes, as of March 31, 2020, cash, restricted cash and cash equivalents would have been $3.8 billion