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Hilton Worldwide Holdings Inc. (NYSE:HLT)

This company has been moved to the archive! The financial data has not been updated since August 7, 2024.

Common-Size Balance Sheet: Assets

Hilton Worldwide Holdings Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 5.19 7.79 9.24 19.21 3.60
Restricted cash and cash equivalents 0.49 0.50 0.55 0.27 0.62
Accounts receivable, net of allowance for credit losses 9.66 8.55 6.92 4.60 8.43
Prepaid expenses 0.85 0.68 0.58 0.42 0.87
Other 0.79 0.98 1.31 0.58 0.48
Current assets 16.97% 18.50% 18.59% 25.08% 13.99%
Goodwill 32.80 32.44 32.84 30.41 34.49
Brands 31.47 31.20 31.62 29.27 32.61
Management and franchise contracts, net 6.91 5.72 4.91 3.90 5.21
Other intangible assets, net 1.12 1.04 1.26 1.59 2.81
Intangible assets, net 39.50% 37.96% 37.79% 34.75% 40.64%
Operating lease right-of-use assets 4.01 4.27 4.49 4.61 5.80
Property and equipment, net 2.48 1.81 1.98 2.07 2.54
Deferred income tax assets 0.91 1.32 1.38 1.16 0.67
Other 3.32 3.71 2.93 1.93 1.87
Intangibles and other assets 83.03% 81.50% 81.41% 74.92% 86.01%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset composition of the organization reflects a predominantly asset-light business model, characterized by a heavy concentration of intangible assets and a minimal investment in physical property and equipment. Total intangible and other assets remained the dominant component of the balance sheet, fluctuating between 74.92% in 2020 and 86.01% in 2019, ending the period at 83.03% in 2023.

Liquidity and Current Asset Dynamics
A significant volatility in liquidity is observed, particularly centered around 2020. Current assets peaked at 25.08% of total assets in 2020, up from 13.99% in 2019, primarily driven by a surge in cash and cash equivalents, which rose from 3.60% to 19.21%. This indicates a strategic accumulation of liquidity during that period. Following this peak, cash levels steadily declined to 5.19% by 2023, while accounts receivable showed a recovery trend, increasing from 4.60% in 2020 to 9.66% in 2023, suggesting a return to and expansion of operational activity.
Intangible Asset Composition
Intangible assets, net, consistently represent a substantial portion of the total asset base, ending 2023 at 39.50%. This category is dominated by goodwill and brand value, which together account for approximately 64.27% of total assets as of December 31, 2023. While goodwill and brands remained relatively stable, management and franchise contracts exhibited a steady upward trend from 3.90% in 2020 to 6.91% in 2023, indicating an increase in the proportional value of the company's contractual relationships.
Fixed and Other Non-Current Assets
Investment in physical infrastructure remains minimal, with property and equipment, net, consistently representing a small fraction of total assets, ranging between 1.81% and 2.54%. Operating lease right-of-use assets have shown a gradual decline from 5.80% in 2019 to 4.01% in 2023. The low proportion of tangible fixed assets reinforces the strategic focus on a franchise- and management-led growth model rather than direct property ownership.

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