Name: Hilton Worldwide Holdings Inc. (NYSE:HLT) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Hilton Worldwide Holdings Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Franchise and licensing fees	2,370)	2,068)	1,493)	945)	1,681)
Base and other management fees	342)	294)	176)	123)	332)
Incentive management fees	274)	196)	98)	38)	230)
Owned and leased hotels	1,244)	1,076)	598)	421)	1,422)
Other revenues	178)	102)	79)	73)	101)
Other revenues from managed and franchised properties	5,827)	5,037)	3,344)	2,707)	5,686)
Revenues	10,235)	8,773)	5,788)	4,307)	9,452)
Owned and leased hotels	(1,141)	(999)	(679)	(620)	(1,254)
Depreciation and amortization	(147)	(162)	(188)	(331)	(346)
General and administrative	(408)	(382)	(405)	(311)	(441)
Reorganization costs	—)	—)	—)	(41)	—)
Impairment losses	(38)	—)	—)	(258)	—)
Other expenses	(112)	(60)	(45)	(60)	(72)
Other expenses from managed and franchised properties	(6,164)	(5,076)	(3,454)	(3,104)	(5,763)
Expenses	(8,010)	(6,679)	(4,771)	(4,725)	(7,876)
Gain (loss) on sales of assets, net	—)	—)	(7)	—)	81)
Operating income (loss)	2,225)	2,094)	1,010)	(418)	1,657)
Interest expense	(464)	(415)	(397)	(429)	(414)
Gain (loss) on foreign currency transactions	(16)	5)	(7)	(27)	(2)
Loss on debt extinguishment	—)	—)	(69)	(48)	—)
Loss on investments in unconsolidated affiliate	(92)	—)	—)	—)	—)
Other non-operating income (loss), net	39)	50)	23)	(2)	3)
Income (loss) before income taxes	1,692)	1,734)	560)	(924)	1,244)
Income tax (expense) benefit	(541)	(477)	(153)	204)	(358)
Net income (loss)	1,151)	1,257)	407)	(720)	886)
Net (income) loss attributable to noncontrolling interests	(10)	(2)	3)	5)	(5)
Net income (loss) attributable to Hilton stockholders	1,141)	1,255)	410)	(715)	881)

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 financial performance between 2019 and 2023 is characterized by a significant V-shaped recovery. Following a sharp contraction in 2020, total revenues grew from 4,307 million in 2020 to 10,235 million by the end of 2023, surpassing pre-pandemic levels observed in 2019.

Revenue Composition and Growth: Franchise and licensing fees demonstrate the strongest growth trajectory, increasing from 1,681 million in 2019 to 2,370 million in 2023. Similarly, incentive management fees showed a volatile but aggressive recovery, rising from 38 million in 2020 to 274 million in 2023. Revenues from owned and leased hotels recovered from a low of 421 million in 2020 to 1,244 million in 2023, although this figure remains slightly below the 1,422 million recorded in 2019.
Operating Expense Management: General and administrative expenses remained relatively stable, ending 2023 at 408 million, which is lower than the 441 million reported in 2019 despite the increase in total revenue. A notable downward trend is observed in depreciation and amortization, which decreased from 346 million in 2019 to 147 million in 2023. Total expenses rose in tandem with revenue recovery, reaching 8,010 million in 2023.
Operating Profitability: Operating income experienced a severe decline in 2020, resulting in a loss of 418 million. However, a robust recovery followed, with operating income reaching 2,225 million in 2023. This trajectory indicates an expansion of operating margins as revenue grew faster than the fixed and semi-variable cost base.
Net Income and Non-Operating Items: Net income attributable to stockholders mirrored the operating trend, moving from a loss of 715 million in 2020 to a profit of 1,141 million in 2023. Interest expenses remained relatively constant over the five-year period, fluctuating between 397 million and 464 million. Income tax expenses returned to a significant drag on net income in 2023 at 541 million, following a tax benefit of 204 million during the 2020 loss period.

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