EX-99.1 2 q32024earningsrelease.htm PRESS RELEASE Document

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希尔顿报告第三季度业绩

MCLEAN，VA（2024年10月23日）- 希尔顿全球控股有限公司（"希尔顿"，"公司"，"我们"或"我们"）（纽交所：HLT）今天报告了其2024年第三季度的业绩。 亮点包括：

•第三季度摊薄后每股收益为1.38美元，调整后考虑特殊项目的摊薄后每股收益为1.92美元

•第三季度净利润为34400万美元

•第三季度调整后的EBITDA为90400万美元

•整体可比RevPAR按货币中立的基础上，与2023年同期相比，第三季度增长了1.4%

•在第三季度批准了27,500间新客房进行开发，截至2024年9月30日，我们的开发管道达到492,400间客房，比2023年9月30日增长了8％。

•第三季度我们在系统中新增了36,600间客房，为第三季度增添了33,600间净客房，从2023年9月30日开始，创下7.8%的净单位增长记录。

•第三季度回购了330万股希尔顿普通股；使得当季总资本回报，包括分红派息，在76400万美元，截至10月年初累计达24.22亿美元

•2024年9月发行了10亿美元总面值的5.875%到期日2033的优先票据。

•2024年全年系统范围内的RevPAR预计在可比和货币中立基础上将增长2.0％至2.5％，相较于2023年；全年净利润预计在140500万美元至142900万美元之间；全年调整后的EBITDA预计在337500万美元至340500万美元之间

•全年2024年的资本回报预计约为30亿美元。

•预计到2025年，净单位增长率将在6.0％至7.0％之间。






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概述

希尔顿总裁兼首席执行官克里斯托弗·J·纳赛塔表示：“尽管受到较慢的宏观趋势、气候影响和不利的日历变动推动的收入增长放缓，我们仍然很高兴能够提供超过我们的指引的强劲底线业绩。我们继续展示我们模式的强大，本季度开设的客房数量超过了历史上的任何一个季度，酒店数量超过8,000家，净单位增长率达到7.8%。”

截至2024年9月30日的三个月，系统范围内的可比RevPAR与2023年同期相比增长1.4％，这是由于入住率和ADR均有所增加，与2023年同期相比，管理和特许经营费收入增加了8.3％。

截至2024年9月30日的九个月，系统范围内可比RevPAR较2023年同期增长了2.4%，这是由于入住率和ADR均有所增加，管理和特许经营费收入较2023年同期增长了10.7%。

截至2024年9月30日三个月，摊薄后每股收益为$1.38，摊薄后每股收益（调整特殊项目后）为$1.92，分别与截至2023年9月30日三个月的$1.44和$1.67相比。 净利润和调整后的EBITDA分别为$34400万和$90400万，与截至2023年9月30日三个月的$37900万和$83400万相比。

截至2024年9月30日的九个月中，摊薄后每股收益为$4.09，摊薄后每股收益经过特殊项目调整后为$5.36，而截至2023年9月30日的九个月中，这两者分别为$3.74和$4.53。净利润和调整后的EBITDA分别为103400万美元和257100万美元，截至2024年9月30日的九个月中，这两者分别为100100万美元和228600万美元，与截至2023年9月30日的九个月相比。

开发

2024年第三季度，我们开设了531家酒店，总共提供了36,600间客房，净增房间数为33,600间。(1) 在本季度期间，NoMad、希尔顿旗下的毕业酒店和世界奢华酒店组织（"SLH"）已可在我们的预订渠道上预订。SLH酒店的新增使我们的酒店组合扩展到了十个额外的国家和地区，使我们的客人可以在更多热门目的地预订、赚取和兑换Honors积分。我们继续扩大在亚太市场的酒店组合，在该地区的酒店数量超过了900家，并在中国开设了我们的第700家酒店。此外，我们的希尔顿激活品牌持续增长，在第三季度开设了超过20家酒店，包括加拿大首家Spark酒店的首次亮相。

我们在第三季度将27500间客房新增至发展管道，在2024年9月30日时，我们的发展管道共计3525家酒店，涵盖120个国家和地区，共计492400间客房，其中包括希尔顿在28个没有现有酒店的国家和地区。(2) 此外，在发展管道中，有235400间客房正在施工，280700间位于美国以外。

资产负债表和流动性

截至2024年9月30日，我们有113亿美元的未偿债务，不包括延期融资成本和折让，带加权平均利率为4.84％。不包括我们的关联变量利益实体的所有融资租赁负债和其他债务，我们有111亿美元的未偿债务，带加权平均利率为4.83％，直到2027年没有预定到期日，除了到2025年5月到期的50000万美元未偿付的优先票据。我们相信我们有足够的流动性来源和债务融资渠道，可以在2025年5月到期之前或之前处理到期的优先票据。截至2024年9月30日，我们未按照20亿美元的优先担保循环授信额度（“循环授信机构”）发行任何债务金额，考虑到8700万美元的未偿信用证后，其可融资能力为191300万美元。截至2024年9月30日，现金和现金等价物总额为165500万美元，包括7500万美元的限制性现金和现金等价物。

2024年9月，我们发行了总额10亿美元的5.875%到期日为2033年的优先票据。我们打算将发行所得的净额用于一般企业用途。

2024年9月，我们每股普通股支付了0.15美元的季度现金股息，总计3700万美元，使得当年的股息总额达到1.13亿美元。2024年10月，我们的董事会授权一个定期的季度现金
(1) 在我们的战略合作伙伴安排中将酒店排除在外，在第三季度我们将系统中增加18,300间客房，并且截至2024年9月30日，我们的酒店系统总计将达到7,800家酒店，代表着1,213,800间客房，比2023年9月30日增长了6.1%，比上个季度增长了1.3%。
(2) 在我们的战略合作伙伴安排中排除酒店，我们在第三季度增加了26,400间客房至开发管道，在2024年9月30日，我们的开发管道将总计3,514家酒店和491,900间客房，较2023年9月30日增长8%，与2024年6月30日的除战略合作伙伴安排外的开发管道客房总数保持一致。

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每股普通股股息将于2024年12月27日支付，支付对象为2024年11月15日业务结束时的普通股股东名册持有者。

2024年9月30日结束的三个月内，我们以每股217.15美元的平均价格回购了330万股希尔顿普通股，总额为7.27亿美元。截至2024年9月30日止的九个月内，我们以每股206.29美元的平均价格回购了1020万股希尔顿普通股，共返还22.26亿美元。 向股东回报资本，包括分红。截至10月份，包括分红在内今年迄今为止向股东返还的总资金为24.22亿美元。

截至2024年10月18日，流通股数量为2.438亿。

展望

希尔顿的前景中基于股份的度量包括截至第三季度的实际股份回购，但不包括此后潜在的股份回购影响。

2024全年

•系统范围内的可比RevPAR，在货币中立的情况下，预计将 比2023年增长2.0%至2.5%
•摊薄后每股收益预计在5.58美元至5.68美元之间。
•摊薄后每股收益，调整特别项目后，预计在6.93美元至7.03美元之间。
•净利润预计在140500万美元至142900万美元之间。
•调整后的税息折旧及摊销前利润预计在337500万美元至340500万美元之间。
•合同完成成本和资本支出，不包括第三方退还金额，预计在20000万美元至25000万美元之间。
•资本回报预计约为30亿美元。
•预计管理和行政费用将在41500万和43000万之间。
•净单位增长预计为7.0%至7.5%。

2024年第四季度

•预计整体可比货币中立基础上的每间客房平均房价（RevPAR）将较2023年第四季度增长1.0%至2.0%。
•摊薄后每股收益预计在1.49美元至1.59美元之间。
•摊薄后每股收益，调整特殊项目后，预计在1.57美元至1.67美元之间。
•净利润预计在37100万美元至39500万美元之间。
•调整后的EBITDA预计在80400万美元和83400万美元之间。

电话会议

希尔顿将于2024年10月23日上午9:00举行电话会议，讨论2024年第三季度业绩。参与者可以通过登录希尔顿投资者关系网站收听直播网络广播。 https://ir.hilton.com/events-and-presentations。直播的重播和文本将在现场活动结束后的24小时内提供。 https://ir.hilton.com/financial-reporting.

另外，参与者可以通过拨打1-888-317-6003在美国（"U.S."）或者拨打1-412-317-6061国际长途电话，使用会议 ID 6226859来收听直播。鼓励参与者在计划开始时间前至少十五分钟拨打电话进入会议或者链接至网络直播。电话重播将在通话结束后的七天内提供。要获取电话重播，请拨打1-877-344-7529在美国，或者拨打1-412-317-0088国际长途电话，使用会议 ID 6850988。

前瞻性声明

本新闻稿包含根据1933年证券法第27A条修正案和1934年证券交易法第21E条修正案的前瞻性声明。这些声明包括但不限于
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关于我们对业务业绩、未来财务结果、流动性和资本资源以及其他非历史性描述的声明。在某些情况下，您可以通过词语"展望"、"相信"、"预期"、"预测"、"潜力"、"持续"、"可能"、"将"、"应该"、"可能"、"寻求"、"项目"、"预测"、"打算"、"计划"、"估计"、"预期"或这些词的负面版本或其他可比词语来识别这些前瞻性声明。这些前瞻性声明会受到各种风险和不确定性的影响，包括但不限于，酒店业固有的风险；超出我们控制范围的宏观经济因素，如通货膨胀、利率变化、因劳动力短缺或劳资纠纷以及供应链中断而产生的挑战；关键高级管理人员的流失；与酒店客人以及管理和特许经营合同竞争的风险；与第三方酒店业主开展业务的风险；我们信息技术系统的性能；我系统之外预订渠道的增长；在美国以外开展业务的风险；与东欧和中东的冲突以及其他地缘政治事件相关的风险；以及我们的债务。可能导致我们的结果与前瞻性陈述所描述内容大相径庭的其他因素可以在我们于2023年12月31日结束的财政年度的10-k表格的第一部分“1A.风险因素”中找到，该表格已向证券交易委员会（SEC）提交，并可在SEC的网站上获得。 www.sec.gov因此，可能存在或将存在导致实际结果与这些描述中所指示结果大相径庭的重要因素。这些因素不应被视为详尽无遗，并应与本新闻发布中包含的其他警示性声明以及我们在向SEC提交的文件中一起阅读。我们不会承担公开更新或审查任何前瞻性声明的义务，无论是因新信息、未来发展还是其他原因，除非法律要求。

定义

请参阅“定义”部分，了解本新闻稿中使用的某些术语的定义，包括附表中的术语。

非依照普遍公认会计准则的财务措施

本新闻稿提及了一些未被美国通用会计准则（"GAAP"）认可的财务指标，包括：净利润，剔除特殊项目后；摊薄后每股收益，剔除特殊项目后；EBITDA；调整后的EBITDA；调整后的EBITDA利润率；净债务；以及净债务与调整后的EBITDA比率。有关这些非GAAP财务指标的额外信息和调节情况，请参阅本新闻稿的附表，包括"定义"部分，以及最相近的GAAP财务指标。

关于希尔顿

希尔顿（NYSE: HLT）是一家领先的全球酒店公司，拥有24个世界一流的品牌组合，包括超过8300家物业和超过125万间客房，在138个国家和地区。 希尔顿致力于实现其创始愿景，让地球充满热情和光明的款待，希尔顿在其100多年的历史中已经接待了超过30亿位客人，被《Great Place to Work》和《财富》评选为全球最佳工作场所第一名，并连续七年被认可为道琼斯可持续发展指数的全球领导者。希尔顿引入了领先行业的技术升级，以改善客人体验，包括数字钥匙分享、自动免费客房升级和预订确认连接客房的功能。通过屡获殊荣的客人忠诚计划希尔顿荣誉，超过20000万 Hilton Honors 会员可以直接在希尔顿预订，赚取住宿积分和金钱无法购买的体验。通过免费的希尔顿荣誉应用程序，客人可以预订住宿、选择客房、办理入住手续、使用数字钥匙开门并退房，所有操作都可以通过他们的智能手机完成。访问 stories.hilton.com了解更多信息，并通过与希尔顿保持链接。facebook.com/hiltonnewsroom, x.com/hiltonnewsroom, linkedin.com/company/hilton, instagram.com/hiltonnewsroom和页面。youtube.com/hiltonnewsroom.
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希尔顿全球控股公司。
收益发布时间表
目录


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希尔顿全球控股公司。
简明合并利润表
（单位：百万美元，除每股数据外）
(未经审计)

三个月之内结束九个月结束
2020年9月30日2020年9月30日
2024202320242023
收入
特许经营和许可费用$698 $643 $1,958 $1,769 
基础和其他管理费用88 81 287 247 
激励管理费用66 63 204 197 
所拥有和租赁酒店330 335 922 924 
其他营业收入58 45 179 126 
1,240 1,167 3,550 3,263 
托管和特许酒店的其他收入
1,627 1,506 4,841 4,363 
总收入2,867 2,673 8,391 7,626 
费用
所拥有和租赁酒店
288 301 833 849 
折旧和摊销37 40 107 114 
ZSCALER, INC.101 96 318 298 
其他费用26 26 93 80 
452 463 1,351 1,341 
托管和特许酒店的其他支出
1,790 1,557 5,164 4,460 
总支出2,242 2,020 6,515 5,801 
资产销售盈(损)净额
(2)— 5 — 
营业利润623 653 1,881 1,825 
利息支出(140)(113)(412)(340)
外汇交易损失
(3)(7)(5)(13)
对未纳入联营公司的投资损失— — — (92)
其他非经营性收益(损失)，净额
11 15 (17)38 
税前收入491 548 1,447 1,418 
所得税费用(147)(169)(413)(417)
净收入344 379 1,034 1,001 
净利润归可赎回和不可赎回的非控制权益— (2)(4)(7)
净利润归还希尔顿的股东$344 $377 $1,030 $994 
加权平均股数：
基本246 260 249 264 
稀释的249 262 252 266 
每股收益:
基本$1.40 $1.45 $4.13 $3.77 
稀释的$1.38 $1.44 $4.09 $3.74 
每股分红派息: 0.24 $0.15 $0.15 $0.45 $0.45 
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希尔顿全球控股公司。
可比和货币中立的全系统酒店运营统计
按地域、品牌和业务部门
(未经审计)

截至9月30日的三个月
占用率ADR每间可出租客房营业收入
2024与2023年相比2024与2023年相比2024与2023年相比
系统范围75.3 %0.3 %点$161.18 1.0 %$121.40 1.4 %
地域板块
美国交易法案交易所75.4 %0.2 %点$169.59 0.8 %$127.83 1.0 %
美洲（不包括美国）72.7 0.4 155.80 3.9 113.22 4.4 
欧洲81.3 2.3 179.46 4.3 145.89 7.3 
中东和非洲70.5 2.3 143.94 (0.1)101.48 3.3 
亚洲太平洋73.2 (0.5)107.81 (2.8)78.97 (3.4)
Naked。
华尔道夫酒店及度假村62.5 %1.9 %点$457.66 2.2 %$285.89 5.3 %
康莱德酒店及度假村75.6 1.5 257.53 1.1 194.63 3.2 
LXR酒店及度假村63.8 1.2 596.79 (6.8)380.49 (5.0)
希尔顿嘉悦酒店73.0 1.3 227.44 1.3 166.14 3.2 
希尔顿酒店及度假村73.8 0.7 190.33 1.2 140.44 2.2 
Hilton希尔顿豪华精选酒店74.3 2.9 231.13 0.1 171.77 4.1 
Hilton逸林酒店72.2 0.2 145.63 0.7 105.19 1.0 
Hilton绣品酒店71.9 1.0 189.79 1.5 136.47 2.9 
希尔顿大使公馆酒店76.4 0.8 186.47 0.5 142.45 1.7 
希尔顿的座右铭80.6 0.4 212.37 1.0 171.14 1.5 
希尔顿花园酒店74.7 0.8 148.96 0.3 111.28 1.4 
希尔顿欢朋酒店75.8 (0.6)136.47 1.0 103.38 0.3 
希尔顿至简酒店74.9 0.7 133.72 0.5 100.14 1.5 
希尔顿家庭套房酒店82.2 — 163.52 0.5 134.40 0.6 
希尔顿典2酒店81.0 0.6 141.89 1.2 114.92 1.9 
部分
管理和特许经营75.2 %0.3 %点$160.32 0.9 %$120.61 1.3 %
所有权(1)
82.3 2.7 224.27 3.0 184.52 6.5 

（下页续）
7


希尔顿全球控股公司。
可比和货币中立的全系统酒店运营统计
按地域、品牌和业务部门
(未经审计)

截至9月30日的九个月
占用率ADRRevPAR
2024与 2023 年相比2024与 2023 年相比2024与 2023 年相比
全系统72.8 %0.7 %pts。$159.92 1.5 %$116.37 2.4 %
区域
美国73.5 %0.3 %pts。$167.83 0.9 %$123.27 1.4 %
美洲（不包括美国）69.9 1.1 156.53 4.2 109.46 5.9 
欧洲74.7 2.6 166.42 3.9 124.34 7.7 
中东和非洲70.9 2.5 176.25 6.3 125.03 10.2 
亚太地区69.5 0.6 108.98 0.6 75.69 1.5 
品牌
华尔道夫酒店及度假村63.6 %3.3 %pts。$506.54 0.5 %$321.93 5.9 %
康莱德酒店及度假村74.0 3.5 270.50 3.6 200.08 8.6 
LXR 酒店及度假村62.4 5.0 592.74 (5.1)369.96 3.1 
希尔顿天幕酒店72.0 2.4 225.84 1.0 162.67 4.5 
希尔顿酒店及度假村71.2 1.5 191.47 2.1 136.29 4.3 
希尔顿古玩系列71.4 3.5 231.15 0.4 164.97 5.5 
希尔顿逸林酒店69.7 1.1 144.11 1.2 100.50 2.8 
希尔顿挂毯系列68.5 1.4 183.76 0.8 125.89 2.9 
希尔顿大使馆套房75.2 1.5 186.06 0.7 139.91 2.7 
希尔顿座右铭79.9 2.3 207.62 (0.3)165.79 2.6 
希尔顿花园酒店72.1 0.8 146.31 0.2 105.47 1.3 
希尔顿汉普顿酒店72.6 (0.6)132.56 1.2 96.25 0.4 
Tru by Hilton72.7 0.6 131.19 0.8 95.41 1.6 
希尔顿惠庭套房酒店80.2 — 160.18 0.7 128.49 0.8 
希尔顿Home2 Suites78.9 0.4 140.73 1.0 111.07 1.5 
分段
管理和特许经营72.7 %0.6 %pts。$159.17 1.4 %$115.75 2.3 %
所有权(1)
77.0 3.1 216.81 4.7 166.88 9.2 
____________
(1)包括我们拥有非控制财务利益的实体拥有或租赁的酒店。


8


希尔顿全球控股公司。
物业概述
截至2024年9月30日

拥有/租赁(1)
管理的特许经营 / 牌照总费用
财产客房财产客房财产客房财产客房
华尔道夫酒店及度假村2 463 32 8,345 — — 34 8,808 
康莱德酒店及度假村2 779 43 13,920 4 2,496 49 17,195 
LXR酒店及度假村— — 5 935 8 1,463 13 2,398 
NoMad— — 1 91 — — 1 91 
Signia by Hilton— — 3 2,526 — — 3 2,526 
希尔顿嘉悦酒店— — 10 1,634 32 5,731 42 7,365 
希尔顿酒店及度假村46 15,921 294 125,978 273 84,122 613 226,021 
Hilton希尔顿豪华精选酒店— — 29 6,275 146 26,508 175 32,783 
毕业生希尔顿— — — — 34 5,788 34 5,788 
Hilton逸林酒店— — 168 46,036 526 110,793 694 156,829 
Hilton绣品酒店— — 5 694 134 16,012 139 16,706 
希尔顿大使公馆酒店— — 40 10,551 230 51,700 270 62,251 
Hilton旗下的Tempo酒店— — 1 661 2 436 3 1,097 
希尔顿的座右铭— — — — 8 1,727 8 1,727 
希尔顿花园酒店— — 122 24,102 918 129,317 1,040 153,419 
希尔顿欢朋酒店— — 53 8,526 3,008 332,341 3,061 340,867 
希尔顿至简酒店— — — — 274 26,779 274 26,779 
Hilton旗下的Spark酒店— — — — 67 6,073 67 6,073 
希尔顿家庭套房酒店— — 9 1,142 533 60,935 542 62,077 
希尔顿典2酒店— — 2 210 721 78,413 723 78,623 
战略合作伙伴酒店(2)
— — — — 400 18,825 400 18,825 
其他(3)
— — 3 1,414 12 2,916 15 4,330 
总酒店数50 17,163 820 253,040 7,330 962,375 8,200 1,232,578 
Hilton Grand Vacations(4)
— — — — 101 17,928 101 17,928 
总系统50 17,163 820 253,040 7,431 980,303 8,301 1,250,506 
拥有/租赁(1)
管理的特许/持牌总费用
财产客房财产客房财产客房财产客房
美国交易法案交易所— — 188 81,924 5,628 728,192 5,816 810,116 
美洲（不包括美国）1 405 72 18,067 380 52,677 453 71,149 
欧洲39 11,604 109 27,513 652 82,266 800 121,383 
中东和非洲4 1,991 110 30,478 36 6,021 150 38,490 
亚洲太平洋6 3,163 341 95,058 634 93,219 981 191,440 
酒店总数50 17,163 820 253,040 7,330 962,375 8,200 1,232,578 
Hilton Grand Vacations(4)
— — — — 101 17,928 101 17,928 
整体系统50 17,163 820 253,040 7,431 980,303 8,301 1,250,506 
____________
(1)包括我们拥有非控制财务利益的实体拥有或租赁的酒店。
(2)包括AutoCamp和世界小型豪华酒店组合中的酒店，这些酒店包含在我们的预订渠道中，并通过战略合作安排参与希尔顿荣誉客人忠诚计划。
(3)包括在我们系统中的其他未被特定希尔顿品牌区别的酒店。
(4)包括我们的分时度假品牌，包括希尔顿俱乐部，希尔顿假日度假俱乐部和希尔顿度假俱乐部。


9


希尔顿全球控股公司。
资本支出和合同获得成本
（单位：百万美元）
(未经审计)

三个月已结束
九月三十日增加/（减少）
20242023$%
财产和设备的资本支出(1)
$17 $35 (18)(51.4)
资本化软件成本(2)
30 26 4 15.4
资本支出总额47 61 (14)(23.0)
合同购置成本，扣除退款
10 25 (15)(60.0)
资本支出和合同购置成本总额$57 $86 (29)(33.7)

九个月已结束
九月三十日增加/（减少）
20242023$%
财产和设备的资本支出(1)
$48 $109 (61)(56.0)
资本化软件成本(2)
71 68 3 4.4
资本支出总额119 177 (58)(32.8)
合同购置成本，扣除退款(3)
87 164 (77)(47.0)
资本支出和合同购置成本总额$206 $341 (135)(39.6)
____________
(1)代表酒店、企业和其他物业设备的支出，包括第三方退款的金额分别为2024年和2023年结束于9月30日的三个月的800万美元和1000万美元，以及结束于2024年和2023年9月30日的九个月的2100万美元和1400万美元。不包括FF&E更换准备金的支出，分别为2024年和2023年结束于9月30日的三个月的1400万美元和1700万美元，以及结束于2024年和2023年9月30日的九个月的3800万美元和4000万美元。
(2)Includes $28 million and $24 million of expenditures that were reimbursed to us by third parties for the three months ended September 30, 2024 and 2023, respectively, and $66 million and $63 million for the nine months ended September 30, 2024 and 2023, respectively.
(3)The decrease during the nine months ended September 30, 2024 was primarily due to the timing of certain strategic hotel developments supporting our growth resulting in higher contract acquisition costs during the prior period.


10


HILTON WORLDWIDE HOLDINGS INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
NET INCOME AND DILUTED EPS, ADJUSTED FOR SPECIAL ITEMS
(in millions, except per share data)
(unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Net income attributable to Hilton stockholders, as reported
$344 $377 $1,030 $994 
Diluted EPS, as reported$1.38 $1.44 $4.09 $3.74 
Special items:
Net other expenses from managed and franchised properties
$163 $51 $323 $97 
Purchase accounting amortization(1)
1 12 4 34 
Loss on investments in unconsolidated affiliate(2)
— — — 92 
Loss on debt guarantees(3)
— — 50 — 
FF&E replacement reserves
14 17 38 40 
Loss (gain) on sales of assets, net
2 — (5)— 
Tax-related adjustments(4)
— 2 (4)(6)
Other adjustments(5)
(4)(3)13 6 
Total special items before taxes176 79 419 263 
Income tax expense on special items
(43)(17)(101)(53)
Total special items after taxes$133 $62 $318 $210 
Net income, adjusted for special items$477 $439 $1,348 $1,204 
 Diluted EPS, adjusted for special items
$1.92 $1.67 $5.36 $4.53 
____________
(1)Amounts represent the amortization expense related to finite-lived intangible assets that were recorded at fair value in 2007 when the Company became a wholly owned subsidiary of affiliates of Blackstone Inc. The majority of the related assets were fully amortized as of December 31, 2023, some of which became fully amortized during the three months ended December 31, 2023.
(2)Amount includes losses recognized related to equity and debt financing that we had previously provided to an unconsolidated affiliate with underlying investments in certain hotels that we currently manage or franchise.
(3)Amount includes losses on debt guarantees for certain hotels that we manage, which were recognized in other non-operating income (loss), net.
(4)Amounts include income tax expenses (benefits) related to the enactment of new tax laws and certain changes in unrecognized tax benefits.
(5)Amount for the nine months ended September 30, 2024 primarily relates to restructuring costs related to one of our leased properties, which was recognized in owned and leased hotels expenses, transaction costs incurred for acquisitions, which were recognized in general and administrative expenses, and transaction costs incurred for the amendment of our senior secured term loan facility (the "Term Loans"), which were recognized in other non-operating income (loss), net. Amounts for all periods include net losses (gains) related to certain of our investments in unconsolidated affiliates, other than the loss included separately in "loss on investments in unconsolidated affiliate," which were recognized in other non-operating income (loss), net.



11


HILTON WORLDWIDE HOLDINGS INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
NET INCOME MARGIN AND
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
(dollars in millions)
(unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Net income$344 $379 $1,034 $1,001 
Interest expense140 113 412 340 
Income tax expense 147 169 413 417 
Depreciation and amortization expenses37 40 107 114 
EBITDA668 701 1,966 1,872 
Loss (gain) on sales of assets, net
2 — (5)— 
Loss on foreign currency transactions
3 7 5 13 
Loss on investments in unconsolidated affiliate(1)
— — — 92 
Loss on debt guarantees(2)
— — 50 — 
FF&E replacement reserves14 17 38 40 
Share-based compensation expense44 48 140 133 
Amortization of contract acquisition costs12 11 37 32 
Net other expenses from managed and franchised properties
163 51 323 97 
Other adjustments(3)
(2)(1)17 7 
Adjusted EBITDA$904 $834 $2,571 $2,286 
____________
(1)Amount includes losses recognized related to equity and debt financing that we had previously provided to an unconsolidated affiliate with underlying investments in certain hotels that we manage or franchise.
(2)Amount includes losses on debt guarantees for certain hotels that we manage, which were recognized in other non-operating income (loss), net.
(3)Amount for the nine months ended September 30, 2024 primarily relates to restructuring costs related to one of our leased properties as well as transaction costs resulting from the amendment of our Term Loans and transaction costs incurred for acquisitions. Amounts for all periods include net losses (gains) related to certain of our investments in unconsolidated affiliates, other than the loss included separately in "loss on investments in unconsolidated affiliate," severance and other items.



Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Total revenues, as reported$2,867 $2,673 $8,391 $7,626 
Add: amortization of contract acquisition costs
12 11 37 32 
Less: other revenues from managed and franchised properties
(1,627)(1,506)(4,841)(4,363)
Total revenues, as adjusted
$1,252 $1,178 $3,587 $3,295 
Net income$344 $379 $1,034 $1,001 
Net income margin12.0 %14.2 %12.3 %13.1 %
Adjusted EBITDA$904 $834 $2,571 $2,286 
Adjusted EBITDA margin72.2 %70.8 %71.7 %69.4 %


12


HILTON WORLDWIDE HOLDINGS INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
LONG-TERM DEBT TO NET INCOME RATIO AND
NET DEBT AND NET DEBT TO ADJUSTED EBITDA RATIO
(dollars in millions)
(unaudited)

September 30,
December 31,
20242023
Long-term debt, including current maturities$11,164 $9,196 
Add: unamortized deferred financing costs and discounts90 71 
Long-term debt, including current maturities and excluding the deduction for unamortized deferred financing costs and discounts
11,254 9,267 
Less: cash and cash equivalents
(1,580)(800)
Less: restricted cash and cash equivalents(75)(75)
Net debt$9,599 $8,392 


Nine Months EndedYear EndedTTM Ended
September 30,December 31,September 30,
2024202320232024
Net income$1,034 $1,001 $1,151 $1,184 
Interest expense412 340 464 536 
Income tax expense413 417 541 537 
Depreciation and amortization expenses107 114 147 140 
EBITDA1,966 1,872 2,303 2,397 
Gain on sales of assets, net
(5)— — (5)
Loss on foreign currency transactions
5 13 16 8 
Loss on investments in unconsolidated affiliate(1)
— 92 92 — 
Loss on debt guarantees(2)
50 — — 50 
FF&E replacement reserves38 40 63 61 
Share-based compensation expense140 133 169 176 
Impairment losses(3)
— — 38 38 
Amortization of contract acquisition costs37 32 43 48 
Net other expenses from managed and franchised properties
323 97 337 563 
Other adjustments(4)
17 7 28 38 
Adjusted EBITDA$2,571 $2,286 $3,089 $3,374 
Long-term debt$11,164 
Long-term debt to net income ratio9.4 
Net debt$9,599 
Net debt to Adjusted EBITDA ratio2.8 
____________
(1)Amount includes losses recognized related to equity and debt financing that we had previously provided to an unconsolidated affiliate with underlying investments in certain hotels that we manage or franchise.
(2)Amount includes losses on debt guarantees for certain hotels that we manage, which were recognized in other non-operating income (loss), net.
(3)Amounts for the year ended December 31, 2023 are related to certain hotel properties under operating leases and are for the impairment of a lease intangible asset, operating lease ROU assets and property and equipment.
(4)Amounts for the nine months ended September 30, 2024 and the year ended December 31, 2023 include expenses resulting from the amendments of our Term Loans in June 2024 and November 2023, respectively. Amount for the nine months ended September 30, 2024 also includes transaction costs incurred for acquisitions and restructuring costs related to one of our leased properties. Amounts for all periods include net losses (gains) related to certain of our investments in unconsolidated affiliates, other than the loss included separately in "loss on investments in unconsolidated affiliate," severance and other items.
13


HILTON WORLDWIDE HOLDINGS INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
OUTLOOK: NET INCOME AND DILUTED EPS, ADJUSTED FOR SPECIAL ITEMS
(in millions, except per share data)
(unaudited)

Three Months Ending
December 31, 2024
Low CaseHigh Case
Net income attributable to Hilton stockholders
$368 $392 
Diluted EPS(1)
$1.49 $1.59 
Special items(2):
FF&E replacement reserves$20 $20 
Purchase accounting amortization
1 1 
Other adjustments
4 4 
Total special items before taxes25 25 
Income tax expense on special items(5)(5)
Total special items after taxes$20 $20 
Net income, adjusted for special items$388 $412 
Diluted EPS, adjusted for special items(1)
$1.57 $1.67 

Year Ending
December 31, 2024
Low CaseHigh Case
Net income attributable to Hilton stockholders
$1,398 $1,422 
Diluted EPS(1)
$5.58 $5.68 
Special items(2):
Net other expenses from managed and franchised properties
$323 $323 
Purchase accounting amortization5 5 
Loss on debt guarantees
50 50 
FF&E replacement reserves58 58 
Gain on sales of assets, net
(5)(5)
Tax related adjustments
(4)(4)
Other adjustments17 17 
Total special items before taxes444 444 
Income tax expense on special items(106)(106)
Total special items after taxes$338 $338 
Net income, adjusted for special items$1,736 $1,760 
Diluted EPS, adjusted for special items(1)
$6.93 $7.03 
____________
(1)Does not include the effect of potential share repurchases.
(2)See "—Net Income and Diluted EPS, Adjusted for Special Items" for details of these special items.
14


HILTON WORLDWIDE HOLDINGS INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
OUTLOOK: ADJUSTED EBITDA
(in millions)
(unaudited)

Three Months Ending
December 31, 2024
Low CaseHigh Case
Net income
$371 $395 
Interest expense155 155 
Income tax expense164 175 
Depreciation and amortization expenses37 37 
EBITDA727 762 
FF&E replacement reserves20 20 
Share-based compensation expense34 34 
Amortization of contract acquisition costs13 13 
Other adjustments(1)
10 5 
Adjusted EBITDA$804 $834 

Year Ending
December 31, 2024
Low CaseHigh Case
Net income
$1,405 $1,429 
Interest expense567 567 
Income tax expense577 588 
Depreciation and amortization expenses144 144 
EBITDA2,693 2,728 
Gain on sales of assets, net
(5)(5)
Loss on foreign currency transactions
5 5 
Loss on debt guarantees
50 50 
FF&E replacement reserves58 58 
Share-based compensation expense174 174 
Amortization of contract acquisition costs50 50 
Net other expenses from managed and franchised properties
323 323 
Other adjustments(1)
27 22 
Adjusted EBITDA$3,375 $3,405 
____________
(1)See "—Net Income Margin and Adjusted EBITDA and Adjusted EBITDA Margin" for details of these adjustments.
15


HILTON WORLDWIDE HOLDINGS INC.
DEFINITIONS

Trailing Twelve Month Financial Information

This press release includes certain unaudited financial information for the trailing twelve months ("TTM") ended September 30, 2024, which is calculated as the nine months ended September 30, 2024 plus the year ended December 31, 2023 less the nine months ended September 30, 2023. This presentation is not in accordance with GAAP. However, we believe that this presentation provides useful information to investors regarding our recent financial performance, and we view this presentation of the four most recently completed fiscal quarters as a key measurement period for investors to assess our historical results. In addition, our management uses TTM information to evaluate our financial performance for ongoing planning purposes.

Net Income (Loss), Adjusted for Special Items, and Diluted EPS, Adjusted for Special Items

Net income (loss), adjusted for special items, and diluted earnings (loss) per share ("EPS"), adjusted for special items, are not recognized terms under GAAP and should not be considered as alternatives to net income (loss), diluted EPS or other measures of financial performance or liquidity derived in accordance with GAAP. In addition, our definition of net income (loss), adjusted for special items, and diluted EPS, adjusted for special items, may not be comparable to similarly titled measures of other companies.

Net income (loss), adjusted for special items, and diluted EPS, adjusted for special items, are included to assist investors in performing meaningful comparisons of past, present and future operating results and as a means of highlighting the results of our ongoing operations.

EBITDA, Adjusted EBITDA, Net Income (Loss) Margin and Adjusted EBITDA Margin

EBITDA reflects net income (loss), excluding interest expense, a provision for income tax benefit (expense) and depreciation and amortization expenses. Adjusted EBITDA is calculated as EBITDA, as previously defined, further adjusted to exclude certain items, including gains, losses, revenues and expenses in connection with: (i) asset dispositions for both consolidated and unconsolidated investments; (ii) foreign currency transactions; (iii) debt restructurings and retirements; (iv) furniture, fixtures and equipment ("FF&E") replacement reserves required under certain lease agreements; (v) share-based compensation; (vi) reorganization, severance, relocation and other expenses; (vii) non-cash impairment; (viii) amortization of contract acquisition costs; (ix) the net effect of our cost reimbursement revenues and expenses included in other revenues and other expenses from managed and franchised properties; and (x) other items.

Net income (loss) margin represents net income (loss) as a percentage of total revenues. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of total revenues, adjusted to exclude the amortization of contract acquisition costs and other revenues from managed and franchised properties.

We believe that EBITDA, Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors about us and our financial condition and results of operations for the following reasons: (i) these measures are among the measures used by our management team to evaluate our operating performance and make day-to-day operating decisions and (ii) these measures are frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in our industry. Additionally, these measures exclude certain items that can vary widely across different industries and among competitors within our industry. For instance, interest expense and income taxes are dependent on company specifics, including, among other things, capital structure and operating jurisdictions, respectively, and, therefore, could vary significantly across companies. Depreciation and amortization expenses, as well as amortization of contract acquisition costs, are dependent upon company policies, including the method of acquiring and depreciating assets and the useful lives that are assigned to those depreciating or amortizing assets for accounting purposes. For Adjusted EBITDA, we also exclude items such as: (i) FF&E replacement reserves for leased hotels to be consistent with the treatment of capital expenditures for property and equipment, where depreciation of such capitalized assets is reported within depreciation and amortization expenses; (ii) share-based compensation, as this could vary widely among companies due to the different plans in place and the usage of them; and (iii) other items that are not reflective of our operating performance, such as amounts related to debt restructurings and debt retirements and reorganization and related severance costs, to enhance period-over-period comparisons of our ongoing operations. Further, Adjusted EBITDA excludes the net effect of our cost reimbursement revenues and expenses, classified in other revenues from managed and franchised properties and other expenses from managed and franchised properties, respectively, as we contractually do not operate the related programs to generate a profit or loss over the life of these programs. The direct reimbursements from hotel owners are billable and reimbursable as the costs are incurred and have no net effect on net income (loss). The fees we recognize related to the indirect reimbursements may be recognized before or after the related expenses are incurred, causing timing differences between the recognition of the costs incurred and the related reimbursement from hotel owners, with the net effect impacting net income (loss) in the reporting period. However, the expenses incurred related to the indirect reimbursements are expected to equal the revenues earned from the indirect reimbursements over time, and, therefore, the net effect of our cost reimbursement revenues and expenses is not used by management to evaluate our operating performance or make operating decisions.
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EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not recognized terms under GAAP and should not be considered as alternatives, either in isolation or as a substitute, for net income (loss), net income (loss) margin or other measures of financial performance or liquidity, including cash flows, derived in accordance with GAAP. Further, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, may not be comparable to similarly titled measures of other companies and should not be considered as other methods of analyzing our results as reported under GAAP.

Net Debt, Long-Term Debt to Net Income Ratio and Net Debt to Adjusted EBITDA Ratio

Long-term debt to net income ratio is calculated as the ratio of Hilton's long-term debt, including current maturities, to net income. Net debt is calculated as: long-term debt, including current maturities and excluding the deduction for unamortized deferred financing costs and discounts; reduced by: (i) cash and cash equivalents and (ii) restricted cash and cash equivalents. Net debt to Adjusted EBITDA ratio is calculated as the ratio of Hilton's net debt to Adjusted EBITDA. Net debt and net debt to Adjusted EBITDA ratio, presented herein, are non-GAAP financial measures that the Company uses to evaluate its financial leverage. 

Net debt should not be considered as a substitute to debt presented in accordance with GAAP, and net debt to Adjusted EBITDA ratio should not be considered as an alternative to measures of financial condition derived in accordance with GAAP. Net debt and net debt to Adjusted EBITDA ratio may not be comparable to similarly titled measures of other companies. We believe net debt and net debt to Adjusted EBITDA ratio provide useful information about our indebtedness to investors as they are frequently used by securities analysts, investors and other interested parties to compare the indebtedness between companies.

Comparable Hotels

We define our comparable hotels as those that: (i) were active and operating in our system for at least one full calendar year, have not undergone a change in brand or ownership type during the current or comparable periods and were open January 1st of the previous year; and (ii) have not undergone large-scale capital projects, sustained substantial property damage, encountered business interruption or for which comparable results were not available. We exclude strategic partner hotels from our comparable hotels. Of the 8,200 hotels in our system as of September 30, 2024, 400 hotels were strategic partner hotels and 6,150 hotels were classified as comparable hotels. Our 1,650 non-comparable hotels as of September 30, 2024 included (i) 844 hotels that were added to our system after January 1, 2023 or that have undergone a change in brand or ownership type during the current or comparable periods reported and (ii) 806 hotels that were removed from the comparable group for the current or comparable periods reported because they underwent or are undergoing large-scale capital projects, sustained substantial property damage, encountered business interruption or comparable results were otherwise not available.

Occupancy

Occupancy represents the total number of room nights sold divided by the total number of room nights available at a hotel or group of hotels for a given period. Occupancy measures the utilization of available capacity at a hotel or group of hotels. Management uses occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help management determine achievable Average Daily Rate ("ADR") pricing levels as demand for hotel rooms increases or decreases.

ADR

ADR represents hotel room revenue divided by the total number of room nights sold for a given period. ADR measures the average room price attained by a hotel, and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in the industry, and we use ADR to assess pricing levels that we are able to generate by type of customer, as changes in rates charged to customers have different effects on overall revenues and incremental profitability than changes in occupancy, as described above.

Revenue per Available Room ("RevPAR")

RevPAR is calculated by dividing hotel room revenue by the total number of room nights available to guests for a given period. We consider RevPAR to be a meaningful indicator of our performance as it provides a metric correlated to two primary and key drivers of operations at a hotel or group of hotels, as previously described: occupancy and ADR. RevPAR is also a useful indicator in measuring performance over comparable periods for comparable hotels.

References to occupancy, ADR and RevPAR are presented on a comparable basis, based on the comparable hotels as of September 30, 2024, and references to ADR and RevPAR are presented on a currency neutral basis, unless otherwise noted. As such, comparisons of these hotel operating statistics for the three and nine months ended September 30, 2024 and 2023 use the foreign currency exchange rates used to translate the results of the Company's foreign operations within its unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2024, respectively.

Pipeline

Rooms under construction include rooms for hotels under construction or in the process of conversion to our system.
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