Investor Presentaiton
Reconciliations: Non GAAP Financial Measures
EBITDA, Adjusted EBITDA and Pro-forma Adjusted EBITDA
(unaudited, in millions)
Pro-forma Hotel Adjusted EBITDA, Pro-forma Hotel Revenue
and Pro-forma Hotel Adjusted EBITDA Margin
(unaudited, dollars in millions)
Net income
Interest income
Interest expense
Income tax expense
Depreciation and amortization expense
Interest expense, income tax and depreciation and amortization included in equity in earnings from
investments in affiliates
EBITDA
Gain on sales of assets, net
Loss on foreign currency transactions
FF&E replacement reserve
Impairment loss
Impairment loss included in equity in earnings from investments in affiliates
Other loss, net
Other adjustment items
Adjusted EBITDA
Add: Adjusted EBITDA from hotels prior to owning
Less: Adjusted EBITDA from hotels disposed of
Less: Spin-off Adjustments (¹)
Pro-forma Adjusted EBITDA
Year Ended
December 31, 2016
$
139
(2)
181
ཙྪཾ
300
Pro-forma Adjusted EBITDA
All other(1)
Adjusted EBITDA from investments in affiliates
Pro-forma Hotel Adjusted EBITDA
$
Year Ended
December 31, 2016
756
38
(44)
$
750
(1) Includes revenue from Park's laundry business, corporate and other expenses not included in other
adjustment items.
24
724
(1)
(3)
Total Revenue
3
15
Add: Revenue from hotels prior to owning
Less: Revenue from hotels disposed of
17
25
Less: Revenue from laundry facilities
Pro-forma Hotel Revenue
34
814
Year Ended
December 31, 2016
$
$
2,727
(9)
(13)
2,705
Year Ended
December 31, 2016
(1)
Pro-forma Hotel Revenue
$
2,705
(57)
Pro-forma Hotel Adjusted EBITDA
$
$
756
Pro-forma Hotel Adjusted EBITDA margin
750
27.7%
(1) Spin-off Adjustments include adjustments for incremental fees based on the terms of the post spin-off management
agreements and estimated non-income taxes on certain REIT leases.
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PARK HOTELS & RESORTSView entire presentation