MCLEAN, Va. - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its first quarter 2017 results. The Company completed the spin-offs of Park Hotels & Resorts Inc. ("Park") and Hilton Grand Vacations Inc. ("HGV") on January 3, 2017 (the "spin-offs"). All results herein present the performance of Hilton giving effect to the spinoffs, with the historical financial results of Park and HGV reflected as discontinued operations. Additionally, all share and sharerelated information presented herein have been retroactively adjusted to reflect the 1-for-3 reverse stock split of Hilton's outstanding common stock that occurred on January 3, 2017 (the "Reverse Stock Split"). Highlights include:
- Diluted EPS from continuing operations for the first quarter was $0.22 and diluted EPS, adjusted for special items, was $0.38
- Net income for the first quarter was $75 million
- Adjusted EBITDA for the first quarter was $424 million, an increase of 16 percent from pro forma Adjusted EBITDA for the first quarter of 2016
- Adjusted EBITDA margin was 55.4 percent, an increase of 550 basis points from pro forma Adjusted EBITDA margin for the first quarter of 2016
- System-wide comparable RevPAR increased 3.0 percent on a currency neutral basis for the first quarter compared to the prior year, achieving high end of guidance
- Added 7,800 net rooms in the first quarter, representing 20 percent growth from the same period in 2016
- Approved 27,000 new rooms for development during the first quarter, growing Hilton's development pipeline to a record 325,000 rooms, representing 16 percent growth from March 31, 2016
- Initiated a stock repurchase program in March and repurchased 1.2 million shares of Hilton common stock for an aggregate cost of $70 million during the first quarter, and 2.1 million shares at an aggregate cost of $123 million through April 2017
- Executed financing transactions during the first quarter that collectively lowered weighted average cost of debt by 25 basis points, reduced interest rate risk and extended weighted average debt maturities by nearly 1.5 years
- Raised Adjusted EBITDA guidance for full year 2017 to between $1,860 million and $1,900 million, an increase of $20 million at the midpoint