希尔顿酒店 2025年季度报告

Item 1.Financial StatementsItem 2.Management's Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures About Market Risk OTHER INFORMATION Unregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior Securities The captions of certain financial statement line items have been revised when compared to those presented in our Annual Report onForm 10-K for the fiscal year ended December 31, 2024. The revisions to our condensed consolidated statement of operations included: (i) changing owned and leased hotels revenues and owned and leased hotels expenses to ownership revenues and ownership expenses,respectively; and (ii) changing other revenues from managed and franchised properties and other expenses from managed and franchised expenses recognized in each of these respective line items did not change, nor did prior period amounts.The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect including normal recurring items, considered necessary for a fair presentation of the interim periods. All material intercompanytransactions have been eliminated in consolidation. Note 2:AcquisitionsGraduate by Hilton brand intangible asset of $122million and franchise contract intangible assets of $91million.NoMadIn April 2024, we acquired a controlling financial interest in both Sydell Hotels & Resorts, LLC and Sydell Holding Company UK Ltd Our redeemable noncontrolling interests relate to our interest in the Sydell Group. The Sydell Group's governing documents containput options that give the noncontrolling interest holders the right to sell their equity interests to us beginning in the second quarter of 2030,as well as call options that give us the right to purchase the remaining equity interests beginning in the second quarter of 2032. The The following table summarizes the activity of our contract liabilities, which are classified as components of current and long-term deferred revenues, during the six months ended June 30, 2025:(in millions)Balance as of December 31, 2024$Cash received in advance and not recognized as revenue Balance as of June 30, 2025 ____________Primarily related to Hilton Honors, our guest loyalty program, including co-branded credit card arrangements.Represents the changes in estimated transaction prices for our performance obligations related to the issuance of Hilton Honors points, which had no effect on revenues. As of June30, 2025, deferred revenues for unsatisfied performance obligations consisted of: (i) $1,099million related to HiltonHonors that will be recognized as revenue over approximately the nexttwo years; (ii) $799million related to advance considerationreceived from hotel owners for application, initiation and other fees and system implementation fees; and (iii)$16million related to other power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorblosses and the right to receive benefits that could be significant to each of the VIEs individually. ____________Represents finance lease liabilities; includes current maturities of $15million and $13million as of June30, 2025 and December31, 2024, respectively. 7 Long-term debt balances, including obligations for finance leases, and associated interest rates and maturities as of June30, 2025,were as follows: June 30,December31,2025(in millions)Senior secured revolving credit facility with a weighted average rate of5.42%, due 2028$290$ Senior notes with a rate of4.875%, due 2027Senior notes with a rate of5.750%, due 2028(1)(1) During the three months ended June 30, 2025, we borrowed an aggregate $290million, net of repayments, under the Revolving Credit Long-term debt11,1197,560—____________The fair values of cash equivalents and restricted cash equivalents approximate their carrying values due to their short-term maturities. The fair values of all other(2) We measured our interest rate swap at fair value, which was determined using a discounted cash flow analysis that reflects thecontractual terms of the interest rate swap, including the period to maturity, and uses observable market-based inputs of similarinstruments, including interest rate curves, as applicable. Note 7:Income TaxesAt the end of each quarter, we estimate the effective income tax rate expected to be applied for the full year. The effective income tax income taxes.Note 8:Share-Based CompensationOur share-based compensation primarily consists of awards that we grant to eligible employees under the Hilton 2017 Omnibus During the six months ended June 30, 2025, we granted380,000RSUs with a weighted average grant date fair value per share of $258.76, which vest in equal annual installments overtwoorthree yearsfrom the date of grant. Three Months EndedSix Months EndedJune 30,June 30, Net income attributable to Hilton stockho