PK - Park Hotels & Resorts Inc. (PK) Q1 2024 Earnings Call Transcript
2024-05-01 16:09:08 ET
Park Hotels & Resorts Inc. (PK)
Q1 2024 Results Conference Call
May 01, 2024 11:00 AM ET
Company Participants
Ian Weissman - Senior Vice President, Corporate Strategy
Tom Baltimore - Chairman, President & CEO
Sean Dell’Orto - Chief Financial Officer & Treasurer
Conference Call Participants
Floris Van Dijkum - Compass Point
Smedes Rose - Citibank
Duane Pfennigwerth - Evercore ISI
Chris Woronka - Deutsche Bank
Anthony Powell - Barclays
David Katz - Jefferies
Stephen Grambling - Morgan Stanley
Bill Crow - Raymond James
Dori Kesten - Wells Fargo
Jay Kornreich - Wedbush Securities
Ryan Lambert - JPMorgan
Robin Farley - UBS
Presentation
Operator
Greetings, and welcome to Park Hotels and Resorts, Inc. First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mr. Ian Weissman, Senior VP, Corporate Strategy. Thank you, Mr. Weissman, you may begin.
Ian Weissman
Thank you, operator, and welcome, everyone, to the Park Hotels & Resorts first quarter 2024 earnings call. Before we begin, I would like to remind everyone that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed, and we are not obligated to publicly update or revise these forward-looking statements.
Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements. Please refer to the documents filed by Park with the SEC, specifically the most recent reports on Form 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.
In addition, on today’s call, we will discuss certain non-GAAP financial information, such as FFO and adjusted EBITDA. You can find this information together with reconciliations to the most directly comparable GAAP financial measure in yesterday’s earnings release as well as in our 8-K filed with the SEC and the supplemental financial information available on our website at pkhotelsandresorts.com. Additionally, unless otherwise stated, all operating results will be presented on a comparable hotel basis.
This morning, Tom Baltimore, our Chairman and Chief Executive Officer, will provide a review of Park’s first quarter performance and update you on our 2024 outlook. Sean Dell’Orto, our Chief Financial Officer, will provide additional color on first quarter results, Q2 and full year guidance and an update on our balance sheet. Following our prepared remarks, we will open the call for questions.
With that, I would like to turn the call over to Tom.
Tom Baltimore
Thank you, Ian, and welcome, everyone. Before we begin, I would like to take a moment to acknowledge and remember former Senator, Joe Lieberman, who served on the Park Board since January 2017. Senator, Lieberman was a great American, a wonderful Board member and a dear friend. I wish to convey my heartfelt condolences to the Lieberman family, and I know I speak for the entire Park Board and management team when I say that his wisdom and integrity will be greatly missed by all of us....
Park Hotels & Resorts Inc. (PK) Q1 2024 Earnings Call Transcript