Hilton Reports First Quarter Results, Expands Brand Portfolio

Published

5 years ago

May 1, 2019

Reading Time: 15 minutes

MCLEAN, Va.–(BUSINESS WIRE)–Hilton Worldwide Holdings Inc. (“Hilton” or the “Company”) (NYSE: HLT)
today reported its first quarter 2019 results. Highlights include:

Diluted EPS was $0.54 for the first quarter, a 6 percent increase
from the same period in 2018, and diluted EPS, adjusted for special
items, was $0.80, a 16 percent increase from the same period in 2018
Net income for the first quarter was $159 million, a 2 percent
decrease from the same period in 2018
Adjusted EBITDA for the first quarter was $499 million, an increase
of 12 percent from the same period in 2018 and exceeding the high end
of guidance
System-wide comparable RevPAR increased 1.8 percent on a currency
neutral basis for the first quarter from the same period in 2018
Approved 29,300 new rooms for development during the first quarter,
growing Hilton’s development pipeline to over 371,000 rooms as of
March 31, 2019
Opened 12,100 rooms in the first quarter, contributing to 10,000
net additional rooms, on track to deliver approximately 6.5 percent
net unit growth for the full year
Launched a new meetings-and-events-focused brand, Signia Hilton
In February 2019, Hilton’s board of directors authorized an
additional $1.5 billion for share repurchases under its stock
repurchase program
Repurchased 3.9 million shares of Hilton common stock during the
first quarter, bringing total capital return, including dividends, to
approximately $340 million for the quarter
Full year 2019 system-wide RevPAR is expected to increase between
1.0 percent and 3.0 percent on a comparable and currency neutral basis
compared to 2018; full year net income is projected to be between $881
million and $910 million; full year Adjusted EBITDA is projected to be
between $2,265 million and $2,305 million
Full year 2019 capital return is projected to be between $1.3
billion and $1.8 billion

Overview

Christopher J. Nassetta, President & Chief Executive Officer of Hilton,
said, “We are happy to report a good start to the year with first
quarter results that exceeded the high end of guidance for Adjusted
EBITDA and diluted EPS, adjusted for special items. We continued to
drive impressive market share gains across all brand segments and
regions during the first quarter, further increasing our
industry-leading RevPAR index premium. We were also excited to launch
our newest brand, Signia Hilton. We expect this dynamic and innovative
brand to change the meetings and events space and enable us to better
serve our guests and owners.”

For the three months ended March 31, 2019, system-wide comparable RevPAR
grew 1.8 percent, driven by increases in both ADR and occupancy.
Management and franchise fee revenues increased 12 percent during the
three months ended March 31, 2019 as a result of RevPAR growth of 1.7
percent at comparable managed and franchised hotels, increased licensing
and other fees and the addition of new properties to Hilton’s portfolio.

For the three months ended March 31, 2019, diluted EPS was $0.54 and
diluted EPS, adjusted for special items, was $0.80 compared to $0.51 and
$0.69, respectively, for the three months ended March 31, 2018. Net
income and Adjusted EBITDA were $159 million and $499 million,
respectively, for the three months ended March 31, 2019, compared to
$163 million and $445 million, respectively, for the three months ended
March 31, 2018.

Development

In the first quarter of 2019, Hilton opened 85 new hotels totaling
12,100 rooms and achieved net unit growth of 10,000 rooms, a 41 percent
increase from the same period in 2018.

As of March 31, 2019, Hilton’s development pipeline totaled nearly 2,480
hotels consisting of over 371,000 rooms throughout 108 countries and
territories, including 37 countries and territories where Hilton does
not currently have any open hotels. Additionally, 200,000 rooms in the
development pipeline were located outside the U.S., and 193,000 rooms,
or more than half, were under construction.

During the quarter, Hilton added several notable properties to its
system, including further expansion of its luxury and lifestyle
portfolio with the openings of the Conrad Washington, DC, Conrad
Hangzhou in China and Canopy by Hilton Minneapolis Mill District.

In February 2019, Hilton launched its newest brand, Signia Hilton, a
dynamic, meetings-and-events-focused brand. Signia will further
reinforce Hilton’s commitment to innovation that meets the evolving
needs of today’s travelers and will bring premium experiences to top
urban and resort destinations around the world. The brand will debut
with the openings of the Signia Hilton Orlando Bonnet Creek, Signia
Hilton Atlanta and Signia Hilton Indianapolis.

Balance Sheet and Liquidity

As of March 31, 2019, Hilton had $7.4 billion of long-term debt
outstanding, excluding deferred financing costs and discount, with a
weighted average interest rate of 4.46 percent. Excluding finance lease
liabilities and other debt of Hilton’s consolidated variable interest
entities, Hilton had $7.2 billion of long-term debt outstanding with a
weighted average interest rate of 4.41 percent.

Total cash and cash equivalents were $461 million as of March 31, 2019,
including $79 million of restricted cash and cash equivalents. As of
March 31, 2019, Hilton had $50 million outstanding under its senior
secured revolving credit facility and a borrowing capacity of $891
million, which includes outstanding letters of credit.

In February 2019, Hilton’s board of directors authorized an additional
$1.5 billion for share repurchases under its stock repurchase program.
During the first quarter of 2019, Hilton repurchased 3.9 million shares
of its common stock at a cost of approximately $296 million and an
average price per share of $76.65. From the inception of Hilton’s stock
repurchase program in March 2017, Hilton has repurchased approximately
41.7 million shares of its common stock for approximately $3.0 billion
at an average price per share of $71.30. The amount remaining under
Hilton’s stock repurchase program is approximately $1.7 billion.

In March 2019, Hilton paid a quarterly cash dividend of $0.15 per share
on shares of its common stock, for a total of $44 million. In April
2019, Hilton’s board of directors authorized a regular quarterly cash
dividend of $0.15 per share of common stock to be paid on or before June
28, 2019 to holders of record of its common stock as of the close of
business on May 17, 2019.

Adoption of New Accounting Standard

On January 1, 2019, the Company adopted Accounting Standards Update
(“ASU”) No. 2016-02 Leases (Topic 842) (“ASU 2016-02”),
which supersedes existing guidance on accounting for leases in Leases
(Topic 840) and generally requires all leases, including operating
leases, to be recognized in the balance sheet of lessees as right-of-use
assets and lease liabilities. As permitted, the Company has applied this
ASU at the adoption date; therefore, the presentation of financial
information for all periods prior to January 1, 2019 remains unchanged
and in accordance with Leases (Topic 840). The provisions of ASU
2016-02 did not affect the Company’s cash flow or cash available for
capital return, and did not have a material impact on the Company’s
consolidated statement of operations. Refer to Hilton’s Quarterly Report
on Form 10-Q for the quarterly period ended March 31, 2019, which is
expected to be filed on or about the date of this press release, for
additional information on the effect of this ASU.

Outlook

Share-based metrics in Hilton’s outlook include actual share repurchases
to date, but do not include the effect of potential share repurchases
hereafter.

Full Year 2019

System-wide RevPAR is expected to increase between 1.0 percent and 3.0
percent on a comparable and currency neutral basis compared to 2018.
Diluted EPS, before special items, is projected to be between $2.98
and $3.07.
Diluted EPS, adjusted for special items, is projected to be between
$3.74 and $3.84.
Net income is projected to be between $881 million and $910 million.
Adjusted EBITDA is projected to be between $2,265 million and $2,305
million.
Management and franchise fee revenue is projected to increase between
7 percent and 9 percent compared to 2018.
Contract acquisition costs and capital expenditures, excluding amounts
indirectly reimbursed by hotel owners, are expected to be between $175
million and $200 million.
Capital return is projected to be between $1.3 billion and $1.8
billion.
General and administrative expenses are projected to be between $430
million and $450 million.
Net unit growth is expected to be approximately 6.5 percent.

Second Quarter 2019

System-wide RevPAR is expected to increase between 1.0 percent and 2.0
percent on a comparable and currency neutral basis compared to the
second quarter of 2018.
Diluted EPS, before special items, is projected to be between $0.81
and $0.86.
Diluted EPS, adjusted for special items, is projected to be between
$0.98 and $1.03.
Net income is projected to be between $238 million and $253 million.
Adjusted EBITDA is projected to be between $590 million and $610
million.
Management and franchise fee revenue is projected to increase between
6 percent and 8 percent compared to the second quarter of 2018.

Conference Call

Hilton will host a conference call to discuss first quarter 2019 results
on May 1, 2019 at 10:00 a.m. Eastern Time. Participants may listen to
the live webcast by logging on to the Hilton Investor Relations website
at https://ir.hilton.com/events-and-presentations.
A replay and transcript of the webcast will be available within 24 hours
after the live event at https://ir.hilton.com/financial-reporting/quarterly-results/2019.

Alternatively, participants may listen to the live call by dialing
1-888-317-6003 in the United States or 1-412-317-6061 internationally.
Please use the conference ID 3985417. Participants are encouraged to
dial into the call or link to the webcast at least fifteen minutes prior
to the scheduled start time. A telephone replay will be available for
seven days following the call. To access the telephone replay, dial
1-877-344-7529 in the United States or 1-412-317-0088
internationally using the conference ID 10130262.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements include, but are not limited to, statements related to the
expectations regarding the performance of Hilton’s business, financial
results, liquidity and capital resources and other non-historical
statements, including the statements in the “Outlook” section of this
press release. In some cases, these forward-looking statements can be
identified by the use of words such as “outlook,” “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,”
“projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”
or the negative version of these words or other comparable words. Such
forward-looking statements are subject to various risks and
uncertainties, including, among others, risks inherent to the
hospitality industry, macroeconomic factors beyond Hilton’s control,
competition for hotel guests and management and franchise contracts,
risks related to doing business with third-party hotel owners,
performance of Hilton’s information technology systems, growth of
reservation channels outside of Hilton’s system, risks of doing business
outside of the United States of America (“U.S.”) and Hilton’s
indebtedness. Additional factors that could cause Hilton’s results to
differ materially from those described in the forward-looking statements
can be found under the section entitled “Part I—Item 1A. Risk Factors”
of Hilton’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2018, filed with the Securities and Exchange Commission
(“SEC”), as such factors may be updated from time to time in Hilton’s
periodic filings with the SEC, which are accessible on the SEC’s website
at www.sec.gov.
Accordingly, there are or will be important factors that could cause
actual outcomes or results to differ materially from those indicated in
these statements. These factors should not be construed as exhaustive
and should be read in conjunction with the other cautionary statements
that are included in this press release and in Hilton’s filings with the
SEC. The Company undertakes no obligation to publicly update or review
any forward-looking statement, whether as a result of new information,
future developments or otherwise, except as required by law.

Non-GAAP Financial Measures

The Company refers to certain financial measures that are not recognized
under U.S. generally accepted accounting principles (“GAAP”) in this
press release, including: net income, adjusted for special items;
diluted EPS, adjusted for special items; Adjusted EBITDA; Adjusted
EBITDA margin; net debt; and net debt to Adjusted EBITDA ratio. See the
schedules to this press release, including the “Definitions” section,
for additional information and reconciliations of such non-GAAP
financial measures.

About Hilton

Hilton (NYSE: HLT) is a leading global hospitality company, with a
portfolio of 17 world-class brands comprising more than 5,700 properties
with over 923,000 rooms, in 113 countries and territories. Dedicated to
fulfilling its mission to be the world’s most hospitable company, Hilton
earned a spot on the 2018 world’s best workplaces list and has welcomed
more than 3 billion guests during its 100-year history. Through the
award-winning guest loyalty program, Hilton Honors, more than 89 million
members who book directly with Hilton can earn Points for hotel stays
and experiences money can’t buy, plus enjoy instant benefits including
digital check-in with room selection, Digital Key and Connected Room.
Visit newsroom.hilton.com
for more information, and connect with Hilton on facebook.com/hiltonnewsroom,
twitter.com/hiltonnewsroom,
linkedIn.com/company/hilton,
instagram.com/hiltonnewsroom
and youtube.com/hiltonnewsroom.

HILTON WORLDWIDE HOLDINGS INC.

EARNINGS RELEASE SCHEDULES

TABLE OF CONTENTS

Condensed Consolidated Statements of Operations

Comparable and Currency Neutral System-Wide Hotel Operating
Statistics

Property Summary

Capital Expenditures and Contract Acquisition Costs

Non-GAAP Financial Measures Reconciliations

Definitions


HILTON WORLDWIDE HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except per share data) Advertisement


	Three Months Ended
	March 31,
	2019			2018
Revenues
Franchise and licensing fees	$	382		$	331
Base and other management fees		80			77
Incentive management fees		55			55
Owned and leased hotels		312			334
Other revenues		26			23
		855			820
Other revenues from managed and franchised properties		1,349			1,254
Total revenues		2,204			2,074

Expenses
Owned and leased hotels		298			320
Depreciation and amortization		84			82
General and administrative		107			104
Other expenses		20			14
		509			520
Other expenses from managed and franchised properties		1,383			1,275
Total expenses		1,892			1,795

Operating income		312			279

Interest expense		(98	)		(83	)
Gain on foreign currency transactions		—			11
Other non-operating income, net		4			14

Income before income taxes		218			221

Income tax expense		(59	)		(58	)

Net income		159			163
Net income attributable to noncontrolling interests		(1	)		(2	)
Net income attributable to Hilton stockholders	$	158		$	161

Weighted average shares outstanding:
Basic		293			316
Diluted		295			319

Earnings per share:
Basic	$	0.54		$	0.51
Diluted	$	0.54		$	0.51

Cash dividends declared per share	$	0.15		$	0.15


HILTON WORLDWIDE HOLDINGS INC. COMPARABLE AND CURRENCY NEUTRAL SYSTEM-WIDE HOTEL OPERATING STATISTICS BY REGION, BRAND AND SEGMENT (unaudited)


	Three Months Ended March 31,
	Occupancy				ADR				RevPAR
	2019		vs. 2018		2019		vs. 2018		2019		vs. 2018
U.S.	72.2	%	0.4	% pts.	$	147.55	1.3	%	$	106.52	1.8	%
Americas (excluding U.S.)	65.6		0.6			125.76	3.4			82.56	4.4
Europe	68.9		(0.1	)		128.23	3.3			88.38	3.2
Middle East & Africa	75.2		2.7			140.90	(9.1	)		106.01	(5.7	)
Asia Pacific	68.9		1.7			130.32	(1.5	)		89.84	1.0
System-wide	71.4		0.5			143.44	1.1			102.41	1.8


	Three Months Ended March 31,
	Occupancy				ADR				RevPAR
	2019		vs. 2018		2019		vs. 2018		2019		vs. 2018
Waldorf Astoria Hotels & Resorts	71.7	%	0.1	% pts.	$	384.45	0.6	%	$	275.51	0.7	%
Conrad Hotels & Resorts	72.9		3.6			266.04	(0.8	)		193.96	4.3
Hilton Hotels & Resorts	72.2		—			168.73	1.7			121.76	1.8
Curio Collection by Hilton	69.3		(1.0	)		218.54	4.6			151.36	3.1
DoubleTree by Hilton	70.3		0.1			130.74	0.4			91.85	0.6
Embassy Suites by Hilton	76.0		0.9			163.98	1.5			124.61	2.7
Hilton Garden Inn	71.7		0.5			127.77	1.0			91.57	1.7
Hampton by Hilton	68.6		0.5			118.58	0.7			81.35	1.5
Tru by Hilton	63.1		4.7			99.63	3.7			62.84	12.0
Homewood Suites by Hilton	77.1		0.5			138.46	0.9			106.78	1.5
Home2 Suites by Hilton	75.3		3.9			114.78	1.0			86.41	6.5
System-wide	71.4		0.5			143.44	1.1			102.41	1.8


	Three Months Ended March 31,
	Occupancy				ADR				RevPAR
	2019		vs. 2018		2019		vs. 2018		2019		vs. 2018
Management and franchise	71.4	%	0.5	% pts.	$	142.69	1.0	%	$	101.90	1.7	%
Ownership⁽¹⁾	70.7		(0.3	)		177.73	3.2			125.67	2.8
System-wide	71.4		0.5			143.44	1.1			102.41	1.8

____________ Advertisement ⁽¹⁾ Includes owned and leased hotels, as well as hotels owned or leased by entities in which Hilton owns a noncontrolling financial interest.


HILTON WORLDWIDE HOLDINGS INC. PROPERTY SUMMARY As of March 31, 2019


	Owned / Leased⁽¹⁾		Managed		Franchised		Total
	Properties	Rooms	Properties	Rooms	Properties	Rooms	Properties	Rooms
Waldorf Astoria Hotels & Resorts
U.S.	1	215	14	5,956	—	—	15	6,171
Americas (excluding U.S.)	—	—	1	142	1	984	2	1,126
Europe	2	463	4	898	—	—	6	1,361
Middle East & Africa	—	—	4	949	—	—	4	949
Asia Pacific	—	—	4	895	—	—	4	895
LXR Hotels & Resorts
Middle East & Africa	—	—	—	—	1	234	1	234
Conrad Hotels & Resorts
U.S.	—	—	5	1,649	1	236	6	1,885
Americas (excluding U.S.)	—	—	2	402	—	—	2	402
Europe	—	—	4	1,155	—	—	4	1,155
Middle East & Africa	1	614	2	993	—	—	3	1,607
Asia Pacific	1	164	18	5,359	1	654	20	6,177
Canopy by Hilton
U.S.	—	—	—	—	6	1,014	6	1,014
Europe	—	—	—	—	2	263	2	263
Asia Pacific	—	—	1	150	—	—	1	150
Hilton Hotels & Resorts
U.S.	—	—	67	48,780	176	53,695	243	102,475
Americas (excluding U.S.)	1	405	26	9,320	21	7,085	48	16,810
Europe	50	13,843	48	15,238	38	10,616	136	39,697
Middle East & Africa	5	1,998	42	12,995	3	1,609	50	16,602
Asia Pacific	7	3,437	95	34,510	7	2,826	109	40,773
Curio Collection by Hilton
U.S.	—	—	4	1,981	35	7,452	39	9,433
Americas (excluding U.S.)	—	—	—	—	8	1,194	8	1,194
Europe	—	—	3	270	12	1,477	15	1,747
Middle East & Africa	—	—	2	255	1	356	3	611
Asia Pacific	—	—	3	663	1	50	4	713
DoubleTree by Hilton
U.S.	—	—	34	11,565	319	74,251	353	85,816
Americas (excluding U.S.)	—	—	1	172	26	5,471	27	5,643
Europe	—	—	12	3,347	93	15,844	105	19,191
Middle East & Africa	—	—	10	2,349	6	718	16	3,067
Asia Pacific	—	—	57	15,797	3	1,072	60	16,869
Tapestry Collection by Hilton
U.S.	—	—	—	—	19	2,701	19	2,701
Embassy Suites by Hilton
U.S.	—	—	42	11,115	202	45,515	244	56,630
Americas (excluding U.S.)	—	—	3	667	5	1,330	8	1,997
Hilton Garden Inn
U.S.	—	—	5	537	660	91,325	665	91,862
Americas (excluding U.S.)	—	—	11	1,561	40	6,279	51	7,840
Europe	—	—	21	3,826	45	7,431	66	11,257
Middle East & Africa	—	—	13	2,763	1	175	14	2,938
Asia Pacific	—	—	29	6,261	—	—	29	6,261
Hampton by Hilton
U.S.	—	—	46	5,644	2,147	210,312	2,193	215,956
Americas (excluding U.S.)	—	—	12	1,565	95	11,373	107	12,938
Europe	—	—	18	2,956	66	10,276	84	13,232
Middle East & Africa	—	—	1	420	—	—	1	420
Asia Pacific	—	—	—	—	73	11,718	73	11,718
Tru by Hilton
U.S.	—	—	—	—	61	5,803	61	5,803
Americas (excluding U.S.)	—	—	—	—	1	90	1	90
Homewood Suites by Hilton
U.S.	—	—	18	1,916	443	50,583	461	52,499
Americas (excluding U.S.)	—	—	2	261	22	2,456	24	2,717
Home2 Suites by Hilton
U.S.	—	—	2	198	300	31,303	302	31,501
Americas (excluding U.S.)	—	—	—	—	5	543	5	543
Other	—	—	3	1,450	1	250	4	1,700
Hotels	68	21,139	689	216,930	4,947	676,564	5,704	914,633
Hilton Grand Vacations	—	—	—	—	53	8,477	53	8,477
Total	68	21,139	689	216,930	5,000	685,041	5,757	923,110

____________ Advertisement ⁽¹⁾ Includes hotels owned or leased by entities in which Hilton owns a noncontrolling financial interest.


HILTON WORLDWIDE HOLDINGS INC. CAPITAL EXPENDITURES AND CONTRACT ACQUISITION COSTS (unaudited, dollars in millions)


	Three Months Ended
	March 31,				Increase / (Decrease)
	2019		2018		$	%
Capital expenditures for property and equipment⁽¹⁾	$	23	$	10	13	NM⁽³⁾
Capitalized software costs⁽²⁾		19		15	4	26.7
Total capital expenditures		42		25	17	68.0
Contract acquisition costs		15		14	1	7.1
Total capital expenditures and contract acquisition costs	$	57	$	39	18	46.2

____________
⁽¹⁾ Advertisement		Includes expenditures for hotels, corporate and other property and equipment, of which $5 million and $2 million were indirectly reimbursed by hotel owners for the three months ended March 31, 2019 and 2018, respectively. Excludes expenditures for furniture, fixtures and equipment (“FF&E”) replacement reserve expenses of $14 million and $12 million for the three months ended March 31, 2019 and 2018, respectively.
⁽²⁾		Includes $15 million and $7 million of expenditures that were indirectly reimbursed by hotel owners for the three months ended March 31, 2019 and 2018, respectively.
⁽³⁾		Fluctuation in terms of percentage change is not meaningful.


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


	Three Months Ended
	March 31,
	2019			2018
Net income attributable to Hilton stockholders, as reported	$	158		$	161
Diluted EPS, as reported	$	0.54		$	0.51
Special items:
Net other expenses from managed and franchised properties	$	34		$	21
Purchase accounting amortization⁽¹⁾		51			51
FF&E replacement reserves		14			12
Other adjustments⁽²⁾		1			(4	)
Total special items before tax		100			80
Income tax expense on special items		(24	)		(20	)
Total special items after tax	$	76		$	60

Net income, adjusted for special items	$	234		$	221
Diluted EPS, adjusted for special items	$	0.80		$	0.69

____________
⁽¹⁾		Represents the amortization of intangible assets that were recorded at their fair value in October 2007 when the Company became a wholly owned subsidiary of affiliates of The Blackstone Group L.P (“Blackstone”).
⁽²⁾		Includes severance costs related to the 2015 sale of the Waldorf Astoria New York that were recognized in general and administrative expenses and, for the three months ended March 31, 2018, also includes a gain on the refinancing of a loan Hilton issued to finance the construction of a hotel that Hilton manages, which was recognized in other non-operating income, net.


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


	Three Months Ended
	March 31,
	2019			2018
Net income	$	159		$	163
Interest expense		98			83
Income tax expense		59			58
Depreciation and amortization		84			82
EBITDA		400			386
Gain on foreign currency transactions		—			(11	)
FF&E replacement reserves		14			12
Share-based compensation expense		34			28
Amortization of contract acquisition costs		7			7
Net other expenses from managed and franchised properties		34			21
Other adjustment items⁽¹⁾		10			2
Adjusted EBITDA	$	499		$	445

____________ ⁽¹⁾ Includes adjustments for severance and other items.


	Three Months Ended
	March 31,
	2019			2018
Total revenues, as reported	$	2,204		$	2,074
Add: amortization of contract acquisition costs		7			7
Less: other revenues from managed and franchised properties		(1,349	)		(1,254	)
Total revenues, as adjusted	$	862		$	827

Adjusted EBITDA	$	499		$	445

Adjusted EBITDA margin		57.9	%		53.8	%


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


						March 31,			December 31,
						2019			2018
Long-term debt, including current maturities						$	7,365		$	7,282
Add: unamortized deferred financing costs and discount							76			79
Long-term debt, including current maturities and excluding unamortized deferred financing costs and discount							7,441			7,361
Add: Hilton’s share of unconsolidated affiliate debt, excluding unamortized deferred financing costs							13			15
Less: cash and cash equivalents							(382	)		(403	)
Less: restricted cash and cash equivalents							(79	)		(81	)
Net debt						$	6,993		$	6,892


	Three Months Ended					Year Ended			TTM⁽¹⁾
	March 31,					December 31,			March 31,
	2019		2018			2018			2019
Net income	$	159	$	163		$	769		$	765
Interest expense		98		83			371			386
Income tax expense		59		58			309			310
Depreciation and amortization		84		82			325			327
EBITDA		400		386			1,774			1,788
Loss (gain) on foreign currency transactions		—		(11	)		11			22
FF&E replacement reserve		14		12			50			52
Share-based compensation expense		34		28			127			133
Amortization of contract acquisition costs		7		7			27			27
Net other expenses from managed and franchised properties		34		21			85			98
Other adjustment items⁽²⁾		10		2			27			35
Adjusted EBITDA	$	499	$	445		$	2,101		$	2,155

Net debt									$	6,993

Net debt to Adjusted EBITDA ratio										3.2

Contacts

Investor Contact
Jill Slattery
+1 703 883 6043

Media Contact
Nigel Glennie
+1 703 883 5262

Read full story here

Germany

IMC Germany Announces Outstanding Preliminary Q3, 2024 Performance with 50% Growth Over Q2

Published

1 day ago

October 2, 2024

CISION (PR Newswire)

imc-germany-announces-outstanding-preliminary-q3,-2024-performance-with-50%-growth-over-q2

TORONTO and GLIL YAM, Israel, Oct. 2, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company“, “IMCannabis“, or “IMC“), a leading medical cannabis company with operations in Israel and Germany, is pleased to announce that the preliminary sales results in Germany by its German subsidiary, Adjupharm GmbH (“IMC Germany“), for the third quarter of 2024 have significantly exceeded expectations, showing a remarkable 50% increase in revenue compared to the second quarter, where IMC Germany sold about CAD$ 3.5M. This outstanding growth demonstrates IMC Germany’s successful execution of its strategic initiatives and strong market demand for its products.

Since the partial legalization of cannabis in Germany came into effect in April 2024, the demand for cannabis products in pharmacies has increased significantly, emphasizing the importance of a robust, reliable supply chain.

“Since April 1^st, one of our key objectives was to ensure a supply chain strong enough to meet the increase in demand. This preliminary 50% growth is testament, in part, to delivering on this objective,” said Oren Shuster, CEO of IMC. “We are thrilled with our Q3 performance, which not only surpassed our own targets but also highlights the dedication and hard work of our entire team.”

About IM Cannabis Corp.

IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has focused its resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.

The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IMC products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients.

Disclaimer for Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements”). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to statements relating to compliance with Nasdaq’s continued listing requirements, and timing and effect thereof; the potential outcome of the Licensing Agreement and the effect of collaboration with Carmel in the Israeli market and the potential exclusive launch of the BLKMKT^TM brand this year in Germany.

The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the Canadian Securities Exchange and the NASDAQ Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical (collectively, the “Group”) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt and war, conflict and civil unrest in Eastern Europe and the Middle East.

Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

CAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL INFORMATION

This press release may contain future oriented financial information (“FOFI”) within the meaning of Canadian securities legislation, about prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement.

The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the heading above entitled “Cautionary Note Regarding Future Oriented Financial Information” and assumptions with respect to the costs and expenditures to be incurred by the Company, capital expenditures and operating costs, taxation rates for the Company and general and administrative expenses. Management does not have, or may not have had at the relevant date, firm commitments for all of the costs, expenditures, prices or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not, or may not have been at the relevant date of the FOFI, objectively determinable.

Importantly, the FOFI contained in this press release and the documents incorporated by reference herein, are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including those assumptions discussed under the heading “Disclaimer for Forward-Looking Statements” and assumptions about: (i) the future pricing for the Company’s products, (ii) the future market demand and trends within the jurisdictions in which the Company may from time to time conduct the Company’s business, and (iii) the Company continued ability to maintain its capital to fund its ongoing business development and future growth.

The FOFI or financial outlook contained in this press release do not purport to present the Company’s financial condition in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “Cautionary Note Regarding Future Oriented Financial Information”, FOFI or financial outlook within this in this press release should not be relied on as necessarily indicative of future results.

Company Contact:

Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
[email protected]

Oren Shuster, CEO
IM Cannabis Corp.
[email protected]

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Gedeon

Gedeon Richter presents analysis on cannabis usage among patients with schizophrenia: a new medical solution to a severe issue might be available

Published

1 week ago

September 25, 2024

CISION (PR Newswire)

A novel psychiatric scale developed by colleagues of Gedeon Richter Plc. in collaboration with academia was also presented at the 37^th ECNP conference

BUDAPEST, Hungary, Sept. 25, 2024 /PRNewswire/ — During the 37^th Annual Meeting of the European College of Neuropsychopharmacology (ECNP), held between 21-24 September 2024, new analyses of cariprazine studies were presented by Gedeon Richter Plc. First of all, cariprazine seems to be an effective treatment option for patients with schizophrenia and comorbid cannabis use disorder, according to one of the five posters presented at the congress. Furthermore, during an industry sponsored session, a new transdiagnostic scale for quantifying and visualizing symptom severity of patients with different psychiatric conditions was also presented, that was developed by the medical team of Gedeon Richter Plc. and recognized professors.

Schizophrenia often co-occurs with cannabis use disorder however, available antipsychotic treatments frequently fail to address both disorders. In a scientific poster showcased by Gedeon Richter at ECNP in Milan, cariprazine was presented to be a potentially effective treatment option for patients with first-episode schizophrenia and comorbid cannabis use disorder according to the results of a 6-month observational study. Four other scientific posters were also presented at the congress by Gedeon Richter about the role of cariprazine in the treatment of schizophrenia such as the efficacy of cariprazine in patients who develop akathisia as a side effect or the impact of functioning on the risk of relapse in patients treated with cariprazine vs placebo. Cariprazine is a 3^rd generation antipsychotic medication with a unique receptor profile and proven efficacy in schizophrenia, including negative symptoms.

Lacking biomarkers in psychiatry calls for valid and reliable assessments of psychopathology across mental disorders that are easy to use, bridge research and clinical care, and that can capture clinician and patient perspectives. Recognizing this problem, the Gedeon Richter medical team together with experienced psychiatric professors developed a scale to handle this challenge. Using this new transdiagnostic scale called the Transdiagnostic Global Impression – Psychopathology (TGI-P) scale could help CNS professionals and psychologists to quickly assess and visualize symptoms in several psychiatric conditions. During an industry sponsored session, the details and the usability of the tool were shown to the audience.

About Richter and About Cariprazine

View original content:https://www.prnewswire.co.uk/news-releases/gedeon-richter-presents-analysis-on-cannabis-usage-among-patients-with-schizophrenia-a-new-medical-solution-to-a-severe-issue-might-be-available-302258335.html

Cannabis

Bioplastic Packaging Market Size Expected to Reach USD 87.98 Bn by 2033

Published

2 weeks ago

September 20, 2024

GlobeNewswire

Ottawa, Sept. 20, 2024 (GLOBE NEWSWIRE) — The global bioplastic packaging market size was valued at USD 17.99 billion in 2023 and is predicted to increase from USD 21.09 billion in 2024 to USD 87.98 billion by 2033, a study published by Towards Packaging a sister firm of Precedence Statistics.

Key Takeaways: Leading Factors of the Bioplastic Packaging Market

Use of renewable resources due to growing sustainable demand is the major factor that drives the market.
Eco-friendly alternatives perceive growth in North America due to growing environmental concerns.
Food and beverage industry is the dominating sector in the market due to the increasing consumption of packed food.
Limited infrastructure for bioplastic processing is an unceasing challenge for the market.

Download Statistical Data: https://www.towardspackaging.com/download-statistics/5215

Bioplastic Packaging Market: At a Glance

The bioplastic packaging market revolves around adoption renewable packaging which can be used multiple times and which is an alternative to the fossil fuel-derived plastics. Along with this, resource depletion, reduction of carbon footprint and material waste are the leading objectives of the market. The demand for sustainable packaging solution and the increasing plastic waste has increased the demand of the market.

The bio-degradable feature attributes to the reusable function of bioplastic packaging. The consumer demand for sustainable packaging has also increased the demand of the bioplastic packaging, given the reason it provides resistance and prevents denting as well. The bioplastic material tends to degrade easily which also reduces landfill waste.

Regional Insights

Europe thrives with its vision of sustainable packaging demand

Europe is the dominating region in bioplastic packaging market. The sustainability focus of Europeans has sustained the environment and the alternative packaging solutions have increased the popularity of eco-friendly packaging. The European vision of preserving sustainability is also about turning packaging materials into recyclable or reusable material by 2030 and this has increased exploration of alternative materials, design strategies and mostly importantly waste management system.

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Europe targets to reduce unnecessary packaging by 10% in 2035 and by 15% in 2040. The demand for bioplastic as an alternative increase as Europe has strict regulations against plastic usage which aims to reduce the utilization of single use-plastic to prevent environmental hazards, especially, in marine environment and human health. In addition, European Union also aims at promoting circular economy and innovative sustainable packaging solutions with specific targets which are 77% separate collection target for plastic bottles by 2025 and will be increased to 90% by 2029. Furthermore, 25% of recycled plastic will be incorporated in PET beverage bottles from 2025 and will be increased by 30% in all plastic beverage bottles from 2030.

In January 2024, European retailers were relived to watch the inflation slow down as it had decreased the consumer rate by 0.1%. Despite the increasing rates and fleeting number of consumers, shopkeepers were committed to the sustainable drive. The UK consumer survey stated that 62% believed that high prices are pulling them back from being sustainable and 52% said that sustainable alternatives should have affordable prices.

North America is a steady region for the bioplastic packaging market due to its sustainable packaging demand which is also the growing consumer requirement. The impact of conventional plastic adds to the ocean litter hazard and as an alternative to reduce carbon print, sustainable solutions are being adopted. Although the American consumers worry more about convenience, price and quality given the increased purchasing rates and the tax-paying lifestyle, 40% of consumers pay more attention to the provided sustainable packaging.

The use of compostable packaging allows circular economy in the US and the companies are innovating new alternatives to support the sustainable drive and to increase their profit margin. According to U.S Environmental Protection Agency, reuse of plastic materials circulates the economy and reduces environmental impact if the material is in constant use instead of manufacturing new one. According to PEW’s research, reuse of plastics can accomplish 30% of reduction, substitution efforts by 17%, improved innovations in recycling by 20% and proper management at end-of-life can achieve a 23% reduction of plastic pollution in the environment.

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In November 2023, Knox County, a startup had announced the of AgroRenew LLC and had also planned to build $83 million processing facility which was designed to convert food waste into eco-friendly bioplastics. The company had expected to establish itself in early 2024 and had aimed to produce 150,000 tons of bioplastic annually.

Asia-Pacific is the fastest growing region in bioplastic packaging market with its large population as a contributor and its rapidly increasing industrial sector. The packed food consumption and the boom of e-commerce also gave preference to sustainable packaging due to strict regulations and subsidies provided to promote the compostable packaging. According to Department of Biotechnology, Ministry of Science & Technology, Government of India, the usage of single-use plastic (SUPs) was intended to stop by December 2022. The policy of Government of India (GOI) was changed to promote the development of biodegradable plastic products instead of single-use plastic.

The method used for testing substances should be able to demonstrate biodegradability as per national and international standards and should also be interim approved and receive provisional certification of biodegradability. China having a large industrial production had signed the Paris agreement to reduce carbon footprint and oil dependency as well.

Although the National Development and Reform Commission and Ministry of Ecology and Environment had plans to reduce plastic garbage, the limited infrastructure for recycling and manufacturing biodegradable plastic came as a challenge. The Chinese Government had implemented ban on plastic recycled and prohibition of non-biodegradable single-use plastic.

In February 2024, Balrampur Chini Mills Limited (BCML), which is a leading integrated sugar mill Kolkata-based company had announced a project with integration of ₹2,000 crore and it was going be the first industrial bioplastic plant in India. The company also stated that it had well-aligned sustainable goals to combat the climate change.

Driver

Government regulations drive the bioplastic packaging market

The major driving factor is the environmental regulations due to increasing plastic waste production which is a problem for the eco-system. The growing concern for climate change, increasing plastic pollution and landfill waste has led to the utilization of bioplastic packaging which is reliable and bio-degradable. The government policies promote the use of biodegradable and bioplastic packaging as it reduces the use of plastic and also its generation.

The government initiatives will increase sales, improve brand perception and also contribute to cost-savings. According to the Consumer Brands Association, FMCG manufacturers have adopted 100% recycled packaging by 2030.

Restraint

Limited infrastructure and higher costs of materials hinder the market growth

The leading challenges which hinder the growth of bioplastic packaging market is high material costs and limited infrastructure. The manufacturing process and raw materials can affect the production of biodegradable packaging. The limited infrastructure also poses as a challenge for the manufacturing and recycling processes.

Opportunity

Integration of Artificial Intelligence

The technological advancement offers new trends which are development of raw materials like algae, mushroom mycelium, and agricultural waste which poses as an emerging alternative. The major factor which technology can contribute is in biodegradability which will enhance the decomposing process of plastic and it also offers upcoming features like the antimicrobial properties which are significant for medical applications, use of UV resistance for outdoor use, and improved barrier properties for food packaging. Collaboration among leading industries can create more innovate and ground-breaking effective solutions for the bioplastic packaging market.

Top Companies Leading the Bioplastic Packaging Market

Amcor plc
Novamont S.p.A
NatureWorks, LLC
Coveris
Sealed Air
Alpha Packaging
Constantia Flexibles Group GmbH
Mondi plc
Truegreen
Transcontinental Inc.
ALPLA
Envigreen
Nature’s Bio Plastic
Raepak Ltd.
Tipa-corp Ltd.
Treemera GmbH
Element Packaging Ltd
Alpagro Packaging

Recent Development

Company	Balrampur Sugar Mills Firm
Headquarters	Uttar Pradesh, India
Recent Development	In June 2024, the Uttar Pradesh Government had announced to build a bioplastic park in the Lakhimpur Kheri district which aimed at increasing local economy. The bioplastic park was designed to promotes the usage of bioplastic plastics.

Company	Praj Industries
Headquarters	Maharashtra
Recent Development	In February 2024, Praj Industries had announced that its pilot plant for polylactic acid (PLA) will be completed by April 2024. The company will develop renewable chemicals which is a part of R&D push. The Union Budget had also contemplated a policy for bio-manufacturing and bio foundry.

Segmental Insights

By Type

The flexible segment is the dominating segment in the bioplastic packaging market. It is dominating due to its properties which are conserving resources and contributing to the sustainability. The flexible segment provides convenience, strong protection and reduces wastage of food and can also resist denting and breakage. Apart from this, it also increases shelf life of the products and the packaging is in demand due to its features like multi-layer construction and eco-friendly packaging solution. Lightness, safety and resistance are the factors which increase the demand of bioplastic packaging.

The rigid segment is the fastest growing segment in the bioplastic packaging market. It will dominate the market due to its properties which are providing protection, resistance and preserving product quality. The rigid segment offers a durable and reliable packaging which makes it preferred among the consumers. Customization and exceptional product protection are the essential features of the rigid segment.

By Application Type

The food and beverage segment are the dominating segment in the bioplastic packaging market. The segment dominates due extended shelf life provided to the food products and long-lasting convenience and visibility. The bioplastic packaging depends upon the type of packaging it provides which provides string barrier against external elements like oxygen, moisture and prevents food spoilage as well. Th global consumption of containers like boxes, bags, jars and pouches has increased the bioplastic packaging demand in food sector.

The consumer and goods segment are the fastest growing segment in the bioplastic films packaging market. The segment dominates due to sealed packaging and robust protection by bioplastic packaging.

More Insights of Towards Packaging

The global end-of-line packaging market size is estimated to reach USD 9.50 billion by 2033, up from USD 6.14 billion in 2023, at a compound annual growth rate (CAGR) of 4.60% from 2024 to 2033.
The global surgical instruments packaging market size reached US$ 24.8 billion in 2023 and is projected to hit around US$ 49.1 billion by 2034, expanding at a CAGR of 6.55% during the forecast period from 2024 to 2033.
The global cannabis packaging market size reached USD 2.32 billion in 2023 and is projected to hit around USD 22.10 billion by 2034, expanding at a CAGR of 22.74% during the forecast period from 2024 to 2034.
The global clinical trial packaging market size reached USD 2.95 billion in 2023 and is projected to hit around USD 9.12 billion by 2034, expanding at a CAGR of 10.80% during the forecast period from 2024 to 2033.
The global panel level packaging market size is estimated to reach USD 11.13 billion by 2033, up from USD 0.43 billion in 2023, at a compound annual growth rate (CAGR) of 38.60% from 2024 to 2033.
The global hazardous goods packaging market size reached US$ 11.50 billion in 2023 and is projected to hit around US$ 21.38 billion by 2034, expanding at a CAGR of 5.80% during the forecast period from 2024 to 2033.
The global rigid tray market size reached US$ 11.65 billion in 2024 and is projected to hit around US$ 14.72 billion by 2034, expanding at a CAGR of 2.37% during the forecast period from 2024 to 2034.
The global cider packaging market size is estimated to reach USD 7.05 billion by 2033, up from USD 4.08 billion in 2023, at a compound annual growth rate (CAGR) of 5.77% from 2024 to 2033.
The global boxboard packaging market size is estimated to reach USD 117.61 billion by 2033, up from USD 65.73 billion in 2023, at a compound annual growth rate (CAGR) of 6.12% from 2024 to 2033.
The global corrugated plastic tray market size reached US$ 665.47 million in 2023 and is projected to hit around US$ 1190.73 million by 2034, expanding at a CAGR of 5.14% during the forecast period from 2024 to 2034.

Bioplastic Packaging Market Segment

By Material

Biodegradable
- Polylactic Acid
- Starch Blends
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Others
Non-biodegradable
- Bio Polyethylene
- Bio Polyethylene Terephthalate
- Bio Polyamide
- Others

By Type

Flexible
Rigid

By Application

Food & Beverages
Consumer Goods
Cosmetic & Personal Care
Pharmaceuticals
Others

By Region

North America
- U.S.
- Canada
Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
Latin America
- Brazil
- Mexico
- Argentina
Middle East and Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Kuwait

View Bioplastic Packaging Market Full TOC: https://www.towardspackaging.com/table-of-content/bioplastic-packaging-market-sizing

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