Park Hotels & Resorts Inc. (NYSE:PK) Q1 2023 Earnings Conference Call May 1, 2023 11:00 AM ET
Company Participants
Ian C. Weissman - SVP, Corporate Strategy
Thomas J. Baltimore, Jr. - Chairman, President and CEO
Sean Dell'Orto - EVP, CFO, and Treasurer
Conference Call Participants
Smedes Rose - Citigroup
Duane Pfennigwerth - Evercore ISI
Floris Van Dijkum - Compass Point Research
Dany Asad - Bank of America Securities
Anthony Powell - Barclays Bank
Aryeh Klein - BMO Capital Markets
Dori Kesten - Wells Fargo Securities
Chris Woronka - Deutsche Bank
Patrick Scholes - Truist Securities
David Katz - Jefferies
Robin Farley - UBS
Christopher Darling - Green Street Advisors
William Crow - Raymond James
Operator
Greetings. Welcome to the Park Hotels & Resorts First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note this conference is being recorded. At this time, I will now turn the conference over to Ian Weissman, Senior Vice President, Corporate Strategy. Mr. Weissman, you may now begin.
Ian C. Weissman
Thank you, operator and welcome everyone to the Park Hotels & Resorts first quarter 2023 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. Note that comparisons to prior year periods are on a comparable basis as defined in our earnings release. 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 and could cause actual results to differ from those contained in the forward-looking statements.
In 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 this morning’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.
This morning, Tom Baltimore, our Chairman and Chief Executive Officer, will provide a review of Park's first quarter performance and capital allocation initiatives as well as an update on our full year 2023 guidance. Sean Dell'Orto, our Chief Financial Officer will provide additional color on first quarter results, an update on our balance sheet and liquidity, and further details on guidance. Following our prepared remarks, we will open the call for questions. With that, I would like to turn the call over to Tom.