Park Hotels & Resorts Inc. (NYSE:PK) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET

Company Participants

Ian Weissman - Senior Vice President, Corporate Strategy

Tom Baltimore - Chairman, President and Chief Executive Officer

Sean Dell'Orto - Executive Vice President, Chief Financial Officer and Treasurer

Conference Call Participants

Floris Van Dijkum - Compass Point

Duane Pfennigwerth - Evercore ISI

Anthony Powell - Barclays

Smedes Rose - Citi

Patrick Scholes - Truist Securities

Aryeh Klein - BMO Capital Markets

Chris Woronka - Deutsche Bank

David Katz - Jefferies

Robin Farley - UBS

Bill Crow - Raymond James

Jay Kornreich - SMBC

Operator

Greetings. Welcome to the Park Hotels & Resorts Inc. Fourth Quarter 2022 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.

I will now turn the conference over to your host, Ian Weissman. You may begin.

Ian Weissman

Thank you, operator, and welcome, everyone, to the Park Hotels & Resorts fourth quarter and full-year 2022 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 also 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, 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.

This morning, Tom Baltimore, our Chairman and Chief Executive Officer, will provide a review of Park's fourth quarter performance and outlook for 2023. Sean Dell'Orto, our Chief Financial Officer, will provide additional color on fourth 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.