Hilton Exceeds Fourth Quarter and Full Year Expectations; Provides 2018 Outlook

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Hilton Worldwide Holdings Inc. (“Hilton” or the “Company”) (NYSE:HLT)
today reported its fourth quarter and full year 2017 results. All
results herein present the performance of Hilton giving effect to the
spin-offs of Park Hotels & Resorts Inc. (“Park”) and Hilton Grand
Vacations Inc. (“HGV”) on January 3, 2017 (the “spin-offs”), with the
historical financial results of Park and HGV reflected as discontinued
operations. Pro forma comparisons are presented as if the spin-offs
occurred on January 1, 2016. Additionally, all share and share-related
information presented herein for periods prior to January 3, 2017 have
been retrospectively adjusted to reflect the 1-for-3 reverse stock split
of Hilton’s outstanding common stock that occurred on January 3, 2017
(the “Reverse Stock Split”). Highlights include:

This press release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20180214005249/en/

Q4 2017 Hilton Results (Graphic: Business Wire)

  • Diluted EPS was $2.61 for the fourth quarter and $3.85 for the full
    year, including, in each case, the provisional effect of tax reform;
    diluted EPS, adjusted for special items, was $0.54 for the fourth
    quarter and $2.00 for the full year; on a pro forma basis, diluted
    EPS, adjusted for special items, increased six percent from the fourth
    quarter of 2016 and 27 percent from full year 2016
  • Net income was $841 million for the fourth quarter and $1,264
    million for the full year, including, in each case, a $665 million
    provisional tax benefit for tax reform that occurred in the fourth
    quarter
  • Adjusted EBITDA was $498 million for the fourth quarter, an
    increase of 10 percent from pro forma Adjusted EBITDA for the fourth
    quarter of 2016; Adjusted EBITDA was $1,965 million for the full year,
    an increase of 11 percent from pro forma Adjusted EBITDA for full year
    2016
  • Adjusted EBITDA margin was 56.2 percent for the full year, an
    increase of 260 basis points from pro forma Adjusted EBITDA margin for
    full year 2016
  • System-wide comparable RevPAR increased 3.8 percent and 2.5 percent
    for the fourth quarter and full year 2017, respectively, on a currency
    neutral basis from the same periods in 2016
  • Added 18,400 net rooms in the fourth quarter, totaling 51,600 net
    rooms for the full year, representing 6.5 percent net unit growth
  • Approved 31,000 new rooms for development during the fourth
    quarter, growing Hilton’s development pipeline to 345,000 rooms,
    representing 11 percent growth from December 31, 2016
  • Repurchased 3.5 million shares of Hilton common stock for an
    aggregate cost of $266 million during the fourth quarter, bringing
    total capital return for the full year, including dividends, to
    approximately $1.1 billion
  • Full year 2018 net income is projected to be between $802 million
    and $837 million; Adjusted EBITDA, excluding the application of the
    new revenue recognition standard, is projected to be between $2,090
    million and $2,140 million; Adjusted EBITDA, reflecting the
    application of the new revenue recognition standard, is projected to
    be between $2,030 million and $2,080 million, growing 6 percent to 9
    percent
  • Cash available for capital return is projected to be between $1.2
    billion and $1.6 billion; net unit growth is expected to be 6.5 percent

Overview

Christopher J. Nassetta, President & Chief Executive Officer of Hilton,
said, “Our performance for the fourth quarter and full year exceeded the
high end of our guidance for Adjusted EBITDA and diluted EPS, adjusted
for special items. Given the strength of our brand portfolio, we
continue to build momentum in both unit and pipeline growth and now have
the largest number of rooms under construction in the industry. We feel
great about our set up for 2018 and our ability to continue delivering
record-setting results.”

For the three months and year ended December 31, 2017, system-wide
comparable RevPAR grew 3.8 percent and 2.5 percent, respectively, driven
by increases in both ADR and occupancy. In particular, strength at
Hilton’s international hotels benefited results. Management and
franchise fee revenues increased in both periods as a result of
increases in RevPAR of 3.7 percent and 2.4 percent, respectively, at
comparable managed and franchised hotels, as well as from the addition
of new properties to Hilton’s portfolio.

During the three months ended December 31, 2017, the Company recognized
an aggregate provisional tax benefit of $665 million related to the Tax
Cuts and Jobs Act enacted in December 2017. The legislation had no
effect on cash taxes for the quarter. See “Non-GAAP Financial Measures
Reconciliations—Net Income and Diluted EPS, Adjusted for Special Items”
for additional information.

2017 vs. 2016 Pro Forma Results

For the three months ended December 31, 2017, diluted earnings per share
(“EPS”) from continuing operations was $2.61 compared to a loss per
share of $1.09 on a pro forma basis for the three months ended December
31, 2016. Diluted EPS, adjusted for special items, was $0.54 for the
three months ended December 31, 2017 compared to $0.51 on a pro forma
basis for the three months ended December 31, 2016. Income from
continuing operations, net of taxes was $841 million for the three
months ended December 31, 2017 compared to a loss of $355 million on a
pro forma basis for the three months ended December 31, 2016. Adjusted
EBITDA increased 10 percent to $498 million for the three months ended
December 31, 2017 compared to $454 million on a pro forma basis for the
three months ended December 31, 2016. Management and franchise fees for
the three months ended December 31, 2017 increased 13 percent compared
to the pro forma three months ended December 31, 2016.

For the year ended December 31, 2017, diluted EPS from continuing
operations was $3.85 compared to $0.36 on a pro forma basis for the year
ended December 31, 2016. Diluted EPS, adjusted for special items, was
$2.00 for the year ended December 31, 2017 compared to $1.57 on a pro
forma basis for the year ended December 31, 2016. Income from continuing
operations, net of taxes was $1,264 million for the year ended December
31, 2017 compared to $127 million on a pro forma basis for the year
ended December 31, 2016. Adjusted EBITDA increased 11 percent to $1,965
million for the year ended December 31, 2017 compared to $1,763 million
on a pro forma basis for the year ended December 31, 2016. Management
and franchise fees for the year ended December 31, 2017 increased 10
percent compared to the pro forma year ended December 31, 2016.

2017 vs. 2016 Actual Results

For the three months ended December 31, 2017, diluted EPS from
continuing operations was $2.61 compared to a loss per share of $1.20
for the three months ended December 31, 2016. Diluted EPS, adjusted for
special items, was $0.54 for the three months ended December 31, 2017
compared to $0.41 for the three months ended December 31, 2016. Income
from continuing operations, net of taxes was $841 million for the three
months ended December 31, 2017 compared to a loss of $388 million for
the three months ended December 31, 2016. Adjusted EBITDA was $498
million for the three months ended December 31, 2017 compared to $401
million for the three months ended December 31, 2016.

For the year ended December 31, 2017, diluted EPS from continuing
operations was $3.85 compared to a loss per share of $0.05 for the year
ended December 31, 2016. Diluted EPS, adjusted for special items, was
$2.00 for the year ended December 31, 2017 compared to $1.16 for the
year ended December 31, 2016. Income from continuing operations, net of
taxes was $1,264 million for the year ended December 31, 2017 compared
to a loss of $8 million for the year ended December 31, 2016. Adjusted
EBITDA was $1,965 million for the year ended December 31, 2017 compared
to $1,543 million for the year ended December 31, 2016.

Development

In the fourth quarter of 2017, Hilton opened 123 hotels consisting of
19,100 rooms, achieving net unit growth of 18,400 rooms. During the full
year 2017, Hilton opened 399 hotels consisting of 59,100 rooms,
achieving net unit growth of 51,600 rooms.

As of December 31, 2017, Hilton’s development pipeline totaled 2,257
hotels consisting of approximately 345,000 rooms throughout 107
countries and territories, including 39 countries and territories where
Hilton does not currently have any open hotels. Over 182,000 rooms in
the pipeline, or more than half, are located outside the U.S.
Additionally, over 174,000 rooms in the pipeline, or more than half, are
under construction, representing the largest number of rooms under
construction in the industry.

Hilton continues to grow its newest brands with nearly 20 percent of
room openings for the year under the Canopy by Hilton, Curio – A
Collection by Hilton, Tapestry Collection by Hilton, Home2 Suites by
Hilton and Tru by Hilton brands.

Additionally, Hilton achieved several regional milestones including the
opening of the 100th Greater China hotel with the Hilton
Quanzhou, the 200th Asia Pacific hotel with the Waldorf
Astoria Chengdu, the 100th Latin America hotel with the
Hilton Rio de Janeiro Copacabana and 100,000 rooms trading in the
Europe, Middle East and Africa region.

Balance Sheet and Liquidity

As of December 31, 2017, Hilton had $6.7 billion of long-term debt
outstanding, excluding deferred financing costs and discount, with a
weighted average interest rate of 4.2 percent.

Total cash and cash equivalents were $670 million as of December 31,
2017, including $100 million of restricted cash and cash equivalents. No
borrowings were outstanding under the $1.0 billion revolving credit
facility as of December 31, 2017.

During the fourth quarter of 2017, Hilton repurchased 3.5 million shares
of its common stock at a cost of approximately $266 million and an
average price per share of $74.67. From the inception of Hilton’s share
repurchase plan in March 2017 through December 31, 2017, Hilton
repurchased 13.5 million shares for approximately $891 million at an
average price per share of $65.76. In 2018, through February, Hilton
repurchased 1.3 million shares of common stock for approximately $110
million at an average price per share of $84.01, bringing buybacks since
the program’s inception in 2017 to over $1 billion. In November 2017,
Hilton’s board of directors authorized an additional $1 billion for this
program.

In December 2017, Hilton paid a quarterly cash dividend of $0.15 per
share on shares of its common stock, for a total of $48 million. Hilton
paid a total of $195 million of dividends during 2017. In February 2018,
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 March 29,
2018 to holders of record of its common stock as of the close of
business on March 2, 2018.

Outlook

On January 1, 2018, the Company adopted Accounting Standards Update
(“ASU”) No. 2014-09, Revenue from Contracts with Customers
(Topic 606)
(“ASU 2014-09”) using the full retrospective approach.
The adoption will initially be reflected in the Company’s Quarterly
Report on Form 10-Q and earnings press release as of and for the three
months ending March 31, 2018, with adjustments to prior comparable
periods. The provisions of this ASU will not affect the Company’s cash
flow or cash available for capital return. The significant changes to
the Company’s revenue recognition as a result of the provisions of ASU
2014-09 include the following:

  • application, initiation and other fees, charged when: (i) new hotels
    enter Hilton’s system, (ii) there is a change of ownership or (iii)
    contracts are extended, will be recognized over the term of the
    franchise contract, rather than upon execution of the contract;
  • certain contract acquisition costs related to management and franchise
    contracts are recognized over the term of the contracts as a reduction
    to revenue, instead of as amortization expense;
  • incentive management fees are recognized to the extent that it is
    probable that a significant reversal will not occur as a result of
    future hotel profits or cash flows, as opposed to recognizing amounts
    that would be due if the management contract was terminated at the end
    of the reporting period;
  • revenue related to the Hilton Honors guest loyalty program will be
    recognized upon point redemption, net of any reward reimbursement paid
    to a third party, as opposed to recognized on a gross basis at the
    time points are issued in conjunction with the accrual of the expected
    future cost of the reward reimbursement; and
  • indirect reimbursable fees related to management and franchise
    contracts will be recognized as they are billed, as opposed to when
    Hilton incurs the related expenses.

The changes in revenue recognition for contract acquisition costs will
not affect the Company’s net income and the changes for incentive
management fees will not affect the Company’s net income for any full
year period. Upon adoption, the provisions of this ASU will affect
certain key metrics reported in the Company’s earnings release as
follows, applying a statutory tax rate on the adjustments, which does
not reflect the provisional effect of tax reform:

  • Full year and first quarter 2017 net income is expected to be reduced
    by $105 million and $27 million, respectively.
  • Full year and first quarter 2017 Adjusted EBITDA is expected to be
    reduced by $56 million and $14 million, respectively.
  • Full year and first quarter 2017 diluted EPS, before special items, is
    expected to be reduced by $0.32 and $0.08, respectively.
  • Full year and first quarter 2017 diluted EPS, adjusted for special
    items, is expected to increase by $0.06 and $0.02, respectively.

Refer to “Management and Franchise Fees, Reflecting Application of ASU
2014-09″ and “Adjusted EBITDA and Pro Forma Adjusted EBITDA” in the
schedules to this earnings release for additional details of the effect
of this ASU on the Company’s results.

Hilton’s outlook for the first quarter and full year 2018 includes the
effect of ASU 2014-09 discussed above. Share-based metrics in Hilton’s
outlook do not include the effect of potential share repurchases.

Full Year 2018

  • System-wide RevPAR is expected to increase between 1.0 percent and 3.0
    percent on a comparable and currency neutral basis compared to 2017.
  • Diluted EPS, before special items, is projected to be between $2.49
    and $2.60.
  • Diluted EPS, adjusted for special items, is projected to be between
    $2.49 and $2.60.
  • Net income is projected to be between $802 million and $837 million.
  • Adjusted EBITDA is projected to be between $2,030 million and $2,080
    million, growing 6 percent to 9 percent.
  • Management and franchise fee revenue is projected to increase between
    8 percent and 10 percent compared to 2017.
  • Capital expenditures, excluding amounts reimbursed by hotel owners,
    are expected to be between $175 million and $200 million.
  • Cash available for capital return is projected to be between $1.2
    billion and $1.6 billion.
  • General and administrative expenses are projected to be between $400
    million and $425 million.
  • Net unit growth is expected to be approximately 6.5 percent.

First Quarter 2018

  • System-wide RevPAR is expected to increase between 1.0 percent and 3.0
    percent on a comparable and currency neutral basis compared to the
    first quarter of 2017.
  • Diluted EPS, before special items, is projected to be between $0.43
    and $0.47.
  • Diluted EPS, adjusted for special items, is projected to be between
    $0.43 and $0.47.
  • Net income is projected to be between $138 million and $152 million.
  • Adjusted EBITDA is projected to be between $410 million and $430
    million.
  • Management and franchise fee revenue is projected to increase between
    8 percent and 10 percent compared to the first quarter of 2017.

Conference Call

Hilton will host a conference call to discuss fourth quarter and full
year 2017 results on February 14, 2018 at 10:00 a.m. Eastern Time.
Participants may listen to the live webcast by logging on to the Hilton
Investor Relations website at http://ir.hilton.com/events-and-presentations.
A replay and transcript of the webcast will be available within 24 hours
after the live event at http://ir.hilton.com/financial-reporting/quarterly-results/2017.

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 6928460. 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 10115659.

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, you can identify these forward-looking
statements 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, 2016, 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, including in Hilton’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2017, which is expected
to be filed on or about the date of the press release, 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.

Pro Forma Financial Information

This press release includes pro forma financial information for Hilton
adjusted to reflect the spin-offs, including: unaudited pro forma
condensed consolidated statements of operations; pro forma net income
and diluted EPS, adjusted for special items; pro forma Adjusted EBITDA;
pro forma Adjusted EBITDA margin; and pro forma net debt to Adjusted
EBITDA ratio. The unaudited pro forma financial information has been
prepared to reflect the spin-offs as if they had occurred on January 1,
2016. See “Definitions—Pro Forma Adjustments” for additional details.
The unaudited pro forma financial information is provided for
informational purposes only and is not necessarily indicative of what
Hilton’s results of operations would actually have been had the
spin-offs occurred on the date indicated.

In addition to the pro forma financial information herein, refer to
Hilton’s Current Report on Form 8-K filed with the SEC on January 4,
2017 for additional information.

About Hilton

Hilton (NYSE:HLT) is a leading global hospitality company, with a
portfolio of 14 world-class brands comprising more than 5,200 properties
with more than 856,000 rooms in 105 countries and territories. Hilton is
dedicated to fulfilling its mission to be the world’s most hospitable
company by delivering exceptional experiences – every hotel, every
guest, every time. The Company’s portfolio includes Hilton Hotels &
Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts,
Canopy by Hilton, Curio Collection by Hilton, DoubleTree by Hilton,
Tapestry Collection by Hilton, Embassy Suites by Hilton, Hilton Garden
Inn, Hampton by Hilton, Tru by Hilton, Homewood Suites by Hilton, Home2
Suites by Hilton and Hilton Grand Vacations. The Company also manages an
award-winning customer loyalty program, Hilton Honors. Hilton Honors
members who book directly through preferred Hilton channels have access
to instant benefits, including a flexible payment slider that allows
members to choose exactly how many Points to combine with money, an
exclusive member discount that can’t be found anywhere else and free
standard Wi-Fi. 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

 
Consolidated Statements of Operations and Pro Forma Consolidated
Statements of Operations
Comparable and Currency Neutral System-Wide Hotel Operating
Statistics
Management and Franchise Fees, Reflecting Application of ASU 2014-09
Property Summary
Capital Expenditures
Non-GAAP Financial Measures Reconciliations
Definitions
 
 

HILTON WORLDWIDE HOLDINGS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND

PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)

 
 
    Three Months Ended December 31,
2017     2016
(as reported) (as reported)    

(pro forma

adjustments(1))

    (pro forma)
Revenues
Franchise fees $ 343 $ 276 $ 20 (a) $ 296
Base and other management fees 81 63 18 (a) 81
Incentive management fees 62 39 15 (a) 54
Owned and leased hotels 385 363 363
Other revenues   27     29         29  
898 770 53 823
Other revenues from managed and franchised properties   1,381     1,069     273   (b)   1,342  
Total revenues 2,279 1,839 326 2,165
 
Expenses
Owned and leased hotels 339 314 314
Depreciation and amortization 88 91 91
General and administrative 108 116 116
Other expenses   15     12         12  
550 533 533
Other expenses from managed and franchised properties   1,381     1,069     273   (b)   1,342  
Total expenses 1,931 1,602 273 1,875
 
Gain on sales of assets, net 7 7
 
Operating income 348 244 53 297
 
Interest expense (104 ) (108 ) (108 )
Gain on foreign currency transactions 20 20
Other non-operating income, net   12     9         9  
 
Income from continuing operations before income taxes 256 165 53 218
 
Income tax benefit (expense)   585     (553 )   (20 ) (c)   (573 )
 
Income (loss) from continuing operations, net of taxes 841 (388 ) 33 (355 )
Income from discontinued operations, net of taxes       6         6  
Net income (loss) 841 (382 ) 33 (349 )
Net income attributable to noncontrolling interests   (1 )   (5 )       (5 )
Net income (loss) attributable to Hilton stockholders $ 840   $ (387 ) $ 33   $ (354 )
 
Weighted average shares outstanding(2)
Basic   319     329   (d)   329  
Diluted   322     329   (d)   329  
 
Earnings (loss) per share
Basic:
Net income (loss) from continuing operations per share $ 2.63 $ (1.20 ) $ (1.09 )
Net income from discontinued operations per share       0.02  
Net income (loss) per share $ 2.63   $ (1.18 )
 
Diluted:
Net income (loss) from continuing operations per share $ 2.61 $ (1.20 ) $ (1.09 )
Net income from discontinued operations per share       0.02  
Net income (loss) per share $ 2.61   $ (1.18 )
 
Cash dividends declared per share(2) $ 0.15   $ 0.21   $ 0.21  
 
___________

(1)

  Pro forma adjustments include the effect of the spin-offs of Park
and HGV, excluding amounts reported as discontinued operations. See
“Definitions—Pro Forma Adjustments” for additional details.

(2)

Weighted average shares outstanding used in the computation of basic
and diluted earnings (loss) per share and cash dividends declared
per share for the three months ended December 31, 2016 was adjusted
to reflect the Reverse Stock Split.
 
 

HILTON WORLDWIDE HOLDINGS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND

PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except per share data)

 
 
    Year Ended December 31,
2017     2016
(as reported) (as reported)    

(pro forma

adjustments(1))

    (pro forma)
Revenues
Franchise fees $ 1,382 $ 1,154 $ 80 (a) $ 1,234
Base and other management fees 336 242 79 (a) 321
Incentive management fees 222 142 59 (a) 201
Owned and leased hotels 1,450 1,452 1,452
Other revenues   105     82         82  
3,495 3,072 218 3,290
Other revenues from managed and franchised properties   5,645     4,310     1,138   (b)   5,448  
Total revenues 9,140 7,382 1,356 8,738
 
Expenses
Owned and leased hotels 1,286 1,295 1,295
Depreciation and amortization 347 364 364
General and administrative 434 403 403
Other expenses   56     66         66  
2,123 2,128 2,128
Other expenses from managed and franchised properties   5,645     4,310     1,138   (b)   5,448  
Total expenses 7,768 6,438 1,138 7,576
 
Gain on sales of assets, net 8 8
 
Operating income 1,372 952 218 1,170
 
Interest expense (408 ) (394 ) (394 )
Gain (loss) on foreign currency transactions 3 (16 ) (16 )
Loss on debt extinguishment (60 )
Other non-operating income, net   23     14         14  
 
Income from continuing operations before income taxes 930 556 218 774
 
Income tax benefit (expense)   334     (564 )   (83 ) (c)   (647 )
 
Income (loss) from continuing operations, net of taxes 1,264 (8 ) 135 127
Income from discontinued operations, net of taxes       372         372  
Net income 1,264 364 135 499
Net income attributable to noncontrolling interests   (5 )   (16 )       (16 )
Net income attributable to Hilton stockholders $ 1,259   $ 348   $ 135   $ 483  
 
Weighted average shares outstanding(2)
Basic   324     329   (d)   329  
Diluted  

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