Hilton Worldwide Holdings Inc. (HLT) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-05-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	8-K	10-K	10-K	10-K
Revenues:
Base and other management fees	203	144	394	385	321	379		230
Incentive management fees	98	38	230	235	235	222		138
Other revenues	79	73	101	98		105		71
Franchise fees								1,087
Other	5,408	4,052	8,727	8,188	8,350	7,425		5,607
Total revenues [+]	5,788	4,307	9,452	8,906	8,906	8,131	6,584	7,133
Franchise								1,087
Hotels								1,596
Reimbursements								4,011
Base management fees								230
Incentive management fees								138
Other hotel								71
Other					98
Revenue growth [+]	34.4%	-54.4%	6.1%	9.5%		23.5%	-7.7%	-32.1%
Base and other management fees	41.0%	-63.5%	2.3%	1.6%
Incentive management fees	157.9%	-83.5%	-2.1%	5.9%
Other revenues	8.2%	-27.7%	3.1%	-6.7%
Other revenues from managed and franchised properties								8.7%
Cost of goods sold [+]	4,140	3,724	6,936	6,655	5,323	6,168	4,880	4,011
Direct hotel costs								1,414
Managed and franchised hotel costs	3,454	3,104	5,763
Gross profit	1,648	583	2,516	2,251	3,583	1,963	1,704	3,122
Gross margin	28.5%	13.5%	26.6%	25.3%	40.2%	24.1%	25.9%	43.8%
Selling, general and administrative [+]	405	311	441	443	443	439	409	537
General and administrative	405	311	441	443	443	439	409	537
Equity in earnings
Other operating expenses	52	60	-9	51	1,383	56	66	1,137
EBITDA [+]	1,191	212	2,084	1,757	1,757	1,468	1,245	1,448
EBITDA growth	461.8%	-89.8%	18.6%	19.7%		17.9%	-14.0%	-37.6%
EBITDA margin	20.6%	4.9%	22.0%	19.7%	19.7%	18.1%	18.9%	20.3%
Depreciation	156	302	317	298	325	319	353	60
EBITA	1,035	-90	1,767	1,459	1,432	1,149	892	1,388
EBITA margin	17.9%	-2.1%	18.7%	16.4%	16.1%	14.1%	13.5%	19.5%
Amortization of intangibles	32	29	29	27		17	16	325
EBIT [+]	1,003	-119	1,738	1,432	1,432	1,132	876	1,063
EBIT growth	-942.9%	-106.8%	21.4%	26.5%		29.2%	-17.6%	-37.2%
EBIT margin	17.3%	-2.8%	18.4%	16.1%	16.1%	13.9%	13.3%	14.9%
Non-recurring items [+]	-7	299	81				8	163
Asset impairment		258
Loss (gain) on sale of assets	-7		81				8	163
Interest expense	397	429	414	371		351	334	377
Interest expense	397	429	414	371		351	334	377
Other income (expense), net [+]	-53	-77	1	17	-354	-28	6	10
Gain (loss) on debt retirement						-60
Gain (loss) on foreign currency transactions	-7	-27	-2	-11		3	-16	-41
Other	23	-2	3	28	28	29	22	51
Pre-tax income	560	-924	1,244	1,078	1,078	753	540	533
Income taxes	153	-204	358	309	309	-336	557	-348
Tax rate	27.3%	22.1%	28.8%	28.7%	28.7%		103.1%
Minority interest	-3	-5	5	5	-5	5	16	12
Earnings from continuing ops	410	-715	881	764	769	1,084	-33	869
Earnings from discontinued ops							371	535
Net income	410	-715	881	764	769	1,084	338	1,404
Net margin	7.1%	-16.6%	9.3%	8.6%	8.6%	13.3%	5.1%	19.7%

Basic EPS [+]	$1.47	($2.58)	$3.07	$2.53	$307.60	$3.35	($0.10)	$2.64
Growth	-156.9%	-184.1%	21.3%	-24.4%		-3435.5%	-103.8%	28.7%
Diluted EPS [+]	$1.46	($2.58)	$3.04	$2.50	$303.95	$3.31	($0.10)	$2.63
Growth	-156.5%	-185.0%	21.3%	-24.4%		-3404.9%	-103.8%	28.7%

Dividends per share [+]		$0.15	$0.60	$0.60	$600,000.00	$0.60	$0.84	$0.42
Growth	-100.0%	-75.0%	0.0%	0.0%		-28.6%	100.0%

Shares outstanding (basic) [+]	279	277	287	302	3	324	329	329
Growth	0.7%	-3.5%	-5.0%	-6.8%		-1.5%	0.0%	0.3%
Shares outstanding (diluted) [+]	281	277	290	305	3	327	329	330
Growth	1.4%	-4.5%	-4.9%	-6.7%		-0.6%	-0.3%	0.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.