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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 6, 2024
HYATT HOTELS CORPORATION
(Exact Name of Registrant as Specified in Charter)
| | | | | | | | | | | | | | |
| Delaware | | 001-34521 | | 20-1480589 |
(State or Other Jurisdiction
of Incorporation) | | (Commission
File Number) | | (IRS Employer
Identification No.) |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| 150 North Riverside Plaza | | | | |
| 8th Floor | Chicago, | Illinois | | | | | 60606 |
| (Address of Principal Executive Offices) | | | | (Zip Code) |
Registrant’s telephone number, including area code: (312) 750-1234
Former Name or Former Address, if Changed Since Last Report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | | |
| Title of each class | | Trading Symbol | | Name of each exchange on which registered | |
| Class A Common Stock, $0.01 par value | | H | | New York Stock Exchange | |
| | | | | |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 |
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for |
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Item 2.02. Results of Operations and Financial Condition.
On August 6, 2024, Hyatt Hotels Corporation (the "Company") issued a press release announcing its results for its quarter ended June 30, 2024. The full text of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as set forth by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
On August 6, 2024, the Company published a supplemental investor presentation which may be accessed through the Company's investor relations website. A copy of the supplemental presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.
The information furnished under Item 7.01 and Exhibit 99.2 in this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. | | | | | | | | |
| |
| 99.1 | | | |
| 99.2 | | | |
| 101 | | | Interactive Data File - XBRL tags are embedded within the Inline XBRL document |
| 104 | | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | |
| | Hyatt Hotels Corporation |
| | |
Date: August 6, 2024 | | By: | /s/ Joan Bottarini |
| | | Joan Bottarini |
| | | Executive Vice President, Chief Financial Officer |
HYATT REPORTS SECOND QUARTER 2024 RESULTS
CHICAGO (August 6, 2024) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported second quarter 2024 results. Highlights include:
•Comparable system-wide hotels RevPAR increased 4.7% compared to the same period in 2023
•Comparable system-wide all-inclusive resorts Net Package RevPAR increased 3.0% compared to the same period in 2023
•Net Rooms Growth was approximately 4.6%
•Net Income was $359 million and Adjusted Net Income was $158 million
•Diluted EPS was $3.46 and Adjusted Diluted EPS was $1.53
•Adjusted EBITDA1 was $307 million
•Pipeline of executed management or franchise contracts was approximately 130,000 rooms
•Repurchased approximately 907 thousand shares of Class A common stock for $134 million
•Full year comparable system-wide hotels RevPAR is projected to increase 3.0% to 4.0% on a constant currency basis compared to full year 2023
•Full year Net Income is projected between $1,055 million and $1,115 million
•Full year Adjusted EBITDA1 is projected between $1,135 million and $1,175 million
•Full year Capital Returns to Shareholders is projected between $800 million and $850 million
Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said, "We posted solid second quarter results demonstrating our differentiated positioning and continued momentum. System-wide RevPAR grew by 4.7% and net rooms growth was 4.6%, generating record gross fee revenue of $275 million in the quarter. Our pipeline reached a new record of 130,000 rooms, up 9% year-over-year, reflecting strong developer interest in our brands. We saw continued growth of the World of Hyatt loyalty program, with membership increasing by 21% year-over-year to a record 48 million members. These achievements demonstrated the strength of our asset-light earnings model, which is designed to deliver strong free cash flow and enhance shareholder value."
1 During the quarter ended June 30, 2024, the Company revised its definition of Adjusted EBITDA to exclude transaction and integration costs and recast prior period results to provide comparability. Refer to page A-5 of the schedules for additional detail.
Refer to the table on page A-7 of the schedules for a summary of special items impacting Adjusted Net Income and Adjusted Diluted EPS for the three months ended June 30, 2024.
Note: All RevPAR and ADR percentage changes are in constant dollars. All Net Package RevPAR and Net Package ADR percentage changes are in reported dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page A-5.
Segment Results and Highlights | | | | | | | | | | | | | | | | | | | | | |
| (in millions) | | Three Months Ended June 30, | | | |
| | 2024 | | 2023 | | Change (%) | |
| Management and franchising | | $ | 222 | | | $ | 201 | | | 10.5 | % | |
| Owned and leased | | 79 | | | 85 | | | (7.4) | % | |
| Distribution | | 43 | | | 34 | | | 23.9 | % | |
| Overhead | | (37) | | | (41) | | | 11.6 | % | |
| Eliminations | | — | | | — | | | 248.0 | % | |
Adjusted EBITDA1 | | $ | 307 | | | $ | 279 | | | 10.1 | % | |
1 Results for the three months ended June 30, 2023 have been recast for comparability as a result of the Company's revised definition of Adjusted EBITDA. Refer to page A-5 of the schedules for additional detail.
•Management and franchising: Second quarter results reflected strong performance in business transient and group travel. In the United States, RevPAR increased over 2% from strong group and business travel while leisure travel was negatively impacted by the timing of Easter, renovations at large resort properties, and continued impact from the 2023 Maui wildfires. Travel within Europe remains strong driven by inbound travel from the United States and large one-time events. Greater China was impacted by strong outbound travel from Greater China to other markets within Asia, including Japan and South Korea. In Asia Pacific excluding Greater China, RevPAR increased approximately 18% during the quarter.
•Owned and leased: Adjusted EBITDA in the second quarter increased 9% compared to the second quarter of 2023, when adjusted for the net impact of transactions. Comparable margins increased 110 bps compared to the second quarter of 2023, as revenue growth outpaced expenses.
•Distribution: Adjusted EBITDA in the second quarter increased $9 million compared to the second quarter of 2023. Excluding Unlimited Vacation Club, Adjusted EBITDA was below 2023 by approximately $5 million, consistent with the expectations communicated previously because of ALG Vacations lapping a strong second quarter last year.
Openings and Development
In the second quarter, 18 new hotels (or 3,251 rooms) joined Hyatt's portfolio. Notable openings included Park Hyatt Changsha, Maison Métier, The Legend Paracas Resort, the first Destination by Hyatt property in Peru, and Hyatt Vivid Grand Island, the first open Hyatt Vivid Hotels & Resorts property. Additionally, the first Caption by Hyatt properties outside the United States opened in the quarter: Caption by Hyatt Namba Osaka and Caption by Hyatt Zhongshan Park Shanghai. The first Hyatt Centric in Shanghai, China, Hyatt Centric Zhongshan Park Shanghai, also opened in the quarter.
As of June 30, 2024, the Company had a pipeline of executed management or franchise contracts for approximately 670 hotels (approximately 130,000 rooms).
Transactions and Capital Strategy
In addition to the previously announced sales of Park Hyatt Zurich on April 4, 2024, Hyatt Regency San Antonio Riverwalk on April 23, 2024, and Hyatt Regency Green Bay on May 1, 2024, the Company is sharing the following updates:
•Acquired the me and all hotels brand from Lindner Hotels AG on June 28, 2024. There are six me and all hotels with over 1,000 rooms currently open in Germany which joined Hyatt through the strategic collaboration with Lindner Hotels AG in 2022. The me and all hotels brand has a healthy pipeline with an additional 1,000 rooms in the executed pipeline and more development deals in various stages of negotiation.
•Expects to close on the sale of an asset that is under a purchase and sale agreement by the end of August 2024, which would complete the Company's $2.0 billion asset sell-down commitment.
As of June 30, 2024, the Company has realized $1.5 billion of gross proceeds from the net disposition of real estate at a 13.3x multiple and remains committed to realizing $2.0 billion of gross proceeds from the sale of real estate, net of acquisitions, by the end of 2024 as part of its expanded asset disposition commitment announced in August 2021.
Balance Sheet and Liquidity
As of June 30, 2024, the Company reported the following:
•Total debt of $3,885 million.
•Pro rata share of unconsolidated hospitality venture debt of $451 million, substantially all of which is non-recourse to Hyatt and a portion of which Hyatt guarantees pursuant to separate agreements.
•Total liquidity of approximately $3.5 billion with $1,957 million of cash and cash equivalents and short-term investments, and borrowing availability of $1,496 million under Hyatt's revolving credit facility, net of letters of credit outstanding.
During the second quarter, the Company repurchased a total of 906,875 shares of Class A common stock for approximately $134 million. As of June 30, 2024, the Company has approximately $1.6 billion remaining under the share repurchase authorization.
On June 3, 2024, the Company issued $450 million of 5.250% senior notes due 2029 at an issue price of 99.496% and $350 million of 5.500% senior notes due 2034 at an issue price of 98.860%. The Company received approximately $786 million of net proceeds, after deducting underwriting discounts and other offering expenses. The Company invested the net proceeds in marketable securities and intends to use the net proceeds to repay the outstanding balance on the $750 million of 1.800% senior notes maturing on October 1, 2024, at or prior to maturity.
The Company's board of directors has declared a cash dividend of $0.15 per share for the third quarter of 2024. The dividend is payable on September 10, 2024 to Class A and Class B stockholders of record as of August 27, 2024.
2024 Outlook
The Company is providing the following outlook for the 2024 fiscal year:
| | | | | | | | |
| | Full Year 2024 vs. 2023 |
System-Wide Hotels RevPAR1 | | 3.0% to 4.0% |
| Net Rooms Growth | | 5.5% to 6.0% |
| (in millions) | | Full Year 2024 |
| Net Income | | $1,055 - $1,115 |
| Gross Fees | | $1,085 - $1,115 |
Adjusted G&A Expenses2 | | $425 - $435 |
Adjusted EBITDA2, 3 | | $1,135 - $1,175 |
| Capital Expenditures | | Approx. $170 |
Free Cash Flow2 | | $560 - $610 |
Capital Returns to Shareholders4 | | $800 - $850 |
1 RevPAR is based on constant currency whereby previous periods are translated based on the current period exchange rate. RevPAR percentage for 2024 vs. 2023 is based on comparable hotels.
2 Refer to the tables on schedule A-9 for a reconciliation of estimated Net Income attributable to Hyatt Hotels Corporation to Adjusted EBITDA, G&A expenses to Adjusted G&A Expenses, and net cash provided by operating activities to Free Cash Flow.
3 During the quarter ended June 30, 2024, the Company revised its definition of Adjusted EBITDA to exclude transaction and integration costs and recast prior-period results to provide comparability. Adjusted EBITDA outlook reflects the removal of approximately $10 million relating to this definition revision. Refer to page A-5 of the schedules for additional detail.
4 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases.
No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2024 Outlook. The Company's 2024 Outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that Hyatt will achieve these results.
Conference Call Information
The Company will hold an investor conference call this morning, August 6, 2024, at 9:00 a.m. CT.
Participants are encouraged to listen to a simultaneous webcast of the conference call, which may be accessed through the Company's website at investors.hyatt.com. Alternatively, participants may access the live call by dialing: 800.715.9871 (U.S. Toll-Free) or 646.307.1963 (International Toll Number) using conference ID# 2303828 approximately 15 minutes prior to the scheduled start time.
A replay of the call will be available for one week beginning on Tuesday, August 6, 2024, at 11:00 a.m. CT by dialing: 800.770.2030 (U.S. Toll-Free) or 609.800.9909 (International Toll Number) using conference ID# 2303828. An archive of the webcast will be available on the Company's website for 90 days.
Investor Contacts
•Adam Rohman, 312.780.5834, adam.rohman@hyatt.com
•Tara Atwood, 312.780.5713, tara.atwood@hyatt.com
Media Contact
•Franziska Weber, 312.780.6106, franziska.weber@hyatt.com
Forward-Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, outlook, occupancy, the amount by which the Company intends to reduce its real estate asset base, the expected amount of gross proceeds from the sale of such assets, and the anticipated timeframe for such asset dispositions, the number of properties we expect to open in the future, pace and booking trends, the expected timing and payment of dividends, RevPAR trends, our expected Adjusted G&A Expense, our expected capital expenditures, our expected net rooms growth, our expected system-wide RevPAR, our expected one-time integration-related expenses, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute our strategy to expand our management and hotels services and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotels services or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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: Adjusted Net Income; Adjusted Diluted EPS; Adjusted EBITDA; Adjusted G&A Expenses; and Free Cash Flow. See the schedules to this earnings release, including the "Definitions" section, for additional information and reconciliations of such non-GAAP financial measures.
Availability of Information on Hyatt's Website and Social Media Channels
Investors and others should note that Hyatt routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts and the Hyatt Investor Relations website. The Company uses these channels as well as social media channels (e.g., the Hyatt Facebook account (facebook.com/hyatt); the Hyatt Instagram account (instagram.com/hyatt/); the Hyatt X account (twitter.com/hyatt); the Hyatt LinkedIn account (linkedin.com/company/hyatt/); and the Hyatt YouTube account (youtube.com/user/hyatt)) as a means of disclosing information about the Company's business to our guests, customers, colleagues, investors, and the public. While not all of the information that the Company posts to the Hyatt Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Hyatt to review the information that it shares at the Investor Relations link located at the bottom of the page on hyatt.com and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Investor Email Alerts" in the "Resources" section of Hyatt's website at investors.hyatt.com. The contents of these websites are not incorporated by reference into this press release or any report or document Hyatt files with the SEC, and any references to the websites are intended to be inactive textual references only.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of June 30, 2024, the Company's portfolio included more than 1,350 hotels and all-inclusive properties in 78 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Vacation Club®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including Impression by Secrets, Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith™, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.
Hyatt Hotels Corporation
Table of Contents
Financial Information
(unaudited)
| | | | | |
| Schedule | Page |
| A - 1 |
| A - 2 |
| A - 4 |
| A - 5 |
| A - 8 |
| A - 9 |
| A - 10 |
Percentages on the following schedules may not recompute due to rounding. Not meaningful percentage changes are presented as "NM".
Hyatt Hotels Corporation
Condensed Consolidated Statements of Income
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
(in millions, except per share amounts) | Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| REVENUES: | | | | | | | |
| Base management fees | $ | 100 | | | $ | 96 | | | $ | 198 | | | $ | 187 | |
| Incentive management fees | 54 | | | 59 | | | 118 | | | 116 | |
| Franchise and other fees | 121 | | | 91 | | | 221 | | | 174 | |
| Gross fees | 275 | | | 246 | | | 537 | | | 477 | |
| Contra revenue | (16) | | | (12) | | | (29) | | | (22) | |
| Net fees | 259 | | | 234 | | | 508 | | | 455 | |
| Owned and leased | 314 | | | 341 | | | 623 | | | 655 | |
| Distribution | 278 | | | 275 | | | 597 | | | 603 | |
| Other revenues | 10 | | | 71 | | | 45 | | | 159 | |
| Revenues for reimbursed costs | 842 | | | 784 | | | 1,644 | | | 1,513 | |
| Total revenues | 1,703 | | | 1,705 | | | 3,417 | | | 3,385 | |
| | | | | | | |
| DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES: | | | | | | | |
| General and administrative | 117 | | | 134 | | | 286 | | | 289 | |
| Owned and leased | 238 | | | 257 | | | 488 | | | 497 | |
| Distribution | 234 | | | 226 | | | 508 | | | 484 | |
| Other direct costs | 17 | | | 87 | | | 62 | | | 185 | |
| Transaction and integration costs (a) | 10 | | | 10 | | | 18 | | | 23 | |
| Depreciation and amortization | 84 | | | 99 | | | 176 | | | 197 | |
| Reimbursed costs | 853 | | | 789 | | | 1,689 | | | 1,538 | |
| Total direct and general and administrative expenses | 1,553 | | | 1,602 | | | 3,227 | | | 3,213 | |
| | | | | | | |
| Net gains (losses) and interest income from marketable securities held to fund rabbi trusts | 4 | | | 17 | | | 28 | | | 35 | |
| Equity earnings (losses) from unconsolidated hospitality ventures | (30) | | | (1) | | | 45 | | | (3) | |
| Interest expense | (40) | | | (31) | | | (78) | | | (64) | |
| Gains (losses) on sales of real estate and other | 350 | | | — | | | 753 | | | — | |
| Asset impairments | — | | | (5) | | | (17) | | | (7) | |
| Other income (loss), net | 28 | | | 12 | | | 82 | | | 67 | |
| Income before income taxes | 462 | | | 95 | | | 1,003 | | | 200 | |
| | | | | | | |
| Provision for income taxes | (103) | | | (27) | | | (122) | | | (74) | |
| Net income | 359 | | | 68 | | | 881 | | | 126 | |
| Net income attributable to noncontrolling interests | — | | | — | | | — | | | — | |
| Net income attributable to Hyatt Hotels Corporation | $ | 359 | | | $ | 68 | | | $ | 881 | | | $ | 126 | |
| | | | | | | |
| EARNINGS PER CLASS A AND CLASS B SHARE: | | | | | | | |
| Net income attributable to Hyatt Hotels Corporation—Basic | $ | 3.55 | | | $ | 0.64 | | | $ | 8.64 | | | $ | 1.19 | |
| Net income attributable to Hyatt Hotels Corporation—Diluted | $ | 3.46 | | | $ | 0.63 | | | $ | 8.42 | | | $ | 1.16 | |
| | | | | | | |
| Basic weighted-average shares outstanding | 101.1 | | 105.5 | | 101.9 | | 106.0 |
| Diluted weighted-average shares outstanding | 103.7 | | 108.0 | | 104.6 | | 108.4 |
(a) During the three months ended June 30, 2024, we presented a new financial statement line item to provide enhanced visibility on our condensed consolidated statements of income and reclassified prior-period results for comparability. Transaction and integration costs includes integration costs, which were previously recognized in integration costs and include expenses incurred related to the integration of recently acquired businesses, including certain compensation expenses, professional fees, sales and marketing expenses, and technology expenses; transaction costs for pending transactions, primarily related to professional fees incurred for acquisitions and dispositions, which were previously recognized in general and administrative expenses; and transaction costs for completed transactions, primarily related to professional fees incurred for acquisitions, which were previously recognized in other income (loss), net. Transaction costs for completed dispositions are recognized in gains (losses) on sales of real estate and other.
Hyatt Hotels Corporation
Hotel Operating Statistics by Geography
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, |
| (in constant $) | RevPAR | | Occupancy | | ADR |
| 2024 | vs. 2023 | | 2024 | vs. 2023 | | 2024 | vs. 2023 |
| System-wide hotels (a) | $ | 149.31 | | 4.7 | % | | 72.9 | % | 2.4% pts | | $ | 204.73 | | 1.1 | % |
| United States | $ | 159.98 | | 2.3 | % | | 75.0 | % | 1.8% pts | | $ | 213.33 | | (0.1) | % |
| Americas (excluding United States) | $ | 181.80 | | 9.2 | % | | 71.9 | % | 4.0% pts | | $ | 252.91 | | 3.2 | % |
| Greater China | $ | 86.34 | | (3.2) | % | | 69.6 | % | 1.2% pts | | $ | 124.07 | | (4.8) | % |
| Asia Pacific (excluding Greater China) | $ | 130.85 | | 17.6 | % | | 68.8 | % | 5.2% pts | | $ | 190.15 | | 8.8 | % |
| Europe | $ | 188.09 | | 10.5 | % | | 74.3 | % | 4.6% pts | | $ | 253.08 | | 3.6 | % |
| Middle East & Africa | $ | 124.52 | | 5.7 | % | | 64.5 | % | 1.2% pts | | $ | 192.98 | | 3.6 | % |
| | | | | | | | |
| Owned and leased hotels (b) | $ | 204.50 | | 3.4 | % | | 76.4 | % | 2.5% pts | | $ | 267.75 | | 0.1 | % |
| | | | | | | | |
| (in reported $) | Net Package RevPAR | | Occupancy | | Net Package ADR |
| 2024 | vs. 2023 | | 2024 | vs. 2023 | | 2024 | vs. 2023 |
| System-wide all-inclusive resorts (c) | $ | 226.04 | | 3.0 | % | | 74.0 | % | 1.5% pts | | $ | 305.27 | | 0.9 | % |
| Americas (excluding United States) | $ | 274.82 | | 2.0 | % | | 73.3 | % | 0.3% pts | | $ | 375.06 | | 1.5 | % |
| Europe (d) | $ | 106.84 | | 11.8 | % | | 75.9 | % | 4.5% pts | | $ | 140.68 | | 5.1 | % |
| | | | | | | | |
| Six Months Ended June 30, |
| (in constant $) | RevPAR | | Occupancy | | ADR |
| 2024 | vs. 2023 | | 2024 | vs. 2023 | | 2024 | vs. 2023 |
| System-wide hotels (a) | $ | 140.50 | | 5.1 | % | | 69.1 | % | 2.3% pts | | $ | 203.38 | | 1.6 | % |
| United States | $ | 146.30 | | 1.4 | % | | 69.8 | % | 1.1% pts | | $ | 209.46 | | (0.2) | % |
| Americas (excluding United States) | $ | 191.50 | | 10.8 | % | | 70.9 | % | 3.8% pts | | $ | 270.28 | | 4.9 | % |
| Greater China | $ | 87.18 | | 3.7 | % | | 67.7 | % | 3.0% pts | | $ | 128.81 | | (0.9) | % |
| Asia Pacific (excluding Greater China) | $ | 137.55 | | 19.5 | % | | 69.4 | % | 6.2% pts | | $ | 198.25 | | 8.9 | % |
| Europe | $ | 152.11 | | 10.2 | % | | 65.6 | % | 3.7% pts | | $ | 231.98 | | 4.0 | % |
| Middle East & Africa | $ | 137.02 | | 5.7 | % | | 65.9 | % | 0.4% pts | | $ | 207.82 | | 5.0 | % |
| | | | | | | | |
| Owned and leased hotels (b) | $ | 191.57 | | 2.3 | % | | 71.8 | % | 0.9% pts | | $ | 266.96 | | 1.0 | % |
| | | | | | | | |
| (in reported $) | Net Package RevPAR | | Occupancy | | Net Package ADR |
| 2024 | vs. 2023 | | 2024 | vs. 2023 | | 2024 | vs. 2023 |
| System-wide all-inclusive resorts (c) | $ | 267.34 | | 7.4 | % | | 77.5 | % | 2.7% pts | | $ | 345.18 | | 3.7 | % |
| Americas (excluding United States) | $ | 315.59 | | 6.7 | % | | 77.3 | % | 2.1% pts | | $ | 408.42 | | 3.8 | % |
| Europe (d) | $ | 115.69 | | 16.7 | % | | 78.0 | % | 4.6% pts | | $ | 148.29 | | 9.9 | % |
(a) Consists of hotels that the Company manages, franchises, owns, leases, or provides services to, excluding all-inclusive properties.
(b) Excludes unconsolidated hospitality ventures and all-inclusive leased properties.
(c) Consists of all-inclusive properties that the Company manages, franchises, leases, or provides services to.
(d) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
Hyatt Hotels Corporation
Hotel Operating Statistics by Brand
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, |
| (in constant $) | RevPAR | | Occupancy | | ADR |
| 2024 | vs. 2023 | | 2024 | vs. 2023 | | 2024 | vs. 2023 |
| Composite Luxury (a) | $ | 204.28 | | 6.9 | % | | 70.5 | % | 3.3% pts | | $ | 289.63 | | 1.9 | % |
| Andaz | $ | 238.95 | | 3.8 | % | | 72.6 | % | 2.3% pts | | $ | 329.03 | | 0.5 | % |
| Grand Hyatt | $ | 174.01 | | 5.0 | % | | 72.1 | % | 1.9% pts | | $ | 241.22 | | 2.2 | % |
| Park Hyatt | $ | 255.58 | | 9.1 | % | | 65.6 | % | 3.5% pts | | $ | 389.38 | | 3.1 | % |
| The Unbound Collection by Hyatt | $ | 226.93 | | 9.8 | % | | 69.6 | % | 6.1% pts | | $ | 325.92 | | 0.2 | % |
| | | | | | | | |
| Composite Upper-Upscale (b) | $ | 145.30 | | 4.2 | % | | 71.7 | % | 2.6% pts | | $ | 202.56 | | 0.4 | % |
| Hyatt Centric | $ | 169.68 | | 7.0 | % | | 78.1 | % | 5.2% pts | | $ | 217.38 | | (0.1) | % |
| Hyatt Regency | $ | 142.85 | | 3.7 | % | | 70.9 | % | 2.3% pts | | $ | 201.37 | | 0.3 | % |
| JdV by Hyatt | $ | 123.07 | | 6.0 | % | | 68.6 | % | 2.2% pts | | $ | 179.45 | | 2.7 | % |
| | | | | | | | |
| Composite Upscale & Upper Midscale (c) | $ | 115.92 | | 2.6 | % | | 76.4 | % | 1.6% pts | | $ | 151.80 | | 0.5 | % |
| Hyatt House | $ | 134.95 | | 3.2 | % | | 79.1 | % | 2.2% pts | | $ | 170.54 | | 0.2 | % |
| Hyatt Place | $ | 114.61 | | 2.8 | % | | 75.8 | % | 1.6% pts | | $ | 151.17 | | 0.7 | % |
| UrCove | $ | 43.64 | | (12.7) | % | | 72.0 | % | (3.2)% pts | | $ | 60.64 | | (8.8) | % |
| | | | | | | | |
| (in reported $) | Net Package RevPAR | | Occupancy | | Net Package ADR |
| 2024 | vs. 2023 | | 2024 | vs. 2023 | | 2024 | vs. 2023 |
| Composite All-inclusive (d)(e) | $ | 226.04 | | 3.0 | % | | 74.0 | % | 1.5% pts | | $ | 305.27 | | 0.9 | % |
| Dreams Resorts & Spas | $ | 203.03 | | 6.9 | % | | 72.1 | % | 2.6% pts | | $ | 281.69 | | 3.0 | % |
| Secrets Resorts & Spas | $ | 285.42 | | 3.5 | % | | 72.5 | % | 0.4% pts | | $ | 393.82 | | 3.0 | % |
| Alua Hotels & Resorts | $ | 95.03 | | 11.5 | % | | 82.7 | % | 3.9% pts | | $ | 114.97 | | 6.3 | % |
| | | | | | | | |
| Six Months Ended June 30, |
| (in constant $) | RevPAR | | Occupancy | | ADR |
| 2024 | vs. 2023 | | 2024 | vs. 2023 | | 2024 | vs. 2023 |
| Composite Luxury (a) | $ | 201.08 | | 7.9 | % | | 68.5 | % | 3.4% pts | | $ | 293.42 | | 2.5 | % |
| Andaz | $ | 236.66 | | 4.1 | % | | 70.6 | % | 2.9% pts | | $ | 335.28 | | (0.3) | % |
| Grand Hyatt | $ | 176.62 | | 6.6 | % | | 70.8 | % | 2.4% pts | | $ | 249.33 | | 2.9 | % |
| Park Hyatt | $ | 270.95 | | 12.0 | % | | 65.8 | % | 3.6% pts | | $ | 411.48 | | 5.9 | % |
| The Unbound Collection by Hyatt | $ | 185.54 | | 10.7 | % | | 62.5 | % | 4.9% pts | | $ | 296.65 | | 2.0 | % |
| | | | | | | | |
| Composite Upper-Upscale (b) | $ | 135.18 | | 4.6 | % | | 67.7 | % | 2.4% pts | | $ | 199.56 | | 0.8 | % |
| Hyatt Centric | $ | 158.81 | | 9.1 | % | | 74.5 | % | 6.1% pts | | $ | 213.07 | | 0.2 | % |
| Hyatt Regency | $ | 134.33 | | 3.9 | % | | 67.2 | % | 2.0% pts | | $ | 199.98 | | 0.8 | % |
| JdV by Hyatt | $ | 102.46 | | 5.4 | % | | 61.3 | % | 2.0% pts | | $ | 167.05 | | 2.0 | % |
| | | | | | | | |
| Composite Upscale & Upper Midscale (c) | $ | 105.07 | | 2.1 | % | | 71.4 | % | 1.2% pts | | $ | 147.15 | | 0.4 | % |
| Hyatt House | $ | 122.74 | | 2.6 | % | | 74.2 | % | 1.8% pts | | $ | 165.52 | | 0.2 | % |
| Hyatt Place | $ | 103.61 | | 2.1 | % | | 70.7 | % | 1.1% pts | | $ | 146.53 | | 0.5 | % |
| UrCove | $ | 41.97 | | (4.6) | % | | 69.6 | % | 0.5% pts | | $ | 60.27 | | (5.4) | % |
| | | | | | | | |
| (in reported $) | Net Package RevPAR | | Occupancy | | Net Package ADR |
| 2024 | vs. 2023 | | 2024 | vs. 2023 | | 2024 | vs. 2023 |
| Composite All-inclusive (d)(e) | $ | 267.34 | | 7.4 | % | | 77.5 | % | 2.7% pts | | $ | 345.18 | | 3.7 | % |
| Dreams Resorts & Spas | $ | 241.85 | | 11.2 | % | | 76.6 | % | 3.8% pts | | $ | 315.70 | | 5.7 | % |
| Secrets Resorts & Spas | $ | 328.99 | | 6.1 | % | | 76.3 | % | 2.2% pts | | $ | 430.97 | | 3.0 | % |
| Alua Hotels & Resorts | $ | 92.60 | | 14.0 | % | | 82.9 | % | 2.8% pts | | $ | 111.64 | | 10.0 | % |
(a) Includes Alila, Andaz, Destination by Hyatt, Grand Hyatt, Miraval, Park Hyatt, The Unbound Collection by Hyatt, and Thompson Hotels.
(b) Includes Hyatt, Hyatt Centric, Hyatt Regency, and JdV by Hyatt.
(c) Includes Caption by Hyatt, Hyatt House, Hyatt Place, and UrCove.
(d) Includes Alua Hotels & Resorts, Breathless Resorts & Spas, Dreams Resorts & Spas, Hyatt Zilara, Hyatt Ziva, Impressions by Secrets, Secrets Resorts & Spas, Sunscape Resorts & Spas, and Zoëtry Wellness & Spa Resorts.
(e) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
Hyatt Hotels Corporation
Properties and Rooms by Geography and Brand
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| June 30, 2024 |
| Managed (a) | | Franchised | | Owned and Leased (b) | | Total |
| Geography: | Properties | | Rooms | | Properties | | Rooms | | Properties | | Rooms | | Properties | | Rooms |
| United States | 171 | | 62,108 | | 513 | | 86,415 | | 16 | | 8,407 | | 700 | | 156,930 |
| Americas (excluding United States) | 31 | | 9,347 | | 37 | | 5,784 | | 4 | | 1,196 | | 72 | | 16,327 |
| Greater China | 106 | | 31,977 | | 60 | | 10,632 | | — | | | — | | | 166 | | 42,609 |
| Asia Pacific (excluding Greater China) | 118 | | 30,194 | | 12 | | 3,121 | | — | | | — | | | 130 | | 33,315 |
| Europe | 48 | | 11,327 | | 64 | | 10,828 | | 4 | | 1,059 | | 116 | | 23,214 |
| Middle East & Africa | 42 | | 10,113 | | 1 | | 250 | | — | | | — | | | 43 | | 10,363 |
| System-wide hotels (c) | 516 | | 155,066 | | 687 | | 117,030 | | 24 | | 10,662 | | 1,227 | | 282,758 |
| | | | | | | | | | | | | | | |
| Americas (excluding United States) | 72 | | 27,113 | | 8 | | 3,153 | | — | | | — | | | 80 | | 30,266 |
| Europe (d) | 39 | | 11,208 | | — | | | — | | | 6 | | 1,275 | | 45 | | 12,483 |
| System-wide all-inclusive resorts | 111 | | 38,321 | | 8 | | 3,153 | | 6 | | 1,275 | | 125 | | 42,749 |
| | | | | | | | | | | | | | | |
| System-wide (e) | 627 | | 193,387 | | 695 | | 120,183 | | 30 | | 11,937 | | 1,352 | | 325,507 |
| | | | | | | | | | | | | | | |
| Brand: | | | | | | | | | | | | | | | |
| Alila | 16 | | 1,758 | | — | | | — | | | — | | | — | | | 16 | | 1,758 |
| Andaz | 26 | | 5,910 | | 1 | | 715 | | 2 | | 507 | | 29 | | 7,132 |
| Destination by Hyatt | 11 | | 2,374 | | 8 | | 3,769 | | — | | | — | | | 19 | | 6,143 |
| Grand Hyatt | 58 | | 30,770 | | 3 | | 1,331 | | 2 | | 903 | | 63 | | 33,004 |
| Miraval | — | | | — | | | — | | | — | | | 3 | | 383 | | 3 | | 383 |
| Park Hyatt | 43 | | 8,057 | | — | | | — | | | 3 | | 548 | | 46 | | 8,605 |
| The Unbound Collection by Hyatt | 17 | | 2,966 | | 28 | | 5,037 | | — | | | — | | | 45 | | 8,003 |
| Thompson Hotels | 16 | | 3,280 | | 3 | | 662 | | — | | | — | | | 19 | | 3,942 |
| Dream Hotels | 4 | | 808 | | 1 | | 178 | | — | | | — | | | 5 | | 986 |
| Hyatt | 6 | | 1,087 | | 6 | | 969 | | 1 | | 1,298 | | 13 | | 3,354 |
| Hyatt Centric | 30 | | 6,295 | | 30 | | 5,895 | | 1 | | 138 | | 61 | | 12,328 |
| Hyatt Regency | 171 | | 71,665 | | 62 | | 20,501 | | 8 | | 6,091 | | 241 | | 98,257 |
| JdV by Hyatt | 14 | | 2,132 | | 47 | | 7,403 | | — | | | — | | | 61 | | 9,535 |
| Caption by Hyatt | 2 | | 390 | | 1 | | | 167 | | | — | | | — | | | 3 | | 557 |
| Hyatt House | 23 | | 3,268 | | 111 | | 15,759 | | — | | | — | | | 134 | | 19,027 |
| Hyatt Place | 78 | | 13,506 | | 344 | | 48,404 | | 4 | | 794 | | 426 | | 62,704 |
| UrCove | — | | | — | | | 42 | | 6,240 | | — | | | — | | | 42 | | 6,240 |
| Breathless Resorts & Spas | 6 | | 2,311 | | — | | | — | | | — | | | — | | | 6 | | 2,311 |
| Dreams Resorts & Spas | 30 | | 12,666 | | — | | | — | | | — | | | — | | | 30 | | 12,666 |
| Hyatt Vivid Hotels & Resorts | 1 | | 400 | | — | | | — | | | — | | | — | | | 1 | | 400 |
| Hyatt Zilara | 1 | | 291 | | 3 | | 919 | | — | | | — | | | 4 | | 1,210 |
| Hyatt Ziva | 1 | | 438 | | 5 | | 2,234 | | — | | | — | | | 6 | | 2,672 |
| Impression by Secrets | 2 | | 323 | | — | | | — | | | — | | | — | | | 2 | | 323 |
| Secrets Resorts & Spas | 26 | | 9,697 | | — | | | — | | | — | | | — | | | 26 | | 9,697 |
| Zoëtry Wellness & Spa Resorts | 7 | | 541 | | — | | | — | | | — | | | — | | | 7 | | 541 |
| Sunscape Resorts & Spas | 8 | | 3,820 | | — | | | — | | | — | | | — | | | 8 | | 3,820 |
| Alua Hotels & Resorts | 29 | | 7,834 | | — | | | — | | | 6 | | 1,275 | | 35 | | 9,109 |
| Other | 1 | | 800 | | — | | | — | | | — | | | — | | | 1 | | 800 |
| System-wide (e)(f) | 627 | | 193,387 | | 695 | | 120,183 | | 30 | | 11,937 | | 1,352 | | 325,507 |
| | | | | | | | | | | | | | | |
| Hyatt Vacation Club | | | | | | | | | | | | | 22 | | 1,997 |
| Residential | | | | | | | | | | | | | 38 | | 4,324 |
(a) Includes properties that the Company manages or provides services to.
(b) Figures do not include unconsolidated hospitality ventures.
(c) Figures do not include all-inclusive properties.
(d) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
(e) Figures do not include vacation and residential units.
(f) Includes thirteen properties that Hyatt currently intends to rebrand to the respective brand at a future date and four non-branded managed properties.
Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: Reconciliation of Net Income Attributable to Hyatt Hotels Corporation to Adjusted EBITDA
| | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Net income attributable to Hyatt Hotels Corporation | $ | 359 | | | $ | 68 | | | $ | 881 | | | $ | 126 | |
| Interest expense | 40 | | | 31 | | | 78 | | | 64 | |
| Provision for income taxes | 103 | | | 27 | | | 122 | | | 74 | |
| Depreciation and amortization | 84 | | | 99 | | | 176 | | | 197 | |
| Contra revenue | 16 | | | 12 | | | 29 | | | 22 | |
| Revenues for reimbursed costs | (842) | | | (784) | | | (1,644) | | | (1,513) | |
| Reimbursed costs | 853 | | | 789 | | | 1,689 | | | 1,538 | |
| Transaction and integration costs (a) | 10 | | | 10 | | | 18 | | | 23 | |
| Equity (earnings) losses from unconsolidated hospitality ventures | 30 | | | 1 | | | (45) | | | 3 | |
| Stock-based compensation expense (b) | 15 | | | 16 | | | 46 | | | 48 | |
| (Gains) losses on sales of real estate and other | (350) | | | — | | | (753) | | | — | |
| Asset impairments | — | | | 5 | | | 17 | | | 7 | |
| Other (income) loss, net | (28) | | | (12) | | | (82) | | | (67) | |
| Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA | 17 | | | 17 | | | 34 | | | 31 | |
| Adjusted EBITDA | $ | 307 | | | $ | 279 | | | $ | 566 | | | $ | 553 | |
(a) During the three months ended June 30, 2024, the Company revised its definition of Adjusted EBITDA to exclude transaction and integration costs, and recast prior-period results to provide comparability. The revised definition excludes transaction costs previously recognized in general and administrative expenses and integration costs. Previously, only transaction costs recognized in gains (losses) on sales of real estate and other and other income (loss), net were excluded from Adjusted EBITDA. As these costs may vary in frequency or magnitude, the Company believes the revised definition presents a more representative measure of its core operations, assists in the comparability of results, and provides information consistent with how management evaluates operating performance. Refer to page A-10 for an explanation of how the Company utilizes Adjusted EBITDA, why the Company presents it, and material limitations on its usefulness.
(b) Includes amounts recognized in general and administrative expenses and distribution expenses.
Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: G&A Expenses to Adjusted G&A Expenses
Results of operations as presented on the condensed consolidated statements of income include expenses recognized with respect to deferred compensation plans funded through rabbi trusts. Certain of these expenses are recognized in G&A expenses and are completely offset by the corresponding net gains (losses) and interest income from marketable securities held to fund rabbi trusts, thus having no net impact to our earnings (losses). G&A expenses also include expenses related to stock-based compensation. Below is a reconciliation of this measure excluding the impact of our rabbi trust investments and stock-based compensation expense.
| | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| G&A expenses | $ | 117 | | | $ | 134 | | | $ | 286 | | | $ | 289 | |
| Less: Rabbi trust impact | (4) | | | (15) | | | (26) | | | (31) | |
| Less: Stock-based compensation expense | (14) | | | (15) | | | (43) | | | (46) | |
| Adjusted G&A Expenses | $ | 99 | | | $ | 104 | | | $ | 217 | | | $ | 212 | |
The table below provides a segment breakdown for Adjusted G&A Expenses:
| | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Management and franchising | $ | 60 | | | $ | 48 | | | $ | 123 | | | $ | 101 | |
| Owned and leased | 2 | | | 3 | | | 5 | | | 5 | |
| Distribution | — | | | 12 | | | 6 | | | 23 | |
| Overhead | 37 | | | 41 | | | 83 | | | 83 | |
| Adjusted G&A Expenses | $ | 99 | | | $ | 104 | | | $ | 217 | | | $ | 212 | |
Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: Net Income Attributable to Hyatt Hotels Corporation and Diluted Earnings per Class A and Class B Share to Adjusted Net Income Attributable to Hyatt Hotels Corporation and Adjusted Diluted Earnings per Class A and Class B Share
| | | | | | | | | | | | | | | | | | | | | | | |
| (in millions, except per share amounts) | Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Net income attributable to Hyatt Hotels Corporation | $ | 359 | | | $ | 68 | | | $ | 881 | | | $ | 126 | |
| Diluted earnings per share | $ | 3.46 | | | $ | 0.63 | | | $ | 8.42 | | | $ | 1.16 | |
| Special items: | | | | | | | |
| (Gains) losses on sales of real estate and other (a) | (350) | | | — | | | (753) | | | — | |
| Contingent consideration liability fair value adjustments (b) | (7) | | | (1) | | | (11) | | | (1) | |
| Unconsolidated hospitality ventures (c) | 10 | | | — | | | (69) | | | — | |
| Fund (surpluses) deficits (d) | (1) | | | (5) | | | 19 | | | 6 | |
| Asset impairments (e) | — | | | 5 | | | 17 | | | 7 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Utilization of Avendra and other proceeds (f) | 4 | | | 4 | | | 10 | | | 8 | |
| Transaction and integration costs (g) | 10 | | | 10 | | | 18 | | | 23 | |
| Unrealized (gains) losses (h) | 15 | | | 18 | | | 2 | | | (25) | |
| Other | (1) | | | 1 | | | (1) | | | 2 | |
| Special items - pre-tax | (320) | | | 32 | | | (768) | | | 20 | |
| Income tax (provision) benefit for special items (i) | 119 | | | (7) | | | 126 | | | (3) | |
| Total special items - after-tax | $ | (201) | | | $ | 25 | | | $ | (642) | | | $ | 17 | |
| Special items impact per diluted share | $ | (1.93) | | | $ | 0.23 | | | $ | (6.13) | | | $ | 0.16 | |
| Adjusted net income attributable to Hyatt Hotels Corporation | $ | 158 | | | $ | 93 | | | $ | 239 | | | $ | 143 | |
| Adjusted diluted earnings per share | $ | 1.53 | | | $ | 0.86 | | | $ | 2.29 | | | $ | 1.32 | |
| | | | | | | |
(a) During the three months ended June 30, 2024 (Q2 2024), we recognized pre-tax gains related to the sales of Park Hyatt Zurich ($257 million) and Hyatt Regency San Antonio Riverwalk ($100 million) and a pre-tax loss related to the sale of Hyatt Regency Green Bay ($4 million) in gains (losses) on sales of real estate and other on our condensed consolidated statements of income. Additionally, during the six months ended June 30, 2024 (YTD 2024), we recognized pre-tax gains related to the completion of the transaction that resulted in the sale of 80% of the entity that owns the Unlimited Vacation Club business ($231 million) and the sale of the shares of the entities that own Hyatt Regency Aruba Resort Spa and Casino ($172 million) in gains (losses) on sales of real estate and other on our condensed consolidated statements of income.
(b) During Q2 2024, YTD 2024, Q2 2023, and the six months ended June 30, 2023 (YTD 2023), we recognized fair value adjustments related to the Dream Hotel Group contingent consideration liability in other income (loss), net on our condensed consolidated statements of income.
(c) During Q2 2024, we recognized a $10 million impairment charge related to one of our unconsolidated hospitality ventures. During YTD 2024, we recognized a $79 million non-cash pre-tax gain related to the dilution of our ownership interest in an unconsolidated hospitality venture in India in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income.
(d) During Q2 2024 and Q2 2023, we recognized net surpluses and during YTD 2024 and YTD 2023, we recognized net deficits, which we intend to recover in future periods, on certain funds due to the timing of revenue and expense recognition in revenues for reimbursed costs, reimbursed costs, and other income (loss), net on our condensed consolidated statements of income.
(e) During YTD 2024, we recognized a $15 million goodwill impairment charge in connection with the sale of the shares of the entities that own Hyatt Regency Aruba Resort Spa and Casino in asset impairments on our condensed consolidated statements of income. During Q2 2023 and YTD 2023, we recognized $5 million and $7 million, respectively, of asset impairment charges related to intangible assets, primarily as a result of contract terminations in asset impairments on our condensed consolidated statements of income.
(f) During Q2 2024, YTD 2024, Q2 2023, and YTD 2023, we recognized expenses related to the partial utilization of the Avendra LLC sale proceeds for the benefit of our hotels in reimbursed costs and depreciation and amortization expenses on our condensed consolidated statements of income. The gain recognized in conjunction with the sale of Avendra LLC was included as a special item during the year ended December 31, 2017.
(g) During Q2 2024 and YTD 2024, we recognized costs primarily related to pending transactions and the integrations of Apple Leisure Group, Dream Hotel Group, and Mr & Mrs Smith in transaction and integration costs on our condensed consolidated statements of income. During Q2 2023 and YTD 2023, we recognized costs primarily related to the acquisitions and integrations of Dream Hotel Group and Mr & Mrs Smith, the integration of Apple Leisure Group, and costs related to pending transactions in transaction and integration costs on our condensed consolidated statements of income.
(h) During Q2 2024, Q2 2023, and YTD 2024, we recognized unrealized losses and during YTD 2023, we recognized unrealized gains due to the change in fair value of our marketable securities in other income (loss), net on our condensed consolidated statements of income.
(i) Q2 2024 includes a $61 million tax impact related to certain YTD 2024 transactions.
Hyatt Hotels Corporation
Impact of Sold Hotels to Owned and Leased Segment Adjusted EBITDA
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions) | Fiscal Year 2024 |
| First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | Year to Date |
| Owned and leased hotels (a) | $ | 45 | | | $ | 62 | | | | | | | $ | 107 | |
| Less: Contribution from sold owned and leased hotels (b) | (12) | | | (2) | | | | | | | (14) | |
| Owned and leased hotels less contribution from sold hotels (c) | $ | 33 | | | $ | 60 | | | | | | | $ | 93 | |
| | | | | | | | | |
| Pro rata share of unconsolidated hospitality ventures | $ | 17 | | | $ | 17 | | | | | | | $ | 34 | |
| Less: Contribution from sold unconsolidated hospitality ventures (d) (e) (f) | (1) | | | — | | | | | | | (1) | |
| Pro rata share of unconsolidated hospitality ventures less contribution from sold unconsolidated hospitality ventures (g) | $ | 16 | | | $ | 17 | | | | | | | $ | 33 | |
| | | | | | | | | |
| Fiscal Year 2023 |
| First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | Full Year 2023 |
| Owned and leased hotels (a) | $ | 59 | | | $ | 68 | | | $ | 58 | | | $ | 71 | | | $ | 256 | |
| Less: Contribution from sold owned and leased hotels (b) | (19) | | | (15) | | | (15) | | | (16) | | | (65) | |
| Owned and leased hotels less contribution from sold hotels (c) | $ | 40 | | | $ | 53 | | | $ | 43 | | | $ | 55 | | | $ | 191 | |
| | | | | | | | | |
| Pro rata share of unconsolidated hospitality ventures | $ | 14 | | | $ | 17 | | | $ | 14 | | | $ | 19 | | | $ | 64 | |
| Less: Contribution from sold unconsolidated hospitality ventures (d) (e) (f) | (1) | | | (1) | | | — | | | (1) | | | (3) | |
| Pro rata share of unconsolidated hospitality ventures less contribution from sold unconsolidated hospitality ventures (g) | $ | 13 | | | $ | 16 | | | $ | 14 | | | $ | 18 | | | $ | 61 | |
(a) Owned and leased hotels has been recast for comparability as a result of the Company's revised definition of Adjusted EBITDA.
(b) Contribution from sold owned and leased hotels represents the Adjusted EBITDA contribution in each period for hotels that have been sold as of June 30, 2024 and entered into long-term management or franchise agreements, and excludes fee income retained upon sale. Hotels that have been sold include Hyatt Regency Aruba Resort Spa and Casino (1Q24), Park Hyatt Zurich (2Q24), Hyatt Regency San Antonio Riverwalk (2Q24), and Hyatt Regency Green Bay (2Q24).
(c) Owned and leased hotels less contribution from sold hotels represents the Adjusted EBITDA contribution from all owned and leased hotels that remain in Hyatt's portfolio as of June 30, 2024.
(d) Contribution from sold unconsolidated hospitality ventures represents Hyatt's pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA contribution in each period for unconsolidated hospitality ventures that have been sold as of June 30, 2024. Unconsolidated hospitality ventures that have been sold include Hyatt Place Panama City / Downtown (1Q23).
(e) Contribution from sold unconsolidated hospitality ventures includes the pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA contribution from one property for which the operating lease was terminated during the three months ended March 31, 2023.
(f) Contribution from sold unconsolidated hospitality ventures includes the net impact to pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA contribution from one of our unconsolidated hospitality ventures in India, for which our ownership percentage was diluted from 50.0% to 38.8% as a result of its initial public offering.
(g) Pro rata share of unconsolidated hospitality ventures less contribution from sold unconsolidated hospitality ventures represents Hyatt's pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA contribution from all unconsolidated hospitality ventures that remain in Hyatt's portfolio as of June 30, 2024.
Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measures: Outlook: Net Income to Adjusted EBITDA; G&A Expenses to Adjusted G&A Expenses; and Net cash provided by operating activities to Free Cash Flow
No additional disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2024 Outlook. The Company's 2024 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. Results of operations as presented on the condensed consolidated statements of income include expenses recognized with respect to deferred compensation plans funded through rabbi trusts. Certain of these expenses are recognized in G&A expenses and are completely offset by the corresponding net gains (losses) and interest income from marketable securities held to fund rabbi trusts, thus having no net impact to our earnings (losses). G&A expenses also include expenses related to stock-based compensation. Below is a reconciliation of this forecasted measure excluding the impact of our rabbi trust investments and forecasted stock-based compensation expense.
| | | | | | | | | | | |
(in millions) | Year Ended
December 31, 2024
Outlook Range |
| Low Case | | High Case |
| Net income attributable to Hyatt Hotels Corporation | $ | 1,055 | | | $ | 1,115 | |
| Interest expense | 175 | | | 175 | |
| Provision for income taxes | 161 | | | 191 | |
| Depreciation and amortization | 345 | | | 345 | |
| Contra revenue | 56 | | | 56 | |
| Reimbursed costs, net of revenues for reimbursed costs | 108 | | | 98 | |
| Transaction and integration costs | 26 | | | 21 | |
| Equity (earnings) losses from unconsolidated hospitality ventures | (41) | | | (61) | |
| Stock-based compensation expense | 73 | | | 73 | |
| (Gains) losses on sales of real estate | (748) | | | (758) | |
| Asset impairments | 17 | | | 17 | |
| Other (income) loss, net | (157) | | | (167) | |
| Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA | 65 | | | 70 | |
| Adjusted EBITDA | $ | 1,135 | | | $ | 1,175 | |
| | | |
| Year Ended
December 31, 2024
Outlook Range |
| Low Case | | High Case |
| G&A expenses | $ | 495 | | | $ | 505 | |
| Less: Rabbi trust impact | — | | | — | |
| Less: Stock-based compensation expense | (70) | | | (70) | |
| Adjusted G&A Expenses | $ | 425 | | | $ | 435 | |
| | | |
| Year Ended
December 31, 2024
Outlook Range |
| Low Case | | High Case |
| Net cash provided by operating activities | $ | 730 | | | $ | 780 | |
| Capital expenditures | (170) | | | (170) | |
| Free Cash Flow | $ | 560 | | | $ | 610 | |
Definitions
Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization ("Adjusted EBITDA")
We use the term Adjusted EBITDA throughout this earnings release. Adjusted EBITDA, as we define it, is a measure that is not recognized in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We define consolidated Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude the following items:
•interest expense;
•benefit (provision) for income taxes;
•depreciation and amortization;
•amortization of management and hotel services agreement and franchise agreement assets and performance cure payments, which constitute payments to customers ("Contra revenue");
•revenues for reimbursed costs;
•reimbursed costs that we intend to recover over the long term;
•transaction and integration costs;
•equity earnings (losses) from unconsolidated hospitality ventures;
•stock-based compensation expense;
•gains (losses) on sales of real estate and other;
•asset impairments; and
•other income (loss), net.
We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to overhead Adjusted EBITDA.
Our board of directors and executive management team focus on Adjusted EBITDA as one of the key performance and compensation measures both on a segment and on a consolidated basis. Adjusted EBITDA assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations both on a segment and on a consolidated basis. Our President and Chief Executive Officer, who is our chief operating decision maker, also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in part, by assessing the Adjusted EBITDA of each segment. In addition, the compensation committee of our board of directors determines the annual variable compensation for certain members of our management based in part on consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both.
We believe Adjusted EBITDA is useful to investors because it provides investors with the same information that we use internally for purposes of assessing our operating performance and making compensation decisions and facilitates our comparison of results with results from other companies within our industry.
Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry, including interest expense and benefit (provision) for income taxes, which are dependent on company specifics, including capital structure, credit ratings, tax policies, and jurisdictions in which they operate; depreciation and amortization, which are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets; Contra revenue, which is dependent on company policies and strategic decisions regarding payments to hotel owners; and stock-based compensation expense, which varies among companies as a result of different compensation plans companies have adopted. We exclude revenues for reimbursed costs and reimbursed costs which relate to the reimbursement of payroll costs and for system-wide services and programs that we operate for the benefit of our hotel owners as contractually we do not provide services or operate the related programs to generate a profit over the terms of the respective contracts. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Therefore, we exclude the net impact when evaluating period-over-period changes in our operating results. Adjusted EBITDA includes reimbursed costs related to system-wide services and
programs that we do not intend to recover from hotel owners. Finally, we exclude other items that are not core to our operations and may vary in frequency or magnitude, such as transaction and integration costs, asset impairments, unrealized and realized gains and losses on marketable securities, and gains and losses on sales of real estate and other.
Adjusted EBITDA is not a substitute for net income (loss) attributable to Hyatt Hotels Corporation, net income (loss), or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income (loss) generated by our business. Our management compensates for these limitations by referencing our GAAP results and using Adjusted EBITDA supplementally.
Adjusted General and Administrative ("G&A") Expenses
Adjusted G&A Expenses, as we define it, is a non-GAAP measure. Adjusted G&A Expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted G&A Expenses assist us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations, both on a segment and consolidated basis.
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Losses) per Class A and Class B Share ("EPS")
Adjusted Net Income (Loss) and Adjusted Diluted EPS, as we define them, are non-GAAP measures. We define Adjusted Net Income (Loss) as net income (loss) attributable to Hyatt Hotels Corporation excluding special items, which are those items deemed not to be reflective of ongoing operations. We define Adjusted Diluted EPS as Adjusted Net Income (Loss) per diluted share. We consider Adjusted Net Income (Loss) and Adjusted Diluted EPS to be an indicator of operating performance because excluding special items allows for period-over-period comparisons of our ongoing operations.
Adjusted Net Income (Loss) and Adjusted Diluted EPS are not a substitute for Net Income (Loss) attributable to Hyatt Hotels Corporation, net income (loss), diluted earnings (losses) per share, or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted net income (loss) and Adjusted Diluted EPS. Although we believe that Adjusted Net Income (Loss) and Adjusted Diluted EPS can make an evaluation of our operating performance more consistent because they remove special items that are deemed not to be reflective of ongoing operations, other companies in our industry may define Adjusted Net Income (Loss) and Adjusted Diluted EPS differently than we do. As a result, it may be difficult to use Adjusted Net Income (Loss) or Adjusted Diluted EPS or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted Net Income (Loss) and Adjusted Diluted EPS should not be considered as measures of the income (loss) and earnings (losses) per share generated by our business. Our management compensates for these limitations by reference to its GAAP results and using Adjusted Net Income (Loss) and Adjusted Diluted EPS supplementally.
Asset-Light Earnings Mix
Asset-Light Earnings Mix is calculated as Adjusted EBITDA from the management and franchising segment and distribution segment divided by Adjusted EBITDA, excluding overhead and eliminations. Our management uses this calculation to assess the composition of the Company's earnings.
Average Daily Rate ("ADR")
ADR represents hotel room revenues, divided by the total number of rooms sold in a given period. ADR measures the average room price attained by a hotel, and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in our industry, and we use ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described below.
Comparable system-wide and Comparable owned and leased
"Comparable system-wide" represents all properties we manage, franchise, or provide services to, including owned and leased properties, that are operated for the entirety of the periods being compared and that have not sustained substantial damage, business interruption, or undergone large scale renovations during the periods being compared. Comparable system-wide also excludes properties for which comparable results are not available. We may use variations of comparable system-wide to specifically refer to comparable system-wide hotels, including our wellness resorts, or our all-inclusive resorts, for those properties that we manage, franchise, or provide services to within the management and franchising segment. "Comparable owned and leased" represents all properties we own or lease that are operated and consolidated for the entirety of the periods being compared and have not sustained substantial damage, business interruption, or undergone large-scale renovations during the periods being compared. Comparable owned and leased also excludes properties for which comparable results are not available. We may use variations of comparable owned and leased to specifically refer to comparable owned and leased hotels, including our wellness resorts, or our all-inclusive resorts, for those properties that we own or lease within the owned and leased segment. Comparable system-wide and comparable owned and leased are commonly used as a basis of measurement in our industry. "Non-comparable system-wide" or "non-comparable owned and leased" represent all properties that do not meet the respective definition of "comparable" as defined above.
Constant Dollar Currency
We report the results of our operations both on an as-reported basis, as well as on a constant dollar basis. Constant Dollar Currency, which is a non-GAAP measure, excludes the effects of movements in foreign currency exchange rates between comparative periods. We believe constant dollar analysis provides valuable information regarding our results as it removes currency fluctuations from our operating results. We calculate Constant Dollar Currency by restating prior-period local currency financial results at the current period's exchange rates. These restated amounts are then compared to our current period reported amounts to provide operationally driven variances in our results.
Free Cash Flow
Free Cash Flow represents net cash provided by operating activities less capital expenditures. We believe Free Cash Flow to be a useful liquidity measure to us and investors to evaluate the ability of our operations to generate cash for uses other than capital expenditures and, after debt service and other obligations, our ability to grow our business through acquisitions and investments, as well as our ability to return cash to shareholders through dividends and share repurchases. Free Cash Flow is not necessarily a representation of how we will use excess cash. Free Cash Flow is not a substitute for net cash provided by operating activities or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Free Cash Flow and management compensates for these limitations by referencing our GAAP results and using Free Cash Flow supplementally.
Net Package ADR
Net Package ADR represents net package revenues divided by the total number of rooms sold in a given period. Net package revenues generally include revenue derived from the sale of package revenue at all-inclusive resorts comprised of rooms revenue, food and beverage, and entertainment, net of compulsory tips paid to employees. Net Package ADR measures the average room price attained by a hotel, and Net Package ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. Net Package ADR is a commonly used performance measure in our industry, and we use Net Package ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described above.
Net Package Revenue per Available Room ("RevPAR")
Net Package RevPAR is the product of the Net Package ADR and the average daily occupancy percentage. Net Package RevPAR generally includes revenue derived from the sale of package revenue comprised of rooms revenue, food and beverage, and entertainment, net of compulsory tips paid to employees. Our management uses Net Package RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. Net Package RevPAR is a commonly used performance measure in our industry.
Occupancy
Occupancy represents the total number of rooms sold divided by the total number of rooms available at a hotel or group of hotels. Occupancy measures the utilization of a hotel's available capacity. We use occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help us determine achievable ADR levels as demand for hotel rooms increases or decreases.
RevPAR
RevPAR is the product of the ADR and the average daily occupancy percentage. RevPAR does not include non-room revenues, which consist of ancillary revenues generated by a hotel property, such as food and beverage, parking, and other guest service revenues. Our management uses RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. RevPAR is a commonly used performance measure in our industry.
RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a hotel would lead to increases in room revenues and additional variable operating costs, including housekeeping services, utilities, and room amenity costs, and could also result in increased ancillary revenues, including food and beverage. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal impacts to variable operating costs.
T H E L E G E N D P A R A C A S R E S O R T N E W L Y O P E N E D Q 2 2 0 2 4 Investor Deck Hyatt SECOND QUARTER 2024 H Y A T T A N D R E L A T E D M A R K S A R E T R A D E M A R K S O F H Y A T T C O R P O R A T I O N O R I T S A F F I L I A T E S . © 2 0 2 4 H Y A T T C O R P O R A T I O N . A L L R I G H T S R E S E R V E D .
Disclaimers 2 Forward-Looking Statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about Hyatt Hotels Corporation’s (the “Company”) plans, strategies, outlook, the amount by which the Company intends to reduce its real estate asset base, the expected amount of gross proceeds from the sale of such assets, and the anticipated timeframe for such asset dispositions, the number of properties we expect to open in the future, our growth model, our credit rating expectations, our capital allocation plans, our expected Adjusted G&A Expense, our expected capital expenditures, our expected net income and Adjusted EBITDA, our expected net rooms growth, our expected system-wide RevPAR, our expected Free Cash Flow, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute our strategy to expand our management and hotels services and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotels services or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this presentation. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Forward-Looking Statements Non-GAAP Financial Measures This presentation includes references to certain financial measures, each identified with the symbol “†”, that are not calculated or presented in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures have important limitations and should not be considered in isolation or as a substitute for measures of the Company’s financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculations. During the quarter ended June 30, 2024, the Company revised its definition of Adjusted EBITDA to exclude transaction and integration costs and recast prior-period results to provide comparability. Refer to page A-5 of the schedules in the second quarter 2024 earnings release for additional detail. Key Business Metrics This presentation includes references to certain key business metrics used by the Company, each identified with the symbol “◊”.
INVESTMENT CONSIDERATIONS 1 3 76% Asset-Light Earnings Mix◊2 7 Years Industry-Leading Net Rooms Growth Simple and predictable asset-light business model Global portfolio of brands serving the high-end traveler in each of our segments Rooms, fees, pipeline, and loyalty membership growing at a faster rate than our larger competitors Operational and commercial execution driving record performance and Free Cash Flow† Capital allocation strategy driving growth and shareholder returns $2.5B Returned to Shareholders3 C A P T I O N B Y H Y A T T N A M B A O S A K A $602M Free Cash Flow† 1 K e y i n v e s t m e n t d a t a a s o f D e c e m b e r 3 1 , 2 0 2 3 . 2 A s s e t - L i g h t E a r n i n g s M i x ◊ i n c l u d e d N e t D e f e r r a l s a n d N e t F i n a n c e d C o n t r a c t s i n 2 0 2 3 . 3 R e t u r n e d t o s h a r e h o l d e r s t h r o u g h s h a r e r e p u r c h a s e s a n d d i v i d e n d s s i n c e y e a r e n d 2 0 1 7 . Source Notes:
STRATEGIC GROWTH ACROSS MULTIPLE DIMENSIONS 4 +73% +95% +81% +340% +2,900 bps 20232017 20232017 20232017 20232017 20232017 SYSTEM-WIDE ROOMS GROSS FEE REVENUE PIPELINE LOYALTY MEMBERS ASSET-LIGHT EARNINGS MIX ◊1 186K 322K $970M $498M 127K 70K 44M 10M 76% 47% 1 A s s e t - L i g h t E a r n i n g s M i x ◊ i n c l u d e d N e t D e f e r r a l s a n d N e t F i n a n c e d C o n t r a c t s i n 2 0 2 3 . C a l c u l a t e d c o m p a r i s o n s b a s e d o n y e a r e n d s 2 0 1 7 a n d 2 0 2 3 . 2 0 1 7 g r o s s f e e r e v e n u e r e p r e s e n t s m a n a g e m e n t , f r a n c h i s e , a n d o t h e r f e e s f o l l o w i n g t h e a d o p t i o n o f A S C 6 0 6 d u r i n g t h e y e a r e n d e d D e c e m b e r 3 1 , 2 0 1 8 a s d i s c l o s e d i n o u r 2 0 1 8 F o r m 1 0 - K . 2 0 2 3 g r o s s f e e r e v e n u e s r e p r e s e n t s t h e r e c a s t f i g u r e s p r o v i d e d i n t h e s u p p l e m e n t a l f i n a n c i a l i n f o r m a t i o n o n F o r m 8 - K f i l e d o n A p r i l 2 5 , 2 0 2 4 . Source Notes: Updated Annually Support: Hyatt HotelsCHICO-Team-Corporate FPA - DocumentsFact Pack and QA Document2024Investor Consideration Deck SupportAnnual Strategic Growth support file -2009 Data can be found under 2009 folder System-wide rooms based on Inventory as of December 31, 2009 Fee Revenue, pipeline, and loyalty members based on Hyatt 2009 Annual Report -2017 Data can be found under 2017 folder System-wide rooms based on Inventory as of December 31, 2017 Fee Revenue and pipeline based on Q4 2017 Earnings Release Loyalty members based on 10-K 2017 -2023 Data System-wide rooms based on Inventory as of December 31, 2023 Fee Revenue and pipeline based on Q4 2023 Earnings Release Loyalty members based on 10-K 2023 as well as Enrollment and Program member count Q4 2023
5 H Y A T T V I V I D G R A N D I S L A N D GLOBAL HOSPITALITY COMPANY FOCUSED ON SERVING THE HIGH-END TRAVELER 78 Countr ies Around the World and 6 Cont inents 325,507 Rooms 29 Global Brands 1,352 Hotels and Al l - Inclusive Propert ies F i g u r e s a s o f J u n e 3 0 , 2 0 2 4 . 1 S o u r c e : S T R G l o b a l C e n s u s a s o f J u n e 3 0 , 2 0 2 4 ; L u x u r y B r a n d e d R o o m s a s d e f i n e d b y S T R C h a i n S c a l e C l a s s i f i c a t i o n . #1 World’s Largest Port fo l io of Luxury Branded Rooms in Resort Locat ions 1 ~130,000 Rooms in Pipel ine A Company Record Source Notes: Slide Updated Quarterly Countries, Rooms, Hotel count, and Pipeline linked to ER Body and Consolidations workbook. Manually update Global brands based on Brand Bar and Ranking of Luxury branded rooms in Resort Locations. -Luxury branded rooms in Resort Locations based on STR census as of X, 2024
20171 2023 GROWTH LUXURY ROOMS 43K 96K Doubled Luxury Rooms RESORT ROOMS 23K 75K Tripled Resort Rooms LIFESTYLE2 ROOMS 9K 43K Quintupled Lifestyle Rooms HYATT'S PORTFOLIO IS UNIQUELY POSITIONED; DRIVEN BY SIGNIFICANT EXPANSION OF LUXURY, RESORT, AND LIFESTYLE HOTELS 6 HYATT GLOBAL SHARE3 #1 World's Largest Portfolio of Luxury Branded Rooms in Resort Locations 17% Global Share of Luxury Branded Rooms in Resort Locations 13% Global Share of Luxury Branded Rooms in all locations T H O M P S O N H O U S T O N 1 B a s e l i n e g r o w t h s i n c e 2 0 1 7 r e f l e c t s w h e n H y a t t a n n o u n c e d i t s p e r m a n e n t o w n e d a s s e t s e l l d o w n c o m m i t m e n t . 2 I n c l u d e s A l i l a , A n d a z , H y a t t C e n t r i c , T h e U n b o u n d C o l l e c t i o n b y H y a t t , T h o m p s o n H o t e l s , D r e a m H o t e l s , & J d V b y H y a t t . 3 S o u r c e : S T R G l o b a l C e n s u s a s o f D e c e m b e r 3 1 , 2 0 2 3 ; L u x u r y B r a n d e d R o o m s a s d e f i n e d b y S T R C h a i n S c a l e C l a s s i f i c a t i o n . K e y i n v e s t m e n t d a t a a s o f D e c e m b e r 3 1 , 2 0 2 3 ( u n l e s s o t h e r w i s e n o t e d ) . Source Notes: Updated Annually Support: Hyatt HotelsCHICO-Team-Corporate FPA - DocumentsFact Pack and QA Document202XInvestor Consideration Deck SupportAnnual -Luxury, Lifestyle, and Resort rooms calculated based on HHC Inventory as of Year end and calculated based on Luxury Lifestyle or Resort Support file -Hyatt Global Share calculated based on STR census as of Year-end.
World of Hyatt global brands B a s e d o n b r a n d b a r a s o f J u n e 3 0 , 2 0 2 4 . 7 Source Notes:
C A P T I O N B Y H Y A T T N A M B A O S A K A 8 QUARTERLY HIGHLIGHTS
ADJUSTED EBITDA† DILUTED EPS GROSS FEES A N E W R E C O R D $359M NET INCOME $3.46 $307M $275M OPERATIONAL RESULTSFINANCIAL RESULTS +9% INCREASE OF ROOMS IN P IPEL INE 1 3 0 , 0 0 0 | A N E W R E C O R D +4.6% NET ROOMS GROWTH +4.7% SYSTEM-WIDE HOTELS REVPAR ◊ +21% WORLD OF HYATT MEMBER GROWTH 4 8 M | A N E W R E C O R D Source Notes: Operational Results: RevPAR and NRG are linked to ER. Pipeline increase should be calculated vs prior year’s ER (rounded pipeline) vs current year rounded pipeline #. World of Hyatt Member growth: TeamsHyatt HotelsCHICO-Team- Corporate FPA - DocumentsHotel FP&AWorld of Hyatt Enrollments 9 Q2 2024 HIGHLIGHTS • World of Hyatt named “Best Hotel Rewards Program” and the World of Hyatt Credit Card named “Best Overall Hotel Credit Card” by WalletHub • 80% of Mr & Mrs Smith properties listed on Hyatt channels have received bookings from World of Hyatt members with nearly two-thirds of bookings for paid reservations; Globalists accounted for >20% of these bookings • Announced an exclusive alliance with Under Canvas1, the leader in upscale outdoor hospitality, where World of Hyatt members can now earn and redeem points at Under Canvas locations F i g u r e s a s o f J u n e 3 0 , 2 0 2 4 , a n d g r o w t h r a t e s r e p r e s e n t y e a r - o v e r - y e a r c o m p a r i s o n s f r o m Q 2 2 0 2 3 v s . Q 2 2 0 2 4 . 1 U n d e r C a n v a s a l l i a n c e a n n o u n c e d a n d l a u n c h e d J u l y 2 5 , 2 0 2 4 . P A R K H Y A T T C H A N G S H A N E W L Y O P E N E D Q 2 2 0 2 4 HIGHLIGHTS
FULL YEAR 2024 OUTLOOK 10 M A I S O N M É T I E R $1,135M to $1,175M Adjusted EBITDA †1 $560M to $610M Free Cash Flow † $800M to $850M Capi ta l Returns to Shareholders 2 1 D u r i n g t h e q u a r t e r e n d e d J u n e 3 0 , 2 0 2 4 , t h e C o m p a n y r e v i s e d i t s d e f i n i t i o n o f A d j u s t e d E B I T D A t o e x c l u d e t r a n s a c t i o n a n d i n t e g r a t i o n c o s t s a n d r e c a s t p r i o r - p e r i o d r e s u l t s t o p r o v i d e c o m p a r a b i l i t y . A d j u s t e d E B I T D A o u t l o o k r e f l e c t s t h e r e m o v a l o f a p p r o x i m a t e l y $ 1 0 m i l l i o n r e l a t i n g t o t h i s d e f i n i t i o n r e v i s i o n . R e f e r t o p a g e A - 5 o f t h e s c h e d u l e s i n t h e s e c o n d q u a r t e r 2 0 2 4 e a r n i n g s r e l e a s e f o r a d d i t i o n a l d e t a i l . 2 F i g u r e i n c l u s i v e o f d i v i d e n d s a n d s h a r e r e p u r c h a s e s . F u l l d e t a i l s o f t h e C o m p a n y ’ s 2 0 2 4 o u t l o o k c a n b e f o u n d i n i t s s e c o n d q u a r t e r 2 0 2 4 e a r n i n g s r e l e a s e . T h e C o m p a n y ’ s 2 0 2 4 o u t l o o k i s b a s e d o n a n u m b e r o f a s s u m p t i o n s t h a t a r e s u b j e c t t o c h a n g e a n d m a n y o f w h i c h a r e o u t s i d e t h e c o n t r o l o f t h e C o m p a n y . I f a c t u a l r e s u l t s v a r y f r o m t h e s e a s s u m p t i o n s , t h e C o m p a n y ' s e x p e c t a t i o n s m a y c h a n g e . T h e r e c a n b e n o a s s u r a n c e t h a t t h e C o m p a n y w i l l a c h i e v e t h e s e r e s u l t s . Source Notes: 3.0 - 4.0% System-Wide Hote ls RevPAR ◊ $1,055M - $1,115M Net Income 5.5 - 6.0% Net Rooms Growth
EARNINGS GROWTH MODEL REFLECTS SIMPLIFIED AND MORE PREDICTABLE EARNINGS 11 EARNINGS GROWTH MODEL SENSITIVITIES FOR 2024 AND 2025 +/- 1 point RevPAR◊ +/- in Adjusted EBITDA† $20M – $30M + = Addi t iona l Mode l Assumpt ions 2025 Illustrative Earnings Mix before Overhead Asset-Light Earnings Mix◊ +100bps 2026 & beyond Managemen t & F ranch i s i ng 75% Asse t -L igh t Ea rn ings M ix ◊ 1 Dis t r i bu t i on 10% Asse t -L igh t Ea rn ings M ix ◊ Owned & Leased 15% +/- 1 point Net Rooms Growth $12M – $20M $8M – $10M Distribution Margins Overhead Growth 3% per year 2026 & BEYOND: +100bps increase in asset-light earnings per year 1 A s s e t - L i g h t E a r n i n g s M i x ◊ i n c l u d e d N e t D e f e r r a l s a n d N e t F i n a n c e d C o n t r a c t s i n 2 0 2 3 . S y s t e m - w i d e h o t e l s R e v P A R ◊ i n c l u d e s c o m p a r a b l e h o t e l s . T h e C o m p a n y ' s i l l u s t r a t i v e l o n g - t e r m o u t l o o k f o r 2 0 2 4 a n d 2 0 2 5 i s b a s e d o n a n u m b e r o f a s s u m p t i o n s t h a t a r e s u b j e c t t o c h a n g e a n d m a n y o f w h i c h a r e o u t s i d e t h e c o n t r o l o f t h e C o m p a n y . I f a c t u a l r e s u l t s v a r y f r o m t h e s e a s s u m p t i o n s , t h e C o m p a n y ' s e x p e c t a t i o n s m a y c h a n g e . T h e r e c a n b e n o a s s u r a n c e t h a t t h e C o m p a n y w i l l a c h i e v e t h e s e r e s u l t s . 16% -19% Source Notes:
CAPITAL ALLOCATION STRATEGY 12 WE HAVE AND WILL CONTINUE TO: Invest in growth to increase shareholder value Return excess cash to shareholders Commit to an investment-grade profile P A R K H Y A T T C H A N G S H A
$0.15 QUARTERLY DIVIDEND1 $1.6B SHARE REPURCHASE AUTHORIZATION2 $800M t o $850M 2024 OUTLOOK FOR CAPITAL RETURNS3 COMMITTED TO RETURNING CAPITAL THROUGH DIVIDENDS & SHARE REPURCHASES 13 H Y A T T R E G E N C Y N A I R O B I W E S T L A N D S 1 T h i r d q u a r t e r d i v i d e n d p a y a b l e o n S e p t e m b e r 1 0 , 2 0 2 4 t o s h a r e h o l d e r s o f r e c o r d a s o f A u g u s t 2 7 , 2 0 2 4 . 2 S h a r e r e p u r c h a s e a u t h o r i z a t i o n a s o f J u n e 3 0 , 2 0 2 4 . S h a r e r e p u r c h a s e s m a y b e m a d e f r o m t i m e t o t i m e i n t h e o p e n m a r k e t , i n p r i v a t e l y n e g o t i a t e d t r a n s a c t i o n s , o r o t h e r w i s e , i n c l u d i n g p u r s u a n t t o a R u l e 1 0 b 5 - 1 p l a n o r a n a c c e l e r a t e d s h a r e r e p u r c h a s e t r a n s a c t i o n , a t p r i c e s t h a t t h e C o m p a n y d e e m s a p p r o p r i a t e a n d s u b j e c t t o m a r k e t c o n d i t i o n s , a p p l i c a b l e l a w a n d o t h e r f a c t o r s d e e m e d r e l e v a n t i n t h e C o m p a n y ’ s s o l e d i s c r e t i o n . T h e c o m m o n s t o c k r e p u r c h a s e p r o g r a m a p p l i e s t o t h e C o m p a n y ’ s C l a s s A C o m m o n S t o c k a n d / o r t h e C o m p a n y ’ s C l a s s B C o m m o n S t o c k . T h e c o m m o n s t o c k r e p u r c h a s e p r o g r a m d o e s n o t o b l i g a t e t h e C o m p a n y t o r e p u r c h a s e a n y d o l l a r a m o u n t o r n u m b e r o f s h a r e s o f c o m m o n s t o c k a n d t h e p r o g r a m m a y b e s u s p e n d e d o r d i s c o n t i n u e d a t a n y t i m e . 3 T h e C o m p a n y e x p e c t s t o r e t u r n c a p i t a l t o s h a r e h o l d e r s t h r o u g h a c o m b i n a t i o n o f c a s h d i v i d e n d s o n i t s c o m m o n s t o c k a n d s h a r e r e p u r c h a s e s . Source Notes:
COMMITTED TO INVESTMENT GRADE 14 Senior Notes Maturit ies by Year Total Debt: $3.9B1 $M USD Credit Ratings BBB- Stab le BBB- Stab le Baa3 Stab le Liquidi ty $2.0B Cash, Cash Equ iva len ts , & Shor t -Term Inves tments 2 $1.5B Revo lver Capac i ty Ava i lab le , Net o f Le t te rs o f Cred i t Outs tand ing STRONG POSIT ION WITH: C A P T I O N B Y H Y A T T Z H O N G S H A N P A R K S H A N G H A I T o t a l D e b t a n d L i q u i d i t y f i g u r e s a s o f J u n e 3 0 , 2 0 2 4 . 1 C h a r t e x c l u d e s $ 4 5 m i l l i o n o f v a r i a b l e r a t e t e r m l o a n , $ 2 4 m i l l i o n o f f l o a t i n g - r a t e d e b t , $ 5 m i l l i o n o f f i n a n c e l e a s e o b l i g a t i o n s , $ 2 4 m i l l i o n o f u n a m o r t i z e d d i s c o u n t s a n d d e f e r r e d f i n a n c i n g f e e s a s w e l l a s o u r r e v o l v i n g c r e d i t f a c i l i t y , w h i c h m a t u r e s i n 2 0 2 7 . A t J u n e 3 0 , 2 0 2 4 , t h e C o m p a n y h a d $ 1 , 4 9 6 m i l l i o n o f b o r r o w i n g c a p a c i t y a v a i l a b l e u n d e r o u r r e v o l v i n g c r e d i t f a c i l i t y , n e t o f l e t t e r s o f c r e d i t o u t s t a n d i n g . 2 T h e C o m p a n y i n t e n d s t o u s e c a s h o n h a n d t o f u l l y r e p a y n o t e s m a t u r i n g o n O c t o b e r 1 , 2 0 2 4 , a t o r p r i o r t o m a t u r i t y . $746 $450 $400 $600 $1,639 2024 2025 2026 2027 2028 & Beyond Source Notes: 2
WHAT TO EXPECT IN 2024 AND BEYOND… T H E B E N T L E Y H O T E L S O U T H A M P T O N Growth strategy focused on enhancing network effect creates value for al l stakeholders Durable and predictable asset- l ight earnings model designed to generate signif icant and expanding Free Cash Flow† Asset-Light Earnings Mix◊ above 80% , underpinned by the successful completion of our asset disposit ion program 15 T h e C o m p a n y ’ s 2 0 2 4 a n d b e y o n d o u t l o o k i s b a s e d o n a n u m b e r o f a s s u m p t i o n s t h a t a r e s u b j e c t t o c h a n g e a n d m a n y o f w h i c h a r e o u t s i d e t h e c o n t r o l o f t h e C o m p a n y . I f a c t u a l r e s u l t s v a r y f r o m t h e s e a s s u m p t i o n s , t h e C o m p a n y ' s e x p e c t a t i o n s m a y c h a n g e . T h e r e c a n b e n o a s s u r a n c e t h a t t h e C o m p a n y w i l l a c h i e v e t h e s e r e s u l t s .
16
17 APPENDIX
18 Definitions Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization ("Adjusted EBITDA"): We use the term Adjusted EBITDA throughout this earnings release. Adjusted EBITDA, as we define it, is a measure that is not recognized in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We define consolidated Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude the following items: • interest expense; • benefit (provision) for income taxes; • depreciation and amortization; • amortization of management and hotel services agreement and franchise agreement assets and performance cure payments, which constitute payments to customers ("Contra revenue"); • revenues for reimbursed costs; • reimbursed costs that we intend to recover over the long term; • transaction and integration costs; • equity earnings (losses) from unconsolidated hospitality ventures; • stock-based compensation expense; • gains (losses) on sales of real estate and other; • asset impairments; and • other income (loss), net. We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to overhead Adjusted EBITDA. Our board of directors and executive management team focus on Adjusted EBITDA as one of the key performance and compensation measures both on a segment and on a consolidated basis. Adjusted EBITDA assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations both on a segment and on a consolidated basis. Our President and Chief Executive Officer, who is our chief operating decision maker, also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in part, by assessing the Adjusted EBITDA of each segment. In addition, the compensation committee of our board of directors determines the annual variable compensation for certain members of our management based in part on consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both. We believe Adjusted EBITDA is useful to investors because it provides investors with the same information that we use internally for purposes of assessing our operating performance and making compensation decisions and facilitates our comparison of results with results from other companies within our industry. Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry, including interest expense and benefit (provision) for income taxes, which are dependent on company specifics, including capital structure, credit ratings, tax policies, and jurisdictions in which they operate; depreciation and amortization, which are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets; Contra revenue, which is dependent on company policies and strategic decisions regarding payments to hotel owners; and stock-based compensation expense, which varies among companies as a result of different compensation plans companies have adopted. We exclude revenues for reimbursed costs and reimbursed costs which relate to the reimbursement of payroll costs and for system-wide services and programs that we operate for the benefit of our hotel owners as contractually we do not provide services or operate the related programs to generate a profit over the terms of the respective contracts. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Therefore, we exclude the net impact when evaluating period-over-period changes in our operating results. Adjusted EBITDA includes reimbursed costs related to system-wide services and programs that we do not intend to recover from hotel owners. Finally, we exclude other items that are not core to our operations and may vary in frequency or magnitude, such as transaction and integration costs, asset impairments, unrealized and realized gains and losses on marketable securities, and gains and losses on sales of real estate and other. Adjusted EBITDA is not a substitute for net income (loss) attributable to Hyatt Hotels Corporation, net income (loss), or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income (loss) generated by our business. Our management compensates for these limitations by referencing our GAAP results and using Adjusted EBITDA supplementally. Adjusted General and Administrative ("G&A") Expenses: Adjusted G&A Expenses, as we define it, is a non-GAAP measure. Adjusted G&A Expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted G&A Expenses assist us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations, both on a segment and consolidated basis.
19 Definitions Asset-Light Earnings Mix: Asset-Light Earnings Mix is calculated as Adjusted EBITDA from the management and franchising segment and distribution segment divided by Adjusted EBITDA, excluding overhead and eliminations. Our management uses this calculation to assess the composition of the Company's earnings. Average Daily Rate ("ADR"): ADR represents hotel room revenues, divided by the total number of rooms sold in a given period. ADR measures the average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in our industry, and we use ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described below. Comparable system-wide and Comparable owned and leased: "Comparable system-wide" represents all properties we manage, franchise, or provide services to, including owned and leased properties, that are operated for the entirety of the periods being compared and that have not sustained substantial damage, business interruption, or undergone large scale renovations during the periods being compared. Comparable system-wide also excludes properties for which comparable results are not available. We may use variations of comparable system-wide to specifically refer to comparable system-wide hotels, including our wellness resorts, or our all-inclusive resorts, for those properties that we manage, franchise, or provide services to within the management and franchising segment. "Comparable owned and leased" represents all properties we own or lease that are operated and consolidated for the entirety of the periods being compared and have not sustained substantial damage, business interruption, or undergone large-scale renovations during the periods being compared. Comparable owned and leased also excludes properties for which comparable results are not available. We may use variations of comparable owned and leased to specifically refer to comparable owned and leased hotels, including our wellness resorts, or our all-inclusive resorts, for those properties that we own or lease within the owned and leased segment. Comparable system-wide and comparable owned and leased are commonly used as a basis of measurement in our industry. "Non-comparable system-wide" or "non-comparable owned and leased" represent all properties that do not meet the respective definition of "comparable" as defined above. Constant Dollar Currency: We report the results of our operations both on an as-reported basis, as well as on a constant dollar basis. Constant Dollar Currency, which is a non-GAAP measure, excludes the effects of movements in foreign currency exchange rates between comparative periods. We believe constant dollar analysis provides valuable information regarding our results as it removes currency fluctuations from our operating results. We calculate Constant Dollar Currency by restating prior-period local currency financial results at the current period's exchange rates. These restated amounts are then compared to our current period reported amounts to provide operationally driven variances in our results. Free Cash Flow: Free Cash Flow represents net cash provided by operating activities less capital expenditures. We believe Free Cash Flow to be a useful liquidity measure to us and investors to evaluate the ability of our operations to generate cash for uses other than capital expenditures and, after debt service and other obligations, our ability to grow our business through acquisitions and investments, as well as our ability to return cash to shareholders through dividends and share repurchases. Free Cash Flow is not necessarily a representation of how we will use excess cash. Free Cash Flow is not a substitute for net cash provided by operating activities or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Free Cash Flow and management compensates for these limitations by referencing our GAAP results and using Free Cash Flow supplementally. Net Deferrals: Net Deferrals represent the change in contract liabilities associated with the Unlimited Vacation Club membership contracts less the change in deferred cost assets associated with the contracts. The contract liabilities and deferred cost assets are recognized as revenue and expense, respectively, on our consolidated statements of income (loss) over the customer life, which ranges from 3 to 25 years. We believe Net Deferrals is useful to investors as it represents cash received that will be recognized as revenue in future periods. Net Financed Contracts: Net Financed Contracts represent Unlimited Vacation Club contracts signed during the period for which an initial cash down payment has been received and the remaining balance is contractually due in monthly installments over an average term of less than 4 years. The Net Financed Contract balance is calculated as the unpaid portion of membership contracts reduced by expenses related to fulfilling the membership program contracts and further reduced by an allowance for future estimated uncollectible installments. Net Financed Contract balances are not reported on our consolidated balance sheets as our right to collect future installments is conditional on our ability to provide continuous access to member benefits at ALG resorts over the contract term, and the associated expenses to fulfill the membership contracts become liabilities of the Company only after the installments are collected. We believe Net Financed Contracts is useful to investors as it represents an estimate of future cash flows due in accordance with contracts signed in the current period. Net Package ADR: Net Package ADR represents net package revenues divided by the total number of rooms sold in a given period. Net package revenues generally include revenue derived from the sale of package revenue at all-inclusive resorts comprised of rooms revenue, food and beverage, and entertainment, net of compulsory tips paid to employees. Net Package ADR measures the average room price attained by a hotel, and Net Package ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. Net Package ADR is a commonly used performance measure in our industry, and we use Net Package ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described above. Net Package Revenue per Available Room ("RevPAR"): Net Package RevPAR is the product of the Net Package ADR and the average daily occupancy percentage. Net Package RevPAR generally includes revenue derived from the sale of package revenue comprised of rooms revenue, food and beverage, and entertainment, net of compulsory tips paid to employees. Our management uses Net Package RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. Net Package RevPAR is a commonly used performance measure in our industry.
20 Definitions Occupancy: Occupancy represents the total number of rooms sold divided by the total number of rooms available at a hotel or group of hotels. Occupancy measures the utilization of a hotel's available capacity. We use occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help us determine achievable ADR levels as demand for hotel rooms increases or decreases. RevPAR: RevPAR is the product of the ADR and the average daily occupancy percentage. RevPAR does not include non-room revenues, which consist of ancillary revenues generated by a hotel property, such as food and beverage, parking, and other guest service revenues. Our management uses RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. RevPAR is a commonly used performance measure in our industry. RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a hotel would lead to increases in room revenues and additional variable operating costs, including housekeeping services, utilities, and room amenity costs, and could also result in increased ancillary revenues, including food and beverage. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal impacts to variable operating costs.
Non-GAAP Reconciliations 21 (in millions) Year Ended December 31, 2023 Net cash provided by operating activities $ 800 Capital expenditures (198) Free Cash Flow $ 602 (in millions) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income attributable to Hyatt Hotels Corporation $ 359 $ 68 $ 881 $ 126 Interest expense 40 31 78 64 Provision for income taxes 103 27 122 74 Depreciation and amortization 84 99 176 197 Contra revenue 16 12 29 22 Revenues for reimbursed costs (842) (784) (1,644) (1,513) Reimbursed costs 853 789 1,689 1,538 Transaction and integration costs (a) 10 10 18 23 Equity (earnings) losses from unconsolidated hospitality ventures 30 1 (45) 3 Stock-based compensation expense (b) 15 16 46 48 (Gains) losses on sales of real estate and other (350) — (753) — Asset impairments — 5 17 7 Other (income) loss, net (28) (12) (82) (67) Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA 17 17 34 31 Adjusted EBITDA $ 307 $ 279 $ 566 $ 553 Source Notes: linked to ER schedule ( a ) D u r i n g t h e t h r e e m o n t h s e n d e d J u n e 3 0 , 2 0 2 4 , t h e C o m p a n y r e v i s e d i t s d e f i n i t i o n o f A d j u s t e d E B I T D A t o e x c l u d e t r a n s a c t i o n a n d i n t e g r a t i o n c o s t s , a n d i t r e c a s t p r i o r - p e r i o d r e s u l t s t o p r o v i d e c o m p a r a b i l i t y . T h e r e v i s e d d e f i n i t i o n e x c l u d e s t r a n s a c t i o n c o s t s p r e v i o u s l y r e c o g n i z e d i n g e n e r a l a n d a d m i n i s t r a t i v e e x p e n s e s a n d i n t e g r a t i o n c o s t s . P r e v i o u s l y , o n l y t r a n s a c t i o n c o s t s r e c o g n i z e d i n g a i n s ( l o s s e s ) o n s a l e s o f r e a l e s t a t e a n d o t h e r a n d o t h e r i n c o m e ( l o s s ) , n e t w e r e e x c l u d e d f r o m A d j u s t e d E B I T D A . A s t h e s e c o s t s m a y v a r y i n f r e q u e n c y o r m a g n i t u d e , t h e C o m p a n y b e l i e v e s t h e r e v i s e d d e f i n i t i o n p r e s e n t s a m o r e r e p r e s e n t a t i v e m e a s u r e o f i t s c o r e o p e r a t i o n s , a s s i s t s i n t h e c o m p a r a b i l i t y o f r e s u l t s , a n d p r o v i d e s i n f o r m a t i o n c o n s i s t e n t w i t h h o w i t s m a n a g e m e n t e v a l u a t e s o p e r a t i n g p e r f o r m a n c e . R e f e r t o t h e a p p e n d i x f o r d e f i n i t i o n s . ( b ) I n c l u d e s a m o u n t s r e c o g n i z e d i n g e n e r a l a n d a d m i n i s t r a t i v e e x p e n s e s a n d d i s t r i b u t i o n e x p e n s e s .
Non-GAAP Reconciliations 22 (in millions) Year Ended December 31, 2024 Outlook Range Low Case High Case Net income attributable to Hyatt Hotels Corporation $ 1,055 $ 1,115 Interest expense 175 175 Provision for income taxes 161 191 Depreciation and amortization 345 345 Contra revenue 56 56 Reimbursed costs, net of revenues for reimbursed costs 108 98 Transaction and integration costs 26 21 Equity (earnings) losses from unconsolidated hospitality ventures (41) (61) Stock-based compensation expense 73 73 (Gains) losses on sales of real estate (748) (758) Asset impairments 17 17 Other (income) loss, net (157) (167) Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA 65 70 Adjusted EBITDA $ 1,135 $ 1,175 Year Ended December 31, 2024 Outlook Range Low Case High Case Net cash provided by operating activities $ 730 $ 780 Capital expenditures (170) (170) Free Cash Flow $ 560 $ 610 Source Notes: linked to ER schedule
v3.24.2.u1
Cover Page
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Aug. 06, 2024 |
| Cover [Abstract] |
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8-K
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| Document Period End Date |
Aug. 06, 2024
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| Entity Registrant Name |
HYATT HOTELS CORP
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| Entity Incorporation, State or Country Code |
DE
|
| Entity File Number |
001-34521
|
| Entity Tax Identification Number |
20-1480589
|
| Entity Address, Address Line One |
150 North Riverside Plaza
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8th Floor
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Chicago,
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IL
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60606
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312
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750-1234
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Class A Common Stock, $0.01 par value
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Hyatt Hotels (NYSE:H)
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De Jul 2024 a Ago 2024
Hyatt Hotels (NYSE:H)
Gráfica de Acción Histórica
De Ago 2023 a Ago 2024
