CHICAGO, May 03, 2011 (BUSINESS WIRE) --
Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today
reported financial results for the first quarter of 2011 as follows:
FIRST QUARTER 2011
-
Adjusted EBITDA was $109 million compared to $112 million in the first
quarter of 2010, a decrease of 2.7%.
-
Net income attributable to Hyatt was $10 million, or $0.06 per share,
compared to net income attributable to Hyatt of $5 million, or $0.03
per share, in the first quarter of 2010. Adjusted for special items,
net income attributable to Hyatt was $11 million, or $0.07 per share,
during the first quarter of 2011 compared to net income attributable
to Hyatt of $0, or $0.00 per share, during the first quarter of 2010.
See the table on page 3 of the accompanying schedules for a summary of
special items.
-
Comparable owned and leased hotels RevPAR increased 2.0% (1.4%
excluding the effect of currency) compared to the first quarter of
2010.
-
Owned and leased hotel operating margins decreased 120 basis points
compared to the first quarter of 2010. Comparable owned and leased
hotel operating margins decreased 130 basis points compared to the
same period in 2010. See the table on page 8 of the accompanying
schedules for a reconciliation of comparable owned and leased hotel
operating margin to owned and leased hotel operating margin.
-
Comparable North American full-service RevPAR increased 8.1% (7.9%
excluding the effect of currency) compared to the first quarter of
2010. Comparable North American select-service RevPAR increased 11.6%
compared to the first quarter of 2010.
-
Comparable International RevPAR increased 11.0% (6.9% excluding the
effect of currency) compared to the first quarter of 2010.
Mark S. Hoplamazian, president and chief executive officer of Hyatt
Hotels Corporation, said, "Transient demand was very strong in the first
quarter with both occupancy and rate improvements across many markets.
We are very pleased with the performance of our hotels, particularly the
strong continuing increases in RevPAR in our Hyatt Place and Hyatt
Summerfield Suites properties. Customer response to these brands has
been excellent and we are seeing renewed developer and owner interest in
expansion. The consistent increases in market share across a large
number of our select service hotels tells us that we have a great
platform on which to build a significant network of great properties.
This will benefit our corporate and leisure guests who stay with us at
Hyatt Place and Hyatt Summerfield Suites properties. Our international
hotels continued to perform well and we saw particularly strong
performance in China and Brazil. There was some increased volatility in
the results in the first quarter due to the devastating earthquake and
tsunami and aftermath in Japan, as well as specific events in the Middle
East and North Africa, but demand throughout Asia Pacific and Latin
America was strong.
"Management and franchise fees earned during the quarter increased
approximately 23%, partially as a result of new managed or franchised
hotels opened over the last few years in addition to RevPAR growth at
existing hotels around the world.
"The renovations underway at several of our owned hotels are progressing
well. While the disruption negatively impacted owned hotel revenues,
earnings and margins during the first quarter, we believe the timing of
these projects is excellent and we expect the long-term benefits to be
significant. With an acceleration of some of the work in the renovation
of Grand Hyatt New York, we expect to see the benefits of our
transformation of that hotel sometime toward the end of the third
quarter of this year. The response from guests to our renovated rooms at
these properties has been excellent.
"Looking ahead, year-over-year North America group booking activity for
future dates continues to be strong. This is encouraging as the booking
window remains short and we are keeping a close eye on changes
period-over-period. Recent activity gives us confidence in the recovery
for the remainder of 2011 and beyond."
FIRST QUARTER 2011 SEGMENT RESULTS & OTHER ITEMS
Owned and Leased Hotels Segment
Adjusted EBITDA decreased 8.5% in the first quarter of 2011 compared to
the same period in 2010. Adjusted EBITDA is estimated to have been
negatively impacted by approximately $10 million due to renovations
during the first quarter of 2011. This estimate is based upon a RevPAR
and flow-through assumption for each property under renovation.
RevPAR for comparable owned and leased hotels increased 2.0% (1.4%
excluding the effect of currency) in the first quarter of 2011 compared
to the same period in 2010. Occupancy improved 10 basis points, and ADR
increased 1.8% (1.2% excluding the effect of currency).
Due to the aforementioned renovations, RevPAR for comparable owned and
leased hotels is estimated to have been negatively impacted by
approximately 400 basis points. This estimate is based upon a RevPAR
assumption for each respective market.
Revenues decreased 4.2% (4.9% excluding the effect of currency) in the
first quarter of 2011 compared to the same period in 2010. Comparable
hotel revenues increased 0.7% (flat excluding the effect of currency) in
the first quarter of 2011 compared to the same period in 2010.
Owned and leased expenses decreased 2.7% in the first quarter of 2011
compared to the same period in 2010. Excluding expenses related to
benefit programs funded through Rabbi Trusts and non-comparable hotel
expenses, expenses increased 2.4% in the first quarter of 2011 compared
to the same period in 2010. See the table on page 8 of the accompanying
schedules for a reconciliation of comparable owned and leased hotels
expenses to owned and leased hotels expenses.
One hotel was removed from the owned and leased portfolio as follows:
-
Hyatt Regency Minneapolis was contributed to a newly-formed joint
venture in which the Company has an interest. The Company continues to
manage the property.
North American Management and Franchising Segment
Adjusted EBITDA increased by 29.0% in the first quarter of 2011 compared
to the same period in 2010, due primarily to the addition of new hotels
and increased RevPAR.
RevPAR for comparable North American full-service hotels increased 8.1%
(7.9% excluding the effect of currency) in the first quarter of 2011
compared to the same period in 2010. Occupancy increased 240 basis
points and ADR increased 4.1% (3.9% excluding the effect of currency).
RevPAR for comparable North American select-service hotels increased
11.6% in the first quarter of 2011 compared to the same period in 2010.
Occupancy increased 500 basis points and ADR increased by 3.7%.
Revenue from management, franchise, and other fees increased 13.3% in
the first quarter of 2011 compared to the same period in 2010.
The following properties were added to the portfolio during the first
quarter:
-
Hyatt Regency Tulsa (franchised, 455 rooms)
-
Hyatt Summerfield Suites San Diego/Carlsbad (franchised, 97 rooms)
International Management and Franchising Segment
Adjusted EBITDA increased by 42.9% in the first quarter of 2011 compared
to the same period in 2010 as a result of increased fee revenue from new
hotels and non-recurring items.
RevPAR for comparable international hotels increased 11.0% (6.9%
excluding the effect of currency) in the first quarter of 2011 compared
to the same period in 2010. Occupancy increased 180 basis points and ADR
increased 7.8% (3.9% excluding the effect of currency).
Revenue from management, franchise and other fees increased 15.6% in the
first quarter of 2011 compared to the same period in 2010.
Three properties were removed from the portfolio in the first quarter.
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses increased by 1.4% in the
first quarter of 2011 compared to the same period in 2010. Adjusted
selling, general, and administrative expenses increased by 1.5% in the
first quarter of 2011 compared to the same period in 2010. See the table
on page 7 of the accompanying schedules for a reconciliation of adjusted
selling, general, and administrative expenses to selling, general and
administrative expenses.
OPENINGS AND FUTURE EXPANSION
Hyatt opened two properties in the first quarter of 2011.
The Company expects to open a significant number of new properties in
the future. As of March 31, 2011, this effort was underscored by
executed management or franchise contracts for approximately 145 hotels
(or more than 33,000 rooms) across all brands. The executed contracts
represent potential entry into several new countries and expansion into
many new markets in which the Company is under-represented.
Approximately 70% of the projected new hotels will be located outside
North America.
CAPITAL EXPENDITURES
Capital expenditures during the first quarter of 2011 totaled $46
million, categorized as follows:
-
Maintenance: $9 million
-
Enhancements to existing properties: $34 million
-
Investment in new facilities: $3 million
CORPORATE FINANCE
During the first quarter of 2011, the Company contributed one property
to a newly-formed joint venture, as noted above, in exchange for an
ownership interest in the joint venture. In addition, the Company
assigned a $25 million loan to the joint venture.
On March 31, 2011, the Company had total debt of approximately $770
million, cash and cash equivalents including investments in highly-rated
money market funds and similar investments of approximately $1.1
billion, short-term investments of approximately $525 million and
undrawn borrowing availability of approximately $1.1 billion under its
revolving credit facility.
2011 INFORMATION
The Company is providing the following information for the 2011 fiscal
year:
-
Capital expenditures are expected to be in the range of $380 to $400
million, inclusive of significant renovation projects at five owned
properties. The Company expects that displacement due to renovations
will negatively impact the owned and leased segment through the third
quarter of 2011.
-
Depreciation and amortization expense is expected to be in the range
of $275 to $285 million.
-
Interest expense is expected to be approximately $50 million.
-
The Company expects to open approximately 15 hotels total in 2011.
CONFERENCE CALL INFORMATION
The Company will hold an investor conference call today, May 3, 2011, at
10:00 a.m. CT. All interested persons may listen to a simultaneous
webcast of the conference call, which may be accessed through the
Company's website at http://www.hyatt.com
and selecting the Investor Relations link located at the bottom of the
page, or by dialing 617-213-8900, passcode #97648184, approximately 10
minutes before the scheduled start time. For those unable to listen to
the live broadcast, a replay will be available from 1:00 p.m. CT on May
3, 2011 through midnight on May 10, 2011 by dialing 617-801-6888,
passcode #60161492. Additionally, an archive of the webcast will be
available on the Investor Relations website for approximately 90 days.
DEFINITIONS
Adjusted EBITDA
We use the term Adjusted EBITDA throughout this earnings release.
Adjusted EBITDA, as we define it, is a non-GAAP measure. We define
consolidated Adjusted EBITDA as net income attributable to Hyatt Hotels
Corporation plus our pro-rata share of unconsolidated hospitality
ventures Adjusted EBITDA based on our ownership percentage of each
venture, adjusted to exclude the following items:
-
equity earnings (losses) from unconsolidated hospitality ventures;
-
gains on sales of real estate;
-
asset impairments;
-
other income, net;
-
discontinued operations, net of tax;
-
net loss attributable to noncontrolling interests;
-
depreciation and amortization;
-
interest expense; and
-
provision for income taxes.
We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA
of each of our reportable segments to corporate and other Adjusted
EBITDA.
Our board of directors and executive management team focus on Adjusted
EBITDA as a key performance and compensation measure 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 operating performance 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 significant 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 the same information that we use internally for purposes of
assessing our operating performance and making compensation decisions.
Adjusted EBITDA is not a substitute for net income attributable to Hyatt
Hotels Corporation, income from continuing operations, cash flows from
operating activities 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 generated by our business or
discretionary cash available to us to invest in the growth of our
business. Our management compensates for these limitations by reference
to our GAAP results and using Adjusted EBITDA supplementally.
Adjusted Selling, General and Administrative
Expense
Adjusted selling, general and administrative expenses exclude the impact
of expenses related to benefit programs funded through Rabbi Trusts.
Comparable Owned and Leased Hotel Operating Margin
We define Comparable Owned and Leased Hotel Operating Margin as the
difference between comparable owned and leased hotels revenue and
comparable owned and leased hotels expenses. Comparable owned and leased
hotels revenue is calculated by removing noncomparable hotels revenue
from owned and leased hotels revenue as reported in our condensed
consolidated statements of income. Comparable owned and leased hotel
expenses is calculated by removing both noncomparable hotels expenses
and the impact of expenses funded through Rabbi Trusts from owned and
leased hotel expenses as reported in our condensed consolidated
statements of income.
Comparable Hotels
"Comparable systemwide hotels" represents all properties we manage or
franchise (including owned and leased properties) and 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 or for which
comparable results are not available. We may use variations of
comparable systemwide hotels to specifically refer to comparable
systemwide North American full service or select service hotels or
comparable systemwide international full service hotels for those
properties that we manage or franchise within the North American and
international management and franchising segments, respectively.
"Comparable operated hotels" is defined the same as "Comparable
systemwide hotels" with the exception that it is limited to only those
hotels we manage or operate and excludes hotels we franchise.
"Comparable owned and leased hotels" represents all properties we own or
lease and 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 or for which comparable results are not
available. Comparable systemwide hotels and comparable owned and leased
hotels are commonly used as a basis of measurement in the industry.
"Non-comparable systemwide hotels" or "Non-comparable owned and leased
hotels" represent all hotels that do not meet the respective definition
of "comparable" as defined above.
Revenue per Available Room (RevPAR)
RevPAR is the product of the average daily rate 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, telephone 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 the industry.
RevPAR changes that are driven predominately by changes in occupancy
have different implications for overall revenue levels and incremental
profitability than do changes that are driven predominately 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
there is no substantial effect on variable costs.
Average Daily Rate (ADR)
ADR represents hotel room revenues, divided by total number of rooms
sold in a given period. ADR measures 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 the 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 above.
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 our hotels' available capacity. Management
uses 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.
Select Service
The term "select service" includes our Hyatt Place and Hyatt Summerfield
Suites brands. These properties have limited food and beverage outlets
and do not offer comprehensive business or banquet facilities but rather
are suited to serve smaller business meetings.
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, occupancy and ADR
trends, market share, the number of properties we expect to open in the
future, our expected capital expenditures, depreciation and amortization
expense and interest expense, estimates, 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, among others, the rate and pace of economic
recovery following the economic downturn; levels of spending in business
and leisure segments as well as consumer confidence; declines in
occupancy and average daily rate; hostilities, including future
terrorist attacks, or fear of hostilities that affect travel;
travel-related accidents; changes in the tastes and preferences of our
customers; relationships with associates and labor unions and changes in
labor law; the financial condition of, and our relationships with,
third-party property owners, franchisees and hospitality venture
partners; if our third-party owners, franchisees or development partners
are unable to access the capital necessary to fund current operations or
implement our plans for growth; risk associated with potential
acquisitions and dispositions and the introduction of new brand
concepts; changes in the competitive environment in our industry and the
markets where we operate; outcomes of legal proceedings; changes in
federal, state, local or foreign tax law; fluctuations in currency
exchange rates; general volatility of the capital markets; our ability
to access the capital markets; and other risks discussed in the
Company's filings with the U.S. Securities and Exchange Commission,
including our Annual Report on Form 10-K, which filings are available
from the SEC. We caution you not to place undue reliance on any
forward-looking statements, which are made as of the date of this press
release. We undertake no 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 laws. 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.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading
global hospitality company with a proud heritage of making guests feel
more than welcome. Thousands of members of the Hyatt family strive to
make a difference in the lives of the guests they encounter every day by
providing authentic hospitality. The Company's subsidiaries manage,
franchise, own and develop hotels and resorts under the Hyatt(R),
Park Hyatt(R), Andaz(R), Grand Hyatt(R), Hyatt Regency(R), Hyatt Place(R)and Hyatt Summerfield Suites(R)brand names and
have locations on six continents. Hyatt Residential Group, Inc.,
a Hyatt Hotels Corporation subsidiary, develops, operates,
markets or licenses Hyatt ResidencesTM and
Hyatt Vacation Club(R),which is changing its name to Hyatt
Residence ClubTM. As of March 31, 2011,
the Company's worldwide portfolio consisted of 451 properties in 43
countries. For more information, please visit www.hyatt.com.
Tables to follow
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Hyatt Hotels Corporation
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Table of Contents
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Financial Information (unaudited)
|
|
|
|
1.
|
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Condensed Consolidated Statements of Income
|
2.
|
|
Reconciliation of Non-GAAP to GAAP Measure: Adjusted EBITDA to
EBITDA and a Reconciliation of EBITDA to Net Income Attributable to
Hyatt Hotels Corporation
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3.
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Summary of Special Items - Three Months Ended March 31, 2011 and 2010
|
4.
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Segment Financial Summary
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5.
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Hotel Chain Statistics - Comparable Locations
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6.
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Fee Summary
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7.
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Reconciliation of Non-GAAP to GAAP Measure: Adjusted Selling,
General, and Administrative Expenses to Selling, General, and
Administrative Expenses
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8.
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|
Reconciliation of Non-GAAP to GAAP Measure: Comparable Owned and
Leased Hotel Operating Margin to Owned and Leased Hotel Operating
Margin
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9.
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Properties and Rooms / Units by Geography
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10.
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Properties and Rooms / Units by Brand
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Page 1
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Hyatt Hotels Corporation
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Condensed Consolidated Statements of Income
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For the Three Months Ended March 31, 2011 and 2010
|
(In millions, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
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|
Three Months Ended March 31, |
|
|
2011 |
|
2010 |
REVENUES: |
|
|
|
|
Owned and leased hotels
|
|
$
|
432
|
|
|
$
|
451
|
|
Management and franchise fees
|
|
|
70
|
|
|
|
57
|
|
Other revenues
|
|
|
14
|
|
|
|
11
|
|
Other revenues from managed properties (a)
|
|
|
359
|
|
|
|
322
|
|
Total revenues
|
|
|
875
|
|
|
|
841
|
|
|
|
|
|
|
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES: |
|
|
|
|
Owned and leased hotels
|
|
|
354
|
|
|
|
364
|
|
Depreciation and amortization
|
|
|
71
|
|
|
|
70
|
|
Other direct costs
|
|
|
4
|
|
|
|
(5
|
)
|
Selling, general, and administrative
|
|
|
70
|
|
|
|
69
|
|
Other costs from managed properties (a)
|
|
|
359
|
|
|
|
322
|
|
Direct and selling, general, and administrative expenses
|
|
|
858
|
|
|
|
820
|
|
|
|
|
|
|
Net gains and interest income from marketable securities held to
fund operating programs
|
|
|
6
|
|
|
|
7
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
|
3
|
|
|
|
(8
|
)
|
Interest expense
|
|
|
(13
|
)
|
|
|
(12
|
)
|
Other income, net
|
|
|
3
|
|
|
|
16
|
|
|
|
|
|
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INCOME BEFORE INCOME TAXES
|
|
|
16
|
|
|
|
24
|
|
|
|
|
|
|
PROVISION FOR INCOME TAXES
|
|
|
(6
|
)
|
|
|
(17
|
)
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS
|
|
|
10
|
|
|
|
7
|
|
|
|
|
|
|
DISCONTINUED OPERATIONS:
|
|
|
|
|
Loss from discontinued operations, net of income tax benefit of $-
and $1 for the three months ended March 31, 2011 and 2010,
respectively
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
|
|
|
NET INCOME
|
|
|
10
|
|
|
|
5
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION |
|
$
|
10
|
|
|
$
|
5
|
|
|
|
|
|
|
EARNINGS PER SHARE - Basic |
|
|
|
|
Income from continuing operations
|
|
$
|
0.06
|
|
|
$
|
0.04
|
|
|
|
|
|
|
Loss from discontinued operations
|
|
$
|
-
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
$
|
0.06
|
|
|
$
|
0.03
|
|
|
|
|
|
|
EARNINGS PER SHARE - Diluted |
|
|
|
|
Income from continuing operations
|
|
$
|
0.06
|
|
|
$
|
0.04
|
|
|
|
|
|
|
Loss from discontinued operations
|
|
$
|
-
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
$
|
0.06
|
|
|
$
|
0.03
|
|
|
|
|
|
|
Basic share counts
|
|
|
174.2
|
|
|
|
174.0
|
|
|
|
|
|
|
Diluted share counts
|
|
|
174.5
|
|
|
|
174.0
|
|
|
|
|
|
|
(a) The Company includes in total revenues the reimbursement of
costs incurred on behalf of managed hotel property owners and
franchisees with no added margin and includes in direct and selling,
general and administrative expenses these reimbursed costs. These
costs relate primarily to payroll costs where the Company is the
employer.
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Page 2
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Hyatt Hotels Corporation
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Reconciliation of Non-GAAP to GAAP Measure: Adjusted EBITDA to
EBITDA and a Reconciliation of EBITDA to Net Income Attributable to
Hyatt Hotels Corporation
|
|
|
|
|
|
The table below provides a reconciliation of consolidated Adjusted
EBITDA to EBITDA and a reconciliation of EBITDA to net income
attributable to Hyatt Hotels Corporation. Adjusted EBITDA, as the
Company defines it, is a non-GAAP financial measure. See Definitions
for our definition of Adjusted EBITDA and why we present it.
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(in millions) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2011 |
|
2010 |
|
|
|
|
|
Adjusted EBITDA |
|
$ |
109 |
|
|
$ |
112 |
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
|
3
|
|
|
|
(8
|
)
|
Other income, net
|
|
|
3
|
|
|
|
16
|
|
Discontinued operations, net of tax
|
|
|
-
|
|
|
|
(2
|
)
|
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
|
|
|
(15
|
)
|
|
|
(14
|
)
|
EBITDA |
|
$ |
100 |
|
|
$ |
104 |
|
Depreciation and amortization
|
|
|
(71
|
)
|
|
|
(70
|
)
|
Interest expense
|
|
|
(13
|
)
|
|
|
(12
|
)
|
Provision for income taxes
|
|
|
(6
|
)
|
|
|
(17
|
)
|
Net Income Attributable to Hyatt Hotels Corporation |
|
$ |
10 |
|
|
$ |
5 |
|
|
Page 3
|
Hyatt Hotels Corporation
|
Summary of Special Items - Three Months Ended March 31, 2011 and 2010
|
|
|
|
|
|
|
|
|
The following table represents a reconciliation of net income
attributable to Hyatt Hotels Corporation, adjusted for special
items, to net income attributable to Hyatt Hotels Corporation
presented for the three months ended March 31, 2011 and March 31,
2010, respectively.
|
|
|
|
|
|
|
|
|
(in millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Location on Condensed Consolidated |
|
|
|
|
|
Statements of Income |
|
Three Months Ended March 31, |
|
|
|
|
|
2011 |
|
2010 |
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation |
|
|
|
$ |
10 |
|
$ |
5 |
|
|
Earnings per share |
|
|
|
$ |
0.06 |
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
Special Items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities (a)
|
|
Other income, net
|
|
|
1
|
|
|
(11
|
)
|
|
Total special items - pre-tax
|
|
|
|
|
1
|
|
|
(11
|
)
|
|
(Provision) benefit for income taxes for special items
|
|
Provision for income taxes
|
|
|
-
|
|
|
4
|
|
|
Discontinued operations, net of tax
|
|
Loss from discontinued operations, net
|
|
|
-
|
|
|
2
|
|
|
Total special items - after-tax |
|
|
|
|
1 |
|
|
(5 |
) |
|
Special items impact per share |
|
|
|
$ |
0.01 |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation, adjusted for
special items |
|
|
|
$ |
11 |
|
$ |
- |
|
|
Earnings per share, adjusted for special items |
|
|
|
$ |
0.07 |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Marketable securities - Represents (gains) losses on
investments in trading securities not used to fund operating
programs.
|
|
Page 4
|
Hyatt Hotels Corporation
|
Segment Financial Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
2011 |
|
2010 |
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
Owned and leased
|
|
$
|
432
|
|
|
$
|
451
|
|
|
$
|
(19
|
)
|
|
(4.2
|
)%
|
North America
|
|
|
51
|
|
|
|
45
|
|
|
|
6
|
|
|
13.3
|
%
|
International
|
|
|
37
|
|
|
|
32
|
|
|
|
5
|
|
|
15.6
|
%
|
Total management and franchising
|
|
|
88
|
|
|
|
77
|
|
|
|
11
|
|
|
14.3
|
%
|
Corporate and other
|
|
|
14
|
|
|
|
11
|
|
|
|
3
|
|
|
27.3
|
%
|
Other revenues from managed properties
|
|
|
359
|
|
|
|
322
|
|
|
|
37
|
|
|
11.5
|
%
|
Eliminations
|
|
|
(18
|
)
|
|
|
(20
|
)
|
|
|
2
|
|
|
10.0
|
%
|
Total revenues |
|
$ |
875 |
|
|
$ |
841 |
|
|
$ |
34 |
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
Owned and leased
|
|
$
|
60
|
|
|
$
|
68
|
|
|
$
|
(8
|
)
|
|
(11.8
|
)%
|
Pro rata share of unconsolidated hospitality ventures
|
|
|
15
|
|
|
|
14
|
|
|
|
1
|
|
|
7.1
|
%
|
Total owned and leased
|
|
|
75
|
|
|
|
82
|
|
|
|
(7
|
)
|
|
(8.5
|
)%
|
North American management and franchising
|
|
|
40
|
|
|
|
31
|
|
|
|
9
|
|
|
29.0
|
%
|
International management and franchising
|
|
|
20
|
|
|
|
14
|
|
|
|
6
|
|
|
42.9
|
%
|
Corporate and other
|
|
|
(26
|
)
|
|
|
(15
|
)
|
|
|
(11
|
)
|
|
(73.3
|
)%
|
Adjusted EBITDA |
|
$ |
109 |
|
|
$ |
112 |
|
|
$ |
(3 |
) |
|
(2.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
Page 5
|
Hyatt Hotels Corporation
|
Hotel Chain Statistics
|
Comparable Locations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
Change |
Owned and leased hotels (# hotels) (a) |
|
2011 |
|
2010 |
|
Change |
|
|
|
(in constant $) |
|
Full service (40) |
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
194.34
|
|
|
$
|
191.19
|
|
|
1.6
|
%
|
|
|
|
0.9 |
% |
|
|
Occupancy |
|
|
64.5
|
%
|
|
|
65.3
|
%
|
|
(0.8
|
%)
|
|
pts
|
|
|
|
|
RevPAR |
|
$
|
125.41
|
|
|
$
|
124.82
|
|
|
0.5
|
%
|
|
|
|
(0.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service (54) |
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
95.52
|
|
|
$
|
89.84
|
|
|
6.3
|
%
|
|
|
|
6.3 |
% |
|
|
Occupancy |
|
|
71.5
|
%
|
|
|
69.0
|
%
|
|
2.5
|
%
|
|
pts
|
|
|
|
|
RevPAR |
|
$
|
68.31
|
|
|
$
|
62.03
|
|
|
10.1
|
%
|
|
|
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels (94) |
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
165.28
|
|
|
$
|
162.29
|
|
|
1.8
|
%
|
|
|
|
1.2 |
% |
|
|
Occupancy |
|
|
66.4
|
%
|
|
|
66.3
|
%
|
|
0.1
|
%
|
|
pts
|
|
|
|
|
RevPAR |
|
$
|
109.81
|
|
|
$
|
107.63
|
|
|
2.0
|
%
|
|
|
|
1.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels (# hotels; includes owned and
leased hotels) |
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service (123) |
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
163.35
|
|
|
$
|
156.97
|
|
|
4.1
|
%
|
|
|
|
3.9 |
% |
|
|
Occupancy |
|
|
66.5
|
%
|
|
|
64.1
|
%
|
|
2.4
|
%
|
|
pts
|
|
|
|
|
RevPAR |
|
$
|
108.68
|
|
|
$
|
100.55
|
|
|
8.1
|
%
|
|
|
|
7.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service (177) |
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
97.88
|
|
|
$
|
94.41
|
|
|
3.7
|
%
|
|
|
|
3.7 |
% |
|
|
Occupancy |
|
|
70.0
|
%
|
|
|
65.0
|
%
|
|
5.0
|
%
|
|
pts
|
|
|
|
|
RevPAR |
|
$
|
68.51
|
|
|
$
|
61.39
|
|
|
11.6
|
%
|
|
|
|
11.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
International comparable hotels (97) |
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
229.54
|
|
|
$
|
212.93
|
|
|
7.8
|
%
|
|
|
|
3.9 |
% |
|
|
Occupancy |
|
|
64.1
|
%
|
|
|
62.3
|
%
|
|
1.8
|
%
|
|
pts
|
|
|
|
|
RevPAR |
|
$
|
147.19
|
|
|
$
|
132.63
|
|
|
11.0
|
%
|
|
|
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable systemwide hotels (397) |
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
167.91
|
|
|
$
|
159.96
|
|
|
5.0
|
%
|
|
|
|
3.4 |
% |
|
|
Occupancy |
|
|
66.5
|
%
|
|
|
63.7
|
%
|
|
2.8
|
%
|
|
pts
|
|
|
|
|
RevPAR |
|
$
|
111.70
|
|
|
$
|
101.98
|
|
|
9.5
|
%
|
|
|
|
7.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Owned and leased hotel statistics do not include unconsolidated
hospitality ventures.
|
|
Page 6
|
Hyatt Hotels Corporation
|
Fee Summary
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Three Months Ended March 31, |
|
|
|
|
|
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
|
|
|
|
|
|
|
|
Fees: |
|
|
|
|
|
|
|
|
Base management fees
|
|
$
|
35
|
|
$
|
30
|
|
$
|
5
|
|
|
16.7
|
%
|
Incentive management fees
|
|
|
26
|
|
|
20
|
|
|
6
|
|
|
30.0
|
%
|
Franchise and other fees
|
|
|
9
|
|
|
7
|
|
|
2
|
|
|
28.6
|
%
|
Total fees
|
|
$
|
70
|
|
$
|
57
|
|
$
|
13
|
|
|
22.8
|
%
|
|
Page 7
|
Hyatt Hotels Corporation
|
Reconciliation of Non-GAAP to GAAP Measure: Adjusted Selling,
General, and Administrative Expenses to Selling, General, and
Administrative Expenses
|
|
|
|
|
|
|
|
|
|
Results of operations as presented on condensed consolidated
statements of income include the impact of expenses recognized with
respect to employee benefit programs funded through rabbi trusts.
Certain of these expenses are recognized in selling, general, and
administrative expenses and are completely offset by the
corresponding net gains and interest income from marketable
securities held to fund operating programs, thus having no net
impact to our earnings. Below is a reconciliation of this account
excluding the impact of our rabbi trust investments.
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
|
|
|
|
|
|
|
|
Adjusted Selling, General and Administrative Expenses
|
|
$
|
66
|
|
$
|
65
|
|
$
|
1
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
|
Rabbi Trust impact
|
|
|
4
|
|
|
4
|
|
|
-
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative Expenses
|
|
$
|
70
|
|
$
|
69
|
|
$
|
1
|
|
|
1.4
|
%
|
|
Page 8
|
Hyatt Hotels Corporation
|
Reconciliation of Non-GAAP to GAAP Measure: Comparable Owned and
Leased Hotel Operating Margin to Owned and Leased Hotel Operating
Margin
|
|
|
|
|
|
|
|
|
|
Below is a breakdown of consolidated owned and leased hotels
revenues and expenses, as used in calculating comparable owned and
leased hotel operating margin percentages. Results of operations as
presented on condensed consolidated statements of income include the
impact of expenses recognized with respect to employee benefit
programs funded through rabbi trusts. Certain of these expenses are
recognized in owned and leased hotels expenses and are completely
offset by the corresponding net gains and interest income from
marketable securities held to fund operating programs, thus having
no net impact to our earnings. Below is a reconciliation of this
account excluding the impact of our rabbi trusts and excluding the
impact of non-comparable hotels.
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
|
|
$
|
423
|
|
|
$
|
420
|
|
|
$
|
3
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
Noncomparable hotels
|
|
|
9
|
|
|
|
31
|
|
|
|
(22
|
)
|
|
(71.0
|
)%
|
|
|
|
|
|
|
|
|
|
Owned and Leased Hotels Revenue
|
|
$
|
432
|
|
|
$
|
451
|
|
|
$
|
(19
|
)
|
|
(4.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
|
|
$
|
343
|
|
|
$
|
335
|
|
|
$
|
8
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
|
Noncomparable hotels
|
|
|
9
|
|
|
|
28
|
|
|
|
(19
|
)
|
|
(67.9
|
)%
|
|
|
|
|
|
|
|
|
|
Rabbi Trust
|
|
|
2
|
|
|
|
1
|
|
|
|
1
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
Owned and Leased Hotels Expense
|
|
$
|
354
|
|
|
$
|
364
|
|
|
$
|
(10
|
)
|
|
(2.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotel operating margins percentage
|
|
|
18.1
|
%
|
|
|
19.3
|
%
|
|
|
|
(1.2
|
)%
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotel operating margin percentage
|
|
|
18.9
|
%
|
|
|
20.2
|
%
|
|
|
|
(1.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 9
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties and Rooms / Units by Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2011
|
|
December 31, 2010
|
|
Change
|
Owned and leased hotels (a)
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service
|
|
41
|
|
18,914
|
|
42
|
|
19,447
|
|
(1
|
)
|
|
(533
|
)
|
|
|
Select service
|
|
54
|
|
7,041
|
|
54
|
|
7,041
|
|
-
|
|
|
-
|
|
Total owned and leased hotels
|
|
95
|
|
25,955
|
|
96
|
|
26,488
|
|
(1
|
)
|
|
(533
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
(includes owned and leased hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
March 31, 2011
|
|
December 31, 2010
|
|
Change
|
|
|
Full service hotels
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
|
Managed
|
|
114
|
|
60,021
|
|
114
|
|
60,016
|
|
-
|
|
|
5
|
|
|
|
Franchised
|
|
17
|
|
5,216
|
|
16
|
|
4,767
|
|
1
|
|
|
449
|
|
|
|
Subtotal
|
|
131
|
|
65,237
|
|
130
|
|
64,783
|
|
1
|
|
|
454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed
|
|
81
|
|
10,522
|
|
81
|
|
10,522
|
|
-
|
|
|
-
|
|
|
|
Franchised
|
|
115
|
|
14,589
|
|
114
|
|
14,494
|
|
1
|
|
|
95
|
|
|
|
Subtotal
|
|
196
|
|
25,111
|
|
195
|
|
25,016
|
|
1
|
|
|
95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed
|
|
99
|
|
33,116
|
|
102
|
|
34,519
|
|
(3
|
)
|
|
(1,403
|
)
|
|
|
Franchised
|
|
2
|
|
988
|
|
2
|
|
988
|
|
-
|
|
|
-
|
|
|
|
Subtotal
|
|
101
|
|
34,104
|
|
104
|
|
35,507
|
|
(3
|
)
|
|
(1,403
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total managed and franchised hotels
|
|
428
|
|
124,452
|
|
429
|
|
125,306
|
|
(1
|
)
|
|
(854
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation ownership
|
|
15
|
|
963
|
|
15
|
|
962
|
|
-
|
|
|
1
|
|
|
|
Residential
|
|
8
|
|
1,230
|
|
9
|
|
1,239
|
|
(1
|
)
|
|
(9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total properties and rooms/units
|
|
451
|
|
126,645
|
|
453
|
|
127,507
|
|
(2
|
)
|
|
(862
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Owned and leased hotel figures do not include unconsolidated
hospitality ventures.
|
(b)
|
|
Additional details included for a regional breakout of international
managed and franchised hotels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International managed and franchised hotels
|
|
March 31, 2011
|
|
December 31, 2010
|
|
Change
|
|
(includes owned and leased hotels) |
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
|
Asia Pacific
|
|
50
|
|
19,961
|
|
51
|
|
20,364
|
|
(1
|
)
|
|
(403
|
)
|
|
|
Southwest Asia
|
|
13
|
|
4,430
|
|
13
|
|
4,430
|
|
-
|
|
|
-
|
|
|
|
Europe, Africa, Middle East.
|
|
31
|
|
7,795
|
|
33
|
|
8,795
|
|
(2
|
)
|
|
(1,000
|
)
|
|
|
Other Americas
|
|
7
|
|
1,918
|
|
7
|
|
1,918
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International
|
|
101
|
|
34,104
|
|
104
|
|
35,507
|
|
(3
|
)
|
|
(1,403
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 10
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties and Rooms / Units by Brand
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2011
|
|
December 31, 2010
|
|
Change
|
|
|
Brand
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
|
Park Hyatt
|
|
25
|
|
5,024
|
|
25
|
|
5,049
|
|
-
|
|
|
(25
|
)
|
|
|
Andaz
|
|
5
|
|
1,101
|
|
5
|
|
1,096
|
|
-
|
|
|
5
|
|
|
|
Grand Hyatt
|
|
36
|
|
20,825
|
|
37
|
|
21,568
|
|
(1
|
)
|
|
(743
|
)
|
|
|
Hyatt Regency
|
|
145
|
|
66,935
|
|
146
|
|
67,115
|
|
(1
|
)
|
|
(180
|
)
|
|
|
Hyatt
|
|
21
|
|
5,456
|
|
21
|
|
5,462
|
|
-
|
|
|
(6
|
)
|
|
|
Hyatt Place
|
|
161
|
|
20,432
|
|
161
|
|
20,434
|
|
-
|
|
|
(2
|
)
|
|
|
Hyatt Summerfield Suites
|
|
35
|
|
4,679
|
|
34
|
|
4,582
|
|
1
|
|
|
97
|
|
|
|
Vacation Ownership and Residential
|
|
23
|
|
2,193
|
|
24
|
|
2,201
|
|
(1
|
)
|
|
(8
|
)
|
|
|
Total
|
|
451
|
|
126,645
|
|
453
|
|
127,507
|
|
(2
|
)
|
|
(862
|
)
|

SOURCE: Hyatt Hotels Corporation
Hyatt Hotels Corporation
Investors:
Atish Shah, 312-780-5427
atish.shah@hyatt.com
or
Media:
Farley Kern, 312-780-5506
farley.kern@hyatt.com