CHICAGO--(BUSINESS WIRE)--Aug. 1, 2012--
Hyatt Hotels Corporation (“Hyatt” or the “Company”) (NYSE: H) today
reported financial results as follows:
-
Adjusted EBITDA was $180 million in the second quarter of 2012
compared to $151 million in the second quarter of 2011, an increase of
19.2%.
-
Net income attributable to Hyatt was $39 million, or $0.24 per share,
during the second quarter of 2012 compared to net income attributable
to Hyatt of $37 million, or $0.22 per share, in the second quarter of
2011. Adjusted for special items, net income attributable to Hyatt was
$39 million, or $0.24 per share, during the second quarter of 2012
compared to net income attributable to Hyatt of $46 million, or $0.27
per share, during the second quarter of 2011. See the table on page 3
of the accompanying schedules for a summary of special items. Note
that net income in the second quarter of 2011 benefited from a $12
million, or $0.07 per share, release of a tax valuation allowance
against certain foreign net operating losses.
-
Comparable owned and leased hotel RevPAR increased 7.6% (9.4%
excluding the effect of currency) in the second quarter of 2012
compared to the second quarter of 2011.
-
Owned and leased hotel operating margins increased 320 basis points in
the second quarter of 2012 compared to the second quarter of 2011.
Comparable owned and leased hotel operating margins increased 120
basis points in the second quarter of 2012 compared to the same period
in 2011. See the table on page 9 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 hotel RevPAR increased 8.7%
(8.9% excluding the effect of currency) in the second quarter of 2012
compared to the second quarter of 2011. Comparable North American
select service hotel RevPAR increased 6.4% in the second quarter of
2012 compared to the second quarter of 2011.
-
Comparable international hotel RevPAR increased 3.8% (8.5% excluding
the effect of currency) in the second quarter of 2012 compared to the
second quarter of 2011.
-
The Company opened five properties during the second quarter of 2012.
-
The Company’s Board of Directors authorized a repurchase of common
stock of up to $200 million.
Mark S. Hoplamazian
, president and chief executive officer of Hyatt
Hotels Corporation, said, “Our second quarter results were strong, with
Adjusted EBITDA increasing over 19% compared to last year. RevPAR
increased over 8% in North America as we experienced strong transient
demand. Owned and leased RevPAR grew over 9% in constant dollars as we
benefited from last year’s significant renovations.
“Our international hotels continued to perform well, with RevPAR up over
8% in constant dollars. In particular, most of our hotels in China
continued to show solid results, with a sequential increase in
year-over-year RevPAR growth for comparable hotels in the second
quarter. In addition, results from our hotels in Europe, which are
primarily located in gateway cities such as Paris and London, remained
good, despite the economic uncertainty in the wider region.
“Over the last 18 months, we have completed hotel acquisitions totaling
over $900 million. These properties are performing well, with
re-branding largely complete and the benefits of our system leading to
strong growth in RevPAR and in market share.
“Looking ahead, we are encouraged by recent trends in transient travel
and positive group pace as compared to last year. Our base of executed
contracts for future openings is the largest it has ever been – at 175
hotels. We are on track to open over 20 hotels this year, including our
first select service hotel outside the U.S. In addition, the Company is
well positioned to take advantage of growth opportunities, as our
balance sheet remains strong. Our organizational realignment is
progressing well and slated for completion during the fourth quarter of
2012.
“Our Board of Directors has authorized a repurchase of common stock of
up to $200 million. The decision to authorize a repurchase of common
stock reflects the Board’s judgment as to what is in the best interests
of all shareholders in the context of our strategy, financial position,
business results, and macro-economic factors.”
SEGMENT RESULTS & OTHER ITEMS
Owned and Leased Hotels Segment
Adjusted EBITDA increased 15.8% in the second quarter of 2012 compared
to the same period in 2011.
RevPAR for comparable owned and leased hotels increased 7.6% (9.4%
excluding the effect of currency) in the second quarter of 2012 compared
to the same period in 2011. Occupancy improved 360 basis points and ADR
increased 2.6% (4.4% excluding the effect of currency) compared to the
same period in 2011.
Revenues increased 9.1% in the second quarter of 2012 compared to the
same period in 2011. Comparable hotel revenues increased 4.5% in the
second quarter of 2012 compared to the same period in 2011.
Owned and leased hotel expenses increased 4.6% in the second quarter of
2012 compared to the same period in 2011. Excluding expenses related to
benefit programs funded through Rabbi Trusts and non-comparable hotel
expenses, expenses increased 2.8% in the second quarter of 2012 compared
to the same period in 2011. See the table on page 9 of the accompanying
schedules for a reconciliation of comparable owned and leased hotels
expenses to owned and leased hotels expenses.
The following hotel was added to the portfolio during the second quarter:
-
Hyatt Regency Mexico City (owned, 756 rooms)
North American Management and Franchising Segment
Adjusted EBITDA increased 22.7% in the second quarter of 2012 compared
to the same period in 2011.
RevPAR for comparable North American full service hotels increased 8.7%
(8.9% excluding the effect of currency) in the second quarter of 2012
compared to the same period in 2011. Occupancy increased 290 basis
points and ADR increased 4.8% (5.0% excluding the effect of currency)
compared to the same period in 2011.
Group rooms revenue at comparable North American full service hotels
increased approximately 6% in the second quarter of 2012 compared to the
same period in 2011, as a result of strong corporate revenue offset by
slightly lower association revenue.
Transient rooms revenue at comparable North American full service hotels
increased approximately 10% in the second quarter of 2012 compared to
the same period in 2011, driven by strength from corporate customers.
Revenue from management and franchise fees increased 17.9% in the second
quarter of 2012 compared to the same period in 2011.
The following four hotels were added to the portfolio during the second
quarter:
-
Hyatt French Quarter (franchised, 254 rooms)
-
Hyatt Chicago Magnificent Mile (franchised, 417 rooms)
-
Hyatt Place Boston/Braintree (franchised, 204 rooms)
-
Hyatt Place Riverside/Downtown (franchised, 125 rooms)
International Management and Franchising Segment
Adjusted EBITDA increased 9.1% in the second quarter of 2012 compared to
the same period in 2011.
RevPAR for comparable international hotels increased 3.8% (8.5%
excluding the effect of currency) in the second quarter of 2012 compared
to the same period in 2011. Occupancy increased 250 basis points and ADR
decreased 0.1% (increased 4.4% excluding the effect of currency)
compared to the same period in 2011.
Revenue from management and franchise fees increased 2.6% (7.3%
excluding the effect of currency) in the second quarter of 2012 compared
to the same period in 2011.
The following hotel was added to the portfolio during the second quarter:
-
Hyatt Regency Mexico City (owned, 756 rooms)
One property was removed from the portfolio during the second quarter.
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses decreased by 1.4% in the
second quarter of 2012 compared to the same period in 2011. Adjusted
selling, general, and administrative expenses increased by $4 million,
or 5.7%, in the second quarter of 2012 compared to the same period in
2011. Adjusted selling, general, and administrative expenses included an
approximate $2 million benefit related to a bad debt reversal in the
second quarter of 2012. See the table on page 8 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 added five hotels in the second quarter of 2012, each of which is
listed above.
The Company expects to open a significant number of new properties in
the future. As of June 30, 2012 this effort was underscored by executed
management or franchise contracts for more than 175 hotels (or more than
39,000 rooms) across all brands. The executed contracts represent
potential entry into several new countries and expansion into many new
markets or markets in which the Company is under-represented.
Approximately 75% of the future expansion is expected to be located
outside North America.
CAPITAL EXPENDITURES
Capital expenditures during the second quarter of 2012 totaled $62
million, categorized as follows:
-
Maintenance: $20 million
-
Enhancements to existing properties: $32 million
-
Investment in new properties: $10 million
COMMON STOCK REPURCHASE AUTHORIZATION
The Company’s Board of Directors authorized the repurchase of up to $200
million of the Company’s common stock. These repurchases may be made
from time to time in the open market, in privately negotiated
transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, at
prices that the Company deems appropriate and subject to market
conditions, applicable law and other factors deemed relevant in the
Company’s sole discretion.
The common stock repurchase authorization is effective immediately. It
does not obligate the Company to repurchase any dollar amount or number
of shares of common stock, and may be suspended or discontinued at any
time. The Company intends to pay for shares repurchased with cash from
its balance sheet. As of June 30, 2012, the Company had approximately
46.1 million shares of Class A common stock, par value $0.01 per share,
and approximately 119.6 million shares of Class B common stock, par
value $0.01 per share, issued and outstanding.
CORPORATE FINANCE
During the second quarter of 2012, the Company purchased an existing
756-room hotel in Mexico City for a purchase price of approximately $190
million. The hotel was rebranded as Hyatt Regency Mexico City.
On June 30, 2012, the Company had total debt of approximately $1.2
billion.
On June 30, 2012, the Company had cash and cash equivalents, including
investments in highly-rated money market funds and similar investments,
of approximately $400 million and short-term investments of
approximately $500 million.
On June 30, 2012, the Company had undrawn borrowing availability of
approximately $1.4 billion under its revolving credit facility.
2012 INFORMATION
The Company is providing the following information for the 2012 fiscal
year:
-
Adjusted SG&A expense is expected to be approximately $320 million.
-
Capital expenditures are expected to be approximately $360 million.
-
Depreciation and amortization expense is expected to be approximately
$360 million.
-
Interest expense is expected to be approximately $70 million.
-
The Company expects to open over 20 hotels in 2012.
CONFERENCE CALL INFORMATION
The Company will hold an investor conference call today, August 1, 2012,
at 10:30 a.m. CT. The Company requests that questions be submitted via
email to earnings@hyatt.com by
9:00 a.m. CT. Hyatt management will read and respond to as many
submitted questions as possible. 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 617.213.8049, passcode #52577109, 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
August 1, 2012 through midnight on August 8, 2012 by dialing
617.801.6888, passcode #75467851. 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;
-
asset impairments;
-
other income (loss), net;
-
net loss attributable to noncontrolling interests;
-
depreciation and amortization;
-
interest expense; and
-
provision (benefit) 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 selected compensation
decisions.
Adjusted EBITDA is not a substitute for net income attributable to Hyatt
Hotels Corporation, net income, 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 non-comparable 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 non-comparable 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 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
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 the brands Hyatt Place and
Hyatt
House
(which is in the process of changing its brand identity from Hyatt
Summerfield Suites). 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 adjusted SG&A expense, capital expenditures,
depreciation and amortization expense, interest expense and effective
tax rate, 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, general economic uncertainty in key global markets, the rate and
pace of economic recovery following economic downturns; levels of
spending in business and leisure segments as well as consumer
confidence; declines in occupancy and average daily rate; our ability to
successfully execute and implement our organizational realignment and
the costs associated with such organizational realignment; our ability
to successfully execute and implement our common stock repurchase
program; loss of key personnel, including as a result of our
organizational realignment; 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; foreign exchange rate fluctuations or
currency restructurings; 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®,
Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and
Hyatt House
TM.
Hyatt House
is changing its brand identity from Hyatt Summerfield Suites®.
Hyatt Residential Group, Inc., a Hyatt Hotels Corporation
subsidiary, develops, operates, markets or licenses Hyatt
ResidencesTM and Hyatt Residence
ClubTM. As of June 30, 2012, the
Company's worldwide portfolio consisted of 492 properties in 45
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)
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1.
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Condensed Consolidated Statements of Income
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2.
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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
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3.
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Summary of Special Items - Three Months Ended June 30, 2012 and 2011
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4.
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Summary of Special Items - Six Months Ended June 30, 2012 and 2011
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5.
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Segment Financial Summary
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6.
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Hotel Chain Statistics - Comparable Locations
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7.
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Fee Summary
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8.
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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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9.
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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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10.
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Net Gains (Losses) and Interest Income from Marketable Securities
Held to Fund Operating Programs
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11.
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Properties and Rooms / Units by Geography
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12.
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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 and Six Months Ended June 30, 2012 and 2011
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(in millions, except per share amounts)
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(unaudited)
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Three Months Ended June 30,
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Six Months Ended June 30,
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2012
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2011
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2012
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2011
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REVENUES:
|
|
|
|
|
|
|
|
|
Owned and leased hotels
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$
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528
|
|
|
$
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484
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|
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$
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1,001
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|
|
$
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916
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Management and franchise fees
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|
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80
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|
|
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75
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159
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|
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145
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Other revenues
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|
|
20
|
|
|
|
17
|
|
|
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37
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|
|
|
31
|
|
Other revenues from managed properties (a)
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|
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386
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|
|
|
360
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775
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719
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Total revenues
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1,014
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|
|
|
936
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|
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1,972
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1,811
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DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
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|
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Owned and leased hotels
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389
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|
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372
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|
|
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766
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|
|
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726
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Depreciation and amortization
|
|
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89
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|
|
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72
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|
|
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175
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|
|
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143
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Other direct costs
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|
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7
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|
|
|
6
|
|
|
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13
|
|
|
|
10
|
|
Selling, general, and administrative
|
|
|
70
|
|
|
|
71
|
|
|
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163
|
|
|
|
141
|
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Other costs from managed properties (a)
|
|
|
386
|
|
|
|
360
|
|
|
|
775
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|
|
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719
|
|
Direct and selling, general, and administrative expenses
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|
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941
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|
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881
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1,892
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1,739
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|
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Net gains (losses) and interest income from marketable securities
held to fund
|
|
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operating programs
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(4
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)
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2
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|
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10
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|
|
|
8
|
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Equity earnings (losses) from unconsolidated hospitality ventures
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|
|
-
|
|
|
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2
|
|
|
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(1
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)
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|
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5
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Interest expense
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(17
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)
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|
|
(14
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)
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|
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(35
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)
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|
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(27
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)
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Asset impairments
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-
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|
|
|
(1
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)
|
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-
|
|
|
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(1
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)
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Other income (loss), net
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|
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5
|
|
|
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(9
|
)
|
|
|
17
|
|
|
|
(6
|
)
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
|
|
57
|
|
|
|
35
|
|
|
|
71
|
|
|
|
51
|
|
|
|
|
|
|
|
|
|
|
(PROVISION) BENEFIT FOR INCOME TAXES
|
|
|
(18
|
)
|
|
|
1
|
|
|
|
(22
|
)
|
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
|
39
|
|
|
|
36
|
|
|
|
49
|
|
|
|
46
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
|
|
$
|
39
|
|
|
$
|
37
|
|
|
$
|
49
|
|
|
$
|
47
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - Basic
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.24
|
|
|
$
|
0.21
|
|
|
$
|
0.30
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
$
|
0.24
|
|
|
$
|
0.22
|
|
|
$
|
0.30
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - Diluted
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.24
|
|
|
$
|
0.21
|
|
|
$
|
0.30
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
$
|
0.24
|
|
|
$
|
0.22
|
|
|
$
|
0.30
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
Basic share counts
|
|
|
165.9
|
|
|
|
169.9
|
|
|
|
165.7
|
|
|
|
172.1
|
|
|
|
|
|
|
|
|
|
|
Diluted share counts
|
|
|
166.0
|
|
|
|
170.1
|
|
|
|
166.0
|
|
|
|
172.3
|
|
|
|
|
|
|
|
|
|
|
(a) The Company includes in total revenues the reimbursement of costs
incurred on behalf of managed hotel property owners 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.
Page 2
Hyatt Hotels Corporation
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.
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$
|
180
|
|
|
$
|
151
|
|
|
$
|
305
|
|
|
$
|
260
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
|
-
|
|
|
|
2
|
|
|
|
(1
|
)
|
|
|
5
|
|
Asset impairments
|
|
|
-
|
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
(1
|
)
|
Other income (loss), net
|
|
|
5
|
|
|
|
(9
|
)
|
|
|
17
|
|
|
|
(6
|
)
|
Net loss attributable to noncontrolling interests
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
|
|
|
(22
|
)
|
|
|
(22
|
)
|
|
|
(40
|
)
|
|
|
(37
|
)
|
EBITDA
|
|
$
|
163
|
|
|
$
|
122
|
|
|
$
|
281
|
|
|
$
|
222
|
|
Depreciation and amortization
|
|
|
(89
|
)
|
|
|
(72
|
)
|
|
|
(175
|
)
|
|
|
(143
|
)
|
Interest expense
|
|
|
(17
|
)
|
|
|
(14
|
)
|
|
|
(35
|
)
|
|
|
(27
|
)
|
(Provision) benefit for income taxes
|
|
|
(18
|
)
|
|
|
1
|
|
|
|
(22
|
)
|
|
|
(5
|
)
|
Net Income Attributable to Hyatt Hotels Corporation
|
|
$
|
39
|
|
|
$
|
37
|
|
|
$
|
49
|
|
|
$
|
47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 3
Hyatt Hotels Corporation
Summary of Special Items - Three Months Ended June 30, 2012 and 2011
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 June 30, 2012 and June 30, 2011, respectively.
|
|
|
|
|
|
|
|
(in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location on Condensed Consolidated
|
|
|
|
|
|
Statements of Income
|
|
Three Months Ended June 30,
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
|
|
$
|
39
|
|
|
$
|
37
|
|
|
Earnings per share
|
|
|
|
$
|
0.24
|
|
|
$
|
0.22
|
|
|
|
|
|
|
|
|
|
|
Special items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments (a)
|
|
Asset impairments
|
|
|
-
|
|
|
|
1
|
|
|
Unconsolidated hospitality ventures impairment (b)
|
|
Equity earnings (losses) from
|
|
|
|
|
|
|
|
unconsolidated hospitality ventures
|
|
|
1
|
|
|
|
-
|
|
|
Loss on sale of real estate (c)
|
|
Other income (loss), net
|
|
|
-
|
|
|
|
2
|
|
|
Marketable securities (d)
|
|
Other income (loss), net
|
|
|
(9
|
)
|
|
|
6
|
|
|
Loss on sublease agreement (e)
|
|
Other income (loss), net
|
|
|
-
|
|
|
|
5
|
|
|
Realignment costs (f)
|
|
Other income (loss), net
|
|
|
7
|
|
|
|
-
|
|
|
Transaction costs (g)
|
|
Other income (loss), net
|
|
|
1
|
|
|
|
-
|
|
|
Total special items - pre-tax
|
|
|
|
|
-
|
|
|
|
14
|
|
|
Provision for income taxes for special items
|
|
(Provision) benefit for income taxes
|
|
|
-
|
|
|
|
(5
|
)
|
|
Total special items - after-tax
|
|
|
|
|
-
|
|
|
|
9
|
|
|
Special items impact per share
|
|
|
|
$
|
-
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation,
|
|
|
|
|
|
|
|
|
|
|
|
adjusted for special items
|
|
|
|
$
|
39
|
|
|
$
|
46
|
|
|
Earnings per share, adjusted for special items
|
|
|
|
$
|
0.24
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Asset impairments − During the second quarter of 2011, we identified
and recorded a $1 million asset impairment charge related to the
property and equipment at an owned hotel.
|
(b)
|
|
Unconsolidated hospitality ventures impairment − During the second
quarter of 2012, we recorded an impairment charge of $1 million
related to an investment in a vacation ownership property.
|
(c)
|
|
Loss on sale of real estate - During the second quarter of 2011, we
sold eight hotels from our owned hotel portfolio for a loss of $2
million.
|
(d)
|
|
Marketable securities - Represents (gains) losses on investments in
trading securities not used to fund operating programs.
|
(e)
|
|
Loss on sublease agreement - During the second quarter of 2011, we
recorded a $5 million loss on a sublease agreement with a related
party based on the terms of our existing master lease.
|
(f)
|
|
Realignment costs - Represents costs incurred as part of our
Company's realignment.
|
(g)
|
|
Transaction costs - In the second quarter of 2012, we incurred $1
million in transaction costs to acquire the Hyatt Regency Mexico
City.
|
|
|
|
Page 4
Hyatt Hotels Corporation
Summary of Special Items - Six Months Ended June 30, 2012 and 2011
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
six months ended June 30, 2012 and June 30, 2011, respectively.
|
|
|
|
|
|
|
|
(in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location on Condensed Consolidated
|
|
|
|
|
|
Statements of Income
|
|
Six Months Ended June 30,
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
|
|
$
|
49
|
|
|
$
|
47
|
|
|
Earnings per share
|
|
|
|
$
|
0.30
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
Special items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments (a)
|
|
Asset impairments
|
|
|
-
|
|
|
|
1
|
|
|
Unconsolidated hospitality ventures impairment (b)
|
|
Equity earnings (losses) from
|
|
|
|
|
|
|
|
|
|
|
|
unconsolidated hospitality ventures
|
|
|
1
|
|
|
|
-
|
|
|
Loss on sale of real estate (c)
|
|
Other income (loss), net
|
|
|
-
|
|
|
|
2
|
|
|
Marketable securities (d)
|
|
Other income (loss), net
|
|
|
(17
|
)
|
|
|
7
|
|
|
Loss on sublease agreement (e)
|
|
Other income (loss), net
|
|
|
-
|
|
|
|
5
|
|
|
Realignment costs (f)
|
|
Other income (loss), net
|
|
|
7
|
|
|
|
-
|
|
|
Transaction costs (g)
|
|
Other income (loss), net
|
|
|
1
|
|
|
|
-
|
|
|
Total special items - pre-tax
|
|
|
|
|
(8
|
)
|
|
|
15
|
|
|
(Provision) benefit for income taxes for special items
|
|
(Provision) benefit for income taxes
|
|
|
3
|
|
|
|
(5
|
)
|
|
Total special items - after-tax
|
|
|
|
|
(5
|
)
|
|
|
10
|
|
|
Special items impact per share
|
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation,
|
|
|
|
|
|
|
|
|
|
|
|
adjusted for special items
|
|
|
|
$
|
44
|
|
|
$
|
57
|
|
|
Earnings per share, adjusted for special items
|
|
|
|
$
|
0.27
|
|
|
$
|
0.33
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Asset impairments − During the second quarter of 2011, we identified
and recorded a $1 million asset impairment charge related to the
property and equipment at an owned hotel.
|
(b)
|
|
Unconsolidated hospitality ventures impairment − During the second
quarter of 2012, we recorded an impairment charge of $1 million
related to an investment in a vacation ownership property.
|
(c)
|
|
Loss on sale of real estate - During the second quarter of 2011, we
sold eight hotels from our owned hotel portfolio for a loss of $2
million.
|
(d)
|
|
Marketable securities - Represents (gains) losses on investments in
trading securities not used to fund operating programs.
|
(e)
|
|
Loss on sublease agreement - During the second quarter of 2011, we
recorded a $5 million loss on a sublease agreement with a related
party based on the terms of our existing master lease.
|
(f)
|
|
Realignment costs - Represents costs incurred as part of our
Company's realignment.
|
(g)
|
|
Transaction costs - In the six months ended June 30, 2012, we
incurred $1 million in transaction costs to acquire the Hyatt
Regency Mexico City.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Financial Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased
|
|
$
|
528
|
|
|
$
|
484
|
|
|
$
|
44
|
|
|
9.1
|
%
|
|
$
|
1,001
|
|
|
$
|
916
|
|
|
$
|
85
|
|
|
9.3
|
%
|
North America
|
|
|
66
|
|
|
|
56
|
|
|
|
10
|
|
|
17.9
|
%
|
|
|
128
|
|
|
|
107
|
|
|
|
21
|
|
|
19.6
|
%
|
International
|
|
|
40
|
|
|
|
39
|
|
|
|
1
|
|
|
2.6
|
%
|
|
|
79
|
|
|
|
76
|
|
|
|
3
|
|
|
3.9
|
%
|
Total management and franchising
|
|
|
106
|
|
|
|
95
|
|
|
|
11
|
|
|
11.6
|
%
|
|
|
207
|
|
|
|
183
|
|
|
|
24
|
|
|
13.1
|
%
|
Corporate and other
|
|
|
20
|
|
|
|
17
|
|
|
|
3
|
|
|
17.6
|
%
|
|
|
37
|
|
|
|
31
|
|
|
|
6
|
|
|
19.4
|
%
|
Other revenues from managed properties
|
|
|
386
|
|
|
|
360
|
|
|
|
26
|
|
|
7.2
|
%
|
|
|
775
|
|
|
|
719
|
|
|
|
56
|
|
|
7.8
|
%
|
Eliminations
|
|
|
(26
|
)
|
|
|
(20
|
)
|
|
|
(6
|
)
|
|
(30.0
|
)%
|
|
|
(48
|
)
|
|
|
(38
|
)
|
|
|
(10
|
)
|
|
(26.3
|
)%
|
Total revenues
|
|
$
|
1,014
|
|
|
$
|
936
|
|
|
$
|
78
|
|
|
8.3
|
%
|
|
$
|
1,972
|
|
|
$
|
1,811
|
|
|
$
|
161
|
|
|
8.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased
|
|
$
|
110
|
|
|
$
|
92
|
|
|
$
|
18
|
|
|
19.6
|
%
|
|
$
|
185
|
|
|
$
|
152
|
|
|
$
|
33
|
|
|
21.7
|
%
|
Pro rata share of unconsolidated hospitality ventures
|
|
|
22
|
|
|
|
22
|
|
|
|
-
|
|
|
-
|
%
|
|
|
40
|
|
|
|
37
|
|
|
|
3
|
|
|
8.1
|
%
|
Total owned and leased
|
|
|
132
|
|
|
|
114
|
|
|
|
18
|
|
|
15.8
|
%
|
|
|
225
|
|
|
|
189
|
|
|
|
36
|
|
|
19.0
|
%
|
North American management and franchising
|
|
|
54
|
|
|
|
44
|
|
|
|
10
|
|
|
22.7
|
%
|
|
|
100
|
|
|
|
84
|
|
|
|
16
|
|
|
19.0
|
%
|
International management and franchising
|
|
|
24
|
|
|
|
22
|
|
|
|
2
|
|
|
9.1
|
%
|
|
|
44
|
|
|
|
42
|
|
|
|
2
|
|
|
4.8
|
%
|
Corporate and other
|
|
|
(30
|
)
|
|
|
(29
|
)
|
|
|
(1
|
)
|
|
(3.4
|
)%
|
|
|
(64
|
)
|
|
|
(55
|
)
|
|
|
(9
|
)
|
|
(16.4
|
)%
|
Adjusted EBITDA
|
|
$
|
180
|
|
|
$
|
151
|
|
|
$
|
29
|
|
|
19.2
|
%
|
|
$
|
305
|
|
|
$
|
260
|
|
|
$
|
45
|
|
|
17.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Chain Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Locations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
|
Change
|
|
Six Months Ended June 30,
|
|
|
|
|
Change
|
Owned and leased hotels (# hotels) (a)
|
|
|
2012
|
|
2011
|
|
Change
|
|
|
(in constant $)
|
|
2012
|
|
2011
|
|
Change
|
|
|
(in constant $)
|
|
Full service (39)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
|
$
|
200.78
|
|
$
|
199.38
|
|
0.7%
|
|
|
2.7%
|
|
$
|
201.36
|
|
$
|
199.83
|
|
0.8%
|
|
|
2.0%
|
|
|
Occupancy
|
|
|
|
79.1%
|
|
|
73.8%
|
|
5.3%
|
|
pts
|
|
|
|
74.8%
|
|
|
69.5%
|
|
5.3%
|
|
pts
|
|
|
|
RevPAR
|
|
|
$
|
158.80
|
|
$
|
147.08
|
|
8.0%
|
|
|
10.1%
|
|
$
|
150.55
|
|
$
|
138.85
|
|
8.4%
|
|
|
9.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service (46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
|
$
|
98.86
|
|
$
|
92.27
|
|
7.1%
|
|
|
7.1%
|
|
$
|
97.61
|
|
$
|
92.78
|
|
5.2%
|
|
|
5.2%
|
|
|
Occupancy
|
|
|
|
80.0%
|
|
|
81.4%
|
|
(1.4%)
|
|
pts
|
|
|
|
76.1%
|
|
|
76.3%
|
|
(0.2%)
|
|
pts
|
|
|
|
RevPAR
|
|
|
$
|
79.13
|
|
$
|
75.10
|
|
5.4%
|
|
|
5.4%
|
|
$
|
74.24
|
|
$
|
70.83
|
|
4.8%
|
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels (85)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
|
$
|
174.94
|
|
$
|
170.47
|
|
2.6%
|
|
|
4.4%
|
|
$
|
174.95
|
|
$
|
171.03
|
|
2.3%
|
|
|
3.4%
|
|
|
Occupancy
|
|
|
|
79.3%
|
|
|
75.7%
|
|
3.6%
|
|
pts
|
|
|
|
75.1%
|
|
|
71.2%
|
|
3.9%
|
|
pts
|
|
|
|
RevPAR
|
|
|
$
|
138.77
|
|
$
|
129.02
|
|
7.6%
|
|
|
9.4%
|
|
$
|
131.37
|
|
$
|
121.78
|
|
7.9%
|
|
|
9.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels (# hotels; includes owned and
leased hotels)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service (128)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
|
$
|
172.29
|
|
$
|
164.45
|
|
4.8%
|
|
|
5.0%
|
|
$
|
171.12
|
|
$
|
164.86
|
|
3.8%
|
|
|
3.9%
|
|
|
Occupancy
|
|
|
|
77.5%
|
|
|
74.6%
|
|
2.9%
|
|
pts
|
|
|
|
73.6%
|
|
|
70.5%
|
|
3.1%
|
|
pts
|
|
|
|
RevPAR
|
|
|
$
|
133.44
|
|
$
|
122.72
|
|
8.7%
|
|
|
8.9%
|
|
$
|
125.92
|
|
$
|
116.18
|
|
8.4%
|
|
|
8.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service (195)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
|
$
|
102.32
|
|
$
|
97.11
|
|
5.4%
|
|
|
5.4%
|
|
$
|
102.10
|
|
$
|
97.70
|
|
4.5%
|
|
|
4.5%
|
|
|
Occupancy
|
|
|
|
78.3%
|
|
|
77.6%
|
|
0.7%
|
|
pts
|
|
|
|
74.7%
|
|
|
73.1%
|
|
1.6%
|
|
pts
|
|
|
|
RevPAR
|
|
|
$
|
80.11
|
|
$
|
75.33
|
|
6.4%
|
|
|
6.4%
|
|
$
|
76.23
|
|
$
|
71.42
|
|
6.7%
|
|
|
6.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International comparable hotels (97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
|
$
|
235.57
|
|
$
|
235.76
|
|
(0.1%)
|
|
|
4.4%
|
|
$
|
235.41
|
|
$
|
231.52
|
|
1.7%
|
|
|
4.4%
|
|
|
Occupancy
|
|
|
|
67.0%
|
|
|
64.5%
|
|
2.5%
|
|
pts
|
|
|
|
66.1%
|
|
|
64.2%
|
|
1.9%
|
|
pts
|
|
|
|
RevPAR
|
|
|
$
|
157.84
|
|
$
|
151.99
|
|
3.8%
|
|
|
8.5%
|
|
$
|
155.60
|
|
$
|
148.55
|
|
4.7%
|
|
|
7.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable systemwide hotels (420)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
|
$
|
172.61
|
|
$
|
166.84
|
|
3.5%
|
|
|
5.1%
|
|
$
|
172.43
|
|
$
|
167.05
|
|
3.2%
|
|
|
4.2%
|
|
|
Occupancy
|
|
|
|
74.8%
|
|
|
72.5%
|
|
2.3%
|
|
pts
|
|
|
|
71.8%
|
|
|
69.3%
|
|
2.5%
|
|
pts
|
|
|
|
RevPAR
|
|
|
$
|
129.12
|
|
$
|
120.93
|
|
6.8%
|
|
|
8.5%
|
|
$
|
123.77
|
|
$
|
115.77
|
|
6.9%
|
|
|
8.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Owned and leased hotel statistics do not include unconsolidated
hospitality ventures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
Three Months Ended June 30,
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fees
|
|
$
|
40
|
|
$
|
37
|
|
$
|
3
|
|
8.1 %
|
|
$
|
78
|
|
$
|
71
|
|
$
|
7
|
|
9.9 %
|
Incentive management fees
|
|
|
26
|
|
|
26
|
|
|
-
|
|
- %
|
|
|
52
|
|
|
51
|
|
|
1
|
|
2.0 %
|
Franchise fees and other revenue
|
|
|
14
|
|
|
12
|
|
|
2
|
|
16.7 %
|
|
|
29
|
|
|
23
|
|
|
6
|
|
26.1 %
|
Total fees
|
|
$
|
80
|
|
$
|
75
|
|
$
|
5
|
|
6.7 %
|
|
$
|
159
|
|
$
|
145
|
|
$
|
14
|
|
9.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 8
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 (losses) 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 June 30,
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted selling, general, and administrative expenses (a)
|
|
$
|
74
|
|
|
$
|
70
|
|
$
|
4
|
|
|
5.7
|
%
|
|
$
|
157
|
|
$
|
136
|
|
$
|
21
|
|
|
15.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rabbi trust impact
|
|
|
(4
|
)
|
|
|
1
|
|
|
(5
|
)
|
|
(500.0
|
)%
|
|
|
6
|
|
|
5
|
|
|
1
|
|
|
20.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
$
|
70
|
|
|
$
|
71
|
|
$
|
(1
|
)
|
|
(1.4
|
)%
|
|
$
|
163
|
|
$
|
141
|
|
$
|
22
|
|
|
15.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Segment breakdown for adjusted selling, general, and
administrative expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America management and franchising
|
|
$
|
12
|
|
|
$
|
12
|
|
$
|
-
|
|
|
-
|
%
|
|
$
|
28
|
|
$
|
23
|
|
$
|
5
|
|
|
21.7
|
%
|
International management and franchising
|
|
|
16
|
|
|
|
16
|
|
|
-
|
|
|
-
|
%
|
|
|
35
|
|
|
33
|
|
|
2
|
|
|
6.1
|
%
|
Owned and leased
|
|
|
3
|
|
|
|
3
|
|
|
-
|
|
|
-
|
%
|
|
|
6
|
|
|
5
|
|
|
1
|
|
|
20.0
|
%
|
Corporate and other (1)
|
|
|
43
|
|
|
|
39
|
|
|
4
|
|
|
10.3
|
%
|
|
|
88
|
|
|
75
|
|
|
13
|
|
|
17.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted selling, general, and administrative expenses
|
|
$
|
74
|
|
|
$
|
70
|
|
$
|
4
|
|
|
5.7
|
%
|
|
$
|
157
|
|
$
|
136
|
|
$
|
21
|
|
|
15.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Corporate and other includes vacation ownership expenses of $7
million and $6 million for the three months ended June 30, 2012 and
2011, respectively, and $15 million and $13 million for the six months
ended June 30, 2012 and 2011, respectively.
Page 9
Hyatt Hotels Corporation
Reconciliation of Non-GAAP to GAAP Measure: Comparable Owned and Leased
Hotel Operating Margin to Owned and Leased Hotel Operating Margin
Below is a breakdown of consolidated owned and leased hotels revenues
and expenses, as used in calculating comparable owned and leased hotel
operating margin percentages. Results of operations as presented on
condensed consolidated statements of income include the impact of
expenses recognized with respect to employee benefit programs funded
through rabbi trusts. Certain of these expenses are recognized in owned
and leased hotels expenses and are completely offset by the
corresponding net gains (losses) and interest income from marketable
securities held to fund operating programs, thus having no net impact to
our earnings. Below is a reconciliation of this account excluding the
impact of our rabbi trusts and excluding the impact of non-comparable
hotels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
|
|
$
|
485
|
|
|
$
|
464
|
|
|
$
|
21
|
|
|
4.5
|
%
|
|
$
|
925
|
|
|
$
|
873
|
|
|
$
|
52
|
|
|
6.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable hotels
|
|
|
43
|
|
|
|
20
|
|
|
|
23
|
|
|
115.0
|
%
|
|
|
76
|
|
|
|
43
|
|
|
|
33
|
|
|
76.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels revenue
|
|
$
|
528
|
|
|
$
|
484
|
|
|
$
|
44
|
|
|
9.1
|
%
|
|
$
|
1,001
|
|
|
$
|
916
|
|
|
$
|
85
|
|
|
9.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
|
|
$
|
364
|
|
|
$
|
354
|
|
|
$
|
10
|
|
|
2.8
|
%
|
|
$
|
716
|
|
|
$
|
686
|
|
|
$
|
30
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable hotels
|
|
|
26
|
|
|
|
18
|
|
|
|
8
|
|
|
44.4
|
%
|
|
|
47
|
|
|
|
38
|
|
|
|
9
|
|
|
23.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rabbi trust
|
|
|
(1
|
)
|
|
|
-
|
|
|
|
(1
|
)
|
|
(100.0
|
)%
|
|
|
3
|
|
|
|
2
|
|
|
|
1
|
|
|
50.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels expense
|
|
$
|
389
|
|
|
$
|
372
|
|
|
$
|
17
|
|
|
4.6
|
%
|
|
$
|
766
|
|
|
$
|
726
|
|
|
$
|
40
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotel operating margin percentage
|
|
|
26.3
|
%
|
|
|
23.1
|
%
|
|
|
|
3.2
|
%
|
|
|
23.5
|
%
|
|
|
20.7
|
%
|
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotel operating margin percentage
|
|
|
24.9
|
%
|
|
|
23.7
|
%
|
|
|
|
1.2
|
%
|
|
|
22.6
|
%
|
|
|
21.4
|
%
|
|
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 10
Hyatt Hotels Corporation
Net gains (losses) and interest income from marketable securities held
to fund operating programs
The table below provides a reconciliation of net gains (losses) and
interest income from marketable securities held to fund operating
programs, all of which are completely offset within other line items of
our condensed consolidated statements of income, thus having no net
impact to our earnings. The gains or losses on securities held in rabbi
trusts are offset to our owned and leased hotels expense for our hotel
staff and selling, general, and administrative expenses for our
corporate staff and personnel supporting our business segments. The
gains and losses on securities held to fund our Hyatt Gold Passport
program for our owned and leased hotels are offset by corresponding
changes to our owned and leased hotel revenues. The table below shows
the amounts recorded to the respective offsetting account.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rabbi trust impact allocated to selling, general, and administrative
expenses
|
|
$
|
(4
|
)
|
|
$
|
1
|
|
$
|
(5
|
)
|
|
(500.0
|
)%
|
|
$
|
6
|
|
$
|
5
|
|
$
|
1
|
|
|
20.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rabbi trust impact allocated to owned and leased hotels expense
|
|
|
(1
|
)
|
|
|
-
|
|
|
(1
|
)
|
|
(100.0
|
)%
|
|
|
3
|
|
|
2
|
|
|
1
|
|
|
50.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains and interest income from marketable securities held to
fund our Gold Passport program allocated to owned and leased hotels
revenue
|
|
|
1
|
|
|
|
1
|
|
|
-
|
|
|
-
|
%
|
|
|
1
|
|
|
1
|
|
|
-
|
|
|
-
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) and interest income from marketable securities
held to fund operating programs
|
|
$
|
(4
|
)
|
|
$
|
2
|
|
$
|
(6
|
)
|
|
(300.0
|
)%
|
|
$
|
10
|
|
$
|
8
|
|
$
|
2
|
|
|
25.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties and Rooms / Units by Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2012
|
|
March 31, 2012
|
|
December 31, 2011
|
|
QTD Change
|
|
YTD Change
|
Owned and leased hotels
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
34
|
|
15,882
|
|
34
|
|
15,882
|
|
34
|
|
15,875
|
|
-
|
|
|
-
|
|
|
-
|
|
|
7
|
|
|
|
International
|
|
11
|
|
3,359
|
|
10
|
|
2,603
|
|
10
|
|
2,603
|
|
1
|
|
|
756
|
|
|
1
|
|
|
756
|
|
|
|
Select service
|
|
64
|
|
8,712
|
|
64
|
|
8,712
|
|
64
|
|
8,712
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total owned and leased hotels
|
|
109
|
|
27,953
|
|
108
|
|
27,197
|
|
108
|
|
27,190
|
|
1
|
|
|
756
|
|
|
1
|
|
|
763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(includes owned and leased hotels)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
June 30, 2012
|
|
March 31, 2012
|
|
December 31, 2011
|
|
QTD Change
|
|
YTD Change
|
|
|
Full service hotels
|
|
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
|
Managed (a)
|
|
115
|
|
59,994
|
|
115
|
|
59,994
|
|
115
|
|
59,986
|
|
-
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
|
Franchised
|
|
23
|
|
7,047
|
|
21
|
|
6,376
|
|
20
|
|
6,046
|
|
2
|
|
|
671
|
|
|
3
|
|
|
1,001
|
|
|
|
Subtotal
|
|
|
|
138
|
|
67,041
|
|
136
|
|
66,370
|
|
135
|
|
66,032
|
|
2
|
|
|
671
|
|
|
3
|
|
|
1,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed
|
|
95
|
|
12,781
|
|
95
|
|
12,781
|
|
95
|
|
12,781
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
Franchised
|
|
125
|
|
16,347
|
|
123
|
|
15,783
|
|
120
|
|
15,247
|
|
2
|
|
|
564
|
|
|
5
|
|
|
1,100
|
|
|
|
Subtotal
|
|
|
|
220
|
|
29,128
|
|
218
|
|
28,564
|
|
215
|
|
28,028
|
|
2
|
|
|
564
|
|
|
5
|
|
|
1,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed (a)
|
|
109
|
|
35,977
|
|
109
|
|
35,574
|
|
108
|
|
35,486
|
|
-
|
|
|
403
|
|
|
1
|
|
|
491
|
|
|
|
Franchised
|
|
2
|
|
988
|
|
2
|
|
988
|
|
2
|
|
988
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
Subtotal
|
|
|
|
111
|
|
36,965
|
|
111
|
|
36,562
|
|
110
|
|
36,474
|
|
-
|
|
|
403
|
|
|
1
|
|
|
491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total managed and franchised hotels
|
|
469
|
|
133,134
|
|
465
|
|
131,496
|
|
460
|
|
130,534
|
|
4
|
|
|
1,638
|
|
|
9
|
|
|
2,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation ownership
|
|
15
|
|
963
|
|
15
|
|
963
|
|
15
|
|
963
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
Residential
|
|
8
|
|
1,230
|
|
8
|
|
1,230
|
|
8
|
|
1,230
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total properties and rooms/units
|
|
492
|
|
135,327
|
|
488
|
|
133,689
|
|
483
|
|
132,727
|
|
4
|
|
|
1,638
|
|
|
9
|
|
|
2,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
June 30, 2012
|
|
March 31, 2012
|
|
December 31, 2011
|
|
QTD Change
|
|
YTD Change
|
|
(includes owned and leased hotels)
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
|
Asia Pacific
|
|
52
|
|
20,505
|
|
53
|
|
20,858
|
|
53
|
|
20,981
|
|
(1
|
)
|
|
(353
|
)
|
|
(1
|
)
|
|
(476
|
)
|
|
|
Southwest Asia
|
|
19
|
|
5,822
|
|
19
|
|
5,822
|
|
18
|
|
5,614
|
|
-
|
|
|
-
|
|
|
1
|
|
|
208
|
|
|
|
Europe, Africa, Middle East
|
|
32
|
|
7,964
|
|
32
|
|
7,964
|
|
32
|
|
7,961
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
|
Other Americas
|
|
8
|
|
2,674
|
|
7
|
|
1,918
|
|
7
|
|
1,918
|
|
1
|
|
|
756
|
|
|
1
|
|
|
756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International
|
|
111
|
|
36,965
|
|
111
|
|
36,562
|
|
110
|
|
36,474
|
|
-
|
|
|
403
|
|
|
1
|
|
|
491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties and Rooms / Units by Brand
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2012
|
|
March 31, 2012
|
|
December 31, 2011
|
|
QTD Change
|
|
YTD Change
|
Brand
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
Park Hyatt
|
|
29
|
|
5,815
|
|
29
|
|
5,815
|
|
27
|
|
5,399
|
|
-
|
|
|
-
|
|
|
2
|
|
|
416
|
|
Andaz
|
|
8
|
|
1,701
|
|
8
|
|
1,701
|
|
6
|
|
1,408
|
|
-
|
|
|
-
|
|
|
2
|
|
|
293
|
|
Hyatt
|
|
29
|
|
7,478
|
|
25
|
|
6,048
|
|
26
|
|
6,010
|
|
4
|
|
|
1,430
|
|
|
3
|
|
|
1,468
|
|
Grand Hyatt
|
|
37
|
|
21,092
|
|
37
|
|
21,092
|
|
37
|
|
21,101
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(9
|
)
|
Hyatt Regency
|
|
146
|
|
67,920
|
|
148
|
|
68,276
|
|
149
|
|
68,588
|
|
(2
|
)
|
|
(356
|
)
|
|
(3
|
)
|
|
(668
|
)
|
Hyatt Place
|
|
167
|
|
21,673
|
|
165
|
|
21,109
|
|
162
|
|
20,573
|
|
2
|
|
|
564
|
|
|
5
|
|
|
1,100
|
|
Hyatt House (a)
|
|
53
|
|
7,455
|
|
53
|
|
7,455
|
|
53
|
|
7,455
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Vacation Ownership and Residential
|
|
23
|
|
2,193
|
|
23
|
|
2,193
|
|
23
|
|
2,193
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total
|
|
492
|
|
135,327
|
|
488
|
|
133,689
|
|
483
|
|
132,727
|
|
4
|
|
|
1,638
|
|
|
9
|
|
|
2,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Hyatt House is in the process of changing its brand identity
from Hyatt Summerfield Suites.
|

Source: Hyatt Hotels Corporation
Investors:
Hyatt Hotels Corporation
Atish Shah, 312.780.5427
atish.shah@hyatt.com
or
Media:
Hyatt
Hotels Corporation
Farley Kern, 312.780.5506
farley.kern@hyatt.com