Form 10-Q Hyatt Hotels Corp For: Mar 31

May 10, 2022 11:04 AM EDT

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h-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549 
Form 10-Q
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File No. 001-34521
HYATT HOTELS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware 20-1480589
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
     150 North Riverside Plaza
     8th Floor, Chicago, Illinois                     60606
     (Address of Principal Executive Offices)                     (Zip Code)
(312) 750-1234
(Registrant's Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, $0.01 par valueHNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer  Smaller reporting company         
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
At May 3, 2022, there were 51,289,439 shares of the registrant's Class A common stock, $0.01 par value, outstanding and 59,017,749 shares of the registrant's Class B common stock, $0.01 par value, outstanding.


HYATT HOTELS CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD ENDED MARCH 31, 2022

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements.

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In millions of dollars, except per share amounts)
(Unaudited)
Three Months Ended
March 31, 2022March 31, 2021
REVENUES:
Owned and leased hotels$271 $104 
Management, franchise, and other fees154 63 
Contra revenue(9)(8)
Net management, franchise, and other fees145 55 
Distribution and destination management 246  
Other revenues77 19 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties540 260 
Total revenues1,279 438 
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Owned and leased hotels210 124 
Distribution and destination management 194  
Depreciation and amortization119 74 
Other direct costs67 23 
Selling, general, and administrative111 95 
Costs incurred on behalf of managed and franchised properties556 277 
Direct and selling, general, and administrative expenses1,257 593 
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts(31)12 
Equity earnings (losses) from unconsolidated hospitality ventures(9)54 
Interest expense(40)(41)
Asset impairments(3) 
Other income (loss), net(10)12 
LOSS BEFORE INCOME TAXES(71)(118)
PROVISION FOR INCOME TAXES(2)(186)
NET LOSS(73)(304)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS  
NET LOSS ATTRIBUTABLE TO HYATT HOTELS CORPORATION$(73)$(304)
LOSSES PER SHAREBasic
Net loss$(0.67)$(2.99)
Net loss attributable to Hyatt Hotels Corporation$(0.67)$(2.99)
LOSSES PER SHAREDiluted
Net loss$(0.67)$(2.99)
Net loss attributable to Hyatt Hotels Corporation$(0.67)$(2.99)







See accompanying Notes to condensed consolidated financial statements.
1

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions of dollars)
(Unaudited)

Three Months Ended
March 31, 2022March 31, 2021
Net loss$(73)$(304)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax of $ for the three months ended March 31, 2022 and March 31, 2021
21 (46)
Unrealized gains on derivative activity, net of tax of $ for the three months ended March 31, 2022 and March 31, 2021
2 2 
Unrecognized pension cost, net of tax of $ for the three months ended March 31, 2022 and March 31, 2021
(2) 
Unrealized losses on available-for-sale debt securities, net of tax of $ for the three months ended March 31, 2022 and March 31, 2021
(7)(1)
Other comprehensive income (loss)14 (45)
COMPREHENSIVE LOSS(59)(349)
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS  
COMPREHENSIVE LOSS ATTRIBUTABLE TO HYATT HOTELS CORPORATION$(59)$(349)






















See accompanying Notes to condensed consolidated financial statements.
2

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars, except share and per share amounts)
(Unaudited)
March 31, 2022December 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$1,023 $960 
Restricted cash47 57 
Short-term investments282 227 
Receivables, net of allowances of $56 and $53 at March 31, 2022 and December 31, 2021, respectively
655 633 
Inventories8 10 
Prepaids and other assets154 149 
Prepaid income taxes53 26 
Assets held for sale375  
Total current assets2,597 2,062 
Equity method investments209 216 
Property and equipment, net2,525 2,848 
Financing receivables, net of allowances of $72 and $69 at March 31, 2022 and December 31, 2021, respectively
57 41 
Operating lease right-of-use assets411 446 
Goodwill3,006 2,965 
Intangibles, net1,880 1,977 
Deferred tax assets14 14 
Other assets1,990 2,034 
TOTAL ASSETS$12,689 $12,603 
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt$6 $10 
Accounts payable546 523 
Accrued expenses and other current liabilities317 299 
Current contract liabilities1,285 1,178 
Accrued compensation and benefits119 187 
Current operating lease liabilities35 35 
Liabilities held for sale212  
Total current liabilities2,520 2,232 
Long-term debt3,815 3,968 
Long-term contract liabilities1,407 1,349 
Long-term operating lease liabilities322 349 
Other long-term liabilities1,101 1,139 
Total liabilities9,165 9,037 
Commitments and contingencies (see Note 12)
EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding at March 31, 2022 and December 31, 2021
  
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 51,273,148 issued and outstanding at March 31, 2022, and Class B common stock, $0.01 par value per share, 391,012,161 shares authorized, 59,017,749 shares issued and outstanding at March 31, 2022. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 50,322,050 issued and outstanding at December 31, 2021, and Class B common stock, $0.01 par value per share, 391,647,683 shares authorized, 59,653,271 shares issued and outstanding at December 31, 2021
1 1 
Additional paid-in capital657 640 
Retained earnings3,094 3,167 
Accumulated other comprehensive loss(231)(245)
Total stockholders' equity3,521 3,563 
Noncontrolling interests in consolidated subsidiaries3 3 
Total equity3,524 3,566 
TOTAL LIABILITIES AND EQUITY$12,689 $12,603 
See accompanying Notes to condensed consolidated financial statements.
3

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions of dollars)
(Unaudited)

 Three Months Ended
 March 31, 2022March 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(73)$(304)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization119 74 
Amortization of share awards31 32 
Amortization of operating lease right-of-use assets9 8 
Deferred income taxes 200 
Equity (earnings) losses from unconsolidated hospitality ventures9 (54)
Contra revenue9 8 
Unrealized (gains) losses, net10 (8)
Working capital changes and other66 (47)
Net cash provided by (used in) operating activities180 (91)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments(195)(423)
Proceeds from marketable securities and short-term investments163 523 
Contributions to equity method and other investments(3)(16)
Acquisitions, net of cash acquired(39)(84)
Capital expenditures(43)(19)
Other investing activities7 (12)
Net cash used in investing activities(110)(31)
CASH FLOWS FROM FINANCING ACTIVITIES:
Other financing activities(14)(14)
Net cash used in financing activities(14)(14)
EFFECT OF EXCHANGE RATE CHANGES ON CASH5 5 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, INCLUDING CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CLASSIFIED WITHIN CURRENT ASSETS HELD FOR SALE61 (131)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH RECLASSIFIED TO ASSETS HELD FOR SALE (7) 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH54 (131)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR1,065 1,237 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD$1,119 $1,106 




















See accompanying Notes to condensed consolidated financial statements.
Supplemental disclosure of cash flow information:
March 31, 2022March 31, 2021
Cash and cash equivalents$1,023 $1,078 
Restricted cash (1)47 9 
Restricted cash included in other assets (1)49 19 
Total cash, cash equivalents, and restricted cash$1,119 $1,106 
(1) Restricted cash generally represents debt service on bonds, escrow deposits, and other arrangements.
Three Months Ended
March 31, 2022March 31, 2021
Cash paid during the period for interest$30 $42 
Cash paid (received) during the period for income taxes, net$8 $(2)
Cash paid for amounts included in the measurement of operating lease liabilities $11 $9 
Non-cash investing and financing activities are as follows:
Change in accrued capital expenditures$13 $ 
Non-cash right-of-use assets obtained in exchange for operating lease liabilities$1 $2 



































See accompanying Notes to condensed consolidated financial statements.
4

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(In millions except share and per share amounts)
(Unaudited)
Common Shares OutstandingCommon Stock AmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossNoncontrolling Interests in Consolidated SubsidiariesTotal
ClassClassClassClass
ABAB
BALANCE—January 1, 202139,250,241 62,038,918 $1 $ $13 $3,389 $(192)$3 $3,214 
Total comprehensive loss— — — — — (304)(45)— (349)
Employee stock plan issuance10,992 — — — 1 — — — 1 
Class share conversions800,169 (800,169)— — — — — — — 
Share-based payment activity462,103 — — — 22 — — — 22 
BALANCE—March 31, 202140,523,505 61,238,749 $1 $ $36 $3,085 $(237)$3 $2,888 
BALANCE—January 1, 202250,322,050 59,653,271 $1 $ $640 $3,167 $(245)$3 $3,566 
Total comprehensive loss— — — — — (73)14 — (59)
Employee stock plan issuance12,221 — — — 1 — — — 1 
Class share conversions635,522 (635,522)— — — — — — — 
Share-based payment activity303,355 — — — 16 — — — 16 
BALANCE—March 31, 202251,273,148 59,017,749 $1 $ $657 $3,094 $(231)$3 $3,524 




































See accompanying Notes to condensed consolidated financial statements.
5

HYATT HOTELS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions of dollars, unless otherwise indicated)
(Unaudited)
1.    ORGANIZATION
Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively "Hyatt Hotels Corporation") has offerings that consist of full services hotels, select service hotels, all-inclusive resorts, and other forms of residential, vacation ownership, and condominium units. We also offer travel distribution and destination management services through ALG Vacations ("ALG Vacations") and a paid membership program through the Unlimited Vacation Club. At March 31, 2022, (i) we operated or franchised 519 full service hotels, comprising 171,823 rooms throughout the world, (ii) we operated or franchised 542 select service hotels, comprising 78,419 rooms, of which 445 hotels are located in the United States, and (iii) we operated, franchised, or marketed 111 all-inclusive resorts, comprising 36,152 rooms. At March 31, 2022, our portfolio of properties operated in 71 countries around the world. Additionally, through strategic relationships, we provide certain reservation and/or loyalty program services to hotels that are unaffiliated with our hotel portfolio and operate under other tradenames or marks owned by such hotels or licensed by third parties.
As used in these Notes and throughout this Quarterly Report on Form 10-Q:
"Hyatt," "Company," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries;
"hotel portfolio" refers to our full service hotels, including our wellness resorts, our select service hotels, and our all-inclusive resorts;
"properties," "portfolio of properties," or "property portfolio" refer to our hotel portfolio and residential, vacation ownership, and condominium units that we operate, manage, franchise, own, lease, develop, license, or to which we provide services or license our trademarks, including under the:
Park Hyatt, Miraval, Grand Hyatt, Alila, Andaz, The Unbound Collection by Hyatt, Destination by Hyatt, Hyatt Regency, Hyatt, Hyatt Ziva, Hyatt Zilara, Thompson Hotels, Hyatt Centric, Caption by Hyatt, JdV by Hyatt, Hyatt House, Hyatt Place, UrCove, Hyatt Residences Club brands; and
Secrets Resorts & Spas, Dreams Resorts & Spas, Breathless Resorts & Spas, Zoëtry Wellness & Spa Resorts, Vivid Hotels & Resorts, Alua Hotels & Resorts, and Sunscape Resorts & Spas brands (collectively the "AMR Collection"); and
"hospitality ventures" refers to entities in which we own less than a 100% equity interest.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. As a result, this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the "2021 Form 10-K").
We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary.
Management believes the accompanying condensed consolidated financial statements reflect all adjustments, which are all of a normal recurring nature, considered necessary for a fair presentation of the interim periods.
6

2.    RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Adopted Accounting Standards
Government Assistance—In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-10 ("ASU 2021-10"), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires annual disclosures that are expected to increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity's financial statements. The provisions of ASU 2021-10 are effective for fiscal years beginning after December 31, 2021, and we adopted ASU 2021-10 on January 1, 2022. We are currently evaluating the impact of ASU 2021-10 on our annual disclosures and do not expect a material impact to our consolidated financial statements.
Future Adoption of Accounting Standards
Reference Rate Reform—In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions that we can elect to adopt, subject to meeting certain criteria, regarding contract modifications, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The provisions of ASU 2020-04 are available through December 31, 2022, and we are currently assessing the impact of adopting ASU 2020-04.
3.    REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenues
The following tables present our revenues disaggregated by the nature of the product or service:
Three Months Ended March 31, 2022
Owned and leased hotelsAmericas management and franchisingASPAC management and franchisingEAME/SW Asia management and franchisingApple Leisure GroupCorporate and otherEliminationsTotal
Rooms revenues$167 $ $ $ $ $ $(6)$161 
Food and beverage69       69 
Other 41       41 
Owned and leased hotels277      (6)271 
Base management fees 46 8 6 8  (8)60 
Incentive management fees 12 4 7 19  (2)40 
Franchise fees 34  1    35 
Other fees 3 2 1 3 10  19 
Management, franchise, and other fees 95 14 15 30 10 (10)154 
Contra revenue (6)(1)(2)   (9)
Net management, franchise, and other fees 89 13 13 30 10 (10)145 
Distribution and destination management    246   246 
Other revenues 38   34 4 1 77 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 461 29 21 29   540 
Total$277 $588 $42 $34 $339 $14 $(15)$1,279 
7

Three Months Ended March 31, 2021
Owned and leased hotelsAmericas management and franchisingASPAC management and franchisingEAME/SW Asia management and franchisingCorporate and otherEliminationsTotal
Rooms revenues$62 $ $ $ $ $(3)$59 
Food and beverage 20      20 
Other 25      25 
Owned and leased hotels107     (3)104 
Base management fees 16 8 3  (3)24 
Incentive management fees 1 5 2   8 
Franchise fees 17