Form 8-K Hyatt Hotels Corp For: Feb 16

February 16, 2022 4:37 PM EST

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Exhibit 99.1
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Investor Contact:
Media Contact:
Noah Hoppe, 312.780.5991
Franziska Weber, 312.780.6106
noah.hoppe@hyatt.com
franziska.weber@hyatt.com

HYATT REPORTS FOURTH QUARTER AND FULL-YEAR 2021 RESULTS
Apple Leisure Group Acquisition Drives Net Rooms Growth of 19.5% in 2021
Hyatt Portfolio Rooms Mix Transforms to 40% Luxury, Lifestyle, or Resort
CHICAGO (February 16, 2022) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported fourth quarter and full-year 2021 financial results. Net loss attributable to Hyatt was $29 million, or $0.26 per diluted share, in the fourth quarter of 2021, compared to net loss attributable to Hyatt of $203 million, or $2.00 per diluted share, in the fourth quarter of 2020. Adjusted net loss attributable to Hyatt was $306 million, or $2.78 per diluted share, in the fourth quarter of 2021, compared to Adjusted net loss attributable to Hyatt of $179 million, or $1.77 per diluted share, in the fourth quarter of 2020. Refer to the table on page 15 of the schedules for a summary of special items impacting Adjusted net loss and Adjusted losses per share in the three months ended December 31, 2021 and December 31, 2020.
“2021 was a transformative year for our company,” said Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt Hotels Corporation. “We completed the largest acquisition in the history of Hyatt with Apple Leisure Group, realized approximately $630 million of gross proceeds from owned hotel dispositions, and had another year of industry leading Net Rooms Growth driven by a record year of new hotel openings.” Mr. Hoplamazian added, "The performance of our core business continues to strengthen, fueled by recovering demand and excellent operational execution."
On November 1, 2021, the Company completed the acquisition of Apple Leisure Group ("ALG"). Fourth quarter and full-year 2021 financial results reflect two months of ALG performance. ALG's contribution to Adjusted EBITDA does not include Net Deferrals and Net Financed Contracts; please refer to page 26 for definitions of these operational metrics as well as the supplemental investor deck available at investors.hyatt.com.
Fourth quarter 2021 financial results as compared to the fourth quarter 2020 are as follows:
Net loss decreased to $29 million from a loss of $203 million.
Adjusted EBITDA increased to $112 million from a loss of $98 million.
ALG contributed $4 million of Adjusted EBITDA.
Adjusted EBITDA does not include ALG's Net Deferrals of $19 million and Net Financed Contracts of $8 million.
Comparable system-wide RevPAR increased to $96.75 in the fourth quarter of 2021 and decreased 26.1% compared to the fourth quarter of 2019 on a reported basis.1
Comparable owned and leased hotels operating margins were 24.8% in the fourth quarter of 2021.

1 RevPAR percentage change calculated from comparable system-wide RevPAR of $130.93 as reported in the fourth quarter of 2019.
Note: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page 13.

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Fiscal year 2021 financial results as compared to fiscal year 2020 are as follows:
Net loss decreased to $222 million from a loss of $703 million.
Adjusted EBITDA increased to $257 million from a loss of $177 million.
ALG contributed $4 million of Adjusted EBITDA.
Adjusted EBITDA does not include ALG's Net Deferrals of $19 million and Net Financed Contracts of $8 million.
Comparable system-wide RevPAR increased to $77.80 in fiscal year 2021 and decreased 42.9% compared to fiscal year 2019 on a reported basis.2
System-wide Net Rooms Growth was 19.5% in 2021. Excluding the acquisition of ALG, Net Rooms Growth was 6.1%.
The pipeline of executed management or franchise contracts increased 12% to approximately 113,000 rooms. Excluding the acquisition of ALG, the pipeline increased 3% to approximately 104,000 rooms.
Mr. Hoplamazian added, "We opened 99 Hyatt hotels in 2021, a new record, excluding ALG's contribution. Our strong organic growth paired with the acquisitions of ALG this past year and Two Roads in 2018 have transformed our portfolio. We have doubled the number of luxury rooms, tripled the number of lifestyle rooms, and tripled the number of resort rooms in only four years. Our portfolio is uniquely positioned to benefit from the strengthening demand environment ahead, especially for our high-end travelers.”
OPERATIONAL UPDATE
Comparable system-wide RevPAR in comparison with 2019 levels recovered to 74% in the fourth quarter on a reported basis and 84% in December 2021, before softening to 63% in January 2022, due to the impact of the Omicron variant. Comparable system-wide RevPAR in February 2022 is trending at approximately 68% of 2019 levels through the first two weeks of the month with notable RevPAR acceleration of over 20% for the trailing 7-day period as of mid-February compared to the same 7-day period two weeks prior.
Forward booking trends have also experienced notable acceleration. Gross transient revenue booked for future periods was approximately 77% of 2019 levels in January and has accelerated to 95% month-to-date through mid-February. Gross group room revenue booked for Americas Full Service Managed properties in January for stay dates in 2022 was 114% of 2019 levels and has accelerated further through mid-February.
Net Package RevPAR for comparable ALG resorts in the Americas in comparison with 2019 levels was 85% in January. Gross package revenue booked for future periods was approximately 93% of 2019 levels in January and has accelerated to more than 135% of 2019 levels month-to-date through mid-February.





2 RevPAR percentage change calculated from comparable system-wide RevPAR of $136.27 as reported in fiscal year 2019.
Note: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page 13.

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FOURTH QUARTER RESULTS
Fourth quarter of 2021 financial results as compared to the fourth quarter of 2020 are as follows:
Management, Franchise and Other Fees
Total management and franchise fee revenues increased to $124 million in the fourth quarter of 2021 compared to $47 million reported in the fourth quarter of 2020 and reflected a sequential improvement from $96 million reported in the third quarter of 2021. Base management fees increased to $59 million, incentive management fees increased to $28 million, and franchise fees increased to $37 million during the quarter. Other fee revenues increased to $25 million in the fourth quarter.
Americas Management and Franchising Segment
Americas management and franchising segment Adjusted EBITDA increased to $75 million in the fourth quarter of 2021 compared to $9 million reported in the fourth quarter of 2020. Results were led by increases in base and franchise fees with total franchise fees exceeding 2019 levels on a reported basis.
Americas net rooms increased 4.9% compared to the fourth quarter of 2020.
Southeast Asia, Greater China, Australia, New Zealand, South Korea, Japan and Micronesia (ASPAC) Management and Franchising Segment
ASPAC management and franchising segment Adjusted EBITDA decreased to $8 million in the fourth quarter of 2021 compared to $9 million reported in the fourth quarter of 2020. Results reflect lower demand from Greater China while the remainder of the region experienced improving demand and an increase in fees.
ASPAC net rooms increased 7.7% compared to the fourth quarter of 2020.
Europe, Africa, Middle East and Southwest Asia (EAME/SW Asia) Management and Franchising Segment
EAME/SW Asia management and franchising segment Adjusted EBITDA increased to $13 million in the fourth quarter of 2021 compared to $(3) million reported in the fourth quarter of 2020. Results across the region were led by stronger demand in certain parts of Europe and in the Middle East driven by the Dubai Expo.
EAME/SW Asia net rooms increased 9.9% compared to the fourth quarter of 2020.
Apple Leisure Group Segment
On November 1, 2021, the Company completed the acquisition of ALG for a purchase price of $2.7 billion, net of cash acquired. As of December, 31, 2021, the acquisition of ALG added 99 resorts (or approximately 32,000 rooms), and a pipeline of approximately 9,000 rooms.
ALG is reported as one segment and derives its earnings through management and marketing services for all-inclusive resorts within the AMR™ Collection, a paid membership club offering through the Unlimited Vacation Club®, and distribution and destination management services offered through ALG Vacations®.
In November and December, total ALG segment Adjusted EBITDA was $4 million. Adjusted EBITDA does not include ALG's Net Deferrals of $19 million and Net Financed Contracts of $8 million.

Note: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page 13.

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Deferred revenue from the Unlimited Vacation Club business increased by $35 million and deferred costs increased by $16 million resulting in Net Deferrals of $19 million. The Net Deferrals of $19 million will be recognized in our consolidated statements of income (loss) over the membership contract term, which ranges from 3 to 25 years, resulting in a material timing difference compared with cash received from members upon signing under membership contract terms. The Unlimited Vacation Club Net Financed Contracts increased $8 million, this increase represents installments to be paid by members in the future in accordance with the terms of their contract.
Please refer to the table on page 3 of the schedules for further details on revenue recognition, deferrals, and financed contracts relating to the Unlimited Vacation Club.
Owned and Leased Hotels Segment
Total owned and leased hotels segment Adjusted EBITDA increased to $57 million in the fourth quarter of 2021 compared to $(48) million reported in the fourth quarter of 2020 driven by improved demand across the portfolio with all hotels re-opened by the end of 2021. Owned and leased hotels segment comparable margins improved to 24.8%, reflecting strong operational execution and average daily rates.
Refer to the tables starting on page 11 of the schedules for a detailed list of portfolio changes and the year-over-year net impact to total owned and leased hotels segment Adjusted EBITDA.
Corporate and Other
Corporate and other Adjusted EBITDA increased to $(45) million in the fourth quarter of 2021 compared to $(65) million reported in the fourth quarter of 2020. The favorability to the fourth quarter of 2020 was primarily driven by a non-recurring expense to provide necessary system-wide services and programs to hotel owners in 2020. This was partially offset by increases in certain selling, general, administrative expenses, including payroll and related costs, and $6 million of integration-related costs associated with the ALG Acquisition.
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses increased 9.8% inclusive of the rabbi trust impact and stock-based compensation. Adjusted selling, general, and administrative expenses increased 44.3% or $32 million, primarily due to the addition of ALG Adjusted selling, general, and administrative expenses for the two months post-acquisition, an increase in accrued bonus expense, and ALG integration costs.
Refer to the table on page 17 of the schedules for a reconciliation of selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses.
OPENINGS AND FUTURE EXPANSION
In the fourth quarter of 2021, 128 new hotels (or 37,014 rooms) joined Hyatt's system, inclusive of 99 hotels (or 31,887 rooms) from the acquisition of ALG. In fiscal year 2021, 198 new hotels (or 49,834 rooms) joined Hyatt's system, inclusive of 99 hotels (or 31,887 rooms) from the acquisition of ALG. Additionally, 17 properties (or 3,076 rooms) converted to a Hyatt brand during 2021.
As of December 31, 2021, the Company had a pipeline of executed management or franchise contracts for approximately 540 hotels (approximately 113,000 rooms), inclusive of ALG's pipeline contribution of approximately 30 hotels (or approximately 9,000 rooms).

Note: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page 13.

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TRANSACTION/ CAPITAL STRATEGY
During the fourth quarter, the Company completed the following transactions related to its owned and leased portfolio:
Hyatt Regency Bishkek— a Hyatt affiliate sold its interest in the hospitality venture that owns Hyatt Regency Bishkek to our hospitality partner for approximately $3 million and entered into a long-term management agreement upon sale.
Hyatt Regency Miami— a Hyatt affiliate contributed Hyatt Regency Miami to a newly-formed hospitality venture for approximately $22 million and retained a long-term management agreement.
The Company intends to successfully execute plans to sell approximately $2 billion of real estate by the end of 2024 as part of its expanded asset-disposition commitment announced in August 2021.
SHARE REPURCHASE/ DIVIDEND
There were no Class A or Class B shares repurchased during the fourth quarter of 2021. The Company ended the fourth quarter with 50,322,050 Class A and 59,653,271 Class B shares issued and outstanding.
During the 2021 fiscal year, the Company issued and sold 8,050,000 shares of Class A common stock and received $575 million of net proceeds.
The Company has suspended all share repurchase activity and its quarterly dividend.
2022 OUTLOOK
The Company is providing the following guidance for the 2022 fiscal year:
Adjusted selling, general, and administrative expenses are expected to be approximately $460 million to $465 million. This includes selling, general, and administrative expenses associated with the acquisition of ALG, of which $25 million to $30 million is related to one-time integration costs in 2022. Refer to the table on page 18 of the schedules for a reconciliation of selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses.
Excluding ALG, Adjusted selling, general, and administrative expenses are expected to be approximately $300 million to $305 million, and include $25 million to $30 million related to one-time integration costs in 2022.
ALG Adjusted selling, general, and administrative expenses are expected to be approximately $160 million.
Capital expenditures are expected to be approximately $215 million.
Hyatt capital expenditures, excluding ALG, are expected to be approximately $190 million.
ALG capital expenditures are expected to be approximately $25 million.
The Company expects to grow net rooms by approximately 6.0%.
No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2022 Outlook. The Company's 2022 Outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that Hyatt will achieve these results.

Note: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page 13.

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BALANCE SHEET / LIQUIDITY
As of December 31, 2021, the Company reported the following:
Total debt of $3,978 million.
Pro rata share of unconsolidated hospitality venture debt of $581 million, substantially all of which is non-recourse to Hyatt and a portion of which Hyatt guarantees pursuant to separate agreements.
Total liquidity of approximately $2.7 billion with $960 million of cash and cash equivalents, $227 million of short-term investments, and available borrowing availability of $1,493 million under Hyatt's revolving credit facility, net of letters of credit outstanding.
Note: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page 13.

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CONFERENCE CALL INFORMATION
The Company will hold an investor conference call tomorrow, February 17, 2022, at 9:00 a.m. CT.
Participants may listen to a simultaneous webcast of the conference call, which may be accessed through the Company’s website at investors.hyatt.com. Alternatively, participants may access the live call by dialing: 888-412-4131 (U.S. Toll-Free) or 646-960-0134 (International Toll Number) using conference ID# 9019679 approximately 15 minutes prior to the scheduled start time.
A replay of the call will be available Thursday, February 17, 2022 at 11:00 a.m. CT until Wednesday, February 23, 2022 at 10:59 p.m. CT by dialing: 800-770-2030 (U.S. Toll-Free) or 647-362-9199 (International Toll Number) using conference ID# 9019679. An archive of the webcast will be available on the Company’s website for 90 days.
FORWARD-LOOKING STATEMENTS
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, outlook, occupancy, the impact of the COVID-19 pandemic and pace of recovery, the amount by which the Company intends to reduce its real estate asset base and the anticipated timeframe for such asset dispositions, the number of properties we expect to open in the future, booking trends, our expected Adjusted SG&A expense, our expected capital expenditures, our expected net rooms growth, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: risks associated with the acquisition of Apple Leisure Group (“ALG”), including the related incurrence of additional material indebtedness; our ability to realize the anticipated benefits of the acquisition of ALG as rapidly or to the extent anticipated, including successfully integrating the ALG business with ours; the duration and severity of the COVID-19 pandemic and the pace of recovery following the pandemic, any additional resurgence, or COVID-19 variants; the short and long-term effects of the COVID-19 pandemic, including on the demand for travel, transient and group business, and levels of consumer confidence; the impact of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants, and the impact of actions that governments, businesses, and individuals take in response, on global and regional economies, travel limitations or bans, and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; the broad distribution and efficacy of COVID-19 vaccines and treatments, wide acceptance by the general population of such vaccines, and the availability, use, and effectiveness of COVID-19 testing, including at-home testing kits; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; the timing of acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to


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successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business; and other risks discussed in the Company's filings with the SEC, including our annual report on Form 10-K, which filings are available from the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
NON-GAAP FINANCIAL MEASURES
The Company refers to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including: net income (loss), adjusted for special items; diluted EPS, adjusted for special items; Adjusted EBITDA; Adjusted EBITDA margin; and Adjusted SG&A. See the schedules to this earnings release, including the "Definitions" section, for additional information and reconciliations of such non-GAAP financial measures.
AVAILABILITY OF INFORMATION ON HYATT'S WEBSITE AND SOCIAL MEDIA CHANNELS
Investors and others should note that Hyatt routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts and the Hyatt Investor Relations website. The Company uses these channels as well as social media channels (e.g., the Hyatt Facebook account (facebook.com/hyatt); the Hyatt Instagram account (instagram.com/hyatt/); the Hyatt Twitter account (twitter.com/hyatt); the Hyatt LinkedIn account (linkedin.com/company/hyatt/); and the Hyatt YouTube account (youtube.com/user/hyatt) as a means of disclosing information about the Company's business to our guests, customers, colleagues, investors, and the public. While not all of the information that the Company posts to the Hyatt Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Hyatt to review the information that it shares at the Investor Relations link located at the bottom of the page on hyatt.com and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Sign up for Email Alerts" in the "Investor Resources" section of Hyatt's website at investors.hyatt.com.
ABOUT HYATT HOTELS CORPORATION
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of December 31, 2021, the Company’s portfolio included more than 1,150 hotel and all-inclusive properties in 70 countries across six continents. The Company's offering includes 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, and Hyatt Residence Club® brands, as well as resort and hotel brands under the AMR™ Collection, including Secrets® Resorts & Spas, Dreams® Resorts & Spas, Breathless Resorts & Spas®, Zoëtry® Wellness & Spa Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.




Hyatt Hotels Corporation
Table of Contents
Financial Information (unaudited)
1.
2.
3.
4.
5.
6.
7.
8. - 9.
10.
11. - 12.
13. - 19.
a.
b.
c.
d.
e.
f.
20.
21.
22. - 26.

Percentages on the following schedules may not recompute due to rounding. Not meaningful percentage changes are presented as "NM".




Hyatt Hotels Corporation
Consolidated Statements of Income (Loss)
(in millions, except per share amounts)
(unaudited)
 Three Months Ended
December 31,
Year Ended
December 31,
 2021202020212020
REVENUES:
Owned and leased hotels$280 $91 $838 $513 
Management, franchise, and other fees149 59 418 239 
Contra revenue(9)(10)(35)(30)
Net management, franchise, and other fees140 49 383 209 
Distribution and destination management 115 — 115 — 
Other revenues40 13 109 58 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties501 271 1,583 1,286 
Total revenues1,076 424 3,028 2,066 
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Owned and leased hotels219 132 725 627 
Distribution and destination management 112 — 112 — 
Depreciation and amortization91 77 310 310 
Other direct costs49 15 127 65 
Selling, general, and administrative116 104 366 321 
Costs incurred on behalf of managed and franchised properties522 307 1,639 1,375 
Direct and selling, general, and administrative expenses1,109 635 3,279 2,698 
Net gains and interest income from marketable securities held to fund rabbi trusts37 43 60 
Equity earnings (losses) from unconsolidated hospitality ventures20 (25)28 (70)
Interest expense(40)(41)(163)(128)
Gains (losses) on sales of real estate and other(44)414 (36)
Asset impairments(6)(10)(8)(62)
Other income (loss), net(53)22 (19)(92)
INCOME (LOSS) BEFORE INCOME TAXES(102)(272)44 (960)
BENEFIT (PROVISION) FOR INCOME TAXES73 69 (266)257 
NET LOSS(29)(203)(222)(703)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS— — — — 
NET LOSS ATTRIBUTABLE TO HYATT HOTELS CORPORATION$(29)$(203)$(222)$(703)
LOSSES PER SHARE - Basic
Net loss$(0.26)$(2.00)$(2.13)$(6.93)
Net loss attributable to Hyatt Hotels Corporation$(0.26)$(2.00)$(2.13)$(6.93)
LOSSES PER SHARE - Diluted
Net loss$(0.26)$(2.00)$(2.13)$(6.93)
Net loss attributable to Hyatt Hotels Corporation$(0.26)$(2.00)$(2.13)$(6.93)
Basic share counts110.1101.3104.0101.3
Diluted share counts110.1101.3104.0101.3

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Hyatt Hotels Corporation
Segment Financial Summary
(in millions)
 Three Months Ended
December 31,
Year Ended
December 31,
20212020Change ($)Change (%)Change in Constant $Change in Constant $ (%)20212020Change ($)Change (%)Change in Constant $Change in Constant $ (%)
Owned and leased hotels$286 $93 $193 206.8 %$193 208.1 %$855 $525 $330 62.6 %$328 62.0 %
Americas management and franchising112 40 72 178.3 %72 178.5 %361 194 167 86.6 %167 86.9 %
ASPAC management and franchising21 19 5.0 %3.8 %72 61 11 17.2 %13.9 %
EAME/SW Asia management and franchising18 12 201.4 %12 204.6 %43 23 20 85.0 %20 83.7 %
Apple Leisure Group (a)155 — 155 NM155 NM155 — 155 NM155 NM
Corporate and other(1)(12.0)%(1)(12.0)%41 34 19.7 %19.7 %
Eliminations (b)(16)(4)(12)(237.0)%(12)(236.9)%(47)(27)(20)(71.3)%(20)(71.1)%
Adjusted revenues$584 $163 $421 257.3 %$421 257.9 %$1,480 $810 $670 82.5 %$666 81.7 %
Adjusted EBITDA
Owned and leased hotels$49 $(42)$91 217.3 %$91 217.6 %$77 $(135)$212 156.9 %$213 156.4 %
Pro rata share of unconsolidated hospitality ventures(6)14 230.6 %14 230.4 %14 (13)27 204.1 %28 199.4 %
Total owned and leased hotels57 (48)105 219.0 %105 219.3 %91 (148)239 161.2 %241 160.5 %
Americas management and franchising75 66 735.0 %66 731.8 %231 90 141 156.8 %141 157.6 %
ASPAC management and franchising(1)(14.4)%(1)(16.1)%29 24 20.6 %15.5 %
EAME/SW Asia management and franchising13 (3)16 461.4 %16 467.3 %17 (15)32 211.0 %33 207.3 %
Apple Leisure Group (a)— NMNM— NMNM
Corporate and other(45)(65)20 31.6 %20 31.5 %(116)(130)14 11.2 %14 11.4 %
Eliminations — — — (32.4)%— (32.4)%(1)(49.1)%(1)(49.1)%
Adjusted EBITDA$112 $(98)$210 214.4 %$210 214.8 %$257 $(177)$434 245.3 %$436 243.9 %
Three Months Ended
December 31,
Year Ended
December 31,
Net Deferral activity 20212020Change $Change (%)20212020Change ($)Change (%)
Increase in deferred revenue$35 $ $35 NM$35 $ $35 NM
Increase in deferred costs(16)— (16)NM(16)— (16)NM
Net Deferrals$19 $ $19 NM$19 $ $19 NM
Increase in Net Financed Contracts$8 $ $8 NM$8 $— $8 NM

(a) Includes activity for the two month period of ownership following the acquisition of ALG during the year ended December 31, 2021.
(b) These intersegment eliminations represent management fee revenues and expenses related to our owned and leased hotels and promotional award redemption revenues and expenses related to our co-branded credit card program at our owned and leased hotels.
Page 2



Hyatt Hotels Corporation
Reconciliation of Unlimited Vacation Club Net Deferrals
(in millions)
Three Months Ended
December 31,
Year Ended
December 31,
20212020Change $Change (%)20212020Change ($)Change (%)
Sales of membership club contracts deferrals$54 $— $54 NM$54 $— $54 NM
Membership club revenue recognized(19)— (19)NM(19)— (19)NM
Increase in deferred revenue from membership club contract sales 35  35 NM35  35 NM
Costs of memberships club contracts deferrals(16)— (16)NM(16)— (16)NM
Membership club costs recognized— — — NM— — — NM
Increase in deferred costs from membership club contract costs(16) (16)NM(16) (16)NM
Net Deferrals (a)$19 $ $19 NM$19 $ $19 NM
Increase in Net Financed Contracts (a)$8 $ $8 NM$8 $— $8 NM

(a)Includes activity for the two month period of ownership following the acquisition of ALG during the year ended December 31, 2021.
Page 3


Hyatt Hotels Corporation
Hotel Chain Statistics
Comparable Hotels
In Constant $
Three Months Ended December 31,Year Ended December 31,
RevPAROccupancyADRRevPAROccupancyADR
2021vs. 20202021vs. 20202021vs. 20202021vs. 20202021vs. 20202021vs. 2020
Owned and leased hotels (# of hotels) (a)
Owned and leased hotels (30)$133.27 308.1 %53.6  %33.9% pts$248.46 49.6  %$95.66 94.9  %44.5  %21.4% pts$215.00 1.3  %
Managed and franchised hotels (# of hotels) (b)
System-wide hotels (868)$96.75 131.8 %55.6  %23.1% pts$174.13 35.5  %$77.80 66.5  %48.6  %16.9% pts$160.11 8.5  %
Americas
Full service hotels (211)$115.50 266.1 %53.3  %33.5% pts$216.80 36.2  %$89.36 96.4  %44.1  %19.9% pts$202.49 7.9  %
Select service hotels (406)$85.16 107.1 %65.1  %22.4% pts$130.77 35.9  %$76.23 66.3  %61.8  %20.7% pts$123.37 10.6  %
ASPAC
Full service hotels (110)$76.02 3.6 %46.4  %(0.3)% pts$163.80 4.1  %$67.54 15.0  %42.9  %6.1% pts$157.57 (1.3) %
Select service hotels (25)$36.64 (12.4)%50.3  %(11.9)% pts$72.78 8.2  %$37.87 23.9  %53.0  %9.2% pts$71.40 2.4  %
EAME/SW Asia
Full service hotels (98)$106.33 228.2 %55.3  %30.8% pts$192.38 45.7  %$69.14 72.2  %40.8  %16.0% pts$169.62 4.8  %
Select service hotels (18)$57.76 129.3 %62.8  %22.9% pts$91.92 45.7  %$40.24 43.3  %52.8  %16.8% pts$76.17 (2.4) %
(a) Owned and leased hotels figures do not include unconsolidated hospitality ventures.
(b) Managed and franchised hotels figures include owned and leased hotels.

Page 4


Hyatt Hotels Corporation
Hotel Brand Statistics
Comparable System-wide Managed and Franchised Hotels (a)
In Constant $
Three Months Ended December 31,Year Ended December 31,
RevPAROccupancyADRRevPAROccupancyADR
Brand (# of hotels)2021vs. 20202021vs. 20202021vs. 20202021vs. 20202021vs. 20202021vs. 2020
Park Hyatt (39)$197.28 88.1 %49.4  %16.9% pts$399.62 24.0  %$144.04 53.2 %41.6  %12.0% pts$346.35 8.9  %
Grand Hyatt (55)$101.54 104.4  %50.3  %18.8% pts$201.90 27.9  %$80.12 52.5  %43.7  %14.2% pts$183.54 3.2  %
Andaz (21)$196.08 153.7  %59.5  %23.1% pts$329.77 55.4  %$144.04 87.7  %49.1  %15.9% pts$293.25 26.7  %
Composite Luxury1
$135.58 115.5  %51.9  %20.3% pts$261.07 31.1  %$104.36 67.9  %44.1  %14.7% pts$236.39 11.8  %
Hyatt Regency (200)$85.66 169.3  %50.8  %25.7% pts$168.55 33.2  %$67.13 66.4  %42.1  %15.5% pts$159.63 5.1  %
Hyatt Centric (32)$107.94 197.8  %59.8 %30.6% pts$180.62 45.4 %$80.77 82.2  %49.6  %21.7% pts$162.98 2.5  %
Composite Upper-Upscale2
$87.84 175.5  %51.8 %26.5% pts$169.49 34.7 %$68.28 70.0  %42.8 %16.2% pts$159.56 5.7 %
Hyatt Place (351)$77.43 100.9 %63.0  %19.6% pts$122.84 38.3  %$69.09 66.9 %59.8  %19.7% pts$115.53 12.0  %
Hyatt House (98)$90.83 94.3  %67.3  %21.4% pts$135.05 32.6  %$81.17 54.4  %64.0  %19.8% pts$126.83 6.6  %
Composite Upscale3
$80.43 99.2 %64.0  %20.0% pts$125.71 36.8  %$71.79 63.5 %60.7  %19.7% pts$118.19 10.5  %
(a) Managed and franchised hotels figures include owned and leased hotels.
1 Includes Park Hyatt, Miraval, Grand Hyatt, Alila, Andaz, The Unbound Collection by Hyatt, Destination by Hyatt, and Thompson Hotels.
2 Includes Hyatt Regency, Hyatt, Hyatt Centric, and JdV by Hyatt.
3 Includes Hyatt Place and Hyatt House.

Page 5



Hyatt Hotels Corporation
All-inclusive Brand Statistics
All Properties (Comparable and Non-Comparable) Managed and Franchised Hotels (a)
In Constant $
Three Months Ended December 31,Year Ended December 31,
Net Package RevPAROccupancyADRNet Package RevPAROccupancyADR
Brand (# of hotels)2021vs. 20202021vs. 20202021vs. 20202021vs. 20202021vs. 20202021vs. 2020
AMR Collection Americas (59) (b)$188.08 NM70.4 %NM$267.30 NM$188.08 NM70.4 %NM$267.30 NM
AMR Collection Europe (40) (b)(c)$92.15 NM57.3 %NM$160.81 NM$92.15 NM57.3 %NM$160.81 NM
Composite all-inclusive1
$192.42 NM67.6 %NM$284.62 NM$195.71 NM62.3 %NM$314.14 NM
(a) Managed and franchised hotels figures include owned and leased hotels.
(b) Includes activity for the two month period of ownership following the acquisition of ALG during the year ended December 31, 2021.
(c) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
1 Includes AMR Collection, Hyatt Ziva and Hyatt Zilara


Page 6


Hyatt Hotels Corporation
Fee Summary
(in millions)
Three Months Ended
December 31,
Year Ended
December 31,
20212020Change ($)Change (%)20212020Change ($)Change (%)
Base management fees$59 $22 $37 166.1 %$169 $96 $73 76.0 %
Incentive management fees28 10 18 178.3 %58 22 36 159.0 %
Franchise fees37 15 22 156.8 %119 63 56 89.3 %
Management and franchise fees124 47 77 166.0 %346 181 165 91.0 %
Other fee revenues25 12 13 107.1 %72 58 14 24.7 %
Management, franchise, and other fees$149 $59 $90 153.5 %$418 $239 $179 74.9 %

Three Months Ended
December 31,
Year Ended
December 31,
20212020Change ($)Change (%)20212020Change ($)Change (%)
Management, franchise, and other fees$149 $59 $90 153.5 %$418 $239 $179 74.9 %
Contra revenue from management agreements(6)(7)22.5 %(23)(19)(4)(18.6)%
Contra revenue from franchise agreements(3)(3)— (30.5)%(12)(11)(1)(13.1)%
Net management, franchise, and other fees$140 $49 $91 188.3 %$383 $209 $174 83.3 %

Page 7


Hyatt Hotels Corporation
Properties and Rooms by Geography
Owned and leased hotels
December 31, 2021December 31, 2020Change
PropertiesRoomsPropertiesRoomsPropertiesRooms
Full service hotels
United States22 11,058 25 12,607 (3)(1,549)
Other Americas1,262 795 467 
EAME/SW Asia (a)1,135 1,435 (2)(300)
Select service hotels
United States171 171 — — 
Other Americas293 293 — — 
EAME/SW Asia330 330 — — 
Total full service and select service hotels34 14,249 38 15,631 (4)(1,382)
All-inclusive hotels (b)4 909   4 909 
Total owned and leased hotels (c)38 15,158 38 15,631  (473)
(a) December 31, 2020 includes one property that converted from leased to managed during the year ended December 31, 2021.
(b) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
(c) Figures do not include unconsolidated hospitality ventures.



Page 8


Hyatt Hotels Corporation
Properties and Rooms by Geography
Managed and franchised properties (includes owned and leased properties)
December 31, 2021December 31, 2020Change
PropertiesRoomsPropertiesRoomsPropertiesRooms
Americas
Full service hotels
United States managed 147 63,974 139 63,362 612 
Other Americas managed 25 8,958 25 8,916 — 42 
United States franchised77 23,102 68 20,620 2,482 
Other Americas franchised1,307 924 383 
Subtotal257 97,341 237 93,822 20 3,519 
Select service hotels
United States managed33 4,923 42 6,275 (9)(1,352)
Other Americas managed13 1,857 13 1,857 — — 
United States franchised411 57,389 379 52,291 32 5,098 
Other Americas franchised13 1,761 12 1,621 140 
Subtotal470 65,930 446 62,044 24 3,886 
ASPAC
Full service hotels
ASPAC managed125 41,649 116 39,327 2,322 
ASPAC franchised10 3,153 2,520 633 
Subtotal135 44,802 124 41,847 11 2,955 
Select service hotels
ASPAC managed29 5,053 29 5,378 — (325)
ASPAC franchised13 2,244 1,169 1,075 
Subtotal42 7,297 35 6,547 750 
EAME/SW Asia
Full service hotels
EAME/SW Asia managed101 25,457 97 24,678 779 
EAME/SW Asia franchised22 3,799 13 2,454 1,345 
Subtotal123 29,256 110 27,132 13 2,124 
Select service hotels
EAME/SW Asia managed21 3,429 17 2,749 680 
EAME/SW Asia franchised1,411 1,131 280 
Subtotal27 4,840 22 3,880 960 
Total full service and select service hotels1,054 249,466 974 235,272 80 14,194 
Americas
All-inclusive hotels
Other Americas 68 24,873 3,153 60 21,720 
Subtotal68 24,873 8 3,153 60 21,720 
EAME/SW Asia (a)
All-inclusive hotels
EAME/SW Asia 40 10,605 — — 40 10,605 
Subtotal40 10,605   40 10,605 
Total all-inclusive hotels108 35,478 8 3,153 100 32,325 
Total managed and franchised (b)1,162 284,944 982 238,425 180 46,519 
Vacation ownership15 16 (1)
Residential36 37 (1)
Condominium ownership39 36 
(a) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
(b) Figures do not include vacation ownership, residential, or condominium ownership units.
Page 9


Hyatt Hotels Corporation
Properties and Rooms by Brand
December 31, 2021December 31, 2020Change
BrandPropertiesRoomsPropertiesRoomsPropertiesRooms
Park Hyatt45 8,413 44 8,205 208 
Miraval357 362 — (5)
Grand Hyatt58 31,189 58 32,185 — (996)
Alila15 1,681 13 1,445 236 
Andaz24 5,447 24 5,532 — (85)
The Unbound Collection by Hyatt28 5,642 24 4,841 801 
Thompson Hotels15 3,147 11 2,543 604 
Destination by Hyatt18 3,959 16 3,906 53 
Hyatt Regency (a)226 94,241 214 90,899 12 3,342 
Hyatt13 3,354 12 2,056 1,298 
Hyatt Centric (a)48 10,182 38 7,937 10 2,245 
JdV by Hyatt21 2,987 13 2,090 897 
Hyatt Place403 58,147 388 55,426 15 2,721 
Hyatt House124 17,830 110 16,030 14 1,800 
UrCove12 2,090 1,015 1,075 
Other800 800 — — 
Total full service and select service hotels (b)1,054 249,466 974 235,272 80 14,194 
AMR Collection (c)(d)99 31,887 — — 99 31,887 
Hyatt Ziva 2,672 2,234 438 
Hyatt Zilara919 919 — — 
Total all-inclusive hotels108 35,478 8 3,153 100 32,325 
Total managed and franchised properties and rooms (b)1,162 284,944 982 238,425 180 46,519 
Hyatt Residence Club15 16 (1)
(a) Hyatt Regency includes two properties and Hyatt Centric includes one property that we will rebrand under the respective brand in 2022.
(b) Figures do not include vacation ownership, residential, or condominium ownership units.
(c) AMR Collection includes five non-branded properties managed by ALG.
(d) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
Page 10


Hyatt Hotels Corporation
Year-over-Year Net Impact of Portfolio Changes to Owned and Leased Hotels Segment Adjusted EBITDA
($ in millions)
RoomsTransaction / Opening DateThree Months Ended December 31, 2021 Adjusted EBITDA Impact
Dispositions
Owned and Leased Hotels
Hyatt Regency Baku1594Q20
Hyatt Regency Lost Pines Resort and Spa4902Q21
Hyatt Regency Lake Tahoe Resort, Spa and Casino4223Q21
Hyatt Regency Miami6154Q21
Hyatt Regency Bishkek1784Q21
Total Owned and Leased Hotels Dispositions (a)$
Unconsolidated Hospitality Venture Hotels
Grand Hyatt São Paulo4671Q21
Hyatt Place Celaya1452Q21
Hyatt Place Los Cabos1572Q21
Hyatt Place Tijuana1452Q21
Hyatt Centric Beale Street Memphis2272Q21
Hyatt Place Glendale / Los Angeles1794Q21
Hyatt Place San Jose Airport1904Q21
Hyatt House San Jose Airport1654Q21
Hyatt Centric Downtown Portland2204Q21
Hyatt House Nashville at Vanderbilt2014Q21
Total Unconsolidated Hospitality Venture Hotels Dispositions (b) (c) (d)$— 
Year-over-Year Net Impact of Dispositions to Owned and Leased Hotels Segment Adjusted EBITDA$
Acquisitions or Openings
Owned and Leased Hotels
Grand Hyatt São Paulo4671Q21
Total Owned and Leased Hotels Acquisitions or Openings$
Unconsolidated Hospitality Venture Hotels
Hyatt Centric Downtown Nashville2523Q21
Hyatt Centric Buckhead Atlanta2184Q21
Hyatt Regency Miami6154Q21
Total Unconsolidated Hospitality Venture Hotels Acquisitions or Openings (b) (e)$— 
Year-over-Year Net Impact of Acquisitions and Openings to Owned and Leased Segment Adjusted EBITDA $
Year-over-Year Net Impact of Portfolio Changes to Owned and Leased Hotels Segment Adjusted EBITDA$2 
(a) Includes the year-over-year impact of one property that converted from leased to managed during the three months ended December 31, 2021.
(b) Reflects Hyatt's pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA.
(c) Includes the sale of the hotel by the venture, the Company's sale of our equity interest in the venture, or the Company's equity interest no longer qualifying for the equity method of accounting.
(d) Includes the year-over-year financial impact of pre-opening activity.
(e) Includes the opening of a hotel by the venture.



Page 11


Hyatt Hotels Corporation
Year-over-Year Net Impact of Portfolio Changes to Owned and Leased Hotels Segment Adjusted EBITDA
($ in millions)
RoomsTransaction / Opening DateYear Ended December 31, 2021 Adjusted EBITDA Impact
Dispositions
Owned and Leased Hotels
Hyatt Regency Baku1594Q20
Hyatt Regency Lost Pines Resort and Spa4902Q21
Hyatt Regency Lake Tahoe Resort, Spa and Casino4223Q21
Hyatt Regency Miami6154Q21
Hyatt Regency Bishkek1784Q21
Total Owned and Leased Hotels Dispositions (a)$(4)
Unconsolidated Hospitality Venture Hotels
Grand Hyatt São Paulo4671Q21
Hyatt Place Celaya1452Q21
Hyatt Place Los Cabos1572Q21
Hyatt Place Tijuana1452Q21
Hyatt Centric Beale Street Memphis2272Q21
Hyatt Place Glendale / Los Angeles1794Q21
Hyatt Place San Jose Airport1904Q21
Hyatt House San Jose Airport1654Q21
Hyatt Centric Downtown Portland2204Q21
Hyatt House Nashville at Vanderbilt2014Q21
Total Unconsolidated Hospitality Venture Hotels Dispositions (b) (c) (e)$
Year-over-Year Net Impact of Dispositions to Owned and Leased Hotels Segment Adjusted EBITDA$(2)
Acquisitions or Openings
Owned and Leased Hotels
Miraval Berkshires Resort and Spa953Q20
Wyndhurst Manor & Club433Q20
Grand Hyatt São Paulo4671Q21
Alila Ventana Big Sur (d)502Q21
Total Owned and Leased Hotels Acquisitions or Openings (e)$10 
Unconsolidated Hospitality Venture Hotels
Hyatt Centric Downtown Portland2201Q20
Hyatt Place Boston / Seaport District2973Q20
Hyatt Centric Center City Philadelphia3324Q20
Hyatt Centric Downtown Nashville2523Q21
Hyatt Centric Buckhead Atlanta2184Q21
Hyatt Regency Miami6154Q21
Total Unconsolidated Hospitality Venture Hotels Acquisitions or Openings (b) (f)$
Year-over-Year Net Impact of Acquisitions and Openings to Owned and Leased Segment Adjusted EBITDA $11 
Year-over-Year Net Impact of Dispositions, Acquisitions and Openings to Owned and Leased Segment Adjusted EBITDA$9 
(a) Includes the year-over-year impact of one property that converted from leased to managed during the year ended December 31, 2021.
(b) Reflects Hyatt's pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA.
(c) Includes the sale of the hotel by the venture, the Company's sale of our equity interest in the venture, or the Company's equity interest no longer qualifying for the equity method of accounting.
(d) Total inventory of 59 rooms; 50 rooms available for sale with 9 rooms out of service. Hotel was acquired and subsequently sold during the year ended December 31, 2021.
(e) Includes the year-over-year financial impact of pre-opening activity.
(f) Includes the opening of a hotel by the venture.
Page 12


Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: Net Loss Attributable to Hyatt Hotels Corporation to EBITDA and EBITDA to Adjusted EBITDA and Total Revenues to Adjusted Revenues
(in millions)
 Three Months Ended
December 31,
Year Ended
December 31,
 20212020Change $Change (%)20212020Change ($)Change (%)
Net loss attributable to Hyatt Hotels Corporation$(29)$(203)$174 85.7 %$(222)$(703)$481 68.4 %
Interest expense40 41 (1)(2.7)%163 128 35 26.9 %
(Benefit) provision for income taxes(73)(69)(4)(3.8)%266 (257)523 203.2 %
Depreciation and amortization91 77 14 17.6 %310 310 — 0.1 %
EBITDA29 (154)183 119.2 %517 (522)1,039 199.1 %
Contra revenue10 (1)(9.2)%35 30 16.7 %
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties(501)(271)(230)(84.6)%(1,583)(1,286)(297)(23.1)%
Costs incurred on behalf of managed and franchised properties522 307 215 69.9 %1,639 1,375 264 19.2 %
Costs incurred on behalf of managed and franchised properties that we do not intend to recover from hotel owners
— (45)45 100.0 %— (45)45 100.0 %
Equity (earnings) losses from unconsolidated hospitality ventures(20)25 (45)(178.7)%(28)70 (98)(139.4)%
Stock-based compensation expense138.8 %50 24 26 113.7 %
(Gains) losses on sales of real estate and other(2)44 (46)(105.8)%(414)36 (450)NM
Asset impairments10 (4)(47.1)%62 (54)(87.3)%
Other (income) loss, net53 (22)75 356.4 %19 92 (73)(79.2)%
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA(6)14 230.6 %14 (13)27 204.1 %
Adjusted EBITDA$112 $(98)$210 214.4 %$257 $(177)$434 245.3 %

Three Months Ended
December 31,
Year Ended
December 31,
Net Deferral activity 20212020Change $Change (%)20212020Change ($)Change (%)
Increase in deferred revenue$35 $ $35 NM$35 $ $35 NM
Increase in deferred costs(16)— (16)NM(16)— (16)NM
Net Deferrals (a)$19 $ $19 NM$19 $ $19 NM
Increase in Net Financed Contracts (a)$8 $ $8 NM$8 $— $8 NM
(a)Includes activity for the two month period of ownership following the acquisition of ALG during the year ended December 31, 2021.


Page 13


Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: Net Loss Attributable to Hyatt Hotels Corporation to EBITDA and EBITDA to Adjusted EBITDA and Total Revenues to Adjusted Revenues
(in millions)
Three Months Ended December 31,Year Ended
December 31,
20212020Change ($)Change (%)20212020Change ($)Change (%)
Total revenues$1,076 $424 $652 153.3 %$3,028 $2,066 $962 46.5 %
Add: Contra revenue10 (1)(9.2)%35 30 16.7 %
Less: Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties(501)(271)(230)(84.6)%(1,583)(1,286)(297)(23.1)%
Adjusted revenues$584 $163 $421 257.3 %$1,480 $810 $670 82.5 %
Adjusted EBITDA Margin %19.2 %(59.8)%79.0 %17.4 %(21.8)%39.2 %
Adjusted EBITDA Margin % Change in Constant Currency 78.8 %39.3 %

Page 14


Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: Losses per Diluted Share and Net Loss Attributable to Hyatt Hotels Corporation, to Losses per Diluted Share, Adjusted for Special Items and Adjusted Net Loss Attributable to Hyatt Hotels Corporation - Three Months Ended December 31, 2021 and December 31, 2020

(in millions, except per share amounts)
Location on Consolidated Statements of Income (Loss)Three Months Ended
December 31,
20212020
Net loss attributable to Hyatt Hotels Corporation$(29)$(203)
Losses per diluted share$(0.26)$(2.00)
Special items
Unconsolidated hospitality ventures (a)Equity earnings (losses) from unconsolidated hospitality ventures(32)
(Gains) losses on sales of real estate and other (b)Gains (losses) on sales of real estate and other(2)44 
Transaction costs (c)Other income (loss), net27 — 
Fund deficits (d)Revenues for the reimbursement of costs incurred and costs incurred on behalf of managed and franchised properties; other income (loss), net17 
Unrealized (gains) losses (e)Other income (loss), net(23)
Asset impairments (f)Asset impairments10 
Utilization of Avendra and other proceeds (g)Costs incurred on behalf of managed and franchised properties; depreciation and amortization
Restructuring expenses (h)Other income (loss), net— 
Fund deficits not recovered (i)Revenues for the reimbursement of costs incurred and costs incurred on behalf of managed and franchised properties— (21)
OtherOther income (loss), net(3)
Special items - pre-tax29 23 
Income tax benefit (provision) for special itemsBenefit (provision) for income taxes(306)
Total special items - after-tax(277)24 
Special items impact per diluted share$(2.52)$0.23 
Adjusted net loss attributable to Hyatt Hotels Corporation$(306)$(179)
Losses per diluted share, adjusted for special items$(2.78)$(1.77)

(a) Unconsolidated hospitality ventures - During the three months ended December 31, 2021 (Q4 2021), we recognized $32 million of net gains related to sales activity of certain equity method investments.
(b) (Gains) losses on sales of real estate and other - During Q4 2021, we recognized a $2 million pre-tax gain on the contribution of Hyatt Regency Miami assets to a newly formed hospitality venture, resulting in the derecognition of the nonfinancial assets in the subsidiary. During the three months ended December 31, 2020 (Q4 2020), net losses were $44 million, primarily driven by a $30 million pre-tax loss on the sale of the entities which own Hyatt Regency Baku and a $11 million pre-tax loss on the sale of the entity which owns the Exhale spa and fitness business.
(c) Transaction costs - During Q4 2021, we recognized $26 million of transaction costs related to the acquisition of ALG.
(d) Fund deficits - During Q4 2021 and Q4 2020, we recognized net deficits on certain funds due to the timing of revenue and expense recognition that we intend to recover in future periods.
(e) Unrealized (gains) losses - During Q4 2021 and Q4 2020, we recognized unrealized losses and gains, respectively, due to the change in fair value of our marketable securities.
(f) Asset impairments - During Q4 2021 and Q4 2020, we recognized impairment charges related to intangible assets.
(g) Utilization of Avendra and other proceeds - During Q4 2021 and Q4 2020, we recognized expenses related to the partial utilization of the Avendra LLC sale proceeds for the benefit of our hotels. The gain recognized in conjunction with the sale of Avendra LLC was included as a special item during the year ended December 31, 2017.
(h) Restructuring expenses - During Q4 2020, we recognized $4 million in restructuring expenses related to severance and related charges as a result of the COVID-19 pandemic.
(i) Fund deficits not recovered - Represents the reversal of costs incurred on behalf of managed and franchised properties that we do not intend to recover from hotel owners, which was reported as a special item during the nine months ended September 30, 2020.

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Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: Losses per Diluted Share and Net Loss Attributable to Hyatt Hotels Corporation, to Losses per Diluted Share, Adjusted for Special Items and Adjusted Net Loss Attributable to Hyatt Hotels Corporation - Year Ended December 31, 2021 and December 31, 2020

(in millions, except per share amounts)
Location on Consolidated Statements of Income (Loss)Year Ended
December 31,
20212020
Net loss attributable to Hyatt Hotels Corporation$(222)$(703)
Losses per diluted share$(2.13)$(6.93)
Special items
(Gains) losses on sales of real estate and other (a)Gains (losses) on sales of real estate and other(414)36 
Unconsolidated hospitality ventures (b)Equity earnings (losses) from unconsolidated hospitality ventures(100)(1)
Unrealized (gains) losses (c)Other income (loss), net(14)13 
Realized gainsOther income (loss), net(2)(6)
Transaction costs (d)Other income (loss), net46 — 
Fund deficits (e)Revenues for the reimbursement of costs incurred and costs incurred on behalf of managed and franchised properties; other income (loss), net43 
Utilization of Avendra and other proceeds (f)Costs incurred on behalf of managed and franchised properties; depreciation and amortization16 36 
Asset impairments (g)Asset impairments62 
Restructuring expenses (h)Other income (loss), net73 
OtherOther income (loss), net(2)
Special items - pre-tax(411)219 
Income tax benefit (provision) for special itemsBenefit (provision) for income taxes88 (63)
Total special items - after-tax(323)156 
Special items impact per diluted share$(3.11)$1.53 
Adjusted net loss attributable to Hyatt Hotels Corporation