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Hyatt Hotels Corp. – ‘10-Q’ for 9/30/23

On:  Thursday, 11/2/23, at 12:16pm ET   ·   For:  9/30/23   ·   Accession #:  1468174-23-96   ·   File #:  1-34521

Previous ‘10-Q’:  ‘10-Q’ on 8/3/23 for 6/30/23   ·   Latest ‘10-Q’:  This Filing   ·   4 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

11/02/23  Hyatt Hotels Corp.                10-Q        9/30/23  110:14M

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   3.07M 
 2: EX-10.1     Material Contract                                   HTML     45K 
 3: EX-31.1     Certification -- §302 - SOA'02                      HTML     34K 
 4: EX-31.2     Certification -- §302 - SOA'02                      HTML     34K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     31K 
 6: EX-32.2     Certification -- §906 - SOA'02                      HTML     31K 
12: R1          Cover Page                                          HTML     88K 
13: R2          Condensed Consolidated Statements of Income         HTML    150K 
14: R3          Condensed Consolidated Statements of Comprehensive  HTML     70K 
                Income                                                           
15: R4          Condensed Consolidated Statements of Comprehensive  HTML     38K 
                Income - Parentheticals                                          
16: R5          Condensed Consolidated Balance Sheets               HTML    175K 
17: R6          Condensed Consolidated Balance Sheets -             HTML     58K 
                Parentheticals                                                   
18: R7          Condensed Consolidated Statements of Cash Flows     HTML    177K 
19: R8          Condensed Consolidated Statements of Cash Flows -   HTML     31K 
                Parenthetical                                                    
20: R9          Condensed Consolidated Statements of Changes in     HTML    131K 
                Stockholders' Equity                                             
21: R10         Condensed Consolidated Statements of Changes in     HTML     39K 
                Stockholders' Equity - Parenthetical                             
22: R11         Organization                                        HTML     40K 
23: R12         Recently Issued Accounting Pronouncements           HTML     43K 
24: R13         Revenue From Contracts With Customers               HTML    251K 
25: R14         Debt and Equity Securities                          HTML    159K 
26: R15         Receivables                                         HTML     89K 
27: R16         Acquisitions and Dispositions                       HTML     75K 
28: R17         Intangibles, Net                                    HTML     61K 
29: R18         Other Assets                                        HTML     43K 
30: R19         Debt                                                HTML     58K 
31: R20         Other Long-Term Liabilities                         HTML     41K 
32: R21         Income Taxes                                        HTML     38K 
33: R22         Commitments and Contingencies                       HTML     63K 
34: R23         Equity                                              HTML    105K 
35: R24         Stock-Based Compensation                            HTML     48K 
36: R25         Related-Party Transactions                          HTML     38K 
37: R26         Segment Information                                 HTML    152K 
38: R27         Earnings Per Share                                  HTML     72K 
39: R28         Other Income (Loss), Net                            HTML     61K 
40: R29         Pay vs Performance Disclosure                       HTML     42K 
41: R30         Insider Trading Arrangements                        HTML     53K 
42: R31         Recently Issued Accounting Pronouncements           HTML     62K 
                (Policies)                                                       
43: R32         Revenue From Contracts With Customers (Tables)      HTML    248K 
44: R33         Debt and Equity Securities (Tables)                 HTML    169K 
45: R34         Receivables (Tables)                                HTML     92K 
46: R35         Acquisitions and Dispositions (Tables)              HTML     59K 
47: R36         Intangibles, Net (Tables)                           HTML     88K 
48: R37         Other Assets (Tables)                               HTML     43K 
49: R38         Debt (Tables)                                       HTML     50K 
50: R39         Other Long-Term Liabilities (Tables)                HTML     41K 
51: R40         Commitments and Contingencies (Tables)              HTML     53K 
52: R41         Equity (Tables)                                     HTML    100K 
53: R42         Stock-Based Compensation (Tables)                   HTML     43K 
54: R43         Segment Information (Tables)                        HTML    144K 
55: R44         Earnings Per Share (Tables)                         HTML     74K 
56: R45         Other Income (Loss), Net (Tables)                   HTML     61K 
57: R46         Organization (Details)                              HTML     43K 
58: R47         REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule    HTML    208K 
                of Disaggregation of Revenue (Details)                           
59: R48         REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule    HTML     49K 
                of of Contract Liability (Details)                               
60: R49         REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative   HTML     32K 
                (Details)                                                        
61: R50         REVENUE FROM CONTRACTS WITH CUSTOMERS - Remaining   HTML     40K 
                Performance Obligation (Details)                                 
62: R51         DEBT AND EQUITY SECURITIES - Narrative (Details)    HTML     95K 
63: R52         DEBT AND EQUITY SECURITIES - Schedule of            HTML     64K 
                Marketable Securities Held to Fund Operating                     
                Programs (Details)                                               
64: R53         DEBT AND EQUITY SECURITIES - Schedule of Net Gains  HTML     47K 
                and Interest Income from Marketable Securities                   
                Held to Fund Operating Programs (Details)                        
65: R54         DEBT AND EQUITY SECURITIES - Schedule of            HTML     64K 
                Marketable Securities Held for Investment Purposes               
                (Details)                                                        
66: R55         DEBT AND EQUITY SECURITIES - Schedule of            HTML     54K 
                Unrealized Gain (Loss) on Investments (Details)                  
67: R56         DEBT AND EQUITY SECURITIES - Schedule of Assets     HTML    105K 
                and Liabilities Measured at Fair Value on a                      
                Recurring Basis (Details)                                        
68: R57         DEBT AND EQUITY SECURITIES - Schedule of Debt and   HTML     39K 
                Equity Securities HTM (Details)                                  
69: R58         DEBT AND EQUITY SECURITIES - Schedule of Debt       HTML     38K 
                Securities, Held-to-maturity, Allowance for Credit               
                Loss (Details)                                                   
70: R59         DEBT AND EQUITY SECURITIES - Net unrealized gains   HTML     35K 
                (Details)                                                        
71: R60         RECEIVABLES - Schedule of Accounts Receivable,      HTML     45K 
                Allowance for Credit Loss (Details)                              
72: R61         RECEIVABLES - Schedule of Financing Receivables     HTML     46K 
                (Details)                                                        
73: R62         RECEIVABLES - Schedule of Allowance for Losses and  HTML     45K 
                Impairments (Details)                                            
74: R63         RECEIVABLES - Schedule of Credit Monitoring         HTML     55K 
                (Details)                                                        
75: R64         RECEIVABLES - Narrative (Details)                   HTML     33K 
76: R65         ACQUISITIONS AND DISPOSITIONS - Acquisitions        HTML     78K 
                Narrative (Details)                                              
77: R66         ACQUISITIONS AND DISPOSITIONS - Schedule of Net     HTML     39K 
                Assets Acquired (Details)                                        
78: R67         ACQUISITIONS AND DISPOSITIONS - Schedule of         HTML     97K 
                Identifiable Assets Acquired and Liabilities                     
                Assumed (Details)                                                
79: R68         ACQUISITIONS AND DISPOSITIONS - Schedule of         HTML     40K 
                Identifiable Net Assets Acquired (Details)                       
80: R69         ACQUISITIONS AND DISPOSITIONS - Dispositions        HTML     75K 
                Narrative (Details)                                              
81: R70         INTANGIBLES, NET - Schedule of Intangible Assets    HTML     54K 
                (Details)                                                        
82: R71         INTANGIBLES, NET - Schedule of Intangible Assets    HTML     33K 
                Amortization Expense (Details)                                   
83: R72         INTANGIBLES, NET - Narrative (Details)              HTML     34K 
84: R73         OTHER ASSETS - Schedule of Other Assets (Details)   HTML     50K 
85: R74         DEBT - Narrative (Details)                          HTML    100K 
86: R75         DEBT - Schedule of Fair Value, by Balance Sheet     HTML     54K 
                Grouping (Details)                                               
87: R76         OTHER LONG-TERM LIABILITIES - Schedule of Other     HTML     47K 
                Long-Term Liabilities (Details)                                  
88: R77         Income Taxes (Details)                              HTML     57K 
89: R78         COMMITMENTS AND CONTINGENCIES - Commitments and     HTML     45K 
                Performance Guarantees (Details)                                 
90: R79         COMMITMENTS AND CONTINGENCIES - Schedule of Debt    HTML     51K 
                Repayment and Other Guarantees (Details)                         
91: R80         COMMITMENTS AND CONTINGENCIES - Schedule of         HTML     39K 
                Contingent Consideration Fair Value (Details)                    
92: R81         COMMITMENTS AND CONTINGENCIES - Insurance,          HTML     56K 
                Collective Bargaining Agreements, Surety Bonds,                  
                and Letters of Credit, and Other (Details)                       
93: R82         EQUITY - Schedule of Accumulated Other              HTML     75K 
                Comprehensive Loss (Details)                                     
94: R83         EQUITY - Narrative (Details)                        HTML     50K 
95: R84         EQUITY - Schedule of Dividends Paid (Details)       HTML     43K 
96: R85         STOCK-BASED COMPENSATION - Schedule of              HTML     47K 
                Compensation Expense Related to Long-Term                        
                Incentive Plan (Details)                                         
97: R86         STOCK-BASED COMPENSATION - Narrative (Details)      HTML     57K 
98: R87         RELATED-PARTY TRANSACTIONS - Legal Services         HTML     40K 
                (Details)                                                        
99: R88         RELATED-PARTY TRANSACTIONS - Equity Method          HTML     52K 
                Investments (Details)                                            
100: R89         RELATED-PARTY TRANSACTIONS - Share Conversion       HTML     40K  
                (Details)                                                        
101: R90         SEGMENT INFORMATION - Schedule of Summarized        HTML    130K  
                Consolidated Financial Information by Segment                    
                (Details)                                                        
102: R91         SEGMENT INFORMATION - Schedule of Reconciliation    HTML     87K  
                of Consolidated Adjusted EBITDA to EBITDA and a                  
                Reconciliation of EBITDA to Net Income                           
                Attributable to Hyatt Hotels Corporation (Details)               
103: R92         EARNINGS PER SHARE - Schedule of the Calculation    HTML    105K  
                of Basic and Diluted Earnings (Losses) Per Share                 
                (Details)                                                        
104: R93         EARNINGS PER SHARE - Schedule of Antidilutive       HTML     37K  
                Securities Excluded from Computation of Losses Per               
                Share (Details)                                                  
105: R94         Other Income (LOSS), NET - Schedule of Other        HTML     53K  
                Income (Loss), Net (Details)                                     
108: XML         IDEA XML File -- Filing Summary                      XML    202K  
106: XML         XBRL Instance -- h-20230930_htm                      XML   4.47M  
107: EXCEL       IDEA Workbook of Financial Report Info              XLSX    222K  
 8: EX-101.CAL  XBRL Calculations -- h-20230930_cal                  XML    254K 
 9: EX-101.DEF  XBRL Definitions -- h-20230930_def                   XML    985K 
10: EX-101.LAB  XBRL Labels -- h-20230930_lab                        XML   2.47M 
11: EX-101.PRE  XBRL Presentations -- h-20230930_pre                 XML   1.51M 
 7: EX-101.SCH  XBRL Schema -- h-20230930                            XSD    264K 
109: JSON        XBRL Instance as JSON Data -- MetaLinks              706±  1.05M  
110: ZIP         XBRL Zipped Folder -- 0001468174-23-000096-xbrl      Zip    527K

‘10-Q’   —   Quarterly Report

Document Table of Contents

Page (sequential)   (alphabetic) ↑Top
 
11st Page  –  Filing Submission
"Table of Contents
"Financial Statements
"Management's Discussion and Analysis of Financial Condition and Results of Operations
"Quantitative and Qualitative Disclosures About Market Risk
"Controls and Procedures
"Legal Proceedings
"Risk Factors
"Unregistered Sales of Equity Securities
"Use of Proceed
"And Issuer Purchases of Equity Securitie
"Defaults Upon Senior Securities
"Mine Safety Disclosures
"Other Information
"Exhibits
"Signatures

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549 
Form  i 10-Q
 (Mark One)
 i ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended  i September 30, 2023
OR
 i ☐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.  i 001-34521
 i HYATT HOTELS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
 i Delaware  i 20-1480589
(State or Other Jurisdiction of
Incorporation or Organization)		 (I.R.S. Employer
Identification No.)
      i 150 North Riverside Plaza
      i 8th Floor,  i Chicago,  i Illinois                      i 60606
     (Address of Principal Executive Offices)                     (Zip Code)
( i 312)  i 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
 i Class A Common Stock, $0.01 par value i H i New 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.     i 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).   i 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.
 i Large accelerated filer☒Accelerated filer☐
Non-accelerated filer  ☐Smaller reporting company          i ☐
Emerging growth company i ☐
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   i ☒
At October 27, 2023, there were  i 44,221,190 shares of the registrant's Class A common stock, $0.01 par value, outstanding and  i 58,917,749 shares of the registrant's Class B common stock, $0.01 par value, outstanding.

Table of Contents
HYATT HOTELS CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD ENDED SEPTEMBER 30, 2023

TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
Item 1.
1
Item 2.
36
Item 3.
64
Item 4.
65
PART II – OTHER INFORMATION
Item 1.
66
Item 1A.
66
Item 2.
66
Item 3.
66
Item 4.
66
Item 5.
67
Item 6.
68
69

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements.

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions of dollars, except per share amounts)
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
  REVENUES:
Owned and leased hotels$ i 329 $ i 309 $ i 984 $ i 911 
Management, franchise, license, and other fees i 250  i 224  i 729  i 582 
Contra revenue( i 12)( i 9)( i 34)( i 27)
Net management, franchise, license, and other fees i 238  i 215  i 695  i 555 
Distribution and destination management  i 222  i 244  i 823  i 746 
Other revenues i 79  i 68  i 238  i 206 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties i 754  i 705  i 2,267  i 1,885 
Total revenues i 1,622  i 1,541  i 5,007  i 4,303 
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Owned and leased hotels i 256  i 236  i 753  i 675 
Distribution and destination management i 182  i 186  i 664  i 586 
Depreciation and amortization i 100  i 96  i 297  i 320 
Other direct costs i 81  i 73  i 266  i 209 
Selling, general, and administrative i 131  i 108  i 434  i 295 
Costs incurred on behalf of managed and franchised properties i 764  i 697  i 2,302  i 1,881 
Direct and selling, general, and administrative expenses i 1,514  i 1,396  i 4,716  i 3,966 
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts( i 9)( i 12) i 26 ( i 89)
Equity earnings (losses) from unconsolidated hospitality ventures i 7  i 2  i 4 ( i 6)
Interest expense( i 41)( i 38)( i 105)( i 116)
Gains (losses) on sales of real estate and other i 18 ( i 1) i 18  i 250 
Asset impairments( i 6)( i 9)( i 13)( i 19)
Other income (loss), net i 24 ( i 24) i 80 ( i 53)
INCOME BEFORE INCOME TAXES i 101  i 63  i 301  i 304 
PROVISION FOR INCOME TAXES( i 33)( i 35)( i 107)( i 143)
NET INCOME i 68  i 28  i 194  i 161 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS i —  i —  i —  i — 
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION$ i 68 $ i 28 $ i 194 $ i 161 
EARNINGS PER SHARE—Basic
Net income$ i 0.65 $ i 0.25 $ i 1.84 $ i 1.46 
Net income attributable to Hyatt Hotels Corporation$ i 0.65 $ i 0.25 $ i 1.84 $ i 1.46 
EARNINGS PER SHARE—Diluted
Net income$ i 0.63 $ i 0.25 $ i 1.80 $ i 1.44 
Net income attributable to Hyatt Hotels Corporation$ i 0.63 $ i 0.25 $ i 1.80 $ i 1.44 



See accompanying Notes to condensed consolidated financial statements.
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HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions of dollars)
(Unaudited)

Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Net income$ i 68 $ i 28 $ i 194 $ i 161 
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax of $ i 1 and $ i — for the three and nine months ended September 30, 2023, respectively, and $ i  i — /  for the three and nine months ended September 30, 2022
( i 26)( i 22) i 8 ( i 35)
Derivative instrument adjustments, net of tax of $ i — and $( i 1) for the three and nine months ended September 30, 2023, respectively, and $ i  i — /  for the three and nine months ended September 30, 2022
 i 3  i 2  i 5  i 5 
Available-for-sale debt securities unrealized fair value adjustments, net of tax of $( i  i 2 / ) for the three and nine months ended September 30, 2023 and $ i  i — /  for the three and nine months ended September 30, 2022
 i 5 ( i 5) i 5 ( i 15)
Other comprehensive income (loss)( i 18)( i 25) i 18 ( i 45)
COMPREHENSIVE INCOME i 50  i 3  i 212  i 116 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS i —  i —  i —  i — 
COMPREHENSIVE INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION$ i 50 $ i 3 $ i 212 $ i 116 




















See accompanying Notes to condensed consolidated financial statements.
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HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars, except share and per share amounts)
(Unaudited)
September 30, 2023December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$ i 701 $ i 991 
Restricted cash i 13  i 39 
Short-term investments i 26  i 158 
Receivables, net of allowances of $ i 54 and $ i 63 at September 30, 2023 and December 31, 2022, respectively
 i 762  i 834 
Inventories i 10  i 9 
Prepaids and other assets i 183  i 180 
Prepaid income taxes i 56  i 39 
Total current assets i 1,751  i 2,250 
Equity method investments i 212  i 178 
Property and equipment, net i 2,373  i 2,384 
Financing receivables, net of allowances of $ i 40 and $ i 44 at September 30, 2023 and December 31, 2022, respectively
 i 71  i 60 
Operating lease right-of-use assets i 366  i 385 
Goodwill i 3,202  i 3,101 
Intangibles, net i 1,728  i 1,668 
Deferred tax assets i 312  i 257 
Other assets i 2,302  i 2,029 
TOTAL ASSETS$ i 12,317 $ i 12,312 
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt$ i 6 $ i 660 
Accounts payable i 369  i 500 
Accrued expenses and other current liabilities i 461  i 415 
Current contract liabilities i 1,350  i 1,438 
Accrued compensation and benefits i 182  i 235 
Current operating lease liabilities i 40  i 39 
Total current liabilities i 2,408  i 3,287 
Long-term debt i 3,049  i 2,453 
Long-term contract liabilities i 1,700  i 1,495 
Long-term operating lease liabilities i 276  i 298 
Other long-term liabilities i 1,295  i 1,077 
Total liabilities i 8,728  i 8,610 
Commitments and contingencies (see Note 12) i  i 
EQUITY:
Preferred stock, $ i  i 0.01 /  par value per share,  i  i 10,000,000 /  shares authorized and  i  i none /  outstanding at both September 30, 2023 and December 31, 2022
 i —  i — 
Class A common stock, $ i 0.01 par value per share,  i 1,000,000,000 shares authorized,  i  i 44,677,518 /  issued and outstanding at September 30, 2023, and Class B common stock, $ i 0.01 par value per share,  i 390,912,161 shares authorized,  i  i 58,917,749 /  shares issued and outstanding at September 30, 2023. Class A common stock, $ i 0.01 par value per share,  i 1,000,000,000 shares authorized,  i  i 47,482,787 /  issued and outstanding at December 31, 2022, and Class B common stock, $ i 0.01 par value per share,  i 390,912,161 shares authorized,  i  i 58,917,749 /  shares issued and outstanding at December 31, 2022
 i 1  i 1 
Additional paid-in capital i 25  i 318 
Retained earnings i 3,784  i 3,622 
Accumulated other comprehensive loss( i 224)( i 242)
Total stockholders' equity i 3,586  i 3,699 
Noncontrolling interests in consolidated subsidiaries i 3  i 3 
Total equity i 3,589  i 3,702 
TOTAL LIABILITIES AND EQUITY$ i 12,317 $ i 12,312 

See accompanying Notes to condensed consolidated financial statements.
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HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions of dollars)
(Unaudited)

 Nine Months Ended
 September 30, 2023September 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$ i 194 $ i 161 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization i 297  i 320 
Gains on sales of real estate and other( i 18)( i 250)
Amortization of share awards i 60  i 47 
Amortization of operating lease right-of-use assets i 28  i 25 
Deferred income taxes( i 64)( i 7)
Asset impairments i 13  i 19 
Equity (earnings) losses from unconsolidated hospitality ventures( i 4) i 6 
Loss on extinguishment of debt i —  i 8 
Contra revenue i 34  i 27 
Unrealized (gains) losses, net( i 9) i 68 
Distributions from unconsolidated hospitality ventures i 8  i 11 
Working capital changes and other( i 113)( i 32)
Net cash provided by operating activities i 426  i 403 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments( i 378)( i 780)
Proceeds from marketable securities and short-term investments i 459  i 886 
Contributions to equity method and other investments( i 36)( i 7)
Return of equity method and other investments i 7  i 38 
Acquisitions, net of cash acquired( i 175)( i 174)
Capital expenditures( i 134)( i 142)
Issuance of financing receivables( i 31)( i 22)
Proceeds from sales of real estate and other, net of cash disposed( i 10) i 590 
Other investing activities( i 6) i 41 
Net cash provided by (used in) investing activities( i 304) i 430 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt, net of issuance costs of $ i 4 and $ i —, respectively
 i 596  i — 
Repayments and repurchases of debt( i 659)( i 17)
Repurchases of common stock( i 358)( i 263)
Dividends paid( i 32) i — 
Utilization of restricted cash for legal defeasance of Series 2005 Bonds i — ( i 8)
Other financing activities( i 13)( i 17)
Net cash used in financing activities( i 466)( i 305)
EFFECT OF EXCHANGE RATE CHANGES ON CASH( i 5) i 26 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, INCLUDING CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CLASSIFIED WITHIN CURRENT ASSETS HELD FOR SALE( i 349) i 554 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH RECLASSIFIED TO ASSETS HELD FOR SALE  i — ( i 2)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH( i 349) i 552 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR i 1,067  i 1,065 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD$ i 718 $ i 1,617 






See accompanying Notes to condensed consolidated financial statements.
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HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions of dollars)
(Unaudited)

Supplemental disclosure of cash flow information:
September 30, 2023September 30, 2022
Cash and cash equivalents$ i 701 $ i 1,223 
Restricted cash (1) i 13  i 356 
Restricted cash included in other assets (1) i 4  i 38 
Total cash, cash equivalents, and restricted cash$ i 718 $ i 1,617 
(1) Restricted cash generally represents collateral for certain obligations, escrow deposits, and other arrangements.
Nine Months Ended
September 30, 2023September 30, 2022
Cash paid during the period for interest$ i 80 $ i 95 
Cash paid during the period for income taxes$ i 124 $ i 87 
Cash paid for amounts included in the measurement of operating lease liabilities $ i 37 $ i 33 
Non-cash investing and financing activities are as follows:
Change in accrued capital expenditures$ i 14 $ i 5 
Non-cash redemption of financing receivables$ i 20 $ i — 
Non-cash right-of-use assets obtained in exchange for operating lease liabilities$ i 11 $ i 20 
Non-cash contingent consideration liability assumed in acquisition (see Note 6)$ i 107 $ i — 
Non-cash contingent consideration receivable recorded in disposition (see Note 6)$ i 28 $ i — 
Non-cash redemption of held-to-maturity debt security in exchange for equity method investment (see Note 4)$ i 32 $ i — 
Non-cash legal defeasance of Series 2005 Bonds (see Note 6)$ i — $ i 166 
Non-cash reduction in right-of-use assets and operating lease liabilities for lease reassessment$ i — $ i 12 
Non-cash held-to-maturity debt security received (see Note 6)$ i — $ i 19 
Non-cash repurchases of common stock$ i — $ i 16 


























See accompanying Notes to condensed consolidated financial statements.
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HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(In millions of dollars, except share and per share amounts)
(Unaudited)
Common Shares OutstandingCommon Stock AmountAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests in Consolidated SubsidiariesTotal
ClassClassClassClass
ABAB
BALANCE—January 1, 2022
 i 50,322,050  i 59,653,271 $ i 1 $ i — $ i 640 $ i 3,167 $( i 245)$ i 3 $ i 3,566 
Total comprehensive loss— — — — — ( i 73) i 14 — ( i 59)
Employee stock plan issuance i 12,221 — — —  i 1 — — —  i 1 
Class share conversions i 635,522 ( i 635,522)— — — — — — — 
Share-based payment activity i 303,355 — — —  i 16 — — —  i 16 
BALANCE—March 31, 2022
 i 51,273,148  i 59,017,749 $ i 1 $ i — $ i 657 $ i 3,094 $( i 231)$ i 3 $ i 3,524 
Total comprehensive income— — — — —  i 206 ( i 34)—  i 172 
Repurchases of common stock( i 1,210,402)— — — ( i 101)— — — ( i 101)
Employee stock plan issuance i 13,963 — — —  i 1 — — —  i 1 
Share-based payment activity i 19,623 — — —  i 16 — — —  i 16 
BALANCE—June 30, 2022
 i 50,096,332  i 59,017,749 $ i 1 $ i — $ i 573 $ i 3,300 $( i 265)$ i 3 $ i 3,612 
Total comprehensive income— — — — —  i 28 ( i 25)—  i 3 
Repurchases of common stock( i 1,865,489)— — — ( i 162)— — — ( i 162)
Liability for repurchases of common stock (1)
— — — — ( i 16)— — — ( i 16)
Employee stock plan issuance i 18,143 — — —  i 2 — — —  i 2 
Share-based payment activity i 163,442 — — —  i 7 — — —  i 7 
 i 48,412,428  i 59,017,749 $ i 1 $ i — $ i 404 $ i 3,328 $( i 290)$ i 3 $ i 3,446 
BALANCE—January 1, 2023
 i 47,482,787  i 58,917,749 $ i 1 $ i — $ i 318 $ i 3,622 $( i 242)$ i 3 $ i 3,702 
Total comprehensive income— — — — —  i 58  i 19 —  i 77 
Repurchases of common stock (2)( i 1,018,931)— — — ( i 98)— — — ( i 98)
Liability for repurchases of common stock (3)— — — — ( i 8)— — — ( i 8)
Employee stock plan issuance i 13,925 — — —  i 1 — — —  i 1 
Share-based payment activity i 366,917 — — —  i 22 — — —  i 22 
BALANCE—March 31, 2023
 i 46,844,698  i 58,917,749 $ i 1 $ i — $ i 235 $ i 3,680 $( i 223)$ i 3 $ i 3,696 
Total comprehensive income— — — — —  i 68  i 17 —  i 85 
Repurchases of common stock (4)( i 968,629)— — — ( i 101)— — — ( i 101)
Employee stock plan issuance i 18,337 — — —  i 2 — — —  i 2 
Share-based payment activity i 8,193 — — —  i 19 — — —  i 19 
Cash dividends of $ i 0.15 per share (see Note 13)
— — — — — ( i 16)— — ( i 16)
BALANCE—June 30, 2023
 i 45,902,599  i 58,917,749 $ i 1 $ i — $ i 155 $ i 3,732 $( i 206)$ i 3 $ i 3,685 
Total comprehensive income— — — — —  i 68 ( i 18)—  i 50 
Repurchases of common stock (5)( i 1,246,366)— — — ( i 145)— — — ( i 145)
Employee stock plan issuance i 14,489 — — —  i 2 — — —  i 2 
Share-based payment activity i 6,796 — — —  i 13 — — —  i 13 
Cash dividends of $ i 0.15 per share (see Note 13)
— — — — — ( i 16)— — ( i 16)
 i 44,677,518  i 58,917,749 $ i 1 $ i — $ i 25 $ i 3,784 $( i 224)$ i 3 $ i 3,589 
(1) Represents repurchases of  i 189,000 shares for $ i 16 million that were initiated prior to September 30, 2022, but settled in the fourth quarter of 2022.
(2) Includes the settlement of  i 1,018,931 shares repurchased for $ i 106 million of cash, offset by the payment of a $ i 9 million liability for shares not settled as of December 31, 2022, and also includes a $ i 1 million liability for the 1% U.S. federal excise tax on certain share repurchases enacted by the Inflation Reduction Act of 2022.
(3) Represents repurchases of  i 73,368 shares for $ i 8 million that were initiated prior to March 31, 2023, but settled in the second quarter of 2023.
(4) Includes the settlement of  i 968,629 shares repurchased for $ i 108 million of cash, offset by the payment of an $ i 8 million liability for shares not settled as of March 31, 2023, and also includes a $ i 1 million liability for the 1% U.S. federal excise tax on certain share repurchases enacted by the Inflation Reduction Act of 2022.
(5) Includes a $ i 1 million liability for the 1% U.S. federal excise tax on certain share repurchases enacted by the Inflation Reduction Act of 2022.

See accompanying Notes to condensed consolidated financial statements.
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HYATT HOTELS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions of dollars, unless otherwise indicated)
(Unaudited)
1.     i ORGANIZATION
Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries have offerings that consist of full service hotels and resorts, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential and vacation units. We also offer distribution and destination management services through ALG Vacations, a paid membership program through the Unlimited Vacation Club, and a boutique and luxury global travel platform through Mr & Mrs Smith. At September 30, 2023, our hotel portfolio included  i 603 full service hotels, comprising  i 188,253 rooms throughout the world;  i 587 select service hotels, comprising  i 86,292 rooms, of which  i 454 hotels are located in the United States; and  i 120 all-inclusive resorts, comprising  i 38,712 rooms. At September 30, 2023, our portfolio of properties operated in  i 76 countries around the world. Additionally, 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.
Unless otherwise specified or required by the context, references in this Quarterly Report on Form 10-Q ("Quarterly Report") to "Hyatt," the "Company," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries. As used in these Notes and throughout this Quarterly Report on Form 10-Q:
•"hospitality ventures" refers to entities in which we own less than a 100% equity interest;
•"hotel portfolio" refers to our full service hotels, including our wellness resorts, our select service hotels, and our all-inclusive resorts;
•"loyalty program" refers to the World of Hyatt guest loyalty program that is operated for the benefit of participating properties and generates substantial repeat guest business by rewarding frequent stays with points that can be redeemed for hotel nights and other valuable rewards;
•"properties," "portfolio of properties," or "property portfolio" refer to our hotel portfolio and residential and vacation 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, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Vacation Club, Hyatt Place, Hyatt House, Hyatt Studios, UrCove, Miraval, Alila, Andaz, Thompson Hotels, Dream Hotels, Hyatt Centric, Caption by Hyatt, The Unbound Collection by Hyatt, Destination by Hyatt, JdV by Hyatt, Impression by Secrets, Hyatt Ziva, Hyatt Zilara, Zoëtry Wellness & Spa Resorts, Secrets Resorts & Spas, Breathless Resorts & Spas, Dreams Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts, and Sunscape Resorts & Spas brands;
•"residential units" refer to residential units that we manage, own, or to which we provide services or license our trademarks (such as serviced apartments and Hyatt-branded residential units) that are typically part of a mixed-use project and located either adjacent to or near a full service hotel that is a member of our portfolio of properties or in unique leisure locations; and
•"vacation units" refer to the fractional and timeshare vacation properties with respect to which we license our trademarks and that are part of the Hyatt Vacation Club.
 i 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, 2022 (the "2022 Form 10-K").
 i 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.
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2.     i RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 i 
Adopted Accounting Standards
Reference Rate Reform—In March 2020, the Financial Accounting Standards Board ("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. In December 2022, the FASB issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 was effective upon issuance and defers the sunset date of Topic 848 by two years, extending the provisions of ASU 2020-04 through December 31, 2024. During the nine months ended September 30, 2023, we amended certain LIBOR-based contracts and adopted the provisions of ASU 2020-04 in conjunction with the amendments. We are also in the process of converting other LIBOR-based contracts to alternative reference rates. ASU 2020-04 did not materially impact our condensed consolidated financial statements upon adoption and is not expected to have a material future impact as we apply optional expedients or exceptions.
3.     i REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenues
 i 
The following tables present our revenues disaggregated by the nature of the product or service:
Three Months Ended September 30, 2023
Owned and leased hotelsAmericas management and franchisingASPAC management and franchisingEAME management and franchisingApple Leisure GroupCorporate and otherEliminationsTotal
Rooms revenues (1)$ i 208 $ i — $ i — $ i — $ i 17 $ i — $( i 8)$ i 217 
Food and beverage i 73  i —  i —  i —  i —  i —  i —  i 73 
Other  i 37  i —  i —  i —  i 2  i —  i —  i 39 
Owned and leased hotels i 318  i —  i —  i —  i 19  i — ( i 8) i 329 
Base management fees i —  i 63  i 17  i 11  i 13  i — ( i 10) i 94 
Incentive management fees i —  i 12  i 20  i 6  i 16  i — ( i 3) i 51 
Franchise, license, and other fees i —  i 62  i 5  i 5  i 9  i 24  i —  i 105 
Management, franchise, license, and other fees i —  i 137  i 42  i 22  i 38  i 24 ( i 13) i 250 
Contra revenue i — ( i 7)( i 1)( i 3)( i 1) i —  i — ( i 12)
Net management, franchise, license, and other fees i —  i 130  i 41  i 19  i 37  i 24 ( i 13) i 238 
Distribution and destination management i —  i —  i —  i —  i 222  i —  i —  i 222 
Other revenues i —  i 20  i —  i —  i 50  i 8  i 1  i 79 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties i —  i 659  i 39  i 26  i 30  i —  i —  i 754 
Total$ i 318 $ i 809 $ i 80 $ i 45 $ i 358 $ i 32 $( i 20)$ i 1,622 
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.
 / 
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Nine Months Ended September 30, 2023
Owned and leased hotelsAmericas management and franchisingASPAC management and franchisingEAME management and franchisingApple Leisure GroupCorporate and otherEliminationsTotal
Rooms revenues (1)$ i 623 $ i — $ i — $ i — $ i 24 $ i — $( i 23)$ i 624 
Food and beverage i 242  i —  i —  i —  i —  i —  i —  i 242 
Other i 116  i —  i —  i —  i 2  i —  i —  i 118 
Owned and leased hotels i 981  i —  i —  i —  i 26  i — ( i 23) i 984 
Base management fees i —  i 189  i 50  i 29  i 42  i — ( i 29) i 281 
Incentive management fees i —  i 52  i 60  i 22  i 45  i — ( i 12) i 167 
Franchise, license, and other fees i —  i 171  i 12  i 13  i 26  i 59  i —  i 281 
Management, franchise, license, and other fees i —  i 412  i 122  i 64  i 113  i 59 ( i 41) i 729 
Contra revenue i — ( i 19)( i 3)( i 9)( i 3) i —  i — ( i 34)
Net management, franchise, license, and other fees i —  i 393  i 119  i 55  i 110  i 59 ( i 41) i 695 
Distribution and destination management i —  i —  i —  i —  i 823  i —  i —  i 823 
Other revenues i —  i 83  i —  i —  i 134  i 20  i 1  i 238 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties i —  i 1,986  i 115  i 72  i 94  i —  i —  i 2,267 
Total$ i 981 $ i 2,462 $ i 234 $ i 127 $ i 1,187 $ i 79 $( i 63)$ i 5,007 
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.
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Three Months Ended September 30, 2022
Owned and leased hotelsAmericas management and franchisingASPAC management and franchising (2)EAME management and franchising (2)Apple Leisure GroupCorporate and otherEliminationsTotal
Rooms revenues (1)$ i 196 $ i — $ i — $ i — $ i 15 $ i — $( i 7)$ i 204 
Food and beverage  i 69  i —  i —  i —  i —  i —  i —  i 69 
Other  i 35  i —  i —  i —  i 1  i —  i —  i 36 
Owned and leased hotels i 300  i —  i —  i —  i 16  i — ( i 7) i 309 
Base management fees i —  i 60  i 14  i 9  i 10  i — ( i 9) i 84 
Incentive management fees i —  i 15  i 13  i 6  i 12  i — ( i 3) i 43 
Franchise, license, and other fees i —  i 52  i 3  i 11  i 18  i 13  i —  i 97 
Management, franchise, license, and other fees i —  i 127  i 30  i 26  i 40  i 13 ( i 12) i 224 
Contra revenue i — ( i 5)( i 1)( i 2)( i 1) i —  i — ( i 9)
Net management, franchise, license, and other fees i —  i 122  i 29  i 24  i 39  i 13 ( i 12) i 215 
Distribution and destination management i —  i —  i —  i —  i 244  i —  i —  i 244 
Other revenues i —  i 28  i —  i —  i 37  i 3  i —  i 68 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties i —  i 614  i 43  i 21  i 27  i —  i —  i 705 
Total$ i 300 $ i 764 $ i 72 $ i 45 $ i 363 $ i 16 $( i 19)$ i 1,541 
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.
(2) Amounts presented have been adjusted for changes within the segments effective on January 1, 2023 (see Note 16).
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Nine Months Ended September 30, 2022
Owned and leased hotelsAmericas management and franchisingASPAC management and franchising (2)EAME management and franchising (2)Apple Leisure GroupCorporate and otherEliminationsTotal
Rooms revenues (1)$ i 572 $ i — $ i — $ i — $ i 19 $ i — $( i 21)$ i 570 
Food and beverage i 225  i —  i —  i —  i —  i —  i —  i 225 
Other i 115  i —  i —  i —  i 1  i —  i —  i 116 
Owned and leased hotels i 912  i —  i —  i —  i 20  i — ( i 21) i 911 
Base management fees i —  i 167  i 32  i 24  i 27  i — ( i 27) i 223 
Incentive management fees i —  i 45  i 25  i 19  i 48  i — ( i 9) i 128 
Franchise, license, and other fees i —  i 142  i 10  i 14  i 31  i 34  i —  i 231 
Management, franchise, license, and other fees i —  i 354  i 67  i 57  i 106  i 34 ( i 36) i 582 
Contra revenue i — ( i 17)( i 3)( i 6)( i 1) i —  i — ( i 27)
Net management, franchise, license, and other fees i —  i 337  i 64  i 51  i 105  i 34 ( i 36) i 555 
Distribution and destination management i —  i —  i —  i —  i 746  i —  i —  i 746 
Other revenues i —  i 91  i —  i —  i 104  i 9  i 2  i 206 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties i —  i 1,632  i 114  i 57  i 82  i —  i —  i 1,885 
Total$ i 912 $ i 2,060 $ i 178 $ i 108 $ i 1,057 $ i 43 $( i 55)$ i 4,303 
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.
(2) Amounts presented have been adjusted for changes within the segments effective on January 1, 2023 (see Note 16).
Contract Balances
Contract assets, included in receivables, net on our condensed consolidated balance sheets, were insignificant at both September 30, 2023 and December 31, 2022. As our profitability hurdles are generally calculated on a full-year basis, we expect our contract assets to be insignificant at year-end.
 i 
Contract liabilities were comprised of the following:
September 30, 2023December 31, 2022
Deferred revenue related to the paid membership program$ i 1,162 $ i 1,013 
Deferred revenue related to the loyalty program i 1,101  i 928 
Deferred revenue related to travel distribution and destination management services i 570  i 732 
Advanced deposits i 59  i 61 
Initial fees received from franchise owners i 45  i 45 
Deferred revenue related to insurance programs i 5  i 66 
Other deferred revenue i 108  i 88 
Total contract liabilities$ i 3,050 $ i 2,933 
 / 
Revenue recognized during the three months ended September 30, 2023 and September 30, 2022 included in the contract liabilities balance at the beginning of each year was $ i 184 million and $ i 153 million, respectively. Revenue recognized during the nine months ended September 30, 2023 and September 30, 2022 included in the contract liabilities balance at the beginning of each year was $ i 1,058 million and $ i 822 million, respectively. This revenue primarily relates to travel distribution and destination management services, the loyalty program, and the Unlimited Vacation Club paid membership program.
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 i Revenue Allocated to Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted revenue expected to be recognized in future periods was approximately $ i 550 million at September 30, 2023, approximately  i 20% of which we expect to recognize over the next  i 12 months, with the remainder to be recognized thereafter.
4.     i DEBT AND EQUITY SECURITIES
We invest in debt and equity securities that we believe are strategically and operationally important to our business. These investments take the form of (i) equity method investments where we have the ability to significantly influence the operations of the entity, (ii) marketable securities held to fund operating programs and for investment purposes, and (iii) other types of investments.
Equity Method Investments
Equity method investments were $ i 212 million and $ i 178 million at September 30, 2023 and December 31, 2022, respectively.
During the three months ended September 30, 2023, we acquired  i 50% of the outstanding shares of a third-party entity that owns  i three of our managed properties in India in exchange for the non-cash redemption of a held-to-maturity ("HTM") debt security. Upon completion,  i one of our unconsolidated hospitality ventures in India acquired  i 100% of the outstanding shares of the entity, and we recorded a $ i 32 million equity method investment on our condensed consolidated balance sheet at September 30, 2023. On September 28, 2023, our unconsolidated hospitality venture publicly filed a draft red herring prospectus with the Securities and Exchange Board of India in conjunction with a proposed initial public offering of equity shares, subject to market conditions and regulatory approvals.
During the nine months ended September 30, 2022, we received $ i 23 million of proceeds related to the sale of our ownership interest in an equity method investment and recognized a $ i 4 million pre-tax gain in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income, net of a $ i 5 million reclassification from accumulated other comprehensive loss (see Note 13).
Marketable Securities
We hold marketable securities with readily determinable fair values to fund certain operating programs and for investment purposes. We periodically transfer available cash and cash equivalents to purchase marketable securities for investment purposes.
Marketable Securities Held to Fund Operating Programs— i Marketable securities held to fund operating programs, which are recorded at fair value on our condensed consolidated balance sheets, were as follows:
September 30, 2023December 31, 2022
Loyalty program (Note 8)
$ i 809 $ i 728 
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)
 i 449  i 420 
Captive insurance company (Note 8)
 i 103  i 110 
Total marketable securities held to fund operating programs$ i 1,361 $ i 1,258 
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments( i 352)( i 339)
Marketable securities held to fund operating programs included in other assets$ i 1,009 $ i 919 
At September 30, 2023 and December 31, 2022, marketable securities held to fund operating programs included:
•$ i 297 million and $ i 174 million, respectively, of available-for-sale ("AFS") debt securities with contractual maturity dates ranging from 2023 through 2069. The amortized cost of our AFS debt securities approximates fair value;
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•$ i 26 million and $ i 138 million, respectively, of time deposits classified as HTM debt securities with contractual maturity dates ranging from 2023 through 2025. The amortized cost of our time deposits approximates fair value;
•$ i 14 million and $ i 62 million, respectively, of equity securities with a readily determinable fair value.
 i 
Net unrealized and realized gains (losses) from marketable securities held to fund operating programs recognized on our condensed consolidated financial statements were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)$( i 10)$( i 12)$ i 21 $( i 90)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)( i 4)( i 6) i 11 ( i 43)
Other income (loss), net (Note 18)( i 5)( i 12) i — ( i 42)
Other comprehensive income (loss) (Note 13) i — ( i 5) i — ( i 15)
Realized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)$ i 1 $ i — $ i 5 $ i 1 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2) i 1  i —  i 3  i 1 
Other income (loss), net (Note 18)( i 1) i — ( i 1) i — 
(1) Unrealized and realized gains and losses recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts are offset by amounts recognized in owned and leased hotels expenses and selling, general, and administrative expenses with no impact on net income.
(2) Unrealized and realized gains and losses recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties related to investments held to fund rabbi trusts are offset by amounts recognized in costs incurred on behalf of managed and franchised properties with no impact on net income.
 / 
Marketable Securities Held for Investment Purposes— i Marketable securities held for investment purposes, which are recorded at cost or fair value, depending on the nature of the investment, on our condensed consolidated balance sheets, were as follows:
September 30, 2023December 31, 2022
Interest-bearing money market funds$ i 57 $ i 430 
Common shares in Playa N.V. (Note 8)
 i 88  i 79 
Time deposits (1) i 9  i 10 
Total marketable securities held for investment purposes$ i 154 $ i 519 
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments( i 65)( i 440)
Marketable securities held for investment purposes included in other assets$ i 89 $ i 79 
(1) Time deposits have contractual maturity dates ranging from 2023 through 2025. The amortized cost of our time deposits approximates fair value.
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We hold common shares in Playa Hotels & Resorts N.V. ("Playa N.V."), which are accounted for as an equity security with a readily determinable fair value as we do not have the ability to significantly influence the operations of the entity. We did not sell any of these common shares during the nine months ended September 30, 2023 or September 30, 2022.  i Net unrealized gains (losses) recognized on our condensed consolidated statements of income were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Other income (loss), net (Note 18)$( i 11)$( i 12)$ i 9 $( i 26)
Fair Value— i We measure marketable securities at fair value on a recurring basis:
September 30, 2023Cash and cash equivalentsShort-term investmentsOther assets
Level One—Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds$ i 390 $ i 390 $ i — $ i — 
Mutual funds and exchange-traded funds i 455  i —  i —  i 455 
Common shares i 96  i —  i —  i 96 
Level Two—Significant Other Observable Inputs
Time deposits i 35  i 1  i 8  i 26 
U.S. government obligations i 249  i —  i 8  i 241 
U.S. government agencies i 42  i —  i 6  i 36 
Corporate debt securities i 201  i —  i 4  i 197 
Mortgage-backed securities i 19  i —  i —  i 19 
Asset-backed securities i 25  i —  i —  i 25 
Municipal and provincial notes and bonds i 3  i —  i —  i 3 
Total$ i 1,515 $ i 391 $ i 26 $ i 1,098 
December 31, 2022Cash and cash equivalentsShort-term investmentsOther assets
Level One—Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds$ i 620 $ i 620 $ i — $ i — 
Mutual funds i 482  i —  i —  i 482 
Common shares in Playa N.V. i 79  i —  i —  i 79 
Level Two—Significant Other Observable Inputs
Time deposits i 148  i 1  i 145  i 2 
U.S. government obligations i 237  i —  i 3  i 234 
U.S. government agencies i 55  i —  i 8  i 47 
Corporate debt securities i 109  i —  i 2  i 107 
Mortgage-backed securities i 21  i —  i —  i 21 
Asset-backed securities i 21  i —  i —  i 21 
Municipal and provincial notes and bonds i 5  i —  i —  i 5 
Total$ i 1,777 $ i 621 $ i 158 $ i 998 
During the nine months ended September 30, 2023 and September 30, 2022, there were no transfers between levels of the fair value hierarchy. We do not have nonfinancial assets or nonfinancial liabilities required to be measured at fair value on a recurring basis.
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Other Investments
HTM Debt Securities— i We hold investments in third-party entities associated with certain of our hotels. The investments are redeemable on various dates through 2062 and recorded as HTM debt securities within other assets on our condensed consolidated balance sheets:
September 30, 2023December 31, 2022
HTM debt securities$ i 52 $ i 96 
Less: allowance for credit losses( i 13)( i 31)
Total HTM debt securities, net of allowances$ i 39 $ i 65 
 i 
The following table summarizes the activity in our HTM debt securities allowance for credit losses:
20232022
Allowance at January 1$ i 31 $ i 38 
Provisions, net (1) i 2  i 2 
Write-offs( i 3) i — 
Allowance at June 30$ i 30 $ i 40 
Reversals, net (1)( i 17)( i 10)
Allowance at September 30$ i 13 $ i 30 
(1) Provisions for credit losses were partially or fully offset by interest income recognized in the same periods (see Note 18).
 / 
We estimated the fair value of these HTM debt securities to be approximately $ i 39 million and $ i 81 million at September 30, 2023 and December 31, 2022, respectively. The fair values of our investments in preferred shares, which are classified as Level Three in the fair value hierarchy, are estimated using internally-developed discounted cash flow models based on current market inputs for similar types of arrangements. The primary sensitivity in these models is the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value. The remaining HTM debt securities are classified as Level Two in the fair value hierarchy due to the use and weighting of multiple market inputs being considered in the final price of the security.
Convertible Debt Security—During the nine months ended September 30, 2023, we invested in a $ i 30 million convertible debt security associated with a franchised property, which is classified as AFS and recorded in other assets on our condensed consolidated balance sheet. The investment has a contractual maturity date in 2029. The convertible debt investment is remeasured at fair value on a recurring basis and is classified as Level Three in the fair value hierarchy. We estimated the fair value of this investment to be $ i 37 million at September 30, 2023.  i The fair value is estimated using a discounted future cash flow model, and the primary sensitivity in the model is the selection of an appropriate discount rate. Fluctuations in our assumptions could result in different estimates of fair value. Net unrealized gains recognized on our condensed consolidated financial statements were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Other comprehensive income (loss) (Note 13)$ i 7 $ i — $ i 7 $ i — 
Equity Securities Without a Readily Determinable Fair Value—At September 30, 2023 and December 31, 2022, we held $ i 16 million and $ i 12 million, respectively, of investments in equity securities without a readily determinable fair value, which are recorded within other assets on our condensed consolidated balance sheets and represent investments in entities where we do not have the ability to significantly influence the operations of the entity.
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5.     i RECEIVABLES
Receivables
At September 30, 2023 and December 31, 2022, we had $ i 762 million and $ i 834 million, respectively, of net receivables recorded on our condensed consolidated balance sheets.
 i 
The following table summarizes the activity in our receivables allowance for credit losses:
20232022
Allowance at January 1$ i 63 $ i 53 
Provisions (reversals), net( i 4) i 13 
Write-offs( i 4)( i 6)
Other  i — ( i 1)
Allowance at June 30$ i 55 $ i 59 
Write-offs( i 1)( i 4)
Other i —  i 3 
Allowance at September 30$ i 54 $ i 58 
 /  i 
Financing Receivables
September 30, 2023December 31, 2022
Unsecured financing to hotel owners$ i 122 $ i 120 
Less: current portion of financing receivables, included in receivables, net( i 11)( i 16)
Less: allowance for credit losses( i 40)( i 44)
Total long-term financing receivables, net of allowances$ i 71 $ i 60 
 / 
Allowance for Credit Losses— i The following table summarizes the activity in our unsecured financing receivables allowance for credit losses:
20232022
Allowance at January 1$ i 44 $ i 69 
Reversals, net( i 2)( i 7)
Write-offs( i 2)( i 1)
Foreign currency exchange, net i — ( i 1)
Allowance at June 30$ i 40 $ i 60 
Reversals, net i — ( i 2)
Write-offs (1) i — ( i 14)
Foreign currency exchange, net i — ( i 1)
Allowance at September 30$ i 40 $ i 43 
(1) The amount written off during the three months ended September 30, 2022 primarily related to loans with a third-party that were sold.
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Credit Monitoring— i Our unsecured financing receivables were as follows:
September 30, 2023
 Gross loan balance (principal and interest)Related allowanceNet financing receivablesGross receivables on nonaccrual status
Loans$ i 115 $( i 38)$ i 77 $ i 21 
Other financing arrangements i 7 ( i 2) i 5  i — 
Total unsecured financing receivables$ i 122 $( i 40)$ i 82 $ i 21 
December 31, 2022
 Gross loan balance (principal and interest)Related allowanceNet financing receivablesGross receivables on nonaccrual status
Loans$ i 118 $( i 43)$ i 75 $ i 22 
Other financing arrangements i 2 ( i 1) i 1  i 1 
Total unsecured financing receivables$ i 120 $( i 44)$ i 76 $ i 23 
Fair Value—We estimated the fair value of financing receivables to be approximately $ i 131 million and $ i 117 million at September 30, 2023 and December 31, 2022, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using discounted future cash flow models. The principal inputs used are projected future cash flows and the discount rate, which is generally the effective interest rate of the loan.
6.     i ACQUISITIONS AND DISPOSITIONS
Acquisitions
Mr & Mrs Smith—During the nine months ended September 30, 2023, we acquired  i 100% of the outstanding shares of Smith Global Limited ("Mr & Mrs Smith") in a business combination through a locked box structure. The enterprise value of £ i 53 million was subject to customary adjustments related to indebtedness and net working capital as of the locked box date, as well as a value accrual representing the economic value from the locked box date through the acquisition date.
We closed on the transaction on June 2, 2023 and paid cash of £ i 58 million (approximately $ i 72 million using exchange rates as of the acquisition date).
 i 
Net assets acquired were determined as follows:
Cash paid, net of cash acquired$ i 50
Cash acquired i 22
Net assets acquired$ i 72
 / 
The acquisition includes technology related to a boutique and luxury global travel platform, brand name, and relationships with affiliated hotel owners. Following the acquisition date, fee revenues and operating expenses of Mr & Mrs Smith were recognized on our condensed consolidated statements of income. During the three months ended September 30, 2023 and for the period from the acquisition date through September 30, 2023, total revenues attributable to Mr & Mrs Smith were $ i 7 million and $ i 9 million, respectively. During both the three months ended September 30, 2023 and for the period from the acquisition date through September 30, 2023, net income attributable to Mr & Mrs Smith was $ i  i 3 /  million.
Our condensed consolidated balance sheet at September 30, 2023 reflects preliminary estimates of the fair value of the assets acquired and liabilities assumed based on available information as of the acquisition date. The fair values of intangible assets acquired are estimated using discounted future cash flow models, the relief from royalty method, or a cost-based approach. Depending on the valuation method, these estimates include revenue projections based on long-term growth rates, expected attrition, historical cost information, and/or an obsolescence factor, all of which are primarily Level Three assumptions. The remaining assets and liabilities were recorded at their carrying values, which approximate their fair values.

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During the three months ended September 30, 2023, the fair values of certain assets acquired and liabilities assumed were revised, which resulted in insignificant measurement period adjustments.
We will continue to evaluate the contracts acquired and the underlying inputs and assumptions used in our valuation of assets acquired and liabilities assumed. Accordingly, these estimates, along with any related tax impacts, are subject to change during the measurement period, which is up to one year from the date of acquisition.
 i 
The following table summarizes the preliminary fair value of the identifiable net assets acquired at the acquisition date:
Cash and cash equivalents$ i 22 
Receivables i 6 
Prepaids and other assets i 1 
Goodwill (1) i 41 
Indefinite-lived intangibles (2) i 12 
Customer relationship intangibles (3) i 12 
Other intangibles (4) i 16 
Total assets acquired$ i 110 
Accounts payable$ i 1 
Accrued expenses and other current liabilities i 7 
Current contract liabilities i 17 
Long-term contract liabilities i 3 
Other long-term liabilities i 10 
Total liabilities assumed$ i 38 
Total net assets acquired attributable to Hyatt Hotels Corporation$ i 72 
(1) The goodwill, which is recorded in corporate and other, is attributable to growth opportunities we expect to realize through direct booking access to properties within the Mr & Mrs Smith platform through our distribution channels. Goodwill is not tax deductible.
(2) Relates to the Mr & Mrs Smith brand name.
(3) Amortized over a useful life of  i 12 years.
(4) Amortized over a useful life of  i 10 years.
 / 
During the three and nine months ended September 30, 2023, we recognized an insignificant amount and $ i 4 million, respectively, of transaction costs, primarily related to financial advisory and legal fees, in other income (loss), net on our condensed consolidated statements of income (see Note 18).
Dream Hotel Group—During the nine months ended September 30, 2023, a Hyatt affiliate acquired  i 100% of the limited liability company interests of each of Chatwal Hotels & Resorts, LLC, DHG Manager, LLC, and each of the subsidiaries of DHG Manager, LLC (collectively, "Dream Hotel Group") for $ i 125 million of base consideration, subject to customary adjustments related to working capital and indebtedness, and up to an additional $ i 175 million of contingent consideration to be paid through 2028 upon the achievement of certain milestones related to the development of additional hotels and/or potential new hotels previously identified by the sellers (the "Dream Acquisition").
We closed on the transaction on February 2, 2023 and paid $ i 125 million of cash. Upon acquisition, we recorded a $ i 107 million contingent consideration liability at fair value in other long-term liabilities on our condensed consolidated balance sheet. The fair value was estimated using a Monte Carlo simulation to model the likelihood of achieving the agreed-upon milestones based on available information as of the acquisition date. The valuation methodology includes assumptions and judgments regarding the discount rate, estimated probability of achieving the milestones, and expected timing of payments, which are primarily Level Three assumptions. The contingent consideration liability is remeasured at fair value on a quarterly basis (see Note 12).
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Net assets acquired were determined as follows:
Cash paid$ i 125 
Fair value of contingent consideration i 107 
Net assets acquired$ i 232 
The acquisition includes management and license agreements for both operating and additional hotels that are expected to open in the future, primarily across North America, and the affiliated trade names for three lifestyle hotel brands. Following the acquisition date, fee revenues and operating expenses of Dream Hotel Group were recognized on our condensed consolidated statements of income and were insignificant for the three months ended September 30, 2023. For the period from the acquisition date through September 30, 2023, total revenues attributable to Dream Hotel Group were $ i 5 million and the net income attributable to Dream Hotel Group was $ i 3 million.
Our condensed consolidated balance sheet at September 30, 2023 reflects preliminary estimates of the fair value of the assets acquired and liabilities assumed based on available information as of the acquisition date. The fair values of intangible assets acquired are estimated using either discounted future cash flow models or the relief from royalty method, both of which include revenue projections based on the expected contract terms and long-term growth rates, which are primarily Level Three assumptions. The remaining assets and liabilities were recorded at their carrying values, which approximate their fair values.
During the second and third quarters of 2023, the fair values of certain assets acquired and liabilities assumed were revised. The measurement period adjustments primarily resulted from the refinement of certain assumptions, including contract terms and useful lives, which affected the underlying cash flows in the valuation and were based on facts and circumstances that existed at the acquisition date. Measurement period adjustments recorded on our condensed consolidated balance sheet at September 30, 2023 include a $ i  i 20 /  million decrease in intangibles, net with a corresponding increase to goodwill. For the period from the acquisition date through September 30, 2023, we recognized an insignificant reduction of amortization expense on our condensed consolidated statements of income that would have been recognized during the six months ended June 30, 2023, if the measurement period adjustments would have been made as of the acquisition date.
We will continue to evaluate the contracts acquired and the underlying inputs and assumptions used in our valuation of assets acquired and liabilities assumed. Accordingly, these estimates, along with any related tax impacts, are subject to change during the measurement period, which is up to one year from the date of acquisition.
The following table summarizes the preliminary fair value of the identifiable net assets acquired at the acquisition date:
Receivables$ i 1 
Goodwill (1) i 61 
Indefinite-lived intangibles (2) i 21 
Management agreement intangibles (3) i 143 
Other intangibles (2) i 7 
Total assets acquired$ i 233 
Long-term contract liabilities$ i 1 
Total liabilities assumed$ i 1 
Total net assets acquired attributable to Hyatt Hotels Corporation$ i 232 
(1) The goodwill, which is tax deductible and recorded on the Americas management and franchising segment, is attributable to the growth opportunities we expect to realize by expanding our lifestyle offerings and providing global travelers with an increased number of elevated hospitality experiences.
(2) Includes intangible assets related to the Dream Hotels, The Chatwal, and Unscripted Hotels brand names. Certain brand names are amortized over useful lives of  i 20 years.
(3) Amortized over useful lives of approximately  i 9 to  i 22 years, with a weighted-average useful life of approximately  i 17 years.
During the three and nine months ended September 30, 2023, we recognized an insignificant amount and $ i 7 million, respectively, of transaction costs, primarily related to regulatory, financial advisory, and legal fees, in other income (loss), net on our condensed consolidated statements of income (see Note 18).
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Hyatt Regency Irvine—During the three months ended September 30, 2022, we acquired Hyatt Regency Irvine from an unrelated third party for $ i 135 million, net of closing costs and proration adjustments. Upon completion of the asset acquisition, we recorded $ i 135 million of property and equipment within our owned and leased hotels segment on our condensed consolidated balance sheet.
Dispositions
Destination Residential Management—During the three months ended September 30, 2023, we sold our interests in the entities which own the Destination Residential Management business to an unrelated third party for $ i 2 million of base consideration, subject to customary adjustments related to working capital and indebtedness, and up to an additional $ i 48 million of contingent consideration. The contingent consideration will be earned within  i two years following the sale upon the achievement of certain performance-based metrics and the extensions of certain contracts related to the rental programs and/or homeowner associations. We recorded a $ i 28 million contingent consideration receivable at fair value in other assets on our condensed consolidated balance sheet at September 30, 2023.
The fair value of the contingent consideration receivable was estimated using a Monte Carlo simulation to model the likelihood of achieving the performance-based metrics and a probability-based weighting approach to determine the likelihood of extending certain contracts. The valuation methodology includes assumptions and judgments regarding probability weighting, discount rates, operating results, and expected timing of payments, which are primarily Level Three assumptions. We will recognize changes in the carrying value of the contingent consideration receivable when realizable.
The transaction was accounted for as a business disposition, and we recognized a $ i 19 million pre-tax gain in gains (losses) on sales of real estate and other on our condensed consolidated statements of income during the three months ended September 30, 2023. In conjunction with the disposition, we transferred $ i 10 million of cash to the buyer related to advanced deposits. The operating results and financial position of this business prior to the sale remain within our Americas management and franchising segment.
The Confidante Miami Beach—During the nine months ended September 30, 2022, we sold The Confidante Miami Beach to an unrelated third party for approximately $ i 227 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $ i 24 million pre-tax gain, which was recognized in gains (losses) on sales of real estate and other on our condensed consolidated statements of income during the nine months ended September 30, 2022. The operating results of this hotel prior to the sale remain within our owned and leased hotels segment.
The Driskill—During the nine months ended September 30, 2022, we sold The Driskill to an unrelated third party for approximately $ i 119 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $ i 51 million pre-tax gain, which was recognized in gains (losses) on sales of real estate and other on our condensed consolidated statements of income during the nine months ended September 30, 2022. The operating results of this hotel prior to the sale remain within our owned and leased hotels segment.
Grand Hyatt San Antonio River Walk—During the nine months ended September 30, 2022, we sold Grand Hyatt San Antonio River Walk to an unrelated third party and accounted for the transaction as an asset disposition. We received approximately $ i 109 million of cash consideration, net of closing costs; a $ i 19 million HTM debt security as additional consideration; and $ i 18 million from the release of restricted cash held for debt service related to Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A and Contract Revenue Bonds, Senior Taxable Series 2005B (collectively, the "Series 2005 Bonds"). At the time of sale, we had $ i 166 million of outstanding debt related to the Series 2005 Bonds, inclusive of accrued interest and net of $ i 4 million of unamortized discounts, which was legally defeased in conjunction with the sale. Upon sale, we entered into a long-term management agreement for the property.
The sale resulted in a $ i 137 million pre-tax gain, which was recognized in gains (losses) on sales of real estate and other on our condensed consolidated statements of income during the nine months ended September 30, 2022. In connection with the disposition, we recognized a $ i 7 million goodwill impairment charge in asset impairments on our condensed consolidated statements of income during the nine months ended September 30, 2022. The assets disposed represented the entirety of the reporting unit and therefore, no business operations remained to support
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the related goodwill, which was therefore impaired. The operating results of this hotel prior to the sale remain within our owned and leased hotels segment.
Hyatt Regency Indian Wells Resort & Spa—During the nine months ended September 30, 2022, we sold Hyatt Regency Indian Wells Resort & Spa to an unrelated third party for approximately $ i 136 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $ i 40 million pre-tax gain, which was recognized in gains (losses) on sales of real estate and other on our condensed consolidated statements of income during the nine months ended September 30, 2022. The operating results of this hotel prior to the sale remain within our owned and leased hotels segment.
7.     i INTANGIBLES, NET
 i  i 
September 30, 2023
  Weighted- average useful lives in years  Gross carrying value  Accumulated amortization  Net carrying value
Management and franchise agreement intangibles i 15$ i 903 $( i 229)$ i 674 
Brand and other indefinite-lived intangibles— i 625 —  i 625 
Customer relationships intangibles i 8 i 620 ( i 219) i 401 
Other intangibles i 9 i 44 ( i 16) i 28 
Total$ i 2,192 $( i 464)$ i 1,728 
December 31, 2022
  Gross carrying value  Accumulated amortization  Net carrying value
Management and franchise agreement intangibles$ i 786 $( i 184)$ i 602 
Brand and other indefinite-lived intangibles i 593 —  i 593 
Customer relationships intangibles i 608 ( i 145) i 463 
Other intangibles i 22 ( i 12) i 10 
Total$ i 2,009 $( i 341)$ i 1,668 
 /  / 
 i 
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Amortization expense$ i 44 $ i 45 $ i 133 $ i 156 
 / 
During the three and nine months ended September 30, 2023, we recognized $ i 5 million and $ i 12 million, respectively, of impairment charges, and during the three and nine months ended September 30, 2022, we recognized $ i 9 million and $ i 12 million, respectively, of impairment charges in asset impairments on our condensed consolidated statements of income. The impairment charges were primarily related to management and franchise agreement intangibles and were a result of contract terminations within our Apple Leisure Group segment.
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8.     i OTHER ASSETS
 i 
September 30, 2023December 31, 2022
Management and franchise agreement assets constituting payments to customers (1) $ i 817 $ i 699 
Marketable securities held to fund the loyalty program (Note 4) i 477  i 406 
Marketable securities held to fund rabbi trusts (Note 4) i 449  i 420 
Deferred costs related to the paid membership program i 172  i 106 
Long-term investments (Note 4) i 93  i 77 
Common shares in Playa N.V. (Note 4) i 88  i 79 
Marketable securities held for captive insurance company (Note 4) i 83  i 93 
Long-term restricted cash i 4  i 37 
Other i 119  i 112 
Total other assets$ i 2,302 $ i 2,029 
(1) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees.
 / 
9.     i DEBT
At September 30, 2023 and December 31, 2022, we had $ i 3,055 million and $ i 3,113 million, respectively, of total debt, which included $ i 6 million and $ i 660 million, respectively, recorded in current maturities of long-term debt on our condensed consolidated balance sheets.
Senior Notes—During the three months ended September 30, 2023, we issued $ i 600 million of  i 5.750% senior notes due 2027 (the "2027 Notes") at an issue price of  i 99.975%. We received approximately $ i 596 million of net proceeds from the sale, after deducting $ i 4 million of underwriting discounts and other offering expenses, which was used, together with cash on hand, to repay the outstanding balance on the $ i 700 million of  i 1.300% senior notes due 2023 (the "2023 Notes"), as described below. Interest is payable semi-annually on January 30 and July 30 of each year.
During the three months ended September 30, 2023, we repaid the 2023 Notes, of which there was $ i 638 million outstanding, at maturity for approximately $ i 642 million, inclusive of $ i 4 million of accrued interest. Additionally, during the nine months ended September 30, 2023, we repurchased $ i 18 million of the 2023 Notes in the open market.
Revolving Credit Facility—During the nine months ended September 30, 2023 and September 30, 2022, we had  i  i  i  i no /  /  /  borrowings or repayments on our revolving credit facility in effect for each of the respective periods. At both September 30, 2023 and December 31, 2022, we had  i  i no /  balance outstanding. At September 30, 2023, we had $ i 1,496 million of borrowing capacity available under our revolving credit facility, net of letters of credit outstanding.
Fair Value—We estimated the fair value of debt, which consists of the notes below (collectively, the "Senior Notes") and other long-term debt, excluding finance leases.
•$ i 750 million of  i 1.800% senior notes due 2024
•$ i 450 million of  i 5.375% senior notes due 2025
•$ i 400 million of  i 4.850% senior notes due 2026
•$ i 600 million of  i 5.750% senior notes due 2027
•$ i 400 million of  i 4.375% senior notes due 2028
•$ i 450 million of  i 5.750% senior notes due 2030
 i Our Senior Notes are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. We estimated the fair value of other debt instruments using a discounted cash flow analysis based on current market inputs for similar types of arrangements. We classified our other debt instruments and revolving credit facility, if applicable, as Level Three based on the lack of available market data. The primary
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sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in our assumptions could result in different estimates of fair value.
September 30, 2023
Carrying valueFair valueQuoted prices in active markets for identical assets (Level One)Significant other observable inputs (Level Two)Significant unobservable inputs (Level Three)
Debt (1)$ i 3,063 $ i 2,973 $ i — $ i 2,944 $ i 29 
(1) Excludes $ i 6 million of finance lease obligations and $ i 14 million of unamortized discounts and deferred financing fees.
December 31, 2022
Carrying valueFair valueQuoted prices in active markets for identical assets (Level One)Significant other observable inputs (Level Two)Significant unobservable inputs (Level Three)
Debt (2)$ i 3,121 $ i 3,006 $ i — $ i 2,976 $ i 30 
(2) Excludes $ i 7 million of finance lease obligations and $ i 15 million of unamortized discounts and deferred financing fees.
10.     i OTHER LONG-TERM LIABILITIES
 i 
September 30, 2023December 31, 2022
Deferred compensation plans funded by rabbi trusts (Note 4)$ i 449 $ i 420 
Income taxes payable i 403  i 339 
Guarantee liabilities (Note 12) i 121  i 124 
Contingent consideration liability (Note 12) i 107  i — 
Deferred income taxes (Note 11) i 82  i 72 
Self-insurance liabilities (Note 12) i 72  i 68 
Other i 61  i 54 
Total other long-term liabilities$ i 1,295 $ i 1,077 
 / 
11.     i INCOME TAXES
The provision for income taxes for the three and nine months ended September 30, 2023 was $ i 33 million and $ i 107 million, respectively, compared to the provision for income taxes of $ i 35 million and $ i 143 million for the three and nine months ended September 30, 2022, respectively. The decrease in the provision for income taxes for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, was primarily driven by sales of Hyatt Regency Indian Wells Resort & Spa, Grand Hyatt San Antonio River Walk, The Driskill, and The Confidante Miami Beach in 2022.
We are subject to audits by federal, state, and foreign tax authorities. U.S. tax years 2018 through 2020 are currently under field exam. U.S. tax years 2009 through 2011 have been subject to a U.S. Tax Court case concerning the tax treatment of the loyalty program in which the Internal Revenue Service ("IRS") is asserting that loyalty program contributions are taxable income to the Company. U.S. tax years 2012 through 2017 are pending the outcome of the issue currently in U.S. Tax Court.
The Tax Court issued an opinion on October 2, 2023 related to the aforementioned case and determined that the Company must recognize approximately $ i 12 million in net taxable income for the tax years 2009 through 2011, but that the Company need not recognize approximately $ i 228 million in net taxable income that preceded 2009. The Company is evaluating the Tax Court's decision and potential appeal options. In order to appeal the Tax Court's ruling, the Company would be required to pay the tax liability and interest related to the 2009 through 2011 tax years as determined by the Tax Court, which is estimated to be $ i 5 million. If the Company were to appeal and the Tax Court's opinion is upheld, the estimated income tax payment due for the subsequent years 2012 through 2023 is $ i 211 million, including $ i 30 million of estimated interest, net of federal benefit. We believe we have an adequate uncertain tax liability recorded in accordance with Accounting Standards Codification 740, Income Taxes, for this matter and believe that the ultimate outcome of this matter will not have a material effect on our consolidated financial position, results of operations, or liquidity.
At September 30, 2023 and December 31, 2022, total unrecognized tax benefits recorded in other long-term liabilities on our condensed consolidated balance sheets were $ i 301 million and $ i 253 million, respectively, of which
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$ i 129 million and $ i 102 million, respectively, would impact the effective tax rate, if recognized. While it is reasonably possible that the amount of uncertain tax benefits associated with the U.S. treatment of the loyalty program could significantly change within the next 12 months, at this time, we are not able to estimate the range by which the reasonably possible outcomes of the pending litigation could impact our uncertain tax benefits within the next 12 months.
12.     i COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, we enter into various commitments, guarantees, surety and other bonds, and letter of credit agreements.
Commitments—At September 30, 2023, we are committed, under certain conditions, to lend, provide certain consideration to, or invest in various business ventures up to $ i 351 million, net of any related letters of credit.
Performance Guarantees—Certain of our contractual agreements with third-party hotel owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels. Except as described below, at September 30, 2023, our performance guarantees had $ i 108 million of remaining maximum exposure and expire between 2023 and 2042.
Through acquisitions, we acquired certain management agreements with performance guarantees based on annual performance levels and with expiration dates between 2023 and 2045. Contract terms within certain management agreements limit our exposure, and therefore, we are unable to reasonably estimate our maximum potential future payments.
At September 30, 2023 and December 31, 2022, we had $ i 94 million and $ i 108 million, respectively, of total performance guarantee liabilities, which included $ i 88 million and $ i 96 million, respectively, recorded in other long-term liabilities and $ i 6 million and $ i 12 million, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.
Additionally, we enter into certain management contracts where we have the right, but not an obligation, to make payments to certain hotel owners if their hotels do not achieve specified levels of operating profit. If we choose not to fund the shortfall, the hotel owner has the option to terminate the management contract. At both September 30, 2023 and December 31, 2022, we had an insignificant amount recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to these performance cure payments.
Debt Repayment Guarantees— i We enter into various debt repayment guarantees in order to assist third-party owners, franchisees, and unconsolidated hospitality ventures in obtaining third-party financing or to obtain more favorable borrowing terms.
Geographical regionMaximum potential future payments (1)Maximum exposure net of recoverability from third parties (1)Other long-term liabilities recorded at September 30, 2023Other long-term liabilities recorded at December 31, 2022Year of guarantee expiration
United States (2), (3)$ i 110 $ i 41 $ i 8 $ i 3 various, through 2027
All foreign (2), (4) i 200  i 178  i 25  i 25 various, through 2031
Total $ i 310 $ i 219 $ i 33 $ i 28 
(1) Our maximum exposure is generally based on a specified percentage of the total principal due upon borrower default.
(2) We have agreements with our unconsolidated hospitality venture partners or the respective third-party owners or franchisees to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash or HTM debt security.
(3) Certain agreements give us the ability to assume control of the property if defined funding thresholds are met or if certain events occur.
(4) Under certain debt repayment guarantees associated with hotel properties in India, we have the contractual right to recover amounts funded from an unconsolidated hospitality venture, which is a related party, and therefore, we expect our maximum exposure for these guarantees to be approximately $ i 83 million, taking into account our partner's  i 50% ownership interest in the unconsolidated hospitality venture. Under certain events or conditions, we have the right to force the sale of the properties in order to recover amounts funded.
At September 30, 2023, we are not aware, nor have we received any notification, that our unconsolidated hospitality ventures, third-party owners, or franchisees are not current on their debt service obligations where we have provided a debt repayment guarantee.
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Guarantee Liabilities Fair Value—We estimated the fair value of our guarantees to be approximately $ i 139 million and $ i 124 million at September 30, 2023 and December 31, 2022, respectively. Based on the lack of available market data, we have classified our guarantees as Level Three in the fair value hierarchy.
Contingent Consideration Fair Value—We may pay up to an additional $ i 175 million of contingent consideration through 2028 as a result of the Dream Acquisition (see Note 6). At September 30, 2023, we had $ i 174 million of potential future consideration remaining.  i The contingent consideration liability, which is remeasured at fair value on a recurring basis and is classified as Level Three in the fair value hierarchy, is recorded in other-long term liabilities on our condensed consolidated balance sheets (see Note 10). The following table summarizes the changes in fair value, which are recognized in other income (loss), net on our condensed consolidated statements of income (see Note 18):
2023
Fair value as of acquisition date$ i 107 
Change in fair value( i 1)
Fair value at June 30$ i 106 
Change in fair value i 2 
Payments( i 1)
Fair value at September 30$ i 107 
 i Insurance—We obtain commercial insurance for potential losses from general liability, property, automobile, workers' compensation, employment practices liability, crime, cyber, and other miscellaneous risks. A portion of the risk is retained through a U.S.-based and licensed captive insurance company that is a wholly owned subsidiary of Hyatt and generally insures our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Reserves for losses in our captive insurance company to be paid within 12 months are $ i 42 million and $ i 39 million at September 30, 2023 and December 31, 2022, respectively, and are recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. Reserves for losses in our captive insurance company to be paid in future periods are $ i 72 million and $ i 68 million at September 30, 2023 and December 31, 2022, respectively, and are recorded in other long-term liabilities on our condensed consolidated balance sheets (see Note 10).
Collective Bargaining Agreements—At September 30, 2023, approximately  i 21% of our U.S.-based employees were covered by various collective bargaining agreements, generally providing for basic pay rates, working hours, other conditions of employment, and orderly settlement of labor disputes. Certain employees are covered by union-sponsored, multi-employer pension and health plans pursuant to agreements between various unions and us. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe our employee relations are good.
Surety and Other Bonds—Surety and other bonds issued on our behalf were $ i 254 million at September 30, 2023 and primarily relate to our insurance programs, litigation, taxes, licenses, construction liens, and utilities for our lodging operations.
Letters of Credit—Letters of credit outstanding on our behalf at September 30, 2023 were $ i 260 million, which primarily relate to our ongoing operations, collateral for customer deposits associated with ALG Vacations, collateral for estimated insurance claims, and securitization of our performance under certain debt repayment guarantees, which are only called on if the borrower defaults on its obligations or we default on our guarantees. Of the letters of credit outstanding, $ i 4 million reduces the available capacity under our revolving credit facility (see Note 9).
Capital Expenditures—As part of our ongoing business operations, expenditures are required to complete renovation projects that have been approved.
 i 
Other—We act as general partner of various partnerships owning hotel properties that are subject to mortgage indebtedness. These mortgage agreements generally limit the lender's recourse to security interests in assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof.
In conjunction with financing obtained for our unconsolidated hospitality ventures and certain managed or franchised hotels, we may provide standard indemnifications to the lender for loss, liability, or damage occurring as a result of our actions or actions of the other unconsolidated hospitality venture partners or the respective third-party owners or franchisees.
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As a result of certain dispositions, we have agreed to provide customary indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire or until the agreed-upon contract terms expire.
We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes, and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under our current insurance programs, subject to deductibles. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect the ultimate resolution of such claims and litigation to have a material effect on our condensed consolidated financial statements.
During the year ended December 31, 2018, we received a notice from the Indian tax authorities assessing additional service tax on our operations in India. We appealed this decision and do not believe a loss is probable, and therefore, we have not recorded a liability in connection with this matter. At September 30, 2023, our maximum exposure is not expected to exceed $ i 18 million.
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13.     i EQUITY
 i 
Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss, net of insignificant tax impacts, were as follows:
Balance at
July 1, 2023 		Current period other comprehensive income (loss) before reclassificationAmount reclassified from accumulated other comprehensive loss
Balance at
September 30, 2023
Foreign currency translation adjustments$( i 168)$( i 26)$ i — $( i 194)
AFS debt securities unrealized fair value adjustments (1)( i 11) i 2  i 3 ( i 6)
Derivative instrument adjustments (2)( i 27) i 1  i 2 ( i 24)
Accumulated other comprehensive loss$( i 206)$( i 23)$ i 5 $( i 224)
(1) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in other income (loss), net related to marketable securities held for our captive insurance company (see Note 18).
(2) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks.
Balance at
January 1, 2023		Current period other comprehensive income (loss) before reclassificationAmount reclassified from accumulated other comprehensive loss
Balance at
September 30, 2023
Foreign currency translation adjustments$( i 202)$ i 8 $ i — $( i 194)
AFS debt securities unrealized fair value adjustments (3)( i 11) i 2  i 3 ( i 6)
Derivative instrument adjustments (4)( i 29) i 1  i 4 ( i 24)
Accumulated other comprehensive loss$( i 242)$ i 11 $ i 7 $( i 224)
(3) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in other income (loss), net related to marketable securities held for our captive insurance company (see Note 18).
(4) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks. We expect to reclassify $ i 6 million of losses over the next 12 months.
 / 
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Balance at
July 1, 2022		Current period other comprehensive income (loss) before reclassificationAmount reclassified from accumulated other comprehensive lossBalance at
September 30, 2022
Foreign currency translation adjustments
$( i 219)$( i 22)$ i — $( i 241)
AFS debt securities unrealized fair value adjustments( i 11)( i 5) i — ( i 16)
Pension liabilities adjustment( i 4) i —  i — ( i 4)
Derivative instrument adjustments (5)( i 31) i —  i 2 ( i 29)
Accumulated other comprehensive loss$( i 265)$( i 27)$ i 2 $( i 290)
(5) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks.
Balance at
January 1, 2022		Current period other comprehensive income (loss) before reclassificationAmount reclassified from accumulated other comprehensive lossBalance at
September 30, 2022
Foreign currency translation adjustments (6)$( i 206)$( i 40)$ i 5 $( i 241)
AFS debt securities unrealized fair value adjustments( i 1)( i 15) i — ( i 16)
Pension liabilities adjustment( i 4) i —  i — ( i 4)
Derivative instrument adjustments (7)( i 34) i —  i 5 ( i 29)
Accumulated other comprehensive loss$( i 245)$( i 55)$ i 10 $( i 290)
(6) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the disposition of our ownership interest in an unconsolidated hospitality venture (see Note 4).
(7) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks.
Share Repurchases—On December 18, 2019 and May 10, 2023, our board of directors authorized repurchases of up to $ i 750 million and $ i 1,055 million, respectively, of our 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 or an accelerated share repurchase transaction, at prices we deem appropriate and subject to market conditions, applicable law, and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A and Class B common stock. The common stock repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock, and the program may be suspended or discontinued at any time. At September 30, 2023, we had $ i 1.3 billion remaining under the combined share repurchase authorizations.
During the nine months ended September 30, 2023, we repurchased  i 3,233,926 shares of Class A common stock. The shares of common stock were repurchased at a weighted-average price of $ i 110.72 per share for an aggregate purchase price of $ i 358 million, excluding insignificant related expenses. The shares repurchased included the repurchase of  i 106,116 shares for $ i 9 million, which was initiated prior to December 31, 2022 and settled during the nine months ended September 30, 2023. At December 31, 2022, the $ i 9 million share repurchase liability was recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet. The shares repurchased during the nine months ended September 30, 2023 represented approximately  i 3% of our total shares of common stock outstanding at December 31, 2022. The shares of Class A common stock repurchased in the open market were retired and returned to the status of authorized and unissued shares.
During the nine months ended September 30, 2022, we repurchased  i 3,075,891 shares of Class A common stock. The shares of common stock were repurchased at a weighted-average price of $ i 85.56 per share for an aggregate purchase price of $ i 263 million, excluding insignificant related expenses. The shares repurchased during the nine months ended September 30, 2022 represented approximately  i 3% of our total shares of common stock outstanding at December 31, 2021.
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Dividend— i The following tables summarize dividends paid to Class A and Class B shareholders of record:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Class A common stock$ i 7 $ i — $ i 14 $ i — 
Class B common stock i 9  i —  i 18  i — 
Total cash dividends paid$ i 16 $ i — $ i 32 $ i — 
Date declaredDividend per share amount for Class A and Class BDate of recordDate paid
May 11, 2023$ i  i 0.15 /  May 30, 2023June 12, 2023
August 3, 2023$ i  i 0.15 /  August 25, 2023September 8, 2023
14.     i STOCK-BASED COMPENSATION
As part of our Long-Term Incentive Plan, we award time-vested stock appreciation rights ("SARs"), time-vested restricted stock units ("RSUs"), and performance-vested restricted stock units ("PSUs") to certain employees and non-employee directors. In addition, non-employee directors may elect to receive their annual fees and/or annual equity retainers in the form of shares of our Class A common stock. Compensation expense and unearned compensation presented below exclude (i) amounts related to employees of our managed hotels and other employees whose payroll is reimbursed, as these expenses have been, and will continue to be, reimbursed by our third-party hotel owners and are recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties on our condensed consolidated statements of income and (ii) insignificant amounts related to employees of our owned and leased hotels recognized in owned and leased hotels expenses on our condensed consolidated statements of income.  i Stock-based compensation expense recognized in selling, general, and administrative expenses and distribution and destination management expenses on our condensed consolidated statements of income related to these awards was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
SARs$ i 1 $ i — $ i 12 $ i 11 
RSUs i 7  i 6  i 32  i 30 
PSUs  i 4  i 1  i 16  i 6 
Total$ i 12 $ i 7 $ i 60 $ i 47 
SARs—During the nine months ended September 30, 2023, we granted  i 284,912 SARs to employees with a weighted-average grant date fair value of $ i 48.54. During the nine months ended September 30, 2022, we granted  i 359,113 SARs to employees with a weighted-average grant date fair value of $ i 37.56.
RSUs—During the nine months ended September 30, 2023, we granted  i 469,981 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $ i 111.07. During the nine months ended September 30, 2022, we granted  i 539,818 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $ i 91.81.
PSUs—During the nine months ended September 30, 2023, we granted  i 133,383 PSUs to employees with a weighted-average grant date fair value of $ i 120.64. During the nine months ended September 30, 2022, we granted  i 176,756 PSUs to employees with a weighted-average grant date fair value of $ i 81.14.
Our total unearned compensation for our stock-based compensation programs at September 30, 2023 was $ i 3 million for SARs, $ i 36 million for RSUs, and $ i 25 million for PSUs, which will be recognized in selling, general, and administrative expenses and distribution and destination management expenses over a weighted-average period of  i 2 years.
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15.     i RELATED-PARTY TRANSACTIONS
In addition to those included elsewhere in the Notes to our condensed consolidated financial statements, related-party transactions entered into by us are summarized as follows:
Legal Services—A partner in a law firm that provided services to us throughout 2023 and 2022 is the brother-in-law of our Executive Chairman. During the three and nine months ended September 30, 2023, we incurred $ i 3 million and $ i 10 million, respectively, of legal fees with this firm. During the three and nine months ended September 30, 2022, we incurred $ i 4 million and $ i 10 million, respectively, of legal fees with this firm. At September 30, 2023 and December 31, 2022, we had $ i 3 million and insignificant amounts, respectively, due to the law firm.
Equity Method Investments—We have equity method investments in entities that own, operate, manage, or franchise properties for which we receive management, franchise, or license fees. We recognized $ i 5 million and $ i 7 million of fees during the three months ended September 30, 2023 and September 30, 2022, respectively. During both the nine months ended September 30, 2023 and September 30, 2022, we recognized $ i 17 million of fees. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 12) to these entities. During the three months ended September 30, 2023 and September 30, 2022, we recognized $ i 1 million and $ i 2 million, respectively, of income related to these guarantees. During the nine months ended September 30, 2023 and September 30, 2022, we recognized $ i 4 million and $ i 5 million, respectively, of income related to these guarantees. At September 30, 2023 and December 31, 2022, we had $ i 38 million and $ i 33 million, respectively, of net receivables due from these properties, inclusive of $ i  i 21 /  million in both periods, classified as financing receivables on our condensed consolidated balance sheets. Our ownership interest in these unconsolidated hospitality ventures varies from  i 24% to  i 50%.
In addition to the aforementioned fees, we provide system-wide services on behalf of owners of managed and franchised properties and administer the loyalty program for the benefit of Hyatt's portfolio of properties. These expenses have been, and will continue to be, reimbursed by our third-party hotel owners and are recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties on our condensed consolidated statements of income.
Class B Share Conversion—During the nine months ended September 30, 2022,  i  i 635,522 /  shares of Class B common stock were converted on a share-for-share basis into shares of Class A common stock, $ i 0.01 par value per share. The shares of Class B common stock that were converted into shares of Class A common stock have been retired, thereby reducing the shares of Class B common stock authorized and outstanding.
16.      i  i SEGMENT INFORMATION / 
Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker ("CODM") to assess performance and make decisions regarding the allocation of resources. Our CODM is our President and Chief Executive Officer. Effective January 1, 2023, we changed the strategic and operational oversight for our properties located in the Indian subcontinent. Revenues associated with these properties are now reported in the ASPAC management and franchising segment. The segment changes have been reflected retrospectively for the three and nine months ended September 30, 2022. We define our reportable segments as follows:
•Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations, and for purposes of segment Adjusted EBITDA, includes our pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card programs and are eliminated in consolidation.
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•Americas management and franchising—This segment derives its earnings primarily from a combination of hotel management services and licensing of our portfolio of brands to franchisees located in the United States, Canada, the Caribbean, Mexico, Central America, and South America, as well as revenues from the Destination Residential Management business, which was sold during the three months ended September 30, 2023 (see Note 6). This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to payroll at managed properties where the Company is the employer, as well as costs associated with sales, reservations, digital and technology, digital media, and marketing services (collectively, "system-wide services") and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.
•ASPAC management and franchising—This segment derives its earnings primarily from a combination of hotel management services and licensing of our portfolio of brands to franchisees located in Greater China, East and Southeast Asia, the Indian subcontinent, and Oceania. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties.
•EAME management and franchising—This segment derives its earnings primarily from a combination of hotel management services and licensing of our portfolio of brands to franchisees located in Europe, Africa, the Middle East, and Central Asia. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.
•Apple Leisure Group ("ALG")—This segment derives its earnings from distribution and destination management services offered through ALG Vacations; management and marketing services primarily for all-inclusive ALG resorts located in Mexico, the Caribbean, Central America, South America, and Europe; and through a paid membership program offering benefits exclusively at ALG resorts in Mexico, the Caribbean, and Central America. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate to certain system-wide services provided on behalf of owners of ALG resorts.
Our CODM evaluates performance based on owned and leased hotels revenues; management, franchise, license, and other fees revenues; distribution and destination management revenues; other revenues; and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude interest expense; benefit (provision) for income taxes; depreciation and amortization; amortization of management and franchise agreement assets and performance cure payments, which constitute payments to customers ("Contra revenue"); revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties that we intend to recover over the long term; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate and other; asset impairments; and other income (loss), net.
 i The table below shows summarized consolidated financial information by segment. Included within corporate and other are the results related to our co-branded credit card programs, the results of Mr & Mrs Smith, and unallocated corporate expenses.
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Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Owned and leased hotels
Owned and leased hotels revenues$ i 318 $ i 300 $ i 981 $ i 912 
Intersegment revenues (1) i 8  i 7  i 23  i 21 
Adjusted EBITDA i 64  i 66  i 222  i 219 
Depreciation and amortization i 45  i 45  i 136  i 141 
Americas management and franchising
Management, franchise, license, and other fees revenues i 137  i 127  i 412  i 354 
Contra revenue( i 7)( i 5)( i 19)( i 17)
Other revenues i 20  i 28  i 83  i 91 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties i 659  i 614  i 1,986  i 1,632 
Intersegment revenues (1) i 10  i 9  i 34  i 30 
Adjusted EBITDA i 114  i 114  i 355  i 316 
Depreciation and amortization i 7  i 5  i 20  i 16 
ASPAC management and franchising
Management, franchise, license, and other fees revenues i 42  i 30  i 122  i 67 
Contra revenue( i 1)( i 1)( i 3)( i 3)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties i 39  i 43  i 115  i 114 
Adjusted EBITDA i 28  i 18  i 90  i 34 
Depreciation and amortization i —  i —  i 1  i 1 
EAME management and franchising
Management, franchise, license, and other fees revenues i 22  i 26  i 64  i 57 
Contra revenue( i 3)( i 2)( i 9)( i 6)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties i 26  i 21  i 72  i 57 
Intersegment revenues (1) i 3  i 3  i 7  i 6 
Adjusted EBITDA i 16  i 18  i 44  i 32 
Apple Leisure Group
Owned and leased hotels revenues i 19  i 16  i 26  i 20 
Management, franchise, license, and other fees revenues i 38  i 40  i 113  i 106 
Contra revenue( i 1)( i 1)( i 3)( i 1)
Distribution and destination management revenues i 222  i 244  i 823  i 746 
Other revenues i 50  i 37  i 134  i 104 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties i 30  i 27  i 94  i 82 
Adjusted EBITDA i 50  i 78  i 178  i 188 
Depreciation and amortization i 40  i 40  i 119  i 142 
Corporate and other
Revenues i 32  i 16  i 79  i 43 
Intersegment revenues (1)( i 1) i — ( i 1)( i 2)
Adjusted EBITDA( i 25)( i 42)( i 102)( i 114)
Depreciation and amortization i 8  i 6  i 21  i 20 
Eliminations
Revenues (1)( i 20)( i 19)( i 63)( i 55)
Adjusted EBITDA  i —  i —  i 1  i 1 
TOTAL
Revenues$ i 1,622 $ i 1,541 $ i 5,007 $ i 4,303 
Adjusted EBITDA i 247  i 252  i 788  i 676 
Depreciation and amortization i 100  i 96  i 297  i 320 
(1) Intersegment revenues are included in management, franchise, license, and other fees revenues, owned and leased hotels revenues, and other revenues and eliminated in Eliminations.
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 i 
The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net income attributable to Hyatt Hotels Corporation$ i 68 $ i 28 $ i 194 $ i 161 
Interest expense i 41  i 38  i 105  i 116 
Provision for income taxes i 33  i 35  i 107  i 143 
Depreciation and amortization i 100  i 96  i 297  i 320 
EBITDA i 242  i 197  i 703  i 740 
Contra revenue i 12  i 9  i 34  i 27 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties( i 754)( i 705)( i 2,267)( i 1,885)
Costs incurred on behalf of managed and franchised properties i 764  i 697  i 2,302  i 1,881 
Equity (earnings) losses from unconsolidated hospitality ventures( i 7)( i 2)( i 4) i 6 
Stock-based compensation expense (Note 14)
 i 12  i 7  i 60  i 47 
(Gains) losses on sales of real estate and other (Note 6)
( i 18) i 1 ( i 18)( i 250)
Asset impairments i 6  i 9  i 13  i 19 
Other (income) loss, net (Note 18)
( i 24) i 24 ( i 80) i 53 
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA i 14  i 15  i 45  i 38 
Adjusted EBITDA$ i 247 $ i 252 $ i 788 $ i 676 
 / 
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17.     i EARNINGS PER SHARE
 i 
The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator, is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Numerator:
Net income$ i 68 $ i 28 $ i 194 $ i 161 
Net income attributable to noncontrolling interests i —  i —  i —  i — 
Net income attributable to Hyatt Hotels Corporation$ i 68 $ i 28 $ i 194 $ i 161 
Denominator:
Basic weighted-average shares outstanding (1) i 104,335,826  i 109,077,476  i 105,411,846  i 109,730,293 
Stock-based compensation i 2,523,931  i 1,946,515  i 2,461,795  i 2,062,150 
Diluted weighted-average shares outstanding (1) i 106,859,757  i 111,023,991  i 107,873,641  i 111,792,443 
Basic Earnings Per Share:
Net income$ i 0.65 $ i 0.25 $ i 1.84 $ i 1.46 
Net income attributable to noncontrolling interests i —  i —  i —  i — 
Net income attributable to Hyatt Hotels Corporation$ i 0.65 $ i 0.25 $ i 1.84 $ i 1.46 
Diluted Earnings Per Share:
Net income$ i 0.63 $ i 0.25 $ i 1.80 $ i 1.44 
Net income attributable to noncontrolling interests i —  i —  i —  i — 
Net income attributable to Hyatt Hotels Corporation$ i 0.63 $ i 0.25 $ i 1.80 $ i 1.44 
(1) The computations reflect a reduction in shares outstanding at September 30, 2022 for the repurchases of  i 189,000 shares that were initiated prior to September 30, 2022, but settled in the fourth quarter of 2022.
 /  i 
The computations of diluted earnings per share for the three and nine months ended September 30, 2023 and September 30, 2022 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive.
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
SARs i 24,100  i 10,900  i 54,900  i 9,300 
RSUs i 100  i 2,800  i 1,900  i 1,900 
 / 
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18.     i OTHER INCOME (LOSS), NET
 i 
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Interest income $ i 24 $ i 14 $ i 56 $ i 29 
Credit loss reversals (provisions), net (Note 4 and Note 5) i 17  i 12  i 17  i 17 
Depreciation recovery  i 6  i 4  i 15  i 12 
Guarantee amortization income (Note 12)  i 5  i 10  i 12  i 17 
Loss on extinguishment of debt i —  i —  i — ( i 8)
Restructuring costs (1) i — ( i 26) i 1 ( i 26)
Transaction costs (Note 6)( i 2) i — ( i 13)( i 1)
Guarantee expense (Note 12)( i 4)( i 4)( i 16)( i 12)
Foreign currency exchange, net( i 6)( i 10)( i 7)( i 12)
Unrealized gains (losses), net (Note 4)( i 16)( i 24) i 9 ( i 68)
Other, net i —  i —  i 6 ( i 1)
Other income (loss), net$ i 24 $( i 24)$ i 80 $( i 53)
(1) During the three and nine months ended September 30, 2022, we recognized $ i 26 million of restructuring expenses for severance costs related to the planned future redevelopment of an owned hotel.
 / 
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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations.
This Quarterly Report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company's plans, strategies, and financial performance; and prospective or future events. Forward-looking statements 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: the factors discussed in our filings with the SEC, including our Annual Report on Form 10-K; 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 ("ADR"); limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including the escalating conflict in Israel, Gaza, and surrounding areas, and political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; 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 or other pandemics, epidemics or other health crises; 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 the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; 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; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations.
These factors are not necessarily all of the important factors that could cause our actual results, performance, or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors could also harm our business, financial condition, results of operations, or cash flows. 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. Forward-looking statements speak only as of the date
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they are made, and 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.
The following discussion should be read in conjunction with the Company's condensed consolidated financial statements and accompanying Notes, which appear elsewhere in this Quarterly Report on Form 10-Q.
Executive Overview
Our portfolio of properties consists of full service hotels and resorts, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential and vacation units.
At September 30, 2023, our hotel portfolio consisted of 1,310 hotels (313,257 rooms), including:
•481 managed properties (144,848 rooms), all of which we operate under management and hotel services agreements with third-party property owners;
•627 franchised properties (105,233 rooms), all of which are owned by third parties that have franchise agreements with us and are operated by third parties;
•120 all-inclusive resorts (38,712 rooms), including 106 owned by third parties (34,284 rooms) and operated under management or marketing services agreements, 8 owned by a third party in which we hold common shares (3,153 rooms) and operated under franchise agreements, and 6 operating leased properties (1,275 rooms);
•23 owned properties (10,162 rooms), 1 finance leased property (171 rooms), and 4 operating leased properties (1,697 rooms), all of which we manage;
•22 managed properties and 2 franchised properties owned or leased by unconsolidated hospitality ventures (7,575 rooms); and
•30 franchised properties (4,859 rooms) operated by an unconsolidated hospitality venture in connection with a master license agreement by Hyatt; 6 of these properties (1,254 rooms) are leased by the unconsolidated hospitality venture.
Our property portfolio also included:
•22 vacation units under the Hyatt Vacation Club brand and operated by third parties; and
•38 residential units, which consist of branded residences and serviced apartments. We manage all of the serviced apartments and those branded residential units that participate in a rental program with an adjacent Hyatt-branded hotel.
Additionally, 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. We also offer distribution and destination management services through ALG Vacations, a paid membership program through the Unlimited Vacation Club, and a boutique and luxury global travel platform through Mr & Mrs Smith.
We report our consolidated operations in U.S. dollars. Amounts are reported in millions, unless otherwise noted. Percentages may not recompute due to rounding, and percentage changes that are not meaningful are presented as "NM." Constant currency disclosures used throughout Management's Discussion and Analysis of Financial Condition and Results of Operations are non-GAAP measures. See "—Non-GAAP Measures" for further discussion of constant currency disclosures. We manage our business within five reportable segments as described below:
•Owned and leased hotels consist of our owned and leased full service and select service hotels and, for purposes of segment Adjusted EBITDA, our pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA, based on our ownership percentage of each venture;
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•Americas management and franchising ("Americas") consists of our management and franchising of properties, including all-inclusive resorts under the Hyatt Ziva and Hyatt Zilara brand names, located in the United States, Canada, the Caribbean, Mexico, Central America, and South America;
•ASPAC management and franchising ("ASPAC") consists of our management and franchising of properties located in Greater China, East and Southeast Asia, the Indian subcontinent, and Oceania;
•EAME management and franchising ("EAME") consists of our management and franchising of properties located in Europe, Africa, the Middle East, and Central Asia; and
•Apple Leisure Group consists of distribution and destination management services offered through ALG Vacations; management and marketing of primarily all-inclusive ALG resorts in Mexico, the Caribbean, Central America, South America, and Europe; and the Unlimited Vacation Club paid membership program, which offers benefits exclusively at ALG resorts primarily within Mexico, the Caribbean, and Central America.
Within corporate and other, we include results related to our co-branded credit card programs, the results from Mr & Mrs Smith, and unallocated corporate expenses.
During the three months ended September 30, 2023, we completed the sale of the Destination Residential Management business, which was reported in the Americas management and franchising segment prior to the sale. See Part I, Item 1 "Financial Statements—Note 6 to our Condensed Consolidated Financial Statements" for further discussion.
Effective January 1, 2023, our EAME and ASPAC management and franchising segments have been geographically realigned. See Part I, Item 1 "Financial Statements—Note 16 to our Condensed Consolidated Financial Statements" for further discussion of our segment structure.
Overview of Financial Results
Consolidated revenues increased $81 million, or 5.2%, during the quarter ended September 30, 2023 compared to the quarter ended September 30, 2022. The increases in owned and leased hotels revenues; management, franchise, license, and other fees revenues; and revenues for the reimbursement of costs incurred on behalf of managed and franchised properties of $20 million, $26 million, and $49 million, respectively, were driven by improved operating performance as compared to the same period in the prior year, largely driven by increased demand and ADR. Distribution and destination management revenues decreased $22 million, compared to the prior year period, as we experienced unseasonably high demand in this business in 2022, which did not recur in 2023.
Comparable system-wide hotels revenue per available room ("RevPAR") for the quarter ended September 30, 2023 was $145, which represented an improvement of 8.9% compared to the quarter ended September 30, 2022 in constant currency. The increase was primarily driven by higher demand and ADR across all segments, with the most significant increase from the ASPAC management and franchising segment. See "—Segment Results" for discussion of RevPAR by segment.
During the three months ended September 30, 2023, compared to the three months ended September 30, 2022, leisure transient travel remained strong, and business transient demand continued to improve. We also experienced continued growth in group travel, as comparable system-wide group rooms revenues increased 10% compared to the three months ended September 30, 2022.
For the quarter ended September 30, 2023, we reported net income attributable to Hyatt Hotels Corporation of $68 million, representing an increase of $40 million, compared to the three months ended September 30, 2022, primarily driven by increased management and franchise fees across the portfolio and an increase in gains on sales of real estate and other, partially offset by increased selling, general, and administrative expenses. Additionally, during 2022, we recognized restructuring expenses for severance costs related to the planned future redevelopment of an owned hotel.
Our consolidated Adjusted EBITDA for the quarter ended September 30, 2023 was $247 million, a decrease of $5 million compared to the quarter ended September 30, 2022. The increase in management and franchise fees, most significantly in our ASPAC management and franchising segment, was more than offset by a decrease in distribution and destination management revenues, as we experienced unseasonably high demand in this business in 2022, which did not recur in 2023, and an increase in selling, general, and administrative expenses. See "—Segment Results" for further discussion. See "—Non-GAAP Measures" for an explanation of how we utilize
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Adjusted EBITDA, why we present it, and material limitations on its usefulness, as well as a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to consolidated Adjusted EBITDA.
During the quarter ended September 30, 2023, we returned $144 million of capital to our stockholders through share repurchases and $16 million through our quarterly dividend payments.
Results of Operations
Three and Nine Months Ended September 30, 2023 Compared with Three and Nine Months Ended September 30, 2022
Discussion on Consolidated Results
For additional information regarding our consolidated results, refer to our condensed consolidated statements of income included in this Quarterly Report. See "—Segment Results" for further discussion.
The impact from our investments in marketable securities held to fund our deferred compensation plans through rabbi trusts was recognized on the following financial statement line items and had no impact on net income: revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; owned and leased hotels expenses; selling, general, and administrative expenses; costs incurred on behalf of managed and franchised properties; and net gains (losses) and interest income from marketable securities held to fund rabbi trusts.
Owned and leased hotels revenues.
Three Months Ended September 30,
20232022Better / (Worse)Currency Impact
Comparable owned and leased hotels revenues$317 $287 $30 10.5 %$6 
Non-comparable owned and leased hotels revenues12 22 (10)(44.4)%— 
Total owned and leased hotels revenues$329 $309 $20 6.8 %$6 
Nine Months Ended September 30,
20232022Better / (Worse)Currency Impact
Comparable owned and leased hotels revenues$959 $796 $163 20.5 %$6 
Non-comparable owned and leased hotels revenues25 115 (90)(78.2)%— 
Total owned and leased hotels revenues$984 $911 $73 8.1 %$6 
Comparable owned and leased hotels revenues increased during the three and nine months ended September 30, 2023, compared to the same periods in the prior year, driven by increased demand, which contributed to increased rooms and food and beverage revenues, as well as higher ADR in most markets. The nine months ended September 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.
Non-comparable owned and leased hotels revenues decreased during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, primarily driven by disposition activity in 2022.
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Management, franchise, license, and other fees revenues.
Three Months Ended September 30,
20232022Better / (Worse)
Base management fees$94 $84 $10 11.6 %
Incentive management fees51 43 8 20.6 %
Franchise, license, and other fees105 97 8 7.1 %
Management, franchise, license, and other fees$250 $224 $26 11.4 %
Three Months Ended September 30,
20232022Better / (Worse)
Management, franchise, license, and other fees$250 $224 $26 11.4 %
Contra revenue(12)(9)(3)(31.7)%
Net management, franchise, license, and other fees$238 $215 $23 10.5 %
Nine Months Ended September 30,
20232022Better / (Worse)
Base management fees$281 $223 $58 25.7 %
Incentive management fees167 128 39 31.3 %
Franchise, license, and other fees281 231 50 21.2 %
Management, franchise, license and other fees$729 $582 $147 25.1 %
Nine Months Ended September 30,
20232022Better / (Worse)
Management, franchise, license, and other fees$729 $582 $147 25.1 %
Contra revenue(34)(27)(7)(25.4)%
Net management, franchise, license, and other fees$695 $555 $140 25.1 %
The increases in base and incentive management fees during the three and nine months ended September 30, 2023, compared to the same periods in the prior year, were due to increased demand and ADR across the portfolio, with the largest increases within the ASPAC management and franchising segment, most notably in Greater China due to eased travel restrictions. The nine months ended September 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.
The increases in franchise, license, and other fees revenues for the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, were primarily driven by franchise fees in the Americas management and franchising segment due to increased demand and ADR in the United States, commission fee revenues related to Mr & Mrs Smith, and increased license fees related to our co-branded credit card programs. These increases were partially offset by a decrease in other fees in the EAME management and franchising segment as the three months ended September 30, 2022 included fees from the termination of a management contract for a hotel in the pipeline. The increase in franchise fees during the nine months ended September 30, 2023, compared to the same period in the prior year, was also driven by the recovery from the COVID-19 Omicron variant that negatively impacted travel in the beginning of 2022.
Distribution and destination management revenues. During the three months ended September 30, 2023, distribution and destination management revenues decreased $22 million, compared to the three months ended September 30, 2022, as 2022 experienced unseasonably high demand and included certain credits, which did not recur in 2023. During the nine months ended September 30, 2023, distribution and destination management revenues increased $77 million, compared to the nine months ended September 30, 2022, primarily driven by higher pricing. The nine months ended September 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.
Other revenues. During the three and nine months ended September 30, 2023, other revenues increased $11 million and $32 million, respectively, compared to the three and nine months ended September 30, 2022, primarily driven by the Unlimited Vacation Club paid membership program and our co-branded credit card programs. The Unlimited Vacation Club paid membership program increased primarily due to the amortization of
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incremental Unlimited Vacation Club membership contracts, which continue to be signed at higher average prices. These increases were partially offset by our residential management operations as certain properties were negatively impacted by the wildfires on the island of Maui, Hawaii that occurred during the three months ended September 30, 2023
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.
Three Months Ended September 30,
20232022Change
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties$754 $705 $49 7.1 %
Less: rabbi trust impact (1)4 5 (1)(29.0)%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties, excluding rabbi trust impact$758 $710 $48 6.8 %
(1) The change is driven by the market performance of the underlying invested assets and offsets with the rabbi trust impact within costs incurred on behalf of managed and franchised properties.
Nine Months Ended September 30,
20232022Change
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties$2,267 $1,885 $382 20.3 %
Less: rabbi trust impact (2)(13)41 (54)(131.5)%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties excluding rabbi trust impact$2,254 $1,926 $328 17.0 %
(2) The change is driven by the market performance of the underlying invested assets and offsets with the rabbi trust impact within costs incurred on behalf of managed and franchised properties.
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties increased during the three and nine months ended September 30, 2023, compared to the same periods in the prior year, driven by higher reimbursements for payroll and related expenses at managed properties where we are the employer and reimbursements for costs related to system-wide services provided to managed and franchised properties. The higher reimbursements for expenses were due to improved hotel operating performance driven by increased demand, ADR, and the recovery from the COVID-19 Omicron variant that negatively impacted travel in the beginning of 2022, as well as portfolio growth.
Owned and leased hotels expenses.
Three Months Ended September 30,
20232022Better / (Worse)
Comparable owned and leased hotels expenses$243 $218 $(25)(11.6)%
Non-comparable owned and leased hotels expenses14 19 5 27.1 %
Rabbi trust impact(1)(1)— (35.2)%
Total owned and leased hotels expenses$256 $236 $(20)(8.7)%
Nine Months Ended September 30,
20232022Better / (Worse)
Comparable owned and leased hotels expenses$717 $601 $(116)(19.4)%
Non-comparable owned and leased hotels expenses33 83 50 60.5 %
Rabbi trust impact3 (9)(12)(127.1)%
Total owned and leased hotels expenses$753 $675 $(78)(11.6)%
The increases in comparable owned and leased hotels expenses during the three and nine months ended September 30, 2023, compared to the same periods in the prior year, were primarily due to increased fixed and variable expenses at certain hotels. The nine months ended September 30, 2022 were also impacted by travel
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disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022, which contributed to lower variable expenses.
The decreases in non-comparable owned and leased hotels expenses during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, were primarily driven by disposition activity in 2022.
Distribution and destination management expenses. During the three months ended September 30, 2023, compared to the three months ended September 30, 2022, distribution and destination management expenses decreased $4 million due to a decrease in volume as we experienced unseasonably high demand in this business in 2022. During the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, distribution and destination management expenses increased $78 million, primarily driven by increases in certain variable overhead expenses and the recovery from the COVID-19 Omicron variant that negatively impacted travel in the beginning of 2022.
Depreciation and amortization expenses. Depreciation and amortization expenses increased $4 million during the three months ended September 30, 2023, compared to the same period in the prior year, due to assets placed in service, partially offset by the use of an accelerated amortization method for certain ALG intangible assets, which resulted in increased amortization expense in 2022, as well as dispositions of owned hotels. Depreciation and amortization expenses decreased $23 million during the nine months ended September 30, 2023, compared to the same period in the prior year, primarily driven by the aforementioned accelerated amortization method for certain ALG intangible assets, as well as dispositions of owned hotels.
Other direct costs.  During the three and nine months ended September 30, 2023, other direct costs increased $8 million and $57 million, respectively, compared to the same periods in the prior year, primarily driven by the Unlimited Vacation Club paid membership program and our co-branded credit card programs. The increases in the Unlimited Vacation Club paid membership program expenses were due to increased marketing and overhead costs from incremental contract sales as well as increased amortization of deferred commission expenses related to membership contract sales and upgrades, while the increases in our co-branded credit card programs were driven by a higher volume of point transfers. These increases were partially offset by lower revenues allocated to the loyalty program from our co-branded credit card programs and decreased expenses related to our residential management operations as certain properties were negatively impacted by the wildfires on the island of Maui, Hawaii that occurred during the three months ended September 30, 2023.
Selling, general, and administrative expenses.
Three Months Ended September 30,
20232022Change
Selling, general, and administrative expenses$131 $108 $23 21.2 %
Less: rabbi trust impact8 11 (3)(27.1)%
Less: stock-based compensation expense(12)(7)(5)(67.5)%
Adjusted selling, general, and administrative expenses$127 $112 $15 13.6 %
Nine Months Ended September 30,
20232022Change
Selling, general, and administrative expenses$434 $295 $139 46.9 %
Less: rabbi trust impact(23)80 (103)(130.0)%
Less: stock-based compensation expense(58)(47)(11)(21.3)%
Adjusted selling, general, and administrative expenses$353 $328 $25 7.6 %
Selling, general, and administrative expenses increased during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, primarily driven by increased payroll and related costs, professional fees, and travel expenses, partially offset by a decrease in bad debt expense. Selling, general, and administrative expenses also increased during the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, due to the improved market performance of the underlying investments in marketable securities held to fund our deferred compensation plans through rabbi trusts.
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Adjusted selling, general, and administrative expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. See "—Non-GAAP Measures" for further discussion of Adjusted selling, general, and administrative expenses.
Costs incurred on behalf of managed and franchised properties.
Three Months Ended September 30,
20232022Change
Costs incurred on behalf of managed and franchised properties$764 $697 $67 9.8 %
Less: rabbi trust impact (1)4 5 (1)(29.0)%
Costs incurred on behalf of managed and franchised properties, excluding rabbi trust impact$768 $702 $66 9.5 %
(1) The change is driven by the market performance of the underlying invested assets and offsets with the rabbi trust impact within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.
Nine Months Ended September 30,
20232022Change
Costs incurred on behalf of managed and franchised properties$2,302 $1,881 $421 22.4 %
Less: rabbi trust impact (2)(13)41 (54)(131.5)%
Costs incurred on behalf of managed and franchised properties excluding rabbi trust impact$2,289 $1,922 $367 19.1 %
(2) The change is driven by the market performance of the underlying invested assets and offsets with the rabbi trust impact within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.
Costs incurred on behalf of managed and franchised properties increased during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, driven by increased payroll and related expenses at managed properties where we are the employer and expenses related to system-wide services provided to managed and franchised properties. The higher expenses were due to improved hotel operating performance driven by increased demand, ADR, and the recovery from the COVID-19 Omicron variant that negatively impacted travel in the beginning of 2022, as well as portfolio growth.
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts.
Three Months Ended September 30,
20232022Better / (Worse)
Rabbi trust gains (losses) allocated to selling, general, and administrative expenses$(8)$(11)$3 27.1 %
Rabbi trust gains (losses) allocated to owned and leased hotels expenses(1)(1)— 35.2 %
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts$(9)$(12)$3 27.9 %
Nine Months Ended September 30,
20232022Better / (Worse)
Rabbi trust gains (losses) allocated to selling, general, and administrative expenses$23 $(80)$103 130.0 %
Rabbi trust gains (losses) allocated to owned and leased hotels expenses3 (9)12 127.1 %
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts$26 $(89)$115 129.7 %
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts increased during the three and nine months ended September 30, 2023, compared to the same periods in the prior year, driven by the performance of the underlying invested assets.
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Equity earnings (losses) from unconsolidated hospitality ventures.
Three Months Ended September 30,Nine Months Ended September 30,
20232022Better /
(Worse) 		20232022Better /
(Worse)
Hyatt's share of unconsolidated hospitality ventures net losses excluding foreign currency$(2)$(2)$— $(11)$(23)$12 
Net gains from sales activity related to unconsolidated hospitality ventures (Note 4)
— — — — 4 (4)
Hyatt's share of unconsolidated hospitality ventures foreign currency exchange, net3 — 3 6 — 6 
Distributions from unconsolidated hospitality ventures4 2 2 5 7 (2)
Other2 2 — 4 6 (2)
Equity earnings (losses) from unconsolidated hospitality ventures$7 $2 $5 $4 $(6)$10 
Interest expense. Interest expense increased $3 million during the three months ended September 30, 2023, compared to the same period in the prior year, primarily due to the issuance of the 2027 Notes. Interest expense decreased $11 million during the nine months ended September 30, 2023, compared to the same period in the prior year, primarily due to repurchases and redemptions of certain of our Senior Notes in 2023 and 2022. See Part I, Item 1, "Financial Statements—Note 9 to our Condensed Consolidated Financial Statements" for additional information.
Gains (losses) on sales of real estate and other. During the three months ended September 30, 2023, we recognized a $19 million pre-tax gain related to the sale of the Destination Residential Management business.
During the nine months ended September 30, 2022, we recognized the following:
•$137 million pre-tax gain related to the sale of Grand Hyatt San Antonio River Walk;
•$51 million pre-tax gain related to the sale of The Driskill;
•$40 million pre-tax gain related to the sale of Hyatt Regency Indian Wells Resort & Spa; and
•$24 million pre-tax gain related to the sale of The Confidante Miami Beach.
See Part I, Item 1 "Financial Statements—Note 6 to our Condensed Consolidated Financial Statements" for additional information.
Asset impairments. During the three and nine months ended September 30, 2023, we recognized $6 million and $13 million, respectively, of impairment charges, primarily related to intangible assets, as a result of contract terminations. During three and nine months ended September 30, 2022, we recognized $9 million and $12 million, respectively, of asset impairment charges related to intangible assets, primarily as a result of contract terminations. Additionally, during the nine months ended September 30, 2022, we recognized a $7 million goodwill impairment charge in connection with the sale of Grand Hyatt San Antonio River Walk.
Other income (loss), net.   Other income (loss), net increased $48 million and $133 million during the three and nine months ended September 30, 2023, respectively, compared to the same periods in the prior year. See Part I, Item 1 "Financial Statements—Note 18 to our Condensed Consolidated Financial Statements" for additional information.
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Provision for income taxes.
Three Months Ended September 30,
20232022Change
Income before income taxes$101 $63 $38 61.2 %
Provision for income taxes(33)(35)2 5.1 %
Effective tax rate33.4 %56.6 %(23.2)%
Nine Months Ended September 30,
20232022Change
Income before income taxes$301 $304 $(3)(0.9)%
Provision for income taxes(107)(143)36 25.1 %
Effective tax rate35.7 %47.2 %(11.5)%
The decrease in the provision for income taxes for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, was primarily driven by the sales of Hyatt Regency Indian Wells Resort & Spa, Grand Hyatt San Antonio River Walk, The Driskill, and The Confidante Miami Beach in 2022. See Part I, Item 1 "Financial Statements—Note 11 to our Condensed Consolidated Financial Statements" for additional information.
Segment Results
As described in Part I, Item 1 "Financial Statements—Note 16 to our Condensed Consolidated Financial Statements," we evaluate segment operating performance using owned and leased hotels revenues; management, franchise, license, and other fees revenues; distribution and destination management revenues; and Adjusted EBITDA. Segment results for the three and nine months ended September 30, 2022 have been adjusted retrospectively to reflect the change in reportable segments effective January 1, 2023.
Owned and leased hotels segment revenues.
Three Months Ended September 30,
20232022Better / (Worse)Currency Impact
Comparable owned and leased hotels revenues$310 $282 $28 9.9 %$6 
Non-comparable owned and leased hotels revenues8 18 (10)(56.7)%— 
Total segment revenues$318 $300 $18 5.8 %$6 
Nine Months Ended September 30,
20232022Better / (Worse)Currency Impact
Comparable owned and leased hotels revenues$961 $801 $160 20.0 %$6 
Non-comparable owned and leased hotels revenues20 111 (91)(82.0)%— 
Total segment revenues$981 $912 $69 7.5 %$6 
Comparable owned and leased hotels revenues increased during the three and nine months ended September 30, 2023, compared to the same periods in the prior year, driven by increased demand, which contributed to increased rooms and food and beverage revenues, as well as higher ADR in most markets. The nine months ended September 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.
Non-comparable owned and leased hotels revenues decreased during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, primarily driven by disposition activity in 2022.
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Three Months Ended September 30,
RevPAROccupancyADR
Number of comparable hotels2023vs. 2022
(in constant $)		2023vs. 20222023vs. 2022
(in constant $)
Comparable owned and leased hotels26 $194 6.3 %73.1 %2.9% pts$265 2.1 %
Nine Months Ended September 30,
RevPAROccupancyADR
Number of comparable hotels2023vs. 2022
(in constant $)		2023vs. 20222023vs. 2022
(in constant $)
Comparable owned and leased hotels26 $197 19.4 %72.1 %8.5% pts$274 5.4 %
The increases in RevPAR at our comparable owned and leased hotels during the three and nine months ended September 30, 2023, compared to the same periods in the prior year, were driven by strong ADR as well as group demand and growth in business transient travel. The nine months ended September 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.
During the three and nine months ended September 30, 2023, no properties were removed from the comparable owned and leased hotels results.
Owned and leased hotels segment Adjusted EBITDA.
Three Months Ended September 30,
20232022Better / (Worse)
Owned and leased hotels Adjusted EBITDA$50 $51 $(1)(5.0)%
Pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA14 15 (1)(0.5)%
Segment Adjusted EBITDA$64 $66 $(2)(4.0)%
Nine Months Ended September 30,
20232022Better / (Worse)
Owned and leased hotels Adjusted EBITDA$177 $181 $(4)(2.7)%
Pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA45 38 7 19.6 %
Segment Adjusted EBITDA$222 $219 $3 1.2 %
Noncomparable owned and leased hotels Adjusted EBITDA decreased during the three and nine months ended September 30, 2023 primarily due to disposition activity in 2022. Comparable owned and leased hotels Adjusted EBITDA increased during the three and nine months ended September 30, 2023 primarily due to higher demand in most markets, partially offset by increased fixed and variable expenses at certain hotels. The increase in Adjusted EBITDA at our comparable owned and leased hotels during the nine months ended September 30, 2023, compared to the same period in the prior year, was also driven by the recovery from the COVID-19 Omicron variant that negatively impacted travel in the beginning of 2022.
Our pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA increased during the nine months ended September 30, 2023, compared to the same period in 2022, primarily driven by improved hotel performance.
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Americas management and franchising segment revenues.
Three Months Ended September 30,
20232022Better / (Worse)
Segment revenues
Management, franchise, license, and other fees$137 $127 $10 6.6 %
Contra revenue(7)(5)(2)(9.8)%
Other revenues20 28 (8)(29.1)%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)659 614 45 7.4 %
Total segment revenues$809 $764 $45 5.9 %
(1) See "—Results of Operations" for further discussion regarding the increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.
Nine Months Ended September 30,
20232022Better / (Worse)
Segment revenues
Management, franchise, license, and other fees$412 $354 $58 15.9 %
Contra revenue(19)(17)(2)(6.5)%
Other revenues83 91 (8)(9.0)%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)1,986 1,632 354 21.7 %
Total segment revenues$2,462 $2,060 $402 19.5 %
(2) See "—Results of Operations" for further discussion regarding the increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.
The increases in management, franchise, license, and other fees for the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, were driven by increases in management and franchise fees primarily due to improved group business, continued strength in transient travel, and portfolio growth. The decreases in other revenues are primarily related to our residential management operations as certain properties were negatively impacted by the wildfires on the island of Maui, Hawaii that occurred during the three months ended September 30, 2023.
Three Months Ended September 30,
RevPAROccupancyADR
Number of comparable hotels2023vs. 2022
(in constant $)		2023vs. 20222023vs. 2022
(in constant $)
Comparable Americas system-wide hotels700 $152 2.9 %72.1 %1.4% pts$211 0.9 %
Nine Months Ended September 30,
RevPAROccupancyADR
Number of comparable hotels2023vs. 2022
(in constant $)		2023vs. 20222023vs. 2022
(in constant $)
Comparable Americas system-wide hotels700 $150 10.9 %70.0 %4.4% pts$214 3.9 %
The RevPAR increases at our comparable Americas system-wide hotels during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, were driven by improved group business and continued growth in transient travel. The nine months ended September 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.
During the three months ended September 30, 2023, we removed five properties from the comparable Americas system-wide hotel results as four properties left the hotel portfolio, and one property temporarily suspended operations. During the nine months ended September 30, 2023, we removed six additional properties
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from the comparable Americas system-wide hotel results as five properties left the hotel portfolio, and one property underwent a significant renovation.
Americas management and franchising segment Adjusted EBITDA.
Three Months Ended September 30,
20232022Better / (Worse)
Segment Adjusted EBITDA$114 $114 $— (0.2)%
Nine Months Ended September 30,
20232022Better / (Worse)
Segment Adjusted EBITDA$355 $316 $39 12.4 %
During the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, the increase in management and franchise fees was partially offset by an increase in selling, general, and administrative expenses, primarily due to professional fees and payroll and related costs. Additionally, during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, the decrease in other revenues was partially offset by a decrease in expenses related to our residential management operations.
ASPAC management and franchising segment revenues.
Three Months Ended September 30,
20232022Better / (Worse)
Segment revenues
Management, franchise, license, and other fees$42 $30 $12 39.6 %
Contra revenue(1)(1)— 5.6 %
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)39 43 (4)(8.0)%
Total segment revenues$80 $72 $8 11.9 %
(1) See "—Results of Operations" for further discussion regarding the increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.
Nine Months Ended September 30,
20232022Better / (Worse)
Segment revenues
Management, franchise, license, and other fees$122 $67 $55 80.9 %
Contra revenue(3)(3)— 12.5 %
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)115 114 1 1.0 %
Total segment revenues$234 $178 $56 31.3 %
(2) See "—Results of Operations" for further discussion regarding the increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.
Management, franchise, license, and other fees increased for the three and nine months ended September 30, 2023, compared to the same periods in the prior year, due to increases in management fees across all markets driven by strong demand and ADR. In Greater China, management fees increased due to the easing of COVID-19 pandemic travel restrictions.
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Three Months Ended September 30,
RevPAROccupancyADR
Number of comparable hotels2023vs. 2022
(in constant $)		2023vs. 20222023vs. 2022
(in constant $)
Comparable ASPAC system-wide hotels201 $118 41.6 %72.3 %12.6% pts$163 17.0 %
Nine Months Ended September 30,
RevPAROccupancyADR
Number of comparable hotels2023vs. 2022
(in constant $)		2023vs. 20222023vs. 2022
(in constant $)
Comparable ASPAC system-wide hotels201 $113 70.2 %68.7 %19.2% pts$165 22.7 %
Comparable ASPAC system-wide hotels RevPAR increased for the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, due to increased demand and ADR in all markets, with the increase in Greater China primarily due to travel restrictions being eased resulting in RevPAR rates exceeding pre-COVID-19 pandemic levels beginning in the second quarter of 2023.
During the three months ended September 30, 2023, we removed three properties from the comparable ASPAC system-wide hotels results as two properties left the hotel portfolio, and one property experienced a seasonal closure. During the nine months ended September 30, 2023, we removed one additional property from the comparable ASPAC system-wide hotels results as it is undergoing a significant renovation.
ASPAC management and franchising segment Adjusted EBITDA.
Three Months Ended September 30,
20232022Better / (Worse)
Segment Adjusted EBITDA$28 $18 $10 55.1 %
Nine Months Ended September 30,
20232022Better / (Worse)
Segment Adjusted EBITDA$90 $34 $56 164.2 %
Adjusted EBITDA increased during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, primarily driven by the increases in management fees.
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EAME management and franchising segment revenues.
Three Months Ended September 30,
20232022Better / (Worse)
Segment revenues
Management, franchise, license, and other fees$22 $26 $(4)(15.2)%
Contra revenue(3)(2)(1)(68.7)%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)26 21 5 19.7 %
Total segment revenues$45 $45 $— (2.7)%
(1) See "—Results of Operations" for further discussion regarding the increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.
Nine Months Ended September 30,
20232022Better / (Worse)
Segment revenues
Management, franchise, license, and other fees$64 $57 $7 12.9 %
Contra revenue(9)(6)(3)(65.5)%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)72 57 15 25.8 %
Total segment revenues$127 $108 $19 16.7 %
(2) See "—Results of Operations" for further discussion regarding the increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.
The increase in management and franchise fees during the three months ended September 30, 2023, compared to the three months ended September 30, 2022, was more than offset by the decrease in other fees as the three months ended September 30, 2022 benefited from fees related to the termination of a management contract for a hotel in the pipeline. The increase in management, franchise, license, and other fees during the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, was driven by increases in management and franchise fees, primarily in Western and Southern Europe and the Middle East, due to higher demand and ADR resulting from travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022, offset by the aforementioned pipeline management contract termination.
Three Months Ended September 30,
RevPAROccupancyADR
Number of comparable hotels2023vs. 2022
(in constant $)		2023vs. 20222023vs. 2022
(in constant $)
Comparable EAME system-wide hotels95 $165 5.2 %69.8 %2.7% pts$237 1.2 %
Nine Months Ended September 30,
RevPAROccupancyADR
Number of comparable hotels2023vs. 2022
(in constant $)		2023vs. 20222023vs. 2022
(in constant $)
Comparable EAME system-wide hotels95 $159 20.8 %67.6 %8.0% pts$235 6.5 %
Comparable EAME system-wide hotels RevPAR increased during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, primarily driven by increased business transient and ADR throughout most markets driven in part by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.
During the nine months ended September 30, 2023, we removed three properties from the comparable EAME system-wide hotel results as two properties left the hotel portfolio, and one property underwent a significant renovation.
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EAME management and franchising segment Adjusted EBITDA.
Three Months Ended September 30,
20232022Better / (Worse)
Segment Adjusted EBITDA$16 $18 $(2)(14.4)%
Nine Months Ended September 30,
20232022Better / (Worse)
Segment Adjusted EBITDA$44 $32 $12 35.0 %
Adjusted EBITDA increased during the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, primarily due to the increases in management and franchise fees and decreases in selling, general, and administrative expenses.
Apple Leisure Group segment revenues.
Three Months Ended September 30,
20232022Better / (Worse)
Segment revenues
Owned and leased hotels$19 $16 $3 24.6 %
Management, franchise, license, and other fees38 40 (2)(4.8)%
Contra revenue(1)(1)— (376.6)%
Distribution and destination management222 244 (22)(9.4)%
Other revenues50 37 13 35.7 %
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)30 27 3 16.2 %
Total segment revenues$358 $363 $(5)(1.3)%
(1) See "—Results of Operations" for further discussion regarding the increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.
Nine Months Ended September 30,
20232022Better / (Worse)
Segment revenues
Owned and leased hotels$26 $20 $6 31.9 %
Management, franchise, license, and other fees113 106 7 6.8 %
Contra revenue(3)(1)(2)(333.5)%
Distribution and destination management823 746 77 10.2 %
Other revenues134 104 30 29.3 %
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)94 82 12 14.9 %
Total segment revenues$1,187 $1,057 $130 12.3 %
(2) See "—Results of Operations" for further discussion regarding the increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.
Owned and leased hotels revenues increased during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, primarily due to increased Net Package RevPAR at certain properties. The nine months ended September 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.
Management, franchise, license, and other fees decreased during the three months ended September 30, 2023, compared to the three months ended September 30, 2022, primarily driven by decreased incentive management fees as hotel profits were negatively impacted by currency, partially offset by an increase in base management fees due to higher ADR and occupancy in the Americas and Europe. Management, franchise, license, and other fees increased during the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, as the aforementioned favorability in base management fees more than offset the negative currency impacts on incentive management fees. The nine months ended September 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.
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Distribution and destination management revenues decreased during the three months ended September 30, 2023, compared to the three months ended September 30, 2022, as 2022 experienced unseasonably high demand and included certain credits, which did not recur in 2023. The increase in distribution and destination management revenues during the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, was primarily driven by higher pricing. The nine months ended September 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.
Other revenues increased during the three and nine months ended September 30, 2023, compared to the same periods in the prior year, primarily driven by increased amortization due to incremental Unlimited Vacation Club membership contracts, which continue to be signed at higher average prices.
Three Months Ended September 30,
Net Package RevPAROccupancyNet Package ADR
Number of comparable hotels2023vs. 2022
(in reported $)		2023vs. 20222023vs. 2022
(in reported $)
Comparable ALG system-wide hotels81 $189 8.7 %74.7 % 1.2% pts $253 7.0 %
Nine Months Ended September 30,
Net Package RevPAROccupancyNet Package ADR
Number of comparable hotels2023vs. 2022
(in reported $)		2023vs. 20222023vs. 2022
(in reported $)
Comparable ALG system-wide hotels81 $213 14.9 %75.2 % 3.8% pts $283 9.1 %
The Net Package RevPAR increases at our comparable ALG system-wide hotels during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, were driven by strong Net Package ADR. The nine months ended September 30, 2022 was also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.
During the nine months ended September 30, 2023, we removed one property from the comparable ALG system-wide hotel results as it left the hotel portfolio.
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Apple Leisure Group segment Adjusted EBITDA.
Three Months Ended September 30,
20232022Change
Segment Adjusted EBITDA$50 $78 $(28)(35.2)%
Net Deferral activity
Increase in deferred revenue$40 $46 $(6)(13.3)%
Increase in deferred costs(26)(29)3 10.8 %
Net Deferrals$14 $17 $(3)(17.4)%
Increase in Net Financed Contracts$21 $26 $(5)(20.7)%
Nine Months Ended September 30,
20232022Change
Segment Adjusted EBITDA$178 $188 $(10)(5.2)%
Net Deferral activity
Increase in deferred revenue$149 $147 $2 1.3 %
Increase in deferred costs(76)(81)5 6.5 %
Net Deferrals$73 $66 $7 10.8 %
Increase in Net Financed Contracts$52 $48 $4 8.6 %
Adjusted EBITDA decreased during the three and nine months ended September 30, 2023 compared to the three and nine months ended September 30, 2022. Net Package RevPAR growth and favorable pricing within ALG Vacations were more than offset by increased expenses within the Unlimited Vacation Club paid membership program, decreased incentive management fees due to unfavorable currency impacts on hotel profits, and incremental strategic investments. Additionally, during the three months ended September 30, 2022, ALG Vacations experienced unseasonably high demand and the benefit of certain credits, which did not recur in 2023.
During the three months ended September 30, 2023, the increase in Net Deferrals was less than the increase during the three months ended September 30, 2022 due to higher amortization as a result of incremental Unlimited Vacation Club membership contracts. During the three months ended September 30, 2023, the increase in Net Financed Contracts was less than the increase during the three months ended September 30, 2022 primarily due to expenses that will be incurred related to free nights for the Unlimited Vacation Club membership contracts. During the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, Net Deferrals and Net Financed Contracts increased due to Unlimited Vacation Club membership contract sales and higher pricing.
Net Deferrals represent cash received in the period for both membership down payments and monthly installment payments on financed contracts, less cash paid for costs incurred to sell new contracts, net of revenues and expenses recognized on our condensed consolidated statements of income during the period.
Net Financed Contracts represent contractual future cash flows due to the Company over an average term of less than 4 years, less expenses that will be incurred to fulfill the contract, net of monthly cash installment payments received during the period. At September 30, 2023 and December 31, 2022, the Net Financed Contract balance not recorded on our condensed consolidated balance sheets was $238 million and $186 million, respectively.
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Corporate and other.
 Three Months Ended September 30,
20232022Better / (Worse)
Revenues$32 $16 $16 103.1 %
Adjusted EBITDA$(25)$(42)$17 41.8 %
 Nine Months Ended September 30,
20232022Better / (Worse)
Revenues$79 $43 $36 84.2 %
Adjusted EBITDA$(102)$(114)$12 11.0 %
Revenues increased during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, primarily driven by commission fee revenues related to Mr & Mrs Smith and increased license fee revenues related to our co-branded credit card programs. During the nine months ended September 30, 2023, these increases were partially offset by higher expenses related to our co-branded credit card programs.
Non-GAAP Measures
Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization ("Adjusted EBITDA") and EBITDA
We use the terms Adjusted EBITDA and EBITDA throughout this Quarterly Report. Adjusted EBITDA and EBITDA, as we define them, are non-GAAP measures. We define consolidated Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude the following items:
•interest expense;
•benefit (provision) for income taxes;
•depreciation and amortization;
•contra revenue;
•revenues for the reimbursement of costs incurred on behalf of managed and franchised properties;
•costs incurred on behalf of managed and franchised properties that we intend to recover over the long term;
•equity earnings (losses) from unconsolidated hospitality ventures;
•stock-based compensation expense;
•gains (losses) on sales of real estate and other;
•asset impairments; and    
•other income (loss), net.
We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to corporate and other Adjusted EBITDA.
Our board of directors and executive management team focus on Adjusted EBITDA as one of the key performance and compensation measures both on a segment and on a consolidated basis. Adjusted EBITDA assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations both on a segment and on a consolidated basis. Our President and Chief Executive Officer, who is our CODM, also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in part, by assessing the Adjusted EBITDA of each segment. In addition, the compensation committee of our board of directors
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determines the annual variable compensation for certain members of our management based in part on consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both.
We believe Adjusted EBITDA is useful to investors because it provides investors with the same information that we use internally for purposes of assessing our operating performance and making compensation decisions and facilitates our comparison of results with results from other companies within our industry.
Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry, including interest expense and benefit (provision) for income taxes, which are dependent on company specifics, including capital structure, credit ratings, tax policies, and jurisdictions in which they operate; depreciation and amortization, which are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets; Contra revenue, which is dependent on company policies and strategic decisions regarding payments to hotel owners; and stock-based compensation expense, which varies among companies as a result of different compensation plans companies have adopted. We exclude revenues for the reimbursement of costs and costs incurred on behalf of managed and franchised properties which relate to the reimbursement of payroll costs and for system-wide services and programs that we operate for the benefit of our hotel owners as contractually we do not provide services or operate the related programs to generate a profit over the terms of the respective contracts. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Therefore, we exclude the net impact when evaluating period-over-period changes in our operating results. Adjusted EBITDA includes costs incurred on behalf of our managed and franchised properties related to system-wide services and programs that we do not intend to recover from hotel owners. Finally, we exclude other items that are not core to our operations, such as asset impairments and unrealized and realized gains and losses on marketable securities.
Adjusted EBITDA and EBITDA are not substitutes for net income (loss) attributable to Hyatt Hotels Corporation, net income (loss), or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA and EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income (loss) generated by our business. Our management compensates for these limitations by referencing our GAAP results and using Adjusted EBITDA supplementally. See our condensed consolidated statements of income (loss) in our condensed consolidated financial statements included elsewhere in this Quarterly Report.
See below for a reconciliation of net income (loss) attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to consolidated Adjusted EBITDA.
Adjusted Selling, General, and Administrative Expenses
Adjusted selling, general, and administrative expenses, as we define it, is a non-GAAP measure. Adjusted selling, general, and administrative expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted selling, general, and administrative expenses assist us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations, both on a segment and consolidated basis. See "—Results of Operations" for a reconciliation of selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses.
Comparable Hotels
"Comparable system-wide hotels" represents all properties we manage or franchise, including owned and leased properties, that are operated for the entirety of the periods being compared and that have not sustained substantial damage, business interruption, or undergone large-scale renovations during the periods being compared. Comparable system-wide hotels also exclude properties for which comparable results are not available. We may use variations of comparable system-wide hotels to specifically refer to comparable system-wide Americas hotels, including our wellness resorts, or our all-inclusive resorts, for those properties that we manage or franchise within the Americas management and franchising segment, comparable system-wide ASPAC hotels for those properties we manage or franchise within the ASPAC management and franchising segment, comparable system-wide EAME hotels for those properties that we manage or franchise within the EAME management and franchising segment, or comparable system-wide ALG all-inclusive resorts for those properties that we manage within the Apple
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Leisure Group segment. "Comparable owned and leased hotels" represents all properties we own or lease that are operated and consolidated for the entirety of the periods being compared and have not sustained substantial damage, business interruption, or undergone large-scale renovations during the periods being compared. Comparable owned and leased hotels also excludes properties for which comparable results are not available. Comparable system-wide hotels and comparable owned and leased hotels are commonly used as a basis of measurement in our industry. "Non-comparable system-wide hotels" or "non-comparable owned and leased hotels" represent all hotels that do not meet the respective definition of "comparable" as defined above.
Constant Dollar Currency
We report the results of our operations both on an as-reported basis, as well as on a constant dollar basis. Constant dollar currency, which is a non-GAAP measure, excludes the effects of movements in foreign currency exchange rates between comparative periods. We believe constant dollar analysis provides valuable information regarding our results as it removes currency fluctuations from our operating results. We calculate constant dollar currency by restating prior-period local currency financial results at the current period's exchange rates. These restated amounts are then compared to our current period reported amounts to provide operationally driven variances in our results.
Average Daily Rate
ADR represents hotel room revenues, divided by the total number of rooms sold in a given period. ADR measures the average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in our industry, and we use ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described below.
Occupancy
Occupancy represents the total number of rooms sold divided by the total number of rooms available at a hotel or group of hotels. Occupancy measures the utilization of a hotel's available capacity. We use occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help us determine achievable ADR levels as demand for hotel rooms increases or decreases.
RevPAR
RevPAR is the product of the ADR and the average daily occupancy percentage. RevPAR does not include non-room revenues, which consist of ancillary revenues generated by a hotel property, such as food and beverage, parking, and other guest service revenues. Our management uses RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. RevPAR is a commonly used performance measure in our industry.
RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a hotel would lead to increases in room revenues and additional variable operating costs, including housekeeping services, utilities, and room amenity costs, and could also result in increased ancillary revenues, including food and beverage. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal impacts to variable operating costs.
Net Package ADR
Net Package ADR represents net package revenues divided by the total number of rooms sold in a given period. Net package revenues generally include revenue derived from the sale of package revenue at all-inclusive resorts comprised of rooms revenue, food and beverage, and entertainment, net of compulsory tips paid to employees. Net Package ADR measures the average room price attained by a hotel, and Net Package ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. Net Package ADR is a commonly used performance measure in our industry, and we use Net Package ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described above.
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Net Package RevPAR
Net Package RevPAR is the product of the Net Package ADR and the average daily occupancy percentage. Net Package RevPAR generally includes revenue derived from the sale of package revenue comprised of rooms revenue, food and beverage, and entertainment, net of compulsory tips paid to employees. Our management uses Net Package RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. Net Package RevPAR is a commonly used performance measure in our industry.
Net Financed Contracts
Net Financed Contracts represent Unlimited Vacation Club contracts signed during the period for which an initial cash down payment has been received and the remaining balance is contractually due in monthly installments over an average term of less than 4 years. The Net Financed Contract balance is calculated as the unpaid portion of membership contracts reduced by expenses related to fulfilling the membership program contracts and further reduced by an allowance for future estimated uncollectible installments. Net Financed Contract balances are not reported on our condensed consolidated balance sheets as our right to collect future installments is conditional on our ability to provide continuous access to member benefits at ALG resorts over the contract term, and the associated expenses to fulfill the membership contracts become liabilities of the Company only after the installments are collected. We believe Net Financed Contracts is useful to investors as it represents an estimate of future cash flows due in accordance with contracts signed in the current period. At September 30, 2023, the Net Financed Contract balance not recorded on our condensed consolidated balance sheet was $238 million.
Net Deferrals
Net Deferrals represent the change in contract liabilities associated with the Unlimited Vacation Club membership contracts less the change in deferred cost assets associated with the contracts. The contract liabilities and deferred cost assets are recognized as revenue and expense, respectively, on our condensed consolidated statements of income (loss) over the customer life, which ranges from 3 to 25 years. We believe Net Deferrals is useful to investors as it represents cash received that will be recognized as revenue in future periods.
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The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to consolidated Adjusted EBITDA:
Three Months Ended September 30,
20232022Change
Net income attributable to Hyatt Hotels Corporation$68 $28 $40 147.7 %
Interest expense41 38 3 5.6 %
Provision for income taxes33 35 (2)(5.1)%
Depreciation and amortization100 96 4 4.2 %
EBITDA242 197 45 22.7 %
Contra revenue12 9 3 31.7 %
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties(754)(705)(49)(7.1)%
Costs incurred on behalf of managed and franchised properties764 697 67 9.8 %
Equity (earnings) losses from unconsolidated hospitality ventures(7)(2)(5)(174.3)%
Stock-based compensation expense12 7 5 75.4 %
(Gains) losses on sales of real estate and other(18)1 (19)NM
Asset impairments6 9 (3)(39.9)%
Other (income) loss, net(24)24 (48)(195.3)%
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA14 15 (1)(0.5)%
Adjusted EBITDA$247 $252 $(5)(1.7)%
Nine Months Ended September 30,
20232022Change
Net income attributable to Hyatt Hotels Corporation$194 $161 $33 20.7 %
Interest expense105 116 (11)(9.6)%
Provision for income taxes107 143 (36)(25.1)%
Depreciation and amortization297 320 (23)(7.3)%
EBITDA703 740 (37)(5.0)%
Contra revenue34 27 7 25.4 %
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties(2,267)(1,885)(382)(20.3)%
Costs incurred on behalf of managed and franchised properties2,302 1,881 421 22.4 %
Equity (earnings) losses from unconsolidated hospitality ventures(4)6 (10)(166.4)%
Stock-based compensation expense60 47 13 27.0 %
Gains on sales of real estate and other(18)(250)232 93.0 %
Asset impairments13 19 (6)(34.4)%
Other (income) loss, net(80)53 (133)(249.7)%
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA45 38 7 19.6 %
Adjusted EBITDA$788 $676 $112 16.6 %
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Liquidity and Capital Resources
Overview
We finance our business primarily with existing cash, short-term investments, and cash generated from our operations. As part of our long-term business strategy, we use net proceeds from dispositions to pay down debt; support new investment opportunities, including acquisitions; and return capital to our stockholders, when appropriate. If necessary, we borrow cash under our revolving credit facility or from other third-party sources and raise funds by issuing debt or equity securities. We maintain a cash investment policy that emphasizes the preservation of capital.
During the quarter ended September 30, 2023, we issued the 2027 Notes and received approximately $596 million of net proceeds from the sale, which was used, together with cash on hand, to repay $638 million of the outstanding 2023 Notes at maturity. See Part I, Item 1 "Financial Statements—Note 9 to our Condensed Consolidated Financial Statements" for additional information.
We expect to successfully execute our commitment announced in August 2021 to realize $2.0 billion of gross proceeds from the disposition of owned assets, net of acquisitions, by the end of 2024. As of September 30, 2023, we have realized $721 million of proceeds from the net disposition of owned assets as part of this commitment.
We may, from time to time, seek to retire or purchase our outstanding equity and/or debt securities through cash purchases and/or exchanges for other securities in open market purchases, privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase transaction. Such repurchases or exchanges, if any, will depend on prevailing market conditions, restrictions in our existing or future financing arrangements, our liquidity requirements, contractual restrictions, and other factors. The amounts involved may be material. During the quarter ended September 30, 2023, we returned $144 million of capital to our stockholders through share repurchases. During the three months ended September 30, 2023, we made $16 million of quarterly dividend payments.
We believe that our cash position, short-term investments, cash from operations, borrowing capacity under our revolving credit facility, and access to the capital markets will be adequate to meet all of our funding requirements and capital deployment objectives in both the short term and long term.
Recent Transactions Affecting our Liquidity and Capital Resources
During both the nine months ended September 30, 2023 and September 30, 2022, various transactions impacted our liquidity. See "—Sources and Uses of Cash."
Sources and Uses of Cash
Nine Months Ended September 30,
20232022
Cash provided by (used in):
Operating activities$426 $403 
Investing activities(304)430 
Financing activities(466)(305)
Effect of exchange rate changes on cash(5)26 
Cash, cash equivalents, and restricted cash reclassified to assets held for sale— (2)
Net increase (decrease) in cash, cash equivalents, and restricted cash$(349)$552 
Cash Flows from Operating Activities
Cash provided by operating activities increased $23 million for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The increase was primarily due to improved performance across the portfolio driven by continued recovery from the COVID-19 pandemic and a decrease in cash paid for interest, partially offset by an increase in cash paid for taxes.
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Cash Flows from Investing Activities
During the nine months ended September 30, 2023:
•We invested $134 million in capital expenditures (see "—Capital Expenditures").
•We acquired Dream Hotel Group for $125 million of cash.
•We acquired Mr & Mrs Smith for £58 million, approximately $72 million of cash, or $50 million net of cash acquired, using exchange rates as of the acquisition date.
•We issued $31 million of financing receivables.
•We invested $30 million in a convertible debt security.
•We transferred $10 million of cash related to advanced deposits to the buyer of the Destination Residential Management business.
•We received $81 million of net proceeds from the sale of marketable securities and short-term investments.
During the nine months ended September 30, 2022:
•We received $227 million of proceeds, net of closing costs and proration adjustments, from the sale of The Confidante Miami Beach.
•We received $136 million of proceeds, net of closing costs and proration adjustments, from the sale of Hyatt Regency Indian Wells Resort & Spa.
•We received $119 million of proceeds, net of closing costs and proration adjustments, from the sale of The Driskill.
•     We received $109 million of cash consideration, net of closing costs, from the sale of Grand Hyatt San Antonio River Walk.
•We received $106 million of net proceeds from the sale of marketable securities and short-term investments.
•We received $38 million of proceeds related to the sale of our ownership interest in an equity method investment and the redemption of a HTM debt security.
•    We invested $142 million in capital expenditures (see "—Capital Expenditures").
•We acquired Hyatt Regency Irvine for $135 million of cash, net of closing costs and proration adjustments.
•     We paid $39 million related to the ALG Acquisition for amounts due back to the seller for purchase price adjustments.
Cash Flows from Financing Activities
During the nine months ended September 30, 2023:
•We repaid our outstanding 2023 Notes at maturity for approximately $642 million, inclusive of $4 million of accrued interest.
•We repurchased 3,233,926 shares of Class A common stock for an aggregate purchase price of $358 million, inclusive of the payment of a $9 million liability for the repurchase of 106,116 shares recorded at December 31, 2022.
•We paid two quarterly $0.15 per share cash dividends on outstanding shares of Class A and Class B common stock totaling $32 million.
•We repurchased $18 million of our Senior Notes.
•We issued the 2027 Notes and received approximately $596 million of net proceeds, after deducting $4 million of underwriting discounts and other offering expenses.
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During the nine months ended September 30, 2022:
•We repurchased 3,075,891 shares of Class A common stock for an aggregate purchase price of $263 million.
•We repurchased $15 million of our Senior Notes.
•We utilized $8 million of restricted cash to defease the Series 2005 Bonds.
We define net debt as total debt less the total of cash and cash equivalents and short-term investments. We consider net debt and its components to be an important indicator of liquidity and a guiding measure of capital structure strategy. Net debt is a non-GAAP measure and may not be computed the same as similarly titled measures used by other companies. The following table provides a summary of our debt-to-capital ratios:
September 30, 2023December 31, 2022
Consolidated debt (1)$3,055 $3,113 
Stockholders' equity3,586 3,699 
Total capital6,641 6,812 
Total debt to total capital46.0 %45.7 %
Consolidated debt (1)3,055 3,113 
Less: cash and cash equivalents and short-term investments(727)(1,149)
Net consolidated debt$2,328 $1,964 
Net debt to total capital35.1 %28.8 %
(1) Excludes approximately $547 million and $538 million of our share of unconsolidated hospitality venture indebtedness at September 30, 2023 and December 31, 2022, respectively, substantially all of which is non-recourse to us and a portion of which we guarantee pursuant to separate agreements.
Capital Expenditures
We routinely make capital expenditures to enhance our business. We classify our capital expenditures into maintenance and technology, enhancements to existing properties, and other. We have been, and will continue to be, disciplined with respect to our capital spending, taking into account our cash flows from operations.
Nine Months Ended September 30,
20232022
Maintenance and technology$82 $61 
Enhancements to existing properties52 75 
Other— 6 
Total capital expenditures$134 $142 
The decrease in capital expenditures is primarily driven by renovation spend at certain owned hotels in 2022, partially offset by renovations of a recently acquired property in 2023 and increased maintenance and technology spend. Total capital expenditures for both the nine months ended September 30, 2023 and September 30, 2022 include $20 million related to ALG. Our capital expenditures continue to be below pre-COVID-19 pandemic levels, primarily as a result of our net dispositions of owned assets.
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Senior Notes
The table below sets forth the outstanding principal balance of our Senior Notes at September 30, 2023, as described in Part I, Item 1 "Financial Statements—Note 9 to our Condensed Consolidated Financial Statements." Interest on the Senior Notes is payable semi-annually.
Outstanding principal amount
$750 million senior unsecured notes maturing in 2024—1.800%$746 
$450 million senior unsecured notes maturing in 2025—5.375%450 
$400 million senior unsecured notes maturing in 2026—4.850%400 
$600 million senior unsecured notes maturing in 2027—5.750%600 
$400 million senior unsecured notes maturing in 2028—4.375%399 
$450 million senior unsecured notes maturing in 2030—5.750%440 
Total Senior Notes$3,035 
We are in compliance with all applicable covenants under the indenture governing our Senior Notes at September 30, 2023.
Revolving Credit Facility
The revolving credit facility is intended to provide financing for working capital and general corporate purposes, including commercial paper backup and permitted investments and acquisitions. At both September 30, 2023 and December 31, 2022, we had no balance outstanding. See Part I, Item 1 "Financial Statements—Note 9 to our Condensed Consolidated Financial Statements."
We are in compliance with all applicable covenants under the revolving credit facility at September 30, 2023.
Letters of Credit
We issue letters of credit either under the revolving credit facility or directly with financial institutions. We had $256 million and $263 million in letters of credit issued directly with financial institutions outstanding at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023, these letters of credit, which mature on various dates through 2024, had weighted-average fees of approximately 159 basis points. See Part I, Item 1 "Financial Statements—Note 12 to our Condensed Consolidated Financial Statements."
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Critical Accounting Policies and Estimates
Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. We have disclosed those estimates that we believe are critical and require complex judgment in their application in our 2022 Form 10-K, with an additional consideration below.
Contingent Consideration
Contingent consideration payable arising from acquisitions is recorded at fair value as a liability on the acquisition date and remeasured at each reporting date. Changes in fair value are recognized in other income (loss), net on our condensed consolidated statements of income. In order to estimate the fair value, we generally utilize a Monte Carlo simulation to model the probability of possible outcomes. Changes to the significant assumptions or factors used to determine fair value, in particular, assumptions related to the selection of discount rates, probabilities of achieving the contractual milestones, and timing of payments, could affect the fair value measurement upon acquisition and each reporting period thereafter.
Contingent consideration receivable arising from dispositions is recorded at fair value as an asset upon sale. Changes in the carrying value are recognized in gains (losses) on sales of real estate and other on our condensed consolidated statements of income when realizable. In order to estimate the fair value, we generally utilize a Monte Carlo simulation or a probability-based weighting approach to model possible outcomes. Changes to the significant assumptions or factors used to determine fair value, in particular, assumptions related to the selection of discount rates, probabilities of accomplishing the contractual objectives, operating results, and timing of payments, could affect the fair value measurement upon sale.
See Part I, Item 1, "Financial Statements—Note 6 to our Condensed Consolidated Financial Statements."
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Item 3.    Quantitative and Qualitative Disclosures About Market Risk.
We are exposed to market risk, primarily from changes in interest rates and foreign currency exchange rates. In certain situations, we seek to reduce earnings and cash flow volatility associated with changes in interest rates and foreign currency exchange rates by entering into financial arrangements to provide a hedge against a portion of the risks associated with such volatility. We continue to have exposure to such risks to the extent they are not hedged. We enter into derivative financial arrangements to the extent they meet the objectives described above, and we do not use derivatives for trading or speculative purposes. At September 30, 2023, we were a party to hedging transactions, including the use of derivative financial instruments, as discussed below.
Interest Rate Risk
In the normal course of business, we are exposed to the impact of interest rate changes due to our borrowing activities. Our objective is to manage the risk of interest rate changes on the results of operations, cash flows, and the market value of our debt by creating an appropriate balance between our fixed and floating-rate debt. We enter into interest rate derivative transactions from time to time, including interest rate swaps and interest rate locks, in order to maintain a level of exposure to interest rate variability that we deem acceptable.
At both September 30, 2023 and December 31, 2022, we did not hold any interest rate swap or outstanding interest rate lock contracts.
The following table sets forth the contractual maturities and the total fair values at September 30, 2023 for our financial instruments materially affected by interest rate risk:
Maturities by Period
20232024202520262027ThereafterTotal carrying amount (1)Total fair value (1)
Fixed-rate debt$— $746 $450 $400 $600 $839 $3,035$2,944 
Average interest rate (2)4.42 %
Floating-rate debt$1 $4 $4 $4 $4 $11 $28$29 
Average interest rate (2)8.02 %
(1) Excludes $6 million of finance lease obligations and $14 million of unamortized discounts and deferred financing fees.
(2) Average interest rate at September 30, 2023.
Foreign Currency Exposures and Exchange Rate Instruments
We transact business in various foreign currencies and utilize foreign currency forward contracts to offset our exposure associated with the fluctuations of certain foreign currencies. The U.S. dollar equivalents of the notional amount of the outstanding forward contracts, which relate to intercompany transactions, with terms of less than one year were $154 million and $155 million at September 30, 2023 and December 31, 2022, respectively.
We intend to offset the gains and losses related to our third-party debt and intercompany transactions with gains or losses on our foreign currency forward contracts such that there is a negligible effect on our annual net income. Our exposure to market risk has not materially changed from what we previously disclosed in our 2022 Form 10-K.
For the three and nine months ended September 30, 2023, the effects of these derivative instruments resulted in $6 million of net gains and insignificant net losses, respectively, recognized in other income (loss), net on our condensed consolidated statements of income. For the three and nine months ended September 30, 2022, the effects of these derivative instruments resulted in $13 million and $30 million, respectively, of net gains recognized in other income (loss), net on our condensed consolidated statements of income. We offset the gains and losses on our foreign currency forward contracts with gains and losses related to our intercompany loans and transactions, such that there is a negligible effect on our net income. At September 30, 2023, we had $5 million of assets recorded in prepaids and other assets, and at December 31, 2022, we had $1 million of liabilities recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to derivative instruments.
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Item 4. Controls and Procedures.
Disclosure Controls and Procedures. We maintain a set of disclosure controls and procedures designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms. In accordance with Rule 13a-15(b) of the Exchange Act, as of the end of the period covered by this Quarterly Report, an evaluation was carried out under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of our disclosure controls and procedures. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures, as of the end of the period covered by this Quarterly Report, were effective to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms and is accumulated and communicated to our management, including the Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting.
There has been no change in the Company's internal control over financial reporting during the Company's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1.    Legal Proceedings.
We are involved in various claims and lawsuits arising in the normal course of business, including proceedings involving tort and other general liability claims, workers' compensation and other employee claims, intellectual property claims, and claims related to our management of certain hotel properties. Most occurrences involving liability, claims of negligence, and employees are covered by insurance, in each case, with solvent insurance carriers. We record a liability when we believe the loss is probable and reasonably estimable. We currently believe that the ultimate outcome of such lawsuits and proceedings will not, individually or in the aggregate, have a material effect on our consolidated financial position, results of operations, or liquidity.
See Part I, Item 1, "Financial Statements—Note 11 and Note 12 to our Condensed Consolidated Financial Statements" for more information related to tax and legal contingencies.
Item 1A. Risk Factors.
At September 30, 2023, there have been no material changes from the risk factors previously disclosed in response to Item 1A to Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Item 2.    Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities.
Issuer Purchases of Equity Securities
The following table sets forth information regarding our purchases of shares of Class A common stock on a settlement date basis during the quarter ended September 30, 2023:
Total number
of shares
purchased (1) 		Weighted-average
price paid
per share		Total number of
shares purchased
as part of publicly
announced plans		Maximum number (or approximate dollar value) of shares that may yet be purchased under the program
July 1 to July 31, 2023— $— — $1,399,551,401 
August 1 to August 31, 20231,246,366 115.15 1,246,366 $1,256,031,687 
September 1 to September 30, 2023— — — $1,256,031,687 
Total1,246,366 $115.15 1,246,366 
(1)On December 18, 2019 and May 10, 2023, our board of directors approved expansions of our share repurchase program. Under each approval, we are authorized to purchase up to $750 million and $1,055 million, respectively, of Class A and Class B common stock in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase transaction. The repurchase program does not obligate the Company to repurchase any dollar amount or number of shares and the program may be suspended or discontinued at any time and does not have an expiration date. At September 30, 2023, we had approximately $1.3 billion remaining under the combined share repurchase authorizations.
Item 3.    Defaults Upon Senior Securities.
None.
Item 4.    Mine Safety Disclosures.
Not Applicable.
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Item 5.    Other Information.
 i 
Rule 10b5-1 Trading Arrangements
Trading Arrangement
ActionDateRule 10b5-1
(1)		Non-Rule 10b5-1
(2)		Total Shares to be SoldExpiration Date
 i Joan Bottarini,  i Executive Vice President, Chief Financial Officer
Adopt i September 21, 2023 i  i X /  i  i  i 19,500December 20, 2024
(1) Intended to satisfy the affirmative defense of Rule 10b5-1(c).
(2) Not intended to satisfy the affirmative defense of Rule 10b5-1(c).
 / 
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Item 6.    Exhibits.
Exhibit Number
Exhibit Description
3.1

3.2
4.1
4.2
4.3
+10.1
31.1
31.2
32.1
32.2
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

+ Management contract or compensatory plan or arrangement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 Hyatt Hotels Corporation
Date:November 2, 2023By:/s/ Mark S. Hoplamazian
Mark S. Hoplamazian
President and Chief Executive Officer
(Principal Executive Officer)
 Hyatt Hotels Corporation
Date:November 2, 2023By:/s/ Joan Bottarini
Joan Bottarini
Executive Vice President, Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
69

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
12/31/24
12/20/24
Filed on:11/2/238-K
10/27/23
10/2/23
For Period end:9/30/23
9/28/23
9/21/234
9/8/23
8/31/23
8/25/23
8/3/2310-Q,  8-K
7/31/23
7/1/23
6/30/2310-Q,  3,  4
6/12/23
6/2/23
5/30/23
5/11/238-K
5/10/23
3/31/2310-Q,  4
2/2/23
1/1/23
12/31/2210-K,  4,  ARS
9/30/2210-Q
7/1/22
6/30/2210-Q
3/31/2210-Q,  4
1/1/22
12/31/2110-K,  5
12/18/198-K
12/31/1810-K
 List all Filings 

1 Subsequent Filing that References this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/23/24  Hyatt Hotels Corp.                10-K       12/31/23  169:66M

3 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/06/23  Hyatt Hotels Corp.                8-K:1,8,9   7/06/23   14:656K                                   Donnelley … Solutions/FA
 2/16/23  Hyatt Hotels Corp.                10-K       12/31/22  163:53M
 9/16/22  Hyatt Hotels Corp.                8-K:5,9     9/12/22   13:459K                                   Donnelley … Solutions/FA
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