Hyatt Hotels Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Hyatt Hotels Corp submitted its 2023 10-K, detailing financial performance and key operational metrics for the fiscal year ending December 31, 2023.</b>

AI Summary

Hyatt Hotels Corp (H) filed a Annual Report (10-K) with the SEC on February 23, 2024. Hyatt Hotels Corp filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. Key financial data points such as Receivables Net Current, Gain/Loss on Sale of Properties, and Property Plant and Equipment Net are referenced. Information regarding Long-Term Debt (current and noncurrent) is included. Revenue from Contracts with Customers (excluding assessed tax) and Asset Impairment Charges are detailed.

Why It Matters

For investors and stakeholders tracking Hyatt Hotels Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Hyatt's financial health and operational activities for the past fiscal year, crucial for investors to assess performance and future outlook. The detailed financial statements and risk factors within the report are essential for understanding the company's strategic positioning, potential challenges, and growth opportunities in the hospitality sector.

Risk Assessment

Risk Level: medium — Hyatt Hotels Corp shows moderate risk based on this filing. The company operates in the highly competitive hospitality industry, which is subject to economic downturns, changing consumer preferences, and geopolitical events, as indicated by the broad range of financial and operational data presented in the 10-K.

Analyst Insight

Investors should review the detailed revenue segments and risk factors in the 10-K to understand Hyatt's competitive landscape and potential growth drivers.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K)
• 2024-02-23 — Filing Date (Date the 10-K was submitted)
• 001-34521 — SEC File Number (Hyatt's SEC file number)
• DE — State of Incorporation (Hyatt's state of incorporation)

Key Players & Entities

• Hyatt Hotels Corp (company) — Filer of the 10-K
• 2023-12-31 (date) — Fiscal year end
• 2024-02-23 (date) — Filing date
• 150 NORTH RIVERSIDE PLAZA (address) — Business and mailing address
• CHICAGO (location) — City for business and mailing address
• IL (location) — State for business and mailing address
• 60606 (postal_code) — ZIP code for business and mailing address
• 001-34521 (filing_id) — SEC file number

FAQ

Industry Context

Hyatt Hotels Corp operates within the global hospitality industry, which is characterized by intense competition, cyclical demand, and sensitivity to economic conditions.

Regulatory Implications

The company is subject to various regulations related to the hospitality sector, including labor laws, health and safety standards, and consumer protection regulations.

What Investors Should Do

1. Analyze the detailed revenue breakdown by segment to understand growth drivers.
2. Review the risk factors section for potential headwinds and company mitigation strategies.
3. Compare key financial metrics with industry peers to assess competitive positioning.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date Hyatt Hotels Corp submitted its 10-K to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value H New York Stock Exchange S
• $6.7 b — ded December 31, 2023, revenues totaled $6.7 billion, net income attributable to Hyatt
• $220 m — ble to Hyatt Hotels Corporation totaled $220 million, and Adjusted EBITDA totaled $1,0
• $1,029 million — 20 million, and Adjusted EBITDA totaled $1,029 million. S ee Part II, Item 7, "Management's Di
• $896 million — downturns. At December 31, 2023, we had $896 million of cash and cash equivalents and short-
• $1.5 billion — hort-term investments and approximately $1.5 billion of available borrowing capacity under o
• $4.0 billion — to stockholders. We have realized over $4.0 billion of gross proceeds from the disposition
• $961 million — s made in 2017, including approximately $961 million of gross proceeds realized under the ad
• $2.0 billion — ust 2021, in which we committed to sell $2.0 billion of owned assets by December 31, 2024.

Filing Documents

• h-20231231.htm (10-K) — 4343KB
• a123123-exhibit31.htm (EX-3.1) — 527KB
• a123123exhibit420.htm (EX-4.20) — 63KB
• a123123exhibit1023.htm (EX-10.23) — 35KB
• a123123exhibit1028.htm (EX-10.28) — 7KB
• a123123exhibit211.htm (EX-21.1) — 113KB
• a123123exhibit231.htm (EX-23.1) — 2KB
• a123123exhibit311.htm (EX-31.1) — 9KB
• a123123exhibit312.htm (EX-31.2) — 9KB
• a123123exhibit321.htm (EX-32.1) — 6KB
• a123123exhibit322.htm (EX-32.2) — 6KB
• a123123exhibit971.htm (EX-97.1) — 28KB
• a123123exhibit991.htm (EX-99.1) — 2877KB
• h-20231231_g1.jpg (GRAPHIC) — 1107KB
• h-20231231_g10.jpg (GRAPHIC) — 741KB
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• h-20231231_g5.jpg (GRAPHIC) — 1722KB
• h-20231231_g6.jpg (GRAPHIC) — 2974KB
• h-20231231_g7.jpg (GRAPHIC) — 3993KB
• h-20231231_g8.jpg (GRAPHIC) — 41KB
• h-20231231_g9.jpg (GRAPHIC) — 22KB
• image_0.jpg (GRAPHIC) — 1KB
• 0001468174-24-000014.txt (&nbsp;) — 67790KB
• h-20231231.xsd (EX-101.SCH) — 148KB
• h-20231231_cal.xml (EX-101.CAL) — 188KB
• h-20231231_def.xml (EX-101.DEF) — 790KB
• h-20231231_lab.xml (EX-101.LAB) — 1590KB
• h-20231231_pre.xml (EX-101.PRE) — 1140KB
• h-20231231_htm.xml (XML) — 3908KB

Risk Factors

Item 1A. Risk Factors 24

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 52

Cybersecurity

Item 1C. Cybersecurity 52

Properties

Item 2. Properties 55

Legal Proceedings

Item 3. Legal Proceedings 59

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 59 Information about our Executive Officers 60 PART II

Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 63

(Removed and Reserved)

Item 6. (Removed and Reserved) 65

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 66

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 94

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 94

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 94

Controls and Procedures

Item 9A. Controls and Procedures 95

Other Information

Item 9B. Other Information 95

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 95 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 96

Executive Compensation

Item 11. Executive Compensation 96

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 97

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 97 PART IV

Exhibits and Financial Statement Schedule

Item 15. Exhibits and Financial Statement Schedule 98

Form 10-K Summary

Item 16. Form 10-K Summary 98

Signatures

Signatures 99 Table of Contents Disclosure Regarding Forward-Looking Statements This annual 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 and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would," and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the factors discussed in this annual report set forth under the sections titled "Risk Factors" in Part I, Item 1A and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and 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 gro

Business

Item 1. Business. Overview Hyatt Hotels Corporation is a global hospitality company with widely recognized, industry-leading brands and a tradition of innovation developed over our more than 65-year history. Hyatt's 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. In 2021, we acquired Apple Leisure Group ("ALG" or the "ALG Acquisition"), a leading luxury resort-management services, travel, and hospitality group that also offers a paid membership program through the Unlimited Vacation Club and travel distribution and destination management services through ALG Vacations ("ALG Vacations"). At December 31, 2023, our hotel portfolio consisted of 1,335 full service hotels, select service hotels, and all-inclusive resorts (322,141 rooms). See Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations—Overview" for a categorized breakdown of our portfolio. Our colleagues and hotel general managers are supported by our regional management teams, located in cities around the world, and our executive management team, headquartered in Chicago. Our offering includes brands in the Timeless Collection, including Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Vacation Club, Hyatt Place, Hyatt House, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval, Alila, Andaz, Thompson Hotels, Dream Hotels, Hyatt Centric, and Caption by Hyatt; the Independent Collection , including The Unbound Collection by Hyatt, Destination by Hyatt, and JdV by Hyatt; and the Inclusive Collection, including Impression by Secrets, Hyatt Ziva, Hyatt Zilara, Zotry Wellness & Spa Resorts, Secrets Resorts & Spas, Breathless Resorts & Spas, Dreams Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts, and Sunscape Resorts & Spas. We also manage, provide serv

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View this 10-K filing on SEC EDGAR