Hyatt Hotels Corp. Q2 2024 Financials Released

TL;DR

**Hyatt Hotels Q2 earnings show mixed fee income trends vs. last year. Watch for management fee growth.**

AI Summary

Hyatt Hotels Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance, including base management fees, incentive management fees, and franchise and other fees for the second quarter and the first half of the year. Specific dollar amounts for these revenue streams are provided for both 2024 and 2023 periods.

Why It Matters

This filing provides investors with a detailed look at Hyatt's revenue streams and operational performance, crucial for understanding the company's financial health and future prospects in the hospitality sector.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data which, while informative, requires careful analysis to fully assess the company's risk profile.

Key Numbers

• N/A — Base Management Fees (Reported for Q2 and YTD 2024 vs 2023)
• N/A — Incentive Management Fees (Reported for Q2 and YTD 2024 vs 2023)
• N/A — Franchise and Other Fees (Reported for Q2 and YTD 2024 vs 2023)

Key Players & Entities

• Hyatt Hotels Corp. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of reporting period
• 2024-01-01 (date) — Start of year-to-date reporting period
• 2023-01-01 (date) — Start of prior year-to-date reporting period

FAQ

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value H New York Stock Exchange I

Filing Documents

• h-20240630.htm (10-Q) — 2734KB
• exhibit11-63024.htm (EX-1.1) — 213KB
• exhibit31-63024.htm (EX-3.1) — 547KB
• exhibit311-63024.htm (EX-31.1) — 11KB
• exhibit312-63024.htm (EX-31.2) — 11KB
• exhibit321-63024.htm (EX-32.1) — 6KB
• exhibit322-63024.htm (EX-32.2) — 5KB
• 0001468174-24-000090.txt ( ) — 14374KB
• h-20240630.xsd (EX-101.SCH) — 84KB
• h-20240630_cal.xml (EX-101.CAL) — 104KB
• h-20240630_def.xml (EX-101.DEF) — 436KB
• h-20240630_lab.xml (EX-101.LAB) — 848KB
• h-20240630_pre.xml (EX-101.PRE) — 642KB
• h-20240630_htm.xml (XML) — 2680KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 54

Controls and Procedures

Item 4. Controls and Procedures 54

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 56

Risk Factors

Item 1A. Risk Factors 56

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 56

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 56

Other Information

Item 5. Other Information 56

Exhibits

Item 6. Exhibits 58

Signatures

Signatures 59 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

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 Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 REVENUES: Base management fees $ 100 $ 96 $ 198 $ 187 Incentive management fees 54 59 118 116 Franchise and other fees 121 91 221 174 Gross fees 275 246 537 477 Contra revenue ( 16 ) ( 12 ) ( 29 ) ( 22 ) Net fees 259 234 508 455 Owned and leased 314 341 623 655 Distribution 278 275 597 603 Other revenues 10 71 45 159 Revenues for reimbursed costs 842 784 1,644 1,513 Total revenues 1,703 1,705 3,417 3,385 DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES: General and administrative 117 134 286 289 Owned and leased 238 257 488 497 Distribution 234 226 508 484 Other direct costs 17 87 62 185 Transaction and integration costs 10 10 18 23 Depreciation and amortization 84 99 176 197 Reimbursed costs 853 789 1,689 1,538 Total direct and general and administrative expenses 1,553 1,602 3,227 3,213 Net gains (losses) and interest income from marketable securities held to fund rabbi trusts 4 17 28 35 Equity earnings (losses) from unconsolidated hospitality ventures ( 30 ) ( 1 ) 45 ( 3 ) Interest expense ( 40 ) ( 31 ) ( 78 ) ( 64 ) Gains (losses) on sales of real estate and other 350 — 753 — Asset impairments — ( 5 ) ( 17 ) ( 7 ) Other income (loss), net 28 12 82 67 Income before income taxes 462 95 1,003 200 Provision for income taxes ( 103 ) ( 27 ) ( 122 ) ( 74 ) Net income 359 68 881 126 Net income attributable to noncontrolling interests — — — — Net income attributable to Hyatt Hotels Corporation $ 359 $ 68 $ 881 $ 126 EARNINGS PER CLASS A AND CLASS B SHARE: Net income attributable to Hyatt Hotels Corporation—Basic $ 3.55 $ 0.64 $ 8.64 $ 1.19 Net income attributable to Hyatt Hotels Corporation—Diluted $ 3.46 $ 0.63 $ 8.42 $ 1.16 See accompanying Notes to condens

View Full Filing

View this 10-Q filing on SEC EDGAR