Hyatt(US:H)2024-08-06 18:28Financial Performance - Consolidated revenues decreased by $2 million for the quarter ended June 30, 2024, compared to the same quarter in 2023, while gross fee revenues increased by $29 million [176]. - Net income attributable to Hyatt Hotels Corporation for the quarter ended June 30, 2024, was $359 million, a $291 million increase from the same period in 2023 [180]. - Consolidated Adjusted EBITDA for the quarter ended June 30, 2024, was $307 million, an increase of $28 million compared to the same quarter in 2023 [180]. - For the six months ended June 30, 2024, net income attributable to Hyatt Hotels Corporation reached $881 million, up 598.8% from $126 million in 2023 [273]. - Adjusted EBITDA for the six months ended June 30, 2024, was $566 million, a slight increase of 2.3% compared to $553 million in the prior year [273]. - Income before income taxes increased to $462 million, a 391.4% increase compared to $95 million in the same period of 2023 [219]. - The provision for income taxes for the three months ended June 30, 2024, was $103 million, up from $27 million in the same period of 2023, reflecting a 294.7% increase [219]. Revenue Breakdown - Comparable system-wide hotels revenue per available room (RevPAR) for the quarter ended June 30, 2024, was $149, representing a 4.7% improvement compared to the same quarter in 2023 [177]. - Comparable system-wide all-inclusive resorts Net Package RevPAR for the quarter ended June 30, 2024, was $226, a 3.0% improvement compared to the same quarter in 2023 [178]. - Total segment revenues for the three months ended June 30, 2024, were $1,124 million, a 5.8% increase from $1,062 million in the same period of 2023 [221]. - Gross fees for the three months ended June 30, 2024, reached $288 million, representing a 10.1% increase from $262 million in the same period of 2023 [221]. - Comparable owned and leased revenues increased by $14 million (5.0%) to $303 million for the three months ended June 30, 2024, compared to $289 million in 2023 [189]. - Distribution revenues increased by $3 million for the three months ended June 30, 2024, primarily due to commission fee revenues related to Mr & Mrs Smith, offset by a decrease from ALG Vacations [191]. Expenses and Costs - General and administrative expenses decreased by $17 million (13.4%) to $117 million for the three months ended June 30, 2024, compared to $134 million in 2023 [197]. - Comparable owned and leased expenses increased by $8 million (3.4%) to $228 million for the three months ended June 30, 2024, compared to $220 million in 2023 [199]. - Distribution expenses increased by $8 million for the three months ended June 30, 2024, primarily driven by ALG Vacations due to an increase in variable costs [201]. - Reimbursed costs increased by $64 million (8.1%) to $853 million for the three months ended June 30, 2024, compared to $789 million in 2023 [205]. Shareholder Returns - The company returned $150 million to shareholders through $134 million in share repurchases and $16 million in dividends during the quarter [181]. - During the quarter ended June 30, 2024, the company returned $150 million of capital to stockholders through $134 million of share repurchases and $16 million of quarterly dividend payments [277]. Debt and Capital Management - Total debt increased to $3,885 million as of June 30, 2024, resulting in a total debt-to-total capital ratio of 50.2% [286]. - Net consolidated debt decreased to $1,928 million as of June 30, 2024, with a net debt-to-total capital ratio of 24.9% [286]. - The company issued the 2029 Notes and the 2034 Notes during the three months ended June 30, 2024, receiving $786 million in net proceeds for debt repayment and general corporate purposes [275]. - The company has realized $1,496 million of proceeds from the net disposition of owned assets as part of its commitment to achieve $2.0 billion by the end of 2024 [276]. Acquisitions and Investments - The company acquired Dream Hotel Group for $125 million in cash and Mr & Mrs Smith for approximately $72 million [285]. - The company issued senior notes and received approximately $786 million of net proceeds from the sale, after deducting $14 million of underwriting discounts and other offering expenses [285]. Market Performance - The number of comparable hotels for the three months ended June 30, 2024, was 1,094, with an occupancy rate of 72.9%, up 2.4 percentage points from 2023 [226]. - Occupancy rate for comparable system-wide all-inclusive resorts reached 74.0%, up 1.5 percentage points from 2023 [230]. - The company removed ten properties from comparable system-wide hotels results during the three months ended June 30, 2024 [229].