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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549 
Form 10-Q
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
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. 001-34521
HYATT HOTELS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware 20-1480589
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
     150 North Riverside Plaza
     8th Floor, Chicago, Illinois                     60606
     (Address of Principal Executive Offices)                     (Zip Code)
(312) 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
Class A Common Stock, $0.01 par valueHNew 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.    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).  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.
Large accelerated filerAccelerated filer
Non-accelerated filer  Smaller reporting company         
Emerging growth company
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  
At April 28, 2023, there were 46,791,640 shares of the registrant's Class A common stock, $0.01 par value, outstanding and 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 MARCH 31, 2023

TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


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

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In millions of dollars, except per share amounts)
(Unaudited)
Three Months Ended
March 31, 2023March 31, 2022
REVENUES:
Owned and leased hotels$314 $271 
Management, franchise, license, and other fees231 154 
Contra revenue(10)(9)
Net management, franchise, license, and other fees221 145 
Distribution and destination management 328 246 
Other revenues88 77 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties729 540 
Total revenues1,680 1,279 
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Owned and leased hotels240 210 
Distribution and destination management 258 194 
Depreciation and amortization98 119 
Other direct costs98 67 
Selling, general, and administrative161 111 
Costs incurred on behalf of managed and franchised properties749 556 
Direct and selling, general, and administrative expenses1,604 1,257 
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts18 (31)
Equity earnings (losses) from unconsolidated hospitality ventures(2)(9)
Interest expense(33)(40)
Asset impairments(2)(3)
Other income (loss), net48 (10)
INCOME (LOSS) BEFORE INCOME TAXES105 (71)
PROVISION FOR INCOME TAXES(47)(2)
NET INCOME (LOSS)58 (73)
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS  
NET INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION$58 $(73)
EARNINGS (LOSSES) PER SHAREBasic
Net income (loss)$0.55 $(0.67)
Net income (loss) attributable to Hyatt Hotels Corporation$0.55 $(0.67)
EARNINGS (LOSSES) PER SHAREDiluted
Net income (loss)$0.53 $(0.67)
Net income (loss) attributable to Hyatt Hotels Corporation$0.53 $(0.67)







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

Three Months Ended
March 31, 2023March 31, 2022
Net income (loss)$58 $(73)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax of $ for the three months ended March 31, 2023 and March 31, 2022
15 21 
Available-for-sale debt securities unrealized fair value adjustments, net of tax of $ for the three months ended March 31, 2023 and March 31, 2022
3 (7)
Derivative instrument adjustments, net of tax of $ for the three months ended March 31, 2023 and March 31, 2022
1 2 
Pension liabilities adjustment, net of tax of $ for the three months ended March 31, 2023 and March 31, 2022
 (2)
Other comprehensive income19 14 
COMPREHENSIVE INCOME (LOSS)77 (59)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS  
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION$77 $(59)




















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)
March 31, 2023December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$948 $991 
Restricted cash20 39 
Short-term investments103 158 
Receivables, net of allowance of $63 at both March 31, 2023 and December 31, 2022
828 834 
Inventories10 9 
Prepaids and other assets205 180 
Prepaid income taxes36 39 
Total current assets2,150 2,250 
Equity method investments180 178 
Property and equipment, net2,371 2,384 
Financing receivables, net of allowances of $43 and $44 at March 31, 2023 and December 31, 2022, respectively
58 60 
Operating lease right-of-use assets384 385 
Goodwill3,143 3,101 
Intangibles, net1,813 1,668 
Deferred tax assets276 257 
Other assets2,243 2,029 
TOTAL ASSETS$12,618 $12,312 
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt$648 $660 
Accounts payable544 500 
Accrued expenses and other current liabilities475 415 
Current contract liabilities1,495 1,438 
Accrued compensation and benefits146 235 
Current operating lease liabilities39 39 
Total current liabilities3,347 3,287 
Long-term debt2,454 2,453 
Long-term contract liabilities1,572 1,495 
Long-term operating lease liabilities294 298 
Other long-term liabilities1,255 1,077 
Total liabilities8,922 8,610 
Commitments and contingencies (see Note 12)
EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding at both March 31, 2023 and December 31, 2022
  
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 46,844,698 issued and outstanding at March 31, 2023, and Class B common stock, $0.01 par value per share, 390,912,161 shares authorized, 58,917,749 shares issued and outstanding at March 31, 2023. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 47,482,787 issued and outstanding at December 31, 2022, and Class B common stock, $0.01 par value per share, 390,912,161 shares authorized, 58,917,749 shares issued and outstanding at December 31, 2022
1 1 
Additional paid-in capital235 318 
Retained earnings3,680 3,622 
Accumulated other comprehensive loss(223)(242)
Total stockholders' equity3,693 3,699 
Noncontrolling interests in consolidated subsidiaries3 3 
Total equity3,696 3,702 
TOTAL LIABILITIES AND EQUITY$12,618 $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)

 Three Months Ended
 March 31, 2023March 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$58 $(73)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization98 119 
Amortization of share awards31 31 
Amortization of operating lease right-of-use assets9 9 
Deferred income taxes(19) 
Asset impairments2 3 
Equity (earnings) losses from unconsolidated hospitality ventures2 9 
Contra revenue10 9 
Unrealized (gains) losses, net(43)10 
Working capital changes and other77 63 
Net cash provided by operating activities225 180 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments(35)(195)
Proceeds from marketable securities and short-term investments86 163 
Contributions to equity method and other investments(31)(3)
Acquisitions(125)(39)
Capital expenditures(30)(43)
Issuance of financing receivables(13)(1)
Other investing activities(1)8 
Net cash used in investing activities(149)(110)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments and repurchases of debt(14)(1)
Repurchases of common stock(106) 
Other financing activities(13)(13)
Net cash used in financing activities(133)(14)
EFFECT OF EXCHANGE RATE CHANGES ON CASH(4)5 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, INCLUDING CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CLASSIFIED WITHIN CURRENT ASSETS HELD FOR SALE(61)61 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH RECLASSIFIED TO ASSETS HELD FOR SALE  (7)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH(61)54 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR1,067 1,065 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD$1,006 $1,119 














See accompanying Notes to condensed consolidated financial statements.
Supplemental disclosure of cash flow information:
March 31, 2023March 31, 2022
Cash and cash equivalents$948 $1,023 
Restricted cash (1)20 47 
Restricted cash included in other assets (1)38 49 
Total cash, cash equivalents, and restricted cash$1,006 $1,119 
(1) Restricted cash generally represents debt service on bonds, escrow deposits, and other arrangements.
Three Months Ended
March 31, 2023March 31, 2022
Cash paid during the period for interest$19 $30 
Cash paid during the period for income taxes$16 $8 
Cash paid for amounts included in the measurement of operating lease liabilities $11 $11 
Non-cash investing and financing activities are as follows:
Change in accrued capital expenditures$4 $13 
Non-cash repurchases of common stock (see Note 13)$8 $ 
Non-cash right-of-use assets obtained in exchange for operating lease liabilities$4 $1 
Non-cash redemption of financing receivable$20 $ 
Non-cash contingent consideration liability assumed in acquisition (see Note 6)$107 $ 





























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, 202250,322,050 59,653,271 $1 $ $640 $3,167 $(245)$3 $3,566 
Total comprehensive loss— — — — — (73)14 — (59)
Employee stock plan issuance12,221 — — — 1 — — — 1 
Class share conversions635,522 (635,522)— — — — — — — 
Share-based payment activity303,355 — — — 16 — — — 16 
BALANCE—March 31, 202251,273,148 59,017,749 $1 $ $657 $3,094 $(231)$3 $3,524 
BALANCE—January 1, 202347,482,787 58,917,749 $1 $ $318 $3,622 $(242)$3 $3,702 
Total comprehensive income— — — — — 58 19 — 77 
Repurchases of common stock (1)(1,018,931)— — — (98)— — — (98)
Liability for repurchases of common stock (2)— — — — (8)— — — (8)
Employee stock plan issuance13,925 — — — 1 — — — 1 
Share-based payment activity366,917 — — — 22 — — — 22 
BALANCE—March 31, 202346,844,698 58,917,749 $1 $ $235 $3,680 $(223)$3 $3,696 
(1) Includes a $1 million liability for the 1% U.S. federal excise tax on certain share repurchases enacted by the Inflation Reduction Act of 2022.
(2) Represents repurchases of 73,368 shares for $8 million that were initiated prior to March 31, 2023, but settled in the second quarter of 2023. At March 31, 2023, the shares were included in shares outstanding and the liability was recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet.





























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.    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, vacation, and condominium units. We also offer travel distribution and destination management services through ALG Vacations and a paid membership program through the Unlimited Vacation Club. At March 31, 2023, our hotel portfolio included 596 full service hotels, comprising 186,380 rooms throughout the world; 569 select service hotels, comprising 83,438 rooms, of which 448 hotels are located in the United States; and 114 all-inclusive resorts, comprising 36,676 rooms. At March 31, 2023, our portfolio of properties operated in 75 countries around the world. Additionally, through strategic relationships, 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 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:
"condominium units" refer to whole ownership residential units (condominium and private residences) that we provide services to and, in some cases, manage the rental programs and/or homeowner associations associated with such units;
"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, vacation, and condominium 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 Residence 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, 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 Residence Club.
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").
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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.
2.    RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Future Adoption of 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 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. We are currently assessing the impact of adopting ASU 2020-04.
3.    REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenues
The following tables present our revenues disaggregated by the nature of the product or service:
Three Months Ended March 31, 2023
Owned and leased hotelsAmericas management and franchisingASPAC management and franchisingEAME management and franchisingApple Leisure GroupCorporate and otherEliminationsTotal
Rooms revenues$198 $ $ $ $ $ $(8)$190 
Food and beverage85       85 
Other 39       39 
Owned and leased hotels322      (8)314 
Base management fees 62 16 7 15  (9)91 
Incentive management fees 20 18 8 16  (5)57 
Franchise, license, and other fees 51 4 4 8 16  83 
Management, franchise, license, and other fees 133 38 19 39 16 (14)231 
Contra revenue (6)(1)(3)   (10)
Net management, franchise, license, and other fees 127 37 16 39 16 (14)221 
Distribution and destination management    328   328 
Other revenues 41   41 6  88 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 640 35 22 32   729 
Total$322 $808 $72 $38 $440 $22 $(22)$1,680 

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Three Months Ended March 31, 2022
Owned and leased hotelsAmericas management and franchisingASPAC management and franchising (1)EAME management and franchising (1)Apple Leisure GroupCorporate and otherEliminationsTotal
Rooms revenues$167 $ $ $ $ $ $(6)$161 
Food and beverage 69       69 
Other 41       41 
Owned and leased hotels277      (6)271 
Base management fees 46 8 6 8  (8)60 
Incentive management fees 12 5 6 19  (2)40 
Franchise, license, and other fees 37 3 1 3 10  54 
Management, franchise, license, and other fees