On December 31, 2012, the Company had total debt of approximately $1.2 billion.
On December 31, 2012, the Company had cash and cash equivalents, including investments in highly-rated money market funds and similar investments, of approximately $413 million and short-term investments of approximately $514 million.
On December 31, 2012, the Company had undrawn borrowing availability of approximately $1.4 billion under its revolving credit facility.
The Company is providing the following information for the 2013 fiscal year:
CONFERENCE CALL INFORMATION
- Adjusted SG&A expense is expected to be approximately $305 million.
- Capital expenditures are expected to be approximately $300 million, including approximately $120 million for investment in new properties, such as Grand Hyatt Rio de Janeiro, Hyatt Place Omaha and other properties.
- Depreciation and amortization expense is expected to be approximately $340 million.
- Interest expense is expected to be approximately $70 million.
- The Company expects to open over 30 hotels in 2013.
The Company will hold an investor conference call today, February 13, 2013, at 10:30 a.m. CT. The Company requests that questions be submitted via email to
by 9:00 a.m. CT. Hyatt management will read and respond to as many submitted questions as possible. All interested persons may listen to a simultaneous webcast of the conference call, which may be accessed through the Company's website at
and selecting the Investor Relations link located at the bottom of the page, or by dialing 617.597.5329, passcode #56571665, approximately 10 minutes before the scheduled start time. For those unable to listen to the live broadcast, a replay will be available from 1:00 p.m. CT on February 13, 2013 through midnight on February 20, 2013 by dialing 617.801.6888, passcode #51844304. Additionally, an archive of the webcast will be available on the Investor Relations website for approximately 90 days.
We use the term Adjusted EBITDA throughout this earnings release. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define consolidated Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro-rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture, adjusted to exclude the following items:
- equity earnings (losses) from unconsolidated hospitality ventures;
- loss on sale of real estate;
- asset impairments;
- other income (loss), net;
- net loss attributable to noncontrolling interests;
- depreciation and amortization;
- interest expense; and
- (provision) benefit for income taxes.
We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments to corporate and other Adjusted EBITDA.