- Net income increased 87.4% to $76 million.
- Adjusted EBITDA increased 4.0% to $179 million, up 3.0% in constant currency.
- Comparable systemwide RevPAR increased 3.8%, including an increase of 4.1% at comparable owned and leased hotels. Excluding the benefit from the timing of the Jewish holiday, comparable systemwide RevPAR increased 3.2%, and comparable owned and leased hotels RevPAR increased 3.0%.
- Comparable U.S. hotel RevPAR increased 3.0%; full service and select service hotel RevPAR increased 2.9% and 3.2%, respectively.
- Comparable owned and leased hotels operating margin increased 150 basis points to 23.7%.
- Adjusted EBITDA margin decreased 20 basis points to 26.7%.
- Net income increased 22.3% to $249 million.
- Adjusted EBITDA increased 3.9% to $816 million, up 4.0% in constant currency.
- Comparable systemwide RevPAR increased 3.3%, including an increase of 0.9% at comparable owned and leased hotels.
- Comparable U.S. hotel RevPAR increased 2.2%; full service and select service hotel RevPAR increased 2.1% and 2.4%, respectively.
- Comparable owned and leased hotels operating margin decreased 20 basis points to 24.3%.
- Adjusted EBITDA margin decreased 70 basis points to 29.5%.
- The Company opened a record 71 hotels during 2017, compared to 59 hotels in 2016.
- Net hotel and net rooms growth was 9.8% and 7.0% in 2017, respectively, compared to growth of 9.6% and 7.3%, respectively, in 2016.
- As of December 31, 2017, the Company's pipeline consisted of approximately 330 hotels or approximately 70,000 rooms. This compared to approximately 305 hotels or approximately 66,000 rooms as of December 31, 2016.
- The Company repurchased 12,186,308 shares of common stock for $723 million in 2017, compared to 5,631,557 shares for $272 million in 2016.
Fourth quarter of 2017 financial results as compared to the fourth quarter of 2016 are as follows:Owned and Leased Hotels Segment Total owned and leased hotels segment Adjusted EBITDA decreased 8.1% (8.8% in constant currency) including a 34.0% decrease in pro rata share of unconsolidated hospitality ventures Adjusted EBITDA. The decrease in total segment Adjusted EBITDA was primarily driven by transaction activity, partially offset by benefits related to the timing of the Jewish holiday. Refer to the table on page 19 of the schedules for a detailed list of portfolio changes and the year-over-year net impact to fourth quarter owned and leased hotels segment Adjusted EBITDA. Owned and leased hotels segment revenues decreased 2.5% (3.6% in constant currency). RevPAR for comparable owned and leased hotels increased 4.1%. Occupancy increased 120 basis points and ADR increased 2.4%. The following hotel was added to the portfolio in the fourth quarter:
- Hyatt House Irvine / John Wayne Airport (owned, 149 rooms)
- Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch (493 rooms), Royal Palms Resort and Spa (119 rooms) and Hyatt Regency Monterey Hotel & Spa on Del Monte Golf Course (550 rooms). The hotels continue to be Hyatt-branded with Hyatt Regency Scottsdale and Royal Palms operating under long-term management agreements and Hyatt Regency Monterey operating under a long-term franchise agreement.
Americas Management and Franchising SegmentAmericas management and franchising segment Adjusted EBITDA increased 6.5% (6.3% in constant currency). RevPAR for comparable Americas full service hotels increased 3.3%; occupancy increased 110 basis points and ADR increased 1.7%. RevPAR for comparable Americas select service hotels increased 4.5%; occupancy increased 170 basis points and ADR increased 2.1%. Revenue from management, franchise and other fees increased 5.2% (5.1% in constant currency). Group rooms revenue at comparable U.S. full service hotels increased 3.4%; room nights increased 0.8% and ADR increased 2.6%. Group demand was favorably impacted by the timing of the Jewish holiday. Transient rooms revenue at comparable U.S. full service hotels increased 2.0%; room nights increased 0.5% and ADR increased 1.5%. The following 16 hotels were added to the portfolio during the fourth quarter:
- Park Hyatt St. Kitts, Saint Kitts and Nevis (managed, 126 rooms)
- Grand Hyatt Baha Mar, The Bahamas (managed, 1,800 rooms)
- Holston House Nashville, The Unbound Collection by Hyatt (franchised, 191 rooms)
- Spirit Ridge, The Unbound Collection by Hyatt, Canada (franchised, 226 rooms)
- Hyatt Place Ann Arbor (franchised, 142 rooms)
- Hyatt Place Athens / Downtown (franchised, 190 rooms)
- Hyatt Place Houston-Northwest / Cy-Fair (franchised, 107 rooms)
- Hyatt Place Keystone, Indiana (franchised, 103 rooms)
- Hyatt Place Knoxville / Downtown (franchised, 165 rooms)
- Hyatt Place Long Island City / New York City (franchised, 108 rooms)
- Hyatt Place Marlborough / Apex Center, Massachusetts (franchised, 137 rooms)
- Hyatt Place St. George / Convention Center, Utah (franchised, 104 rooms)
- Hyatt House Irvine / John Wayne Airport (owned, 149 rooms)
- Hyatt House Jersey City (franchised, 258 rooms)
- Hyatt House Raleigh / RDU / Brier Creek (franchised, 130 rooms)
- Hyatt House Washington DC / The Wharf (franchised, 237 rooms)
Southeast Asia, Greater China, Australia, South Korea, Japan and Micronesia (ASPAC) Management and Franchising SegmentASPAC management and franchising segment Adjusted EBITDA increased 17.9% (15.7% in constant currency). RevPAR for comparable ASPAC full service hotels increased 4.3%, driven by strong growth in Greater China and Southeast Asia. Occupancy increased 180 basis points and ADR increased 1.8%. Revenue from management, franchise and other fees increased 16.7% (15.0% in constant currency). The following seven hotels were added to the portfolio during the fourth quarter:
- Andaz Singapore, Singapore (managed, 342 rooms)
- Hyatt Place Bangkok Sukhumvit, Thailand (managed, 222 rooms)
- Hyatt Place Shanghai Hongqiao CBD, China (managed, 252 rooms)
- Hyatt Place Shanghai New Hongqiao, China (managed, 194 rooms)
- Hyatt Place Zhuhai Jinshi, China (managed, 190 rooms)
- Hyatt House Shanghai Hongqiao CBD, China (managed, 126 rooms)
- Hyatt House Shanghai New Hongqiao, China (managed, 101 rooms)
- Hyatt Regency Moscow Petrovsky Park, Russia (managed, 298 rooms)
- Hyatt Centric Gran Via Madrid, Spain (managed, 159 rooms)
- Hyatt Centric La Rosière, France (franchised, 69 rooms)
- Hyatt Place Hyderabad / Banjara Hills, India (managed, 147 rooms)
- Hyatt House Dusseldorf / Andreas Quarter, Germany (franchised, 102 rooms)
- Hyatt House Gebze, Turkey (managed, 158 rooms)
Selling, General, and Administrative ExpensesSelling, general, and administrative expenses increased 30.2%. Adjusted selling, general, and administrative expenses increased 21.4%, reflecting increased payroll and related costs, including severance charges, acquisitions and certain marketing initiatives in 2017. Refer to the table on page 10 of the schedules for a reconciliation of selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses. OPENINGS AND FUTURE EXPANSION Twenty-nine hotels (or 6,533 rooms) were added in the fourth quarter of 2017, each of which is listed above. The Company's net rooms were 7.0% higher in the fourth quarter of 2017, compared to the fourth quarter of 2016. During the 2017 fiscal year, the Company opened a record 71 hotels, representing 13,698 rooms. Six hotels, representing 1,520 rooms, were removed from the portfolio during the 2017 fiscal year. As of December 31, 2017, the Company had executed management or franchise contracts for approximately 330 hotels (approximately 70,000 rooms), compared to the expectation for 315 hotels and 69,000 rooms as of September 30, 2017. The pipeline of executed contracts represent important potential entry into several new countries and expansion into new markets or markets in which Hyatt is under-represented. Refer to the table on page 18 of the schedules for a breakdown of the pipeline. DIVIDEND / SHARE REPURCHASE As part of the Company's commitment to return meaningful capital to shareholders, the Company is initiating a quarterly cash dividend of $0.15 per share, representing an annualized dividend of $0.60 per share. The initial dividend will be payable on March 29, 2018 to Class A and Class B shareholders on record as of March 22, 2018. During the 2017 fiscal year, the Company repurchased a record $723 million of shares, consisting of 12,186,308 shares of common stock (9,096,871 Class A shares and 3,089,437 Class B shares), at a weighted average price of $59.34 per share. During the fourth quarter of 2017, the Company repurchased 2,693,579 shares of common stock (1,417,601 Class A shares and 1,275,978 Class B shares) for an aggregate purchase price of $188 million. The Company ended the fourth quarter with 48,231,149 Class A and 70,753,837 Class B shares issued and outstanding.
From January 1 through February 9, 2018, the Company repurchased 277,760 shares of Class A common stock for an aggregate purchase price of $23 million. This includes a final tranche of Class A shares that settled as part of a November 2017 accelerated share repurchase program. As of February 9, 2018, the Company had approximately $861 million remaining under its share repurchase authorization.CAPITAL STRATEGY UPDATE During the fourth quarter, the Company completed the following transactions:
- Sold Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch (493 rooms) and Royal Palms Resort and Spa in Phoenix, Arizona (119 rooms) for approximately $305 million. The hotels continue to be Hyatt-branded under long-term management agreements.
- Sold Hyatt Regency Monterey Hotel & Spa on Del Monte Golf Course (550 rooms) for approximately $58 million. The sale was part of the Company's ongoing asset recycling strategy. The hotel continues to be Hyatt-branded under a long-term franchise agreement.
- Total debt of $1.5 billion.
- Pro rata share of unconsolidated hospitality venture debt of $580 million, substantially all of which is non-recourse to Hyatt and a portion of which Hyatt guarantees pursuant to separate agreements.
- Cash and cash equivalents, including investments in highly-rated money market funds and similar investments, of $503 million, short-term investments of $49 million and restricted cash of $234 million.
- Undrawn borrowing availability of $1.5 billion under its revolving credit facility.
- Net income is expected to be approximately $176 million to $215 million.
- Adjusted EBITDA is expected to be approximately $805 million to $825 million. These estimates also include a favorable impact from foreign currency of approximately $0 (low end of the forecast) to $5 million (high end of the forecast). Refer to the table on page 3 of the schedules for a reconciliation of Net Income to Adjusted EBITDA.
- Comparable systemwide RevPAR is expected to increase approximately 1% to 3%, as compared to fiscal year 2017.
- Adjusted selling, general, and administrative expenses are expected to be approximately $300 million. This excludes approximately $35 million to $36 million of stock-based compensation expense and any potential expenses related to benefit programs funded through rabbi trusts.
- Capital expenditures are expected to be approximately $350 million.
- Depreciation and amortization expense is expected to be approximately $367 million to $371 million.
- Interest expense is expected to be approximately $75 million to $76 million.
- Other income (loss), net is expected to be negatively impacted by approximately $65 million to $75 million related to performance guarantee expense for the four managed hotels in France.
- The effective tax rate is expected to be approximately 27% to 31%, reflecting estimated impacts from recent U.S. tax reform.
- The Company expects to grow units, on a net rooms basis, by approximately 6.0% to 6.5%, reflecting approximately 60 new hotel openings.
- The Company expects to return at least $300 million to shareholders through a combination of cash dividends on its common stock and share repurchases.
The Company plans to update its 2018 Outlook in connection with its first quarter earnings release to reflect the impact of the new revenue recognition standard.The Company's outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that Hyatt will achieve these results. CONFERENCE CALL INFORMATION The Company will hold an extended investor conference call tomorrow, February 15, 2018, at 10:30 a.m. CT. Participants may listen to a simultaneous webcast of the conference call, which may be accessed through the Company's website at investors.hyatt.com, or by dialing 647.689.4468 or (toll free) 833.238.7946, passcode #6582455, approximately 10 minutes before the scheduled start time. Additionally, investors may access a presentation that will be available on Hyatt's website at investors.hyatt.com and filed on Form 8-K on February 15, 2018, prior to the call. For those unable to listen to the live broadcast, a replay will be available from 1:30 p.m. CT on February 15, 2018 through February 16, 2018 at midnight by dialing 416.621.4642, passcode #6582455. An archive of the webcast will be available on the Company's website for 90 days. AVAILABILITY OF INFORMATION ON HYATT'S WEBSITE Investors and others should note that Hyatt routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts and the Hyatt Investor Relations website. While not all of the information that the Company posts to the Hyatt Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in Hyatt to review the information that it shares at the Investor Relations link located at the bottom of the page on hyatt.com. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Sign up for Email Alerts" in the "Investor Resources" section of Hyatt's website at investors.hyatt.com.
DEFINITIONSAdjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization ("Adjusted EBITDA") and EBITDA We use the terms Adjusted EBITDA and EBITDA throughout this earnings release. Adjusted EBITDA and EBITDA, as the Company defines them, are non-GAAP measures. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus its pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on its ownership percentage of each venture, adjusted to exclude the following items:
- interest expense;
- provision for income taxes;
- depreciation and amortization;
- equity earnings (losses) from unconsolidated hospitality ventures;
- stock-based compensation expense;
- gains (losses) on sales of real estate; and
- other income (loss), net.
Adjusted EBITDA and EBITDA are not substitutes for net income attributable to Hyatt Hotels Corporation, net income, or any other measure prescribed by accounting principles generally accepted in the United States of America (GAAP). There are limitations to using non-GAAP measures such as Adjusted EBITDA and EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income generated by our business. Our management addresses these limitations by reference to its GAAP results and using Adjusted EBITDA supplementally.Adjusted EBITDA Margin We define Adjusted EBITDA margin as Adjusted EBITDA divided by total revenues, net of other revenues from managed and franchised properties. Other revenues from managed and franchised properties reflect reimbursed costs incurred on behalf of managed and franchised hotel property owners. We believe Adjusted EBITDA margin is useful to investors because it provides investors the same information that the Company uses internally for purposes of assessing operating performance. Adjusted Net Income Adjusted net income, as we definite it, is a non-GAAP measure. We define Adjusted net income as net income attributable to Hyatt Hotels Corporation excluding special items, which are those items deemed not to be reflective of ongoing operations. We believe Adjusted net income provides meaningful comparisons of ongoing operating results. Adjusted Selling, General, and Administrative (SG&A) Expenses Adjusted SG&A expenses, as we define it, is a non-GAAP measure. Adjusted SG&A expenses exclude the impact of expenses related to benefit programs funded through rabbi trusts and stock-based compensation expense. Adjusted SG&A expenses assist us in comparing our performance over various reporting periods on a consistent basis since it removes from our operating results the impact of items that do not reflect our core operations, both on a segment and consolidated basis.
Comparable Owned and Leased Hotels Operating MarginWe define comparable owned and leased hotels operating margin as the difference between comparable owned and leased hotels revenues and comparable owned and leased hotels expenses. Comparable owned and leased hotels revenues is calculated by removing non-comparable hotels revenues from owned and leased hotels revenues as reported in our consolidated statements of income. Comparable owned and leased hotels expenses is calculated by removing both non-comparable owned and leased hotels expenses and the impact of expenses funded through rabbi trusts from owned and leased hotels expenses as reported in our consolidated statements of income. We believe comparable owned and leased hotels operating margin is useful to investors because it provides investors the same information that the Company uses internally for purposes of assessing operating performance. Comparable Hotels "Comparable systemwide hotels" represents all properties we manage or franchise (including owned and leased properties) and that are operated for the entirety of the periods being compared and that have not sustained substantial damage, business interruption, or undergone large scale renovations during the periods being compared or for which comparable results are not available. We may use variations of comparable systemwide hotels to specifically refer to comparable systemwide Americas full service or select service hotels for those properties that we manage or franchise within the Americas management and franchising segment, comparable systemwide ASPAC full service hotels for those properties that we manage or franchise within the ASPAC management and franchising segment, or comparable systemwide EAME/SW Asia full service or select service hotels for those properties that we manage or franchise within the EAME/SW Asia management and franchising segment. "Comparable operated hotels" is defined the same as "comparable systemwide hotels" with the exception that it is limited to only those hotels we manage or operate and excludes hotels we franchise. "Comparable owned and leased hotels" represents all properties we own or lease and that are operated and consolidated for the entirety of the periods being compared and have not sustained substantial damage, business interruption, or undergone large scale renovations during the periods being compared or for which comparable results are not available. Comparable systemwide hotels and comparable owned and leased hotels are commonly used as a basis of measurement in our industry. "Non-comparable systemwide hotels" or "non-comparable owned and leased hotels" represent all hotels that do not meet the respective definition of "comparable" as defined above.
Constant Dollar CurrencyWe report the results of our operations both on an as reported basis, as well as on a constant dollar basis. Constant dollar currency, which is a non-GAAP measure, excludes the effects of movements in foreign currency exchange rates between comparative periods. We believe constant dollar analysis provides valuable information regarding our results as it removes currency fluctuations from our operating results. We calculate constant dollar currency by restating prior-period local currency financial results at the current period's exchange rates. These adjusted amounts are then compared to our current period reported amounts to provide operationally driven variances in our results. Revenue per Available Room (RevPAR) RevPAR is the product of the average daily rate (ADR) and the average daily occupancy percentage. RevPAR does not include non-room revenues, which consist of ancillary revenues generated by a hotel property, such as food and beverage, parking, and other guest service revenues. Our management uses RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. RevPAR is a commonly used performance measure in our industry. RevPAR changes driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes driven predominantly by changes in average room rates. For example, increases in occupancy at a hotel would lead to increases in room revenues and additional variable operating costs (including housekeeping services, utilities, and room amenity costs), and could also result in increased ancillary revenues (including food and beverage). In contrast, changes in average room rates typically have a greater impact on margins and profitability as there is no substantial effect on variable costs. Average Daily Rate (ADR) ADR represents hotel room revenues, divided by the total number of rooms sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in our industry, and we use ADR to assess the pricing levels we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described above.
OccupancyOccupancy represents the total number of rooms sold divided by the total number of rooms available at a hotel or group of hotels. Occupancy measures the utilization of a hotel's available capacity. We use occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help us determine achievable ADR levels as demand for hotel rooms increases or decreases. Pipeline Pipeline reflects fully executed management and franchise agreements. FORWARD-LOOKING STATEMENTS Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, outlook, occupancy, ADR and growth trends, market share, the number of properties we expect to open in the future, the amount by which the Company intends to reduce its real estate asset base and the anticipated timeframe for such asset dispositions, our expected adjusted SG&A expense, our estimated comparable systemwide RevPAR growth, our estimated Adjusted EBITDA growth, maintenance and enhancement to existing properties capital expenditures, investments in new properties capital expenditures, depreciation and amortization expense and interest expense estimates, financial performance, prospects 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, among others, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans and common stock repurchase program and other forms of shareholder capital return, including the risk that our common stock repurchase program could increase volatility and fail to enhance stockholder value; our intention to pay a quarterly cash dividend and the amounts thereof, if any; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; the timing of acquisitions and dispositions; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to reduce our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; the impact of changes in the tax code as a result of recent U.S. federal income tax reform and uncertainty as to how some of those changes may be applied; increases in interest rates and operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and the level of acceptance of the program by our guests; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business; and other risks discussed in the Company's filings with the SEC, including our annual report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. About Hyatt Hotels Corporation Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 14 premier brands. As of December 31, 2017, the Company's portfolio included more than 700 properties in more than 50 countries across six continents. The Company's purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top colleagues, build relationships with guests and create value for shareholders. The Company's subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences, vacation ownership properties, and fitness and spa locations, including under the Park Hyatt®, Miraval®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Andaz®, Hyatt Centric®, The Unbound Collection by Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Ziva ™ , Hyatt Zilara ™ , Hyatt Residence Club® and exhale® brand names. For more information, please visit www.hyatt.com. The financial section of this release, including a reconciliation of the Company's presented non-GAAP measures to the most directly comparable GAAP measures, is provided on the Company's website at investors.hyatt.com.
Note: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the definitions of the non-GAAP measures presented beginning on page 9 and non-GAAP reconciliations included in the schedules.