SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

Summarized consolidated financial information by segment was as follows:


	Three Months Ended September 30, 2024
	Management and franchising		Owned and leased		Distribution		Overhead		Eliminations		Total
Base management fees	$	105	$	—	$	—	$	—	$	(8)	$	97
Incentive management fees	53		—		—		—		(1)		52
Franchise and other fees	121		—		—		—		(2)		119
Gross fees	279		—		—		—		(11)		268
Contra revenue	(27)		—		—		—		—		(27)
Net fees	252		—		—		—		(11)		241
Rooms and packages	—		201		—		—		(3)		198
Food and beverage	—		58		—		—		—		58
Other	—		31		—		—		—		31
Owned and leased	—		290		—		—		(3)		287
Distribution	—		—		221		—		—		221
Other revenues	12		—		—		—		1		13
Revenues for reimbursed costs	867		—		—		—		—		867
Total revenues	$	1,131	$	290	$	221	$	—	$	(13)	$	1,629

Intersegment revenues (1)	$	10	$	3	$	—	$	—	$	—	$	13
Adjusted EBITDA	$	210	$	63	$	38	$	(36)	$	—	$	275
Depreciation and amortization	$	19	$	37	$	17	$	8	$	—	$	81
(1) Intersegment revenues are included in gross fee revenues, owned and leased revenues, and other revenues and eliminated in Eliminations.


	Nine Months Ended September 30, 2024
	Management and franchising		Owned and leased		Distribution		Overhead		Eliminations		Total
Base management fees	$	321	$	—	$	—	$	—	$	(26)	$	295
Incentive management fees	178		—		—		—		(8)		170
Franchise and other fees	345		—		—		—		(5)		340
Gross fees	844		—		—		—		(39)		805
Contra revenue	(56)		—		—		—		—		(56)
Net fees	788		—		—		—		(39)		749
Rooms and packages	—		598		—		—		(17)		581
Food and beverage	—		222		—		—		—		222
Other	—		107		—		—		—		107
Owned and leased	—		927		—		—		(17)		910
Distribution	—		—		818		—		—		818
Other revenues	31		—		26		—		1		58
Revenues for reimbursed costs	2,511		—		—		—		—		2,511
Total revenues	$	3,330	$	927	$	844	$	—	$	(55)	$	5,046

Intersegment revenues (2)	$	38	$	17	$	—	$	—	$	—	$	55
Adjusted EBITDA	$	635	$	204	$	120	$	(119)	$	1	$	841
Depreciation and amortization	$	57	$	121	$	56	$	23	$	—	$	257
(2) Intersegment revenues are included in gross fee revenues, owned and leased revenues, and other revenues and eliminated in Eliminations.


	Three Months Ended September 30, 2023
	Management and franchising		Owned and leased		Distribution		Overhead		Eliminations		Total
Base management fees	$	104	$	—	$	—	$	—	$	(10)	$	94
Incentive management fees	54		—		—		—		(3)		51
Franchise and other fees	100		—		—		—		(2)		98
Gross fees	258		—		—		—		(15)		243
Contra revenue	(12)		—		—		—		—		(12)
Net fees	246		—		—		—		(15)		231
Rooms and packages	—		225		—		—		(8)		217
Food and beverage	—		73		—		—		—		73
Other	—		39		—		—		—		39
Owned and leased	—		337		—		—		(8)		329
Distribution	—		—		229		—		—		229
Other revenues	28		—		50		—		1		79
Revenues for reimbursed costs	754		—		—		—		—		754
Total revenues	$	1,028	$	337	$	279	$	—	$	(22)	$	1,622

Intersegment revenues (3)	$	14	$	8	$	—	$	—	$	—	$	22
Adjusted EBITDA	$	192	$	72	$	31	$	(42)	$	—	$	253
Depreciation and amortization	$	19	$	45	$	29	$	7	$	—	$	100
(3) Intersegment revenues are included in gross fee revenues, owned and leased revenues, and other revenues and eliminated in Eliminations.


	Nine Months Ended September 30, 2023
	Management and franchising		Owned and leased		Distribution		Overhead		Eliminations		Total
Base management fees	$	310	$	—	$	—	$	—	$	(29)	$	281
Incentive management fees	179		—		—		—		(12)		167
Franchise and other fees	278		—		—		—		(6)		272
Gross fees	767		—		—		—		(47)		720
Contra revenue	(34)		—		—		—		—		(34)
Net fees	733		—		—		—		(47)		686
Rooms and packages	—		647		—		—		(23)		624
Food and beverage	—		242		—		—		—		242
Other	—		118		—		—		—		118
Owned and leased	—		1,007		—		—		(23)		984
Distribution	—		—		832		—		—		832
Other revenues	103		—		134		—		1		238
Revenues for reimbursed costs	2,267		—		—		—		—		2,267
Total revenues	$	3,103	$	1,007	$	966	$	—	$	(69)	$	5,007

Intersegment revenues (4)	$	46	$	23	$	—	$	—	$	—	$	69
Adjusted EBITDA	$	577	$	230	$	123	$	(125)	$	1	$	806
Depreciation and amortization	$	58	$	136	$	84	$	19	$	—	$	297
(4) Intersegment revenues are included in gross fee revenues, owned and leased revenues, and other revenues and eliminated in Eliminations.

The table below provides a reconciliation of net income attributable to Hyatt Hotels Corporation to consolidated Adjusted EBITDA:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income attributable to Hyatt Hotels Corporation	$	471	$	68	$	1,352	$	194
Interest expense	50		41		128		105
Provision for income taxes	137		33		259		107
Depreciation and amortization	81		100		257		297
Contra revenue	27		12		56		34
Revenues for reimbursed costs	(867)		(754)		(2,511)		(2,267)
Reimbursed costs	881		764		2,570		2,302
Transaction and integration costs	8		8		26		31
Equity (earnings) losses from unconsolidated hospitality ventures	13		(7)		(32)		(4)
Stock-based compensation expense (Note 15) (1)	9		12		55		60
(Gains) losses on sales of real estate and other	(514)		(18)		(1,267)		(18)
Asset impairments	35		6		52		13
Other (income) loss, net	(70)		(26)		(152)		(93)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	14		14		48		45
Adjusted EBITDA	$	275	$	253	$	841	$	806
(1) Includes amounts recognized in general and administrative expenses and distribution expenses.