Record Total Fee Revenue Led to the Highest Cash Flow from Operations in Company HistoryFull Year System-Wide RevPAR Increased 17%
Hyatt Hotels Corporation last week reported fourth quarter and full year 2023 financial results. Highlights includes:
Diluted EPS was $0.25 in the fourth quarter and $2.05 for the full year of 2023. Adjusted Diluted EPS was $0.64 in the fourth quarter and $2.56 for the full year of 2023.Adjusted EBITDA was $241 million in the fourth quarter and $1,029 million for the full year of 2023, and exceeded the full year outlook range for 2023.Adjusted EBITDA does not include Net Deferrals and Net Financed Contracts of $33 million1 in the fourth quarter or Net Deferrals and Net Financed Contracts of $158 million1 for the full year of 2023.Comparable system-wide RevPAR increased 9.1% in the fourth quarter and 17.0% for the full year of 2023, compared to the same periods in 2022, and exceeded the full year outlook for 2023.Comparable owned and leased hotels RevPAR increased 5.9% in the fourth quarter and 15.5% for the full year of 2023, compared to the same periods in 2022. Comparable owned and leased hotels operating margin was 26.2% in the fourth quarter and 25.4% for the full year of 2023.Comparable Net Package RevPAR increased 11.3% in the fourth quarter and 15.3% for the full year of 2023 compared to the same periods in 2022.Net Rooms Growth was 5.9% for the full year of 2023, in line with the full year outlook for 2023.Pipeline of executed management or franchise contracts was approximately 127,000 rooms.Share Repurchases were approximately 890 thousand Class A shares for $95 million in the fourth quarter and approximately 4.1 million Class A shares for $453 million for the full year of 2023.Capital Returns to Shareholders were $500 million for the full year of 2023, inclusive of dividends and share repurchases, in line with the full year outlook for 2023.
1 Represents the sum of Net Deferrals and Net Financed Contracts. Refer to Apple Leisure Group Segment Statistics on schedule A-18 for additional details.
Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said, "The fourth quarter marks the completion of a transformative year and demonstrates the progress towards our strategic vision and earnings evolution. RevPAR growth exceeded the high end of our guidance range and we had industry leading net rooms growth for the seventh consecutive year. This led to a record level of fees and the highest free cash flow in Hyatt's history. We returned $500 million to our shareholders and achieved an asset-light earnings mix of approximately 76% for the full year, a testament to the successful execution of our strategy."