Thu, Oct 31, 5:32 PM (78 days ago)
For the third quarter of 2024, Hyatt Hotels Corporation (H, $1,629 million in revenues) reported a slight revenue increase of 0.5% year-over-year, driven by a 10.6% rise in gross fee revenues, attributed to improved operating performance and portfolio growth. However, owned and leased revenues fell by $42 million due to property dispositions. Net income surged to $471 million from $68 million in Q3 2023, primarily due to significant gains from real estate sales, notably the Hyatt Regency Orlando sale, which yielded a $514 million pre-tax gain. Adjusted EBITDA rose by 8.9% to $275 million, reflecting robust demand in business and group travel. Cash flows from operating activities decreased slightly to $398 million, while investing activities generated $983 million, largely from property sales. Financing activities resulted in a net cash outflow of $1,184 million due to share repurchases totaling $657 million and debt repayments. The company's cash and equivalents stood at $1,095 million, supporting its liquidity position amid ongoing capital allocation strategies. Overall, Hyatt's financial health remains strong, with effective management of its capital structure and strategic property transactions.