Hyatt Hotels Corporation (NYSE: H) reported on Wednesday its Q1 2020 financial results.
Net loss attributable to Hyatt was $103 million, or $1.02 per diluted share, in the first quarter of 2020, compared to net income attributable to Hyatt of $63 million, or $0.59 per diluted share, in the first quarter of 2019. Adjusted net loss attributable to Hyatt was $35 million, or $0.35 per diluted share, in the first quarter of 2020, compared to Adjusted net income attributable to Hyatt of $48 million, or $0.45 per diluted share, in the first quarter of 2019. Refer to the table on page 13 of the schedules for a summary of special items impacting Adjusted net income (loss) and Adjusted earnings (losses) per share in the three months ended March 31, 2020.
While we continue to operate in an environment of suppressed demand and great uncertainty, we believe our existing liquidity provides sufficient capacity to cover at least 30 months of operations under current conditions.”-said Mark S. Hoplamazian, president and CEO of Hyatt Hotels Corporation
First quarter of 2020 financial key takeaways are as follows:
Net income (loss) decreased 262.8% to a net loss of $103 million.
Balance sheet:Total debt of $1,962 million. Cash and cash equivalents, including investments in highly-rated money market funds and similar investments, of $1,194 million, restricted cash of $18 million, and short-term investments of $68 million.
The Company has discontinued all share repurchase activity effective March 3, 2020, and has suspended its quarterly dividend through the first quarter of 2021.
Comparable U.S. hotel RevPAR decreased 24.5%; full service hotel RevPAR decreased 25.2% and select service hotel RevPAR decreased 23.0%.
Net rooms growth was 6.3% in the first quarter of 2020.
Comparable owned and leased hotels operating margin decreased 1,060 basis points to 14.5%.
Adjusted EBITDA margin of 18.3% decreased 1,010 basis points in constant currency.
Mr. Hoplamazian continued, “All of the actions we have taken are informed by our purpose of care, which includes protecting the health and safety of our colleagues and guests, the financial health of our hotel owners as well as the long-term health of our business. We have taken many steps designed to demonstrate care and to help us to emerge from this crisis in a position of strength. We are well-positioned to continuously adapt our business so that we may play an important role in providing employment opportunities to members of the Hyatt family over time while caring for our guests, customers and owners so that they can be their best.”
Stock price of Hyatt Hotels Corporation (NYSE: H) closed at $50.2 , which down 1.88% and lost additional $2.89 in After hours.