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      "text": "interest expense; benefit (provision) for income taxes; depreciation and amortization; amortization of management and hotel services agreement and franchise agreement assets and performance cure payments; reimbursed costs; equity earnings (losses); stock-based compensation expense; gains (losses) on sales of real estate; asset impairments; other income (loss), net.",
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      "text": "Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization (\"Adjusted EBITDA\"): We use the term Adjusted EBITDA throughout this earnings release. Adjusted EBITDA, as we define it, is a measure that is not recognized in accordance with accounting principles generally accepted in the United States of America (\"GAAP\"). We define consolidated Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude the following items:",
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      "text": "Asset-Light Earnings Mix: Asset-Light Earnings Mix is calculated as Adjusted EBITDA from the Management and franchising segment and Distribution segment divided by Adjusted EBITDA, excluding Overhead and Eliminations.",
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      "text": "We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to overhead Adjusted EBITDA. Our board of directors and executive management team focus on Adjusted EBITDA as one of the key performance and compensation measures both on a segment and on a consolidated basis.",
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      "text": "Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry... Adjusted EBITDA should not be considered as a substitute for net income (loss) attributable to Hyatt Hotels Corporation, net income (loss), or any other measure prescribed by GAAP.",
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      "text": "Adjusted General and Administrative (\"G&A\") Expenses: Adjusted G&A Expenses, as we define it, is a non-GAAP measure. Adjusted G&A Expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense.",
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