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  "documentTitle": "2025 06 Playa Acquisition",
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      "text": "management and hotel services agreement and franchise agreement assets (key money assets) amortization and performance cure payments, which constitute payments to customers (Contra revenue);\nrevenues for reimbursed costs;\nreimbursed costs that we intend to recover over the long term;\nstock-based compensation expense;\ntransaction and integration costs;\ndepreciation and amortization;\nequity earnings (losses) from unconsolidated hospitality ventures;\ninterest expense;\ngains (losses) on sales of real estate and other;\nasset impairments;\nother income (loss), net; and\nbenefit (provision) for income taxes.",
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      "text": "Adjusted EBITDA",
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      "text": "Adjusted EBITDA is not 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": "We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to unallocated overhead expenses. 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 Earnings Before Interest Expense, Taxes, Depreciation, and Amortization (\"Adjusted EBITDA\"): We use the term Adjusted EBITDA throughout this Investor Presentation. Adjusted EBITDA, as we define it, is a non-GAAP measure.",
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      "text": "Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry... We exclude revenues for reimbursed costs and reimbursed costs which relate to the reimbursement of payroll costs...",
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      "text": "DEFINITIONS",
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