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  "documentTitle": "2023 Security Analyst Meeting Full Deck",
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  "notes": "Contains specific clarifications for slides G-4, G-8, G-11, G-15, G-16, G-17, and G-18.",
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      "text": "Note that in the model, MGM rooms are still assumed to be added in 2023. Given the current uncertainty related to MGM's cyber incident, there is a chance the timing could slip to 2024.",
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      "text": "Slide G-18 - Adjusted Diluted Earnings Per Share: Shares are diluted weighted average shares outstanding; Assumes new share issuances pursuant to equity awards and Employee Stock Purchase Plan",
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      "text": "Slide G-4 - 2023 - 2025 Key Model Assumption: No gain or loss assumed on asset dispositions",
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      "text": "Slide G-11 - Geographic Distribution of Fees: Assumes the average of the high and low RevPAR scenarios and the midpoint of the net rooms growth range",
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      "text": "Slide G-16 - Cumulative Capital Available: Contract acquisition costs are included in Investment Spending and excluded from Adjusted Cash from Operations; Other includes Stock-based compensation withholding taxes, Other investing activities and Other financing activities",
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      "text": "Slide G-8 - Total Hotel Fees: Franchise fees in the chart do not include non-RevPAR-related franchise fees",
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      "text": "Slide G-15 - Investment Spending: Other is equity and cost method investments",
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      "text": "Slide G-17 - Capital Return to Shareholders: Contract acquisition costs are included in Investment Spending and excluded from Adjusted Cash from Operations",
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      "text": "Non-RevPAR-related franchise fees include cobrand credit card, timeshare and residential branding fees, application fees, relicensing fees, and certain other licensing fees",
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      "text": "Scenarios marked as high and low, and the high and low end of ranges on G-16 and G-17, are based on the high and low RevPAR assumptions, respectively, and assume the midpoint of the net rooms growth range and the midpoint of the investment spending range",
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