Hilton Reports Fourth Quarter and Full Year Results

MCLEAN, Va.–(BUSINESS WIRE)–Hilton Worldwide Holdings Inc. (“Hilton” or the “Company”) (NYSE: HLT) today reported its fourth quarter and full year 2021 results. The following results reflect the material impact that the coronavirus (“COVID-19”) pandemic has had on Hilton’s business. Highlights include:

• Diluted EPS was $0.52 for the fourth quarter and $1.46 for the full year, and diluted EPS, adjusted for special items, was $0.72 for the fourth quarter and $2.08 for the full year

• Net income was $148 million for the fourth quarter and $407 million for the full year

• Adjusted EBITDA was $512 million for the fourth quarter and $1,629 million for the full year

• System-wide comparable RevPAR increased 104.2 percent and 60.4 percent, on a currency neutral basis, for the fourth quarter and full year, respectively, from the same periods in 2020

• System-wide comparable RevPAR was down 13.5 percent and 30.0 percent, on a currency neutral basis, for the fourth quarter and full year, respectively, compared to the same periods in 2019

• Approved 26,000 new rooms for development during the fourth quarter, bringing Hilton’s development pipeline to 408,000 rooms as of December 31, 2021

• Added 16,100 rooms to Hilton’s system in the fourth quarter, contributing to 55,100 net additional rooms in Hilton’s system for the full year, which represented 5.6 percent net unit growth from December 31, 2020

• Full year 2022 net unit growth is expected to be approximately 5 percent

Overview

Christopher J. Nassetta, President & Chief Executive Officer of Hilton, said, “We were pleased to see continued recovery throughout 2021, with our fourth quarter showing strong results versus 2019. Although new variants of the virus have had some short-term impact, we are optimistic about the acceleration of recovery across all segments during 2022. We remain confident in the future of our business and our ability to continue to drive strong net unit growth and free cash flow, fueled by higher margins.”

During the three months and year ended December 31, 2021, while the COVID-19 pandemic continued to negatively impact Hilton’s business and hotel operating statistics, Hilton experienced significant improvement in its results compared to 2020 attributable to increased travel and tourism. As a result of the pandemic, certain hotels suspended operations at various times throughout 2020, but the majority of those hotels were reopened by the beginning of 2021. In line with the recovery, although some hotels did suspend operations during the year ended December 31, 2021, reopenings significantly outpaced suspensions. As such, the operations of only approximately 360 hotels, primarily located in the U.S. and Europe, were suspended for some period of time during the year ended December 31, 2021, as compared to approximately 1,280 hotels during the year ended December 31, 2020. Nearly all of the hotels that suspended operations at some point since the start of the pandemic had reopened as of December 31, 2021.

For the three months and year ended December 31, 2021, system-wide comparable RevPAR increased 104.2 percent and 60.4 percent, respectively, compared to the same periods in 2020, due to increases in both occupancy and ADR. For the three months and year ended December 31, 2021, fee revenues increased 91 percent and 60 percent, respectively, compared to the same periods in 2020. For comparison to pre-pandemic results, system-wide comparable RevPAR for the three months and year ended December 31, 2021 were down 13.5 percent and 30.0 percent, respectively, compared to the three months and year ended December 31, 2019.

For the three months ended December 31, 2021, diluted EPS was $0.52 and diluted EPS, adjusted for special items, was $0.72 compared to $(0.81) and $(0.10), respectively, for the three months ended December 31, 2020. Net income (loss) and Adjusted EBITDA were $148 million and $512 million, respectively, for the three months ended December 31, 2021, compared to $(225) million and $204 million, respectively, for the three months ended December 31, 2020.

For the year ended December 31, 2021, diluted EPS was $1.46 and diluted EPS, adjusted for special items, was $2.08 compared to $(2.58) and $0.10, respectively, for the year ended December 31, 2020. Net income (loss) and Adjusted EBITDA were $407 million and $1,629 million, respectively, for the year ended December 31, 2021, compared to $(720) million and $842 million, respectively, for the year ended December 31, 2020.

Development

In the fourth quarter of 2021, Hilton opened 94 new hotels totaling 16,100 rooms and achieved net unit growth of 13,100 rooms. During the full year 2021, Hilton opened 414 new hotels totaling 67,100 rooms and achieved net unit growth of 55,100 rooms. During the quarter, Hilton continued the expansion of its luxury portfolio with the openings of the Conrad Tulum Riviera Maya in Mexico and the Conrad Jiuzhaigou in China and also opened the Hilton Cancun in Mexico, the latest addition to Hilton’s rapidly expanding portfolio of all-inclusive properties. Further, Hilton continues to see growth in its focused service brands, with Hampton by Hilton opening over 30 hotels representing 4,300 rooms during the fourth quarter.

As of December 31, 2021, Hilton’s development pipeline totaled nearly 2,670 hotels representing nearly 408,000 rooms throughout 115 countries and territories, including 28 countries and territories where Hilton does not currently have any existing hotels. Additionally, of the rooms in the development pipeline, 198,000 of the rooms were under construction and 249,600 of the rooms were located outside the U.S.

Balance Sheet and Liquidity

As of December 31, 2021, Hilton had $8.9 billion of long-term debt outstanding, excluding deferred financing costs and discount, with a weighted average interest rate of 3.99 percent. Excluding finance lease liabilities and other debt of Hilton’s consolidated variable interest entities, Hilton had $8.6 billion of long-term debt outstanding with a weighted average interest rate of 3.95 percent and no scheduled maturities until 2025. No amounts were outstanding under Hilton’s $1.75 billion senior secured revolving credit facility as of December 31, 2021, which had an available borrowing capacity of $1,690 million after considering $60 million of outstanding letters of credit. Total cash and cash equivalents were $1,512 million as of December 31, 2021, including $85 million of restricted cash and cash equivalents.

Conference Call

Hilton will host a conference call to discuss fourth quarter and full year 2021 results on February 16, 2022 at 10:00 a.m. Eastern Time. Participants may listen to the live webcast by logging on to the Hilton Investor Relations website at https://ir.hilton.com/events-and-presentations. A replay and transcript of the webcast will be available within 24 hours after the live event at https://ir.hilton.com/financial-reporting/quarterly-results/2021.

Alternatively, participants may listen to the live call by dialing 1-888-317-6003 in the United States (“U.S.”) or 1-412-317-6061 internationally using the conference ID 6060716. Participants are encouraged to dial into the call or link to the webcast at least fifteen minutes prior to the scheduled start time. A telephone replay will be available for seven days following the call. To access the telephone replay, dial 1-877-344-7529 in the U.S. or 1-412-317-0088 internationally using the conference ID 8884149.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to the expectations regarding the impact of and recovery from the COVID-19 pandemic, the performance of Hilton’s business, financial results, liquidity and capital resources and other non-historical statements. In some cases, these forward-looking statements can be identified by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties including, among others, risks inherent to the hospitality industry, macroeconomic factors beyond Hilton’s control, such as challenges due to labor shortages and supply chain disruptions, risks related to the impact of the COVID-19 pandemic, including as a result of new strains or variants of the virus and uncertainty of acceptance of the COVID-19 vaccines and their effectiveness, competition for hotel guests and management and franchise contracts, risks related to doing business with third-party hotel owners, performance of Hilton’s information technology systems, growth of reservation channels outside of Hilton’s system, risks of doing business outside of the U.S. and Hilton’s indebtedness. Additional factors that could cause Hilton’s results to differ materially from those described in the forward-looking statements can be found under the section entitled “Part I—Item 1A. Risk Factors” of Hilton’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in Hilton’s periodic filings with the SEC, including Hilton’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which is expected to be filed on or about the date of this press release, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in Hilton’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Definitions

See the “Definitions” section for the definition of certain terms used within this press release, including within the schedules.

Non-GAAP Financial Measures

The Company refers to certain financial measures that are not recognized under U.S. generally accepted accounting principles (“GAAP”) in this press release, including: net income (loss), adjusted for special items; diluted EPS, adjusted for special items; EBITDA; Adjusted EBITDA; Adjusted EBITDA margin; net debt; and net debt to Adjusted EBITDA ratio. See the schedules to this press release, including the “Definitions” section, for additional information and reconciliations of such non-GAAP financial measures.

About Hilton

Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 18 world-class brands comprising more than 6,800 properties and more than 1 million rooms in 122 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed more than 3 billion guests in its more than 100-year history, earned a top spot on the 2021 World’s Best Workplaces list and been recognized as a global leader on the Dow Jones Sustainability Indices for five consecutive years. In 2021, in addition to opening more than one hotel a day, Hilton introduced several industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades and the ability to book confirmed connecting rooms. Through the award-winning guest loyalty program Hilton Honors, the nearly 128 million members who book directly with Hilton can earn Points for hotel stays and experiences money can’t buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit newsroom.hilton.com for more information, and connect with Hilton on facebook.com/hiltonnewsroom, twitter.com/hiltonnewsroom, linkedin.com/company/hilton, instagram.com/hiltonnewsroom and youtube.com/hiltonnewsroom.

HILTON WORLDWIDE HOLDINGS INC.

EARNINGS RELEASE SCHEDULES

TABLE OF CONTENTS

Consolidated Statements of Operations

Comparable and Currency Neutral System-Wide Hotel Operating Statistics

Property Summary

Capital Expenditures and Contract Acquisition Costs

Reconciliations of Non-GAAP Financial Measures

Definitions

HILTON WORLDWIDE HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in millions, except share and per share data)
		Three Months Ended December 31,								Year Ended December 31,
		2021				2020				2021				2020
Revenues
Franchise and licensing fees		$	431			$	233			$	1,493			$	945
Base and other management fees			60				31				176				123
Incentive management fees			38				13				98				38
Owned and leased hotels			222				86				598				421
Other revenues			23				21				79				73
			774				384				2,444				1,600
Other revenues from managed and franchised properties			1,062				506				3,344				2,707
Total revenues			1,836				890				5,788				4,307
Expenses
Owned and leased hotels			227				142				679				620
Depreciation and amortization			45				62				188				331
General and administrative			103				122				405				311
Reorganization costs			—				3				—				41
Impairment losses			—				122				—				258
Other expenses			14				12				45				60
			389				463				1,317				1,621
Other expenses from managed and franchised properties			1,115				622				3,454				3,104
Total expenses			1,504				1,085				4,771				4,725
Gain (loss) on sales of assets, net			1				—				(7	)			—
Operating income (loss)			333				(195	)			1,010				(418	)
Interest expense			(95	)			(113	)			(397	)			(429	)
Loss on foreign currency transactions			(8	)			(11	)			(7	)			(27	)
Loss on debt extinguishments			—				(48	)			(69	)			(48	)
Other non-operating income (loss), net			7				18				23				(2	)
Income (loss) before income taxes			237				(349	)			560				(924	)
Income tax benefit (expense)			(89	)			124				(153	)			204
Net income (loss)			148				(225	)			407				(720	)
Net loss (income) attributable to noncontrolling interests			(1	)			1				3				5
Net income (loss) attributable to Hilton stockholders		$	147			$	(224	)		$	410			$	(715	)
Weighted average shares outstanding:
Basic			279				278				279				277
Diluted(1)			282				278				281				277
Earnings (loss) per share:
Basic		$	0.53			$	(0.81	)		$	1.47			$	(2.58	)
Diluted(1)		$	0.52			$	(0.81	)		$	1.46			$	(2.58	)
Cash dividends declared per share		$	—			$	—			$	—			$	0.15

____________
(1)		The weighted average shares outstanding used in the calculation of diluted loss per share for the three months and year ended December 31, 2020 were revised from the previously reported amounts. Refer to “Reconciliations of Non-GAAP Financial Measures – Net Income (Loss) and Diluted EPS, Adjusted for Special Items” for additional information.

HILTON WORLDWIDE HOLDINGS INC.
COMPARABLE AND CURRENCY NEUTRAL SYSTEM-WIDE HOTEL OPERATING STATISTICS
BY REGION
(unaudited)
		Three Months Ended December 31,
		Occupancy						ADR						RevPAR
		2021			vs. 2020			2021			vs. 2020			2021			vs. 2020
U.S.		63.3	%		21.8	% pts.		$	141.29		37.4	%		$	89.38		109.7	%
Americas (excluding U.S.)		53.8			26.7				118.53		26.1				63.81		149.9
Europe		56.8			34.1				134.48		62.4				76.35		305.8
Middle East & Africa		67.1			28.2				164.73		29.5				110.48		123.5
Asia Pacific		52.5			(4.3	)			104.16		6.7				54.73		(1.4	)
System-wide		61.3			20.7				137.29		35.2				84.14		104.2
		Year Ended December 31,
		Occupancy						ADR						RevPAR
		2021			vs. 2020			2021			vs. 2020			2021			vs. 2020
U.S.		60.8	%		18.8	% pts.		$	132.94		13.8	%		$	80.88		64.5	%
Americas (excluding U.S.)		44.0			15.8				111.68		3.7				49.17		61.7
Europe		41.9			13.6				121.84		12.6				51.10		66.7
Middle East & Africa		52.6			18.1				139.02		10.0				73.08		67.7
Asia Pacific		50.5			6.0				101.08		4.0				51.06		18.1
System-wide		57.2			16.9				128.82		12.9				73.65		60.4

HILTON WORLDWIDE HOLDINGS INC.
COMPARABLE AND CURRENCY NEUTRAL SYSTEM-WIDE HOTEL OPERATING STATISTICS
BY BRAND
(unaudited)
		Three Months Ended December 31,
		Occupancy						ADR						RevPAR
		2021			vs. 2020			2021			vs. 2020			2021			vs. 2020
Waldorf Astoria Hotels & Resorts		55.1	%		23.9	% pts.		$	596.43		42.2	%		$	328.51		151.2	%
Conrad Hotels & Resorts		55.5			19.2				238.27		27.9				132.32		95.7
Canopy by Hilton		59.0			30.3				155.67		28.8				91.83		165.1
Hilton Hotels & Resorts		53.3			23.6				161.82		33.1				86.22		139.0
Curio Collection by Hilton		59.1			26.1				212.69		37.1				125.62		145.3
DoubleTree by Hilton		55.8			21.1				124.55		36.3				69.55		118.8
Tapestry Collection by Hilton		59.7			26.9				151.38		32.9				90.32		141.9
Embassy Suites by Hilton		61.5			25.9				155.14		37.3				95.45		137.2
Hilton Garden Inn		61.8			21.8				124.40		38.6				76.92		114.3
Hampton by Hilton		64.8			17.8				118.35		31.3				76.69		81.2
Tru by Hilton		65.3			19.1				111.64		34.0				72.92		89.2
Homewood Suites by Hilton		74.3			16.5				133.66		27.1				99.33		63.5
Home2 Suites by Hilton		74.3			16.9				119.32		25.9				88.67		63.0
System-wide		61.3			20.7				137.29		35.2				84.14		104.2
		Year Ended December 31,
		Occupancy						ADR						RevPAR
		2021			vs. 2020			2021			vs. 2020			2021			vs. 2020
Waldorf Astoria Hotels & Resorts		45.5	%		13.0	% pts.		$	556.40		45.7	%		$	252.99		104.1	%
Conrad Hotels & Resorts		43.4			11.3				215.81		9.1				93.66		47.4
Canopy by Hilton		48.0			19.3				150.78		10.2				72.32		84.4
Hilton Hotels & Resorts		44.8			13.6				152.24		7.9				68.19		54.9
Curio Collection by Hilton		49.8			17.9				199.00		18.7				99.04		85.6
DoubleTree by Hilton		50.4			15.5				117.82		10.3				59.35		59.3
Tapestry Collection by Hilton		53.6			19.8				141.98		17.2				76.07		86.0
Embassy Suites by Hilton		56.7			19.7				146.67		10.9				83.12		70.0
Hilton Garden Inn		58.7			18.7				117.53		13.7				68.94		66.9
Hampton by Hilton		63.3			18.0				114.14		15.2				72.23		61.2
Tru by Hilton		65.6			21.6				107.40		21.7				70.51		81.5
Homewood Suites by Hilton		73.9			17.5				125.57		9.7				92.82		43.7
Home2 Suites by Hilton		74.6			19.6				114.14		13.3				85.20		53.6
System-wide		57.2			16.9				128.82		12.9				73.65		60.4

HILTON WORLDWIDE HOLDINGS INC.
COMPARABLE AND CURRENCY NEUTRAL SYSTEM-WIDE HOTEL OPERATING STATISTICS
BY SEGMENT
(unaudited)
		Three Months Ended December 31,
		Occupancy						ADR						RevPAR
		2021			vs. 2020			2021			vs. 2020			2021			vs. 2020
Management and franchise		61.5	%		20.6	% pts.		$	136.67		35.3	%		$	84.04		103.5	%
Ownership(1)		47.7			26.5				189.34		14.7				90.27		158.0
System-wide		61.3			20.7				137.29		35.2				84.14		104.2
		Year Ended December 31,
		Occupancy						ADR						RevPAR
		2021			vs. 2020			2021			vs. 2020			2021			vs. 2020
Management and franchise		57.5	%		17.1	% pts.		$	128.44		13.1	%		$	73.91		60.8	%
Ownership(1)		33.2			7.9				172.10		1.5				57.22		33.4
System-wide		57.2			16.9				128.82		12.9				73.65		60.4

____________
(1)		Includes hotels leased by entities in which Hilton owns a noncontrolling financial interest.

HILTON WORLDWIDE HOLDINGS INC.
PROPERTY SUMMARY
As of December 31, 2021
		Owned / Leased(1)				Managed				Franchised				Total
		Properties		Rooms		Properties		Rooms		Properties		Rooms		Properties		Rooms
Waldorf Astoria Hotels & Resorts
U.S.		—		—		12		4,535		—		—		12		4,535
Americas (excluding U.S.)		—		—		2		261		—		—		2		261
Europe		2		463		4		898		—		—		6		1,361
Middle East & Africa		—		—		5		1,224		—		—		5		1,224
Asia Pacific		—		—		6		1,259		—		—		6		1,259
LXR Hotels & Resorts
U.S.		—		—		—		—		3		426		3		426
Americas (excluding U.S.)		—		—		—		—		1		76		1		76
Europe		—		—		2		383		—		—		2		383
Middle East & Africa		—		—		1		41		1		234		2		275
Asia Pacific		—		—		—		—		1		114		1		114
Conrad Hotels & Resorts
U.S.		—		—		6		2,211		1		1,496		7		3,707
Americas (excluding U.S.)		—		—		3		787		—		—		3		787
Europe		—		—		4		1,155		—		—		4		1,155
Middle East & Africa		1		614		3		1,569		—		—		4		2,183
Asia Pacific		1		164		22		6,430		1		659		24		7,253
Canopy by Hilton
U.S.		—		—		—		—		23		3,908		23		3,908
Americas (excluding U.S.)		—		—		2		272		—		—		2		272
Europe		—		—		1		123		4		917		5		1,040
Middle East & Africa		—		—		1		200		—		—		1		200
Asia Pacific		—		—		4		614		—		—		4		614
Signia by Hilton
U.S.		—		—		1		1,009		—		—		1		1,009
Hilton Hotels & Resorts
U.S.		—		—		59		44,137		187		59,017		246		103,154
Americas (excluding U.S.)		1		405		28		10,682		26		7,826		55		18,913
Europe		39		11,514		45		15,388		43		11,268		127		38,170
Middle East & Africa		5		1,992		37		12,659		3		1,565		45		16,216
Asia Pacific		5		2,999		113		39,481		7		2,849		125		45,329
Curio Collection by Hilton
U.S.		—		—		7		3,272		59		12,578		66		15,850
Americas (excluding U.S.)		—		—		2		99		12		1,750		14		1,849
Europe		—		—		4		360		20		2,827		24		3,187
Middle East & Africa		—		—		4		741		2		557		6		1,298
Asia Pacific		—		—		4		773		2		248		6		1,021
DoubleTree by Hilton
U.S.		—		—		34		11,450		339		76,905		373		88,355
Americas (excluding U.S.)		—		—		3		587		34		6,745		37		7,332
Europe		—		—		14		3,741		108		18,286		122		22,027
Middle East & Africa		—		—		17		4,599		5		568		22		5,167
Asia Pacific		—		—		76		20,625		5		1,395		81		22,020

HILTON WORLDWIDE HOLDINGS INC.
PROPERTY SUMMARY (continued)
As of December 31, 2021
		Owned / Leased(1)				Managed				Franchised				Total
		Properties		Rooms		Properties		Rooms		Properties		Rooms		Properties		Rooms
Tapestry Collection by Hilton
U.S.		—		—		—		—		63		7,543		63		7,543
Americas (excluding U.S.)		—		—		1		138		4		354		5		492
Europe		—		—		—		—		3		162		3		162
Asia Pacific		—		—		1		266		1		175		2		441
Embassy Suites by Hilton
U.S.		—		—		40		10,585		210		47,063		250		57,648
Americas (excluding U.S.)		—		—		3		667		5		1,336		8		2,003
Motto by Hilton
U.S.		—		—		—		—		3		871		3		871
Hilton Garden Inn
U.S.		—		—		4		425		728		100,542		732		100,967
Americas (excluding U.S.)		—		—		11		1,571		51		7,664		62		9,235
Europe		—		—		19		3,642		60		9,727		79		13,369
Middle East & Africa		—		—		16		3,400		3		474		19		3,874
Asia Pacific		—		—		47		10,245		1		177		48		10,422
Hampton by Hilton
U.S.		—		—		27		3,519		2,281		224,999		2,308		228,518
Americas (excluding U.S.)		—		—		13		1,644		109		13,305		122		14,949
Europe		—		—		16		2,697		96		14,795		112		17,492
Middle East & Africa		—		—		4		1,238		—		—		4		1,238
Asia Pacific		—		—		—		—		219		35,633		219		35,633
Tru by Hilton
U.S.		—		—		—		—		212		20,664		212		20,664
Americas (excluding U.S.)		—		—		—		—		2		179		2		179
Homewood Suites by Hilton
U.S.		—		—		10		1,172		489		55,819		499		56,991
Americas (excluding U.S.)		—		—		3		406		24		2,688		27		3,094
Home2 Suites by Hilton
U.S.		—		—		2		210		512		53,596		514		53,806
Americas (excluding U.S.)		—		—		—		—		7		753		7		753
Asia Pacific		—		—		—		—		2		275		2		275
Other		—		—		2		1,250		6		1,614		8		2,864
Total hotels		54		18,151		745		234,640		5,978		812,622		6,777		1,065,413
Hilton Grand Vacations		—		—		—		—		60		9,378		60		9,378
Total system		54		18,151		745		234,640		6,038		822,000		6,837		1,074,791

____________
(1)		Includes hotels owned or leased by entities in which Hilton owns a noncontrolling financial interest.

HILTON WORLDWIDE HOLDINGS INC.
CAPITAL EXPENDITURES AND CONTRACT ACQUISITION COSTS
(unaudited, dollars in millions)
		Three Months Ended December 31,								Increase / (Decrease)
		2021				2020				$			%
Capital expenditures for property and equipment(1)		$	18			$	8			10			NM(3)
Capitalized software costs(2)			16				8			8			100.0
Total capital expenditures			34				16			18			NM(3)
Contract acquisition costs			40				13			27			NM(3)
Total capital expenditures and contract acquisition costs		$	74			$	29			45			NM(3)
		Year Ended December 31,								Increase / (Decrease)
		2021				2020				$			%
Capital expenditures for property and equipment(1)		$	35			$	46			(11	)		(23.9	)
Capitalized software costs(2)			44				46			(2	)		(4.3	)
Total capital expenditures			79				92			(13	)		(14.1	)
Contract acquisition costs			200				50			150			NM(3)
Total capital expenditures and contract acquisition costs		$	279			$	142			137			96.5

Contacts

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Jill Slattery

+1 703 883 5476

Media Contact
Megan Ryan

+1 703 883 6711

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