SEGMENT INFORMATION Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker ("CODM") to assess performance and make decisions regarding the allocation of resources. Our CODM is our President and Chief Executive Officer. We define our reportable segments as follows:  Owned and leased hotels This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions earned by our owned and leased hotels related to our co-branded credit cards and revenues earned under the loyalty program for stays at our owned and leased hotels and are eliminated in consolidation.  Americas management and franchising This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada, and the Caribbean. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These costs relate primarily to payroll costs at managed properties where the Company is the employer, as well as costs associated with reservations, sales, marketing, technology, and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.  ASPAC management and franchising This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, Greater China, Australia, South Korea, Japan, and Micronesia. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These costs relate primarily to reservations, sales, marketing, technology, and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned hotel and are eliminated in consolidation.  EAME/SW Asia management and franchising This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Europe, Africa, the Middle East, India, Central Asia, and Nepal. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These costs relate primarily to reservations, sales, marketing, technology, and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation. Our CODM evaluates performance based on owned and leased hotels revenues, management, franchise, and other fees revenues, and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture, adjusted to exclude interest expense; provision for income taxes; depreciation and amortization; amortization of management and franchise agreement assets constituting payments to customers ("Contra revenue"); revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate; asset impairments; and other income (loss), net. The table below shows summarized consolidated financial information by segment. Included within corporate and other are the results of Miraval and Exhale, Hyatt Residence Club license fees, results related to our co- branded credit cards, and unallocated corporate expenses. Three Months Ended March 31, 2019 2018 Owned and leased hotels Owned and leased hotels revenues $ 458 $ 507 Intersegment revenues (a) 7 9 Adjusted EBITDA 101 113 Depreciation and amortization 60 68 Americas management and franchising Management, franchise, and other fees revenues 103 98 Contra revenue (4 ) (3 ) Other revenues 36  Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 548 420 Intersegment revenues (a) 17 18 Adjusted EBITDA 92 87 Depreciation and amortization 6 4 ASPAC management and franchising Management, franchise, and other fees revenues 32 30 Contra revenue  (1 ) Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 24 20 Intersegment revenues (a)   Adjusted EBITDA 20 18 Depreciation and amortization 1  EAME/SW Asia management and franchising Management, franchise, and other fees revenues 18 18 Contra revenue (1 ) (1 ) Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 17 16 Intersegment revenues (a) 2 2 Adjusted EBITDA 10 10 Depreciation and amortization   Corporate and other Revenues 35 32 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 1  Intersegment revenues (a)  (2 ) Adjusted EBITDA (37 ) (29 ) Depreciation and amortization 13 11 Eliminations Revenues (a) (26 ) (27 ) Adjusted EBITDA 1 3 TOTAL Revenues $ 1,241 $ 1,109 Adjusted EBITDA 187 202 Depreciation and amortization 80 83 (a) Intersegment revenues are included in management, franchise, and other fees revenues, owned and leased hotels revenues, and other revenues and eliminated in Eliminations. The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA: Three Months Ended March 31, 2019 2018 Net income attributable to Hyatt Hotels Corporation $ 63 $ 411 Interest expense 19 19 Provision for income taxes 20 150 Depreciation and amortization 80 83 EBITDA 182 663 Contra revenue 5 5 Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (590 ) (456 ) Costs incurred on behalf of managed and franchised properties 605 460 Equity losses from unconsolidated hospitality ventures 3 13 Stock-based compensation expense (Note 15) 20 18 Gains on sales of real estate (Note 6) (1 ) (529 ) Asset impairments 3  Other (income) loss, net (Note 19) (51 ) 18 Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA 11 10 Adjusted EBITDA $ 187 $ 202