CHH Stock Balance Sheets

Choice Hotels International Quarterly Balance Sheets Chart

Quarterly

Annual

Goodwill

Account Receivables

Cash and Cash Eq

Account Payables

Deferred Revenue

Long-Term Debt

Choice Hotels International Quarterly Balance Sheets Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30

assets
current assets
cash and cash equivalents	58,610,000	40,054,000	40,177,000	58,565,000	60,409,000	42,111,000	26,754,000	36,432,000	36,167,000	31,679,000	41,566,000	52,541,000	607,185,000	527,209,000	511,605,000	415,116,000	307,975,000	222,961,000	234,779,000	191,967,000	314,139,000	321,954,000	33,766,000	31,569,000	34,407,000	31,810,000	26,642,000	30,916,000	37,148,000	36,834,000	235,336,000	238,848,000	197,957,000	187,472,000	202,463,000	205,953,000	207,888,000	194,072,000	193,441,000	199,261,000	230,650,000	200,544,000	214,879,000	244,392,000	211,542,000	174,878,000	167,795,000	161,138,000	143,790,000	140,225,000	134,177,000	115,064,000	485,390,000	91,312,000	107,057,000	124,734,000	90,961,000	76,405,000	91,259,000	79,548,000	70,926,000	65,593,000	67,870,000	63,645,000	61,810,000	57,395,000	52,680,000	62,527,000	56,545,000	51,318,000	46,377,000	47,354,000	47,330,000
accounts receivable	218,473,000	194,269,000		210,925,000	235,384,000	225,173,000		223,781,000	220,100,000	214,103,000		297,628,000	203,890,000	175,051,000		197,999,000
income taxes receivable	8,116,000	4,139,000	5,419,000	4,205,000	9,695,000	8,559,000	14,283,000	5,743,000	5,141,000	4,736,000	4,759,000	508,000	3,123,000	4,211,000	12,511,000		346,000	2,791,000	4,186,000	4,470,000	8,909,000	10,553,000	11,126,000	4,651,000	3,674,000	2,541,000	10,122,000	308,000	50,000	664,000		19,676,000	59,000	446,000	316,000	277,000	500,000	7,134,000	5,486,000	267,000			1,458,000						928,000		2,732,000													1,450,000	992,000	388,000	3,181,000				1,698,000
notes receivable	74,677,000	75,614,000	75,501,000	22,081,000	21,686,000	22,012,000	20,766,000	52,726,000	52,909,000	53,093,000	52,466,000	52,381,000	53,760,000	54,746,000	54,453,000	71,334,000	70,887,000	38,286,000	28,227,000	28,860,000	34,077,000	27,237,000
prepaid expenses and other current assets	40,803,000	44,123,000	41,317,000	42,826,000	30,537,000	40,646,000	38,831,000	34,130,000	33,817,000	37,477,000	32,517,000	56,091,000	115,651,000	26,801,000	29,945,000	26,520,000
total current assets	400,679,000	358,199,000	339,086,000	338,602,000	448,157,000	338,501,000	296,530,000	352,812,000	348,134,000	341,088,000	347,922,000	459,149,000	983,609,000	788,018,000	761,661,000	710,969,000	607,540,000	445,144,000	432,914,000	415,570,000	524,479,000	531,279,000	236,589,000	260,264,000	276,864,000	250,671,000	243,784,000	280,615,000	283,152,000	231,845,000	402,933,000	455,323,000	380,227,000	342,862,000	344,873,000	371,929,000	378,043,000	338,116,000	310,953,000	359,533,000	397,577,000	357,272,000	351,414,000	405,426,000	385,003,000	277,714,000	258,646,000	258,267,000	255,704,000	239,773,000	233,470,000	214,677,000	583,873,000	178,478,000	194,796,000	209,757,000	171,464,000	147,868,000	163,582,000	165,190,000	150,230,000	132,296,000	127,862,000	135,813,000	126,989,000	116,701,000	120,216,000	145,488,000	129,111,000	111,653,000	105,951,000	119,956,000	111,474,000
property and equipment	660,762,000	631,609,000	604,345,000	580,021,000	541,194,000	517,903,000	493,478,000	469,771,000			427,306,000				377,367,000
operating lease right-of-use assets	79,745,000	81,858,000	83,451,000	81,987,000	83,359,000	84,869,000	85,101,000	90,474,000	63,902,000	66,398,000	68,985,000	70,533,000	29,669,000	31,869,000	34,183,000	10,655,000	13,163,000	15,312,000	17,688,000	19,774,000	21,700,000	23,689,000	24,088,000	26,251,000	25,574,000	27,997,000
goodwill	220,187,000	220,187,000	220,187,000	220,187,000	220,187,000	220,187,000	220,187,000	220,187,000	220,187,000	220,187,000	218,653,000	227,703,000	159,196,000	159,196,000	159,196,000	159,196,000	159,196,000	159,196,000	159,196,000	159,196,000	159,196,000	159,196,000	159,196,000	159,197,000	159,197,000	165,623,000	168,996,000	173,641,000	173,741,000	174,538,000	80,757,000	80,519,000	80,036,000	79,073,000	78,905,000	79,799,000	79,629,000	79,982,000	79,327,000	79,495,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	66,006,000	65,996,000	66,013,000	66,005,000	66,021,000	66,041,000	66,042,000	66,041,000	66,040,000	66,033,000	66,040,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000	65,813,000
intangible assets	882,490,000	880,793,000	884,013,000	863,811,000	833,016,000	821,029,000	811,075,000	781,101,000	764,377,000	750,179,000	742,190,000	723,617,000	319,922,000	311,079,000	312,389,000	306,008,000	307,559,000	306,868,000	303,725,000	290,913,000	291,198,000	292,030,000	290,421,000	279,484,000	272,208,000	264,690,000	271,188,000	263,923,000	248,469,000	246,925,000	14,672,000	14,749,000	15,101,000	15,301,000	15,738,000
investments for employee benefit plans, at fair value	48,205,000	44,176,000	47,603,000	47,788,000	45,270,000	43,747,000	39,751,000	35,815,000
investments in affiliates	125,480,000	122,116,000	117,016,000	109,732,000	80,555,000	78,782,000	70,579,000	55,081,000	44,946,000	33,216,000	30,647,000	29,694,000	27,789,000	28,126,000	27,967,000
deferred income taxes	107,655,000	107,712,000	108,308,000	110,643,000	92,159,000	90,167,000	89,535,000	92,410,000	86,006,000	80,593,000	88,182,000	90,847,000	74,049,000	71,795,000	68,643,000	101,922,000	71,161,000	69,094,000	67,745,000	54,240,000	49,878,000	49,346,000	20,747,000	27,245,000	28,144,000	32,850,000	30,613,000	32,730,000	23,310,000	24,601,000	13,335,000	7,835,000	54,030,000	54,592,000	52,812,000	47,002,000	38,631,000	36,536,000	42,434,000	26,193,000	26,734,000	25,674,000	23,860,000	26,258,000	29,733,000	7,220,000	7,220,000	4,136,000	4,136,000	4,136,000	4,136,000	22,962,000	22,017,000	23,549,000		429,000	429,000	429,000	429,000	7,980,000	7,980,000	7,980,000	7,980,000	8,223,000	8,223,000	8,223,000	8,223,000	6,673,000	1,982,000	2,169,000	2,387,000	3,062,000	3,061,000
other assets	105,345,000	98,106,000	93,836,000	91,553,000	97,139,000	92,696,000	93,289,000	84,755,000	87,158,000	89,140,000	91,068,000	86,507,000	84,976,000	85,173,000	90,021,000	83,415,000	85,855,000	87,804,000	88,396,000	94,619,000	93,129,000	94,942,000	97,442,000	88,804,000	84,145,000	84,543,000	84,400,000	80,037,000	49,029,000	49,120,000	29,479,000	28,475,000	52,268,000	63,420,000	53,657,000	50,663,000	61,115,000	55,295,000	16,907,000	64,010,000	60,329,000	64,361,000	65,296,000	60,663,000	58,116,000	55,253,000	84,036,000	88,204,000	79,887,000	76,349,000	76,013,000	53,271,000	42,797,000	31,173,000	29,284,000	23,089,000	20,893,000	20,298,000	15,305,000	12,058,000	9,647,000	9,349,000	9,230,000	9,819,000	10,034,000	10,355,000	9,926,000	10,067,000	9,314,000	11,452,000	11,279,000	10,756,000	10,797,000
total assets	2,664,762,000	2,577,588,000	2,530,527,000	2,544,046,000	2,518,907,000	2,475,078,000	2,394,799,000	2,232,237,000	2,150,323,000	2,106,223,000	2,102,175,000	2,188,983,000	2,076,841,000	1,972,028,000	1,931,824,000	1,865,934,000	1,728,794,000	1,584,138,000	1,587,333,000	1,570,146,000	1,686,041,000	1,703,952,000	1,386,672,000	1,374,262,000	1,214,277,000	1,173,816,000	1,138,370,000	1,161,037,000	1,123,016,000	1,052,017,000	927,607,000	961,192,000	947,973,000	904,132,000	852,468,000	846,276,000	843,390,000	787,263,000	717,010,000	712,762,000	702,593,000	661,122,000	647,270,000	664,187,000	628,442,000	554,900,000	539,899,000	555,709,000	562,712,000	545,973,000	510,772,000	483,071,000	857,738,000	443,232,000	447,689,000	467,921,000	441,305,000	412,373,000	411,722,000	403,307,000	390,208,000	360,640,000	340,037,000	353,028,000	357,921,000	333,714,000	328,219,000	349,930,000	348,755,000	338,410,000	328,384,000	337,821,000	332,044,000
liabilities and shareholders’ deficit
current liabilities
accounts payable	142,870,000	121,627,000	134,865,000	152,781,000	151,086,000	135,297,000	131,284,000	124,113,000	120,977,000	93,135,000	118,863,000	129,856,000	106,427,000	89,826,000	81,169,000	88,056,000	90,407,000	70,980,000	83,329,000	80,191,000	57,814,000	68,987,000	73,449,000	84,512,000	96,752,000	72,086,000	73,511,000	71,684,000	72,266,000	62,730,000	63,540,000	68,261,000	67,736,000	59,090,000	48,071,000	60,363,000	74,925,000	60,619,000	64,431,000	59,922,000	72,207,000	54,631,000	57,124,000	64,110,000	50,892,000	44,818,000	41,663,000	40,758,000	54,572,000	59,429,000	38,714,000	44,245,000	45,548,000	45,128,000	38,389,000	44,529,000	46,833,000	38,730,000	41,168,000	40,304,000	42,735,000	37,287,000	33,859,000	40,067,000	43,445,000	32,446,000	41,648,000	38,987,000	46,730,000	41,884,000	55,288,000	41,271,000	41,545,000
accrued expenses and other current liabilities	116,569,000	100,767,000	136,729,000	122,172,000	96,583,000	70,164,000	109,248,000	96,523,000	98,791,000	78,842,000	131,410,000	125,227,000	100,631,000	81,265,000	104,472,000	129,173,000	103,160,000	65,687,000	78,920,000	67,699,000	59,258,000	65,939,000	90,364,000	73,680,000	73,851,000	66,966,000	92,651,000	78,591,000	73,940,000	58,953,000	85,838,000	66,515,000	65,837,000	54,010,000	80,388,000	59,577,000	64,144,000	46,616,000	70,648,000	50,683,000
deferred revenue	105,761,000	115,785,000	102,114,000	103,194,000	105,928,000	116,003,000	108,316,000	107,802,000	95,658,000	103,599,000	92,695,000	85,863,000	79,767,000	89,724,000	81,538,000	80,607,000	63,394,000	52,701,000	50,290,000	51,487,000	49,983,000	60,442,000	71,594,000	77,337,000	68,695,000	77,065,000	67,614,000	65,810,000	58,190,000	62,247,000	141,111,000	136,956,000	135,350,000	145,833,000	133,218,000	121,592,000	113,763,000	112,076,000	71,587,000	68,439,000	70,402,000	73,908,000	66,382,000	65,839,000	67,365,000	69,155,000	61,188,000	61,401,000	67,757,000	76,316,000	71,154,000	76,949,000	64,422,000	70,830,000	68,825,000	76,643,000	60,898,000	72,039,000	67,322,000	71,296,000	57,226,000	60,934,000	51,765,000	52,456,000	53,135,000	55,966,000	47,004,000	49,897,000	52,796,000	54,566,000	48,660,000	47,087,000	48,984,000
liability for guest loyalty program	86,729,000	89,237,000	89,013,000	100,639,000	98,493,000						89,954,000		78,955,000	86,212,000	86,765,000	76,541,000	59,014,000	54,432,000	43,308,000	46,066,000	44,525,000	52,717,000	82,970,000	80,268,000	81,202,000	86,666,000	83,566,000	82,346,000	81,178,000	84,075,000
total current liabilities	451,929,000	427,416,000	462,721,000	478,786,000	452,090,000	919,512,000	942,690,000	418,994,000	406,686,000	369,574,000	435,898,000	426,383,000	582,351,000	563,513,000	570,295,000	590,594,000	315,975,000	243,800,000	255,847,000	252,420,000	218,737,000	255,420,000	325,888,000	316,304,000	321,008,000	303,871,000	318,439,000	299,530,000	286,673,000	269,270,000	294,497,000	273,034,000	276,361,000	274,081,000	263,668,000	258,495,000	259,297,000	220,327,000	208,016,000	191,118,000	201,686,000	181,888,000	200,098,000	199,457,000	200,663,000	168,257,000	174,338,000	179,111,000	180,646,000	182,991,000	176,137,000	207,174,000	181,740,000	176,355,000	184,565,000	181,797,000	165,001,000	149,741,000	165,258,000	176,715,000	441,612,000	138,634,000	131,806,000	149,231,000	149,956,000	127,482,000	135,067,000	153,096,000	145,104,000	137,926,000	147,516,000	151,086,000	144,879,000
long-term debt	1,900,116,000	1,874,821,000	1,768,526,000	1,810,731,000	1,868,425,000	1,195,730,000	1,068,751,000	1,391,272,000	1,384,293,000	1,374,814,000	1,200,547,000	1,155,142,000	844,729,000	844,426,000	844,123,000	843,820,000	1,059,602,000	1,059,169,000	1,058,738,000	1,058,309,000	1,232,136,000	1,208,945,000	844,102,000	875,843,000	784,280,000	804,730,000	753,514,000	781,433,000	795,124,000	795,745,000	725,292,000	800,001,000	862,965,000	862,389,000	839,409,000	866,247,000	901,352,000	892,447,000	812,945,000	815,858,000	800,035,000	799,628,000	782,082,000	774,756,000	777,536,000	795,497,000	783,471,000	815,957,000	858,273,000	863,114,000	847,150,000	808,911,000	651,717,000	257,780,000	252,032,000	252,320,000	251,981,000	260,007,000	251,554,000	251,613,000	0	293,900,000	277,700,000	292,300,000	304,100,000	309,800,000	284,400,000	234,400,000	264,300,000	279,195,000	272,378,000	269,962,000	199,146,000
long-term deferred revenue	128,616,000	131,031,000	132,259,000	132,332,000	132,170,000	132,274,000	133,501,000	135,009,000	131,873,000	132,520,000	134,149,000	134,171,000	107,690,000	108,165,000	105,785,000	106,410,000	113,392,000	114,279,000	122,406,000	122,285,000	124,152,000	126,656,000	112,662,000	110,997,000	108,128,000	111,113,000	110,278,000	107,370,000	103,754,000	96,351,000
deferred compensation and retirement plan obligations	54,040,000	49,869,000	53,316,000	53,361,000	50,676,000	49,021,000	45,657,000	41,200,000	41,283,000	40,420,000	36,673,000	43,053,000	34,468,000	38,893,000	38,690,000	35,958,000	36,010,000	33,114,000	33,756,000	31,039,000	29,590,000	25,869,000	29,949,000	28,306,000	28,029,000	26,879,000	24,212,000	26,137,000	24,866,000	24,513,000	25,566,000	24,355,000	23,927,000	23,044,000	21,595,000	20,890,000	20,873,000	22,415,000	22,859,000	174,000	174,000	177,000	628,000	620,000	579,000	573,000	2,492,000	2,439,000	2,393,000	2,361,000	2,522,000	17,870,000	19,276,000	19,184,000	18,935,000	2,720,000	2,693,000	2,573,000	2,552,000	2,510,000	2,461,000	3,086,000	2,798,000	2,190,000	2,961,000	2,808,000	6,960,000	11,033,000	8,952,000	233,000	1,002,000	3,384,000	3,343,000
operating lease liabilities	111,239,000	112,254,000	113,255,000	109,930,000	110,266,000	110,529,000	109,483,000	109,746,000	68,785,000	69,708,000	70,994,000	70,564,000	30,355,000	32,549,000	35,492,000	5,666,000	7,822,000	10,212,000	12,739,000	15,037,000	17,288,000	20,196,000	21,270,000	23,768,000	23,594,000	27,470,000
other liabilities	5,484,000	5,337,000	5,114,000	8,261,000	7,665,000	7,392,000	7,252,000	10,682,000	7,795,000	8,277,000	6,391,000	10,564,000	7,357,000	6,845,000	9,130,000	10,462,000	9,827,000	9,507,000	9,134,000	9,289,000	6,677,000	3,282,000	3,467,000	6,387,000	3,465,000	4,766,000	37,096,000	38,285,000	38,918,000	45,265,000	65,274,000	64,182,000	37,337,000	36,966,000	38,853,000	37,367,000	34,975,000	37,160,000	68,583,000	82,490,000	62,102,000	68,840,000	69,904,000	63,871,000	39,493,000	23,392,000	23,808,000	24,146,000	23,700,000	19,257,000	15,990,000	16,391,000	16,042,000	15,633,000	16,060,000	14,427,000	17,296,000	16,995,000	17,274,000	15,894,000	12,283,000	9,195,000	9,787,000	8,753,000	10,367,000	9,537,000	12,960,000	18,568,000	17,982,000	18,552,000	22,419,000	23,482,000	18,329,000
total liabilities	2,691,000,000	2,641,522,000	2,575,798,000	2,640,198,000	2,665,686,000	2,468,351,000	2,359,201,000	2,159,824,000	2,095,632,000	2,059,215,000	1,947,515,000	1,904,472,000	1,660,116,000	1,657,383,000	1,665,942,000	1,653,788,000	1,623,861,000	1,564,903,000	1,593,085,000	1,591,550,000	1,728,793,000	1,747,806,000	1,410,183,000	1,430,997,000	1,336,937,000	1,359,293,000	1,322,142,000	1,329,116,000	1,326,968,000	1,311,934,000	1,139,709,000	1,161,572,000	1,200,590,000	1,196,619,000	1,163,817,000	1,183,718,000	1,217,218,000	1,173,128,000	1,112,909,000	1,113,405,000	1,088,060,000	1,074,615,000	1,076,071,000	1,061,202,000	1,040,952,000	1,009,533,000	1,004,144,000	1,040,433,000	1,082,733,000	1,085,302,000	1,059,676,000	1,052,468,000	868,981,000	469,408,000	473,250,000	482,362,000	469,247,000	461,403,000	469,793,000	478,801,000	487,243,000	475,594,000	454,249,000	485,938,000	499,275,000	479,916,000	465,889,000	440,437,000	463,955,000	480,221,000	485,445,000	486,820,000	403,897,000
commitments and contingencies
common stock	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	951,000	576,000	576,000	573,000	582,000	584,000	584,000	586,000	586,000	585,000	585,000	582,000	581,000	580,000	581,000	583,000	592,000	598,000	598,000	596,000	596,000	596,000	596,000	595,000	595,000	601,000	605,000	607,000	629,000	628,000	625,000	621,000	628,000	657,000
additional paid-in-capital	387,161,000	376,014,000	370,201,000	356,208,000	344,173,000	335,612,000	330,750,000	321,790,000	311,288,000	299,952,000	298,053,000	284,092,000	274,384,000	265,385,000	259,317,000	253,361,000	246,604,000	237,538,000	233,921,000	228,521,000	223,719,000	221,553,000	231,160,000	224,979,000	222,394,000	216,384,000	213,170,000	209,053,000	204,899,000	195,651,000	182,448,000	178,231,000	164,812,000	160,719,000	159,045,000	155,393,000	152,596,000	150,127,000	149,895,000	146,973,000	134,144,000	131,711,000	127,661,000	123,251,000	118,976,000	118,020,000	117,768,000	114,571,000	111,580,000	108,995,000	110,246,000				102,665,000				92,774,000				90,731,000				90,141,000			83,480,000	86,243,000	83,373,000	80,732,000
accumulated other comprehensive loss	-4,051,000	-6,130,000	-6,193,000	-5,379,000	-5,911,000	-5,217,000	-5,671,000	-4,713,000	-4,522,000	-4,817,000	-5,211,000	-5,713,000	-4,811,000	-4,708,000	-4,574,000	-4,580,000	-4,523,000	-4,594,000	-4,646,000	-4,787,000	-5,027,000	-5,214,000	-4,550,000	-5,683,000	-5,674,000	-5,438,000	-5,446,000	-5,317,000	-5,282,000	-3,629,000	-4,699,000	-5,034,000	-6,100,000	-7,739,000	-8,522,000	-7,096,000	-7,448,000	-7,035,000	-8,778,000	-8,548,000	-7,812,000	-8,203,000	-6,971,000	-5,928,000	-4,756,000	-5,469,000	-6,217,000	-5,370,000	-6,097,000	-4,233,000	-4,216,000	-5,904,000	-6,350,000	-6,154,000	-6,801,000	-6,720,000	-5,768,000	-6,482,000						-1,318,000	-2,073,000	-3,695,000
treasury stock	-2,511,169,000	-2,467,209,000	-2,411,527,000	-2,386,893,000	-2,332,736,000	-2,097,840,000	-2,046,791,000	-1,987,262,000	-1,917,031,000	-1,842,913,000	-1,694,857,000	-1,507,423,000	-1,276,090,000	-1,276,348,000	-1,265,032,000	-1,261,926,000	-1,258,295,000	-1,261,494,000	-1,260,478,000	-1,262,724,000	-1,264,527,000	-1,265,888,000	-1,219,905,000	-1,216,169,000	-1,215,254,000	-1,209,870,000	-1,187,625,000	-1,148,441,000	-1,112,376,000	-1,093,066,000	-1,064,573,000	-1,066,915,000	-1,069,241,000	-1,070,516,000	-1,070,383,000	-1,074,527,000	-1,071,676,000	-1,052,762,000	-1,052,864,000	-1,037,256,000	-979,211,000	-979,828,000	-982,463,000	-933,180,000	-916,893,000	-917,226,000	-918,031,000	-919,516,000	-920,355,000	-921,421,000	-927,776,000	-930,487,000	-932,663,000	-925,763,000	-916,955,000	-887,815,000	-867,249,000	-867,960,000	-872,306,000	-872,999,000	-871,211,000	-872,147,000	-870,302,000	-870,085,000	-854,033,000	-842,554,000	-835,186,000	-780,564,000	-781,311,000	-788,583,000	-798,110,000	-770,212,000	-662,192,000
retained earnings	2,100,870,000	2,032,440,000	2,001,297,000	1,938,961,000	1,846,744,000	1,773,221,000	1,756,359,000	1,741,647,000	1,664,005,000	1,593,835,000	1,555,724,000	1,512,604,000	1,422,291,000	1,329,365,000	1,275,220,000	1,224,340,000	1,120,196,000	1,046,834,000	1,024,500,000	1,016,635,000	1,002,132,000	1,004,744,000	968,833,000	939,187,000	874,923,000	812,496,000	795,178,000	775,675,000	707,856,000	640,176,000	673,771,000	692,387,000	656,961,000	624,098,000	607,560,000	587,837,000	551,749,000	522,854,000	514,897,000	497,237,000	466,836,000	442,251,000	432,399,000	418,260,000	389,579,000	349,458,000	341,649,000	325,005,000	294,266,000	276,745,000	272,260,000	258,474,000	825,471,000	804,260,000	794,947,000	780,821,000	749,394,000	732,795,000	728,057,000	714,843,000	685,300,000	669,253,000	664,431,000	651,742,000	629,843,000	615,380,000	610,240,000	602,645,000	578,285,000	561,859,000	553,839,000	536,382,000	508,572,000
total shareholders’ deficit	-26,238,000	-63,934,000																	-5,752,000	-21,404,000	-42,752,000	-43,854,000	-23,511,000	-56,735,000	-122,660,000	-185,477,000	-183,772,000	-168,079,000	-203,952,000	-259,917,000	-212,102,000	-200,380,000	-252,617,000	-292,487,000	-311,349,000	-337,442,000	-373,828,000	-385,865,000	-395,899,000	-400,643,000	-385,467,000	-413,493,000	-428,801,000	-397,015,000	-412,510,000	-454,633,000	-464,245,000	-484,724,000	-520,021,000	-539,329,000	-548,904,000	-569,397,000	-11,243,000	-26,176,000	-25,561,000	-14,441,000	-27,942,000	-49,030,000	-58,071,000	-75,494,000	-97,035,000	-114,954,000	-114,212,000	-132,910,000	-141,354,000	-146,202,000	-137,670,000	-90,507,000	-115,200,000	-141,811,000	-157,061,000	-148,999,000	-71,853,000
total liabilities and shareholders’ deficit	2,664,762,000	2,577,588,000																	1,587,333,000	1,570,146,000	1,686,041,000	1,703,952,000	1,386,672,000	1,374,262,000	1,214,277,000	1,173,816,000	1,138,370,000	1,161,037,000	1,123,016,000	1,052,017,000	927,607,000	961,192,000	947,973,000	904,132,000	852,468,000	846,276,000	843,390,000	787,263,000	717,010,000	712,762,000	702,593,000	661,122,000	647,270,000	664,187,000	628,442,000	554,900,000	539,899,000	555,709,000	562,712,000	545,973,000	510,772,000	483,071,000	857,738,000	443,232,000	447,689,000	467,921,000	441,305,000	412,373,000	411,722,000	403,307,000	390,208,000	360,640,000	340,037,000	353,028,000	357,921,000	333,714,000	328,219,000	349,930,000	348,755,000	338,410,000	328,384,000	337,821,000	332,044,000
accounts receivables			176,672,000				195,896,000				216,614,000				153,147,000
investments in equity securities, at fair value					90,446,000	109,861,000	116,374,000
liabilities and shareholders’ (deficit) equity
current portion of long-term debt						499,471,000	499,268,000	4,416,000	4,416,000	4,416,000	2,976,000	2,976,000	216,571,000	216,486,000	216,351,000	216,217,000				6,977,000	7,157,000	7,335,000	7,511,000	507,000	508,000	1,088,000	1,097,000	1,099,000	1,099,000	1,265,000	1,232,000	1,302,000	1,302,000	1,225,000	1,195,000	660,000	833,000	1,016,000	1,191,000	1,706,000	1,124,000	12,362,000	12,349,000	11,967,000	11,970,000	11,026,000	10,088,000	9,132,000	8,205,000	8,201,000	8,195,000	10,065,000	683,000	679,000	673,000	691,000	516,000	508,000	420,000	294,000												8,400,000
income taxes payable						8,601,000	8,601,000	8,601,000	8,601,000	15,482,000	15,482,000	15,482,000	15,482,000	20,642,000	20,642,000	20,642,000	20,642,000	23,394,000	23,394,000	23,394,000	23,394,000	26,147,000	26,147,000	23,510,000	23,510,000	26,276,000	26,276,000	26,276,000	29,041,000	29,041,000	2,776,000		6,136,000	13,923,000	796,000	16,303,000	5,632,000		159,000	10,194,000	1,242,000	1,396,000	85,000	10,140,000	17,459,000	5,466,000	2,282,000	21,906,000		1,550,000		11,686,000	12,854,000	9,220,000	1,108,000	20,129,000	17,142,000	6,928,000	5,778,000	19,775,000	17,648,000	10,821,000	6,310,000	21,910,000	19,180,000	6,728,000	1,206,000	16,679,000	5,278,000	5,628,000	1,659,000	13,970,000	17,936,000
total shareholders’ (deficit) equity			-45,271,000	-96,152,000	-146,779,000
total liabilities and shareholders’ (deficit) equity			2,530,527,000	2,544,046,000	2,518,907,000
liabilities and shareholders’ equity
liability for guest loyalty programs						98,577,000	94,574,000	86,140,000	86,844,000	89,582,000		82,461,000
total shareholders’ equity						6,727,000	35,598,000	72,413,000	54,691,000	47,008,000	154,660,000	284,511,000	416,725,000	314,645,000	265,882,000	212,146,000	104,933,000	19,235,000
total liabilities and shareholders’ equity						2,475,078,000	2,394,799,000	2,232,237,000	2,150,323,000	2,106,223,000	2,102,175,000	2,188,983,000	2,076,841,000	1,972,028,000	1,931,824,000	1,865,934,000	1,728,794,000	1,584,138,000
property and equipment, at cost									449,313,000	434,282,000		417,431,000	319,161,000	394,950,000		351,768,000	342,121,000	336,508,000	334,901,000	339,000,000	350,459,000	351,045,000	351,502,000	347,343,000	149,084,000	134,861,000	127,535,000	117,610,000	112,567,000	98,403,000	83,374,000	83,611,000	83,134,000	82,701,000	84,061,000	86,736,000	86,784,000	88,345,000	88,158,000	86,786,000	82,375,000	80,057,000	77,309,000	58,381,000	58,238,000	56,664,000	66,092,000	65,540,000	69,648,000	71,289,000	51,651,000	52,822,000	50,561,000	51,309,000	51,992,000	53,504,000	53,872,000	54,296,000	55,662,000	52,976,000	48,422,000	45,159,000	43,627,000	42,928,000	43,975,000	44,437,000	45,291,000	43,654,000	44,157,000	43,834,000	43,887,000	44,036,000	43,674,000
investments, employee benefit plans, at fair value									36,278,000	34,758,000	31,645,000	29,010,000	29,821,000	34,173,000	33,946,000	31,285,000	31,484,000	28,558,000	29,104,000	26,454,000	25,138,000	21,083,000	24,978,000	23,489,000	23,313,000	21,970,000	19,398,000	21,542,000	20,349,000	20,142,000	20,838,000	19,749,000	19,451,000	18,755,000	16,975,000	16,414,000	16,516,000	17,802,000	17,674,000	174,000	174,000	177,000	214,000	211,000	176,000	174,000	400,000	386,000	377,000	378,000	3,486,000	3,668,000	5,184,000	5,241,000	12,094,000	22,017,000	24,972,000	24,728,000	23,365,000	22,370,000	20,868,000	22,319,000	20,931,000	19,865,000	28,855,000	25,303,000		10,676,000	8,952,000	233,000	1,002,000	3,384,000	3,343,000
investments in unconsolidated entities																42,961,000	42,793,000	53,003,000	57,879,000	72,571,000	72,929,000	78,583,000	78,655,000	69,190,000	108,843,000	106,803,000	109,016,000	107,905,000	133,478,000	128,157,000	134,226,000	131,128,000	131,722,000	123,550,000	94,839,000	83,740,000	78,801,000	66,685,000	67,037,000
receivables																	201,038,000	156,754,000	149,921,000	175,375,000	149,062,000	148,281,000	141,566,000	171,802,000	181,452,000	153,969,000	138,018,000	185,586,000	186,034,000	143,028,000	125,452,000	151,672,000	146,653,000	117,878,000	107,336,000	129,422,000	126,689,000	102,786,000	89,352,000	114,623,000	118,989,000	102,013,000	91,681,000	109,748,000	119,763,000	59,241,000	53,521,000	62,605,000	70,951,000	54,202,000	52,270,000	66,196,000	62,643,000	53,290,000	53,012,000	62,009,000	58,044,000	48,279,000	47,638,000	53,682,000	50,342,000	41,642,000	41,898,000	51,396,000	44,430,000	38,087,000	43,141,000	48,919,000	45,776,000	43,243,000	40,855,000	54,110,000	45,995,000
other current assets																	27,294,000	24,352,000	19,980,000	18,150,000	22,455,000	26,330,000	24,727,000	23,230,000	23,317,000	27,935,000	32,243,000	31,163,000	30,683,000	34,065,000	28,241,000	34,338,000	25,196,000	29,416,000	26,885,000	28,568,000	34,731,000	25,938,000	17,567,000	19,015,000	21,030,000	28,864,000	19,322,000	24,817,000	23,789,000	36,201,000	29,710,000	30,002,000	35,522,000	40,832,000	36,669,000	29,749,000	30,656,000	28,635,000	22,633,000	22,585,000	22,030,000	22,755,000	24,256,000	23,980,000	20,982,000	17,081,000	10,114,000	11,099,000	11,534,000	12,608,000	12,991,000	16,693,000	15,856,000	14,690,000	13,632,000	12,046,000	11,745,000
less: allowance for notes receivable credit losses																			-4,179,000	-3,252,000	-4,163,000	-3,076,000
less: allowance for notes receivable losses																				-13,043,000	-11,687,000	-10,026,000
notes receivable, net of allowances																							25,404,000	29,012,000	34,014,000	34,416,000	36,759,000	83,034,000	78,921,000	78,286,000	13,904,000	139,803,000	132,004,000	123,878,000	7,873,000	98,450,000	92,195,000	92,477,000	5,107,000	73,756,000	51,228,000	48,781,000	40,441,000	35,045,000	34,492,000	34,223,000
cash flows from operating activities:
net income																										30,081,000	216,355,000	184,884,000	104,925,000	25,086,000	114,893,000	121,334,000	73,739,000	28,744,000	139,371,000	107,550,000	59,985,000	19,598,000	128,029,000	98,826,000	57,407,000	21,594,000	123,160,000	97,875,000	58,510,000	18,972,000	112,601,000	85,269,000	43,757,000	15,523,000	120,687,000	96,236,000	51,859,000	19,997,000	110,396,000	85,610,000	43,308,000	15,730,000	107,441,000	83,298,000	42,804,000	15,793,000	98,250,000	74,619,000	41,811,000	16,308,000	100,211,000	81,500,000	45,585,000	18,577,000	111,301,000	83,354,000	44,960,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization																										3,616,000	14,330,000	10,537,000	6,722,000	3,053,000	12,431,000	9,215,000	6,120,000	3,070,000	11,705,000	8,707,000	5,721,000	2,765,000	11,542,000	8,793,000	5,685,000	2,690,000	9,365,000	6,903,000	4,610,000	2,122,000	9,469,000	7,074,000	4,695,000	2,175,000	8,226,000	5,989,000	3,994,000	2,017,000	8,024,000	5,976,000	3,903,000	1,955,000	8,342,000	6,470,000	4,392,000	2,172,000	8,336,000	6,252,000	4,147,000	2,115,000	8,184,000	6,165,000	4,127,000	2,057,000	8,637,000	6,410,000	4,252,000
depreciation and amortization – marketing and reservation system																										4,521,000		14,687,000	10,048,000	5,071,000
franchise agreement acquisition cost amortization																										2,685,000	9,239,000	6,662,000	4,375,000	2,154,000
gain on disposal of assets																										-2,120,000	-56,000		-82,000		52,000	32,000			-346,000	-377,000
benefit from bad debts																										2,983,000	10,542,000	6,279,000	4,356,000	3,389,000	3,440,000	1,796,000	916,000	561,000	2,151,000	1,093,000	962,000	655,000	1,704,000	1,540,000	1,197,000	823,000	2,775,000	1,676,000	1,383,000	1,182,000	2,724,000	2,054,000	1,420,000	844,000	2,896,000	1,802,000	1,236,000	679,000	2,160,000	845,000	1,340,000	778,000	3,547,000	2,421,000	1,637,000	856,000	2,578,000	1,643,000	743,000	350,000	9,433,000	870,000	271,000	44,000	905,000	133,000	-528,000
impairment of long-lived assets																										7,304,000
impairment of goodwill																										3,097,000	4,289,000
non-cash stock compensation and other charges																										3,989,000	15,986,000	11,455,000	7,716,000	3,787,000	23,340,000	20,369,000	6,809,000	3,681,000	15,458,000	11,037,000	7,966,000	3,354,000	11,805,000	8,929,000	5,399,000	2,509,000	9,706,000	8,093,000	4,711,000	2,887,000	11,271,000	8,638,000	5,581,000	2,549,000	12,375,000	7,306,000	4,868,000	2,543,000	14,511,000	10,262,000	7,436,000	4,513,000	9,304,000	6,969,000	5,297,000	2,670,000	13,761,000	8,796,000	6,601,000	2,406,000	10,914,000	9,989,000	7,795,000	3,338,000	11,392,000	9,164,000	6,891,000
non-cash interest and other (income) loss																										-2,495,000		492,000	808,000	974,000	-772,000	-451,000	-274,000	-301,000	1,059,000		958,000	667,000	3,229,000	3,168,000	1,340,000	506,000	3,174,000	1,836,000	719,000	416,000	1,545,000	1,057,000	967,000	76,000	292,000	-633,000	-820,000		2,208,000	3,079,000			-1,711,000		307,000	-987,000	-5,403,000	-4,953,000	-2,107,000		9,300,000	4,489,000	1,716,000	1,577,000	29,000
equity in net incomees from unconsolidated joint ventures, less distributions received																										3,954,000	7,389,000	7,122,000	6,702,000	6,735,000	6,579,000	4,278,000	3,543,000	2,386,000	1,025,000	1,654,000
franchise agreement acquisition cost, net of reimbursements																										-6,401,000	-52,929,000	-40,554,000	-20,326,000	-11,925,000
change in working capital and other, net of acquisition																										-31,014,000	-2,031,000	-49,059,000	-65,258,000	-36,354,000
net cash from operating activities																										17,943,000	242,896,000	146,837,000	63,814,000	4,552,000	257,374,000	165,019,000	64,108,000		152,035,000	88,409,000	27,861,000		159,872,000	98,773,000	37,930,000		183,891,000	138,378,000	65,832,000	5,264,000	152,040,000	105,009,000	28,957,000	1,874,000	161,020,000	121,276,000	37,802,000		134,844,000	105,893,000	32,051,000		144,935,000	108,239,000	41,604,000	6,980,000	112,216,000	79,966,000	48,374,000	10,456,000	104,399,000	92,391,000	37,899,000	8,472,000	146,135,000	100,404,000	57,146,000
cash flows from investing activities:
investment in property and equipment																										-14,906,000	-47,673,000	-34,129,000	-21,611,000	-4,996,000	-23,437,000	-17,514,000	-10,687,000	-4,718,000	-25,191,000	-17,584,000	-10,912,000	-5,306,000	-27,765,000	-21,810,000	-14,554,000	-6,804,000	-20,946,000	-11,886,000	-7,314,000	-3,015,000	-31,524,000	-26,442,000	-21,005,000	-13,645,000	-15,443,000	-12,525,000	-6,236,000	-3,129,000	-10,924,000	-8,129,000	-5,110,000	-1,835,000	-24,368,000	-17,673,000	-12,249,000	-4,558,000	-11,135,000	-7,539,000	-4,989,000	-2,068,000	-12,611,000	-7,873,000	-5,460,000	-2,606,000	-11,963,000	-8,734,000	-5,786,000
investment in intangible assets																										-760,000	-1,803,000	-1,665,000	-1,329,000	-1,193,000	-2,517,000	-2,376,000	-2,228,000	-2,088,000	-2,580,000
proceeds from sales of assets																										10,585,000	3,053,000	3,053,000	3,052,000							8,360,000	1,700,000	1,700,000		6,347,000	6,283,000	1,592,000		15,612,000	12,216,000	8,703,000
business acquisition, net of cash acquired																											-231,317,000	-231,317,000	-231,317,000	-231,317,000					-1,341,000	-1,341,000
contributions to equity method investments																										-8,495,000	-9,604,000	-9,050,000	-7,206,000	-1,455,000	-50,554,000	-44,876,000	-42,127,000	-31,610,000	-34,661,000	-24,179,000	-19,688,000	-4,293,000	-23,737,000	-3,811,000	-2,446,000
distributions from equity method investments																										5,724,000	1,429,000	1,429,000	1,210,000	766,000	4,569,000	4,307,000	1,696,000	510,000	3,700,000	3,700,000	3,619,000	67,000	518,000	270,000	270,000
purchases of investments, employee benefit plans																										-1,603,000	-2,895,000	-2,441,000	-2,047,000	-1,669,000	-2,447,000	-2,140,000	-1,736,000	-1,424,000	-1,661,000	-1,430,000	-1,140,000	-896,000	-3,220,000	-2,977,000	-1,736,000	-1,089,000	-2,794,000	-1,520,000	-1,220,000	-890,000	-2,676,000	-1,845,000	-1,580,000	-1,242,000	-1,697,000	-1,191,000	-969,000	-743,000	-1,602,000	-1,051,000	-1,139,000	-897,000	-1,948,000	-1,396,000	-1,204,000	-1,104,000	-3,854,000	-3,239,000	-2,464,000	-2,003,000	-7,802,000	-6,908,000	-6,068,000	-4,405,000	-8,686,000	-7,128,000	-5,701,000
proceeds from sales of investments, employee benefit plans																										1,637,000	2,825,000	2,646,000	1,828,000	1,029,000	2,245,000	2,150,000	2,094,000	843,000	1,911,000	1,395,000	1,136,000	363,000	3,170,000	2,920,000	1,087,000	925,000	964,000	966,000	641,000	281,000	4,168,000	4,052,000	3,934,000	3,882,000	11,223,000	10,909,000	8,969,000	8,652,000	644,000				1,649,000				13,895,000				7,819,000				6,049,000
issuance of notes receivable																										-1,755,000	-36,045,000	-28,876,000																						-1,729,000	-34,925,000	-7,305,000	-5,820,000	-3,719,000	-12,766,000	-4,320,000	-2,651,000	-1,477,000	-11,786,000	-8,901,000	-8,008,000	-534,000	-1,995,000	-1,731,000	-1,329,000	-948,000	-7,410,000	-6,411,000	-1,684,000	-775,000	-7,395,000	-6,066,000	-3,255,000
collections of notes receivable																										5,096,000	4,997,000	4,747,000																						19,000	3,561,000	326,000	210,000	151,000	4,754,000	15,000	13,000	7,000	5,083,000	5,055,000	37,000	10,000	324,000	190,000	125,000	2,000	434,000	368,000	257,000	176,000		1,675,000	469,000
other items																										197,000	-1,040,000	-1,065,000	232,000		109,000	109,000	110,000	-4,000	11,000	-422,000	-311,000	-136,000	-9,819,000	-9,212,000	-261,000	-77,000	-642,000	-592,000	-296,000	-154,000	-728,000	-578,000	-304,000	-101,000	-433,000	-322,000	-226,000	-108,000	-564,000	-312,000	-192,000	-95,000	-319,000	-296,000	-361,000	-124,000	-584,000	-447,000	-246,000	-74,000	-695,000	-965,000	-52,000	-101,000	-728,000	-468,000	-359,000
net cash from investing activities																										-4,280,000	-321,252,000	-299,847,000	-272,688,000	-241,185,000	-90,115,000				-98,467,000			-41,268,000	-99,810,000				-17,646,000	-5,290,000			-27,549,000	-28,350,000	-20,605,000	-13,816,000	-57,999,000	-19,562,000	-10,387,000	-1,496,000	-23,804,000	-16,831,000	-10,332,000	-5,587,000	-32,155,000		-21,415,000	-6,254,000	-3,349,000		-7,732,000	-3,942,000	-20,265,000	-14,932,000	-7,329,000	-3,281,000	-21,260,000	-18,361,000	-13,424,000
cash flows from financing activities:
net borrowings pursuant to revolving credit facilities																										42,400,000			69,000,000	70,000,000			23,200,000	22,800,000	25,795,000	52,814,000	87,950,000	79,267,000		162,032,000									15,200,000	18,000,000								7,900,000
principal payments on long-term debt																										-123,000	-603,000	-477,000	-362,000	-111,000	-660,000	-484,000	-309,000	-153,000	-988,000	-836,000	-623,000	-318,000	-130,501,000	-130,194,000	-6,169,000	-3,082,000	-10,108,000	-7,110,000	-4,112,000	-2,052,000	-8,204,000	-6,158,000	-4,095,000	-2,046,000	-4,422,000				-297,000				-25,000	-20,000
purchase of treasury stock																										-31,951,000		-109,266,000	-70,573,000	-41,869,000	-9,807,000				-35,926,000				-72,873,000				-77,972,000			-4,530,000	-3,965,000	-3,684,000	-3,651,000	-3,634,000	-22,586,000	-22,227,000	-22,173,000	-14,854,000	-53,617,000	-24,796,000	-2,527,000	-2,207,000	-11,212,000	-11,171,000	-9,242,000	-8,936,000	-59,128,000	-57,042,000	-36,350,000	-19,308,000	-63,732,000	-1,568,000	-1,506,000	-1,446,000	-185,935,000	-156,749,000	-47,341,000
dividends paid																										-12,163,000	-48,715,000	-36,628,000	-24,454,000	-12,265,000	-48,651,000	-36,483,000	-24,333,000	-12,139,000	-46,182,000	-34,690,000	-23,193,000	-11,612,000	-45,214,000	-34,173,000	-22,940,000	-11,710,000	-43,529,000	-32,767,000	-21,957,000	-10,784,000	-32,799,000	-22,026,000	-11,261,000	-503,000	-654,092,000	-632,751,000	-21,396,000	-10,713,000	-43,747,000	-32,923,000	-21,922,000	-10,950,000	-43,808,000	-32,884,000	-21,924,000	-10,945,000	-44,274,000	-33,335,000	-22,321,000	-11,157,000	-43,142,000	-31,626,000	-21,013,000	-10,484,000	-40,139,000	-29,522,000	-19,751,000
debt issuance costs																											-2,590,000	-2,590,000	-914,000	-914,000					-284,000	-284,000			-2,169,000	-2,169,000											-4,759,000	-4,753,000	-153,000		-2,356,000	-2,356,000	-2,356,000	-2,207,000	-800,000	-804,000
proceeds from issuance of long term debt																										8,491,000	9,037,000	528,000	352,000	212,000										176,000
payments on transfer of interest in notes receivable																										-24,409,000
proceeds from exercise of stock options																										9,203,000	41,360,000	41,155,000	38,059,000	23,052,000	14,107,000	9,799,000	6,590,000	4,963,000	12,951,000	6,802,000	4,234,000	4,137,000	7,056,000	6,381,000	5,696,000	5,619,000	10,098,000	4,984,000	1,547,000	1,547,000	8,864,000	6,677,000	5,973,000	5,367,000	7,090,000	4,695,000	445,000	389,000	3,845,000	3,726,000	3,132,000	2,238,000	2,457,000	1,321,000	1,315,000	648,000	9,158,000	6,744,000	4,603,000	2,711,000	9,026,000	6,085,000	5,914,000	2,795,000	5,749,000	5,093,000	4,516,000
net cash from financing activities																										-8,552,000	-129,417,000	-50,705,000	11,281,000	38,105,000	-135,777,000			8,200,000	-44,084,000			64,192,000	-79,451,000			9,773,000	-117,540,000	-56,127,000		205,000	-88,284,000	-48,115,000	3,312,000		-76,710,000			-19,022,000	-95,070,000	-55,440,000	-22,750,000	-4,397,000	-91,193,000	-75,257,000	-16,439,000	-2,984,000	-95,110,000	-71,359,000	-32,335,000	-1,660,000	-75,713,000	-60,456,000	-20,402,000	-250,000	-114,339,000	-70,530,000	-32,233,000
net change in cash and cash equivalents																										5,111,000	-207,773,000	-203,715,000	-197,593,000	-198,528,000	31,482,000	34,952,000	-5,461,000	-15,418,000	9,484,000	12,252,000	14,076,000	-21,000	-19,389,000	-13,837,000	16,596,000	-13,331,000	48,705,000	76,961,000	42,712,000	6,496,000	36,207,000	28,544,000	11,664,000	6,194,000	26,311,000	7,194,000	377,890,000	-16,106,000	15,970,000	33,622,000		-15,201,000	21,587,000	10,323,000	3,750,000	-2,258,000	13,757,000	9,680,000	8,307,000	4,854,000	8,421,000	17,003,000	10,168,000	4,941,000	10,536,000	11,513,000	11,489,000
effect of foreign exchange rate changes on cash and cash equivalents																										57,000	-921,000	-705,000	-595,000	26,000	1,391,000	1,433,000	955,000	427,000	-462,000	260,000	371,000	652,000	-2,049,000	-1,781,000	-825,000	-1,004,000	-1,621,000	-364,000	1,035,000	587,000	-2,589,000	-1,583,000	-2,051,000	-146,000	809,000	813,000	443,000	361,000	-172,000	-147,000		347,000	1,802,000	1,355,000	-694,000	-19,000	1,433,000	1,285,000	823,000	-139,000	-2,118,000	-853,000
cash and cash equivalents at beginning of period																										26,642,000	235,336,000	235,336,000	235,336,000	235,336,000	202,463,000	202,463,000	202,463,000	202,463,000	193,441,000	193,441,000	193,441,000	193,441,000	214,879,000	214,879,000	214,879,000	214,879,000	167,795,000	167,795,000	167,795,000	167,795,000	134,177,000	134,177,000	134,177,000	134,177,000	107,057,000	107,057,000	107,057,000	107,057,000	91,259,000	91,259,000		91,259,000	67,870,000	67,870,000	67,870,000	67,870,000	52,680,000	52,680,000	52,680,000	52,680,000	46,377,000	46,377,000	46,377,000	46,377,000	35,841,000	35,841,000	35,841,000
cash and cash equivalents at end of period																										31,810,000	26,642,000	30,916,000	37,148,000	36,834,000	235,336,000	238,848,000	197,957,000	187,472,000	202,463,000	205,953,000	207,888,000	194,072,000	193,441,000	199,261,000	230,650,000	200,544,000	214,879,000	244,392,000	211,542,000	174,878,000	167,795,000	161,138,000	143,790,000	140,225,000	134,177,000	115,064,000	485,390,000	91,312,000	107,057,000	124,734,000		76,405,000	91,259,000	79,548,000	70,926,000	65,593,000	67,870,000	63,645,000	61,810,000	57,395,000	52,680,000	62,527,000	56,545,000	51,318,000	46,377,000	47,354,000	47,330,000
supplemental disclosure of cash flow information:
cash payments during the period for:
income taxes, net of refunds																										807,000		50,806,000	22,470,000	5,034,000		31,254,000	30,813,000	1,454,000		32,085,000	12,500,000	4,208,000	54,990,000	32,474,000	21,052,000	2,357,000	77,562,000	51,600,000	19,594,000	5,842,000	47,513,000	12,990,000	11,652,000	1,029,000	51,548,000	25,700,000	14,391,000	1,746,000	45,483,000	17,222,000		3,756,000	50,127,000	26,561,000	11,921,000	3,748,000	34,213,000	16,726,000	1,485,000	230,000	45,808,000	25,387,000	13,168,000	351,000	68,969,000	42,608,000	13,506,000
interest, net of capitalized interest																										19,885,000		41,746,000	21,558,000	19,882,000		41,119,000	21,206,000	19,874,000		40,935,000	21,035,000	19,712,000	40,056,000	39,187,000	19,800,000	18,729,000	40,644,000
non-cash investing and financing activities:
dividends declared but not paid																										11,970,000		12,087,000	12,114,000	12,117,000		12,167,000	12,133,000	12,195,000		11,499,000	11,498,000	11,580,000	11,548,000	11,041,000	11,233,000	11,230,000	11,176,000	10,764,000	10,810,000	11,173,000	10,785,000	10,773,000	10,766,000	10,759,000	1,000
investment in property and equipment acquired in accounts payable																										5,732,000		1,743,000	3,393,000	374,000		758,000	895,000	724,000		554,000	674,000	944,000	3,717,000	1,611,000	1,658,000	1,380,000		890,000	688,000	603,000	658,000	763,000	6,096,000
cash flows from operating activities
depreciation and amortization - marketing and reservation system																											19,597,000
non-cash interest and other investment (income) loss																											3,695,000
cash flows from investing activities
asset acquisition, net of cash acquired																											-3,179,000	-3,179,000
cash flows from financing activities
net (repayments) borrowings pursuant to revolving credit facilities																											20,600,000					-39,974,000
proceeds from other debt agreements																																			550,000
purchases of treasury stock																											-148,679,000					-8,887,000	-7,414,000	-7,271,000		-33,958,000	-28,278,000	-8,857,000		-56,450,000	-6,244,000	-6,227,000		-23,757,000	-4,544,000
proceeds from transfer of interest in notes receivable																											173,000	173,000	173,000		24,237,000	24,237,000
notes receivable, net of allowance																												32,642,000	29,237,000	17,254,000		10,789,000	10,362,000	7,650,000		7,709,000	8,235,000	8,186,000
(gain) loss on disposal of assets																												-58,000											-1,521,000				-2,809,000
net borrowings (repayments) pursuant to revolving credit facilities																												56,400,000			-115,003,000								158,867,000								-57,000,000	-27,500,000			57,000,000	16,725,000				-200,000	-200,000
issuance of mezzanine and other notes receivable																													-19,005,000	-2,500,000	-19,738,000	-18,565,000	-14,977,000	-9,863,000	-32,604,000	-20,281,000	-13,048,000	-7,487,000	-36,884,000	-25,253,000	-1,500,000		-3,340,000	-3,340,000	-2,223,000	-587,000	-1,095,000
collections of mezzanine and other notes receivable																													3,505,000	150,000	655,000	630,000	552,000	522,000	11,070,000	11,040,000	10,158,000	109,000	4,849,000	3,697,000	3,567,000	105,000	11,289,000	9,832,000	9,743,000	68,000	9,748,000	224,000	201,000
changes in assets and liabilities, net of acquisition:
advances to/from marketing and reservation activities																															51,722,000				-21,449,000		-42,671,000	-39,804,000	11,074,000	18,341,000	3,724,000	4,626,000	70,179,000	60,187,000	31,522,000	5,309,000	42,405,000	23,756,000
forgivable notes receivable																															-30,638,000	-21,443,000	-14,108,000	-4,483,000	-17,410,000	-15,109,000	-13,174,000	-6,464,000	-23,066,000	-21,029,000	-19,186,000	-13,371,000	-12,914,000	-8,776,000	-6,692,000	-3,623,000	-8,347,000	-5,722,000	-3,595,000
income taxes payable/receivable																															31,383,000	-20,114,000	5,629,000	13,012,000	5,775,000	19,219,000	9,059,000	-1,798,000	-4,399,000	11,066,000	2,450,000	2,773,000	-3,582,000	7,981,000	15,198,000	3,160,000	4,807,000	24,638,000	1,729,000	4,367,000	-3,193,000	12,786,000	11,808,000	8,180,000	-4,562,000	14,354,000	11,404,000	1,182,000	-1,417,000	11,940,000	11,492,000	4,667,000	8,163,000	22,314,000	20,093,000	8,321,000	-1,870,000	16,750,000	5,317,000	5,667,000	-5,395,000
proceeds from sale of assets																															1,000,000				11,462,000				6,347,000				15,612,000				243,000								1,654,000
acquisitions of real estate																																			-28,583,000	-25,263,000	-25,389,000	-25,389,000
proceeds from the issuance of long-term debt																																							176,000				250,000	226,000	26,000		3,360,000				543,500,000				75,000		75,000		247,733,000	247,733,000
cash payments during the year for:
advances to/from marketing and reservation system activities																																43,697,000	17,407,000	-216,000		-25,783,000
net cash used by investing activities																																-78,275,000	-67,303,000	-47,832,000		-66,005,000	-53,875,000			-63,098,000
net cash used by financing activities																																-51,792,000				-10,152,000				-49,512,000	-12,044,000											-94,520,000
non-cash sale of investment of unconsolidated joint venture
loss on disposal of assets																																	4,000
changes in assets and liabilities:
net cash provided (used) by financing activities																																	-2,266,000				40,090,000								-27,721,000								350,475,000
adjustments to reconcile net income to net cash provided (used) by operating activities:
net cash provided (used) by operating activities																																		24,214,000								-15,835,000												4,412,000				-5,217,000
franchise rights and other identifiable intangibles																																				11,543,000	11,676,000	12,025,000	11,948,000	12,181,000	7,268,000	8,001,000	8,912,000	7,516,000	8,389,000	9,204,000	9,953,000	10,875,000	11,573,000	12,550,000	13,473,000	14,554,000	15,435,000	16,395,000	17,255,000	17,913,000	19,153,000	19,962,000	20,825,000	21,641,000	22,308,000	23,755,000	24,559,000	25,552,000	26,247,000	26,734,000	27,763,000	29,069,000	30,586,000	31,347,000	31,979,000	33,016,000	33,677,000
non-cash interest and other loss																																				807,000																					22,000									949,000
excess tax benefits from stock-based compensation																																				2,149,000	1,404,000	1,575,000	5,207,000	4,885,000	4,613,000	4,473,000	3,721,000	2,297,000	1,319,000	1,024,000	1,460,000	1,216,000	1,146,000	952,000	1,559,000	793,000	641,000	422,000	1,227,000	1,108,000	1,061,000	834,000	625,000	331,000	12,000	49,000	5,834,000	4,374,000	2,033,000	694,000	10,135,000	4,653,000	4,303,000	2,085,000	6,209,000	4,870,000	3,765,000
changes in assets and liabilities; net of acquisition:
non-cash sale of investment in unconsolidated joint venture																																				2,350,000	2,350,000	2,350,000
(gain) loss on sale of assets																																					7,000	9,000
equity (earnings) losses from unconsolidated joint ventures, net of distributions received																																					2,193,000	2,471,000	3,279,000	2,917,000	2,781,000	1,205,000	2,200,000
adjustments to reconcile net income to net cash used by operating activities:
net cash used by operating activities																																						-22,945,000
equity method investments																																										-1,921,000	-17,789,000	-14,362,000	-6,946,000	-3,379,000	-5,685,000	-3,761,000	-1,851,000	-1,000,000	-20,285,000	-9,454,000	-6,315,000	-2,600,000	-5,000,000	-3,600,000	-1,600,000	-1,600,000
acquisitions, net of cash acquired																																							-13,269,000																	0	0	0	-466,000	-466,000	-466,000	-466,000									-343,000	-343,000	-343,000
acquisitions, long-term debt assumed																																											10,667,000
gain on sale of assets																																								-1,519,000	-1,595,000	-292,000		-2,809,000	-2,849,000	-2,572,000
acquisition, net of cash acquired																																								-13,269,000
accrued expenses																																									56,537,000	39,414,000	63,530,000	46,781,000	52,398,000	37,219,000	56,625,000	43,475,000	47,719,000	35,134,000	55,552,000	43,539,000	36,137,000	28,530,000	53,851,000	37,085,000	36,919,000	28,963,000	47,818,000	35,936,000	30,442,000	26,506,000	37,074,000	32,608,000	31,235,000	29,534,000	38,249,000	36,500,000	31,348,000
net cash provided (used) by investing activities																																									-9,290,000	-7,269,000
net borrowings pursuant to revolving credit facility																																									13,000,000	20,700,000				15,000,000								5,900,000							13,400,000	16,200,000		7,900,000	19,700,000	25,400,000		62,000,000	91,900,000	6,800,000
issuance of common stock pursuant to share based compensation plans																																									8,244,000	6,952,000		8,173,000	8,024,000
advances, marketing and reservation activities																																														18,856,000	19,127,000	32,564,000
loss on extinguishment of debt																																																			526,000	526,000
changes in assets and liabilities, net of acquisitions:
issuance of common stock pursuant to share based compensation plan																																											8,439,000
dividends received from equity method investments																																												1,101,000	546,000	181,000	1,445,000	1,109,000	535,000	146,000	1,310,000	855,000	399,000		1,139,000	316,000	159,000		1,155,000	618,000	148,000		1,337,000	819,000	488,000	166,000	1,180,000	673,000	438,000
equity in net (income) loss of affiliates																																												578,000				-340,000				12,000	183,000	55,000
net repayments pursuant to revolving credit facility
interest																																												40,126,000	20,595,000	19,613,000	43,327,000	42,244,000	22,033,000	20,400,000	16,954,000	15,666,000	7,699,000	7,388,000	15,527,000	15,098,000		7,309,000	2,036,000	1,924,000	1,341,000	646,000	5,008,000	4,268,000	3,258,000	1,893,000	11,378,000	9,251,000	6,833,000	2,002,000	14,031,000	8,614,000	6,155,000
equity in net income of affiliates																																													65,000	35,000	-634,000		81,000	141,000	-212,000				-269,000	-262,000	-301,000	-301,000	-1,226,000	-890,000	-548,000	-353,000	-1,113,000	-779,000	-443,000	-218,000	-1,414,000	-938,000	-502,000	-301,000	-1,230,000	-837,000	-375,000
net cash provided (used) in investing activities																																													4,601,000	1,027,000														-22,659,000				1,073,000
issuance of restricted shares of common stock																																														6,062,000	8,500,000	8,397,000	8,096,000	7,151,000	9,517,000	9,517,000	9,267,000	8,497,000	9,604,000	9,604,000		7,452,000	9,233,000	9,233,000	9,083,000	8,163,000	7,150,000	7,150,000	6,931,000	5,984,000	9,482,000	9,427,000	9,199,000	6,117,000	6,343,000		5,935,000
issuance of performance vested restricted stock units																																														1,191,000	1,298,000	1,298,000	1,298,000	1,298,000						0		0	256,000	256,000	256,000	256,000	462,000	461,000	461,000	461,000
capital lease obligation																																																							908,000	1,053,000		430,000	2,538,000	2,483,000
issuance of treasury stock to employee stock purchase plan																																																							739,000	550,000		185,000	625,000	454,000	314,000	151,000	622,000	465,000	301,000	161,000	547,000	384,000	186,000		604,000		396,000
shareholders’ deficit
proceeds from issuance of long-term debt																																																3,360,000				543,500,000	393,444,000			75,000
receivable – marketing and reservation fees																																																	54,786,000	51,297,000		46,249,000	64,838,000	63,690,000		54,040,000	60,475,000	54,719,000		46,127,000	58,508,000	47,484,000		32,903,000	35,687,000	24,077,000		-3,803,000	-14,209,000	-9,533,000		17,248,000	1,731,000
net cash from (used) in financing activities																																																		18,136,000
receivable—marketing and reservation fees																																																			42,179,000				54,014,000				42,507,000				33,872,000				-7,578,000				11,997,000
settlement of forward starting interest rate swap agreement																																																								0			-8,663,000	-8,663,000
additional paid-in capital																																																				107,939,000	101,719,000	100,900,000		98,681,000	95,083,000	92,019,000		89,611,000	89,130,000	87,005,000		86,156,000	84,308,000	84,062,000		88,036,000	85,950,000
repayments of long-term debt																																																				-502,000	-333,000	-166,000		-74,000	-13,000	-5,000
declaration of dividends																																																				632,710,000	21,335,000	10,684,000	43,506,000	32,846,000		10,992,000	43,815,000	32,886,000	21,934,000	10,971,000	44,059,000	33,117,000	22,207,000	11,167,000	43,810,000	32,695,000	21,140,000	10,558,000	40,726,000		19,651,000
non-cash interest and other income																																																						-1,593,000				-350,000		-987,000												-1,599,000	-1,598,000
revolving credit facility																																																								0	0	0	200,000	6,600,000	291,100,000
net repayments pursuant to revolving credit facilities																																																							-200,000
proceeds from sale of investments, employee benefit plans																																																								566,000	347,000	310,000		1,018,000	836,000	522,000		13,839,000	1,171,000	1,149,000		6,857,000	5,678,000	4,430,000		2,703,000	1,551,000
accumulated other comprehensive income																																																											-7,192,000	-7,545,000	-850,000	339,000	333,000				-3,472,000	-1,253,000	1,248,000	808,000	346,000	830,000	378,000
net borrowings (repayments) pursuant to revolving credit facility																																																											-277,500,000	-271,100,000			-6,700,000				112,000,000				100,199,000	106,200,000	27,000,000
non-cash financing activities:
principal payments of long-term debt																																																																			-100,000,000	-100,000,000	-100,000,000		-422,000	-422,000	-422,000
receivable—marketing fees																																																																			13,527,000				6,782,000
non-cash investing activities:
acquisitions, liabilities assumed
receivable – marketing fees																																																																				12,256,000	18,389,000	14,517,000		87,000	7,139,000
accrued expenses and other																																																																						35,615,000	40,907,000	36,974,000	33,071,000
dividends received from equity method investees																																																																						192,000	1,245,000	495,000	295,000
collection of notes receivable																																																																							1,806,000
proceeds from disposition of assets
income tax benefit realized related to stock options exercised

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