CHH Stock Cash Flow Statements

Choice Hotels International Quarterly Cash Flow Statements Chart

Quarterly

Annual

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Choice Hotels International Quarterly Cash Flow Statements 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

cash flows from operating activities
net income	81,734,000	44,534,000	75,804,000	105,716,000	87,136,000	31,009,000	28,953,000	92,024,000	84,710,000	52,820,000	55,513,000	103,080,000	106,168,000	67,391,000	64,083,000	116,655,000	85,882,000	22,337,000	7,865,000	14,500,000	-2,441,000	55,463,000	42,169,000	76,239,000	74,389,000	30,081,000	31,471,000	79,959,000	79,839,000	25,086,000	-6,441,000	47,595,000	44,995,000	28,744,000	31,821,000	47,565,000	40,387,000	19,598,000	29,203,000	41,419,000	35,813,000	21,594,000	25,285,000	39,365,000	39,538,000	18,972,000	27,332,000	41,512,000	28,234,000	15,523,000	24,451,000	44,377,000	31,862,000	19,997,000	24,786,000	42,302,000	27,578,000	15,730,000	24,143,000	40,494,000	27,011,000	15,793,000	23,631,000	32,808,000	25,503,000	16,308,000	18,711,000	35,915,000	27,008,000	18,577,000	27,947,000	38,394,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	13,424,000	13,748,000	10,659,000	10,861,000	10,827,000	10,935,000	10,191,000	9,633,000	9,812,000	10,023,000	9,989,000	8,726,000	5,479,000	6,231,000	6,296,000	5,883,000	6,232,000	6,362,000	6,522,000	6,382,000	6,398,000	6,529,000	6,239,000	5,568,000	3,405,000	3,616,000	3,793,000	3,815,000	3,669,000	3,053,000	3,216,000	3,095,000	3,050,000	3,070,000	2,998,000	2,986,000	2,956,000	2,765,000	2,749,000	3,108,000	2,995,000	2,690,000	2,462,000	2,293,000	2,488,000	2,122,000	2,395,000	2,379,000	2,520,000	2,175,000	2,237,000	1,995,000	1,977,000	2,017,000	2,048,000	2,073,000	1,948,000	1,955,000	1,872,000	2,078,000	2,220,000	2,172,000	2,084,000	2,105,000	2,032,000	2,115,000	2,019,000	2,038,000	2,070,000	2,057,000	2,227,000	2,158,000
depreciation and amortization – reimbursable expenses from franchised and managed properties	4,539,000	4,887,000
franchise agreement acquisition cost amortization	7,470,000	9,791,000	8,118,000	6,591,000	7,808,000	6,185,000	5,408,000	5,236,000					3,839,000	3,784,000	3,488,000	3,440,000	3,250,000	3,044,000	2,967,000	2,785,000	2,739,000	2,819,000	455,000	2,486,000	2,366,000	2,685,000	2,577,000	2,287,000	2,221,000	2,154,000
non-cash share-based compensation and other charges	9,604,000	9,834,000	10,805,000	13,192,000	8,656,000	10,597,000	12,139,000
non-cash interest, investments, and affiliate income				-5,738,000
deferred income taxes	224,000	626,000	2,058,000	-18,397,000	-1,953,000	-736,000	2,979,000	-6,472,000	-5,409,000	7,566,000	2,760,000	-16,909,000	-2,374,000	-3,119,000	33,279,000	-30,820,000	-2,087,000	-1,378,000	-13,415,000	-4,313,000	-421,000	-26,677,000	6,542,000	850,000	4,675,000	-2,257,000	2,100,000	-9,438,000	1,246,000	2,582,000	-5,457,000	46,223,000	454,000	-1,900,000	-6,213,000	-8,359,000	-2,168,000	6,198,000	2,414,000	296,000	-1,862,000	-233,000	-3,683,000	-9,943,000	-9,270,000	-3,000	-3,906,000	-8,287,000	3,723,000	446,000	1,087,000	-1,433,000	-164,000	-30,000	2,675,000	2,799,000	52,000	-12,000	323,000	-2,649,000	10,000	-65,000					2,291,000	-1,736,000	147,000	2,371,000	1,384,000	-4,355,000
equity in net income of affiliates, less distributions received	279,000	413,000			-40,000	1,200,000				421,000	-1,962,000	1,706,000	515,000	230,000
franchise agreement acquisition costs, net of reimbursements	-15,187,000	-26,287,000	-28,079,000	-32,060,000	-18,539,000	-33,486,000	-25,449,000	-26,717,000	-18,058,000	-28,092,000	-21,580,000	-5,931,000	-14,581,000	-12,435,000	-9,764,000	-10,388,000	-11,308,000	-6,770,000	-19,519,000	-4,393,000
change in working capital and other	-3,301,000	-38,594,000	-2,039,000	37,445,000	15,491,000	-33,501,000	15,278,000	27,672,000	16,984,000	-53,806,000		3,469,000	-23,560,000	-14,747,000		46,989,000	6,152,000	-38,254,000
net cash from operating activities	95,603,000	20,467,000	82,863,000	122,945,000	111,854,000	1,741,000	49,364,000	121,451,000	113,706,000	12,033,000	101,859,000	105,853,000	95,425,000	63,924,000	138,452,000	142,837,000	102,287,000	120,000	40,381,000	68,228,000	-4,312,000	5,764,000	79,579,000	93,238,000	79,796,000	17,943,000	96,059,000	83,023,000	59,262,000	4,552,000	92,355,000	100,911,000			63,626,000	60,548,000			61,099,000	60,843,000			45,513,000	72,546,000	60,568,000	5,264,000	47,031,000	76,052,000	27,083,000	1,874,000	39,744,000	83,474,000			28,951,000	73,842,000			36,696,000	66,635,000	34,624,000	6,980,000	32,250,000	31,592,000	37,918,000	10,456,000	12,008,000	54,492,000	29,427,000	8,472,000	45,731,000	43,258,000
cash flows from investing activities
investments in other property and equipment	-7,790,000	-10,543,000	-5,482,000
investments in owned hotel properties	-30,214,000	-35,462,000	-25,511,000
contributions to investments in affiliates	-3,943,000	-5,415,000	-5,073,000	-28,209,000	-10,169,000	-9,317,000	-14,357,000	-9,245,000	-11,708,000	-3,620,000	1,116,000	-3,595,000	-401,000	-268,000
issuances of notes receivable	-1,401,000	-1,952,000	-13,589,000	-22,926,000	-437,000	-1,042,000	-4,000
collections of notes receivable	1,286,000	1,487,000	29,823,000	534,000	859,000	884,000	929,000	627,000	8,959,000	337,000	274,000	638,000	0	63,000					1,381,000	5,050,000	0	63,000	3,740,000	5,049,000	346,000	5,096,000	250,000																							19,000	3,235,000	116,000	59,000	151,000	4,739,000	2,000	6,000	7,000	28,000	5,018,000	27,000	10,000	134,000	65,000	123,000	2,000	66,000	111,000	81,000	176,000		1,206,000
proceeds from sales of equity securities			0	91,334,000	15,585,000	1,230,000
distributions from sales of affiliates			0	0
other items	-134,000	-1,067,000	-3,831,000	41,000	-33,000	-233,000	-1,344,000	1,073,000	245,000	-771,000	-448,000	2,013,000	224,000	-529,000	-1,124,000	371,000			-150,000	-446,000	-41,000	14,000	-33,000	-2,151,000	112,000	197,000	25,000	-1,297,000			0	-1,000	114,000	-4,000	433,000	-111,000	-175,000	-136,000	-607,000	-8,951,000	-184,000	-77,000	-50,000	-296,000	-142,000	-154,000	-150,000	-274,000	-203,000	-101,000	-111,000	-96,000	-118,000	-108,000	-252,000	-120,000	-97,000	-95,000	-23,000	65,000	-237,000	-124,000	-137,000	-201,000	-172,000	-74,000	270,000	-913,000	49,000	-101,000	-260,000	-109,000
net cash from investing activities	-42,196,000	-52,952,000	-21,208,000	-1,331,000	-19,296,000	-42,736,000	-162,361,000	-44,115,000	-29,687,000	-29,463,000	41,231,000	-459,670,000	-1,524,000	-22,467,000	-26,357,000	-19,616,000	-23,240,000	-9,713,000	6,057,000	-1,003,000	-14,708,000	-14,825,000	-31,001,000	-174,899,000	-40,987,000	-4,280,000	-21,405,000	-27,159,000	-31,503,000	-241,185,000								-41,268,000					-12,356,000				801,000	-7,745,000	-6,789,000	-13,816,000	-38,437,000	-9,175,000	-8,891,000	-1,496,000	-6,973,000	-6,499,000	-4,745,000	-5,587,000			-15,161,000	-6,254,000			-3,790,000	-3,942,000	-5,333,000	-7,603,000	-4,048,000	-3,281,000	-2,899,000	-4,937,000
cash flows from financing activities
net borrowings pursuant to revolving credit facilities	24,500,000	105,500,000		-147,000,000	175,000,000	126,500,000		6,500,000	9,000,000	176,000,000											-226,500,000	396,800,000		88,400,000	-33,000,000	42,400,000			-1,000,000	70,000,000			400,000	22,800,000	-27,019,000	-35,136,000	8,683,000	79,267,000											-2,800,000	18,000,000								7,900,000
debt issuance costs			0	-5,309,000			-798,000	0	0	-755,000	-20,000	0			0				0	-4,128,000			-3,636,000				0	-1,676,000	0	-914,000					0				0												-6,000	-4,600,000			0	0	-149,000	-2,207,000	4,000
purchases of treasury stock	-48,132,000	-64,624,000	-31,779,000	-56,253,000	-233,252,000	-59,459,000	-58,372,000	-69,945,000	-73,967,000	-160,488,000	-188,237,000																					-1,473,000	-143,000	-7,271,000		-5,680,000	-19,421,000	-8,857,000		-50,206,000	-17,000	-6,227,000		-19,213,000
dividends paid	-13,397,000	-13,471,000	-13,009,000	-13,634,000	-14,126,000	-14,728,000	-14,384,000	-14,539,000	-14,713,000	-12,821,000	-12,848,000	-13,244,000	-13,249,000	-13,204,000	-12,516,000				0	-46,000	-12,437,000	-12,791,000	-11,986,000	-11,972,000	-11,968,000	-12,163,000	-12,087,000	-12,174,000	-12,189,000	-12,265,000	-12,168,000	-12,150,000	-12,194,000	-12,139,000	-11,492,000	-11,497,000	-11,581,000	-11,612,000	-11,041,000	-11,233,000	-11,230,000	-11,710,000	-10,762,000	-10,810,000	-11,173,000	-10,784,000	-10,773,000	-10,765,000	-10,758,000	-503,000	-21,341,000	-611,355,000	-10,683,000	-10,713,000	-10,824,000	-11,001,000	-10,972,000	-10,950,000	-10,924,000	-10,960,000	-10,979,000	-10,945,000	-10,939,000	-11,014,000	-11,164,000	-11,157,000	-11,516,000	-10,613,000	-10,529,000	-10,484,000	-10,617,000	-9,771,000
proceeds from the exercise of stock options	1,582,000	4,803,000	8,246,000	5,018,000	101,000	4,160,000	-374,000
net cash from financing activities	-35,447,000	32,208,000	-79,542,000	-123,604,000	-75,037,000	56,473,000	103,072,000	-76,881,000	-79,568,000	7,440,000	-154,657,000	-200,235,000	-13,463,000	-25,795,000	-15,605,000	-15,868,000	5,954,000	-2,201,000	-3,926,000	-189,619,000	11,010,000	297,933,000	-46,724,000	79,068,000	-36,287,000	-8,552,000	-78,712,000	-61,986,000	-26,824,000	38,105,000				8,200,000				64,192,000				9,773,000	-61,413,000			205,000	-40,169,000	-51,427,000						-19,022,000	-39,630,000	-32,690,000	-18,353,000	-4,397,000	-15,936,000	-58,818,000	-13,455,000	-2,984,000	-23,751,000	-39,024,000	-30,675,000	-1,660,000	-15,257,000	-40,054,000	-20,152,000	-250,000	-43,809,000	-38,297,000
net change in cash and cash equivalents	17,960,000	-277,000	-17,887,000	-1,990,000	17,521,000	15,478,000	-9,925,000	455,000	4,451,000	-9,990,000	-11,567,000	-554,052,000	80,438,000	15,662,000	96,490,000	107,353,000	85,001,000	-11,794,000	42,512,000	-122,394,000	-8,010,000	288,872,000	1,854,000	-2,593,000	2,522,000	5,111,000	-4,058,000	-6,122,000	935,000	-198,528,000	-3,470,000	40,413,000	9,957,000	-15,418,000	-2,768,000	-1,824,000	14,097,000	-21,000	-5,552,000	-30,433,000	29,927,000	-13,331,000	-28,256,000	34,249,000	36,216,000	6,496,000	7,663,000	16,880,000	5,470,000	6,194,000	19,117,000	-370,696,000	393,996,000	-16,106,000	-17,652,000	34,653,000	14,170,000	-15,201,000	11,264,000	6,573,000	6,008,000	-2,258,000	4,077,000	1,373,000	3,453,000	4,854,000	-8,582,000	6,835,000	5,227,000	4,941,000	-977,000	24,000
effect of foreign exchange rate changes on cash and cash equivalents	596,000	154,000	-501,000	146,000	777,000	-121,000	247,000	-190,000	37,000	103,000	592,000	-592,000	-462,000	-58,000	-1,000	-212,000	13,000	-24,000	300,000	222,000	195,000	-684,000	343,000	-245,000	75,000	57,000	-216,000	-110,000	-621,000	26,000	-42,000	478,000	528,000	427,000	-722,000	-111,000	-281,000	652,000	-268,000	-956,000	179,000	-1,004,000	-1,257,000	-1,399,000	448,000	587,000	-1,006,000	468,000	-1,905,000	-146,000	-4,000	370,000	82,000	361,000	-25,000	-880,000	386,000	347,000	447,000	2,049,000	-675,000	-19,000	148,000	462,000	962,000	-139,000	-1,265,000
cash and cash equivalents, beginning of period	0	40,177,000	0	0	0	26,754,000	0
cash and cash equivalents, end of period	18,556,000	40,054,000	-18,388,000	-1,844,000	18,298,000	42,111,000	-9,678,000
supplemental disclosure of cash flow information:
cash payments during the period for
income taxes, net of refunds	38,519,000	3,029,000		35,773,000	26,634,000	2,327,000		38,410,000	30,601,000	1,603,000	34,493,000	41,335,000	39,631,000	513,000	48,310,000	41,121,000	16,785,000	323,000			90,000	1,024,000		10,247,000	14,627,000	807,000		28,336,000	17,436,000	5,034,000		441,000	29,359,000	1,454,000		19,585,000	8,292,000	4,208,000	22,516,000	11,422,000	18,695,000	2,357,000	25,962,000	32,006,000	13,752,000	5,842,000	34,523,000	1,338,000	10,623,000	1,029,000	25,848,000	11,309,000	12,645,000	1,746,000	28,261,000	9,696,000	3,770,000	3,756,000	23,566,000	14,640,000	8,173,000	3,748,000	17,487,000	15,241,000	1,255,000	230,000	20,421,000	12,219,000	12,817,000	351,000	26,361,000	29,102,000
interest, net of capitalized interest	12,616,000	32,268,000		13,339,000	23,267,000	19,596,000		16,152,000	15,445,000	13,396,000	10,217,000	15,077,000	7,152,000	14,462,000	7,420,000	14,634,000	7,536,000	14,349,000			10,621,000	12,627,000		21,043,000	1,241,000	19,885,000		20,188,000	1,676,000	19,882,000		19,913,000	1,332,000	19,874,000		19,900,000	1,323,000	19,712,000	869,000	19,387,000	1,071,000	18,729,000
non-cash investing and financing activities
dividends declared but not paid	-87,000	13,391,000		-114,000	-534,000	14,147,000		103,000	151,000	14,985,000	360,000	-473,000	-1,000	13,250,000	691,000	-4,000					-12,267,000	12,313,000		4,000	4,000	11,970,000		-27,000	-3,000	12,117,000		34,000	-62,000	12,195,000		1,000	-82,000	11,580,000	507,000	-192,000	3,000	11,230,000	412,000	-46,000	-363,000	11,173,000	12,000	7,000	7,000	10,759,000
investments in property, equipment, and intangible assets recognized in accounts payable and accrued expense liabilities	3,242,000	17,337,000		8,567,000	-3,065,000	14,020,000
non-cash interest, investments, and affiliate loss		1,515,000
depreciation and amortization - other incomes from franchised and managed properties
gain on extinguishment of debt
impairment of long-lived assets																							-12,000	-33,000	0	7,304,000
gain on sale of business and assets
non-cash interest, investments, and affiliate (income) loss
equity in net (gain) loss of affiliates, less distributions received							-949,000
purchases of equity securities
business acquisition, net of cash acquired											0																0	0	0	-231,317,000					0
proceeds from the sale of assets and business
proceeds from the termination of intangible assets
net borrowings (repayments) pursuant to revolving credit facilities																																															-29,500,000				40,275,000					0
proceeds from the issuance of long-term debt			0																																								24,000	200,000															0
repayment of long-term debt			0
payments to extinguish acquired debt											0
proceeds from acquired derivative											0
depreciation and amortization – other incomes from franchised and managed properties				6,439,000	6,769,000	7,028,000
equity in net gain of affiliates, less distributions received
purchases of investments for employee benefit plans				-394,000	-477,000	-1,633,000	-516,000
investments in intangible assets				-431,000	-263,000	-1,439,000	-121,000
proceeds from sales of investments for employee benefit plans				40,000	551,000	1,591,000	346,000
investments in property and equipment					-40,762,000	-32,777,000	-34,874,000
non-cash interest, investments, and affiliate loss (income)						2,510,000
proceeds from the sale of affiliates							0
(gain) loss on sale of business and assets
non-cash interest, investment, and affiliate (income) loss							-7,038,000	1,389,000
asset acquisitions, net of cash paid												0
cash received from extinguishment of notes receivable
net (repayments) borrowings pursuant to revolving credit facilities																			-280,000
proceeds from issuance of term loan																			0
principal payments on long-term debt																			-6,942,000	-433,546,000	-130,000	-33,239,000		-123,000	-125,000	-123,000	-126,000	-115,000	-251,000	-111,000	-176,000	-175,000	-156,000	-153,000	-152,000	-213,000	-305,000	-318,000	-307,000	-124,025,000	-3,087,000	-3,082,000	-2,998,000	-2,998,000	-2,060,000	-2,052,000	-2,046,000	-2,063,000	-2,049,000	-2,046,000									-5,000
depreciation and amortization – marketing and reservation system								8,963,000	9,305,000	9,276,000			7,454,000	7,154,000		6,288,000	6,261,000	5,815,000		5,409,000	4,712,000	4,873,000		3,756,000	4,078,000	4,521,000		4,639,000	4,977,000	5,071,000
business acquisitions, net of cash acquired
principal payments on 2012 senior notes
investment in property, equipment and intangible assets acquired in accounts payable and accrued liabilities
asset acquisition from extinguishment of note receivable											0	0
gain on sale and disposal of business and assets												-13,379,000
non-cash stock compensation and other charges									13,059,000	10,630,000					11,454,000	7,982,000	11,269,000	5,026,000	4,942,000	4,290,000	3,033,000	-2,575,000	5,182,000	4,260,000	4,184,000	3,989,000	4,531,000	3,739,000	3,929,000	3,787,000	2,971,000	13,560,000	3,128,000	3,681,000	4,421,000	3,071,000	4,612,000	3,354,000	2,876,000	3,530,000	2,890,000	2,509,000	1,613,000	3,382,000	1,824,000	2,887,000	2,633,000	3,057,000	3,032,000	2,549,000	5,069,000	2,438,000	2,325,000	2,543,000	4,249,000	2,826,000	2,923,000	4,513,000	2,335,000	1,672,000	2,627,000	2,670,000	4,965,000	2,195,000	4,195,000	2,406,000	925,000	2,194,000	4,457,000	3,338,000	2,228,000	2,273,000
investment in property and equipment									-26,118,000	-19,566,000	-23,870,000	-16,218,000	-23,057,000	-26,809,000	-28,196,000	-22,705,000	-14,029,000	-9,364,000	-1,427,000	-11,082,000	-14,865,000	-6,229,000	-11,207,000	-7,958,000	-23,271,000	-14,906,000	-13,544,000	-12,518,000	-16,615,000	-4,996,000	-5,923,000	-6,827,000	-5,969,000	-4,718,000	-7,607,000	-6,672,000	-5,606,000	-5,306,000	-5,955,000	-7,256,000	-7,750,000	-6,804,000	-9,060,000	-4,572,000	-4,299,000	-3,015,000	-5,082,000	-5,437,000	-7,360,000	-13,645,000	-2,918,000	-6,289,000	-3,107,000	-3,129,000	-2,795,000	-3,019,000	-3,275,000	-1,835,000	-6,695,000	-5,424,000	-7,691,000	-4,558,000	-3,596,000	-2,550,000	-2,921,000	-2,068,000	-4,738,000	-2,413,000	-2,854,000	-2,606,000	-3,229,000	-2,948,000
investment in intangible assets									-288,000	-1,097,000	-384,000	-1,423,000	-616,000	-1,208,000	-460,000	-137,000	-2,091,000	-885,000	-147,000	-382,000	174,000	-1,004,000	-3,040,000	-2,622,000	-277,000	-760,000	-138,000	-336,000	-136,000	-1,193,000	-141,000	-148,000	-140,000	-2,088,000
proceeds from sale of assets and business
asset acquisition, net of cash acquired																							0				0
proceeds from sale of equity method investments									0	868,000
purchases of investments, employee benefit plans									-536,000	-2,670,000	-466,000	-425,000	-476,000	-2,818,000	-426,000	-348,000	-380,000	-551,000	-308,000	-322,000	-388,000	-1,544,000	-427,000	-472,000	-673,000	-1,603,000	-454,000	-394,000	-378,000	-1,669,000	-307,000	-404,000	-312,000	-1,424,000	-231,000	-290,000	-244,000	-896,000	-243,000	-1,241,000	-647,000	-1,089,000	-1,274,000	-300,000	-330,000	-890,000	-831,000	-265,000	-338,000	-1,242,000	-506,000	-222,000	-226,000	-743,000	-551,000	88,000	-242,000	-897,000	-552,000	-192,000	-100,000	-1,104,000	-615,000	-775,000	-461,000	-2,003,000	-894,000	-840,000	-1,663,000	-4,405,000	-1,558,000	-1,427,000
proceeds from sales of investments, employee benefit plans									383,000	716,000	12,000	42,000	1,000	1,853,000	122,000	493,000	2,000	1,992,000	106,000	471,000	204,000	1,697,000	20,000	483,000	77,000	1,637,000	179,000	818,000	799,000	1,029,000	95,000	56,000	1,251,000	843,000	516,000	259,000	773,000	363,000	250,000	1,833,000	162,000	925,000	-2,000	325,000	360,000	281,000	116,000	118,000	52,000	3,882,000	314,000	1,940,000	317,000	8,652,000
issuance of notes receivable									-624,000	-3,660,000	-30,000	-3,630,000	-742,000	-1,245,000					0	-2,115,000	-1,952,000	-5,778,000	-9,955,000	-5,890,000	-3,122,000	-1,755,000	-7,169,000																							-1,729,000	-27,620,000	-1,485,000	-2,101,000	-3,719,000	-8,446,000	-1,669,000	-1,174,000	-1,477,000	-2,885,000	-893,000	-7,474,000	-534,000	-264,000	-402,000	-381,000	-948,000	-999,000	-4,727,000	-909,000	-775,000	-1,329,000	-2,811,000
proceeds from exercise of stock options									112,000	5,504,000	1,448,000	2,000	148,000	2,211,000	237,000	1,702,000	6,270,000	2,845,000	3,588,000	3,847,000	1,533,000	1,235,000	2,891,000	2,248,000	7,068,000	9,203,000	205,000	3,096,000	15,007,000	23,052,000	4,308,000	3,209,000	1,627,000	4,963,000	6,149,000	2,568,000	97,000	4,137,000	675,000	685,000	77,000	5,619,000	5,114,000	3,437,000	0	1,547,000	2,187,000	704,000	606,000	5,367,000	2,395,000	4,250,000	56,000	389,000	119,000	594,000	894,000	2,238,000	1,136,000	6,000	667,000	648,000	2,414,000	2,141,000	1,892,000	2,711,000	2,941,000	171,000	3,119,000	2,795,000	656,000	577,000
cash and cash equivalents at beginning of period									0	41,566,000	0	0	0	511,605,000	0	0	0	234,779,000	0	0	0	33,766,000	0	0	0	26,642,000	0	0	0	235,336,000	0	0	0	202,463,000	0	0	0	193,441,000	0	0	0	214,879,000	0	0	0	167,795,000	0	0	0	134,177,000	0	0	0	107,057,000	0	0	0	91,259,000	0	0	0	67,870,000	0	0	0	52,680,000	0	0	0	46,377,000	0	0
cash and cash equivalents at end of period									4,488,000	31,679,000	-10,975,000	-554,644,000	79,976,000	527,209,000	96,489,000	107,141,000	85,014,000	222,961,000	42,812,000	-122,172,000	-7,815,000	321,954,000	2,197,000	-2,838,000	2,597,000	31,810,000	-4,274,000	-6,232,000	314,000	36,834,000	-3,512,000	40,891,000	10,485,000	187,472,000	-3,490,000	-1,935,000	13,816,000	194,072,000	-5,820,000	-31,389,000	30,106,000	200,544,000	-29,513,000	32,850,000	36,664,000	174,878,000	6,657,000	17,348,000	3,565,000	140,225,000	19,113,000	-370,326,000	394,078,000	91,312,000	-17,677,000	33,773,000	14,556,000	76,405,000	11,711,000	8,622,000	5,333,000	65,593,000	4,225,000	1,835,000	4,415,000	57,395,000	-9,847,000	5,982,000	5,227,000	51,318,000	-977,000	24,000
investment in property, equipment and intangibles acquired in accounts payable and accrued liabilities									2,012,000	6,704,000	31,000	-363,000	1,586,000	4,129,000	-3,402,000	2,835,000	1,300,000	2,785,000
amortization - franchise agreement acquisition cost										4,637,000
non-cash interest and investment (income) loss										-1,442,000
proceeds from sale of business and assets												107,661,000
depreciation and amortization - marketing and reservation system
loss on extinguishment of debt																				15,958,000	0	607,000																													0
(gain) loss on sale and disposal of assets
change in working capital and other, net of acquisition																			32,292,000	47,825,000	-31,343,000	-42,283,000	18,692,000	-2,787,000	-6,715,000	-31,014,000	47,028,000	16,199,000	-28,904,000	-36,354,000
proceeds from sales of assets																							0	0	0	10,585,000	0	1,000								6,660,000	0	1,700,000		64,000	4,691,000	1,592,000		3,396,000	3,513,000	8,703,000
asset acquisitions, net of cash acquired
proceeds from sale of tax credits for rehabilitation of historic building
proceeds from termination of intangibles											39,013,000
distributions and sales proceeds from investments in affiliates
proceeds from issuance of 2020 senior notes																			0
payments to extinguish long-term debt																			0
cash payments during the year for
depreciation and amortization – marketing, reservation, and system
stock compensation and other charges												10,851,000	10,215,000	7,555,000
interest and investment loss												1,676,000	5,550,000	1,909,000
purchase of treasury stock													-338,000	-14,802,000		-4,677,000	-316,000	-5,046,000		-622,000	-464,000	-54,072,000		-2,333,000	-10,486,000	-31,951,000		-38,693,000	-28,704,000	-41,869,000																-4,530,000	-281,000	-33,000	-17,000	-3,634,000	-359,000	-54,000	-7,319,000	-14,854,000	-28,821,000	-22,269,000	-320,000	-2,207,000	-41,000	-1,929,000	-306,000	-8,936,000	-2,086,000	-20,692,000	-17,042,000	-19,308,000	-62,164,000	-62,000	-60,000	-1,446,000	-29,186,000	-109,408,000
gain on sale of asset														-29,000
proceeds from sale of asset														8,494,000
impairment of goodwill																							0	0	0	3,097,000
loss on sale of business																							8,000	25,000
gain on sale and disposal of assets
non-cash interest, investment, and affiliate income
payment on business disposition																							0	0
proceeds from issuance of long term debt																							398,513,000	3,148,000	12,224,000	8,491,000	8,509,000	176,000	140,000	212,000
payments on transfer of interest in notes receivable																										-24,409,000
loss on impairment of assets
non-cash interest and other investment income
equity in net incomees from unconsolidated joint ventures, less distributions received																1,023,000	1,401,000	5,997,000	8,119,000	1,732,000	3,483,000	2,105,000	328,000	6,854,000	1,426,000	3,954,000	267,000	420,000	-33,000	6,735,000	2,301,000	735,000	1,157,000	2,386,000	-629,000
contributions to equity method investments																-1,014,000	-168,000	-968,000	-834,000	-1,623,000	-796,000	-2,201,000	-10,499,000	-3,653,000	-5,181,000	-8,495,000	-554,000	-1,844,000	-5,751,000	-1,455,000	-5,678,000	-2,749,000	-10,517,000	-31,610,000	-10,482,000	-4,491,000	-15,395,000	-4,293,000	-19,926,000	-1,365,000
distributions and sale proceeds from equity method investments
purchase/issuance of notes receivable																0
collection of notes receivable																0	0	63,000
supplemental disclosure of cash flow information
cash payments during the period for:
non-cash investing and financing activities:
loss on asset disposition and impairments																				4,290,000
loss on debt extinguishment
non-cash interest and other investment (income) loss																	-4,765,000	-2,059,000
distributions from equity method investments																			1,000	249,000	2,956,000	157,000	400,000	2,332,000	1,785,000	5,724,000	0	219,000	444,000	766,000	262,000	2,611,000	1,186,000	510,000	0	81,000	3,552,000	67,000	248,000	0
net borrowings pursuant to term loan
gain on disposal of assets																							78,000	8,000	-69,000	-2,120,000					20,000				31,000
proceeds from sale of unconsolidated joint venture																							0
(payments on) proceeds from transfer of interest in notes receivable																							0	0
cash flows from operating activities:
non-cash interest and other income																																																						-1,593,000				-350,000														-1,000
cash flows from investing activities:
proceeds from sale of tax credits
cash flows from financing activities:
proceeds from issuance of long-term debt																																																				150,056,000
benefit from credit losses																					16,989,000	7,686,000
non-cash interest and other loss																					-3,242,000	4,339,000																																												949,000
investment in property and equipment acquired in accounts payable																					-1,392,000	2,709,000		-8,000	-4,149,000	5,732,000		-1,650,000	3,019,000	374,000		-137,000	171,000	724,000		-120,000	-270,000	944,000	2,106,000	-47,000	278,000	1,380,000		202,000	85,000	603,000	-105,000	-5,333,000
franchise agreement acquisition cost, net of reimbursements																						-7,122,000	-13,352,000	-6,470,000	-12,721,000	-6,401,000	-12,375,000	-20,228,000	-8,401,000	-11,925,000
benefit from bad debts																							2,518,000	2,187,000	552,000	2,983,000	4,263,000	1,923,000	967,000	3,389,000	1,644,000	880,000	355,000	561,000	1,058,000	131,000	307,000	655,000	164,000	343,000	374,000	823,000	1,099,000	293,000	201,000	1,182,000	670,000	634,000	576,000	844,000	1,094,000	566,000	557,000	679,000	1,315,000	-495,000	562,000	778,000	1,126,000	784,000	781,000	856,000	935,000	900,000	393,000	350,000	8,563,000	599,000	227,000	44,000	772,000	661,000
principal payments on long-term debt, including premium on extinguishment
non-cash interest and other (income) loss																								295,000	-415,000	-2,495,000		-316,000	-166,000	974,000	-321,000	-177,000	27,000	-301,000			291,000	667,000	61,000	1,828,000	834,000	506,000	1,338,000	1,117,000	303,000	416,000	488,000	90,000	891,000	76,000	925,000	187,000			-871,000						1,294,000	-987,000	-450,000	-2,846,000			4,811,000	2,773,000	139,000	1,577,000
proceeds from other debt agreements
proceeds from transfer of interest in notes receivable																											0	0			0
(gain) loss on disposal of assets
issuance of mezzanine and other notes receivable																													-16,505,000	-2,500,000	-1,173,000	-3,588,000	-5,114,000	-9,863,000	-12,323,000	-7,233,000	-5,561,000	-7,487,000	-11,631,000	-23,753,000			0	-1,117,000	-1,636,000	-587,000
collections of mezzanine and other notes receivable																													3,355,000	150,000	25,000	78,000	30,000	522,000	30,000	882,000	10,049,000	109,000	1,152,000	130,000	3,462,000	105,000	1,457,000	89,000	9,675,000	68,000	9,524,000	23,000
changes in assets and liabilities, net of acquisition:
receivables																															24,394,000	-6,847,000	-29,308,000	-11,365,000	20,507,000	-3,368,000	-24,585,000	-14,473,000	24,933,000	4,324,000	-17,232,000	-11,624,000	16,247,000	9,021,000	-32,027,000	-7,491,000	6,969,000	7,457,000	-17,625,000	-3,531,000	12,166,000	-5,147,000	-11,388,000	-870,000	7,709,000	-4,436,000	-9,808,000	-1,250,000	5,282,000	-4,450,000	-9,626,000	-435,000	8,613,000	-7,635,000	-6,229,000	4,455,000	4,288,000	-3,539,000	-2,696,000	-2,411,000	12,826,000	-8,501,000
advances to/from marketing and reservation activities																																					-2,867,000	-39,804,000	-7,267,000	14,617,000	-902,000	4,626,000	9,992,000	28,665,000	26,213,000	5,309,000	18,649,000
forgivable notes receivable																															-9,195,000	-7,335,000	-9,625,000	-4,483,000	-2,301,000	-1,935,000	-6,710,000	-6,464,000	-2,037,000	-1,843,000	-5,815,000	-13,371,000	-4,138,000	-2,084,000	-3,069,000	-3,623,000	-2,625,000	-2,127,000
accounts payable																															-7,224,000	724,000	9,752,000	9,203,000	-10,157,000	-14,099,000	14,547,000	-3,980,000	1,382,000	-11,879,000	18,142,000	-1,152,000	-12,209,000	13,529,000	6,236,000	2,080,000	1,024,000	-8,613,000	-578,000	10,471,000	-5,969,000	-350,000	-382,000	6,712,000	-6,319,000	-1,558,000	7,801,000	-1,775,000	-530,000	-2,769,000	5,749,000	3,294,000	-6,218,000	-3,584,000	10,618,000	-9,095,000	2,923,000	-7,503,000	4,846,000	-13,404,000	14,017,000	-274,000
accrued expenses and other current liabilities																															18,716,000	-254,000	13,762,000	-25,048,000	19,486,000	-5,419,000	15,679,000	-24,521,000	19,249,000
income taxes payable/receivable																															51,497,000	-25,743,000	-7,383,000	13,012,000	-13,444,000	10,160,000	10,857,000	-1,798,000	-15,465,000	8,616,000	-323,000	2,773,000	-11,563,000	-7,217,000	12,038,000	3,160,000	-19,831,000	22,909,000	-2,638,000	4,367,000	-15,979,000	978,000	3,628,000	8,180,000	-18,916,000	2,950,000	10,222,000	1,182,000	-13,357,000	448,000	6,825,000	4,667,000	-14,151,000	2,221,000	11,772,000	8,321,000	-18,620,000	11,433,000	-350,000	5,667,000
deferred revenue																															4,147,000	1,589,000	-10,518,000	12,579,000	11,670,000	7,812,000	1,706,000	40,458,000	3,129,000	-1,919,000	-3,511,000	7,552,000	546,000	-1,480,000	-1,701,000	7,932,000	-175,000	-6,368,000	-8,478,000	5,160,000	-5,830,000	12,422,000	-6,401,000	1,997,000	-7,852,000	15,838,000	-11,172,000	4,709,000	-4,030,000	13,968,000	-3,663,000	9,138,000	-699,000	-734,000	-2,881,000	8,964,000	-2,841,000	-2,844,000	-1,770,000	5,906,000	1,573,000	-1,897,000
other assets																															2,683,000	602,000	3,194,000	-4,958,000	1,255,000	876,000	-3,596,000	-7,238,000	-966,000	326,000	4,674,000	-9,826,000	-125,000	-23,000	2,001,000	-3,103,000	-802,000	-731,000	2,205,000	-3,869,000	3,982,000	-3,127,000	-1,720,000	-2,611,000	-2,606,000	194,000	397,000	-1,147,000	-950,000	-7,448,000	2,591,000	-6,898,000	954,000	513,000	1,118,000	456,000	-3,511,000	2,180,000	1,227,000	-942,000	-2,124,000	843,000
other liabilities																															1,379,000	-54,000	-773,000	-751,000	686,000	4,568,000	-1,734,000	-842,000	314,000	4,979,000	332,000	437,000	368,000	355,000	1,061,000	-2,359,000	1,006,000	1,580,000	4,649,000	2,622,000	-15,907,000	-793,000	315,000	-1,135,000	2,890,000	-2,237,000	715,000	-1,339,000	1,917,000	4,880,000	1,929,000	-1,352,000	874,000	-1,530,000	1,958,000	-5,643,000	-6,017,000	-1,492,000	3,073,000	699,000	-1,883,000	-607,000
proceeds from sale of assets
acquisitions of real estate																																			-3,320,000	126,000	0	-25,389,000
cash payments during the year for:
advances to/from marketing and reservation system activities																																26,290,000	17,623,000	-216,000
net cash used by investing activities																																-10,972,000	-19,471,000	-47,832,000		-12,130,000
net cash used by financing activities																																								-37,468,000
non-cash sale of investment of unconsolidated joint venture
loss on disposal of assets
changes in assets and liabilities:
net cash provided (used) by financing activities
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
excess tax benefits from stock-based compensation																																				745,000	-171,000	1,575,000	322,000	272,000	140,000	4,473,000	1,424,000	978,000	295,000	1,024,000	244,000	70,000	194,000	952,000	766,000	152,000	219,000	422,000	119,000	47,000	227,000	834,000	294,000	319,000	-37,000	49,000	1,460,000	2,341,000	1,339,000	694,000	5,482,000	350,000	2,218,000	2,085,000	1,339,000	1,105,000
changes in assets and liabilities; net of acquisition:
non-cash sale of investment in unconsolidated joint venture																																				0	0	2,350,000
(gain) loss on sale of assets																																					-2,000	9,000
equity (earnings) losses from unconsolidated joint ventures, net of distributions received																																					-278,000	2,471,000	362,000	136,000	1,576,000	1,205,000
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	-3,427,000	-7,416,000	-3,567,000	-3,379,000	-1,924,000	-1,910,000	-851,000	-1,000,000	-10,831,000	-3,139,000	-3,715,000	-2,600,000	-1,400,000	-2,000,000	0	-1,600,000
acquisitions, net of cash acquired																																																								0	0	0	0	0	0	-466,000									0	0
acquisitions, long-term debt assumed
gain on sale of assets																																								76,000	-1,303,000	-292,000		40,000	-277,000	-2,572,000
acquisition, net of cash acquired
accrued expenses																																									17,083,000	-24,052,000	17,760,000	-5,835,000	14,614,000	-19,861,000	13,162,000	-4,294,000	12,682,000	-31,145,000	22,685,000	7,350,000	7,683,000	-25,342,000	16,930,000	420,000	7,927,000	-18,931,000	11,840,000	5,391,000	4,010,000	-10,611,000	4,465,000	1,413,000	1,541,000	-8,708,000	2,210,000	4,269,000
net cash provided (used) by investing activities																																									-2,021,000	-7,269,000
net borrowings pursuant to revolving credit facility																																									-7,700,000	20,700,000				15,000,000								5,900,000							-2,800,000	16,200,000		-11,800,000	-5,700,000	25,400,000		-29,900,000	85,100,000	6,800,000
issuance of common stock pursuant to share based compensation plans																																									1,292,000	6,952,000		149,000
changes in assets and liabilities, net of acquisitions:
issuance of common stock pursuant to share based compensation plan
dividends received from equity method investments																																												555,000	365,000	181,000	336,000	574,000	389,000	146,000	455,000	456,000			823,000	157,000			537,000	470,000			518,000	331,000	322,000	166,000	507,000	235,000
equity in net (income) loss of affiliates																																																				-171,000	128,000	55,000
net repayments pursuant to revolving credit facility
interest																																												19,531,000	982,000	19,613,000	1,083,000	20,211,000	1,633,000	20,400,000	1,288,000	7,967,000	311,000	7,388,000	429,000	7,420,000	369,000	7,309,000	112,000	583,000	695,000	646,000	740,000	1,010,000	1,365,000	1,893,000	2,127,000	2,418,000	4,831,000	2,002,000	5,417,000	2,459,000
equity in net income of affiliates																																													30,000	35,000			-60,000	141,000					-7,000	39,000	0	-301,000	-336,000	-342,000	-195,000	-353,000	-334,000	-336,000	-225,000	-218,000	-476,000	-436,000	-201,000	-301,000	-393,000	-462,000
net cash provided (used) in investing activities																																													3,574,000	1,027,000
issuance of restricted shares of common stock																																														6,062,000	103,000	301,000	945,000	7,151,000	0	250,000	770,000	8,497,000	0	1,382,000	770,000	7,452,000	0	150,000	920,000	8,163,000	0	219,000	947,000	5,984,000	55,000	228,000	3,082,000	6,117,000
issuance of performance vested restricted stock units																																														1,191,000	0	0	0	1,298,000						0	0	0	0	0	0	256,000	1,000	0	0	461,000
capital lease obligation																																																							-145,000	623,000	0	430,000	55,000
issuance of treasury stock to employee stock purchase plan																																																							189,000	170,000	195,000	185,000	171,000	140,000	163,000	151,000	157,000	164,000	140,000	161,000	163,000	198,000
receivable – marketing and reservation fees																																																	1,156,000	-4,101,000		23,200,000	3,798,000	-6,187,000		9,913,000	-2,408,000	-8,979,000		15,402,000	-7,087,000	-10,909,000		5,771,000	-9,143,000	-10,370,000		10,406,000	-4,676,000	-9,533,000		15,517,000
net cash from (used) in financing activities																																																		18,136,000
receivable—marketing and reservation fees
settlement of forward starting interest rate swap agreement																																																											0
repayments of long-term debt																																																				-169,000	-167,000	-166,000		-61,000	-8,000	-5,000
declaration of dividends																																																				611,375,000	10,651,000	10,684,000	10,660,000	10,874,000	10,980,000	10,992,000	10,929,000	10,952,000	10,963,000	10,971,000	10,942,000	10,910,000	11,040,000	11,167,000	11,115,000	11,555,000	10,582,000	10,558,000
net repayments pursuant to revolving credit facilities
proceeds from sale of investments, employee benefit plans																																																								219,000	37,000	310,000		182,000	314,000	522,000		12,668,000	22,000	1,149,000		1,179,000	1,248,000	4,430,000		1,152,000
net borrowings (repayments) pursuant to revolving credit facility																																																											-6,400,000												-6,001,000	79,200,000
non-cash financing activities:
principal payments of long-term debt																																																																			0	0			0	0
non-cash investing activities:
acquisitions, liabilities assumed
dividends received from equity method investees																																																																						192,000	750,000	200,000
accrued expenses and other																																																																						-5,365,000	4,039,000	3,275,000
proceeds from disposition of assets
income tax benefit realized related to stock options exercised
income taxes payable																																																																								-3,966,000

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