Wyndham Hotels & Resorts, Inc(NYSE:WH) 
Wyndham Hotels & Resorts, Inc. operates as a hotel franchisor worldwide. It operates through Hotel Franchising and Hotel Management segments. The Hotel Franchising segment licenses its lodging brands and provides related services to third-party hotel owners and others. The Hotel Management segment p...
Website: http://www.wyndhamhotels.com
Founded: 1981
Full Time Employees: 14,200
Sector: Consumer Cyclical
Industry: Lodging
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At a glance:
- Asset-Light, Franchise-Focused Business Model: Wyndham primarily generates revenue through franchising and management fees rather than owning hotels, which can support steadier margins and lower capital intensity versus asset-heavy operators.
- Loyalty and Direct Booking Channels Support Demand: The Wyndham Rewards program and direct booking initiatives can improve customer retention and reduce reliance on third-party online travel agencies, helping protect profitability.
- Development Pipeline and Net Room Growth Are Key Drivers: Future revenue is closely tied to new franchise signings, conversion activity, and the pace of net room additions across markets, alongside franchisee health and financing conditions.
- Cyclical Exposure to Travel Demand and Macroeconomic Conditions: Performance is sensitive to leisure and business travel trends, fuel and airfare dynamics, and broader economic conditions that influence occupancy and pricing across its largely midscale and economy segments.
- Capital Allocation Emphasis on Returns to Shareholders: As a fee-based operator, Wyndham has historically prioritized returning capital via share repurchases and dividends, with leverage levels and interest rates influencing the pace of distributions.
Bull Thesis:
- Asset-Light Franchise Model: Wyndham operates on a highly asset-light, franchise-heavy model, generating high-margin, recurring revenue from franchise fees with minimal capital expenditure. This provides stable cash flow, reduces operational risk, and allows for greater resilience during economic fluctuations compared to asset-heavy hotel owners.
- Resilient Economy and Midscale Focus: The company's portfolio is predominantly focused on the economy and midscale segments, which tend to be more resilient during economic downturns as travelers trade down or continue essential travel. This segment also benefits from a broader customer base, including business travelers in construction, transportation, and other essential services.
- Strong Loyalty Program and Brand Portfolio: Wyndham Rewards is a highly regarded loyalty program that drives repeat business and customer stickiness across its diverse portfolio of over 20 brands. The breadth of brands caters to various traveler needs, enhancing cross-brand utilization and customer retention within the Wyndham ecosystem.
- Consistent Shareholder Returns: Wyndham has a history of returning capital to shareholders through consistent dividends and share buybacks. This demonstrates management's confidence in the company's cash flow generation and commitment to enhancing shareholder value, making it attractive to income-focused investors.
Bear Thesis:
- Economic Sensitivity and Travel Demand Fluctuations: Despite its focus on economy segments, Wyndham is not immune to broader economic downturns. A significant recession or prolonged period of high inflation could lead to reduced discretionary travel, lower occupancy rates, and pressure on average daily rates (ADR) across its portfolio, impacting royalty fees.
- Reliance on Franchisees and Quality Control: While asset-light, the reliance on independent franchisees means Wyndham has less direct control over property quality, operational standards, and guest experience. Inconsistent execution by franchisees could potentially dilute brand reputation or lead to customer dissatisfaction, impacting the overall brand value.
- Intense Competition and OTA Pressure: The hotel industry is highly competitive, with Wyndham facing rivals like Marriott, Hilton, IHG, and Choice Hotels, especially in the economy and midscale segments. Additionally, online travel agencies (OTAs) exert significant pressure on booking commissions and can impact direct booking strategies, potentially squeezing margins for franchisees and Wyndham.
- Inflationary Headwinds for Franchisees: Rising operating costs such as labor, utilities, and maintenance due to inflation can put pressure on franchisee profitability. If franchisees face squeezed margins, it could impact their ability to invest in property upgrades, expand their portfolios, or even meet royalty payment obligations, indirectly affecting Wyndham's revenue growth.
Main Competitors:
- Choice Hotels International ($CHH) (Comfort Inn, Quality Inn, Econo Lodge), Competes directly with Wyndham in the economy and midscale hotel franchising segments. Choice Hotels offers a similar portfolio of brands to independent hotel owners and targets value-conscious travelers, vying for market share, franchisee loyalty, and customer bookings in similar price points and service levels.
- IHG Hotels & Resorts ($IHG) (Holiday Inn Express, Holiday Inn, Staybridge Suites), A major global competitor, IHG competes across various segments, but particularly in the midscale and upper-midscale categories. They compete for franchisees and guests by offering strong brand recognition, loyalty programs (IHG One Rewards), and global distribution systems, often overlapping with Wyndham's core offerings.
- Hilton Worldwide Holdings ($HLT) (Hampton Inn, Tru by Hilton, Homewood Suites), While generally positioned higher, Hilton's extensive portfolio includes strong upper-midscale brands like Hampton Inn and Tru by Hilton, which directly compete with Wyndham's upper-midscale offerings (e.g., La Quinta, Wingate by Wyndham). They compete on brand strength, loyalty programs (Hilton Honors), and global reach to attract both franchisees and guests.
- Marriott International ($MAR) (Fairfield Inn & Suites, Courtyard by Marriott, SpringHill Suites), As the world's largest hotel company, Marriott competes with Wyndham through its vast network, including midscale and upper-midscale brands such as Fairfield Inn & Suites and Courtyard by Marriott. They leverage their powerful loyalty program (Marriott Bonvoy), extensive distribution, and brand prestige to attract a broad spectrum of travelers and hotel owners, including those in segments where Wyndham operates.
Moat:
Wyndham Hotels & Resorts operates primarily as a hotel franchisor, focusing heavily on the economy and midscale segments. Its moat is built on its vast scale, with the largest number of franchised hotels globally, a diverse portfolio of well-recognized brands, and an asset-light business model that generates stable fee revenue. The Wyndham Rewards loyalty program and centralized distribution systems also contribute to its competitive advantage. Competition is intense, primarily from other large hotel franchisors like Choice Hotels and IHG, which directly target similar segments and franchisees. Larger players like Hilton and Marriott also compete in the upper-midscale segments, leveraging their broader brand portfolios and powerful loyalty programs. Wyndham must continuously innovate, maintain strong franchisee relationships, and effectively market its diverse brands to retain its market position against these formidable competitors.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net revenues | 334,000,000 | 382,000,000 | 397,000,000 | 316,000,000 | 341,000,000 | 396,000,000 | 367,000,000 | 305,000,000 | 321,000,000 | 402,000,000 | 362,000,000 | 313,000,000 | 334,000,000 | 407,000,000 | 386,000,000 | 371,000,000 | 392,000,000 | 463,000,000 | 406,000,000 | 303,000,000 | 296,000,000 | 337,000,000 | 258,000,000 | 410,000,000 | 492,000,000 | 560,000,000 | 533,000,000 | 468,000,000 | 527,000,000 | 604,000,000 | 435,000,000 | 302,000,000 |
royalties and franchise fees | 121,000,000 | 147,000,000 | 147,000,000 | 126,000,000 | 136,000,000 | 159,000,000 | 144,000,000 | 116,000,000 | 117,000,000 | 152,000,000 | 142,000,000 | 121,000,000 | 118,000,000 | 152,000,000 | 133,000,000 | 110,000,000 | 117,000,000 | 144,000,000 | 122,000,000 | 78,000,000 | 78,000,000 | 96,000,000 | 61,000,000 | 92,000,000 | 112,000,000 | 140,000,000 | 126,000,000 | 101,000,000 | 109,000,000 | 138,000,000 | 113,000,000 | 82,000,000 |
marketing, reservation and loyalty | 131,000,000 | 149,000,000 | 165,000,000 | 116,000,000 | 134,000,000 | 161,000,000 | 150,000,000 | 117,000,000 | 133,000,000 | 179,000,000 | 145,000,000 | 120,000,000 | 128,000,000 | 159,000,000 | 145,000,000 | 111,000,000 | 115,000,000 | 149,000,000 | 119,000,000 | 85,000,000 | 82,000,000 | 99,000,000 | 82,000,000 | 106,000,000 | 141,000,000 | 167,000,000 | 140,000,000 | 113,000,000 | 132,000,000 | 151,000,000 | 124,000,000 | 84,000,000 |
management and other fees | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | 5,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 16,000,000 | 35,000,000 | 35,000,000 | 32,000,000 | 30,000,000 | 19,000,000 | 14,000,000 | 12,000,000 | 6,000,000 | 32,000,000 | ||||||||
license and other fees | 31,000,000 | 35,000,000 | 33,000,000 | 27,000,000 | 30,000,000 | 32,000,000 | 31,000,000 | 26,000,000 | 29,000,000 | 30,000,000 | 29,000,000 | 23,000,000 | 26,000,000 | 28,000,000 | 27,000,000 | 19,000,000 | 19,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | |||||||||
other | 49,000,000 | 49,000,000 | 50,000,000 | 45,000,000 | 38,000,000 | 39,000,000 | 39,000,000 | 43,000,000 | 38,000,000 | 36,000,000 | 37,000,000 | 41,000,000 | 34,000,000 | 33,000,000 | 33,000,000 | 41,000,000 | 28,000,000 | 32,000,000 | 30,000,000 | 30,000,000 | 25,000,000 | 27,000,000 | 22,000,000 | 33,000,000 | 21,000,000 | 45,000,000 | 38,000,000 | 31,000,000 | 32,000,000 | 28,000,000 | 31,000,000 | 23,000,000 |
fee-related and other revenues | 334,000,000 | 382,000,000 | 397,000,000 | 316,000,000 | 341,000,000 | 394,000,000 | 366,000,000 | 304,000,000 | 320,000,000 | 400,000,000 | 358,000,000 | 308,000,000 | 309,000,000 | 375,000,000 | 354,000,000 | 316,000,000 | 314,000,000 | 377,000,000 | 321,000,000 | |||||||||||||
cost reimbursements | 2,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 4,000,000 | 5,000,000 | 25,000,000 | 32,000,000 | 32,000,000 | 55,000,000 | 78,000,000 | 86,000,000 | 85,000,000 | 71,000,000 | 76,000,000 | 82,000,000 | 66,000,000 | 126,000,000 | 147,000,000 | 161,000,000 | 160,000,000 | 155,000,000 | 188,000,000 | 219,000,000 | 114,000,000 | 66,000,000 | |||||
expenses | ||||||||||||||||||||||||||||||||
operating | 95,000,000 | 29,000,000 | 25,000,000 | 19,000,000 | 22,000,000 | 23,000,000 | 17,000,000 | 19,000,000 | 29,000,000 | 24,000,000 | 23,000,000 | 20,000,000 | 21,000,000 | 20,000,000 | 28,000,000 | 35,000,000 | 40,000,000 | 33,000,000 | 31,000,000 | 27,000,000 | 27,000,000 | 25,000,000 | 23,000,000 | 35,000,000 | 40,000,000 | 43,000,000 | 38,000,000 | 43,000,000 | 43,000,000 | 51,000,000 | 47,000,000 | 41,000,000 |
general and administrative | 38,000,000 | 26,000,000 | 31,000,000 | 30,000,000 | 39,000,000 | 30,000,000 | 32,000,000 | 28,000,000 | 37,000,000 | 31,000,000 | 31,000,000 | 30,000,000 | 35,000,000 | 29,000,000 | 31,000,000 | 29,000,000 | 32,000,000 | 30,000,000 | 27,000,000 | 24,000,000 | 34,000,000 | 28,000,000 | 26,000,000 | 28,000,000 | 32,000,000 | 33,000,000 | 31,000,000 | 34,000,000 | 34,000,000 | 36,000,000 | 26,000,000 | 22,000,000 |
depreciation and amortization | 16,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 17,000,000 | 17,000,000 | 17,000,000 | 20,000,000 | 20,000,000 | 19,000,000 | 19,000,000 | 19,000,000 | 19,000,000 | 18,000,000 | 17,000,000 | 24,000,000 | 25,000,000 | 23,000,000 | 24,000,000 | 24,000,000 | 25,000,000 | 24,000,000 | 25,000,000 | 25,000,000 | 28,000,000 | 26,000,000 | 27,000,000 | 29,000,000 | 28,000,000 | 30,000,000 | 22,000,000 | 19,000,000 |
restructuring | 4,000,000 | 2,000,000 | 13,000,000 | 4,000,000 | 2,000,000 | 7,000,000 | 3,000,000 | 5,000,000 | 16,000,000 | 13,000,000 | ||||||||||||||||||||||
transaction-related | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 5,000,000 | 41,000,000 | 6,000,000 | 1,000,000 | 4,000,000 | -1,000,000 | 5,000,000 | 8,000,000 | 10,000,000 | 12,000,000 | 11,000,000 | 7,000,000 | -1,000,000 | 7,000,000 | 28,000,000 | 2,000,000 | |||||||||||
impairment | 12,000,000 | 45,000,000 | ||||||||||||||||||||||||||||||
separation-related | 1,000,000 | 1,000,000 | -12,000,000 | -2,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 21,000,000 | 14,000,000 | 17,000,000 | 35,000,000 | 12,000,000 | ||||||||||||||||
total expenses | 370,000,000 | 204,000,000 | 247,000,000 | 204,000,000 | 212,000,000 | 225,000,000 | 222,000,000 | 255,000,000 | 217,000,000 | 239,000,000 | 239,000,000 | 200,000,000 | 241,000,000 | 247,000,000 | 241,000,000 | 211,000,000 | 304,000,000 | 302,000,000 | 273,000,000 | 240,000,000 | 275,000,000 | 266,000,000 | 452,000,000 | 354,000,000 | 390,000,000 | 469,000,000 | 471,000,000 | 418,000,000 | 445,000,000 | 499,000,000 | 396,000,000 | 246,000,000 |
operating income | -36,000,000 | 178,000,000 | 150,000,000 | 112,000,000 | 129,000,000 | 171,000,000 | 145,000,000 | 50,000,000 | 104,000,000 | 163,000,000 | 123,000,000 | 113,000,000 | 93,000,000 | 160,000,000 | 145,000,000 | 160,000,000 | 88,000,000 | 161,000,000 | 133,000,000 | 63,000,000 | 21,000,000 | 71,000,000 | -194,000,000 | 56,000,000 | 102,000,000 | 91,000,000 | 62,000,000 | 50,000,000 | 82,000,000 | 105,000,000 | 39,000,000 | 56,000,000 |
yoy | -127.91% | 4.09% | 3.45% | 124.00% | 24.04% | 4.91% | 17.89% | -55.75% | 11.83% | 1.88% | -15.17% | -29.37% | 5.68% | -0.62% | 9.02% | 153.97% | 319.05% | 126.76% | -168.56% | 12.50% | -79.41% | -21.98% | -412.90% | 12.00% | 24.39% | -13.33% | 58.97% | -10.71% | ||||
qoq | -120.22% | 18.67% | 33.93% | -13.18% | -24.56% | 17.93% | 190.00% | -51.92% | -36.20% | 32.52% | 8.85% | 21.51% | -41.87% | 10.34% | -9.38% | 81.82% | -45.34% | 21.05% | 111.11% | 200.00% | -70.42% | -136.60% | -446.43% | -45.10% | 12.09% | 46.77% | 24.00% | -39.02% | -21.90% | 169.23% | -30.36% | |
interest expense | 36,000,000 | 36,000,000 | 34,000,000 | 33,000,000 | 31,000,000 | 34,000,000 | 30,000,000 | 28,000,000 | 29,000,000 | 27,000,000 | 24,000,000 | 22,000,000 | 20,000,000 | 21,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 22,000,000 | 22,000,000 | 28,000,000 | 29,000,000 | 29,000,000 | 28,000,000 | 25,000,000 | 24,000,000 | 25,000,000 | 26,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | 10,000,000 | 1,000,000 |
early extinguishment of debt | 3,000,000 | 3,000,000 | 2,000,000 | 18,000,000 | ||||||||||||||||||||||||||||
income before income taxes | -72,000,000 | 142,000,000 | 116,000,000 | 79,000,000 | 98,000,000 | 137,000,000 | 112,000,000 | 22,000,000 | 75,000,000 | 136,000,000 | 96,000,000 | 91,000,000 | 73,000,000 | 139,000,000 | 123,000,000 | 140,000,000 | 68,000,000 | 139,000,000 | 93,000,000 | 35,000,000 | -8,000,000 | 42,000,000 | -222,000,000 | 31,000,000 | 78,000,000 | 66,000,000 | 36,000,000 | 26,000,000 | 58,000,000 | 81,000,000 | 29,000,000 | 55,000,000 |
provision for income taxes | -12,000,000 | 37,000,000 | 29,000,000 | 18,000,000 | 13,000,000 | 35,000,000 | 26,000,000 | 6,000,000 | 26,000,000 | 33,000,000 | 26,000,000 | 24,000,000 | 17,000,000 | 38,000,000 | 31,000,000 | 34,000,000 | 19,000,000 | 36,000,000 | 25,000,000 | 11,000,000 | -1,000,000 | 15,000,000 | -48,000,000 | 9,000,000 | 14,000,000 | 21,000,000 | 10,000,000 | 5,000,000 | 14,000,000 | 23,000,000 | 8,000,000 | |
net income | -60,000,000 | 105,000,000 | 87,000,000 | 61,000,000 | 85,000,000 | 102,000,000 | 86,000,000 | 16,000,000 | 49,000,000 | 103,000,000 | 70,000,000 | 67,000,000 | 56,000,000 | 101,000,000 | 92,000,000 | 106,000,000 | 49,000,000 | 103,000,000 | 68,000,000 | 24,000,000 | -7,000,000 | 27,000,000 | -174,000,000 | 22,000,000 | 64,000,000 | 45,000,000 | 26,000,000 | 21,000,000 | 44,000,000 | 58,000,000 | 21,000,000 | 39,000,000 |
yoy | -170.59% | 2.94% | 1.16% | 281.25% | 73.47% | -0.97% | 22.86% | -76.12% | -12.50% | 1.98% | -23.91% | -36.79% | 14.29% | -1.94% | 35.29% | 341.67% | -800.00% | 281.48% | -139.08% | 9.09% | -110.94% | -40.00% | -769.23% | 4.76% | 45.45% | -22.41% | 23.81% | -46.15% | ||||
qoq | -157.14% | 20.69% | 42.62% | -28.24% | -16.67% | 18.60% | 437.50% | -67.35% | -52.43% | 47.14% | 4.48% | 19.64% | -44.55% | 9.78% | -13.21% | 116.33% | -52.43% | 51.47% | 183.33% | -442.86% | -125.93% | -115.52% | -890.91% | -65.63% | 42.22% | 73.08% | 23.81% | -52.27% | -24.14% | 176.19% | -46.15% | |
earnings per share | ||||||||||||||||||||||||||||||||
basic | -0.77 | 1.37 | 1.13 | 0.78 | 1.09 | 1.3 | 1.07 | 0.2 | 0.62 | 1.22 | 0.82 | 0.77 | 0.65 | 1.13 | 1 | 1.15 | 0.52 | 1.1 | 0.73 | 0.26 | -0.08 | 0.29 | -1.86 | 0.23 | 0.68 | 0.47 | 0.27 | 0.22 | 0.43 | 0.58 | 0.21 | |
diluted | -0.76 | 1.36 | 1.13 | 0.78 | 1.07 | 1.29 | 1.07 | 0.19 | 0.62 | 1.21 | 0.82 | 0.77 | 0.65 | 1.13 | 1 | 1.14 | 0.52 | 1.09 | 0.73 | 0.26 | -0.08 | 0.29 | -1.86 | 0.23 | 0.67 | 0.47 | 0.27 | 0.22 | 0.43 | 0.58 | 0.21 | |
gain on asset sale | -36,000,000 | |||||||||||||||||||||||||||||||
loss on asset sales | 1,000,000 | |||||||||||||||||||||||||||||||
separation-related expenses | -1,000,000 | |||||||||||||||||||||||||||||||
impairments | 206,000,000 | |||||||||||||||||||||||||||||||
contract termination | -1,000,000 | 34,000,000 | 9,000,000 | |||||||||||||||||||||||||||||
license and other revenues from former parent | 21,000,000 | 34,000,000 | 35,000,000 | 33,000,000 | 29,000,000 | 32,000,000 | 36,000,000 | 25,000,000 | ||||||||||||||||||||||||
hotel management | 37,000,000 | 12,000,000 | 36,000,000 | 39,000,000 | 34,000,000 | 32,000,000 | 28,000,000 | 30,000,000 | ||||||||||||||||||||||||
cash dividends declared per share | 0.125 | 0.25 | 0.25 | |||||||||||||||||||||||||||||
license and other revenues from parent | 17,000,000 | |||||||||||||||||||||||||||||||
benefit from income taxes | 16,000,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||||||||
cash and cash equivalents | 64,000,000 | 70,000,000 | 50,000,000 | 48,000,000 | 103,000,000 | 72,000,000 | 70,000,000 | 50,000,000 | 66,000,000 | 79,000,000 | 63,000,000 | 150,000,000 | 161,000,000 | 286,000,000 | 400,000,000 | 416,000,000 | 171,000,000 | 193,000,000 | 103,000,000 | 531,000,000 | 493,000,000 | 735,000,000 | 664,000,000 | 749,000,000 | 94,000,000 | 134,000,000 | 107,000,000 | 284,000,000 | 366,000,000 | 387,000,000 | 416,000,000 | 71,000,000 |
trade receivables | 291,000,000 | 326,000,000 | 319,000,000 | 278,000,000 | 271,000,000 | 286,000,000 | 275,000,000 | 248,000,000 | 241,000,000 | 272,000,000 | 258,000,000 | 230,000,000 | 234,000,000 | 253,000,000 | 255,000,000 | 229,000,000 | 246,000,000 | 290,000,000 | 298,000,000 | 274,000,000 | 295,000,000 | 324,000,000 | 314,000,000 | 296,000,000 | 304,000,000 | 339,000,000 | 354,000,000 | 301,000,000 | 293,000,000 | 309,000,000 | 251,000,000 | 205,000,000 |
prepaid expenses | 33,000,000 | 27,000,000 | 42,000,000 | 55,000,000 | 44,000,000 | 40,000,000 | 39,000,000 | 34,000,000 | 27,000,000 | 53,000,000 | 73,000,000 | 76,000,000 | 59,000,000 | 47,000,000 | 56,000,000 | 56,000,000 | 51,000,000 | 45,000,000 | 52,000,000 | 52,000,000 | 45,000,000 | 42,000,000 | 51,000,000 | 54,000,000 | 48,000,000 | 46,000,000 | 60,000,000 | 54,000,000 | 40,000,000 | 41,000,000 | 43,000,000 | 40,000,000 |
other current assets | 47,000,000 | 85,000,000 | 63,000,000 | 56,000,000 | 49,000,000 | 47,000,000 | 48,000,000 | 35,000,000 | 39,000,000 | 62,000,000 | 74,000,000 | 59,000,000 | 91,000,000 | 54,000,000 | 43,000,000 | 42,000,000 | 98,000,000 | 65,000,000 | 63,000,000 | 54,000,000 | 67,000,000 | 39,000,000 | 49,000,000 | 48,000,000 | 53,000,000 | 67,000,000 | 75,000,000 | 139,000,000 | 152,000,000 | 113,000,000 | 95,000,000 | 63,000,000 |
total current assets | 435,000,000 | 508,000,000 | 474,000,000 | 437,000,000 | 467,000,000 | 445,000,000 | 432,000,000 | 367,000,000 | 373,000,000 | 466,000,000 | 468,000,000 | 515,000,000 | 545,000,000 | 640,000,000 | 754,000,000 | 810,000,000 | 720,000,000 | 593,000,000 | 516,000,000 | 911,000,000 | 900,000,000 | 1,140,000,000 | 1,078,000,000 | 1,147,000,000 | 499,000,000 | 586,000,000 | 596,000,000 | 778,000,000 | 851,000,000 | 850,000,000 | 805,000,000 | 379,000,000 |
property and equipment | 104,000,000 | 99,000,000 | 98,000,000 | 95,000,000 | 94,000,000 | 78,000,000 | 81,000,000 | 83,000,000 | 88,000,000 | 91,000,000 | 94,000,000 | 96,000,000 | 99,000,000 | 102,000,000 | 103,000,000 | 106,000,000 | 106,000,000 | 259,000,000 | 267,000,000 | 268,000,000 | 278,000,000 | 284,000,000 | 294,000,000 | 299,000,000 | 307,000,000 | 310,000,000 | 316,000,000 | 317,000,000 | 326,000,000 | 331,000,000 | 331,000,000 | 251,000,000 |
goodwill | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,525,000,000 | 1,539,000,000 | 1,539,000,000 | 1,539,000,000 | 1,539,000,000 | 1,547,000,000 | 1,547,000,000 | 1,513,000,000 | 1,532,000,000 | 421,000,000 |
trademarks | 1,208,000,000 | 1,234,000,000 | 1,235,000,000 | 1,232,000,000 | 1,230,000,000 | 1,233,000,000 | 1,232,000,000 | 1,232,000,000 | 1,232,000,000 | 1,231,000,000 | 1,232,000,000 | 1,232,000,000 | 1,232,000,000 | 1,229,000,000 | 1,202,000,000 | 1,202,000,000 | 1,202,000,000 | 1,202,000,000 | 1,202,000,000 | 1,202,000,000 | 1,203,000,000 | 1,203,000,000 | 1,203,000,000 | 1,395,000,000 | 1,395,000,000 | 1,395,000,000 | 1,396,000,000 | 1,396,000,000 | 1,397,000,000 | 1,445,000,000 | 1,451,000,000 | 692,000,000 |
franchise agreements and other intangibles | 282,000,000 | 300,000,000 | 307,000,000 | 312,000,000 | 318,000,000 | 326,000,000 | 332,000,000 | 339,000,000 | 347,000,000 | 353,000,000 | 361,000,000 | 367,000,000 | 374,000,000 | 381,000,000 | 370,000,000 | 377,000,000 | 473,000,000 | 484,000,000 | 493,000,000 | 503,000,000 | 512,000,000 | 522,000,000 | 532,000,000 | 542,000,000 | 551,000,000 | 559,000,000 | 570,000,000 | 578,000,000 | 590,000,000 | 585,000,000 | 571,000,000 | 246,000,000 |
other non-current assets | 628,000,000 | 680,000,000 | 659,000,000 | 648,000,000 | 589,000,000 | 547,000,000 | 549,000,000 | 518,000,000 | 468,000,000 | 434,000,000 | 376,000,000 | 349,000,000 | 348,000,000 | 333,000,000 | 296,000,000 | 272,000,000 | 243,000,000 | 247,000,000 | 238,000,000 | 231,000,000 | 226,000,000 | 220,000,000 | 216,000,000 | 236,000,000 | 242,000,000 | 241,000,000 | 239,000,000 | 288,000,000 | 265,000,000 | 267,000,000 | 244,000,000 | 173,000,000 |
total assets | 4,182,000,000 | 4,346,000,000 | 4,298,000,000 | 4,249,000,000 | 4,223,000,000 | 4,154,000,000 | 4,151,000,000 | 4,064,000,000 | 4,033,000,000 | 4,100,000,000 | 4,056,000,000 | 4,084,000,000 | 4,123,000,000 | 4,210,000,000 | 4,250,000,000 | 4,292,000,000 | 4,269,000,000 | 4,310,000,000 | 4,241,000,000 | 4,640,000,000 | 4,644,000,000 | 4,894,000,000 | 4,848,000,000 | 5,158,000,000 | 4,533,000,000 | 4,630,000,000 | 4,656,000,000 | 4,904,000,000 | 4,976,000,000 | 4,991,000,000 | 4,934,000,000 | 2,162,000,000 |
liabilities and stockholders’ equity | ||||||||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||||||||
current portion of long-term debt | 45,000,000 | 45,000,000 | 45,000,000 | 45,000,000 | 43,000,000 | 47,000,000 | 44,000,000 | 37,000,000 | 37,000,000 | 37,000,000 | 37,000,000 | 26,000,000 | 20,000,000 | 15,000,000 | 10,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 516,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 21,000,000 | 16,000,000 | |
accounts payable | 38,000,000 | 49,000,000 | 55,000,000 | 39,000,000 | 37,000,000 | 62,000,000 | 67,000,000 | 63,000,000 | 32,000,000 | 46,000,000 | 63,000,000 | 33,000,000 | 39,000,000 | 33,000,000 | 33,000,000 | 27,000,000 | 31,000,000 | 32,000,000 | 33,000,000 | 27,000,000 | 28,000,000 | 41,000,000 | 40,000,000 | 41,000,000 | 30,000,000 | 52,000,000 | 60,000,000 | 57,000,000 | 61,000,000 | 74,000,000 | 76,000,000 | 36,000,000 |
deferred revenues | 134,000,000 | 96,000,000 | 99,000,000 | 118,000,000 | 121,000,000 | 98,000,000 | 106,000,000 | 117,000,000 | 91,000,000 | 83,000,000 | 99,000,000 | 104,000,000 | 83,000,000 | 82,000,000 | 83,000,000 | 84,000,000 | 70,000,000 | 79,000,000 | 80,000,000 | 78,000,000 | 71,000,000 | 78,000,000 | 99,000,000 | 121,000,000 | 132,000,000 | |||||||
accrued expenses and other current liabilities | 290,000,000 | 249,000,000 | 261,000,000 | 251,000,000 | 265,000,000 | 252,000,000 | 264,000,000 | 305,000,000 | 299,000,000 | 268,000,000 | 270,000,000 | 242,000,000 | 264,000,000 | 270,000,000 | 261,000,000 | 235,000,000 | 258,000,000 | 239,000,000 | 227,000,000 | 203,000,000 | 226,000,000 | 241,000,000 | 183,000,000 | 232,000,000 | 279,000,000 | 347,000,000 | 279,000,000 | 480,000,000 | 502,000,000 | 532,000,000 | 511,000,000 | 192,000,000 |
total current liabilities | 507,000,000 | 439,000,000 | 460,000,000 | 453,000,000 | 466,000,000 | 459,000,000 | 481,000,000 | 522,000,000 | 459,000,000 | 434,000,000 | 469,000,000 | 405,000,000 | 406,000,000 | 400,000,000 | 387,000,000 | 380,000,000 | 397,000,000 | 371,000,000 | 361,000,000 | 824,000,000 | 346,000,000 | 381,000,000 | 343,000,000 | 415,000,000 | 462,000,000 | 514,000,000 | 481,000,000 | 663,000,000 | 693,000,000 | 702,000,000 | 700,000,000 | 427,000,000 |
long-term debt | 2,515,000,000 | 2,582,000,000 | 2,532,000,000 | 2,483,000,000 | 2,420,000,000 | 2,440,000,000 | 2,383,000,000 | 2,204,000,000 | 2,164,000,000 | 2,123,000,000 | 2,021,000,000 | 2,051,000,000 | 2,057,000,000 | 2,063,000,000 | 2,068,000,000 | 2,058,000,000 | 2,063,000,000 | 2,067,000,000 | 2,071,000,000 | 2,076,000,000 | 2,576,000,000 | 2,814,000,000 | 2,826,000,000 | 2,831,000,000 | 2,101,000,000 | 2,106,000,000 | 2,110,000,000 | 2,115,000,000 | 2,120,000,000 | 2,124,000,000 | 2,129,000,000 | |
deferred income taxes | 271,000,000 | 322,000,000 | 321,000,000 | 327,000,000 | 332,000,000 | 314,000,000 | 326,000,000 | 325,000,000 | 325,000,000 | 338,000,000 | 344,000,000 | 342,000,000 | 345,000,000 | 347,000,000 | 346,000,000 | 350,000,000 | 366,000,000 | 370,000,000 | 368,000,000 | 364,000,000 | 359,000,000 | 323,000,000 | 327,000,000 | 376,000,000 | 387,000,000 | 383,000,000 | 391,000,000 | 401,000,000 | 399,000,000 | 400,000,000 | 400,000,000 | 175,000,000 |
other non-current liabilities | 201,000,000 | 198,000,000 | 195,000,000 | 183,000,000 | 186,000,000 | 193,000,000 | 174,000,000 | 175,000,000 | 172,000,000 | 179,000,000 | 176,000,000 | 184,000,000 | 189,000,000 | 181,000,000 | 184,000,000 | 176,000,000 | 189,000,000 | 215,000,000 | 221,000,000 | 225,000,000 | 242,000,000 | 252,000,000 | 257,000,000 | 265,000,000 | 220,000,000 | 227,000,000 | 226,000,000 | 201,000,000 | 182,000,000 | 150,000,000 | 125,000,000 | 47,000,000 |
total liabilities | 3,714,000,000 | 3,763,000,000 | 3,728,000,000 | 3,670,000,000 | 3,573,000,000 | 3,571,000,000 | 3,528,000,000 | 3,390,000,000 | 3,287,000,000 | 3,244,000,000 | 3,176,000,000 | 3,148,000,000 | 3,161,000,000 | 3,154,000,000 | 3,154,000,000 | 3,133,000,000 | 3,180,000,000 | 3,187,000,000 | 3,181,000,000 | 3,649,000,000 | 3,681,000,000 | 3,931,000,000 | 3,915,000,000 | 4,046,000,000 | 3,321,000,000 | 3,388,000,000 | 3,356,000,000 | 3,540,000,000 | 3,558,000,000 | 3,548,000,000 | 3,498,000,000 | 889,000,000 |
commitments and contingencies | ||||||||||||||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||||||||||||||
preferred stock, 0.01 par value... | ||||||||||||||||||||||||||||||||
common stock, 0.01 par value... | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||
treasury stock | -21,000,000 | -1,892,000,000 | -1,822,000,000 | -1,745,000,000 | -1,669,000,000 | -1,646,000,000 | -1,549,000,000 | -1,418,000,000 | -1,361,000,000 | -1,234,000,000 | -1,129,000,000 | -1,020,000,000 | -964,000,000 | -831,000,000 | -699,000,000 | -557,000,000 | -519,000,000 | -436,000,000 | -408,000,000 | -408,000,000 | -408,000,000 | -408,000,000 | -408,000,000 | -408,000,000 | -363,000,000 | -289,000,000 | -214,000,000 | -164,000,000 | -119,000,000 | -59,000,000 | -15,000,000 | |
additional paid-in capital | 14,000,000 | 1,662,000,000 | 1,651,000,000 | 1,636,000,000 | 1,647,000,000 | 1,628,000,000 | 1,618,000,000 | 1,592,000,000 | 1,599,000,000 | 1,588,000,000 | 1,578,000,000 | 1,569,000,000 | 1,569,000,000 | 1,561,000,000 | 1,553,000,000 | 1,544,000,000 | 1,543,000,000 | 1,527,000,000 | 1,519,000,000 | 1,508,000,000 | 1,504,000,000 | 1,498,000,000 | 1,493,000,000 | 1,490,000,000 | 1,488,000,000 | 1,487,000,000 | 1,484,000,000 | 1,481,000,000 | 1,475,000,000 | 1,446,000,000 | 1,429,000,000 | |
retained earnings | 471,000,000 | 811,000,000 | 738,000,000 | 683,000,000 | 654,000,000 | 600,000,000 | 528,000,000 | 472,000,000 | 488,000,000 | 467,000,000 | 394,000,000 | 354,000,000 | 318,000,000 | 290,000,000 | 218,000,000 | 155,000,000 | 95,000,000 | 113,000,000 | 77,000,000 | 59,000,000 | 61,000,000 | 69,000,000 | 51,000,000 | 18,000,000 | ||||||||
accumulated other comprehensive income | 3,000,000 | 1,000,000 | 2,000,000 | 4,000,000 | 17,000,000 | 25,000,000 | 27,000,000 | 19,000,000 | 34,000,000 | 36,000,000 | 32,000,000 | 38,000,000 | 35,000,000 | 23,000,000 | 16,000,000 | -66,000,000 | -27,000,000 | -34,000,000 | -30,000,000 | -15,000,000 | -8,000,000 | 4,000,000 | 3,000,000 | 6,000,000 | ||||||||
total stockholders’ equity | 468,000,000 | 583,000,000 | 570,000,000 | 579,000,000 | 650,000,000 | 583,000,000 | 623,000,000 | 674,000,000 | 746,000,000 | 856,000,000 | 880,000,000 | 936,000,000 | 962,000,000 | 1,056,000,000 | 1,096,000,000 | 1,159,000,000 | 1,089,000,000 | 1,123,000,000 | 1,060,000,000 | 991,000,000 | 963,000,000 | 963,000,000 | 933,000,000 | 1,112,000,000 | 1,212,000,000 | 1,242,000,000 | 1,300,000,000 | 1,364,000,000 | 1,418,000,000 | 1,443,000,000 | 1,436,000,000 | |
total liabilities and stockholders’ equity | 4,182,000,000 | 4,346,000,000 | 4,298,000,000 | 4,249,000,000 | 4,223,000,000 | 4,154,000,000 | 4,151,000,000 | 4,064,000,000 | 4,033,000,000 | 4,100,000,000 | 4,056,000,000 | 4,084,000,000 | 4,123,000,000 | 4,210,000,000 | 4,250,000,000 | 4,292,000,000 | 4,269,000,000 | 4,310,000,000 | ||||||||||||||
assets held for sale | 67,000,000 | 154,000,000 | ||||||||||||||||||||||||||||||
liabilities held for sale | 13,000,000 | 17,000,000 | ||||||||||||||||||||||||||||||
retained earnings/ | 79,000,000 | 61,000,000 | -82,000,000 | -66,000,000 | -86,000,000 | |||||||||||||||||||||||||||
accumulated other comprehensive loss | -15,000,000 | -30,000,000 | -33,000,000 | -38,000,000 | -52,000,000 | -62,000,000 | -67,000,000 | |||||||||||||||||||||||||
liabilities and stockholders' equity | ||||||||||||||||||||||||||||||||
accumulated deficit | -19,000,000 | -72,000,000 | ||||||||||||||||||||||||||||||
total liabilities and stockholders' equity | 4,241,000,000 | 4,640,000,000 | 4,644,000,000 | 4,894,000,000 | ||||||||||||||||||||||||||||
liabilities and equity | ||||||||||||||||||||||||||||||||
preferred stock, .01 par value... | ||||||||||||||||||||||||||||||||
common stock, .01 par value... | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||||||||||||||
total liabilities and equity | 4,848,000,000 | 5,158,000,000 | 4,533,000,000 | 4,630,000,000 | 4,656,000,000 | 4,904,000,000 | 4,976,000,000 | 4,991,000,000 | 4,934,000,000 | |||||||||||||||||||||||
deferred income | 94,000,000 | 121,000,000 | 105,000,000 | 109,000,000 | 75,000,000 | 97,000,000 | 83,000,000 | |||||||||||||||||||||||||
current portion of debt due to former parent | ||||||||||||||||||||||||||||||||
debt due to former parent | ||||||||||||||||||||||||||||||||
former parent’s net investment | ||||||||||||||||||||||||||||||||
liabilities and net investment | ||||||||||||||||||||||||||||||||
current portion of debt due to parent | 116,000,000 | |||||||||||||||||||||||||||||||
debt due to parent | 81,000,000 | |||||||||||||||||||||||||||||||
net investment: | ||||||||||||||||||||||||||||||||
parent’s net investment | 1,267,000,000 | |||||||||||||||||||||||||||||||
total net investment | 1,273,000,000 | |||||||||||||||||||||||||||||||
total liabilities and net investment | 2,162,000,000 | |||||||||||||||||||||||||||||||
operating activities | ||||||||||||||||||||||||||||||||
net income | 39,000,000 | |||||||||||||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||||||||
depreciation and amortization | 19,000,000 | |||||||||||||||||||||||||||||||
net change in assets and liabilities: | ||||||||||||||||||||||||||||||||
accounts payable, accrued expenses and other current liabilities | 4,000,000 | |||||||||||||||||||||||||||||||
proceeds from/(payments of) development advance notes | 5,000,000 | |||||||||||||||||||||||||||||||
other | -8,000,000 | |||||||||||||||||||||||||||||||
net cash from operating activities | 16,000,000 | |||||||||||||||||||||||||||||||
investing activities | ||||||||||||||||||||||||||||||||
property and equipment additions | -14,000,000 | |||||||||||||||||||||||||||||||
insurance proceeds | 14,000,000 | |||||||||||||||||||||||||||||||
net cash from investing activities | ||||||||||||||||||||||||||||||||
financing activities | ||||||||||||||||||||||||||||||||
net transfer to parent | -14,000,000 | |||||||||||||||||||||||||||||||
proceeds from borrowings from parent | 13,000,000 | |||||||||||||||||||||||||||||||
net cash from financing activities | -1,000,000 | |||||||||||||||||||||||||||||||
effect of changes in exchange rates on cash, cash equivalents and restricted cash | -1,000,000 | |||||||||||||||||||||||||||||||
net increase in cash, cash equivalents and restricted cash | 14,000,000 | |||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash, beginning of period | 59,000,000 | |||||||||||||||||||||||||||||||
cash, cash equivalents and restricted cash, end of period | 73,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | ||||||||||||||||||||||||||||||||
net income | -60,000,000 | 104,000,000 | 88,000,000 | 61,000,000 | 85,000,000 | 102,000,000 | 86,000,000 | 16,000,000 | 49,000,000 | 103,000,000 | 70,000,000 | 67,000,000 | 56,000,000 | 101,000,000 | 92,000,000 | 106,000,000 | 49,000,000 | 102,000,000 | 69,000,000 | 24,000,000 | -7,000,000 | 27,000,000 | -174,000,000 | 22,000,000 | 64,000,000 | 46,000,000 | 26,000,000 | 21,000,000 | 44,000,000 | 57,000,000 | 22,000,000 | 39,000,000 |
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||||||||
depreciation and amortization | 16,000,000 | 15,000,000 | 16,000,000 | 15,000,000 | 17,000,000 | 17,000,000 | 17,000,000 | 20,000,000 | 20,000,000 | 19,000,000 | 18,000,000 | 19,000,000 | 19,000,000 | 18,000,000 | 16,000,000 | 24,000,000 | 25,000,000 | 23,000,000 | 23,000,000 | 24,000,000 | 25,000,000 | 24,000,000 | 24,000,000 | 25,000,000 | 28,000,000 | 25,000,000 | 27,000,000 | 29,000,000 | 28,000,000 | 30,000,000 | 22,000,000 | 19,000,000 |
development advance notes amortization | 9,000,000 | 9,000,000 | 7,000,000 | 7,000,000 | ||||||||||||||||||||||||||||
provision for doubtful accounts and loan losses | ||||||||||||||||||||||||||||||||
impairment | 0 | 0 | 0 | 12,000,000 | 0 | 0 | ||||||||||||||||||||||||||
deferred income taxes | -52,000,000 | 0 | -4,000,000 | -1,000,000 | 9,000,000 | -3,000,000 | 1,000,000 | -3,000,000 | -12,000,000 | -1,000,000 | -2,000,000 | -5,000,000 | -6,000,000 | -26,000,000 | -5,000,000 | 1,000,000 | 2,000,000 | 1,000,000 | 29,000,000 | -5,000,000 | -49,000,000 | 2,000,000 | -2,000,000 | -6,000,000 | -9,000,000 | 3,000,000 | -6,000,000 | -7,000,000 | 2,000,000 | |||
stock-based compensation | 14,000,000 | 10,000,000 | 9,000,000 | 10,000,000 | 12,000,000 | 11,000,000 | 12,000,000 | 10,000,000 | 11,000,000 | 10,000,000 | 9,000,000 | 9,000,000 | 8,000,000 | 8,000,000 | 9,000,000 | 8,000,000 | 8,000,000 | 7,000,000 | 8,000,000 | 5,000,000 | 6,000,000 | 5,000,000 | 6,000,000 | 4,000,000 | 5,000,000 | 4,000,000 | 6,000,000 | 5,000,000 | 8,000,000 | 13,000,000 | ||
loss on early extinguishment of debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
net change in assets and liabilities: | ||||||||||||||||||||||||||||||||
trade receivables | 12,000,000 | -12,000,000 | -40,000,000 | -8,000,000 | 8,000,000 | -10,000,000 | -26,000,000 | -11,000,000 | 30,000,000 | -16,000,000 | -28,000,000 | 4,000,000 | 17,000,000 | 4,000,000 | -22,000,000 | 17,000,000 | 35,000,000 | 6,000,000 | -26,000,000 | 10,000,000 | -6,000,000 | -9,000,000 | -18,000,000 | -5,000,000 | 35,000,000 | 9,000,000 | -52,000,000 | -3,000,000 | 14,000,000 | -43,000,000 | -12,000,000 | -14,000,000 |
prepaid expenses | -6,000,000 | 15,000,000 | 13,000,000 | -11,000,000 | -5,000,000 | 0 | -6,000,000 | -7,000,000 | -1,000,000 | 21,000,000 | 2,000,000 | -17,000,000 | -12,000,000 | 9,000,000 | 1,000,000 | -4,000,000 | 0 | -7,000,000 | -3,000,000 | 9,000,000 | 3,000,000 | -6,000,000 | -2,000,000 | 14,000,000 | -6,000,000 | -14,000,000 | 8,000,000 | -13,000,000 | ||||
other current assets | 13,000,000 | -15,000,000 | 0 | 1,000,000 | 0 | -3,000,000 | 2,000,000 | 3,000,000 | 29,000,000 | -11,000,000 | -16,000,000 | 35,000,000 | -43,000,000 | -16,000,000 | -4,000,000 | 60,000,000 | -39,000,000 | -10,000,000 | -9,000,000 | 13,000,000 | -5,000,000 | 9,000,000 | 5,000,000 | -8,000,000 | 23,000,000 | 6,000,000 | -21,000,000 | -1,000,000 | -3,000,000 | -3,000,000 | -3,000,000 | -13,000,000 |
accounts payable, accrued expenses and other current liabilities | 30,000,000 | -13,000,000 | 39,000,000 | -18,000,000 | -8,000,000 | -15,000,000 | -49,000,000 | 39,000,000 | 11,000,000 | -22,000,000 | 47,000,000 | -40,000,000 | 10,000,000 | 9,000,000 | 27,000,000 | -32,000,000 | 21,000,000 | 12,000,000 | 30,000,000 | -24,000,000 | -51,000,000 | 56,000,000 | -37,000,000 | -14,000,000 | -85,000,000 | 69,000,000 | 1,000,000 | -13,000,000 | 3,000,000 | 50,000,000 | 28,000,000 | 4,000,000 |
deferred revenues | 35,000,000 | -2,000,000 | -24,000,000 | 53,000,000 | 29,000,000 | -8,000,000 | -9,000,000 | 24,000,000 | 0 | -10,000,000 | -4,000,000 | 24,000,000 | 2,000,000 | 4,000,000 | -3,000,000 | 19,000,000 | 2,000,000 | 3,000,000 | 2,000,000 | 9,000,000 | ||||||||||||
payments of development advance notes | -39,000,000 | -22,000,000 | -23,000,000 | -28,000,000 | -26,000,000 | -24,000,000 | -33,000,000 | -31,000,000 | -26,000,000 | -16,000,000 | -18,000,000 | -13,000,000 | -16,000,000 | -23,000,000 | -6,000,000 | -7,000,000 | -7,000,000 | -9,000,000 | -8,000,000 | -8,000,000 | -6,000,000 | -5,000,000 | -3,000,000 | -3,000,000 | -9,000,000 | -2,000,000 | -16,000,000 | -10,000,000 | ||||
proceeds from development advance notes | ||||||||||||||||||||||||||||||||
other | 9,000,000 | -6,000,000 | -15,000,000 | -24,000,000 | 6,000,000 | 11,000,000 | 3,000,000 | 3,000,000 | 8,000,000 | 4,000,000 | -1,000,000 | 6,000,000 | 6,000,000 | 0 | 2,000,000 | 5,000,000 | 5,000,000 | 4,000,000 | 4,000,000 | 6,000,000 | 1,000,000 | 7,000,000 | -3,000,000 | 2,000,000 | 7,000,000 | -4,000,000 | 5,000,000 | -6,000,000 | -1,000,000 | 17,000,000 | 1,000,000 | -8,000,000 |
net cash from operating activities | 152,000,000 | 86,000,000 | 70,000,000 | 59,000,000 | 134,000,000 | 79,000,000 | 1,000,000 | 76,000,000 | 123,000,000 | 77,000,000 | 83,000,000 | 93,000,000 | 50,000,000 | 107,000,000 | 107,000,000 | 135,000,000 | 99,000,000 | 147,000,000 | 116,000,000 | 64,000,000 | 10,000,000 | 97,000,000 | -57,000,000 | 17,000,000 | 91,000,000 | 146,000,000 | -144,000,000 | 7,000,000 | 130,000,000 | 68,000,000 | 17,000,000 | 16,000,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 152,000,000 | 86,000,000 | 70,000,000 | 59,000,000 | 134,000,000 | 79,000,000 | 1,000,000 | 76,000,000 | 123,000,000 | 77,000,000 | 83,000,000 | 93,000,000 | 50,000,000 | 107,000,000 | 107,000,000 | 135,000,000 | 99,000,000 | 147,000,000 | 116,000,000 | 64,000,000 | 10,000,000 | 97,000,000 | -57,000,000 | 17,000,000 | 91,000,000 | 146,000,000 | -144,000,000 | 7,000,000 | 130,000,000 | 68,000,000 | 17,000,000 | 16,000,000 |
investing activities | ||||||||||||||||||||||||||||||||
property and equipment additions | -16,000,000 | -11,000,000 | -12,000,000 | -7,000,000 | -25,000,000 | -8,000,000 | -7,000,000 | -9,000,000 | -9,000,000 | -10,000,000 | -9,000,000 | -9,000,000 | -11,000,000 | -10,000,000 | -8,000,000 | -10,000,000 | -14,000,000 | -6,000,000 | -12,000,000 | -5,000,000 | -10,000,000 | -5,000,000 | -11,000,000 | -7,000,000 | -15,000,000 | -10,000,000 | -16,000,000 | -9,000,000 | -18,000,000 | -22,000,000 | -19,000,000 | -14,000,000 |
loan advances | -2,000,000 | -4,000,000 | 0 | -52,000,000 | -1,000,000 | -1,000,000 | 0 | -15,000,000 | -7,000,000 | |||||||||||||||||||||||
loan repayments | ||||||||||||||||||||||||||||||||
net cash from investing activities | -17,000,000 | -15,000,000 | -12,000,000 | -59,000,000 | -25,000,000 | -9,000,000 | -7,000,000 | -24,000,000 | -16,000,000 | -31,000,000 | -10,000,000 | -9,000,000 | -11,000,000 | -54,000,000 | 52,000,000 | 192,000,000 | -13,000,000 | -3,000,000 | -13,000,000 | -5,000,000 | -7,000,000 | -5,000,000 | -12,000,000 | -7,000,000 | -16,000,000 | -10,000,000 | -16,000,000 | -11,000,000 | -31,000,000 | -25,000,000 | ||
financing activities | ||||||||||||||||||||||||||||||||
proceeds from borrowings | 55,000,000 | 108,000,000 | 102,000,000 | 140,000,000 | 33,000,000 | 99,000,000 | 1,655,000,000 | 48,000,000 | 70,000,000 | 170,000,000 | 0 | 0 | 0 | 0 | 0 | 500,000,000 | 0 | 744,000,000 | ||||||||||||||
principal payments on long-term debt | -123,000,000 | -60,000,000 | -53,000,000 | -76,000,000 | -23,000,000 | -39,000,000 | -1,469,000,000 | -8,000,000 | -28,000,000 | -68,000,000 | 0 | 0 | -400,000,000 | -4,000,000 | -4,000,000 | -4,000,000 | -562,000,000 | -4,000,000 | -238,000,000 | -504,000,000 | -4,000,000 | -14,000,000 | -4,000,000 | |||||||||
finance lease payments | -1,000,000 | -2,000,000 | -1,000,000 | -1,000,000 | -2,000,000 | -1,000,000 | -1,000,000 | |||||||||||||||||||||||||
debt issuance costs | 0 | 0 | 0 | -2,000,000 | 0 | 0 | 0 | |||||||||||||||||||||||||
dividends to stockholders | -31,000,000 | -31,000,000 | -32,000,000 | -33,000,000 | -30,000,000 | -29,000,000 | -31,000,000 | -32,000,000 | -28,000,000 | -29,000,000 | -30,000,000 | -31,000,000 | -28,000,000 | -29,000,000 | -29,000,000 | -30,000,000 | ||||||||||||||||
repurchases of common stock | -43,000,000 | -70,000,000 | -79,000,000 | -74,000,000 | -27,000,000 | -97,000,000 | -131,000,000 | -55,000,000 | -132,000,000 | -97,000,000 | -110,000,000 | -54,000,000 | -135,000,000 | -134,000,000 | -140,000,000 | -39,000,000 | -81,000,000 | 0 | 0 | 0 | -50,000,000 | -74,000,000 | -73,000,000 | -50,000,000 | -45,000,000 | -60,000,000 | -46,000,000 | |||||
exercise of stock options | 3,000,000 | 4,000,000 | 7,000,000 | 0 | ||||||||||||||||||||||||||||
net share settlement of incentive equity awards | -1,000,000 | 0 | 0 | -22,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | -17,000,000 | 0 | 0 | 0 | -9,000,000 | 0 | 0 | -2,000,000 | -9,000,000 | 0 | -1,000,000 | -1,000,000 | -5,000,000 | 0 | 0 | -2,000,000 | -2,000,000 | 0 | -1,000,000 | -7,000,000 | 0 | ||||
net cash from financing activities | -142,000,000 | -50,000,000 | -57,000,000 | -65,000,000 | -75,000,000 | -68,000,000 | 35,000,000 | -67,000,000 | -119,000,000 | -29,000,000 | -159,000,000 | -95,000,000 | -164,000,000 | -164,000,000 | -174,000,000 | -82,000,000 | -107,000,000 | -54,000,000 | -531,000,000 | -21,000,000 | -246,000,000 | -21,000,000 | -17,000,000 | 647,000,000 | -116,000,000 | -108,000,000 | -18,000,000 | -78,000,000 | -116,000,000 | -72,000,000 | 1,997,000,000 | -1,000,000 |
effect of changes in exchange rates on cash, cash equivalents and restricted cash | 0 | -1,000,000 | -1,000,000 | -1,000,000 | 0 | -3,000,000 | 0 | 1,000,000 | -2,000,000 | -1,000,000 | ||||||||||||||||||||||
net increase in cash, cash equivalents and restricted cash | -6,000,000 | 20,000,000 | 31,000,000 | 3,000,000 | 16,000,000 | -87,000,000 | -11,000,000 | -125,000,000 | -114,000,000 | -16,000,000 | 245,000,000 | -22,000,000 | 90,000,000 | -428,000,000 | 38,000,000 | -242,000,000 | 71,000,000 | -85,000,000 | 655,000,000 | -40,000,000 | 27,000,000 | -177,000,000 | -82,000,000 | -21,000,000 | -29,000,000 | 343,000,000 | 14,000,000 | |||||
cash, cash equivalents and restricted cash, beginning of period | 0 | 0 | 0 | 113,000,000 | 0 | 0 | 0 | 66,000,000 | 0 | 0 | 0 | 161,000,000 | 0 | 0 | 0 | 171,000,000 | 0 | 0 | 0 | 493,000,000 | 0 | 0 | 0 | 94,000,000 | 0 | 0 | 0 | 366,000,000 | 0 | 0 | 0 | 59,000,000 |
cash, cash equivalents and restricted cash, end of period | -6,000,000 | 20,000,000 | 2,000,000 | 48,000,000 | 31,000,000 | 3,000,000 | 29,000,000 | 50,000,000 | -13,000,000 | 16,000,000 | -87,000,000 | 150,000,000 | -125,000,000 | -114,000,000 | -16,000,000 | 416,000,000 | -22,000,000 | 90,000,000 | -428,000,000 | 531,000,000 | -242,000,000 | 71,000,000 | -85,000,000 | 749,000,000 | -40,000,000 | 27,000,000 | -177,000,000 | 284,000,000 | -21,000,000 | -29,000,000 | 343,000,000 | 73,000,000 |
provision for doubtful accounts | 3,000,000 | 4,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 6,000,000 | 1,000,000 | 3,000,000 | 11,000,000 | |||||||||||||||||||||||
net decrease in cash, cash equivalents and restricted cash | -65,000,000 | -16,000,000 | ||||||||||||||||||||||||||||||
provision for/(recovery of) doubtful accounts | ||||||||||||||||||||||||||||||||
gain on asset sale | 0 | -36,000,000 | ||||||||||||||||||||||||||||||
acquisition of hotel brand | 0 | |||||||||||||||||||||||||||||||
proceeds from asset sales | 0 | 0 | 61,000,000 | 202,000,000 | ||||||||||||||||||||||||||||
adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||||||||||||||||||||||||||||||||
benefit from doubtful accounts | 1,000,000 | |||||||||||||||||||||||||||||||
impairments | 0 | 0 | ||||||||||||||||||||||||||||||
net (decrease) in cash, cash equivalents and restricted cash | ||||||||||||||||||||||||||||||||
gain on asset sales | ||||||||||||||||||||||||||||||||
(recovery of)/provision for doubtful accounts | 1,000,000 | -2,000,000 | ||||||||||||||||||||||||||||||
proceeds from loan repayments | ||||||||||||||||||||||||||||||||
loss on asset sales | ||||||||||||||||||||||||||||||||
payment of tax liability assumed in la quinta acquisition | -7,000,000 | 0 | 0 | |||||||||||||||||||||||||||||
capital contribution from former parent | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
repayments/(issuances) of loans | ||||||||||||||||||||||||||||||||
dividends to shareholders | -23,000,000 | -15,000,000 | -15,000,000 | -8,000,000 | -7,000,000 | -8,000,000 | -30,000,000 | -28,000,000 | -28,000,000 | -28,000,000 | -28,000,000 | -25,000,000 | -25,000,000 | |||||||||||||||||||
issuance of loans | 0 | -2,000,000 | ||||||||||||||||||||||||||||||
gain on sale | 0 | 0 | ||||||||||||||||||||||||||||||
acquisition of business, net of cash acquired | -7,000,000 | -1,000,000 | ||||||||||||||||||||||||||||||
proceeds from sale of assets | 0 | 0 | ||||||||||||||||||||||||||||||
insurance proceeds | 0 | 0 | 0 | 14,000,000 | ||||||||||||||||||||||||||||
net transfer to former parent | 0 | 0 | ||||||||||||||||||||||||||||||
proceeds from borrowings from former parent | 0 | 0 | ||||||||||||||||||||||||||||||
dividend to former parent | -19,000,000 | 0 | ||||||||||||||||||||||||||||||
deferred income | -21,000,000 | -20,000,000 | -2,000,000 | -15,000,000 | 24,000,000 | -8,000,000 | 26,000,000 | -7,000,000 | -17,000,000 | -5,000,000 | ||||||||||||||||||||||
proceeds from long-term debt | 0 | 0 | ||||||||||||||||||||||||||||||
proceeds from/(issuance of) loans | ||||||||||||||||||||||||||||||||
proceeds from/(principal payments on) long-term debt | ||||||||||||||||||||||||||||||||
(issuance of)/proceeds from loans | ||||||||||||||||||||||||||||||||
(principal payments on)/proceeds from long-term debt | ||||||||||||||||||||||||||||||||
(payments of)/proceeds from development advance notes | -6,000,000 | |||||||||||||||||||||||||||||||
impairment charges | ||||||||||||||||||||||||||||||||
long‑term assets | ||||||||||||||||||||||||||||||||
capital lease payments | -1,000,000 | -1,000,000 | ||||||||||||||||||||||||||||||
proceeds from repayment of loans | ||||||||||||||||||||||||||||||||
proceeds from/(payments of) development advance notes | 5,000,000 | |||||||||||||||||||||||||||||||
net transfer to parent | -14,000,000 | |||||||||||||||||||||||||||||||
proceeds from borrowings from parent | 13,000,000 |