Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income/(loss) $ 244 $ (132) $ 157
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:      
Depreciation and amortization 95 98 109
Provision for doubtful accounts 21 37 16
Impairments, net 6 209 45
Deferred income taxes (1) (23) (14)
Stock-based compensation 28 21 20
Early extinguishment of debt 18 0 0
Net change in assets and liabilities:      
Trade receivables 25 (38) (27)
Prepaid expenses (9) 3 (8)
Other current assets (45) 1 7
Accounts payable, accrued expenses and other current liabilities 39 (46) (28)
Payment of tax liability assumed in La Quinta acquisition 0 0 (195)
Deferred revenues 16 (54) 33
Payments of development advance notes (32) (17) (19)
Proceeds from development advance notes 2 1 2
Other, net 19 7 2
Net cash provided by operating activities 426 67 100
Investing activities      
Property and equipment additions (37) (33) (50)
Loan advances 0 (1) (2)
Loan repayments 3 3 0
Other, net 0 0 (1)
Net cash used in investing activities (34) (31) (53)
Financing activities      
Proceeds from borrowings 45 1,244 0
Principal payments on long-term debt (574) (760) (16)
Finance lease, principal payments (5) (5) (5)
Debt issuance costs 0 (10) 0
Capital contribution from former Parent 0 0 68
Dividends to stockholders (82) (53) (112)
Repurchases of common stock (107) (50) (242)
Exercise of stock options 17 0 0
Net share settlement of incentive equity awards (7) (4) (5)
Other, net 0 1 (8)
Net cash (used in)/provided by financing activities (713) 363 (320)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (1) 0 1
Net (decrease)/increase in cash, cash equivalents and restricted cash (322) 399 (272)
Cash, cash equivalents and restricted cash, beginning of period 493 94 366
Cash, cash equivalents and restricted cash, end of period $ 171 $ 493 $ 94