Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited)

v3.22.1
Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net revenues    
Net revenues $ 371 $ 303
Expenses    
Operating 35 27
General and administrative 29 24
Depreciation and amortization 24 24
Gain on asset sale (36) 0
Separation-related 0 2
Total expenses 211 240
Operating income 160 63
Interest expense, net 20 28
Income before income taxes 140 35
Provision for income taxes 34 11
Net income $ 106 $ 24
Earnings per share    
Basic (in usd per share) $ 1.15 $ 0.26
Diluted (in usd per share) $ 1.14 $ 0.26
Fee-related and other revenues    
Net revenues    
Net revenues $ 316 $ 232
Royalties and franchise fees    
Net revenues    
Net revenues 110 78
Marketing, reservation and loyalty    
Net revenues    
Net revenues 111 85
Expenses    
Cost of revenues 104 92
Management and other fees    
Net revenues    
Net revenues 35 19
License and other fees    
Net revenues    
Net revenues 19 20
Other    
Net revenues    
Net revenues 41 30
Cost reimbursements    
Net revenues    
Net revenues 55 71
Expenses    
Cost of revenues $ 55 $ 71