Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.2.2
Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net revenues        
Net revenues $ 407 $ 463 $ 1,164 $ 1,173
Expenses        
Operating 20 33 85 92
General and administrative 29 30 88 81
Depreciation and amortization 18 23 58 70
Gain on asset sale, net 0 0 (35) 0
Separation-related 1 0 0 3
Total expenses 247 302 699 815
Operating income 160 161 465 358
Interest expense, net 21 22 60 73
Early extinguishment of debt 0 0 2 18
Income before income taxes 139 139 403 267
Provision for income taxes 38 36 104 72
Net income $ 101 $ 103 $ 299 $ 195
Earnings per share        
Basic (in usd per share) $ 1.13 $ 1.10 $ 3.28 $ 2.09
Diluted (in usd per share) $ 1.13 $ 1.09 $ 3.26 $ 2.08
Fee-related and other revenues        
Net revenues        
Net revenues $ 375 $ 377 $ 1,045 $ 931
Royalties and franchise fees        
Net revenues        
Net revenues 152 144 394 344
Marketing, reservation and loyalty        
Net revenues        
Net revenues 159 149 416 353
Expenses        
Cost of revenues 147 130 384 327
Management and other fees        
Net revenues        
Net revenues 3 32 54 82
License and other fees        
Net revenues        
Net revenues 28 20 74 60
Other        
Net revenues        
Net revenues 33 32 107 92
Cost reimbursements        
Net revenues        
Net revenues 32 86 119 242
Expenses        
Cost of revenues $ 32 $ 86 $ 119 $ 242