Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.22.4
Consolidated Statements of Income - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Net revenues      
Fee-related and other revenues $ 1,354 $ 1,245 $ 950
Net revenues 1,498 1,565 1,300
Expenses      
Operating 106 132 109
General and administrative 123 113 116
Depreciation and amortization 77 95 98
Gain on asset sale, net (35) 0 0
Separation-related 1 3 2
Impairments, net 0 6 206
Restructuring 0 0 34
Transaction-related, net 0 0 12
Total expenses 940 1,119 1,346
Operating income/(loss) 558 446 (46)
Interest expense, net 80 93 112
Early extinguishment of debt 2 18 0
Income/(loss) before income taxes 476 335 (158)
Provision for/(benefit from) income taxes 121 91 (26)
Net income/(loss) $ 355 $ 244 $ (132)
Earnings/(loss) per share      
Basic (in usd per share) $ 3.93 $ 2.61 $ (1.42)
Diluted (in usd per share) $ 3.91 $ 2.60 $ (1.42)
Royalties and franchise fees      
Net revenues      
Fee-related and other revenues $ 512 $ 461 $ 328
Marketing, reservation and loyalty      
Net revenues      
Fee-related and other revenues 544 468 370
Expenses      
Cost of revenues 524 450 419
Management and other fees      
Net revenues      
Fee-related and other revenues 57 117 64
License and other fees      
Net revenues      
Fee-related and other revenues 100 79 84
Cost reimbursements      
Net revenues      
Cost reimbursements 144 320 350
Expenses      
Cost of revenues 144 320 350
Other      
Net revenues      
Fee-related and other revenues $ 141 $ 120 $ 104