Quarterly report pursuant to Section 13 or 15(d)

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

v3.23.1
Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Net revenues    
Net revenues $ 313 $ 371
Expenses    
Operating 20 35
General and administrative 30 29
Depreciation and amortization 19 24
Gain on asset sale 0 (36)
Separation-related 2 0
Total expenses 200 211
Operating income 113 160
Interest expense, net 22 20
Income before income taxes 91 140
Provision for income taxes 24 34
Net income $ 67 $ 106
Earnings per share    
Basic (in usd per share) $ 0.77 $ 1.15
Diluted (in usd per share) $ 0.77 $ 1.14
Fee-related and other revenues    
Net revenues    
Net revenues $ 308 $ 316
Royalties and franchise fees    
Net revenues    
Net revenues 121 110
Marketing, reservation and loyalty    
Net revenues    
Net revenues 120 111
Expenses    
Cost of revenues 124 104
Management and other fees    
Net revenues    
Net revenues 3 35
License and other fees    
Net revenues    
Net revenues 23 19
Other    
Net revenues    
Net revenues 41 41
Cost reimbursements    
Net revenues    
Net revenues 5 55
Expenses    
Cost of revenues $ 5 $ 55