Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.23.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Summary of Net Revenues and Adjusted EBITDA by Segment
Three Months Ended March 31,
2023 2022
Net Revenues
Adjusted EBITDA
Net Revenues
Adjusted EBITDA
Hotel Franchising (a)
$ 313  $ 164  $ 272  $ 155 
Hotel Management
 n/a n/a 99  20 
Total Reportable Segments
 313  164  371  175 
Corporate and Other
 —  (17) —  (16)
Total Company
 $ 313  $ 147  $ 371  $ 159 
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(a)    For 2023, the Hotel Franchising segment includes the former Hotel Management segment, which is primarily comprised of the Company's remaining international full-service managed business.
Reconciliation of Net Income to Adjusted EBITDA
The table below is a reconciliation of net income to adjusted EBITDA.
Three Months Ended March 31,
2023 2022
Net income $ 67  $ 106 
Provision for income taxes 24  34 
Depreciation and amortization 19  24 
Interest expense, net 22  20 
Stock-based compensation expense 9  8 
Development advance notes amortization 3  3 
Separation-related expenses 2  — 
Gain on asset sale —  (36)
Foreign currency impact of highly inflationary countries
 1  — 
Adjusted EBITDA
 $ 147  $ 159