Quarterly report pursuant to Section 13 or 15(d)

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

v3.23.2
Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net revenues        
Net revenues $ 362 $ 386 $ 674 $ 757
Expenses        
Operating 23 28 43 64
General and administrative 31 31 61 59
Depreciation and amortization 19 17 37 40
Transaction-related, net 4 0 4 0
(Gain)/loss on asset sales 0 1 0 (35)
Separation-related (2) (1) 0 (1)
Total expenses 239 241 438 452
Operating income 123 145 236 305
Interest expense, net 24 20 46 39
Early extinguishment of debt (3) (2) (3) (2)
Income before income taxes 96 123 187 264
Provision for income taxes 26 31 50 66
Net income $ 70 $ 92 $ 137 $ 198
Earnings per share        
Basic (in usd per share) $ 0.82 $ 1.00 $ 1.59 $ 2.15
Diluted (in usd per share) $ 0.82 $ 1.00 $ 1.59 $ 2.13
Fee-related and other revenues        
Net revenues        
Net revenues $ 358 $ 354 $ 665 $ 669
Royalties and franchise fees        
Net revenues        
Net revenues 142 133 263 242
Marketing, reservation and loyalty        
Net revenues        
Net revenues 145 145 265 257
Expenses        
Cost of revenues 160 133 284 237
Management and other fees        
Net revenues        
Net revenues 5 16 8 51
License and other fees        
Net revenues        
Net revenues 29 27 53 46
Other        
Net revenues        
Net revenues 37 33 76 73
Cost reimbursements        
Net revenues        
Net revenues 4 32 9 88
Expenses        
Cost of revenues $ 4 $ 32 $ 9 $ 88