Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 63 $ 161
Trade receivables, net 258 234
Prepaid expenses 73 59
Other current assets 74 91
Total current assets 468 545
Property and equipment, net 94 99
Goodwill 1,525 1,525
Other non-current assets 376 348
Total assets 4,056 4,123
Current liabilities:    
Current portion of long-term debt 37 20
Accounts payable 63 39
Deferred revenues 99 83
Accrued expenses and other current liabilities 270 264
Total current liabilities 469 406
Long-term debt 2,021 2,057
Deferred income taxes 344 345
Deferred revenues 166 164
Other non-current liabilities 176 189
Total liabilities 3,176 3,161
Commitments and contingencies (Note 11)
Stockholders’ equity:    
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding 0 0
Common stock, $0.01 par value, 102.1 and 101.6 issued as of June 30, 2023 and December 31, 2022 1 1
Treasury stock, at cost – 17.6 and 15.2 shares as of June 30, 2023 and December 31, 2022 (1,129) (964)
Additional paid-in capital 1,578 1,569
Retained earnings 394 318
Accumulated other comprehensive income 36 38
Total stockholders’ equity 880 962
Total liabilities and stockholders’ equity 4,056 4,123
Trademarks, net    
Current assets:    
Intangible assets, net 1,232 1,232
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 361 $ 374