Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.23.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Summary of Net Revenues and Adjusted EBITDA by Segment
Three Months Ended June 30,
2023 2022
Net Revenues
Adjusted EBITDA
Net Revenues
Adjusted EBITDA
Hotel Franchising (a)
$ 362  $ 175  $ 335  $ 185 
Hotel Management
 n/a n/a 51  6 
Total Reportable Segments
 362  175  386  191 
Corporate and Other
 —  (17) —  (16)
Total Company
 $ 362  $ 158  $ 386  $ 175 
______________________
(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 June 30,
2023 2022
Net income $ 70  $ 92 
Provision for income taxes 26  31 
Depreciation and amortization 19  17 
Interest expense, net 24  20 
Early extinguishment of debt 3  2 
Stock-based compensation 9  9 
Development advance notes amortization 4  3 
Transaction-related 4  — 
Separation-related (2) (1)
Loss on asset sales —  1 
Foreign currency impact of highly inflationary countries
 1  1 
Adjusted EBITDA
 $ 158  $ 175 
Six Months Ended June 30,
2023 2022
Net Revenues
Adjusted EBITDA
Net Revenues
Adjusted EBITDA
Hotel Franchising (a)
$ 674  339  $ 606  $ 340 
Hotel Management
 n/a n/a 151  26 
Total Reportable Segments
 674  339  757  366 
Corporate and Other
 —  (34) —  (32)
Total Company
 $ 674  305  $ 757  $ 334 
______________________
(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.
The table below is a reconciliation of net income to adjusted EBITDA.
Six Months Ended June 30,
2023 2022
Net income $ 137  $ 198 
Provision for income taxes 50  66 
Depreciation and amortization 37  40 
Interest expense, net 46  39 
Early extinguishment of debt 3  2 
Stock-based compensation 18  17 
Development advance notes amortization 7  6 
Transaction-related 4  — 
Gain on asset sales —  (35)
Separation-related —  (1)
Foreign currency impact of highly inflationary countries
 3  2 
Adjusted EBITDA
 $ 305  $ 334