Quarterly report pursuant to Section 13 or 15(d)

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

v3.23.3
Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net revenues        
Net revenues $ 402 $ 407 $ 1,076 $ 1,164
Expenses        
Operating 24 20 65 85
General and administrative 31 29 93 88
Depreciation and amortization 19 18 56 58
Transaction-related, net 1 0 5 0
Gain on asset sale, net 0 0 0 (35)
Separation-related 0 1 0 0
Total expenses 239 247 677 699
Operating income 163 160 399 465
Interest expense, net 27 21 73 60
Early extinguishment of debt 0 0 (3) (2)
Income before income taxes 136 139 323 403
Provision for income taxes 33 38 83 104
Net income $ 103 $ 101 $ 240 $ 299
Earnings per share        
Basic (in usd per share) $ 1.22 $ 1.13 $ 2.81 $ 3.28
Diluted (in usd per share) $ 1.21 $ 1.13 $ 2.79 $ 3.26
Fee-related and other revenues        
Net revenues        
Net revenues $ 400 $ 375 $ 1,064 $ 1,045
Royalties and franchise fees        
Net revenues        
Net revenues 152 152 415 394
Marketing, reservation and loyalty        
Net revenues        
Net revenues 179 159 445 416
Expenses        
Cost of revenues 162 147 446 384
Management and other fees        
Net revenues        
Net revenues 3 3 11 54
License and other fees        
Net revenues        
Net revenues 30 28 83 74
Other        
Net revenues        
Net revenues 36 33 110 107
Cost reimbursements        
Net revenues        
Net revenues 2 32 12 119
Expenses        
Cost of revenues $ 2 $ 32 $ 12 $ 119