Annual report pursuant to Section 13 and 15(d)

Segment Information (Tables)

v3.24.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Summary of Net Revenues and Adjusted EBITDA by Segment
Hotel Franchising
Hotel Management
Corporate and Other (a)
Total
Year Ended or as of December 31, 2023
Net revenues
 $ 1,397  n/a $ —  $ 1,397 
Adjusted EBITDA
 727  n/a (68) 659 
Depreciation and amortization
 66  n/a 10  76 
Segment assets
 3,880  n/a 153  4,033 
Capital expenditures
 33  n/a 4  37 
Year Ended or as of December 31, 2022
Net revenues
 $ 1,277  $ 221  $ —  $ 1,498 
Adjusted EBITDA
 679  37  (66) 650 
Depreciation and amortization
 63  5  9  77 
Segment assets
 3,711  113  299  4,123 
Capital expenditures
 33  —  6  39 
Year Ended or as of December 31, 2021
Net revenues
 $ 1,099  $ 466  $ —  $ 1,565 
Adjusted EBITDA
 592  57  (59) 590 
Depreciation and amortization
 60  26  9  95 
Segment assets
 3,575  394  300  4,269 
Capital expenditures
 30  4  3  37 
_____________________
(a)    Includes the elimination of transactions between segments.
Reconciliation of Net Income to Adjusted EBITDA
Provided below is a reconciliation of net income to adjusted EBITDA.
Year Ended December 31,
2023 2022 2021
Net income $ 289  $ 355  $ 244 
Provision for income taxes 109  121  91 
Depreciation and amortization 76  77  95 
Interest expense, net 102  80  93 
Early extinguishment of debt 3  2  18 
Stock-based compensation expense 39  33  28 
Development advance notes amortization 15  12  11 
Transaction-related expenses, net 11  —  — 
Separation-related expenses 1  1  3 
Gain on asset sale, net —  (35) — 
Impairments, net —  —  6 
Foreign currency impact of highly inflationary countries 14  4  1 
Adjusted EBITDA
 $ 659  $ 650  $ 590 
Revenue from External Customers by Geographic Areas
Year Ended December 31,
2023 2022 2021
Net income $ 289  $ 355  $ 244 
Provision for income taxes 109  121  91 
Depreciation and amortization 76  77  95 
Interest expense, net 102  80  93 
Early extinguishment of debt 3  2  18 
Stock-based compensation expense 39  33  28 
Development advance notes amortization 15  12  11 
Transaction-related expenses, net 11  —  — 
Separation-related expenses 1  1  3 
Gain on asset sale, net —  (35) — 
Impairments, net —  —  6 
Foreign currency impact of highly inflationary countries 14  4  1 
Adjusted EBITDA
 $ 659  $ 650  $ 590 
The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.
United States
All Other Countries (a)
Total
Year Ended or As of December 31, 2023
Net revenues $ 1,142  $ 255  $ 1,397 
Net long-lived assets 3,002  190  3,192 
Year Ended or As of December 31, 2022
Net revenues $ 1,271  $ 227  $ 1,498 
Net long-lived assets 3,126  104  3,230 
Year Ended or As of December 31, 2021
Net revenues $ 1,366  $ 199  $ 1,565 
Net long-lived assets 3,199  107  3,306 
_____________________
(a)    Includes U.S. territories.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
Year Ended December 31,
2023 2022 2021
Net income $ 289  $ 355  $ 244 
Provision for income taxes 109  121  91 
Depreciation and amortization 76  77  95 
Interest expense, net 102  80  93 
Early extinguishment of debt 3  2  18 
Stock-based compensation expense 39  33  28 
Development advance notes amortization 15  12  11 
Transaction-related expenses, net 11  —  — 
Separation-related expenses 1  1  3 
Gain on asset sale, net —  (35) — 
Impairments, net —  —  6 
Foreign currency impact of highly inflationary countries 14  4  1 
Adjusted EBITDA
 $ 659  $ 650  $ 590 
The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.
United States
All Other Countries (a)
Total
Year Ended or As of December 31, 2023
Net revenues $ 1,142  $ 255  $ 1,397 
Net long-lived assets 3,002  190  3,192 
Year Ended or As of December 31, 2022
Net revenues $ 1,271  $ 227  $ 1,498 
Net long-lived assets 3,126  104  3,230 
Year Ended or As of December 31, 2021
Net revenues $ 1,366  $ 199  $ 1,565 
Net long-lived assets 3,199  107  3,306 
_____________________
(a)    Includes U.S. territories.
Long-lived Assets by Geographic Areas
Year Ended December 31,
2023 2022 2021
Net income $ 289  $ 355  $ 244 
Provision for income taxes 109  121  91 
Depreciation and amortization 76  77  95 
Interest expense, net 102  80  93 
Early extinguishment of debt 3  2  18 
Stock-based compensation expense 39  33  28 
Development advance notes amortization 15  12  11 
Transaction-related expenses, net 11  —  — 
Separation-related expenses 1  1  3 
Gain on asset sale, net —  (35) — 
Impairments, net —  —  6 
Foreign currency impact of highly inflationary countries 14  4  1 
Adjusted EBITDA
 $ 659  $ 650  $ 590 
The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.
United States
All Other Countries (a)
Total
Year Ended or As of December 31, 2023
Net revenues $ 1,142  $ 255  $ 1,397 
Net long-lived assets 3,002  190  3,192 
Year Ended or As of December 31, 2022
Net revenues $ 1,271  $ 227  $ 1,498 
Net long-lived assets 3,126  104  3,230 
Year Ended or As of December 31, 2021
Net revenues $ 1,366  $ 199  $ 1,565 
Net long-lived assets 3,199  107  3,306 
_____________________
(a)    Includes U.S. territories.