Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets (Unaudited)

v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 48 $ 103
Trade receivables, net 278 271
Prepaid expenses 55 44
Other current assets 56 49
Total current assets 437 467
Property and equipment, net 95 94
Goodwill 1,525 1,525
Other non-current assets 648 589
Total assets 4,249 4,223
Current liabilities:    
Current portion of long-term debt 45 43
Accounts payable 39 37
Deferred revenues 118 121
Accrued expenses and other current liabilities 251 265
Total current liabilities 453 466
Long-term debt 2,483 2,420
Deferred income taxes 327 332
Deferred revenues 224 169
Other non-current liabilities 183 186
Total liabilities 3,670 3,573
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding 0 0
Common stock, $0.01 par value, 103.1 and 102.8 issued as of March 31, 2025 and December 31, 2024 1 1
Treasury stock, at cost – 25.6 and 24.8 shares as of March 31, 2025 and December 31, 2024 (1,745) (1,669)
Additional paid-in capital 1,636 1,647
Retained earnings 683 654
Accumulated other comprehensive income 4 17
Total stockholders’ equity 579 650
Total liabilities and stockholders’ equity 4,249 4,223
Trademarks, net    
Current assets:    
Intangible assets, net 1,232 1,230
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 312 $ 318