Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets (Unaudited)

v3.25.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 70 $ 103
Trade receivables, net 326 271
Prepaid expenses 27 44
Other current assets 85 49
Total current assets 508 467
Property and equipment, net 99 94
Goodwill 1,525 1,525
Other non-current assets 680 589
Total assets 4,346 4,223
Current liabilities:    
Current portion of long-term debt 45 43
Accounts payable 49 37
Deferred revenues 96 121
Accrued expenses and other current liabilities 249 265
Total current liabilities 439 466
Long-term debt 2,582 2,420
Deferred income taxes 322 332
Deferred revenues 222 169
Other non-current liabilities 198 186
Total liabilities 3,763 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, 103.3 and 102.8 issued as of September 30, 2025 and December 31, 2024 1 1
Treasury stock, at cost – 27.3 and 24.8 shares as of September 30, 2025 and December 31, 2024 (1,892) (1,669)
Additional paid-in capital 1,662 1,647
Retained earnings 811 654
Accumulated other comprehensive income 1 17
Total stockholders’ equity 583 650
Total liabilities and stockholders’ equity 4,346 4,223
Trademarks, net    
Current assets:    
Intangible assets, net 1,234 1,230
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 300 $ 318