Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets (Unaudited)

v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 79 $ 64
Trade receivables, net 300 291
Prepaid expenses 49 33
Other current assets 47 47
Total current assets 475 435
Property and equipment, net 138 104
Goodwill 1,525 1,525
Other non-current assets 627 628
Total assets 4,248 4,182
Current liabilities:    
Current portion of long-term debt 23 45
Accounts payable 40 38
Deferred revenues 110 134
Accrued expenses and other current liabilities 310 290
Total current liabilities 483 507
Long-term debt 2,627 2,515
Deferred income taxes 269 271
Deferred revenues 232 220
Other non-current liabilities 190 201
Total liabilities 3,801 3,714
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding 0 0
Common stock, $0.01 par value, 76.1 and 75.7 shares issued as of March 31, 2026 and December 31, 2025 1 1
Treasury stock, at cost – 0.9 and 0.3 shares as of March 31, 2026 and December 31, 2025 (72) (21)
Additional paid-in capital 12 14
Retained earnings 498 471
Accumulated other comprehensive income 8 3
Total stockholders’ equity 447 468
Total liabilities and stockholders’ equity 4,248 4,182
Trademarks, net    
Current assets:    
Intangible assets, net 1,208 1,208
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 275 $ 282