Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets (Unaudited)

v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 69 $ 64
Trade receivables, net 331 291
Prepaid expenses 46 33
Other current assets 51 47
Total current assets 497 435
Property and equipment, net 148 104
Goodwill 1,525 1,525
Other non-current assets 685 628
Total assets 4,332 4,182
Current liabilities:    
Current portion of long-term debt 23 45
Accounts payable 57 38
Deferred revenues 147 134
Accrued expenses and other current liabilities 276 290
Total current liabilities 503 507
Long-term debt 2,652 2,515
Deferred income taxes 268 271
Deferred revenues 224 220
Other non-current liabilities 205 201
Total liabilities 3,852 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 June 30, 2026 and December 31, 2025 1 1
Treasury stock, at cost – 1.6 and 0.3 shares as of June 30, 2026 and December 31, 2025 (126) (21)
Additional paid-in capital 23 14
Retained earnings 568 471
Accumulated other comprehensive income 14 3
Total stockholders’ equity 480 468
Total liabilities and stockholders’ equity 4,332 4,182
Trademarks, net    
Current assets:    
Intangible assets, net 1,208 1,208
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 269 $ 282