Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated and Combined Statements of Income

v3.19.2
Condensed Consolidated and Combined Statements of Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Net revenues        
Net revenues $ 533 $ 435 $ 1,001 $ 737
Expenses        
Operating 38 47 81 87
General and administrative 31 26 65 49
Depreciation and amortization 27 22 56 41
Impairment, net 45 0 45 0
Contract termination (9) 0 (9) 0
Separation-related 1 35 22 46
Transaction-related, net 11 28 18 30
Total expenses 471 396 889 641
Operating income 62 39 112 96
Interest expense, net 26 10 50 11
Income before income taxes 36 29 62 85
Provision for income taxes 10 8 15 24
Net income $ 26 $ 21 $ 47 $ 61
Earnings per share        
Basic (in usd per share) $ 0.27 $ 0.21 $ 0.49 $ 0.61
Diluted (in usd per share) $ 0.27 $ 0.21 $ 0.49 $ 0.61
Royalties and franchise fees        
Net revenues        
Net revenues $ 126 $ 113 $ 228 $ 194
Marketing, reservation and loyalty        
Net revenues        
Net revenues 140 124 254 208
Expenses        
Cost of revenues 149 124 278 208
Hotel management        
Net revenues        
Net revenues 36 28 75 58
License and other revenues from former Parent        
Net revenues        
Net revenues 33 25 61 43
Cost reimbursements        
Net revenues        
Net revenues 160 114 315 180
Expenses        
Cost of revenues 160 114 315 180
Other        
Net revenues        
Net revenues $ 38 $ 31 $ 68 $ 54