Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated and Combined Statements of Income

v3.19.3
Condensed Consolidated and Combined Statements of Income - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net revenues        
Net revenues $ 560 $ 604 $ 1,561 $ 1,341
Expenses        
Operating 43 51 124 139
General and administrative 33 36 98 85
Depreciation and amortization 26 30 81 71
Impairment, net 0 0 45 0
Contract termination 34 0 43 0
Separation-related 0 17 22 63
Transaction-related, net 12 7 30 37
Total expenses 469 499 1,356 1,140
Operating income 91 105 205 201
Interest expense, net 25 24 76 36
Income before income taxes 66 81 129 165
Provision for income taxes 21 23 36 47
Net income $ 45 $ 58 $ 93 $ 118
Earnings per share        
Basic (in usd per share) $ 0.47 $ 0.58 $ 0.95 $ 1.19
Diluted (in usd per share) $ 0.47 $ 0.58 $ 0.95 $ 1.19
Royalties and franchise fees        
Net revenues        
Net revenues $ 140 $ 138 $ 368 $ 332
Marketing, reservation and loyalty        
Net revenues        
Net revenues 167 151 421 359
Expenses        
Cost of revenues 160 139 437 347
Hotel management        
Net revenues        
Net revenues 12 32 88 90
License and other revenues from former Parent        
Net revenues        
Net revenues 35 36 97 79
Cost reimbursements        
Net revenues        
Net revenues 161 219 476 398
Expenses        
Cost of revenues 161 219 476 398
Other        
Net revenues        
Net revenues $ 45 $ 28 $ 111 $ 83