Annual report pursuant to Section 13 and 15(d)

Quarterly Financial Data (Unaudited) (Tables)

v3.20.4
Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Data Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
Provided below are selected unaudited quarterly financial data for the periods ended:
2020
March 31 June 30 September 30 December 31
Net revenues
Hotel Franchising $ 243  $ 182  $ 236  $ 202 
Hotel Management 167  76  101  94 
Corporate and Other —  —  —  — 
Total Company 410  258  337  296 
Total expenses 354  452  266  275 
Operating income/(loss) 56  (194) 71  21 
Interest expense, net 25  28  29  30 
Income/(loss) before income taxes 31  (222) 42  (9)
Provision for/(benefit from) income taxes 9  (48) 15  (2)
Net income/(loss) $ 22  $ (174) $ 27  $ (7)
Diluted earnings/(loss) per share $ 0.23  $ (1.86) $ 0.29  $ (0.08)
Diluted weighted average shares outstanding 93.9  93.3  93.4  93.3 
Reconciliation of net income (loss) to adjusted EBITDA
Net income/(loss) $ 22  $ (174) $ 27  $ (7)
Provision for/(benefit from) income taxes 9  (48) 15  (2)
Depreciation and amortization 25  25  24  24 
Interest expense, net 25  28  29  30 
Stock-based compensation expense 4  5  5  5 
Impairments, net —  206  —  — 
Restructuring costs 13  16  —  5 
Transaction-related expenses, net 8  5  —  — 
Separation-related expenses 1  —  —  1 
Foreign currency impact of highly inflationary countries —  —  1  — 
Adjusted EBITDA $ 107  $ 63  $ 101  $ 56 
Adjusted EBITDA by segment
Hotel Franchising $ 108  $ 83  $ 117  $ 75 
Hotel Management 17  (4) 2  (1)
Corporate and Other (18) (16) (18) (18)
Total adjusted EBITDA $ 107  $ 63  $ 101  $ 56 
2019
March 31 June 30 September 30 December 31
Net revenues
Hotel Franchising $ 269  $ 331  $ 379  $ 300 
Hotel Management 197  201  180  190 
Corporate and Other 2  1  1  2 
Total Company 468  533  560  492 
Total expenses 418  471  469  389 
Operating income 50  62  91  103 
Interest expense, net 24  26  25  25 
Income before income taxes 26  36  66  78 
Provision for income taxes 5  10  21  14 
Net income $ 21  $ 26  $ 45  $ 64 
Diluted earnings per share $ 0.22  $ 0.27  $ 0.47  $ 0.68 
Diluted weighted average shares outstanding 98.2  97.4  96.3  95.0 
Reconciliation of net income to adjusted EBITDA
Net income $ 21  $ 26  $ 45  $ 64 
Provision for income taxes 5  10  21  14 
Depreciation and amortization 29  27  26  28 
Interest expense, net 24  26  25  25 
Stock-based compensation expense 3  4  4  4 
Impairment, net —  45  —  — 
Contract termination costs —  9  34  (1)
Transaction-related expenses, net 7  11  12  10 
Separation-related expenses 21  1  —  — 
Transaction-related item —  —  20  — 
Restructuring costs —  —  —  8 
Foreign currency impact of highly inflationary countries 1  —  3  1 
Adjusted EBITDA $ 111  $ 159  $ 190  $ 153 
Adjusted EBITDA by segment
Hotel Franchising $ 113  $ 162  $ 195  $ 151 
Hotel Management 16  16  13  21 
Corporate and Other (18) (19) (18) (19)
Total adjusted EBITDA $ 111  $ 159  $ 190  $ 153