Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited)

v3.21.2
Condensed Consolidated and Combined Statements of Income/(Loss) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Net revenues        
Net revenues $ 463 $ 337 $ 1,173 $ 1,004
Expenses        
Operating 33 25 92 82
General and administrative 30 28 81 82
Depreciation and amortization 23 24 70 73
Separation-related 0 0 3 1
Impairments, net 0 0 0 206
Restructuring 0 0 0 29
Transaction-related, net 0 0 0 13
Total expenses 302 266 815 1,071
Operating income/(loss) 161 71 358 (67)
Interest expense, net 22 29 73 83
Early extinguishment of debt 0 0 18 0
Income/(loss) before income taxes 139 42 267 (150)
Provision for/(benefit from) income taxes 36 15 72 (25)
Net income/(loss) $ 103 $ 27 $ 195 $ (125)
Earnings/(loss) per share        
Basic (in usd per share) $ 1.10 $ 0.29 $ 2.09 $ (1.34)
Diluted (in usd per share) $ 1.09 $ 0.29 $ 2.08 $ (1.34)
Fee-related and other revenues        
Net revenues        
Net revenues $ 377 $ 255 $ 931 $ 730
Royalties and franchise fees        
Net revenues        
Net revenues 144 96 344 250
Marketing, reservation and loyalty        
Net revenues        
Net revenues 149 99 353 288
Expenses        
Cost of revenues 130 107 327 311
Management and other fees        
Net revenues        
Net revenues 32 12 82 50
License and other fees        
Net revenues        
Net revenues 20 21 60 63
Other        
Net revenues        
Net revenues 32 27 92 79
Cost reimbursements        
Net revenues        
Net revenues 86 82 242 274
Expenses        
Cost of revenues $ 86 $ 82 $ 242 $ 274