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 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Net revenues        
Net revenues $ 406 $ 258 $ 709 $ 667
Expenses        
Operating 31 23 58 57
General and administrative 27 26 51 54
Depreciation and amortization 24 25 47 49
Separation-related 1 0 3 1
Impairments, net 0 206 0 206
Restructuring 0 16 0 29
Transaction-related, net 0 5 0 13
Total expenses 273 452 512 805
Operating income/(loss) 133 (194) 197 (138)
Interest expense, net 22 28 51 54
Early extinguishment of debt 18 0 18 0
Income/(loss) before income taxes 93 (222) 128 (192)
Provision for/(benefit from) income taxes 25 (48) 35 (40)
Net income/(loss) $ 68 $ (174) $ 93 $ (152)
Earnings/(loss) per share        
Basic (in usd per share) $ 0.73 $ (1.86) $ 0.99 $ (1.63)
Diluted (in usd per share) $ 0.73 $ (1.86) $ 0.99 $ (1.63)
Royalties and franchise fees        
Net revenues        
Net revenues $ 122 $ 61 $ 200 $ 154
Marketing, reservation and loyalty        
Net revenues        
Net revenues 119 82 204 188
Expenses        
Cost of revenues 105 85 198 204
Management and other fees        
Net revenues        
Net revenues 30 6 50 38
License and other fees        
Net revenues        
Net revenues 20 21 40 42
Other        
Net revenues        
Net revenues 30 22 60 53
Fee-related and other revenues        
Net revenues        
Net revenues 321 192 554 475
Cost reimbursements        
Net revenues        
Net revenues 85 66 155 192
Expenses        
Cost of revenues $ 85 $ 66 $ 155 $ 192