Prepare a powerpoint and a word document to analyze common-size B/S and I/S of Hilton

Please prepare a powerpoint to analyze common-size balance sheet and income statement of Hilton, and prepare a word document as a speaker notes.Analyze common-size B/S and I/S:

Identify accounts/items on B/S and I/S that are important to your focal firm Conduct time-series analysis and cross-sectional analysis for important items on common-size B/S and I/S

– Specifically, analyze your focal firm over the period (4 years) (i.e., time-series analysis); analyze company against its three competitors (i.e., cross-sectional analysis)

– Bonus: conduct a combined time-series and cross-sectional analysis. For instance, compare the time-trend of your focal company with the time-trend of its competitors for important items.Focal firm: Hilton, Competitors: Hyatt, Marriott, Wyndham.

CONSOLIDATED BALANCE SHEETS – USD ($) $ in Millions
ASSETS
Cash and cash equivalents
Restricted cash
Accounts receivable, net of allowance for doubtful accounts of $52 and $39
Timeshare financing receivables, net
Inventory
Property and equipment, net
Operating lease right-of-use assets, net
Investments in unconsolidated affiliates
Goodwill
Intangible assets, net
Land and infrastructure held for sale
Other assets
TOTAL ASSETS (variable interest entities – $948, $1,100, – $800 and $748)
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other
Advanced deposits
Debt, net
Non-recourse debt, net
Operating lease liabilities
Deferred revenues
Deferred income tax liabilities
Total liabilities (variable interest entities – $1,005, $1,199, – $771 and $750)
Commitments and contingencies – see Note 23
Equity:
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of December 31, 2022, 2021, 20
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 113,628,706 shares issued and outstanding as of December
Additional paid-in capital
Accumulated retained earnings
Accumulated other comprehensive income
Total equity
Total liabilities and equity
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2022
Dec. 31, 2021
2.79%
5.39%
13.66%
2.18%
$ 223
$ 432
4.15%
3.28%
3.13%
2.76%
332
263
6.38%
22.08%
14.48%
9.97%
0.95%
0.90%
17.69%
15.95%
0.00%
4.66%
100.00%
3.77%
21.82%
15.48%
9.44%
0.87%
0.74%
17.20%
17.99%
0.51%
3.50%
100.00%
3.80%
31.08%
22.40%
15.99%
1.66%
1.63%
0.00%
2.58%
1.31%
2.78%
100.00%
5.65%
37.54%
18.12%
25.27%
1.95%
1.43%
0.00%
2.50%
0.00%
2.60%
100.00%
511
1,767
1,159
798
76
72
1,416
1,277
0
373
8,004
302
1,747
1,240
756
70
59
1,377
1,441
41
280
8,008
12.58%
1.87%
33.12%
13.77%
1.17%
2.37%
8.23%
73.13%
8.40%
1.40%
36.38%
16.58%
1.09%
2.96%
8.37%
75.17%
8.04%
3.73%
36.98%
24.44%
2.14%
8.36%
4.37%
88.07%
9.68%
3.73%
26.89%
24.26%
2.47%
6.04%
8.41%
81.49%
1,007
150
2,651
1,102
94
190
659
5,853
673
112
2,913
1,328
87
237
670
6,020
0.00%
0.01%
19.77%
6.61%
0.49%
26.87%
100.00%
0.00%
0.01%
20.35%
4.46%
0.00%
24.83%
100.00%
0.00%
0.03%
6.13%
5.78%
0.00%
11.93%
100.00%
0.00%
0.03%
5.81%
12.67%
0.00%
18.51%
100.00%
0
1
1,582
529
39
2,151
$ 8,004
0
1
1,630
357
0
1,988
$ 8,008
COMMON-SIZE BALANCE SHEETS
Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
$ 428
$ 67
2.79%
5.39%
13.66%
2.18%
98
85
4.15%
119
974
702
501
52
51
0
81
41
87
3,134
174
1,156
558
778
60
44
0
77
80
3,079
6.38%
22.08%
14.48%
9.97%
0.95%
0.90%
17.69%
15.95%
0.00%
4.66%
100.00%
3.28%
3.77%
21.82%
15.48%
9.44%
0.87%
0.74%
17.20%
17.99%
0.51%
3.50%
100.00%
3.13%
3.80%
31.08%
22.40%
15.99%
1.66%
1.63%
0.00%
2.58%
1.31%
2.78%
100.00%
2.76%
5.65%
37.54%
18.12%
25.27%
1.95%
1.43%
0.00%
2.50%
0.00%
2.60%
100.00%
252
117
1,159
766
67
262
137
2,760
298
115
828
747
76
186
259
2,509
12.58%
1.87%
33.12%
13.77%
1.17%
2.37%
8.23%
73.13%
8.40%
1.40%
36.38%
16.58%
1.09%
2.96%
8.37%
75.17%
8.04%
3.73%
36.98%
24.44%
2.14%
8.36%
4.37%
88.07%
9.68%
3.73%
26.89%
24.26%
2.47%
6.04%
8.41%
81.49%
0
1
192
181
0
374
$ 3,134
0
1
179
390
0
570
$ 3,079
0.00%
0.01%
19.77%
6.61%
0.49%
26.87%
100.00%
0.00%
0.01%
20.35%
4.46%
0.00%
24.83%
100.00%
0.00%
0.03%
6.13%
5.78%
0.00%
11.93%
100.00%
0.00%
0.03%
5.81%
12.67%
0.00%
18.51%
100.00%
CONSOLIDATED STATEMENTS OF OPERATIONS – USD ($) $ in Millions
Revenues
Total revenues
Expenses
General and administrative
Depreciation and amortization
Impairment expense
Total operating expenses
Interest expense
Equity in earnings from unconsolidated affiliates
Other (loss) gain, net
Income (loss) before income taxes
Income tax (expense) benefit
Net income (loss)
Earnings (loss) per share:
Basic (USD per share)
Diluted (USD per share)
Sales of VOIs, net
Revenues
Total revenues
Sales, marketing, brand and other fees
Revenues
Total revenues
Financing
Revenues
Total revenues
Expenses
Expenses
Resort and club management
Revenues
Total revenues
Expenses
Expenses
Rental and ancillary services
Revenues
Total revenues
Expenses
Expenses
Cost reimbursements
Revenues
Total revenues
Expenses
Expenses
Cost of VOI sales
Expenses
Expenses
Sales and marketing
Expenses
Expenses
Acquisition and integration-related expense
Expenses
Expenses
License fee expense
Expenses
Expenses
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
100.0%
100.0%
100.0%
100.0%
5.5%
6.5%
10.3%
6.4%
6.4%
0.4%
84.1%
3.7%
0.3%
0.0%
12.5%
3.4%
9.2%
5.4%
0.1%
83.3%
4.5%
0.4%
1.1%
11.5%
4.0%
7.5%
5.0%
23.4%
127.4%
4.8%
0.6%
0.3%
31.3%
8.8%
22.5%
2.4%
0.0%
82.9%
2.3%
0.2%
0.2%
14.9%
3.1%
11.7%
0.1%
0.1%
0.1%
0.1%
0.3%
0.3%
1.3%
1.3%
38.9%
37.8%
12.1%
27.7%
16.2%
16.5%
24.7%
31.2%
7.0%
7.8%
18.5%
9.2%
2.7%
2.8%
5.9%
2.9%
13.9%
14.6%
18.6%
10.4%
4.2%
3.4%
4.0%
2.5%
16.3%
14.6%
10.9%
12.4%
15.1%
11.4%
12.0%
8.0%
7.7%
8.7%
15.3%
9.1%
7.7%
8.7%
15.3%
9.1%
7.1%
9.1%
3.1%
6.9%
29.9%
28.0%
42.6%
39.1%
1.7%
4.5%
0.0%
0.0%
3.2%
3.4%
5.7%
5.5%
COMMON-SIZE STATEMEN
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2022
$ 3,835
$ 2,335
$ 894
$ 184
100.00%
212
151
92
12
244
17
3,224
(142)
13
(1)
481
(129)
$ 352
126
2
1,945
(105)
10
(26)
269
(93)
$ 176
45
209
1,139
(43)
5
3
(280)
79
$ (201)
4
0
152
(4)
0
(0)
27
(6)
$ 22
5.53%
6.36%
0.44%
84.07%
3.70%
0.34%
0.03%
12.54%
3.36%
9.18%
$ 2.98
$ 2.93
$ 1.77
$ 1.75
$ (2.36)
$ (2.36)
$ 2.43
$ 2.42
0.08%
0.08%
$ 1,491
$ 883
$ 108
$ 51
38.88%
620
385
221
57
16.17%
267
183
165
17
6.96%
103
65
53
5
2.69%
534
340
166
19
13.92%
161
80
36
5
4.20%
626
342
97
23
16.32%
579
267
107
15
15.10%
297
202
137
17
7.74%
297
202
137
17
7.74%
274
213
28
13
7.14%
1,146
653
381
72
29.88%
67
106
0
0
1.75%
$ 124
$ 80
$ 51
$ 10
3.23%
COMMON-SIZE STATEMENTS OF INCOME (LOSS)
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
100.00%
100.00%
100.00%
6.47%
5.40%
0.09%
83.30%
4.50%
0.43%
1.11%
11.52%
3.98%
7.54%
10.29%
5.03%
23.38%
127.40%
4.81%
0.56%
0.34%
31.32%
8.84%
22.48%
6.42%
2.39%
0.00%
82.86%
2.34%
0.22%
0.16%
14.85%
3.10%
11.74%
0.08%
0.07%
0.26%
0.26%
1.32%
1.32%
37.82%
12.08%
27.69%
16.49%
24.72%
31.18%
7.84%
18.46%
9.25%
2.78%
5.93%
2.88%
14.56%
18.57%
10.39%
3.43%
4.03%
2.50%
14.65%
10.85%
12.35%
11.43%
11.97%
8.00%
8.65%
15.32%
9.14%
8.65%
15.32%
9.14%
9.12%
3.13%
6.91%
27.97%
42.62%
39.12%
4.54%
0.00%
0.00%
3.43%
5.70%
5.50%
CONSOLIDATED STATEMENTS OF CASH FLOWS – USD ($) $ in Millions
Operating Activities
Net income (loss)
Adjustments to reconcile net income (loss) to net cash provided by operating activi
Depreciation and amortization
Amortization of deferred financing costs, acquisition premiums and other
Provision for financing receivables losses
Impairment expense
Other loss (gain), net
Share-based compensation
Deferred income tax (benefit) expense
Equity in earnings from unconsolidated affiliates
Return on investment in unconsolidated affiliates
Net changes in assets and liabilities, net of effects of acquisition:
Accounts receivable, net
Timeshare financing receivables, net
Inventory
Purchases and development of real estate for future conversion to inventory
Other assets
Accounts payable, accrued expenses and other
Advanced deposits
Deferred revenues
Other
Net cash provided by operating activities
Investing Activities
Acquisition of Diamond, net of cash and restricted cash acquired
Capital expenditures for property and equipment (excluding inventory)
Software capitalization costs
Investments in unconsolidated affiliates
Net cash used in investing activities
Financing Activities
Issuance of debt
Issuance of non-recourse debt
Repayment of debt
Repayment of non-recourse debt
Debt issuance costs
Repurchase and retirement of common stock
Payment of withholding taxes on vesting of restricted stock units
Proceeds from employee stock plan purchases
Proceeds from stock option exercises
Other
Net cash (used in) provided by financing activities
Effect of changes in exchange rates on cash, cash equivalents & restricted cash
Net (decrease) increase in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, beginning of period
Cash, cash equivalents and restricted cash, end of period
Less: Restricted cash
Cash and cash equivalents
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2019
Dec. 31, 2022
12 Months Ended
Dec. 31, 2021
7.54%
22.48%
11.72%
$ 352
$ 176
6.36%
5.40%
5.03%
2.39%
244
126
1.36%
3.70%
0.44%
0.08%
1.20%
0.99%
0.34%
0.00%
1.67%
5.18%
0.09%
0.60%
2.06%
2.48%
0.43%
0.09%
2.01%
8.39%
23.38%
0.11%
1.68%
13.76%
0.56%
0.00%
0.92%
4.02%
0.00%
0.16%
1.20%
0.16%
0.22%
0.00%
52
142
17
3
46
(38)
(13)
0
39
121
2
14
48
58
(10)
2
4.62%
5.84%
2.61%
0.21%
0.89%
7.67%
0.96%
1.20%
0.00%
19.48%
5.31%
3.94%
0.64%
1.41%
2.06%
2.06%
0.34%
7.11%
0.00%
7.19%
6.26%
11.97%
10.18%
4.03%
1.23%
6.26%
0.22%
8.50%
0.00%
8.84%
1.09%
6.03%
0.22%
9.13%
0.98%
0.92%
0.76%
4.95%
0.05%
7.77%
(177)
(224)
100
(8)
(34)
294
37
(46)
(124)
(92)
15
(33)
48
(48)
(8)
(166)
747
168
0.00%
1.51%
1.02%
0.00%
2.53%
68.18%
0.77%
0.90%
0.00%
69.85%
0.00%
0.89%
2.57%
0.22%
3.69%
0.00%
2.01%
1.30%
0.11%
3.42%
0
(58)
(39)
0
(97)
(1,592)
(18)
(21)
0
(1,631)
1.04%
20.05%
8.16%
25.81%
0.34%
7.09%
0.21%
0.13%
0.05%
0.05%
20.39%
126.34%
11.31%
49.42%
15.37%
3.00%
0.00%
0.26%
0.04%
0.56%
0.13%
70.06%
55.37%
55.37%
18.46%
53.13%
1.01%
1.12%
0.45%
0.22%
0.11%
0.22%
36.69%
26.36%
19.84%
15.76%
20.43%
0.33%
15.38%
0.22%
0.16%
0.00%
0.11%
5.87%
40
769
(313)
(990)
(13)
(272)
(8)
5
2
(2)
(782)
2,950
264
(1,154)
(359)
(70)
0
(6)
1
13
(3)
1,636
9.18%
operating activities:
0.21%
3.65%
18.12%
14.47%
8.66%
5.81%
0.17%
7.24%
22.53%
29.76%
11.26%
18.50%
0.00%
41.83%
17.00%
58.84%
10.96%
47.87%
0.00%
1.52%
9.78%
8.26%
0.00%
8.15%
(8)
(140)
695
555
332
$ 223
(4)
169
526
695
263
$ 432
COMMON-SIZE STATEMENTS OF CASH FLOWS
Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2019
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
$ (201)
$ 22
9.18%
7.54%
22.48%
11.72%
45
4
6.36%
18
75
209
(1)
15
(123)
(5)
0
2
7
0
0
2
0
(0)
0
1.36%
3.70%
0.44%
0.08%
1.20%
0.99%
0.34%
0.00%
5.40%
1.67%
5.18%
0.09%
0.60%
2.06%
2.48%
0.43%
0.09%
5.03%
2.01%
8.39%
23.38%
0.11%
1.68%
13.76%
0.56%
0.00%
2.39%
0.92%
4.02%
0.00%
0.16%
1.20%
0.16%
0.22%
0.00%
56
107
(91)
(36)
(11)
(56)
2
76
79
(2)
(11)
(0)
(17)
(2)
(2)
1
9
0
14
4.62%
5.84%
2.61%
0.21%
0.89%
7.67%
0.96%
1.20%
0.00%
19.48%
5.31%
3.94%
0.64%
1.41%
2.06%
2.06%
0.34%
7.11%
0.00%
7.19%
6.26%
11.97%
10.18%
4.03%
1.23%
6.26%
0.22%
8.50%
0.00%
8.84%
1.09%
6.03%
0.22%
9.13%
0.98%
0.92%
0.76%
4.95%
0.05%
7.77%
0
(8)
(23)
(2)
(33)
0
(4)
(2)
(0)
(6)
0.00%
1.51%
1.02%
0.00%
2.53%
68.18%
0.77%
0.90%
0.00%
69.85%
0.00%
0.89%
2.57%
0.22%
3.69%
0.00%
2.01%
1.30%
0.11%
3.42%
495
495
(165)
(475)
(9)
(10)
(4)
2
1
(2)
328
49
37
(29)
(38)
(1)
(28)
(0)
0
0
(0)
(11)
1.04%
20.05%
8.16%
25.81%
0.34%
7.09%
0.21%
0.13%
0.05%
0.05%
20.39%
126.34%
11.31%
49.42%
15.37%
3.00%
0.00%
0.26%
0.04%
0.56%
0.13%
70.06%
55.37%
55.37%
18.46%
53.13%
1.01%
1.12%
0.45%
0.22%
0.11%
0.22%
36.69%
26.36%
19.84%
15.76%
20.43%
0.33%
15.38%
0.22%
0.16%
0.00%
0.11%
5.87%
0
374
152
526
98
$ 428
0
(3)
18
$ 15
$0
15
0.21%
3.65%
18.12%
14.47%
8.66%
5.81%
0.17%
7.24%
22.53%
29.76%
11.26%
18.50%
0.00%
41.83%
17.00%
58.84%
10.96%
47.87%
0.00%
1.52%
9.78%
8.26%
0.00%
8.15%
CONSOLIDATED BALANCE SHEETS – USD ($) $ in Millions
CURRENT ASSETS:
Cash and cash equivalents
Restricted cash
Short-term investments
Receivables, net of allowances of $63 and $53 at December 31, 2022 and December 31, 2021,
respectively
Inventories
Prepaids and other assets
Prepaid income taxes
Total current assets
Equity method investments
Property and equipment, net
Financing receivables, net of allowances of $44, $69, $114, $100 at December 31, 2022, December
31, 2021, December 31, 2020, December 31, 2019, respectively
Operating lease right-of-use assets
Goodwill
Intangibles, net
Deferred tax assets
Other assets
TOTAL ASSETS
CURRENT LIABILITIES:
Current maturities of long-term debt
Accounts payable
Accrued expenses and other current liabilities
Current contract liabilities
Accrued compensation and benefits
Current operating lease liabilities
Total current liabilities
Long-term debt
Long-term contract liabilities
Long-term operating lease liabilities
Other long-term liabilities
Total liabilities
Commitments and contingencies (see Note 15)
EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding as
of December 31, 2022, December 31, 2021, December 31, 2020, and December 31, 2019
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Total stockholders’ equity
Noncontrolling interests in consolidated subsidiaries
Total equity
TOTAL LIABILITIES AND EQUITY
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2022
$ 991
39
158
834
9
180
39
2,250
178
2,384
60
$ 960
57
227
633
10
149
26
2,062
216
2,848
41
$ 1,207
11
675
316
9
64
281
2,563
260
3,126
29
COMMON-SIZE BALA
12 Months E
Dec. 31, 2019
$ 893
150
68
421
12
134
28
1,706
232
3,456
35
Dec. 31, 2022
8.0%
0.3%
1.3%
6.8%
0.1%
1.5%
0.3%
18.3%
1.4%
19.4%
385
3,101
1,668
257
2,029
12,312
446
2,965
1,977
14
2,034
12,603
474
288
385
207
1,797
9,129
493
326
437
144
1,588
8,417
0.5%
3.1%
25.2%
13.5%
2.1%
16.5%
100%
660
500
415
1,438
235
39
3,287
2,453
1,495
298
1,077
8,610
10
523
299
1,178
187
35
2,232
3,968
1,349
349
1,139
9,037
260
102
200
282
111
29
984
2,984
659
377
911
5,915
11
150
304
445
144
32
1,086
1,612
475
393
884
4,450
5.4%
4.1%
3.4%
11.7%
1.9%
0.3%
26.7%
19.9%
12.1%
2.4%
8.7%
69.9%
0
0
0
0
1
318
3,622
1
640
3,167
1
13
3,389
1
0
4,170
0.0%
0.0%
2.6%
29.4%
(242)
3,699
3
3,702
$ 12,312
(245)
3,563
3
3,566
$ 12,603
(192)
3,211
3
3,214
$ 9,129
(209)
3,962
5
3,967
$ 8,417
-2.0%
30.0%
0.0%
30.1%
100%
COMMON-SIZE BALANCE SHEETS
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
7.6%
0.5%
1.8%
13.2%
0.1%
7.4%
10.6%
1.8%
0.8%
5.0%
0.1%
1.2%
0.2%
16.4%
1.7%
22.6%
3.5%
0.1%
0.7%
3.1%
28.1%
2.8%
34.2%
5.0%
0.1%
1.6%
0.3%
20.3%
2.8%
41.1%
0.3%
3.5%
23.5%
15.7%
0.1%
16.1%
100%
0.3%
5.2%
3.2%
4.2%
2.3%
19.7%
100%
0.4%
5.9%
3.9%
5.2%
1.7%
18.9%
100%
0.1%
4.1%
2.4%
9.3%
1.5%
0.3%
17.7%
31.5%
10.7%
2.8%
9.0%
71.7%
2.8%
1.1%
2.2%
3.1%
1.2%
0.3%
10.8%
32.7%
7.2%
4.1%
10.0%
64.8%
0.1%
1.8%
3.6%
5.3%
1.7%
0.4%
12.9%
19.2%
5.6%
4.7%
10.5%
52.9%
0.0%
0.0%
5.1%
25.1%
0.0%
0.0%
0.1%
37.1%
0.0%
0.0%
0.0%
49.5%
-1.9%
28.3%
0.0%
28.3%
100%
-2.1%
35.2%
0.0%
35.2%
100%
-2.5%
47.1%
0.1%
47.1%
100%
CONSOLIDATED STATEMENTS OF INCOME (LOSS) – USD ($) $ in Millions
REVENUES:
Total revenues
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Depreciation and amortization
Other direct costs
Selling, general, and administrative
Direct and selling, general, and administrative expenses
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts
Equity earnings (losses) from unconsolidated hospitality ventures
Interest expense
Gains (losses) on sales of real estate and other
Asset impairments
Other income (loss), net
INCOME (LOSS) BEFORE INCOME TAXES
BENEFIT (PROVISION) FOR INCOME TAXES
NET INCOME (LOSS)
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
NET INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION
EARNINGS (LOSSES) PER SHARE—Basic
Net income (loss) – Basic (in dollars per share)
Net income (loss) attributable to Hyatt Hotels Corporation – Basic (in dollars per share)
EARNINGS (LOSSES) PER SHARE—Diluted
Net income (loss) – Diluted (in dollars per share)
Net income (loss) attributable to Hyatt Hotels Corporation – Diluted (in dollars per share)
Owned and leased hotels
REVENUES:
Total revenues
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold
Net management, franchise, license, and other fees
REVENUES:
Total revenues
Management, franchise, license, and other fees
REVENUES:
Revenue
Amortization of management and franchise agreement assets constituting payments to customers
REVENUES:
Revenue
Net management, franchise, and other fees
REVENUES:
Total revenues
Contra revenue
REVENUES:
Total revenues
Distribution and destination management
REVENUES:
Total revenues
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold
Other revenues
REVENUES:
Total revenues
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
REVENUES:
Total revenues
Costs incurred on behalf of managed and franchised properties
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold
Dec. 31, 2022
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
$ 5,891
$ 3,028
$ 2,066
$ 5,020
426
280
464
5,493
(75)
310
127
366
3,279
43
310
65
321
2,698
60
329
133
417
4,823
62
5
(150)
263
(38)
(40)
363
92
455
0
$ 455
28
(163)
414
(8)
(19)
44
(266)
(222)
0
$ (222)
(70)
(128)
(36)
(62)
(92)
(960)
257
(703)
0
$ (703)
(10)
(75)
723
(18)
127
1,006
(240)
766
0
$ 766
$ 4.17
4.17
$ (2.13)
(2.13)
$ (6.93)
(6.93)
$ 7.33
7.33
COMMON-SIZE STATEMEN
12 Months
Dec. 31, 2022
100%
7.2%
4.8%
7.9%
93.2%
-1.3%
0.1%
-2.5%
4.5%
-0.6%
-0.7%
6.2%
1.6%
7.7%
0.0%
7.7%
0.1%
0.1%
4.09
$ 4.09
(2.13)
$ (2.13)
(6.93)
$ (6.93)
7.21
$ 7.21
0.1%
0.1%
$ 1,235
$ 838
$ 513
$ 1,848
21.0%
916
725
627
1,424
15.5%
777
383
209
13.2%
608
(22)
586
13.7%
808
418
239
(31)
(35)
(30)
-0.5%
986
115
0
16.7%
775
112
0
13.2%
273
109
58
4.6%
125
2,620
1,583
1,286
2,461
44.5%
$ 2,632
$ 1,639
$ 1,375
$ 2,520
44.7%
COMMON-SIZE STATEMENTS OF INCOME (LOSS)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
100%
100%
100%
10.2%
4.2%
12.1%
108.3%
15.0%
3.1%
15.5%
130.6%
6.6%
2.6%
8.3%
96.1%
1.4%
0.9%
-5.4%
13.7%
-0.3%
-0.6%
1.5%
-8.8%
-7.3%
0.0%
-7.3%
2.9%
-3.4%
-6.2%
-1.7%
-3.0%
-4.5%
-46.5%
12.4%
-34.0%
0.0%
-34.0%
1.2%
-0.2%
-1.5%
14.4%
-0.4%
2.5%
20.0%
-4.8%
15.3%
0.0%
15.3%
-0.1%
-0.3%
0.1%
-0.1%
-0.3%
0.1%
-0.1%
-0.3%
0.1%
-0.1%
-0.3%
0.1%
27.7%
24.8%
36.8%
23.9%
30.3%
28.4%
12.6%
10.1%
12.1%
-0.4%
13.8%
11.6%
-1.2%
-1.5%
3.8%
0.0%
3.7%
0.0%
3.6%
2.8%
11.7%
2.5%
52.3%
62.2%
49.0%
54.1%
66.6%
50.2%
CONSOLIDATED STATEMENTS OF CASH FLOWS – USD ($) $ in Millions
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gains) losses on sales of real estate and other
Depreciation and amortization
Release of contingent consideration liability
Amortization of share awards
Amortization of operating lease right-of-use assets
Deferred income taxes
Asset impairments
Equity (earnings) losses from unconsolidated hospitality ventures
Contra revenue
Gain on sale of contractual right
Loss on extinguishment of debt
Unrealized (gains) losses, net
Distributions from unconsolidated hospitality ventures
Other
Increase (decrease) in cash attributable to changes in assets and liabilities and other
Receivables, net
Prepaid income taxes
Prepaids and other assets
Other long-term assets
Accounts payable, accrued expenses, and other current liabilities
Contract liabilities
Operating lease liabilities
Accrued compensation and benefits
Other long-term liabilities
Other, net
Net cash provided by (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments
Proceeds from marketable securities and short-term investments
Contributions to equity method and other investments
Return of equity method and other investments
Acquisitions, net of cash acquired
Capital expenditures
Issuance of financing receivables
Proceeds from financing receivables
Proceeds from sales of real estate and other, net of cash disposed
Proceeds from sale of contractual right
Other investing activities
Net cash provided by (used in) investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt, net of issuance costs of $—, $11, $15, and $—, respectively
Repurchases and repayments of debt
Repurchases of common stock
Proceeds from issuance of Class A common stock, net of offering costs of $—, $25, and $—, and
$—, respectively
Utilization of restricted cash for legal defeasance of Series 2005 Bonds
Contingent consideration paid
Dividends paid
Other financing activities
Net cash provided by (used in) financing activities
EFFECT OF EXCHANGE RATE CHANGES ON CASH
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF YEAR
Supplemental disclosure of cash flow information:
Cash and cash equivalents
Restricted cash (see Note 2)
Restricted cash included in other assets (see Note 2, Note 10)
Total cash, cash equivalents, and restricted cash
Cash paid during the period for interest
Cash paid (received) during the period for income taxes, net
Cash paid for amounts included in the measurement of operating lease liabilities
Non-cash investing and financing activities are as follows:
Non-cash contributions to equity method and other investments (see Note 4, Note 7, Note 15)
Non-cash issuance of financing receivables (see Note 6, Note 7)
Change in accrued capital expenditures
Non-cash right-of-use assets obtained in exchange for operating lease liabilities
Non-cash legal defeasance of Series 2005 Bonds (see Note 7)
Non-cash reduction in right-of-use assets and operating lease liabilities for lease reassessment
Non-cash held-to-maturity debt security received (see Note 7)
Non-cash repurchases of common stock (see Note 16)
COMMON-SIZE STATEMENTS OF CASH FLOWS
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
7.7%
7.3%
34.0%
15.3%
3
4.5%
7.2%
0.2%
0.9%
0.3%
-1.6%
13.7%
10.2%
0.0%
1.9%
0.9%
6.6%
0.3%
0.9%
1.2%
0.0%
0.1%
0.5%
0.1%
1.3%
1.7%
15.0%
0.0%
1.4%
1.5%
2.9%
3.0%
3.4%
1.5%
0.0%
0.0%
0.6%
0.1%
0.4%
14.4%
6.6%
0.6%
0.7%
0.7%
0.6%
0.4%
0.2%
0.4%
0.3%
0.0%
0.5%
0.3%
1.1%
-3.5%
0.0%
-1.9%
-1.9%
1.6%
8.3%
-0.6%
0.8%
0.0%
0.0%
11.4%
2.8%
8.4%
1.8%
0.3%
2.9%
7.0%
0.8%
1.1%
0.8%
0.0%
10.4%
5.8%
11.7%
1.2%
0.2%
12.4%
3.5%
1.1%
2.3%
1.3%
0.2%
29.6%
0.6%
0.2%
0.0%
0.0%
0.5%
2.6%
0.7%
0.0%
0.2%
1.1%
7.9%
-16.2%
18.0%
-0.1%
0.9%
-3.0%
-3.4%
-0.4%
0.3%
10.6%
26.2%
41.0%
1.0%
3.2%
96.3%
3.7%
0.7%
0.2%
25.0%
0.0%
0.2%
55.3%
26.2%
3.1%
0.2%
0.0%
5.9%
1.5%
0.0%
4.1%
0.0%
0.3%
7.0%
7.0%
1.0%
0.6%
0.4%
7.4%
0.4%
0.9%
18.7%
0.4%
0.1%
1.0%
0.6%
4.4%
0.6%
0.1%
0.5%
0.3%
7.1%
58.5%
35.6%
11.7%
0.0%
-12.1%
-6.3%
64.4%
40.2%
0.0%
98.5%
19.7%
3.3%
8.0%
8.1%
8.4%
0.0%
-0.1%
0.0%
0.0%
-0.3%
-18.8%
0.3%
0.0%
18.1%
18.1%
19.0%
0.0%
0.0%
0.0%
0.6%
42.5%
0.1%
5.7%
40.9%
35.2%
0.0%
0.0%
0.0%
1.0%
0.7%
73.8%
0.2%
8.4%
51.5%
59.9%
0.0%
0.5%
1.6%
0.1%
10.8%
0.0%
8.8%
12.4%
21.2%
16.8%
0.7%
0.6%
18.1%
2.3%
1.7%
0.8%
31.7%
1.9%
1.6%
35.2%
4.8%
6.9%
1.4%
58.4%
0.5%
0.9%
59.9%
5.1%
3.0%
2.0%
21.2%
1.6%
3.5%
1.0%
0.0%
0.0%
0.0%
0.4%
2.8%
2.0%
0.4%
0.1%
0.5%
0.0%
1.7%
0.0%
0.6%
0.7%
0.0%
0.2%
0.3%
0.2%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.2%
0.0%
0.1%
0.2%
CONSOLIDATED BALANCE SHEETS – USD ($) $ in Millions
Current assets
Cash and equivalents
Accounts and notes receivable, net
Prepaid expenses and other
Total current assets
Property and equipment, net
Intangible assets
Intangible assets
Goodwill
Total intangible assets
Equity method investments
Notes receivable, net
Deferred tax assets
Operating lease assets
Other noncurrent assets
Total assets
Current liabilities
Current portion of long-term debt
Accounts payable
Accrued payroll and benefits
Accrued expenses and other
Total current liabilities
Long-term debt
Deferred tax liabilities
Operating lease liabilities
Other noncurrent liabilities
Stockholders’ equity
Class A Common Stock
Additional paid-in-capital
Retained earnings
Treasury stock, at cost
Accumulated other comprehensive loss
Shareholder’s equity (deficit)
Liabilities and deficit, total
Brands
Intangible assets
Intangible assets
Contract acquisition costs and other
Intangible assets
Intangible assets
Guest loyalty program
Current liabilities
Liability for guest loyalty program
Dec. 31, 2022
Dec. 31, 2021
$ 507
2,571
235
3,313
1,585
$ 1,393
1,982
251
3,626
1,503
8,747
8,872
17,619
335
152
240
987
584
24,815
8,926
9,073
17,999
387
144
228
1,062
604
25,553
684
746
1,299
1,296
7,339
9,380
313
1,034
1,842
805
726
1,187
1,167
6,407
9,333
169
1,098
2,002
5
5,965
12,342
(17,015)
(729)
568
24,815
5
5,892
10,305
(14,446)
(342)
1,414
25,553
5,812
5,979
2,935
2,947
3,314
2,522
Contract with customer
Deferred revenue
Current liabilities
Contract with customer
3,280
3,949
$ 1,059
$ 1,181
Dec. 31, 2020
Dec. 31, 2019
$877
1,768
180
2,825
1,514
$225
2,395
507
3,127
1,904
8,989
9,175
18,164
422
159
249
752
616
24,701
8,641
9,048
17,689
577
117
154
888
595
25,051
1,173
527
831
1,452
5,752
9,203
83
823
2,366
977
720
1,339
1,383
6,677
9,963
290
882
2,236
5
5,851
9,206
-14,497
-135
430
24,701
5
5,800
9,644
-14,385
-361
703
25,051
6,059
5,954
2,930
2,687
1,769
2,258
CONSOLIDATED BALANCE SHEETS – USD ($) $ in Millions
Current assets
Cash and equivalents
Accounts and notes receivable, net
Prepaid expenses and other
Total current assets
Property and equipment, net
Intangible assets
Intangible assets
Goodwill
Total intangible assets
Equity method investments
Notes receivable, net
Deferred tax assets
Operating lease assets
Other noncurrent assets
Total assets
Current liabilities
Current portion of long-term debt
Accounts payable
Accrued payroll and benefits
Accrued expenses and other
Total current liabilities
Long-term debt
Deferred tax liabilities
Operating lease liabilities
Other noncurrent liabilities
Stockholders’ equity
Class A Common Stock
Additional paid-in-capital
Retained earnings
Treasury stock, at cost
Accumulated other comprehensive loss
Shareholder’s equity (deficit)
Liabilities and deficit, total
Brands
Intangible assets
Intangible assets
Contract acquisition costs and other
Intangible assets
Intangible assets
Guest loyalty program
Current liabilities
Liability for guest loyalty program
4,502
3,460
$1,542
$840
Contract with customer
Deferred revenue
Current liabilities
Contract with customer
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
2.04%
10.36%
0.95%
13.35%
6.39%
5.45%
7.76%
0.98%
14.19%
5.88%
3.55%
7.16%
0.73%
11.44%
6.13%
0.90%
9.56%
2.02%
12.48%
7.60%
35.25%
35.75%
71.00%
1.35%
0.61%
0.97%
3.98%
2.35%
100.00%
34.93%
35.51%
70.44%
1.51%
0.56%
0.89%
4.16%
2.36%
100.00%
36.39%
37.14%
73.54%
1.71%
0.64%
1.01%
3.04%
2.49%
100.00%
34.49%
36.12%
70.61%
2.30%
0.47%
0.61%
3.54%
2.38%
100.00%
2.76%
3.01%
5.23%
5.22%
29.57%
37.80%
1.26%
4.17%
7.42%
3.15%
2.84%
4.65%
4.57%
25.07%
36.52%
0.66%
4.30%
7.83%
4.75%
2.13%
3.36%
5.88%
23.29%
37.26%
0.34%
3.33%
9.58%
3.90%
2.87%
5.35%
5.52%
26.65%
39.77%
1.16%
3.52%
8.93%
0.02%
24.04%
49.74%
-68.57%
-2.94%
2.29%
100.00%
0.02%
23.06%
40.33%
-56.53%
-1.34%
5.53%
100.00%
0.02%
23.69%
37.27%
-58.69%
-0.55%
1.74%
100.00%
0.02%
23.15%
38.50%
-57.42%
-1.44%
2.81%
100.00%
23.42%
23.40%
24.53%
23.77%
11.83%
11.53%
11.86%
10.73%
13.35%
9.87%
7.16%
9.01%
13.22%
15.45%
18.23%
13.81%
4.27%
4.62%
6.24%
3.35%
CONSOLIDATED STATEMENTS OF INCOME (LOSS) – USD ($) $ in Millions
REVENUES
Total revenue
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other
General, administrative, and other
Restructuring, merger-related charges, and other
Costs and Expenses, Total
OPERATING INCOME
Gains and other income, net
Loss on extinguishment of debt
Interest expense
Interest income
Equity in earnings (losses)
INCOME (LOSS) BEFORE INCOME TAXES
(Provision) benefit for income taxes
NET INCOME (LOSS)
EARNINGS (LOSS) PER SHARE
Earnings (loss) per share – basic (in USD per share)
Earnings (loss) per share – diluted (in USD per share)
Base management fees
REVENUES
Gross fee revenues
Franchise fees
REVENUES
Gross fee revenues
Incentive management fees
REVENUES
Gross fee revenues
Net fee revenues
REVENUES
Gross fee revenues
Contract investment amortization
Total revenue
Owned, leased, and other
REVENUES
Total revenue
OPERATING COSTS AND EXPENSES
Cost of revenues
Reimbursements
REVENUES
Total revenue
OPERATING COSTS AND EXPENSES
12 Months
Dec. 31, 2022
$ 20,773
193
891
12
17,311
3,462
11
0
(403)
26
18
3,114
(756)
$ 2,358
$ 7.27
$ 7.24
$ 1,044
2,505
529
4,078
(89)
3,989
1,367
1,074
15,417
Cost of revenues
[1]See Note 15 for disclosure of related party amounts.
$ 15,141
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
$ 13,857
$ 10,571
$ 20,972
220
823
8
12,107
1,750
10
(164)
(420)
28
(24)
1,180
(81)
$ 1,099
346
762
267
10,487
84
9
0
(445)
27
(141)
(466)
199
$ (267)
341
938
138
19,172
1,800
154
0
(394)
26
13
1,599
(326)
$ 1,273
$ 3.36
$ 3.34
$ (0.82)
$ (0.82)
$ 3.83
$ 3.80
$ 669
$ 443
$ 1,180
1,790
1,153
2,006
235
87
637
2,694
(75)
2,619
1,683
(132)
1,551
3,823
(62)
3,761
796
568
1,612
734
677
1,316
10,442
8,452
15,599
$ 10,322
$ 8,435
$ 16,439
CONSOLIDATED STATEMENTS OF INCOME (LOSS) – USD ($) $ in Millions
REVENUES
Total revenue
OPERATING COSTS AND EXPENSES
Depreciation, amortization, and other
General, administrative, and other
Restructuring, merger-related charges, and other
Costs and Expenses, Total
OPERATING INCOME
Gains and other income, net
Loss on extinguishment of debt
Interest expense
Interest income
Equity in earnings (losses)
INCOME (LOSS) BEFORE INCOME TAXES
(Provision) benefit for income taxes
NET INCOME (LOSS)
EARNINGS (LOSS) PER SHARE
Earnings (loss) per share – basic (in USD per share)
Earnings (loss) per share – diluted (in USD per share)
Base management fees
REVENUES
Gross fee revenues
Franchise fees
REVENUES
Gross fee revenues
Incentive management fees
REVENUES
Gross fee revenues
Net fee revenues
REVENUES
Gross fee revenues
Contract investment amortization
Total revenue
Owned, leased, and other
REVENUES
Total revenue
OPERATING COSTS AND EXPENSES
Cost of revenues
Reimbursements
REVENUES
Total revenue
OPERATING COSTS AND EXPENSES
12 Mont
Dec. 31, 2022
100.00%
0.93%
4.29%
0.06%
83.33%
16.67%
0.05%
0.00%
-1.94%
0.13%
0.09%
14.99%
-3.64%
11.35%
0.03%
0.03%
5.03%
12.06%
2.55%
19.63%
-0.43%
19.20%
6.58%
5.17%
74.22%
Cost of revenues
72.89%
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
100.00%
100.00%
100.00%
1.59%
5.94%
0.06%
87.37%
12.63%
0.07%
-1.18%
-3.03%
0.20%
-0.17%
8.52%
-0.58%
7.93%
3.27%
7.21%
2.53%
99.21%
0.79%
0.09%
0.00%
-4.21%
0.26%
-1.33%
-4.41%
1.88%
-2.53%
1.63%
4.47%
0.66%
91.42%
8.58%
0.73%
0.00%
-1.88%
0.12%
0.06%
7.62%
-1.55%
6.07%
0.02%
0.02%
-0.01%
-0.01%
0.02%
0.02%
4.83%
4.19%
5.63%
12.92%
10.91%
9.57%
1.70%
0.82%
3.04%
19.44%
-0.54%
18.90%
15.92%
-1.25%
14.67%
18.23%
-0.30%
17.93%
5.74%
5.37%
7.69%
5.30%
6.40%
6.28%
75.36%
79.95%
74.38%
74.49%
79.79%
78.39%
CONSOLIDATED STATEMENTS OF CASH FLOWS – USD ($) $ in Millions
OPERATING ACTIVITIES
Net income (loss)
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other
Stock-based compensation
Income taxes
Contract acquisition costs
Restructuring, merger-related charges, and other
Working capital changes
Loss on extinguishment of debt
Deferred revenue changes and other
Net cash provided by operating activities
INVESTING ACTIVITIES
Capital and technology expenditures
Dispositions
Loan advances
Loan collections
Other
Net cash (used in) provided by investing activities
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net
Issuance of long-term debt
Repayment of long-term debt
Issuance of Class A Common Stock
Debt extinguishment costs
Dividends paid
Purchase of treasury stock
Stock-based compensation withholding taxes
Other
Net cash used in financing activities
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period
Restricted cash
Guest loyalty program
Adjustments to reconcile to cash provided by operating activities:
Liability for guest loyalty program
12 Mon
Dec. 31, 2022
$ 2,358
282
192
280
(149)
(8)
(542)
0
69
2,363
(332)
1
(11)
14
31
(297)
(182)
983
(804)
0
0
(321)
(2,566)
(89)
17
(2,962)
(896)
1,421
525
18
$ (119)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
$ 1,099
$ (267)
$ 1,273
295
182
(281)
(210)
(10)
110
164
(144)
1,177
478
201
(478)
(142)
200
(28)
0
1,140
1,639
403
187
(200)
(195)
86
(273)
147
294
1,685
(183)
12
(13)
40
(43)
(187)
(135)
260
(41)
8
(57)
35
(653)
395
(30)
51
(47)
(284)
150
1,793
(2,174)
2
(155)
0
0
(90)
11
(463)
527
(2,290)
3,561
(1,887)
0
0
(156)
(150)
(103)
(8)
(1,033)
641
951
1,397
(835)
7
0
(612)
(2,260)
(148)
(8)
(1,508)
(107)
894
1,421
28
253
894
0
360
253
28
$ (28)
$ 535
$ 257
CONSOLIDATED STATEMENTS OF CASH FLOWS – USD ($) $ in Millions
OPERATING ACTIVITIES
Net income (loss)
Adjustments to reconcile to cash provided by operating activities:
Depreciation, amortization, and other
Stock-based compensation
Income taxes
Contract acquisition costs
Restructuring, merger-related charges, and other
Working capital changes
Loss on extinguishment of debt
Deferred revenue changes and other
Net cash provided by operating activities
INVESTING ACTIVITIES
Capital and technology expenditures
Dispositions
Loan advances
Loan collections
Other
Net cash (used in) provided by investing activities
FINANCING ACTIVITIES
Commercial paper/Credit Facility, net
Issuance of long-term debt
Repayment of long-term debt
Issuance of Class A Common Stock
Debt extinguishment costs
Dividends paid
Purchase of treasury stock
Stock-based compensation withholding taxes
Other
Net cash used in financing activities
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period
Restricted cash
Guest loyalty program
Adjustments to reconcile to cash provided by operating activities:
Liability for guest loyalty program
12 Months E
Dec. 31, 2022
11.35%
1.36%
0.92%
1.35%
0.72%
0.04%
2.61%
0.00%
0.33%
11.38%
1.60%
0.00%
0.05%
0.07%
0.15%
1.43%
0.88%
4.73%
3.87%
0.00%
0.00%
1.55%
12.35%
0.43%
0.08%
14.26%
4.31%
6.84%
2.53%
0.09%
0.57%
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
7.93%
2.53%
6.07%
2.13%
1.31%
2.03%
1.52%
0.07%
0.79%
1.18%
1.04%
8.49%
4.52%
1.90%
4.52%
1.34%
1.89%
0.26%
0.00%
10.78%
15.50%
1.92%
0.89%
0.95%
0.93%
0.41%
1.30%
0.70%
1.40%
8.03%
1.32%
0.09%
0.09%
0.29%
0.31%
1.35%
1.28%
2.46%
0.39%
0.08%
0.54%
0.33%
3.11%
1.88%
0.14%
0.24%
0.22%
1.35%
1.08%
12.94%
15.69%
0.01%
1.12%
0.00%
0.00%
0.65%
0.08%
3.34%
21.66%
33.69%
17.85%
0.00%
0.00%
1.48%
1.42%
0.97%
0.08%
9.77%
4.53%
6.66%
3.98%
0.03%
0.00%
2.92%
10.78%
0.71%
0.04%
7.19%
3.80%
6.45%
10.25%
0.20%
6.06%
2.39%
8.46%
0.00%
0.51%
1.72%
1.21%
0.13%
0.20%
5.06%
1.23%
Consolidated Balance Sheets – USD ($) $ in Millions
Current assets:
Cash and cash equivalents
Trade receivables, net
Prepaid expenses
Other current assets
Total assets held for sale
Total current assets
Property and equipment, net
Goodwill
Other non-current assets
Total assets
Current liabilities:
Current portion of long-term debt
Accounts payable
Deferred revenues
Accrued expenses and other current liabilities
Total liabilities held for sale
Total current liabilities
Long-term debt
Deferred income taxes
Deferred revenues
Other non-current liabilities
Total liabilities
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 6.0 shares,
none issued and outstanding
Common stock, $0.01 par value
Treasury stock, at cost
Additional paid-in capital
Retained earnings/(accumulated deficit)
Accumulated other comprehensive income/(loss)
Total stockholders’ equity
Total liabilities and stockholders’ equity
Common stock, shares outstanding (in shares)
Trademarks, net
Current assets:
Intangible assets, net
Franchise agreements and other intangibles, net
Current assets:
Intangible assets, net
Dec. 31, 2022
$ 161
234
59
91
0
545
99
1,525
348
4,123
20
39
83
264
0
406
2,057
345
164
189
3,161
0
1
(964)
1,569
318
38
962
4,123
1,232
$ 374
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
$ 171
246
51
98
154
720
106
1,525
243
4,269
$ 493
295
45
67
0
900
278
1,525
226
4,644
$ 94
304
48
53
499
307
1,539
242
4,533
21
31
70
258
17
397
2,063
366
165
189
3,180
21
28
71
226
0
346
2,576
359
158
242
3,681
21
30
132
279
0
462
2,101
387
151
220
3,321
0
0
0
1
(519)
1,543
79
(15)
1,089
4,269
1
(408)
1,504
(82)
(52)
963
$ 4,644
100,800,000
1
(363)
1,488
113
(27)
1,212
$ 4,533
100,600,000
1,202
$ 1,203
$ 1,395
$ 473
$ 512
$ 551
Consolidated Balance Sheets – USD ($) $ in Millions
Current assets:
Cash and cash equivalents
Trade receivables, net
Prepaid expenses
Other current assets
Total assets held for sale
Total current assets
Property and equipment, net
Goodwill
Other non-current assets
Total assets
Current liabilities:
Current portion of long-term debt
Accounts payable
Deferred revenues
Accrued expenses and other current liabilities
Total liabilities held for sale
Total current liabilities
Long-term debt
Deferred income taxes
Deferred revenues
Other non-current liabilities
Total liabilities
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding
Common stock, $0.01 par value
Treasury stock, at cost
Additional paid-in capital
Retained earnings/(accumulated deficit)
Accumulated other comprehensive income/(loss)
Total stockholders’ equity
Total liabilities and stockholders’ equity
Common stock, shares outstanding (in shares)
Trademarks, net
Current assets:
Intangible assets, net
Franchise agreements and other intangibles, net
Current assets:
Intangible assets, net
2022
2021
2020
2019
3.90%
5.68%
1.43%
2.21%
0.00%
13.22%
2.40%
36.99%
8.44%
100.00%
4.01%
5.76%
1.19%
2.30%
3.61%
16.87%
2.48%
35.72%
5.69%
100.00%
10.62%
6.35%
0.97%
1.44%
0.00%
19.38%
5.99%
32.84%
4.87%
100.00%
2.07%
6.71%
1.06%
1.17%
0.00%
11.01%
6.77%
33.95%
5.34%
100.00%
0.49%
0.95%
2.01%
6.40%
0.00%
9.85%
49.89%
8.37%
3.98%
4.58%
76.67%
0.49%
0.73%
1.64%
6.04%
0.40%
9.30%
48.33%
8.57%
3.87%
4.43%
74.49%
0.45%
0.60%
1.53%
4.87%
0.00%
7.45%
55.47%
7.73%
3.40%
5.21%
79.26%
0.46%
0.66%
2.91%
6.15%
0.00%
10.19%
46.35%
8.54%
3.33%
4.85%
73.26%
0.00%
0.00%
0.00%
0.00%
0.02%
-23.38%
38.05%
7.71%
0.92%
23.33%
100.00%
0.02%
-12.16%
36.14%
1.85%
-0.35%
25.51%
100.00%
0.00%
0.02%
-8.79%
32.39%
-1.77%
-1.12%
20.74%
100.00%
2170542.64%
0.02%
-8.01%
32.83%
2.49%
-0.60%
26.74%
100.00%
2219280.83%
29.88%
28.16%
25.90%
30.77%
9.07%
11.08%
11.02%
12.16%
Consolidated Statements of Income – USD ($) $ in Millions
Net revenues
Fee-related and other revenues
Net revenues
Expenses
Operating
General and administrative
Depreciation and amortization
Gain on asset sale, net
Contract termination
Separation-related
Impairments, net
Restructuring
Transaction-related, net
Total expenses
Operating income/(loss)
Interest expense, net
Early extinguishment of debt
Income/(loss) before income taxes
Provision for/(benefit from) income taxes
Net income/(loss)
Earnings/(loss) per share
Basic (in usd per share)
Diluted (in usd per share)
Royalties and franchise fees
Net revenues
Fee-related and other revenues
Marketing, reservation and loyalty
Net revenues
Fee-related and other revenues
Expenses
Cost of revenues
Management and other fees
Net revenues
Fee-related and other revenues
License and other fees
Net revenues
Fee-related and other revenues
Cost reimbursements
Net revenues
Cost reimbursements
Expenses
Cost of revenues
Dec. 31, 2022
12 Months Ended
Dec. 31, 2021
$ 1,354
1,498
$ 1,245
1,565
106
123
77
(35)
0
1
0
0
0
940
558
80
2
476
121
$ 355
132
113
95
0
0
3
6
0
0
1,119
446
93
18
335
91
$ 244
$ 3.93
$ 3.91
$ 2.61
$ 2.60
$ 512
$ 461
544
468
524
450
57
117
100
79
144
320
144
320
Other
Net revenues
Fee-related and other revenues
$ 141
$ 120
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
$ 950
1,300
$ 1,430
2,053
109
116
98
0
0
2
206
34
12
1,346
(46)
112
0
(158)
(26)
$ (132)
164
130
109
0
42
22
45
8
40
1,746
307
100
0
207
50
$ 157
$ (1.42)
$ (1.42)
$ 1.63
$ 1.62
$ 328
$ 480
370
562
419
563
64
125
84
131
350
623
350
623
$ 104
$ 132
Consolidated Statements of Income – USD ($) $ in Millions
Net revenues
Fee-related and other revenues
Net revenues
Expenses
Operating
General and administrative
Depreciation and amortization
Gain on asset sale, net
Contract termination
Separation-related
Impairments, net
Restructuring
Transaction-related, net
Total expenses
Operating income/(loss)
Interest expense, net
Early extinguishment of debt
Income/(loss) before income taxes
Provision for/(benefit from) income taxes
Net income/(loss)
Earnings/(loss) per share
Basic (in usd per share)
Diluted (in usd per share)
Royalties and franchise fees
Net revenues
Fee-related and other revenues
Marketing, reservation and loyalty
Net revenues
Fee-related and other revenues
Expenses
Cost of revenues
Management and other fees
Net revenues
Fee-related and other revenues
License and other fees
Net revenues
Fee-related and other revenues
Cost reimbursements
Net revenues
Cost reimbursements
Expenses
Cost of revenues
Dec. 31, 2022
12 Months Ended
Dec. 31, 2021
90.39%
100.00%
79.55%
100.00%
7.08%
8.21%
5.14%
-2.34%
0.00%
0.07%
0.00%
0.00%
0.00%
62.75%
37.25%
5.34%
0.13%
31.78%
8.08%
23.70%
8.43%
7.22%
6.07%
0.00%
0.00%
0.19%
0.38%
0.00%
0.00%
71.50%
28.50%
5.94%
1.15%
21.41%
5.81%
15.59%
0.26%
0.26%
0.17%
0.17%
34.18%
29.46%
36.32%
29.90%
34.98%
28.75%
3.81%
7.48%
6.68%
5.05%
9.61%
20.45%
9.61%
20.45%
Other
Net revenues
Fee-related and other revenues
9.41%
7.67%
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
73.08%
100.00%
69.65%
100.00%
8.38%
8.92%
7.54%
0.00%
0.00%
0.15%
15.85%
2.62%
0.92%
103.54%
-3.54%
8.62%
0.00%
-12.15%
-2.00%
-10.15%
7.99%
6.33%
5.31%
0.00%
2.05%
1.07%
2.19%
0.39%
1.95%
85.05%
14.95%
4.87%
0.00%
10.08%
2.44%
7.65%
-0.11%
-0.11%
0.08%
0.08%
25.23%
23.38%
28.46%
27.37%
32.23%
27.42%
4.92%
6.09%
6.46%
6.38%
26.92%
30.35%
26.92%
30.35%
8.00%
6.43%
Consolidated Statements of Cash Flows – USD ($) $ in Millions
Operating activities
Net income/(loss)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization
(Recovery of)/provision for doubtful accounts
Impairments, net
Deferred income taxes
Stock-based compensation
Gain on asset sale, net
Early extinguishment of debt
Net change in assets and liabilities:
Trade receivables
Prepaid expenses
Other current assets
Accounts payable, accrued expenses and other current liabilities
Payment of tax liability assumed in La Quinta acquisition
Deferred revenues
Payments of development advance notes
Proceeds from development advance notes
Other, net
Net cash provided by operating activities
Investing activities
Property and equipment additions
Acquisition of hotel brand
Loan advances
Loan repayments
Proceeds from asset sales, net
Other, net
Net cash provided by/(used in) investing activities
Financing activities
Proceeds from borrowings
Principal payments on long-term debt
Finance lease, principal payments
Debt issuance costs
Capital contribution from former Parent
Dividends to stockholders
Repurchases of common stock
Exercise of stock options
Net share settlement of incentive equity awards
Other, net
Net cash (used in)/provided by financing activities
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
Net (decrease)/increase in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, beginning of period
Cash, cash equivalents and restricted cash, end of period
Dec. 31, 2022
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
$ 355
$ 244
$ (132)
$ 157
77
(2)
0
(39)
33
(35)
2
95
21
6
(1)
28
0
18
98
37
209
(23)
21
0
0
109
16
45
(14)
20
0
0
16
(6)
(3)
14
0
22
(52)
4
13
399
25
(9)
(45)
39
0
16
(32)
2
19
426
(38)
3
1
(46)
0
(54)
(17)
1
7
67
(27)
(8)
7
(28)
(195)
33
(19)
2
2
100
(39)
(44)
0
0
263
(1)
179
(37)
0
0
3
0
0
(34)
(33)
0
(1)
3
0
0
(31)
(50)
0
(2)
0
0
(1)
(53)
400
(404)
(5)
(4)
0
(116)
(448)
4
(11)
0
(584)
(4)
45
(574)
(5)
0
0
(82)
(107)
17
(7)
0
(713)
(1)
1,244
(760)
(5)
(10)
0
(53)
(50)
0
(4)
1
363
0
0
(16)
(5)
0
68
(112)
(242)
0
(5)
(8)
(320)
1
(10)
171
$ 161
(322)
493
$ 171
399
94
$ 493
(272)
366
$ 94
Consolidated Statements of Cash Flows – USD ($) $ in Millions
Operating activities
Net income/(loss)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization
(Recovery of)/provision for doubtful accounts
Impairments, net
Deferred income taxes
Stock-based compensation
Gain on asset sale, net
Early extinguishment of debt
Net change in assets and liabilities:
Trade receivables
Prepaid expenses
Other current assets
Accounts payable, accrued expenses and other current liabilities
Payment of tax liability assumed in La Quinta acquisition
Deferred revenues
Payments of development advance notes
Proceeds from development advance notes
Other, net
Net cash provided by operating activities
Investing activities
Property and equipment additions
Acquisition of hotel brand
Loan advances
Loan repayments
Proceeds from asset sales, net
Other, net
Net cash provided by/(used in) investing activities
Financing activities
Proceeds from borrowings
Principal payments on long-term debt
Finance lease, principal payments
Debt issuance costs
Capital contribution from former Parent
Dividends to stockholders
Repurchases of common stock
Exercise of stock options
Net share settlement of incentive equity awards
Other, net
Net cash (used in)/provided by financing activities
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
Net (decrease)/increase in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, beginning of period
Cash, cash equivalents and restricted cash, end of period
Dec. 31, 2022
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
23.70%
15.59%
10.15%
7.65%
5.14%
0.13%
0.00%
2.60%
2.20%
2.34%
0.13%
6.07%
1.34%
0.38%
0.06%
1.79%
0.00%
1.15%
7.54%
2.85%
16.08%
1.77%
1.62%
0.00%
0.00%
5.31%
0.78%
2.19%
0.68%
0.97%
0.00%
0.00%
1.07%
0.40%
0.20%
0.93%
0.00%
1.47%
3.47%
0.27%
0.87%
26.64%
1.60%
0.58%
2.88%
2.49%
0.00%
1.02%
2.04%
0.13%
1.21%
27.22%
2.92%
0.23%
0.08%
3.54%
0.00%
4.15%
1.31%
0.08%
0.54%
5.15%
1.32%
0.39%
0.34%
1.36%
9.50%
1.61%
0.93%
0.10%
0.10%
4.87%
2.60%
2.94%
0.00%
0.00%
17.56%
0.07%
11.95%
2.36%
0.00%
0.00%
0.19%
0.00%
0.00%
2.17%
2.54%
0.00%
0.08%
0.23%
0.00%
0.00%
2.38%
2.44%
0.00%
0.10%
0.00%
0.00%
0.05%
2.58%
26.70%
26.97%
0.33%
0.27%
0.00%
7.74%
29.91%
0.27%
0.73%
0.00%
38.99%
0.27%
2.88%
36.68%
0.32%
0.00%
0.00%
5.24%
6.84%
1.09%
0.45%
0.00%
45.56%
0.06%
95.69%
58.46%
0.38%
0.77%
0.00%
4.08%
3.85%
0.00%
0.31%
0.08%
27.92%
0.00%
0.00%
0.78%
0.24%
0.00%
3.31%
5.46%
11.79%
0.00%
0.24%
0.39%
15.59%
0.05%
0.67%
11.42%
10.75%
20.58%
31.50%
10.93%
30.69%
7.23%
37.92%
13.25%
17.83%
4.58%