XML 20 R7.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 332,152 $ 288,957 $ 75,387
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 30,425 24,773 25,831
Depreciation and amortization - marketing and reservation system 33,488 25,721 22,625
Franchise agreement acquisition cost amortization 15,666 13,222 11,310
Impairment of long-lived assets 0 282 14,751
Loss on extinguishment of debt 0 0 16,565
(Gain) loss on sale and disposal of assets, net (16,251) 530 0
Non-cash stock compensation and other charges 42,974 35,731 9,690
Non-cash interest, investment, and affiliate (income) loss, net 7,365 (13,509) (6,723)
Deferred income taxes (19,642) (1,006) (44,826)
Equity in net loss of affiliates, less distributions received 489 23,985 15,439
Franchise agreement acquisition costs, net of reimbursements (54,527) (38,230) (36,479)
Change in working capital and other, net of acquisition (5,078) 23,240 6,491
Net cash provided by operating activities 367,061 383,696 110,061
CASH FLOWS FROM INVESTING ACTIVITIES      
Investment in property and equipment (89,954) (74,294) (33,603)
Investment in intangible assets (3,631) (3,573) (1,359)
Proceeds from sales of assets 166,568 6,119 0
Asset acquisitions, net of cash acquired (856) 0 0
Cash received from extinguishment of notes receivable 0 301 0
Proceeds from sale of tax credits for rehabilitation of historic building 0 0 9,197
Business acquisition, net of cash acquired (550,431) 0 0
Proceeds from termination of intangibles 44,711 0 0
Contributions to investments in affiliates (3,148) (2,778) (5,454)
Distributions and sales proceeds from investments in affiliates 0 15,554 10,798
Purchases of investments, employee benefit plans (4,185) (1,705) (2,562)
Proceeds from sales of investments, employee benefit plans 1,908 2,609 2,478
Issuance of notes receivable (5,647) (20,133) (9,845)
Collections of notes receivable 975 213 6,494
Other items, net 1,260 (1,239) (623)
Net cash used in investing activities (442,430) (78,926) (24,479)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of Term Loan 0 0 249,500
Proceeds from issuance of 2020 Senior Notes 0 0 447,723
Net borrowings (repayments) pursuant to revolving credit facilities 360,000 0 (18,480)
Principal payments on long-term debt (216,571) 0 (473,857)
Payments to extinguish long-term debt 0 0 (14,347)
Payments to extinguish acquired debt (55,975) 0 0
Proceeds from acquired derivative 1,943 0 0
Debt issuance costs (44) (365) (4,620)
Purchases of treasury stock (434,767) (13,365) (55,450)
Dividends paid (52,545) (25,044) (25,274)
Proceeds from exercise of stock options 3,809 11,054 10,203
Net cash (used in) provided by financing activities (394,150) (27,720) 115,398
Net change in cash and cash equivalents (469,519) 277,050 200,980
Effect of foreign exchange rate changes on cash and cash equivalents (520) (224) 33
Cash and cash equivalents at beginning of period 511,605 234,779 33,766
Cash and cash equivalents at end of period 41,566 511,605 234,779
Cash payments during the year for      
Income taxes, net of refunds 115,972 106,539 8,605
Interest, net of capitalized interest 46,908 43,939 45,145
Non-cash investing and financing activities      
Dividends declared but not paid 13,136 13,208 0
Asset acquisition from extinguishment of note receivable 20,446 21,133 0
Investment in property, equipment and intangibles acquired in accounts payable and accrued liabilities $ 5,383 $ 3,518 $ 1,421