XML 16 R3.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
REVENUES      
Total revenues $ 1,401,949 $ 1,069,298 $ 774,072
OPERATING EXPENSES      
Selling, general and administrative 207,275 145,623 148,910
Depreciation and amortization 30,425 24,773 25,831
Total operating expenses 939,597 640,096 637,654
Impairment of long-lived assets 0 (282) (14,751)
Gain on sale of business and assets, net 16,249 13 0
Operating income 478,601 428,933 121,667
OTHER EXPENSES AND INCOME, NET      
Interest expense 43,797 46,680 49,028
Interest income (7,288) (4,981) (7,688)
Loss on extinguishment of debt 0 0 16,565
Other loss (gain) 7,018 (5,134) (4,533)
Equity in net (gain) loss of affiliates (1,732) 15,876 15,289
Total other income and expenses, net 41,795 52,441 68,661
Income before income taxes 436,806 376,492 53,006
Income tax expense (benefit) 104,654 87,535 (22,381)
Net income $ 332,152 $ 288,957 $ 75,387
Basic earnings per share (in dollars per share) $ 6.05 $ 5.20 $ 1.36
Diluted earnings per share (in dollars per share) $ 5.99 $ 5.15 $ 1.35
Royalty, licensing and management fees      
REVENUES      
Total revenues $ 471,759 $ 397,218 $ 263,308
Initial franchise fees      
REVENUES      
Total revenues 28,074 26,342 25,906
Procurement services      
REVENUES      
Total revenues 63,800 50,393 45,242
Owned hotels      
REVENUES      
Total revenues 70,826 37,833 20,168
OPERATING EXPENSES      
Operating expenses 48,837 24,754 16,066
Other      
REVENUES      
Total revenues 64,740 28,669 16,880
Other revenues from franchised and managed properties      
REVENUES      
Total revenues 702,750 528,843 402,568
OPERATING EXPENSES      
Operating expenses $ 653,060 $ 444,946 $ 446,847