The following tables present the financial information for the Company's segments:


	Three Months Ended March 31, 2026
(in thousands)		Hotel Franchising & Management		Corporate & Other		Intersegment Eliminations		Consolidated
Revenues		$	309,544	$	34,541	$	(3,510)	$	340,575
Other segment items (1)		213,089		54,141		(3,510)		263,720
Depreciation and amortization		9,640		7,181		—		16,821
Operating income (loss)		86,815		(26,781)		—		60,034
Reconciliation of segment profit or loss:
Interest expense								23,962
Interest income								(1,211)



Other losses, net								721
Equity in net loss of affiliates								6,252
Income before income taxes								$	30,310


	Three Months Ended March 31, 2025
(in thousands)		Hotel Franchising & Management		Corporate & Other		Intersegment Eliminations		Consolidated
Revenues		$	303,184	$	32,904	$	(3,228)	$	332,860
Other segment items (1)		192,425		49,983		(3,228)		239,180
Depreciation and amortization		7,374		6,374		—		13,748
Operating income (loss)		103,385		(23,453)		—		79,932
Reconciliation of segment profit or loss:
Interest expense								21,242
Interest income								(1,559)



Other losses, net								436
Equity in net loss of affiliates								51
Income before income taxes								$	59,762




























(1) Other segment items for the reportable segment include selling, general and administrative expenses and reimbursable expenses from franchised and managed properties.