v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 20,304 $ 44,534
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 16,821 13,748
Depreciation and amortization – reimbursable expenses from franchised and managed properties 5,115 4,887
Franchise agreement acquisition cost amortization 9,580 9,791
Non-cash share-based compensation and other charges 8,434 9,834
Non-cash interest, investments, and affiliate loss, net 1,800 1,515
Deferred income taxes 7,657 626
Equity in net loss of affiliates, less distributions received 6,252 413
Franchise agreement acquisition costs, net of reimbursements (42,842) (26,287)
Change in working capital and other (56,295) (38,594)
Net cash (used in) provided by operating activities (23,174) 20,467
CASH FLOWS FROM INVESTING ACTIVITIES    
Investments in other property and equipment (10,065) (10,543)
Investments in owned hotel properties (16,819) (35,462)
Contributions to investments in affiliates (3,863) (5,415)
Issuances of notes receivable (236) (1,952)
Collections of notes receivable 24,610 1,487
Other items, net 197 (1,067)
Net cash used in investing activities (6,176) (52,952)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net borrowings pursuant to revolving credit facilities 97,000 105,500
Purchases of treasury stock (56,480) (64,624)
Dividends paid (13,115) (13,471)
Proceeds from the exercise of stock options 880 4,803
Net cash provided by financing activities 28,285 32,208
Net change in cash and cash equivalents (1,065) (277)
Effect of foreign exchange rate changes on cash and cash equivalents (60) 154
Cash and cash equivalents, beginning of period 44,997 40,177
Cash and cash equivalents, end of period 43,872 40,054
Cash payments during the period for    
Income taxes, net of refunds and transferable tax credits 3,964 3,029
Interest, net of capitalized interest 32,164 32,268
Non-cash investing and financing activities    
Dividends declared but not paid 13,115 13,391
Investments in property, equipment, and intangible assets recognized in accounts payable and accrued expense liabilities $ 12,886 $ 17,337