v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 84,642 $ 126,268
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 33,634 27,172
Depreciation and amortization – reimbursable expenses from franchised and managed properties 11,228 9,426
Franchise agreement acquisition cost amortization 20,201 17,261
Non-cash share-based compensation and other charges 13,098 19,438
Non-cash interest, investments, and affiliate loss (income), net (3,391) (1,668)
Deferred income taxes 7,493 850
Equity in net loss of affiliates, less distributions received 7,468 692
Franchise agreement acquisition costs, net of reimbursements (72,169) (41,474)
Change in working capital and other (34,842) (41,895)
Net cash provided by operating activities 67,362 116,070
CASH FLOWS FROM INVESTING ACTIVITIES    
Investments in other property and equipment (17,900) (18,333)
Investments in owned hotel properties (27,292) (65,676)
Contributions to investments in affiliates (10,588) (9,358)
Issuances of notes receivable (1,859) (3,353)
Collections of notes receivable 24,610 2,773
Other items, net (995) (1,201)
Net cash used in investing activities (34,024) (95,148)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net borrowings pursuant to revolving credit facilities 96,275 130,000
Purchases of treasury stock (107,464) (112,756)
Dividends paid (26,333) (26,868)
Proceeds from the exercise of stock options 2,339 6,385
Net cash used in financing activities (35,183) (3,239)
Net change in cash and cash equivalents (1,845) 17,683
Effect of foreign exchange rate changes on cash and cash equivalents (326) 750
Cash and cash equivalents, beginning of period 44,997 40,177
Cash and cash equivalents, end of period 42,826 58,610
Cash payments during the period for    
Income taxes, net of refunds and transferable tax credits 20,421 41,548
Interest, net of capitalized interest 46,817 44,884
Non-cash investing and financing activities    
Dividends declared but not paid 12,989 13,304
Investments in property, equipment, and intangible assets recognized in accounts payable and accrued expense liabilities $ 12,396 $ 20,579