v3.26.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 71 $ 64
Trade receivables, net 336 291
Prepaid expenses 43 33
Other current assets 54 47
Total current assets 504 435
Property and equipment, net 150 104
Goodwill 1,525 1,525
Other non-current assets 710 628
Total assets 4,360 4,182
Current liabilities:    
Current portion of long-term debt 23 45
Accounts payable 67 38
Deferred revenues 135 134
Accrued expenses and other current liabilities 273 290
Total current liabilities 498 507
Long-term debt 2,704 2,515
Deferred income taxes 270 271
Deferred revenues 219 220
Other non-current liabilities 194 201
Total liabilities 3,885 3,714
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding 0 0
Common stock, $0.01 par value, 76.2 and 75.7 shares issued as of September 30, 2026 and December 31, 2025 1 1
Treasury stock, at cost – 2.8 and 0.3 shares as of September 30, 2026 and December 31, 2025 (217) (21)
Additional paid-in capital 33 14
Retained earnings 635 471
Accumulated other comprehensive income 23 3
Total stockholders’ equity 475 468
Total liabilities and stockholders’ equity 4,360 4,182
Trademarks, net    
Current assets:    
Intangible assets, net 1,208 1,208
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 263 $ 282