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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUES        
Revenues $ 151,365 $ 317,423 $ 369,171 $ 535,463
Total revenues 151,733 317,684 369,908 536,004
OPERATING EXPENSES        
Selling, general and administrative 36,115 46,909 61,865 85,390
Depreciation and amortization 6,398 3,405 12,927 7,021
Marketing and reservation system 89,309 160,121 219,756 279,960
Owned hotels 2,976 0 9,010 0
Provision for credit losses 7,849 71 10,934 1,104
Total operating expenses 142,647 210,506 314,492 373,475
Impairment of goodwill 0 0 0 (3,097)
Loss on asset dispositions and impairments (1,226) 0 (1,226) (7,304)
Loss on sale of business 0 (4,641) 0 (4,641)
Gain on sale of assets, net 0 0 0 100
Operating income 7,860 102,537 54,190 147,587
OTHER INCOME AND EXPENSES, NET        
Interest expense 13,082 11,093 24,462 22,304
Interest income (2,245) (2,784) (4,533) (5,397)
Loss on extinguishment of debt 0 0 607 0
Other (gains) losses (3,585) (906) 692 (3,104)
Equity in net loss of affiliates 3,486 980 5,441 3,151
Total other income and expenses, net 10,738 8,383 26,669 16,954
Income (loss) before income taxes (2,878) 94,154 27,521 130,633
Income tax (benefit) expense (437) 19,765 (25,501) 26,163
Net (loss) income $ (2,441) $ 74,389 $ 53,022 $ 104,470
Basic earnings per share (in dollars per share) $ (0.04) $ 1.34 $ 0.96 $ 1.88
Diluted earnings per share (in dollars per share) (0.04) 1.33 0.95 1.87
Cash dividends declared per share (in dollars per share) $ 0 $ 0.215 $ 0.225 $ 0.43
Royalty fees        
REVENUES        
Revenues $ 50,152 $ 106,427 $ 120,491 $ 186,780
Initial franchise and relicensing fees        
REVENUES        
Revenues 6,676 6,675 13,960 13,482
Procurement services        
REVENUES        
Revenues 10,697 20,829 24,494 32,776
Marketing and reservation system        
REVENUES        
Revenues 79,677 172,465 190,062 282,529
Owned hotels        
REVENUES        
Revenues 2,000 0 11,314 0
Total revenues 2,108 0 11,530 0
Other        
REVENUES        
Revenues 2,163 11,027 8,850 19,896
Total revenues $ 2,423 $ 11,288 $ 9,371 $ 20,437