Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 74,389	$ 53,022	$ 104,470
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,405	12,927	7,021
Depreciation and amortization – marketing and reservation system		9,585	8,599
Franchise agreement acquisition cost amortization		5,558	5,051
Gain on disposal of assets		0	(2,189)
Provision for credit losses, net		24,675	3,535
Loss on extinguishment of debt	4,641	0	4,641
Loss on asset disposition and impairments	0	1,226	7,304
Impairment of goodwill	0	0	3,097
Loss on extinguishment of debt	0	607	0
Non-cash stock compensation and other charges		458	8,173
Non-cash interest and other loss (income)		1,097	(2,910)
Deferred income taxes		(27,098)	2,418
Equity in net losses from unconsolidated joint ventures, less distributions received		5,588	5,380
Franchise agreement acquisition costs, net of reimbursements		(12,567)	(19,122)
Change in working capital and other, net of acquisition		(73,626)	(37,729)
Net cash provided by operating activities		1,452	97,739
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment		(21,094)	(38,177)
Investment in intangible assets		(830)	(1,037)
Proceeds from sales of assets		0	10,585
Payment on business disposition, net		0	(10,783)
Contributions to equity method investments		(2,997)	(13,676)
Distributions from equity method investments		3,113	7,509
Purchases of investments, employee benefit plans		(1,932)	(2,276)
Proceeds from sales of investments, employee benefit plans		1,901	1,714
Issuance of notes receivable		(7,730)	(4,877)
Collections of notes receivable		63	5,442
Other items, net		(27)	309
Net cash used in investing activities		(29,533)	(45,267)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities		170,300	9,400
Net borrowings pursuant to term loan		249,500	0
Principal payments on long-term debt		(33,369)	(248)
Purchase of treasury stock		(54,536)	(42,437)
Dividends paid		(25,228)	(24,131)
Debt issuance costs		(492)	0
Proceeds from issuance of long-term debt		0	20,715
Payments on transfer of interest in notes receivable		0	(24,409)
Proceeds from exercise of stock options		2,768	16,271
Net cash provided by (used in) financing activities		308,943	(44,839)
Net change in cash and cash equivalents		280,862	7,633
Effect of foreign exchange rate changes on cash and cash equivalents		(489)	132
Cash and cash equivalents at beginning of period		33,766	26,642
Cash and cash equivalents at end of period	34,407	314,139	34,407
Cash payments during the period for:
Income taxes, net of refunds	15,434	1,114
Interest, net of capitalized interest	21,126	23,248
Non-cash investing and financing activities:
Dividends declared but not paid	11,974	46	$ 11,974
Investment in property and equipment acquired in accounts payable	$ 1,583	$ 1,317