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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 67,391 $ 22,337
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,231 6,362
Depreciation and amortization – marketing and reservation system 7,154 5,815
Gain on sale of asset (29) 0
Franchise agreement acquisition cost amortization 3,784 3,044
Stock compensation and other charges 7,555 5,026
Interest and investment loss (income) 1,909 (2,059)
Deferred income taxes (3,119) (1,378)
Equity in net loss of affiliates, less distributions received 230 5,997
Franchise agreement acquisition costs, net of reimbursements (12,435) (6,770)
Change in working capital and other (14,747) (38,254)
Net cash provided by operating activities 63,924 120
CASH FLOWS FROM INVESTING ACTIVITIES    
Investment in property and equipment (26,809) (9,364)
Investment in intangible assets (1,208) (885)
Proceeds from sale of asset 8,494 0
Contributions to investments in affiliates (268) (968)
Purchases of investments, employee benefit plans (2,818) (551)
Proceeds from sales of investments, employee benefit plans 1,853 1,992
Issuance of notes receivable (1,245) 0
Collections of notes receivable 63 63
Other items, net (529) 0
Net cash used in investing activities (22,467) (9,713)
CASH FLOWS FROM FINANCING ACTIVITIES    
Purchase of treasury stock (14,802) (5,046)
Dividends paid (13,204) 0
Proceeds from exercise of stock options 2,211 2,845
Net cash used in financing activities (25,795) (2,201)
Net change in cash and cash equivalents 15,662 (11,794)
Effect of foreign exchange rate changes on cash and cash equivalents (58) (24)
Cash and cash equivalents at beginning of period 511,605 234,779
Cash and cash equivalents at end of period 527,209 222,961
Cash payments during the period for    
Income taxes, net of refunds 513 323
Interest, net of capitalized interest 14,462 14,349
Non-cash investing and financing activities    
Dividends declared but not paid 13,250 0
Investment in property, equipment and intangibles acquired in accounts payable and accrued liabilities $ 4,129 $ 2,785