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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
REVENUES    
REVENUES $ 332,792 $ 257,727
OPERATING EXPENSES    
Selling, general and administrative 59,283 30,324
Depreciation and amortization 10,023 6,231
Total operating expenses 254,941 158,359
Gain on sale of business and assets, net 0 29
Operating income 77,851 99,397
OTHER INCOME AND EXPENSES, NET    
Interest expense 14,084 11,470
Interest income (1,883) (1,280)
Other (gain) loss (1,908) 1,716
Equity in net loss (gain) of affiliates 63 (244)
Total other income and expenses, net 10,356 11,662
Income before income taxes 67,495 87,735
Income tax expense 14,675 20,344
Net income $ 52,820 $ 67,391
Basic earnings per share (in usd per share) $ 1.02 $ 1.21
Diluted earnings per share (in usd per share) 1.02 1.20
Cash dividends declared per share (in usd per share) $ 0.2875 $ 0.2375
Royalty, licensing and management fees    
REVENUES    
REVENUES $ 107,492 $ 90,739
Initial franchise fees    
REVENUES    
REVENUES 7,882 8,402
Platform and procurement services fees    
REVENUES    
REVENUES 13,843 11,683
Owned hotels    
REVENUES    
REVENUES 22,332 12,037
OPERATING EXPENSES    
Operating expenses 17,146 8,154
Other    
REVENUES    
REVENUES 10,627 8,229
Other revenues from franchised and managed properties    
REVENUES    
REVENUES 170,616 126,637
OPERATING EXPENSES    
Operating expenses $ 168,489 $ 113,650