CHOICE HOTELS INTERNATIONAL INC DE
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
CHH$120.23+0.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $258,507 | $332,152 | $288,957 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 39,659 | 30,425 | 24,773 |
| Depreciation and amortization - other expenses from franchised and managed properties | 36,076 | 33,488 | 25,721 |
| Franchise agreement acquisition cost amortization | 20,024 | 15,666 | 13,222 |
| Gain on extinguishment of debt | (4,416) | — | — |
| Impairment of long-lived assets | 3,736 | — | 282 |
| (Gain) loss on sale of business and assets, net | — | (16,251) | 530 |
| Non-cash share-based compensation and other charges | 46,809 | 42,974 | 35,731 |
| Non-cash interest, investment, and affiliate (income) loss, net | (8,747) | 7,365 | (13,509) |
| Deferred income taxes | (1,336) | (19,642) | (1,006) |
| Equity in net (gain) loss of affiliates, less distributions received | (1,570) | 489 | 23,985 |
| Franchise agreement acquisition costs, net of reimbursements | (98,316) | (54,527) | (38,230) |
| Change in working capital and other | 6,128 | (5,078) | 23,240 |
| Net cash provided by operating activities | 296,554 | 367,061 | 383,696 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Investments in property and equipment | (116,277) | (89,954) | (74,294) |
| Investments in intangible assets | (2,014) | (3,631) | (3,573) |
| Proceeds from the sale of assets and business | — | 166,568 | 6,119 |
| Asset acquisitions, net of cash paid | — | (856) | — |
| Cash received from extinguishment of notes receivable | — | — | 301 |
| Business acquisition, net of cash acquired | — | (550,431) | — |
| Proceeds from the termination of intangible assets | — | 44,711 | — |
| Contributions to investments in affiliates | (38,930) | (3,148) | (2,778) |
| Proceeds from the sale of affiliates | 868 | — | 15,554 |
| Purchases of investments for employee benefit plans | (4,194) | (4,185) | (1,705) |
| Proceeds from sales of investments for employee benefit plans | 1,609 | 1,908 | 2,609 |
| Purchases of equity securities | (112,420) | — | — |
| Issuances of notes receivable | (4,323) | (5,647) | (20,133) |
| Collections of notes receivable | 10,852 | 975 | 213 |
| Other items, net | (797) | 1,260 | (1,239) |
| Net cash used in investing activities | (265,626) | (442,430) | (78,926) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Net (repayments) borrowings pursuant to revolving credit facilities | (131,500) | 360,000 | — |
| Proceeds from issuance of Term Loan | 500,000 | — | — |
| Principal payments on long-term debt | — | (216,571) | — |
| Payments to extinguish acquired debt | — | (55,975) | — |
| Proceeds from acquired derivative | — | 1,943 | — |
| Debt issuance costs | (1,553) | (44) | (365) |
| Purchases of treasury stock | (362,772) | (434,767) | (13,365) |
| Dividends paid | (56,457) | (52,545) | (25,044) |
| Proceeds from the exercise of stock options | 6,345 | 3,809 | 11,054 |
| Net cash used in financing activities | (45,937) | (394,150) | (27,720) |
| Net change in cash and cash equivalents | (15,009) | (469,519) | 277,050 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 197 | (520) | (224) |
| Cash and cash equivalents, beginning of period | 41,566 | 511,605 | 234,779 |
| Cash and cash equivalents, end of period | $26,754 | $41,566 | $511,605 |
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental disclosure of cash flow information: | |||
| Cash payments during the year for | |||
| Income taxes, net of refunds | $94,342 | $115,972 | $106,539 |
| Interest, net of capitalized interest | $60,773 | $46,908 | $43,939 |
| Non-cash investing and financing activities | |||
| Dividends declared but not paid | $14,902 | $13,136 | $13,208 |
| Asset acquisition from extinguishment of note receivable | $— | $20,446 | $21,133 |
| Investment in property, equipment and intangible assets acquired in accounts payable and accrued liabilities | $10,291 | $5,383 | $3,518 |
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