CHOICE HOTELS INTERNATIONAL INC DE
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $299,665 | $258,507 | $332,152 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 43,282 | 39,659 | 30,425 |
| Depreciation and amortization - other expenses from franchised and managed properties | 27,578 | 36,076 | 33,488 |
| Franchise agreement acquisition cost amortization | 28,702 | 20,024 | 15,666 |
| Loss (gain) on extinguishment of debt | 331 | (4,416) | — |
| Impairment of long-lived assets | — | 3,736 | — |
| Gain on sale of business and assets, net | — | — | (16,251) |
| Non-cash share-based compensation and other charges | 43,250 | 46,809 | 42,974 |
| Non-cash interest, investments, and affiliate (income) loss, net | (7,282) | (8,747) | 7,365 |
| Deferred income taxes | (19,028) | (1,336) | (19,642) |
| Equity in net (gain) loss of affiliates, less distributions received | (2,327) | (1,570) | 489 |
| Franchise agreement acquisition costs, net of reimbursements | (112,164) | (98,316) | (54,527) |
| Change in working capital and other | 17,396 | 6,128 | (5,078) |
| Net cash provided by operating activities | 319,403 | 296,554 | 367,061 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Investments in other property and equipment | (39,102) | (47,717) | (24,140) |
| Investments in owned hotel properties | (106,750) | (68,560) | (65,814) |
| Contributions to investments in affiliates | (52,768) | (38,930) | (3,148) |
| Issuances of notes receivable | (37,994) | (4,323) | (5,647) |
| Purchases of equity securities | — | (112,420) | — |
| Business acquisition, net of cash acquired | — | — | (550,431) |
| Distributions from sales of affiliates | 15,850 | 868 | — |
| Collections of notes receivable | 32,100 | 10,852 | 975 |
| Proceeds from sales of equity securities | 108,149 | — | — |
| Proceeds from the sale of assets and business | — | — | 166,568 |
| Proceeds from the termination of intangible assets | — | — | 44,711 |
| Other items, net | (4,056) | (5,396) | (5,504) |
| Net cash used in investing activities | (84,571) | (265,626) | (442,430) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Net borrowings (repayments) pursuant to revolving credit facilities | 111,500 | (131,500) | 360,000 |
| Proceeds from the issuance of long-term debt | 593,574 | 500,000 | — |
| Repayment of long-term debt | (500,000) | — | (216,571) |
| Payments to extinguish acquired debt | — | — | (55,975) |
| Proceeds from acquired derivative | — | — | 1,943 |
| Debt issuance costs | (8,069) | (1,553) | (44) |
| Purchases of treasury stock | (380,743) | (362,772) | (434,767) |
| Dividends paid | (55,497) | (56,457) | (52,545) |
| Proceeds from the exercise of stock options | 17,525 | 6,345 | 3,809 |
| Net cash used in financing activities | (221,710) | (45,937) | (394,150) |
| Net change in cash and cash equivalents | 13,122 | (15,009) | (469,519) |
| Effect of foreign exchange rate changes on cash and cash equivalents | 301 | 197 | (520) |
| Cash and cash equivalents, beginning of period | 26,754 | 41,566 | 511,605 |
| Cash and cash equivalents, end of period | $40,177 | $26,754 | $41,566 |
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Supplemental disclosure of cash flow information: | |||
| Cash payments during the year for | |||
| Income taxes, net of refunds | $108,173 | $94,342 | $115,972 |
| Interest, net of capitalized interest | $67,176 | $60,773 | $46,908 |
| Non-cash investing and financing activities | |||
| Dividends declared but not paid | $13,471 | $14,902 | $13,136 |
| Investments in property, equipment, and intangible assets recognized in accounts payable and accrued expense liabilities | $23,284 | $10,291 | $5,383 |
| Asset acquisition from extinguishment of note receivable | $— | $— | $20,446 |
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