v3.24.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Contract with Customer, Liability
The following table summarizes the significant changes in the contract liabilities balances during the period from December 31, 2023 to September 30, 2024:
(in thousands)
Balance as of December 31, 2023$209,895 
Increases to the contract liability balance due to cash received92,468 
Revenue recognized in the period(87,924)
Balance as of September 30, 2024$214,439 
Schedule of Disaggregation of Revenue
The following table presents the Company's revenues by over time and point in time recognition:
Three Months EndedThree Months Ended
September 30, 2024September 30, 2023
(in thousands)Over timePoint in timeTotalOver timePoint in timeTotal
Royalty, licensing and management fees$143,987 $3,164 $147,151 $145,830 $2,682 $148,512 
Initial franchise fees5,866 — 5,866 6,194 — 6,194 
Platform and procurement services fees15,492 686 16,178 14,874 668 15,542 
Owned hotels24,491 7,445 31,936 19,497 6,742 26,239 
Other13,857 — 13,857 11,436 — 11,436 
Other revenues from franchised and managed properties193,173 19,803 212,976 200,399 17,235 217,634 
Total revenues$396,866 $31,098 $427,964 $398,230 $27,327 $425,557 
Nine Months EndedNine Months Ended
September 30, 2024September 30, 2023
(in thousands)Over timePoint in timeTotalOver timePoint in timeTotal
Royalty, licensing and management fees$385,553 $8,878 $394,431 $389,332 $7,171 $396,503 
Initial franchise fees19,133 — 19,133 21,240 — 21,240 
Platform and procurement services fees56,050 2,010 58,060 56,112 2,074 58,186 
Owned hotels63,742 21,603 85,345 55,544 18,531 74,075 
Other45,251 — 45,251 33,211 — 33,211 
Other revenues from franchised and managed properties524,256 68,593 592,849 546,332 56,222 602,554 
Total revenues$1,093,985 $101,084 $1,195,069 $1,101,771 $83,998 $1,185,769