What was the interest cost for Crowne Plaza in 2024, 2023, and 2022?

. Accordingly, no such opinion is expressed.

• x Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.
• x Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Atlanta, Georgia April 15, 2025

Consolidated Balance Sheets

(In Thousands)

Consolidated Statements of Net Income (In Thousands)

| | Year Ended December 31 | | | | | |--------------------------------------------------------|------------------------|-----------|-------------------|----|-------------------| | | | 2024 | 2023 Revised ¹ | | 2022 Revised ¹ | | Revenues | | | | | | | Fee business | $ | 896,837 | $ 869,949 | $ | 808,297 | | Hotel operations | | 92,579 | 88,417 | | 78,787 | | Other | | 339,236 | 304,264 | | 264,377 | | System Fund and reimbursable revenues | | 2,425,248 | 2,280,490 | | 1,880,587 | | Total revenues | | 3,753,900 | 3,543,120 | | 3,032,048 | | Operating expenses | | | | | | | Bad debt expense (release) (Note 2) | | 9,170 | (1,988) | | (3,495) | | Property and other taxes, insurance and leases | | 25,576 | 46,084 | | 49,435 | | Maintenance and repairs | | 51,344 | 59,588 | | 48,991 | | General and administrative expenses | | 574,738 | 563,909 | | 414,334 | | Other hotel operations | | 9,038 | 7,798 | | 7,397 | | Mark-up cost charged by affiliated companies | | 12,904 | 16,240 | | 12,684 | | Allocation of expenses to affiliated companies | | (155,437) | (168,690) | | (134,560) | | Depreciation and amortization of software | | 32,766 | 33,911 | | 36,042 | | Amortization of finite-lived intangible assets | | 4,636 | 5,734 | | 5,088 | | Impairment loss | | 2,466 | – | | – | | System Fund and reimbursable expenses | | 2,506,056 | 2,267,068 | | 1,988,196 | | Total operating expenses | | 3,073,257 | 2,829,654 | | 2,424,112 | | Operating income | | 680,643 | 713,466 | | 607,936 | | Interest expense – external | | (25,746) | (24,680) | | (25,519) | | Interest income from affiliates, net | | 287,364 | 252,394 | | 141,160 | | Interest income – external | | 10,840 | 3,546 | | 2,567 | | Income (loss) from equity method investments (Note 10) | | 6,880 | 24,698 | | (43,614) | | Gains (losses) on securities | | 28,571 | 25,109 | | (54,174) | | Other income (loss) | | 804 | 5,625 | | (5,205) | | Foreign transaction gain (loss) | | 3,189 | (3,922) | | (3,065) | | Income before income taxes | | 992,545 | 996,236 | | 620,086 | | Provision for income taxes (Note 12) | | 259,415 | 235,566 | | 169,574 | | Net income | $ | 733,130 | $ 760,670 | $ | 450,512 | ¹ Revised to reclassify unrealized gains and losses on the Rabbi Trust to net income (see Note 1).

(In Thousands) Consolidated Statements of Comprehensive Income

Source: Item 23 — Receipts (FDD pages 100–424)