Due to COVID19 and the financial uncertainty, IHG was able to remain conservative with its cash flow. Our actions to significantly reduce costs where appropriate to do so and to preserve cash to maintain substantial liquidity and support our traditional balance sheet approach. IHG’s first focus is to reinvest to drive growth. Secondly, we want to generate sufficient funds to pay a progressive ordinary dividend. Lastly, where further cash is available, which is genuinely surplus, we will return this to shareholders as we have previously demonstrated. Looking at the chart below, the cash flow data provided by yahoo business shows negative investing cash flow and repayment of debt from 2017 to current. With IHG’s goal to sign new contracts weekly and expand franchises, I wonder if that affects their cash flow.