v3.26.1
Statement of Cash Flows (Statement) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Operating activities              
Net income $ 109 $ 79 $ 108 $ 73 $ 188 $ 181  
Adjustments to reconcile net income to net cash provided by operating activities:              
Provision for loan losses 141   128   241 [1] 219 [1]  
Depreciation and amortization         64 61  
Stock-based compensation         28 26  
Inventory write-downs and impairments         25 0  
Deferred income taxes         24 23  
Non-cash interest         12 12  
Non-cash lease expense         6 7  
Asset impairments, net         0 1  
Other, net         (5) (2)  
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:              
Trade receivables         17 (14)  
Vacation ownership contract receivables         (189) (161)  
Inventory         (75) (16)  
Prepaid expenses         (49) (27)  
Other assets         (25) 18  
Accounts payable, accrued expenses, and other liabilities         3 5  
Deferred income         (7) 20  
Net cash provided by operating activities         258 353  
Investing activities              
Property and equipment additions         (44) (58)  
Purchase of investments         (13) (4)  
Proceeds from the sale of investments         13 15  
Acquisitions, net of cash acquired         0 (1)  
Net cash used in investing activities         (44) (48)  
Financing activities              
Proceeds from non-recourse vacation ownership debt         748 644  
Principal payments on non-recourse vacation ownership debt         (867) (816)  
Proceeds from debt, notes issued, and term loans         2,297 1,253  
Principal payments on debt, notes, and term loans         (2,076) (1,099)  
Repurchase of common stock         (175) (140)  
Dividends paid to shareholders [2] (37)   (37)   (78) (78)  
Net share settlement of incentive equity awards         (17) (13)  
Debt issuance/modification costs         (15) (12)  
Proceeds from issuance of common stock         11 7  
Other, net         0 (1)  
Net cash used in financing activities         (172) (255)  
Effect of changes in exchange rates on cash, cash equivalents and restricted cash         3 8  
Net change in cash, cash equivalents and restricted cash         45 58  
Cash, cash equivalents and restricted cash, beginning of period   $ 426   $ 329 426 329 $ 329
Cash, cash equivalents and restricted cash, end of period 471   387   471 387 426
Less: Restricted cash 189   175   189 175 $ 173
Cash and cash equivalents $ 282   $ 212   $ 282 $ 212  
[1] Recorded as a reduction to Net revenue.
[2] The Company paid cash dividends of $0.60 and $1.20 per share during the three and six months ended June 30, 2026 and $0.56 and $1.12 per share during the three and six months ended June 30, 2025.

Source

10-Q XBRL Zip