v3.22.1
Statement of Cash Flows (Statement) - USD ($)
$ in Millions
3 Months Ended 21 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Operating activities      
Net income $ 51 $ 29  
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 48 38  
Depreciation and amortization 30 31  
Deferred income taxes 13 (12)  
Stock-based compensation 12 7  
Non-cash interest 5 7  
Non-cash lease expense 4 3  
Asset impairments 1 0  
Other, net 0 3  
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:      
Trade receivables (13) 3  
Vacation ownership contract receivables 3 90  
Inventory 26 (53)  
Prepaid expenses (1) 0  
Other assets (33) 0  
Accounts payable, accrued expenses, and other liabilities (10) (54)  
Deferred income 5 (14)  
Net cash provided by operating activities 141 78  
Investing activities      
Property and equipment additions (10) (12)  
Purchase of investments (7) 0  
Acquisitions 0 (35)  
Other, net 1 0  
Net cash used in investing activities (16) (47)  
Financing activities      
Proceeds from non-recourse vacation ownership debt 476 597  
Principal payments on non-recourse vacation ownership debt (463) (644)  
Principal payments on debt (1) (548)  
Repayment of notes (1) (251)  
Repurchase of common stock (45) 0  
Dividends to shareholders (35) (26)  
Debt issuance/modification costs (5) (7)  
Net share settlement of incentive equity awards (5) (7)  
Proceeds from issuance of common stock 0 2  
Net cash used in financing activities (79) (884)  
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 4 (3)  
Net change in cash, cash equivalents and restricted cash 50 (856)  
Cash, cash equivalents and restricted cash, beginning of period 497 1,317  
Cash, cash equivalents and restricted cash, end of period 547 461 $ 497
Less: Restricted cash 166 139 128
Cash and cash equivalents $ 381 $ 322 $ 369

Source