v3.23.3
Statement of Cash Flows (Statement) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income $ 267 $ 266
Gain on disposal of discontinued business, net of income taxes (5) 0
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 257 216
Depreciation and amortization 83 91
Deferred income taxes 28 15
Stock-based compensation 31 34
Non-cash interest 15 14
Non-cash lease expense 12 12
Loss on sale of business [1] 2 0
Asset recoveries, net 0 (1)
Other, net 0 9
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables (23) (37)
Vacation ownership contract receivables (354) (283)
Inventory 17 (10)
Prepaid expenses (46) 18
Other assets (35) (2)
Accounts payable, accrued expenses, and other liabilities (78) (85)
Deferred income 27 10
Net cash provided by operating activities 198 267
Investing activities    
Property and equipment additions (42) (36)
Acquisitions (6) (2)
Proceeds from sale of investments 0 (8)
Other, net 2 2
Net cash used in investing activities - continuing operations (46) (28)
Net cash used in investing activities - discontinued operations 0 (6)
Net cash used in investing activities (46) (34)
Financing activities    
Proceeds from non-recourse vacation ownership debt 1,207 1,155
Principal payments on non-recourse vacation ownership debt (1,282) (1,193)
Proceeds from debt 1,404 20
Principal payments on debt (960) (13)
Repayment of notes (405) (2)
Repurchase of common stock (269) (240)
Dividends to shareholders [2] (104) (103)
Payment of deferred acquisition consideration (14) (19)
Debt issuance/modification costs (11) (12)
Net share settlement of incentive equity awards (10) (7)
Repayments of vacation ownership inventory arrangement (6) (6)
Proceeds from issuance of common stock 6 6
Net cash used in financing activities (444) (414)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (4) (11)
Net change in cash, cash equivalents and restricted cash (296) (192)
Cash, cash equivalents and restricted cash, beginning of period 688 497
Cash, cash equivalents and restricted cash, end of period 392 305
Less: Restricted cash 154 136
Cash and cash equivalents $ 238 $ 169
[1] Represents the loss on sale of the Love Home Swap business.
[2] The Company paid cash dividends of $0.45 and $1.35 per share during the three and nine months ended September 30, 2023 and $0.40 and $1.20 per share during the three and nine months ended September 30, 2022.

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