v3.22.2.2
Statement of Cash Flows (Statement) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income $ 266 $ 201
Loss on disposal of discontinued business, net of income taxes 0 2
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 216 120
Depreciation and amortization 91 93
Stock-based compensation 34 24
Deferred income taxes 15 (27)
Non-cash interest 14 17
Non-cash lease expense 12 13
Asset recoveries, net (1) 0
Other, net 9 5
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables (37) (9)
Vacation ownership contract receivables (283) 60
Inventory (10) (14)
Accounts payable, accrued expenses, prepaid expenses, other assets and other liabilities (69) 8
Deferred income 10 (58)
Net cash provided by operating activities 267 435
Investing activities    
Property and equipment additions (36) (40)
Acquisitions (2) (37)
Proceeds from sale of investments 8 0
Other, net 2 0
Net cash used in investing activities - continuing operations (28) (77)
Net cash used in investing activities - discontinued operations (6) 0
Net cash used in investing activities (34) (77)
Financing activities    
Proceeds from non-recourse vacation ownership debt 1,155 930
Principal payments on non-recourse vacation ownership debt (1,193) (1,202)
Proceeds from debt 20 10
Principal payments on debt (13) (561)
Repayment of notes (2) (252)
Repurchase of common stock (240) 0
Dividends to shareholders (103) (79)
Payment of deferred acquisition consideration (19) (30)
Debt issuance/modification costs (12) (9)
Net share settlement of incentive equity awards (7) (9)
Repayments of vacation ownership inventory arrangement (6) 0
Proceeds from issuance of common stock 6 7
Net cash used in financing activities (414) (1,195)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (11) (6)
Net change in cash, cash equivalents and restricted cash (192) (843)
Cash, cash equivalents and restricted cash, beginning of period 497 1,317
Cash, cash equivalents and restricted cash, end of period 305 474
Less: Restricted cash 136 128
Cash and cash equivalents $ 169 $ 346

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