v3.23.1
Statement of Cash Flows (Statement) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 64 $ 51
Gain on disposal of discontinued business, net of income taxes (1) 0
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 71 48
Deferred income taxes 33 13
Depreciation and amortization 28 30
Stock-based compensation 10 12
Non-cash interest 5 5
Non-cash lease expense 4 4
Loss on sale of business [1] 2 0
Asset impairments 0 1
Other, net 6 0
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables 3 (13)
Vacation ownership contract receivables (82) 3
Inventory (6) 26
Prepaid expenses (51) (1)
Other assets (19) (33)
Accounts payable, accrued expenses, and other liabilities (75) (10)
Deferred income 15 5
Net cash provided by operating activities 7 141
Investing activities    
Property and equipment additions (12) (10)
Acquisitions (6) 0
Purchase of investments 0 (7)
Other, net 1 1
Net cash used in investing activities (17) (16)
Financing activities    
Proceeds from non-recourse vacation ownership debt 273 476
Principal payments on non-recourse vacation ownership debt (276) (463)
Proceeds from debt 478 0
Principal payments on debt (267) (1)
Repayment of notes (402) (1)
Repurchase of common stock (101) (45)
Dividends to shareholders (37) (35)
Repayments of vacation ownership inventory arrangement (6) 0
Net share settlement of incentive equity awards (5) (5)
Debt issuance/modification costs 0 (5)
Net cash used in financing activities (343) (79)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (1) 4
Net change in cash, cash equivalents and restricted cash (354) 50
Cash, cash equivalents and restricted cash, beginning of period 688 497
Cash, cash equivalents and restricted cash, end of period 334 547
Less: Restricted cash 138 166
Cash and cash equivalents $ 196 $ 381
[1] Represents the loss on sale of the Love Home Swap business.

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