v3.22.2
Statement of Cash Flows (Statement) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income $ 151 $ 100
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 125 71
Depreciation and amortization 61 63
Stock-based compensation 24 16
Deferred income taxes 16 (19)
Non-cash interest 10 12
Non-cash lease expense 8 8
Asset recoveries, net (1) 0
Other, net 17 3
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables (11) 4
Vacation ownership contract receivables (128) 90
Inventory (8) (40)
Accounts payable, accrued expenses, prepaid expenses, other assets and other liabilities (41) 14
Deferred income 7 (34)
Net cash provided by operating activities 230 290
Investing activities    
Property and equipment additions (24) (25)
Purchase of investments (6) 0
Acquisitions 0 (37)
Other, net 1 0
Net cash used in investing activities (29) (62)
Financing activities    
Proceeds from non-recourse vacation ownership debt 655 709
Principal payments on non-recourse vacation ownership debt (742) (922)
Proceeds from debt 0 10
Principal payments on debt (4) (560)
Repayment of notes (2) (252)
Repurchase of common stock (127) 0
Payment of deferred acquisition consideration (19) (20)
Dividends to shareholders (70) (53)
Net share settlement of incentive equity awards (6) (9)
Debt issuance/modification costs (6) (8)
Proceeds from issuance of common stock 6 7
Net cash used in financing activities (315) (1,098)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (5) (1)
Net change in cash, cash equivalents and restricted cash (119) (871)
Cash, cash equivalents and restricted cash, beginning of period 497 1,317
Cash, cash equivalents and restricted cash, end of period 378 446
Less: Restricted cash 137 118
Cash and cash equivalents $ 241 $ 328

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