v3.25.2
Statement of Cash Flows (Statement) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 181 $ 195
Gain on disposal of discontinued business, net of income taxes 0 32
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses [1] 219 191
Depreciation and amortization 61 56
Stock-based compensation 26 20
Deferred income taxes 23 24
Non-cash interest 12 12
Non-cash lease expense 7 6
Asset impairments 1 0
Other, net (2) (1)
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:    
Trade receivables (14) 13
Vacation ownership contract receivables (161) (235)
Inventory (16) (2)
Prepaid expenses (27) (24)
Other assets 18 4
Accounts payable, accrued expenses, and other liabilities 5 (14)
Deferred income 20 8
Net cash provided by operating activities 353 221
Investing activities    
Property and equipment additions (58) (38)
Proceeds from the sale of investments 15 0
Purchase of investments 4 0
Acquisitions, net of cash acquired (1) (44)
Proceeds from sale of assets 0 1
Net cash used in investing activities (48) (81)
Financing activities    
Proceeds from non-recourse vacation ownership debt 644 657
Principal payments on non-recourse vacation ownership debt (816) (728)
Proceeds from debt 1,253 949
Principal payments on debt (1,095) (650)
Repayment of notes and term loans (4) (304)
Repurchase of common stock (140) (94)
Dividends paid to shareholders [2] (78) (73)
Net share settlement of incentive equity awards (13) (9)
Debt issuance/modification costs (12) (7)
Payment of deferred acquisition consideration 0 (9)
Proceeds from issuance of common stock (7) (7)
Other, net 1 0
Net cash used in financing activities (255) (261)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 8 (5)
Net change in cash, cash equivalents and restricted cash 58 (126)
Cash, cash equivalents and restricted cash, beginning of period 329 458
Cash, cash equivalents and restricted cash, end of period 387 332
Less: Restricted cash 175 166
Cash and cash equivalents $ 212 $ 166
[1] Recorded as a reduction to Net revenue.
[2] The Company paid cash dividends of $0.56 and $1.12 per share during the three and six months ended June 30, 2025 and $0.50 and $1.00 per share during the three and six months ended June 30, 2024.

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