v3.25.1
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
OPERATING ACTIVITIES    
Net income $ 57 $ 46
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:    
Depreciation and amortization of intangibles 38 38
Amortization of debt discount and issuance costs 5 5
Vacation ownership notes and contracts receivable reserve 50 46
Share-based compensation 7 7
Deferred income taxes (15) 35
Net change in assets and liabilities:    
Accounts and contracts receivable 0 (41)
Vacation ownership notes receivable originations (233) (200)
Vacation ownership notes receivable collections 176 160
Inventory 1 17
Other assets (129) (133)
Accounts payable, advance deposits and accrued liabilities (13) (60)
Deferred revenue 88 100
Payroll and benefit liabilities (13) 4
Deferred compensation liability (5) (3)
Other liabilities (5) (19)
Purchase and development of property for future transfer to inventory (2) 0
Other, net 1 1
Net cash, cash equivalents and restricted cash provided by operating activities 8 3
INVESTING ACTIVITIES    
Capital expenditures for property and equipment (excluding inventory) (14) (16)
Purchase of company owned life insurance (4) (4)
Purchase and development of property for future sale 0 (49)
Net cash, cash equivalents and restricted cash used in investing activities (18) (69)
FINANCING ACTIVITIES    
Borrowings from securitization transactions 206 524
Repayment of debt related to securitization transactions (197) (441)
Proceeds from debt 340 340
Repayments of debt (277) (289)
Finance lease payment (2) (2)
Payment of debt and securitized debt issuance costs (5) (6)
Repurchase of common stock (36) (24)
Payment of dividends (55) (54)
Payment of withholding taxes on vesting of restricted stock units (6) (5)
Net cash, cash equivalents and restricted cash (used in) provided by financing activities (32) 43
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 1 (1)
Change in cash, cash equivalents and restricted cash (41) (24)
Cash, cash equivalents and restricted cash, beginning of period 528 574
Cash, cash equivalents and restricted cash, end of period 487 550
SUPPLEMENTAL DISCLOSURES    
Non-cash issuance of treasury stock for employee stock purchase plan 1 1
Non-cash transfer from inventory to property and equipment 0 6
Non-cash transfer from property and equipment to inventory 0 23
Right-of-use asset obtained in exchange for finance lease obligation 2 11
Non-cash issuance of debt in connection with finance lease 2 11
Interest paid, net of amounts capitalized 54 52
Income taxes paid, net of refunds $ 4 $ 50