v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net income $ 16 $ 2
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 126 130
Amortization of deferred financing costs, acquisition premiums and other 37 63
Provision for financing receivables losses 180 159
Impairment expense 1 2
Other (gain) loss, net (10) 8
Share-based compensation 35 27
Deferred income tax expense 6 0
Equity in earnings from unconsolidated affiliates (11) (8)
Return on investment in unconsolidated affiliates 5 0
Net changes in assets and liabilities, net of effects of acquisitions:    
Accounts receivable, net (123) 15
Timeshare financing receivables, net (224) (196)
Inventory (63) (31)
Purchases and development of real estate for future conversion to inventory (61) (50)
Other assets (222) (154)
Accounts payable, accrued expenses and other 99 55
Advanced deposits 9 5
Deferred revenue 299 86
Net cash provided by operating activities 99 113
Investing Activities    
Acquisitions, net of cash, cash equivalents and restricted cash acquired 0 (1,444)
Capital expenditures for property and equipment (excluding inventory) (29) (17)
Software capitalization costs (37) (20)
Other 0 (1)
Net cash used in investing activities (66) (1,482)
Financing Activities    
Proceeds from debt 1,427 2,085
Proceeds from non-recourse debt 1,690 905
Repayment of debt (1,507) (397)
Repayment of non-recourse debt (1,511) (1,231)
Payment of debt issuance costs (13) (51)
Repurchase and retirement of common stock (300) (199)
Payment of withholding taxes on vesting of restricted stock units (8) (21)
Proceeds from employee stock plan purchases 8 5
Proceeds from stock option exercises 2 7
Other (1) (2)
Net cash (used in) provided by financing activities (213) 1,101
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 6 (16)
Net decrease in cash, cash equivalents and restricted cash (174) (284)
Cash, cash equivalents and restricted cash, beginning of period 766 885
Cash, cash equivalents and restricted cash, end of period 592 601
Less: Restricted cash 323 273
Cash and cash equivalents $ 269 $ 328