MARRIOTT VACATIONS WORLDWIDE Corp

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

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FY2023 · Filed Feb 27, 2024

VAC$115.68+0.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	2023	2022	2021
OPERATING ACTIVITIES
Net income	$252	$391	$53
Adjustments to reconcile net income to net cash, cash equivalents, and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	135	132	146
Amortization of debt discount and issuance costs	23	25	56
Vacation ownership notes receivable reserve	230	150	101
Share-based compensation	31	39	51
Impairment charges	30	—	3
Gains and other income, net	(6)	(48)	—
Deferred income taxes	(64)	87	34
Net change in assets and liabilities, net of the effects of acquisition:
Accounts and contracts receivable	(105)	(45)	—
Vacation ownership notes receivable originations	(987)	(980)	(750)
Vacation ownership notes receivable collections	596	642	686
Inventory	87	104	61
Other assets	(44)	(49)	(46)
Accounts payable, advance deposits and accrued liabilities	1	112	42
Deferred revenue	34	(9)	88
Payroll and benefit liabilities	(46)	53	35
Deferred compensation liability	15	13	22
Other liabilities	78	(38)	27
Deconsolidation of certain Consolidated Property Owners' Associations	—	(48)	(168)
Purchase of property for future transfer to inventory	(27)	(12)	(98)
Other, net	(1)	3	—
Net cash, cash equivalents, and restricted cash provided by operating activities	232	522	343
INVESTING ACTIVITIES
Acquisition of a business, net of cash and restricted cash acquired	—	—	(157)
Proceeds from disposition of subsidiaries, net of cash and restricted cash transferred	—	94	—
Capital expenditures for property and equipment (excluding inventory)	(118)	(65)	(47)
Issuance of note receivable to VIE	—	(47)	—
Proceeds from collection of note receivable from VIE	—	47	—
Purchase of company owned life insurance	(10)	(18)	(14)
Dispositions, net	16	3	3
Other, net	—	2	2
Net cash, cash equivalents, and restricted cash (used in) provided by investing activities	(112)	16	(213)

Continued

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

	2023	2022	2021
FINANCING ACTIVITIES
Borrowings from securitization transactions	1,492	1,031	957
Repayment of debt related to securitization transactions	(1,331)	(945)	(868)
Proceeds from debt	1,070	1,266	1,111
Repayments of debt	(1,221)	(935)	(1,339)
Purchase of convertible note hedges	—	(107)	(100)
Proceeds from issuance of warrants	—	43	70
Finance lease incentive	10	3	—
Finance lease payment	(5)	(4)	(5)
Payment of debt issuance costs	(12)	(15)	(22)
Repurchase of common stock	(286)	(701)	(78)
Payment of dividends	(106)	(99)	(23)
Payment of withholding taxes on vesting of restricted stock units	(12)	(23)	(20)
Net cash, cash equivalents, and restricted cash used in financing activities	(401)	(486)	(317)
Effect of changes in exchange rates on cash, cash equivalents, and restricted cash	1	(1)	(2)
Change in cash, cash equivalents, and restricted cash	(280)	51	(189)
Cash, cash equivalents, and restricted cash, beginning of year	854	803	992
Cash, cash equivalents, and restricted cash, end of year	$574	$854	$803
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of debt in connection with asset acquisition	$—	$11	$—
Non-cash issuance of treasury stock in connection with Welk Acquisition	—	—	248
Non-cash transfer from inventory to property and equipment	12	47	105
Non-cash transfer from property and equipment to inventory	57	13	2
Non-cash transfer from other assets to property and equipment	—	14	22
Non-cash issuance of treasury stock for employee stock purchase plan	5	5	3
Dividends payable	27	27	23
Interest paid, net of amounts capitalized	204	149	184
Income taxes paid, net of refunds (income tax refunds, net of income taxes paid)	141	57	(13)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Common Stock Issued · Common Stock · Treasury Stock · Additional Paid-In Capital · Accumulated Other Comprehensive (Loss) Income · Retained Earnings · Total MVW Stockholders' Equity · Non-controlling Interests · Total Equity
75.3	BALANCE AT YEAR-END 2020	$1	$(1,334)	$3,760	$(48)	$272	$2,651	$31	$2,682
—	Net income	—	—	—	—	49	49	4	53
—	Welk Acquisition	—	55	193	—	—	248	—	248
—	Foreign currency translation adjustments	—	—	—	11	—	11	—	11
—	Derivative instrument adjustment	—	—	—	21	—	21	—	21
0.2	Share-based compensation plans	—	1	29	—	—	30	—	30
—	Equity component of convertible notes, net of issuance costs	—	—	117	—	—	117	—	117
—	Purchase of convertible note hedges	—	—	(100)	—	—	(100)	—	(100)
—	Issuance of warrants	—	—	70	—	—	70	—	70
—	Repurchase of common stock	—	(78)	—	—	—	(78)	—	(78)
—	Dividends	—	—	—	—	(46)	(46)	—	(46)
—	Employee stock plan issuance	—	—	3	—	—	3	—	3
—	Deconsolidation of certain Consolidated Property Owners' Associations	—	—	—	—	—	—	(25)	(25)
75.5	BALANCE AT YEAR-END 2021	1	(1,356)	4,072	(16)	275	2,976	10	2,986

—	Impact of adoption of ASU 2020-06	—	—	(111)	—	31	(80)	—	(80)
75.5	OPENING BALANCE 2022	1	(1,356)	3,961	(16)	306	2,896	10	2,906
—	Net income	—	—	—	—	391	391	—	391
—	Foreign currency translation adjustments	—	—	—	10	—	10	—	10
—	Reclassification of foreign currency translation adjustments realized upon disposition of subsidiary	—	—	—	(10)	—	(10)	—	(10)
—	Derivative instrument adjustment	—	—	—	31	—	31	—	31
—	Adjustment for 2022 Convertible Note Hedges	—	—	6	—	—	6	—	6
—	Tax effect on equity, convertible notes	—	—	25	—	—	25	—	25
0.2	Share-based compensation plans	—	2	13	—	—	15	—	15
—	Purchase of convertible note hedges	—	—	(107)	—	—	(107)	—	(107)
—	Issuance of warrants	—	—	43	—	—	43	—	43
—	Expiration of warrants	—	—	(3)	—	—	(3)	—	(3)
—	Repurchase of common stock	—	(701)	—	—	—	(701)	—	(701)
—	Dividends	—	—	—	—	(104)	(104)	—	(104)
—	Employee stock plan issuance	—	1	3	—	—	4	—	4
—	Deconsolidation of certain Consolidated Property Owners' Associations	—	—	—	—	—	—	(8)	(8)
75.7	BALANCE AT YEAR-END 2022	1	(2,054)	3,941	15	593	2,496	2	2,498

Continued - See Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY(CONTINUED)

Common Stock Issued · Common Stock · Treasury Stock · Additional Paid-In Capital · Accumulated Other Comprehensive (Loss) Income · Retained Earnings · Total MVW Stockholders' Equity · Non-controlling Interests · Total Equity
75.7	BALANCE AT YEAR-END 2022	1	(2,054)	3,941	15	593	2,496	2	2,498
—	Net income (loss)	—	—	—	—	254	254	(2)	252
—	Foreign currency translation adjustments	—	—	—	11	—	11	—	11
—	Derivative instrument adjustment	—	—	—	(10)	—	(10)	—	(10)
0.1	Share-based compensation plans	—	8	14	—	—	22	—	22
—	Repurchase of common stock	—	(286)	—	—	—	(286)	—	(286)
—	Dividends	—	—	—	—	(105)	(105)	—	(105)
75.8	BALANCE AT YEAR-END 2023	$1	$(2,332)	$3,955	$16	$742	$2,382	$—	$2,382

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