MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 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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Interim Consolidated Statements of Cash Flows
| Three Months Ended | ||
|---|---|---|
| March 31, 2024 | March 31, 2023 | |
| OPERATING ACTIVITIES | ||
| Net income | $46 | $87 |
| Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities: | ||
| Depreciation and amortization of intangibles | 38 | 32 |
| Amortization of debt discount and issuance costs | 5 | 7 |
| Vacation ownership notes receivable reserve | 46 | 38 |
| Share-based compensation | 7 | 7 |
| Impairment charges | — | 3 |
| Deferred income taxes | 35 | 6 |
| Net change in assets and liabilities: | ||
| Accounts and contracts receivable | (41) | (6) |
| Vacation ownership notes receivable originations | (200) | (225) |
| Vacation ownership notes receivable collections | 160 | 161 |
| Inventory | 17 | 24 |
| Other assets | (133) | (146) |
| Accounts payable, advance deposits and accrued liabilities | (60) | (101) |
| Deferred revenue | 100 | 101 |
| Payroll and benefit liabilities | 4 | (45) |
| Deferred compensation liability | (3) | 4 |
| Other liabilities | (19) | 16 |
| Purchase of property for future transfer to inventory | — | (8) |
| Other, net | 1 | (5) |
| Net cash, cash equivalents and restricted cash provided by (used in) operating activities | 3 | (50) |
| INVESTING ACTIVITIES | ||
| Capital expenditures for property and equipment (excluding inventory) | (16) | (37) |
| Purchase of company owned life insurance | (4) | — |
| Purchase and development of property for future sale | (49) | — |
| Net cash, cash equivalents and restricted cash used in investing activities | (69) | (37) |
Continued
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
| Three Months Ended | ||
|---|---|---|
| March 31, 2024 | March 31, 2023 | |
| FINANCING ACTIVITIES | ||
| Borrowings from securitization transactions | 524 | 171 |
| Repayment of debt related to securitization transactions | (441) | (174) |
| Proceeds from debt | 340 | 405 |
| Repayments of debt | (289) | (461) |
| Finance lease incentive | — | 10 |
| Finance lease payment | (2) | (2) |
| Payment of debt issuance costs | (6) | — |
| Repurchase of common stock | (24) | (80) |
| Payment of dividends | (54) | (54) |
| Payment of withholding taxes on vesting of restricted stock units | (5) | (9) |
| Net cash, cash equivalents and restricted cash provided by (used in) financing activities | 43 | (194) |
| Effect of changes in exchange rates on cash, cash equivalents and restricted cash | (1) | 1 |
| Change in cash, cash equivalents and restricted cash | (24) | (280) |
| Cash, cash equivalents and restricted cash, beginning of period | 574 | 854 |
| Cash, cash equivalents and restricted cash, end of period | $550 | $574 |
| SUPPLEMENTAL DISCLOSURES | ||
| Non-cash issuance of treasury stock for employee stock purchase plan | $1 | $1 |
| Non-cash transfer from inventory to property and equipment | 6 | 3 |
| Non-cash transfer from property and equipment to inventory | 23 | 43 |
| Non-cash transfer from property and equipment to other assets | — | 2 |
| Right-of-use asset obtained in exchange for finance lease obligation | 11 | 80 |
| Non-cash issuance of debt in connection with finance lease | 11 | 97 |
| Interest paid, net of amounts capitalized | $52 | $44 |
| Income taxes paid, net of refunds | 50 | 56 |
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