MARRIOTT VACATIONS WORLDWIDE Corp

For the period ended Sep 30, 2024. Filed Nov 7, 2024.

About this filing

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.

Sep 30, 2024 · Filed Nov 7, 2024

VAC$115.13+4.3%Stored close · as of Nov 9, 2026

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Contents

Interim Consolidated Statements of Cash Flows

	Nine Months Ended
	September 30, 2024	September 30, 2023
OPERATING ACTIVITIES
Net income	$168	$219
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	109	99
Amortization of debt discount and issuance costs	20	17
Vacation ownership notes and contracts receivable reserve	223	182
Share-based compensation	24	25
Impairment charges	2	2
Gains and other income, net	—	(8)
Deferred income taxes	79	2
Net change in assets and liabilities:
Accounts and contracts receivable	32	(16)
Vacation ownership notes receivable originations	(738)	(749)
Vacation ownership notes receivable collections	470	461
Inventory	(51)	80
Other assets	(2)	(10)
Accounts payable, advance deposits and accrued liabilities	(84)	(103)
Deferred revenue	(32)	24
Payroll and benefit liabilities	(2)	(58)
Deferred compensation liability	6	12
Other liabilities	(123)	(2)
Purchase of property for future transfer to inventory	—	(27)
Other, net	4	(1)
Net cash, cash equivalents and restricted cash provided by operating activities	105	149
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(43)	(92)
Purchase of company owned life insurance	(13)	(8)
Purchase and development of property for future sale	(50)	—
Other dispositions, net	—	15
Net cash, cash equivalents and restricted cash used in investing activities	(106)	(85)

Continued

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

	Nine Months Ended
	September 30, 2024	September 30, 2023
FINANCING ACTIVITIES
Borrowings from securitization transactions	1,200	916
Repayment of debt related to securitization transactions	(1,045)	(828)
Proceeds from debt	1,675	790
Repayments of debt	(1,695)	(956)
Finance lease incentive	—	10
Finance lease payment	(4)	(2)
Payment of debt and securitized debt issuance costs	(25)	(6)
Repurchase of common stock	(45)	(248)
Payment of dividends	(81)	(80)
Payment of withholding taxes on vesting of restricted stock units	(6)	(10)
Net cash, cash equivalents and restricted cash used in financing activities	(26)	(414)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	—	(1)
Change in cash, cash equivalents and restricted cash	(27)	(351)
Cash, cash equivalents and restricted cash, beginning of period	574	854
Cash, cash equivalents and restricted cash, end of period	$547	$503
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of treasury stock for employee stock purchase plan	$4	$4
Non-cash transfer from inventory to property and equipment	13	11
Non-cash transfer from property and equipment to inventory	92	60
Non-cash transfer from property and equipment to other assets	52	—
Right-of-use asset obtained in exchange for finance lease obligation	14	80
Non-cash issuance of debt in connection with finance lease	13	97
Dividends payable	$27	$26
Interest paid, net of amounts capitalized	179	141
Income taxes paid, net of refunds	122	138

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.