MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net income | $217 | $252 | $391 |
| Adjustments to reconcile net income to net cash, cash equivalents, and restricted cash provided by operating activities: | |||
| Depreciation and amortization of intangibles | 146 | 135 | 132 |
| Amortization of debt discount and issuance costs | 26 | 23 | 25 |
| Vacation ownership notes receivable reserve | 279 | 230 | 150 |
| Share-based compensation | 33 | 31 | 39 |
| Impairment charges | 30 | 30 | — |
| Gains and other income, net | (5) | (6) | (48) |
| Deferred income taxes | 38 | (64) | 87 |
| Net change in assets and liabilities: | |||
| Accounts and contracts receivable | (16) | (105) | (45) |
| Vacation ownership notes receivable originations | (1,015) | (987) | (980) |
| Vacation ownership notes receivable collections | 632 | 596 | 642 |
| Inventory | (33) | 87 | 104 |
| Other assets | (23) | (44) | (49) |
| Accounts payable, advance deposits and accrued liabilities | 9 | 1 | 112 |
| Deferred revenue | (27) | 34 | (9) |
| Payroll and benefit liabilities | 16 | (46) | 53 |
| Deferred compensation liability | 11 | 15 | 13 |
| Other liabilities | (109) | 78 | (38) |
| Deconsolidation of certain Consolidated Property Owners' Associations | — | — | (48) |
| Purchase of property for future transfer to inventory | (10) | (27) | (12) |
| Other, net | 6 | (1) | 3 |
| Net cash, cash equivalents, and restricted cash provided by operating activities | 205 | 232 | 522 |
| INVESTING ACTIVITIES | |||
| Proceeds from disposition of subsidiaries, net of cash and restricted cash transferred | — | — | 94 |
| Capital expenditures for property and equipment (excluding inventory) | (57) | (118) | (65) |
| Issuance of note receivable to VIE | — | — | (47) |
| Proceeds from collection of note receivable from VIE | — | — | 47 |
| Purchase of company owned life insurance | (16) | (10) | (18) |
| Purchase and development of property for future sale | (50) | — | — |
| Dispositions, net | 8 | 16 | 3 |
| Other, net | — | — | 2 |
| Net cash, cash equivalents, and restricted cash (used in) provided by investing activities | (115) | (112) | 16 |
Continued
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| FINANCING ACTIVITIES | |||
| Borrowings from securitization transactions | 1,324 | 1,492 | 1,031 |
| Repayment of debt related to securitization transactions | (1,282) | (1,331) | (945) |
| Proceeds from debt | 2,135 | 1,070 | 1,266 |
| Repayments of debt | (2,107) | (1,221) | (935) |
| Purchase of convertible note hedges | — | — | (107) |
| Proceeds from issuance of warrants | — | — | 43 |
| Finance lease incentive | — | 10 | 3 |
| Finance lease payment | (6) | (5) | (4) |
| Payment of debt and securitized debt issuance costs | (25) | (12) | (15) |
| Repurchase of common stock | (56) | (286) | (701) |
| Payment of dividends | (107) | (106) | (99) |
| Payment of withholding taxes on vesting of restricted stock units | (8) | (12) | (23) |
| Net cash, cash equivalents, and restricted cash used in financing activities | (132) | (401) | (486) |
| Effect of changes in exchange rates on cash, cash equivalents, and restricted cash | (4) | 1 | (1) |
| Change in cash, cash equivalents, and restricted cash | (46) | (280) | 51 |
| Cash, cash equivalents, and restricted cash, beginning of year | 574 | 854 | 803 |
| Cash, cash equivalents, and restricted cash, end of year | $528 | $574 | $854 |
| SUPPLEMENTAL DISCLOSURES | |||
| Non-cash issuance of debt in connection with asset acquisition | $— | $— | $11 |
| Non-cash transfer from inventory to property and equipment | 21 | 12 | 47 |
| Non-cash transfer from property and equipment to inventory | 93 | 57 | 13 |
| Non-cash transfer from property and equipment to other assets | 52 | — | — |
| Non-cash transfer from other assets to property and equipment | — | — | 14 |
| Non-cash issuance of treasury stock for employee stock purchase plan | 5 | 5 | 5 |
| Dividends payable | 28 | 27 | 27 |
| Interest paid, net of amounts capitalized | 247 | 204 | 149 |
| Income taxes paid, net of refunds | 133 | 141 | 57 |
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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 75.5 | 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 |
| — | 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 |
| — | Net income (loss) | — | — | — | — | 218 | 218 | (1) | 217 |
| — | Foreign currency translation adjustments | — | — | — | (21) | — | (21) | — | (21) |
| — | Derivative instrument adjustment | — | — | — | (3) | — | (3) | — | (3) |
| 0.1 | Share-based compensation plans | — | 10 | 20 | — | — | 30 | — | 30 |
| — | Repurchase of common stock | — | (56) | — | — | — | (56) | — | (56) |
| — | Dividends | — | — | — | — | (108) | (108) | — | (108) |
| 75.9 | BALANCE AT YEAR-END 2024 | $1 | $(2,378) | $3,975 | $(8) | $852 | $2,442 | $(1) | $2,441 |
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