| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | |
|---|---|---|---|---|---|---|
Operating Activities | ||||||
Net income | ||||||
216,000 | 298,000 | 327,000 | 168,000 | 174,096 | 167,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
51,000 | 36,000 | 29,000 | 24,000 | 22,000 | 18,000 | |
Amortization of deferred financing costs, contract costs, and other | ||||||
10,000 | 7,000 | 5,000 | 5,000 | 5,000 | 7,000 | |
Provision for financing receivables losses | ||||||
74,000 | 69,000 | 58,000 | 49,000 | 39,000 | 35,000 | |
Gain on foreign currency transactions | ||||||
- | - | - | - | - | -2,000 | |
Other (gain) loss, net | ||||||
-3,000 | -1,000 | - | -1,000 | 0 | 5,000 | |
Share-based compensation | ||||||
22,000 | 16,000 | 15,000 | - | 0 | - | |
Deferred income tax (benefit) expense | ||||||
3,000 | 20,000 | -129,000 | 23,000 | 20,000 | 37,000 | |
Equity in earnings from unconsolidated affiliates | ||||||
4,000 | - | 1,000 | - | 0 | - | |
Distributions received from unconsolidated affiliates | ||||||
- | 2,000 | - | - | - | - | |
Net changes in assets and liabilities: | ||||||
Restricted cash | ||||||
- | - | - | - | - | -3,000 | |
Accounts receivable, net | ||||||
20,000 | 41,000 | -12,000 | 30,000 | 6,000 | 17,000 | |
Timeshare financing receivables, net | ||||||
111,000 | 118,000 | 103,000 | 98,000 | 88,000 | 61,000 | |
Inventory | ||||||
4,000 | -16,000 | -47,000 | -7,000 | 38,000 | -51,000 | |
Purchases and development of real estate for future conversion to inventory | ||||||
168,000 | 299,000 | - | - | - | - | |
Purchase of assets for future conversion to inventory | ||||||
- | - | - | - | - | 22,000 | |
Other assets | ||||||
16,000 | 31,000 | 4,000 | 4,000 | -2,000 | 6,000 | |
Accounts payable, accrued expenses and other | ||||||
-17,000 | -24,000 | 95,000 | 28,000 | 18,000 | -6,000 | |
Advanced deposits | ||||||
14,000 | 14,000 | 1,000 | 7,000 | -1,000 | 6,000 | |
Deferred revenues | ||||||
91,000 | -126,000 | 3,000 | 3,000 | 3,000 | -12,000 | |
Other | ||||||
1,000 | 1,000 | 1,000 | -1,000 | 2,000 | 16,000 | |
Net cash provided by operating activities | ||||||
145,000 | -159,000 | 356,000 | 182,000 | 152,000 | 213,000 | |
Investing Activities | ||||||
Capital expenditures for property and equipment | ||||||
37,000 | 44,000 | 35,000 | 26,000 | 12,000 | 12,000 | |
Proceeds from asset dispositions | ||||||
- | - | - | - | - | 6,000 | |
Software capitalization costs | ||||||
26,000 | 19,000 | 12,000 | 8,000 | 6,000 | 5,000 | |
Return of investment from unconsolidated affiliates | ||||||
- | 11,000 | - | - | - | - | |
Investments in unconsolidated affiliates | ||||||
2,000 | 10,000 | 40,000 | - | 0 | - | |
Net cash used in investing activities | ||||||
-65,000 | -62,000 | -87,000 | -34,000 | -18,000 | -11,000 | |
Financing Activities | ||||||
Issuance of debt | ||||||
485,000 | 530,000 | - | 200,000 | 0 | - | |
Issuance of non-recourse debt | ||||||
365,000 | 663,000 | 350,000 | 300,000 | 0 | 350,000 | |
Repayment of debt | ||||||
290,000 | 408,000 | 10,000 | - | 0 | - | |
Repayment of non-recourse debt | ||||||
376,000 | 485,000 | 459,000 | 110,000 | 125,000 | 391,000 | |
Debt issuance costs | ||||||
6,000 | 12,000 | 5,000 | 10,000 | 0 | 6,000 | |
Repurchase and retirement of common stock | ||||||
283,000 | 183,000 | - | - | - | - | |
Payment of withholding taxes on vesting of restricted stock units | ||||||
4,000 | 4,000 | - | - | - | - | |
Proceeds from employee stock plan purchases | ||||||
3,000 | - | - | - | - | - | |
Capital contribution | ||||||
- | 3,000 | - | - | - | - | |
Change in restricted cash | ||||||
- | - | - | - | - | -4,000 | |
Allocated debt activity | ||||||
- | - | - | 111,000 | -87,000 | -112,000 | |
Net transfers to Parent | ||||||
- | - | - | -567,000 | -95,000 | 39,000 | |
Distribution to Parent | ||||||
- | - | - | - | 2,000 | - | |
Proceeds from stock option exercises | ||||||
- | - | 1,000 | - | 0 | - | |
Other financing activity | ||||||
-2,000 | - | - | - | - | - | |
Net cash provided by financing activities | ||||||
-108,000 | 104,000 | -123,000 | -76,000 | -119,000 | -202,000 | |
Net increase in cash, cash equivalents and restricted cash | ||||||
-28,000 | -117,000 | 146,000 | 72,000 | 15,000 | - | |
Supplemental Disclosures | ||||||