| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||
Net income | ||||||||
177,000 | 272,000 | 75,000 | 82,000 | 81,782 | 40,709 | 41,126 | 42,415 | 37,820 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Amortization expense of intangibles | ||||||||
20,000 | 19,000 | 14,000 | 12,000 | 8,133 | 23,041 | 27,301 | 26,387 | 25,961 |
Amortization of debt issuance costs | ||||||||
- | - | 2,000 | 1,000 | 783 | 1,376 | 1,806 | 2,389 | 2,745 |
Depreciation expense | ||||||||
60,000 | 43,000 | 18,000 | 16,000 | 14,531 | 13,429 | 13,277 | 10,537 | 9,851 |
Bad debt expense | ||||||||
4,000 | 1,000 | - | - | - | - | - | - | - |
Allowance for losses on originated loans | ||||||||
35,000 | 20,000 | - | - | - | - | - | - | - |
Allowance for impairment on acquired loans | ||||||||
5,000 | - | - | - | - | - | - | - | - |
Impairment on vacation ownership inventory | ||||||||
5,000 | - | - | - | - | - | - | - | - |
Loss on disposal of investment in subsidiary | ||||||||
-5,000 | - | - | - | - | - | - | - | - |
Provision for loan losses | ||||||||
- | - | 2,000 | - | - | - | - | - | - |
Accretion of mortgages receivable | ||||||||
5,000 | 2,000 | - | - | - | - | - | - | - |
Accretion of original issue discount | ||||||||
- | - | - | - | - | 1,840 | 2,538 | 2,286 | 2,048 |
Non-cash compensation expense | ||||||||
22,000 | 18,000 | 13,000 | 11,000 | 10,428 | 10,931 | 11,636 | 10,115 | 10,573 |
Non-cash interest expense | ||||||||
- | - | - | - | - | 433 | 464 | 66 | 11 |
Non-cash interest income | ||||||||
- | - | - | - | - | 850 | - | - | - |
Deferred income taxes | ||||||||
-24,000 | 11,000 | 3,000 | 7,000 | -1,569 | 6,507 | 1,015 | 7,677 | 22,579 |
Equity in earnings from unconsolidated entities | ||||||||
4,000 | 5,000 | 5,000 | 5,000 | - | - | - | - | - |
Distributions from investments in unconsolidated entities | ||||||||
5,000 | 2,000 | - | - | - | - | - | - | - |
Excess tax benefits from stock-based awards | ||||||||
- | - | 2,000 | 2,000 | 2,869 | 3,017 | 1,271 | 966 | - |
Gain on bargain purchase of Vistana acquisition | ||||||||
2,000 | 163,000 | - | - | - | - | - | - | - |
Gain/(loss) on disposal of property and equipment | ||||||||
- | - | - | - | -191 | 256 | - | - | - |
Loss on extinguishment of debt | ||||||||
- | - | - | - | - | -18,527 | - | - | - |
Change in fair value of contingent consideration | ||||||||
- | - | - | - | -485 | 544 | -1,159 | - | - |
Changes in operating assets and liabilities: | ||||||||
Restricted cash | ||||||||
- | - | -4,000 | 8,000 | 73 | - | - | - | - |
Accounts receivable | ||||||||
8,000 | 11,000 | 3,000 | -3,000 | 661 | 2,945 | 2,863 | -808 | 6,730 |
Vacation ownership mortgages receivable (originations) | ||||||||
345,000 | 203,000 | - | - | - | - | - | - | - |
Vacation ownership mortgages receivable (collections) | ||||||||
279,000 | 167,000 | - | - | - | - | - | - | - |
Vacation ownership inventory (additions) | ||||||||
231,000 | 180,000 | - | - | - | - | - | - | - |
Vacation ownership inventory (disposals) | ||||||||
81,000 | 86,000 | - | - | - | - | - | - | - |
Vacation ownership mortgages receivable | ||||||||
- | - | -2,000 | - | - | - | - | - | - |
Vacation ownership inventory | ||||||||
- | - | -7,000 | -2,000 | - | - | - | - | - |
Prepaid expenses and other current assets | ||||||||
26,000 | -3,000 | -4,000 | -6,000 | -5,512 | 918 | 585 | 2,389 | -3,348 |
Prepaid income taxes and income taxes payable | ||||||||
-4,000 | -43,000 | 10,000 | -10,000 | 4,231 | -7,947 | 6,836 | -3,187 | -20,595 |
Accounts payable and other current liabilities | ||||||||
12,000 | 32,000 | 1,000 | 11,000 | 102 | -18,004 | -3,158 | 2,443 | 6,031 |
Other long term liabilities | ||||||||
53,000 | 4,000 | - | - | - | - | - | - | - |
Deferred income | ||||||||
-72,000 | 66,000 | -7,000 | -7,000 | -13,934 | -5,414 | -6,974 | -9,151 | -2,355 |
Payments of contingent consideration | ||||||||
- | - | - | - | - | 443 | 625 | - | - |
Other, net | ||||||||
-9,000 | 1,000 | -5,000 | 8,000 | -2,792 | -3,983 | -4,225 | -1,973 | 3,939 |
Net cash provided by (used in) operating activities | ||||||||
- | - | 143,000 | 111,000 | 109,864 | 80,438 | 95,907 | 91,403 | 87,348 |
Net cash and restricted cash provided by operating activities | ||||||||
205,000 | 8,000 | - | - | - | - | - | - | - |
Cash flows from investing activities: | ||||||||
Capital expenditures | ||||||||
119,000 | 95,000 | 20,000 | 19,000 | 14,700 | 15,040 | 13,038 | 16,443 | 15,162 |
Acquisitions of assets | ||||||||
- | 22,000 | - | - | 1,952 | - | 5,600 | - | - |
Changes in restricted cash | ||||||||
- | - | - | - | - | - | - | -954 | -1,386 |
Acquisitions net of cash acquired | ||||||||
- | - | - | 208,000 | 127,266 | 39,963 | - | 12,942 | - |
Investments in unconsolidated entities | ||||||||
- | 5,000 | - | 4,000 | - | - | - | - | - |
Other, net | ||||||||
-4,000 | 5,000 | - | - | - | - | - | - | - |
Net cash used in investing activities | ||||||||
-115,000 | -127,000 | -21,000 | -258,000 | -134,032 | -47,264 | -35,174 | -28,431 | -13,776 |
Cash flows from financing activities: | ||||||||
Purchases of trading investments | ||||||||
- | - | - | 11,000 | - | - | - | - | - |
Proceeds from disposal of property and equipment | ||||||||
- | - | - | - | 10 | 230 | - | - | - |
Investment in financing receivables | ||||||||
- | - | 1,000 | 16,000 | - | 9,480 | 16,536 | - | - |
Payments received on financing receivables | ||||||||
- | - | - | - | 9,876 | 16,989 | - | - | - |
Proceeds from issuance of senior notes | ||||||||
- | - | 350,000 | - | - | - | - | - | - |
Borrowings (payments) on revolving credit facility, net | ||||||||
-20,000 | 165,000 | -413,000 | 235,000 | -7,000 | 260,000 | - | - | - |
Principal payments on term loan | ||||||||
- | - | - | - | - | 56,000 | 20,000 | 40,000 | 34,000 |
Redemption of senior notes | ||||||||
- | - | - | - | - | 300,000 | - | - | - |
Payments of debt issuance costs | ||||||||
3,000 | 7,000 | 7,000 | 2,000 | - | 3,912 | - | - | - |
Proceeds from securitized debt | ||||||||
325,000 | 375,000 | - | - | - | - | - | - | - |
Payments on securitized debt | ||||||||
178,000 | 93,000 | - | - | - | - | - | - | - |
Purchases of treasury stock | ||||||||
28,000 | 101,000 | - | 14,000 | - | - | 20,913 | - | - |
Dividend payments to stockholders | ||||||||
74,000 | 52,000 | 28,000 | 25,000 | 18,934 | 28,366 | - | - | - |
Dividend payments to noncontrolling interest | ||||||||
3,000 | 2,000 | 3,000 | - | - | - | - | - | - |
Payment to former Vistana owner for subsidiary financing obligation | ||||||||
- | 24,000 | - | - | - | - | - | - | - |
Payments of contingent consideration | ||||||||
- | - | - | 7,000 | - | 1,057 | 875 | - | - |
Withholding taxes on vesting of restricted stock units and restricted stock | ||||||||
7,000 | 2,000 | 4,000 | 4,000 | 5,234 | 6,182 | 3,495 | 2,946 | 691 |
Release of deferred restricted stock units, net of withholding taxes | ||||||||
- | - | - | - | - | - | - | - | 430 |
Proceeds from the exercise of stock options | ||||||||
- | - | - | - | 835 | 659 | 457 | 509 | 436 |
Proceeds from the exercise of warrants | ||||||||
- | - | - | - | - | - | - | 249 | - |
Excess tax benefits from stock-based awards | ||||||||
- | - | 2,000 | 2,000 | 2,869 | 3,017 | 1,271 | 966 | - |
Net cash and restricted cash used in financing activities | ||||||||
12,000 | 259,000 | -103,000 | 185,000 | -27,464 | -131,841 | -43,555 | -41,222 | -34,685 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||||||||
6,000 | -5,000 | -7,000 | -5,000 | -1,068 | 4,312 | -2,163 | -1,262 | 850 |
Net increase (decrease) in cash, cash equivalents and restricted cash | ||||||||
108,000 | 135,000 | 12,000 | 33,000 | -52,700 | -94,355 | 15,015 | 20,488 | 39,737 |