| Jun'18 | Mar'18 | Dec'17 | Sep'17 | Jun'17 | Mar'17 | Dec'16 | Sep'16 | Jun'16 | Mar'16 | Dec'15 | Sep'15 | Jun'15 | Mar'15 | Dec'14 | Sep'14 | Jun'14 | Mar'14 | Dec'13 | Sep'13 | Jun'13 | Mar'13 | Dec'12 | Sep'12 | Jun'12 | Mar'12 | Dec'11 | Sep'11 | Jun'11 | Mar'11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
26,000 | 45,000 | 74,000 | 32,000 | 26,000 | 45,000 | 32,000 | 33,000 | 184,000 | 23,000 | 12,000 | 20,000 | 17,211 | 25,789 | 15,808 | 22,104 | 19,394 | 24,694 | 19,097 | 17,105 | 20,570 | 25,010 | 15,277 | 152 | 10,051 | 15,229 | 8,994 | 11,436 | 7,498 | 13,198 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||||
Amortization expense of intangibles | |||||||||||||||||||||||||||||
5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 6,000 | 5,000 | 3,000 | 4,000 | 3,000 | 3,499 | 3,501 | 3,260 | 2,879 | 2,895 | 2,966 | 2,275 | 1,950 | 1,896 | 2,012 | 2,040 | 6,669 | 7,289 | 7,043 | 6,853 | 6,830 | 6,805 | 6,813 |
Amortization of debt issuance costs | |||||||||||||||||||||||||||||
1,000 | 1,000 | - | 0 | 1,000 | 1,000 | - | - | - | - | - | - | 777 | 223 | 383 | 210 | 211 | 196 | 196 | 196 | 195 | 196 | 196 | 364 | 392 | 424 | 435 | 446 | 453 | 472 |
Depreciation expense | |||||||||||||||||||||||||||||
16,000 | 15,000 | 16,000 | 14,000 | 15,000 | 15,000 | 15,000 | 14,000 | 9,000 | 5,000 | 5,000 | 5,000 | 3,731 | 4,269 | 4,566 | 3,765 | 3,876 | 3,793 | 3,672 | 3,499 | 3,696 | 3,664 | 3,590 | 3,311 | 3,222 | 3,306 | 3,271 | 3,319 | 3,397 | 3,290 |
Allowance for losses on originated loans | |||||||||||||||||||||||||||||
14,000 | 9,000 | 9,000 | 11,000 | 8,000 | 7,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Allowance for impairment on acquired loans | |||||||||||||||||||||||||||||
1,000 | 2,000 | 0 | 0 | 3,000 | 2,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Accretion of mortgages receivable | |||||||||||||||||||||||||||||
1,000 | 1,000 | - | - | 1,000 | 2,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Accretion of original issue discount | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 485 | 678 | 677 | 678 | 640 | 610 | 610 |
Non-cash compensation expense | |||||||||||||||||||||||||||||
5,000 | 6,000 | 4,000 | 6,000 | 6,000 | 6,000 | 5,000 | 5,000 | 5,000 | 3,000 | 3,000 | 3,000 | 3,478 | 3,522 | 2,703 | 2,817 | 2,633 | 2,847 | 2,675 | 2,609 | 2,587 | 2,557 | 2,198 | 2,564 | 3,092 | 3,077 | 2,796 | 2,934 | 2,860 | 3,046 |
Non-cash interest expense | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 107 | 102 | 68 | 95 | 117 | 112 | 109 | 131 | 257 | 64 | 12 |
Non-cash interest income | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 199 | 289 | 172 | 190 | - | - | - | - |
Deferred income taxes | |||||||||||||||||||||||||||||
3,000 | 7,000 | -36,000 | -1,000 | 1,000 | 12,000 | 37,000 | -23,000 | -4,000 | 1,000 | - | - | - | -737 | 6,860 | -170 | -263 | 573 | -2,225 | 2,083 | -442 | -985 | 5,137 | 2,086 | -190 | -526 | -359 | 870 | 396 | 108 |
Equity in earnings from unconsolidated entities | |||||||||||||||||||||||||||||
0 | 1,000 | 0 | 1,000 | 1,000 | 2,000 | 1,000 | 2,000 | 1,000 | 1,000 | 1,000 | 2,000 | 476 | 1,524 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Distributions from investments in unconsolidated entities | |||||||||||||||||||||||||||||
0 | 2,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Excess tax benefits from stock-based awards | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | 183 | 1,817 | 88 | 4 | 31 | 1,877 | 267 | 4 | 124 | 2,474 | 3 | 781 | 106 | 2,127 | -1 | 0 | 54 | 1,218 |
Gain/(loss) on disposal of property and equipment | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | -218 | - | -7 | 0 | -10 | -28 | 0 | -7 | -156 | 0 | 0 | 26 | 230 | - | - | - | - |
Change in fair value of contingent consideration | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | -148 | 88 | -425 | - | - | - | - | - | - | - | - |
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||
Restricted cash | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | 4,000 | 3,000 | -5,000 | 0 | 0 | 801 | -4,801 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Accounts receivable | |||||||||||||||||||||||||||||
-3,000 | 44,000 | 15,000 | -3,000 | -29,000 | 25,000 | 5,000 | 2,000 | -32,000 | 36,000 | -5,000 | -10,000 | -2,121 | 20,121 | -3,304 | -6,112 | -9,791 | 16,207 | -3,528 | -9,036 | -7,654 | 20,879 | 142 | -9,172 | -4,278 | 16,253 | -1,569 | -2,770 | -5,026 | 12,228 |
Vacation ownership mortgages receivable (originations) | |||||||||||||||||||||||||||||
89,000 | 82,000 | 88,000 | 94,000 | 87,000 | 76,000 | 86,000 | 119,000 | -8,000 | 6,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Vacation ownership mortgages receivable (collections) | |||||||||||||||||||||||||||||
68,000 | 71,000 | 61,000 | 78,000 | 71,000 | 69,000 | - | - | - | 5,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Vacation ownership inventory (additions) | |||||||||||||||||||||||||||||
18,000 | 21,000 | 52,000 | 59,000 | 61,000 | 59,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Vacation ownership inventory (disposals) | |||||||||||||||||||||||||||||
19,000 | 34,000 | 15,000 | 17,000 | 27,000 | 22,000 | - | - | - | 2,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Vacation ownership mortgages receivable | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | 0 | 0 | 121 | -2,121 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Vacation ownership inventory | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | -2,000 | -2,000 | -1,366 | -1,634 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Vacation ownership operating related insurance proceeds | |||||||||||||||||||||||||||||
0 | 19,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Vacation ownership consolidated HOAs related insurance proceeds | |||||||||||||||||||||||||||||
0 | 23,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Prepaid expenses and other current assets | |||||||||||||||||||||||||||||
-13,000 | 39,000 | 15,000 | -9,000 | -13,000 | 33,000 | 1,000 | -8,000 | 0 | 4,000 | 4,000 | -2,000 | -2,785 | -3,215 | -5,770 | -648 | 986 | -568 | 1,351 | -1,607 | -4,043 | -1,213 | 3,763 | -426 | -3,089 | 670 | 746 | -307 | -89 | 235 |
Prepaid income taxes and income taxes payable | |||||||||||||||||||||||||||||
3,000 | 8,000 | -22,000 | 9,000 | -1,000 | 10,000 | -56,000 | -8,000 | 9,000 | 12,000 | -5,000 | 9,000 | -7,914 | 13,914 | -13,488 | 5,074 | -14,629 | 13,043 | -1,593 | 1,671 | -12,357 | 16,510 | 3,325 | -4,513 | -14,681 | 7,922 | -524 | 5,412 | -5,415 | 7,363 |
Accounts payable and other current liabilities | |||||||||||||||||||||||||||||
4,000 | 23,000 | -7,000 | 20,000 | -17,000 | 16,000 | -18,000 | 36,000 | 11,000 | 3,000 | -4,000 | 2,000 | 1,484 | 1,516 | 8,177 | -2,902 | 8,552 | -2,827 | 3,863 | -3,535 | -319 | 93 | -3,062 | -16,163 | 1,700 | -479 | 4,601 | -11,240 | 9,816 | -6,335 |
Deferred income | |||||||||||||||||||||||||||||
47,000 | -68,000 | -83,000 | 47,000 | 13,000 | -49,000 | 69,000 | -8,000 | -18,000 | 23,000 | -11,000 | -9,000 | -9,313 | 22,313 | -10,068 | -6,065 | -9,404 | 18,537 | -10,082 | -8,998 | -13,323 | 18,469 | -9,356 | -8,279 | -6,151 | 18,372 | -8,683 | -6,216 | -5,087 | 13,012 |
Payments of contingent consideration | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 1,184 | - | - | - | - | - | - | - | - | - | - | - | - |
Other, net | |||||||||||||||||||||||||||||
- | - | -8,000 | -10,000 | 1,000 | 8,000 | 5,000 | -5,000 | 3,000 | -2,000 | 0 | -1,000 | -2,132 | -1,868 | -595 | -1,314 | -1,166 | 11,075 | -1,096 | -569 | 287 | -1,414 | -1,300 | -1,348 | 611 | -1,946 | -658 | -1,167 | -894 | -1,506 |
Net cash provided by (used in) operating activities | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | 40,000 | 8,000 | 49,000 | 21,295 | 64,705 | 19,544 | 35,800 | 21,599 | 34,057 | 20,562 | 28,043 | 13,810 | 47,449 | 16,316 | 13,924 | 12,568 | 37,630 | 19,050 | 20,091 | 27,352 | 29,414 |
Net cash and restricted cash provided by operating activities | |||||||||||||||||||||||||||||
32,000 | 152,000 | 47,000 | 76,000 | 24,000 | 58,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Capital expenditures | |||||||||||||||||||||||||||||
6,000 | 16,000 | 39,000 | 32,000 | 26,000 | 22,000 | 53,000 | 17,000 | 18,000 | 7,000 | 7,000 | 6,000 | 2,196 | 4,804 | 4,734 | 5,120 | 6,045 | 3,101 | 5,362 | 2,746 | 3,517 | 3,075 | 4,615 | 3,107 | 4,211 | 3,107 | 3,122 | 3,876 | 3,130 | 2,910 |
Acquisitions net of cash acquired | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 39,963 | - | - | - | - |
Investments in unconsolidated entities | |||||||||||||||||||||||||||||
- | - | - | - | - | - | 0 | 0 | 0 | 5,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Other, net | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | -1,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Payments on revolving credit facility | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -5,000 | - | -115,000 | 25,000 | 20,000 | - | - | - | - | - | - | - | - |
Net cash used in investing activities | |||||||||||||||||||||||||||||
-2,000 | -16,000 | -36,000 | -31,000 | -26,000 | -22,000 | 1,000 | -17,000 | -98,000 | -13,000 | -7,000 | -7,000 | -2,190 | -4,810 | -242,984 | -5,113 | -6,295 | -3,608 | -132,625 | -4,698 | -3,515 | 6,806 | -4,615 | 11,009 | -2,656 | -51,002 | -3,508 | -11,126 | -17,630 | -2,910 |
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Proceeds from disposal of property and equipment | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3 | 14 | -12 | 5 | 0 | 0 | 0 | 230 | - | - | - | - |
Investment in financing receivables | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | 0 | 2,000 | - | - | - | - | 15,250 | 0 | 250 | 500 | - | - | - | - | 0 | 0 | 0 | 9,480 | - | - | - | - |
Payments received on financing receivables | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 9,876 | 0 | 14,116 | 1,555 | 1,318 | - | - | - | - |
Other | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | 6 | - | - | 0 | 7 | - | - | - | - | - | - | - | - | - | - | - | - |
Borrowings (payments) on revolving credit facility, net | |||||||||||||||||||||||||||||
- | - | - | - | 51,000 | 20,000 | - | - | 223,000 | -13,000 | - | - | -363,000 | -30,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Principal payments on term loan | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 51,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 |
Payments of debt issuance costs | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | 0 | 0 | 6,820 | 180 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Payments on securitized debt | |||||||||||||||||||||||||||||
41,000 | 45,000 | 78,000 | 34,000 | 34,000 | 32,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Purchases of treasury stock | |||||||||||||||||||||||||||||
- | - | 0 | 25,000 | 0 | 3,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Dividend payments to stockholders | |||||||||||||||||||||||||||||
21,000 | 22,000 | 18,000 | 19,000 | 18,000 | 19,000 | 15,000 | 14,000 | 16,000 | 7,000 | 7,000 | 7,000 | 7,108 | 6,892 | 6,039 | 6,280 | 6,331 | 6,350 | - | - | - | - | - | - | - | - | - | - | - | - |
Payments of contingent consideration | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | -272 | 0 | 6,456 | 816 | - | - | - | - | - | - | - | - | - | - | - | - |
Withholding taxes on vesting of restricted stock units and restricted stock | |||||||||||||||||||||||||||||
1,000 | 8,000 | 1,000 | 1,000 | 1,000 | 4,000 | 0 | 1,000 | 0 | 1,000 | 0 | 0 | -333 | 4,333 | 52 | -24 | 272 | 3,700 | 756 | 12 | 1,786 | 2,680 | 8 | 2,559 | 220 | 3,395 | 23 | 1,123 | 96 | 2,253 |
Proceeds from the exercise of stock options | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | 63 | - | 1 | 21 | 289 | 436 | 22 | 27 | 350 | 25 | 248 | 185 | 201 | 1 | 32 | 206 | 218 |
Excess tax benefits from stock-based awards | |||||||||||||||||||||||||||||
- | - | - | - | - | - | - | - | - | - | 0 | 0 | 183 | 1,817 | 88 | 4 | 31 | 1,877 | 267 | 4 | 124 | 2,474 | 3 | 781 | 106 | 2,127 | -1 | 0 | 54 | 1,218 |
Net cash and restricted cash used in financing activities | |||||||||||||||||||||||||||||
-78,000 | -75,000 | 10,000 | 42,000 | -2,000 | -38,000 | 138,000 | 23,000 | 119,000 | -21,000 | -7,000 | -30,000 | -26,475 | -39,525 | 223,789 | -19,372 | -5,717 | -13,700 | 56,630 | -31,299 | -32,939 | -19,856 | -42,407 | -17,344 | -66,023 | -6,067 | -9,226 | -23,676 | -4,836 | -5,817 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | |||||||||||||||||||||||||||||
-4,000 | 1,000 | 2,000 | 1,000 | 4,000 | -1,000 | -3,000 | 4,000 | -4,000 | -2,000 | -2,000 | -3,000 | 1,771 | -3,771 | -2,834 | -1,978 | 140 | -328 | 332 | 2,518 | -884 | -3,034 | -89 | 3,233 | -2,639 | 3,807 | -1,751 | -4,476 | 925 | 3,139 |
Net increase (decrease) in cash, cash equivalents and restricted cash | |||||||||||||||||||||||||||||
-52,000 | 62,000 | 23,000 | 88,000 | 0 | -3,000 | 70,000 | 31,000 | 30,000 | 4,000 | -8,000 | 9,000 | -5,599 | 16,599 | -2,485 | 9,337 | 9,727 | 16,421 | -55,101 | -5,436 | -23,528 | 31,365 | -30,795 | 10,822 | -58,750 | -15,632 | 4,565 | -19,187 | 5,811 | 23,826 |
Interest paid, net of amounts capitalized | |||||||||||||||||||||||||||||
16,000 | 5,000 | - | 3,000 | 15,000 | 2,000 | - | 2,000 | 11,000 | 1,000 | - | 2,000 | 557 | 2,443 | - | 6,154 | -1,164 | -1,222 | - | -1,249 | -4,102 | 1,283 | - | 14,534 | 348 | 14,646 | - | 14,788 | 565 | 14,823 |
Income taxes paid, net of refunds | |||||||||||||||||||||||||||||
7,000 | 5,000 | - | 9,000 | 13,000 | 3,000 | - | - | - | - | - | 1,000 | 16,721 | 1,279 | - | 59,496 | -25,582 | -699 | - | -9,219 | -26,103 | 231 | - | 3,051 | 20,597 | 1,165 | - | 1,692 | 9,894 | 536 |