Marriott Vacations Worldwide Corp VAC Cash Flow

Marriott vacations worldwide corp (VAC)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Jan'16	Jan'15	Jan'14	Dec'12	Dec'11	Dec'10	Dec'09
OPERATING ACTIVITIES
Net income
142,000	52,000	235,000	122,000	122,799	80,756	79,730	7,000	-172,000	67,000	-532,000
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation, Depletion and Amortization, Nonproduction
141,000	62,000	21,000	21,000	22,217	18,682	22,595	30,000	33,000	35,000	42,000
Amortization of debt discount and issuance costs
19,000	16,000	10,000	6,000	5,586	5,462	5,561	7,000	4,000	4,000	-
Vacation ownership notes receivable reserve
112,000	68,000	52,000	45,000	33,083	30,534	35,981	42,000	37,000	51,000	12,000
Increase in fair value of retained interests in securitizations
-	-	-	-	-	-	-	-	-	-	-23,000
Share-based compensation
33,000	29,000	16,000	14,000	14,142	13,376	12,015	12,000	11,000	10,000	10,000
Impairment
99,000	0	0	-	324	1,381	1,471	-	324,000	15,000	623,000
Employee stock purchase plan
-	-	-	-	560	0	-	-	-	-	-
Equity method income
-	-	-	-	187	-	190	1,000	0	-8,000	-12,000
(Gain) loss on disposal of property and equipment, net
18,000	-1,000	-2,000	11,000	9,557	5,171	710	8,000	2,000	21,000	2,000
Non-cash litigation settlement
-	-	-	-	262	-23,778	-	-	-	-	-
Deferred income taxes
5,000	54,000	-61,000	30,000	28,162	18,876	17,880	-47,000	-63,000	74,000	-214,000
Impairment (reversals) charges on equity investment
-	-	-	-	0	-	1,254	2,000	4,000	11,000	-138,000
Non-cash restructuring charges
-	-	-	-	-	-	-	-	-	-	44,000
Net change in assets and liabilities, net of the effects of acquisition:
Accounts receivable
-69,000	38,000	9,000	0	24,188	1,143	7,977	3,000	3,000	-2,000	-42,000
Vacation ownership notes receivable originations
-817,000	-630,000	-466,000	-357,000	-311,195	-267,917	-260,444	-262,000	-256,000	-256,000	-
Vacation ownership notes receivable collections
-493,000	-386,000	-270,000	-254,000	-270,170	-287,240	-309,584	-311,000	-322,000	-351,000	-
Notes receivable
-	-	-	-	-	-	-	-	-	-	-253,000
Inventory
-65,000	-9,000	-45,000	1,000	-72,158	-82,690	-33,950	-66,000	-110,000	-64,000	-9,000
Purchase Of Vacation Ownership Units For Future Transfer To Inventory
20,000	0	34,000	0	-	-	-	-	-	-	-
Purchase of operating properties for future conversion to inventory
-	-	-	-	61,554	0	-	-	-	-	-
Other assets
-24,000	-21,000	21,000	-12,000	10,648	-8,659	7,565	-23,000	25,000	-2,000	26,000
Accounts payable, advance deposits and accrued liabilities
17,000	21,000	39,000	-14,000	23,419	-17,865	-16,797	27,000	52,000	-19,000	-93,000
Deferred revenue
10,000	40,000	9,000	15,000	-3,334	24,656	-12,548	4,000	-28,000	-2,000	-12,000
Liability for Marriott Rewards customer loyalty program
-	-	-	-	-89,251	-25,022	-44,678	-64,000	5,000	-35,000	-6,000
Payroll and benefit liabilities
-25,000	-8,000	16,000	-7,000	11,380	8,973	-98	27,000	-25,000	16,000	-34,000
Deferred compensation liability
18,000	10,000	12,000	12,000	9,354	4,568	-7,638	-2,000	1,000	3,000	8,000
Other liabilities
23,000	0	0	1,000	1,060	-2,055	-2,694	-5,000	-	14,000	-72,000
Other, net
-8,000	4,000	6,000	-1,000	4,796	953	2,066	1,000	-	7,000	-2,000
Net cash, cash equivalents and restricted cash (used in) provided by operating activities
382,000	97,000	142,000	141,000	109,034	291,411	160,748	163,000	321,000	379,000	181,000
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)
46,000	40,000	26,000	35,000	35,735	15,202	21,977	17,000	15,000	24,000	28,000
Acquisition of a business, net of cash and restricted cash acquired
0	1,393,000	0	0	-	-	-	-	-	-	-
Disposition of subsidiary shares to noncontrolling interest holder
0	40,000	0	0	-	-	-	-	-	-	-
Purchase of operating property to be sold
-	-	-	-	47,658	0	-	-	-	-	-
Note advances
-	-	-	-	-	-	-	-	-	-	32,000
Proceeds from collection of notes receivable
38,000	0	0	-	-	-	-	-	20,000	-	6,000
Purchase of company owned life insurance
6,000	14,000	12,000	0	-	-	-	-	-	-	-
Dispositions, net
51,000	0	0	69,000	20,644	82,347	3,543	8,000	19,000	46,000	1,000
Decrease (increase) in restricted cash
-	-	-	-	-37,681	24,019	17,477	-12,000	15,000	-17,000	-6,000
Net cash, cash equivalents and restricted cash (used in) provided by investing activities
37,000	-1,407,000	-38,000	34,000	-25,068	43,126	-35,911	3,000	9,000	39,000	-47,000
FINANCING ACTIVITIES
Borrowings from securitization transactions
1,026,000	539,000	400,000	377,000	255,000	262,638	361,449	238,000	125,000	218,000	-
Repayment of debt related to securitization transactions
880,000	382,000	293,000	323,000	278,427	228,870	361,017	411,000	295,000	323,000	-
Proceeds from debt
935,000	1,690,000	318,000	85,000	-	-	-	-	-	-	-
Repayments of debt
820,000	215,000	88,000	85,000	-	-	-	-	-	-	-
Finance lease payment
12,000	0	0	-	-	-	-	-	-	-	-
Borrowings from Revolving Corporate Credit Facility
-	-	-	-	-	0	25,000	15,000	1,000	-	-
Repayment of Revolving Corporate Credit Facility
-	-	-	-	-	0	25,000	15,000	1,000	-	-
Purchase of convertible note hedges
0	0	33,000	0	-	-	-	-	-	-	-
Proceeds from issuance of warrants
0	0	20,000	0	-	-	-	-	-	-	-
Proceeds from vacation ownership inventory arrangement
-	-	-	-	5,375	0	-	-	-	-	-
Payments of Debt Issuance Costs
20,000	34,000	15,000	4,000	5,335	6,498	5,159	7,000	10,000	3,000	-
Repayment of third party debt
-	-	-	-	-	-	-	-	2,000	52,000	28,000
Repurchase of common stock
465,000	96,000	88,000	178,000	201,380	203,596	25,633	-	-	-	-
Redemption of mandatorily redeemable preferred stock of consolidated subsidiary
-	-	-	40,000	-	0	-	-	-	-	-
Payment of dividends
81,000	51,000	38,000	34,000	23,793	8,179	-	-	-	-	-
Proceeds from stock option exercises
-	-	-	-	97	2,977	3,804	9,000	-	-	-
Excess tax benefits from share-based compensation
-	-	-	-	9,380	4,519	3,544	3,000	-	-	-
Payment of withholding taxes on vesting of restricted stock units
15,000	18,000	11,000	4,000	10,894	8,077	5,140	4,000	-	-	-
Other, net
1,000	0	-1,000	0	230	-564	-123	-	-	-	-
Net distribution to Marriott International
-	-	-	-	-	-	-	-	64,000	264,000	100,000
Net cash, cash equivalents and restricted cash provided by (used in) financing activities
-331,000	1,433,000	171,000	-206,000	-249,747	-185,650	-28,275	-172,000	-246,000	-424,000	-128,000
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
-1,000	0	3,000	-5,000	-3,673	-1,883	42	-1,000	-	-	-
Change in cash, cash equivalents and restricted cash
87,000	123,000	278,000	-36,000	-169,454	147,004	96,604	-7,000	84,000	-6,000	6,000
Non-cash transfer of debt
-	-	-	3,000	-	0	-	-	-	-	-
Property acquired via capital lease
0	9,000	0	7,000	-	0	-	-	-	-	-
SUPPLEMENTAL DISCLOSURES
Non-cash transfer from property and equipment to inventory
71,000	0	0	10,000	-	-	-	-	-	-	-
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash issuance of debt in connection with acquisition of vacation ownership units
0	0	64,000	0	-	-	-	1,000	-	-	-
Non-cash transfer from Property and equipment to assets held for sale, within Other assets
-	-	-	-	30,985	0	-	-	-	-	-
Non-cash issuance of note receivable in connection with disposition to noncontrolling interest
0	23,000	0	0	500	0	-	-	-	-	-
Non-cash settlement of transactions with Marriott International through equity
-	-	-	-	-	-	-	-	478,000	-	-
Non-cash issuance of treasury stock for employee stock purchase plan
2,000	1,000	1,000	0	560	0	-	-	-	-	-
Interest paid, net of amounts capitalized
167,000	55,000	22,000	23,000	-	-	-	-	-	-	-
Income taxes paid, net of refunds
53,000	41,000	49,000	48,000	-	-	-	-	-	-	-
Equity distribution payable to Marriott International
-	-	-	-	-	-	-	-	-23,000	-	-
ILG, Inc
Amortization of Intangible Assets
59,000	19,000	-	-	-	-	-	-	-	-	-
Non-cash issuance of stock in connection with ILG Acquisition
0	2,505,000	0	-	-	-	-	-	-	-	-
Changes in Deferred tax liabilities distributed to Marriott Vacations Worldwide at Spin-Off
Non-cash reduction of Additional paid-in capital
-	-	-	-	-9	-3,870	-	-	-	-	-
Correct an Immaterial Error in Deferred Revenue at Spin-Off
Non-cash reduction of Additional paid-in capital
-	-	-	-	-	-1,156	-	-	-	-	-