Marriott Vacations Worldwide Corp VAC Cash Flow

Marriott vacations worldwide corp (VAC)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Aug'16	Jun'16	Mar'16	Jan'16	Aug'15	Jun'15	Mar'15	Jan'15	Aug'14	Jun'14	Mar'14	Jan'14	Aug'13	May'13	Mar'13	Dec'12	Aug'12	May'12	Mar'12	Dec'11	Aug'11	Jun'11	Mar'11
OPERATING ACTIVITIES
Net income
-105,000	76,000	-7,000	49,000	24,000	41,000	-36,000	11,000	36,000	119,000	39,924	48,186	27,890	34,476	26,807	36,309	24,408	33,149	21,555	34,041	34,054	497	25,648	35,303	19,308	5,730	25,000	30,000	19,000	-11,000	5,000	4,000	9,000	14,000	-221,000	16,000	19,000
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation, Depletion and Amortization, Nonproduction
32,000	35,000	33,000	36,000	37,000	33,000	18,000	5,000	6,000	5,000	5,808	5,001	5,191	6,144	4,679	5,052	5,125	8,367	5,292	4,493	4,065	5,499	4,261	4,264	4,658	6,595	5,000	5,000	6,000	9,000	7,000	7,000	7,000	10,000	7,000	8,000	8,000
Amortization of debt discount and issuance costs
5,000	5,000	5,000	4,000	5,000	4,000	4,000	4,000	4,000	4,000	3,274	1,340	1,386	2,216	1,225	1,259	1,300	1,847	1,233	1,239	1,267	1,700	1,196	1,197	1,369	1,561	1,000	2,000	1,000	2,000	2,000	1,000	2,000	1,000	1,000	1,000	1,000
Vacation ownership notes receivable reserve
71,000	31,000	30,000	31,000	20,000	26,000	18,000	15,000	9,000	12,000	12,949	14,337	12,714	13,183	12,226	11,304	8,287	10,330	7,091	7,225	8,437	7,809	7,122	8,133	7,470	9,981	8,000	9,000	9,000	13,000	6,000	14,000	9,000	16,000	7,000	7,000	7,000
Share-based compensation
3,000	8,000	8,000	10,000	7,000	10,000	9,000	6,000	4,000	4,000	3,549	5,175	3,276	4,005	3,139	4,332	2,524	4,509	3,045	3,945	2,643	4,022	3,174	3,906	2,274	4,015	2,000	4,000	2,000	4,000	2,000	3,000	3,000	4,000	3,000	2,000	2,000
Impairment
95,000	-	-	-	26,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of Long-Lived Assets to be Disposed of
-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity method income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	13	-	38	81	37	-	-	-	-	-	-	-	-	-	-	-	-
(Gain) loss on disposal of property and equipment, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	65	-20	8,625	887	3,322	207	409	1,233	-290	0	0	1,000	-	-	-	-	-	-	-	-
Non-cash litigation settlement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	262	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-10,000	-19,000	4,000	15,000	5,000	44,000	-2,000	5,000	7,000	-84,000	10,190	9,771	3,039	8,177	6,031	10,243	5,549	10,901	-589	9,250	8,600	-10,647	34,822	-3,587	-1,712	-5,120	24,000	0	-1,000	-24,000	-7,000	-8,000	-8,000	7,000	-87,000	8,000	9,000
Impairment (reversals) charges on equity investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,000	-	-	-	-	-	-	-	-	-	-	-	-
Net change in assets and liabilities, net of the effects of acquisition:
Accounts receivable
-45,000	-53,000	-34,000	20,000	-2,000	29,000	33,000	5,000	-29,000	32,000	970	10,225	-34,195	-2,824	-8,260	11,105	-21	6,389	11,731	1,425	4,643	-7,466	-3,213	-13,526	25,348	-8,023	15,000	-10,000	11,000	-12,000	19,000	-8,000	4,000	10,000	-6,000	12,000	-13,000
Vacation ownership notes receivable originations
-174,000	-136,000	-258,000	-229,000	-194,000	-235,000	-162,000	-128,000	-105,000	-121,000	-116,952	-115,408	-112,640	-138,810	-93,872	-66,794	-57,524	-122,166	-76,969	-63,114	-48,946	-98,133	-65,876	-58,987	-44,921	-94,444	-66,000	-56,000	-44,000	-426,000	263,000	-56,000	-43,000	-	-	-	-
Vacation ownership notes receivable collections
-174,000	-31,000	-153,000	-155,000	-154,000	-142,000	-89,000	-76,000	-79,000	-66,000	-67,269	-60,663	-76,068	-76,549	-56,903	-60,016	-60,532	-77,318	-60,455	-64,879	-67,518	-83,512	-66,268	-66,392	-71,068	-92,584	-69,000	-74,000	-74,000	-528,000	365,000	-74,000	-74,000	-	-	-	-
Notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-35,000
Inventory
8,000	-55,000	66,000	-37,000	-39,000	59,000	-31,000	-36,000	-1,000	-19,000	-10,994	4,795	-19,801	-5,118	-7,806	-1,046	14,970	-20,691	17,162	-23,746	-44,883	-20,950	-24,935	-17,188	-19,617	-950	-11,000	-12,000	-10,000	-5,000	-10,000	-23,000	-28,000	-32,000	-18,000	-33,000	-27,000
Purchase Of Vacation Ownership Units For Future Transfer To Inventory
61,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of operating properties for future conversion to inventory
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	14,940	0	46,614	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
83,000	-11,000	-43,000	-72,000	102,000	32,000	-41,000	-37,000	25,000	55,000	-29,525	-31,179	26,704	26,103	-11,992	-31,396	5,285	37,172	-18,370	-16,250	8,096	36,991	-19,104	-23,755	-2,791	-	-	-	16,000	21,000	-24,000	-15,000	-5,000	47,000	-24,000	-13,000	15,000
Accounts payable, advance deposits and accrued liabilities
-184,000	139,000	7,000	-46,000	-83,000	63,000	17,000	-17,000	-42,000	117,000	-9,772	-40,571	-27,657	59,935	12,420	-54,151	-32,204	75,799	13,843	-41,159	-25,064	49,295	-11,295	-46,382	-9,483	57,203	9,000	-47,000	-36,000	62,000	17,000	8,000	-60,000	33,000	18,000	26,000	-25,000
Deferred revenue
107,000	-31,000	4,000	-80,000	117,000	3,000	8,000	-16,000	45,000	-1,000	-15,163	-13,608	38,771	-11,832	4,205	-7,690	30,317	-9,076	11,697	5,669	-11,624	20,428	4,538	3,139	-3,449	452	-3,000	0	-10,000	-16,000	15,000	7,000	-2,000	-20,000	7,000	-1,000	-14,000
Liability for Marriott Rewards customer loyalty program
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-73,867	-6,039	-4,871	-4,474	-2,285	-8,453	-7,284	-7,000	-11,678	-8,000	-13,000	-12,000	-18,000	-15,000	-21,000	-10,000	46,000	-19,000	-17,000	-5,000
Payroll and benefit liabilities
-20,000	-4,000	18,000	2,000	-41,000	21,000	-2,000	4,000	-31,000	15,000	9,698	5,802	-14,500	13,898	6,415	1,273	-28,586	16,339	13,423	1,201	-19,583	13,828	9,977	1,516	-16,348	1,902	5,000	8,000	-15,000	10,000	13,000	7,000	-3,000	-	-	15,000	-25,000
Deferred compensation liability
-7,000	5,000	4,000	3,000	6,000	-1,000	3,000	4,000	4,000	2,000	2,947	2,906	4,147	3,154	2,310	2,130	4,406	2,563	1,933	1,937	2,921	1,228	1,458	1,182	700	362	0	0	-8,000	-	-	-	-	-	-	-	-2,000
Other liabilities
-7,000	-	-	-	2,000	-	-	-	-1,000	0	292	-95	-197	-190	109	-5,584	6,665	-5,176	-11,777	-9,924	27,937	-5,251	-12,201	-11,452	26,849	-3,694	-11,000	-10,000	22,000	-9,000	-13,000	-1,000	18,000	-	-5,000	-4,000	14,000
Other, net
5,000	-16,000	13,000	-9,000	4,000	-2,000	6,000	-3,000	3,000	-1,000	3,714	2,362	924	-2,758	-394	2,839	-687	-289	3,309	1,826	-50	873	644	-280	-284	-	-	-	-	-	-	-	-	-	-	-	-
Net cash, cash equivalents and restricted cash (used in) provided by operating activities
-122,000	202,000	124,000	28,000	28,000	30,000	9,000	35,000	23,000	71,000	56,870	-31,574	45,704	50,115	69,807	11,200	9,878	8,310	22,059	46,596	32,069	84,933	108,316	49,873	48,289	37,748	89,000	45,000	-11,000	5,000	52,000	81,000	25,000	73,000	88,000	111,000	49,000
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)
17,000	14,000	13,000	9,000	10,000	23,000	10,000	4,000	3,000	5,000	9,656	6,289	5,055	12,555	7,303	8,811	6,331	14,862	5,155	5,156	10,562	7,449	4,750	1,947	1,056	10,977	4,000	4,000	3,000	6,000	4,000	4,000	3,000	4,000	3,000	2,000	6,000
Proceeds from collection of notes receivable
0	0	0	0	38,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of company owned life insurance
4,000	1,000	1,000	3,000	1,000	1,000	1,000	3,000	9,000	0	1,908	1,892	8,200	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dispositions, net
-	-	-	-	-	-	-	-	-	-	-	10	1	475	-1,213	69,729	9	39	259	20,149	197	49,037	141	11,373	21,796	543	0	0	3,000	-	-	-	-	-	-	-	-
Decrease (increase) in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-50,297	56,374	3,345	-47,103	44,675	23,302	-31,403	-12,555	21,477	0	18,000	-22,000	-3,000	0	13,000	-22,000	-	-	20,000	-10,000
Net cash, cash equivalents and restricted cash (used in) provided by investing activities
-21,000	36,000	-14,000	-12,000	27,000	16,000	-1,404,000	-7,000	-12,000	-5,000	-11,575	-8,171	-13,254	-12,080	-8,516	60,918	-6,322	35,474	-108,928	11,648	36,738	-3,087	-27,911	40,829	33,295	-	-	-	22,000	2,000	-4,000	-14,000	19,000	-1,000	27,000	-21,000	4,000
FINANCING ACTIVITIES
Borrowings from securitization transactions
202,000	395,000	57,000	450,000	124,000	116,000	0	423,000	0	-	-	-	-	378	285,341	40,151	51,130	-	-	-	-	-	-	-	-	449	250,000	0	111,000	-	-	-	-	-	-	-	-
Repayment of debt related to securitization transactions
148,000	207,000	177,000	363,000	133,000	118,000	110,000	68,000	86,000	61,000	114,600	63,060	54,340	68,490	170,470	36,329	47,711	92,044	43,009	64,563	78,811	66,190	31,980	49,911	80,789	73,017	146,000	39,000	103,000	116,000	159,000	60,000	76,000	109,000	64,000	50,000	72,000
Proceeds from debt
666,000	440,000	185,000	185,000	125,000	40,000	1,650,000	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of debt
102,000	512,000	42,000	214,000	52,000	162,000	20,000	33,000	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Finance lease payment
9,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings from Revolving Corporate Credit Facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	25,000	-	-	-	-	-	-	-	-
Repayment of Revolving Corporate Credit Facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	25,000	-	-	-	-	-	-	-	-
Proceeds from vacation ownership inventory arrangement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	5,375	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of Debt Issuance Costs
-	-	-	-	-	0	27,000	6,000	1,000	1,000	12,781	0	1,219	-65	3,834	231	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of third party debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	2,000
Repurchase of common stock
82,000	123,000	127,000	109,000	106,000	94,000	0	0	2,000	5,000	79,132	3,868	0	14,641	0	90,131	73,228	95,270	39,873	14,956	51,281	43,441	70,707	52,012	37,436	-	-	-	-	-	-	-	-	-	-	-	-
Payment of dividends
45,000	20,000	0	20,000	41,000	19,000	0	11,000	21,000	9,000	448	9,542	19,010	7,933	0	8,482	17,585	7,790	7,918	4	8,081	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from stock option exercises
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	90	1,254	755	500	468	1,804	0	1,000	1,000	5,000	1,000	1,000	2,000	-	-	-	-
Payment of withholding taxes on vesting of restricted stock units
14,000	4,000	1,000	1,000	9,000	1,000	9,000	-1,000	9,000	0	1,038	3,318	6,644	28	96	12	3,864	1,279	262	292	9,061	2,947	39	949	4,142	1,140	0	0	4,000	1,000	0	0	3,000	-	-	-	-
Other, net
-	-	-	-	-	-	-	-	-	-	-	-608	-16	-194	-378	-19	591	-147	176	121	80	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net contribution from Marriott International
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24,000
Net cash, cash equivalents and restricted cash provided by (used in) financing activities
468,000	-41,000	-120,000	-78,000	-92,000	-238,000	1,484,000	306,000	-119,000	-77,000	311,865	17,364	-81,229	-116,373	65,563	-64,523	-90,667	-187,983	159,739	-79,814	-141,689	119,630	-103,253	-80,128	-121,899	-94,275	99,000	-38,000	5,000	-116,000	80,000	-59,000	-77,000	13,000	-115,000	-94,000	-50,000
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
-6,000	-1,000	-1,000	0	1,000	0	-1,000	-1,000	2,000	0	1,038	411	1,551	-1,753	-9	-3,702	464	-430	-2,086	296	-1,453	-1,093	-793	-31	34	-	-	-	-	-	-	-	-	-	-	-	-
Change in cash, cash equivalents and restricted cash
319,000	196,000	-11,000	-62,000	-36,000	-192,000	88,000	333,000	-106,000	-11,000	358,198	-21,970	-47,228	-80,091	126,845	3,893	-86,647	-144,629	70,784	-21,274	-74,335	200,383	-23,641	10,543	-40,281	-88,396	184,000	-15,000	16,000	-109,000	129,000	6,000	-33,000	85,000	0	-4,000	3,000
Property acquired via capital lease
-	-	-	-	-	-	-	-	-	-	-	-	-	-221	0	0	7,221	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
SUPPLEMENTAL DISCLOSURES
Non-cash transfer from property and equipment to inventory
0	142,000	-7,000	-64,000	64,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash transfer from Property and equipment to assets held for sale, within Other assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	45,201	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash issuance of note receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash reduction of Additional paid-in capital
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-647	-1,450	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash issuance of treasury stock for employee stock purchase plan
1,000	-	-	-	1,000	-	-	-	-	-	-	-	331	-673	366	307	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest paid, net of amounts capitalized
58,000	32,000	54,000	27,000	54,000	27,000	16,000	5,000	7,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes paid, net of refunds
4,000	6,000	-13,000	48,000	12,000	23,000	5,000	9,000	4,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-