Marriott Vacations Worldwide Corp VAC Cash Flow

Marriott vacations worldwide corp (VAC)

CashFlow / TTM

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
13,000	142,000	107,000	78,000	40,000	52,000	130,000	205,924	243,110	235,000	150,476	137,359	125,482	122,000	120,673	115,421	113,153	122,799	90,147	94,240	95,502	80,756	85,989	85,341	80,038	79,730	63,000	43,000	17,000	7,000	32,000	-194,000	-182,000	-172,000	0	0	0
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation, Depletion and Amortization, Nonproduction
136,000	141,000	139,000	124,000	93,000	62,000	34,000	21,808	21,809	21,000	22,144	21,015	21,066	21,000	23,223	23,836	23,277	22,217	19,349	18,318	18,089	18,682	19,778	20,517	21,253	22,595	25,000	27,000	29,000	30,000	31,000	31,000	32,000	33,000	0	0	0
Amortization of debt discount and issuance costs
19,000	19,000	18,000	17,000	17,000	16,000	16,000	15,274	12,614	10,000	8,216	6,167	6,086	6,000	5,631	5,639	5,619	5,586	5,439	5,402	5,360	5,462	5,323	5,127	5,930	5,561	6,000	7,000	6,000	7,000	6,000	5,000	5,000	4,000	0	0	0
Vacation ownership notes receivable reserve
163,000	112,000	107,000	95,000	79,000	68,000	54,000	48,949	48,286	52,000	53,183	52,460	49,427	45,000	42,147	37,012	32,933	33,083	30,562	30,593	31,501	30,534	32,706	33,584	34,451	35,981	39,000	37,000	42,000	42,000	45,000	46,000	39,000	37,000	0	0	0
Share-based compensation
29,000	33,000	35,000	36,000	32,000	29,000	23,000	17,549	16,724	16,000	16,005	15,595	14,752	14,000	14,504	14,410	14,023	14,142	13,655	13,784	13,745	13,376	13,369	12,195	12,289	12,015	12,000	12,000	11,000	12,000	12,000	13,000	12,000	11,000	0	0	0
Impairment
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of Long-Lived Assets to be Disposed of
-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity method income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
(Gain) loss on disposal of property and equipment, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,557	12,814	13,041	4,825	5,171	1,559	1,352	943	710	0	0	0	-	-	-	-	-	-	-	-
Non-cash litigation settlement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	262	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-10,000	5,000	68,000	62,000	52,000	54,000	-74,000	-61,810	-57,039	-61,000	31,177	27,018	27,490	30,000	32,724	26,104	25,111	28,162	6,614	42,025	29,188	18,876	24,403	13,581	17,168	17,880	-1,000	-32,000	-40,000	-47,000	-16,000	-96,000	-80,000	-63,000	0	0	0
Impairment (reversals) charges on equity investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Net change in assets and liabilities, net of the effects of acquisition:
Accounts receivable
-112,000	-69,000	13,000	80,000	65,000	38,000	41,000	8,970	14,195	9,000	-25,824	-35,054	-34,174	0	9,213	29,204	19,524	24,188	10,333	-4,611	-19,562	1,143	586	18,799	22,325	7,977	4,000	8,000	10,000	3,000	25,000	0	20,000	3,000	0	0	0
Vacation ownership notes receivable originations
-797,000	-817,000	-916,000	-820,000	-719,000	-630,000	-516,000	-470,952	-458,360	-466,000	-483,810	-460,730	-412,116	-357,000	-340,356	-323,453	-319,773	-311,195	-287,162	-276,069	-271,942	-267,917	-264,228	-264,352	-261,365	-260,444	-592,000	-263,000	-263,000	-262,000	0	0	0	-	-	-	-
Vacation ownership notes receivable collections
-513,000	-493,000	-604,000	-540,000	-461,000	-386,000	-310,000	-288,269	-272,932	-270,000	-280,549	-270,183	-269,536	-254,000	-254,769	-258,321	-263,184	-270,170	-276,364	-282,177	-283,690	-287,240	-296,312	-299,044	-306,652	-309,584	-745,000	-311,000	-311,000	-311,000	0	0	0	-	-	-	-
Notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Inventory
-18,000	-65,000	49,000	-48,000	-47,000	-9,000	-87,000	-66,994	-26,199	-45,000	-31,118	-27,930	-33,771	1,000	-14,573	10,395	-12,305	-72,158	-72,417	-114,514	-107,956	-82,690	-62,690	-48,755	-43,567	-33,950	-38,000	-37,000	-48,000	-66,000	-93,000	-101,000	-111,000	-110,000	0	0	0
Purchase Of Vacation Ownership Units For Future Transfer To Inventory
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of operating properties for future conversion to inventory
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	61,554	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
-43,000	-24,000	19,000	21,000	56,000	-21,000	2,000	13,475	19,296	21,000	-7,897	9,636	9,419	-12,000	-931	-7,309	7,837	10,648	10,467	9,733	2,228	-8,659	0	0	9,774	-	-	-	-2,000	-23,000	3,000	3,000	5,000	25,000	0	0	0
Accounts payable, advance deposits and accrued liabilities
-84,000	17,000	-59,000	-49,000	-20,000	21,000	75,000	48,228	24,657	39,000	-18,065	4,127	-9,453	-14,000	1,864	3,287	16,279	23,419	-3,085	-28,223	-33,446	-17,865	-9,957	10,338	9,720	-16,797	-12,000	-4,000	51,000	27,000	-2,000	-1,000	17,000	52,000	0	0	0
Deferred revenue
0	10,000	44,000	48,000	112,000	40,000	36,000	12,837	15,229	9,000	-1,832	17,536	23,454	15,000	17,756	25,248	38,607	-3,334	26,170	19,011	16,481	24,656	4,680	-2,858	-5,997	-12,548	-29,000	-11,000	-4,000	4,000	0	-8,000	-16,000	-28,000	0	0	0
Liability for Marriott Rewards customer loyalty program
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-89,251	-17,669	-20,083	-22,496	-25,022	-34,415	-33,962	-39,678	-44,678	-51,000	-58,000	-66,000	-64,000	0	-4,000	0	5,000	0	0	0
Payroll and benefit liabilities
-4,000	-25,000	0	-20,000	-18,000	-8,000	-14,000	-2,302	-500	16,000	14,898	11,615	7,086	-7,000	-4,559	2,449	2,377	11,380	8,869	5,423	5,738	8,973	-2,953	-7,930	-1,446	-98	8,000	16,000	15,000	27,000	0	0	0	-	-	0	0
Deferred compensation liability
5,000	18,000	12,000	11,000	12,000	10,000	13,000	12,947	11,853	12,000	13,154	12,517	11,741	12,000	11,409	11,032	10,839	9,354	8,019	7,544	6,789	4,568	3,702	2,244	1,062	-7,638	0	0	-8,000	-	-	-	-	-	-	-	0
Other liabilities
0	-	-	-	0	-	-	-	-803	0	-190	-373	-5,862	1,000	-3,986	-15,872	-20,212	1,060	985	561	-967	-2,055	-498	703	2,155	-2,694	-8,000	-10,000	-1,000	-5,000	0	0	0	-	0	0	0
Other, net
-7,000	-8,000	6,000	-1,000	5,000	4,000	5,000	2,714	8,076	6,000	4,242	134	611	-1,000	1,469	5,172	4,159	4,796	5,958	3,293	1,187	953	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net cash, cash equivalents and restricted cash (used in) provided by operating activities
232,000	382,000	210,000	95,000	102,000	97,000	138,000	185,870	119,296	142,000	121,115	134,052	176,826	141,000	99,195	51,447	86,843	109,034	185,657	271,914	275,191	291,411	244,226	224,910	220,037	160,748	128,000	91,000	127,000	163,000	231,000	267,000	297,000	321,000	0	0	0
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)
53,000	46,000	55,000	52,000	47,000	40,000	22,000	21,656	23,945	26,000	33,555	31,202	33,724	35,000	37,307	35,159	31,504	35,735	28,322	27,917	24,708	15,202	18,730	17,980	20,033	21,977	17,000	17,000	17,000	17,000	15,000	14,000	12,000	15,000	0	0	0
Proceeds from collection of notes receivable
0	38,000	38,000	38,000	38,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of company owned life insurance
9,000	6,000	6,000	6,000	6,000	14,000	13,000	13,908	12,800	12,000	12,000	10,092	8,200	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dispositions, net
-	-	-	-	-	-	-	-	-	-	-	-727	68,992	69,000	68,564	70,036	20,456	20,644	69,642	69,524	60,748	82,347	33,853	33,712	22,339	3,543	0	0	0	-	-	-	-	-	-	-	-
Decrease (increase) in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-37,681	57,291	24,219	-10,529	24,019	821	-22,481	26,922	17,477	-7,000	-7,000	-12,000	-12,000	0	0	0	-	-	0	0
Net cash, cash equivalents and restricted cash (used in) provided by investing activities
-11,000	37,000	17,000	-1,373,000	-1,368,000	-1,407,000	-1,428,000	-35,575	-36,746	-38,000	-45,080	-42,021	27,068	34,000	81,554	-18,858	-68,128	-25,068	-63,629	17,388	46,569	43,126	0	0	0	-	-	-	6,000	3,000	0	31,000	24,000	9,000	0	0	0
FINANCING ACTIVITIES
Borrowings from securitization transactions
1,104,000	1,026,000	747,000	690,000	663,000	539,000	0	0	0	-	-	-	-	377,000	0	0	0	-	-	-	-	-	-	-	-	361,449	0	0	0	-	-	-	-	-	-	-	-
Repayment of debt related to securitization transactions
895,000	880,000	791,000	724,000	429,000	382,000	325,000	329,600	324,660	293,000	300,490	356,360	329,629	323,000	346,554	219,093	247,327	278,427	252,573	241,544	226,892	228,870	235,697	349,717	338,806	361,017	404,000	417,000	438,000	411,000	404,000	309,000	299,000	295,000	0	0	0
Proceeds from debt
1,476,000	935,000	535,000	2,000,000	1,815,000	1,690,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of debt
870,000	820,000	470,000	448,000	267,000	215,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Finance lease payment
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings from Revolving Corporate Credit Facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25,000	0	0	0	-	-	-	-	-	-	-	-
Repayment of Revolving Corporate Credit Facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25,000	0	0	0	-	-	-	-	-	-	-	-
Proceeds from vacation ownership inventory arrangement
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,375	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of Debt Issuance Costs
-	-	-	-	-	34,000	35,000	20,781	14,781	15,000	13,935	4,988	5,219	4,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of third party debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,000	0	0	0
Repurchase of common stock
441,000	465,000	436,000	309,000	200,000	96,000	7,000	86,132	90,000	88,000	97,641	18,509	104,772	178,000	258,629	298,502	223,327	201,380	149,551	180,385	217,441	203,596	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payment of dividends
85,000	81,000	80,000	80,000	71,000	51,000	41,000	41,448	39,990	38,000	36,933	36,485	35,425	34,000	33,857	41,775	33,297	23,793	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from stock option exercises
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,599	2,977	3,527	2,772	3,272	3,804	7,000	8,000	8,000	9,000	0	0	0	-	-	-	-
Payment of withholding taxes on vesting of restricted stock units
20,000	15,000	12,000	20,000	18,000	18,000	17,000	9,038	13,356	11,000	11,028	10,086	6,780	4,000	5,251	5,417	5,697	10,894	12,562	12,339	12,996	8,077	6,270	6,231	5,282	5,140	5,000	5,000	5,000	4,000	0	0	0	-	-	-	-
Other, net
-	-	-	-	-	-	-	-	-	-	-	-1,196	-607	0	47	601	741	230	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net contribution from Marriott International
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Net cash, cash equivalents and restricted cash provided by (used in) financing activities
229,000	-331,000	-528,000	1,076,000	1,460,000	1,433,000	1,594,000	421,865	133,229	171,000	131,627	-114,675	-196,562	-206,000	-277,610	-183,434	-198,725	-249,747	57,866	-205,126	-205,440	-185,650	-399,555	-197,302	-155,174	-28,275	-50,000	-69,000	-90,000	-172,000	-43,000	-238,000	-273,000	-246,000	0	0	0
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
-8,000	-1,000	0	0	-1,000	0	0	2,038	3,449	3,000	1,247	200	-3,913	-5,000	-3,677	-5,754	-1,756	-3,673	-4,336	-3,043	-3,370	-1,883	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Change in cash, cash equivalents and restricted cash
442,000	87,000	-301,000	-202,000	193,000	123,000	304,000	574,198	219,228	278,000	208,909	-22,444	3,419	-36,000	-100,538	-156,599	-181,766	-169,454	175,558	81,133	112,950	147,004	-141,775	65,866	40,323	96,604	76,000	21,000	42,000	-7,000	187,000	58,000	48,000	84,000	0	0	0
Property acquired via capital lease
-	-	-	-	-	-	-	-	-	-	-	-	-	7,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
SUPPLEMENTAL DISCLOSURES
Non-cash transfer from property and equipment to inventory
0	71,000	-71,000	-64,000	0	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
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash issuance of note receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash reduction of Additional paid-in capital
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash issuance of treasury stock for employee stock purchase plan
0	-	-	-	0	-	-	-	-	-	-	-	331	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest paid, net of amounts capitalized
171,000	167,000	162,000	124,000	102,000	55,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes paid, net of refunds
45,000	53,000	70,000	88,000	49,000	41,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-