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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES    
Net income $ 1,685 $ 631
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 212 222
Stock-based compensation 144 138
Income taxes 197 (292)
Liability for guest loyalty program (17) 54
Contract acquisition costs (92) (143)
Restructuring, merger-related charges, and other (1) (5)
Working capital changes (225) 71
Loss on extinguishment of debt 0 164
Deferred revenue changes and other 19 (95)
Net cash provided by operating activities 1,922 745
INVESTING ACTIVITIES    
Capital and technology expenditures (192) (114)
Dispositions 0 8
Loan advances (10) (10)
Loan collections 12 38
Other 53 (3)
Net cash used in investing activities (137) (81)
FINANCING ACTIVITIES    
Credit Facility, net (1,050) (150)
Issuance of long-term debt 983 1,787
Repayment of long-term debt (578) (2,172)
Issuance of Class A Common Stock 0 2
Debt extinguishment costs 0 (155)
Dividends paid (195) 0
Purchase of treasury stock (1,235) 0
Stock-based compensation withholding taxes (88) (85)
Other 25 12
Net cash used in financing activities (2,138) (761)
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (353) (97)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 1,421 894
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] $ 1,068 $ 797
[1] The 2022 amounts include beginning restricted cash of $28 million at December 31, 2021, and ending restricted cash of $23 million at September 30, 2022, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.