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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net income (loss) $ 377 $ (11)
Adjustments to reconcile to cash provided by operating activities:    
Depreciation, amortization, and other 72 69
Stock-based compensation 44 53
Income taxes 61 (50)
Liability for guest loyalty program 57 74
Contract acquisition costs (26) (47)
Restructuring, merger-related charges, and other 7 (6)
Working capital changes (230) (27)
Deferred revenue changes and other 36 (28)
Net cash provided by operating activities 398 27
INVESTING ACTIVITIES    
Capital and technology expenditures (49) (30)
Dispositions 0 7
Loan advances 0 (2)
Loan collections 7 3
Other 19 (7)
Net cash used in investing activities (23) (29)
FINANCING ACTIVITIES    
Credit Facility, net (250) (500)
Issuance of long-term debt 0 1,089
Repayment of long-term debt (401) (752)
Issuance of Class A Common Stock 0 2
Stock-based compensation withholding taxes (78) (82)
Other 0 (7)
Net cash used in financing activities (729) (250)
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (354) (252)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period [1] 1,421 894
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period [1] $ 1,067 $ 642
[1] The 2022 amounts include beginning restricted cash of $28 million at December 31, 2021, and ending restricted cash of $25 million at March 31, 2022, which we present in the “Prepaid expenses and other” and “Other noncurrent assets” captions of our Balance Sheets.