Condensed Consolidated Statements of Cash Flows (UNAUDITED) - USD ($)		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Operating Activities
Net income	[1]	$ 30,170,029	$ 50,212,615
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		8,000,000	7,000,000
Amortization of deferred financing costs and other		1,000,000	1,000,000
Provision for loan losses		12,000,000	11,000,000
Share-based compensation		3,000,000	3,000,000
Deferred income (benefit) taxes		(8,000,000)	6,000,000
Other loss, net		1,000,000	0
Equity in earnings from unconsolidated affiliates		(1,000,000)	0
Distributions received from unconsolidated affiliates		1,000,000	0
Net changes in assets and liabilities:
Accounts receivable, net		(5,000,000)	8,000,000
Timeshare financing receivables, net		(15,000,000)	(4,000,000)
Inventory		(19,000,000)	6,000,000
Other assets		(51,000,000)	(29,000,000)
Accounts payable, accrued expenses and other		(42,000,000)	36,000,000
Advanced deposits		5,000,000	4,000,000
Deferred revenues		105,000,000	36,000,000
Net cash provided by operating activities		25,000,000	135,000,000
Investing Activities
Capital expenditures for property and equipment		(14,000,000)	(8,000,000)
Software capitalization costs		(4,000,000)	(2,000,000)
Return of investment from unconsolidated affiliates		9,000,000	0
Investment in unconsolidated affiliates		(5,000,000)	0
Net cash used in investing activities		(14,000,000)	(10,000,000)
Financing Activities
Issuance of non-recourse debt		0	350,000,000
Repurchase and retirement of common stock		(112,000,000)	0
Repayment of non-recourse debt		(39,000,000)	(344,000,000)
Repayment of debt		(3,000,000)	(3,000,000)
Debt issuance costs		(2,000,000)	(5,000,000)
Payment of withholding taxes on vesting of restricted stock units		(1,000,000)	0
Capital contribution		3,000,000	0
Net cash used in financing activities		(154,000,000)	(2,000,000)
Net (decrease) increase in cash, cash equivalents and restricted cash		(143,000,000)	123,000,000
Cash, cash equivalents and restricted cash, beginning of period		297,000,000	151,000,000
Cash, cash equivalents and restricted cash, end of period		154,000,000	274,000,000
Supplemental disclosure of non-cash operating activities:
Cumulative effect of adoption of new accounting standards		$ 38,000,000	$ 0

[1] Net income for the three months ended March 31, 2018 and 2017 was $30,170,029 and $50,212,615, respectively.