Condensed Consolidated Statements of Cash Flows (UNAUDITED) - USD ($)		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Operating Activities
Net income	[1]	$ 55,067,801	$ 30,170,029
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		10,000,000	8,000,000
Amortization of deferred financing costs and other		2,000,000	1,000,000
Provision for financing receivables losses		14,000,000	12,000,000
Other loss, net		1,000,000	1,000,000
Share-based compensation		5,000,000	3,000,000
Deferred income tax expense (benefit)		5,000,000	(8,000,000)
Equity in earnings from unconsolidated affiliates		(1,000,000)	(1,000,000)
Distributions received from unconsolidated affiliates			1,000,000
Net changes in assets and liabilities:
Accounts receivable, net		7,000,000	(5,000,000)
Timeshare financing receivables, net		(5,000,000)	(15,000,000)
Inventory		(3,000,000)	(19,000,000)
Purchases and development of real estate for future conversion to inventory		(63,000,000)
Other assets		(29,000,000)	(51,000,000)
Accounts payable, accrued expenses and other		(31,000,000)	(42,000,000)
Advanced deposits		5,000,000	5,000,000
Deferred revenues		41,000,000	105,000,000
Other		1,000,000
Net cash provided by operating activities		14,000,000	25,000,000
Investing Activities
Capital expenditures for property and equipment		(6,000,000)	(14,000,000)
Software capitalization costs		(4,000,000)	(4,000,000)
Return of investment from unconsolidated affiliates			9,000,000
Investments in unconsolidated affiliates			(5,000,000)
Net cash used in investing activities		(10,000,000)	(14,000,000)
Financing Activities
Issuance of debt		195,000,000
Repayment of debt		(23,000,000)	(3,000,000)
Repayment of non-recourse debt		(40,000,000)	(39,000,000)
Debt issuance costs			(2,000,000)
Repurchase and retirement of common stock		(92,000,000)	(112,000,000)
Payment of withholding taxes on vesting of restricted stock units		(2,000,000)	(1,000,000)
Capital contribution			3,000,000
Net cash provided by (used in) financing activities		38,000,000	(154,000,000)
Net increase (decrease) in cash, cash equivalents and restricted cash		42,000,000	(143,000,000)
Cash, cash equivalents and restricted cash, beginning of period		180,000,000	297,000,000
Cash, cash equivalents and restricted cash, end of period		222,000,000	154,000,000
Supplemental disclosure of non-cash operating activities:
Cumulative effect of adoption of new accounting standard			$ 38,000,000
Supplemental disclosure of non-cash financing activities:
Issuance of other debt		$ 23,000,000

[1] Net income for the three months ended March 31, 2019 and 2018 was $55,067,801 and $30,170,029, respectively.