Condensed Consolidated Statements of Cash Flows (UNAUDITED)	6 Months Ended
	Jun. 30, 2019 USD ($)		Jun. 30, 2018 USD ($)
Operating Activities
Net income	$ 93,692,657	[1]	$ 137,031,259	[1]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	23,000,000		16,000,000
Amortization of deferred financing costs and other	5,000,000		3,000,000
Provision for financing receivables losses	38,000,000	[2]	30,000,000	[2]
Other loss, net	2,000,000
Share-based compensation	12,000,000		8,000,000
Deferred income tax benefit	(9,000,000)		(6,000,000)
Equity in (earnings) losses from unconsolidated affiliates	(3,000,000)		1,000,000
Distributions received from unconsolidated affiliates			2,000,000
Net changes in assets and liabilities:
Accounts receivable, net	(3,000,000)		(26,000,000)
Timeshare financing receivables, net	(42,000,000)		(48,000,000)
Inventory	(11,000,000)		11,000,000
Purchases and development of real estate for future conversion to inventory	(80,000,000)		(176,000,000)
Other assets	(26,000,000)		(58,000,000)
Accounts payable, accrued expenses and other	(3,000,000)		(42,000,000)
Advanced deposits	7,000,000		8,000,000
Deferred revenues	68,000,000		4,000,000
Other			2,000,000
Net cash provided by (used in) operating activities	72,000,000		(134,000,000)
Investing Activities
Capital expenditures for property and equipment	(17,000,000)		(20,000,000)
Software capitalization costs	(11,000,000)		(9,000,000)
Return of investment from unconsolidated affiliates			11,000,000
Investments in unconsolidated affiliates	(2,000,000)		(5,000,000)
Net cash used in investing activities	(30,000,000)		(23,000,000)
Financing Activities
Issuance of debt	410,000,000		160,000,000
Issuance of non-recourse debt	15,000,000		100,000,000
Repayment of debt	(105,000,000)		(5,000,000)
Repayment of non-recourse debt	(79,000,000)		(80,000,000)
Debt issuance costs	(2,000,000)		(2,000,000)
Repurchase and retirement of common stock	(271,000,000)		(112,000,000)
Payment of withholding taxes on vesting of restricted stock units	(3,000,000)		(1,000,000)
Proceeds from employee stock plan purchases	2,000,000
Capital contribution			3,000,000
Other financing activity	(2,000,000)
Net cash (used in) provided by financing activities	(35,000,000)		63,000,000
Net increase (decrease) in cash, cash equivalents and restricted cash	7,000,000		(94,000,000)
Cash, cash equivalents and restricted cash, beginning of period	180,000,000		297,000,000
Cash, cash equivalents and restricted cash, end of period	187,000,000		203,000,000
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 June 30, 2019 and 2018 was $38,624,856 and $106,861,230, respectively, and for the six months ended June 30, 2019

[2] Includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded securitized timeshare financing receivables.