Condensed Consolidated Statements of Cash Flows (UNAUDITED)	9 Months Ended
	Sep. 30, 2019 USD ($)		Sep. 30, 2018 USD ($)
Operating Activities
Net income	$ 144,352,584	[1]	$ 177,564,538	[1]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	37,000,000		25,000,000
Amortization of deferred financing costs and other	7,000,000		4,000,000
Provision for financing receivables losses	60,000,000	[2]	50,000,000	[2]
Other loss, net	3,000,000		1,000,000
Share-based compensation	18,000,000		13,000,000
Deferred income tax benefit	(21,000,000)		(21,000,000)
Equity in earnings from unconsolidated affiliates	(4,000,000)
Distributions received from unconsolidated affiliates			2,000,000
Net changes in assets and liabilities:
Accounts receivable, net	17,000,000		(39,000,000)
Timeshare financing receivables, net	(79,000,000)		(83,000,000)
Inventory	(6,000,000)		(15,000,000)
Purchases and development of real estate for future conversion to inventory	(107,000,000)		(299,000,000)
Other assets	(22,000,000)		(61,000,000)
Accounts payable, accrued expenses and other	20,000,000		(15,000,000)
Advanced deposits	11,000,000		13,000,000
Deferred revenues	70,000,000		42,000,000
Net cash provided by (used in) operating activities	148,000,000		(205,000,000)
Investing Activities
Capital expenditures for property and equipment	(25,000,000)		(29,000,000)
Software capitalization costs	(19,000,000)		(12,000,000)
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	(46,000,000)		(35,000,000)
Financing Activities
Issuance of debt	455,000,000		215,000,000
Issuance of non-recourse debt	365,000,000		663,000,000
Repayment of debt	(272,000,000)		(168,000,000)
Repayment of non-recourse debt	(327,000,000)		(436,000,000)
Debt issuance costs	(6,000,000)		(6,000,000)
Repurchase and retirement of common stock	(283,000,000)		(112,000,000)
Payment of withholding taxes on vesting of restricted stock units	(3,000,000)		(4,000,000)
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	(71,000,000)		155,000,000
Net increase (decrease) in cash, cash equivalents and restricted cash	31,000,000		(85,000,000)
Cash, cash equivalents and restricted cash, beginning of period	180,000,000		297,000,000
Cash, cash equivalents and restricted cash, end of period	211,000,000		212,000,000
Supplemental disclosure of non-cash operating activities:
Cumulative effect of adoption of new accounting standard			$ 38,000,000
Non-cash transfer from Other Assets to Inventory	2,000,000	[3]
Non-cash transfer from Inventory to Property and Equipment	16,000,000	[4]
Non-cash transfer from Other Assets to Property and Equipment	40,000,000	[4]
Supplemental disclosure of non-cash financing activities:
Issuance of other debt	$ 23,000,000

[1] Net income for the three months ended September 30, 2019 and 2018 was $50,659,927 and $40,533,279, respectively, and for the nine months ended September 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.

[3] See Note 7: Property and Equipment for more information.

[4] See Note 6: Inventory for more information.