Condensed Consolidated Statements of Cash Flows (UNAUDITED) - USD ($)		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net income	[1]	$ 7,826,746	$ 55,067,801
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		12,000,000	8,000,000
Amortization of deferred financing costs, contract costs, and other		4,000,000	4,000,000
Provision for financing receivables losses	[2]	37,000,000	14,000,000
Other (gain) loss, net		(2,000,000)	1,000,000
Share-based compensation		(2,000,000)	5,000,000
Deferred income tax (benefit) expense		(8,000,000)	5,000,000
Equity in earnings from unconsolidated affiliates		(3,000,000)	(1,000,000)
Net changes in assets and liabilities:
Accounts receivable, net		16,000,000	7,000,000
Timeshare financing receivables, net		(3,000,000)	(5,000,000)
Inventory		(10,000,000)	(3,000,000)
Purchases and development of real estate for future conversion to inventory		(5,000,000)	(63,000,000)
Other assets		(42,000,000)	(33,000,000)
Accounts payable, accrued expenses and other		(42,000,000)	(27,000,000)
Advanced deposits		2,000,000	5,000,000
Deferred revenues		91,000,000	41,000,000
Other			1,000,000
Net cash provided by operating activities		53,000,000	14,000,000
Investing Activities
Capital expenditures for property and equipment		(3,000,000)	(6,000,000)
Software capitalization costs		(5,000,000)	(4,000,000)
Net cash used in investing activities		(8,000,000)	(10,000,000)
Financing Activities
Issuance of debt		495,000,000	195,000,000
Issuance of non-recourse debt		195,000,000
Repayment of debt		(57,000,000)	(23,000,000)
Repayment of non-recourse debt		(58,000,000)	(40,000,000)
Repurchase and retirement of common stock		(10,000,000)	(92,000,000)
Payment of withholding taxes on vesting of restricted stock units		(2,000,000)	(2,000,000)
Other financing activity		(1,000,000)
Net cash provided by financing activities		562,000,000	38,000,000
Net increase in cash, cash equivalents and restricted cash		607,000,000	42,000,000
Cash, cash equivalents and restricted cash, beginning of period		152,000,000	180,000,000
Cash, cash equivalents and restricted cash, end of period		759,000,000	222,000,000
Supplemental disclosure of non-cash operating activities:
Non-cash transfer from Inventory to Property and Equipment	[3]	$ 301,000,000
Supplemental disclosure of non-cash financing activities:
Issuance of other debt			$ 23,000,000

[1] Net income for the three months ended March 31, 2020 and 2019 was $7,826,746 and $55,067,801, respectively.

[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 8: Property and Equipment for more information.