Condensed Consolidated Statements of Cash Flows (UNAUDITED) - USD ($)		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net income (loss)	[1]	$ (39,924,584)	$ 93,692,657
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		23,000,000	20,000,000
Amortization of deferred financing costs, contract costs, and other		9,000,000	8,000,000
Provision for financing receivables losses	[2]	45,000,000	38,000,000
Other loss, net		1,000,000	2,000,000
Share-based compensation		4,000,000	12,000,000
Deferred income tax benefit		(31,000,000)	(9,000,000)
Equity in earnings from unconsolidated affiliates		(4,000,000)	(3,000,000)
Net changes in assets and liabilities:
Accounts receivable, net		100,000,000	(3,000,000)
Timeshare financing receivables, net		58,000,000	(42,000,000)
Inventory		(36,000,000)	(11,000,000)
Purchases and development of real estate for future conversion to inventory		(19,000,000)	(80,000,000)
Other assets		(33,000,000)	(27,000,000)
Accounts payable, accrued expenses and other		(72,000,000)	(3,000,000)
Advanced deposits		1,000,000	7,000,000
Deferred revenues		82,000,000	68,000,000
Net cash provided by operating activities		88,000,000	71,000,000
Investing Activities
Capital expenditures for property and equipment		(4,000,000)	(17,000,000)
Software capitalization costs		(11,000,000)	(10,000,000)
Investments in unconsolidated affiliates			(2,000,000)
Net cash used in investing activities		(15,000,000)	(29,000,000)
Financing Activities
Issuance of debt		495,000,000	410,000,000
Issuance of non-recourse debt		495,000,000	15,000,000
Repayment of debt		(60,000,000)	(105,000,000)
Repayment of non-recourse debt		(313,000,000)	(79,000,000)
Debt issuance costs		(6,000,000)	(2,000,000)
Repurchase and retirement of common stock		(10,000,000)	(271,000,000)
Payment of withholding taxes on vesting of restricted stock units		(2,000,000)	(3,000,000)
Proceeds from employee stock plan purchases			2,000,000
Other financing activity		(1,000,000)	(2,000,000)
Net cash provided by (used in) financing activities		598,000,000	(35,000,000)
Net increase in cash, cash equivalents and restricted cash		671,000,000	7,000,000
Cash, cash equivalents and restricted cash, beginning of period		152,000,000	180,000,000
Cash, cash equivalents and restricted cash, end of period		823,000,000	187,000,000
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 (loss) for the three months ended June 30, 2020 and 2019 was $(47,751,330) and $38,624,856, respectively, and for the six months ended June 30, 2020 and 2019 was $(39,924,584) and $93,692,657, 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.