Condensed Consolidated Statements of Cash Flows (UNAUDITED) - USD ($)		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
Operating Activities
Net (loss) income	[1]	$ (46,771,239)	$ 144,352,584
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		34,000,000	32,000,000
Amortization of deferred financing costs, contract costs, and other		13,000,000	12,000,000
Provision for financing receivables losses	[2]	57,000,000	60,000,000
Other loss, net			3,000,000
Share-based compensation		10,000,000	18,000,000
Deferred income tax benefit		(50,000,000)	(21,000,000)
Equity in earnings from unconsolidated affiliates		(3,000,000)	(4,000,000)
Net changes in assets and liabilities:
Accounts receivable, net		65,000,000	17,000,000
Timeshare financing receivables, net		87,000,000	(79,000,000)
Inventory		(59,000,000)	(6,000,000)
Purchases and development of real estate for future conversion to inventory		(27,000,000)	(107,000,000)
Other assets		(25,000,000)	(24,000,000)
Accounts payable, accrued expenses and other		(48,000,000)	20,000,000
Advanced deposits		4,000,000	11,000,000
Deferred revenues		75,000,000	70,000,000
Net cash provided by operating activities		86,000,000	146,000,000
Investing Activities
Capital expenditures for property and equipment		(6,000,000)	(25,000,000)
Software capitalization costs		(16,000,000)	(17,000,000)
Investments in unconsolidated affiliates		(2,000,000)	(2,000,000)
Net cash used in investing activities		(24,000,000)	(44,000,000)
Financing Activities
Issuance of debt		495,000,000	455,000,000
Issuance of non-recourse debt		495,000,000	365,000,000
Repayment of debt		(62,000,000)	(272,000,000)
Repayment of non-recourse debt		(403,000,000)	(327,000,000)
Debt issuance costs		(8,000,000)	(6,000,000)
Repurchase and retirement of common stock		(10,000,000)	(283,000,000)
Payment of withholding taxes on vesting of restricted stock units		(3,000,000)	(3,000,000)
Proceeds from employee stock plan purchases		1,000,000	2,000,000
Other financing activity		(2,000,000)	(2,000,000)
Net cash provided by (used in) financing activities		503,000,000	(71,000,000)
Net increase in cash, cash equivalents and restricted cash		565,000,000	31,000,000
Cash, cash equivalents and restricted cash, beginning of period		152,000,000	180,000,000
Cash, cash equivalents and restricted cash, end of period		717,000,000	211,000,000
Supplemental disclosure of non-cash operating activities:
Non-cash transfers from Property and Equipment to Inventory	[3]	$ 301,000,000
Non-cash transfers from Other Assets to Inventory	[4]		2,000,000
Non-cash transfer from Inventory to Property and Equipment	[3]		16,000,000
Non-cash transfers from Other Assets to Property and Equipment	[3]		40,000,000
Supplemental disclosure of non-cash financing activities:
Issuance of other debt			$ 23,000,000

[1] Net (loss) income for the three months ended September 30, 2020 and 2019 was $(6,846,654) and $50,659,927, respectively, and for the nine months ended September 30, 2020 and 2019 was $(46,771,239) and $144,352,584, 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.

[4] See Note 7: Inventory for more information.