Condensed Consolidated Statements of Cash Flows (UNAUDITED) - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net (loss) income	[1]	$ (6,771,415)	$ 7,826,746
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		11,000,000	12,000,000
Amortization of deferred financing costs, contract costs, and other		6,000,000	4,000,000
Provision for financing receivables losses	[2]	16,000,000	37,000,000
Impairment expense		1,000,000
Other loss (gain), net		1,000,000	(2,000,000)
Share-based compensation		4,000,000	(2,000,000)
Deferred income tax benefit		(21,000,000)	(8,000,000)
Equity in earnings from unconsolidated affiliates		(2,000,000)	(3,000,000)
Net changes in assets and liabilities:
Accounts receivable, net		8,000,000	16,000,000
Timeshare financing receivables, net		19,000,000	(3,000,000)
Inventory		(14,000,000)	(10,000,000)
Purchases and development of real estate for future conversion to inventory		(6,000,000)	(5,000,000)
Other assets		(27,000,000)	(42,000,000)
Accounts payable, accrued expenses and other		2,000,000	(42,000,000)
Advanced deposits		(3,000,000)	2,000,000
Deferred revenues		74,000,000	91,000,000
Net cash provided by operating activities		62,000,000	53,000,000
Investing Activities
Capital expenditures for property and equipment		(1,000,000)	(3,000,000)
Software capitalization costs		(4,000,000)	(5,000,000)
Net cash used in investing activities		(5,000,000)	(8,000,000)
Financing Activities
Issuance of debt			495,000,000
Issuance of non-recourse debt			195,000,000
Repayment of debt		(2,000,000)	(57,000,000)
Repayment of non-recourse debt		(69,000,000)	(58,000,000)
Debt issuance costs		(3,000,000)
Repurchase and retirement of common stock			(10,000,000)
Payment of withholding taxes on vesting of restricted stock units		(5,000,000)	(2,000,000)
Proceeds from stock option exercises		2,000,000
Other financing activity		(1,000,000)	(1,000,000)
Net cash (used in) provided by financing activities		(78,000,000)	562,000,000
Net (decrease) increase in cash, cash equivalents and restricted cash		(21,000,000)	607,000,000
Cash, cash equivalents and restricted cash, beginning of period		526,000,000	152,000,000
Cash, cash equivalents and restricted cash, end of period		$ 505,000,000	$ 759,000,000

[1] Net (loss) income for the three months ended March 31, 2021 and 2020 was $(6,771,415) and $7,826,746, respectively.

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