Business Segments (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Segment Operating Performance Reconciled to Consolidated Amounts

The following table presents revenues for our reportable segments reconciled to consolidated amounts:


	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2022		2021		2022		2021
Revenues:
Real estate sales and financing	$	586	$	194	$	1,038	$	317
Resort operations and club management(1)	303		107		571		187
Total segment revenues	889		301		1,609		504
Cost reimbursements	67		38		133		73
Intersegment eliminations(1)(2)	(8)		(5)		(15)		(8)
Total revenues	$	948	$	334	$	1,727	$	569

(1)Includes charges to the real estate sales and financing segment from the resort operations and club management segment for fulfillment of discounted marking package stays at resorts. These charges totaled $8 million and $5 million for the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, these charges totaled $15 million and $8 million, respectively.

(2)Includes charges to the real estate sales and financing segment from the resort operations and club management segment for the rental of model units to show prospective buyers. These charges totaled less than $1 million for the three and six months ended June 30, 2022 and 2021.

Schedule of Adjusted EBITDA Reconciled to Net (Loss) Income

The following table presents Adjusted EBITDA for our reportable segments reconciled to net income (loss):


	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2022		2021		2022		2021
Adjusted EBITDA:
Real estate sales and financing(1)	$	218	$	45	$	371	$	72
Resort operations and club management(1)	119		61		220		103
Segment Adjusted EBITDA	337		106		591		175
Acquisition and integration-related expense	(17)		(14)		(30)		(29)
General and administrative	(66)		(30)		(108)		(51)
Depreciation and amortization	(64)		(12)		(124)		(23)
License fee expense	(32)		(19)		(57)		(33)
Other loss, net	(2)		(1)		(1)		(2)
Interest expense	(35)		(17)		(68)		(32)
Income tax (expense) benefit	(41)		(3)		(61)		3
Equity in earnings from unconsolidated affiliates	4		4		7		6
Impairment reversal (expense)	3		—		—		(1)
Other adjustment items(2)	(14)		(5)		(25)		(11)
Net income	$	73	$	9	$	124	$	2

(1)Includes intersegment transactions. Refer to our table presenting revenues by reportable segment above for additional discussion.

(2)For the three and six months ended June 30, 2022 and 2021, this amount includes costs associated with restructuring, one-time charges and other non-cash items included within our reportable segments.