Business Segments (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Segment Operating Performance Reconciled to Consolidated Amounts

Below is the presentation of our reportable segment results which include the acquired Diamond operations within both segments since the Acquisition Date. The following table presents revenues for our reportable segments reconciled to consolidated amounts:


	Year Ended December 31,
($ in millions)	2022		2021		2020
Revenues:
Real estate sales and financing	$	2,378	$	1,451	$	494
Resort operations and club management(1)	1,197		700		276
Total segment revenues	3,575		2,151		770
Cost reimbursements	297		202		137
Intersegment eliminations(1)	(37)		(18)		(13)
Total revenues	$	3,835	$	2,335	$	894

(1)Includes charges to the real estate sales and financing segment from the resort operations and club management segment for fulfillment of discounted marketing package stays at resorts and for the rental of model units to show prospective buyers. These charges totaled $37 million, $18 million and $13 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Schedule of Adjusted EBITDA Reconciled to Net Income

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


	Year Ended December 31,
($ in millions)	2022		2021		2020
Adjusted EBITDA:
Real estate sales and financing(1)	$	865	$	537	$	33
Resort operations and club management(1)	463		353		136
Segment Adjusted EBITDA	1,328		890		169
Acquisition and integration-related expense	(67)		(106)		—
General and administrative	(212)		(151)		(92)
Depreciation and amortization	(244)		(126)		(45)
License fee expense	(124)		(80)		(51)
Other (loss) gain, net	(1)		(26)		3
Interest expense	(142)		(105)		(43)
Income tax (expense) benefit	(129)		(93)		79
Equity in earnings from unconsolidated affiliates	13		10		5
Impairment expense	(17)		(2)		(209)
Other adjustment items(2)	(53)		(35)		(17)
Net income (loss)	$	352	$	176	$	(201)

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

(2)This amount includes costs associated with restructuring, one-time charges and other non-cash items included within our reportable segments.

Schedule of Assets Reconciled to Consolidated Amounts

The following table presents total assets for our reportable segments, reconciled to consolidated amounts:


	December 31,
($ in millions)	2022		2021
Real estate sales and financing	$	5,755	$	5,544
Resort operations and club management	1,986		2,145
Total segment assets	7,741		7,689
Corporate	263		278
Land and infrastructure held for sale	—		41
Total assets	$	8,004	$	8,008

Schedule of Capital Expenditures for Property and Equipment Reconciled to Consolidated Amounts

The following table presents capital expenditures for property and equipment (including inventory and leases) for our reportable segments, reconciled to consolidated amounts:


	December 31,
($ in millions)	2022		2021		2020
Real estate sales and financing	$	26	$	60	$	18
Resort operations and club management	2		—		—
Total segment capital expenditures	28		60		18
Corporate	65		12		8
Total capital expenditures	$	93	$	72	$	26