BUSINESS SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2023

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)	2023		2022		2023		2022
Revenues:
Real estate sales and financing	$	604	$	586	$	1,154	$	1,038
Resort operations and club management(1)	320		303		622		571
Total segment revenues	924		889		1,776		1,609
Cost reimbursements	97		67		192		133
Intersegment eliminations(1)	(14)		(8)		(27)		(15)
Total revenues	$	1,007	$	948	$	1,941	$	1,727

(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 $14 million and $8 million, respectively, for the three months ended June 30, 2023 and 2022, and $27 million and $15 million, respectively, for the six months ended June 30, 2023 and 2022.

Schedule of Adjusted EBITDA Reconciled to Net (Loss) Income

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


	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2023		2022		2023		2022
Adjusted EBITDA:
Real estate sales and financing(1)	$	189	$	218	$	358	$	371
Resort operations and club management(1)	123		119		232		220
Segment Adjusted EBITDA	312		337		590		591
Acquisition and integration-related expense	(13)		(17)		(30)		(30)
General and administrative	(48)		(66)		(90)		(108)
Depreciation and amortization	(52)		(64)		(103)		(124)
License fee expense	(34)		(32)		(64)		(57)
Other gain (loss), net	3		(2)		4		(1)
Interest expense	(44)		(35)		(88)		(68)
Income tax expense	(35)		(41)		(52)		(61)
Equity in earnings from unconsolidated affiliates	2		4		5		7
Impairment (expense) reversal	(3)		3		(3)		—
Other adjustment items(2)	(8)		(14)		(16)		(25)
Net income	$	80	$	73	$	153	$	124

(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, 2023 and 2022, these amounts include costs associated with stock-based compensation, restructuring, one-time charges and other non-cash items included within our reportable segments.