BUSINESS SEGMENTS (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Revenues:
Real estate sales and financing	$	612	$	745	$	1,766	$	1,783
Resort operations and club management(1)	322		299		944		870
Total segment revenues	934		1,044		2,710		2,653
Cost reimbursements	97		82		289		215
Intersegment eliminations(1)	(13)		(10)		(40)		(25)
Total revenues	$	1,018	$	1,116	$	2,959	$	2,843

(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. These charges totaled $13 million and $10 million, respectively, for the three months ended September 30, 2023 and 2022, and $40 million and $25 million, respectively, for the nine months ended September 30, 2023 and 2022.

Schedule of Adjusted EBITDA for our Reportable Segments Reconciled to Net Income

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


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Adjusted EBITDA:
Real estate sales and financing(1)	$	205	$	295	$	563	$	666
Resort operations and club management(1)	126		112		358		332
Segment Adjusted EBITDA	331		407		921		998
Acquisition and integration-related expense	(12)		(19)		(42)		(49)
General and administrative	(40)		(50)		(130)		(158)
Depreciation and amortization	(53)		(57)		(156)		(181)
License fee expense	(37)		(33)		(101)		(90)
Other (loss) gain, net	(1)		2		3		1
Interest expense	(45)		(37)		(133)		(105)
Income tax expense	(44)		(54)		(96)		(115)
Equity in earnings from unconsolidated affiliates	2		2		7		9
Impairment expense	—		—		(3)		—
Other adjustment items(2)	(9)		(11)		(25)		(36)
Net income	$	92	$	150	$	245	$	274

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

(2)For the three and nine months ended September 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.