Business Segments (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

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 March 31,
($ in millions)	2022			2021
Revenues:
Real estate sales and financing	$	452		$	123
Resort operations and club management(1)		268			80
Total segment revenues		720			203
Cost reimbursements		66			35
Intersegment eliminations(1)(2)		(7	)		(3	)
Total revenues	$	779		$	235

(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 $7 million and $3 million for the three months ended March 31, 2022 and 2021, 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 months ended March 31, 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 March 31,
($ in millions)	2022			2021
Adjusted EBITDA:
Real estate sales and financing(1)	$	153		$	27
Resort operations and club management(1)		101			42
Segment Adjusted EBITDA		254			69
Acquisition and integration-related expense		(13	)		(15	)
General and administrative		(42	)		(21	)
Depreciation and amortization		(60	)		(11	)
License fee expense		(25	)		(14	)
Other gain (loss), net		1			(1	)
Interest expense		(33	)		(15	)
Income tax (expense) benefit		(20	)		6
Equity in earnings from unconsolidated affiliates		3			2
Impairment expense		(3	)		(1	)
Other adjustment items(2)		(11	)		(6	)
Net income (loss)	$	51		$	(7	)

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

(2) For the three months ended March 31, 2022 and 2021, this amount includes costs associated with restructuring, one-time charges and other

non-cash items included within our reportable segments.