7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 
      
    		                                   
      operating activities
    		                                   
      net income
    		30,000,000 28,000,000 -12,000,000 26,000,000 32,000,000 4,000,000 -2,000,000 68,000,000 92,000,000 80,000,000 73,000,000 78,000,000 150,000,000 73,000,000 51,000,000 75,000,000 99,000,000 9,000,000 -7,000,000 -154,000,000 -7,000,000 -48,000,000 8,000,000 72,000,000 50,000,000 39,000,000 55,000,000 120,000,000 41,000,000 107,000,000 30,000,000 183,000,000 43,000,000 51,000,000 50,000,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                   
      depreciation and amortization
    		67,000,000 59,000,000 67,000,000 70,000,000 68,000,000 68,000,000 62,000,000 57,000,000 53,000,000 52,000,000 51,000,000 63,000,000 57,000,000 64,000,000 60,000,000 55,000,000 48,000,000 12,000,000 11,000,000 11,000,000 11,000,000 11,000,000 12,000,000 14,000,000 14,000,000 13,000,000 10,000,000 11,000,000 9,000,000 8,000,000 8,000,000 8,000,000 7,000,000 7,000,000 7,000,000 
      amortization of deferred financing costs, acquisition premiums and other
    		20,000,000 18,000,000 19,000,000 -13,000,000 33,000,000 38,000,000 25,000,000 11,000,000 8,000,000 7,000,000 7,000,000 18,000,000 9,000,000 13,000,000 12,000,000 20,000,000                    
      benefit from financing receivables losses
    		131,000,000 101,000,000 79,000,000 103,000,000 115,000,000 95,000,000 64,000,000 54,000,000 46,000,000 41,000,000 30,000,000 39,000,000 32,000,000 40,000,000 31,000,000 44,000,000 49,000,000 12,000,000 16,000,000 18,000,000 12,000,000 8,000,000 37,000,000 14,000,000 22,000,000 24,000,000 14,000,000         
      impairment expense
    		1,000,000   0 0 0 2,000,000 0 0      3,000,000 0 1,000,000 0 1,000,000                 
      other (gain) loss
    		3,000,000 -4,000,000 -6,000,000     1,000,000 1,000,000              -2,000,000             
      share-based compensation
    		19,000,000 23,000,000 12,000,000 9,000,000 11,000,000 18,000,000 9,000,000 2,000,000 12,000,000 16,000,000 10,000,000 6,000,000 14,000,000 15,000,000 11,000,000 16,000,000 14,000,000 14,000,000 4,000,000 5,000,000 6,000,000 6,000,000 -2,000,000 4,000,000 6,000,000 7,000,000 5,000,000 3,000,000 5,000,000 5,000,000 3,000,000 2,000,000 5,000,000 5,000,000 3,000,000 
      deferred income tax expense
    		0 0 6,000,000             49,000,000 0          5,000,000         
      equity in earnings from unconsolidated affiliates
    		-6,000,000 -6,000,000 -5,000,000 -6,000,000 -4,000,000 -3,000,000 -5,000,000 -5,000,000 -2,000,000 -2,000,000 -3,000,000 -4,000,000 -2,000,000 -4,000,000 -3,000,000 -3,000,000 -1,000,000 -4,000,000 -2,000,000  1,000,000 -1,000,000 -3,000,000 0   -1,000,000    -1,000,000     
      return on investment in unconsolidated affiliates
    		5,000,000 0 5,000,000 6,000,000            0                    
      net changes in assets and liabilities, net of effects of acquisitions:
    		                                   
      accounts receivable
    		6,000,000 -63,000,000 -60,000,000 84,000,000 125,000,000 -9,000,000 24,000,000 -60,000,000 44,000,000 18,000,000 8,000,000 -113,000,000 9,000,000 34,000,000 -107,000,000 -22,000,000 -1,000,000 -109,000,000 8,000,000 -9,000,000 -35,000,000 84,000,000 16,000,000 -37,000,000 20,000,000 -10,000,000 7,000,000  -13,000,000 -21,000,000 -5,000,000     
      timeshare financing receivables
    		-247,000,000 -131,000,000 -93,000,000 -162,000,000 -205,000,000 -118,000,000 -78,000,000 -105,000,000 -114,000,000 -72,000,000 -24,000,000 -83,000,000 -89,000,000 -41,000,000 -11,000,000 -56,000,000 -54,000,000 -1,000,000 19,000,000 20,000,000 29,000,000 61,000,000 -3,000,000 -32,000,000 -37,000,000 -37,000,000 -5,000,000 -35,000,000 -35,000,000 -33,000,000 -15,000,000 -28,000,000 -40,000,000   
      inventory
    		-22,000,000 -30,000,000 -33,000,000 -40,000,000 -7,000,000 -6,000,000 -25,000,000 -27,000,000 30,000,000 34,000,000 -101,000,000 -1,000,000 81,000,000 -6,000,000 26,000,000 26,000,000 18,000,000 -15,000,000 -14,000,000 -32,000,000 -23,000,000 -26,000,000 -10,000,000 2,000,000 5,000,000 -8,000,000 -3,000,000 31,000,000 -26,000,000 30,000,000 -19,000,000 9,000,000 16,000,000 16,000,000 6,000,000 
      purchases and development of real estate for future conversion to inventory
    		-12,000,000 -9,000,000 -52,000,000 -66,000,000 -11,000,000 -17,000,000 -33,000,000 -11,000,000 -22,000,000 -4,000,000 -2,000,000 -4,000,000 -3,000,000 0 -1,000,000 -8,000,000 -8,000,000 -11,000,000 -6,000,000 -9,000,000 -8,000,000 -14,000,000 -5,000,000 -61,000,000 -27,000,000 -17,000,000 -63,000,000         
      other assets
    		120,000,000 169,000,000 -391,000,000 2,000,000 144,000,000 91,000,000 -245,000,000 59,000,000 67,000,000 110,000,000 -244,000,000 -13,000,000 138,000,000 105,000,000 -264,000,000 -14,000,000 97,000,000 -8,000,000 -27,000,000 14,000,000 8,000,000 9,000,000 -42,000,000 6,000,000 4,000,000 3,000,000 -29,000,000 30,000,000 -3,000,000 -7,000,000 -51,000,000 7,000,000 8,000,000 10,000,000 -29,000,000 
      accounts payable, accrued expenses and other
    		-160,000,000 -124,000,000 223,000,000 68,000,000 -102,000,000 -33,000,000 88,000,000 -11,000,000 -107,000,000 -52,000,000 84,000,000 37,000,000 -33,000,000 0 290,000,000 -53,000,000 -54,000,000 57,000,000 2,000,000 -8,000,000 24,000,000 -30,000,000 -42,000,000 -37,000,000 23,000,000 28,000,000 -31,000,000 -9,000,000 27,000,000 0 -42,000,000 -1,000,000 60,000,000 0 36,000,000 
      advanced deposits
    		-6,000,000 -1,000,000 10,000,000 2,000,000 -1,000,000   -6,000,000 0 11,000,000 24,000,000 12,000,000 8,000,000 3,000,000 14,000,000 -3,000,000   -3,000,000 -2,000,000 3,000,000 -1,000,000 2,000,000 3,000,000 4,000,000 2,000,000 5,000,000 1,000,000 5,000,000 3,000,000 5,000,000 2,000,000 2,000,000 -7,000,000 4,000,000 
      deferred revenue
    		85,000,000 30,000,000 269,000,000  -108,000,000 -23,000,000 109,000,000                             
      net cash from operating activities
    		34,000,000 61,000,000 38,000,000 105,000,000 91,000,000   0 92,000,000 194,000,000 26,000,000 -16,000,000 233,000,000 260,000,000 270,000,000 132,000,000 -56,000,000 30,000,000 62,000,000 -7,000,000 -2,000,000 35,000,000 53,000,000 -3,000,000 76,000,000 58,000,000 14,000,000 46,000,000 -71,000,000 -159,000,000 25,000,000 57,000,000 122,000,000 42,000,000 135,000,000 
      capex
    		-21,000,000 -15,000,000 -14,000,000 -15,000,000 -10,000,000   -13,000,000 -9,000,000 -4,000,000 -5,000,000 -33,000,000 -6,000,000 -11,000,000 -8,000,000 -7,000,000 -7,000,000 -3,000,000 -1,000,000 -2,000,000 -2,000,000 -1,000,000 -3,000,000 -12,000,000 -8,000,000 -11,000,000 -6,000,000 -15,000,000 -9,000,000 -6,000,000 -14,000,000 -10,000,000 -10,000,000 0 0 
      free cash flows
    		13,000,000 46,000,000 24,000,000 90,000,000 81,000,000   -13,000,000 83,000,000 190,000,000 21,000,000 -49,000,000 227,000,000 249,000,000 262,000,000 125,000,000 -63,000,000 27,000,000 61,000,000 -9,000,000 -4,000,000 34,000,000 50,000,000 -15,000,000 68,000,000 47,000,000 8,000,000 31,000,000 -80,000,000 -165,000,000 11,000,000 47,000,000 112,000,000 42,000,000 135,000,000 
      investing activities
    		                                   
      acquisitions, net of cash, cash equivalents and restricted cash acquired
    		   0 0 10,000,000 -1,454,000,000                             
      capital expenditures for property and equipment
    		-21,000,000 -15,000,000 -14,000,000 -15,000,000 -10,000,000 -7,000,000 -10,000,000 -13,000,000 -9,000,000 -4,000,000 -5,000,000 -33,000,000 -6,000,000 -11,000,000 -8,000,000 -7,000,000 -7,000,000 -3,000,000 -1,000,000 -2,000,000 -2,000,000 -1,000,000 -3,000,000 -12,000,000 -8,000,000 -11,000,000 -6,000,000 -15,000,000 -9,000,000 -6,000,000 -14,000,000 -10,000,000 -10,000,000   
      software capitalization costs
    		-17,000,000 -19,000,000 -18,000,000 -42,000,000 -22,000,000 -11,000,000 -9,000,000 -15,000,000 -13,000,000 -10,000,000 -6,000,000 -13,000,000 -10,000,000 -10,000,000 -6,000,000 -7,000,000 -5,000,000 -5,000,000 -4,000,000 -7,000,000 -5,000,000 -6,000,000 -5,000,000 -7,000,000 -8,000,000 -7,000,000 -4,000,000 -7,000,000 -3,000,000 -5,000,000 -4,000,000 0 -6,000,000   
      other
    		  -1,000,000 0 0 0 -1,000,000 -5,000,000 -1,000,000 -1,000,000 -1,000,000                1,000,000         
      net cash from investing activities
    		-38,000,000 -34,000,000 -32,000,000 -57,000,000 -32,000,000 -9,000,000 -1,473,000,000 -111,000,000 -22,000,000 -14,000,000 -11,000,000 -46,000,000 -16,000,000 -21,000,000 -14,000,000 -21,000,000 -1,597,000,000 -8,000,000 -5,000,000 -9,000,000 -9,000,000 -7,000,000 -8,000,000 -19,000,000 -16,000,000 -20,000,000 -10,000,000 -27,000,000 -12,000,000 -9,000,000 -14,000,000 -10,000,000 -56,000,000 -11,000,000 -10,000,000 
      financing activities
    		                                   
      proceeds from debt
    		810,000,000 782,000,000 645,000,000 518,000,000 155,000,000 25,000,000 2,060,000,000 320,000,000 0 0 438,000,000                         
      proceeds from non-recourse debt
    		1,065,000,000 940,000,000 750,000,000 944,000,000 0 615,000,000 290,000,000 400,000,000 293,000,000 0 175,000,000                         
      repayment of debt
    		-674,000,000 -701,000,000 -806,000,000 -947,000,000 -9,000,000 -289,000,000 -108,000,000 -3,000,000 -213,000,000 -4,000,000 -153,000,000 -3,000,000 -178,000,000 -129,000,000 -3,000,000 -311,000,000 -788,000,000 -53,000,000 -2,000,000 -103,000,000 -2,000,000 -3,000,000 -57,000,000 -18,000,000 -167,000,000 -82,000,000 -23,000,000 -240,000,000 -163,000,000 -2,000,000 -3,000,000 -3,000,000 -2,000,000   
      repayment of non-recourse debt
    		-1,087,000,000 -886,000,000 -625,000,000 -197,000,000 -162,000,000 -415,000,000 -816,000,000 -166,000,000 -131,000,000 -215,000,000 -182,000,000 -166,000,000 -127,000,000 -420,000,000 -277,000,000 -125,000,000 -116,000,000 -49,000,000 -69,000,000 -72,000,000 -90,000,000 -255,000,000 -58,000,000 -49,000,000 -248,000,000 -39,000,000 -40,000,000 -49,000,000 -356,000,000 -41,000,000 -39,000,000 -31,000,000 -33,000,000 -51,000,000 -344,000,000 
      payment of debt issuance costs
    		-8,000,000 -6,000,000 -7,000,000 -10,000,000 -1,000,000   -1,000,000                            
      repurchase and retirement of common stock
    		-150,000,000 -150,000,000 -150,000,000 -125,000,000 -108,000,000 -100,000,000 -99,000,000 -100,000,000 -62,000,000 -121,000,000 -85,000,000 -110,000,000 -84,000,000       0 0 0 -10,000,000 0 -12,000,000 -179,000,000 -92,000,000 -71,000,000 0 0 -112,000,000     
      payment of withholding taxes on vesting of restricted stock units
    		-1,000,000 -1,000,000 -7,000,000 0 0 0 -21,000,000 0 0 0 -14,000,000 0 0 0 -8,000,000 -1,000,000 0 0 -5,000,000 -1,000,000 -1,000,000 0 -2,000,000 -1,000,000 0 -1,000,000 -2,000,000 0 -3,000,000 0 -1,000,000     
      proceeds from employee stock plan purchases
    		0   7,000,000 0   4,000,000 0   3,000,000 0   0 0   1,000,000    1,000,000 0           
      proceeds from stock option exercises
    		9,000,000   0 0 1,000,000 6,000,000 0 2,000,000 2,000,000 5,000,000 1,000,000 0 0 1,000,000 3,000,000 4,000,000 4,000,000 2,000,000             0 0   
      distributions to noncontrolling interest holder
    		                                   
      net cash from financing activities
    		-39,000,000 -12,000,000 -201,000,000 185,000,000 -130,000,000 -171,000,000 1,272,000,000 453,000,000 -118,000,000 -335,000,000 183,000,000 -138,000,000 -126,000,000 -385,000,000 -133,000,000 24,000,000 437,000,000 1,253,000,000 -78,000,000 -175,000,000 -95,000,000 36,000,000 562,000,000 -37,000,000 -36,000,000 -73,000,000 38,000,000 -51,000,000 92,000,000 217,000,000 -154,000,000 -34,000,000 -35,000,000   
      effect of changes in exchange rates on cash, cash equivalents and restricted cash
    		   -8,000,000    8,000,000                            
      net decrease in cash, cash equivalents and restricted cash
    		-49,000,000 21,000,000 -195,000,000                                 
      cash, cash equivalents and restricted cash, beginning of period
    		0 1,000,000 765,000,000 0 0 0 885,000,000 0 0 0 555,000,000 0 0 0 695,000,000 0 0 0 526,000,000 0 0 0 152,000,000 0 0 0 180,000,000 0 0 0 297,000,000 0 0 0 151,000,000 
      cash, cash equivalents and restricted cash, end of period
    		-49,000,000 22,000,000 570,000,000 225,000,000 -60,000,000 -77,000,000 678,000,000 350,000,000 -53,000,000 -164,000,000 752,000,000 -189,000,000 78,000,000 -151,000,000 817,000,000 131,000,000 -1,216,000,000 1,275,000,000 505,000,000 -191,000,000 -106,000,000 64,000,000 759,000,000 -59,000,000 24,000,000 -35,000,000 222,000,000 -32,000,000 9,000,000 49,000,000 154,000,000 13,000,000 31,000,000 -21,000,000 274,000,000 
      less: restricted cash
    		5,000,000 12,000,000 311,000,000 194,000,000 -29,000,000 -50,000,000 323,000,000 -12,000,000 -28,000,000 -27,000,000 363,000,000                         
      cash and cash equivalents
    		-54,000,000 10,000,000 259,000,000 31,000,000 -31,000,000 -27,000,000 355,000,000 362,000,000 -25,000,000 -137,000,000 389,000,000                         
      other gain
    		     3,000,000 5,000,000    -1,000,000        1,000,000                 
      deferred income tax benefit
    		                  -21,000,000  -19,000,000    -12,000,000           
      deferred revenues
    		       -14,000,000 -16,000,000 -51,000,000 114,000,000 -33,000,000 -136,000,000 -35,000,000 158,000,000 -1,000,000 -275,000,000 36,000,000 74,000,000 1,000,000 -7,000,000 -9,000,000 91,000,000 21,000,000 2,000,000 27,000,000 41,000,000 -168,000,000 38,000,000 -101,000,000 105,000,000 -10,000,000 -9,000,000 -14,000,000 36,000,000 
      net increase in cash, cash equivalents and restricted cash
    		     -77,000,000 -207,000,000 350,000,000 -53,000,000 -164,000,000 197,000,000 -189,000,000 78,000,000 -151,000,000 122,000,000 131,000,000 -1,216,000,000 1,275,000,000 -21,000,000 -191,000,000 -106,000,000 64,000,000 607,000,000 -59,000,000 24,000,000 -35,000,000 42,000,000 -32,000,000 9,000,000 49,000,000 -143,000,000 13,000,000 31,000,000 -21,000,000 123,000,000 
      distributions to noncontrolling interest holders
    		                                   
      effect of changes in exchange rates on cash, cash equivalents & restricted cash
    		     -10,000,000 -6,000,000   -9,000,000 -1,000,000 11,000,000 -13,000,000 -5,000,000 -1,000,000                     
      debt issuance costs
    		      -39,000,000           0 -3,000,000 -1,000,000 -2,000,000   0 -4,000,000   -6,000,000 -4,000,000 0 -2,000,000 0 0   
      deferred income tax (benefit) expense
    		           -37,000,000           -8,000,000             
      acquisition of a business, net of cash and restricted cash acquired
    		                                   
      investments in unconsolidated affiliates
    		                   0    0 0           
      return on investments in unconsolidated affiliates
    		        0                           
      net changes in assets and liabilities:
    		                                   
      net changes in assets and liabilities, net of effects of acquisition:
    		                                   
      acquisition of diamond, net of cash and restricted cash acquired
    		               -7,000,000                    
      issuance of debt
    		               300,000,000 1,300,000,000   0 0 0 495,000,000 30,000,000 45,000,000 215,000,000 195,000,000 315,000,000 55,000,000       
      issuance of non-recourse debt
    		           98,000,000 269,000,000 247,000,000 155,000,000 168,000,000    0 0 300,000,000 195,000,000 0 350,000,000   0 563,000,000   0 0 0 350,000,000 
      other loss
    		            -1,000,000    5,000,000       0 1,000,000 1,000,000 1,000,000 0   1,000,000     
      debt issuance costs and discounts
    		            -5,000,000   -9,000,000                    
      other financing activity
    		            -1,000,000 0 -1,000,000 -1,000,000 -1,000,000 0 -1,000,000 0 -1,000,000 0 -1,000,000 0 0           
      supplemental disclosure of non-cash operating activities:
    		                                   
      non-cash transfer from property and equipment to inventory
    		                                   
      supplemental disclosure of non-cash investing activities:
    		                                   
      non-cash issuance of stock
    		                                   
      amortization of deferred financing costs, contract costs and other
    		                                   
      non-cash transfer from inventory to property and equipment
    		                                   
      amortization of deferred financing costs, contract costs, and other
    		                  6,000,000  4,000,000 5,000,000 4,000,000             
      equity in losses (earnings) from unconsolidated affiliates
    		                                   
      distributions received from unconsolidated affiliates
    		                           0 0 1,000,000 1,000,000     
      return of investment from unconsolidated affiliates
    		                           0 0 2,000,000 9,000,000     
      capital contribution
    		                           0 0 0 3,000,000     
      supplemental disclosures
    		                                   
      non-cash transfers from property and equipment to inventory
    		                                   
      non-cash transfers from other assets to inventory
    		                                   
      non-cash transfers from inventory to property and equipment
    		                     0 301,000,000             
      non-cash transfers from other assets to property and equipment
    		                                   
      supplemental disclosure of non-cash financing activities:
    		                                   
      issuance of other debt
    		                        0 0 23,000,000         
      amortization of deferred financing costs and other
    		                       3,000,000 2,000,000 3,000,000 2,000,000 1,000,000 1,000,000 2,000,000 1,000,000 1,000,000 1,000,000 2,000,000 1,000,000 
      cumulative effect of adoption of new accounting standard
    		                                   
      non-cash transfer from other assets to inventory
    		                                   
      non-cash transfer from other assets to property and equipment
    		                                   
      equity in (earnings) losses from unconsolidated affiliates
    		                                   
      amortization of costs to obtain a contract
    		                                   
      benefit from loan losses
    		                           19,000,000 20,000,000 18,000,000 12,000,000 13,000,000 18,000,000 16,000,000 11,000,000 
      accounts receivables
    		                               -7,000,000   8,000,000 
      purchase of real estate for future conversion to inventory
    		                                   
      investment in unconsolidated affiliates
    		                           -5,000,000 0 0 -5,000,000     
      allocated debt activity
    		                                   
      net transfers to parent
    		                                   
      gain on foreign currency transactions
    		                                   
      deferred tax benefits
    		                                   
      purchases of real estate for future conversion to inventory
    		                                   
      proceeds from stock options exercises
    		                                   
      cumulative effect of adoption of new accounting standards
    		                            0 0 38,000,000     
      deferred income (benefit) taxes
    		                             2,000,000 -8,000,000     
      equity in losses from unconsolidated affiliates
    		                                   
      purchase of operating property for future conversion to inventory
    		                                   
      deferred income taxes
    		                                 -5,000,000 6,000,000 
      equity in earnings from unconsolidated affiliate
    		                               0    
      investment in unconsolidated affiliate
    		                               0    
      net transfers (to) from parent
    		                                   
      distribution to parent
    		                                   
      allocated parent debt activity
    		                                   
      purchase of assets for future conversion to inventory
    		                                   
      non-cash financing activity
    		                                   
      transfer of inventory from parent
    		                                   
      transfer of property and equipment from parent
    		                                   
      net transfers from parent
    		                                   
      restricted cash
    		                                   
      proceeds from asset dispositions
    		                                   
      change in restricted cash
    		                                   
      net increase in cash
    		                                   
      cash, beginning of period
    		                                   
      cash, end of period
    		                                   
      for supplemental disclosures, see note 20: supplemental disclosures of cash flow information.
    		                                   
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.