7Baggers

Hilton Grand Vacations Inc
(NYSE:HGV) 

HGV stock logo

Hilton Grand Vacations Inc., a timeshare company, develops, markets, sells, and manages vacation ownership resorts primarily under the Hilton Grand Vacations brand. The company operates in two segments, Real Estate Sales and Financing; and Resort Operations and Club Management. It sells vacation own...

Founded: 1992
Full Time Employees: 9,110
Sector: Consumer Cyclical
Industry: Resorts & Casinos
Consumer Cyclical
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At a glance:
  • Timeshare-Focused Vacation Ownership Model: Hilton Grand Vacations (HGV) primarily generates revenue from selling vacation ownership intervals/points and from financing those purchases, with additional recurring income from resort management and member fees.
  • Credit and Interest-Rate Sensitivity: Because a meaningful portion of earnings and cash flow is tied to consumer loan originations and the performance of the loan portfolio, results can be sensitive to interest rates, credit quality, delinquencies, and securitization markets.
  • Travel Demand and Consumer Spending Exposure: Sales volumes and marketing efficiency can be influenced by broader leisure travel trends and discretionary consumer spending, making performance more cyclical than asset-light lodging operators.
  • Marketing-to-Sales Efficiency Is a Key KPI: Tour flow, close rates, and the cost to acquire new owners (marketing expense versus contract sales) are central operating drivers that can materially impact margins and near-term profitability.
  • Balance Sheet and Liquidity Management Matter: The business model typically relies on access to capital markets to fund receivables and inventory, so leverage levels, debt maturities, and liquidity availability are important considerations for investors.
Bull Thesis:
  • Strong Demand for Experiential Travel & Brand Loyalty: Despite economic fluctuations, consumers continue to prioritize travel and experiences. Hilton Grand Vacations benefits from the strong Hilton brand affiliation, fostering trust and loyalty among its members, leading to consistent demand for its vacation ownership products and services.
  • Successful Integration & Synergies from Diamond Resorts Acquisition: HGV has largely completed the integration of Diamond Resorts, realizing significant cost synergies and expanding its resort network. This has broadened its customer base, enhanced member value through a larger portfolio of destinations, and improved operational efficiency, driving future growth.
  • Shift Towards Capital-Light Business Model: HGV is increasingly focusing on a capital-light strategy, emphasizing fee-for-service and management contracts rather than heavy real estate development. This approach improves return on invested capital, reduces capital expenditure, and generates more predictable, recurring revenue streams.
  • Resilient Recurring Revenue Base: A significant portion of HGV's revenue comes from recurring sources such as maintenance fees, club dues, and management fees from its existing member base. This provides a stable and predictable cash flow stream, offering a degree of insulation against fluctuations in new sales.
Bear Thesis:
  • Sensitivity to Interest Rates and Consumer Discretionary Spending: Timeshare purchases often involve consumer financing, making HGV's sales sensitive to interest rate changes. Higher rates increase borrowing costs for consumers, potentially dampening demand. Additionally, economic slowdowns or inflation can reduce discretionary spending on vacations, impacting new sales and upgrades.
  • High Debt Load and Servicing Costs: HGV carries a substantial amount of debt, partly due to past acquisitions like Diamond Resorts. In a rising interest rate environment, the cost of servicing this debt increases, which can pressure free cash flow, limit financial flexibility for future investments, and impact overall profitability.
  • Persistent Negative Perception of the Timeshare Industry: The timeshare industry continues to battle negative consumer perceptions related to high-pressure sales tactics, difficulty in reselling ownerships, and escalating maintenance fees. This ongoing challenge can hinder new customer acquisition, impact brand reputation, and lead to higher marketing costs.
  • Competition from Alternative Vacation Options: HGV faces intense competition not only from other timeshare providers but also from a wide array of alternative vacation options, including traditional hotels, short-term rentals (e.g., Airbnb, VRBO), and cruise lines, which may offer greater flexibility or perceived value to consumers.
Main Competitors:
  • Marriott Vacations Worldwide Corporation ($VAC) (Marriott Vacation Club, Westin Vacation Club, Sheraton Vacation Club, Hyatt Residence Club), A direct and primary competitor in the vacation ownership (timeshare) industry. Marriott Vacations Worldwide offers similar deeded and points-based ownership programs across a global portfolio of branded resorts, competing directly for new sales, resales, and existing owner engagement with HGV.
  • Travel + Leisure Co. ($TNL) (Wyndham Vacation Clubs, Margaritaville Vacation Club by Wyndham), A major direct competitor through its Wyndham Destinations segment, which operates a vast network of timeshare resorts and vacation clubs. They compete on brand recognition, resort locations, and the flexibility of their points-based systems, often targeting a broad demographic.
  • Bluegreen Vacations Corporation ($BXG) (Bluegreen Vacation Club), Another significant direct competitor in the timeshare market. Bluegreen Vacations focuses on a diverse portfolio of resorts, often appealing to a slightly different demographic or offering different price points than HGV, competing for new owner acquisition and resort experiences.
  • Airbnb, Inc. ($ABNB) (Airbnb (platform for short-term rentals)), Competes indirectly by offering flexible, non-ownership-based vacation lodging alternatives. Travelers can book unique homes, apartments, or villas globally without the upfront cost or ongoing fees of timeshare, appealing to those seeking variety, privacy, or specific local experiences, thus competing for vacation dollars.
Moat:
Hilton Grand Vacations Inc. (HGV) operates in a highly competitive vacation ownership market. Its primary moat stems from the strong, globally recognized Hilton brand name, which lends credibility and attracts customers, along with its extensive portfolio of high-quality resorts in desirable destinations. The company also benefits from an established owner base providing recurring revenue through maintenance fees. However, HGV faces intense direct competition from other major branded timeshare operators like Marriott Vacations Worldwide and Travel + Leisure Co. (Wyndham Destinations), who offer similar products and vie for the same customer base. Additionally, indirect competition comes from the broader hospitality sector, including traditional hotels and the rapidly growing short-term rental market (e.g., Airbnb), which offer greater flexibility and no long-term commitment, potentially eroding the perceived value proposition of timeshare ownership.
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 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 2016-12-31 
                                          
      revenues
    		                                      
      sales of vois
    		455,000,000 492,000,000 473,000,000 469,000,000 378,000,000 450,000,000 550,000,000 471,000,000 438,000,000 376,000,000 367,000,000 355,000,000 318,000,000 361,000,000 500,000,000 361,000,000 269,000,000 286,000,000 488,000,000 76,000,000 33,000,000 28,000,000 24,000,000  56,000,000 126,000,000 138,000,000 120,000,000 125,000,000 307,000,000 99,000,000 250,000,000 78,000,000 142,000,000 145,000,000 143,000,000 118,000,000  
      fee-for-service commissions, package sales and other fees
    		161,000,000 169,000,000 188,000,000 165,000,000 142,000,000                                  
      financing
    		138,000,000 134,000,000 128,000,000 126,000,000 125,000,000 153,000,000 105,000,000 102,000,000 104,000,000 82,000,000 75,000,000 76,000,000 74,000,000 71,000,000 68,000,000 64,000,000 64,000,000 56,000,000 53,000,000 37,000,000 37,000,000 38,000,000 40,000,000 43,000,000 44,000,000 43,000,000 43,000,000 43,000,000 41,000,000 41,000,000 40,000,000 39,000,000 38,000,000 38,000,000 38,000,000 36,000,000 35,000,000  
      resort and club management
    		185,000,000 219,000,000 193,000,000 183,000,000 183,000,000 206,000,000 179,000,000 171,000,000 166,000,000 167,000,000 138,000,000 133,000,000 131,000,000 155,000,000 130,000,000 124,000,000 125,000,000 148,000,000 99,000,000 48,000,000 45,000,000 44,000,000 39,000,000 39,000,000 44,000,000 61,000,000 45,000,000 43,000,000 42,000,000 56,000,000 40,000,000 37,000,000 39,000,000 50,000,000 37,000,000 35,000,000 36,000,000  
      rental and ancillary services
    		197,000,000 178,000,000 186,000,000 195,000,000 187,000,000 174,000,000 183,000,000 195,000,000 181,000,000 164,000,000 171,000,000 173,000,000 158,000,000 160,000,000 159,000,000 171,000,000 136,000,000 144,000,000 112,000,000 54,000,000 32,000,000 20,000,000 20,000,000 5,000,000 52,000,000 54,000,000 54,000,000 60,000,000 59,000,000 54,000,000 60,000,000 53,000,000 51,000,000 41,000,000 45,000,000 47,000,000 46,000,000  
      cost reimbursements
    		149,000,000 141,000,000 132,000,000 128,000,000 133,000,000 135,000,000 130,000,000 129,000,000 122,000,000 97,000,000 97,000,000 97,000,000 95,000,000 82,000,000 82,000,000 67,000,000 66,000,000 71,000,000 58,000,000 38,000,000 35,000,000 32,000,000 33,000,000 23,000,000 49,000,000 40,000,000 43,000,000 43,000,000 42,000,000 37,000,000 36,000,000 38,000,000 36,000,000 33,000,000 34,000,000 34,000,000 34,000,000  
      total revenues
    		1,285,000,000 1,333,000,000 1,300,000,000 1,266,000,000 1,148,000,000 1,284,000,000 1,306,000,000 1,235,000,000 1,156,000,000 1,019,000,000 1,018,000,000 1,007,000,000 934,000,000 992,000,000 1,116,000,000 948,000,000 779,000,000 838,000,000 928,000,000 334,000,000 235,000,000 212,000,000 208,000,000 123,000,000 351,000,000 468,000,000 466,000,000 454,000,000 450,000,000 642,000,000 427,000,000 563,000,000 367,000,000 447,000,000 426,000,000 439,000,000 399,000,000  
      yoy
    		11.93% 3.82% -0.46% 2.51% -0.69% 26.01% 28.29% 22.64% 23.77% 2.72% -8.78% 6.22% 19.90% 18.38% 20.26% 183.83% 231.49% 295.28% 346.15% 171.54% -33.05% -54.70% -55.36% -72.91% -22.00% -27.10% 9.13% -19.36% 22.62% 43.62% 0.23% 28.25% -8.02%      
      qoq
    		-3.60% 2.54% 2.69% 10.28% -10.59% -1.68% 5.75% 6.83% 13.44% 0.10% 1.09% 7.82% -5.85% -11.11% 17.72% 21.69% -7.04% -9.70% 177.84% 42.13% 10.85% 1.92% 69.11% -64.96% -25.00% 0.43% 2.64% 0.89% -29.91% 50.35% -24.16% 53.41% -17.90% 4.93% -2.96% 10.03%   
      expenses
    		                                      
      cost of voi sales
    		45,000,000 46,000,000 43,000,000 38,000,000 25,000,000 51,000,000 75,000,000 65,000,000 48,000,000 53,000,000 43,000,000 48,000,000 50,000,000 67,000,000 102,000,000 65,000,000 40,000,000 59,000,000 130,000,000 21,000,000 3,000,000 7,000,000 8,000,000 -1,000,000 14,000,000 35,000,000 24,000,000 32,000,000 36,000,000 101,000,000 29,000,000 61,000,000 19,000,000 41,000,000 40,000,000 34,000,000 33,000,000  
      sales and marketing
    		437,000,000 470,000,000 497,000,000 479,000,000 425,000,000 447,000,000 467,000,000 453,000,000 401,000,000 310,000,000 334,000,000 336,000,000 301,000,000 297,000,000 322,000,000 284,000,000 243,000,000 221,000,000 234,000,000 116,000,000 82,000,000 84,000,000 79,000,000 61,000,000 157,000,000 175,000,000 188,000,000 186,000,000 170,000,000 200,000,000 174,000,000 193,000,000 161,000,000 171,000,000 171,000,000 169,000,000 152,000,000  
      general and administrative
    		49,000,000 53,000,000 58,000,000 58,000,000 46,000,000 52,000,000 44,000,000 58,000,000 45,000,000 64,000,000 40,000,000 48,000,000 42,000,000 54,000,000 50,000,000 66,000,000 42,000,000 59,000,000 41,000,000 44,000,000 36,000,000 27,000,000 22,000,000 22,000,000 21,000,000 29,000,000 28,000,000 29,000,000 25,000,000 33,000,000 31,000,000 30,000,000 23,000,000 29,000,000 23,000,000 29,000,000 23,000,000  
      acquisition and integration-related expense
    		12,000,000 20,000,000 24,000,000 26,000,000 28,000,000 44,000,000 36,000,000 48,000,000 109,000,000 26,000,000 12,000,000 13,000,000 17,000,000 18,000,000 19,000,000 17,000,000 13,000,000 23,000,000 54,000,000                    
      depreciation and amortization
    		71,000,000 80,000,000 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  
      license fee expense
    		53,000,000 57,000,000 56,000,000 52,000,000 49,000,000 47,000,000 49,000,000 40,000,000 35,000,000 37,000,000 37,000,000 34,000,000 30,000,000 34,000,000 33,000,000 32,000,000 25,000,000 23,000,000 24,000,000 19,000,000 14,000,000 12,000,000 11,000,000 6,000,000 22,000,000 26,000,000 26,000,000 26,000,000 23,000,000 25,000,000 25,000,000 25,000,000 23,000,000 22,000,000 22,000,000 23,000,000 20,000,000  
      total operating expenses
    		1,142,000,000 1,166,000,000 1,179,000,000 1,154,000,000 1,088,000,000 1,150,000,000 1,142,000,000 1,141,000,000 1,090,000,000 870,000,000 838,000,000 853,000,000 804,000,000 865,000,000 879,000,000 801,000,000 679,000,000 684,000,000 719,000,000 308,000,000 234,000,000 427,000,000 210,000,000 165,000,000 337,000,000 384,000,000 384,000,000 390,000,000 365,000,000 473,000,000 364,000,000 408,000,000 320,000,000 360,000,000 350,000,000 348,000,000 316,000,000  
      interest expense
    		-73,000,000 -76,000,000 -79,000,000 -79,000,000 -77,000,000 -79,000,000 -84,000,000 -87,000,000 -79,000,000 -45,000,000 -45,000,000 -44,000,000 -44,000,000 -37,000,000 -37,000,000 -35,000,000 -33,000,000 -31,000,000 -42,000,000 -17,000,000 -15,000,000 -11,000,000 -10,000,000 -12,000,000 -10,000,000 -10,000,000 -12,000,000 -11,000,000 -10,000,000 -8,000,000 -7,000,000 -8,000,000 -7,000,000 -6,000,000 -7,000,000 -7,000,000   
      equity in earnings from unconsolidated affiliates
    		5,000,000 2,000,000 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 2,000,000 -1,000,000 1,000,000 3,000,000  1,000,000  1,000,000  1,000,000  1,000,000      
      other gain
    		-1,000,000  -3,000,000 4,000,000 6,000,000 -12,000,000 9,000,000 -3,000,000 -5,000,000 -1,000,000 -1,000,000 3,000,000 1,000,000 -2,000,000 2,000,000  1,000,000 -4,000,000 -20,000,000  -1,000,000  1,000,000  2,000,000   -1,000,000    1,000,000       
      income before income taxes
    		74,000,000 93,000,000 45,000,000 43,000,000 -6,000,000 49,000,000 93,000,000 7,000,000 -13,000,000 108,000,000 136,000,000 115,000,000 90,000,000 92,000,000 204,000,000 114,000,000 71,000,000 122,000,000 148,000,000 12,000,000 -13,000,000 -221,000,000 -12,000,000 -56,000,000 9,000,000 74,000,000 70,000,000 54,000,000 75,000,000 161,000,000 56,000,000 146,000,000 40,000,000 80,000,000 71,000,000 84,000,000 76,000,000  
      income tax expense
    		-6,000,000 -40,000,000 -15,000,000   -23,000,000 -61,000,000   -40,000,000 -44,000,000 -35,000,000 -17,000,000 -28,750,000 -54,000,000          -1,000,000 -13,750,000 -20,000,000 -15,000,000 -20,000,000 -16,000,000 -15,000,000 -39,000,000 -10,000,000 -21,750,000 -28,000,000 -33,000,000 -26,000,000  
      net income
    		68,000,000 53,000,000 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  
      yoy
    		-666.67% 103.85% -6.25% 600.00% 500.00% -61.76% -65.22% -95.00% -102.74% -12.82% -38.67% 9.59% 43.14% 4.00% 51.52% 711.11% -828.57% -148.70% -1514.29% -118.75% -187.50% -313.89% -114.00% -223.08% -85.45% -40.00% 21.95% -63.55% 83.33% -34.43% -4.65% 109.80% -40.00%      
      qoq
    		28.30% 76.67% 7.14% -333.33% -146.15% -18.75% 700.00% -300.00% -102.94% -26.09% 15.00% 9.59% -6.41% -48.00% 105.48% 43.14% -32.00% -24.24% 1000.00% -228.57% -95.45% 2100.00% -85.42% -700.00% -88.89% 44.00% 28.21% -29.09% -54.17% 192.68% -61.68% 256.67% -83.61% 325.58% -15.69% 2.00%   
      net income margin %
    		5.29% 3.98% 2.31% 2.21% -1.05% 2.02% 2.45% 0.32% -0.17% 6.67% 9.04% 7.94% 7.82% 7.86% 13.44% 7.70% 6.55% 8.95% 10.67% 2.69% -2.98% -72.64% -3.37% -39.02% 2.28% 15.38% 10.73% 8.59% 12.22% 18.69% 9.60% 19.01% 8.17% 40.94% 10.09% 11.62% 12.53%  
      net income attributable to noncontrolling interest
    		2,000,000 5,000,000 5,000,000 3,000,000 5,000,000 6,000,000 3,000,000 2,000,000 2,000,000                              
      net income attributable to stockholders
    		66,000,000 48,000,000 25,000,000 25,000,000  20,000,000 29,000,000 2,000,000 -4,000,000                              
      earnings per share attributable to stockholders:
    		                                      
      basic
    		0.81 0.53 0.28 0.26 -0.17 0.2 0.28 0.02 -0.04 0.63 0.84 0.72 0.65 0.72 1.25 0.6 0.42 0.69 0.92 0.1 -0.08 -1.81 -0.08 -0.56 0.09 0.82 0.59 0.43 0.59 1.25 0.42 1.1 0.31 1.85 0.43    
      diluted
    		0.79 0.53 0.28 0.25 -0.17 0.19 0.28 0.02 -0.04 0.62 0.83 0.71 0.64 0.7 1.24 0.6 0.42 0.68 0.9 0.1 -0.08 -1.81 -0.08 -0.56 0.09 0.82 0.59 0.43 0.58 1.24 0.42 1.1 0.3 1.84 0.43    
      impairment expense
    		 1,000,000 1,000,000 1,000,000     2,000,000   3,000,000     3,000,000  1,000,000  1,000,000                  
      income tax benefit
    		   -15,000,000 -6,000,000   -3,000,000 11,000,000       -41,000,000 -20,000,000 -47,000,000 -49,000,000 -3,000,000 6,000,000 67,000,000 5,000,000 8,000,000               
      net loss attributable to stockholders
    		    -17,000,000                                  
      sales, marketing, brand and other fees
    		     166,000,000 159,000,000 167,000,000 145,000,000 133,000,000 170,000,000 173,000,000 158,000,000 163,000,000 177,000,000 161,000,000 119,000,000 133,000,000 118,000,000 81,000,000 53,000,000 50,000,000 52,000,000 13,000,000 106,000,000 144,000,000 143,000,000 145,000,000 141,000,000 147,000,000 152,000,000 146,000,000 125,000,000 143,000,000 127,000,000 144,000,000 130,000,000  
      earnings per share:
    		                                      
      basic
    		0.81 0.53 0.28 0.26 -0.17 0.2 0.28 0.02 -0.04 0.63 0.84 0.72 0.65 0.72 1.25 0.6 0.42 0.69 0.92 0.1 -0.08 -1.81 -0.08 -0.56 0.09 0.82 0.59 0.43 0.59 1.25 0.42 1.1 0.31 1.85 0.43    
      diluted
    		0.79 0.53 0.28 0.25 -0.17 0.19 0.28 0.02 -0.04 0.62 0.83 0.71 0.64 0.7 1.24 0.6 0.42 0.68 0.9 0.1 -0.08 -1.81 -0.08 -0.56 0.09 0.82 0.59 0.43 0.58 1.24 0.42 1.1 0.3 1.84 0.43    
      impairment (reversal) expense
    		               -3,000,000                       
      other loss
    		               -2,000,000    -1,000,000    -3,000,000   -1,000,000  -1,000,000  -1,000,000  -1,000,000      
      equity in earnings (losses) from unconsolidated affiliates
    		                           2,000,000           
      gain on foreign currency transactions
    		                                 250,000 1,000,000    
      equity in losses from unconsolidated affiliates
    		                               -2,000,000       
      allocated parent interest expense
    		                                      
      equity in earnings from unconsolidated affiliate
    		                                  1,000,000    
      earnings per share:
    		                                      
      basic and diluted
    		                                   0.51 0.51  
                                          
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 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 2016-12-31 
                                            
        assets
      		                                      
        cash and cash equivalents
      		261,000,000 239,000,000 215,000,000 269,000,000 259,000,000 328,000,000 297,000,000 328,000,000 355,000,000 589,000,000 227,000,000 252,000,000 389,000,000 223,000,000 425,000,000 374,000,000 514,000,000 432,000,000 334,000,000 318,000,000 400,000,000 428,000,000 625,000,000 733,000,000 669,000,000 67,000,000 113,000,000 120,000,000 158,000,000 108,000,000 145,000,000 131,000,000 85,000,000 246,000,000 226,000,000 191,000,000 196,000,000  
        restricted cash
      		291,000,000 332,000,000 328,000,000 323,000,000 311,000,000 438,000,000 244,000,000 273,000,000 323,000,000 296,000,000 308,000,000 336,000,000 363,000,000 332,000,000 319,000,000 292,000,000 303,000,000 263,000,000 230,000,000 1,462,000,000 105,000,000 98,000,000 92,000,000 90,000,000 90,000,000 85,000,000 98,000,000 67,000,000 64,000,000 72,000,000 67,000,000 72,000,000 69,000,000 51,000,000 58,000,000 62,000,000 78,000,000 103,000,000 
        accounts receivable
      		274,000,000 270,000,000 440,000,000 444,000,000 375,000,000 315,000,000 400,000,000 524,000,000 515,000,000 507,000,000 441,000,000 485,000,000 503,000,000 511,000,000 398,000,000 413,000,000 447,000,000 302,000,000 278,000,000 220,000,000 111,000,000 119,000,000 109,000,000 74,000,000 158,000,000 174,000,000 137,000,000 156,000,000 146,000,000 153,000,000 151,000,000 138,000,000 117,000,000 112,000,000 104,000,000 123,000,000 115,000,000 123,000,000 
        timeshare financing receivables
      		3,130,000,000 3,115,000,000 3,059,000,000 2,979,000,000 2,986,000,000 3,006,000,000 3,009,000,000 2,976,000,000 3,030,000,000 2,113,000,000 1,821,000,000 1,778,000,000 1,754,000,000 1,767,000,000 1,743,000,000 1,689,000,000 1,718,000,000 1,747,000,000 1,767,000,000 927,000,000 940,000,000 974,000,000 1,012,000,000 1,053,000,000 1,122,000,000 1,156,000,000 1,139,000,000 1,125,000,000 1,111,000,000 1,120,000,000 1,103,000,000 1,089,000,000 1,074,000,000 1,071,000,000 1,055,000,000 1,034,000,000 1,017,000,000 1,025,000,000 
        inventory
      		2,541,000,000 2,522,000,000 2,454,000,000 2,406,000,000 2,299,000,000 2,244,000,000 2,243,000,000 1,929,000,000 1,805,000,000 1,400,000,000 1,308,000,000 1,280,000,000 1,300,000,000 1,159,000,000 1,145,000,000 1,241,000,000 1,215,000,000 1,240,000,000 1,461,000,000 730,000,000 720,000,000 702,000,000 933,000,000 907,000,000 885,000,000 558,000,000 518,000,000 536,000,000 529,000,000 527,000,000 582,000,000 544,000,000 564,000,000 509,000,000 475,000,000 492,000,000 507,000,000 513,000,000 
        property and equipment
      		871,000,000 859,000,000 854,000,000 828,000,000 861,000,000 792,000,000 652,000,000 902,000,000 953,000,000 758,000,000 789,000,000 807,000,000 797,000,000 798,000,000 776,000,000 801,000,000 754,000,000 756,000,000 822,000,000 508,000,000 501,000,000 501,000,000 488,000,000 484,000,000 473,000,000 778,000,000 765,000,000 673,000,000 644,000,000 559,000,000 538,000,000 411,000,000 235,000,000 238,000,000 266,000,000 255,000,000 254,000,000 256,000,000 
        operating lease right-of-use assets
      		69,000,000 72,000,000 74,000,000 77,000,000 85,000,000 84,000,000 86,000,000 84,000,000 85,000,000 61,000,000 62,000,000 63,000,000 71,000,000 76,000,000 56,000,000 60,000,000 65,000,000 70,000,000 76,000,000 45,000,000 48,000,000 52,000,000 55,000,000 58,000,000 62,000,000 60,000,000 62,000,000 63,000,000           
        investments in unconsolidated affiliates
      		68,000,000 63,000,000 79,000,000 74,000,000 72,000,000 73,000,000 73,000,000 78,000,000 78,000,000 71,000,000 74,000,000 72,000,000 75,000,000 72,000,000 69,000,000 66,000,000 62,000,000 59,000,000 56,000,000 57,000,000 53,000,000 51,000,000 49,000,000 48,000,000 47,000,000 44,000,000 44,000,000 43,000,000 40,000,000 38,000,000         
        goodwill
      		1,985,000,000 1,985,000,000 1,985,000,000 1,985,000,000 1,985,000,000 1,985,000,000 1,960,000,000 1,933,000,000 1,943,000,000 1,418,000,000 1,416,000,000 1,416,000,000 1,416,000,000 1,416,000,000 1,416,000,000 1,357,000,000 1,351,000,000 1,377,000,000 820,000,000                    
        intangible assets
      		1,627,000,000 1,670,000,000 1,726,000,000 1,760,000,000 1,800,000,000 1,787,000,000 1,794,000,000 1,887,000,000 1,927,000,000 1,158,000,000 1,186,000,000 1,213,000,000 1,244,000,000 1,277,000,000 1,318,000,000 1,358,000,000 1,400,000,000 1,441,000,000 1,953,000,000 80,000,000 80,000,000 81,000,000 80,000,000 79,000,000 78,000,000 89,000,000 87,000,000 84,000,000 80,000,000 81,000,000 73,000,000 73,000,000 73,000,000 72,000,000 72,000,000 71,000,000 69,000,000 70,000,000 
        other assets
      		818,000,000 410,000,000 466,000,000 593,000,000 756,000,000 390,000,000 396,000,000 553,000,000 650,000,000 314,000,000 377,000,000 449,000,000 566,000,000 373,000,000 381,000,000 481,000,000 572,000,000 280,000,000 259,000,000 119,000,000 115,000,000 87,000,000 101,000,000 109,000,000 120,000,000 68,000,000 75,000,000 122,000,000 123,000,000 95,000,000 121,000,000 117,000,000 111,000,000 44,000,000 51,000,000 59,000,000 71,000,000 42,000,000 
        total assets
      		11,935,000,000 11,537,000,000 11,680,000,000 11,738,000,000 11,789,000,000 11,442,000,000 11,154,000,000 11,467,000,000 11,664,000,000 8,685,000,000 8,009,000,000 8,151,000,000 8,478,000,000 8,004,000,000 8,046,000,000 8,132,000,000 8,442,000,000 8,008,000,000 8,097,000,000 4,507,000,000 3,114,000,000 3,134,000,000 3,544,000,000 3,635,000,000 3,704,000,000 3,079,000,000 3,038,000,000 2,989,000,000 2,961,000,000 2,753,000,000 2,813,000,000 2,608,000,000 2,365,000,000 2,384,000,000 2,348,000,000 2,287,000,000 2,307,000,000 2,180,000,000 
        liabilities and equity
      		                                      
        accounts payable, accrued expenses and other
      		1,268,000,000 1,018,000,000 1,067,000,000 1,216,000,000 1,340,000,000 1,125,000,000 1,057,000,000 1,159,000,000 1,176,000,000 952,000,000 942,000,000 1,043,000,000 1,089,000,000 1,007,000,000 978,000,000 976,000,000 964,000,000 673,000,000 707,000,000 335,000,000 260,000,000 252,000,000 264,000,000 237,000,000 268,000,000 298,000,000 343,000,000 312,000,000 286,000,000 324,000,000 337,000,000 299,000,000 296,000,000 339,000,000 324,000,000 265,000,000 264,000,000 231,000,000 
        advanced deposits
      		233,000,000 228,000,000 228,000,000 235,000,000 236,000,000 226,000,000 224,000,000 224,000,000 181,000,000 179,000,000 185,000,000 185,000,000 174,000,000 150,000,000 138,000,000 130,000,000 126,000,000 112,000,000 116,000,000 117,000,000 114,000,000 117,000,000 119,000,000 116,000,000 117,000,000 115,000,000 112,000,000 108,000,000 106,000,000 101,000,000 100,000,000 95,000,000 92,000,000 104,000,000 102,000,000 100,000,000 107,000,000 103,000,000 
        debt
      		4,757,000,000 4,545,000,000 4,719,000,000 4,574,000,000 4,487,000,000 4,601,000,000 5,039,000,000 4,885,000,000 5,144,000,000 3,049,000,000 2,730,000,000 2,942,000,000 2,940,000,000 2,651,000,000 2,612,000,000 2,787,000,000 2,913,000,000 2,913,000,000 2,929,000,000 2,431,000,000 1,156,000,000 1,159,000,000 1,262,000,000 1,263,000,000 1,266,000,000 828,000,000 815,000,000 937,000,000 800,000,000 604,000,000 530,000,000 637,000,000 479,000,000 482,000,000 484,000,000 486,000,000 488,000,000 490,000,000 
        non-recourse debt
      		2,552,000,000 2,716,000,000 2,472,000,000 2,499,000,000 2,447,000,000 2,318,000,000 1,564,000,000 1,725,000,000 1,534,000,000 1,466,000,000 1,038,000,000 882,000,000 1,095,000,000 1,102,000,000 1,161,000,000 1,024,000,000 1,203,000,000 1,328,000,000 1,290,000,000 650,000,000 698,000,000 766,000,000 837,000,000 926,000,000 885,000,000 747,000,000 795,000,000 696,000,000 720,000,000 759,000,000 806,000,000 604,000,000 544,000,000 583,000,000 612,000,000 645,000,000 695,000,000 694,000,000 
        operating lease liabilities
      		86,000,000 89,000,000 91,000,000 95,000,000 99,000,000 100,000,000 103,000,000 101,000,000 103,000,000 78,000,000 80,000,000 83,000,000 88,000,000 94,000,000 74,000,000 80,000,000 85,000,000 87,000,000 93,000,000 59,000,000 63,000,000 67,000,000 70,000,000 74,000,000 77,000,000 76,000,000 78,000,000 76,000,000 78,000,000          
        deferred revenue
      		825,000,000  635,000,000 551,000,000 520,000,000  213,000,000 321,000,000 382,000,000                              
        deferred income tax liabilities
      		864,000,000 864,000,000 927,000,000 928,000,000 929,000,000 925,000,000 967,000,000 972,000,000 980,000,000 631,000,000 657,000,000 658,000,000 656,000,000 659,000,000 703,000,000 698,000,000 691,000,000 670,000,000 798,000,000 147,000,000 118,000,000 137,000,000 209,000,000 228,000,000 251,000,000 259,000,000 236,000,000 247,000,000 261,000,000 254,000,000 215,000,000 230,000,000 228,000,000 249,000,000 374,000,000 380,000,000 385,000,000 389,000,000 
        total liabilities
      		10,585,000,000 10,097,000,000 10,139,000,000 10,098,000,000 10,058,000,000 9,547,000,000 9,167,000,000 9,387,000,000 9,500,000,000 6,570,000,000 5,861,000,000 6,046,000,000 6,346,000,000 5,853,000,000 5,889,000,000 6,055,000,000 6,377,000,000 6,020,000,000 6,203,000,000 4,111,000,000 2,745,000,000 2,760,000,000 3,022,000,000 3,112,000,000 3,141,000,000 2,509,000,000 2,544,000,000 2,539,000,000 2,386,000,000 2,137,000,000 2,251,000,000 2,091,000,000 1,965,000,000 1,866,000,000 2,015,000,000 2,004,000,000 2,081,000,000 2,013,000,000 
        commitments and contingencies - see note 17
      		                                      
        preferred stock, 0.01 par value...
      		                                      
        common stock, 0.01 par value...
      		1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 
        additional paid-in capital
      		1,226,000,000 1,276,000,000 1,308,000,000 1,326,000,000 1,351,000,000 1,399,000,000 1,428,000,000 1,456,000,000 1,467,000,000 1,504,000,000 1,535,000,000 1,541,000,000 1,559,000,000 1,582,000,000 1,607,000,000 1,626,000,000 1,634,000,000 1,630,000,000 1,611,000,000 212,000,000 194,000,000 192,000,000 186,000,000 180,000,000 172,000,000 179,000,000 174,000,000 169,000,000 170,000,000 174,000,000 174,000,000 170,000,000 161,000,000 162,000,000 160,000,000 153,000,000 147,000,000 138,000,000 
        accumulated (deficit) retained earnings
      		-5,000,000                                      
        accumulated other comprehensive loss
      		-25,000,000 -22,000,000 -12,000,000 -5,000,000 -7,000,000                                  
        total stockholders' equity
      		1,197,000,000 1,289,000,000 1,385,000,000 1,489,000,000 1,583,000,000 1,752,000,000 1,845,000,000 1,918,000,000  2,115,000,000 2,148,000,000 2,105,000,000                           
        noncontrolling interest
      		153,000,000 151,000,000 156,000,000 151,000,000 148,000,000 143,000,000 142,000,000 162,000,000 160,000,000                              
        total equity
      		1,350,000,000 1,440,000,000 1,541,000,000 1,640,000,000 1,731,000,000 1,895,000,000 1,987,000,000 2,080,000,000 2,164,000,000    2,132,000,000 2,151,000,000 2,157,000,000 2,077,000,000 2,065,000,000 1,988,000,000 1,894,000,000 396,000,000 369,000,000 374,000,000 522,000,000 523,000,000 563,000,000 570,000,000 494,000,000 450,000,000 575,000,000 616,000,000 562,000,000 517,000,000 400,000,000 518,000,000 333,000,000 283,000,000 226,000,000 167,000,000 
        total liabilities and equity
      		11,935,000,000 11,537,000,000 11,680,000,000 11,738,000,000 11,789,000,000 11,442,000,000 11,154,000,000 11,467,000,000 11,664,000,000    8,478,000,000 8,004,000,000 8,046,000,000 8,132,000,000 8,442,000,000 8,008,000,000 8,097,000,000 4,507,000,000 3,114,000,000 3,134,000,000 3,544,000,000 3,635,000,000 3,704,000,000 3,079,000,000 3,038,000,000 2,989,000,000 2,961,000,000 2,753,000,000 2,813,000,000 2,608,000,000 2,365,000,000 2,384,000,000 2,348,000,000 2,287,000,000 2,307,000,000 2,180,000,000 
        deferred revenues
      		 637,000,000    252,000,000    215,000,000 229,000,000 253,000,000 304,000,000 190,000,000 223,000,000 360,000,000 395,000,000 237,000,000 270,000,000 372,000,000 336,000,000 262,000,000 261,000,000 268,000,000 277,000,000 186,000,000 165,000,000 163,000,000 135,000,000 95,000,000 263,000,000 226,000,000 326,000,000 109,000,000 119,000,000 128,000,000 142,000,000 106,000,000 
        commitments and contingencies - see note 23
      		                                      
        equity:
      		                                      
        accumulated retained earnings
      		 34,000,000 88,000,000 167,000,000 238,000,000 352,000,000 414,000,000 456,000,000 521,000,000 593,000,000 588,000,000 539,000,000 543,000,000 529,000,000 517,000,000 424,000,000 408,000,000 357,000,000 282,000,000 183,000,000 174,000,000 181,000,000 335,000,000 342,000,000 390,000,000 390,000,000 319,000,000 280,000,000 404,000,000 441,000,000 387,000,000 346,000,000 238,000,000 355,000,000 172,000,000 129,000,000 78,000,000 28,000,000 
        commitments and contingencies - see note 18
      		                                      
        accumulated other comprehensive income
      		      2,000,000 5,000,000 15,000,000 17,000,000 24,000,000 24,000,000 29,000,000 39,000,000 32,000,000 26,000,000 22,000,000                      
        total stockholders equity
      		        2,004,000,000                              
        liabilities and stockholders' equity
      		                                      
        stockholders' equity:
      		                                      
        total liabilities and stockholders' equity
      		         8,685,000,000 8,009,000,000 8,151,000,000                           
        land and infrastructure held for sale
      		                41,000,000 41,000,000 41,000,000 41,000,000 41,000,000 41,000,000                 
        commitments and contingencies - see note 21
      		                                      
        commitments and contingencies - see note 19
      		                                      
        liabilities:
      		                                      
        commitments and contingencies - see note 22
      		                                      
        operating lease right of use assets
      		                            66,000,000          
        investment in unconsolidated affiliates
      		                              33,000,000 33,000,000 37,000,000      
        investment in unconsolidated affiliate
      		                                 41,000,000 41,000,000    
        commitments and contingencies - see note 20
      		                                      
        commitments and contingencies - see note 15
      		                                      
        commitments and contingencies - see note 14
      		                                      
        cash
      		                                     48,000,000 
        allocated parent debt
      		                                      
        equity
      		                                      
        parent deficit
      		                                      
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 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
        		68,000,000 53,000,000 30,000,000   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
        		71,000,000 80,000,000 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
        		15,000,000 16,000,000 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                    
          provision for loan losses
        		89,000,000                             19,000,000 20,000,000 18,000,000 12,000,000 13,000,000 18,000,000 16,000,000 11,000,000 
          other loss
        		1,000,000 0 3,000,000 -4,000,000 -6,000,000 12,000,000 -9,000,000 3,000,000 5,000,000 1,000,000 1,000,000   2,000,000 -1,000,000   7,000,000 5,000,000 1,000,000 1,000,000   3,000,000 -2,000,000 0 1,000,000 1,000,000 1,000,000 0   1,000,000     
          share-based compensation
        		11,000,000 10,000,000 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         -37,000,000    49,000,000 0      -8,000,000    5,000,000         
          equity in earnings from unconsolidated affiliates
        		-5,000,000 -2,000,000 -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
        		1,000,000 18,000,000 5,000,000 0 5,000,000 6,000,000            0                    
          net changes in assets and liabilities:
        		                                     
          accounts receivable
        		-3,000,000 174,000,000 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
        		-113,000,000 -198,000,000 -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
        		-11,000,000 -35,000,000 -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
        		-15,000,000 -23,000,000 -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
        		-412,000,000 48,000,000 120,000,000 169,000,000 -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
        		238,000,000 -44,000,000 -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
        		5,000,000 -1,000,000 -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
        		188,000,000  85,000,000 30,000,000 269,000,000  -108,000,000 -23,000,000 109,000,000                             
          net cash from operating activities
        		128,000,000 167,000,000 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 
          capital expenditures
        		-6,000,000 -20,000,000 -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
        		122,000,000 147,000,000 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
        		                                     
          capital expenditures for property and equipment
        		-6,000,000 -20,000,000 -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
        		-14,000,000 -22,000,000 -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   
          net cash from investing activities
        		-20,000,000 -42,000,000 -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
        		755,000,000 552,000,000 810,000,000 782,000,000 645,000,000 518,000,000 155,000,000 25,000,000 2,060,000,000 320,000,000 0 0 438,000,000                         
          proceeds from non-recourse debt
        		585,000,000 983,000,000 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
        		-545,000,000 -726,000,000 -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
        		-752,000,000 -736,000,000 -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
        		 -6,000,000 -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 -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
        		-14,000,000 0 -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 stock option exercises
        		1,000,000 2,000,000 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   
          other
        		-2,000,000    -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 financing activities
        		-122,000,000 -86,000,000 -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
        		-5,000,000     -8,000,000    8,000,000                            
          net decrease in cash, cash equivalents and restricted cash
        		-19,000,000  -49,000,000 21,000,000 -195,000,000                                 
          cash, cash equivalents and restricted cash, beginning of period
        		571,000,000  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
        		552,000,000  -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
        		291,000,000 4,000,000 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
        		261,000,000 24,000,000 -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                         
          impairment expense
        		 1,000,000 1,000,000   0 0 0 2,000,000 0 0      3,000,000 0 1,000,000 0 1,000,000                 
          deferred income tax benefit
        		                    -21,000,000  -19,000,000    -12,000,000           
          net changes in assets and liabilities, net of effects of acquisitions:
        		                                     
          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 
          acquisitions, net of cash, cash equivalents and restricted cash acquired
        		     0 0 10,000,000 -1,454,000,000                             
          proceeds from employee stock plan purchases
        		 7,000,000 0   7,000,000 0   4,000,000 0   3,000,000 0   0 0   1,000,000    1,000,000 0           
          distributions to noncontrolling interest holder
        		                                     
          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 
          cash, cash equivalents and restricted cash, beginning of year
        		                                     
          cash, cash equivalents and restricted cash, end of year
        		                                     
          provision for 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     12,000,000 16,000,000 18,000,000 12,000,000 8,000,000 37,000,000    14,000,000         
          net loss
        		    -12,000,000                                 
          adjustments to reconcile net loss to net cash from operating activities:
        		                                     
          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   
          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                           
          other gain
        		            -1,000,000                         
          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 
          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           
          benefit from financing receivables losses
        		                31,000,000         14,000,000 22,000,000           
          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 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
        		                                     
          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     
          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
        		                                     
          loss on foreign currency transactions
        		                                     
          restricted cash
        		                                     
          proceeds from asset dispositions
        		                                     
          change in restricted cash
        		                                     
          net increase in cash
        		                                     
          cash, beginning of period
        		                                     
          cash, end of period