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 2017-03-31 2016-06-17 2016-03-25 2015-06-19 2015-03-27 2014-06-20 2014-03-28 2013-06-14 2013-03-22 2012-06-15 2012-03-23 
      
    		                                          
      operating activities
    		                                          
      net income
    		-2,000,000 69,000,000 57,000,000 49,000,000 84,000,000 38,000,000 46,000,000 33,000,000 42,000,000 90,000,000 87,000,000 88,000,000 110,000,000 135,000,000 58,000,000 59,000,000 11,000,000 8,000,000 -25,000,000 -31,000,000 -58,000,000 -62,000,000 -105,000,000 76,000,000 -7,000,000 49,000,000 24,000,000 63,000,000 -57,742,000 10,761,000 35,981,000 33,700,000 36,309,000 24,408,000 34,041,000 34,054,000 36,000,000 19,000,000 31,000,000 18,000,000 8,000,000 9,000,000 
      adjustments to reconcile net income to net cash, cash equivalents and restricted cash from operating activities:
    		                                          
      depreciation and amortization of intangibles
    		38,000,000 38,000,000 38,000,000 37,000,000 36,000,000 35,000,000 38,000,000 36,000,000 33,000,000 34,000,000 32,000,000 34,000,000 33,000,000 32,000,000 33,000,000 34,000,000 35,000,000 36,000,000 41,000,000 30,000,000 30,000,000 31,000,000 32,000,000 35,000,000 33,000,000 36,000,000 37,000,000 33,000,000               
      amortization of debt discount and issuance costs
    		6,000,000 7,000,000 5,000,000 6,000,000 5,000,000 10,000,000 5,000,000 6,000,000 5,000,000 5,000,000 7,000,000 5,000,000 10,000,000 5,000,000 5,000,000 15,000,000 19,000,000 11,000,000 11,000,000 6,000,000 6,000,000 5,000,000 5,000,000 5,000,000 5,000,000 4,000,000 5,000,000 4,000,000 4,437,000 3,627,000 3,936,000            
      vacation ownership notes and contracts receivable reserve
    		57,000,000 58,000,000 50,000,000                                        
      share-based compensation
    		9,000,000 12,000,000 7,000,000 9,000,000 8,000,000 9,000,000 7,000,000 6,000,000 6,000,000 12,000,000 7,000,000 9,000,000 10,000,000 12,000,000 8,000,000 18,000,000 11,000,000 14,000,000 8,000,000 13,000,000 11,000,000 9,000,000 3,000,000 8,000,000 8,000,000 10,000,000 7,000,000 10,000,000 9,282,000 6,117,000 3,601,000 3,276,000 4,332,000 2,524,000 3,945,000 2,643,000 4,000,000 2,000,000 4,000,000 2,000,000 3,000,000 3,000,000 
      impairment charges
    		   28,000,000 0   28,000,000 0 -1,000,000 3,000,000     -2,000,000 0   2,000,000 2,000,000 1,000,000 95,000,000 0 73,000,000 0 26,000,000                
      foreign currency remeasurement (gain) loss
    		-3,000,000                                          
      deferred income taxes
    		19,000,000 11,000,000 -15,000,000 -41,000,000 0 44,000,000 35,000,000 -66,000,000 -8,000,000 4,000,000 6,000,000 23,000,000 35,000,000 11,000,000 18,000,000 24,000,000 -26,000,000 21,000,000 15,000,000 -39,000,000 14,000,000 -3,000,000 -10,000,000 -19,000,000 4,000,000 15,000,000 5,000,000 52,000,000 -10,199,000 5,485,000 6,714,000 5,472,000 10,243,000 5,549,000 9,250,000 8,600,000  -2,000,000 0 -1,000,000 -9,000,000 -8,000,000 
      net change in assets and liabilities:
    		                                          
      accounts and contracts receivable
    		-21,000,000   -48,000,000 25,000,000 48,000,000 -41,000,000 -89,000,000 15,000,000 -25,000,000 -6,000,000 -51,000,000                    34,586,000 -11,105,000 21,000 -1,425,000 -4,643,000 13,000,000 -25,000,000 10,000,000 -11,000,000 8,000,000 -4,000,000 
      vacation ownership notes receivable originations
    		-278,000,000 -255,000,000 -233,000,000 -277,000,000 -292,000,000 -246,000,000 -200,000,000 -238,000,000 -279,000,000 -245,000,000 -225,000,000 -252,000,000 -245,000,000 -278,000,000 -205,000,000 -205,000,000 -225,000,000 -212,000,000 -108,000,000 -112,000,000 -68,000,000 -23,000,000 -174,000,000 -136,000,000 -258,000,000 -229,000,000 -194,000,000 -235,000,000 -161,939,000 -127,683,000 -105,378,000            
      vacation ownership notes receivable collections
    		178,000,000 165,000,000 176,000,000 162,000,000 159,000,000 151,000,000 160,000,000 135,000,000 153,000,000 147,000,000 161,000,000 173,000,000 104,000,000 177,000,000 188,000,000 154,000,000 170,000,000 197,000,000 165,000,000 133,000,000 153,000,000 160,000,000 174,000,000 31,000,000 153,000,000 155,000,000 154,000,000 142,000,000 88,743,000 76,258,000 78,999,000            
      inventory
    		23,000,000 -2,000,000 1,000,000 18,000,000 -55,000,000 -13,000,000 17,000,000 7,000,000 34,000,000 30,000,000 16,000,000 30,000,000 49,000,000 -3,000,000 28,000,000 2,000,000 45,000,000 40,000,000 -26,000,000 22,000,000 1,000,000 3,000,000 -8,000,000 55,000,000 -66,000,000 37,000,000 39,000,000 -59,000,000 31,160,000 35,423,000 1,417,000 21,944,000 1,046,000 -14,970,000 23,746,000 44,883,000 17,000,000 20,000,000 12,000,000 10,000,000 23,000,000 28,000,000 
      other assets
    		76,000,000 80,000,000 -129,000,000 -21,000,000 58,000,000 73,000,000 -133,000,000 -34,000,000 51,000,000 85,000,000 -146,000,000 -28,000,000 42,000,000 71,000,000 -134,000,000 -17,000,000 37,000,000 72,000,000 -138,000,000 -13,000,000 62,000,000 78,000,000 -83,000,000 11,000,000 43,000,000 69,000,000 -99,000,000 -32,000,000 41,477,000 36,247,000 -24,724,000 -27,119,000 31,396,000 -5,285,000 16,250,000 -8,096,000 25,000,000 2,000,000  -16,000,000 16,000,000 5,000,000 
      accounts payable, advance deposits and accrued liabilities
    		36,000,000 -95,000,000 -13,000,000 93,000,000 29,000,000 -53,000,000 -60,000,000 104,000,000 26,000,000 -28,000,000 -101,000,000 140,000,000 -36,000,000 -4,000,000 12,000,000 86,000,000 -35,000,000 21,000,000 -30,000,000 85,000,000 8,000,000 -55,000,000 -184,000,000 139,000,000 7,000,000 -46,000,000 -83,000,000 39,000,000 46,365,000 -17,233,000 -42,132,000 -30,179,000 -50,354,000 -27,836,000 -41,159,000 -25,064,000 -47,000,000 -9,000,000 -48,000,000 -35,000,000 4,000,000 -60,000,000 
      deferred revenue
    		-54,000,000 -46,000,000 88,000,000 5,000,000 -68,000,000 -64,000,000 100,000,000 10,000,000 -45,000,000 -32,000,000 101,000,000 -4,000,000 -24,000,000 -35,000,000 54,000,000 -31,000,000 71,000,000 -54,000,000 102,000,000 2,000,000 18,000,000 -68,000,000 107,000,000 -31,000,000 4,000,000 -80,000,000 117,000,000 -3,000,000 8,507,000 -15,670,000 45,163,000 31,861,000 1,980,000 -6,785,000 5,669,000 -11,624,000  -3,000,000 0 -10,000,000 7,000,000 -2,000,000 
      payroll and benefit liabilities
    		27,000,000 -33,000,000 -13,000,000 18,000,000 40,000,000 -46,000,000 4,000,000 12,000,000 20,000,000 -33,000,000 -45,000,000 1,000,000 45,000,000 -6,000,000 13,000,000 0 0 4,000,000 31,000,000   -12,000,000 -20,000,000 -4,000,000 18,000,000 2,000,000 -41,000,000 21,000,000 -2,301,000 3,951,000 -30,650,000 -14,500,000 1,273,000 -28,586,000 1,201,000 -19,583,000 1,000,000 -16,000,000 8,000,000 -15,000,000 7,000,000 -3,000,000 
      deferred compensation liability
    		4,000,000 4,000,000 -5,000,000 5,000,000 4,000,000 5,000,000 -3,000,000 3,000,000 5,000,000 3,000,000 4,000,000 5,000,000 4,000,000 11,000,000 -7,000,000 8,000,000 3,000,000 13,000,000 -2,000,000 9,000,000 5,000,000 10,000,000 -7,000,000 5,000,000 4,000,000 3,000,000 6,000,000 -1,000,000 3,227,000 3,422,000 4,351,000 4,147,000 2,130,000 4,406,000 1,937,000 2,921,000 1,000,000 1,000,000 0 -8,000,000   
      other liabilities
    		1,000,000 -2,000,000 -5,000,000 14,000,000 -15,000,000 -89,000,000 -19,000,000 80,000,000 -14,000,000 -4,000,000 16,000,000 -45,000,000   -3,000,000 4,000,000 19,000,000 -1,000,000 5,000,000  0 -4,000,000 -7,000,000 -3,000,000   2,000,000  1,134,000 651,000 -785,000 -242,000 -19,051,000 39,399,000 -9,924,000 27,937,000 -12,000,000 27,000,000 -10,000,000 22,000,000 -1,000,000 18,000,000 
      purchase and development of property for future transfer to inventory
    		-85,000,000 -47,000,000 -2,000,000                                        
      other
    		0 -3,000,000 1,000,000 2,000,000 -1,000,000 4,000,000 1,000,000 0 3,000,000 1,000,000 -5,000,000 -5,000,000 7,000,000 2,000,000 -1,000,000  -5,000,000 12,000,000 -4,000,000  3,000,000 -14,000,000 5,000,000 -16,000,000 13,000,000 -6,000,000 1,000,000 -2,000,000 5,236,000 -2,318,000 3,082,000 903,000 2,497,000 -313,000 1,924,000 -50,000       
      net cash, cash equivalents and restricted cash from operating activities
    		62,000,000 -48,000,000 8,000,000  72,000,000 30,000,000 3,000,000  122,000,000 77,000,000 -50,000,000  162,000,000 89,000,000 129,000,000  155,000,000 208,000,000 -60,000,000  231,000,000 49,000,000 -122,000,000 202,000,000 124,000,000 28,000,000 28,000,000                
      investing activities
    		                                          
      capital expenditures for property and equipment
    		-11,000,000 -20,000,000 -14,000,000 -14,000,000 -14,000,000 -13,000,000 -16,000,000 -26,000,000 -29,000,000 -26,000,000 -37,000,000 -29,000,000 -13,000,000 -14,000,000 -9,000,000 -28,000,000 -8,000,000 -4,000,000 -7,000,000 -5,000,000 -2,000,000 -17,000,000 -17,000,000 -14,000,000 -13,000,000 -9,000,000 -10,000,000 -23,000,000 -9,510,000 -4,727,000 -2,763,000 -5,055,000 -8,811,000 -6,331,000 -5,156,000 -10,562,000  -1,000,000 -4,000,000 -3,000,000 -4,000,000 -3,000,000 
      purchase of company owned life insurance
    		-4,000,000 -6,000,000 -4,000,000 -3,000,000 -3,000,000 -6,000,000 -4,000,000 -2,000,000 -4,000,000   -4,000,000 -3,000,000 -7,000,000 -4,000,000 -3,000,000 -3,000,000 -7,000,000 -1,000,000 -3,000,000 1,000,000 0 -4,000,000 -1,000,000 -1,000,000 -3,000,000 -1,000,000 -1,000,000 -1,438,000 -2,562,000 -9,000,000 -8,200,000           
      purchase and development of property for future sale
    		   0 -1,000,000 0 -49,000,000                                    
      net cash, cash equivalents and restricted cash from investing activities
    		-14,000,000 -25,000,000 -18,000,000  -18,000,000 -19,000,000 -69,000,000  -32,000,000 -16,000,000 -37,000,000  34,000,000 25,000,000 -10,000,000  -11,000,000 -168,000,000 -8,000,000  14,000,000 -17,000,000 -21,000,000 36,000,000 -14,000,000 -12,000,000 27,000,000                
      financing activities
    		                                          
      borrowings from securitization transactions
    		113,000,000 608,000,000 206,000,000 124,000,000 567,000,000 109,000,000 524,000,000 576,000,000 173,000,000 572,000,000 171,000,000 422,000,000 132,000,000 375,000,000 102,000,000 532,000,000 0   0 375,000,000 113,000,000 202,000,000 395,000,000 57,000,000 450,000,000 124,000,000 116,000,000 0    40,151,000 51,130,000     0 111,000,000   
      repayment of debt related to securitization transactions
    		-197,000,000 -564,000,000 -197,000,000 -237,000,000 -416,000,000 -188,000,000 -441,000,000 -503,000,000 -177,000,000 -477,000,000 -174,000,000 -290,000,000 -170,000,000 -307,000,000 -178,000,000 -266,000,000 -182,000,000 -261,000,000 -159,000,000 -167,000,000 -491,000,000 -154,000,000 -148,000,000 -207,000,000 -177,000,000 -363,000,000 -133,000,000 -118,000,000 -109,729,000 -67,930,000 -86,341,000 -54,340,000 -36,329,000 -47,711,000 -64,563,000 -78,811,000 -50,000,000 -81,000,000     
      proceeds from debt
    		935,000,000 465,000,000 340,000,000 460,000,000 215,000,000 1,120,000,000 340,000,000 280,000,000 275,000,000 110,000,000 405,000,000 761,000,000 380,000,000 95,000,000 30,000,000 50,000,000 0 500,000,000 561,000,000 0 0 500,000,000 666,000,000 440,000,000 185,000,000 185,000,000 125,000,000 40,000,000               
      repayments of debt
    		-597,000,000 -422,000,000 -277,000,000 -412,000,000 -317,000,000 -1,089,000,000 -289,000,000 -265,000,000 -250,000,000 -245,000,000 -461,000,000 -430,000,000 -380,000,000 -95,000,000 -30,000,000 -300,000,000 -750,000,000 -189,000,000 -100,000,000 -2,000,000 -2,000,000 -599,000,000 -102,000,000 -512,000,000 -42,000,000 -214,000,000 -52,000,000 -162,000,000               
      finance lease payment
    		-2,000,000 -1,000,000 -2,000,000 -2,000,000 -1,000,000 -1,000,000 -2,000,000 -3,000,000 0 0 -2,000,000  -1,000,000 0 -2,000,000 -3,000,000 -1,000,000   -1,000,000 -2,000,000 1,000,000 -9,000,000 -1,000,000                   
      payment of debt and securitized debt issuance costs
    		-8,000,000 -7,000,000 -5,000,000 0                                       
      repurchase of common stock
    		0 0 -36,000,000 -11,000,000 -9,000,000 -12,000,000 -24,000,000 -38,000,000 -86,000,000 -82,000,000 -80,000,000 -173,000,000 -216,000,000 -193,000,000 -119,000,000 -74,000,000    0 0 0 -82,000,000 -123,000,000 -127,000,000 -109,000,000 -106,000,000 -94,000,000 -118,000 0 -1,882,000  -90,131,000 -73,228,000 -14,956,000 -51,281,000       
      payment of dividends
    		-27,000,000 -28,000,000 -55,000,000 -26,000,000 0 -27,000,000 -54,000,000 -26,000,000 0 -26,000,000 -54,000,000 -24,000,000 0 -26,000,000 -49,000,000     0 0 0 -45,000,000 -20,000,000 0 -20,000,000 -41,000,000  -73,000 -10,672,000 -21,255,000 -19,010,000 -8,482,000 -17,585,000 -4,000 -8,081,000       
      payment of withholding taxes on vesting of restricted stock units
    		0 0 -6,000,000 -2,000,000 0 -1,000,000 -5,000,000 -2,000,000 0 -1,000,000 -9,000,000 0 -1,000,000 0 -22,000,000 -3,000,000 -2,000,000 0 -15,000,000 -2,000,000 0 0 -14,000,000 -4,000,000 -1,000,000 -1,000,000 -9,000,000 -1,000,000 -8,688,000 -51,000 -8,261,000 -6,644,000 -12,000 -3,864,000 -292,000 -9,061,000  -4,000,000 0 -4,000,000 0 -3,000,000 
      net cash, cash equivalents and restricted cash from financing activities
    		217,000,000 51,000,000 -32,000,000  33,000,000 -102,000,000 43,000,000  -65,000,000 -155,000,000 -194,000,000  -257,000,000 -156,000,000 -272,000,000  -941,000,000 461,000,000 255,000,000  -125,000,000 -148,000,000 468,000,000 -41,000,000 -120,000,000 -78,000,000 -92,000,000                
      effect of changes in exchange rates on cash, cash equivalents and restricted cash
    		0 3,000,000 1,000,000   -2,000,000 -1,000,000  -2,000,000 0 1,000,000  -2,000,000      -1,000,000  1,000,000 3,000,000 -6,000,000   0 1,000,000   -1,019,000 1,726,000 1,551,000           
      change in cash, cash equivalents and restricted cash
    		265,000,000 -19,000,000 -41,000,000  90,000,000 -93,000,000 -24,000,000  23,000,000 -94,000,000 -280,000,000  -63,000,000 -44,000,000 -153,000,000  -798,000,000 502,000,000 186,000,000  121,000,000 -113,000,000 319,000,000 196,000,000 -11,000,000                  
      cash, cash equivalents and restricted cash, beginning of period
    		0 0 528,000,000  0 0 574,000,000  0 0 854,000,000  0 0 803,000,000  0 0 992,000,000  0 0 701,000,000 0 0 0 614,000,000 0 388,000 0 490,612,000 213,102,000           
      cash, cash equivalents and restricted cash, end of period
    		265,000,000 -19,000,000 487,000,000  90,000,000 -93,000,000 550,000,000  23,000,000 -94,000,000 574,000,000  -63,000,000 -44,000,000 650,000,000  -798,000,000 502,000,000 1,178,000,000  121,000,000 -113,000,000 1,020,000,000 196,000,000 -11,000,000 -62,000,000 578,000,000 -192,000,000 87,797,000 333,074,000 385,129,000 165,874,000           
      supplemental disclosures
    		                                          
      non-cash issuance of treasury stock for employee stock purchase plan
    		1,000,000 3,000,000 1,000,000 1,000,000 0 3,000,000 1,000,000 1,000,000 1,000,000 2,000,000 1,000,000 1,000,000 2,000,000 1,000,000 1,000,000 0 1,000,000   1,000,000 0 0 1,000,000        326,000 331,000           
      non-cash transfer from inventory to property and equipment
    		7,000,000   8,000,000 -2,000,000 9,000,000 6,000,000 1,000,000 1,000,000 7,000,000 3,000,000 2,000,000 0 14,000,000 31,000,000 0 102,000,000 1,000,000 2,000,000 -16,000,000 3,000,000 22,000,000 65,000,000                    
      non-cash transfer from property and equipment to inventory
    		9,000,000   1,000,000 69,000,000 0 23,000,000 -3,000,000 -3,000,000 20,000,000 43,000,000 11,000,000 0 0 2,000,000 -1,000,000 1,000,000 -1,000,000 3,000,000     0 7,000,000 0 64,000,000                
      non-cash transfer from other assets to property and equipment
    		0                                          
      non-cash transfer from property and equipment to other assets
    		   0       2,000,000                                
      right-of-use asset obtained in exchange for finance lease obligation
    		1,000,000 2,000,000 2,000,000  2,000,000 1,000,000 11,000,000  0 0 80,000,000                                
      dividends payable
    		   1,000,000    1,000,000    3,000,000    0        4,000,000    2,000,000               
      interest paid, net of amounts capitalized
    		55,000,000 67,000,000 54,000,000 68,000,000 56,000,000 71,000,000 52,000,000 63,000,000 42,000,000 55,000,000 44,000,000 45,000,000 35,000,000 39,000,000 30,000,000 48,000,000 47,000,000 36,000,000 53,000,000 36,000,000 56,000,000 26,000,000 58,000,000 32,000,000 54,000,000 27,000,000 54,000,000 27,000,000               
      income taxes paid, net of refunds
    		6,000,000 107,000,000 4,000,000 11,000,000 8,000,000 64,000,000 50,000,000 3,000,000 5,000,000 77,000,000 56,000,000 6,000,000 18,000,000      -30,000,000 16,000,000 -60,000,000 8,000,000 4,000,000 6,000,000 -13,000,000 48,000,000 12,000,000 23,000,000               
      other dispositions
    		        1,000,000                                  
      non-cash issuance of debt in connection with finance lease
    		 1,000,000 2,000,000  1,000,000 1,000,000 11,000,000  0 0 97,000,000                                
      adjustments to reconcile net income to net cash, cash equivalents, and restricted cash from operating activities:
    		                                          
      vacation ownership notes receivable reserve
    		     122,000,000 46,000,000 48,000,000 103,000,000 41,000,000 38,000,000 20,000,000 64,000,000 37,000,000 29,000,000 28,000,000 31,000,000 28,000,000 14,000,000 53,000,000 16,000,000 10,000,000 71,000,000 31,000,000 30,000,000 31,000,000 20,000,000 26,000,000 18,030,000 15,095,000 8,875,000            
      gains and other income
    		       2,000,000 -1,000,000   0 -1,000,000                              
      deconsolidation of certain consolidated property owners' associations
    		           0 0   -81,000,000 0 -16,000,000 -71,000,000                        
      purchase of property for future transfer to inventory
    		       0                                   
      net cash, cash equivalents, and restricted cash from operating activities
    		                                          
      proceeds from disposition of subsidiaries, net of cash and restricted cash transferred
    		           0 1,000,000                              
      issuance of note receivable to vie
    		           0 0                              
      proceeds from collection of note receivable from vie
    		           0                               
      dispositions
    		              3,000,000     0            1,000 69,729,000 9,000 20,149,000 197,000 11,000,000 22,000,000 0 3,000,000   
      net cash, cash equivalents, and restricted cash from investing activities
    		                                          
      purchase of convertible note hedges
    		               0 0 0 -100,000,000                        
      proceeds from issuance of warrants
    		               0 0 0 70,000,000                        
      finance lease incentive
    		       0 0 0 10,000,000                                
      net cash, cash equivalents, and restricted cash from financing activities
    		                                          
      effect of changes in exchange rates on cash, cash equivalents, and restricted cash
    		                                          
      change in cash, cash equivalents, and restricted cash
    		                                          
      cash, cash equivalents, and restricted cash, beginning of year
    		                                          
      cash, cash equivalents, and restricted cash, end of year
    		                                          
      non-cash issuance of debt in connection with asset acquisition
    		           0 0 0 11,000,000                            
      payment of debt issuance costs
    		     -13,000,000 -6,000,000 -6,000,000 0   -5,000,000 -1,000,000 -5,000,000 -4,000,000 -5,000,000                           
      net change in assets and liabilities, net of the effects of acquisition:
    		                                          
      acquisition of a business, net of cash and restricted cash acquired
    		               0 0           0               
      non-cash issuance of treasury stock in connection with welk acquisition
    		               0 0                          
      purchase of vacation ownership units for future transfer to inventory
    		           0 0 0 -12,000,000 1,000,000 0 0 -99,000,000 0 0 0 -61,000,000                    
      non-cash reduction of debt associated with bifurcation of conversion feature on the 2022 convertible notes
    		                                          
      non-cash adjustment to additional paid-in capital for 2022 convertible note hedges
    		                                          
      finance lease payments
    		                                          
      non-cash transfer of other assets to property and equipment
    		            0 2,000,000 13,000,000                            
      accounts receivable
    		             14,000,000 45,000,000  -6,000,000 9,000,000 51,000,000 -3,000,000 -4,000,000 -17,000,000 45,000,000 53,000,000 34,000,000 -20,000,000 2,000,000 -29,000,000 -33,499,000 -4,704,000 29,203,000            
      income tax refunds, net of income taxes paid
    		              -7,000,000                            
      gain on disposal of property and equipment
    		                                  -8,625,000 -887,000  -1,000,000 0 -1,000,000   
      proceeds from collection of notes receivable
    		                       0 0 0 38,000,000                
      adjustments to reconcile net income to net cash, cash equivalents and restricted cash used by operating activities:
    		                                          
      debt issuance costs
    		                 -13,000,000 -2,000,000 0 -5,000,000   -9,000,000 -5,000,000    -27,422,000 -5,602,000 -976,000 -1,219,000           
      (income tax refunds) income taxes paid, net of refunds
    		                                          
      (gain) loss on disposal of property and equipment
    		                                          
      disposition of subsidiary shares to noncontrolling interest holder
    		                                          
      net cash, cash equivalents, and restricted cash from by financing activities
    		                                          
      non-cash issuance of note receivable in connection with disposition to noncontrolling interest
    		                                          
      non-cash issuance of stock in connection with ilg acquisition
    		                           0               
      property acquired via capital lease
    		                                0 7,221,000         
      supplemental disclosures of non-cash investing and financing activities
    		                                          
      non-cash issuance of debt in connection with acquisition of vacation ownership units
    		                                          
      non-cash issuance of treasury stock for employee purchase plan
    		                                          
      accretion of acquired vacation ownership notes receivable
    		                                          
      decrease in cash, cash equivalents and restricted cash
    		                          -36,000,000     -47,228,000           
      redemption of mandatorily redeemable preferred stock of consolidated subsidiary
    		                                          
      payment of dividends to common shareholders
    		                                          
      increase in cash, cash equivalents and restricted cash
    		                           -192,000,000 87,409,000              
      non-cash transfer of debt
    		                                          
      adjustments to reconcile net income to net cash and restricted cash from operating activities:
    		                                          
      net cash and restricted cash from operating activities
    		                                          
      net cash and restricted cash from investing activities
    		                                          
      net cash and restricted cash from financing activities
    		                                          
      adjustments to reconcile net income to net cash from operating activities:
    		                                          
      depreciation
    		                             5,770,000 5,601,000 5,191,000 5,052,000 5,125,000 4,493,000 4,065,000 5,000,000 4,000,000 5,000,000 6,000,000 7,000,000 7,000,000 
      net cash from operating activities
    		                             35,199,000 23,254,000 45,704,000 11,200,000 9,878,000 46,596,000 32,069,000 50,000,000 48,000,000 45,000,000 -11,000,000 81,000,000 25,000,000 
      capex
    		                             -4,727,000 -2,763,000 -5,055,000 -8,811,000 -6,331,000 -5,156,000 -10,562,000 0 -1,000,000 -4,000,000 -3,000,000 -4,000,000 -3,000,000 
      free cash flows
    		                             30,472,000 20,491,000 40,649,000 2,389,000 3,547,000 41,440,000 21,507,000 50,000,000 47,000,000 41,000,000 -14,000,000 77,000,000 22,000,000 
      net cash from investing activities
    		                             -7,169,000 -11,763,000 -13,254,000 47,754,000 9,811,000 11,648,000 36,738,000 41,000,000 33,000,000  22,000,000 -14,000,000 19,000,000 
      borrowings from revolving corporate credit facility
    		                                          
      repayment of revolving corporate credit facility
    		                                          
      repayment of non-interest bearing note payable
    		                                          
      net cash from financing activities
    		                             306,063,000 -118,700,000 -81,229,000 -64,523,000 -90,667,000 -79,814,000 -141,689,000 -80,000,000 -122,000,000 -38,000,000 5,000,000 -59,000,000 -77,000,000 
      decrease in cash, cash equivalents, and restricted cash
    		                              -105,483,000            
      benefit from loan losses
    		                               12,042,000 11,304,000 8,287,000 7,225,000 8,437,000 8,000,000 7,000,000 9,000,000 9,000,000 14,000,000 9,000,000 
      notes receivable originations
    		                               -112,832,000 -66,794,000 -57,524,000 -63,114,000 -48,946,000 -59,000,000 -45,000,000 -56,000,000 -44,000,000   
      notes receivable collections
    		                               76,068,000 60,016,000 60,532,000 64,879,000 67,518,000 66,000,000 71,000,000 74,000,000 74,000,000   
      purchase of operating properties for future conversion to inventory
    		                                          
      liability for marriott rewards customer loyalty program
    		                                0 -36,000 -4,871,000 -4,474,000 -7,000,000 -7,000,000 -13,000,000 -12,000,000   
      purchase of operating property to be sold
    		                                          
      proceeds from issuance of convertible notes
    		                                          
      proceeds from vacation ownership inventory arrangement
    		                                  0 5,375,000       
      cash, cash equivalents and restricted cash, beginning of year
    		                                          
      cash, cash equivalents and restricted cash, end of year
    		                                          
      supplemental disclosure of non-cash investing and financing activities
    		                                          
      accelerated stock repurchase forward contract
    		                                          
      increase in cash, cash equivalents, and restricted cash
    		                                          
      disposition accruals not yet paid
    		                                          
      non-cash debt issuance costs
    		                                          
      amortization of debt issuance costs
    		                               1,386,000 1,259,000 1,300,000 1,239,000 1,267,000 2,000,000 1,000,000 2,000,000 1,000,000 1,000,000 2,000,000 
      non-cash transfer from property and equipment to assets held for sale, within other assets
    		                                          
      employee stock purchase plan
    		                                          
      non-cash litigation settlement
    		                                  0 -262,000       
      decrease (increase) in restricted cash
    		                                          
      proceeds from stock option exercises
    		                                  2,000 90,000   1,000,000 1,000,000 1,000,000 2,000,000 
      excess tax benefits from share-based compensation
    		                                          
      effect of changes in exchange rates on cash and cash equivalents
    		                                -3,626,000 530,000 296,000 -1,453,000       
      increase in cash and cash equivalents
    		                                    11,000,000 -41,000,000 -15,000,000 16,000,000  -33,000,000 
      cash and cash equivalents, beginning of year
    		                                          
      cash and cash equivalents, end of year
    		                                          
      non-cash impact on additional paid-in capital for changes in deferred tax liabilities distributed to marriott vacations worldwide at spin-off
    		                                          
      non-cash issuance of note receivable
    		                                  0 -500,000       
      non-cash impact on additional paid-in capital to correct an immaterial error in deferred revenue at spin-off
    		                                          
      non-cash reversal of litigation settlement
    		                                          
      increase in restricted cash
    		                                          
      decrease in cash and cash equivalents
    		                                -9,195,000 -70,448,000 -21,274,000 -74,335,000       
      cash and cash equivalents, beginning of period
    		                                0 177,061,000 0 346,515,000 0 200,000,000 0 103,000,000 0 110,000,000 
      cash and cash equivalents, end of period
    		                                -9,195,000 106,613,000 -21,274,000 272,180,000 11,000,000 159,000,000 -15,000,000 119,000,000 6,000,000 77,000,000 
      non-cash transfer of excess inventory to property and equipment for disposition
    		                                          
      non-cash reversal of litigation expense
    		                                0 -303,000         
      decrease in restricted cash
    		                                -13,164,000 16,133,000 -3,345,000 47,103,000 32,000,000 12,000,000 -18,000,000 22,000,000  22,000,000 
      equity method income
    		                                 -28,000 -85,000 -13,000       
      non-cash transfer of property and equipment to assets held for sale, within other assets
    		                                 45,201,000         
      purchase of operating hotels for future conversion to inventory
    		                                          
      purchase of operating hotel to be sold
    		                                          
      supplemental disclosures of non-cash financing activities
    		                                          
      purchase of operating hotel for future conversion to inventory
    		                                  0 -46,614,000       
      impairment charges on equity investment
    		                                     2,000,000     
      impairment (reversals) charges on equity investment
    		                                          
      borrowings on revolving corporate credit facility
    		                                      0 25,000,000   
      repayments on revolving corporate credit facility
    		                                      0 -25,000,000   
      increase in cash and equivalents
    		                                          
      non-cash transfer of sales centers from inventory to property and equipment
    		                                          
      non-cash reduction of additional paid-in capital for decrease in deferred tax liabilities distributed to marriott vacations worldwide at spin-off
    		                                     -1,000,000     
      purchase of treasury stock
    		                                     -37,000,000     
      impairment charges (reversals) on equity investment
    		                                          
      non-cash impact on additional paid-in capital for elimination of a receivable from marriott international at spin-off
    		                                          
      non-cash assumption of other debt
    		                                          
      impairment reversals on equity investment
    		                                          
      supplemental disclosure of non-cash financing activities
    		                                          
      non-cash reduction of additional paid-in capital for increase in deferred tax liabilities distributed to marriott vacations worldwide at spin-off
    		                                          
      repayment of debt related to securitizations
    		                                       -103,000,000 -60,000,000 -76,000,000 
      note collections
    		                                          
      repayment of third party debt
    		                                          
      net distribution to marriott international
    		                                          
      non-cash reduction of additional paid-in capital for elimination of a receivable from marriott international at spin-off
    		                                          
      non-cash settlement of transactions with marriott international through equity
    		                                          
      issuance of preferred stock to marriott international
    		                                          
      equity distribution payable to marriott international
    		                                          
      issuance of common stock for exercise of stock options
    		                                          
      equity method (income) loss
    		                                          
      impairment charge
    		                                          
      liability for marriott rewards loyalty program
    		                                        -21,000,000 -10,000,000 
      proceeds from sale of property and equipment
    		                                          
      notes receivable
    		                                         31,000,000 
      net contribution from marriott international
    		                                          
      increase in fair value of retained interests in securitizations
    		                                          
      equity method loss
    		                                          
      non-cash restructuring charges
    		                                          
      note advances
    		                                          
      income taxes
    		                                          
      real estate inventory spending less than cost of sales
    		                                          
      notes receivable collections in excess of new mortgages
    		                                          
      financially reportable sales less than closed sales
    		                                          
      decrease in accounts payable
    		                                          
      all other, including other working capital charges
    		                                          
      net transfers to parent
    		                                          
      cash and cash equivalents, beginning
    		                                          
      cash and cash equivalents, end
    		                                          
    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.