v3.25.2
BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
We operate our business through the following two reportable segments based on the nature of the products and services provided:
•Real estate sales and financing – We market and sell VOIs that we own. We also source VOIs through fee-for-service agreements with third-party developers. Related to the sales of the VOIs that we own, we provide consumer financing, which includes interest income generated from the origination of consumer loans to customers to finance their purchase of VOIs and revenue from servicing the loans. We also generate fee revenue from servicing the loans provided by third-party developers to purchasers of their VOIs.
•Resort operations and club management – We manage the clubs and earn activation fees, annual dues and transaction fees from member exchanges for other vacation products. We also earn fees for managing the timeshare properties. We generate rental revenue from unit rentals of unsold inventory and inventory made available due to ownership exchanges under our club programs. We also earn revenue from food and beverage, retail and spa outlets at our timeshare properties.
Our chief operating decision maker “CODM” is our Chief Executive Officer. The CODM is our primary decision maker and is responsible for allocating resources to the components of the company and assessing company performance. The CODM uses Adjusted EBITDA to allocate resources (including employees and financial or capital resources) in the budgeting and forecasting process as well as assess performance and profitability for each segment. The performance of our operating segments, which are also our reportable segments, is evaluated based on adjusted earnings before interest expense (excluding non-recourse debt), taxes, depreciation and amortization (“EBITDA”). We define Adjusted EBITDA as EBITDA, further adjusted to exclude certain items, including, but not limited to, gains, losses and expenses in connection with: (i) other gains, including asset dispositions and foreign currency transactions; (ii) debt restructurings/retirements; (iii) non-cash impairment losses; (iv) share-based and other compensation expenses; and (v) other items, including but not limited to costs associated with acquisitions, restructuring, amortization of premiums and discounts resulting from purchase accounting, and other non-cash and one-time charges.
We do not include equity in earnings from unconsolidated affiliates in our measures of segment operating performance.
The table below presents revenues for our reportable segment results which include the acquired Bluegreen operations within both segments as of the Bluegreen Acquisition Date, reconciled to consolidated amounts:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2025202420252024
Revenues:
Real estate sales and financing$760 $740 $1,405 $1,427 
Resort operations and club management(1)
405 386 796 746 
Total segment revenues1,165 1,126 2,201 2,173 
Cost reimbursements128 129 261 251 
Intersegment eliminations(1)
(27)(20)(48)(33)
Total revenues$1,266 $1,235 $2,414 $2,391 
(1)Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.
The following tables present Adjusted EBITDA for our reportable segments:
For the three months ended June 30, 2025
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$760 $378 $1,138 
Intersegment revenues— 27 27 
Total segment revenues760 405 1,165 (a)
Less:
Cost of VOI Sales38 — 38 
Selling expense206 — 206 
Marketing expense265 — 265 
Financing expense54 — 54 
Club expense— 21 21 
Property management expense— 35 35 
Rental expense— 191 191 
Other expenses8 12 20 
Total segment expenses571 (b)259 (c)830 
Other:
Share-based compensation expense5 3 8 
Other segment adjustment items9 — 9 (d)
Intersegment elimination(27)— (27)(a)
Segment Adjusted EBITDA$176 $149 $325 
For the six months ended June 30, 2025
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$1,405 $748 $2,153 
Intersegment revenues— 48 48 
Total segment revenues1,405 796 2,201 (a)
Less:
Cost of VOI Sales63 — 63 
Selling expense401 — 401 
Marketing expense495 — 495 
Financing expense109 — 109 
Club expense— 41 41 
Property management expense— 69 69 
Rental expense— 386 386 
Other expenses8 23 31 
Total segment expenses1,076 (b)519 (c)1,595 
Other:
Share-based compensation expense9 5 14 
Other segment adjustment items19 — 19 (d)
Intersegment elimination(48)— (48)(a)
Segment Adjusted EBITDA$309 $282 $591 
(a) Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.
(b) Consists of Costs of VOI Sales, Sales and Marketing, and Financing expense on the condensed consolidated statements of income.
(c) Consists of Resort and club management and Rental and ancillary services expense on the condensed consolidated statements of income.
(d) Consists of costs associated with restructuring, one-time charges, other non-cash items, and for the Real Estate and Financing Segment, amortization of fair value premiums and discounts resulting from purchase accounting.
For the three months ended June 30, 2024
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$740 $366 $1,106 
Intersegment revenues— 20 20 
Total segment revenues740 386 1,126 (a)
Less:
Cost of VOI Sales65 — 65 
Selling expense180 — 180 
Marketing expense238 — 238 
Financing expense44 — 44 
Club expense— 21 21 
Property management expense— 27 27 
Rental expense— 177 177 
Other expenses35 11 46 
Total segment expenses562 (b)236 (c)798 
Other:
Share-based compensation expense3 2 5 
Other segment adjustment items32 — 32 (d)
Intersegment elimination(20)— (20)(a)
Segment Adjusted EBITDA$193 $152 $345 
For the six months ended June 30, 2024
Real Estate and FinancingResort Operations and Club ManagementTotal
Revenues from external customers$1,427 $713 $2,140 
Intersegment revenues— 33 33 
Total segment revenues1,427 746 2,173 (a)
Less:
Cost of VOI Sales113 — 113 
Selling expense338 — 338 
Marketing expense450 — 450 
Financing expense83 — 83 
Club expense— 41 41 
Property management expense— 61 61 
Rental expense— 340 340 
Other expenses66 21 87 
Total segment expenses1,050 (b)463 (c)1,513 
Other:
Share-based compensation expense6 3 9 
Other segment adjustment items49 — 49 (d)
Intersegment elimination(33)— (33)(a)
Segment Adjusted EBITDA$399 $286 $685 
(a) Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. We account for intersegment revenues as if they were sales to third parties at current market prices.
(b) Consists of Costs of VOI Sales, Sales and Marketing, and Financing expense on the condensed consolidated statements of income.
(c) Consists of Resort and club management and Rental and ancillary services expense on the condensed consolidated statements of income.
(d) Consists of costs associated with restructuring, one-time charges, other non-cash items, and for the Real Estate and Financing Segment, amortization of fair value premiums and discounts resulting from purchase accounting.
The following table presents Adjusted EBITDA for our reportable segments reconciled to net income (loss) and net income (loss) attributable to stockholders:
 Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2025202420252024
Adjusted EBITDA:
Real estate sales and financing(1)
$176 $193 $309 $399 
Resort operations and club management(1)
149 152 282 286 
Segment Adjusted EBITDA325 345 591 685 
Acquisition and integration-related expense(26)(48)(54)(157)
General and administrative(58)(58)(104)(103)
Depreciation and amortization(59)(68)(126)(130)
License fee expense(52)(40)(101)(75)
Other gain (loss), net
4 (3)10 (8)
Interest expense(79)(87)(156)(166)
Income tax (expense) benefit
(15)(3)(21)8 
Equity in earnings from unconsolidated affiliates6 3 11 8 
Impairment expense
(1)— (1)(2)
Other adjustment items(2)
(17)(37)(33)(58)
Net income
28 4 16 2 
Net income attributable to noncontrolling interest
3 2 8 4 
Net income (loss) attributable to stockholders
$25 $2 $8 $(2)
(1)Includes intersegment transactions. Refer to our table presenting revenues by reportable segment above for additional discussion.
(2)These amounts include costs associated with share-based compensation, restructuring, one-time charges and other non-cash items included within our reportable segments.
The following table presents total assets for our reportable segments, reconciled to consolidated amounts:
($ in millions)June 30, 2025December 31, 2024
Real estate sales and financing$7,497 $7,349 
Resort operations and club management3,387 3,163 
Total segment assets10,884 10,512 
Corporate854 930 
Total assets$11,738 $11,442 
The following table presents capital expenditures for property and equipment (including inventory and leases) for our reportable segments, reconciled to consolidated amounts:
Six Months Ended June 30,
($ in millions)20252024
Real estate sales and financing$76 $59 
Resort operations and club management1 1 
Total segment capital expenditures
77 60 
Corporate28 20 
Total capital expenditures
$105 $80