The table below presents the following for the periods presented: revenues, disaggregated by segment, reconciled to consolidated revenue; segment expenses, including significant expense categories and amounts that align with segment-level information regularly provided to our CODM; and segment Adjusted EBITDA reconciled to Net income attributable to common stockholders.


	Three Months Ended
	March 31, 2026						March 31, 2025
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Total		Vacation Ownership		Exchange & Third-Party Management		Total
Revenues from external customers	$	1,193	$	57	$	1,250	$	1,135	$	58	$	1,193
Reconciliation of revenues
Corporate and other(1)					7						7
Total consolidated revenues					$	1,257					$	1,200

Cost of vacation ownership products	(46)		—				(42)		—
Marketing and sales	(242)		—				(234)		—
Management and exchange	(72)		(30)				(72)		(29)
Rental	(143)		—				(126)		—
Financing(2)	(41)		—				(36)		—
Royalty fee	(28)		—				(28)		—
Other segment items(3)	(433)		(3)				(376)		(1)
Segment Adjusted EBITDA	188		24		212		221		28		249
Corporate and other(1)					(51)						(57)
Interest expense, net(2)					(44)						(40)
Depreciation and amortization					(34)						(38)
Share-based compensation expense					(10)						(7)
Amortization of cloud computing software implementation costs					(1)						(1)
Certain items					(27)						(5)
Provision for income taxes					(23)						(45)
Net income attributable to common stockholders					$	22					$	56

(1)Corporate and Other consists of results that are not allocable to our segments, including company-wide general and administrative expenses, and transaction and integration costs. In addition, Corporate and Other includes revenues and expenses from Consolidated Property Owners’ Associations. Our CODM does not use this information for operating segment resource allocations.

(2)Commencing in the first quarter of 2026, interest expense associated with our Warehouse Credit Facility is included as a component of Consumer financing interest expense within Financing expense. For the first quarter of 2025, interest expense associated with our Warehouse Credit Facility is included as a component of Interest expense, net. Interest expense on our Warehouse Credit Facility was $3 million and $4 million for the three months ended March 31, 2026 and March 31, 2025, respectively.