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BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
We operate our business through the following two reportable segments:
•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.
The performance of our operating segments, which are also our reportable segments, is evaluated primarily 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 following table below presents revenues for our reportable segment results which include the acquired Grand Islander and Bluegreen operations, within both segments and as of their respective acquisition dates, reconciled to consolidated amounts:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2024202320242023
Revenues:
Real estate sales and financing$740 $604 $1,427 $1,154 
Resort operations and club management(1)
386 320 746 622 
Total segment revenues1,126 924 2,173 1,776 
Cost reimbursements129 97 251 192 
Intersegment eliminations(1)
(20)(14)(33)(27)
Total revenues$1,235 $1,007 $2,391 $1,941 
(1)Includes charges to the Real estate sales and financing segment from the Resort operations and club management segment for fulfillment of discounted marketing package stays at resorts.
The following table presents Adjusted EBITDA for our reportable segments reconciled to net income:
 Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2024202320242023
Adjusted EBITDA:
Real estate sales and financing(1)
$193 $189 $399 $358 
Resort operations and club management(1)
152 123 286 232 
Segment Adjusted EBITDA345 312 685 590 
Acquisition and integration-related expense(48)(13)(157)(30)
General and administrative(58)(48)(103)(90)
Depreciation and amortization(68)(52)(130)(103)
License fee expense(40)(34)(75)(64)
Other (loss) gain, net
(3)3 (8)4 
Interest expense(87)(44)(166)(88)
Income tax (expense) benefit
(3)(35)8 (52)
Equity in earnings from unconsolidated affiliates3 2 8 5 
Impairment expense
— (3)(2)(3)
Other adjustment items(2)
(37)(8)(58)(16)
Net income
4 80 2 153 
Net income attributable to noncontrolling interest
2 — 4 — 
Net income (loss) attributable to stockholders
$2 $80 $(2)$153 
(1)Includes intersegment transactions. Refer to our table presenting revenues by reportable segment above for additional discussion.
(2)These amounts include costs associated with stock-based compensation, restructuring, one-time charges and other non-cash items included within our reportable segments.