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BUSINESS SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Operating Performance Reconciled to Consolidated Amounts | 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) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Real estate sales and financing | $ | 760 |  |  | $ | 740 |  |  | $ | 1,405 |  |  | $ | 1,427 |
Resort operations and club management(1) | 405 |  |  | 386 |  |  | 796 |  |  | 746 |
Total segment revenues | 1,165 |  |  | 1,126 |  |  | 2,201 |  |  | 2,173 |
Cost reimbursements | 128 |  |  | 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.
Schedule of Segment Reporting Information, by Segment | The following tables present Adjusted EBITDA for our reportable segments:
For the three months ended June 30, 2025 | Real Estate and Financing |  | Resort Operations and Club Management |  | Total |
Revenues from external customers | $ | 760 |  |  | $ | 378 |  |  | $ | 1,138 |  |
Intersegment revenues | — |  |  | 27 |  |  | 27 |  |
Total segment revenues | 760 |  |  | 405 |  |  | 1,165 |  | (a)
Less: |  |  |  |  |  |
Cost of VOI Sales | 38 |  |  | — |  |  | 38 |  |
Selling expense | 206 |  |  | — |  |  | 206 |  |
Marketing expense | 265 |  |  | — |  |  | 265 |  |
Financing expense | 54 |  |  | — |  |  | 54 |  |
Club expense | — |  |  | 21 |  |  | 21 |  |
Property management expense | — |  |  | 35 |  |  | 35 |  |
Rental expense | — |  |  | 191 |  |  | 191 |  |
Other expenses | 8 |  |  | 12 |  |  | 20 |  |
Total segment expenses | 571 |  | (b) | 259 |  | (c) | 830 |  |
Other: |  |  |  |  |  |
Share-based compensation expense | 5 |  |  | 3 |  |  | 8 |  |
Other segment adjustment items | 9 |  |  | — |  |  | 9 |  | (d)
Intersegment elimination | (27) |  |  | — |  |  | (27) |  | (a)
Segment Adjusted EBITDA | $ | 176 |  |  | $ | 149 |  |  | $ | 325 |  |
For the six months ended June 30, 2025 | Real Estate and Financing |  | Resort Operations and Club Management |  | Total |
Revenues from external customers | $ | 1,405 |  |  | $ | 748 |  |  | $ | 2,153 |  |
Intersegment revenues | — |  |  | 48 |  |  | 48 |  |
Total segment revenues | 1,405 |  |  | 796 |  |  | 2,201 |  | (a)
Less: |  |  |  |  |  |
Cost of VOI Sales | 63 |  |  | — |  |  | 63 |  |
Selling expense | 401 |  |  | — |  |  | 401 |  |
Marketing expense | 495 |  |  | — |  |  | 495 |  |
Financing expense | 109 |  |  | — |  |  | 109 |  |
Club expense | — |  |  | 41 |  |  | 41 |  |
Property management expense | — |  |  | 69 |  |  | 69 |  |
Rental expense | — |  |  | 386 |  |  | 386 |  |
Other expenses | 8 |  |  | 23 |  |  | 31 |  |
Total segment expenses | 1,076 |  | (b) | 519 |  | (c) | 1,595 |  |
Other: |  |  |  |  |  |
Share-based compensation expense | 9 |  |  | 5 |  |  | 14 |  |
Other segment adjustment items | 19 |  |  | — |  |  | 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 Financing |  | Resort Operations and Club Management |  | Total |
Revenues from external customers | $ | 740 |  |  | $ | 366 |  |  | $ | 1,106 |  |
Intersegment revenues | — |  |  | 20 |  |  | 20 |  |
Total segment revenues | 740 |  |  | 386 |  |  | 1,126 |  | (a)
Less: |  |  |  |  |  |
Cost of VOI Sales | 65 |  |  | — |  |  | 65 |  |
Selling expense | 180 |  |  | — |  |  | 180 |  |
Marketing expense | 238 |  |  | — |  |  | 238 |  |
Financing expense | 44 |  |  | — |  |  | 44 |  |
Club expense | — |  |  | 21 |  |  | 21 |  |
Property management expense | — |  |  | 27 |  |  | 27 |  |
Rental expense | — |  |  | 177 |  |  | 177 |  |
Other expenses | 35 |  |  | 11 |  |  | 46 |  |
Total segment expenses | 562 |  | (b) | 236 |  | (c) | 798 |  |
Other: |  |  |  |  |  |
Share-based compensation expense | 3 |  |  | 2 |  |  | 5 |  |
Other segment adjustment items | 32 |  |  | — |  |  | 32 |  | (d)
Intersegment elimination | (20) |  |  | — |  |  | (20) |  | (a)
Segment Adjusted EBITDA | $ | 193 |  |  | $ | 152 |  |  | $ | 345 |  |
For the six months ended June 30, 2024 | Real Estate and Financing |  | Resort Operations and Club Management |  | Total |
Revenues from external customers | $ | 1,427 |  |  | $ | 713 |  |  | $ | 2,140 |  |
Intersegment revenues | — |  |  | 33 |  |  | 33 |  |
Total segment revenues | 1,427 |  |  | 746 |  |  | 2,173 |  | (a)
Less: |  |  |  |  |  |
Cost of VOI Sales | 113 |  |  | — |  |  | 113 |  |
Selling expense | 338 |  |  | — |  |  | 338 |  |
Marketing expense | 450 |  |  | — |  |  | 450 |  |
Financing expense | 83 |  |  | — |  |  | 83 |  |
Club expense | — |  |  | 41 |  |  | 41 |  |
Property management expense | — |  |  | 61 |  |  | 61 |  |
Rental expense | — |  |  | 340 |  |  | 340 |  |
Other expenses | 66 |  |  | 21 |  |  | 87 |  |
Total segment expenses | 1,050 |  | (b) | 463 |  | (c) | 1,513 |  |
Other: |  |  |  |  |  |
Share-based compensation expense | 6 |  |  | 3 |  |  | 9 |  |
Other segment adjustment items | 49 |  |  | — |  |  | 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.
Schedule of Adjusted EBITDA for our Reportable Segments Reconciled to Net Income (Loss) and Net Income (Loss) Attributable to Stockholders | 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) | 2025 |  | 2024 |  | 2025 |  | 2024
Adjusted EBITDA: |  |  |  |  |  |  |
Real estate sales and financing(1) | $ | 176 |  |  | $ | 193 |  |  | $ | 309 |  |  | $ | 399 |
Resort operations and club management(1) | 149 |  |  | 152 |  |  | 282 |  |  | 286 |
Segment Adjusted EBITDA | 325 |  |  | 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 affiliates | 6 |  |  | 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.
Schedule of Assets Reconciled to Consolidated Amounts | The following table presents total assets for our reportable segments, reconciled to consolidated amounts:
($ in millions) | June 30, 2025 |  | December 31, 2024
Real estate sales and financing | $ | 7,497 |  |  | $ | 7,349 |
Resort operations and club management | 3,387 |  |  | 3,163 |
Total segment assets | 10,884 |  |  | 10,512 |
Corporate | 854 |  |  | 930 |
Total assets | $ | 11,738 |  |  | $ | 11,442 |
Schedule of Capital Expenditures for Property and Equipment Reconciled to Consolidated Amounts | 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) | 2025 |  | 2024
Real estate sales and financing | $ | 76 |  |  | $ | 59 |
Resort operations and club management | 1 |  |  | 1 |
Total segment capital expenditures | 77 |  |  | 60 |
Corporate | 28 |  |  | 20 |
Total capital expenditures | $ | 105 |  |  | $ | 80 |

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