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BUSINESS SEGMENTS | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
BUSINESS SEGMENTS |
15. | BUSINESS SEGMENTS
We define our reportable segments based on the way in which the chief operating decision maker (“CODM”), currently our chief executive officer, manages the operations of the Company for purposes of allocating resources and assessing performance. We operate in two operating and reportable business segments: Vacation Ownership and Exchange & Third-Party Management. Our CODM evaluates the performance of our segments based primarily on the results of the segment without allocating corporate expenses or income taxes. We do not allocate corporate interest expense or indirect general and administrative expenses to our segments. We include interest income specific to segment activities within the appropriate segment. We allocate depreciation and amortization, other gains and losses, equity in earnings or losses from our joint ventures, and noncontrolling interest to each of our segments as appropriate. Corporate and other represents that portion of our results that are not allocable to our segments, including those relating to consolidated owners’ associations, as our CODM does not use this information to make operating segment resource allocations. Our CODM uses Adjusted Earnings before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) to evaluate the profitability of our operating segments, and the components of net income attributable to common stockholders excluded from Adjusted EBITDA are not separately evaluated. Our CODM reviews budget-to-actual and/or forecast-to-actual variances on a monthly basis using Adjusted EBITDA to make decisions about capital allocation and resource distribution to the segments. Adjusted EBITDA is defined as net income attributable to common stockholders, before interest expense (excluding consumer financing interest expense associated with term securitization transactions), income taxes, depreciation and amortization, excluding share-based compensation expense and amortization of cloud computing software implementation costs, and adjusted for certain items that affect the comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated net income attributable to common stockholders is presented below. Segment Revenues and Adjusted EBITDA 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, 2025 |  | March 31, 2024
($ in millions) | Vacation Ownership |  | Exchange & Third-Party Management |  | Total |  | Vacation Ownership |  | Exchange & Third-Party Management |  | Total
Revenues from external customers | $ | 1,135 |  |  | $ | 58 |  |  | $ | 1,193 |  |  | $ | 1,130 |  |  | $ | 65 |  |  | $ | 1,195 |
Reconciliation of revenues |  |  |  |  |  |  |  |  |  |  |
Corporate and other(1) |  |  |  |  | 7 |  |  |  |  |  |  | — |
Total consolidated revenues |  |  |  |  | $ | 1,200 |  |  |  |  |  |  | $ | 1,195 |
Cost of vacation ownership products | (42) |  |  | — |  |  |  |  | (53) |  |  | — |  |  |
Marketing and sales | (234) |  |  | — |  |  |  |  | (223) |  |  | — |  |  |
Management and exchange | (72) |  |  | (29) |  |  |  |  | (71) |  |  | (31) |  |  |
Rental | (126) |  |  | — |  |  |  |  | (110) |  |  | — |  |  |
Financing | (36) |  |  | — |  |  |  |  | (34) |  |  | — |  |  |
Royalty fee | (28) |  |  | — |  |  |  |  | (28) |  |  | — |  |  |
Other segment items(2) | (376) |  |  | (1) |  |  |  |  | (398) |  |  | (2) |  |  |
Segment Adjusted EBITDA | 221 |  |  | 28 |  |  | 249 |  |  | 213 |  |  | 32 |  |  | 245 |
Corporate and other(1) |  |  |  |  | (57) |  |  |  |  |  |  | (58) |
Interest expense, net |  |  |  |  | (40) |  |  |  |  |  |  | (40) |
Depreciation and amortization |  |  |  |  | (38) |  |  |  |  |  |  | (38) |
Share-based compensation expense |  |  |  |  | (7) |  |  |  |  |  |  | (7) |
Amortization of cloud computing software implementation costs |  |  |  |  | (1) |  |  |  |  |  |  | — |
Certain items |  |  |  |  | (5) |  |  |  |  |  |  | (20) |
Provision for income taxes |  |  |  |  | (45) |  |  |  |  |  |  | (35) |
Net income attributable to common stockholders |  |  |  |  | $ | 56 |  |  |  |  |  |  | $ | 47 |
(1)Corporate and Other consist of results that are not allocable to our segments, including company-wide general and administrative expenses, corporate interest expense, transaction and integration costs, and income taxes. 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)Other segment items include cost reimbursements, non-cash share-based compensation, amortization of cloud computing software implementation costs, and other. Assets
($ in millions) | At March 31, 2025 |  | At December 31, 2024
Vacation Ownership | $ | 8,416 |  |  | $ | 8,296 |
Exchange & Third-Party Management | 759 |  |  | 777 |
Total segment assets | 9,175 |  |  | 9,073 |
Corporate and other | 707 |  |  | 735 |
| $ | 9,882 |  |  | $ | 9,808 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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