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  "documentTitle": "2019 Investor Presentation",
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      "text": "1 Represents the estimated investment in, as well as the proceeds from the subsequent sale of, the operating portion of the Surfers Paradise hotel.\n2 Represents the portion of the Q1 2016 liability for Marriott Rewards customer loyalty program payment that was accelerated into Q4 2015.\n3 Represents $33 million payment associated with capital efficient inventory arrangements, partially offset by an adjustment to exclude $6 million of losses resulting from fraudulently induced electronic wire payment disbursements made to third parties.\n4 Represents the net change in borrowings available from the securitization of eligible vacation ownership notes receivable between year ends.",
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      "text": "NOTE: Beginning in fiscal year 2017, we now present the change in restricted cash as an adjustment to free cash flow, rather than including the change in restricted cash in free cash flow, but have not restated prior year presentation for this change.",
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      "text": "Adjusted Free Cash Flow: $907",
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