$VAC
MARRIOTT VACATIONS WORLDWIDE Corp

2012 Q2 Form 10-Q Financial Statement

#000119312512316771 Filed on July 26, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $383.0M $380.0M
YoY Change 0.79%
Cost Of Revenue $372.0M $352.0M
YoY Change 5.68%
Gross Profit $11.00M $28.00M
YoY Change -60.71%
Gross Profit Margin 2.87% 7.37%
Selling, General & Admin $98.00M $100.0M
YoY Change -2.0%
% of Gross Profit 890.91% 357.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.000M $8.000M
YoY Change -12.5% -50.0%
% of Gross Profit 63.64% 28.57%
Operating Expenses $98.00M $100.0M
YoY Change -2.0%
Operating Profit -$87.00M -$72.00M
YoY Change 20.83%
Interest Expense $14.00M $10.00M
YoY Change 40.0%
% of Operating Profit
Other Income/Expense, Net -$5.000M
YoY Change
Pretax Income $9.000M $28.00M
YoY Change -67.86%
Income Tax $4.000M $12.00M
% Of Pretax Income 44.44% 42.86%
Net Earnings $5.000M $16.00M
YoY Change -68.75%
Net Earnings / Revenue 1.31% 4.21%
Basic Earnings Per Share $0.16 $0.47
Diluted Earnings Per Share $0.15 $0.47
COMMON SHARES
Basic Shares Outstanding 34.30M shares 33.70M shares
Diluted Shares Outstanding 36.10M shares 33.70M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.00M $25.00M
YoY Change 232.0%
Cash & Equivalents $83.00M $25.00M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $907.0M $1.349B
Prepaid Expenses
Receivables $101.0M $97.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.091B $1.471B
YoY Change -25.83%
LONG-TERM ASSETS
Property, Plant & Equipment $275.0M $306.0M
YoY Change -10.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $72.00M $391.0M
YoY Change -81.59%
Total Long-Term Assets $1.556B $2.021B
YoY Change -23.01%
TOTAL ASSETS
Total Short-Term Assets $1.091B $1.471B
Total Long-Term Assets $1.556B $2.021B
Total Assets $2.647B $3.492B
YoY Change -24.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $81.00M $62.00M
YoY Change 30.65%
Accrued Expenses $186.0M $169.0M
YoY Change 10.06%
Deferred Revenue
YoY Change
Short-Term Debt $714.0M $898.0M
YoY Change -20.49%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.016B $1.170B
YoY Change -13.16%
LONG-TERM LIABILITIES
Long-Term Debt $40.00M $0.00
YoY Change
Other Long-Term Liabilities $437.0M $406.0M
YoY Change 7.64%
Total Long-Term Liabilities $477.0M $406.0M
YoY Change 17.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.016B $1.170B
Total Long-Term Liabilities $477.0M $406.0M
Total Liabilities $1.493B $1.576B
YoY Change -5.27%
SHAREHOLDERS EQUITY
Retained Earnings $15.00M
YoY Change
Common Stock $1.122B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.154B $1.916B
YoY Change
Total Liabilities & Shareholders Equity $2.647B $3.492B
YoY Change -24.2%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $5.000M $16.00M
YoY Change -68.75%
Depreciation, Depletion And Amortization $7.000M $8.000M
YoY Change -12.5% -50.0%
Cash From Operating Activities $81.00M $111.0M
YoY Change -27.03% -45.85%
INVESTING ACTIVITIES
Capital Expenditures -$4.000M -$2.000M
YoY Change 100.0% -84.62%
Acquisitions
YoY Change
Other Investing Activities -$10.00M -$19.00M
YoY Change -47.37%
Cash From Investing Activities -$14.00M -$21.00M
YoY Change -33.33% 61.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -59.00M -94.00M
YoY Change -37.23% -52.04%
NET CHANGE
Cash From Operating Activities 81.00M 111.0M
Cash From Investing Activities -14.00M -21.00M
Cash From Financing Activities -59.00M -94.00M
Net Change In Cash 8.000M -4.000M
YoY Change -300.0% 0.0%
FREE CASH FLOW
Cash From Operating Activities $81.00M $111.0M
Capital Expenditures -$4.000M -$2.000M
Free Cash Flow $85.00M $113.0M
YoY Change -24.78% -48.17%

Facts In Submission

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76000000
dei Trading Symbol
TradingSymbol
VAC
dei Entity Registrant Name
EntityRegistrantName
MARRIOTT VACATIONS WORLDWIDE CORP
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-06-15
dei Entity Central Index Key
EntityCentralIndexKey
0001524358
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-28
us-gaap Costs And Expenses
CostsAndExpenses
728000000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
17000000
us-gaap Service Management Costs
ServiceManagementCosts
93000000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15000000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
15000000
us-gaap Share Based Compensation
ShareBasedCompensation
6000000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-56000000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7000000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-27000000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
4000000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-9000000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3000000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions
5000000
us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
23000000
us-gaap Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
148000000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3000000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
106000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
5000000
us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
99000000
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
3000000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
5000000
us-gaap Increase Decrease In Customer Loyalty Program Liability
IncreaseDecreaseInCustomerLoyaltyProgramLiability
-31000000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
15000000
us-gaap Management Fees Revenue
ManagementFeesRevenue
116000000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3000000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
47000000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 Segment
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-21000000
us-gaap Royalty Expense
RoyaltyExpense
27000000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2000000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
152000000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2000000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
us-gaap Time Share Revenue
TimeShareRevenue
279000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35900000 shares
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-136000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34200000 shares
us-gaap Financial Services Costs
FinancialServicesCosts
13000000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-51000000
us-gaap Revenues
Revenues
755000000
us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
Marriott Vacations Worldwide has joined in the Marriott International U.S. Federal tax consolidated filing for all years prior to 2011 and a portion of 2011 up to the date of the Spin-Off. The IRS has examined Marriott International's federal income tax returns, and it has settled all issues for the tax years through 2009. Marriott International participated in the IRS Compliance Assurance Program for the 2011 and 2010 tax years.
us-gaap Depreciation
Depreciation
14000000
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-2000000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
29000000
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-4000000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
5000000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-17000000
us-gaap Reimbursement Revenue
ReimbursementRevenue
165000000
us-gaap Net Income Loss
NetIncomeLoss
17000000
us-gaap Financial Services Revenue
FinancialServicesRevenue
71000000
us-gaap Interest Paid Net
InterestPaidNet
21000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12000000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-2000000
us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
165000000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
136000000
us-gaap Time Sharing Transactions Direct Write Offs Charged Against Allowance
TimeSharingTransactionsDirectWriteOffsChargedAgainstAllowance
30000000
us-gaap Interest Expense
InterestExpense
27000000
vac Revenue Other
RevenueOther
14000000
vac Financing Receivable Average Investment Nonaccrual Loans
FinancingReceivableAverageInvestmentNonaccrualLoans
99000000
vac Rental Revenue
RentalRevenue
110000000
vac Rental Expenses
RentalExpenses
100000000
vac Impairment Reversal On Equity Investment
ImpairmentReversalOnEquityInvestment
2000000
vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
700000 shares
vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
1000000 shares
vac Number Of Sources Of Revenues
NumberOfSourcesOfRevenues
4 Line
vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
6000000
vac Vacation Time Share Product Costs
VacationTimeShareProductCosts
99000000
vac Interest On Notes Receivable
InterestOnNotesReceivable
68000000
CY2011 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
6000000
CY2011Q2 us-gaap Costs And Expenses
CostsAndExpenses
352000000
CY2011Q2 us-gaap Service Management Costs
ServiceManagementCosts
47000000
CY2011Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
16000000
CY2011Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
CY2011Q2 us-gaap Management Fees Revenue
ManagementFeesRevenue
57000000
CY2011Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
19000000
CY2011Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33700000 shares
CY2011Q2 us-gaap Time Share Revenue
TimeShareRevenue
152000000
CY2011Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
81000000
CY2011Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33700000 shares
CY2011Q2 us-gaap Financial Services Costs
FinancialServicesCosts
7000000
CY2011Q2 us-gaap Revenues
Revenues
380000000
CY2011Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
28000000
CY2011Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
3000000
CY2011Q2 us-gaap Reimbursement Revenue
ReimbursementRevenue
77000000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
16000000
CY2011Q2 us-gaap Financial Services Revenue
FinancialServicesRevenue
39000000
CY2011Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12000000
CY2011Q2 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
77000000
CY2011Q2 us-gaap Interest Expense
InterestExpense
10000000
CY2011Q2 vac Revenue Other
RevenueOther
9000000
CY2011Q2 vac Rental Revenue
RentalRevenue
46000000
CY2011Q2 vac Rental Expenses
RentalExpenses
47000000
CY2011Q2 vac Vacation Time Share Product Costs
VacationTimeShareProductCosts
61000000
CY2011Q2 vac Interest On Notes Receivable
InterestOnNotesReceivable
37000000
CY2012Q2 us-gaap Costs And Expenses
CostsAndExpenses
373000000
CY2012Q2 us-gaap Service Management Costs
ServiceManagementCosts
49000000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2000000
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36100000 shares
CY2012Q2 us-gaap Time Share Revenue
TimeShareRevenue
145000000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
CY2012Q2 us-gaap Management Fees Revenue
ManagementFeesRevenue
62000000
CY2012Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
26000000
CY2012Q2 us-gaap Royalty Expense
RoyaltyExpense
14000000
CY2012Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-6000000
CY2012Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
78000000
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-6000000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34300000 shares
CY2012Q2 us-gaap Financial Services Costs
FinancialServicesCosts
7000000
CY2012Q2 us-gaap Revenues
Revenues
383000000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12000000
CY2012Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
3000000
CY2012Q2 us-gaap Reimbursement Revenue
ReimbursementRevenue
79000000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2012Q2 us-gaap Financial Services Revenue
FinancialServicesRevenue
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CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000000
CY2012Q2 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
79000000
CY2012Q2 us-gaap Interest Expense
InterestExpense
14000000
CY2012Q2 vac Revenue Other
RevenueOther
8000000
CY2012Q2 vac Rental Revenue
RentalRevenue
54000000
CY2012Q2 vac Rental Expenses
RentalExpenses
52000000
CY2012Q2 vac Impairment Reversal On Equity Investment
ImpairmentReversalOnEquityInvestment
2000000
CY2012Q2 vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
700000 shares
CY2012Q2 vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
1100000 shares
CY2012Q2 vac Vacation Time Share Product Costs
VacationTimeShareProductCosts
51000000
CY2012Q2 vac Interest On Notes Receivable
InterestOnNotesReceivable
33000000

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