$VAC
Marriott Vacations Worldwide Corp

2012 Q4 Form 10-K Financial Statement

#000119312513070988 Filed on February 22, 2013

View on sec.gov

Income Statement

Concept 2012 Q4 2012 2011 Q4
Revenue $499.0M $1.639B $484.0M
YoY Change 3.1% 0.92% 1.04%
Cost Of Revenue $519.0M $1.603B $459.0M
YoY Change 13.07% -12.55% 85.83%
Gross Profit -$20.00M $36.00M $25.00M
YoY Change -180.0% -117.22% -89.22%
Gross Profit Margin -4.01% 2.2% 5.17%
Selling, General & Admin $212.0M $415.0M $217.0M
YoY Change -2.3% -1.66% 9.05%
% of Gross Profit 1152.78% 868.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.000M $30.00M $10.00M
YoY Change -10.0% -9.09% -9.09%
% of Gross Profit 83.33% 40.0%
Operating Expenses $212.0M $415.0M $217.0M
YoY Change -2.3% -1.66% 9.05%
Operating Profit -$232.0M -$379.0M -$192.0M
YoY Change 20.83% -39.94% -681.82%
Interest Expense -$14.00M $58.00M -$15.00M
YoY Change -6.67% 23.4% 275.0%
% of Operating Profit
Other Income/Expense, Net $9.000M $9.000M
YoY Change 350.0%
Pretax Income -$11.00M $31.00M $27.00M
YoY Change -140.74% -114.29% -20.59%
Income Tax $1.000M $24.00M $19.00M
% Of Pretax Income 77.42% 70.37%
Net Earnings -$7.000M $7.000M $8.000M
YoY Change -187.5% -104.07% -55.56%
Net Earnings / Revenue -1.4% 0.43% 1.65%
Basic Earnings Per Share -$0.22 $0.19 $0.24
Diluted Earnings Per Share -$0.22 $0.18 $0.23
COMMON SHARES
Basic Shares Outstanding 34.52M shares 34.40M shares
Diluted Shares Outstanding 36.20M shares 34.20M shares

Balance Sheet

Concept 2012 Q4 2012 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.0M $103.0M $110.0M
YoY Change -6.36% -6.36% 323.08%
Cash & Equivalents $102.9M $103.0M $110.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $888.0M $888.0M $959.0M
Prepaid Expenses
Receivables $100.0M $100.0M $105.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.091B $1.091B $1.174B
YoY Change -7.07% -7.07% -23.67%
LONG-TERM ASSETS
Property, Plant & Equipment $261.0M $261.0M $285.0M
YoY Change -8.42% -8.42% -8.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $68.00M $68.00M $81.00M
YoY Change -16.05% -16.05% -79.7%
Total Long-Term Assets $1.522B $1.522B $1.671B
YoY Change -8.92% -8.97% -20.58%
TOTAL ASSETS
Total Short-Term Assets $1.091B $1.091B $1.174B
Total Long-Term Assets $1.522B $1.522B $1.671B
Total Assets $2.613B $2.613B $2.845B
YoY Change -8.15% -8.19% -21.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $113.0M $113.0M $145.0M
YoY Change -22.07% -22.07% 66.67%
Accrued Expenses $263.0M $263.0M $176.0M
YoY Change 49.43% 49.43% 7.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $850.0M
YoY Change -100.0% -100.0% -16.83%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $408.0M $408.0M $1.200B
YoY Change -66.0% -66.0% -9.71%
LONG-TERM LIABILITIES
Long-Term Debt $718.0M $718.0M $40.00M
YoY Change 1695.0% 1695.0%
Other Long-Term Liabilities $306.0M $306.0M $472.0M
YoY Change -35.17% -35.17% 15.4%
Total Long-Term Liabilities $1.024B $1.024B $512.0M
YoY Change 100.0% 100.0% 25.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $408.0M $408.0M $1.200B
Total Long-Term Liabilities $1.024B $1.024B $512.0M
Total Liabilities $1.474B $1.474B $1.711B
YoY Change -13.85% -13.9% -1.55%
SHAREHOLDERS EQUITY
Retained Earnings $2.000M -$2.000M
YoY Change -200.0%
Common Stock $1.116B $1.117B
YoY Change -0.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $1.138B $1.139B $1.131B
YoY Change
Total Liabilities & Shareholders Equity $2.613B $2.613B $2.845B
YoY Change -8.15% -8.19% -21.88%

Cashflow Statement

Concept 2012 Q4 2012 2011 Q4
OPERATING ACTIVITIES
Net Income -$7.000M $7.000M $8.000M
YoY Change -187.5% -104.07% -55.56%
Depreciation, Depletion And Amortization $9.000M $30.00M $10.00M
YoY Change -10.0% -9.09% -9.09%
Cash From Operating Activities $5.000M $163.0M $73.00M
YoY Change -93.15% -49.22% 87.18%
INVESTING ACTIVITIES
Capital Expenditures -$6.000M $17.00M -$4.000M
YoY Change 50.0% 13.33% -33.33%
Acquisitions
YoY Change
Other Investing Activities $8.000M $20.00M $3.000M
YoY Change 166.67% -16.67% -95.24%
Cash From Investing Activities $2.000M $3.000M -$1.000M
YoY Change -300.0% -66.67% -101.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -116.0M -172.0M 13.00M
YoY Change -992.31% -30.08% -111.93%
NET CHANGE
Cash From Operating Activities 5.000M 163.0M 73.00M
Cash From Investing Activities 2.000M 3.000M -1.000M
Cash From Financing Activities -116.0M -172.0M 13.00M
Net Change In Cash -109.0M -6.000M 85.00M
YoY Change -228.24% -107.14% -753.85%
FREE CASH FLOW
Cash From Operating Activities $5.000M $163.0M $73.00M
Capital Expenditures -$6.000M $17.00M -$4.000M
Free Cash Flow $11.00M $146.0M $77.00M
YoY Change -85.71% -52.29% 71.11%

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CY2011Q4 us-gaap Deferred Tax Liabilities Deferred Expense Reserves And Accruals
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CY2011Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
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CY2011Q4 us-gaap Financing Receivable Recorded Investment Current
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CY2011Q4 us-gaap Preferred Stock Shares Authorized
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CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2011Q4 us-gaap Assets
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CY2011Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2011Q4 us-gaap Liabilities And Stockholders Equity
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CY2011Q4 us-gaap Other Liabilities
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CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2011Q4 us-gaap Employee Related Liabilities Current And Noncurrent
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CY2011Q4 us-gaap Common Stock Shares Issued
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CY2011Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2011Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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CY2011Q4 us-gaap Deferred Revenue
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CY2011Q4 us-gaap Common Stock Value
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CY2011Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2011Q4 us-gaap Land
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CY2011Q4 us-gaap Inventory Finished Goods
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CY2011Q4 us-gaap Preferred Stock Shares Outstanding
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CY2011Q4 us-gaap Preferred Stock Shares Issued
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CY2011Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2011Q4 us-gaap Property Plant And Equipment Net
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CY2011Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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CY2011Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
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CY2011Q4 vac Financing Receivable Recorded Investment Greater Than One Hundred Fifty Days Past Due
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CY2012 us-gaap Increase Decrease In Other Operating Liabilities
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CY2012 us-gaap Service Management Costs
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CY2012 dei Entity Voluntary Filers
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CY2012 dei Document Fiscal Year Focus
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2012
CY2011Q4 vac Financing Receivable Recorded Investment Thirty One To Ninety Days Past Due
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CY2011Q4 vac Financing Receivable Recorded Investment Ninety One To One Hundred Fifty Days Past Due
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CY2011Q4 vac Information Technology Assets Gross
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CY2011Q4 vac Financing Receivable Recorded Investment Before Reserves
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CY2011Q4 vac Inventory Land And Infrastructure
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CY2011Q4 vac Deferred Tax Assets Liabilities Gross
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CY2011Q4 vac Operating Supplies And Inventories
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CY2011Q4 vac Accounts And Contracts Receivable Net
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CY2011Q4 vac Liability For Rewards Loyalty Program Current And Noncurrent
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CY2011Q4 vac Notes Receivable Estimated Average Default Rates
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CY2011Q4 vac Inventory Timeshare
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CY2011Q4 vac Non Defaulted Notes Receivable Repurchased
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CY2011Q4 vac Deferred Tax Assets Financing
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CY2012 dei Trading Symbol
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VAC
CY2012 dei Entity Registrant Name
EntityRegistrantName
MARRIOTT VACATIONS WORLDWIDE CORPCORP
CY2012 dei Entity Current Reporting Status
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Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012 dei Document Fiscal Period Focus
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FY
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-28
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0001524358
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2012 dei Current Fiscal Year End Date
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--12-28
CY2012 us-gaap Costs And Expenses
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1623000000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2012 us-gaap Comprehensive Income Net Of Tax
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CY2012 us-gaap Current Income Tax Expense Benefit
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CY2012 us-gaap Revenue Recognition Multiple Element Arrangements
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Multiple-Element Transactions</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">From time to time, we enter into transactions involving multiple elements. We analyze contracts with multiple elements under the accounting guidance for revenue recognition in multiple-element arrangements. If we enter into transactions for the sale of multiple products or services, we evaluate whether the delivered elements have value to the customer on a stand-alone basis, and whether there is objective and reliable evidence of fair value for each undelivered element in the transaction. If these criteria are met, then we account for each deliverable in the transaction separately. We generally recognize revenue for undelivered elements on a straight-line basis over the contractual performance period for time-based elements or upon delivery to the customer. If we are unable to determine the fair value of one or more undelivered elements in the transaction, we recognize the revenue on a straight-line basis over the period in which the last deliverable is provided to the customer.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Multiple-element transactions require judgment to determine the selling price or fair value of the different elements. The judgments impact the amount of revenue and expenses recognized over the term of the contract, as well as the period in which they are recognized.</font></p> </div>
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CY2012 us-gaap Proceeds From Lines Of Credit
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CY2012 us-gaap Share Based Compensation
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2012 us-gaap Earnings Per Share Diluted
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0.44
CY2012 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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CY2012 us-gaap Management Fees Base Revenue
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CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2012 us-gaap Increase Decrease In Restricted Cash
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CY2012 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2012 us-gaap Profit Loss
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CY2012 us-gaap Provision For Loan And Lease Losses
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CY2012 us-gaap Pension Expense
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CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2012 us-gaap Current Federal Tax Expense Benefit
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CY2012 us-gaap Effective Income Tax Rate Continuing Operations
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CY2012 us-gaap Mortgage Loans On Real Estate Collections Of Principal
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CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2012 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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CY2012 us-gaap Net Cash Provided By Used In Operating Activities
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CY2012 us-gaap Payments Of Debt Issuance Costs
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CY2012 us-gaap Income Taxes Paid
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CY2012 us-gaap Provision For Loan Lease And Other Losses
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CY2012 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2012 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
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CY2012 us-gaap Increase Decrease In Deferred Revenue
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CY2012 us-gaap Property Plant And Equipment Impairment
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<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Valuation of Property and Equipment</i></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Property and equipment includes our sales centers, golf courses, information technology and other assets used in the normal course of business, as well as land parcels that are not part of an approved development plan and do not meet the criteria to be classified as held for sale. We test long-lived asset groups for recoverability when changes in circumstances indicate the carrying value may not be recoverable, for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, and significant negative industry or economic trends. We also perform a test for recoverability when management has committed to a plan to sell or otherwise dispose of an asset group and we expect the plan will be completed within a year. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life. Refer to Footnote No.&#xA0;8, &#x201C;Property and Equipment,&#x201D; for additional information.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">For information on impairment losses that we recorded associated with long-lived assets, see Footnote No.&#xA0;16, &#x201C;Impairment Charges.&#x201D;</font></p> </div>
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CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2012 us-gaap Stock Option Plan Expense
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CY2012 us-gaap Payments To Acquire Property Plant And Equipment
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CY2012 us-gaap Royalty Expense
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CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2012 us-gaap Sales Revenue Net
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CY2012 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2012 us-gaap Selling And Marketing Expense
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CY2012 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2012 us-gaap Earnings Per Share Basic
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CY2012 us-gaap Operating Leases Rent Expense Minimum Rentals
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CY2012 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012 us-gaap Number Of Reportable Segments
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CY2012 us-gaap Financial Services Costs
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CY2012 us-gaap Increase Decrease In Inventories
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CY2012 us-gaap Current State And Local Tax Expense Benefit
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CY2012 us-gaap Operating Leases Rent Expense Net
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CY2012 us-gaap Proceeds From Issuance Of Secured Debt
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CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2012 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2012 us-gaap Income Loss From Equity Method Investments
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CY2012 us-gaap Other Operating Activities Cash Flow Statement
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CY2012 us-gaap Revenues
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CY2012 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2012 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2012 us-gaap Income Tax Examination Description
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We have joined in the Marriott International U.S. Federal tax consolidated filing for all years prior to 2011 and the 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.
CY2012 us-gaap Depreciation
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CY2012 us-gaap Increase Decrease In Deferred Compensation
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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CY2012 us-gaap Deferred Income Tax Expense Benefit
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CY2012 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2012 us-gaap Reimbursement Revenue
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CY2012 us-gaap Net Income Loss
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CY2012 us-gaap Financial Services Revenue
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CY2012 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2012 us-gaap Interest Paid Net
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CY2012 us-gaap Income Tax Expense Benefit
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CY2012 us-gaap Cost Of Reimbursable Expense
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CY2012 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
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CY2012 us-gaap Repayments Of Secured Debt
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CY2012 us-gaap Time Sharing Transactions Direct Write Offs Charged Against Allowance
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CY2012 us-gaap Interest Expense
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CY2012 vac Revenue Other
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CY2012 vac Total Deferred Income Tax Expense Benefit
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CY2012 vac Defaulted Mortgage Loans Repurchased
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CY2012 vac Income Tax Holiday Tax Savings
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CY2012 vac Rental Revenue
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CY2012 vac Rental Expenses
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CY2012 vac Impairment Reversal On Equity Investment
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CY2012 vac Incremental Common Shares Attributable To Restricted Stock Units
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CY2012 vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
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CY2012 vac Operating Loss Carryforwards Expiration Year
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2013
CY2012 vac Income Tax Holiday Termination Year
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CY2012 vac Number Of Notes Receivable Pools Under Performance Triggers
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4 Loan
CY2012 vac Number Of Sources Of Revenues
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4 Line
CY2012 vac Payment Period
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CY2012 vac Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividends Per Share
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CY2012 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
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CY2012 vac Percentage Of Down Payments To Total Purchase Price Of Property
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CY2012 vac Vacation Time Share Product Costs
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CY2012 vac Interest On Notes Receivable
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CY2012 vac Past Due Period
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CY2012 vac Number Of Weeks In Fiscal Years
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CY2012 vac Organizational And Separation Related Charges
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CY2012 vac Stock Based Compensation Stock Options Granted
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CY2012 vac Period Of Payment
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CY2012 vac Capitalized Salaries And Related Costs
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CY2012 vac Past Due Loan Suspend Accrual Of Interest Period
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CY2012 vac Litigation Settlement
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CY2012 vac Capitalized Organizational And Separation Related Costs
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CY2012 vac Real Estate Inventory True Ups
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CY2012 vac Employee Service Share Based Compensation Tax Benefit From Compensation Expense Or Realized From Exercise Of Stock Options
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CY2012 vac Effective Income Tax Rate Reconciliation Return To Provision Differential
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CY2012 vac Significant Acquisitions And Disposals Acquisition Cash Proceeds
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CY2012 vac Annual Rate Of Return Edc
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CY2011 us-gaap Costs And Expenses
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2011 us-gaap Service Management Costs
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CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2011 us-gaap Comprehensive Income Net Of Tax
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CY2011 us-gaap Current Income Tax Expense Benefit
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CY2011 us-gaap Proceeds From Collection Of Notes Receivable
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CY2011 us-gaap Proceeds From Lines Of Credit
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CY2011 us-gaap Share Based Compensation
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CY2011 us-gaap Earnings Per Share Diluted
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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CY2011 us-gaap Management Fees Base Revenue
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CY2011 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2011 us-gaap Increase Decrease In Restricted Cash
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CY2011 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2011 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2011 us-gaap Profit Loss
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CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2011 us-gaap Pension Expense
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