$VAC
MARRIOTT VACATIONS WORLDWIDE Corp

2013 Q1 Form 10-Q Financial Statement

#000119312513173034 Filed on April 25, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $390.0M $376.0M
YoY Change 3.72% 1.35%
Cost Of Revenue $358.0M $355.0M
YoY Change 0.85% 5.03%
Gross Profit $32.00M $21.00M
YoY Change 52.38% -36.36%
Gross Profit Margin 8.21% 5.59%
Selling, General & Admin $95.00M $93.00M
YoY Change 2.15% 1.09%
% of Gross Profit 296.88% 442.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.000M $7.000M
YoY Change -14.29% -12.5%
% of Gross Profit 18.75% 33.33%
Operating Expenses $95.00M $93.00M
YoY Change 2.15% 1.09%
Operating Profit -$63.00M -$72.00M
YoY Change -12.5% 22.03%
Interest Expense $11.00M $13.00M
YoY Change -15.38% 8.33%
% of Operating Profit
Other Income/Expense, Net $1.000M $0.00
YoY Change
Pretax Income $30.00M $17.00M
YoY Change 76.47% -48.48%
Income Tax $11.00M $8.000M
% Of Pretax Income 36.67% 47.06%
Net Earnings $19.00M $9.000M
YoY Change 111.11% -52.63%
Net Earnings / Revenue 4.87% 2.39%
Basic Earnings Per Share $0.53 $0.23
Diluted Earnings Per Share $0.51 $0.22
COMMON SHARES
Basic Shares Outstanding 35.20M shares 34.00M shares
Diluted Shares Outstanding 36.60M shares 35.70M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.0M $77.00M
YoY Change 54.55%
Cash & Equivalents $119.0M $77.00M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $873.0M $932.0M
Prepaid Expenses
Receivables $111.0M $110.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.103B $1.119B
YoY Change -1.43%
LONG-TERM ASSETS
Property, Plant & Equipment $256.0M $282.0M
YoY Change -9.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $46.00M $59.00M
YoY Change -22.03%
Total Long-Term Assets $1.466B $1.602B
YoY Change -8.49%
TOTAL ASSETS
Total Short-Term Assets $1.103B $1.119B
Total Long-Term Assets $1.466B $1.602B
Total Assets $2.569B $2.721B
YoY Change -5.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $81.00M $89.00M
YoY Change -8.99%
Accrued Expenses $241.0M $173.0M
YoY Change 39.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $774.0M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $343.0M $1.063B
YoY Change -67.73%
LONG-TERM LIABILITIES
Long-Term Debt $726.0M $40.00M
YoY Change 1715.0%
Other Long-Term Liabilities $290.0M $470.0M
YoY Change -38.3%
Total Long-Term Liabilities $1.016B $510.0M
YoY Change 99.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $343.0M $1.063B
Total Long-Term Liabilities $1.016B $510.0M
Total Liabilities $1.401B $1.573B
YoY Change -10.93%
SHAREHOLDERS EQUITY
Retained Earnings $32.00M $7.000M
YoY Change 357.14%
Common Stock $1.116B $1.118B
YoY Change -0.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.168B $1.148B
YoY Change
Total Liabilities & Shareholders Equity $2.569B $2.721B
YoY Change -5.59%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $19.00M $9.000M
YoY Change 111.11% -52.63%
Depreciation, Depletion And Amortization $6.000M $7.000M
YoY Change -14.29% -12.5%
Cash From Operating Activities -$11.00M $25.00M
YoY Change -144.0% -48.98%
INVESTING ACTIVITIES
Capital Expenditures $3.000M $3.000M
YoY Change 0.0% -50.0%
Acquisitions
YoY Change
Other Investing Activities $25.00M $22.00M
YoY Change 13.64% 120.0%
Cash From Investing Activities $22.00M $19.00M
YoY Change 15.79% 375.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.000M -77.00M
YoY Change -106.49% 54.0%
NET CHANGE
Cash From Operating Activities -11.00M 25.00M
Cash From Investing Activities 22.00M 19.00M
Cash From Financing Activities 5.000M -77.00M
Net Change In Cash 16.00M -33.00M
YoY Change -148.48% -1200.0%
FREE CASH FLOW
Cash From Operating Activities -$11.00M $25.00M
Capital Expenditures $3.000M $3.000M
Free Cash Flow -$14.00M $22.00M
YoY Change -163.64% -48.84%

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ResortManagementAndOtherServicesExpenses
44000000
CY2013Q1 dei Trading Symbol
TradingSymbol
VAC
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-22
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001524358
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-28
CY2013Q1 us-gaap Costs And Expenses
CostsAndExpenses
361000000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0102 pure
CY2013Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
22000000
CY2013Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
17000000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2013Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
25000000
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2000000
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
CY2013Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-35000000
CY2013Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-22000000
CY2013Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3000000
CY2013Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
9000000
CY2013Q1 us-gaap Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
-74000000
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1000000
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11000000
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
22000000
CY2013Q1 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
-9000000
CY2013Q1 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
-44000000
CY2013Q1 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
4000000
CY2013Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-10000000
CY2013Q1 us-gaap Increase Decrease In Customer Loyalty Program Liability
IncreaseDecreaseInCustomerLoyaltyProgramLiability
-12000000
CY2013Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
25000000
CY2013Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1000000
CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3000000
CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
16000000
CY2013Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-15000000
CY2013Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
21000000
CY2013Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
16000000
CY2013Q1 us-gaap Royalty Expense
RoyaltyExpense
13000000
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36600000 shares
CY2013Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1000000
CY2013Q1 us-gaap Time Share Revenue
TimeShareRevenue
140000000
CY2013Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1000000
CY2013Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
74000000
CY2013Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1000000
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.52
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5000000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5755 pure
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35200000 shares
CY2013Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2013Q1 us-gaap Financial Services Costs
FinancialServicesCosts
5000000
CY2013Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-10000000
CY2013Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
111000000
CY2013Q1 us-gaap Revenues
Revenues
389000000
CY2013Q1 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 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 related to the timeshare business for the tax years through the Spin-Off.
CY2013Q1 us-gaap Depreciation
Depreciation
6000000
CY2013Q1 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-8000000
CY2013Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1000000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
29000000
CY2013Q1 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
11000000
CY2013Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
4000000
CY2013Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1000000
CY2013Q1 us-gaap Reimbursement Revenue
ReimbursementRevenue
91000000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
18000000
CY2013Q1 us-gaap Financial Services Revenue
FinancialServicesRevenue
33000000
CY2013Q1 us-gaap Interest Paid Net
InterestPaidNet
8000000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11000000
CY2013Q1 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
91000000
CY2013Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
103000000
CY2013Q1 us-gaap Time Sharing Transactions Direct Write Offs Charged Against Allowance
TimeSharingTransactionsDirectWriteOffsChargedAgainstAllowance
11000000
CY2013Q1 us-gaap Interest Expense
InterestExpense
11000000
CY2013Q1 vac Revenue Other
RevenueOther
6000000
CY2013Q1 vac Reversal Of Litigation Charge
ReversalOfLitigationCharge
1000000
CY2013Q1 vac Financing Receivable Average Investment Nonaccrual Loans
FinancingReceivableAverageInvestmentNonaccrualLoans
84000000
CY2013Q1 vac Rental Revenue
RentalRevenue
63000000
CY2013Q1 vac Rental Expenses
RentalExpenses
56000000
CY2013Q1 vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
600000 shares
CY2013Q1 vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
800000 shares
CY2013Q1 vac Number Of Notes Receivable Pools Under Performance Triggers
NumberOfNotesReceivablePoolsUnderPerformanceTriggers
0 Loan
CY2013Q1 vac Number Of Sources Of Revenues
NumberOfSourcesOfRevenues
4 Line
CY2013Q1 vac Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividends Per Share
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendsPerShare
0
CY2013Q1 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
5000000
CY2013Q1 vac Vacation Time Share Product Costs
VacationTimeShareProductCosts
44000000
CY2013Q1 vac Interest On Notes Receivable
InterestOnNotesReceivable
32000000
CY2013Q1 vac Organizational And Separation Related Charges
OrganizationalAndSeparationRelatedCharges
1000000
CY2013Q1 vac Litigation Settlement
LitigationSettlement
-1000000
CY2013Q1 vac Capitalized Organizational And Separation Related Costs
CapitalizedOrganizationalAndSeparationRelatedCosts
1000000
CY2013Q1 vac Resort Management And Other Services Revenue
ResortManagementAndOtherServicesRevenue
56000000
CY2013Q1 vac Resort Management And Other Services Expenses
ResortManagementAndOtherServicesExpenses
42000000
CY2013Q1 vac Other Notes Receivable Reserve Changes
OtherNotesReceivableReserveChanges
-1000000

Files In Submission

Name View Source Status
0001193125-13-173034-index-headers.html Edgar Link pending
0001193125-13-173034-index.html Edgar Link pending
0001193125-13-173034.txt Edgar Link pending
0001193125-13-173034-xbrl.zip Edgar Link pending
d500890d10q.htm Edgar Link pending
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vac-20130322.xml Edgar Link completed
vac-20130322.xsd Edgar Link pending
vac-20130322_cal.xml Edgar Link unprocessable
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vac-20130322_lab.xml Edgar Link unprocessable
vac-20130322_pre.xml Edgar Link unprocessable