$VAC
MARRIOTT VACATIONS WORLDWIDE Corp

2013 Q2 Form 10-Q Financial Statement

#000119312513294028 Filed on July 18, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $421.0M $383.0M
YoY Change 9.92% 0.79%
Cost Of Revenue $373.0M $372.0M
YoY Change 0.27% 5.68%
Gross Profit $48.00M $11.00M
YoY Change 336.36% -60.71%
Gross Profit Margin 11.4% 2.87%
Selling, General & Admin $96.00M $98.00M
YoY Change -2.04% -2.0%
% of Gross Profit 200.0% 890.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.000M $7.000M
YoY Change -28.57% -12.5%
% of Gross Profit 10.42% 63.64%
Operating Expenses $96.00M $98.00M
YoY Change -2.04% -2.0%
Operating Profit -$48.00M -$87.00M
YoY Change -44.83% 20.83%
Interest Expense $11.00M $14.00M
YoY Change -21.43% 40.0%
% of Operating Profit
Other Income/Expense, Net $0.00 -$5.000M
YoY Change -100.0%
Pretax Income $44.00M $9.000M
YoY Change 388.89% -67.86%
Income Tax $14.00M $4.000M
% Of Pretax Income 31.82% 44.44%
Net Earnings $30.00M $5.000M
YoY Change 500.0% -68.75%
Net Earnings / Revenue 7.13% 1.31%
Basic Earnings Per Share $0.87 $0.16
Diluted Earnings Per Share $0.85 $0.15
COMMON SHARES
Basic Shares Outstanding 35.40M shares 34.30M shares
Diluted Shares Outstanding 36.60M shares 36.10M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.0M $83.00M
YoY Change 25.3% 232.0%
Cash & Equivalents $104.0M $83.00M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $869.0M $907.0M
Prepaid Expenses
Receivables $101.0M $101.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.074B $1.091B
YoY Change -1.56% -25.83%
LONG-TERM ASSETS
Property, Plant & Equipment $252.0M $275.0M
YoY Change -8.36% -10.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $64.00M $72.00M
YoY Change -11.11% -81.59%
Total Long-Term Assets $1.437B $1.556B
YoY Change -7.65% -23.01%
TOTAL ASSETS
Total Short-Term Assets $1.074B $1.091B
Total Long-Term Assets $1.437B $1.556B
Total Assets $2.511B $2.647B
YoY Change -5.14% -24.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $81.00M $81.00M
YoY Change 0.0% 30.65%
Accrued Expenses $226.0M $186.0M
YoY Change 21.51% 10.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $714.0M
YoY Change -100.0% -20.49%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $328.0M $1.016B
YoY Change -67.72% -13.16%
LONG-TERM LIABILITIES
Long-Term Debt $687.0M $40.00M
YoY Change 1617.5%
Other Long-Term Liabilities $265.0M $437.0M
YoY Change -39.36% 7.64%
Total Long-Term Liabilities $952.0M $477.0M
YoY Change 99.58% 17.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $328.0M $1.016B
Total Long-Term Liabilities $952.0M $477.0M
Total Liabilities $1.321B $1.493B
YoY Change -11.52% -5.27%
SHAREHOLDERS EQUITY
Retained Earnings $51.00M $15.00M
YoY Change 240.0%
Common Stock $1.119B $1.122B
YoY Change -0.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.190B $1.154B
YoY Change
Total Liabilities & Shareholders Equity $2.511B $2.647B
YoY Change -5.14% -24.2%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $30.00M $5.000M
YoY Change 500.0% -68.75%
Depreciation, Depletion And Amortization $5.000M $7.000M
YoY Change -28.57% -12.5%
Cash From Operating Activities $45.00M $81.00M
YoY Change -44.44% -27.03%
INVESTING ACTIVITIES
Capital Expenditures -$4.000M -$4.000M
YoY Change 0.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities -$18.00M -$10.00M
YoY Change 80.0% -47.37%
Cash From Investing Activities -$22.00M -$14.00M
YoY Change 57.14% -33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -38.00M -59.00M
YoY Change -35.59% -37.23%
NET CHANGE
Cash From Operating Activities 45.00M 81.00M
Cash From Investing Activities -22.00M -14.00M
Cash From Financing Activities -38.00M -59.00M
Net Change In Cash -15.00M 8.000M
YoY Change -287.5% -300.0%
FREE CASH FLOW
Cash From Operating Activities $45.00M $81.00M
Capital Expenditures -$4.000M -$4.000M
Free Cash Flow $49.00M $85.00M
YoY Change -42.35% -24.78%

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dei Trading Symbol
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dei Entity Registrant Name
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MARRIOTT VACATIONS WORLDWIDE CORPORATION
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dei Entity Filer Category
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dei Document Type
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dei Document Period End Date
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2013-06-14
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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us-gaap Error Corrections And Prior Period Adjustments Description
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The adjustments necessary to correct all of the errors have no impact on previously reported cash flows from operations and do not have a material impact on our balance sheet as of any date.
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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.
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