$VAC
MARRIOTT VACATIONS WORLDWIDE Corp

2016 Q1 Form 10-K Financial Statement

#000119312516477463 Filed on February 25, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1 2014 Q3
Revenue $442.0M $449.9M $413.0M
YoY Change -1.75% 11.93% 0.25%
Cost Of Revenue $222.9M $239.0M $193.0M
YoY Change -6.74% -5.91% -47.84%
Gross Profit $303.1M $272.0M $220.0M
YoY Change 11.43% -0.37% 423.81%
Gross Profit Margin 68.57% 60.46% 53.26%
Selling, General & Admin $103.8M $102.8M $95.31M
YoY Change 0.97% 10.45% 0.33%
% of Gross Profit 34.24% 37.78% 43.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.125M $4.065M $4.100M
YoY Change 26.08% -12.73% -18.0%
% of Gross Profit 1.69% 1.49% 1.86%
Operating Expenses $103.8M $102.8M $95.31M
YoY Change 0.97% 10.45% 0.33%
Operating Profit $199.3M $169.2M $124.7M
YoY Change 17.79% -5.96% -335.26%
Interest Expense -$1.982M -$2.974M -$9.000M
YoY Change -33.36% -77.12% 0.0%
% of Operating Profit -0.99% -1.76% -7.22%
Other Income/Expense, Net $7.000K $3.000M $0.00
YoY Change -99.77%
Pretax Income $40.17M $57.34M $43.51M
YoY Change -29.96% 78.8% 8.78%
Income Tax $15.76M $23.29M $17.86M
% Of Pretax Income 39.23% 40.61% 41.05%
Net Earnings $7.000M $34.05M $25.65M
YoY Change -79.44% 76.37% 2.59%
Net Earnings / Revenue 1.58% 7.57% 6.21%
Basic Earnings Per Share $0.23 $1.05 $0.77
Diluted Earnings Per Share $0.23 $1.03 $0.75
COMMON SHARES
Basic Shares Outstanding 29.12M shares 32.30M shares 33.37M shares
Diluted Shares Outstanding 29.64M shares 33.01M shares 34.37M shares

Balance Sheet

Concept 2016 Q1 2015 Q1 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $177.1M $346.5M $146.0M
YoY Change -48.89% 73.25% -49.31%
Cash & Equivalents $177.1M $346.5M $146.1M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $669.2M $772.8M $799.0M
Prepaid Expenses
Receivables $131.9M $109.7M $113.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $978.2M $1.229B $1.058B
YoY Change -20.41% 4.24% -16.3%
LONG-TERM ASSETS
Property, Plant & Equipment $288.8M $147.4M $212.0M
YoY Change 95.96% -41.98% -15.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $920.0K $978.0K
YoY Change -5.93%
Other Assets $71.50M $109.9M $65.00M
YoY Change -34.94% 27.79% 0.0%
Total Long-Term Assets $1.422B $1.302B $1.289B
YoY Change 9.21% -10.42% -7.66%
TOTAL ASSETS
Total Short-Term Assets $978.2M $1.229B $1.058B
Total Long-Term Assets $1.422B $1.302B $1.289B
Total Assets $2.400B $2.531B $2.347B
YoY Change -5.17% -3.85% -11.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $139.1M $114.1M $79.00M
YoY Change 21.91% -11.55% -15.96%
Accrued Expenses $269.1M $259.0M $224.0M
YoY Change 3.9% -3.0% -2.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $443.5M $411.9M $326.0M
YoY Change 7.67% -0.75% -4.68%
LONG-TERM LIABILITIES
Long-Term Debt $717.8M $741.8M $578.0M
YoY Change -3.24% 3.31% -26.93%
Other Long-Term Liabilities $153.1M $218.2M $220.0M
YoY Change -29.84% -5.13% -9.47%
Total Long-Term Liabilities $870.9M $960.0M $798.0M
YoY Change -9.28% 1.27% -22.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $443.5M $411.9M $326.0M
Total Long-Term Liabilities $870.9M $960.0M $798.0M
Total Liabilities $1.423B $1.451B $1.217B
YoY Change -1.89% 1.96% -15.6%
SHAREHOLDERS EQUITY
Retained Earnings $243.8M $153.7M $162.0M
YoY Change 58.58% 87.48% 113.16%
Common Stock $1.151B $1.138B $1.109B
YoY Change 1.14% 0.72% -1.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $430.0M $229.2M $161.0M
YoY Change 87.58% 781.65%
Treasury Stock Shares 6.844M shares 3.997M shares 2.963M shares
Shareholders Equity $978.0M $1.080B $1.130B
YoY Change
Total Liabilities & Shareholders Equity $2.400B $2.531B $2.347B
YoY Change -5.17% -3.85% -11.77%

Cashflow Statement

Concept 2016 Q1 2015 Q1 2014 Q3
OPERATING ACTIVITIES
Net Income $7.000M $34.05M $25.65M
YoY Change -79.44% 76.37% 2.59%
Depreciation, Depletion And Amortization $5.125M $4.065M $4.100M
YoY Change 26.08% -12.73% -18.0%
Cash From Operating Activities $17.70M $85.00M $107.8M
YoY Change -79.18% 77.08% 21.12%
INVESTING ACTIVITIES
Capital Expenditures $6.331M $10.56M -$5.000M
YoY Change -40.06% 900.19% 25.0%
Acquisitions
YoY Change
Other Investing Activities $12.70M $4.000M -$23.10M
YoY Change 217.5% -119.05%
Cash From Investing Activities -$2.200M -$3.000M -$28.10M
YoY Change -26.67% -109.09% 602.5%
FINANCING ACTIVITIES
Cash Dividend Paid $17.59M $8.081M
YoY Change 117.61%
Common Stock Issuance & Retirement, Net $73.23M $51.28M
YoY Change 42.8% 36.98%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -197.3M 120.0M -103.0M
YoY Change -264.42% -198.36% -204.04%
NET CHANGE
Cash From Operating Activities 17.70M 85.00M 107.8M
Cash From Investing Activities -2.200M -3.000M -28.10M
Cash From Financing Activities -197.3M 120.0M -103.0M
Net Change In Cash -$86.65M 202.0M -23.30M
YoY Change -142.89% -592.68% -112.66%
FREE CASH FLOW
Cash From Operating Activities $17.70M $85.00M $107.8M
Capital Expenditures $6.331M $10.56M -$5.000M
Free Cash Flow $11.37M $74.44M $112.8M
YoY Change -84.73% 58.57% 21.29%

Facts In Submission

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131850000
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6 Loan
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688100000
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663930000
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38989000
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0.0179 pure
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0.5510 pure
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34635000 shares
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2.33
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0.0017 pure
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31200000
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-6005000
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-6005000
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203596000
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65200000
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4500000
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5171000
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-1883000
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9091000
CY2015 us-gaap Selling And Marketing Expense
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CY2015 us-gaap Deferred Foreign Income Tax Expense Benefit
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3059000
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196444000
CY2015 us-gaap Depreciation
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18682000
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30086000
CY2015 us-gaap Income Tax Expense Benefit
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6600000
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5462000
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8179000
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44931000
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-2558000
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CY2015 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
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CY2015 us-gaap Proceeds From Legal Settlements
ProceedsFromLegalSettlements
7600000
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OperatingLeasesRentExpenseContingentRentals
5520000
CY2015 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-1294000
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-564000
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CY2015 us-gaap Royalty Expense
RoyaltyExpense
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CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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43126000
CY2015 us-gaap Treasury Stock Value Acquired Cost Method
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203596000
CY2015 us-gaap Proceeds From Stock Options Exercised
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2977000
CY2015 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
-95000
CY2015 vac Consumer Financing Interest Expense
ConsumerFinancingInterestExpense
26464000
CY2015 vac Changes In Estimate For Marriott Rewards Customer Loyalty Program Liability
ChangesInEstimateForMarriottRewardsCustomerLoyaltyProgramLiability
5600000
CY2015 vac Period End Date
PeriodEndDate
2015-01-02
CY2015 vac Defaulted Mortgage Loans Repurchased
DefaultedMortgageLoansRepurchased
25300000
CY2015 vac Resort Management And Other Services Revenue
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298283000
CY2015 vac Number Of Notes Receivable Pools Under Performance Triggers
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0 Loan
CY2015 vac Resort Management And Other Services Expenses
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199258000
CY2015 vac Reorganization Adjustment Increase Decrease Additional Paid In Capital
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-1156000
CY2015 vac Noncash Income Tax Expense Benefit
NoncashIncomeTaxExpenseBenefit
18876000
CY2015 vac Real Estate Inventory True Ups
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6500000
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122551000
CY2015 vac Number Of Residential Owners Provided Full Release
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2 Plaintiff
CY2015 vac Number Of Weeks In Fiscal Year
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52 weeks
CY2015 vac Organizational And Separation Related Charges
OrganizationalAndSeparationRelatedCharges
3438000
CY2015 vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
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543000 shares
CY2015 vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
427000 shares
CY2015 vac Payments To Acquire Property Plant And Equipment And Inventory
PaymentsToAcquirePropertyPlantAndEquipmentAndInventory
112683000
CY2015 vac Capitalized Organizational And Separation Related Costs
CapitalizedOrganizationalAndSeparationRelatedCosts
3000000
CY2015 vac Capitalized Salaries And Related Costs
CapitalizedSalariesAndRelatedCosts
5100000
CY2015 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
4700000
CY2015 vac Rental Expenses
RentalExpenses
237920000
CY2015 vac Rental Revenue
RentalRevenue
264307000
CY2015 vac Impairment Charges Reversals On Equity Investment
ImpairmentChargesReversalsOnEquityInvestment
-540000
CY2015 vac Other Transaction Related Expenses
OtherTransactionRelatedExpenses
0
CY2015 vac Increase Decrease In Notes Receivable Originations
IncreaseDecreaseInNotesReceivableOriginations
-267917000
CY2015 vac Increase Decrease In Notes Receivable Collections
IncreaseDecreaseInNotesReceivableCollections
-287240000
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AdjustmentsToAdditionalPaidInCapitalInvestment
-3883000
CY2016 dei Document Type
DocumentType
10-K
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2016 dei Trading Symbol
TradingSymbol
VAC
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0.0165 pure
CY2016 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2016 dei Entity Central Index Key
EntityCentralIndexKey
0001524358
CY2016 dei Document Period End Date
DocumentPeriodEndDate
2016-01-01
CY2016 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.05
CY2016 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
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EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0262 pure
CY2016 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-01
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P2Y
CY2016 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
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TimeSharingTransactionsStatedInterestRatesForNotesReceivableMinimum
0.000 pure
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0.0066 pure
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31487000 shares
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
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0.4053 pure
CY2016 us-gaap Revenue Recognition Multiple Element Arrangements
RevenueRecognitionMultipleElementArrangements
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <i>Multiple-Element Transactions</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 6%"> 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.</p> </div>
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0174 pure
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P4Y
CY2016 us-gaap Time Sharing Transactions Stated Interest Rates For Notes Receivable Maximum
TimeSharingTransactionsStatedInterestRatesForNotesReceivableMaximum
0.195 pure
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EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.0061 pure
CY2016 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
We have joined in the Marriott International U.S. federal tax consolidated filing for periods 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.
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
109034000
CY2016 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2016 dei Amendment Flag
AmendmentFlag
false
CY2016 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <i>Valuation of Property and Equipment</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 6%"> Property and equipment includes our sales centers, golf courses, information technology and other assets used in the normal course of business, as well as undeveloped and partially developed 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, or significant negative industry or economic trends. 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.</p> </div>
CY2016 dei Entity Registrant Name
EntityRegistrantName
MARRIOTT VACATIONS WORLDWIDE Corp
CY2016 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
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0.125 pure
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.90
CY2016 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4274 pure
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32168000 shares
CY2016 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.82
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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EarningsPerShareBasic
0.55
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2014Q1 us-gaap Revenues
Revenues
401947000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
19308000
CY2014Q1 us-gaap Costs And Expenses
CostsAndExpenses
366999000
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.05
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.03
CY2015Q1 us-gaap Revenues
Revenues
454880000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
34054000
CY2015Q1 us-gaap Costs And Expenses
CostsAndExpenses
395463000
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.03
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.00
CY2014Q2 us-gaap Revenues
Revenues
409902000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
35303000
CY2014Q2 us-gaap Costs And Expenses
CostsAndExpenses
352144000
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.07
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.05
CY2015Q2 us-gaap Revenues
Revenues
422827000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
34041000
CY2015Q2 us-gaap Costs And Expenses
CostsAndExpenses
369812000
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.77
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
CY2014Q3 us-gaap Revenues
Revenues
413038000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
25648000
CY2014Q3 us-gaap Costs And Expenses
CostsAndExpenses
366883000
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.69
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.67
CY2015Q3 us-gaap Revenues
Revenues
407136000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
21555000
CY2015Q3 us-gaap Costs And Expenses
CostsAndExpenses
362983000
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2015Q1 us-gaap Revenues
Revenues
510895000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
497000
CY2015Q1 us-gaap Costs And Expenses
CostsAndExpenses
493258000

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