$VAC
Marriott Vacations Worldwide Corp

2022 Q2 Form 10-Q Financial Statement

#000152435822000018 Filed on May 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $1.164B $1.052B $1.100B
YoY Change 18.9% 38.6% 47.26%
Cost Of Revenue $529.0M $524.0M $537.0M
YoY Change 8.4% 21.02% 16.23%
Gross Profit $635.0M $528.0M $563.0M
YoY Change 29.33% 61.96% 97.54%
Gross Profit Margin 54.55% 50.19% 51.18%
Selling, General & Admin $394.0M $243.0M $364.0M
YoY Change 71.3% 56.77% 58.95%
% of Gross Profit 62.05% 46.02% 64.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.00M $33.00M $34.00M
YoY Change -11.11% -19.51% 13.33%
% of Gross Profit 5.04% 6.25% 6.04%
Operating Expenses $426.0M $243.0M $398.0M
YoY Change 85.22% 56.77% 53.67%
Operating Profit $209.0M $285.0M $165.0M
YoY Change -19.92% 66.67% 534.62%
Interest Expense -$30.00M -$27.00M -$36.00M
YoY Change -31.82% -37.21% -5.26%
% of Operating Profit -14.35% -9.47% -21.82%
Other Income/Expense, Net $38.00M $4.000M -$24.00M
YoY Change 3700.0% -260.0%
Pretax Income $178.0M $90.00M $70.00M
YoY Change 408.57% -350.0% -391.67%
Income Tax $43.00M $32.00M $11.00M
% Of Pretax Income 24.16% 35.56% 15.71%
Net Earnings $136.0M $58.00M $61.00M
YoY Change 2166.67% -307.14% -264.86%
Net Earnings / Revenue 11.68% 5.51% 5.55%
Basic Earnings Per Share $3.30 $1.36
Diluted Earnings Per Share $2.925M $1.23 $1.326M
COMMON SHARES
Basic Shares Outstanding 41.43M shares 42.40M shares 42.60M shares
Diluted Shares Outstanding 46.50M shares 47.90M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $324.0M $354.0M $342.0M
YoY Change -75.3% -45.45% -35.47%
Cash & Equivalents $324.0M $354.0M $342.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $695.0M $693.0M $719.0M
Prepaid Expenses
Receivables $184.0M $161.0M $194.0M
Other Receivables $45.00M $59.00M $71.00M
Total Short-Term Assets $1.248B $1.267B $1.326B
YoY Change -46.85% -22.51% -14.95%
LONG-TERM ASSETS
Property, Plant & Equipment $1.151B $1.162B $1.232B
YoY Change 12.18% 31.0% 55.75%
Goodwill $3.142B $3.150B
YoY Change 11.54% 11.82%
Intangibles $978.0M $993.0M
YoY Change 4.26% 4.31%
Long-Term Investments
YoY Change
Other Assets $282.0M $296.0M $461.0M
YoY Change -23.37% -44.67% -1.5%
Total Long-Term Assets $8.092B $8.236B $8.287B
YoY Change 0.32% 9.06% 12.92%
TOTAL ASSETS
Total Short-Term Assets $1.248B $1.267B $1.326B
Total Long-Term Assets $8.092B $8.236B $8.287B
Total Assets $9.340B $9.503B $9.613B
YoY Change -10.31% 3.44% 8.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $217.0M $212.0M $265.0M
YoY Change 13.02% 33.33% 26.79%
Accrued Expenses $534.0M $561.0M $546.0M
YoY Change -7.93% 5.25% 7.91%
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 $946.0M $967.0M $971.0M
YoY Change -0.21% 12.57% 12.65%
LONG-TERM LIABILITIES
Long-Term Debt $4.594B $4.530B $4.487B
YoY Change -13.37% 1.66% 5.13%
Other Long-Term Liabilities $712.0M $849.0M $819.0M
YoY Change -11.44% 0.12% 0.86%
Total Long-Term Liabilities $5.306B $5.379B $5.306B
YoY Change -13.12% 1.41% 4.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $946.0M $967.0M $971.0M
Total Long-Term Liabilities $5.306B $5.379B $5.306B
Total Liabilities $6.595B $6.679B $6.627B
YoY Change -10.9% 3.57% 6.61%
SHAREHOLDERS EQUITY
Retained Earnings $338.0M $275.0M
YoY Change 38.52% 1.1%
Common Stock $3.946B $4.073B
YoY Change 2.65% 8.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.474B $1.356B
YoY Change 10.49% 1.65%
Treasury Stock Shares 33.97M shares 33.24M shares
Shareholders Equity $2.745B $2.814B $2.976B
YoY Change
Total Liabilities & Shareholders Equity $9.340B $9.503B $9.613B
YoY Change -10.31% 3.44% 8.04%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $136.0M $58.00M $61.00M
YoY Change 2166.67% -307.14% -264.86%
Depreciation, Depletion And Amortization $32.00M $33.00M $34.00M
YoY Change -11.11% -19.51% 13.33%
Cash From Operating Activities $89.00M $129.0M $40.00M
YoY Change -57.21% -315.0% -71.63%
INVESTING ACTIVITIES
Capital Expenditures -$14.00M $9.000M -$28.00M
YoY Change 250.0% 28.57% 460.0%
Acquisitions
YoY Change
Other Investing Activities $39.00M -$1.000M $2.000M
YoY Change -123.78% 0.0% -166.67%
Cash From Investing Activities $25.00M -$10.00M -$26.00M
YoY Change -114.88% 25.0% 225.0%
FINANCING ACTIVITIES
Cash Dividend Paid $49.00M
YoY Change
Common Stock Issuance & Retirement, Net $119.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -156.0M -$272.0M -92.00M
YoY Change -133.84% -206.67% -46.51%
NET CHANGE
Cash From Operating Activities 89.00M $129.0M 40.00M
Cash From Investing Activities 25.00M -$10.00M -26.00M
Cash From Financing Activities -156.0M -$272.0M -92.00M
Net Change In Cash -42.00M -$153.0M -78.00M
YoY Change -108.38% -182.26% 100.0%
FREE CASH FLOW
Cash From Operating Activities $89.00M $129.0M $40.00M
Capital Expenditures -$14.00M $9.000M -$28.00M
Free Cash Flow $103.0M $120.0M $68.00M
YoY Change -51.42% -279.1% -53.42%

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<div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:285.00pt"><tr><td style="width:1.0pt"/><td style="width:16.75pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:264.25pt"/><td style="width:1.0pt"/></tr><tr style="height:15pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1. </span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">BASIS OF PRESENTATION</span></td></tr></table></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Interim Consolidated Financial Statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) “we,” “us,” “Marriott Vacations Worldwide,” “MVW” or “the Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) “MVWC,” which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). In order to make this report easier to read, we refer throughout to (i) our Interim Consolidated Financial Statements as our “Financial Statements,” (ii) our Interim Consolidated Statements of Income as our “Income Statements,” (iii) our Interim Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Interim Consolidated Statements of Cash Flows as our “Cash Flows.” In addition, references throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Interim Consolidated Financial Statements, unless otherwise noted. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “2021 Annual Report”). We use certain other terms that are defined within these Financial Statements.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income or loss attributable to common shareholders and MVW shareholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, allocations of the purchase price paid in business combinations, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainty created by the COVID-19 pandemic, and the ongoing efforts to mitigate it, has made it more challenging to make these estimates. Accordingly, ultimate results could differ from our estimates, and such differences may be material.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, the results of our operations, and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, the impact of the COVID-19 pandemic and seasonal and short-term variations. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our 2021 Annual Report.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Acquisition of Welk</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 1, 2021, we completed the acquisition of Welk Hospitality Group, Inc. (“Welk”) through a series of transactions (the “Welk Acquisition”), after which Welk became our indirect wholly-owned subsidiary. We refer to the business and brands that we acquired as “Legacy-Welk.” See Footnote 3 “Acquisitions” for more information on the Welk Acquisition.</span></div>
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CY2021Q1 vac Incremental Common Shares Attributable To Restricted Stock Units
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0 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41400000 shares
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.23
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000 shares
CY2022Q1 vac Inventory Timeshare Gross
InventoryTimeshareGross
684000000 USD
CY2021Q4 vac Inventory Timeshare Gross
InventoryTimeshareGross
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CY2022Q1 vac Operating Supplies And Inventories
OperatingSuppliesAndInventories
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CY2021Q4 vac Operating Supplies And Inventories
OperatingSuppliesAndInventories
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CY2022Q1 vac Inventory Timeshare
InventoryTimeshare
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CY2021Q4 vac Inventory Timeshare
InventoryTimeshare
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CY2022Q1 vac Real Estate Inventory Increase Decrease True Up
RealEstateInventoryIncreaseDecreaseTrueUp
7000000 USD
CY2021Q1 vac Real Estate Inventory Increase Decrease True Up
RealEstateInventoryIncreaseDecreaseTrueUp
1000000 USD
CY2022Q1 vac Amount Of Completed Vacation Ownership Units Classified As Property And Equipment
AmountOfCompletedVacationOwnershipUnitsClassifiedAsPropertyAndEquipment
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CY2021Q4 vac Amount Of Completed Vacation Ownership Units Classified As Property And Equipment
AmountOfCompletedVacationOwnershipUnitsClassifiedAsPropertyAndEquipment
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CY2021Q4 us-gaap Goodwill Gross
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CY2022Q1 us-gaap Goodwill Purchase Accounting Adjustments
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CY2022Q1 us-gaap Goodwill Gross
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CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
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FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsAccumulatedAmortization
209000000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
194000000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2021Q4 us-gaap Finite Lived Intangible Assets Net
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IntangibleAssetsNetExcludingGoodwill
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CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
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CY2022Q1 vac Surety Bonds
SuretyBonds
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CY2022Q1 vac Guarantor Obligations Maximum Exposure Undiscounted Due Year One
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10000000 USD
CY2022Q1 us-gaap Lessee Finance Lease Lease Not Yet Commenced Term Of Contract1
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P16Y
CY2022Q1 vac Lessee Finance Lease Lease Notyet Commenced Right Of Use Asset
LesseeFinanceLeaseLeaseNotyetCommencedRightOfUseAsset
137000000 USD
CY2022Q1 vac Number Of Consolidated Notes Receivable Pools Outstanding
NumberOfConsolidatedNotesReceivablePoolsOutstanding
14 loan
CY2022Q1 vac Number Of Notes Receivable Pools Out Of Compliance
NumberOfNotesReceivablePoolsOutOfCompliance
0 loan
CY2022Q1 vac Number Of Notes Receivable Pools Under Performance Triggers
NumberOfNotesReceivablePoolsUnderPerformanceTriggers
0 loan
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2022Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
2751000000 USD
CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
2631000000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
230000000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
7000000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
4000000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1034000000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
575000000 USD
CY2022Q1 vac Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
850000000 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2700000000 USD
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
75721548 shares
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2022Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
33971376 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1800000 shares
CY2021Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
33235671 shares
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
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250000000 USD
CY2022Q1 vac Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
300000000 USD
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
353000000 USD
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.62
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1000000 shares
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8000000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8000000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
66000000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
35000000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4286
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0153
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0177
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2022Q1 us-gaap Revenues
Revenues
1052000000 USD
CY2021Q1 us-gaap Revenues
Revenues
759000000 USD
CY2022Q1 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
54000000 USD
CY2021Q1 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
40000000 USD
CY2022Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-27000000 USD
CY2021Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-43000000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
32000000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-11000000 USD
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
33000000 USD
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
41000000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8000000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8000000 USD
CY2022Q1 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
30000000 USD
CY2021Q1 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
16000000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
58000000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-28000000 USD
CY2022Q1 us-gaap Assets
Assets
9503000000 USD
CY2021Q4 us-gaap Assets
Assets
9613000000 USD

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