$VAC
Marriott Vacations Worldwide Corp

2023 Q3 Form 10-Q Financial Statement

#000152435823000031 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $1.186B $1.178B $1.164B
YoY Change -5.27% 1.2% 18.9%
Cost Of Revenue $638.0M $556.0M $529.0M
YoY Change 15.37% 5.1% 8.4%
Gross Profit $548.0M $622.0M $635.0M
YoY Change -21.6% -2.05% 29.33%
Gross Profit Margin 46.21% 52.8% 54.55%
Selling, General & Admin $259.0M $270.0M $394.0M
YoY Change -38.77% -31.47% 71.3%
% of Gross Profit 47.26% 43.41% 62.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.00M $34.00M $32.00M
YoY Change 0.0% 6.25% -11.11%
% of Gross Profit 6.02% 5.47% 5.04%
Operating Expenses $259.0M $270.0M $426.0M
YoY Change -43.2% -36.62% 85.22%
Operating Profit $289.0M $352.0M $209.0M
YoY Change 18.93% 68.42% -19.92%
Interest Expense -$36.00M -$36.00M -$30.00M
YoY Change 5.88% 20.0% -31.82%
% of Operating Profit -12.46% -10.23% -14.35%
Other Income/Expense, Net -$1.000M $1.000M $38.00M
YoY Change -66.67% -97.37% 3700.0%
Pretax Income $66.00M $140.0M $178.0M
YoY Change -60.95% -21.35% 408.57%
Income Tax $24.00M $50.00M $43.00M
% Of Pretax Income 36.36% 35.71% 24.16%
Net Earnings $42.00M $90.00M $136.0M
YoY Change -61.47% -33.82% 2166.67%
Net Earnings / Revenue 3.54% 7.64% 11.68%
Basic Earnings Per Share $1.16 $2.46 $3.30
Diluted Earnings Per Share $1.09 $2.17 $2.925M
COMMON SHARES
Basic Shares Outstanding 36.47M shares 36.81M shares 41.43M shares
Diluted Shares Outstanding 43.30M shares 43.80M shares 46.50M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $265.0M $242.0M $324.0M
YoY Change -9.86% -25.31% -75.3%
Cash & Equivalents $265.0M $242.0M $324.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $642.0M $660.0M $695.0M
Prepaid Expenses
Receivables $214.0M $204.0M $184.0M
Other Receivables $67.00M $93.00M $45.00M
Total Short-Term Assets $1.188B $1.199B $1.248B
YoY Change -0.59% -3.93% -46.85%
LONG-TERM ASSETS
Property, Plant & Equipment $1.250B $1.221B $1.151B
YoY Change 10.04% 6.08% 12.18%
Goodwill $3.117B $3.117B
YoY Change 0.0%
Intangibles $868.0M $884.0M
YoY Change -6.06%
Long-Term Investments
YoY Change
Other Assets $238.0M $238.0M $282.0M
YoY Change -4.42% -15.6% -23.37%
Total Long-Term Assets $8.265B $8.283B $8.092B
YoY Change 2.77% 2.36% 0.32%
TOTAL ASSETS
Total Short-Term Assets $1.188B $1.199B $1.248B
Total Long-Term Assets $8.265B $8.283B $8.092B
Total Assets $9.453B $9.482B $9.340B
YoY Change 2.34% 1.52% -10.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $238.0M $209.0M $217.0M
YoY Change 7.69% -3.69% 13.02%
Accrued Expenses $552.0M $496.0M $534.0M
YoY Change -6.44% -7.12% -7.93%
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 $790.0M $705.0M $946.0M
YoY Change -20.12% -25.48% -0.21%
LONG-TERM LIABILITIES
Long-Term Debt $5.057B $5.029B $4.594B
YoY Change 10.95% 9.47% -13.37%
Other Long-Term Liabilities $861.0M $926.0M $712.0M
YoY Change 25.15% 30.06% -11.44%
Total Long-Term Liabilities $5.918B $5.955B $5.306B
YoY Change 12.81% 12.23% -13.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $790.0M $705.0M $946.0M
Total Long-Term Liabilities $5.918B $5.955B $5.306B
Total Liabilities $7.043B $7.004B $6.595B
YoY Change 6.53% 6.2% -10.9%
SHAREHOLDERS EQUITY
Retained Earnings $734.0M $718.0M
YoY Change 37.71%
Common Stock $3.954B $3.948B
YoY Change -0.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.408B $2.476B $2.745B
YoY Change
Total Liabilities & Shareholders Equity $9.453B $9.482B $9.340B
YoY Change 2.34% 1.52% -10.31%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $42.00M $90.00M $136.0M
YoY Change -61.47% -33.82% 2166.67%
Depreciation, Depletion And Amortization $33.00M $34.00M $32.00M
YoY Change 0.0% 6.25% -11.11%
Cash From Operating Activities $122.0M $77.00M $89.00M
YoY Change -24.69% -13.48% -57.21%
INVESTING ACTIVITIES
Capital Expenditures $29.00M $26.00M -$14.00M
YoY Change -323.08% -285.71% 250.0%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $10.00M $39.00M
YoY Change -106.38% -74.36% -123.78%
Cash From Investing Activities -$32.00M -$16.00M $25.00M
YoY Change -194.12% -164.0% -114.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -65.00M -155.0M -156.0M
YoY Change -74.71% -0.64% -133.84%
NET CHANGE
Cash From Operating Activities 122.0M 77.00M 89.00M
Cash From Investing Activities -32.00M -16.00M 25.00M
Cash From Financing Activities -65.00M -155.0M -156.0M
Net Change In Cash 25.00M -94.00M -42.00M
YoY Change -140.98% 123.81% -108.38%
FREE CASH FLOW
Cash From Operating Activities $122.0M $77.00M $89.00M
Capital Expenditures $29.00M $26.00M -$14.00M
Free Cash Flow $93.00M $51.00M $103.0M
YoY Change -46.86% -50.49% -51.42%

Facts In Submission

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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><td style="width:16.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:264.25pt"></td><td style="width:1.0pt"></td></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"><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 the Interim Condensed Notes to 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, 2022 (the “2022 Annual Report”). We also use certain other terms that are defined within these Financial Statements.</span></div><div style="margin-top:6pt"><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 VIEs for which Marriott Vacations Worldwide is the primary beneficiary, as determined 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"><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, 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 uncertainties in the broader macroeconomic environment, including inflationary pressures, as well as effects of the recent COVID-19 pandemic, have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.</span></div><div style="margin-top:6pt"><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, general macroeconomic conditions, including inflationary pressures, rising interest rates, and seasonal and short-term variations, as well as any effects of the recent COVID-19 pandemic. 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 2022 Annual Report.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We refer to the business and brands that we acquired in the acquisition of Welk Hospitality Group, Inc. (“Welk”) in 2021 (the “Welk Acquisition”) as “Legacy-Welk.” We refer to the business and brands that we acquired in the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”), in 2018 (the “ILG Acquisition”) as “Legacy-ILG.” We refer to the business we conducted, and the associated brands, prior to the ILG Acquisition as “Legacy-MVW.”</span></div>
vac Percentage Of Assets Liabilities Revenues Expenses And Cash Flows Consolidated And Discussed
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