Marriott Vacations Worldwide Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Marriott Vacations Worldwide Corp. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

MARRIOTT VACATIONS WORLDWIDE Corp (VAC) filed a Annual Report (10-K) with the SEC on February 27, 2024. Marriott Vacations Worldwide Corp. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Real Estate Agents & Managers (for others) under SIC code 6531. Marriott Vacations Worldwide Corp. is incorporated in X1. The company's headquarters are located at 7812 Palm Parkway, Orlando, FL 32836, with a phone number of 407-206-6000.

Why It Matters

For investors and stakeholders tracking MARRIOTT VACATIONS WORLDWIDE Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Marriott Vacations Worldwide Corp.'s financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. The detailed financial statements and disclosures within the 10-K allow for a thorough analysis of revenue streams, profitability, debt levels, and other key financial metrics, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — MARRIOTT VACATIONS WORLDWIDE Corp shows moderate risk based on this filing. The company operates in the real estate and hospitality sectors, which are subject to economic downturns, changing consumer preferences, and competitive pressures, as indicated by its SIC code and business description.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Marriott Vacations Worldwide Corp.'s performance and potential challenges in the vacation ownership industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-27 — Filing Date (FILED AS OF DATE)
• 407-206-6000 — Business Phone (BUSINESS PHONE)
• 001-35219 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• MARRIOTT VACATIONS WORLDWIDE Corp (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240227 (date) — FILED AS OF DATE
• 0001524358 (company) — CENTRAL INDEX KEY
• 6531 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• 7812 PALM PARKWAY (address) — BUSINESS ADDRESS
• ORLANDO (location) — BUSINESS ADDRESS CITY
• FL (state) — BUSINESS ADDRESS STATE

FAQ

Industry Context

Marriott Vacations Worldwide Corp. operates within the real estate and hospitality industry, specifically focusing on the vacation ownership and exchange business.

Regulatory Implications

The company is subject to SEC regulations for public companies, requiring annual filings like the 10-K to disclose financial and operational information.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K to understand revenue, expenses, and profitability for FY2023.
2. Review the business description and risk factors to assess the company's operational landscape and potential challenges.
3. Compare key financial metrics from this 10-K with previous filings to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing a comprehensive update compared to previous quarterly or annual reports.

Key Financial Figures

• $0.01 — ange on Which Registered Common Stock, $0.01 Par Value VAC New York Stock Exchange
• $10.5 billion — s in the U.S. market were approximately $10.5 billion in 2022. We believe there is considerab

Filing Documents

• vac-20231231.htm (10-K) — 4062KB
• a2023ex1025changeinctrlsev.htm (EX-10.25) — 76KB
• a2023ex10442020amendedandr.htm (EX-10.44) — 130KB
• a2023ex10452020salaryreduc.htm (EX-10.45) — 6KB
• a2023ex1052xformofstockapp.htm (EX-10.52) — 53KB
• a2023ex1053xformofrestrict.htm (EX-10.53) — 56KB
• a2023ex1054xformofperforma.htm (EX-10.54) — 56KB
• a2023ex211xsubsidiarieslis.htm (EX-21.1) — 368KB
• a2023ex221xlistoftheissuer.htm (EX-22.1) — 110KB
• a202310-kex231xeyconsent.htm (EX-23.1) — 6KB
• a2023ex311xceocertification.htm (EX-31.1) — 10KB
• a2023ex312xcfocertification.htm (EX-31.2) — 10KB
• a2023ex321xceocertification.htm (EX-32.1) — 4KB
• a2023ex322xcfocertification.htm (EX-32.2) — 4KB
• a2023ex971xpolicyrelatingt.htm (EX-97.1) — 11KB
• vac-20231231_g1.jpg (GRAPHIC) — 133KB
• 0001524358-24-000006.txt (&nbsp;) — 21530KB
• vac-20231231.xsd (EX-101.SCH) — 146KB
• vac-20231231_cal.xml (EX-101.CAL) — 203KB
• vac-20231231_def.xml (EX-101.DEF) — 774KB
• vac-20231231_lab.xml (EX-101.LAB) — 1445KB
• vac-20231231_pre.xml (EX-101.PRE) — 1123KB
• vac-20231231_htm.xml (XML) — 3599KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 39 Item 1C. Cybersecurity 40 Item 2.

Properties

Properties 41 Item 3.

Legal Proceedings

Legal Proceedings 42 Item 4. Mine Safety Disclosures 42 Part II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6. Reserved 43 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 70 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 71 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 131 Item 9A.

Controls and Procedures

Controls and Procedures 131 Item 9B. Other Information 131 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 131 Part III. Item 10. Directors, Executive Officers and Corporate Governance 131 Item 11.

Executive Compensation

Executive Compensation 132 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 132 Item 13. Certain Relationships and Related Transactions, and Director Independence 132 Item 14. Principal Accountant Fees and Services 132 Part IV. Item 15. Exhibits and Financial Statement Schedules 132 Item 16. Form 10-K Summary 137

Signatures

Signatures 138 Throughout this Annual Report on Form 10-K (this "Annual Report"), we refer to Marriott Vacations Worldwide Corporation, together with its consolidated subsidiaries, as "Marriott Vacations Worldwide," "MVW," "we," "us," or the "Company." In order to make this Annual Report easier to read, we refer throughout to (i) our Consolidated Financial Statements as our "Financial Statements," (ii) our Consolidated Statements of Income as our "Income Statements," (iii) our Consolidated Balance Sheets as our "Balance Sheets" and (iv) our Consolidated Statements of Cash Flows as our "Cash Flows." References throughout to numbered "Footnotes" refer to the numbered Notes to our Financial Statements that we include in Part II, Item 8. "Financial Statements and Supplementary Data" of this Annual Report. When discussing our properties or markets, we refer to the United States (the "U.S."), Mexico, Central America, and the Caribbean as "North America." Additionally, throughout this Annual Report, we refer to brands that we own, as well as those brands that we license, as our brands. All brand names, trademarks, trade names, and service marks cited in this Annual Report are the property of their respective owners, including those of other companies and organizations. Solely for convenience, trademarks, trade names, and service marks referred to in this Annual Report may appear without the or TM symbols, however such references are not intended to indicate in any way that MVW or the owner, as applicable, will not assert, to the fullest extent under applicable law, all rights to such trademarks, trade names and service marks. Brand names, trademarks, trade names, and service marks that we own or license from Marriott International, Inc. or its affiliates ("Marriott International") include Marriott Vacation Club , Marriott Vacation Club Destinations , Abound by Marriott Vacations TM , Marriott Vacation Club Pulse , Marriott Grand Residence Club , Grand Residences by M

Business

Item 1. Business Overview We are a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. As the first hospitality-branded vacation ownership company, Marriott Vacations Worldwide helped establish the industry and was the first major pure-play independent, public company in the field. Today we are more than a vacation ownership company; we are about vacation experiences. We are a global leader in vacation ownership with some of the most iconic brands in the industry. We are the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Vacation Club brands, as well as under Marriott Vacation Club Pulse, an extension of the Marriott Vacation Club brand. We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Club brand and we have the non-exclusive right to develop, market and sell whole ownership residential products under The Ritz-Carlton Residences brand. We also have a license to use the St. Regis brand for specified fractional ownership products. In addition, during 2023, we rebranded all Legacy-Welk resorts as Hyatt Vacation Club resorts. Interval International is our high-quality membership brand that serves as the gateway to vacation experiences around the world, including access to its affiliated resorts. Our Aqua-Aston business provides management services for resorts, hotels, and other third-party vacation property owners. Our business operates in two reportable segments: Vacation Ownership and Exchange & Third-Party Management. 2023 ($ in millions) Segment Revenue % of Segment Revenue Vacation Ownership $ 4,468 94% Exchange & Third-Party Management 262 6% Total Segment Revenue $ 4,730 100% Th

View Full Filing

View this 10-K filing on SEC EDGAR