Marriott Vacations Worldwide Q3 2024 10-Q Filing
Ticker: VAC · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 1524358
Sentiment: neutral
Topics: 10-Q, financials, vacation-ownership
TL;DR
MVW 10-Q filed: Q3 2024 results out, check financials for vacation ownership, management, and rental segments.
AI Summary
Marriott Vacations Worldwide Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance across its vacation ownership, management and exchange, and rental segments. Key financial data and operational metrics for the third quarter and year-to-date periods of 2024 and 2023 are presented.
Why It Matters
This filing provides investors with a detailed look at Marriott Vacations Worldwide's financial health and operational performance during the third quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — The filing contains detailed financial information which can reveal risks and opportunities, but lacks specific forward-looking statements or major disclosures that would indicate a high-risk event.
Key Numbers
- 2024 Q3 — Reporting Period (Third quarter of 2024 financial performance)
- 2023 Q3 — Comparative Period (Third quarter of 2023 financial performance for comparison)
- 2024-01-01 to 2024-09-30 — Year-to-Date Period (Year-to-date financial performance for 2024)
- 2023-01-01 to 2023-09-30 — Comparative Year-to-Date (Year-to-date financial performance for 2023)
Key Players & Entities
- Marriott Vacations Worldwide Corp (company) — Filer of the 10-Q
- 20240930 (date) — End of reporting period
- 20241107 (date) — Filing date
FAQ
What were the key financial segments reported in the 10-Q?
The key financial segments reported are vacation ownership, management and exchange, and rental.
What is the fiscal year end for Marriott Vacations Worldwide Corp?
The fiscal year end for Marriott Vacations Worldwide Corp. is December 31.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on November 7, 2024.
What is the primary business of Marriott Vacations Worldwide Corp. according to the SIC code?
According to the Standard Industrial Classification code, the primary business is Real Estate Agents & Managers (For Others).
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending September 30, 2024.
Filing Stats: 5,007 words · 20 min read · ~17 pages · Grade level 19 · Accepted 2024-11-07 14:42:40
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 Par Value VAC New York Stock Exchange
Filing Documents
- vac-20240930.htm (10-Q) — 3237KB
- a2024q3ex107xamendedrestat.htm (EX-10.7) — 1919KB
- a2024q3ex311xceocertificat.htm (EX-31.1) — 10KB
- a2024q3ex312xcfocertificat.htm (EX-31.2) — 10KB
- a2024q3ex321xceo404certifi.htm (EX-32.1) — 5KB
- a2024q3ex322xcfo404certifi.htm (EX-32.2) — 5KB
- 0001524358-24-000109.txt ( ) — 16149KB
- vac-20240930.xsd (EX-101.SCH) — 90KB
- vac-20240930_cal.xml (EX-101.CAL) — 117KB
- vac-20240930_def.xml (EX-101.DEF) — 506KB
- vac-20240930_lab.xml (EX-101.LAB) — 831KB
- vac-20240930_pre.xml (EX-101.PRE) — 731KB
- vac-20240930_htm.xml (XML) — 2523KB
FINANCIAL INFORMATION
Part I. FINANCIAL INFORMATION 1
Financial Statements
Item 1. Financial Statements 1 Interim Consolidated Statements of Income 1 Interim Consolidated Statements of Comprehensive Income 2 Interim Consolidated Balance Sheets 3 Interim Consolidated Statements of Cash Flows 4 Interim Consolidated Statements of Stockholders' Equity 6 Interim Condensed Notes to Consolidated Financial Statements 8 1. Basis of Presentation 8 2. Significant Accounting Policies and Recent Accounting Standards 9 3. Acquisitions 9 4. Revenue and Receivables 10 5. Income Taxes 13 6. Vacation Ownership Notes Receivable 15 7. Financial Instruments 19 8. Earnings Per Share 21 9. Inventory 22 10. Contingencies and Commitments 22 11. Securitized Debt 24 12. Debt 26 13. Stockholders' Equity 28 14. Share-Based Compensation 29 15. Variable Interest Entities 30 16. Business Segments 33
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 59
Controls and Procedures
Item 4. Controls and Procedures 59
OTHER INFORMATION
Part II. OTHER INFORMATION 60
Legal Proceedings
Item 1. Legal Proceedings 60
Risk Factors
Item 1A. Risk Factors 60
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60
Other Information
Item 5. Other Information 61
Exhibits
Item 6. Exhibits 61
SIGNATURES
SIGNATURES 64 Throughout this report, we refer to Marriott Vacations Worldwide Corporation, together with its consolidated subsidiaries, as "Marriott Vacations Worldwide," "MVW," "we," "us," or the "Company." We also 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 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 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. Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements MARRIOTT VACATIONS WORLDWIDE CORPORATION INTERIM CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 REVENUES Sale of vacation ownership products $ 387 $ 319 $ 1,048 $ 1,085 Management and exchange 207 205 633 611 Rental 151 138 462 435 Financing 87 81 255 239 Cost reimbursements 473 443 1,242 1,163 TOTAL REVENUES 1,305 1,186 3,640 3,533 EXPENSES Cost of vacation ownership products 54 50 145 174 Marketing and sales 228 202 677 618 Management and exchange 123 115 358 332 Rental 113 119 331 344 Financing 37 30 106 81 General and administrative 62 57 179 189 Depreciation and amortization 36 33 109 99 Litigation charges 2 2 15 7 Restructuring 1 — 4 — Royalty fee 28 30 85 88 Impairment — — 2 4 Cost reimbursements 473 443 1,242 1,163 TOTAL EXPENSES 1,157 1,081 3,253 3,099 Gains and other income, net 9 3 2 34 Interest expense, net ( 40 ) ( 36 ) ( 123 ) ( 106 ) Transaction and integration costs — ( 5 ) ( 18 ) ( 28 ) Other 1 ( 1 ) ( 1 ) — INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS 118 66 247 334 Provision for income taxes ( 34 ) ( 24 ) ( 79 ) ( 115 ) NET INCOME 84 42 168 219 Net income attributable to noncontrolling interests — — — — NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 84 $ 42 $ 168 $ 219 EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS Basic $ 2.38 $ 1.16 $ 4.74 $ 5.96 Diluted $ 2.12 $ 1.09 $ 4.31 $ 5.33 CASH DIVIDENDS DECLARED PER SHARE $ 0.76 $ 0.72 $ 2.28 $ 2.16 See Interim Condensed Notes to Consolidated Financial Statements 1 Table of Contents MARRIOTT VACATIONS WORLDWIDE CORPORATION INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited) Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 NET INCOME $ 84 $ 42 $ 168 $ 219