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Marriott Vacations Worldwide Corporation (symbol: VAC) is a leading independent public company in the vacation ownership industry. With a presence spanning over 60 resorts worldwide, the company serves more than 400,000 owners under well-recognized brands such as Marriott Vacation Club, The Ritz-Carlton Destination Club, and Grand Residences by Marriott. These brands offer luxury vacation packages and accommodations, primarily in the United States, but also across Europe and the Asia Pacific region.
One of the core functions of Marriott Vacations Worldwide is the sale of vacation ownership products. This includes providing luxurious vacation experiences through a portfolio of high-end resorts. The company's offerings also extend to purchase money financing for its customers, facilitating easier access to their vacation services.
Marriott Vacations Worldwide operates through two main segments: Vacation Ownership and Exchange & Third-Party Management. The primary revenue driver is the Vacation Ownership segment, which focuses on the sale of vacation packages and ownership products. The other segment, Exchange & Third-Party Management, involves managing third-party vacation rental properties and exchange services.
Recent achievements include expanding its portfolio with new resorts and enhancing customer experiences through innovative service offerings. The company remains focused on its mission to provide memorable vacation experiences while maintaining financial stability and growth.
For more detailed information, visit the company's official website at marriottvacationsworldwide.com.
Marriott Vacations Worldwide (NYSE: VAC) has promoted Scott Weisz to Executive Vice President, Strategic Business Operations. Weisz, who has over 20 years of experience with the company, will report directly to CEO John Geller and join the Executive Committee. In his new role, he will lead initiatives to accelerate core and new product growth while driving operational efficiencies through business modernization. His previous experience includes leadership roles in global inventory and revenue management, overseeing The Marriott Vacation Club's east region operations, and positions in feasibility, business planning, and asset management.
Marriott Vacations Worldwide (VAC) reported strong Q3 2024 results with consolidated Vacation Ownership contract sales increasing 5% to $459 million. Net income was $84 million with EPS of $2.12, while adjusted EPS reached $1.80. The company achieved Adjusted EBITDA of $198 million. Tours increased 10% to 110,557, though VPG decreased 4% to $3,888. The company completed a $445 million securitization with a 4.52% interest rate and maintains strong liquidity of $922 million. Management announced initiatives to achieve $50-$100 million in annual cost efficiencies over the next two years.
Marriott Vacations Worldwide (NYSE: VAC) has announced its schedule for reporting third quarter 2024 financial results. The company will release its earnings report after the market closes on Wednesday, November 6. This will be followed by a conference call on Thursday, November 7, at 8:30 a.m. ET to discuss the results.
Interested parties can access the call by dialing (877) 407-8289 or (201) 689-8341 for international callers. A live webcast will also be available on the company's Investor Relations website. An audio replay of the call will be accessible from November 7 at 10 a.m. ET until December 7 at 10 p.m. ET via the website or by phone using the conference ID 13748759.
Marriott Vacations Worldwide (NYSE: VAC) has successfully completed a $445 million securitization of vacation ownership loans. The transaction, offered to qualified institutional buyers, features notes issued by MVW 2024-2 with a blended interest rate of 4.52% and a gross advance rate of 98%. The securitization comprises three classes of notes backed by a pool of approximately $454 million of vacation ownership loans from various timeshare brands.
The notes include $307 million of Class A Notes at 4.43% interest, $86 million of Class B Notes at 4.58% interest, and $52 million of Class C Notes at 4.92% interest. MVW plans to use the net proceeds to pay down outstanding credit facility obligations and for other general corporate purposes.
Interval International, a leading travel membership company, has welcomed six luxurious all-inclusive resorts from Blue Diamond Resorts (BDR) to its global exchange network. The resorts, located in Mexico and the Dominican Republic, include Royalton CHIC Cancun, Royalton Splash Riviera Cancun, Royalton Riviera Cancun, Royalton CHIC Punta Cana, Royalton Bavaro, and Planet Hollywood Cancun.
As part of this affiliation, Prime Travelers Club by BDR members at these resorts will join Interval International, gaining access to various travel benefits and the ability to exchange vacation points for stays at over 3,200 affiliated properties worldwide. Members will be enrolled as Interval Gold® or Interval Platinum® members, providing them with flexible exchange opportunities and additional leisure and lifestyle benefits.
Marriott Vacations Worldwide (NYSE: VAC) has announced a quarterly cash dividend of $0.76 per share of common stock. The dividend is set to be paid on or around October 3, 2024, to stockholders of record as of the close of business on September 19, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders and may be seen as a positive indicator of the company's financial health and confidence in its future performance.
Marriott Vacations Worldwide (NYSE: VAC) reported mixed Q2 2024 results. Consolidated Vacation Ownership contract sales declined 1% to $449 million, but increased 3% excluding Maui. The company recorded a $70 million increase in sales reserve due to higher expected defaults. Net income attributable to common stockholders was $37 million, down from $90 million in Q2 2023. Adjusted EBITDA decreased 29% to $157 million.
Key highlights include:
- Fully diluted EPS: $0.98
- Adjusted fully diluted EPS: $1.10
- Resort occupancy: 90%
- Tours increased 5%
- Owner VPG flat, first-time buyer VPG declined
The company updated its full-year outlook, adjusting contract sales guidance for H2 2024 due to slower Maui recovery and declining first-time buyer VPGs.
Marriott Vacations Worldwide (NYSE: VAC) has announced its schedule for the second quarter 2024 earnings release and conference call. The financial results will be reported after market close on Wednesday, July 31. A conference call to discuss the results is scheduled for Thursday, August 1, at 8:30 a.m. ET.
Participants can join the call by dialing (877) 407-8289 or (201) 689-8341 for international callers. A live webcast will be available on the company's Investor Relations website. An audio replay of the call will be accessible from August 1 at 10 a.m. ET until August 31 at 10 p.m. ET via the website or by calling (877) 660-6853 (or (201) 612-7415 for international callers) with the conference ID 13747313.
Marriott Vacations Worldwide (NYSE: VAC) will participate in the Morgan Stanley 2nd Annual Travel & Leisure Conference on June 4, 2024, with CFO Jason Marino featured in a fireside chat at 2:25 p.m. ET. The company reaffirmed its full-year contract sales guidance of $1.88 billion to $1.93 billion, reflecting a 6% to 9% increase year-over-year. Additionally, second-quarter contract sales are expected to rise by 2% to 4%, despite a four-point headwind from the Maui wildfires. A live webcast will be available on the company's Investor Relations website and remain accessible for 60 days.
Marriott Vacations Worldwide (NYSE: VAC) declared a quarterly cash dividend of $0.76 per share of common stock. The dividend will be paid on or around June 6, 2024, to stockholders of record as of May 23, 2024.
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