Marriott Vacations Worldwide C - VAC STOCK NEWS

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.

Marriott Vacations Worldwide reported its first quarter 2024 financial results, showing a 1% decrease in consolidated Vacation Ownership contract sales to $428 million compared to the first quarter of 2023. The net income attributable to common stockholders was $47 million, a decline from $87 million in the prior year. Adjusted EBITDA decreased by 8% to $187 million. Despite challenges due to the impact of the Maui wildfires, the company remains optimistic about the future and reaffirms its full-year contract sales and Adjusted EBITDA guidance.