ORLANDO, Fla., Oct. 16, 2014 /PRNewswire/ -- Marriott
Vacations Worldwide Corporation (NYSE: VAC) today reported third
quarter 2014 financial results and provided updated guidance for
the full year 2014. In addition, the company announced that its
Board of Directors has authorized a cash dividend program under
which it intends to pay a regular quarterly dividend and the
repurchase of up to an additional 3.4 million shares, or
approximately 10 percent, of its outstanding common stock, under
its share repurchase program.
Highlights for the third quarter of 2014 include:
- Adjusted EBITDA totaled $54
million, an increase of $4
million, or 8 percent, year-over-year.
- Company adjusted development margin was 22.6 percent and
North America adjusted development
margin was 25.5 percent, an increase of 230 and 330 basis points,
respectively, year-over-year.
- North America volume per guest
(VPG) increased 6.9 percent year-over-year to $3,477.
- Adjusted fully diluted earnings per share (EPS) increased 12.5
percent to $0.81 compared to
$0.72 in the third quarter of
2013.
- Through October 15, 2014, the
company has repurchased nearly 3.4 million of the 3.5 million
shares of its common stock under its initial authorization from
October 2013 for a total of
$186 million.
- In October 2014, the company
completed a securitization of $250
million of vacation ownership notes receivable at a blended
borrowing rate of 2.29 percent, generating gross proceeds of
$240 million.
Third quarter 2014 net income totaled $25
million, or $0.75 per diluted
share, compared to net income of $25
million, or $0.67 per diluted
share, in the third quarter of 2013. Company development margin
increased to 21.5 percent in the third quarter of 2014 from 21.1
percent in the third quarter of 2013; North America development margin for the third
quarter increased to 24.4 percent from 22.7 percent last year.
Non-GAAP financial measures, such as adjusted EBITDA, adjusted net
income, adjusted earnings per share and adjusted development
margin, are reconciled and adjustments are shown and described in
further detail on pages A-1 through A-20 of the Financial
Schedules that follow.
"We had a strong third quarter, with solid performance in
adjusted EBITDA and development margin, and another exceptional
quarter of VPG growth," said Stephen P.
Weisz, president and chief executive officer. "With our
strong cash position and cash flow outlook, I am pleased to
announce that our Board of Directors has approved a quarterly
dividend, our first as a public company. This is a significant
milestone for Marriott Vacations Worldwide and demonstrates our
confidence in our business model. In less than a year, we have
repurchased $186 million of common
stock under our share repurchase program, virtually exhausting the
Board's original repurchase authorization. Underscoring our
commitment to a balanced capital allocation strategy, our Board has
also authorized the repurchase of up to an additional 3.4 million
shares, representing approximately 10 percent of the company's
outstanding common stock. We believe our capital allocation
strategy gives us financial flexibility to pursue our growth
objectives and continue to drive long-term shareholder value."
Third Quarter 2014 Results
Total company contract sales were $172
million, a $4 million increase
from $168 million in the third
quarter of 2013, driven by $3 million
of higher vacation ownership contract sales in the company's
North America segment,
$2 million of higher contract sales
in the company's Europe segment
and $1 million of higher contract
sales in the company's Asia
Pacific segment, partially offset by $2 million of lower residential contract sales in
the company's North America
segment.
Adjusted development margin was $35
million, a $3 million increase
from the third quarter of 2013. Adjusted development margin
percentage increased 2.3 percentage points to 22.6 percent in the
third quarter of 2014 from 20.3 percent in the third quarter of
2013. The adjustments are illustrated on page A-10 of the Financial
Schedules. Development margin was $33
million, a $1 million decrease
from the third quarter of 2013, as the prior year period benefited
from the impact of extended rescission periods in the company's
Europe segment and favorable
revenue reportability. Development margin percentage increased
slightly to 21.5 percent in the third quarter of 2014 from 21.1
percent in the third quarter of 2013.
Rental revenues totaled $65
million, unchanged compared to the third quarter of 2013.
These results reflect a 3 percent increase in transient keys rented
offset by nearly $2 million of lower
plus points revenue. Rental revenues, net of expenses, were
$11 million, a $3 million, or 28 percent, increase from the
third quarter of 2013.
Resort management and other services revenues totaled
$67 million, a $2 million increase from the third quarter of
2013. Resort management and other services revenues, net of
expenses, were $23 million, a
$3 million, or 15 percent, increase
over the third quarter of 2013.
Adjusted EBITDA was $54 million in
the third quarter of 2014, a $4
million, or 8 percent, increase from $50 million in the third quarter of 2013.
Segment Results
North America
VPG increased 6.9 percent to $3,477 in the third quarter of 2014 from
$3,252 in the third quarter of 2013,
driven mainly by an increase in the average number of points
purchased per contract, higher pricing and a modest improvement in
closing efficiency. North America
vacation ownership contract sales were $148
million in the third quarter of 2014, an increase of
$3 million over the prior year
period.
Third quarter 2014 North America segment financial results were
$86 million, a decrease of
$1 million from the third quarter of
2013. The decrease was primarily driven by a $3 million accrual related to a litigation
settlement and $2 million of lower
financing revenues, offset partially by $4
million of higher resort management and other services
revenues net of expenses.
Development margin was $33
million, unchanged compared to the third quarter of 2013.
Development margin percentage increased to 24.4 percent in the
third quarter of 2014 as compared to 22.7 percent in the prior year
quarter. Excluding the impact of revenue reportability, adjusted
development margin was $35 million, a
$3 million increase from the prior
year quarter. Adjusted development margin percentage increased to
25.5 percent in the third quarter of 2014 from 22.2 percent in the
third quarter of 2013. The impact of revenue reportability is
illustrated on page A-12 of the Financial Schedules.
Asia Pacific
Asia Pacific contract sales
increased $1 million to $8 million in the third quarter of 2014. Segment
financial results were $1 million, an
increase of $1 million from the third
quarter of 2013.
Europe
Third quarter 2014 contract sales improved $2 million to $11 million. Segment financial
results were $6 million, $1 million below the third quarter of 2013.
Adjusting for the $1 million impact
related to extended rescission periods in the prior year, segment
financial results were flat compared to the prior year quarter.
Organizational and Separation Plan
During the third quarter of 2014, the company incurred
$3 million of costs in connection
with its organizational and separation related efforts, of which
$2 million was capitalized during the
quarter. Remaining spending for these efforts of approximately
$7 million to $9 million is expected
to be incurred by the end of 2015. Once completed, these efforts
are expected to generate over $15
million of annualized savings, of which approximately
$13 million has been realized
cumulatively to date.
Return of Capital
On October 14, 2014, the company's
Board of Directors authorized a cash dividend program under which
it intends to pay a regular quarterly dividend, and declared a
quarterly dividend of $0.25 per share
payable on November 12, 2014 to
shareholders of record as of October 28,
2014. In addition, the Board of Directors authorized the
company to repurchase up to 3.4 million additional shares of its
common stock under its share repurchase program through
March 25, 2016.
Any future dividend payments will be subject to Board approval.
The specific timing, amount and other terms of the repurchases will
continue to depend on market conditions, corporate and regulatory
requirements and other factors.
During the third quarter of 2014, the company repurchased
787,796 shares of its common stock at an average price of
$58.02 per share for a total of
nearly $46 million under its share
repurchase program. Since the launch of the program on October 20, 2013 through October 15, 2014, the company has repurchased
nearly 3.4 million shares of the 3.5 million shares originally
authorized.
Balance Sheet and Liquidity
On September 12, 2014, cash and
cash equivalents totaled $146
million. Since the end of 2013, real estate inventory
balances declined $70 million to
$794 million, including $446 million of finished goods and $348 million of land and infrastructure. The
company had $538 million in debt
outstanding at the end of the third quarter of 2014, a decrease of
$140 million from year-end 2013,
including $534 million in
non-recourse securitized notes. In addition, $40 million of mandatorily redeemable preferred
stock of a subsidiary of the company was outstanding at the end of
the third quarter of 2014.
In October the company completed a securitization of
$250 million of vacation ownership
loans at a weighted average interest rate of 2.29 percent and an
advance rate of 96 percent. This transaction generated
approximately $240 million of gross
cash proceeds. Net cash proceeds to the company after transaction
costs and cash reserves were $236
million, which are available for general corporate
purposes.
As of September 12, 2014, the
company had $197 million in available
capacity under its revolving credit facility after taking into
account outstanding letters of credit.
Outlook
For the full year 2014, the company is updating guidance as
reflected in the chart below.
|
Current
Guidance
|
Previous
Guidance
|
Adjusted free cash
flow
|
$230 million to $245
million
|
$190 million to $205
million
|
Adjusted fully
diluted earnings per share
|
$2.67 to
$2.84
|
$2.64 to
$2.82
|
The company is also reaffirming the following guidance for full
year 2014 as previously provided on July 24,
2014:
Adjusted
EBITDA
|
$190 million to $200
million
|
Adjusted net
income
|
$93 million to $99
million
|
Adjusted development
margin:
|
|
|
Company
|
21.0 percent to 22.0
percent
|
|
North
America
|
23.0 percent to 24.0
percent
|
Contract sales growth
(excluding residential):
|
|
|
Company
|
1 percent to 3
percent
|
|
North
America
|
flat to 2
percent
|
Pages A-1 through A-20 of the Financial Schedules reconcile the
non-GAAP financial measures set forth above to the following full
year 2014 expected GAAP results: reported net income of
$93 million to $99 million; reported
company development margin of 20.7 percent to 21.7 percent;
reported North America development
margin of 22.8 percent to 23.8 percent; and net cash provided by
operating activities of $216 million to $228
million.
Third Quarter 2014 Earnings Conference Call
The company will hold a conference call at 10:00 a.m. EDT today to discuss these results.
Participants may access the call by dialing (877) 407-8289 or (201)
689-8341 for international callers. A live webcast of the call will
also be available in the Investor Relations section of the
company's website at www.marriottvacationsworldwide.com.
An audio replay of the conference call will be available for
seven days and can be accessed at (877) 660-6853 or (201) 612-7415
for international callers. The conference ID for the recording
is 13591642. The webcast will also be available on the
company's website.
About Marriott Vacations Worldwide Corporation
Marriott Vacations Worldwide Corporation is a leading global
pure-play vacation ownership company. In late 2011, Marriott
Vacations Worldwide was established as an independent, public
company focusing primarily on vacation ownership experiences.
Since entering the industry in 1984 as part of Marriott
International, Inc., the company earned its position as a leader
and innovator in vacation ownership products. The company preserves
high standards of excellence in serving its customers, investors
and associates while maintaining a long-term relationship with
Marriott International. Marriott Vacations Worldwide offers a
diverse portfolio of quality products, programs and management
expertise with 59 resorts and approximately 420,000 Owners and
Members. Its brands include: Marriott Vacation Club, The
Ritz-Carlton Destination Club and Grand Residences by Marriott. For
more information, please visit
www.marriottvacationsworldwide.com.
Note on forward-looking statements: This press release
and accompanying schedules contain "forward-looking statements"
within the meaning of federal securities laws, including statements
about future operating results, future dividend payments,
organizational and separation related efforts, estimates, and
assumptions, and similar statements concerning anticipated future
events and expectations that are not historical facts. The company
cautions you that these statements are not guarantees of future
performance and are subject to numerous risks and uncertainties,
including volatility in the economy and the credit markets, supply
and demand changes for vacation ownership and residential products,
competitive conditions; the availability of capital to finance
growth, and other matters referred to under the heading "Risk
Factors" contained in the company's most recent Annual Report on
Form 10-K filed with the U.S Securities and Exchange Commission
(the "SEC") and in subsequent SEC filings, any of which could cause
actual results to differ materially from those expressed in or
implied in this press release. These statements are made as of
October 16, 2014 and the company
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise.
Financial Schedules Follow
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
FINANCIAL
SCHEDULES
|
QUARTER 3,
2014
|
TABLE OF
CONTENTS
|
|
|
|
|
Interim Consolidated
Statements of Income - 12 Weeks Ended September 12, 2014 and
September 6, 2013
|
A-1
|
|
|
Interim Consolidated
Statements of Income - 36 Weeks Ended September 12, 2014 and
September 6, 2013
|
A-2
|
|
|
North America Segment
Financial Results - 12 Weeks Ended September 12, 2014 and September
6, 2013
|
A-3
|
|
|
North America Segment
Financial Results - 36 Weeks Ended September 12, 2014 and September
6, 2013
|
A-4
|
|
|
Asia Pacific Segment
Financial Results - 12 Weeks Ended September 12, 2014 and September
6, 2013
|
A-5
|
|
|
Asia Pacific Segment
Financial Results - 36 Weeks Ended September 12, 2014 and September
6, 2013
|
A-6
|
|
|
Europe Segment
Financial Results - 12 Weeks Ended September 12, 2014 and September
6, 2013
|
A-7
|
|
|
Europe Segment
Financial Results - 36 Weeks Ended September 12, 2014 and September
6, 2013
|
A-8
|
|
|
Corporate and Other
Financial Results - 12 Weeks and 36 Weeks Ended September 12, 2014
and September 6, 2013
|
A-9
|
|
|
Consolidated Contract
Sales to Sale of Vacation Ownership Products and Adjusted
Development Margin
|
|
(Adjusted Sale of Vacation Ownership Products Net of Expenses) - 12
Weeks Ended September 12, 2014 and September 6, 2013
|
A-10
|
|
|
Consolidated Contract
Sales to Sale of Vacation Ownership Products and Adjusted
Development Margin
|
|
(Adjusted Sale of Vacation Ownership Products Net of Expenses) - 36
Weeks Ended September 12, 2014 and September 6, 2013
|
A-11
|
|
|
North America
Contract Sales to Sale of Vacation Ownership Products and Adjusted
Development Margin
|
|
(Adjusted Sale of Vacation Ownership Products Net of Expenses) - 12
Weeks Ended September 12, 2014 and September 6, 2013
|
A-12
|
|
|
North America
Contract Sales to Sale of Vacation Ownership Products and Adjusted
Development Margin
|
|
(Adjusted Sale of Vacation Ownership Products Net of Expenses) - 36
Weeks Ended September 12, 2014 and September 6, 2013
|
A-13
|
|
|
EBITDA and Adjusted
EBITDA - 12 Weeks and 36 Weeks Ended September 12, 2014 and
September 6, 2013
|
A-14
|
|
|
Adjusted Net Income
and Adjusted Earnings Per Share - Diluted, Adjusted EBITDA and
Adjusted Development Margin - 2014 Outlook
|
A-15
|
|
|
2014 Adjusted Free
Cash Flow Outlook
|
A-16
|
|
|
2014 Normalized
Adjusted Free Cash Flow Outlook
|
A-17
|
|
|
Non-GAAP Financial
Measures
|
A-18
|
|
|
Interim Consolidated
Balance Sheets
|
A-21
|
|
|
Interim Consolidated
Statements of Cash Flows
|
A-22
|
A-1
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
|
INTERIM
CONSOLIDATED STATEMENTS OF INCOME
|
|
12 Weeks Ended
September 12, 2014 and September 6, 2013
|
|
(In millions, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
Europe
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
12 Weeks
Ended
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
Rescission
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
Adjustment
|
|
September 6,
2013
|
**
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of vacation
ownership products
|
|
$
156
|
|
$
-
|
|
$
156
|
|
|
$
162
|
|
$
-
|
|
$
(2)
|
|
$
160
|
|
|
|
Resort management and
other services
|
|
67
|
|
-
|
|
67
|
|
|
65
|
|
-
|
|
-
|
|
65
|
|
|
|
Financing
|
|
30
|
|
-
|
|
30
|
|
|
32
|
|
-
|
|
-
|
|
32
|
|
|
|
Rental
|
|
65
|
|
-
|
|
65
|
|
|
65
|
|
-
|
|
-
|
|
65
|
|
|
|
Other
|
|
4
|
|
-
|
|
4
|
|
|
4
|
|
-
|
|
-
|
|
4
|
|
|
|
Cost
reimbursements
|
|
91
|
|
-
|
|
91
|
|
|
84
|
|
-
|
|
-
|
|
84
|
|
|
|
|
|
|
|
Total
revenues
|
|
413
|
|
-
|
|
413
|
|
|
412
|
|
-
|
|
(2)
|
|
410
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
|
49
|
|
-
|
|
49
|
|
|
56
|
|
-
|
|
(1)
|
|
55
|
|
|
|
Marketing and
sales
|
|
74
|
|
-
|
|
74
|
|
|
72
|
|
-
|
|
-
|
|
72
|
|
|
|
Resort management and
other services
|
|
44
|
|
-
|
|
44
|
|
|
45
|
|
-
|
|
-
|
|
45
|
|
|
|
Financing
|
|
5
|
|
-
|
|
5
|
|
|
5
|
|
-
|
|
-
|
|
5
|
|
|
|
Rental
|
|
54
|
|
-
|
|
54
|
|
|
57
|
|
-
|
|
-
|
|
57
|
|
|
|
Other
|
|
4
|
|
-
|
|
4
|
|
|
4
|
|
-
|
|
-
|
|
4
|
|
|
|
General and
administrative
|
|
22
|
|
-
|
|
22
|
|
|
23
|
|
-
|
|
-
|
|
23
|
|
|
|
Organizational and
separation related
|
|
1
|
|
(1)
|
|
-
|
|
|
4
|
|
(4)
|
|
-
|
|
-
|
|
|
|
Litigation
settlement
|
|
3
|
|
(3)
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
Consumer financing
interest
|
|
6
|
|
-
|
|
6
|
|
|
7
|
|
-
|
|
-
|
|
7
|
|
|
|
Royalty
fee
|
|
14
|
|
-
|
|
14
|
|
|
13
|
|
-
|
|
-
|
|
13
|
|
|
|
Cost
reimbursements
|
|
91
|
|
-
|
|
91
|
|
|
84
|
|
-
|
|
-
|
|
84
|
|
|
|
|
|
|
|
Total
expenses
|
|
367
|
|
(4)
|
|
363
|
|
|
370
|
|
(4)
|
|
(1)
|
|
365
|
|
|
Interest
expense
|
|
3
|
|
-
|
|
3
|
|
|
2
|
|
-
|
|
-
|
|
2
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
43
|
|
4
|
|
47
|
|
|
40
|
|
4
|
|
(1)
|
|
43
|
|
|
Provision for income
taxes
|
|
(18)
|
|
(2)
|
|
(20)
|
|
|
(15)
|
|
(1)
|
|
-
|
|
(16)
|
|
|
Net
income
|
|
$
25
|
|
$
2
|
|
$
27
|
|
|
$
25
|
|
$
3
|
|
$
(1)
|
|
$
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Basic
|
|
$
0.77
|
|
|
|
$
0.83
|
|
|
$
0.70
|
|
|
|
|
|
$
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Diluted
|
|
$
0.75
|
|
|
|
$
0.81
|
|
|
$
0.67
|
|
|
|
|
|
$
0.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
Shares
|
|
33.4
|
|
|
|
33.4
|
|
|
35.5
|
|
|
|
|
|
35.5
|
|
|
Diluted
Shares
|
|
34.4
|
|
|
|
34.4
|
|
|
36.7
|
|
|
|
|
|
36.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
|
|
|
|
|
September 6,
2013
|
|
|
|
|
|
|
|
|
Contract
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
ownership
|
|
$
167
|
|
|
|
|
|
|
$
161
|
|
|
|
|
|
|
|
|
|
|
Residential
products
|
|
5
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
Total contract
sales
|
|
$
172
|
|
|
|
|
|
|
$
168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: Earnings
per share - Basic and Earnings per share - Diluted are calculated
using whole dollars. We now report in Resort management and
other services certain external exchange company results previously
included in Other and have recast prior year presentation for
consistency.
|
A-2
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
|
INTERIM
CONSOLIDATED STATEMENTS OF INCOME
|
|
36 Weeks Ended
September 12, 2014 and September 6, 2013
|
|
(In millions, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
Europe
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
36 Weeks
Ended
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
Rescission
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
Adjustment
|
|
September 6,
2013
|
**
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of vacation
ownership products
|
|
$
453
|
|
$
-
|
|
$
453
|
|
|
$
472
|
|
$
-
|
|
$
(20)
|
|
$
452
|
|
|
|
Resort management and
other services
|
|
197
|
|
-
|
|
197
|
|
|
188
|
|
-
|
|
-
|
|
188
|
|
|
|
Financing
|
|
90
|
|
-
|
|
90
|
|
|
97
|
|
-
|
|
-
|
|
97
|
|
|
|
Rental
|
|
191
|
|
-
|
|
191
|
|
|
193
|
|
-
|
|
-
|
|
193
|
|
|
|
Other
|
|
12
|
|
-
|
|
12
|
|
|
13
|
|
-
|
|
-
|
|
13
|
|
|
|
Cost
reimbursements
|
|
282
|
|
-
|
|
282
|
|
|
260
|
|
-
|
|
-
|
|
260
|
|
|
|
|
|
|
|
Total
revenues
|
|
1,225
|
|
-
|
|
1,225
|
|
|
1,223
|
|
-
|
|
(20)
|
|
1,203
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
|
139
|
|
-
|
|
139
|
|
|
157
|
|
-
|
|
(7)
|
|
150
|
|
|
|
Marketing and
sales
|
|
217
|
|
-
|
|
217
|
|
|
220
|
|
(2)
|
|
(2)
|
|
216
|
|
|
|
Resort management and
other services
|
|
132
|
|
-
|
|
132
|
|
|
134
|
|
-
|
|
-
|
|
134
|
|
|
|
Financing
|
|
16
|
|
-
|
|
16
|
|
|
16
|
|
-
|
|
-
|
|
16
|
|
|
|
Rental
|
|
166
|
|
-
|
|
166
|
|
|
169
|
|
-
|
|
-
|
|
169
|
|
|
|
Other
|
|
9
|
|
-
|
|
9
|
|
|
9
|
|
-
|
|
-
|
|
9
|
|
|
|
General and
administrative
|
|
67
|
|
-
|
|
67
|
|
|
66
|
|
-
|
|
-
|
|
66
|
|
|
|
Organizational and
separation related
|
|
3
|
|
(3)
|
|
-
|
|
|
7
|
|
(7)
|
|
-
|
|
-
|
|
|
|
Litigation
settlement
|
|
(5)
|
|
5
|
|
-
|
|
|
(1)
|
|
1
|
|
-
|
|
-
|
|
|
|
Consumer financing
interest
|
|
18
|
|
-
|
|
18
|
|
|
22
|
|
-
|
|
-
|
|
22
|
|
|
|
Royalty
fee
|
|
41
|
|
-
|
|
41
|
|
|
41
|
|
-
|
|
-
|
|
41
|
|
|
|
Impairment
|
|
1
|
|
(1)
|
|
-
|
|
|
1
|
|
(1)
|
|
-
|
|
-
|
|
|
|
Cost
reimbursements
|
|
282
|
|
-
|
|
282
|
|
|
260
|
|
-
|
|
-
|
|
260
|
|
|
|
|
|
|
|
Total
expenses
|
|
1,086
|
|
1
|
|
1,087
|
|
|
1,101
|
|
(9)
|
|
(9)
|
|
1,083
|
|
|
Gains and other
income
|
|
2
|
|
(2)
|
|
-
|
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
Interest
expense
|
|
8
|
|
-
|
|
8
|
|
|
9
|
|
-
|
|
-
|
|
9
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
133
|
|
(3)
|
|
130
|
|
|
114
|
|
9
|
|
(11)
|
|
112
|
|
|
Provision for income
taxes
|
|
(53)
|
|
1
|
|
(52)
|
|
|
(40)
|
|
(2)
|
|
3
|
|
(39)
|
|
|
Net
income
|
|
$
80
|
|
$
(2)
|
|
$
78
|
|
|
$
74
|
|
$
7
|
|
$
(8)
|
|
$
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Basic
|
|
$
2.35
|
|
|
|
$
2.30
|
|
|
$
2.10
|
|
|
|
|
|
$
2.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Diluted
|
|
$
2.28
|
|
|
|
$
2.23
|
|
|
$
2.03
|
|
|
|
|
|
$
1.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
Shares
|
|
34.2
|
|
|
|
34.2
|
|
|
35.4
|
|
|
|
|
|
35.4
|
|
|
Diluted
Shares
|
|
35.2
|
|
|
|
35.2
|
|
|
36.6
|
|
|
|
|
|
36.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
|
|
|
|
|
September 6,
2013
|
|
|
|
|
|
|
|
|
Contract
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
ownership
|
|
$
487
|
|
|
|
|
|
|
$
473
|
|
|
|
|
|
|
|
|
|
|
Residential
products
|
|
11
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
Total contract
sales
|
|
$
498
|
|
|
|
|
|
|
$
481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: Earnings
per share - Basic and Earnings per share - Diluted are calculated
using whole dollars. We now report in Resort management and
other services certain external exchange company results previously
included in Other and have recast prior year presentation for
consistency.
|
A-3
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
|
NORTH AMERICA
SEGMENT
|
|
12 Weeks Ended
September 12, 2014 and September 6, 2013
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
12 Weeks
Ended
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
September 6,
2013
|
**
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of vacation
ownership products
|
|
$
138
|
|
$
-
|
|
$
138
|
|
|
$
145
|
|
$
-
|
|
$
145
|
|
|
|
Resort management and
other services
|
|
58
|
|
-
|
|
58
|
|
|
55
|
|
-
|
|
55
|
|
|
|
Financing
|
|
28
|
|
-
|
|
28
|
|
|
30
|
|
-
|
|
30
|
|
|
|
Rental
|
|
55
|
|
-
|
|
55
|
|
|
56
|
|
-
|
|
56
|
|
|
|
Other
|
|
4
|
|
-
|
|
4
|
|
|
4
|
|
-
|
|
4
|
|
|
|
Cost
reimbursements
|
|
81
|
|
-
|
|
81
|
|
|
75
|
|
-
|
|
75
|
|
|
|
|
|
|
|
Total
revenues
|
|
364
|
|
-
|
|
364
|
|
|
365
|
|
-
|
|
365
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
|
41
|
|
-
|
|
41
|
|
|
51
|
|
-
|
|
51
|
|
|
|
Marketing and
sales
|
|
64
|
|
-
|
|
64
|
|
|
61
|
|
-
|
|
61
|
|
|
|
Resort management and
other services
|
|
36
|
|
-
|
|
36
|
|
|
37
|
|
-
|
|
37
|
|
|
|
Rental
|
|
47
|
|
-
|
|
47
|
|
|
49
|
|
-
|
|
49
|
|
|
|
Other
|
|
3
|
|
-
|
|
3
|
|
|
3
|
|
-
|
|
3
|
|
|
|
Organizational and
separation related
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
|
Litigation
settlement
|
|
3
|
|
(3)
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
|
Royalty
fee
|
|
3
|
|
-
|
|
3
|
|
|
2
|
|
-
|
|
2
|
|
|
|
Cost
reimbursements
|
|
81
|
|
-
|
|
81
|
|
|
75
|
|
-
|
|
75
|
|
|
|
|
|
|
|
Total
expenses
|
|
278
|
|
(3)
|
|
275
|
|
|
278
|
|
-
|
|
278
|
|
|
|
|
|
|
|
Segment financial
results
|
|
$
86
|
|
$
3
|
|
$
89
|
|
|
$
87
|
|
$
-
|
|
$
87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
|
|
|
|
|
September 6,
2013
|
|
|
|
|
|
|
Contract
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
ownership
|
|
$
148
|
|
|
|
|
|
|
$
145
|
|
|
|
|
|
|
|
|
Residential
products
|
|
5
|
|
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
Total contract
sales
|
|
$
153
|
|
|
|
|
|
|
$
152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: We now report in Resort
management and other services certain external exchange company
results previously included in Other and have recast prior year
presentation for consistency.
|
A-4
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
|
NORTH AMERICA
SEGMENT
|
|
36 Weeks Ended
September 12, 2014 and September 6, 2013
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
36 Weeks
Ended
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
September 6,
2013
|
**
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of vacation
ownership products
|
|
$
404
|
|
$
-
|
|
$
404
|
|
|
$
407
|
|
$
-
|
|
$
407
|
|
|
|
Resort management and
other services
|
|
172
|
|
-
|
|
172
|
|
|
163
|
|
-
|
|
163
|
|
|
|
Financing
|
|
84
|
|
-
|
|
84
|
|
|
91
|
|
-
|
|
91
|
|
|
|
Rental
|
|
169
|
|
-
|
|
169
|
|
|
172
|
|
-
|
|
172
|
|
|
|
Other
|
|
12
|
|
-
|
|
12
|
|
|
13
|
|
-
|
|
13
|
|
|
|
Cost
reimbursements
|
|
252
|
|
-
|
|
252
|
|
|
231
|
|
-
|
|
231
|
|
|
|
|
|
|
|
Total
revenues
|
|
1,093
|
|
-
|
|
1,093
|
|
|
1,077
|
|
-
|
|
1,077
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
|
120
|
|
-
|
|
120
|
|
|
137
|
|
-
|
|
137
|
|
|
|
Marketing and
sales
|
|
188
|
|
-
|
|
188
|
|
|
187
|
|
-
|
|
187
|
|
|
|
Resort management and
other services
|
|
111
|
|
-
|
|
111
|
|
|
113
|
|
-
|
|
113
|
|
|
|
Rental
|
|
146
|
|
-
|
|
146
|
|
|
148
|
|
-
|
|
148
|
|
|
|
Other
|
|
8
|
|
-
|
|
8
|
|
|
8
|
|
-
|
|
8
|
|
|
|
Organizational and
separation related
|
|
1
|
|
(1)
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
|
Litigation
settlement
|
|
(5)
|
|
5
|
|
-
|
|
|
(1)
|
|
1
|
|
-
|
|
|
|
Royalty
fee
|
|
6
|
|
-
|
|
6
|
|
|
6
|
|
-
|
|
6
|
|
|
|
Cost
reimbursements
|
|
252
|
|
-
|
|
252
|
|
|
231
|
|
-
|
|
231
|
|
|
|
|
|
|
|
Total
expenses
|
|
828
|
|
3
|
|
831
|
|
|
829
|
|
1
|
|
830
|
|
|
Gains and other
income
|
|
2
|
|
(2)
|
|
-
|
|
|
1
|
|
-
|
|
1
|
|
|
Impairment reversals
on equity investment
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Segment financial
results
|
|
$
267
|
|
$
(5)
|
|
$
262
|
|
|
$
249
|
|
$
(1)
|
|
$
248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
|
|
|
|
|
September 6,
2013
|
|
|
|
|
|
|
Contract
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
ownership
|
|
$
434
|
|
|
|
|
|
|
$
429
|
|
|
|
|
|
|
|
|
Residential
products
|
|
11
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
Total contract
sales
|
|
$
445
|
|
|
|
|
|
|
$
437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: We now report in Resort
management and other services certain external exchange company
results previously included in Other and have recast prior year
presentation for consistency.
|
A-5
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
|
ASIA PACIFIC
SEGMENT
|
|
12 Weeks Ended
September 12, 2014 and September 6, 2013
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
12 Weeks
Ended
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
September 6,
2013
|
**
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of vacation
ownership products
|
|
$
8
|
|
$
-
|
|
$
8
|
|
|
$
7
|
|
$
-
|
|
$
7
|
|
|
|
Resort management and
other services
|
|
1
|
|
-
|
|
1
|
|
|
1
|
|
-
|
|
1
|
|
|
|
Financing
|
|
1
|
|
-
|
|
1
|
|
|
1
|
|
-
|
|
1
|
|
|
|
Rental
|
|
1
|
|
-
|
|
1
|
|
|
1
|
|
-
|
|
1
|
|
|
|
Cost
reimbursements
|
|
-
|
|
-
|
|
-
|
|
|
1
|
|
-
|
|
1
|
|
|
|
|
|
|
|
Total
revenues
|
|
11
|
|
-
|
|
11
|
|
|
11
|
|
-
|
|
11
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
|
3
|
|
-
|
|
3
|
|
|
1
|
|
-
|
|
1
|
|
|
|
Marketing and
sales
|
|
4
|
|
-
|
|
4
|
|
|
5
|
|
-
|
|
5
|
|
|
|
Resort management and
other services
|
|
1
|
|
-
|
|
1
|
|
|
1
|
|
-
|
|
1
|
|
|
|
Rental
|
|
2
|
|
-
|
|
2
|
|
|
3
|
|
-
|
|
3
|
|
|
|
Cost
reimbursements
|
|
-
|
|
-
|
|
-
|
|
|
1
|
|
-
|
|
1
|
|
|
|
|
|
|
|
Total
expenses
|
|
10
|
|
-
|
|
10
|
|
|
11
|
|
-
|
|
11
|
|
|
|
|
|
|
|
Segment financial
results
|
|
$
1
|
|
$
-
|
|
$
1
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
|
|
|
|
|
September 6,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
Sales
|
|
$
8
|
|
|
|
|
|
|
$
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: Asia
Pacific segment revenues and expenses for the twelve weeks ended
September 6, 2013 have been restated to reclassify a portion of
Cost reimbursements from the Asia Pacific segment to the Europe
segment to correct certain immaterial prior period
errors.
|
A-6
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
|
ASIA PACIFIC
SEGMENT
|
|
36 Weeks Ended
September 12, 2014 and September 6, 2013
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
36 Weeks
Ended
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
September 6,
2013
|
**
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of vacation
ownership products
|
|
$
22
|
|
$
-
|
|
$
22
|
|
|
$
23
|
|
$
-
|
|
$
23
|
|
|
|
Resort management and
other services
|
|
3
|
|
-
|
|
3
|
|
|
3
|
|
-
|
|
3
|
|
|
|
Financing
|
|
3
|
|
-
|
|
3
|
|
|
3
|
|
-
|
|
3
|
|
|
|
Rental
|
|
5
|
|
-
|
|
5
|
|
|
5
|
|
-
|
|
5
|
|
|
|
Cost
reimbursements
|
|
2
|
|
-
|
|
2
|
|
|
5
|
|
-
|
|
5
|
|
|
|
|
|
|
|
Total
revenues
|
|
35
|
|
-
|
|
35
|
|
|
39
|
|
-
|
|
39
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
|
6
|
|
-
|
|
6
|
|
|
4
|
|
-
|
|
4
|
|
|
|
Marketing and
sales
|
|
12
|
|
-
|
|
12
|
|
|
14
|
|
-
|
|
14
|
|
|
|
Resort management and
other services
|
|
2
|
|
-
|
|
2
|
|
|
2
|
|
-
|
|
2
|
|
|
|
Rental
|
|
8
|
|
-
|
|
8
|
|
|
8
|
|
-
|
|
8
|
|
|
|
Royalty
fee
|
|
1
|
|
-
|
|
1
|
|
|
1
|
|
-
|
|
1
|
|
|
|
Cost
reimbursements
|
|
2
|
|
-
|
|
2
|
|
|
5
|
|
-
|
|
5
|
|
|
|
|
|
|
|
Total
expenses
|
|
31
|
|
-
|
|
31
|
|
|
34
|
|
-
|
|
34
|
|
|
|
|
|
|
|
Segment financial
results
|
|
$
4
|
|
$
-
|
|
$
4
|
|
|
$
5
|
|
$
-
|
|
$
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
|
|
|
|
|
September 6,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
Sales
|
|
$
22
|
|
|
|
|
|
|
$
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: Asia
Pacific segment revenues and expenses for the thirty six weeks
ended September 12, 2014 (related to the twelve weeks ended March
28, 2014) and September 6, 2013 have been restated to reclassify a
portion of Cost reimbursements from the Asia Pacific segment to the
Europe segment to correct certain immaterial prior period
errors.
|
A-7
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
|
EUROPE
SEGMENT
|
|
12 Weeks Ended
September 12, 2014 and September 6, 2013
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
Europe
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
12 Weeks
Ended
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
Rescission
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
Adjustment
|
|
September 6,
2013
|
**
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of vacation
ownership products
|
|
$
10
|
|
$
-
|
|
$
10
|
|
|
$
10
|
|
$
-
|
|
$
(2)
|
|
$
8
|
|
|
|
Resort management and
other services
|
|
8
|
|
-
|
|
8
|
|
|
9
|
|
-
|
|
-
|
|
9
|
|
|
|
Financing
|
|
1
|
|
-
|
|
1
|
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
|
Rental
|
|
9
|
|
-
|
|
9
|
|
|
8
|
|
-
|
|
-
|
|
8
|
|
|
|
Cost
reimbursements
|
|
10
|
|
-
|
|
10
|
|
|
8
|
|
-
|
|
-
|
|
8
|
|
|
|
|
|
|
|
Total
revenues
|
|
38
|
|
-
|
|
38
|
|
|
36
|
|
-
|
|
(2)
|
|
34
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
|
3
|
|
-
|
|
3
|
|
|
2
|
|
-
|
|
(1)
|
|
1
|
|
|
|
Marketing and
sales
|
|
6
|
|
-
|
|
6
|
|
|
6
|
|
-
|
|
-
|
|
6
|
|
|
|
Resort management and
other services
|
|
7
|
|
-
|
|
7
|
|
|
7
|
|
-
|
|
-
|
|
7
|
|
|
|
Rental
|
|
5
|
|
-
|
|
5
|
|
|
5
|
|
-
|
|
-
|
|
5
|
|
|
|
Other
|
|
1
|
|
-
|
|
1
|
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
|
Cost
reimbursements
|
|
10
|
|
-
|
|
10
|
|
|
8
|
|
-
|
|
-
|
|
8
|
|
|
|
|
|
|
|
Total
expenses
|
|
32
|
|
-
|
|
32
|
|
|
29
|
|
-
|
|
(1)
|
|
28
|
|
|
|
|
|
|
|
Segment financial
results
|
|
$
6
|
|
$
-
|
|
$
6
|
|
|
$
7
|
|
$
-
|
|
$
(1)
|
|
$
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
|
|
|
|
|
September 6,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
Sales
|
|
$
11
|
|
|
|
|
|
|
$
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
Europe segment revenues and expenses for the twelve weeks ended
September 6, 2013 have been restated to reclassify a portion of
Cost reimbursements from the Asia Pacific segment to the Europe
segment to correct certain immaterial prior period errors. We
now report in Resort management and other services certain external
exchange company results previously included in Other and have
recast prior year presentation for consistency.
|
A-8
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
|
EUROPE
SEGMENT
|
|
36 Weeks Ended
September 12, 2014 and September 6, 2013
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
Europe
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
36 Weeks
Ended
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
Rescission
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
Adjustment
|
|
September 6,
2013
|
**
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of vacation
ownership products
|
|
$
27
|
|
$
-
|
|
$
27
|
|
|
$
42
|
|
$
-
|
|
$
(20)
|
|
$
22
|
|
|
|
Resort management and
other services
|
|
22
|
|
-
|
|
22
|
|
|
22
|
|
-
|
|
-
|
|
22
|
|
|
|
Financing
|
|
3
|
|
-
|
|
3
|
|
|
3
|
|
-
|
|
-
|
|
3
|
|
|
|
Rental
|
|
17
|
|
-
|
|
17
|
|
|
16
|
|
-
|
|
-
|
|
16
|
|
|
|
Other
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
Cost
reimbursements
|
|
28
|
|
-
|
|
28
|
|
|
24
|
|
-
|
|
-
|
|
24
|
|
|
|
|
|
|
|
Total
revenues
|
|
97
|
|
-
|
|
97
|
|
|
107
|
|
-
|
|
(20)
|
|
87
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
|
7
|
|
-
|
|
7
|
|
|
11
|
|
-
|
|
(7)
|
|
4
|
|
|
|
Marketing and
sales
|
|
17
|
|
-
|
|
17
|
|
|
19
|
|
(2)
|
|
(2)
|
|
15
|
|
|
|
Resort management and
other services
|
|
19
|
|
-
|
|
19
|
|
|
19
|
|
-
|
|
-
|
|
19
|
|
|
|
Rental
|
|
12
|
|
-
|
|
12
|
|
|
13
|
|
-
|
|
-
|
|
13
|
|
|
|
Other
|
|
1
|
|
-
|
|
1
|
|
|
1
|
|
-
|
|
-
|
|
1
|
|
|
|
Impairment
|
|
-
|
|
-
|
|
-
|
|
|
1
|
|
(1)
|
|
-
|
|
-
|
|
|
|
Cost
reimbursements
|
|
28
|
|
-
|
|
28
|
|
|
24
|
|
-
|
|
-
|
|
24
|
|
|
|
|
|
|
|
Total
expenses
|
|
84
|
|
-
|
|
84
|
|
|
88
|
|
(3)
|
|
(9)
|
|
76
|
|
|
|
|
|
|
|
Segment financial
results
|
|
$
13
|
|
$
-
|
|
$
13
|
|
|
$
19
|
|
$
3
|
|
$
(11)
|
|
$
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
|
|
|
|
|
September 6,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
Sales
|
|
$
31
|
|
|
|
|
|
|
$
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: Europe
segment revenues and expenses for the thirty six weeks ended
September 12, 2014 (related to the twelve weeks ended March 28,
2014) and September 6, 2013 have been restated to reclassify a
portion of Cost reimbursements from the Asia Pacific segment to the
Europe segment to correct certain immaterial prior period
errors. We now report in Resort management and other services
certain external exchange company results previously included in
Other and have recast prior year presentation for
consistency.
|
A-9
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
|
CORPORATE AND
OTHER
|
|
12 Weeks and 36
Weeks Ended September 12, 2014 and September 6,
2013
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
12 Weeks
Ended
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
September 6,
2013
|
**
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
|
$
2
|
|
$
-
|
|
$
2
|
|
|
$
2
|
|
$
-
|
|
$
2
|
|
|
|
Financing
|
|
5
|
|
-
|
|
5
|
|
|
5
|
|
-
|
|
5
|
|
|
|
General and
administrative
|
|
22
|
|
-
|
|
22
|
|
|
23
|
|
-
|
|
23
|
|
|
|
Organizational and
separation related
|
|
1
|
|
(1)
|
|
-
|
|
|
4
|
|
(4)
|
|
-
|
|
|
|
Consumer financing
interest
|
|
6
|
|
|
|
6
|
|
|
7
|
|
|
|
7
|
|
|
|
Royalty
fee
|
|
11
|
|
-
|
|
11
|
|
|
11
|
|
-
|
|
11
|
|
|
|
|
|
|
|
Total
expenses
|
|
$
47
|
|
$
(1)
|
|
$
46
|
|
|
$
52
|
|
$
(4)
|
|
$
48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
36 Weeks
Ended
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
September 6,
2013
|
**
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
|
$
6
|
|
$
-
|
|
$
6
|
|
|
$
5
|
|
$
-
|
|
$
5
|
|
|
|
Financing
|
|
16
|
|
-
|
|
16
|
|
|
16
|
|
-
|
|
16
|
|
|
|
General and
administrative
|
|
67
|
|
-
|
|
67
|
|
|
66
|
|
-
|
|
66
|
|
|
|
Organizational and
separation related
|
|
2
|
|
(2)
|
|
-
|
|
|
7
|
|
(7)
|
|
-
|
|
|
|
Consumer financing
interest
|
|
18
|
|
-
|
|
18
|
|
|
22
|
|
-
|
|
22
|
|
|
|
Royalty
fee
|
|
34
|
|
-
|
|
34
|
|
|
34
|
|
-
|
|
34
|
|
|
|
|
|
|
|
Total
expenses
|
|
$
143
|
|
$
(2)
|
|
$
141
|
|
|
$
150
|
|
$
(7)
|
|
$
143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: Corporate
and Other consists of results not specifically attributable to an
individual segment, including expenses in support of our financing
operations, non-capitalizable development expenses supporting
overall company development, company-wide general and
administrative costs, and the fixed royalty fee payable under the
license agreements that we entered into with Marriott
International, Inc. in connection with the spin-off, as well as
consumer financing interest expense. Beginning with the
fourth quarter of 2013 we no longer report Interest expense in
Corporate and Other and have recast prior year information for
consistency.
|
A-10
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
CONSOLIDATED
CONTRACT SALES TO SALE OF VACATION OWNERSHIP
PRODUCTS
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
|
September 12,
2014
|
|
|
September 6,
2013
|
|
|
|
|
|
|
Contract
sales
|
$
172
|
|
|
$
168
|
|
|
|
|
|
|
Revenue recognition
adjustments:
|
|
|
|
|
|
Reportability1
|
(4)
|
|
|
3
|
|
Europe rescission
adjustment2
|
-
|
|
|
2
|
|
Sales
Reserve3
|
(7)
|
|
|
(8)
|
|
Other4
|
(5)
|
|
|
(3)
|
Sale of vacation
ownership products
|
$
156
|
|
|
$
162
|
|
|
|
|
|
|
1
Adjustment for lack of required downpayment or contract sales in
rescission period.
|
2
Adjustment to eliminate the impact of extended rescission periods
in our Europe segment. Please see page A-19 for additional
information.
|
3
Represents allowance for bad debts for our financed vacation
ownership product sales, which we also refer to as sales
reserve.
|
4
Adjustment for sales incentives that will not be recognized
as Sale of vacation ownership products revenue.
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
CONSOLIDATED
ADJUSTED DEVELOPMENT MARGIN (ADJUSTED SALE OF VACATION OWNERSHIP
PRODUCTS NET OF EXPENSES)
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
As
Reported
|
|
|
|
Recognition
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
Europe
|
|
Recognition
|
|
As
Adjusted
|
|
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
Reportability
|
|
12 Weeks
Ended
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
Rescission
|
|
Reportability
|
|
12 Weeks
Ended
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
Adjustment
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
Adjustment
|
|
Adjustment
|
|
September 6,
2013
|
**
|
Sale of vacation
ownership products
|
$
156
|
|
$
-
|
|
$
4
|
|
$
160
|
|
|
$
162
|
|
$
-
|
|
$
(2)
|
|
$
(3)
|
|
$
157
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
49
|
|
-
|
|
1
|
|
50
|
|
|
56
|
|
-
|
|
(1)
|
|
(1)
|
|
54
|
|
|
Marketing and
sales
|
74
|
|
-
|
|
1
|
|
75
|
|
|
72
|
|
-
|
|
-
|
|
(1)
|
|
71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
margin
|
$
33
|
|
$
-
|
|
$
2
|
|
$
35
|
|
|
$
34
|
|
$
-
|
|
$
(1)
|
|
$
(1)
|
|
$
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development margin
percentage1
|
21.5%
|
|
|
|
|
|
22.6%
|
|
|
21.1%
|
|
|
|
|
|
|
|
20.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Development margin
percentage represents Development margin divided by Sale of
vacation ownership products. Development margin percentage is
calculated using whole dollars.
|
A-11
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
CONSOLIDATED
CONTRACT SALES TO SALE OF VACATION OWNERSHIP
PRODUCTS
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
|
September 12,
2014
|
|
|
September 6,
2013
|
|
|
|
|
|
|
Contract
sales
|
$
498
|
|
|
$
481
|
|
|
|
|
|
|
Revenue recognition
adjustments:
|
|
|
|
|
|
Reportability1
|
(8)
|
|
|
8
|
|
Europe rescission
adjustment2
|
-
|
|
|
20
|
|
Sales
Reserve3
|
(23)
|
|
|
(26)
|
|
Other4
|
(14)
|
|
|
(11)
|
Sale of vacation
ownership products
|
$
453
|
|
|
$
472
|
|
|
|
|
|
|
1
Adjustment for lack of required downpayment or contract sales in
rescission period.
|
2
Adjustment to eliminate the impact of extended rescission periods
in our Europe segment. Please see page A-19 for additional
information.
|
3
Represents allowance for bad debts for our financed vacation
ownership product sales, which we also refer to as sales
reserve.
|
4
Adjustment for sales incentives that will not be recognized
as Sale of vacation ownership products revenue.
|
|
|
|
|
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
CONSOLIDATED
ADJUSTED DEVELOPMENT MARGIN (ADJUSTED SALE OF VACATION OWNERSHIP
PRODUCTS NET OF EXPENSES)
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
As
Reported
|
|
|
|
Recognition
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
Europe
|
|
Recognition
|
|
As
Adjusted
|
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
Reportability
|
|
36 Weeks
Ended
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
Rescission
|
|
Reportability
|
|
36 Weeks
Ended
|
|
|
|
September 12,
2014
|
|
Charges
|
|
Adjustment
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
Adjustment
|
|
Adjustment
|
|
September 6,
2013
|
**
|
Sale of vacation
ownership products
|
$
453
|
|
$
-
|
|
$
8
|
|
$
461
|
|
|
$
472
|
|
$
-
|
|
$
(20)
|
|
$
(8)
|
|
$
444
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
139
|
|
-
|
|
2
|
|
141
|
|
|
157
|
|
-
|
|
(7)
|
|
(3)
|
|
147
|
|
|
Marketing and
sales
|
217
|
|
-
|
|
1
|
|
218
|
|
|
220
|
|
(2)
|
|
(2)
|
|
(1)
|
|
215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
margin
|
$
97
|
|
$
-
|
|
$
5
|
|
$
102
|
|
|
$
95
|
|
$
2
|
|
$
(11)
|
|
$
(4)
|
|
$
82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development margin
percentage1
|
21.4%
|
|
|
|
|
|
22.2%
|
|
|
20.3%
|
|
|
|
|
|
|
|
18.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Development margin
percentage represents Development margin divided by Sale of
vacation ownership products. Development margin percentage is
calculated using whole dollars.
|
A-12
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
NORTH AMERICA
CONTRACT SALES TO SALE OF VACATION OWNERSHIP
PRODUCTS
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
|
September 12,
2014
|
|
|
September 6,
2013
|
|
|
|
|
|
|
Contract
sales
|
$
153
|
|
|
$
152
|
|
|
|
|
|
|
Revenue recognition
adjustments:
|
|
|
|
|
|
Reportability1
|
(4)
|
|
|
2
|
|
Sales Reserve
2
|
(6)
|
|
|
(6)
|
|
Other
3
|
(5)
|
|
|
(3)
|
Sale of vacation
ownership products
|
$
138
|
|
|
$
145
|
|
|
|
|
|
|
1
Adjustment for lack of required downpayment or contract sales in
rescission period.
|
2
Represents allowance for bad debts for our financed vacation
ownership product sales, which we also refer to as sales
reserve.
|
3
Adjustment for sales incentives that will not be recognized
as Sale of vacation ownership products revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
NORTH AMERICA
ADJUSTED DEVELOPMENT MARGIN (ADJUSTED SALE OF VACATION OWNERSHIP
PRODUCTS NET OF EXPENSES)
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
As
Reported
|
|
|
|
Recognition
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
Recognition
|
|
As
Adjusted
|
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
Reportability
|
|
12 Weeks
Ended
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
Reportability
|
|
12 Weeks
Ended
|
|
|
|
September 12,
2014
|
|
Charges
|
|
Adjustment
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
Adjustment
|
|
September 6,
2013
|
**
|
Sale of vacation
ownership products
|
$
138
|
|
$
-
|
|
$
4
|
|
$
142
|
|
|
$
145
|
|
$
-
|
|
$
(2)
|
|
$
143
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
41
|
|
-
|
|
1
|
|
42
|
|
|
51
|
|
-
|
|
(1)
|
|
50
|
|
|
Marketing and
sales
|
64
|
|
-
|
|
1
|
|
65
|
|
|
61
|
|
-
|
|
-
|
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
margin
|
$
33
|
|
$
-
|
|
$
2
|
|
$
35
|
|
|
$
33
|
|
$
-
|
|
$
(1)
|
|
$
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development margin
percentage1
|
24.4%
|
|
|
|
|
|
25.5%
|
|
|
22.7%
|
|
|
|
|
|
22.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Development margin
percentage represents Development margin divided by Sale of
vacation ownership products. Development margin percentage is
calculated using whole dollars.
|
A-13
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
NORTH AMERICA
CONTRACT SALES TO SALE OF VACATION OWNERSHIP
PRODUCTS
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
|
September 12,
2014
|
|
|
September 6,
2013
|
|
|
|
|
|
|
Contract
sales
|
$
445
|
|
|
$
437
|
|
|
|
|
|
|
Revenue recognition
adjustments:
|
|
|
|
|
|
Reportability1
|
(8)
|
|
|
2
|
|
Sales Reserve
2
|
(19)
|
|
|
(21)
|
|
Other
3
|
(14)
|
|
|
(11)
|
Sale of vacation
ownership products
|
$
404
|
|
|
$
407
|
|
|
|
|
|
|
1
Adjustment for lack of required downpayment or contract sales in
rescission period.
|
2
Represents allowance for bad debts for our financed vacation
ownership product sales, which we also refer to as sales
reserve.
|
3
Adjustment for sales incentives that will not be recognized
as Sale of vacation ownership products revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
NORTH AMERICA
ADJUSTED DEVELOPMENT MARGIN (ADJUSTED SALE OF VACATION OWNERSHIP
PRODUCTS NET OF EXPENSES)
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
As
Reported
|
|
|
|
Recognition
|
|
As
Adjusted
|
|
|
As
Reported
|
|
|
|
Recognition
|
|
As
Adjusted
|
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
Reportability
|
|
36 Weeks
Ended
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
Reportability
|
|
36 Weeks
Ended
|
|
|
|
September 12,
2014
|
|
Charges
|
|
Adjustment
|
|
September 12,
2014
|
**
|
|
September 6,
2013
|
|
Charges
|
|
Adjustment
|
|
September 6,
2013
|
**
|
Sale of vacation
ownership products
|
$
404
|
|
$
-
|
|
$
8
|
|
$
412
|
|
|
$
407
|
|
$
-
|
|
$
(2)
|
|
$
405
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of vacation
ownership products
|
120
|
|
-
|
|
2
|
|
122
|
|
|
137
|
|
-
|
|
(1)
|
|
136
|
|
|
Marketing and
sales
|
188
|
|
-
|
|
1
|
|
189
|
|
|
187
|
|
-
|
|
-
|
|
187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development
margin
|
$
96
|
|
$
-
|
|
$
5
|
|
$
101
|
|
|
$
83
|
|
$
-
|
|
$
(1)
|
|
$
82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development margin
percentage1
|
23.8%
|
|
|
|
|
|
24.6%
|
|
|
20.4%
|
|
|
|
|
|
20.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Development margin percentage represents Development
margin divided by Sale of vacation ownership products.
Development margin percentage is calculated using whole
dollars.
|
A-14
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
EBITDA AND
ADJUSTED EBITDA
|
12 Weeks and 36
Weeks Ended September 12, 2014 and September 6, 2013
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
As
Reported
|
|
|
|
Europe
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
12 Weeks
Ended
|
|
Certain
|
|
12 Weeks
Ended
|
|
12 Weeks
Ended
|
|
Certain
|
|
Rescission
|
|
12 Weeks
Ended
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
September 12,
2014
|
**
|
September 6,
2013
|
|
Charges
|
|
Adjustment
|
|
September 6,
2013
|
**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
25
|
|
$
2
|
|
$
27
|
|
$
25
|
|
$
3
|
|
$
(1)
|
|
$
27
|
|
|
Interest
expense1
|
3
|
|
-
|
|
3
|
|
2
|
|
-
|
|
-
|
|
2
|
|
|
Tax
provision
|
18
|
|
2
|
|
20
|
|
15
|
|
1
|
|
-
|
|
16
|
|
|
Depreciation and
amortization
|
4
|
|
-
|
|
4
|
|
5
|
|
-
|
|
-
|
|
5
|
|
|
|
|
|
|
|
EBITDA
**
|
$
50
|
|
$
4
|
|
$
54
|
|
$
47
|
|
$
4
|
|
$
(1)
|
|
$
50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
As
Reported
|
|
|
|
Europe
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
36 Weeks
Ended
|
|
Certain
|
|
36 Weeks
Ended
|
|
36 Weeks
Ended
|
|
Certain
|
|
Rescission
|
|
36 Weeks
Ended
|
|
|
|
|
|
|
|
|
September 12,
2014
|
|
Charges
|
|
September 12,
2014
|
**
|
September 6,
2013
|
|
Charges
|
|
Adjustment
|
|
September 6,
2013
|
**
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
80
|
|
$ (2)
|
|
$
78
|
|
$
74
|
|
$
7
|
|
$
(8)
|
|
$
73
|
|
|
Interest
expense1
|
8
|
|
-
|
|
8
|
|
9
|
|
-
|
|
-
|
|
9
|
|
|
Tax
provision
|
53
|
|
(1)
|
|
52
|
|
40
|
|
2
|
|
(3)
|
|
39
|
|
|
Depreciation and
amortization
|
13
|
|
-
|
|
13
|
|
16
|
|
-
|
|
-
|
|
16
|
|
|
|
|
|
|
|
EBITDA
**
|
$
154
|
|
$ (3)
|
|
$
151
|
|
$
139
|
|
$
9
|
|
$
(11)
|
|
$
137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Interest expense excludes
consumer financing interest expense.
|
A-15
|
|
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
|
|
|
2014 ADJUSTED NET
INCOME AND ADJUSTED EARNINGS PER SHARE - DILUTED
OUTLOOK
|
|
|
|
(In millions, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year 2014
(low)
|
|
Fiscal Year 2014
(high)
|
|
|
|
|
|
|
|
|
|
Net income
|
$
93
|
|
$
99
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile Net income to Adjusted net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organizational and
separation related and other charges1
|
1
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
Gain on disposition
2
|
(2)
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes on adjustments to net income
|
1
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income**
|
$
93
|
|
$
99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Diluted 3
|
$
2.67
|
|
$
2.84
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings per
share - Diluted**, 3
|
$
2.67
|
|
$
2.84
|
|
|
|
|
|
|
|
|
|
|
Diluted
shares3
|
34.8
|
|
34.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
1 Organizational and
separation related and other charges adjustment includes $4 million
for organizational and separation related efforts, $3 million for a
litigation settlement, $1 million for an impairment charge and $1
million for restructuring / severance costs in our Europe segment,
offset by $8 million associated with the settlement of a dispute
with a former service provider in our North America
segment.
|
2 Gain on disposition
adjustment includes the gain on the sale of a golf course and
adjacent undeveloped land in our North America
segment.
|
3 Earnings
per share - Diluted, Adjusted earnings per share - Diluted, and
Diluted shares outlook includes the impact of share repurchase
activity only through October 15, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
|
|
2014 ADJUSTED
EBITDA OUTLOOK
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year 2014
(low)
|
|
Fiscal Year 2014
(high)
|
|
|
|
|
|
|
|
|
|
Adjusted net income
**
|
$
93
|
|
$
99
|
|
|
|
|
|
|
|
|
|
Interest
expense1
|
12
|
|
12
|
|
|
|
|
|
|
|
|
|
Tax
provision
|
66
|
|
70
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
19
|
|
19
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA**
|
$
190
|
|
$
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
1 Interest expense excludes
consumer financing interest expense.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
|
|
2014 ADJUSTED
DEVELOPMENT MARGIN OUTLOOK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
MVW
|
|
|
North
America
|
|
|
|
|
|
|
|
|
Fiscal Year 2014
(low)
|
|
Fiscal Year 2014
(high)
|
|
|
Fiscal Year 2014
(low)
|
|
Fiscal Year 2014
(high)
|
|
|
|
|
Development
margin1
|
20.7%
|
|
21.7%
|
|
|
22.8%
|
|
23.8%
|
|
|
|
|
|
Adjustments to
reconcile Development margin to Adjusted development
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
charges2
|
0.1%
|
|
0.1%
|
|
|
0.0%
|
|
0.0%
|
|
|
|
|
|
|
Revenue recognition
reportability
|
0.2%
|
|
0.2%
|
|
|
0.2%
|
|
0.2%
|
|
|
|
|
|
|
|
Adjusted development
margin**, 1
|
21.0%
|
|
22.0%
|
|
|
23.0%
|
|
24.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
1 Development margin
represents Development margin dollars divided by Sale of vacation
ownership products revenues. Development margin is calculated
using whole dollars.
|
2 Other charges
adjustment includes $1 million for restructuring / severance costs
in our Europe segment recorded under the "Marketing and sales"
caption.
|
A - 16
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
2014 ADJUSTED FREE
CASH FLOW OUTLOOK
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year 2014
(low)
|
|
Fiscal Year 2014
(high)
|
|
Adjusted net income
**
|
$
93
|
|
$
99
|
|
|
Adjustments to
reconcile Adjusted net income to net cash
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
Adjustments for
non-cash items1
|
69
|
|
71
|
|
|
|
Deferred income taxes
/ income taxes payable
|
7
|
|
9
|
|
|
|
Net changes in assets
and liabilities:
|
|
|
|
|
|
|
|
Notes receivable
originations
|
(263)
|
|
(269)
|
|
|
|
|
Notes receivable
collections
|
288
|
|
292
|
|
|
|
|
Inventory
|
43
|
|
45
|
|
|
|
|
Liability for
Marriott Rewards customer loyalty program
|
(30)
|
|
(28)
|
|
|
|
|
Organizational and
separation related and other charges
|
(1)
|
|
(1)
|
|
|
|
|
Other working capital
changes
|
10
|
|
10
|
|
Net cash provided by
operating activities
|
216
|
|
228
|
|
|
Capital expenditures
for property and equipment (excluding inventory)
|
|
|
|
|
|
|
Organizational and
separation related capital expenditures
|
(4)
|
|
(4)
|
|
|
|
Other
|
(17)
|
|
(15)
|
|
|
Increase in
restricted cash
|
(9)
|
|
(8)
|
|
|
Borrowings from
securitization transactions
|
263
|
|
263
|
|
|
Repayment of debt
related to securitizations
|
(224)
|
|
(224)
|
|
|
|
|
Free cash
flow**
|
225
|
|
240
|
|
Add:
|
|
|
|
|
|
Organizational and
separation related and other charges
|
5
|
|
5
|
|
|
|
|
Adjusted free cash
flow**
|
$
230
|
|
$
245
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
|
|
|
|
|
|
|
|
|
1Includes
depreciation, amortization of debt issuance costs, provision for
loan losses, impairment activity, and share-based
compensation.
|
|
NOTE: We now
include borrowings from securitization transactions and repayment
of debt related to securitizations in our free cash flow. As
a result, free cash flow as presented in this schedule is
equivalent to the non-GAAP financial measure adjusted free cash
flow presented prior to the fourth quarter of 2013, and adjusted
free cash flow presented in this schedule is equivalent to the
non-GAAP financial measure adjusted free cash flow, as adjusted
presented prior to the fourth quarter of 2013.
|
A-17
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
2014 NORMALIZED
ADJUSTED FREE CASH FLOW OUTLOOK
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Guidance
|
|
|
|
|
|
|
|
|
|
|
|
|
Low
|
|
High
|
|
Mid-Point
|
|
Adjustments
|
|
Normalized
|
|
|
|
Adjusted net income
**
|
|
$ 93
|
|
$ 99
|
|
$
96
|
|
$
-
|
|
$
96
|
|
|
|
|
Adjustments to
reconcile Adjusted net income to net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments for
non-cash items1
|
|
69
|
|
71
|
|
70
|
|
-
|
|
70
|
|
|
|
|
|
Deferred income taxes
/ income taxes payable
|
|
7
|
|
9
|
|
8
|
|
-
|
|
8
|
|
|
|
|
|
Net changes in assets
and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes receivable
originations
|
|
(263)
|
|
(269)
|
|
(266)
|
|
-
|
|
(266)
|
|
|
|
|
|
|
Notes receivable
collections
|
|
288
|
|
292
|
|
290
|
|
-
|
|
290
|
|
|
|
|
|
|
Inventory
|
|
43
|
|
45
|
|
44
|
|
(44)
|
2
|
-
|
|
|
|
|
|
|
Liability for
Marriott Rewards customer loyalty program
|
|
(30)
|
|
(28)
|
|
(29)
|
|
29
|
3
|
-
|
|
|
|
|
|
|
Organizational and
separation related and other charges
|
|
(1)
|
|
(1)
|
|
(1)
|
|
1
|
4
|
-
|
|
|
|
|
|
|
Other working capital
changes
|
|
10
|
|
10
|
|
10
|
|
(20)
|
5
|
(10)
|
|
|
|
Net cash provided by
operating activities
|
|
216
|
|
228
|
|
222
|
|
(34)
|
|
188
|
|
|
|
|
Capital expenditures
for property and equipment (excluding inventory)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organizational and
separation related capital expenditures
|
|
(4)
|
|
(4)
|
|
(4)
|
|
4
|
4
|
-
|
|
|
|
|
|
Other
|
|
(17)
|
|
(15)
|
|
(16)
|
|
(4)
|
6
|
(20)
|
|
|
|
|
Increase in
restricted cash
|
|
(9)
|
|
(8)
|
|
(9)
|
|
-
|
|
(9)
|
|
|
|
|
Borrowings from
securitization transactions
|
|
263
|
|
263
|
|
263
|
|
(45)
|
7
|
218
|
|
|
|
|
Repayment of debt
related to securitizations
|
|
(224)
|
|
(224)
|
|
(224)
|
|
-
|
|
(224)
|
|
|
|
|
|
|
Free cash
flow**
|
|
225
|
|
240
|
|
232
|
|
(79)
|
|
153
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organizational and
separation related and other charges
|
|
5
|
|
5
|
|
5
|
|
(5)
|
|
-
|
|
|
|
|
|
|
Adjusted free cash
flow**
|
|
$ 230
|
|
$ 245
|
|
$ 237
|
|
$
(84)
|
|
$
153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Denotes
non-GAAP financial measures. Please see pages A-18 through
A-20 for additional information about our reasons for providing
these alternative financial measures and limitations on their
use.
|
NOTE: We
now include borrowings from securitization transactions and
repayment of debt related to securitizations in our free cash
flow. As a result, free cash flow as presented in this
schedule is equivalent to the non-GAAP financial measure adjusted
free cash flow presented prior to the fourth quarter of 2013, and
adjusted free cash flow presented in this schedule is equivalent to
the non-GAAP financial measure adjusted free cash flow, as adjusted
presented prior to the fourth quarter of 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Includes depreciation, amortization of debt issuance costs,
provision for loan losses, impairment activity, and share-based
compensation.
|
2
Represents adjustment to align real estate inventory spending with
real estate inventory costs (i.e., product costs).
|
3
Represents payment for Marriott Rewards Points issued prior to the
Spin-off. Liability to be fully paid in 2016.
|
4
Represents costs associated with organizational and separation
related efforts (efforts projected to be substantially completed by
the end of 2015), a litigation settlement, impairment activity, and
restructuring / severance costs in our Europe segment, offset by
the settlement of a dispute with a former service
provider.
|
5
Represents normalized other working capital changes.
|
6
Represents normalized capital expenditures for property and
equipment.
|
7
Represents normalized borrowings from securitization
transactions.
|
A-18
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
|
In our press release
and schedules, and on the related conference call, we report
certain financial measures that are not prescribed or authorized by
United States generally accepted accounting principles
("GAAP"). We discuss our reasons for reporting these non-GAAP
financial measures below, and the financial schedules reconcile the
most directly comparable GAAP financial measure to each non-GAAP
financial measure that we report (identified by a double asterisk
("**") on the preceding pages). Although we evaluate and
present these non-GAAP financial measures for the reasons described
below, please be aware that these non-GAAP financial measures have
limitations and should not be considered in isolation or as a
substitute for revenues, net income, earnings per share or any
other comparable operating measure prescribed by GAAP. In
addition, these non-GAAP financial measures may be calculated and /
or presented differently than measures with the same or similar
names that are reported by other companies, and as a result, the
non-GAAP financial measures we report may not be comparable to
those reported by others.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income. We evaluate non-GAAP financial measures
including Adjusted Net Income, Adjusted EBITDA, and Adjusted
Development Margin, that exclude certain charges incurred in the 12
weeks and 36 weeks ended September 12, 2014 and September 6, 2013,
exclude the gain on the disposition of a golf course and adjacent
undeveloped land in the 36 weeks ended September 12, 2014, and
exclude adjustments related to the extension of rescission periods
in our Europe segment discussed below ("Europe Rescission
Adjustments") in the 12 weeks and 36 weeks ended September 6, 2013,
because these non-GAAP financial measures allow for
period-over-period comparisons of our on-going core operations
before the impact of certain charges, gains and Europe Rescission
Adjustments. These non-GAAP financial measures also
facilitate our comparison of results from our on-going core
operations before certain charges, gains and Europe Rescission
Adjustments with results from other vacation ownership
companies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain
Charges - 12 weeks and 36 weeks ended September 12, 2014.
In our Statement of Income for the 12 weeks ended September 12,
2014, we recorded $4 million of pre-tax charges, which included a
$3 million accrual for a litigation settlement in our North America
segment recorded under the "Litigation settlement" caption and $1
million of organizational and separation related costs recorded
under the "Organizational and separation related" caption. In
our Statement of Income for the 36 weeks ended September 12, 2014,
we recorded $1 million of net pre-tax income, which included $8
million of income associated with the settlement of a dispute with
a former service provider in our North America segment recorded
under the "Litigation settlement" caption, partially offset by a $3
million litigation settlement in our North America segment recorded
under the "Litigation settlement" caption, $3 million of
organizational and separation related costs recorded under the
"Organizational and separation related" caption and a $1 million
impairment charge associated with a project in our North America
segment recorded under the "Impairment"
caption.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain Charges - 12 weeks
and 36 weeks ended September 6, 2013. In our Statement of
Income for the 12 weeks ended September 6, 2013, we recorded $4
million of pre-tax charges, which included $4 million of
organizational and separation related costs recorded under the
"Organizational and separation related" caption. In our
Statement of Income for the 36 weeks ended September 6, 2013, we
recorded $9 million of net pre-tax charges, which included a $7
million increase in our accrual for remaining costs we expect to
incur in connection with our interest in an equity method
investment in a joint venture project in our North America segment
recorded under the "Impairment reversals on equity investment"
caption, $7 million of organizational and separation related costs
recorded under the "Organizational and separation related" caption,
$2 million of severance costs in our Europe segment recorded under
the "Marketing and sales" caption, and a $1 million pre-tax
non-cash impairment charge related to a leased golf course at a
project in our Europe segment recorded under the "Impairment"
caption, partially offset by a $7 million gain for cash received in
payment of fully reserved receivables in connection with an equity
method investment in a joint venture project in our North America
segment recorded under the "Impairment reversals on equity
investment" caption, and a $1 million reversal of a previously
recorded litigation settlement related to a project in our North
America segment, based upon an agreement to settle the matter for
an amount less than our accrual, recorded under the "Litigation
settlement" caption.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on the
disposition of a golf course and adjacent undeveloped land - 36
weeks ended September 12, 2014. In our Statement of
Income for the 36 weeks ended September 12, 2014, we recorded a net
$2 million gain associated with the sale of a golf course and
adjacent undeveloped land in our North America segment under the
"Gains and other income" caption.
|
A-19
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
|
Europe Rescission
Adjustments. In the second quarter of 2013, during the course of an
internal review of certain sales documentation processes related to
the sale of certain vacation ownership interests in properties
associated with our Europe segment, we determined that the
documentation we provided for certain sales of vacation ownership
products was not strictly compliant. As a result, in accordance
with applicable European regulation, the period of time during
which purchasers of such interests may rescind their purchases was
extended. We record revenues from the sale of vacation ownership
products once the rescission period has ended. Originally, we
recorded revenues from these sales of vacation ownership products
based on the rescission periods in effect assuming compliant
documentation had been provided to the purchasers, rather than the
extended periods. As a result, we recognized revenue in incorrect
periods between fiscal years 2010 and 2013 and misstated revenues
in our previously filed consolidated financial statements. We
provided compliant documentation to purchasers for whom the
extended rescission period had not yet expired. As compliant
documentation was subsequently provided as part of the corrective
actions we took, the extended rescission period for most of the
purchases at issue ended during the second quarter of 2013. To
better reflect our on-going core operations and allow for
period-over-period comparisons, we have excluded the impact
associated with the extended rescission periods in our adjusted
financial measures.
|
|
|
12 weeks ended
September 6, 2013. In our Statement of Income for the 12 weeks
ended September 6, 2013, we recorded after-tax Europe Rescission
Adjustments of $1 million, which included a $2 million pre-tax
increase in Sale of vacation ownership products revenues and a $1
million pre-tax increase in Cost of vacation ownership products
expense associated with the change in revenues from the Sale of
vacation ownership products.
|
|
|
|
36 weeks ended
September 6, 2013. In our Statement of Income for the 36 weeks
ended September 6, 2013, we recorded after-tax Europe Rescission
Adjustments of $8 million, which included a $20 million pre-tax
increase in Sale of vacation ownership products revenues, pre-tax
increases of $7 million and $2 million in Cost of vacation
ownership products expense and Marketing and sales expense,
respectively, associated with the change in revenues from the Sale
of vacation ownership products, and a $3 million increase in the
Provision for income taxes associated with the change in Income
before income taxes.
|
|
|
Adjusted
Development Margin (Adjusted Sale of Vacation Ownership Products
Net of Expenses). We evaluate Adjusted Development Margin
(Adjusted Sale of Vacation Ownership Products Net of Expenses) as
an indicator of operating performance. Adjusted Development Margin
adjusts Sale of vacation ownership products revenues for the impact
of revenue reportability, includes corresponding adjustments to
Cost of vacation ownership products expense and Marketing and sales
expense associated with the change in revenues from the Sale of
vacation ownership products, and includes adjustments for certain
charges and Europe Rescission Adjustments as itemized in the
discussion of Adjusted Net Income above. We evaluate Adjusted
Development Margin because it allows for period-over-period
comparisons of our on-going core operations before the impact of
revenue reportability, certain charges and Europe Rescission
Adjustments to our Development Margin.
|
|
Earnings Before
Interest, Taxes, Depreciation and Amortization ("EBITDA").
EBITDA is defined as earnings, or net income, before interest
expense (excluding consumer financing interest expense), provision
for income taxes, depreciation and amortization. For purposes of
our EBITDA calculation (which previously adjusted for consumer
financing interest expense), we do not adjust for consumer
financing interest expense because the associated debt is secured
by vacation ownership notes receivable that have been sold to
bankruptcy remote special purpose entities and is generally
non-recourse to us. Further, we consider consumer financing
interest expense to be an operating expense of our
business.
|
|
We consider EBITDA to
be an indicator of operating performance, and we use it to measure
our ability to service debt, fund capital expenditures and expand
our business. We also use it, as do analysts, lenders, investors
and others, because it excludes certain items that can vary widely
across different industries or among companies within the same
industry. For example, interest expense can be dependent on a
company's capital structure, debt levels and credit ratings.
Accordingly, the impact of interest expense on earnings can vary
significantly among companies. The tax positions of companies can
also vary because of their differing abilities to take advantage of
tax benefits and because of the tax policies of the jurisdictions
in which they operate. As a result, effective tax rates and
provision for income taxes can vary considerably among companies.
EBITDA also excludes depreciation and amortization because
companies utilize productive assets of different ages and use
different methods of both acquiring and depreciating productive
assets. These differences can result in considerable variability in
the relative costs of productive assets and the depreciation and
amortization expense among companies.
|
A-20
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
NON-GAAP FINANCIAL
MEASURES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA. We also evaluate Adjusted EBITDA, which reflects
additional adjustments for certain charges, gains and Europe
Rescission Adjustments, as itemized in the discussion of Adjusted
Net Income above. We evaluate Adjusted EBITDA as an indicator of
operating performance because it allows for period-over-period
comparisons of our on-going core operations before the impact of
certain charges, gains and Europe Rescission Adjustments. Together,
EBITDA and Adjusted EBITDA facilitate our comparison of results
from our on-going core operations before the impact of certain
charges, gains and Europe Rescission Adjustments with results from
other vacation ownership companies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash
Flow. We also evaluate Free Cash Flow as a liquidity measure
that provides useful information to management and investors about
the amount of cash provided by operating activities after capital
expenditures for property and equipment, changes in restricted
cash, and the borrowing and repayment activity related to our
securitizations. We consider Free Cash Flow to be a liquidity
measure that provides useful information to management and
investors about the amount of cash generated by the business that
can be used for strategic opportunities, including acquisitions and
strengthening the balance sheet. Analysis of Free Cash Flow also
facilitates management's comparison of our results with our
competitors' results. We now include borrowings from securitization
transactions and repayment of debt related to securitizations in
our free cash flow. As a result, free cash flow as presented in
these schedules is equivalent to the non-GAAP financial measure
adjusted free cash flow presented prior to the fourth quarter of
2013, and adjusted free cash flow presented in these schedules is
equivalent to the non-GAAP financial measure adjusted free cash
flow, as adjusted presented prior to the fourth quarter of
2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Free Cash
Flow. We also evaluate Adjusted Free Cash Flow, which reflects
additional adjustments for organizational and separation related,
litigation, and other cash charges, as referred to in the
discussion of Adjusted Net Income above. We evaluate Adjusted Free
Cash Flow as a liquidity measure that provides useful information
to management and investors about the amount of cash provided by
operating activities after capital expenditures for property and
equipment, changes in restricted cash, and the borrowing and
repayment activity related to our securitizations, excluding the
impact of organizational and separation related, litigation, and
other cash charges. We consider Adjusted Free Cash Flow to be a
liquidity measure that provides useful information to management
and investors about the amount of cash generated by the business
that can be used for strategic opportunities, including
acquisitions and strengthening the balance sheet. Analysis of
Adjusted Free Cash Flow also facilitates management's comparison of
our results with our competitors' results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normalized
Adjusted Free Cash Flow. We also evaluate Normalized Adjusted
Free Cash Flow as a liquidity measure that provides useful
information to management and investors about the amount of cash
provided by operating activities after capital expenditures for
property and equipment, changes in restricted cash, the borrowing
and repayment activity related to our securitizations, and
adjustments to remove the impact of cash flow items not expected to
occur on a regular basis. Adjustments eliminate the impact of
excess cash taxes, payments for Marriott Rewards Points issued
prior to the Spin-off, payments for organizational and separation
related efforts, litigation cash settlements and other working
capital changes. We consider Normalized Adjusted Free Cash Flow to
be a liquidity measure that provides useful information to
management and investors about the amount of cash generated by the
business that can be used for strategic opportunities, including
acquisitions and strengthening the balance sheet. Analysis of
Normalized Adjusted Free Cash Flow also facilitates management's
comparison of our results with our competitors' results.
|
A-21
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
INTERIM
CONSOLIDATED BALANCE SHEETS
|
(In millions, except
per share amounts)
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
January
3,
|
|
|
|
September 12,
2014
|
|
2014
|
|
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
$
146
|
|
$
200
|
|
Restricted cash
(including $36 and $34 from VIEs, respectively)
|
65
|
|
86
|
|
Accounts and
contracts receivable (including $3 and $5 from VIEs,
respectively)
|
113
|
|
109
|
|
Vacation ownership
notes receivable (including $580 and $719 from VIEs,
respectively)
|
912
|
|
970
|
|
Inventory
|
799
|
|
870
|
|
Property and
equipment
|
212
|
|
254
|
|
Other
|
100
|
|
143
|
|
Total
Assets
|
$
2,347
|
|
$ 2,632
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Accounts
payable
|
$
79
|
|
$
129
|
|
Advance
deposits
|
55
|
|
48
|
|
Accrued liabilities
(including $2 and $1 from VIEs, respectively)
|
147
|
|
185
|
|
Deferred
revenue
|
23
|
|
19
|
|
Payroll and benefits
liability
|
77
|
|
82
|
|
Liability for
Marriott Rewards customer loyalty program
|
92
|
|
114
|
|
Deferred compensation
liability
|
40
|
|
37
|
|
Mandatorily
redeemable preferred stock of consolidated subsidiary
|
40
|
|
40
|
|
Debt (including $534
and $674 from VIEs, respectively)
|
538
|
|
678
|
|
Other
|
33
|
|
31
|
|
Deferred
taxes
|
93
|
|
60
|
|
Total
Liabilities
|
1,217
|
|
1,423
|
|
|
|
|
|
|
|
Preferred stock -
$.01 par value; 2,000,000 shares authorized; none issued or
outstanding
|
-
|
|
-
|
|
Common stock - $.01
par value; 100,000,000 shares authorized; 35,961,779 and 35,637,765
shares
|
|
|
|
|
issued,
respectively
|
-
|
|
-
|
|
Treasury stock - at
cost; 2,963,020 and 505,023 shares, respectively
|
(161)
|
|
(26)
|
|
Additional paid-in
capital
|
1,109
|
|
1,130
|
|
Accumulated other
comprehensive income
|
20
|
|
23
|
|
Retained
earnings
|
162
|
|
82
|
|
Total
Equity
|
1,130
|
|
1,209
|
|
|
|
|
|
|
|
Total Liabilities and
Equity
|
$
2,347
|
|
$ 2,632
|
|
|
|
|
|
|
|
The abbreviation VIEs
above means Variable Interest Entities.
|
|
|
|
|
A-22
|
MARRIOTT VACATIONS
WORLDWIDE CORPORATION
|
INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
millions)
|
(Unaudited)
|
|
|
|
36 weeks
ended
|
|
|
|
September 12,
2014
|
|
September 6,
2013
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net
income
|
|
$80
|
|
$74
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation
|
|
13
|
|
16
|
|
Amortization of
debt issuance costs
|
|
4
|
|
4
|
|
Provision for
loan losses
|
|
22
|
|
26
|
|
Share-based
compensation
|
|
9
|
|
8
|
|
Deferred income
taxes
|
|
29
|
|
23
|
|
Impairment
charges
|
|
1
|
|
1
|
|
Gain on
disposal of property and equipment, net
|
|
(2)
|
|
(1)
|
|
Net change in
assets and liabilities:
|
|
|
|
|
|
Accounts and
contracts receivable
|
|
(8)
|
|
(16)
|
|
Notes receivable
originations
|
|
(170)
|
|
(166)
|
|
Notes receivable
collections
|
|
204
|
|
217
|
|
Inventory
|
|
62
|
|
33
|
|
Other
assets
|
|
46
|
|
33
|
|
Accounts payable,
advance deposits and accrued liabilities
|
|
(66)
|
|
(74)
|
|
Liability for
Marriott Rewards customer loyalty program
|
|
(23)
|
|
(33)
|
|
Deferred
revenue
|
|
4
|
|
(13)
|
|
Payroll and benefit
liabilities
|
|
(5)
|
|
(2)
|
|
Deferred compensation
liability
|
|
3
|
|
(8)
|
|
Other
liabilities
|
|
3
|
|
1
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
206
|
|
123
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
Capital
expenditures for property and equipment (excluding
inventory)
|
|
(8)
|
|
(11)
|
|
Decrease in
restricted cash
|
|
21
|
|
4
|
|
Dispositions,
net
|
|
33
|
|
3
|
|
|
|
|
|
|
Net cash provided by (used in) investing
activities
|
|
46
|
|
(4)
|
FINANCING
ACTIVITIES
|
|
|
|
|
|
Borrowings from
securitization transactions
|
|
23
|
|
361
|
|
Repayment of
debt related to securitization transactions
|
|
(163)
|
|
(288)
|
|
Borrowings on
Revolving Corporate Credit Facility
|
|
-
|
|
25
|
|
Repayment of
Revolving Corporate Credit Facility
|
|
-
|
|
(25)
|
|
Debt issuance
costs
|
|
(2)
|
|
(5)
|
|
Repurchase of
common stock
|
|
(160)
|
|
-
|
|
Proceeds from
stock option exercises
|
|
2
|
|
2
|
|
Payment of
withholding taxes on vesting of restricted stock
units
|
|
(5)
|
|
(4)
|
|
|
|
|
|
|
Net cash (used in) provided by financing
activities
|
|
(305)
|
|
66
|
|
|
|
|
|
|
|
Effect of
changes in exchange rates on cash and cash
equivalents
|
|
(1)
|
|
-
|
|
|
|
|
|
|
(DECREASE)
INCREASE IN CASH AND CASH EQUIVALENTS
|
|
(54)
|
|
185
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS, beginning of period
|
|
200
|
|
103
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS, end of period
|
|
$146
|
|
$288
|
|
|
|
|
|
|
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SOURCE Marriott Vacations Worldwide Corporation