Delaware | 001-35219 | 45-2598330 | ||||||||||||
(State or other jurisdiction | (Commission | (IRS Employer | ||||||||||||
of incorporation) | File Number) | Identification No.) |
7812 Palm Parkway |
Orlando, | FL | 32836 |
||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 Par Value | VAC | New York Stock Exchange |
Exhibit Number | Description | |||||||
Press release reporting financial results for the quarter ended March 31, 2024 |
||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
MARRIOTT VACATIONS WORLDWIDE CORPORATION | ||||||||
(Registrant) | ||||||||
Dated: May 6, 2024 | By: | /s/ Jason P. Marino | ||||||
Name: | Jason P. Marino | |||||||
Title: | Executive Vice President and Chief Financial Officer |
Neal Goldner
Investor Relations
407-206-6149
neal.goldner@mvwc.com
|
|||||||||||
[DRAFT 9] |
Cameron Klaus
Global Communications
407-513-6606
cameron.klaus@mvwc.com
|
Three Months Ended | Change |
|||||||||||||||||||
(In millions, except volume per guest (“VPG”) and tours) |
March 31, 2024 | March 31, 2023 | ||||||||||||||||||
Revenues excluding cost reimbursement |
$ | 730 | $ | 729 | —% | |||||||||||||||
Total consolidated contract sales | $ | 428 | $ | 434 | (1%) | |||||||||||||||
VPG | $ | 4,129 | $ | 4,358 | (5%) | |||||||||||||||
Tours | 96,579 | 92,890 | 4% | |||||||||||||||||
Segment financial results attributable to common stockholders |
$ | 182 | $ | 205 | (11%) | |||||||||||||||
Segment Adjusted EBITDA* |
$ | 213 | $ | 229 | (7%) | |||||||||||||||
Segment Adjusted EBITDA margin* |
29% | 31% | (200 bpts) | |||||||||||||||||
(In millions, except total active Interval International members and average revenue per member) |
Three Months Ended | Change |
||||||||||||||||||
March 31, 2024 | March 31, 2023 | |||||||||||||||||||
Revenues excluding cost reimbursement |
$ | 63 | $ | 66 | (6%) | |||||||||||||||
Total active Interval International members (000's)(1) |
1,566 | 1,568 | —% | |||||||||||||||||
Average revenue per Interval International member | $ | 41.74 | $ | 42.07 | (1%) | |||||||||||||||
Segment financial results attributable to common stockholders |
$ | 25 | $ | 28 | (13%) | |||||||||||||||
Segment Adjusted EBITDA* |
$ | 32 | $ | 37 | (14%) | |||||||||||||||
Segment Adjusted EBITDA margin* |
51% | 56% | (500 bpts) | |||||||||||||||||
(1) Includes members at the end of each period. | ||||||||||||||||||||
(in millions, except per share amounts) | 2024 Guidance |
||||||||||
Contract sales | $1,880 | to | $1,930 | ||||||||
Net income attributable to common stockholders |
$265 | to | $300 | ||||||||
Earnings per share - diluted | $6.74 | to | $7.57 | ||||||||
Net cash, cash equivalents and restricted cash provided by operating activities | $235 | to | $276 | ||||||||
Adjusted EBITDA* | $760 | to | $800 | ||||||||
Adjusted earnings per share - diluted* | $7.45 | to | $8.16 | ||||||||
Adjusted free cash flow* | $400 | to | $450 |
Summary Financial Information and Adjusted EBITDA by Segment |
A-1
|
||||||||||
Interim Consolidated Statements of Income | A-2
|
||||||||||
Revenues and Profit by Segment | A-3
|
to | A-4
|
||||||||
Consolidated Contract Sales to Adjusted Development Profit | A-5
|
||||||||||
Adjusted Net Income Attributable to Common Stockholders
Adjusted Earnings Per Share - Diluted
|
A-6
|
||||||||||
Adjusted EBITDA | A-7
|
||||||||||
Segment Adjusted EBITDA
Vacation Ownership
Exchange & Third-Party Management
|
A-8
|
||||||||||
Interim Balance Sheet Items and Summary Cash Flow |
A-9
|
||||||||||
2024 Outlook | |||||||||||
Adjusted Net Income Attributable to Common Stockholders
Adjusted Earnings Per Share - Diluted
Adjusted EBITDA
|
A-10
|
||||||||||
Adjusted Free Cash Flow | A-11
|
||||||||||
Quarterly Operating Metrics | A-12
|
||||||||||
Non-GAAP Financial Measures | A-13
|
Three Months Ended | Change % | ||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||
GAAP Measures | |||||||||||||||||
Revenues | $ | 1,195 | $ | 1,169 | 2% | ||||||||||||
Income before income taxes and noncontrolling interests | $ | 81 | $ | 128 | (37%) | ||||||||||||
Net income attributable to common stockholders |
$ | 47 | $ | 87 | (46%) | ||||||||||||
Diluted shares | 42.2 | 44.4 | (5%) | ||||||||||||||
Earnings per share - diluted | $ | 1.22 | $ | 2.06 | (41%) | ||||||||||||
Non-GAAP Measures* | |||||||||||||||||
Adjusted EBITDA | $ | 187 | $ | 203 | (8%) | ||||||||||||
Adjusted pretax income | $ | 102 | $ | 130 | (21%) | ||||||||||||
Adjusted net income attributable to common stockholders |
$ | 71 | $ | 109 | (34%) | ||||||||||||
Adjusted earnings per share - diluted | $ | 1.80 | $ | 2.54 | (29%) | ||||||||||||
* Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use. | |||||||||||||||||
Three Months Ended | Change % | ||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||
Vacation Ownership | $ | 213 | $ | 229 | (7%) | ||||||||||||
Exchange & Third-Party Management | 32 | 37 | (14%) | ||||||||||||||
Segment Adjusted EBITDA* | 245 | 266 | (8%) | ||||||||||||||
General and administrative | (63) | (68) | 8% | ||||||||||||||
Other |
5 | 5 | (13%) | ||||||||||||||
Adjusted EBITDA* | $ | 187 | $ | 203 | (8%) |
* Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use. | ||
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
REVENUES | |||||||||||
Sale of vacation ownership products | $ | 352 | $ | 375 | |||||||
Management and exchange | 211 | 200 | |||||||||
Rental | 158 | 151 | |||||||||
Financing | 83 | 78 | |||||||||
Cost reimbursements | 391 | 365 | |||||||||
TOTAL REVENUES | 1,195 | 1,169 | |||||||||
EXPENSES | |||||||||||
Cost of vacation ownership products | 53 | 58 | |||||||||
Marketing and sales | 223 | 210 | |||||||||
Management and exchange | 116 | 107 | |||||||||
Rental | 107 | 113 | |||||||||
Financing | 34 | 26 | |||||||||
General and administrative | 63 | 68 | |||||||||
Depreciation and amortization | 38 | 32 | |||||||||
Litigation charges | 3 | 3 | |||||||||
Restructuring | 2 | — | |||||||||
Royalty fee | 28 | 29 | |||||||||
Impairment | — | 4 | |||||||||
Cost reimbursements | 391 | 365 | |||||||||
TOTAL EXPENSES | 1,058 | 1,015 | |||||||||
Gains and other income, net | — | 21 | |||||||||
Interest expense, net | (40) | (34) | |||||||||
Transaction and integration costs | (15) | (13) | |||||||||
Other | (1) | — | |||||||||
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS |
81 | 128 | |||||||||
Provision for income taxes | (35) | (41) | |||||||||
NET INCOME |
46 | 87 | |||||||||
Net loss attributable to noncontrolling interests | 1 | — | |||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ | 47 | $ | 87 | |||||||
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS |
|||||||||||
Basic shares | 35.5 | 37.4 | |||||||||
Basic | $ | 1.32 | $ | 2.32 | |||||||
Diluted shares | 42.2 | 44.4 | |||||||||
Diluted | $ | 1.22 | $ | 2.06 | |||||||
Reportable Segment | Corporate and Other | Total | |||||||||||||||||||||
Vacation Ownership | Exchange & Third-Party Management | ||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Sales of vacation ownership products | $ | 352 | $ | — | $ | — | $ | 352 | |||||||||||||||
Management and exchange(1) |
|||||||||||||||||||||||
Ancillary revenues | 65 | 1 | — | 66 | |||||||||||||||||||
Management fee revenues | 52 | 5 | (1) | 56 | |||||||||||||||||||
Exchange and other services revenues | 31 | 46 | 12 | 89 | |||||||||||||||||||
Management and exchange | 148 | 52 | 11 | 211 | |||||||||||||||||||
Rental | 147 | 11 | — | 158 | |||||||||||||||||||
Financing | 83 | — | — | 83 | |||||||||||||||||||
Cost reimbursements(1) |
400 | 2 | (11) | 391 | |||||||||||||||||||
TOTAL REVENUES | $ | 1,130 | $ | 65 | $ | — | $ | 1,195 | |||||||||||||||
PROFIT | |||||||||||||||||||||||
Development | $ | 76 | $ | — | $ | — | $ | 76 | |||||||||||||||
Management and exchange(1) |
77 | 21 | (3) | 95 | |||||||||||||||||||
Rental(1) |
37 | 11 | 3 | 51 | |||||||||||||||||||
Financing | 49 | — | — | 49 | |||||||||||||||||||
TOTAL PROFIT | 239 | 32 | — | 271 | |||||||||||||||||||
OTHER | |||||||||||||||||||||||
General and administrative | — | — | (63) | (63) | |||||||||||||||||||
Depreciation and amortization | (25) | (7) | (6) | (38) | |||||||||||||||||||
Litigation charges | (3) | — | — | (3) | |||||||||||||||||||
Restructuring | — | — | (2) | (2) | |||||||||||||||||||
Royalty fee | (28) | — | — | (28) | |||||||||||||||||||
Interest expense, net | — | — | (40) | (40) | |||||||||||||||||||
Transaction and integration costs | — | — | (15) | (15) | |||||||||||||||||||
Other | (1) | — | — | (1) | |||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS | 182 | 25 | (126) | 81 | |||||||||||||||||||
Provision for income taxes | — | — | (35) | (35) | |||||||||||||||||||
NET INCOME (LOSS) | 182 | 25 | (161) | 46 | |||||||||||||||||||
Net loss attributable to noncontrolling interests(1) |
— | — | 1 | 1 | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ | 182 | $ | 25 | $ | (160) | $ | 47 | |||||||||||||||
SEGMENT MARGIN(2) |
25% | 39% | |||||||||||||||||||||
(1) Amounts included in Corporate and other represent the impact of the consolidation of certain owners’ associations under the relevant accounting guidance, and represent the portion attributable to individual or third-party vacation ownership interest owners. | |||||||||||||||||||||||
(2) Segment margin represents the applicable segment’s net income or loss attributable to common stockholders divided by the applicable segment’s total revenues less cost reimbursement revenues. |
Reportable Segment | Corporate and Other |
Total | |||||||||||||||||||||
Vacation Ownership | Exchange & Third-Party Management | ||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Sales of vacation ownership products | $ | 375 | $ | — | $ | — | $ | 375 | |||||||||||||||
Management and exchange(1) |
|||||||||||||||||||||||
Ancillary revenues | 61 | 1 | — | 62 | |||||||||||||||||||
Management fee revenues | 45 | 8 | (1) | 52 | |||||||||||||||||||
Exchange and other services revenues | 29 | 47 | 10 | 86 | |||||||||||||||||||
Management and exchange | 135 | 56 | 9 | 200 | |||||||||||||||||||
Rental | 141 | 10 | — | 151 | |||||||||||||||||||
Financing | 78 | — | — | 78 | |||||||||||||||||||
Cost reimbursements(1) |
368 | 5 | (8) | 365 | |||||||||||||||||||
TOTAL REVENUES | $ | 1,097 | $ | 71 | $ | 1 | $ | 1,169 | |||||||||||||||
PROFIT | |||||||||||||||||||||||
Development | $ | 107 | $ | — | $ | — | $ | 107 | |||||||||||||||
Management and exchange(1) |
71 | 26 | (4) | 93 | |||||||||||||||||||
Rental(1) |
25 | 10 | 3 | 38 | |||||||||||||||||||
Financing | 52 | — | — | 52 | |||||||||||||||||||
TOTAL PROFIT | 255 | 36 | (1) | 290 | |||||||||||||||||||
OTHER | |||||||||||||||||||||||
General and administrative | — | — | (68) | (68) | |||||||||||||||||||
Depreciation and amortization | (23) | (8) | (1) | (32) | |||||||||||||||||||
Litigation charges | (3) | — | — | (3) | |||||||||||||||||||
Royalty fee | (29) | — | — | (29) | |||||||||||||||||||
Impairment | (4) | — | — | (4) | |||||||||||||||||||
Gains and other income, net | 9 | — | 12 | 21 | |||||||||||||||||||
Interest expense, net | — | — | (34) | (34) | |||||||||||||||||||
Transaction and integration costs | — | — | (13) | (13) | |||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS | 205 | 28 | (105) | 128 | |||||||||||||||||||
Provision for income taxes | — | — | (41) | (41) | |||||||||||||||||||
NET INCOME (LOSS) | 205 | 28 | (146) | 87 | |||||||||||||||||||
Net income attributable to noncontrolling interests(1) |
— | — | — | — | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ | 205 | $ | 28 | $ | (146) | $ | 87 | |||||||||||||||
SEGMENT MARGIN(2) |
28% | 42% | |||||||||||||||||||||
(1) Amounts included in Corporate and other represent the impact of the consolidation of certain owners’ associations under the relevant accounting guidance, and represent the portion attributable to individual or third-party vacation ownership interest owners. | |||||||||||||||||||||||
(2) Segment margin represents the applicable segment’s net income or loss attributable to common stockholders divided by the applicable segment’s total revenues less cost reimbursement revenues. |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Consolidated contract sales | $ | 428 | $ | 434 | |||||||
Less resales contract sales | (12) | (11) | |||||||||
Consolidated contract sales, net of resales | 416 | 423 | |||||||||
Plus: | |||||||||||
Settlement revenue | 8 | 8 | |||||||||
Resales revenue | 5 | 6 | |||||||||
Revenue recognition adjustments: | |||||||||||
Reportability | (9) | — | |||||||||
Sales reserve | (46) | (38) | |||||||||
Other(1) |
(22) | (24) | |||||||||
Sale of vacation ownership products | 352 | 375 | |||||||||
Less: | |||||||||||
Cost of vacation ownership products | (53) | (58) | |||||||||
Marketing and sales | (223) | (210) | |||||||||
Development Profit | 76 | 107 | |||||||||
Revenue recognition reportability adjustment | 7 | — | |||||||||
Purchase accounting adjustments | 1 | 2 | |||||||||
Adjusted development profit* | $ | 84 | $ | 109 | |||||||
Development profit margin | 21.5% | 28.5% | |||||||||
Adjusted development profit margin* | 23.3% | 29.2% | |||||||||
(1) Adjustment for sales incentives that will not be recognized as Sale of vacation ownership products revenue and other adjustments to Sale of vacation ownership products revenue. | |||||||||||
* Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use. |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Net income attributable to common stockholders |
$ | 47 | $ | 87 | |||||||
Provision for income taxes | 35 | 41 | |||||||||
Income before income taxes attributable to common stockholders |
82 | 128 | |||||||||
Certain items: | |||||||||||
ILG integration | — | 9 | |||||||||
Welk acquisition and integration | 15 | 4 | |||||||||
Transaction and integration costs | 15 | 13 | |||||||||
Early redemption of senior secured notes | — | 10 | |||||||||
Foreign currency translation | 2 | (2) | |||||||||
Insurance proceeds | — | (2) | |||||||||
Change in indemnification asset | (2) | (23) | |||||||||
Other | — | (4) | |||||||||
Gains and other income, net | — | (21) | |||||||||
Purchase accounting adjustments | 1 | 2 | |||||||||
Litigation charges | 3 | 3 | |||||||||
Restructuring charges | 2 | — | |||||||||
Impairment charges | — | 4 | |||||||||
Other | (1) | 1 | |||||||||
Adjusted pretax income* | 102 | 130 | |||||||||
Provision for income taxes | (31) | (21) | |||||||||
Adjusted net income attributable to common stockholders* | $ | 71 | $ | 109 | |||||||
Diluted shares | 42.2 | 44.4 | |||||||||
Adjusted earnings per share - Diluted* | $ | 1.80 | $ | 2.54 | |||||||
* Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use. |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 47 | $ | 87 | |||||||
Interest expense, net | 40 | 34 | |||||||||
Provision for income taxes | 35 | 41 | |||||||||
Depreciation and amortization | 38 | 32 | |||||||||
Share-based compensation | 7 | 7 | |||||||||
Certain items: | |||||||||||
ILG integration | — | 9 | |||||||||
Welk acquisition and integration | 15 | 4 | |||||||||
Transaction and integration costs | 15 | 13 | |||||||||
Early redemption of senior secured notes | — | 10 | |||||||||
Foreign currency translation | 2 | (2) | |||||||||
Insurance proceeds | — | (2) | |||||||||
Change in indemnification asset | (2) | (23) | |||||||||
Other | — | (4) | |||||||||
Gains and other income, net | — | (21) | |||||||||
Purchase accounting adjustments | 1 | 2 | |||||||||
Litigation charges | 3 | 3 | |||||||||
Restructuring charges | 2 | — | |||||||||
Impairment charges | — | 4 | |||||||||
Other | (1) | 1 | |||||||||
ADJUSTED EBITDA* | $ | 187 | $ | 203 | |||||||
ADJUSTED EBITDA MARGIN* | 23% | 25% | |||||||||
* Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use. |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
SEGMENT FINANCIAL RESULTS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 182 | $ | 205 | |||||||
Depreciation and amortization | 25 | 23 | |||||||||
Share-based compensation | 2 | 1 | |||||||||
Certain items: | |||||||||||
Insurance proceeds | — | (2) | |||||||||
Change in indemnification asset | — | (3) | |||||||||
Other | — | (4) | |||||||||
Gains and other income, net | — | (9) | |||||||||
Purchase accounting adjustments | 1 | 2 | |||||||||
Litigation charges | 3 | 3 | |||||||||
Impairment charges | — | 4 | |||||||||
SEGMENT ADJUSTED EBITDA* | $ | 213 | $ | 229 | |||||||
SEGMENT ADJUSTED EBITDA MARGIN* | 29% | 31% |
Three Months Ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
SEGMENT FINANCIAL RESULTS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 25 | $ | 28 | |||||||
Depreciation and amortization | 7 | 8 | |||||||||
Share-based compensation | — | 1 | |||||||||
SEGMENT ADJUSTED EBITDA* | $ | 32 | $ | 37 | |||||||
SEGMENT ADJUSTED EBITDA MARGIN* | 51% | 56% | |||||||||
* Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use. |
March 31, 2024 | December 31, 2023 | ||||||||||
Cash and cash equivalents | $ | 237 | $ | 248 | |||||||
Vacation ownership notes receivable, net |
$ | 2,336 | $ | 2,343 | |||||||
Inventory | $ | 637 | $ | 634 | |||||||
Property and equipment, net | $ | 1,299 | $ | 1,260 | |||||||
Goodwill | $ | 3,117 | $ | 3,117 | |||||||
Intangibles, net | $ | 839 | $ | 854 | |||||||
Debt, net | $ | 3,111 | $ | 3,049 | |||||||
Stockholders’ equity |
$ | 2,379 | $ | 2,382 |
Three Months Ended | |||||||||||
CASH FLOW | March 31, 2024 | March 31, 2023 | |||||||||
Cash, cash equivalents, and restricted cash provided by (used in): |
|||||||||||
Operating activities | $ | 3 | $ | (50) | |||||||
Investing activities | (69) | (37) | |||||||||
Financing activities | 43 | (194) | |||||||||
Effect of changes in exchange rates on cash, cash equivalents, and restricted cash | (1) | 1 | |||||||||
Net change in cash, cash equivalents, and restricted cash | $ | (24) | $ | (280) | |||||||
Fiscal Year 2024 |
|||||||||||
Low |
High |
||||||||||
Net income attributable to common stockholders |
$ | 265 | $ | 300 | |||||||
Provision for income taxes | 119 | 134 | |||||||||
Income before income taxes attributable to common stockholders |
384 | 434 | |||||||||
Certain items(1) |
33 | 28 | |||||||||
Adjusted pretax income* | 417 | 462 | |||||||||
Provision for income taxes | (122) | (137) | |||||||||
Adjusted net income attributable to common stockholders* |
$ | 295 | $ | 325 | |||||||
Earnings per share - Diluted(2)(3) |
$ | 6.74 | $ | 7.57 | |||||||
Adjusted earnings per share - Diluted(2)(3)* |
$ | 7.45 | $ | 8.16 | |||||||
Diluted shares(2) |
42.1 | 42.1 |
Fiscal Year 2024 |
|||||||||||
Low |
High |
||||||||||
Net income attributable to common stockholders |
$ | 265 | $ | 300 | |||||||
Interest expense | 163 | 158 | |||||||||
Provision for income taxes | 119 | 134 | |||||||||
Depreciation and amortization | 143 | 143 | |||||||||
Share-based compensation | 37 | 37 | |||||||||
Certain items(1) |
33 | 28 | |||||||||
Adjusted EBITDA* | $ | 760 | $ | 800 |
(1) Certain items adjustment includes $15 million to $20 million of anticipated transaction and integration costs and $13 million of litigation and other charges. | ||
(2) Includes 6.8 million shares from the assumed conversion of our convertible notes. | ||
(3) Includes an add back of $19 million of interest expense related to our convertible notes, net of tax for purposes of calculating net income in the diluted earnings per share calculation. | ||
* Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use. |
Fiscal Year 2024 |
||||||||||||||
Low |
High |
|||||||||||||
Net cash, cash equivalents and restricted cash provided by operating activities | $ | 235 | $ | 276 | ||||||||||
Capital expenditures for property and equipment (excluding inventory) | (65) | (85) | ||||||||||||
Borrowings from securitizations, net of repayments | 105 | 120 | ||||||||||||
Securitized debt issuance costs | (11) | (12) | ||||||||||||
Free cash flow* | 264 | 299 | ||||||||||||
Adjustments: | ||||||||||||||
Net change in borrowings available from the securitization of eligible vacation ownership notes receivable(1) |
110 | 125 | ||||||||||||
Certain items(2) |
26 | 22 | ||||||||||||
Change in restricted cash | — | 4 | ||||||||||||
Adjusted free cash flow* | $ | 400 | $ | 450 |
(1) Represents the anticipated net change in borrowings available from the securitization of eligible vacation ownership notes receivable between the 2023 and 2024 year ends. | ||
(2) Certain items adjustment consists primarily of the after-tax impact of anticipated transaction and integration costs. | ||
* Denotes non-GAAP financial measures. Please see “Non-GAAP Financial Measures” for additional information about our reasons for providing these alternative financial measures and limitations on their use. |
Year | Quarter Ended | Full Year | |||||||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||||||||||||
Vacation Ownership | |||||||||||||||||||||||||||||||||||
Consolidated contract sales | |||||||||||||||||||||||||||||||||||
2024 | $ | 428 | |||||||||||||||||||||||||||||||||
2023 | $ | 434 | $ | 453 | $ | 438 | $ | 447 | $ | 1,772 | |||||||||||||||||||||||||
2022 | $ | 394 | $ | 506 | $ | 483 | $ | 454 | $ | 1,837 | |||||||||||||||||||||||||
VPG | |||||||||||||||||||||||||||||||||||
2024 | $ | 4,129 | |||||||||||||||||||||||||||||||||
2023 | $ | 4,358 | $ | 3,968 | $ | 4,055 | $ | 4,002 | $ | 4,088 | |||||||||||||||||||||||||
2022 | $ | 4,706 | $ | 4,613 | $ | 4,353 | $ | 4,088 | $ | 4,421 | |||||||||||||||||||||||||
Tours | |||||||||||||||||||||||||||||||||||
2024 | 96,579 | ||||||||||||||||||||||||||||||||||
2023 | 92,890 | 106,746 | 100,609 | 105,580 | 405,825 | ||||||||||||||||||||||||||||||
2022 | 78,505 | 102,857 | 104,000 | 105,231 | 390,593 | ||||||||||||||||||||||||||||||
Exchange & Third-Party Management | |||||||||||||||||||||||||||||||||||
Total active Interval International members (000's)(1) |
|||||||||||||||||||||||||||||||||||
2024 | 1,566 | ||||||||||||||||||||||||||||||||||
2023 | 1,568 | 1,566 | 1,571 | 1,564 | 1,564 | ||||||||||||||||||||||||||||||
2022 | 1,606 | 1,596 | 1,591 | 1,566 | 1,566 | ||||||||||||||||||||||||||||||
Average revenue per Interval International member | |||||||||||||||||||||||||||||||||||
2024 | $ | 41.74 | |||||||||||||||||||||||||||||||||
2023 | $ | 42.07 | $ | 39.30 | $ | 39.15 | $ | 36.16 | $ | 156.65 | |||||||||||||||||||||||||
2022 | $ | 44.33 | $ | 38.79 | $ | 38.91 | $ | 35.60 | $ | 157.97 | |||||||||||||||||||||||||
(1) Includes members at the end of each period. |