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Jun 30, 2022
Marriott Vacations Q2 2022 Earnings Report
Reported strong second-quarter financial results with significant growth in contract sales and adjusted EBITDA.
Key Takeaways
Marriott Vacations Worldwide reported a strong second quarter in 2022, with a 40% increase in consolidated vacation ownership contract sales, a 55% increase in adjusted EBITDA, and significant returns to shareholders. The company also introduced Abound by Marriott Vacations, a new program providing more options and access for Owners.
Consolidated Vacation Ownership contract sales were $506 million, a 40% increase compared to the second quarter of 2021, and VPG increased 7% to $4,613.
Net income attributable to common shareholders was $136 million, or $2.97 fully diluted earnings per share.
Adjusted EBITDA was $255 million, a 55% increase compared to the second quarter of 2021, as the Company continues to see a strong recovery in the business.
The Company returned $219 million to shareholders, repurchasing more than 1.4 million shares of its common stock for $193 million and paying a quarterly dividend of $26 million.
Marriott Vacations
Marriott Vacations
Marriott Vacations Revenue by Segment
Revenue by Segment
Sale of vacation ownership products Revenue
CapyFin.comManagement and exchange Revenue
CapyFin.comRental Revenue
CapyFin.comFinancing Revenue
CapyFin.comCost reimbursements Revenue
CapyFin.com Forward Guidance
The company is providing guidance for the full year 2022. Income before income taxes attributable to common shareholders is expected to be between $511 million and $551 million. Adjusted EBITDA is expected to be between $880 million and $930 million.
Positive Outlook
- Net income attributable to common shareholders is expected to be between $365 million and $395 million.
- Earnings per share - diluted is expected to be between $8.15 and $8.81.
- Adjusted net income attributable to common shareholders is expected to be between $425 million and $465 million.
- Adjusted earnings per share - diluted is expected to be between $9.47 and $10.35.
- Adjusted free cash flow is expected to be between $650 million and $730 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income