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Jun 30, 2023
Marriott Vacations Q2 2023 Earnings Report
Reported second quarter 2023 financial results, showing a decrease in contract sales and adjusted EBITDA, but highlighting strong occupancy rates and strategic program transitions.
Key Takeaways
Marriott Vacations Worldwide reported a decrease in net income and adjusted EBITDA for Q2 2023, primarily due to a decline in consolidated vacation ownership contract sales. The company is focusing on the transition to the Abound by Marriott Vacations program and the integration of Hyatt and legacy-Welk businesses.
Consolidated Vacation Ownership contract sales decreased by 10% to $453 million.
Net income attributable to common shareholders was $90 million, with a fully diluted earnings per share of $2.17.
Adjusted EBITDA decreased by 13% to $222 million.
The company repurchased 621,000 shares for $82 million and increased share repurchase authorization to $600 million.
Revenue by Segment
Forward Guidance
The Company is updating its full year 2023 outlook.
Positive Outlook
- Contract sales are expected to be between $1,840 million and $1,900 million.
- Net income attributable to common shareholders is projected to be between $355 million and $375 million.
- Diluted earnings per share are estimated to be between $8.51 and $8.96.
- Adjusted EBITDA is expected to be between $880 million and $910 million.
- Adjusted earnings per share - diluted are projected to be between $9.76 and $10.22.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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