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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.
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 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