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Dec 31, 2024
Marriott Vacations Q4 2024 Earnings Report
Marriott Vacations Worldwide Corporation reported its financial results for the fourth quarter and full year 2024, showing increased consolidated vacation ownership contract sales and adjusted EBITDA.
Key Takeaways
Marriott Vacations Worldwide Corporation reported a strong end to 2024, with consolidated vacation ownership contract sales increasing by 7% to $477 million in the fourth quarter. The company achieved a net income attributable to common stockholders of $50 million and adjusted diluted earnings per share of $1.86.
Consolidated Vacation Ownership contract sales increased 7% to $477 million in Q4 2024, including 9% first-time buyer contract sales growth.
Net income attributable to common stockholders was $50 million, with diluted earnings per share at $1.30.
Adjusted net income attributable to common stockholders was $73 million, and adjusted diluted earnings per share was $1.86.
Adjusted EBITDA for the fourth quarter was $185 million.
Marriott Vacations
Marriott Vacations
Forward Guidance
For the full year 2025, Marriott Vacations Worldwide expects contract sales between $1.85 billion and $1.925 billion, and adjusted EBITDA between $750 million and $780 million. Adjusted free cash flow is projected to be between $290 million and $350 million.
Positive Outlook
- Expected run-rate benefits of $150 million to $200 million from initiatives by end of 2026, with half from cost savings and efficiencies and the balance from accelerating revenue growth.
- Anticipated adjusted net income attributable to common stockholders between $250 million and $280 million.
- Projected adjusted earnings per share - diluted between $6.30 and $7.00.
- Forecasted full year 2025 adjusted free cash flow between $290 million and $350 million.
- Continued focus on delivering expected experiences to owners, members, and guests.
Challenges Ahead
- Guidance excludes impacts from asset sales, foreign currency changes, restructuring costs, litigation charges, strategic modernization initiative costs, transaction and integration costs, and impairments.
- These excluded items may be material, individually or in the aggregate, to GAAP reported results.
- The full year 2025 outlook is presented only on a non-GAAP basis and is not reconciled to the most comparable GAAP measures.
- Interest expense, net is estimated to be between $173 million and $168 million.
- Depreciation and amortization is estimated to be between $150 million and $148 million.