Marriott Holidays Worldwide (“MVW”) Experiences Third Quarter 2022 Monetary Outcomes

Marriott Holidays Worldwide (“MVW”) Experiences Third Quarter 2022 Monetary Outcomes

ORLANDO, Fla., Oct. 31, 2022 /PRNewswire/ — Marriott Holidays Worldwide Company (NYSE: VAC) (the “Firm”) reported third quarter 2022 monetary outcomes.

Within the third quarter of 2022, in reference to the unification of the Firm’s Marriott-, Westin-, and Sheraton-branded trip possession merchandise beneath the Abound by Marriott Holidays program, the Firm aligned its contract phrases for the sale of trip possession merchandise, ensuing within the potential acceleration of income from the sale of Marriott-branded trip possession pursuits. As well as, the Firm aligned its reserve methodology on trip possession notes receivable for these manufacturers, leading to a lower within the reserve for the acquired notes offset by a rise within the reserve for the originated notes. Collectively, these modifications are hereinafter known as the “Alignment.” On account of the Alignment, the Firm reported a further $33 million of Internet earnings attributable to widespread shareholders and a further $44 million of Adjusted EBITDA in the course of the quarter. The tables and monetary schedules beneath illustrate the impression of the Alignment on the Firm’s reported outcomes.

Third Quarter 2022 Highlights:

  • Consolidated Trip Possession contract gross sales have been $483 million, a 27% enhance in comparison with the third quarter of 2021, and VPG elevated 1% to $4,353.
  • Internet earnings attributable to widespread shareholders was $109 million, or $2.53 absolutely diluted earnings per share; excluding the impression of the Alignment, internet earnings attributable to widespread shareholders was $76 million, or $1.79 absolutely diluted earnings per share.
  • Adjusted internet earnings attributable to widespread shareholders was $131 million, or $3.02 adjusted absolutely diluted earnings per share; excluding the impression of the Alignment, adjusted internet earnings attributable to widespread shareholders was $98 million, or $2.28 adjusted absolutely diluted earnings per share.
  • Adjusted EBITDA was $284 million; excluding the impression of the Alignment, Adjusted EBITDA was $240 million, a rise of 17% in comparison with the prior yr.
  • The Firm repurchased practically 1.7 million shares of its widespread inventory for $216 million in the course of the quarter at a mean value per share of $129.

“Regardless of the difficult macroeconomic backdrop, we had a really sturdy third quarter, rising contract gross sales by 27% in comparison with the prior yr pushed by sturdy tour development,” mentioned Stephen P. Weisz, chief govt officer. “With continued development in our enterprise, we have returned greater than $600 million in money to shareholders this yr by a mix of share repurchases and dividends.”

Third Quarter 2022 Outcomes

The tables beneath illustrate the impression of the Alignment on the Firm’s reported outcomes. Within the tables beneath “*” denotes non-GAAP monetary measures and “NM” is just not significant. Please see “Non-GAAP Monetary Measures” for extra details about our causes for offering these different monetary measures and limitations on their use.

Consolidated




Three Months Ended September 30, 2022


Three Months

Ended

September 30,

2021


Change




As

Reported


Impression of Alignment


As

Adjusted*



As

Reported


As

Adjusted*

($ in tens of millions)




Income


Reserve


Mixed




$


%


$


%

Internet earnings attributable to widespread shareholders



$        109


$      (29)


$         (4)


$         (33)


$           76


$           10


$ 99


NM


$ 66


NM

Adjusted internet earnings attributable to widespread shareholders*



$        131


$      (29)


$         (4)


$         (33)


$           98


$           70


$ 61


87 %


$ 28


41 %

Adjusted EBITDA*



$        284


$      (39)


$        (5)


$         (44)


$         240


$         205


$ 79


38 %


$ 35


17 %

Trip Possession



Three Months Ended September 30, 2022


Three Months

Ended

September 30,

2021


Change



As

Reported


Impression of Alignment


As

Adjusted*



As

Reported


As

Adjusted*

($ in tens of millions)



Income


Reserve


Mixed




$


%


$


%

Sale of trip possession merchandise


$         444


$      (46)


$        19


$         (27)


$         417


$         330


$  114


34 %


$   87


26 %

Improvement revenue


$         161


$      (39)


$        14


$         (25)


$         136


$           93


$    68


73 %


$   43


47 %

Financing revenue


$           69


$       —


$       (19)


$         (19)


$           50


$           47


$    22


47 %


$     3


6 %

Section monetary outcomes attributable to widespread shareholders


$         270


$      (29)


$         (4)


$         (33)


$         237


$         185


$    85


46 %


$   52


29 %

Section margin


33.5 %








30.6 %


28.6 %


4.9 pts


2.0 pts

Section Adjusted EBITDA*


$         299


$      (39)


$         (5)


$         (44)


$         255


$         215


$    84


39 %


$   40


19 %

Section Adjusted EBITDA margin*


37.1 %








32.7 %


33.2 %


3.9 pts


(0.5 pts)

Change & Third-Occasion Administration

Revenues excluding price reimbursements decreased 3% within the third quarter of 2022 in comparison with the prior yr and elevated 11% excluding the sale of VRI Americas in April of 2022. Interval Worldwide lively members elevated 21% to 1.6 million and Common income per member decreased 9% in comparison with the prior yr as the brand new accounts Interval Worldwide added earlier this yr proceed to ramp up.

Section monetary outcomes attributable to widespread shareholders have been $29 million within the third quarter of 2022 and Section margin was 44%. Section Adjusted EBITDA elevated $4 million to $39 million in comparison with the prior yr, with Section Adjusted EBITDA margin growing 500 foundation factors in comparison with the third quarter of 2021 to 58%.

Company and Different

Normal and administrative prices elevated $8 million within the third quarter of 2022 in comparison with the prior yr primarily because of increased compensation and transformational initiative spending, together with procurement and synthetic intelligence capabilities.

Stability Sheet and Liquidity

The Firm ended the quarter with roughly $1.0 billion in liquidity, together with $294 million of money and money equivalents, $142 million of gross notes receivable that have been eligible for securitization, and $519 million of obtainable capability beneath its revolving company credit score facility.

On the finish of the third quarter of 2022, the Firm had $2.7 billion of company debt and $1.8 billion of non-recourse debt associated to its securitized notes receivable.

Full Yr 2022 Outlook (in tens of millions, besides per share quantities)

The Monetary Schedules that comply with reconcile the non-GAAP monetary measures set forth beneath to the next full yr 2022 anticipated GAAP outcomes for the Firm.

The Firm is offering up to date steerage, which incorporates the impression of the Alignment as mirrored within the chart beneath, for the complete yr 2022. Within the desk beneath “*” denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our causes for offering these different monetary measures and limitations on their use.

(in tens of millions, besides per share quantities)


2022 Steerage


Impression of
Alignment

Earnings earlier than earnings taxes attributable to widespread shareholders


$564

to

$579


$50

Internet earnings attributable to widespread shareholders


$390

to

$400


$37

Earnings per share – diluted


$8.76

to

$8.98


$0.82

Internet money, money equivalents and restricted money offered







by working actions 


$575

to

$590


$—

Contract gross sales


$1,820

to

$1,860


$—

Adjusted EBITDA*


$950

to

$975


$50

Adjusted pretax internet earnings*


$660

to

$685


$50

Adjusted internet earnings attributable to widespread shareholders*


$455

to

$475


$37

Adjusted earnings per share – diluted*


$10.20

to

$10.64


$0.82

Adjusted free money circulation*


$670

to

$730


$—

Non-GAAP Monetary Info

Non-GAAP monetary measures are reconciled and changes are proven and described in additional element within the Monetary Schedules that comply with. Please see “Non-GAAP Monetary Measures” for extra details about our causes for offering these different monetary measures and limitations on their use. Along with the foregoing non-GAAP monetary measures, we current sure key metrics as efficiency measures that are additional described in our most up-to-date Annual Report on Kind 10-Okay, and which can be up to date in our periodic filings with the U.S. Securities and Change Fee.

Third Quarter 2022 Monetary Outcomes Convention Name

The Firm will maintain a convention name on November 1, 2022 at 8:30 a.m. ET to debate these monetary outcomes and supply an replace on enterprise situations. Contributors could entry the decision by dialing (877) 407-8289 or (201) 689-8341 for worldwide callers. A reside webcast of the decision can even be out there within the Investor Relations part of the Firm’s web site at ir.mvwc.com. An audio replay of the convention name will probably be out there for 30 days on the Firm’s web site.

About Marriott Holidays Worldwide Company

Marriott Holidays Worldwide Company is a number one international trip firm that provides trip possession, change, rental and resort and property administration, together with associated companies, services. The Firm has over 120 trip possession resorts and roughly 700,000 proprietor households in a various portfolio that features a number of the most iconic trip possession manufacturers. The Firm additionally operates change networks and membership packages comprised of practically 3,200 affiliated resorts in over 90 international locations and territories, and gives administration providers to different resorts and lodging properties. As a pacesetter and innovator within the trip trade, the Firm upholds the best requirements of excellence in serving its prospects, traders and associates whereas sustaining unique, long-term relationships with Marriott Worldwide, Inc. and Hyatt Motels Company for the event, gross sales and advertising and marketing of trip possession services. For extra info, please go to www.marriottvacationsworldwide.com.

Be aware on forward-looking statements

This press launch and accompanying schedules include “forward-looking statements” throughout the that means of federal securities legal guidelines, together with statements about expectations for future development and projections for full yr 2022. Ahead-looking statements embrace all statements that aren’t historic information and may be recognized by way of forward-looking terminology such because the phrases “consider,” “anticipate,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “proceed,” “could,” “may,” “ought to,” “may” or the adverse of those phrases or comparable expressions. The Firm cautions you that these statements should not ensures of future efficiency and are topic to quite a few and evolving dangers and uncertainties that we could not have the ability to predict or assess, reminiscent of: the persevering with results of the COVID-19 pandemic or future well being crises, together with quarantines or different government-imposed journey or health-related restrictions; the size and severity of the COVID-19 pandemic or future well being crises, together with quick and longer-term impacts on shopper confidence and demand for journey, and the tempo of restoration following the COVID-19 pandemic or future well being crises or as efficient remedies or vaccines in opposition to variants of the COVID-19 virus or future well being crises turn out to be broadly out there; variations in demand for trip possession and change services; employee absenteeism; value inflation; international provide chain disruptions; volatility within the worldwide and nationwide financial system and credit score markets, together with because of the COVID-19 pandemic and the continued battle between Russia and Ukraine and associated sanctions and different measures; our capability to draw and retain our international workforce; aggressive situations; the supply of capital to finance development; the results of steps we’ve got taken and will proceed to take to scale back working prices and/or improve well being and cleanliness protocols at our resorts as a result of COVID-19 pandemic; political or social strife; and different issues referred to beneath the heading “Danger Elements” in our most up-to-date Annual Report on Kind 10-Okay, and which can be up to date in our periodic filings with the U.S. Securities and Change Fee. All forward-looking statements on this press launch are made as of the date of this press launch and the Firm undertakes no obligation to publicly replace or revise any forward-looking assertion, whether or not because of new info, future occasions, or in any other case, besides as required by regulation. There could also be different dangers and uncertainties that we can’t predict right now or that we at present don’t anticipate could have a fabric antagonistic impact on our monetary place, outcomes of operations or money flows. Any such dangers may trigger our outcomes to vary materially from these we specific in forward-looking statements.

Monetary Schedules Comply with

MARRIOTT VACATIONS WORLDWIDE CORPORATION


FINANCIAL SCHEDULES


QUARTER 3, 2022




TABLE OF CONTENTS 




Abstract Monetary Info


A-1


Adjusted EBITDA by Section


A-2


Consolidated Statements of Earnings


A-3


Revenues and Revenue by Section


A-5


Adjusted Internet Earnings Attributable to Widespread Shareholders and Adjusted Earnings Per Share – Diluted


A-9


Adjusted EBITDA


A-10


Consolidated Contract Gross sales to Adjusted Improvement Revenue


A-11


Trip Possession and Change & Third-Occasion Administration Section Adjusted EBITDA


A-13


Consolidated Stability Sheets


A-14


Consolidated Statements of Money Flows


A-15


2022 Outlook




Adjusted Internet Earnings Attributable to Widespread Shareholders, Adjusted Earnings Per Share – Diluted




and Adjusted EBITDA


A-17


Adjusted Free Money Stream


A-18


Quarterly Working Metrics


A-19


Non-GAAP Monetary Measures


A-20


A-1


MARRIOTT VACATIONS WORLDWIDE CORPORATION


SUMMARY FINANCIAL INFORMATION

(In tens of millions, besides VPG, excursions, whole lively members, common income per member and per share quantities)

(Unaudited)




Three Months Ended


Change %


9 Months Ended


Change %



September 30,

2022


September 30,

2021



September 30,

2022


September 30,

2021


Key Measures













Complete consolidated contract gross sales


$         483


$         380


27 %


$      1,383


$          968


43 %

VPG


$      4,353


$      4,300


1 %


$      4,544


$       4,377


4 %

Excursions


104,000


84,098


24 %


285,362


209,869


36 %

Complete lively members (000’s)(1)


1,591


1,313


21 %


1,591


1,313


21 %

Common income per member(1)


$      38.91


$      42.95


(9 %)


$    122.30


$     136.57


(10 %)














GAAP Measures













Revenues


$      1,252


$      1,052


19 %


$      3,468


$      2,790


24 %

Earnings earlier than earnings taxes and noncontrolling pursuits


$         169


$           58


NM


$         437


$           57


NM

Internet earnings (loss) attributable to widespread shareholders


$         109


$           10


NM


$         303


$          (12)


NM

Earnings (loss) per share – diluted


$        2.53


$        0.23


NM


$        6.68


$       (0.28)


NM














Non-GAAP Measures*













Adjusted EBITDA


$         284


$         205


38 %


$         727


$         438


66 %

Adjusted pretax earnings


$         207


$         118


74 %


$         508


$         165


NM

Adjusted internet earnings attributable to widespread shareholders


$         131


$           70


87 %


$         343


$           87


NM

Adjusted earnings per share – diluted


$        3.02


$        1.60


89 %


$        7.53


$        2.01


NM














Monetary Measures, Excluding the Impression of Alignment*









Revenues


$      1,225


$      1,052


16 %


$      3,441


$      2,790


23 %

Earnings earlier than earnings taxes and noncontrolling pursuits


$         125


$           58


NM


$         393


$           57


NM

Internet earnings (loss) attributable to widespread shareholders


$           76


$           10


NM


$         270


$          (12)


NM

Earnings (loss) per share – diluted


$        1.79


$        0.23


NM


$        5.99


$       (0.28)


NM

Adjusted EBITDA


$         240


$         205


17 %


$         683


$         438


56 %

Adjusted pretax earnings


$         163


$         118


38 %


$         464


$         165


NM

Adjusted internet earnings attributable to widespread shareholders


$           98


$           70


41 %


$         310


$           87


NM

Adjusted earnings per share – diluted


$        2.28


$        1.60


43 %


$        6.83


$        2.01


NM


(1)Contains members on the finish of every interval for the Interval Worldwide change community solely.

* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our causes for offering these different monetary
measures and limitations on their use.

NM = Not significant.


A-2


MARRIOTT VACATIONS WORLDWIDE CORPORATION


ADJUSTED EBITDA BY SEGMENT

(In tens of millions)

(Unaudited)




Three Months Ended September 30, 2022


Three Months

Ended

September 30,

2021


Change



As
Reported


Impression of Alignment


As

Adjusted*



As

Reported


As

Adjusted*




Income


Reserve


Mixed





Trip Possession


$        299


$     (39)


$       (5)


$           (44)


$        255


$         215


39 %


19 %

Change & Third-Occasion Administration


39





39


35


7 %


7 %

Section Adjusted EBITDA*


338


(39)


(5)


(44)


294


250


35 %


17 %

Normal and administrative


(54)





(54)


(45)


(17 %)


(17 %)

Adjusted EBITDA*


$        284


$     (39)


$       (5)


$           (44)


$        240


$         205


38 %


17 %









9 Months Ended September 30, 2022


Months

Ended

September 30,

2021


Change



As

Reported


Impression of Alignment


As

Adjusted*



As

Reported


As

Adjusted*




Income


Reserve


Mixed





Trip Possession


$        772


$     (39)


$       (5)


$           (44)


$        728


$         465


66 %


57 %

Change & Third-Occasion Administration


117





117


113


2 %


2 %

Section Adjusted EBITDA*


889


(39)


(5)


(44)


845


578


54 %


46 %

Normal and administrative


(162)





(162)


(140)


(15 %)


(15 %)

Adjusted EBITDA*


$        727


$     (39)


$       (5)


$           (44)


$        683


$         438


66 %


56 %


* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our causes for offering these different monetary
measures and limitations on their use.


A-3


MARRIOTT VACATIONS WORLDWIDE CORPORATION


CONSOLIDATED STATEMENTS OF INCOME

(In tens of millions, besides per share quantities)

(Unaudited)




Three Months Ended



September 30, 2022


September 30,

2021



As

Reported


Impression of

Alignment


As

Adjusted*


REVENUES









Sale of trip possession merchandise


$               444


$               (27)


$               417


$               330

Administration and change


198



198


225

Rental


165



165


130

Financing


74



74


69

Value reimbursements


371



371


298

TOTAL REVENUES


1,252


(27)


1,225


1,052

EXPENSES









Value of trip possession merchandise


76


(2)


74


71

Advertising and gross sales


207



207


166

Administration and change


101



101


138

Rental


126



126


84

Financing


5


19


24


22

Normal and administrative


62



62


54

Depreciation and amortization


33



33


35

Litigation prices


2



2


2

Royalty charge


28



28


26

Impairment


1



1


Value reimbursements


371



371


298

TOTAL EXPENSES


1,012


17


1,029


896

Losses and different expense, internet


(2)



(2)


(31)

Curiosity expense


(34)



(34)


(41)

Transaction and integration prices


(34)



(34)


(27)

Different


(1)



(1)


1

INCOME BEFORE INCOME TAXES AND









NONCONTROLLING INTERESTS


169


(44)


125


58

Provision for earnings taxes


(59)


11


(48)


(47)

NET INCOME (LOSS)


110


(33)


77


11

Internet earnings attributable to noncontrolling pursuits


(1)



(1)


(1)

NET INCOME (LOSS) ATTRIBUTABLE TO



COMMON SHAREHOLDERS


$               109


$               (33)


$                 76


$                 10










EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO









COMMON SHAREHOLDERS









Fundamental


$              2.76


$            (0.80)


$              1.96


$              0.24

Diluted


$              2.53


$            (0.74)


$              1.79


$              0.23









* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our causes
for offering these different monetary measures and limitations on their use.

NOTE: Earnings (loss) per share – Fundamental and Earnings (loss) per share – Diluted are calculated utilizing complete {dollars}.

A-4


MARRIOTT VACATIONS WORLDWIDE CORPORATION


CONSOLIDATED STATEMENTS OF INCOME

(In tens of millions, besides per share quantities)

(Unaudited)




9 Months Ended



September 30, 2022


September 30,

2021



As

Reported


Impression of

Alignment


As

Adjusted*


REVENUES









Sale of trip possession merchandise


$            1,179


$               (27)


$            1,152


$               789

Administration and change


623



623


638

Rental


438



438


340

Financing


217



217


196

Value reimbursements


1,011



1,011


827

TOTAL REVENUES


3,468


(27)


3,441


2,790

EXPENSES









Value of trip possession merchandise


216


(2)


214


178

Advertising and gross sales


603



603


439

Administration and change


330



330


381

Rental


294



294


247

Financing


49


19


68


64

Normal and administrative


187



187


166

Depreciation and amortization


98



98


112

Litigation prices


7



7


8

Royalty charge


84



84


78

Impairment


1



1


5

Value reimbursements


1,011



1,011


827

TOTAL EXPENSES


2,880


17


2,897


2,505

Beneficial properties (losses) and different earnings (expense), internet


39



39


(27)

Curiosity expense


(91)



(91)


(128)

Transaction and integration prices


(99)



(99)


(75)

Different





2

INCOME BEFORE INCOME TAXES AND









NONCONTROLLING INTERESTS


437


(44)


393


57

Provision for earnings taxes


(134)


11


(123)


(63)

NET INCOME (LOSS)


303


(33)


270


(6)

Internet earnings attributable to noncontrolling pursuits





(6)

NET INCOME (LOSS) ATTRIBUTABLE TO



COMMON SHAREHOLDERS


$               303


$                (33)


$               270


$               (12)










EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO









COMMON SHAREHOLDERS









Fundamental


$              7.39


$            (0.78)


$              6.61


$            (0.28)

Diluted


$              6.68


$            (0.69)


$              5.99


$            (0.28)









* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our causes
for offering these different monetary measures and limitations on their use.

NOTE: Earnings (loss) per share – Fundamental and Earnings (loss) per share – Diluted are calculated utilizing complete {dollars}.

A-5


MARRIOTT VACATIONS WORLDWIDE CORPORATION

REVENUES AND PROFIT BY SEGMENT

for the three months ended September 30, 2022

(In tens of millions)

(Unaudited)




Reportable Section


Company

and

Different


Complete



Trip Possession


Change &

Third-Occasion

Administration



As

Reported


As

Adjusted*



As

Reported


Impression of

Alignment


As

Adjusted*





REVENUES















Gross sales of trip possession merchandise


$      444


$         (27)


$       417


$               —


$           —


$      444


$      417

Administration and change(1)















Ancillary revenues


63



63


1



64


64

Administration charge revenues


41



41


7


(1)


47


47

Change and different providers revenues


32



32


47


8


87


87

Administration and change


136



136


55


7


198


198

Rental


154



154


11



165


165

Financing


74



74




74


74

Value reimbursements(1)


374



374


5


(8)


371


371

TOTAL REVENUES


$   1,182


$         (27)


$    1,155


$               71


$           (1)


$   1,252


$   1,225
















PROFIT















Improvement


$      161


$         (25)


$       136


$               —


$           —


$      161


$      136

Administration and change(1)


72



72


27


(2)


97


97

Rental(1)


24



24


11


4


39


39

Financing


69


(19)


50




69


50

TOTAL PROFIT


326


(44)


282


38


2


366


322
















OTHER















Normal and administrative






(62)


(62)


(62)

Depreciation and amortization


(23)



(23)


(8)


(2)


(33)


(33)

Litigation prices


(2)



(2)




(2)


(2)

Royalty charge


(28)



(28)




(28)


(28)

Impairment


(1)



(1)




(1)


(1)

Beneficial properties (losses) and different earnings (expense), internet


1



1


(1)


(2)


(2)


(2)

Curiosity expense






(34)


(34)


(34)

Transaction and integration prices


(2)



(2)



(32)


(34)


(34)

Different


(1)



(1)




(1)


(1)

INCOME (LOSS) BEFORE INCOME















TAXES AND NONCONTROLLING















INTERESTS


270


(44)


226


29


(130)


169


125

Provision for earnings taxes



11


11



(59)


(59)


(48)

NET INCOME (LOSS)


270


(33)


237


29


(189)


110


77

Internet earnings attributable to noncontrolling pursuits(1)






(1)


(1)


(1)

NET INCOME (LOSS)



ATTRIBUTABLE TO COMMON



SHAREHOLDERS


$      270


$         (33)


$       237


$               29


$      (190)


$      109


$        76

SEGMENT MARGIN(2)


34 %




31 %


44 %





















(1) Quantities included in Company and different symbolize the impression of the consolidation of sure homeowners’ associations beneath the related accounting steerage, and
symbolize the portion attributable to particular person or third-party trip possession curiosity homeowners.

(2) Section margin represents the relevant section’s internet earnings or loss attributable to widespread shareholders divided by the relevant section’s whole revenues
much less price reimbursement revenues.

* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our causes for offering these different
monetary measures and limitations on their use.

A-6


MARRIOTT VACATIONS WORLDWIDE CORPORATION


REVENUES AND PROFIT BY SEGMENT

for the three months ended September 30, 2021

(In tens of millions)

(Unaudited)




Reportable Section


Company and

Different


Complete



Trip

Possession


Change &

Third-Occasion

Administration



REVENUES









Gross sales of trip possession merchandise


$                330


$                  —


$                   —


$                330

Administration and change(1)









Ancillary revenues


55


1



56

Administration charge revenues


40


10


(4)


46

Change and different providers revenues


31


48


44


123

Administration and change


126


59


40


225

Rental


121


9



130

Financing


69




69

Value reimbursements(1)


328


9


(39)


298

TOTAL REVENUES


$                974


$                  77


$                    1


$             1,052










PROFIT









Improvement


$                  93


$                  —


$                  —


$                  93

Administration and change(1)


71


26


(10)


87

Rental(1)


24


9


13


46

Financing


47




47

TOTAL PROFIT


235


35


3


273










OTHER









Normal and administrative




(54)


(54)

Depreciation and amortization


(24)


(11)



(35)

Litigation prices


(1)



(1)


(2)

Restructuring


1


(1)



Royalty charge


(26)




(26)

Losses and different expense, internet




(31)


(31)

Curiosity expense




(41)


(41)

Transaction and integration prices


(1)



(26)


(27)

Different


1




1










INCOME (LOSS) BEFORE INCOME TAXES AND









NONCONTROLLING INTERESTS


185


23


(150)


58

Provision for earnings taxes




(47)


(47)

NET INCOME (LOSS)


185


23


(197)


11

Internet earnings attributable to noncontrolling pursuits(1)




(1)


(1)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON



SHAREHOLDERS


$               185


$                  23


$               (198)


$                 10

SEGMENT MARGIN(2)


29 %


35 %













(1) Quantities included in Company and different symbolize the impression of the consolidation of sure homeowners’ associations beneath the related
accounting steerage, and symbolize the portion attributable to particular person or third-party trip possession curiosity homeowners.

(2) Section margin represents the relevant section’s internet earnings or loss attributable to widespread shareholders divided by the relevant
section’s whole revenues much less price reimbursement revenues.

A-7


MARRIOTT VACATIONS WORLDWIDE CORPORATION

REVENUES AND PROFIT BY SEGMENT

for the 9 months ended September 30, 2022

(In tens of millions)

(Unaudited)




Reportable Section


Company

and

Different


Complete



Trip Possession


Change &

Third-Occasion

Administration



As

Reported


As

Adjusted*



As

Reported


Impression of

Alignment


As

Adjusted*





REVENUES















Gross sales of trip possession merchandise


$   1,179


$         (27)


$    1,152


$               —


$           —


$   1,179


$   1,152

Administration and change(1)















Ancillary revenues


183



183


3



186


186

Administration charge revenues


124



124


28


(5)


147


147

Change and different providers revenues


95



95


146


49


290


290

Administration and change


402



402


177


44


623


623

Rental


405



405


33



438


438

Financing


217



217




217


217

Value reimbursements(1)


1,026



1,026


19


(34)


1,011


1,011

TOTAL REVENUES


$   3,229


$         (27)


$    3,202


$             229


$          10


$   3,468


$   3,441
















PROFIT















Improvement


$      360


$         (25)


$       335


$               —


$          —


$      360


$      335

Administration and change(1)


224



224


84


(15)


293


293

Rental(1)


94



94


33


17


144


144

Financing


168


(19)


149




168


149

TOTAL PROFIT


846


(44)


802


117


2


965


921
















OTHER















Normal and administrative






(187)


(187)


(187)

Depreciation and amortization


(67)



(67)


(24)


(7)


(98)


(98)

Litigation prices


(7)



(7)




(7)


(7)

Royalty charge


(84)



(84)




(84)


(84)

Impairment


(1)



(1)




(1)


(1)

Beneficial properties (losses) and different earnings (expense), internet


36



36


15


(12)


39


39

Curiosity expense






(91)


(91)


(91)

Transaction and integration prices


(3)



(3)



(96)


(99)


(99)

INCOME (LOSS) BEFORE INCOME



TAXES AND NONCONTROLLING



INTERESTS


720


(44)


676


108


(391)


437


393

Provision for earnings taxes



11


11



(134)


(134)


(123)

NET INCOME (LOSS)


720


(33)


687


108


(525)


303


270

Internet earnings attributable to noncontrolling pursuits(1)








NET INCOME (LOSS)



ATTRIBUTABLE TO COMMON



SHAREHOLDERS


$      720


$         (33)


$       687


$             108


$      (525)


$      303


$      270

SEGMENT MARGIN(2)


33 %




32 %


52 %






















(1) Quantities included in Company and different symbolize the impression of the consolidation of sure homeowners’ associations beneath the related accounting steerage, and
symbolize the portion attributable to particular person or third-party trip possession curiosity homeowners.

(2) Section margin represents the relevant section’s internet earnings or loss attributable to widespread shareholders divided by the relevant section’s whole revenues
much less price reimbursement revenues.

* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our causes for offering these different
monetary measures and limitations on their use.

A-8


MARRIOTT VACATIONS WORLDWIDE CORPORATION

REVENUES AND PROFIT BY SEGMENT

for the 9 months ended September 30, 2021

(In tens of millions)

(Unaudited)




Reportable Section


Company and

Different


Complete



Trip

Possession


Change &

Third-Occasion

Administration



REVENUES









Gross sales of trip possession merchandise


$                789


$                  —


$                  —


$                789

Administration and change(1)









Ancillary revenues


135


2



137

Administration charge revenues


117


24


(15)


126

Change and different providers revenues


91


153


131


375

Administration and change


343


179


116


638

Rental


308


32



340

Financing


196




196

Value reimbursements(1)


882


38


(93)


827

TOTAL REVENUES


$             2,518


$                249


$                  23


$             2,790










PROFIT









Improvement


$                172


$                  —


$                  —


$                172

Administration and change(1)


207


80


(30)


257

Rental(1)


20


32


41


93

Financing


132




132

TOTAL PROFIT


531


112


11


654










OTHER









Normal and administrative




(166)


(166)

Depreciation and amortization


(66)


(40)


(6)


(112)

Litigation prices


(7)



(1)


(8)

Restructuring



(1)


1


Royalty charge


(78)




(78)

Impairment




(5)


(5)

Losses and different expense, internet




(27)


(27)

Curiosity expense




(128)


(128)

Transaction and integration prices


(2)



(73)


(75)

Different


2




2

INCOME (LOSS) BEFORE INCOME TAXES AND









NONCONTROLLING INTERESTS


380


71


(394)


57

Provision for earnings taxes




(63)


(63)

NET INCOME (LOSS)


380


71


(457)


(6)

Internet earnings attributable to noncontrolling pursuits(1)




(6)


(6)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON



SHAREHOLDERS


$               380


$                  71


$              (463)


$                (12)

SEGMENT MARGIN(2)


23 %


34 %














(1) Quantities included in Company and different symbolize the impression of the consolidation of sure homeowners’ associations beneath the related
accounting steerage, and symbolize the
portion attributable to particular person or third-party trip possession curiosity homeowners.

(2) Section margin represents the relevant section’s internet earnings or loss attributable to widespread shareholders divided by the relevant
section’s whole revenues much less price
reimbursement revenues.

A-9


MARRIOTT VACATIONS WORLDWIDE CORPORATION


ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS AND

ADJUSTED EARNINGS PER SHARE – DILUTED

(In tens of millions, besides per share quantities)

(Unaudited)




Three Months Ended


9 Months Ended



September 30,

2022


September 30,

2021


September 30,

2022


September 30,

2021

Internet earnings (loss) attributable to widespread shareholders


$                109


$                 10


$               303


$               (12)

Provision for earnings taxes


59


47


134


63

Earnings earlier than earnings taxes attributable to widespread shareholders


168


57


437


51

Sure objects:









Litigation prices


2


2


7


8

Losses (positive factors) and different expense (earnings), internet(1)


2


31


(39)


27

Transaction and integration prices


34


27


99


75

Impairment prices


1



1


5

Buy accounting changes


5


5


13


7

COVID-19 associated changes





(2)

Different


(5)


(4)


(10)


(6)

Adjusted pretax earnings*


207


118


508


165

Provision for earnings taxes


(76)


(48)


(165)


(78)

Adjusted internet earnings attributable to widespread shareholders*


$                131


$                 70


$               343


$                 87

Diluted shares(2)


43.4


43.7


45.9


43.2

Adjusted earnings per share – Diluted*


$               3.02


$              1.60


$              7.53


$              2.01










Excluding the Impression of Alignment:









Adjusted internet earnings attributable to widespread shareholders*


$                  98


$                 70


$               310


$                 87

Adjusted earnings per share – Diluted*


$               2.28


$              1.60


$              6.83


$              2.01










(1) See additional particulars on A-10.

(2) Diluted shares for the 9 months ended September 30, 2022 displays the dilutive impression of the adoption of Accounting Requirements Replace

2020-06 – “Debt — Debt With Conversion and Different Choices (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Personal

Fairness (Subtopic 815-40): Accounting for Convertible Devices and Contracts in an Entity’s Personal Fairness.”

* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our causes for
offering
these different monetary measures and limitations on their use.

A-10


MARRIOTT VACATIONS WORLDWIDE CORPORATION


ADJUSTED EBITDA

(In tens of millions)

(Unaudited)




Three Months Ended


9 Months Ended



September 30,

2022


September 30,

2021


September 30,

2022


September 30,

2021

NET INCOME (LOSS) ATTRIBUTABLE TO









COMMON SHAREHOLDERS


$                109


$                  10


$                303


$                (12)

Curiosity expense


34


41


91


128

Provision for earnings taxes


59


47


134


63

Depreciation and amortization


33


35


98


112

Share-based compensation


10


11


30


33

Sure objects:









Litigation prices


2


2


7


8

Losses (positive factors) and different expense (earnings), internet









Inclinations


(1)



(50)


Hurricane enterprise interruption internet insurance coverage proceeds




(3)


Numerous non-income associated tax issues


(1)


(8)


2


(6)

Redemption premium from debt reimbursement



36



36

Overseas foreign money translation


3


2


10


(4)

Different


1


1


2


1

Transaction and integration prices


34


27


99


75

Impairment prices


1



1


5

Buy accounting changes


5


5


13


7

COVID-19 associated changes





(2)

Different


(5)


(4)


(10)


(6)

ADJUSTED EBITDA*


$                284


$                205


$                727


$               438

ADJUSTED EBITDA MARGIN*


32 %


27 %


30 %


22 %










Excluding the Impression of Alignment:









ADJUSTED EBITDA*


$               240


$               205


$                683


$               438

ADJUSTED EBITDA MARGIN*


28 %


27 %


28 %


22 %










* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our causes for offering
these different monetary measures
and limitations on their use.










A-11


MARRIOTT VACATIONS WORLDWIDE CORPORATION


CONSOLIDATED CONTRACT SALES TO ADJUSTED DEVELOPMENT PROFIT

(In tens of millions)

(Unaudited)




Three Months Ended



September 30, 2022


September 30,

2021



As

Reported


Impression of

Alignment


As

Adjusted*


Consolidated contract gross sales


$               483


$                 —


$               483


$               380

Much less resales contract gross sales


(10)



(10)


(7)

Consolidated contract gross sales, internet of resales


473



473


373

Plus:









Settlement income


10



10


8

Resales income


5



5


5

Income recognition changes:









Reportability


54


(46)


8


2

Gross sales reserve


(64)


19


(45)


(31)

Different(1)


(34)



(34)


(27)

Sale of trip possession merchandise


444


(27)


417


330

Much less:









Value of trip possession merchandise


(76)


2


(74)


(71)

Advertising and gross sales


(207)



(207)


(166)

Improvement Revenue


161


(25)


136


93

Income recognition reportability adjustment


(43)


39


(4)


(1)

Buy accounting changes


5



5


6

Different


(5)



(5)


Adjusted growth revenue*


$               118


$                 14


$               132


$                 98

Improvement revenue margin


36.1 %




32.6 %


28.0 %

Adjusted growth revenue margin*


29.9 %




32.0 %


29.5 %










(1) Adjustment for gross sales incentives that won’t be acknowledged as Sale of trip possession merchandise income and different changes to
Sale of trip possession merchandise income.

* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our causes
for offering these different monetary measures and limitations on their use.

A-12


MARRIOTT VACATIONS WORLDWIDE CORPORATION


CONSOLIDATED CONTRACT SALES TO ADJUSTED DEVELOPMENT PROFIT

(In tens of millions)

(Unaudited)




9 Months Ended



September 30, 2022


September 30,

2021



As

Reported


Impression of

Alignment


As

Adjusted*


Consolidated contract gross sales


$            1,383


$                 —


$            1,383


$               968

Much less resales contract gross sales


(30)



(30)


(19)

Consolidated contract gross sales, internet of resales


1,353



1,353


949

Plus:









Settlement income


26



26


21

Resales income


13



13


8

Income recognition changes:









Reportability


7


(46)


(39)


(51)

Gross sales reserve


(130)


19


(111)


(73)

Different(1)


(90)



(90)


(65)

Sale of trip possession merchandise


1,179


(27)


1,152


789

Much less:









Value of trip possession merchandise


(216)


2


(214)


(178)

Advertising and gross sales


(603)



(603)


(439)

Improvement Revenue


360


(25)


335


172

Income recognition reportability adjustment


(8)


39


31


38

Buy accounting changes


14



14


9

Different


(5)



(5)


Adjusted growth revenue*


$               361


$                 14


$               375


$               219

Improvement revenue margin


30.5 %




29.1 %


21.8 %

Adjusted growth revenue margin*


30.8 %




31.6 %


26.2 %










(1) Adjustment for gross sales incentives that won’t be acknowledged as Sale of trip possession merchandise income and different changes
to Sale of trip possession merchandise income.

* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our causes
for offering these different monetary measures and limitations on their use.

A-13


MARRIOTT VACATIONS WORLDWIDE CORPORATION

(In tens of millions)

(Unaudited)


VACATION OWNERSHIP SEGMENT ADJUSTED EBITDA




Three Months Ended


9 Months Ended



September 30,

2022


September 30,

2021


September 30,

2022


September 30,

2021

SEGMENT FINANCIAL RESULTS ATTRIBUTABLE TO









COMMON SHAREHOLDERS


$               270


$               185


$          720


$               380

Depreciation and amortization


23


24


67


66

Share-based compensation expense


2


1


5


4

Sure objects:









Litigation prices


2


1


7


7

(Beneficial properties) losses and different (earnings) expense, internet:









Inclinations




(33)


Hurricane enterprise interruption internet insurance coverage proceeds




(3)


Overseas foreign money translation


(1)




Transaction and integration prices


2


1


3


2

Impairment prices


1



1


Buy accounting changes


5


5


13


7

COVID-19 associated restructuring



(1)



Different


(5)


(1)


(8)


(1)

SEGMENT ADJUSTED EBITDA*


$               299


$               215


$          772


$               465

SEGMENT ADJUSTED EBITDA MARGIN*


37 %


33 %


35 %


28 %










Excluding the Impression of Alignment:









SEGMENT ADJUSTED EBITDA*


$               255


$               215


$          728


$              465

SEGMENT ADJUSTED EBITDA MARGIN*


33 %


33 %


34 %


28 %



EXCHANGE & THIRD-PARTY MANAGEMENT SEGMENT ADJUSTED EBITDA




Three Months Ended


9 Months Ended



September 30,

2022


September 30,

2021


September 30,

2022


September 30,

2021

SEGMENT FINANCIAL RESULTS ATTRIBUTABLE TO









COMMON SHAREHOLDERS


$                 29


$                 23


$               108


$                 71

Depreciation and amortization


8


11


24


40

Share-based compensation expense


1



2


1

Sure objects:









        Achieve on disposition of VRI Americas


(1)



(17)


       Overseas foreign money translation


2



2


        COVID-19 associated restructuring



1



1

        Different




(2)


SEGMENT ADJUSTED EBITDA*


$                 39


$                 35


$               117


$               113

SEGMENT ADJUSTED EBITDA MARGIN*


58 %


53 %


55 %


54 %










* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our causes for offering these
different monetary measures and limitations on their use.

A-14


MARRIOTT VACATIONS WORLDWIDE CORPORATION


CONSOLIDATED BALANCE SHEETS

(In tens of millions, besides share and per share knowledge)




Unaudited





September 30, 2022


December 31, 2021

ASSETS





Money and money equivalents


$                          294


$                        342

Restricted money (together with $67 and $139 from VIEs, respectively)


249


461

Accounts receivable, internet (together with $12 and $12 from VIEs, respectively)


248


279

Trip possession notes receivable, internet (together with $1,662 and $1,662 from VIEs,





respectively)


2,142


2,045

Stock


668


719

Property and tools, internet


1,136


1,136

Goodwill


3,117


3,150

Intangibles, internet


924


993

Different (together with $68 and $76 from VIEs, respectively)


459


488

TOTAL ASSETS


$                       9,237


$                    9,613






LIABILITIES AND EQUITY





Accounts payable


$                          221


$                        265

Advance deposits


178


160

Accrued liabilities (together with $2 and $2 from VIEs, respectively)


342


345

Deferred income


346


453

Payroll and advantages legal responsibility


248


201

Deferred compensation legal responsibility


130


142

Securitized debt, internet (together with $1,830 and $1,877 from VIEs, respectively)


1,809


1,856

Debt, internet


2,749


2,631

Different


212


224

Deferred taxes


374


350

TOTAL LIABILITIES


6,609


6,627

Contingencies and Commitments





Most popular inventory — $0.01 par worth; 2,000,000 shares licensed; none issued or





excellent



Widespread inventory — $0.01 par worth; 100,000,000 shares licensed; 75,744,121 and





75,519,049 shares issued, respectively


1


1

Treasury inventory — at price; 37,036,447 and 33,235,671 shares, respectively


(1,882)


(1,356)

Further paid-in capital


3,968


4,072

Collected different complete loss


6


(16)

Retained earnings


533


275

TOTAL MVW SHAREHOLDERS’ EQUITY


2,626


2,976

Noncontrolling pursuits


2


10

TOTAL EQUITY


2,628


2,986

TOTAL LIABILITIES AND EQUITY


$                       9,237


$                    9,613






The abbreviation VIEs above means Variable Curiosity Entities.

A-15


MARRIOTT VACATIONS WORLDWIDE CORPORATION


CONSOLIDATED STATEMENTS OF CASH FLOWS

(In tens of millions)

(Unaudited)




9 Months Ended



September 30,

2022


September 30,

2021

OPERATING ACTIVITIES





Internet earnings (loss)


$                   303


$                     (6)

Changes to reconcile internet earnings (loss) to internet money, money equivalents and





restricted money offered by working actions:





Depreciation and amortization of intangibles


98


112

Amortization of debt low cost and issuance prices


20


41

Trip possession notes receivable reserve


130


73

Share-based compensation


30


33

Impairment prices


1


5

Beneficial properties and different earnings, internet


(48)


Deferred earnings taxes


64


10

Internet change in belongings and liabilities:





Accounts and contracts receivable


6


54

Trip possession notes receivable originations


(728)


(545)

Trip possession notes receivable collections


469


532

Stock


74


59

Different belongings


(21)


(29)

Accounts payable, advance deposits and accrued liabilities


(28)


(44)

Deferred income


(5)


119

Payroll and profit liabilities


52


35

Deferred compensation legal responsibility


8


14

Different liabilities


7


23

Deconsolidation of sure Consolidated Property Homeowners’ Associations


(48)


(87)

Buy of trip possession items for future switch to stock


(12)


(99)

Different, internet


8


3

Internet money, money equivalents and restricted money offered by working



actions


380


303

INVESTING ACTIVITIES





Acquisition of a enterprise, internet of money and restricted money acquired



(157)

Proceeds from disposition of subsidiaries, internet of money and restricted money





transferred


94


Capital expenditures for property and tools (excluding stock)


(36)


(19)

Issuance of be aware receivable to VIE


(47)


Proceeds from assortment of be aware receivable from VIE


47


Buy of firm owned life insurance coverage


(14)


(11)

Different, internet


5


Internet money, money equivalents and restricted money offered by (utilized in)



investing actions


49


(187)

Continued


A-16


MARRIOTT VACATIONS WORLDWIDE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(In tens of millions)

(Unaudited)




9 Months Ended



September 30,

2022


September 30,

2021

FINANCING ACTIVITIES





Borrowings from securitization transactions


609


425

Compensation of debt associated to securitization transactions


(655)


(602)

Proceeds from debt


505


1,061

Repayments of debt


(505)


(1,039)

Buy of convertible be aware hedges



(100)

Proceeds from issuance of warrants



70

Finance lease cost


(3)


(2)

Fee of debt issuance prices


(10)


(17)

Repurchase of widespread inventory


(528)


(4)

Fee of dividends


(75)


Fee of withholding taxes on vesting of restricted inventory items


(23)


(17)

Internet money, money equivalents and restricted money utilized in financing actions


(685)


(225)

Impact of modifications in change charges on money, money equivalents and restricted money


(4)


(1)

Change in money, money equivalents and restricted money


(260)


(110)

Money, money equivalents and restricted money, starting of interval


803


992

Money, money equivalents and restricted money, finish of interval


$                   543


$                   882

A-17


MARRIOTT VACATIONS WORLDWIDE CORPORATION

(In tens of millions, besides per share quantities)


2022 ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS AND ADJUSTED

EARNINGS PER SHARE – DILUTED OUTLOOK




Fiscal Yr

2022 (low)


Fiscal Yr

2022 (excessive)

Internet earnings attributable to widespread shareholders


$                     390


$                     400

Provision for earnings taxes


174


179

Earnings earlier than earnings taxes attributable to widespread shareholders


564


579

Sure objects(1)


96


106

Adjusted pretax earnings*


660


685

Provision for earnings taxes


(205)


(210)

Adjusted internet earnings attributable to widespread shareholders*


$                     455


$                     475

Earnings per share – Diluted


$                    8.76


$                    8.98

Adjusted earnings per share – Diluted*


$                  10.20


$                  10.64

Diluted shares


45.0


45.0






2022 ADJUSTED EBITDA OUTLOOK




Fiscal Yr

2022 (low)


Fiscal Yr

2022 (excessive)

Internet earnings attributable to widespread shareholders





$                     390


$                     400

Curiosity expense


123


123

Provision for earnings taxes


174


179

Depreciation and amortization


128


128

Share-based compensation


39


39

Sure objects(1)


96


106

Adjusted EBITDA*


$                     950


$                     975


(1) Sure objects adjustment consists of $120 to $130 million of anticipated transaction and integration prices,
$17 million of anticipated buy accounting changes, and $7 million of litigation prices, partially offset
by $48 million of miscellaneous different changes, together with the disposition of the VRI Americas enterprise and
a resort in Puerto Vallarta, Mexico within the second quarter of 2022.

* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra info
about our causes for offering these different monetary measures and limitations on their use.

A-18


MARRIOTT VACATIONS WORLDWIDE CORPORATION


2022 ADJUSTED FREE CASH FLOW OUTLOOK

(In tens of millions)




Fiscal Yr 2022

(low)


Fiscal Yr 2022

(excessive)

Internet money, money equivalents and restricted money offered by working actions


$                         575


$                         590

Capital expenditures for property and tools (excluding stock)


(55)


(45)

Borrowings from securitization transactions


870


890

Compensation of debt associated to securitizations


(958)


(973)

Securitized Debt Issuance Prices


(12)


(12)

Free money circulation*


420


450

Changes:





Internet change in borrowings out there from the securitization of eligible





trip possession notes receivable(1)


164


197

Sure objects(2)


96


103

Change in restricted money


(10)


(20)

Adjusted free money circulation*


$                         670


$                         730


(1) Represents the web change in borrowings out there from the securitization of eligible trip possession notes receivable
between the 2021 and 2022 yr ends.

(2) Sure objects adjustment consists primarily of the after-tax impression of anticipated transaction and integration prices.

* Denotes non-GAAP monetary measures. Please see “Non-GAAP Monetary Measures” for extra details about our
causes for offering these different monetary measures and limitations on their use.

A-19


MARRIOTT VACATIONS WORLDWIDE CORPORATION


QUARTERLY OPERATING METRICS

(Contract gross sales in tens of millions)




Yr


Quarter Ended


Full Yr




March 31


June 30


September 30


December 31


Trip Possession













Consolidated contract gross sales















2022


$              394


$              506


$              483







2021


$              226


$              362


$              380


$              406


$           1,374



2020


$              306


$                30


$              140


$              178


$              654














VPG















2022


$           4,706


$           4,613


$           4,353







2021


$           4,644


$           4,304


$           4,300


$           4,305


$           4,356



2020


$           3,680


$           3,717


$           3,904


$           3,826


$           3,767














Excursions















2022


78,505


102,857


104,000







2021


45,871


79,900


84,098


89,495


299,364



2020


79,131


6,216


33,170


44,161


162,678














Change & Third-Occasion Administration











Complete lively members (000’s)(1)















2022


1,606


1,596


1,591







2021


1,479


1,321


1,313


1,296


1,296



2020


1,636


1,571


1,536


1,518


1,518














Common income per member(1)















2022


$           44.33


$           38.79


$           38.91







2021


$           47.13


$           46.36


$           42.95


$           42.93


$         179.48



2020


$           41.37


$           30.17


$           36.76


$           36.62


$         144.97














(1) Contains members on the finish of every interval for the Interval Worldwide change community solely.

A-20

MARRIOTT VACATIONS WORLDWIDE CORPORATION

NON-GAAP FINANCIAL MEASURES

In our press launch and schedules, and on the associated convention name, we report sure monetary measures that aren’t prescribed by GAAP. We focus on our causes for reporting these non-GAAP monetary measures beneath, and the monetary schedules included herein reconcile probably the most immediately comparable GAAP monetary measure to every non-GAAP monetary measure that we report (recognized by an asterisk (“*”) on the previous pages). Though we consider and current these non-GAAP monetary measures for the explanations described beneath, please bear in mind that these non-GAAP monetary measures have limitations and shouldn’t be thought of in isolation or as an alternative choice to revenues, internet earnings or loss attributable to widespread shareholders, earnings or loss per share or every other comparable working measure prescribed by GAAP. As well as, different corporations in our trade could calculate these non-GAAP monetary measures otherwise than we do or could not calculate them in any respect, limiting their usefulness as comparative measures.

Sure Gadgets Excluded from Non-GAAP Monetary Measures

We consider non-GAAP monetary measures, together with these recognized by an asterisk (“*”) on the previous pages, that exclude sure objects as additional described within the monetary schedules included herein, and consider these measures present helpful info to traders as a result of these non-GAAP monetary measures permit for period-over-period comparisons of our on-going core operations earlier than the impression of this stuff. These non-GAAP monetary measures additionally facilitate the comparability of outcomes from our on-going core operations earlier than this stuff with outcomes from different trip possession corporations.

Adjusted Improvement Revenue and Adjusted Improvement Revenue Margin

We consider Adjusted growth revenue (Adjusted sale of trip possession merchandise, internet of bills) and Adjusted growth revenue margin as indicators of working efficiency. Adjusted growth revenue margin is calculated by dividing Adjusted growth revenue by revenues from the Sale of trip possession merchandise. Adjusted growth revenue and Adjusted growth revenue margin alter Sale of trip possession merchandise revenues for the impression of income reportability, embrace corresponding changes to Value of trip possession merchandise related to the change in revenues from the Sale of trip possession merchandise, and will embrace changes for sure objects as crucial. We consider Adjusted growth revenue and Adjusted growth revenue margin and consider they supply helpful info to traders as a result of they permit for period-over-period comparisons of our on-going core operations earlier than the impression of income reportability and sure objects to our Improvement revenue and Improvement revenue margin.

Earnings Earlier than Curiosity Expense, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA

EBITDA, a monetary measure that isn’t prescribed by GAAP, is outlined as earnings, or internet earnings or loss attributable to widespread shareholders, earlier than curiosity expense (excluding shopper financing curiosity expense related to time period mortgage securitization transactions), earnings taxes, depreciation and amortization. Adjusted EBITDA displays further changes for sure objects, as itemized within the dialogue of Adjusted EBITDA within the previous pages, and excludes share-based compensation expense to handle appreciable variability amongst corporations in recording compensation expense as a result of corporations use share-based cost awards otherwise, each within the sort and amount of awards granted. For functions of our EBITDA and Adjusted EBITDA calculations, we don’t alter for shopper financing curiosity expense related to time period mortgage securitization transactions as a result of we think about it to be an working expense of our enterprise. We think about Adjusted EBITDA to be an indicator of working efficiency, which we use to measure our capability to service debt, fund capital expenditures, broaden our enterprise, and return money to shareholders. We additionally use Adjusted EBITDA, as do analysts, lenders, traders and others, as a result of this measure excludes sure objects that may fluctuate broadly throughout completely different industries or amongst corporations throughout the identical trade. For instance, curiosity expense may be depending on an organization’s capital construction, debt ranges and credit score scores. Accordingly, the impression of curiosity expense on earnings can fluctuate considerably amongst corporations. The tax positions of corporations may fluctuate due to their differing talents to reap the benefits of tax advantages and due to the tax insurance policies of the jurisdictions by which they function. In consequence, efficient tax charges and provisions for earnings taxes can fluctuate significantly amongst corporations. EBITDA and Adjusted EBITDA additionally exclude depreciation and amortization as a result of corporations make the most of productive belongings of various ages and use completely different strategies of each buying and depreciating productive belongings. These variations may end up in appreciable variability within the relative prices of productive belongings and the depreciation and amortization expense amongst corporations. We consider Adjusted EBITDA is beneficial as an indicator of working efficiency as a result of it permits for period-over-period comparisons of our on-going core operations earlier than the impression of the excluded objects. Adjusted EBITDA additionally facilitates comparability by us, analysts, traders, and others, of outcomes from our on-going core operations earlier than the impression of this stuff with outcomes from different corporations.

Adjusted EBITDA Margin and Section Adjusted EBITDA Margin

We consider Adjusted EBITDA margin and Section Adjusted EBITDA margin as indicators of working efficiency. Adjusted EBITDA margin represents Adjusted EBITDA divided by the Firm’s whole revenues much less price reimbursement revenues. Section Adjusted EBITDA margin represents Section Adjusted EBITDA divided by the relevant section’s whole revenues much less price reimbursement revenues. We consider Adjusted EBITDA margin and Section Adjusted EBITDA margin and consider it gives helpful info to traders as a result of it permits for period-over-period comparisons of our on-going core operations.

Free Money Stream and Adjusted Free Money Stream

We consider Free Money Stream and Adjusted Free Money Stream as liquidity measures that present helpful info to administration and traders about the amount of money offered by working actions after capital expenditures for property and tools and the borrowing and reimbursement exercise associated to our time period mortgage securitizations, which money can be utilized for, amongst different functions, strategic alternatives, together with acquisitions and strengthening the steadiness sheet. Adjusted Free Money Stream, which displays further changes to Free Money Stream for the impression of transaction and integration prices, impression of borrowings out there from the securitization of eligible trip possession notes receivable, and modifications in restricted money, permits for period-over-period comparisons of the money generated by our enterprise earlier than the impression of this stuff. Evaluation of Free Money Stream and Adjusted Free Money Stream additionally facilitates administration’s comparability of our outcomes with our rivals’ outcomes.

Outcomes As Adjusted

In our press launch and schedules we offer As Adjusted outcomes for comparability. The As Adjusted outcomes exclude any impacts to the Firm’s reported outcomes on a GAAP foundation as a result of Alignment. We offer this As Adjusted info as a result of we consider that it facilitates the comparability of outcomes from our on-going core operations earlier than the impression of the Alignment. We consider that the As Adjusted outcomes present helpful info to help with period-over-period comparisons of our on-going operations excluding any impression from the Alignment.

SOURCE Marriott Holidays Worldwide Company

Marriott Holidays Worldwide (“MVW”) Experiences Third Quarter 2022 Monetary Outcomes


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