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Marriott Vacations Worldwide Corporation operates a global vacation ownership, exchange, rental, and resort and property management business. Company news commonly covers Vacation Ownership performance, contract sales, tours, volume per guest, exchange activity through Interval International, and guidance for operating results. Updates also address restructuring, modernization costs, impairment charges, and other items that affect reported and adjusted results.
Recurring developments include quarterly earnings releases, dividends, securitizations backed by vacation ownership loans, and executive leadership changes. The company’s disclosures also reference its portfolio of vacation ownership resorts, owner families, membership programs, and long-term brand relationships used in the development, sales, and marketing of vacation ownership products and services.
Disney Vacation Development has partnered with Interval International to affiliate 15 Disney Vacation Club resorts across Florida, California, Hawai'i, and South Carolina, reinstating a collaboration from 1995. Effective January 1, 2022, DVC Members will gain access to Interval's extensive network of over 3,200 vacation properties. This agreement enhances member benefits, including short-stay exchanges and travel concierge services. Disney Vacation Club has served over 250,000 member families since its inception in 1991, emphasizing a commitment to unique vacation experiences.
Marriott Vacations Worldwide Corporation (NYSE: VAC) has successfully completed its second timeshare receivable securitization of 2021, issuing $425 million in notes backed by approximately $434 million of vacation ownership loans. The transaction features a weighted average interest rate of 1.64%, with a gross advance rate of 98%. Notes were categorized into three classes: Class A ($265 million at 1.43%), Class B ($95 million at 1.83%), and Class C ($65 million at 2.23%). Proceeds will be allocated to loan purchases, debt repayment, transaction costs, and general corporate purposes.
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Marriott Vacations Worldwide Corporation (NYSE: VAC) reported strong financial results for Q3 2021, achieving $380 million in vacation ownership contract sales, 25% growth in Adjusted EBITDA to $205 million, and net income of $10 million ($0.23 EPS). Remarkably, contract sales approached pre-pandemic levels, with first-time buyers contributing over 30%. The company anticipates Q4 contract sales between $385 million and $405 million, supported by robust bookings. A $250 million share repurchase program and a quarterly dividend of $0.54 per share were also announced.
Marriott Vacations Worldwide Corporation (NYSE: VAC) has appointed Jonice Gray Tucker to its board of directors, effective November 2, 2021. Ms. Tucker, a partner at Buckley LLP with expertise in financial services and technology, expands the board to 11 members. Her experience includes leadership roles in banking law and consumer protection, which the company anticipates will support future growth. Marriott Vacations Worldwide operates nearly 120 resorts and serves over 700,000 owners and members globally, highlighting its leading position in the vacation ownership industry.
Marriott Vacations Worldwide Corporation (NYSE: VAC) has announced the promotion of Anthony "Tony" Terry to the role of executive vice president and chief financial officer, effective October 16, 2021. Terry, a 25-year veteran with extensive experience in financial management, previously served as Senior Vice President of Global Operational Finance. This move reflects the company's commitment to leadership development and growth, allowing President John E. Geller, Jr. to focus on long-term strategies. Terry's leadership is expected to enhance profitability and innovation amid ongoing business transformation.
Marriott Vacations Worldwide Corporation (NYSE: VAC) will release its third quarter 2021 financial results on November 8, 2021, before the market opens. The company will hold a conference call at 8:30 a.m. ET to discuss the results. Participants can join the call by calling (877) 407-8289 or (201) 689-8341 for international callers. A live webcast will also be available on the company's Investor Relations website. An audio replay of the call will be accessible from 10:00 a.m. on November 8 to 10:00 p.m. on December 8, 2021.
ORLANDO, Fla., Sept. 13, 2021 /PRNewswire/ -- Marriott Vacations Worldwide Corporation (VAC) updates its third-quarter outlook, expecting contract sales of $380-$410 million, impacted by COVID-19 and Lake Tahoe fires. Despite these challenges, Adjusted EBITDA is expected to approach 2019 levels. The company has terminated a covenant waiver, plans to repay $500 million in corporate debt, and reinstated a $0.54 per share dividend effective October 7, 2021. A $250 million share repurchase authorization is also announced. Financial results will be reported on or about November 8, 2021.
Marriott Vacations Worldwide Corporation (NYSE: VAC) will host a fireside chat on September 13, 2021, at 2:10 p.m. ET, featuring CEO Stephen P. Weisz and CFO John Geller. This event is part of the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum. A live webcast will be available in the Investor Relations section of the company's website, with access for 30 days post-event. The company, a leader in vacation ownership and hospitality, manages nearly 120 resorts and serves approximately 700,000 Owners and Members worldwide.
Marriott Vacations Worldwide (NYSE: VAC) reported strong second quarter 2021 results, with contract sales surging 60% to $362 million sequentially. Adjusted EBITDA more than doubled to $164 million. The acquisition of Welk Resorts for $405 million significantly contributed to the results. Notably, adjusted earnings per share reached $0.85, and the company anticipates contract sales of $380-$410 million for Q3 2021. Pro forma liquidity stood at nearly $1.5 billion, bolstered by a successful securitization of timeshare receivables.