Marriott Vacations Worldwide C Stock Price, News & Analysis

Marriott Vacations Worldwide Corporation (NYSE: VAC) will release its fourth quarter 2022 financial results on February 22, after market close. Following the announcement, a conference call will take place at 8:30 a.m. ET on February 23 to discuss these results. Participants can join the call by calling (877) 407-8289 (international: (201) 689-8341) or via the live webcast available on the Investor Relations section of the company's website. An audio replay of the call will be accessible starting February 24 until March 23.

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced the promotion of Stephanie Sobeck Butera to Executive Vice President and Chief Operating Officer of Hyatt Vacation Ownership. With nearly 25 years of industry experience, Butera has held various leadership roles within the company, notably leading the integration of Welk Resorts after its acquisition. John E. Geller, the new President and CEO, emphasized her capability to navigate challenging business environments. This appointment is part of MVW's commitment to leadership development.

Marriott Vacations Worldwide (NYSE: VAC) has established the Stephen P. Weisz Endowed Scholarship to support hospitality students at the University of Central Florida (UCF) in honor of retiring CEO Stephen Weisz. This $250,000 endowment will provide two $5,000 scholarships annually, starting Fall 2023, for students demonstrating academic success and community commitment. The initiative also unlocks a $50,000 matching grant from the UCF Challenge, totaling a $300,000 investment aimed at enhancing student opportunities at UCF's renowned Rosen College.

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced a private offering of $500 million in 3.25% convertible senior notes due 2027. The offering will close on December 8, 2022, with an option for initial purchasers to buy an additional $75 million. Proceeds will be used to cover convertible note hedge costs, redeem 2025 Secured Notes, repay revolving credit, repurchase shares at $143.13 each, and settle associated expenses. The notes carry a conversion premium of approximately 32.5%. Interest payments start June 15, 2023.

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced plans to offer $500 million in convertible senior notes due 2027. The offering is aimed at qualified institutional buyers and could increase by an additional $75 million. Proceeds will be used to redeem existing secured notes, repay credit facility borrowings, repurchase shares, and cover transaction expenses. The company will engage in hedge transactions to mitigate dilution risk upon conversion of the notes. The offering has not been registered under the Securities Act.

Marriott Vacations Worldwide Corporation (NYSE: VAC) has announced a quarterly cash dividend of $0.72 per share, reflecting a 16% increase from the previous dividend. The dividend is scheduled for payment on or around January 5, 2023, to shareholders on record as of December 22, 2022. CEO Stephen P. Weisz expressed confidence in the company's business model and cash flow strength, highlighting optimism for future growth.

Marriott Vacation Club has inaugurated the Marriott’s Bali Nusa Dua Terrace, its second vacation ownership property in Bali, enhancing its presence in the Asia-Pacific market. Located in Nusa Dua, the resort features 88 luxury apartments, ranging from one to three bedrooms, and offers premium amenities including private plunge pools and a full-service spa. This expansion aligns with the rising popularity of Bali as a top travel destination, as noted by Tripadvisor. The new property caters to the growing demand for flexible vacation options among travelers seeking unique experiences.

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced the completion of its second timeshare receivable securitization of 2022, raising $280 million through the issuance of notes backed by approximately $286 million in vacation ownership loans. The securitization involved four classes of notes, with varying interest rates, and a weighted average interest rate of 6.58 percent. Proceeds from the securitization will be used for debt repayment and general corporate purposes. This strategic move strengthens the company's financial position while managing credit obligations.

Marriott Vacations Worldwide Corporation (NYSE: VAC) reported strong third quarter 2022 results, driven by a 27% increase in consolidated vacation ownership contract sales, amounting to $483 million. The alignment of contract terms under the new Abound by Marriott Vacations program contributed an extra $33 million in net income and $44 million in Adjusted EBITDA. Net income attributable to common shareholders reached $109 million, or $2.53 EPS, while adjusted EPS was $3.02. The company also repurchased nearly 1.7 million shares for $216 million, returning over $600 million in cash to shareholders this year.