Marriott Vacations Worldwide Corporation
(NYSE:VAC)

Marriott Vacations Worldwide Corporation, a vacation company, develops, markets, sells, and manages vacation ownership and related products. It operates through two segments, Vacation Ownership and Exchange & Third-Party Management. The company manages vacation ownership and related products under t...

Website: http://www.marriottvacationsworldwide.com

Founded: 2011

Full Time Employees: 22,000

Sector: Consumer Cyclical

Industry: Resorts & Casinos

Consumer Cyclical

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-30	2016-09-09	2016-06-17	2016-03-25	2016-01-01	2015-09-11	2015-06-19	2015-03-27	2015-01-02	2014-09-12	2014-06-20	2014-03-28	2014-01-03	2013-09-06	2013-06-14	2013-03-22	2012-12-28	2012-09-07	2012-06-15	2012-03-23	2011-12-30

revenues
sale of vacation ownership products	343,000,000	381,000,000	358,000,000	370,000,000	355,000,000	400,000,000	387,000,000	309,000,000	352,000,000	375,000,000	319,000,000	391,000,000	375,000,000	439,000,000	444,000,000	425,000,000	310,000,000	364,000,000	330,000,000	296,000,000	163,000,000	137,000,000	98,000,000	53,000,000	258,000,000	389,000,000	350,000,000	350,000,000	301,000,000	358,000,000	252,000,000	205,168,000	174,789,000		180,522,000	191,010,000	172,155,000	221,672,000	131,012,000	146,450,000	138,369,000	199,251,000	136,802,000	155,370,000	183,906,000	195,000,000	156,000,000	152,000,000	145,000,000	200,000,000	162,000,000	169,000,000	140,000,000	202,000,000	146,000,000	145,000,000
management and exchange	216,000,000	212,000,000	214,000,000	219,000,000	215,000,000	210,000,000	207,000,000	215,000,000	211,000,000	202,000,000	205,000,000	206,000,000	200,000,000	204,000,000	198,000,000	203,000,000	222,000,000	217,000,000	225,000,000	220,000,000	193,000,000	207,000,000	176,000,000	145,000,000	227,000,000	245,000,000	231,000,000	239,000,000	239,000,000	225,000,000	126,000,000
rental	176,000,000	171,000,000	150,000,000	160,000,000	169,000,000	183,000,000	151,000,000	153,000,000	158,000,000	136,000,000	138,000,000	146,000,000	151,000,000	113,000,000	165,000,000	140,000,000	133,000,000	146,000,000	130,000,000	121,000,000	89,000,000	67,000,000	56,000,000	18,000,000	135,000,000	156,000,000	149,000,000	158,000,000	165,000,000	132,000,000	90,000,000	74,561,000	74,210,000		81,177,000	84,188,000	85,256,000	82,938,000	73,776,000	75,069,000	80,288,000	88,117,000	76,039,000	72,642,000	76,199,000	73,000,000	65,000,000	62,000,000	64,000,000	69,000,000	65,000,000	65,000,000	63,000,000	58,000,000	57,000,000	54,000,000	56,000,000
financing	92,000,000	92,000,000	90,000,000	90,000,000	88,000,000	87,000,000	87,000,000	85,000,000	83,000,000	83,000,000	81,000,000	80,000,000	78,000,000	76,000,000	74,000,000	72,000,000	71,000,000	72,000,000	69,000,000	68,000,000	59,000,000	61,000,000	64,000,000	70,000,000	72,000,000	66,000,000	72,000,000	69,000,000	68,000,000	64,000,000	48,000,000	35,851,000	35,482,000		34,685,000	32,530,000	32,111,000	39,182,000	29,066,000	28,654,000	29,224,000	38,393,000	28,294,000	28,294,000	29,052,000	39,000,000	30,000,000	29,000,000	31,000,000	44,000,000	32,000,000	32,000,000	33,000,000	45,000,000	35,000,000	35,000,000	36,000,000
cost reimbursements	430,000,000	467,000,000	451,000,000	407,000,000	373,000,000	447,000,000	473,000,000	378,000,000	391,000,000	398,000,000	443,000,000	355,000,000	365,000,000	356,000,000	371,000,000	324,000,000	316,000,000	301,000,000	298,000,000	274,000,000	255,000,000	275,000,000	255,000,000	194,000,000	318,000,000	289,000,000	280,000,000	252,000,000	287,000,000	273,000,000	234,000,000	201,470,000	216,188,000		113,724,000	110,734,000	123,633,000	127,992,000	97,598,000	98,842,000	107,533,000	119,938,000	92,173,000	92,458,000	101,306,000	115,000,000	91,000,000	91,000,000	100,000,000	125,000,000	84,000,000	85,000,000	91,000,000	119,000,000	78,000,000	79,000,000	86,000,000
total revenues	1,257,000,000	1,323,000,000	1,263,000,000	1,246,000,000	1,200,000,000	1,327,000,000	1,305,000,000	1,140,000,000	1,195,000,000	1,194,000,000	1,186,000,000	1,178,000,000	1,169,000,000	1,188,000,000	1,252,000,000	1,164,000,000	1,052,000,000	1,100,000,000	1,052,000,000	979,000,000	759,000,000	747,000,000	649,000,000	480,000,000	1,010,000,000	1,145,000,000	1,082,000,000	1,068,000,000	1,060,000,000	1,052,000,000	750,000,000	594,692,000	570,849,000		486,990,000	497,620,000	487,494,000	549,256,000	406,991,000	429,945,000	425,043,000	545,620,000	407,136,000	422,827,000	454,880,000	511,000,000	413,000,000	410,000,000	402,000,000	527,000,000	412,000,000	421,000,000	389,000,000	510,000,000	383,000,000	383,000,000	372,000,000
yoy	4.75%	-0.30%	-3.22%	9.30%	0.42%	11.14%	10.03%	-3.23%	2.22%	0.51%	-5.27%	1.20%	11.12%	8.00%	19.01%	18.90%	38.60%	47.26%	62.10%	103.96%	-24.85%	-34.76%	-40.02%	-55.06%	-4.72%	8.84%	44.27%	79.59%	85.69%		54.01%	19.51%	17.10%		19.66%	15.74%	14.69%	0.67%	-0.04%	1.68%	-6.56%	6.77%	-1.42%	3.13%	13.15%	-3.04%	0.24%	-2.61%	3.34%	3.33%	7.57%	9.92%	4.57%
qoq	-4.99%	4.75%	1.36%	3.83%	-9.57%	1.69%	14.47%	-4.60%	0.08%	0.67%	0.68%	0.77%	-1.60%	-5.11%	7.56%	10.65%	-4.36%	4.56%	7.46%	28.99%	1.61%	15.10%	35.21%	-52.48%	-11.79%	5.82%	1.31%	0.75%	0.76%	40.27%	26.12%	4.18%			-2.14%	2.08%	-11.24%	34.96%	-5.34%	1.15%	-22.10%	34.01%	-3.71%	-7.05%	-10.98%	23.73%	0.73%	1.99%	-23.72%	27.91%	-2.14%	8.23%	-23.73%	33.16%	0.00%	2.96%
expenses
cost of vacation ownership products	46,000,000	49,000,000	52,000,000	41,000,000	42,000,000	55,000,000	54,000,000	38,000,000	53,000,000	50,000,000	50,000,000	66,000,000	58,000,000	73,000,000	76,000,000	80,000,000	60,000,000	72,000,000	71,000,000	67,000,000	40,000,000	40,000,000	27,000,000	23,000,000	60,000,000	94,000,000	91,000,000	91,000,000	80,000,000	93,000,000	64,000,000	56,863,000	46,363,000		42,826,000	46,143,000	42,620,000	50,944,000	34,779,000	33,753,000	35,617,000	53,442,000	40,776,000	45,119,000	64,962,000	58,000,000	49,000,000	43,000,000	47,000,000	57,000,000	56,000,000	57,000,000	44,000,000	64,000,000	42,000,000	51,000,000
marketing and sales	242,000,000	238,000,000	234,000,000	237,000,000	234,000,000	242,000,000	228,000,000	226,000,000	223,000,000	205,000,000	202,000,000	206,000,000	210,000,000	204,000,000	207,000,000	214,000,000	182,000,000	178,000,000	166,000,000	164,000,000	109,000,000	97,000,000	82,000,000	57,000,000	183,000,000	193,000,000	188,000,000	193,000,000	188,000,000	181,000,000	135,000,000	109,315,000	105,934,000		100,527,000	104,029,000	100,661,000	116,947,000	79,017,000	78,919,000	78,412,000	101,839,000	71,628,000	77,137,000	79,995,000	98,000,000	74,000,000	72,000,000	71,000,000	96,000,000	72,000,000	74,000,000	74,000,000	98,000,000	80,000,000	78,000,000	74,000,000
royalty fee	28,000,000	28,000,000	29,000,000	28,000,000	28,000,000	29,000,000	28,000,000	29,000,000	28,000,000	29,000,000	30,000,000	29,000,000	29,000,000	30,000,000	28,000,000	29,000,000	27,000,000	28,000,000	26,000,000	27,000,000	25,000,000	23,000,000	23,000,000	23,000,000	26,000,000	27,000,000	27,000,000	26,000,000	26,000,000	28,000,000	19,000,000	16,198,000	14,824,000		15,220,000	16,307,000	16,070,000	18,946,000	14,624,000	14,026,000	13,357,000	18,551,000	14,000,000	13,431,000	13,000,000	19,000,000	14,000,000	14,000,000	13,000,000	21,000,000	13,000,000	15,000,000	13,000,000	20,000,000	14,000,000	14,000,000	13,000,000
general and administrative	64,000,000	67,000,000	53,000,000	61,000,000	61,000,000	64,000,000	62,000,000	54,000,000	63,000,000	84,000,000	57,000,000	64,000,000	68,000,000	62,000,000	62,000,000	64,000,000	61,000,000	61,000,000	54,000,000	66,000,000	46,000,000	33,000,000	32,000,000	19,000,000	70,000,000	75,000,000	68,000,000	79,000,000	78,000,000	84,000,000	53,000,000	32,992,000	29,435,000		26,666,000	29,534,000	27,539,000	33,329,000	21,619,000	24,588,000	25,297,000	34,080,000	23,214,000	22,892,000	22,777,000	32,000,000	22,000,000	23,000,000	22,000,000	33,000,000	23,000,000	22,000,000	21,000,000	17,000,000	22,000,000	26,000,000	21,000,000
depreciation and amortization	34,000,000	35,000,000	38,000,000	38,000,000	38,000,000	37,000,000	36,000,000	35,000,000	38,000,000	36,000,000	33,000,000	34,000,000	32,000,000	34,000,000	33,000,000	32,000,000	33,000,000	34,000,000	35,000,000	36,000,000	41,000,000	30,000,000	30,000,000	31,000,000	32,000,000	35,000,000	33,000,000	36,000,000	37,000,000	33,000,000	18,000,000
litigation charges	2,000,000	1,000,000	4,000,000	5,000,000	7,000,000	2,000,000	2,000,000	10,000,000	3,000,000	6,000,000	2,000,000	2,000,000	3,000,000	4,000,000	2,000,000	2,000,000	3,000,000	2,000,000	2,000,000	3,000,000	3,000,000	2,000,000	2,000,000		2,000,000	2,000,000	3,000,000	1,000,000
modernization	16,000,000	25,000,000	53,000,000
restructuring	6,000,000	13,000,000		34,000,000	12,000,000	6,000,000	1,000,000	1,000,000	2,000,000													5,000,000	20,000,000
impairment		546,000,000	31,000,000			28,000,000		2,000,000		28,000,000			4,000,000	1,000,000	1,000,000			-2,000,000		5,000,000		2,000,000	2,000,000	1,000,000	95,000,000		73,000,000		26,000,000																			1,000,000				1,000,000
total expenses	1,169,000,000	1,774,000,000	1,230,000,000	1,134,000,000	1,071,000,000	1,224,000,000	1,157,000,000	1,038,000,000	1,058,000,000	1,092,000,000	1,081,000,000	1,003,000,000	1,015,000,000	992,000,000	1,012,000,000	957,000,000	911,000,000	935,000,000	896,000,000	870,000,000	739,000,000	730,000,000	673,000,000	521,000,000	1,060,000,000	991,000,000	1,012,000,000	925,000,000	969,000,000	939,000,000	698,000,000	546,928,000	517,172,000		428,300,000	430,204,000	433,930,000	465,895,000	364,260,000	375,448,000	380,361,000	484,202,000	362,983,000	369,812,000	395,463,000	492,000,000	367,000,000	352,000,000	367,000,000	505,000,000	370,000,000	377,000,000	361,000,000	530,000,000	365,000,000	373,000,000	355,000,000
gains and other income	2,000,000	-1,000,000	11,000,000	24,000,000	13,000,000	-3,000,000	9,000,000	-7,000,000		13,000,000	3,000,000	10,000,000	21,000,000	1,000,000	-2,000,000	37,000,000	4,000,000			-2,000,000	6,000,000	16,000,000		14,000,000	-56,000,000	11,000,000	-5,000,000	2,000,000	8,000,000	25,000,000	2,000,000		446,000		6,977,000	-166,000	-59,000	72,000	454,000	10,668,000	7,000	65,000	-20,000	8,625,000	887,000	3,000,000		1,000,000	1,000,000				1,000,000
interest expense	-44,000,000	-44,000,000	-43,000,000	-42,000,000	-40,000,000	-39,000,000	-40,000,000	-43,000,000	-40,000,000	-39,000,000	-36,000,000	-36,000,000	-34,000,000	-27,000,000	-34,000,000	-30,000,000	-27,000,000	-36,000,000	-41,000,000	-44,000,000	-43,000,000	-38,000,000	-37,000,000	-42,000,000	-33,000,000	-32,000,000	-31,000,000	-35,000,000	-34,000,000	-31,000,000	-14,000,000	-4,112,000	-4,317,000		-2,642,000	-1,757,000	-781,000	-2,581,000	-2,262,000	-2,087,000	-1,982,000	-3,988,000	-2,839,000	-3,009,000	-2,974,000				-2,000,000	-4,000,000	-2,000,000
other	-1,000,000					-2,000,000	1,000,000	-1,000,000	-1,000,000		-1,000,000	1,000,000			-1,000,000	1,000,000			1,000,000	1,000,000		-1,000,000			-3,000,000		1,000,000			-1,000,000		-19,686,000	-3,116,000		104,000	-100,000	-369,000	-104,000	-75,000	-1,911,000	-2,542,000	-1,987,000	-5,181,000	-1,272,000		3,000,000	4,000,000	6,000,000	2,000,000	8,000,000	7,000,000	9,000,000	6,000,000	9,000,000	7,000,000	8,000,000	6,000,000
income before income taxes and noncontrolling interests	45,000,000	-496,000,000	1,000,000	94,000,000	102,000,000	59,000,000	118,000,000	48,000,000	81,000,000	64,000,000	66,000,000	140,000,000	128,000,000	145,000,000	169,000,000	178,000,000	90,000,000	70,000,000	58,000,000	35,000,000		-24,000,000	-72,000,000	-81,000,000	-163,000,000	109,000,000	3,000,000	74,000,000	39,000,000	107,000,000	-68,000,000
provision for income taxes	-23,000,000	65,000,000	-3,000,000	-25,000,000	-45,000,000	-10,000,000	-34,000,000	-10,000,000	-35,000,000	-31,000,000	-24,000,000	-50,000,000	-41,000,000	-33,500,000	-59,000,000	-43,000,000												-25,000,000	-15,000,000			-6,619,000	-10,709,000		-22,367,000	-21,117,000	-18,655,000	-30,924,000	-14,041,000	-24,858,000
net income	22,000,000	-431,000,000	-2,000,000	69,000,000	57,000,000	49,000,000	84,000,000	38,000,000	46,000,000	33,000,000	42,000,000	90,000,000	87,000,000	88,000,000	110,000,000	135,000,000	58,000,000	59,000,000	11,000,000	8,000,000	-25,000,000	-31,000,000	-58,000,000	-62,000,000	-105,000,000	76,000,000	-7,000,000	49,000,000	24,000,000	63,000,000	-58,000,000	10,761,000	35,981,000		40,762,000	44,276,000	33,700,000	49,824,000	26,807,000	36,309,000	24,408,000	33,149,000	21,555,000	34,041,000	34,054,000	1,000,000	25,000,000	36,000,000	19,000,000	6,000,000	25,000,000	30,000,000	18,000,000	-7,000,000	6,000,000	8,000,000	9,000,000
yoy	-61.40%	-979.59%	-102.38%	81.58%	23.91%	48.48%	100.00%	-57.78%	-47.13%	-62.50%	-61.82%	-33.33%	50.00%	49.15%	900.00%	1587.50%	-332.00%	-290.32%	-118.97%	-112.90%	-76.19%	-140.79%	728.57%	-226.53%	-537.50%	20.63%	-87.93%	355.35%	-33.30%		-242.29%	-75.70%	6.77%		52.06%	21.94%	38.07%	50.30%	24.37%	6.66%	-28.33%	3214.90%	-13.78%	-5.44%	79.23%	-83.33%	0.00%	20.00%	5.56%	-185.71%	316.67%	275.00%	100.00%
qoq	-105.10%	21450.00%	-102.90%	21.05%	16.33%	-41.67%	121.05%	-17.39%	39.39%	-21.43%	-53.33%	3.45%	-1.14%	-20.00%	-18.52%	132.76%	-1.69%	436.36%	37.50%	-132.00%	-19.35%	-46.55%	-6.45%	-40.95%	-238.16%	-1185.71%	-114.29%	104.17%	-61.90%	-208.62%	-638.98%	-70.09%			-7.94%	31.38%	-32.36%	85.86%	-26.17%	48.76%	-26.37%	53.79%	-36.68%	-0.04%	3305.40%	-96.00%	-30.56%	89.47%	216.67%	-76.00%	-16.67%	66.67%	-357.14%	-216.67%	-25.00%	-11.11%
net income margin %	1.75%	-32.58%	-0.16%	5.54%	4.75%	3.69%	6.44%	3.33%	3.85%	2.76%	3.54%	7.64%	7.44%	7.41%	8.79%	11.60%	5.51%	5.36%	1.05%	0.82%	-3.29%	-4.15%	-8.94%	-12.92%	-10.40%	6.64%	-0.65%	4.59%	2.26%	5.99%	-7.73%	1.81%	6.30%	NaN%	8.37%	8.90%	6.91%	9.07%	6.59%	8.45%	5.74%	6.08%	5.29%	8.05%	7.49%	0.20%	6.05%	8.78%	4.73%	1.14%	6.07%	7.13%	4.63%	-1.37%	1.57%	2.09%	2.42%
net income attributable to noncontrolling interests		-250,000						-1,000,000							-1,000,000			2,000,000	-1,000,000	-2,000,000	-3,000,000	-3,250,000	-4,000,000	-8,000,000	-1,000,000	-500,000	-2,000,000
net income attributable to common stockholders	22,000,000	-431,000,000	-2,000,000	69,000,000	56,000,000	50,000,000	84,000,000	37,000,000	47,000,000
earnings per share attributable to common stockholders
basic	0.64	-12.36	-0.07	1.98	1.6	1.42	2.38	1.04	1.32	1	1.16	2.46	2.32	2.3	2.76	3.3	1.36	1.43	0.24	0.15		-0.89	-1.51	-1.68	-2.56	1.69	-0.21	1.11	0.52	2.01	-1.75
diluted	0.64	-12.11	-0.07	1.77	1.46	1.3	2.12	0.98	1.22	0.95	1.09	2.17	2.06	2.09	2.53	2.97	1.23	1.41	0.23	0.15		-0.89	-1.51	-1.68	-2.56	1.66	-0.21	1.1	0.51	1.98	-1.75
cash dividends declared per share	0.8	0.8	0.79	0.79	0.79	0.79	0.76	0.76	0.76	0.76	0.72	0.72	0.72	0.72	0.62	0.62	0.62	0.54	0.54						0.54	0.54	0.45	0.45	0.45	0.45	0.4	0.4	0.4		0.35	0.35	0.35
transaction and integration costs								-3,000,000	-15,000,000	-9,000,000	-5,000,000	-10,000,000	-13,000,000	-26,000,000	-34,000,000	-37,000,000	-28,000,000	-35,000,000	-27,000,000	-29,000,000
net loss attributable to noncontrolling interests					-1,000,000				1,000,000							1,000,000
net income attributable to common shareholders										54,750,000	42,000,000	90,000,000	87,000,000	88,000,000	109,000,000	136,000,000	58,000,000	61,000,000	10,000,000	6,000,000		-37,000,000	-62,000,000	-70,000,000	-106,000,000	74,000,000	-9,000,000	49,000,000	24,000,000	66,000,000	-58,000,000
earnings per share attributable to common shareholders
basic	0.64	-12.36	-0.07	1.98	1.6	1.42	2.38	1.04	1.32	1	1.16	2.46	2.32	2.3	2.76	3.3	1.36	1.43	0.24	0.15		-0.89	-1.51	-1.68	-2.56	1.69	-0.21	1.11	0.52	2.01	-1.75
diluted	0.64	-12.11	-0.07	1.77	1.46	1.3	2.12	0.98	1.22	0.95	1.09	2.17	2.06	2.09	2.53	2.97	1.23	1.41	0.23	0.15		-0.89	-1.51	-1.68	-2.56	1.66	-0.21	1.1	0.51	1.98	-1.75
benefit from income taxes																	-32,000,000	-11,000,000	-47,000,000	-27,000,000	11,000,000																				-15,757,000	-22,398,000	-14,608,000	-23,403,000	-23,289,000	-17,000,000	-18,000,000	-22,000,000	-13,000,000	-10,000,000	-15,000,000	-14,000,000	-11,000,000			-4,000,000	-8,000,000
losses and other expense																		-6,750,000	-31,000,000													-6,586,000
transaction costs																					-19,000,000
loss before income taxes and noncontrolling interests																					-36,000,000
net loss attributable to common shareholders																					-28,000,000
loss per share attributable to common shareholders
basic																					-0.68
diluted																					-0.68
ilg acquisition-related costs																						-18,000,000	-11,000,000	-12,000,000	-21,000,000	-24,000,000	-32,000,000	-36,000,000	-26,000,000	1,000,000	-108,000,000
benefit for income taxes																						-7,000,000	14,000,000	19,000,000	58,000,000	-12,500,000	-10,000,000			-1,750,000	10,000,000																							3,000,000	-12,000,000
litigation settlement																													1,000,000	13,000,000	17,000,000	16,312,000	-103,000		2,033,000	183,000						4,000		26,000	-262,000		3,000,000			5,000,000			-1,000,000
resort management and other services																																77,642,000	70,180,000		76,882,000	79,158,000	74,339,000	77,472,000	75,539,000	80,930,000	69,629,000	99,921,000	73,828,000	74,063,000	64,417,000	101,000,000	67,000,000	70,000,000	60,000,000	81,000,000	62,000,000	61,000,000	56,000,000	77,000,000	60,000,000	62,000,000	54,000,000
consumer financing interest																																6,172,000	6,606,000		6,498,000	5,654,000	5,938,000	7,845,000	5,361,000	5,117,000	5,362,000	8,100,000	5,289,000	5,248,000	6,021,000	8,000,000	6,000,000	5,000,000	7,000,000	9,000,000	7,000,000
income before income taxes																																17,380,000	46,690,000		63,129,000	65,393,000	52,355,000	80,748,000	40,848,000	61,167,000	40,165,000	55,547,000	36,163,000	57,444,000	57,343,000	18,000,000	43,000,000	58,000,000	32,000,000	17,000,000	40,000,000	44,000,000	29,000,000	-10,000,000	18,000,000	12,000,000	17,000,000
earnings per share
earnings per share - basic																																0.4	1.35		1.5	1.62	1.24
earnings per share - diluted																																0.39	1.32		1.47	1.58	1.21
organizational and separation related																																										442,000	439,000	101,000	192,000		1,000,000	1,000,000	1,000,000	5,000,000	4,000,000	2,000,000	1,000,000
basic earnings per share																																						1.83	0.99	1.28	0.84	1.09	0.69	1.07	1.05	0.05	0.77	1.03	0.55	0.15	0.7	0.87	0.52	-0.22	0.18	0.25	0.25
shares used in computing basic earnings per share																																						-325	27,152	28,345	29,123	-383	31,455	31,858	32,299	-0.5	33.4	34.3	34.9		35.5	35.4	35.2	0.2	34.4	34.3
diluted earnings per share																																						1.78	0.97	1.26	0.82	1.07	0.67	1.05	1.03	0.05	0.75	1	0.54	0.15	0.67	0.85	0.5	-0.21	0.17	0.24	0.24
shares used in computing diluted earnings per share																																						-296	27,680	28,834	29,640	-382	32,128	32,517	33,009	-0.6	34.4	35.2	35.9		36.7	36.6	36.6	0.2	36.2	36.1
dividends declared per share of common stock																																						0.35	0.3	0.3	0.3	0.3	0.25	0.25	0.25
litigation reversal
reversal of litigation expense																																									-303,000
equity in earnings																																										39,000	50,000	85,000	13,000
impairment reversals on equity investment																																																2,000,000								2,000,000
impairment charges on equity investment																																																	-2,000,000
interest																																																				11,000,000	11,000,000	16,000,000	15,000,000	14,000,000	13,000,000
sales of vacation ownership products																																																									134,000,000
costs of vacation ownership products																																																									48,000,000
shares used in computing basic income per share																																																									34
shares used in computing diluted income per share																																																									35.7

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-30	2016-09-09	2016-06-17	2016-03-25	2015-09-11	2015-06-19	2015-03-27	2015-01-01	2014-09-12	2014-06-20	2014-03-28	2014-01-02	2013-09-06	2013-06-14	2013-03-22	2013-01-03	2012-12-28	2012-09-07	2012-06-15	2012-03-23	2011-12-30	2011-09-09

assets
cash and cash equivalents	268,000,000	406,000,000	474,000,000	205,000,000	196,000,000	197,000,000	197,000,000	206,000,000	237,000,000	248,000,000	265,000,000	242,000,000	306,000,000	524,000,000	294,000,000	324,000,000	354,000,000	342,000,000	448,000,000	1,312,000,000	643,000,000	524,000,000	660,000,000	566,000,000	651,000,000	287,000,000	183,000,000	179,000,000	222,000,000	231,000,000	441,000,000	547,667,000	323,831,000	409,059,000	440,074,000	85,151,000	101,841,000	147,102,000	174,764,000	97,418,000	106,613,000	321,690,000	250,906,000	272,180,000	177,061,000	146,000,000	170,000,000	159,000,000	347,000,000	288,000,000	104,000,000	119,000,000	200,000,000	103,000,000	212,000,000	83,000,000	77,000,000	110,000,000	25,000,000
restricted cash	328,000,000	327,000,000	259,000,000	263,000,000	291,000,000	331,000,000	350,000,000	251,000,000	313,000,000	326,000,000	238,000,000	238,000,000	268,000,000	330,000,000	249,000,000	282,000,000	296,000,000	461,000,000	434,000,000	368,000,000	535,000,000	468,000,000	368,000,000	341,000,000	369,000,000	414,000,000	322,000,000	337,000,000	356,000,000	383,000,000	365,000,000	170,536,000	61,298,000	81,553,000	61,701,000	58,753,000	64,033,000	66,000,000	117,839,000	68,340,000	55,252,000	121,752,000	65,559,000	62,016,000	71,451,000	65,000,000	42,000,000	74,000,000	110,000,000	65,000,000	64,000,000	46,000,000	86,000,000	68,000,000	72,000,000	72,000,000	59,000,000	81,000,000	65,000,000
accounts and contracts receivable	416,000,000	428,000,000	402,000,000	378,000,000	389,000,000	387,000,000	340,000,000	370,000,000	422,000,000	385,000,000	298,000,000	313,000,000	289,000,000	292,000,000	248,000,000																			154,174,000	136,107,000	131,395,000	127,347,000	161,733,000	134,706,000	142,864,000	131,538,000	128,321,000	116,544,000	114,863,000	131,850,000	113,000,000	121,000,000	130,000,000	110,000,000	117,000,000	101,000,000	111,000,000	109,000,000	100,000,000	121,000,000	101,000,000	110,000,000	105,000,000	95,000,000
vacation ownership notes receivable	2,567,000,000	2,565,000,000	2,522,000,000	2,485,000,000	2,446,000,000	2,440,000,000	2,387,000,000	2,308,000,000	2,336,000,000	2,343,000,000	2,291,000,000	2,272,000,000	2,220,000,000	2,198,000,000	2,142,000,000	2,075,000,000	2,030,000,000	2,045,000,000	2,026,000,000	1,991,000,000	1,769,000,000	1,840,000,000	1,913,000,000	2,014,000,000	2,159,000,000	2,233,000,000	2,168,000,000	2,098,000,000	2,055,000,000	2,039,000,000	1,959,000,000	1,167,779,000	1,132,783,000	1,119,631,000	1,076,402,000	1,036,449,000	997,419,000	972,311,000	927,348,000	903,747,000	908,587,000	887,456,000	878,858,000	888,193,000	920,631,000	912,000,000	920,000,000	936,000,000	917,000,000	978,000,000	988,000,000	1,016,000,000	970,000,000	1,056,000,000
inventory	680,000,000	692,000,000	727,000,000	744,000,000	737,000,000	735,000,000	769,000,000	643,000,000	637,000,000	634,000,000	642,000,000	660,000,000	672,000,000	660,000,000	668,000,000	695,000,000	693,000,000	719,000,000	741,000,000	833,000,000	785,000,000	759,000,000	761,000,000	771,000,000	776,000,000	859,000,000	910,000,000	888,000,000	910,000,000	863,000,000	829,000,000	690,154,000	726,969,000	716,533,000	735,072,000	744,430,000	692,757,000	712,536,000	714,404,000	702,377,000	715,072,000	721,664,000	704,707,000	724,520,000	669,243,000	799,000,000	826,000,000	850,000,000	773,000,000	859,000,000	869,000,000	873,000,000	870,000,000	881,000,000	897,000,000	907,000,000	932,000,000	959,000,000	1,014,000,000
property and equipment	944,000,000	950,000,000	1,325,000,000	1,284,000,000	1,166,000,000	1,170,000,000	1,165,000,000	1,295,000,000	1,299,000,000	1,260,000,000	1,250,000,000	1,221,000,000	1,215,000,000	1,139,000,000	1,136,000,000	1,151,000,000	1,162,000,000	1,136,000,000	1,077,000,000	1,026,000,000	887,000,000	791,000,000	809,000,000	835,000,000	833,000,000	751,000,000	770,000,000	837,000,000	848,000,000	951,000,000	952,000,000	246,940,000	251,264,000	252,727,000	253,738,000	249,264,000	202,380,000	202,802,000	214,445,000	228,848,000	222,516,000	247,317,000	188,714,000	188,431,000	288,803,000	212,000,000	215,000,000	229,000,000	147,000,000	250,000,000	252,000,000	256,000,000	254,000,000	261,000,000	272,000,000	275,000,000	282,000,000	285,000,000	291,000,000
goodwill	2,958,000,000	2,958,000,000	3,117,000,000	3,117,000,000	3,117,000,000	3,117,000,000	3,117,000,000	3,117,000,000	3,117,000,000	3,117,000,000	3,117,000,000	3,117,000,000	3,117,000,000	3,117,000,000	3,117,000,000	3,117,000,000	3,142,000,000	3,150,000,000	3,086,000,000	3,116,000,000	2,817,000,000	2,817,000,000	2,817,000,000	2,817,000,000	2,817,000,000	2,892,000,000	2,890,000,000	2,824,000,000	2,828,000,000	2,828,000,000	2,747,000,000
intangibles	696,000,000	711,000,000	747,000,000	762,000,000	775,000,000	790,000,000	807,000,000	822,000,000	839,000,000	854,000,000	868,000,000	884,000,000	898,000,000	911,000,000	924,000,000	941,000,000	978,000,000	993,000,000	1,007,000,000	1,017,000,000	938,000,000	952,000,000	963,000,000	977,000,000	989,000,000	1,027,000,000	1,044,000,000	1,075,000,000	1,092,000,000	1,107,000,000	1,216,000,000
other	779,000,000	720,000,000	576,000,000	649,000,000	765,000,000	641,000,000	608,000,000	599,000,000	667,000,000	513,000,000	484,000,000	535,000,000	617,000,000	468,000,000	459,000,000	511,000,000	614,000,000	488,000,000	501,000,000	534,000,000	594,000,000	471,000,000	448,000,000	509,000,000	571,000,000	428,000,000	400,000,000	458,000,000	524,000,000	292,000,000	268,000,000	166,875,000	200,768,000	172,516,000	119,942,000	127,994,000	160,397,000	128,935,000	102,664,000	109,960,000	191,207,000	98,827,000	117,924,000	138,666,000	135,987,000	100,000,000	116,000,000	141,000,000	136,000,000	103,000,000	133,000,000	148,000,000	143,000,000	135,000,000	107,000,000	133,000,000	151,000,000	157,000,000	94,000,000
total assets	9,636,000,000	9,757,000,000	10,149,000,000	9,887,000,000	9,882,000,000	9,808,000,000	9,740,000,000	9,611,000,000	9,867,000,000	9,680,000,000	9,453,000,000	9,482,000,000	9,602,000,000	9,639,000,000	9,237,000,000	9,340,000,000	9,503,000,000	9,613,000,000	9,543,000,000	10,414,000,000	9,187,000,000	8,898,000,000	9,011,000,000	9,117,000,000	9,432,000,000	9,214,000,000	9,059,000,000	9,023,000,000	9,112,000,000	9,018,000,000	9,013,000,000	3,057,570,000	2,759,951,000	2,906,193,000	2,823,036,000	2,433,436,000	2,346,174,000	2,391,419,000	2,386,170,000	2,253,554,000	2,330,785,000	2,527,027,000	2,323,212,000	2,388,869,000	2,395,026,000	2,347,000,000	2,410,000,000	2,519,000,000	2,540,000,000	2,660,000,000	2,511,000,000	2,569,000,000	2,632,000,000	2,604,000,000	2,746,000,000	2,647,000,000	2,721,000,000	2,846,000,000	3,165,000,000
liabilities and equity
accounts payable	270,000,000	358,000,000	250,000,000	225,000,000	251,000,000	343,000,000	243,000,000	198,000,000	221,000,000	362,000,000	238,000,000	209,000,000	222,000,000	356,000,000	221,000,000	217,000,000	212,000,000	265,000,000	190,000,000	192,000,000	159,000,000	209,000,000	143,000,000	151,000,000	169,000,000	286,000,000	248,000,000	164,000,000	168,000,000	245,000,000	181,000,000	84,331,000	79,959,000	145,405,000	76,766,000	76,456,000	72,277,000	124,439,000	79,024,000	74,484,000	80,618,000	77,516,000	80,450,000	76,569,000	139,120,000	79,000,000	75,000,000	86,000,000	114,000,000	94,000,000	81,000,000	81,000,000	129,000,000	113,000,000	79,000,000	81,000,000	89,000,000	145,000,000	67,000,000
advance deposits	172,000,000	163,000,000	166,000,000	164,000,000	167,000,000	162,000,000	167,000,000	166,000,000	176,000,000	164,000,000	169,000,000	175,000,000	178,000,000	158,000,000	178,000,000	195,000,000	194,000,000	160,000,000	166,000,000	176,000,000	167,000,000	147,000,000	154,000,000	153,000,000	161,000,000	187,000,000	185,000,000	186,000,000	128,000,000	113,000,000	124,000,000	95,816,000	96,647,000	63,062,000	60,247,000	59,401,000	61,685,000	55,542,000	86,130,000	80,876,000	77,141,000	66,436,000	64,148,000	63,439,000	69,064,000	55,000,000	55,000,000	53,000,000	60,000,000	44,000,000	46,000,000	47,000,000	48,000,000	42,000,000	43,000,000	44,000,000	42,000,000	46,000,000	56,000,000
accrued liabilities	383,000,000	376,000,000	374,000,000	363,000,000	426,000,000	384,000,000	384,000,000	371,000,000	384,000,000	343,000,000	359,000,000	322,000,000	334,000,000	369,000,000	342,000,000	330,000,000	347,000,000	345,000,000	375,000,000	375,000,000	345,000,000	349,000,000	320,000,000	317,000,000	344,000,000	397,000,000	293,000,000	417,000,000	520,000,000	423,000,000	370,000,000	99,469,000	121,975,000	168,591,000	128,236,000	112,916,000	154,056,000	147,469,000	144,475,000	132,733,000	178,642,000	150,928,000	137,261,000	171,325,000	164,791,000	147,000,000	168,000,000	210,000,000	166,000,000	149,000,000	152,000,000	175,000,000	185,000,000	181,000,000	147,000,000	127,000,000	121,000,000	121,000,000	118,000,000
deferred revenue and other	466,000,000	371,000,000
payroll and benefits liability	221,000,000	218,000,000	203,000,000	176,000,000	208,000,000	220,000,000	203,000,000	163,000,000	209,000,000	205,000,000	193,000,000	174,000,000	206,000,000	251,000,000	248,000,000	204,000,000	214,000,000	201,000,000	201,000,000	205,000,000	188,000,000	157,000,000	185,000,000	153,000,000	164,000,000	186,000,000	185,000,000	172,000,000	172,000,000	211,000,000	194,000,000	85,216,000	81,425,000	111,885,000	97,080,000	87,000,000	81,175,000	95,516,000	81,720,000	75,309,000	75,749,000	87,871,000	74,582,000	73,347,000	104,331,000	77,000,000	67,000,000	66,000,000	93,000,000	80,000,000	74,000,000	66,000,000	82,000,000	82,000,000	72,000,000	59,000,000	52,000,000	55,000,000	71,000,000
deferred compensation liability	214,000,000	225,000,000	217,000,000	203,000,000	186,000,000	195,000,000	191,000,000	179,000,000	173,000,000	168,000,000	156,000,000	154,000,000	147,000,000	139,000,000	130,000,000	130,000,000	136,000,000	142,000,000	135,000,000	131,000,000	124,000,000	127,000,000	117,000,000	112,000,000	103,000,000	110,000,000	104,000,000	102,000,000	100,000,000	93,000,000	94,000,000	82,624,000	79,201,000	74,851,000	72,803,000	69,928,000	67,022,000	62,874,000	59,877,000	57,567,000	55,437,000	48,468,000	46,534,000	44,598,000	51,031,000	40,000,000	39,000,000	38,000,000	42,000,000	37,000,000	37,000,000	37,000,000	37,000,000	45,000,000	45,000,000	45,000,000	47,000,000	47,000,000	63,000,000
securitized debt	2,304,000,000	2,146,000,000	2,107,000,000	2,188,000,000	2,147,000,000	2,136,000,000	2,248,000,000	2,098,000,000	2,178,000,000	2,096,000,000	2,026,000,000	2,028,000,000	1,936,000,000	1,938,000,000	1,809,000,000	1,846,000,000	1,779,000,000	1,856,000,000	1,594,000,000	1,775,000,000	1,431,000,000	1,588,000,000	1,751,000,000	1,887,000,000	1,926,000,000	1,871,000,000	1,686,000,000	1,792,000,000	1,688,000,000	1,694,000,000	1,688,000,000
debt	3,265,000,000	3,534,000,000	3,533,000,000	3,197,000,000	3,151,000,000	3,089,000,000	3,038,000,000	3,137,000,000	3,111,000,000	3,049,000,000	3,031,000,000	3,001,000,000	3,129,000,000	3,088,000,000	2,749,000,000	2,748,000,000	2,751,000,000	2,631,000,000	2,795,000,000	3,528,000,000	3,025,000,000	2,680,000,000	2,680,000,000	2,680,000,000	2,778,000,000	2,216,000,000	2,294,000,000	2,157,000,000	2,201,000,000	2,124,000,000	2,235,000,000	1,332,276,000	1,012,350,000	1,095,213,000	1,153,222,000	773,557,000	683,767,000	737,224,000	804,721,000	733,828,000	689,234,000	769,716,000	561,133,000	618,946,000	678,793,000	538,000,000	570,000,000	597,000,000	711,000,000	751,000,000	647,000,000	686,000,000	678,000,000	678,000,000	793,000,000	714,000,000	774,000,000	850,000,000	833,000,000
deferred taxes	229,000,000	231,000,000	357,000,000	358,000,000	335,000,000	345,000,000	372,000,000	370,000,000	328,000,000	280,000,000	335,000,000	344,000,000	339,000,000	331,000,000	374,000,000	342,000,000	333,000,000	350,000,000	325,000,000	347,000,000	286,000,000	274,000,000	306,000,000	289,000,000	290,000,000	300,000,000	307,000,000	343,000,000	332,000,000	318,000,000	266,000,000	101,760,000	96,549,000	90,725,000	169,295,000	156,835,000	149,574,000	149,168,000	132,735,000	126,093,000	114,765,000	94,544,000	96,748,000	87,494,000	104,384,000	93,000,000	58,000,000	61,000,000	79,000,000	66,000,000	41,000,000	42,000,000	60,000,000	43,000,000	67,000,000	61,000,000	70,000,000		403,000,000
total liabilities	7,644,000,000	7,764,000,000	7,684,000,000	7,403,000,000	7,447,000,000	7,367,000,000	7,321,000,000	7,239,000,000	7,489,000,000	7,298,000,000	7,043,000,000	7,004,000,000	7,122,000,000	7,141,000,000	6,609,000,000	6,594,000,000	6,679,000,000	6,627,000,000	6,539,000,000	7,402,000,000	6,449,000,000	6,216,000,000	6,328,000,000	6,397,000,000	6,660,000,000	6,183,000,000	5,937,000,000	5,753,000,000	5,761,000,000	5,552,000,000	5,492,000,000	1,991,929,000	1,693,721,000	1,861,173,000	1,873,814,000	1,464,618,000	1,412,925,000	1,483,600,000	1,517,896,000	1,406,806,000	1,411,759,000	1,491,056,000	1,262,588,000	1,346,363,000	1,418,759,000	1,217,000,000	1,236,000,000	1,331,000,000	1,460,000,000	1,442,000,000	1,321,000,000	1,401,000,000	1,423,000,000	1,453,000,000	1,594,000,000	1,493,000,000	1,573,000,000	1,712,000,000	1,517,000,000
contingencies and commitments
preferred stock — 0.01 par value...
common stock — 0.01 par value...	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000		1,000,000	1,000,000	1,000,000		1,000,000	370,000	370,000		369,000	368,000	368,000		366,000	366,000	366,000	363,000	363,000	363,000
treasury stock	-2,415,000,000	-2,427,000,000	-2,403,000,000	-2,404,000,000	-2,406,000,000	-2,378,000,000	-2,370,000,000	-2,362,000,000	-2,351,000,000	-2,332,000,000	-2,298,000,000	-2,213,000,000	-2,132,000,000	-2,054,000,000	-1,882,000,000	-1,666,000,000	-1,474,000,000	-1,356,000,000	-1,282,000,000	-1,278,000,000	-1,334,000,000	-1,334,000,000	-1,334,000,000	-1,334,000,000	-1,335,000,000	-1,253,000,000	-1,130,000,000	-1,004,000,000	-895,000,000	-790,000,000	-696,000,000	-695,746,000	-695,944,000	-694,233,000	-689,134,000	-610,115,000	-606,411,000	-606,631,000	-592,700,000	-593,052,000	-503,218,000	-335,339,000	-295,466,000	-277,629,000	-429,990,000	-161,000,000	-115,000,000	-63,000,000	-229,000,000				-26,000,000
additional paid-in capital	3,989,000,000	3,996,000,000	3,988,000,000	3,979,000,000	3,968,000,000	3,975,000,000	3,969,000,000	3,959,000,000	3,951,000,000	3,955,000,000	3,953,000,000	3,947,000,000	3,937,000,000	3,941,000,000	3,968,000,000	3,963,000,000	3,945,000,000	4,072,000,000	4,056,000,000	4,047,000,000	3,843,000,000	3,760,000,000	3,749,000,000	3,736,000,000	3,729,000,000	3,738,000,000	3,740,000,000	3,730,000,000	3,717,000,000	3,721,000,000	3,697,000,000	1,190,448,000	1,184,106,000	1,188,538,000	1,184,635,000	1,161,507,000	1,159,454,000	1,162,283,000	1,142,480,000	1,139,366,000	1,149,442,000	1,138,049,000	1,135,143,000	1,128,615,000	1,150,731,000	1,109,000,000	1,129,000,000	1,127,000,000	1,137,000,000	1,122,000,000	1,119,000,000	1,116,000,000	1,130,000,000	1,116,000,000	1,113,000,000	1,122,000,000	1,118,000,000	1,117,000,000
accumulated other comprehensive loss	-12,000,000		-14,000,000	-14,000,000	-9,000,000										6,000,000	-1,000,000	4,000,000	-16,000,000	-39,000,000	-38,000,000	-45,000,000		-67,000,000	-75,000,000	-77,000,000
retained earnings	429,000,000	434,000,000	893,000,000	922,000,000	881,000,000	852,000,000	830,000,000	773,000,000	763,000,000	742,000,000	734,000,000	718,000,000	654,000,000	593,000,000	533,000,000	448,000,000	338,000,000	275,000,000	237,000,000	250,000,000	244,000,000	272,000,000	309,000,000	371,000,000	441,000,000	569,000,000	520,000,000	548,000,000	519,000,000	523,000,000	478,000,000	554,795,000	554,709,000	533,601,000	436,196,000	404,869,000	370,137,000	346,341,000	306,024,000	287,333,000	259,499,000	219,593,000	205,828,000	179,705,000	243,781,000	162,000,000	137,000,000	101,000,000	155,000,000	76,000,000	51,000,000	32,000,000	82,000,000	14,000,000	21,000,000	15,000,000	7,000,000
total mvw stockholders' equity	1,992,000,000	1,993,000,000	2,465,000,000	2,484,000,000	2,435,000,000	2,442,000,000	2,419,000,000	2,372,000,000	2,379,000,000	2,382,000,000
noncontrolling interests						-1,000,000			-1,000,000		2,000,000	2,000,000	2,000,000	2,000,000	2,000,000	1,000,000	10,000,000	10,000,000	31,000,000	30,000,000	29,000,000	31,000,000	25,000,000	21,000,000	13,000,000	12,000,000	10,000,000	6,000,000	5,000,000		25,000,000
total equity	1,992,000,000	1,993,000,000	2,465,000,000	2,484,000,000	2,435,000,000	2,441,000,000	2,419,000,000	2,372,000,000	2,378,000,000	2,382,000,000	2,410,000,000	2,478,000,000	2,480,000,000	2,498,000,000	2,628,000,000	2,746,000,000	2,824,000,000	2,986,000,000	3,004,000,000	3,012,000,000	2,738,000,000	2,682,000,000	2,683,000,000	2,720,000,000	2,772,000,000	3,031,000,000	3,122,000,000	3,270,000,000	3,351,000,000	3,466,000,000	3,521,000,000	1,065,641,000	1,066,230,000	1,045,020,000	949,222,000	968,818,000	933,249,000	907,819,000	868,274,000	846,748,000	919,026,000	1,035,971,000	1,060,624,000	1,042,506,000	976,267,000	1,130,000,000	1,174,000,000	1,188,000,000	1,080,000,000	1,218,000,000	1,190,000,000	1,168,000,000	1,209,000,000	1,151,000,000	1,152,000,000	1,154,000,000	1,148,000,000	1,134,000,000
total liabilities and equity	9,636,000,000	9,757,000,000	10,149,000,000	9,887,000,000	9,882,000,000	9,808,000,000	9,740,000,000	9,611,000,000	9,867,000,000	9,680,000,000	9,453,000,000	9,482,000,000	9,602,000,000	9,639,000,000	9,237,000,000	9,340,000,000	9,503,000,000	9,613,000,000	9,543,000,000	10,414,000,000	9,187,000,000	8,898,000,000	9,011,000,000	9,117,000,000	9,432,000,000	9,214,000,000	9,059,000,000	9,023,000,000	9,112,000,000	9,018,000,000	9,013,000,000	3,057,570,000	2,759,951,000	2,906,193,000	2,823,036,000	2,433,436,000	2,346,174,000	2,391,419,000	2,386,170,000	2,253,554,000	2,330,785,000	2,527,027,000	2,323,212,000	2,388,869,000	2,395,026,000	2,347,000,000	2,410,000,000	2,519,000,000	2,540,000,000	2,660,000,000	2,511,000,000	2,569,000,000	2,632,000,000	2,604,000,000	2,746,000,000	2,647,000,000	2,721,000,000	2,846,000,000
the abbreviation vies above means variable interest entities.
accumulated other comprehensive income		-11,000,000				-8,000,000	-11,000,000	1,000,000	15,000,000	16,000,000	18,000,000	23,000,000	18,000,000	15,000,000								-48,000,000				-36,000,000	-19,000,000	-11,000,000	4,000,000	6,000,000	16,000,000	15,774,000	22,989,000	16,745,000	17,156,000	12,189,000	9,701,000	5,460,000	12,104,000	12,735,000	12,937,000	13,305,000	14,756,000	11,452,000	11,381,000	20,000,000	23,000,000	23,000,000	17,000,000	20,000,000	20,000,000	20,000,000	23,000,000	21,000,000	18,000,000	17,000,000	23,000,000	19,000,000	29,000,000
deferred revenue			344,000,000	397,000,000	442,000,000	354,000,000	350,000,000	418,000,000	482,000,000	382,000,000	371,000,000	417,000,000	448,000,000	344,000,000	346,000,000	372,000,000	507,000,000	453,000,000	540,000,000	474,000,000	524,000,000	488,000,000	488,000,000	470,000,000	536,000,000	433,000,000	436,000,000	356,000,000	437,000,000	319,000,000	325,000,000	98,500,000	114,243,000	98,286,000	103,376,000	115,536,000	127,607,000	95,495,000	47,000,000	30,600,000	28,562,000	44,499,000	32,845,000	27,018,000	35,276,000	23,000,000	19,000,000	16,000,000	39,000,000	19,000,000	21,000,000	21,000,000	19,000,000	32,000,000	49,000,000	35,000,000	27,000,000	29,000,000	48,000,000
total mvw shareholders' equity											2,408,000,000	2,476,000,000	2,478,000,000	2,496,000,000	2,626,000,000	2,745,000,000	2,814,000,000	2,976,000,000	2,973,000,000	2,982,000,000	2,709,000,000	2,651,000,000	2,658,000,000	2,699,000,000	2,759,000,000	3,019,000,000	3,112,000,000	3,264,000,000	3,346,000,000	3,461,000,000	3,496,000,000
accounts receivable																244,000,000	234,000,000	279,000,000	223,000,000	217,000,000	219,000,000	276,000,000	272,000,000	287,000,000	267,000,000	323,000,000	372,000,000	327,000,000	277,000,000	324,000,000	236,000,000	67,619,000	63,038,000
preferred stock — .01 par value...
common stock — .01 par value...																										1,000,000				1,000,000				369,000				366,000							364,000
noncontrolling interest																														5,000,000
mandatorily redeemable preferred stock of consolidated subsidiary																																							39,108,000	39,068,000	39,029,000	38,935,000	38,895,000	38,856,000	38,989,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000
liability for marriott rewards customer loyalty program																																										73,904,000	79,939,000	84,811,000	35,000	92,000,000	100,000,000	107,000,000	89,000,000	126,000,000	134,000,000	147,000,000	114,000,000	159,000,000
preferred stock—.01 par value...
common stock—.01 par value...
operating activities
net income																																																				18,000,000		16,000,000	23,000,000	17,000,000	9,000,000	-178,000,000	-186,000,000
adjustments to reconcile net income to net cash from operating activities:
depreciation																																																				6,000,000		30,000,000	21,000,000	14,000,000	7,000,000	33,000,000	23,000,000
amortization of debt issuance costs																																																				1,000,000		7,000,000	5,000,000	3,000,000	2,000,000	4,000,000
benefit from loan losses																																																				9,000,000		42,000,000	29,000,000	23,000,000	9,000,000	37,000,000
share-based compensation																																																				2,000,000		12,000,000	8,000,000	6,000,000	3,000,000	11,000,000
deferred income taxes																																																				-1,000,000		-50,000,000	-24,000,000	-17,000,000	-8,000,000	-57,000,000
gain on disposal of property and equipment																																																				-1,000,000		-8,000,000				-2,000,000
net change in assets and liabilities:
notes receivable originations																																																				-44,000,000		-262,000,000	-164,000,000	-99,000,000
notes receivable collections																																																				74,000,000		311,000,000	217,000,000	148,000,000
other assets																																																				-16,000,000		24,000,000	45,000,000	21,000,000	5,000,000	-24,000,000
accounts payable, advance deposits and accrued liabilities																																																				-35,000,000		21,000,000	-42,000,000	-56,000,000	-60,000,000	48,000,000
payroll and benefit liabilities																																																				-15,000,000		27,000,000	17,000,000	4,000,000	-3,000,000	-25,000,000
other liabilities																																																				22,000,000		-5,000,000	4,000,000	17,000,000	18,000,000
net cash from operating activities																																																				-11,000,000		163,000,000	158,000,000	106,000,000	25,000,000	321,000,000	249,000,000
investing activities
capital expenditures for property and equipment																																																				-3,000,000		-17,000,000	-11,000,000	-7,000,000	-3,000,000	-15,000,000	-11,000,000
decrease in restricted cash																																																				22,000,000			9,000,000		22,000,000
dispositions																																																				3,000,000		8,000,000				19,000,000	1,000,000
net cash from investing activities																																																				22,000,000		3,000,000	1,000,000	5,000,000	19,000,000	9,000,000	-10,000,000
financing activities
borrowings from securitization transactions																																																				111,000,000		238,000,000	238,000,000			125,000,000
repayment of debt related to securitizations																																																				-103,000,000		-411,000,000	-295,000,000	-136,000,000	-76,000,000	-295,000,000	-187,000,000
borrowings on revolving corporate credit facility																																																				25,000,000		15,000,000	15,000,000	15,000,000		1,000,000
repayments on revolving corporate credit facility																																																				-25,000,000		-15,000,000				-1,000,000
proceeds from stock option exercises																																																				1,000,000		9,000,000	4,000,000	3,000,000	2,000,000
payment of withholding taxes on vesting of restricted stock units																																																				-4,000,000		-4,000,000	-3,000,000	-3,000,000	-3,000,000
net cash from financing activities																																																				5,000,000		-172,000,000	-56,000,000	-136,000,000	-77,000,000	-246,000,000	-240,000,000
increase in cash and cash equivalents																																																				16,000,000			102,000,000		-33,000,000
cash and cash equivalents, beginning of period																																																				103,000,000			110,000,000	110,000,000	110,000,000
cash and cash equivalents, end of period																																																				119,000,000			212,000,000	83,000,000	77,000,000
preferred stock, .01 par value...
common stock, .01 par value...
excess tax benefits from share-based compensation																																																						-3,000,000
equity method (income) loss																																																						-1,000,000
impairment charges																																																										324,000,000
impairment reversals on equity investment																																																						-2,000,000	-2,000,000	-2,000,000
note collections																																																										20,000,000	20,000,000
decrease (increase) in restricted cash																																																						12,000,000		9,000,000
debt issuance costs																																																						-7,000,000				-10,000,000
repayment of third party debt																																																										-2,000,000	-2,000,000
net distribution to marriott international																																																										-64,000,000
effect of changes in exchange rates on cash and cash equivalents																																																						-1,000,000	-1,000,000	-2,000,000
increase in cash and equivalents																																																						-7,000,000				84,000,000	-1,000,000
cash and cash equivalents, beginning of year																																																						110,000,000				26,000,000
cash and cash equivalents, end of year																																																						103,000,000				110,000,000
supplemental disclosures of non-cash financing activities
non-cash reduction of additional paid-in capital for increase in deferred tax liabilities distributed to marriott vacations worldwide at spin-off																																																						-16,000,000	-12,000,000
non-cash reduction of additional paid-in capital for elimination of a receivable from marriott international at spin-off																																																						-5,000,000
non-cash assumption of other debt																																																						1,000,000
non-cash settlement of transactions with marriott international through equity																																																										478,000,000
issuance of preferred stock to marriott international																																																										40,000,000
equity distribution payable to marriott international																																																										-23,000,000
issuance of common stock for exercise of stock options																																																										1,000,000
notes receivable																																																							1,065,000,000	1,076,000,000	1,110,000,000	1,149,000,000	1,178,000,000
liability for marriott rewards loyalty program																																																							179,000,000	194,000,000	215,000,000	225,000,000	179,000,000
impairment charge																																																											324,000,000
proceeds from sale of property and equipment																																																							3,000,000	3,000,000
repayment of revolving corporate credit facility																																																							-15,000,000	-15,000,000
supplemental disclosure of non-cash financing activities
decrease in cash and cash equivalents																																																								-27,000,000
preferred stock – .01 par value...
common stock – .01 par value...
net contribution from marriott international
divisional equity
retained deficit for the period subsequent to november 20, 2011																																																										-2,000,000
increase in fair value of retained interests in securitizations
equity method loss
impairment (reversals) charges on equity investment																																																										-4,000,000
non-cash restructuring charges
note advances
increase in restricted cash																																																										-15,000,000
liabilities and divisional equity
net parent investment																																																											1,619,000,000
total liabilities and divisional equity																																																											3,165,000,000
income taxes																																																											-70,000,000
real estate inventory spending less than cost of sales																																																											92,000,000
notes receivable collections in excess of new mortgages																																																											53,000,000
financially reportable sales less than closed sales																																																											4,000,000
decrease in accounts payable																																																											-20,000,000
all other, including other working capital charges																																																											29,000,000
net transfers to parent																																																											-71,000,000
cash and cash equivalents, beginning																																																											26,000,000
cash and cash equivalents, end																																																											25,000,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-12-30	2016-09-09	2016-06-17	2016-03-25	2015-09-11	2015-06-19	2015-03-27	2015-01-01	2014-09-12	2014-06-20	2014-03-28	2014-01-02	2013-09-06	2013-06-14	2013-03-22	2012-12-28	2012-09-07	2012-06-15	2012-03-23	2011-12-30

operating activities
net income	22,000,000	-431,000,000	-2,000,000	69,000,000	57,000,000	49,000,000	84,000,000	38,000,000	46,000,000	33,000,000	42,000,000	90,000,000	87,000,000	88,000,000	110,000,000	135,000,000	58,000,000					-31,000,000	-58,000,000	-62,000,000	-105,000,000	76,000,000	-7,000,000	49,000,000	24,000,000	63,000,000	-57,742,000	10,761,000	35,981,000	118,738,000	77,976,000	33,700,000	49,824,000	26,807,000	36,309,000	24,408,000	21,555,000	34,041,000	34,054,000	42,799,000	25,000,000	36,000,000	19,000,000	7,000,000	25,000,000	31,000,000	18,000,000	-7,000,000	6,000,000	8,000,000	9,000,000	8,000,000
adjustments to reconcile net income to net cash, cash equivalents and restricted cash from operating activities:
depreciation and amortization of intangibles	34,000,000	35,000,000	38,000,000	38,000,000	38,000,000	37,000,000	36,000,000	35,000,000	38,000,000	36,000,000	33,000,000	34,000,000	32,000,000	34,000,000	33,000,000	32,000,000	33,000,000	34,000,000	35,000,000	36,000,000	41,000,000	30,000,000	30,000,000	31,000,000	32,000,000	35,000,000	33,000,000	36,000,000	37,000,000	33,000,000
amortization of debt discount and issuance costs	5,000,000	6,000,000	6,000,000	7,000,000	5,000,000	6,000,000	5,000,000	10,000,000	5,000,000	6,000,000	5,000,000	5,000,000	7,000,000	5,000,000	10,000,000	5,000,000	5,000,000	15,000,000	19,000,000	11,000,000	11,000,000	6,000,000	6,000,000	5,000,000	5,000,000	5,000,000	5,000,000	4,000,000	5,000,000	4,000,000	4,437,000	3,627,000	3,936,000	5,783,000
vacation ownership notes and contracts receivable reserve	50,000,000		57,000,000	58,000,000	50,000,000
share-based compensation	10,000,000	10,000,000	9,000,000	12,000,000	7,000,000	9,000,000	8,000,000	9,000,000	7,000,000	6,000,000	6,000,000	12,000,000	7,000,000	9,000,000	10,000,000	12,000,000	8,000,000	18,000,000	11,000,000	14,000,000	8,000,000	13,000,000	11,000,000	9,000,000	3,000,000	8,000,000	8,000,000	10,000,000	7,000,000	10,000,000	9,282,000	6,117,000	3,601,000	12,349,000	8,451,000	3,276,000	3,954,000	3,139,000	4,332,000	2,524,000	3,045,000	3,945,000	2,643,000	5,142,000	3,000,000	4,000,000	2,000,000	5,000,000	2,000,000	4,000,000	2,000,000	4,000,000	2,000,000	3,000,000	3,000,000
impairment
foreign currency remeasurement loss	3,000,000	-2,000,000	-3,000,000
deferred income taxes	-1,000,000	-118,000,000	19,000,000	11,000,000	-15,000,000	-41,000,000	0	44,000,000	35,000,000	-66,000,000	-8,000,000	4,000,000	6,000,000	23,000,000	35,000,000	11,000,000	18,000,000	24,000,000	-26,000,000	21,000,000	15,000,000	-39,000,000	14,000,000	-3,000,000	-10,000,000	-19,000,000	4,000,000	15,000,000	5,000,000	52,000,000	-10,199,000	5,485,000	6,714,000	20,769,000	11,778,000	5,472,000	17,011,000	6,031,000	10,243,000	5,549,000	-589,000	9,250,000	8,600,000	-838,000			-2,000,000	-4,000,000	24,000,000	0	-1,000,000	-26,000,000	-7,000,000	-9,000,000	-8,000,000
net change in assets and liabilities:
accounts and contracts receivable	15,000,000	-27,000,000	-21,000,000			-48,000,000	25,000,000	48,000,000	-41,000,000	-89,000,000	15,000,000	-25,000,000	-6,000,000	-51,000,000																				25,094,000	30,079,000	34,586,000	-27,231,000	8,260,000	-11,105,000	21,000	-11,731,000	-1,425,000	-4,643,000			13,000,000	-25,000,000	15,000,000	-15,000,000	10,000,000	-11,000,000	12,000,000	-19,000,000	8,000,000	-4,000,000
vacation ownership notes receivable originations	-241,000,000	-264,000,000	-278,000,000	-255,000,000	-233,000,000	-277,000,000	-292,000,000	-246,000,000	-200,000,000	-238,000,000	-279,000,000	-245,000,000	-225,000,000	-252,000,000	-245,000,000	-278,000,000	-205,000,000	-205,000,000	-225,000,000	-212,000,000	-108,000,000	-112,000,000	-68,000,000	-23,000,000	-174,000,000	-136,000,000	-258,000,000	-229,000,000	-194,000,000	-235,000,000	-161,939,000	-127,683,000	-105,378,000
vacation ownership notes receivable collections	185,000,000	160,000,000	178,000,000	165,000,000	176,000,000	162,000,000	159,000,000	151,000,000	160,000,000	135,000,000	153,000,000	147,000,000	161,000,000	173,000,000	104,000,000	177,000,000	188,000,000	154,000,000	170,000,000	197,000,000	165,000,000	133,000,000	153,000,000	160,000,000	174,000,000	31,000,000	153,000,000	155,000,000	154,000,000	142,000,000	88,743,000	76,258,000	78,999,000
inventory	11,000,000	5,000,000	23,000,000	-2,000,000	1,000,000	18,000,000	-55,000,000	-13,000,000	17,000,000	7,000,000	34,000,000	30,000,000	16,000,000	30,000,000	49,000,000	-3,000,000	28,000,000	2,000,000	45,000,000	40,000,000	-26,000,000	22,000,000	1,000,000	3,000,000	-8,000,000	55,000,000	-66,000,000	37,000,000	39,000,000	-59,000,000	31,160,000	35,423,000	1,417,000	27,112,000	16,007,000	21,944,000	10,419,000	7,806,000	1,046,000	-14,970,000	-17,162,000	23,746,000	44,883,000	10,158,000	25,000,000	17,000,000	20,000,000	49,000,000	11,000,000	12,000,000	10,000,000	5,000,000	12,000,000	23,000,000	28,000,000
other assets	-122,000,000	-83,000,000	76,000,000	80,000,000	-129,000,000	-21,000,000	58,000,000	73,000,000	-133,000,000	-34,000,000	51,000,000	85,000,000	-146,000,000	-28,000,000	42,000,000	71,000,000	-134,000,000	-17,000,000	37,000,000	72,000,000	-138,000,000	-13,000,000	62,000,000	78,000,000	-83,000,000	11,000,000	43,000,000	69,000,000	-99,000,000	-32,000,000	41,477,000	36,247,000	-24,724,000	23,110,000	4,406,000	-27,119,000	-27,011,000	11,992,000	31,396,000	-5,285,000	18,370,000	16,250,000	-8,096,000	-56,648,000	19,000,000	25,000,000	2,000,000	-24,000,000			-16,000,000	-21,000,000	24,000,000	16,000,000	5,000,000
accounts payable, advance deposits and accrued liabilities	-47,000,000	67,000,000	36,000,000	-95,000,000	-13,000,000	93,000,000	29,000,000	-53,000,000	-60,000,000	104,000,000	26,000,000	-28,000,000	-101,000,000	140,000,000	-36,000,000	-4,000,000	12,000,000	86,000,000	-35,000,000	21,000,000	-30,000,000	85,000,000	8,000,000	-55,000,000	-184,000,000	139,000,000	7,000,000	-46,000,000	-83,000,000	39,000,000	46,365,000	-17,233,000	-42,132,000	-64,994,000	-70,470,000	-30,179,000	44,738,000	13,547,000	-50,354,000	-27,836,000	13,843,000	-41,159,000	-25,064,000	89,419,000	-10,000,000	-47,000,000	-9,000,000	63,000,000	9,000,000	-48,000,000	-35,000,000	63,000,000	14,000,000	4,000,000	-60,000,000
deferred revenue and other	95,000,000
payroll and benefit liabilities	4,000,000	17,000,000	27,000,000	-33,000,000	-13,000,000	18,000,000	40,000,000	-46,000,000	4,000,000	12,000,000	20,000,000	-33,000,000	-45,000,000	1,000,000	45,000,000	-6,000,000	13,000,000	0	0	4,000,000	31,000,000			-12,000,000	-20,000,000	-4,000,000	18,000,000	2,000,000	-41,000,000	21,000,000	-2,301,000	3,951,000	-30,650,000	1,241,000	-8,698,000	-14,500,000	13,965,000	6,415,000	1,273,000	-28,586,000	13,423,000	1,201,000	-19,583,000			1,000,000	-16,000,000	11,000,000	5,000,000	8,000,000	-15,000,000	10,000,000	13,000,000	7,000,000	-3,000,000
deferred compensation liability	-8,000,000	4,000,000	4,000,000	4,000,000	-5,000,000	5,000,000	4,000,000	5,000,000	-3,000,000	3,000,000	5,000,000	3,000,000	4,000,000	5,000,000	4,000,000	11,000,000	-7,000,000	8,000,000	3,000,000	13,000,000	-2,000,000	9,000,000	5,000,000	10,000,000	-7,000,000	5,000,000	4,000,000	3,000,000	6,000,000	-1,000,000	3,227,000	3,422,000	4,351,000	9,928,000	7,053,000	4,147,000	2,997,000	2,310,000	2,130,000	4,406,000	1,933,000	1,937,000	2,921,000	6,354,000	1,000,000	1,000,000	1,000,000	13,000,000	0	0	-8,000,000	0	0
other liabilities	-15,000,000	3,000,000	1,000,000	-2,000,000	-5,000,000	14,000,000	-15,000,000	-89,000,000	-19,000,000	80,000,000	-14,000,000	-4,000,000	16,000,000	-45,000,000			-3,000,000	4,000,000	19,000,000	-1,000,000	5,000,000		0	-4,000,000	-7,000,000	-3,000,000			2,000,000		1,134,000	651,000	-785,000	-638,000	-585,000	-242,000	-5,275,000	-13,210,000	-19,051,000	39,399,000	-11,777,000	-9,924,000	27,937,000	-1,940,000	-12,000,000	-12,000,000	27,000,000	-4,000,000	-11,000,000	-10,000,000	22,000,000	-9,000,000	-13,000,000	-1,000,000	18,000,000
purchase and development of property for future transfer to inventory		-6,000,000	-85,000,000	-47,000,000	-2,000,000
other	-4,000,000	0	0	-3,000,000	1,000,000	2,000,000	-1,000,000	4,000,000	1,000,000	0	3,000,000	1,000,000	-5,000,000	-5,000,000	7,000,000	2,000,000	-1,000,000		-5,000,000	12,000,000	-4,000,000		3,000,000	-14,000,000	5,000,000	-16,000,000	13,000,000	-6,000,000	1,000,000	-2,000,000	5,236,000	-2,318,000	3,082,000	4,529,000	3,021,000	903,000	-2,638,000	-759,000	2,497,000	-313,000	3,359,000	1,924,000	-50,000									0
net cash, cash equivalents and restricted cash from operating activities	-4,000,000		62,000,000	-48,000,000	8,000,000		72,000,000	30,000,000	3,000,000		122,000,000	77,000,000	-50,000,000		162,000,000	89,000,000	129,000,000		155,000,000	208,000,000	-60,000,000		231,000,000	49,000,000	-122,000,000	202,000,000	124,000,000	28,000,000	28,000,000
investing activities
proceeds from disposition of entity	50,000,000
capital expenditures for property and equipment	-8,000,000	-12,000,000	-11,000,000	-20,000,000	-14,000,000	-14,000,000	-14,000,000	-13,000,000	-16,000,000	-26,000,000	-29,000,000	-26,000,000	-37,000,000	-29,000,000	-13,000,000	-14,000,000	-9,000,000	-28,000,000	-8,000,000	-4,000,000	-7,000,000	-5,000,000	-2,000,000	-17,000,000	-17,000,000	-14,000,000	-13,000,000	-9,000,000	-10,000,000	-23,000,000	-9,510,000	-4,727,000	-2,763,000	-21,167,000	-11,344,000	-5,055,000	-12,325,000	-7,303,000	-8,811,000	-6,331,000	-5,155,000	-5,156,000	-10,562,000				-1,000,000	-4,000,000	-4,000,000	-4,000,000	-3,000,000	-6,000,000	-4,000,000	-4,000,000	-3,000,000	-4,000,000
purchase of company owned life insurance		-2,000,000	-4,000,000	-6,000,000	-4,000,000	-3,000,000	-3,000,000	-6,000,000	-4,000,000	-2,000,000	-4,000,000			-4,000,000	-3,000,000	-7,000,000	-4,000,000	-3,000,000	-3,000,000	-7,000,000	-1,000,000	-3,000,000	1,000,000	0	-4,000,000	-1,000,000	-1,000,000	-3,000,000	-1,000,000	-1,000,000	-1,438,000	-2,562,000	-9,000,000	-12,100,000	-10,092,000	-8,200,000
net cash, cash equivalents and restricted cash from investing activities	42,000,000		-14,000,000	-25,000,000	-18,000,000		-18,000,000	-19,000,000	-69,000,000		-32,000,000	-16,000,000	-37,000,000		34,000,000	25,000,000	-10,000,000		-11,000,000	-168,000,000	-8,000,000		14,000,000	-17,000,000	-21,000,000	36,000,000	-14,000,000	-12,000,000	27,000,000
financing activities
borrowings from securitization transactions	354,000,000	470,000,000	113,000,000	608,000,000	206,000,000	124,000,000	567,000,000	109,000,000	524,000,000	576,000,000	173,000,000	572,000,000	171,000,000	422,000,000	132,000,000	375,000,000	102,000,000	532,000,000	0			0	375,000,000	113,000,000	202,000,000	395,000,000	57,000,000	450,000,000	124,000,000	116,000,000	0			400,260,000	50,260,000		0	285,341,000	40,151,000	51,130,000				232,000,000	0			-98,000,000	250,000,000	0	111,000,000	0
repayment of debt related to securitization transactions	-198,000,000	-429,000,000	-197,000,000	-564,000,000	-197,000,000	-237,000,000	-416,000,000	-188,000,000	-441,000,000	-503,000,000	-177,000,000	-477,000,000	-174,000,000	-290,000,000	-170,000,000	-307,000,000	-178,000,000	-266,000,000	-182,000,000	-261,000,000	-159,000,000	-167,000,000	-491,000,000	-154,000,000	-148,000,000	-207,000,000	-177,000,000	-363,000,000	-133,000,000	-118,000,000	-109,729,000	-67,930,000	-86,341,000	-231,921,000	-117,400,000	-54,340,000	-68,354,000	-170,470,000	-36,329,000	-47,711,000	-43,009,000	-64,563,000	-78,811,000	-115,427,000	-32,000,000	-50,000,000	-81,000,000	58,000,000	-146,000,000
proceeds from debt	885,000,000	0	935,000,000	465,000,000	340,000,000	460,000,000	215,000,000	1,120,000,000	340,000,000	280,000,000	275,000,000	110,000,000	405,000,000	761,000,000	380,000,000	95,000,000	30,000,000	50,000,000	0	500,000,000	561,000,000	0	0	500,000,000	666,000,000	440,000,000	185,000,000	185,000,000	125,000,000	40,000,000
repayments of debt	-1,152,000,000	-2,000,000	-597,000,000	-422,000,000	-277,000,000	-412,000,000	-317,000,000	-1,089,000,000	-289,000,000	-265,000,000	-250,000,000	-245,000,000	-461,000,000	-430,000,000	-380,000,000	-95,000,000	-30,000,000	-300,000,000	-750,000,000	-189,000,000	-100,000,000	-2,000,000	-2,000,000	-599,000,000	-102,000,000	-512,000,000	-42,000,000	-214,000,000	-52,000,000	-162,000,000
finance lease payment	-2,000,000	-2,000,000	-2,000,000	-1,000,000	-2,000,000	-2,000,000	-1,000,000	-1,000,000	-2,000,000	-3,000,000	0	0	-2,000,000		-1,000,000	0	-2,000,000	-3,000,000	-1,000,000			-1,000,000	-2,000,000	1,000,000	-9,000,000	-1,000,000
payment of debt and securitized debt issuance costs		-6,000,000	-8,000,000	-7,000,000	-5,000,000	0
repurchase of common stock		-25,000,000	0	0	-36,000,000	-11,000,000	-9,000,000	-12,000,000	-24,000,000	-38,000,000	-86,000,000	-82,000,000	-80,000,000	-173,000,000	-216,000,000	-193,000,000	-119,000,000	-74,000,000				0	0	0	-82,000,000	-123,000,000	-127,000,000	-109,000,000	-106,000,000	-94,000,000	-118,000	0	-1,882,000	-83,067,000	-3,868,000		-14,471,000	0	-90,131,000	-73,228,000	-39,873,000	-14,956,000	-51,281,000	-41,380,000	-71,000,000
payment of dividends	-55,000,000	0	-27,000,000	-28,000,000	-55,000,000	-26,000,000	0	-27,000,000	-54,000,000	-26,000,000	0	-26,000,000	-54,000,000	-24,000,000	0	-26,000,000	-49,000,000					0	0	0	-45,000,000	-20,000,000	0	-20,000,000	-41,000,000		-73,000	-10,672,000	-21,255,000	-28,590,000	-28,552,000	-19,010,000	-8,128,000	0	-8,482,000	-17,585,000	-7,918,000	-4,000	-8,081,000
payment of withholding taxes on vesting of restricted stock units	-6,000,000	-1,000,000	0	0	-6,000,000	-2,000,000	0	-1,000,000	-5,000,000	-2,000,000	0	-1,000,000	-9,000,000	0	-1,000,000	0	-22,000,000	-3,000,000	-2,000,000	0	-15,000,000	-2,000,000	0	0	-14,000,000	-4,000,000	-1,000,000	-1,000,000	-9,000,000	-1,000,000	-8,688,000	-51,000	-8,261,000	-10,713,000	-9,962,000	-6,644,000	-49,000	-96,000	-12,000	-3,864,000	-262,000	-292,000	-9,061,000				-4,000,000	-4,000,000	0	0	-4,000,000	-1,000,000	0	0	-3,000,000
net cash, cash equivalents and restricted cash from financing activities	-174,000,000		217,000,000	51,000,000	-32,000,000		33,000,000	-102,000,000	43,000,000		-65,000,000	-155,000,000	-194,000,000		-257,000,000	-156,000,000	-272,000,000		-941,000,000	461,000,000	255,000,000		-125,000,000	-148,000,000	468,000,000	-41,000,000	-120,000,000	-78,000,000	-92,000,000
effect of changes in exchange rates on cash, cash equivalents and restricted cash	-1,000,000		0	3,000,000	1,000,000			-2,000,000	-1,000,000		-2,000,000	0	1,000,000		-2,000,000						-1,000,000		1,000,000	3,000,000	-6,000,000			0	1,000,000			-1,019,000	1,726,000	3,031,000	1,962,000	1,551,000
change in cash, cash equivalents and restricted cash	-137,000,000		265,000,000	-19,000,000	-41,000,000		90,000,000	-93,000,000	-24,000,000		23,000,000	-94,000,000	-280,000,000		-63,000,000	-44,000,000	-153,000,000		-798,000,000	502,000,000	186,000,000		121,000,000	-113,000,000	319,000,000	196,000,000	-11,000,000
cash, cash equivalents and restricted cash, beginning of period	733,000,000		0	0	528,000,000		0	0	574,000,000		0	0	854,000,000		0	0	803,000,000		0	0	992,000,000		0	0	701,000,000	0	0	0	614,000,000	0	388,000	0	490,612,000	213,102,000	213,102,000	213,102,000
cash, cash equivalents and restricted cash, end of period	596,000,000		265,000,000	-19,000,000	487,000,000		90,000,000	-93,000,000	550,000,000		23,000,000	-94,000,000	574,000,000		-63,000,000	-44,000,000	650,000,000		-798,000,000	502,000,000	1,178,000,000		121,000,000	-113,000,000	1,020,000,000	196,000,000	-11,000,000	-62,000,000	578,000,000	-192,000,000	87,797,000	333,074,000	385,129,000	501,775,000	143,904,000	165,874,000
supplemental disclosures
non-cash issuance of treasury stock for employee stock purchase plan	1,000,000	0	1,000,000	3,000,000	1,000,000	1,000,000	0	3,000,000	1,000,000	1,000,000	1,000,000	2,000,000	1,000,000	1,000,000	2,000,000	1,000,000	1,000,000	0	1,000,000			1,000,000	0	0	1,000,000								326,000	942,000	622,000	331,000	-1,990,000	366,000
interest paid, net of amounts capitalized	53,000,000	61,000,000	55,000,000	67,000,000	54,000,000	68,000,000	56,000,000	71,000,000	52,000,000	63,000,000	42,000,000	55,000,000	44,000,000	45,000,000	35,000,000	39,000,000	30,000,000	48,000,000	47,000,000	36,000,000	53,000,000	36,000,000	56,000,000	26,000,000	58,000,000	32,000,000	54,000,000	27,000,000	54,000,000	27,000,000
income taxes paid, net of refunds	4,000,000	26,000,000	6,000,000	107,000,000	4,000,000	11,000,000	8,000,000	64,000,000	50,000,000	3,000,000	5,000,000	77,000,000	56,000,000	6,000,000	18,000,000						-30,000,000	16,000,000	-60,000,000	8,000,000	4,000,000	6,000,000	-13,000,000	48,000,000	12,000,000	23,000,000
adjustments to reconcile net income to net cash, cash equivalents, and restricted cash from operating activities:
vacation ownership notes receivable reserve								122,000,000	46,000,000	48,000,000	103,000,000	41,000,000	38,000,000	20,000,000	64,000,000	37,000,000	29,000,000	28,000,000	31,000,000	28,000,000	14,000,000	53,000,000	16,000,000	10,000,000	71,000,000	31,000,000	30,000,000	31,000,000	20,000,000	26,000,000	18,030,000	15,095,000	8,875,000
gains and other income										2,000,000	-1,000,000			0	-1,000,000
net cash, cash equivalents, and restricted cash from operating activities
purchase and development of property for future sale						0	-1,000,000	0	-49,000,000
dispositions																	3,000,000					0												17,000	11,000	1,000	428,000	-1,213,000	69,729,000	9,000	259,000	20,149,000	197,000	-12,356,000	0	11,000,000	22,000,000	79,000,000	0	0	3,000,000					18,000,000
net cash, cash equivalents, and restricted cash from investing activities
finance lease incentive										0	0	0	10,000,000
net cash, cash equivalents, and restricted cash from financing activities
effect of changes in exchange rates on cash, cash equivalents, and restricted cash
change in cash, cash equivalents, and restricted cash
cash, cash equivalents, and restricted cash, beginning of year
cash, cash equivalents, and restricted cash, end of year
non-cash transfer from inventory to property and equipment		-7,000,000	7,000,000			8,000,000	-2,000,000	9,000,000	6,000,000	1,000,000	1,000,000	7,000,000	3,000,000	2,000,000	0	14,000,000	31,000,000	0	102,000,000	1,000,000	2,000,000	-16,000,000	3,000,000	22,000,000	65,000,000
non-cash transfer from property and equipment to inventory		9,000,000	9,000,000			1,000,000	69,000,000	0	23,000,000	-3,000,000	-3,000,000	20,000,000	43,000,000	11,000,000	0	0	2,000,000	-1,000,000	1,000,000	-1,000,000	3,000,000					0	7,000,000	0	64,000,000
non-cash transfer from property and equipment to other assets						0							2,000,000
non-cash transfer from other assets to property and equipment		0	0
dividends payable						1,000,000				1,000,000				3,000,000				0								4,000,000				2,000,000				9,394,000			-1,353,000				128,000
impairment charges						28,000,000	0			28,000,000	0	-1,000,000	3,000,000					-2,000,000	0			2,000,000	2,000,000	1,000,000	95,000,000	0	73,000,000	0	26,000,000															-676,000	0			0	0
deferred revenue			-54,000,000	-46,000,000	88,000,000	5,000,000	-68,000,000	-64,000,000	100,000,000	10,000,000	-45,000,000	-32,000,000	101,000,000	-4,000,000	-24,000,000	-35,000,000	54,000,000	-31,000,000	71,000,000	-54,000,000	102,000,000	2,000,000	18,000,000	-68,000,000	107,000,000	-31,000,000	4,000,000	-80,000,000	117,000,000	-3,000,000	8,507,000	-15,670,000	45,163,000	7,121,000	19,654,000	31,861,000	6,072,000	16,397,000	1,980,000	-6,785,000	11,697,000	5,669,000	-11,624,000	-7,334,000			-3,000,000	31,000,000	-3,000,000	0	-10,000,000	-16,000,000	15,000,000	7,000,000	-2,000,000
right-of-use asset obtained in exchange for finance lease obligation			1,000,000	2,000,000	2,000,000		2,000,000	1,000,000	11,000,000		0	0	80,000,000
other dispositions											1,000,000
non-cash issuance of debt in connection with finance lease				1,000,000	2,000,000		1,000,000	1,000,000	11,000,000		0	0	97,000,000
deconsolidation of certain consolidated property owners' associations														0	0			-81,000,000	0	-16,000,000	-71,000,000
purchase of property for future transfer to inventory										0
proceeds from disposition of subsidiaries, net of cash and restricted cash transferred														0	1,000,000
issuance of note receivable to vie														0	0
proceeds from collection of note receivable from vie														0
purchase of convertible note hedges																		0	0	0	-100,000,000													-33,235,000
proceeds from issuance of warrants																		0	0	0	70,000,000													20,332,000
non-cash issuance of debt in connection with asset acquisition														0	0	0	11,000,000
payment of debt issuance costs								-13,000,000	-6,000,000	-6,000,000	0			-5,000,000	-1,000,000	-5,000,000	-4,000,000	-5,000,000
net change in assets and liabilities, net of the effects of acquisition:
acquisition of a business, net of cash and restricted cash acquired																		0	0											0
non-cash issuance of treasury stock in connection with welk acquisition																		0	0
purchase of vacation ownership units for future transfer to inventory														0	0	0	-12,000,000	1,000,000	0	0	-99,000,000	0	0	0	-61,000,000									-33,594,000	-33,594,000
non-cash reduction of debt associated with bifurcation of conversion feature on the 2022 convertible notes
non-cash adjustment to additional paid-in capital for 2022 convertible note hedges
finance lease payments
non-cash transfer of other assets to property and equipment															0	2,000,000	13,000,000
accounts receivable																14,000,000	45,000,000		-6,000,000	9,000,000	51,000,000	-3,000,000	-4,000,000	-17,000,000	45,000,000	53,000,000	34,000,000	-20,000,000	2,000,000	-29,000,000	-33,499,000	-4,704,000	29,203,000
income tax refunds, net of income taxes paid																	-7,000,000
gain on disposal of property and equipment																																					-72,000	-454,000			20,000	-8,625,000	-887,000				-1,000,000	-4,000,000	0	0	-1,000,000
proceeds from collection of notes receivable																										0	0	0	38,000,000
net loss																			11,000,000	8,000,000	-25,000,000
adjustments to reconcile net loss to net cash, cash equivalents and restricted cash used by operating activities:
debt issuance costs																				-13,000,000	-2,000,000	0	-5,000,000			-9,000,000	-5,000,000				-27,422,000	-5,602,000	-976,000	-14,459,000	-1,219,000	-1,219,000	0	-3,834,000			-4,375,000							-2,000,000
(income tax refunds) income taxes paid, net of refunds
loss on disposal of property and equipment																																		1,683,000	225,000
disposition of subsidiary shares to noncontrolling interest holder
net cash, cash equivalents, and restricted cash from by financing activities
non-cash issuance of note receivable in connection with disposition to noncontrolling interest
non-cash issuance of stock in connection with ilg acquisition																														0
property acquired via capital lease																																					0	0	0	7,221,000
supplemental disclosures of non-cash investing and financing activities
non-cash issuance of debt in connection with acquisition of vacation ownership units																																		63,558,000	63,558,000
non-cash issuance of treasury stock for employee purchase plan
accretion of acquired vacation ownership notes receivable
decrease in cash, cash equivalents and restricted cash																													-36,000,000							-47,228,000
redemption of mandatorily redeemable preferred stock of consolidated subsidiary
payment of dividends to common shareholders
increase in cash, cash equivalents and restricted cash																														-192,000,000	87,409,000
non-cash transfer of debt
adjustments to reconcile net income to net cash and restricted cash from operating activities:
net cash and restricted cash from operating activities
net cash and restricted cash from investing activities
net cash and restricted cash from financing activities
adjustments to reconcile net income to net cash from operating activities:
depreciation																																5,770,000	5,601,000	15,802,000	10,192,000	5,191,000	6,188,000	4,679,000	5,052,000	5,125,000	5,292,000	4,493,000	4,065,000	9,217,000	4,000,000	5,000,000	4,000,000	3,000,000	5,000,000	5,000,000	6,000,000	9,000,000	7,000,000	7,000,000	7,000,000	10,000,000
net cash from operating activities																																35,199,000	23,254,000	70,787,000	14,130,000	45,704,000	49,287,000	69,807,000	11,200,000	9,878,000	22,059,000	46,596,000	32,069,000	-96,966,000	108,000,000	50,000,000	48,000,000	168,000,000	89,000,000	45,000,000	-11,000,000	5,000,000	52,000,000	81,000,000	25,000,000	72,000,000
capital expenditures																																-4,727,000	-2,763,000	-21,167,000	-11,344,000	-5,055,000	-12,325,000	-7,303,000	-8,811,000	-6,331,000	-5,155,000	-5,156,000	-10,562,000	0	0	0	-1,000,000	-4,000,000	-4,000,000	-4,000,000	-3,000,000	-6,000,000	-4,000,000	-4,000,000	-3,000,000	-4,000,000
free cash flows																																30,472,000	20,491,000	49,620,000	2,786,000	40,649,000	36,962,000	62,504,000	2,389,000	3,547,000	16,904,000	41,440,000	21,507,000	-96,966,000	108,000,000	50,000,000	47,000,000	164,000,000	85,000,000	41,000,000	-14,000,000	-1,000,000	48,000,000	77,000,000	22,000,000	68,000,000
net cash from investing activities																																-7,169,000	-11,763,000	-33,250,000	-21,425,000	-13,254,000	39,650,000	-58,194,000	47,754,000	9,811,000	-108,928,000	11,648,000	36,738,000	-71,068,000	-28,000,000	41,000,000	33,000,000	47,000,000			22,000,000	2,000,000	-4,000,000	-14,000,000	19,000,000	19,000,000
borrowings from revolving corporate credit facility																																		87,500,000	60,000,000		0	0
repayment of revolving corporate credit facility																																		-87,500,000	-12,500,000		0	-45,000,000															0
repayment of non-interest bearing note payable
net cash from financing activities																																306,063,000	-118,700,000	248,105,000	-63,865,000	-81,229,000	-115,325,000	65,563,000	-64,523,000	-90,667,000	159,739,000	-79,814,000	-141,689,000	55,253,000	-103,000,000	-80,000,000	-122,000,000	-251,000,000	99,000,000	-38,000,000	5,000,000	-116,000,000	80,000,000	-59,000,000	-77,000,000	-6,000,000
decrease in cash, cash equivalents, and restricted cash																																	-105,483,000		-69,198,000
provision for loan losses																																		38,577,000	26,821,000	12,042,000	15,475,000	12,226,000
notes receivable originations																																		-345,663,000	-227,643,000	-112,832,000	-138,669,000	-93,872,000	-66,794,000	-57,524,000	-76,969,000	-63,114,000	-48,946,000	-141,195,000	-66,000,000	-59,000,000	-45,000,000	-102,000,000	-66,000,000	-56,000,000	-44,000,000	-98,000,000	-65,000,000
notes receivable collections																																		203,840,000	136,731,000	76,068,000	76,171,000	56,903,000	60,016,000	60,532,000	60,455,000	64,879,000	67,518,000	66,170,000	67,000,000	66,000,000	71,000,000	70,000,000	69,000,000	74,000,000	74,000,000	94,000,000	69,000,000
purchase of operating properties for future conversion to inventory
liability for marriott rewards customer loyalty program																																					0	-1,000	0	-36,000	-6,039,000	-4,871,000	-4,474,000	-66,251,000	-9,000,000	-7,000,000	-7,000,000	8,000,000	-8,000,000	-13,000,000	-12,000,000
purchase of operating property to be sold
proceeds from issuance of convertible notes																																		230,000,000
proceeds from vacation ownership inventory arrangement																																									0	0	5,375,000
cash, cash equivalents and restricted cash, beginning of year
cash, cash equivalents and restricted cash, end of year
supplemental disclosure of non-cash investing and financing activities
accelerated stock repurchase forward contract																																						0
increase in cash, cash equivalents, and restricted cash																																		288,673,000
disposition accruals not yet paid																																					-702,000	-1,705,000
non-cash debt issuance costs																																		1,000,000
amortization of debt issuance costs																																			2,726,000	1,386,000	2,725,000	1,225,000	1,259,000	1,300,000	1,233,000	1,239,000	1,267,000	1,586,000	1,000,000	2,000,000	1,000,000	1,000,000	1,000,000	2,000,000	1,000,000	2,000,000	2,000,000	1,000,000	2,000,000
non-cash transfer from property and equipment to assets held for sale, within other assets
employee stock purchase plan																																					644,000	366,000
non-cash litigation settlement																																									0	0	-262,000
decrease in restricted cash																																							-13,164,000	16,133,000		-3,345,000	47,103,000		-23,000,000	32,000,000	12,000,000		0	-18,000,000	22,000,000				22,000,000
proceeds from stock option exercises																																									4,000	2,000	90,000	-1,903,000	1,000,000			1,000,000	0	1,000,000	1,000,000	5,000,000	1,000,000	1,000,000	2,000,000
excess tax benefits from share-based compensation
effect of changes in exchange rates on cash and cash equivalents																																					-1,274,000	170,000	-3,626,000	530,000	-2,086,000	296,000	-1,453,000									0	1,000,000
increase in cash and cash equivalents																																													-24,000,000	11,000,000	-41,000,000		184,000,000	-15,000,000	16,000,000				-33,000,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
non-cash impact on additional paid-in capital for changes in deferred tax liabilities distributed to marriott vacations worldwide at spin-off																																									0
non-cash issuance of note receivable																																									0	0	-500,000
non-cash impact on additional paid-in capital to correct an immaterial error in deferred revenue at spin-off
non-cash reversal of litigation settlement
increase in restricted cash
decrease in cash and cash equivalents																																						77,346,000	-9,195,000	-70,448,000	70,784,000	-21,274,000	-74,335,000
cash and cash equivalents, beginning of period																																						0	0	177,061,000	0	0	346,515,000		0	0	200,000,000		0	0	103,000,000		0	0	110,000,000
cash and cash equivalents, end of period																																						77,346,000	-9,195,000	106,613,000	70,784,000	-21,274,000	272,180,000		-24,000,000	11,000,000	159,000,000		184,000,000	-15,000,000	119,000,000		129,000,000	6,000,000	77,000,000
non-cash transfer of excess inventory to property and equipment for disposition																																						0
non-cash reversal of litigation expense																																							0	-303,000
benefit from loan losses																																								8,287,000	7,091,000	7,225,000	8,437,000	11,083,000	7,000,000	8,000,000	7,000,000	4,000,000	8,000,000	9,000,000	9,000,000	13,000,000	6,000,000	14,000,000	9,000,000
equity method income																																								-28,000	-50,000	-85,000	-13,000
non-cash transfer of property and equipment to assets held for sale, within other assets																																								45,201,000
purchase of operating hotels for future conversion to inventory
purchase of operating hotel to be sold
supplemental disclosures of non-cash financing activities
purchase of operating hotel for future conversion to inventory																																										0	-46,614,000
impairment charges on equity investment																																															2,000,000
impairment (reversals) charges on equity investment
decrease (increase) in restricted cash
borrowings on revolving corporate credit facility																																																	0	0	25,000,000	0	0
repayments on revolving corporate credit facility																																																	0	0	-25,000,000
increase in cash and equivalents																																																								85,000,000
non-cash transfer of sales centers from inventory to property and equipment
non-cash reduction of additional paid-in capital for decrease in deferred tax liabilities distributed to marriott vacations worldwide at spin-off																																															-1,000,000
purchase of treasury stock																																															-37,000,000
impairment charges (reversals) on equity investment
non-cash impact on additional paid-in capital for elimination of a receivable from marriott international at spin-off
non-cash assumption of other debt
impairment reversals on equity investment																																																				0	0
supplemental disclosure of non-cash financing activities
non-cash reduction of additional paid-in capital for increase in deferred tax liabilities distributed to marriott vacations worldwide at spin-off																																																				-4,000,000
repayment of debt related to securitizations																																																			-103,000,000	-116,000,000	-159,000,000	-60,000,000	-76,000,000	-108,000,000
note collections																																																								0
repayment of third party debt																																																								0
net distribution to marriott international
non-cash reduction of additional paid-in capital for elimination of a receivable from marriott international at spin-off
non-cash settlement of transactions with marriott international through equity
issuance of preferred stock to marriott international
equity distribution payable to marriott international
issuance of common stock for exercise of stock options
equity method (income) loss
impairment charge
liability for marriott rewards loyalty program																																																					-15,000,000	-21,000,000	-10,000,000
proceeds from sale of property and equipment																																																					0
notes receivable																																																							31,000,000
net contribution from marriott international
increase in fair value of retained interests in securitizations
equity method loss
non-cash restructuring charges
note advances
income taxes
real estate inventory spending less than cost of sales
notes receivable collections in excess of new mortgages
financially reportable sales less than closed sales
decrease in accounts payable
all other, including other working capital charges
net transfers to parent
cash and cash equivalents, beginning
cash and cash equivalents, end

Marriott Vacations Worldwide Corporation(NYSE:VAC)

Marriott Vacations Worldwide Corporation
(NYSE:VAC)