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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 10-Q
___________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-35219
_________________________
Marriott Vacations Worldwide Corporation
(Exact name of registrant as specified in its charter)
_________________________
Delaware45-2598330
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
9002 San Marco CourtOrlandoFL32819
(Address of principal executive offices)(Zip Code)
(407) 206-6000 (Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueVACNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The number of shares outstanding of the issuer’s common stock, par value $0.01 per share, as of October 31, 2022 was 38,320,142.




MARRIOTT VACATIONS WORLDWIDE CORPORATION
FORM 10-Q TABLE OF CONTENTS
Throughout this report, we refer to Marriott Vacations Worldwide Corporation, together with its consolidated subsidiaries, as “Marriott Vacations Worldwide,” “MVW,” “we,” “us,” or “the Company.” We also refer to brands that we own, as well as those brands that we license, as our brands. All brand names, trademarks, trade names, and service marks cited in this report are the property of their respective owners, including those of other companies and organizations. Solely for convenience, trademarks, trade names, and service marks referred to in this report may appear without the ® or TM symbols, however such references are not intended to indicate in any way that MVW or the owner, as applicable, will not assert, to the fullest extent under applicable law, all rights to such trademarks, trade names, and service marks.
Capitalized terms used and not specifically defined herein have the same meanings given those terms in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). When discussing our properties or markets, we refer to the United States, Mexico, Central America, and the Caribbean as “North America.”
Impact of the COVID-19 Pandemic
The COVID-19 pandemic has caused significant disruptions in international and U.S. economies and markets, and has also had an unprecedented impact on the travel and hospitality industries, as well as the Company. We discuss the impacts of the COVID-19 pandemic and its potential future implications throughout this report; however, the COVID-19 pandemic, and any recovery therefrom, continues to evolve and further potential impacts on our business in the future remain uncertain.


PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
REVENUES
Sale of vacation ownership products$444 $330 $1,179 $789 
Management and exchange198 225 623 638 
Rental165 130 438 340 
Financing74 69 217 196 
Cost reimbursements371 298 1,011 827 
TOTAL REVENUES1,252 1,052 3,468 2,790 
EXPENSES
Cost of vacation ownership products76 71 216 178 
Marketing and sales207 166 603 439 
Management and exchange101 138 330 381 
Rental126 84 294 247 
Financing5 22 49 64 
General and administrative62 54 187 166 
Depreciation and amortization33 35 98 112 
Litigation charges2 2 7 8 
Royalty fee28 26 84 78 
Impairment1  1 5 
Cost reimbursements371 298 1,011 827 
TOTAL EXPENSES1,012 896 2,880 2,505 
(Losses) gains and other (expense) income, net(2)(31)39 (27)
Interest expense(34)(41)(91)(128)
Transaction and integration costs(34)(27)(99)(75)
Other(1)1  2 
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS169 58 437 57 
Provision for income taxes(59)(47)(134)(63)
NET INCOME (LOSS)110 11 303 (6)
Net income attributable to noncontrolling interests(1)(1) (6)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS$109 $10 $303 $(12)
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic$2.76 $0.24 $7.39 $(0.28)
Diluted$2.53 $0.23 $6.68 $(0.28)
CASH DIVIDENDS DECLARED PER SHARE$0.62 $0.54 $1.86 $0.54 
See Notes to Interim Consolidated Financial Statements
1


MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months EndedNine Months Ended
September 30, 2022September 30, 2021September 30, 2022September 30, 2021
NET INCOME (LOSS)$110 $11 $303 $(6)
Foreign currency translation adjustments(1)(4)1 (3)
Reclassification of foreign currency translation adjustments realized upon disposition of entities  (10) 
Derivative instrument adjustment, net of tax8 3 31 12 
OTHER COMPREHENSIVE GAIN (LOSS), NET OF TAX7 (1)22 9 
Net income attributable to noncontrolling interests(1)(1) (6)
Other comprehensive income attributable to noncontrolling interests    
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS(1)(1) (6)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS$116 $9 $325 $(3)
See Notes to the Interim Consolidated Financial Statements

2


MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
Unaudited
September 30, 2022December 31, 2021
ASSETS
Cash and cash equivalents$294 $342 
Restricted cash (including $67 and $139 from VIEs, respectively)
249 461 
Accounts and contracts receivable, net (including $12 and $12 from VIEs, respectively)
248 279 
Vacation ownership notes receivable, net (including $1,662 and $1,662 from VIEs, respectively)
2,142 2,045 
Inventory668 719 
Property and equipment, net1,136 1,136 
Goodwill3,117 3,150 
Intangibles, net924 993 
Other (including $68 and $76 from VIEs, respectively)
459 488 
TOTAL ASSETS$9,237 $9,613 
LIABILITIES AND EQUITY
Accounts payable$221 $265 
Advance deposits178 160 
Accrued liabilities (including $2 and $2 from VIEs, respectively)
342 345 
Deferred revenue346 453 
Payroll and benefits liability248 201 
Deferred compensation liability130 142 
Securitized debt, net (including $1,830 and $1,877 from VIEs, respectively)
1,809 1,856 
Debt, net2,749 2,631 
Other212 224 
Deferred taxes374 350 
TOTAL LIABILITIES6,609 6,627 
Contingencies and Commitments (Note 11)
Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding
  
Common stock — $0.01 par value; 100,000,000 shares authorized; 75,744,121 and 75,519,049 shares issued, respectively
1 1 
Treasury stock — at cost; 37,036,447 and 33,235,671 shares, respectively
(1,882)(1,356)
Additional paid-in capital3,968 4,072 
Accumulated other comprehensive loss6 (16)
Retained earnings533 275 
TOTAL MVW SHAREHOLDERS' EQUITY2,626 2,976 
Noncontrolling interests2 10 
TOTAL EQUITY2,628 2,986 
TOTAL LIABILITIES AND EQUITY$9,237 $9,613 
The abbreviation VIEs above means Variable Interest Entities.
See Notes to Interim Consolidated Financial Statements
3


MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended
September 30, 2022September 30, 2021
OPERATING ACTIVITIES
Net income (loss)$303 $(6)
Adjustments to reconcile net income (loss) to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles98 112 
Amortization of debt discount and issuance costs20 41 
Vacation ownership notes receivable reserve130 73 
Share-based compensation30 33 
Impairment charges1 5 
Gains and other income, net(48) 
Deferred income taxes64 10 
Net change in assets and liabilities:
Accounts and contracts receivable6 54 
Vacation ownership notes receivable originations(728)(545)
Vacation ownership notes receivable collections469 532 
Inventory74 59 
Other assets(21)(29)
Accounts payable, advance deposits and accrued liabilities(28)(44)
Deferred revenue(5)119 
Payroll and benefit liabilities52 35 
Deferred compensation liability8 14 
Other liabilities7 23 
Deconsolidation of certain Consolidated Property Owners' Associations(48)(87)
Purchase of vacation ownership units for future transfer to inventory(12)(99)
Other, net8 3 
Net cash, cash equivalents and restricted cash provided by operating activities380 303 
INVESTING ACTIVITIES
Acquisition of a business, net of cash and restricted cash acquired (157)
Proceeds from disposition of subsidiaries, net of cash and restricted cash transferred94  
Capital expenditures for property and equipment (excluding inventory)(36)(19)
Issuance of note receivable to VIE(47) 
Proceeds from collection of note receivable from VIE47  
Purchase of company owned life insurance(14)(11)
Other, net5  
Net cash, cash equivalents and restricted cash provided by (used in) investing activities49 (187)

Continued
See Notes to Interim Consolidated Financial Statements
4


MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(In millions)
(Unaudited)
Nine Months Ended
September 30, 2022September 30, 2021
FINANCING ACTIVITIES
Borrowings from securitization transactions609 425 
Repayment of debt related to securitization transactions(655)(602)
Proceeds from debt505 1,061 
Repayments of debt(505)(1,039)
Purchase of convertible note hedges (100)
Proceeds from issuance of warrants 70 
Finance lease payment(3)(2)
Payment of debt issuance costs(10)(17)
Repurchase of common stock(528)(4)
Payment of dividends(75) 
Payment of withholding taxes on vesting of restricted stock units(23)(17)
Net cash, cash equivalents and restricted cash used in financing activities(685)(225)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash(4)(1)
Change in cash, cash equivalents and restricted cash(260)(110)
Cash, cash equivalents and restricted cash, beginning of period803 992 
Cash, cash equivalents and restricted cash, end of period$543 $882 
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of debt in connection with asset acquisition$11 $ 
Non-cash issuance of treasury stock for employee stock purchase plan4 3 
Non-cash issuance of treasury stock in connection with Welk Acquisition 248 
Non-cash transfer from inventory to property and equipment45 105 
Non-cash transfer from property and equipment to inventory2 3 
Non-cash transfer of other assets to property and equipment15 22 
Dividends payable24 23 
Interest paid, net of amounts capitalized104 136 
Income taxes paid, net of refunds (income tax refunds, net of income taxes paid)51 (19)

See Notes to Interim Consolidated Financial Statements

5



MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions)
(Unaudited)
Common
Stock
Issued
Common
Stock
Treasury
Stock
Additional
Paid-In
Capital
Accumulated Other Comprehensive (Loss) IncomeRetained EarningsTotal MVW Shareholders' EquityNoncontrolling InterestsTotal Equity
75.5 BALANCE AT DECEMBER 31, 2021$1 $(1,356)$4,072 $(16)$275 $2,976 $10 $2,986 
— 
Impact of adoption of ASU 2020-06
— — (111)— 31 (80)— (80)
75.5 OPENING BALANCE 20221 (1,356)3,961 (