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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 March 31, 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 filer
Non-accelerated filer
Smaller 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 May 2, 2022 was 41,432,080.




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, service marks, and trade names 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.”
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 Ended
March 31, 2022March 31, 2021
REVENUES
Sale of vacation ownership products$310 $163 
Management and exchange222 193 
Rental133 89 
Financing71 59 
Cost reimbursements316 255 
TOTAL REVENUES1,052 759 
EXPENSES
Cost of vacation ownership products60 40 
Marketing and sales182 109 
Management and exchange127 117 
Rental81 82 
Financing21 21 
General and administrative61 46 
Depreciation and amortization33 41 
Litigation charges3 3 
Royalty fee27 25 
Cost reimbursements316 255 
TOTAL EXPENSES911 739 
Gains and other income, net4 6 
Interest expense(27)(43)
Transaction and integration costs(28)(19)
INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS90 (36)
(Provision for) benefit from income taxes(32)11 
NET INCOME (LOSS)58 (25)
Net income attributable to noncontrolling interests (3)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS$58 $(28)
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic$1.36 $(0.68)
Diluted$1.23 $(0.68)
CASH DIVIDENDS DECLARED PER SHARE$0.62 $ 
See Notes to Interim Consolidated Financial Statements
1


MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months Ended
March 31, 2022March 31, 2021
NET INCOME (LOSS)$58 $(25)
Foreign currency translation adjustments4 (3)
Derivative instrument adjustment, net of tax16 6 
OTHER COMPREHENSIVE GAIN, NET OF TAX20 3 
Net income attributable to noncontrolling interests (3)
Other comprehensive income attributable to noncontrolling interests  
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (3)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS$78 $(25)
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
March 31, 2022December 31, 2021
ASSETS
Cash and cash equivalents$354 $342 
Restricted cash (including $78 and $139 from VIEs, respectively)
296 461 
Accounts receivable, net (including $12 and $12 from VIEs, respectively)
234 279 
Vacation ownership notes receivable, net (including $1,661 and $1,662 from VIEs, respectively)
2,030 2,045 
Inventory693 719 
Property and equipment, net1,162 1,136 
Goodwill3,142 3,150 
Intangibles, net978 993 
Other (including $74 and $76 from VIEs, respectively)
614 488 
TOTAL ASSETS$9,503 $9,613 
LIABILITIES AND EQUITY
Accounts payable$212 $265 
Advance deposits194 160 
Accrued liabilities (including $2 and $2 from VIEs, respectively)
347 345 
Deferred revenue507 453 
Payroll and benefits liability214 201 
Deferred compensation liability136 142 
Securitized debt, net (including $1,799 and $1,877 from VIEs, respectively)
1,779 1,856 
Debt, net2,751 2,631 
Other206 224 
Deferred taxes333 350 
TOTAL LIABILITIES6,679 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; 75,721,548 and 75,519,049 shares issued, respectively
1 1 
Treasury stock — at cost; 33,971,376 and 33,235,671 shares, respectively
(1,474)(1,356)
Additional paid-in capital3,945 4,072 
Accumulated other comprehensive loss4 (16)
Retained earnings338 275 
TOTAL MVW SHAREHOLDERS' EQUITY2,814 2,976 
Noncontrolling interests10 10 
TOTAL EQUITY2,824 2,986 
TOTAL LIABILITIES AND EQUITY$9,503 $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)
Three Months Ended
March 31, 2022March 31, 2021
OPERATING ACTIVITIES
Net income (loss)$58 $(25)
Adjustments to reconcile net income (loss) to net cash, cash equivalents and restricted cash provided by (used in) operating activities:
Depreciation and amortization of intangibles33 41 
Amortization of debt discount and issuance costs5 11 
Vacation ownership notes receivable reserve29 14 
Share-based compensation8 8 
Deferred income taxes18 15 
Net change in assets and liabilities:
Accounts receivable45 51 
Vacation ownership notes receivable originations(205)(108)
Vacation ownership notes receivable collections188 165 
Inventory28 (26)
Other assets(134)(138)
Accounts payable, advance deposits and accrued liabilities12 (30)
Deferred revenue54 102 
Payroll and benefit liabilities13 31 
Deferred compensation liability(7)(2)
Other liabilities(3)5 
Deconsolidation of certain Consolidated Property Owners' Associations (71)
Purchase of vacation ownership units for future transfer to inventory(12)(99)
Other, net(1)(4)
Net cash, cash equivalents and restricted cash provided by (used in) operating activities129 (60)
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)(9)(7)
Purchase of company owned life insurance(4)(1)
Dispositions, net3  
Net cash, cash equivalents and restricted cash used in investing activities(10)(8)

Continued

See Notes to Interim Consolidated Financial Statements
4


MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(In millions)
(Unaudited)
Three Months Ended
March 31, 2022March 31, 2021
FINANCING ACTIVITIES
Borrowings from securitization transactions102  
Repayment of debt related to securitization transactions(178)(159)
Proceeds from debt30 561 
Repayments of debt(30)(100)
Purchase of convertible note hedges (100)
Proceeds from issuance of warrants 70 
Finance lease payment(2) 
Payment of debt issuance costs(4)(2)
Repurchase of common stock(119) 
Payment of dividends(49) 
Payment of withholding taxes on vesting of restricted stock units(22)(15)
Net cash, cash equivalents and restricted cash (used in) provided by financing activities(272)255 
Effect of changes in exchange rates on cash, cash equivalents and restricted cash (1)
Change in cash, cash equivalents and restricted cash(153)186 
Cash, cash equivalents and restricted cash, beginning of period803 992 
Cash, cash equivalents and restricted cash, end of period$650 $1,178 
SUPPLEMENTAL DISCLOSURES
Non-cash transfer from property and equipment to inventory$2 $3 
Non-cash transfer from inventory to property and equipment31 2 
Non-cash transfer of other assets to property and equipment13 22 
Non-cash issuance of debt in connection with asset acquisition11  
Non-cash issuance of treasury stock for employee stock purchase plan1  
Interest paid, net of amounts capitalized30 53 
Income tax refunds, net of income taxes paid(7)(30)

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 (16)306 2,896 10 2,906 
— Net income— — — — 58 58 — 58 
— Foreign currency translation adjustments— — — 4 — 4 — 4 
— Derivative instrument adjustment— — — 16 — 16 — 16 
0.2 Share-based compensation plans— 1 (16)— — (15)— (15)
— Repurchase of common stock— (119)— — — (119)— (119)
— Dividends— — — — (26)(26)— (26)
75.7 BALANCE AT MARCH 31, 2022$1 $(1,474)$3,945 $4 $338 $2,814 $10 $2,824 
Common
Stock
Issued
Common
Stock
Treasury
Stock
Additional
Paid-In
Capital
Accumulated Other Comprehensive (Loss) IncomeRetained EarningsTotal MVW Shareholders' EquityNoncontrolling InterestsTotal Equity
75.3 BALANCE AT DECEMBER 31, 2020$1 $(1,334)$3,760 $(48)$272 $2,651 $31 $2,682 
— Net (loss) income— — — — (28)(28)3 (25)
— Foreign currency translation adjustments— — — (3)— (3)— (3)
— Derivative instrument adjustment— — — 6 — 6 — 6 
0.2 Share-based compensation plans— — (4)— — (4)— (4)
— Equity component of convertible notes, net of issuance costs— — 117 — — 117 — 117 
— Purchase of convertible note hedges— — (100)— — (100)— (100)
— Issuance of warrants— — 70 — — 70 — 70 
— Deconsolidation of certain Consolidated Property Owners' Associations— — — — — — (5)(5)
75.5 BALANCE AT MARCH 31, 2021$1 $(1,334)$3,843 $(45)$244 $2,709 $29 $2,738 

See Notes to Interim Consolidated Financial Statements
6


MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
The Interim Consolidated Financial Statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) “we,” “us,” “Marriott Vacations Worldwide,” “MVW” or “the Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) “MVWC,” which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). In order to make this report easier to read, we refer throughout to (i) our Interim Consolidated Financial Statements as our “Financial Statements,” (ii) our Interim Consolidated Statements of Income as our “Income Statements,” (iii) our Interim Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Interim Consolidated Statements of Cash Flows as our “Cash Flows.” In addition, references throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Interim Consolidated Financial Statements, unless otherwise noted. 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 fiscal year ended December 31, 2021 (the “2021 Annual Report”). We use certain other terms that are defined within these Financial Statements.
The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income or loss attributable to common shareholders and MVW shareholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation.
These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, allocations of the purchase price paid in business combinations, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainty created by the COVID-19 pandemic, and the ongoing efforts to mitigate it, has made it more challenging to make these estimates. Accordingly, ultimate results could differ from our estimates, and such differences may be material.
In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, the results of our operations, and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, the impact of the COVID-19 pandemic and seasonal and short-term variations. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our 2021 Annual Report.
Acquisition of Welk
On April 1, 2021, we completed the acquisition of Welk Hospitality Group, Inc. (“Welk”) through a series of transactions (the “Welk Acquisition”), after which Welk became our indirect wholly-owned subsidiary. We refer to the business and brands that we acquired as “Legacy-Welk.” See Footnote 3 “Acquisitions” for more information on the Welk Acquisition.
2. SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
New Accounting Standards
Accounting Standards Update 2020-06 – “Debt — Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”)
In the first quarter of 2022, we adopted accounting standards update (“ASU”) 2020-06, using the modified retrospective method. Under ASU 2020-06, we no longer separate our convertible notes into liability and equity components,
7


and we are required to calculate the impact of our convertible notes on diluted earnings per share using the “if-converted” method, regardless of intent to settle or partially settle the debt in cash. Under the “if-converted” method, diluted earnings per share would generally be calculated assuming that all of our convertible notes were converted solely into shares of common stock at the beginning of the reporting period, unless the result would be anti-dilutive. The application of the “if- converted” method reduces our reported diluted earnings per share. The impacts of the adoption were recorded as a cumulative effect in the opening balance of retained earnings and the conversion feature related to our convertible notes was reclassified from equity to liabilities. In addition, we eliminated the related equity adjustment associated with the deferred tax liability. The adoption of ASU 2020-06 on January 1, 2022 resulted in an increase in debt of $107 million, a decrease in additional paid-in capital of $111 million, and a decrease in deferred taxes of $27 million, as well as a cumulative effect adjustment to the opening balance of retained earnings of $