Marriott Vacations Worldwide Corporation (NYSE: VAC) (“MVW” or
the “Company”) reported financial results for the fourth quarter
and full year 2023 and provided guidance for full year 2024.
“After a challenging year, we ended the year on a very positive
note, growing contract sales by 4% in the fourth quarter on a
year-over-year basis with VPG in-line with the prior year, after
adjusting for the estimated impact of the Maui wildfires,” said
John Geller, President and Chief Executive Officer. “The transition
to Abound by Marriott Vacations is behind us. Moving forward, we
continue to look for ways to leverage technology to grow our
revenues while driving efficiencies and cost savings across the
organization.”
Fourth Quarter 2023
Highlights
- Consolidated Vacation Ownership contract sales declined 2%
year-over-year to $447 million driven by 2% lower volume per guest
(“VPG”). The Company estimates that excluding the impact of the
Maui wildfires, contract sales would have grown 4%, tours would
have increased 4% and VPG would have been unchanged compared to the
prior year.
- Net income attributable to common stockholders was $35 million
and fully diluted earnings per share was $0.93.
- Adjusted net income attributable to common stockholders was $75
million and adjusted fully diluted earnings per share was
$1.88.
- Adjusted EBITDA was $186 million.
- The Company repurchased 431,000 shares of its common stock for
$38 million during the quarter and increased its quarterly dividend
to $0.76 per share, which was paid in January. For the year, the
Company repurchased 6% of its shares outstanding for $286 million
and paid $106 million in dividends.
Fourth Quarter 2023 Results
On August 8, 2023, a wildfire devastated the area of West Maui.
While the Company operates four vacation ownership resorts and
sales centers in the area, it did not sustain any physical damage
to these resorts and sales centers. However, the Company estimates
the Maui wildfires negatively impacted its fourth quarter contract
sales by approximately $25 million, Net income attributable to
common stockholders by $17 million and Adjusted EBITDA by $24
million.
In the third quarter of 2022, the Company aligned its contract
terms for the sale of its Marriott-, Westin-, and Sheraton-branded
vacation ownership products, resulting in the acceleration of
revenue from the sale of Marriott-branded vacation ownership
interests. In addition, the Company aligned its reserve methodology
for vacation ownership notes receivable for these brands, resulting
in a decrease in the reserve for the acquired notes offset by an
increase in the reserve for the originated notes. Together, these
changes are referred to as the “Alignment.”
The tables below illustrate the comparison of the reported
results from the fourth quarter of 2023, as well as adjusted
results that reflect the estimated impact of the Maui fires, to the
results from the fourth quarter of 2022, including the impact of
the Alignment on the Company’s reported results for that time
period. In the tables below “*” denotes non-GAAP financial
measures. Please see “Non-GAAP Financial Measures” for additional
information about our reasons for providing these alternative
financial measures and limitations on their use.
Consolidated
Three Months Ended
December 31, 2023
December 31, 2022
($ in millions)
As Reported
Estimated Impact of Maui
Fires
As Adjusted*
As Reported
Impact of Alignment
As Adjusted*
Net income attributable to common
stockholders
$
35
$
17
$
52
$
88
$
(5
)
$
83
Adjusted net income attributable to common
stockholders*
$
75
$
17
$
92
$
115
$
(5
)
$
110
Adjusted EBITDA*
$
186
$
24
$
210
$
239
$
(7
)
$
232
Vacation Ownership
Selected Items
Three Months Ended
December 31, 2023
December 31, 2022
($ in millions, except VPG)
As Reported
Estimated Impact of Maui
Fires
As Adjusted*
As Reported
Impact of Alignment
As Adjusted*
Consolidated contract sales
$
447
$
25
$
472
$
454
$
—
$
454
VPG
$
4,002
$
88
$
4,090
$
4,088
$
—
$
4,088
Tours
105,580
4,028
109,608
105,231
—
105,231
Sale of vacation ownership products
$
375
$
24
$
399
$
439
$
(12
)
$
427
Development profit
$
120
$
18
$
138
$
162
$
(7
)
$
155
Management and exchange profit
$
75
$
2
$
77
$
70
$
—
$
70
Rental profit
$
15
$
2
$
17
$
15
$
—
$
15
Financing profit
$
51
$
—
$
51
$
50
$
—
$
50
Other
$
(3
)
$
3
$
—
$
1
$
—
$
1
Segment financial results attributable to
common stockholders
$
199
$
25
$
224
$
241
$
(5
)
$
236
Segment margin
27.3%
29.7%
31.9%
31.7%
Segment Adjusted EBITDA*
$
236
$
25
$
261
$
261
$
(7
)
$
254
Segment Adjusted EBITDA margin*
32.5%
34.7%
34.6%
34.2%
Revenues excluding cost reimbursements decreased 3% in the
fourth quarter of 2023 compared to the prior year. The decline was
driven by a 2% year-over-year reduction in consolidated contract
sales resulting from the Maui wildfires, as well as a $24 million
prior year reportability benefit. Adjusted for the estimated $25
million impact of the Maui wildfires, consolidated contract sales
would have increased 4% year-over-year.
Segment financial results attributable to common stockholders
declined $42 million to $199 million in the fourth quarter of 2023
and Segment Adjusted EBITDA declined $25 million to $236 million.
Adjusting for the $25 million estimated impact from the Maui
wildfires in the current year and $7 million Alignment benefit in
the prior year, Segment Adjusted EBITDA would have increased 3% to
$261 million.
Exchange & Third-Party Management
Selected Items
Three Months Ended
December 31, 2023
December 31, 2022
($ in millions)
As Reported
Estimated Impact of Maui
Fires
As Adjusted*
As Reported
Impact of Alignment
As Adjusted*
Management and exchange profit
$
22
$
(1
)
$
21
$
22
$
—
$
22
Segment financial results attributable to
common stockholders
$
18
$
(1
)
$
17
$
24
$
—
$
24
Segment margin
31.1%
28.3%
41.3%
41.3%
Segment Adjusted EBITDA*
$
31
$
(1
)
$
30
$
31
$
—
$
31
Segment Adjusted EBITDA margin*
52.2%
49.3%
54.9%
54.9%
Revenues excluding cost reimbursements decreased 2% in the
fourth quarter of 2023 compared to the prior year driven by lower
member transactions. Interval International ended the year with 1.6
million active members, in-line with the prior year, and Average
revenue per member increased 2% year-over-year in the fourth
quarter.
Segment financial results attributable to common stockholders
were $18 million in the fourth quarter of 2023, Segment margin was
31% and Segment Adjusted EBITDA was $31 million. Adjusted for the
estimated impact from the Maui wildfires, Segment Adjusted EBITDA
would have decreased $1 million to $30 million.
Corporate and Other General and administrative costs
increased $22 million in the fourth quarter of 2023 compared to the
prior year primarily due to higher IT spending to drive our digital
and data initiatives.
Balance Sheet and Liquidity The Company ended the year
with $929 million in liquidity, including $248 million of cash and
cash equivalents, $60 million of gross notes receivable that were
eligible for securitization, and $621 million of available capacity
under its revolving corporate credit facility.
At the end of 2023, the Company had $3.0 billion of corporate
debt and $2.1 billion of non-recourse debt related to its
securitized notes receivable.
Full Year 2024 Outlook The Company is providing guidance
for the full year 2024 as reflected in the chart below. The
Financial Schedules that follow reconcile the following full year
2024 expected GAAP results for the Company to the non-GAAP
financial measures set forth below.
In the table below “*” denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
(in millions, except per share
amounts)
2024 Guidance
Contract sales
$1,880
to
$1,930
Net income attributable to common
stockholders
$285
to
$320
Earnings per share - diluted
$7.17
to
$8.00
Net cash, cash equivalents, and restricted
cash provided by operating activities
$265
to
$295
Adjusted EBITDA*
$760
to
$800
Adjusted earnings per share - diluted*
$7.65
to
$8.35
Adjusted free cash flow*
$400
to
$450
Non-GAAP Financial Information Non-GAAP financial
measures are reconciled and adjustments are shown and described in
further detail in the Financial Schedules that follow. Please see
“Non-GAAP Financial Measures” for additional information about our
reasons for providing these alternative financial measures and
limitations on their use. In addition to the foregoing non-GAAP
financial measures, we present certain key metrics as performance
measures which are further described in our most recent Annual
Report on Form 10-K, and which may be updated in our periodic
filings with the U.S. Securities and Exchange Commission.
Fourth Quarter 2023 Financial Results Conference Call The
Company will hold a conference call on February 22, 2024 at 8:30
a.m. ET to discuss these financial results and provide an update on
business conditions. Participants may access the call by dialing
(877) 407-8289 or (201) 689-8341 for international callers. A live
webcast of the call will also be available in the Investor
Relations section of the Company's website at ir.mvwc.com. An audio
replay of the conference call will be available for 30 days on the
Company’s website.
About Marriott Vacations Worldwide Corporation Marriott
Vacations Worldwide Corporation is a leading global vacation
company that offers vacation ownership, exchange, rental and resort
and property management, along with related businesses, products,
and services. The Company has approximately 120 vacation ownership
resorts and approximately 700,000 owner families in a diverse
portfolio that includes some of the most iconic vacation ownership
brands. The Company also operates an exchange network and
membership programs comprised of more than 3,200 affiliated resorts
in over 90 countries and territories, and provides management
services to other resorts and lodging properties. As a leader and
innovator in the vacation industry, the Company upholds the highest
standards of excellence in serving its customers, investors and
associates while maintaining exclusive, long-term relationships
with Marriott International, Inc. and an affiliate of Hyatt Hotels
Corporation for the development, sales and marketing of vacation
ownership products and services. For more information, please visit
www.marriottvacationsworldwide.com.
Note on forward-looking statements This press release and
accompanying schedules contain “forward-looking statements” within
the meaning of federal securities laws, including statements about
leveraging technology to enhance core operations and other benefits
to the organization and full year 2024 outlook for contract sales,
results of operations and cash flows. Forward-looking statements
include all statements that are not historical facts and can be
identified by the use of forward-looking terminology such as the
words “believe,” “expect,” “plan,” “intend,” “anticipate,”
“estimate,” “predict,” “potential,” “continue,” “may,” “might,”
“should,” “could” or the negative of these terms or similar
expressions. The Company cautions you that these statements are not
guarantees of future performance and are subject to numerous and
evolving risks and uncertainties that we may not be able to predict
or assess, such as: a future health crisis and responses to a
health crisis, including possible quarantines or other government
imposed travel or health-related restrictions and the effects of a
health crisis, including the short and longer-term impact on
consumer confidence and demand for travel and the pace of recovery
following a health crisis; variations in demand for vacation
ownership and exchange products and services; worker absenteeism;
price inflation; difficulties associated with implementing new or
maintaining existing technology; changes in privacy laws; the
impact of a future banking crisis; impacts from natural or man-made
disasters and wildfires, including the Maui wildfires; global
supply chain disruptions; volatility in the international and
national economy and credit markets, including as a result of the
ongoing conflicts between Russia and Ukraine, Israel and Gaza, and
elsewhere in the world and related sanctions and other measures;
our ability to attract and retain our global workforce; competitive
conditions; the availability of capital to finance growth; the
impact of changes in interest rates; the effects of steps we have
taken and may continue to take to reduce operating costs; political
or social strife; and other matters referred to under the heading
“Risk Factors” in our most recent Annual Report on Form 10-K, and
which may be updated in our future periodic filings with the U.S.
Securities and Exchange Commission. All forward-looking statements
in this press release are made as of the date of this press release
and the Company undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise, except as required by
law. There may be other risks and uncertainties that we cannot
predict at this time or that we currently do not expect will have a
material adverse effect on our financial position, results of
operations or cash flows. Any such risks could cause our results to
differ materially from those we express in forward-looking
statements.
Financial Schedules Follow
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
FINANCIAL SCHEDULES
QUARTER 4, 2023
TABLE OF CONTENTS
Summary Financial Information
A-1
Adjusted EBITDA by Segment
A-2
Consolidated Statements of Income
A-3
to
A-4
Revenues and Profit by Segment
A-5
to
A-6
Consolidated Contract Sales to Adjusted
Development Profit
A-7
to
A-8
Adjusted Net Income Attributable to Common
Stockholders and Adjusted Earnings Per Share - Diluted
A-9
Adjusted EBITDA
A-10
Segment Adjusted EBITDA
Vacation Ownership
A-11
Exchange & Third-Party Management
Balance Sheet Items and Summary Cash
Flow
A-12
2024 Outlook
Adjusted Net Income Attributable to Common
Stockholders, Adjusted Earnings Per Share - Diluted and Adjusted
EBITDA
A-13
Adjusted Free Cash Flow
A-14
Quarterly Operating Metrics
A-15
Non-GAAP Financial Measures
A-16
to
A-17
A-1
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
(In millions, except VPG, tours,
total active Interval International members, average revenue per
member, and per share amounts)
(Unaudited)
SUMMARY FINANCIAL
INFORMATION
Quarter Ended
Change %
Fiscal Year Ended
Change %
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Key Measures
Total consolidated contract sales
$
447
$
454
(2%)
$
1,772
$
1,837
(4%)
VPG
$
4,002
$
4,088
(2%)
$
4,088
$
4,421
(8%)
Tours
105,580
105,231
0%
405,825
390,593
4%
Total active Interval International
members (000's)(1)
1,564
1,566
0%
1,564
1,566
0%
Average revenue per Interval International
member
$
36.16
$
35.60
2%
$
156.65
$
157.97
(1%)
GAAP Measures
Revenues
$
1,194
$
1,188
0%
$
4,727
$
4,656
2%
Income before income taxes and
noncontrolling interests
$
64
$
145
(55%)
$
398
$
582
(31%)
Net income attributable to common
stockholders
$
35
$
88
(60%)
$
254
$
391
(35%)
Diluted shares
42.5
43.0
(1%)
43.5
45.2
(4%)
Earnings per share - diluted
$
0.93
$
2.08
(55%)
$
6.28
$
8.77
(28%)
Non-GAAP Measures*
Adjusted EBITDA
$
186
$
239
(22%)
$
761
$
966
(21%)
Adjusted pretax income
$
105
$
169
(38%)
$
450
$
677
(34%)
Adjusted net income attributable to common
stockholders
$
75
$
115
(35%)
$
322
$
458
(30%)
Adjusted earnings per share - diluted
$
1.88
$
2.74
(31%)
$
7.83
$
10.26
(24%)
(1) Includes members at the end of each
period.
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-2
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
ADJUSTED EBITDA BY
SEGMENT
(In millions)
(Unaudited)
Three Months Ended
December 31, 2023
December 31, 2022
As Reported
Impact of
Alignment
As Adjusted*
Vacation Ownership
$
236
$
261
$
(7
)
$
254
Exchange & Third-Party Management
31
31
—
31
Segment Adjusted EBITDA*
267
292
(7
)
285
General and administrative
(84
)
(62
)
—
(62
)
Other
3
9
—
9
Adjusted EBITDA*
$
186
$
239
$
(7
)
$
232
Twelve Months Ended
December 31, 2023
December 31, 2022
As Reported
Impact of
Alignment
As Adjusted*
Vacation Ownership
$
883
$
1,033
$
(51
)
$
982
Exchange & Third-Party Management
130
148
—
148
Segment Adjusted EBITDA*
1,013
1,181
(51
)
1,130
General and administrative
(273
)
(249
)
—
(249
)
Other
21
34
—
34
Adjusted EBITDA*
$
761
$
966
$
(51
)
$
915
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-3
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
CONSOLIDATED STATEMENTS OF
INCOME
(In millions, except per share
amounts)
Three Months Ended
December 31, 2023
December 31, 2022
As Reported
Impact of Alignment
As Adjusted*
REVENUES
Sale of vacation ownership products
$
375
$
439
$
(12
)
$
427
Management and exchange
202
204
—
204
Rental
136
113
—
113
Financing
83
76
—
76
Cost reimbursements
398
356
—
356
TOTAL REVENUES
1,194
1,188
(12
)
1,176
EXPENSES
Cost of vacation ownership products
50
73
(5
)
68
Marketing and sales
205
204
—
204
Management and exchange
110
114
—
114
Rental
108
88
—
88
Financing
32
26
—
26
General and administrative
84
62
—
62
Depreciation and amortization
36
34
—
34
Litigation charges
6
4
—
4
Restructuring
6
—
—
—
Royalty fee
29
30
—
30
Impairment
28
1
—
1
Cost reimbursements
398
356
—
356
TOTAL EXPENSES
1,092
992
(5
)
987
Gains and other income, net
13
1
—
1
Interest expense, net
(39
)
(27
)
—
(27
)
Transaction and integration costs
(9
)
(26
)
—
(26
)
Other
(3
)
1
—
1
INCOME (LOSS) BEFORE INCOME TAXES AND
NONCONTROLLING INTERESTS
64
145
(7
)
138
(Provision for) benefit from income
taxes
(31
)
(57
)
2
(55
)
NET INCOME (LOSS)
33
88
(5
)
83
Net income attributable to noncontrolling
interests
2
—
—
—
NET INCOME (LOSS) ATTRIBUTABLE TO
COMMON STOCKHOLDERS
$
35
$
88
$
(5
)
$
83
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE
TO COMMON STOCKHOLDERS
Basic shares
35.6
38.2
—
38.2
Basic
$
0.98
$
2.30
$
(0.16
)
$
2.14
Diluted shares
42.5
43.0
—
43.0
Diluted
$
0.93
$
2.08
$
(0.14
)
$
1.94
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-4
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
CONSOLIDATED STATEMENTS OF
INCOME
(In millions, except per share
amounts)
Twelve Months Ended
December 31, 2023
December 31, 2022
As Reported
Impact of Alignment
As Adjusted*
REVENUES
Sale of vacation ownership products
$
1,460
$
1,618
$
(39
)
$
1,579
Management and exchange
813
827
—
827
Rental
571
551
—
551
Financing
322
293
—
293
Cost reimbursements
1,561
1,367
—
1,367
TOTAL REVENUES
4,727
4,656
(39
)
4,617
EXPENSES
Cost of vacation ownership products
224
289
(7
)
282
Marketing and sales
823
807
—
807
Management and exchange
442
444
—
444
Rental
452
382
—
382
Financing
113
75
19
94
General and administrative
273
249
—
249
Depreciation and amortization
135
132
—
132
Litigation charges
13
11
—
11
Restructuring
6
—
—
—
Royalty fee
117
114
—
114
Impairment
32
2
—
2
Cost reimbursements
1,561
1,367
—
1,367
TOTAL EXPENSES
4,191
3,872
12
3,884
Gains and other income, net
47
40
—
40
Interest expense, net
(145
)
(118
)
—
(118
)
Transaction and integration costs
(37
)
(125
)
—
(125
)
Other
(3
)
1
—
1
INCOME (LOSS) BEFORE INCOME TAXES AND
NONCONTROLLING INTERESTS
398
582
(51
)
531
(Provision for) benefit from income
taxes
(146
)
(191
)
13
(178
)
NET INCOME (LOSS)
252
391
(38
)
353
Net loss attributable to noncontrolling
interests
2
—
—
—
NET INCOME (LOSS) ATTRIBUTABLE TO
COMMON STOCKHOLDERS
$
254
$
391
$
(38
)
$
353
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE
TO COMMON STOCKHOLDERS
Basic shares
36.5
40.4
—
40.4
Basic
$
6.96
$
9.69
$
(0.93
)
$
8.76
Diluted shares
43.5
45.2
—
45.2
Diluted
$
6.28
$
8.77
$
(0.83
)
$
7.94
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-5
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
REVENUES AND PROFIT BY
SEGMENT
for the three months ended
December 31, 2023
(In millions)
Reportable Segment
Corporate and Other
Total
Vacation Ownership
Exchange & Third-Party
Management
REVENUES
Sales of vacation ownership products
$
375
$
—
$
—
$
375
Management and exchange(1)
Ancillary
59
2
—
61
Management fee
46
6
(1
)
51
Exchange and other services
38
41
11
90
Management and exchange
143
49
10
202
Rental
127
9
—
136
Financing
83
—
—
83
Cost reimbursements(1)
405
4
(11
)
398
TOTAL REVENUES
$
1,133
$
62
$
(1
)
$
1,194
PROFIT
Development
$
120
$
—
$
—
$
120
Management and exchange(1)
75
22
(5
)
92
Rental(1)
15
9
4
28
Financing
51
—
—
51
TOTAL PROFIT
261
31
(1
)
291
OTHER
General and administrative
—
—
(84
)
(84
)
Depreciation and amortization
(24
)
(8
)
(4
)
(36
)
Litigation charges
(4
)
(1
)
(1
)
(6
)
Restructuring
—
—
(6
)
(6
)
Royalty fee
(29
)
—
—
(29
)
Impairment
(8
)
(4
)
(16
)
(28
)
Gains and other income, net
6
—
7
13
Interest expense, net
—
—
(39
)
(39
)
Transaction and integration costs
—
—
(9
)
(9
)
Other
(3
)
—
—
(3
)
INCOME (LOSS) BEFORE INCOME TAXES AND
NONCONTROLLING INTERESTS
199
18
(153
)
64
Provision for income taxes
—
—
(31
)
(31
)
NET INCOME (LOSS)
199
18
(184
)
33
Net income attributable to noncontrolling
interests(1)
—
—
2
2
NET INCOME (LOSS) ATTRIBUTABLE TO
COMMON STOCKHOLDERS
$
199
$
18
$
(182
)
$
35
SEGMENT MARGIN(2)
27%
31%
(1) Amounts included in Corporate and
other represent the impact of the consolidation of certain owners’
associations under the relevant accounting guidance, and represent
the portion attributable to individual or third-party vacation
ownership interest owners.
(2) Segment margin represents the
applicable segment’s net income or loss attributable to common
stockholders divided by the applicable segment’s total revenues
less cost reimbursement revenues.
A-6
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
REVENUES AND PROFIT BY
SEGMENT
for the three months ended
December 31, 2022
(In millions)
Reportable Segment
Corporate and
Other
Total
Vacation Ownership
Exchange & Third-Party
Management
As Reported
As Adjusted*
As Reported
Impact of Alignment
As Adjusted*
REVENUES
Sales of vacation ownership products
$
439
$
(12
)
$
427
$
—
$
—
$
439
$
427
Management and exchange(1)
Ancillary
58
—
58
1
—
59
59
Management fee
42
—
42
6
—
48
48
Exchange and other services
32
—
32
42
23
97
97
Management and exchange
132
—
132
49
23
204
204
Rental
104
—
104
9
—
113
113
Financing
76
—
76
—
—
76
76
Cost reimbursements(1)
362
—
362
4
(10
)
356
356
TOTAL REVENUES
$
1,113
$
(12
)
$
1,101
$
62
$
13
$
1,188
$
1,176
PROFIT
Development
$
162
$
(7
)
$
155
$
—
$
—
$
162
$
155
Management and exchange(1)
70
—
70
22
(2
)
90
90
Rental(1)
15
—
15
9
1
25
25
Financing
50
—
50
—
—
50
50
TOTAL PROFIT
297
(7
)
290
31
(1
)
327
320
OTHER
General and administrative
—
—
—
—
(62
)
(62
)
(62
)
Depreciation and amortization
(25
)
—
(25
)
(7
)
(2
)
(34
)
(34
)
Litigation charges
(2
)
—
(2
)
—
(2
)
(4
)
(4
)
Royalty fee
(30
)
—
(30
)
—
—
(30
)
(30
)
Impairment
(1
)
—
(1
)
—
—
(1
)
(1
)
Gains and other income, net
1
—
1
—
—
1
1
Interest expense, net
—
—
—
—
(27
)
(27
)
(27
)
Transaction and integration costs
—
—
—
—
(26
)
(26
)
(26
)
Other
1
—
1
—
—
1
1
INCOME (LOSS) BEFORE INCOME TAXES AND
NONCONTROLLING INTERESTS
241
(7
)
234
24
(120
)
145
138
Benefit from (provision for) income
taxes
—
2
2
—
(57
)
(57
)
(55
)
NET INCOME (LOSS)
241
(5
)
236
24
(177
)
88
83
Net income attributable to noncontrolling
interests(1)
—
—
—
—
—
—
—
NET INCOME (LOSS) ATTRIBUTABLE TO
COMMON STOCKHOLDERS
$
241
$
(5
)
$
236
$
24
$
(177
)
$
88
$
83
SEGMENT MARGIN(2)
32%
32%
41%
(1) Amounts included in Corporate and
other represent the impact of the consolidation of certain owners’
associations under the relevant accounting guidance, and represent
the portion attributable to individual or third-party vacation
ownership interest owners.
(2) Segment margin represents the
applicable segment’s net income or loss attributable to common
stockholders divided by the applicable segment’s total revenues
less cost reimbursement revenues.
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-7
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
CONSOLIDATED CONTRACT SALES TO
ADJUSTED DEVELOPMENT PROFIT
(In millions)
(Unaudited)
Three Months Ended
December 31, 2023
December 31, 2022
As Reported
Impact of Alignment
As Adjusted*
Consolidated contract sales
$
447
$
454
$
—
$
454
Less resales contract sales
(10
)
(10
)
—
(10
)
Consolidated contract sales, net of
resales
437
444
—
444
Plus:
Settlement revenue
10
10
—
10
Resales revenue
4
7
—
7
Revenue recognition adjustments:
Reportability
(2
)
36
(12
)
24
Sales reserve
(47
)
(40
)
—
(40
)
Other(1)
(27
)
(18
)
—
(18
)
Sale of vacation ownership products
375
439
(12
)
427
Less:
Cost of vacation ownership products
(50
)
(73
)
5
(68
)
Marketing and sales
(205
)
(204
)
—
(204
)
Development Profit
120
162
(7
)
155
Revenue recognition reportability
adjustment
1
(27
)
7
(20
)
Purchase accounting adjustments
3
(1
)
—
(1
)
Other
—
(8
)
—
(8
)
Adjusted development profit*
$
124
$
126
$
—
$
126
Development profit margin
32.0%
36.8%
36.2%
Adjusted development profit margin*
33.1%
31.5%
31.5%
(1) Adjustment for sales incentives that
will not be recognized as Sale of vacation ownership products
revenue and other adjustments to Sale of vacation ownership
products revenue.
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-8
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
CONSOLIDATED CONTRACT SALES TO
ADJUSTED DEVELOPMENT PROFIT
(In millions)
(Unaudited)
Twelve Months Ended
December 31, 2023
December 31, 2022
As Reported
Impact of Alignment
As Adjusted*
Consolidated contract sales
$
1,772
$
1,837
$
—
$
1,837
Less resales contract sales
(42
)
(40
)
—
(40
)
Consolidated contract sales, net of
resales
1,730
1,797
—
1,797
Plus:
Settlement revenue
39
36
—
36
Resales revenue
22
20
—
20
Revenue recognition adjustments:
Reportability
3
43
(58
)
(15
)
Sales reserve
(232
)
(170
)
19
(151
)
Other(1)
(102
)
(108
)
—
(108
)
Sale of vacation ownership products
1,460
1,618
(39
)
1,579
Less:
Cost of vacation ownership products
(224
)
(289
)
7
(282
)
Marketing and sales
(823
)
(807
)
—
(807
)
Development Profit
413
522
(32
)
490
Revenue recognition reportability
adjustment
(2
)
(35
)
46
11
Purchase accounting adjustments
9
13
—
13
Other
—
(13
)
—
(13
)
Adjusted development profit*
$
420
$
487
$
14
$
501
Development profit margin
28.3%
32.2%
31.0%
Adjusted development profit margin*
28.8%
31.0%
31.5%
(1) Adjustment for sales incentives that
will not be recognized as Sale of vacation ownership products
revenue and other adjustments to Sale of vacation ownership
products revenue.
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-9
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
ADJUSTED NET INCOME
ATTRIBUTABLE TO COMMON STOCKHOLDERS AND
ADJUSTED EARNINGS PER SHARE -
DILUTED
(In millions, except per share
amounts)
Three Months Ended
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Net income attributable to common
stockholders
$
35
$
88
$
254
$
391
Provision for income taxes
31
57
146
191
Income before income taxes attributable to
common stockholders
66
145
400
582
Certain items:
ILG integration
—
18
15
98
Welk acquisition and integration
9
4
22
14
Other transformation initiatives
—
4
—
10
Other transaction costs
—
—
—
3
Transaction and integration costs
9
26
37
125
Early redemption of senior secured
notes
—
—
10
—
Gain on disposition of hotel, land, and
other
—
—
(8
)
(33
)
Gain on disposition of VRI Americas
—
—
—
(17
)
Foreign currency translation
(7
)
—
(6
)
10
Insurance proceeds
(6
)
(1
)
(9
)
(6
)
Change in indemnification asset
(1
)
1
(31
)
3
Other
1
(1
)
(3
)
3
Gains and other income, net
(13
)
(1
)
(47
)
(40
)
Purchase accounting adjustments
2
(2
)
8
11
Litigation charges
6
4
13
11
Restructuring charges
6
—
6
—
Impairment charges
28
1
32
2
Expiration/forfeiture of deposits on
pre-acquisition preview packages
—
—
—
(6
)
Early termination of VRI management
contract
—
—
—
(2
)
Change in estimate relating to
pre-acquisition contingencies
—
(7
)
—
(12
)
Other
1
3
1
6
Adjusted pretax income*
105
169
450
677
Provision for income taxes
(30
)
(54
)
(128
)
(219
)
Adjusted net income attributable to common
stockholders*
$
75
$
115
$
322
$
458
Diluted shares
42.5
43.0
43.5
45.2
Adjusted earnings per share - Diluted*
$
1.88
$
2.74
$
7.83
$
10.26
Excluding the Impact of
Alignment:
Adjusted net income attributable to common
stockholders*
$
75
$
110
$
322
$
420
Adjusted earnings per share - Diluted*
$
1.88
$
2.60
$
7.83
$
9.42
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-10
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
ADJUSTED EBITDA
(In millions)
Three Months Ended
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
NET INCOME ATTRIBUTABLE TO COMMON
STOCKHOLDERS
$
35
$
88
$
254
$
391
Interest expense, net
39
27
145
118
Provision for income taxes
31
57
146
191
Depreciation and amortization
36
34
135
132
Share-based compensation
6
9
31
39
Certain items:
ILG integration
—
18
15
98
Welk acquisition and integration
9
4
22
14
Other transformation initiatives
—
4
—
10
Other transaction costs
—
—
—
3
Transaction and integration costs
9
26
37
125
Early redemption of senior secured
notes
—
—
10
—
Gain on disposition of hotel, land, and
other
—
—
(8
)
(33
)
Gain on disposition of VRI Americas
—
—
—
(17
)
Foreign currency translation
(7
)
—
(6
)
10
Insurance proceeds
(6
)
(1
)
(9
)
(6
)
Change in indemnification asset
(1
)
1
(31
)
3
Other
1
(1
)
(3
)
3
Gains and other income, net
(13
)
(1
)
(47
)
(40
)
Purchase accounting adjustments
2
(2
)
8
11
Litigation charges
6
4
13
11
Restructuring charges
6
—
6
—
Impairment charges
28
1
32
2
Expiration/forfeiture of deposits on
pre-acquisition preview packages
—
—
—
(6
)
Early termination of VRI management
contract
—
—
—
(2
)
Change in estimate relating to
pre-acquisition contingencies
—
(7
)
—
(12
)
Other
1
3
1
6
ADJUSTED EBITDA*
$
186
$
239
$
761
$
966
ADJUSTED EBITDA MARGIN*
23%
29%
24%
29%
Excluding the Impact of
Alignment
ADJUSTED EBITDA*
$
186
$
232
$
761
$
915
ADJUSTED EBITDA MARGIN*
23%
28%
24%
28%
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-11
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
(In millions)
(Unaudited)
VACATION OWNERSHIP SEGMENT
ADJUSTED EBITDA
Three Months Ended
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
SEGMENT FINANCIAL RESULTS ATTRIBUTABLE
TO COMMON STOCKHOLDERS
$
199
$
241
$
777
$
961
Depreciation and amortization
24
25
93
92
Share-based compensation
2
2
8
7
Certain items:
Transaction and integration costs
—
—
—
3
Gain on disposition of hotel, land, and
other
—
—
(7
)
(33
)
Insurance proceeds
(6
)
(1
)
(9
)
(4
)
Change in indemnification asset
—
—
(9
)
—
Other
—
—
(4
)
—
Gains and other income, net
(6
)
(1
)
(29
)
(37
)
Purchase accounting adjustments
2
(2
)
8
11
Litigation charges
4
2
12
9
Impairment charges
8
1
12
2
Expiration/forfeiture of deposits on
pre-acquisition preview packages
—
—
—
(6
)
Change in estimate relating to
pre-acquisition contingencies
—
(7
)
—
(12
)
Other
3
—
2
3
SEGMENT ADJUSTED EBITDA*
$
236
$
261
$
883
$
1,033
SEGMENT ADJUSTED EBITDA MARGIN*
32%
35%
31%
35%
Excluding the Impact of
Alignment
SEGMENT ADJUSTED EBITDA*
$
236
$
254
$
883
$
982
SEGMENT ADJUSTED EBITDA MARGIN*
32%
34%
31%
34%
EXCHANGE & THIRD-PARTY
MANAGEMENT SEGMENT ADJUSTED EBITDA
Three Months Ended
Twelve Months Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
SEGMENT FINANCIAL RESULTS ATTRIBUTABLE
TO COMMON STOCKHOLDERS
$
18
$
24
$
93
$
132
Depreciation and amortization
8
7
31
31
Share-based compensation
1
—
2
2
Certain items:
Gain on disposition of hotel, land, and
other
—
—
(1
)
—
Gain on disposition of VRI Americas
—
—
—
(17
)
Foreign currency translation
—
—
—
2
Litigation charges
1
—
1
—
Impairment charges
4
—
4
—
Early termination of VRI management
contract
—
—
—
(2
)
Other
(1
)
—
—
—
SEGMENT ADJUSTED EBITDA*
$
31
$
31
$
130
$
148
SEGMENT ADJUSTED EBITDA MARGIN*
52%
55%
52%
55%
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-12
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
(In millions)
(unaudited)
BALANCE SHEET ITEMS
Fiscal Year
2023
2022
Cash and cash equivalents
$
248
$
524
Vacation ownership notes receivable,
net
$
2,343
$
2,198
Inventory
$
634
$
660
Property and equipment, net
$
1,260
$
1,139
Goodwill
$
3,117
$
3,117
Intangibles, net
$
854
$
911
Debt, net
$
3,049
$
3,088
Stockholders’ equity
$
2,382
$
2,496
SUMMARY CASH FLOW
Fiscal Year
CASH FLOW
2023
2022
Cash, cash equivalents, and restricted
cash provided by (used in):
Operating activities
$
232
$
522
Investing activities
(112
)
16
Financing activities
(401
)
(486
)
Effect of changes in exchange rates on
cash, cash equivalents, and restricted cash
1
(1
)
Net change in cash, cash equivalents, and
restricted cash
$
(280
)
$
51
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-13
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
(In millions, except per share
amounts)
2024 ADJUSTED NET INCOME
ATTRIBUTABLE TO COMMON STOCKHOLDERS AND
ADJUSTED EARNINGS PER SHARE -
DILUTED OUTLOOK
Fiscal Year 2024
(Low)
Fiscal Year 2024
(High)
Net income attributable to common
stockholders
$
285
$
320
Provision for income taxes
119
134
Income before income taxes attributable to
common stockholders
404
454
Certain items(1)
29
24
Adjusted pretax income*
433
478
Provision for income taxes
(128
)
(143
)
Adjusted net income attributable to common
stockholders*
$
305
$
335
Earnings per share - Diluted(2)(3)
$
7.17
$
8.00
Adjusted earnings per share -
Diluted(2)(3)*
$
7.65
$
8.35
Diluted shares(2)
42.3
42.3
2024 ADJUSTED EBITDA
OUTLOOK
Fiscal Year 2024 (Low)
Fiscal Year 2024
(High)
Net income attributable to common
stockholders
$
285
$
320
Interest expense
161
156
Provision for income taxes
119
134
Depreciation and amortization
128
128
Share-based compensation
38
38
Certain items(1)
29
24
Adjusted EBITDA*
$
760
$
800
(1) Certain items adjustment includes $10
million to $15 million of anticipated transaction and integration
costs, $12 million of anticipated litigation charges and $2 million
of anticipated purchase accounting adjustments.
(2) Includes 6.5 million shares from the
assumed conversion of our convertible notes.
(3) Includes an add back of $19 million of
interest expense related to our convertible notes, net of tax for
purposes of calculating net income in the diluted earnings per
share calculation.
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-14
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
2024 ADJUSTED FREE CASH FLOW
OUTLOOK
(In millions)
Fiscal Year 2024
(Low)
Fiscal Year 2024
(High)
Net cash, cash equivalents and restricted
cash provided by operating activities
$
265
$
295
Capital expenditures for property and
equipment (excluding inventory)
(65
)
(85
)
Borrowings from securitizations, net of
repayments
166
195
Securitized debt issuance costs
(14
)
(15
)
Free cash flow*
352
390
Adjustments:
Net change in borrowings available from
the securitization of eligible vacation ownership notes
receivable(1)
25
40
Certain items(2)
23
20
Adjusted free cash flow*
$
400
$
450
(1) Represents the anticipated net change
in borrowings available from the securitization of eligible
vacation ownership notes receivable between the 2023 and 2024 year
ends.
(2) Certain items adjustment consists
primarily of the after-tax impact of anticipated transaction and
integration costs and litigation charges.
* Denotes non-GAAP financial measures.
Please see “Non-GAAP Financial Measures” for additional information
about our reasons for providing these alternative financial
measures and limitations on their use.
A-15
MARRIOTT VACATIONS WORLDWIDE
CORPORATION
QUARTERLY OPERATING
METRICS
(Contract sales in millions)
Year
Quarter Ended
Full Year
March 31
June 30
September 30
December 31
Vacation Ownership
Consolidated contract sales
2023
$
434
$
453
$
438
$
447
$
1,772
2022
$
394
$
506
$
483
$
454
$
1,837
2021
$
226
$
362
$
380
$
406
$
1,374
VPG
2023
$
4,358
$
3,968
$
4,055
$
4,002
$
4,088
2022
$
4,706
$
4,613
$
4,353
$
4,088
$
4,421
2021
$
4,644
$
4,304
$
4,300
$
4,305
$
4,356
Tours
2023
92,890
106,746
100,609
105,580
405,825
2022
78,505
102,857
104,000
105,231
390,593
2021
45,871
79,900
84,098
89,495
299,364
Exchange & Third-Party
Management
Total active Interval International
members (000's)(1)
2023
1,568
1,566
1,571
1,564
1,564
2022
1,606
1,596
1,591
1,566
1,566
2021
1,479
1,321
1,313
1,296
1,296
Average revenue per Interval International
member
2023
$
42.07
$
39.30
$
39.15
$
36.16
$
156.65
2022
$
44.33
$
38.79
$
38.91
$
35.60
$
157.97
2021
$
47.13
$
46.36
$
42.95
$
42.93
$
179.48
(1) Includes members at the end of each
period.
A-16
MARRIOTT VACATIONS WORLDWIDE CORPORATION
NON-GAAP FINANCIAL MEASURES
In our press release and schedules, and on the related
conference call, we report certain financial measures that are not
prescribed by GAAP. We discuss our reasons for reporting these
non-GAAP financial measures below, and the financial schedules
included herein reconcile the most directly comparable GAAP
financial measure to each non-GAAP financial measure that we report
(identified by an asterisk (“*”) on the preceding pages). Although
we evaluate and present these non-GAAP financial measures for the
reasons described below, please be aware that these non-GAAP
financial measures have limitations and should not be considered in
isolation or as a substitute for revenues, net income or loss
attributable to common stockholders, earnings or loss per share or
any other comparable operating measure prescribed by GAAP. In
addition, other companies in our industry may calculate these
non-GAAP financial measures differently than we do or may not
calculate them at all, limiting their usefulness as comparative
measures.
Certain Items Excluded from Non-GAAP Financial Measures
We evaluate non-GAAP financial measures, including those identified
by an asterisk (“*”) on the preceding pages, that exclude certain
items as further described in the financial schedules included
herein, and believe these measures provide useful information to
investors because these non-GAAP financial measures allow for
period-over-period comparisons of our on-going core operations
before the impact of these items. These non-GAAP financial measures
also facilitate the comparison of results from our on-going core
operations before these items with results from other
companies.
Adjusted Development Profit and Adjusted Development Profit
Margin We evaluate Adjusted development profit (Adjusted sale
of vacation ownership products, net of expenses) and Adjusted
development profit margin as indicators of operating performance.
Adjusted development profit margin is calculated by dividing
Adjusted development profit by revenues from the Sale of vacation
ownership products. Adjusted development profit and Adjusted
development profit margin adjust Sale of vacation ownership
products revenues for the impact of revenue reportability, include
corresponding adjustments to Cost of vacation ownership products
associated with the change in revenues from the Sale of vacation
ownership products, and may include adjustments for certain items
as necessary. We evaluate Adjusted development profit and Adjusted
development profit margin and believe they provide useful
information to investors because they allow for period-over-period
comparisons of our on-going core operations before the impact of
revenue reportability and certain items to our Development profit
and Development profit margin.
Earnings Before Interest Expense, Taxes, Depreciation and
Amortization (“EBITDA”) and Adjusted EBITDA EBITDA, a financial
measure that is not prescribed by GAAP, is defined as earnings, or
net income or loss attributable to common stockholders, before
interest expense, net (excluding consumer financing interest
expense associated with term securitization transactions), income
taxes, depreciation and amortization. Adjusted EBITDA reflects
additional adjustments for certain items and excludes share-based
compensation expense to address considerable variability among
companies in recording compensation expense because companies use
share-based payment awards differently, both in the type and
quantity of awards granted. For purposes of our EBITDA and Adjusted
EBITDA calculations, we do not adjust for consumer financing
interest expense associated with term securitization transactions
because we consider it to be an operating expense of our business.
We consider Adjusted EBITDA to be an indicator of operating
performance, which we use to measure our ability to service debt,
fund capital expenditures, expand our business, and return cash to
stockholders. We also use Adjusted EBITDA, as do analysts, lenders,
investors and others, because this measure excludes certain items
that can vary widely across different industries or among companies
within the same industry. For example, interest expense can be
dependent on a company’s capital structure, debt levels and credit
ratings. Accordingly, the impact of interest expense on earnings
can vary significantly among companies. The tax positions of
companies can also vary because of their differing abilities to
take advantage of tax benefits and because of the tax policies of
the jurisdictions in which they operate. As a result, effective tax
rates and provisions for income taxes can vary considerably among
companies. EBITDA and Adjusted EBITDA also exclude depreciation and
amortization because companies utilize productive assets of
different ages and use different methods of both acquiring and
depreciating productive assets. These differences can result in
considerable variability in the relative costs of productive assets
and the depreciation and amortization expense among companies. We
believe Adjusted EBITDA is useful as an indicator of operating
performance because it allows for period-over-period comparisons of
our on-going core operations before the impact of the excluded
items. Adjusted EBITDA also facilitates comparison by us, analysts,
investors, and others, of results from our on-going core operations
before the impact of these items with results from other
companies.
Adjusted EBITDA Margin and Segment Adjusted EBITDA Margin
We evaluate Adjusted EBITDA margin and Segment Adjusted EBITDA
margin as indicators of operating performance. Adjusted EBITDA
margin represents Adjusted EBITDA divided by the Company’s total
revenues less cost reimbursement revenues. Segment Adjusted EBITDA
margin represents Segment Adjusted EBITDA divided by the applicable
segment’s total revenues less cost reimbursement revenues. We
evaluate Adjusted EBITDA margin and Segment Adjusted EBITDA margin
and believe it provides useful information to investors because it
allows for period-over-period comparisons of our on-going core
operations.
Free Cash Flow and Adjusted Free Cash Flow We evaluate
Free Cash Flow and Adjusted Free Cash Flow as liquidity measures
that provide useful information to management and investors about
the amount of cash provided by operating activities after capital
expenditures for property and equipment and the borrowing and
repayment activity related to our term securitizations, which cash
can be used for, among other purposes, strategic opportunities,
including acquisitions and strengthening the balance sheet.
Adjusted Free Cash Flow, which reflects additional adjustments to
Free Cash Flow for the impact of transaction and integration
charges, impact of borrowings available from the securitization of
eligible vacation ownership notes receivable, and changes in
restricted cash, allows for period-over-period comparisons of the
cash generated by our business before the impact of these items.
Analysis of Free Cash Flow and Adjusted Free Cash Flow also
facilitates management’s comparison of our results with our
competitors’ results.
Results As Adjusted for the Estimated Impact of the Maui
Fires In our press release and schedules we provide As Adjusted
results for the three- and twelve-months ended December 31, 2023
for comparison purposes. The As Adjusted results reflect the
estimated impact of the Maui fires on the Company’s reported
results on a GAAP basis, as well as to the Company’s non-GAAP
financial measures. We provide this As Adjusted information because
we believe that it facilitates the comparison of results from our
on-going core operations before the estimated impact of the Maui
fires. We believe that the As Adjusted results provide useful
information to assist with period-over-period comparisons of our
on-going operations excluding any estimated impact from the Maui
fires.
Results As Adjusted for the Impact of the Alignment In
our press release and schedules we provide As Adjusted results for
the three- and twelve-months ended December 31, 2022 for comparison
purposes. The As Adjusted results exclude any impacts to the
Company’s reported results on a GAAP basis, as well as to the
Company’s non-GAAP financial measures, due to the Alignment. We
provide this As Adjusted information because we believe that it
facilitates the comparison of results from our on-going core
operations before the impact of the Alignment. We believe that the
As Adjusted results provide useful information to assist with
period-over-period comparisons of our on-going operations excluding
any impact from the Alignment.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240219343110/en/
Neal Goldner Investor Relations 407-206-6149
neal.goldner@mvwc.com
Cameron Klaus Global Communications 407-513-6066
cameron.klaus@mvwc.com
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