Income before income taxes attributable to common shareholders

$443

to

$483

Net income attributable to common shareholders

$317

to

$347

Fully diluted EPS

$6.52

to

$7.14

Net cash, cash equivalents and restricted cash provided by operating activities

$300

to

$309

The Company is providing guidance as reflected in the chart below for the full year 2022:

Contract sales

$1,675

to

$1,775

Adjusted EBITDA

$860

to

$920

Adjusted pretax net income

$585

to

$645

Adjusted net income attributable to common shareholders

$424

to

$469

Adjusted fully diluted EPS

$8.72

to

$9.65

Adjusted free cash flow

$560

to

$640

MARRIOTT VACATIONS WORLDWIDE CORPORATION

FINANCIAL SCHEDULES

QUARTER 4, 2021

TABLE OF CONTENTS

Summary Financial Information and Adjusted EBITDA by Segment

A-1

Consolidated Statements of Income

A-2

Revenues and Profit by Segment

A-3

Adjusted Net Income Attributable to Common Shareholders and Adjusted Earnings Per Share - Diluted

A-7

Adjusted EBITDA

A-8

Consolidated Contract Sales to Adjusted Development Margin

A-9

Vacation Ownership and Exchange & Third-Party Management Segment Adjusted EBITDA

A-10

Consolidated Balance Sheets

A-11

Consolidated Statements of Cash Flows

A-12

2022 Outlook

      Adjusted Net Income Attributable to Common Shareholders, Adjusted Earnings Per Share - Diluted

 and Adjusted EBITDA

A-14

Adjusted Free Cash Flow

A-15

Quarterly Operating Metrics

A-16

Non-GAAP Financial Measures

A-17

A-1

MARRIOTT VACATIONS WORLDWIDE CORPORATION

SUMMARY FINANCIAL INFORMATION

(In millions, except VPG, total active members, average revenue per member and per share amounts)

Quarter Ended

Fiscal Year Ended

Change
%

December 31,
2021

December 31,
2020

Change
%

December 31,
2021

December 31,
2020

Key Measures

Total consolidated contract sales

$               406

$               178

128%

$           1,374

$               654

110%

VPG

$            4,305

$            3,826

13%

$           4,356

$            3,767

16%

Tours

89,495

44,161

103%

299,364

162,678

84%

Total active members (000's)⁽¹⁾

1,296

1,518

(15%)

1,296

1,518

(15%)

Average revenue per member⁽¹⁾

$            42.93

$            36.62

17%

$         179.48

$          144.97

24%

GAAP Measures

Revenues

$            1,100

$               747

47%

$           3,890

$            2,886

35%

     Income (loss) before income taxes

and noncontrolling interests

$                 70

$               (24)

NM

$              127

$              (340)

NM

     Net income (loss) attributable to

common shareholders

$                 61

$               (37)

NM

$                49

$              (275)

NM

Earnings (loss) per share - diluted

$              1.39

$            (0.88)

NM

$             1.13

$             (6.65)

NM

Non-GAAP Measures **

Adjusted EBITDA

$               219

$                72

NM

$              657

$               235

NM

Adjusted pretax income (loss)

$               131

$                  5

NM

$              296

$               (18)

NM

     Adjusted net income (loss)

attributable to common shareholders

$               103

$                 (3)

NM

$              190

$               (19)

NM

     Adjusted earnings (loss) per share -

diluted

$              2.38

$            (0.05)

NM

$             4.40

$            (0.45)

NM

⁽¹⁾ Includes members at the end of each period for the Interval International exchange network only.

ADJUSTED EBITDA BY SEGMENT

(In millions)

Quarter Ended

Change
%

Fiscal Year Ended

Change
%

December 31,
2021

December 31,
2020

December 31,
2021

December 31,
2020

Vacation Ownership

$               234

$                 73

NM

$               699

$               229

NM

Exchange & Third-Party Management

31

28

14%

144

119

23%

Segment Adjusted EBITDA**

265

101

NM

843

348

NM

General and administrative

(46)

(27)

(59%)

(186)

(118)

(58%)

Consolidated Property Owners' Associations

—

(2)

NM

—

5

NM

Adjusted EBITDA**

$               219

$                 72

NM

$               657

$               235

NM

** 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.

NM - Not meaningful

A-2

MARRIOTT VACATIONS WORLDWIDE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share amounts)

Quarter Ended

Fiscal Year Ended

December 31,
2021

December 31,
2020

December 31,
2021

December 31,
2020

REVENUES

Sale of vacation ownership products

$               364

$               137

$           1,153

$               546

Management and exchange

217

207

855

755

Rental

146

67

486

276

Financing

72

61

268

267

Cost reimbursements

301

275

1,128

1,042

TOTAL REVENUES

1,100

747

3,890

2,886

EXPENSES

Cost of vacation ownership products

72

40

250

150

Marketing and sales

178

89

617

386

Management and exchange

140

133

521

475

Rental

97

76

344

321

Financing

24

22

88

107

General and administrative

61

33

227

154

Depreciation and amortization

34

30

146

123

Litigation charges

2

2

10

6

Restructuring

—

5

—

25

Royalty fee

28

23

106

95

Impairment

(2)

2

3

100

Cost reimbursements

301

275

1,128

1,042

TOTAL EXPENSES

935

730

3,440

2,984

(Losses) gains and other (expense) income, net

(24)

16

(51)

(26)

Interest expense

(36)

(38)

(164)

(150)

Transaction and integration costs

(35)

(19)

(110)

(66)

Other

—

—

2

—

INCOME (LOSS) BEFORE INCOME TAXES AND

NONCONTROLLING INTERESTS

70

(24)

127

(340)

(Provision for) benefit from income taxes

(11)

(7)

(74)

84

NET INCOME (LOSS)

59

(31)

53

(256)

Net loss (income) attributable to noncontrolling interests

2

(6)

(4)

(19)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON

SHAREHOLDERS

$                 61

$               (37)

$                 49

$             (275)

EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO

COMMON SHAREHOLDERS

Basic

$              1.42

$            (0.88)

$              1.15

$            (6.65)

Diluted

$              1.39

$            (0.88)

$              1.13

$            (6.65)

NOTE: Basic and diluted earnings or loss per share are calculated using whole dollars.

A-3

MARRIOTT VACATIONS WORLDWIDE CORPORATION

REVENUES AND PROFIT BY SEGMENT

for the three months ended December 31, 2021

(In millions)

Reportable Segment

Corporate
and Other

Total

Vacation
Ownership

Exchange &
Third-Party
Management

REVENUES

Sales of vacation ownership products

$          364

$              —

$              —

$            364

Management and exchange⁽¹⁾

Ancillary revenues

53

1

—

54

Management fee revenues

41

8

(4)

45

Exchange and other services revenues

33

45

40

118

Management and exchange

127

54

36

217

Rental

138

8

—

146

Financing

72

—

—

72

Cost reimbursements⁽¹⁾

320

9

(28)

301

TOTAL REVENUES

$        1,021

$              71

$                8

$        1,100

PROFIT

Development⁽²⁾

$           114

$              —

$              —

$           114

Management and exchange⁽¹⁾

63

22

(8)

77

Rental⁽¹⁾

32

8

9

49

Financing

48

—

—

48

TOTAL PROFIT

257

30

1

288

OTHER

General and administrative

—

—

(61)

(61)

Depreciation and amortization

(23)

(8)

(3)

(34)

Litigation charges

(2)

—

—

(2)

Royalty fee

(28)

—

—

(28)

Impairment

—

—

2

2

Gains (losses) and other income (expense), net

1

—

(25)

(24)

Interest expense

—

—

(36)

(36)

Transaction and integration costs

—

—

(35)

(35)

INCOME (LOSS) BEFORE INCOME TAXES AND

NONCONTROLLING INTERESTS

205

22

(157)

70

Provision for income taxes

—

—

(11)

(11)

NET INCOME (LOSS)

205

22

(168)

59

Net loss attributable to noncontrolling interests

—

—

2

2

NET INCOME (LOSS) ATTRIBUTABLE TO

COMMON SHAREHOLDERS

$         205

$              22

$          (166)

$              61

⁽¹⁾ Amounts included in Corporate and other represent the impact of the consolidation of certain owners' associations under the
relevant accounting guidance, which represents the portion related to individual or third-party vacation ownership interest ("VOI") owners.

⁽²⁾ The Company previously used the term Development margin to refer to revenues from the Sale of vacation ownership products
less the Cost of vacation ownership products and marketing and sales costs. Beginning in the first quarter of 2021, the Company now
refers to this financial measure as Development Profit. While the calculation remains unchanged, the Company believes the revised
term better depicts the financial results being presented.

A-4

MARRIOTT VACATIONS WORLDWIDE CORPORATION

REVENUES AND PROFIT BY SEGMENT

for the three months ended December 31, 2020

(In millions)

Reportable Segment

Corporate
and Other

Total

Vacation
Ownership

Exchange &
Third-Party
Management

REVENUES

Sales of vacation ownership products

$                137

$                  —

$                  —

$                137

Management and exchange⁽¹⁾

Ancillary revenues

20

—

—

20

Management fee revenues

36

3

(8)

31

Exchange and other services revenues

33

48

75

156

Management and exchange

89

51

67

207

Rental

59

8

—

67

Financing

61

—

—

61

Cost reimbursements⁽¹⁾

300

14

(39)

275

TOTAL REVENUES

$                646

$                  73

$                  28

$                747

PROFIT

Development⁽²⁾

$                    8

$                  —

$                  —

$                    8

Management and exchange⁽¹⁾

58

22

(6)

74

Rental⁽¹⁾

(24)

5

10

(9)

Financing

39

—

—

39

TOTAL PROFIT

81

27

4

112

OTHER

General and administrative

—

—

(33)

(33)

Depreciation and amortization

(18)

(8)

(4)

(30)

Litigation charges

(2)

—

—

(2)

Restructuring

(4)

(1)

—

(5)

Royalty fee

(23)

—

—

(23)

Impairment

(2)

—

—

(2)

Gains and other income, net

—

3

13

16

Interest expense

—

—

(38)

(38)

Transaction and integration costs

—

—

(19)

(19)

INCOME (LOSS) BEFORE INCOME TAXES AND

NONCONTROLLING INTERESTS

32

21

(77)

(24)

Provision for income taxes

—

—

(7)

(7)

NET INCOME (LOSS)

32

21

(84)

(31)

Net income attributable to noncontrolling interests⁽¹⁾

—

—

(6)

(6)

NET INCOME (LOSS) ATTRIBUTABLE TO

COMMON SHAREHOLDERS

$                  32

$                  21

$                (90)

$                (37)

⁽¹⁾ Amounts included in Corporate and other represent the impact of the consolidation of certain owners' associations under the relevant
accounting guidance, which represents the portion related to individual or third-party VOI owners.

⁽²⁾ The Company previously used the term Development margin to refer to revenues from the Sale of vacation ownership products less the Cost
of vacation ownership products and marketing and sales costs. Beginning in the first quarter of 2021, the Company now refers to this financial
measure as Development Profit. While the calculation remains unchanged, the Company believes the revised term better depicts the financial
results being presented.

A-5

MARRIOTT VACATIONS WORLDWIDE CORPORATION

REVENUES AND PROFIT BY SEGMENT

for the twelve months ended December 31, 2021

(In millions)

Reportable Segment

Corporate
and Other

Total

Vacation
Ownership

Exchange &
Third-Party
Management

REVENUES

Sales of vacation ownership products

$            1,153

$                  —

$                  —

$            1,153

Management and exchange⁽¹⁾

Ancillary revenues

188

3

—

191

Management fee revenues

158

32

(19)

171

Exchange and other services revenues

124

198

171

493

Management and exchange

470

233

152

855

Rental

446

40

—

486

Financing

268

—

—

268

Cost reimbursements⁽¹⁾

1,202

47

(121)

1,128

TOTAL REVENUES

$            3,539

$                320

$                  31

$            3,890

PROFIT

Development⁽²⁾

$               286

$                  —

$                  —

$               286

Management and exchange⁽¹⁾

270

102

(38)

334

Rental⁽¹⁾

52

40

50

142

Financing

180

—

—

180

TOTAL PROFIT

788

142

12

942

OTHER

General and administrative

—

—

(227)

(227)

Depreciation and amortization

(89)

(48)

(9)

(146)

Litigation charges

(9)

—

(1)

(10)

Restructuring

—

(1)

1

—

Royalty fee

(106)

—

—

(106)

Impairment

—

—

(3)

(3)

Gains (losses) and other income (expense), net

1

—

(52)

(51)

Interest expense

—

—

(164)

(164)

Transaction and integration costs

(2)

—

(108)

(110)

Other

2

—

—

2

INCOME (LOSS) BEFORE INCOME TAXES AND

NONCONTROLLING INTERESTS

585

93

(551)

127

Provision for income taxes

—

—

(74)

(74)

NET INCOME (LOSS)

585

93

(625)

53

Net income attributable to noncontrolling interests⁽¹⁾

—

—

(4)

(4)

NET INCOME (LOSS) ATTRIBUTABLE TO

COMMON SHAREHOLDERS

$                585

$                  93

$              (629)

$                 49

⁽¹⁾ Amounts included in Corporate and other represent the impact of the consolidation of certain owners' associations under the relevant
accounting guidance, which represents the portion related to individual or third-party VOI owners.

⁽²⁾ The Company previously used the term Development margin to refer to revenues from the Sale of vacation ownership products less the
Cost of vacation ownership products and marketing and sales costs. Beginning in the first quarter of 2021, the Company now refers to this
financial measure as Development Profit. While the calculation remains unchanged, the Company believes the revised term better depicts
the financial results being presented.

A-6

MARRIOTT VACATIONS WORLDWIDE CORPORATION

REVENUES AND PROFIT BY SEGMENT

for the twelve months ended December 31, 2020

(In millions)

Reportable Segment

Corporate
and Other

Total

Vacation
Ownership

Exchange &
Third-Party
Management

REVENUES

Sales of vacation ownership products

$               546

$                  —

$                  —

$               546

Management and exchange⁽¹⁾

Ancillary revenues

89

1

—

90

Management fee revenues

149

17

(22)

144

Exchange and other services revenues

118

193

210

521

Management and exchange

356

211

188

755

Rental

239

37

—

276

Financing

265

2

—

267

Cost reimbursements⁽¹⁾

1,124

59

(141)

1,042

TOTAL REVENUES

$            2,530

$                309

$                  47

$            2,886

PROFIT

Development⁽²⁾

$                 10

$                  —

$                  —

$                 10

Management and exchange⁽¹⁾

220

89

(29)

280

Rental⁽¹⁾

(124)

26

53

(45)

Financing

159

1

—

160

TOTAL PROFIT

265

116

24

405

OTHER

General and administrative

—

—

(154)

(154)

Depreciation and amortization

(79)

(32)

(12)

(123)

Litigation charges

(6)

—

—

(6)

Restructuring

(15)

(4)

(6)

(25)

Royalty fee

(95)

—

—

(95)

Impairment

(8)

(92)

—

(100)

Gains (losses) and other income (expense), net

12

(2)

(36)

(26)

Interest expense

—

—

(150)

(150)

Transaction and integration costs

(3)

—

(63)

(66)

INCOME (LOSS) BEFORE INCOME TAXES AND

NONCONTROLLING INTERESTS

71

(14)

(397)

(340)

Benefit from income taxes

—

—

84

84

NET INCOME (LOSS)

71

(14)

(313)

(256)

Net income attributable to noncontrolling interests⁽¹⁾

—

—

(19)

(19)

NET INCOME (LOSS) ATTRIBUTABLE TO

COMMON SHAREHOLDERS

$                 71

$                (14)

$              (332)

$             (275)

⁽¹⁾ Amounts included in Corporate and other represent the impact of the consolidation of certain owners' associations under the relevant
accounting guidance, which represents the portion related to individual or third-party VOI owners.

⁽²⁾ The Company previously used the term Development margin to refer to revenues from the Sale of vacation ownership products less the
Cost of vacation ownership products and marketing and sales costs. Beginning in the first quarter of 2021, the Company now refers to this
financial measure as Development Profit. While the calculation remains unchanged, the Company believes the revised term better depicts
the financial results being presented.

A-7

MARRIOTT VACATIONS WORLDWIDE CORPORATION

ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS AND

ADJUSTED EARNINGS PER SHARE - DILUTED

(In millions, except per share amounts)

Quarter Ended

Fiscal Year Ended

December 31,
2021

December 31,
2020

December 31,
2021

December 31,
2020

Net income (loss) attributable to common shareholders

$                   61

$                  (37)

$                   49

$                (275)

Provision for (benefit from) income taxes

11

7

74

(84)

Income (loss) before income taxes attributable to

common shareholders

72

(30)

123

(359)

Certain items:⁽¹⁾

Litigation charges

2

2

10

6

Losses (gains) and other expense (income), net

24

(16)

51

26

Transaction and integration costs

35

19

110

66

Impairment charges

(2)

2

3

100

Purchase accounting adjustments⁽²⁾ 

3

14

10

61

COVID-19 related adjustments 

—

13

(2)

77

Other⁽³⁾

(3)

1

(9)

5

Adjusted pretax income (loss) **

131

5

296

(18)

Provision for income taxes

(28)

(8)

(106)

(1)

Adjusted net income (loss) attributable to common

shareholders**

$                 103

$                    (3)

$                 190

$                  (19)

Diluted shares

43.6

41.3

43.3

41.3

Adjusted earnings (loss) per share - Diluted **

$                2.38

$               (0.05)

$                4.40

$               (0.45)

** 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.

⁽¹⁾ See further details on A-8.

⁽²⁾ Includes certain items included in depreciation and amortization for the three and twelve months ended December 31, 2020.

⁽³⁾ 2021 amounts include eliminating the impact of consolidating property owners' associations.

A-8

MARRIOTT VACATIONS WORLDWIDE CORPORATION

ADJUSTED EBITDA

(In millions)

Quarter Ended

Fiscal Year Ended

December
31, 2021

December
31, 2020

December
31, 2021

December
31, 2020

NET INCOME (LOSS) ATTRIBUTABLE TO

COMMON SHAREHOLDERS

$                 61

$                (37)

$                 49

$              (275)

Interest expense

36

38

164

150

Provision for (benefit from) income taxes

11

7

74

(84)

Depreciation and amortization

34

30

146

123

EBITDA

142

38

433

(86)

Share-based compensation

18

13

51

37

Certain items before income taxes:

Litigation charges

2

2

10

6

Losses (gains) and other expense (income), net

Dispositions

—

—

—

(1)

Hurricane business interruption insurance claims

—

—

—

(4)

Various tax related matters

(1)

—

(7)

26

Redemption premium from debt repayment

19

—

55

—

Foreign currency translation

4

(14)

—

11

Other

2

(2)

3

(6)

Transaction and integration costs

35

19

110

66

Impairment charges

(2)

2

3

100

Purchase accounting adjustments

3

—

10

4

COVID-19 related adjustments:

Sales reserve adjustment, net

—

13

—

50

           Accrual for health and welfare costs for furloughed

associates

—

(5)

(2)

2

Restructuring

—

5

—

25

Other⁽¹⁾

(3)

1

(9)

5

ADJUSTED EBITDA**

$               219

$                 72

$               657

$               235

** 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.

⁽¹⁾ 2021 amounts include eliminating the impact of consolidating property owners' associations.

A-9

MARRIOTT VACATIONS WORLDWIDE CORPORATION

CONSOLIDATED CONTRACT SALES TO ADJUSTED DEVELOPMENT PROFIT

(In millions)

Quarter Ended

Fiscal Year Ended

December
31, 2021

December
31, 2020

December
31, 2021

December
31, 2020

Consolidated contract sales

$               406

$               178

$            1,374

$               654

Less resales contract sales

(7)

(3)

(26)

(12)

Consolidated contract sales, net of resales

399

175

1,348

642

Plus:

Settlement revenue

7

2

28

14

Resales revenue

4

1

12

7

Revenue recognition adjustments:

Reportability

7

10

(44)

58

Sales reserve

(28)

(39)

(101)

(129)

Other⁽¹⁾

(25)

(12)

(90)

(46)

Sale of vacation ownership products

364

137

1,153

546

Less:

Cost of vacation ownership products

(72)

(40)

(250)

(150)

Marketing and sales

(178)

(89)

(617)

(386)

Development profit

114

8

286

10

Revenue recognition reportability adjustment

(6)

(7)

32

(39)

Other⁽²⁾

3

13

12

43

Adjusted development profit **

$               111

$                 14

$               330

$                 14

Development profit margin⁽³⁾

31.3%

5.9%

24.8%

1.8%

Adjusted development profit margin⁽³⁾

31.1%

10.0%

27.6%

2.6%

** 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.

⁽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.

⁽²⁾ Primarily includes purchases price adjustments for the three and twelve months ended December 31, 2021, as well as a sales reserve
charge related to the COVID-19 pandemic and purchase accounting adjustments for the three and twelve months ended December 31, 2020.

⁽³⁾ Development profit margin represents Development profit divided by Sale of vacation ownership products. Adjusted development profit
margin represents Adjusted development profit divided by Sale of vacation ownership products revenue after adjusting for revenue reportability
and other charges.

A-10

MARRIOTT VACATIONS WORLDWIDE CORPORATION

(In millions)

VACATION OWNERSHIP SEGMENT ADJUSTED EBITDA

Quarter Ended

Fiscal Year Ended

December 31,
2021

December 31,
2020

December 31,
2021

December 31,
2020

SEGMENT FINANCIAL RESULTS ATTRIBUTABLE

TO COMMON SHAREHOLDERS

$               205

$                 32

$               585

$                 71

Depreciation and amortization

23

18

89

79

Share-based compensation expense

2

2

6

6

Certain items:

Litigation charges

2

2

9

6

Gains and other income, net:

Dispositions

—

—

—

(6)

                Hurricane business interruption net insurance

proceeds

—

—

—

(4)

Foreign currency translation

—

—

—

(1)

Other

(1)

—

(1)

(1)

Transaction and integration costs

—

—

2

3

Impairment charges

—

2

—

8

Purchase price adjustments

3

—

10

3

COVID-19 related adjustments:

Sales reserve adjustment, net

—

13

—

50

Restructuring

—

4

—

15

Other

—

—

(1)

—

SEGMENT ADJUSTED EBITDA **

$               234

$                 73

$               699

$               229

EXCHANGE & THIRD-PARTY MANAGEMENT SEGMENT ADJUSTED EBITDA

Quarter Ended

Fiscal Year Ended

December 31,
2021

December 31,
2020

December 31,
2021

December 31,
2020

SEGMENT FINANCIAL RESULTS ATTRIBUTABLE

TO COMMON SHAREHOLDERS

$                 22

$                 21

$                 93

$               (14)

Depreciation and amortization

8

8

48

32

Share-based compensation expense

1

1

2

2

Certain items:

(Gains) losses and other (income) expense, net:

Dispositions

—

—

—

5

Foreign currency translation

—

(2)

—

—

Other

—

(1)

—

(3)

Impairment charges

—

—

—

92

Purchase price adjustments

—

—

—

1

COVID-19 related adjustments:

Restructuring

—

1

1

4

SEGMENT ADJUSTED EBITDA **

$                 31

$                 28

$               144

$              119

** 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

CONSOLIDATED BALANCE SHEETS

FISCAL YEAR-END 2021 AND 2020

(In millions, except share and per share data)

2021

2020

ASSETS

Cash and cash equivalents

$                       342

$                       524

Restricted cash (including $139 and $68 from VIEs, respectively)

461

468

Accounts receivable, net (including $12 and $11 from VIEs, respectively)

279

276

Vacation ownership notes receivable, net (including $1,662 and $1,493 from VIEs,

respectively)

2,045

1,840

Inventory

719

759

Property and equipment, net

1,136

791

Goodwill

3,150

2,817

Intangibles, net

993

952

Other (including $76 and $54 from VIEs, respectively)

488

471

TOTAL ASSETS

$                    9,613

$                    8,898

LIABILITIES AND EQUITY

Accounts payable

$                       265

$                       209

Advance deposits

160

147

Accrued liabilities (including $2 and $1 from VIEs, respectively)

345

349

Deferred revenue

453

488

Payroll and benefits liability

201

157

Deferred compensation liability

142

127

Securitized debt, net (including $1,877 and $1,604 from VIEs, respectively)

1,856

1,588

Debt, net

2,631

2,680

Other

224

197

Deferred taxes

350

274

TOTAL LIABILITIES

6,627

6,216

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; 75,519,049 and

75,279,061 shares issued, respectively

1

1

Treasury stock — at cost; 33,235,671 and 34,184,813 shares, respectively

(1,356)

(1,334)

Additional paid-in capital

4,072

3,760

Accumulated other comprehensive loss

(16)

(48)

Retained earnings

275

272

TOTAL MVW SHAREHOLDERS' EQUITY

2,976

2,651

Noncontrolling interests

10

31

TOTAL EQUITY

2,986

2,682

TOTAL LIABILITIES AND EQUITY

$                    9,613

$                    8,898

The abbreviation VIEs above means Variable Interest Entities.

A-12

MARRIOTT VACATIONS WORLDWIDE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

FISCAL YEARS 2021 AND 2020

(In millions)

2021

2020

OPERATING ACTIVITIES

Net income (loss)

$             53

$       (256)

Adjustments to reconcile net income (loss) to net cash, cash equivalents, and restricted cash

provided by operating activities:

Depreciation and amortization of intangibles

146

123

Amortization of debt discount and issuance costs

56

22

Vacation ownership notes receivable reserve

101

150

Share-based compensation

51

36

Impairment charges

3

100

Gain on disposal of property and equipment, net

—

(4)

Deferred income taxes

34

(38)

Net change in assets and liabilities, net of the effects of acquisition:

Accounts receivable

—

21

Vacation ownership notes receivable originations

(750)

(377)

Vacation ownership notes receivable collections

686

620

Inventory

61

18

Other assets

(46)

44

Accounts payable, advance deposits and accrued liabilities

42

(146)

Deferred revenue

88

59

Payroll and benefit liabilities

35

(29)

Deferred compensation liability

22

17

Other liabilities

27

—

Deconsolidation of certain Consolidated Property Owners' Associations

(168)

—

Purchase of vacation ownership units for future transfer to inventory

(98)

(61)

Net cash, cash equivalents, and restricted cash provided by operating activities

343

299

INVESTING ACTIVITIES

Acquisition of a business, net of cash and restricted cash acquired

(157)

—

Capital expenditures for property and equipment (excluding inventory)

(47)

(41)

Purchase of company owned life insurance

(14)

(6)

Dispositions, net

3

15

Other, net

2

—

Net cash, cash equivalents, and restricted cash used in investing activities

(213)

(32)