Income before income taxes attributable to common shareholders

$511

to

$551

Net income attributable to common shareholders

$365

to

$395

Earnings per share - diluted

$8.15

to

$8.81

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

$470

$500

Contract sales

$1,775

to

$1,875

Adjusted EBITDA

$880

to

$930

Adjusted pretax net income

$600

to

$650

Adjusted net income attributable to common shareholders

$425

to

$465

Adjusted earnings per share - diluted

$9.47

to

$10.35

Adjusted free cash flow

$650

to

$730

MARRIOTT VACATIONS WORLDWIDE CORPORATION

FINANCIAL SCHEDULES

QUARTER 2, 2022

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 Profit

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

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

(Unaudited)

SUMMARY FINANCIAL INFORMATION

Three Months Ended

Change
%

Six Months Ended

Change
%

June 30,
2022

June 30,
2021

June 30,
2022

June 30,
2021

Key Measures

Total consolidated contract sales

$        506

$        362

40 %

$        900

$        588

53 %

VPG

$     4,613

$     4,304

7 %

$     4,653

$     4,428

5 %

Tours

102,857

79,900

29 %

181,362

125,771

44 %

Total active members (000's)⁽¹⁾

1,596

1,321

21 %

1,596

1,321

21 %

Average revenue per member⁽¹⁾

$     38.79

$     46.36

(16 %)

$     83.32

$     93.77

(11 %)

GAAP Measures

Revenues

$     1,164

$        979

19 %

$     2,216

$     1,738

28 %

Income (loss) before income taxes and noncontrolling interests

$        178

$          35

NM

$        268

$           (1)

NM

Net income (loss) attributable to common shareholders

$        136

$            6

NM

$        194

$         (22)

NM

Earnings (loss) per share - diluted

$       2.97

$       0.15

NM

$       4.18

$      (0.52)

NM

Non-GAAP Measures **

Adjusted EBITDA

$        255

$        164

55 %

$        443

$        233

90 %

Adjusted pretax income

$        181

$          70

154 %

$        301

$          47

NM

Adjusted net income attributable to common shareholders

$        131

$          37

252 %

$        212

$          17

NM

Adjusted earnings per share - diluted

$       2.87

$       0.85

238 %

$       4.55

$       0.40

NM

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

ADJUSTED EBITDA BY SEGMENT

Three Months Ended

Change

%

Six Months Ended

Change
%

June 30,
2022

June 30,
2021

June 30,
2022

June 30,
2021

Vacation Ownership

$        274

$        182

51 %

$        473

$        250

89 %

Exchange & Third-Party Management

35

37

(5 %)

78

78

— %

Segment adjusted EBITDA**

309

219

41 %

551

328

68 %

General and administrative

(54)

(55)

1 %

(108)

(95)

(14 %)

Adjusted EBITDA**

$        255

$        164

55 %

$        443

$        233

90 %

** 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)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

REVENUES

Sale of vacation ownership products

$               425

$               296

$               735

$               459

Management and exchange

203

220

425

413

Rental

140

121

273

210

Financing

72

68

143

127

Cost reimbursements

324

274

640

529

TOTAL REVENUES

1,164

979

2,216

1,738

EXPENSES

Cost of vacation ownership products

80

67

140

107

Marketing and sales

214

164

396

273

Management and exchange

102

126

229

243

Rental

87

81

168

163

Financing

23

21

44

42

General and administrative

64

66

125

112

Depreciation and amortization

32

36

65

77

Litigation charges

2

3

5

6

Royalty fee

29

27

56

52

Impairment

—

5

—

5

Cost reimbursements

324

274

640

529

TOTAL EXPENSES

957

870

1,868

1,609

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

37

(2)

41

4

Interest expense

(30)

(44)

(57)

(87)

Transaction and integration costs

(37)

(29)

(65)

(48)

Other

1

1

1

1

INCOME (LOSS) BEFORE INCOME TAXES AND

NONCONTROLLING INTERESTS

178

35

268

(1)

Provision for income taxes

(43)

(27)

(75)

(16)

NET INCOME (LOSS)

135

8

193

(17)

Net loss (income) attributable to noncontrolling interests

1

(2)

1

(5)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON

SHAREHOLDERS

$               136

$                   6

$               194

$               (22)

EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO

COMMON SHAREHOLDERS

Basic

$              3.30

$              0.15

$              4.64

$            (0.52)

Diluted

$              2.97

$              0.15

$              4.18

$            (0.52)

NOTE: Earnings (loss) per share - Basic and Earnings (loss) per share - Diluted are calculated using whole dollars.

A-3

MARRIOTT VACATIONS WORLDWIDE CORPORATION

REVENUES AND PROFIT BY SEGMENT

for the three months ended June 30, 2022

(In millions)

(Unaudited)

Reportable Segment

Corporate and
Other

Total

Vacation
Ownership

Exchange &
Third-Party
Management

REVENUES

Sales of vacation ownership products

$                425

$                  —

$                  —

$               425

Management and exchange⁽¹⁾

Ancillary revenues

66

1

—

67

Management fee revenues

41

11

(1)

51

Exchange and other services revenues

33

46

6

85

Management and exchange

140

58

5

203

Rental

129

11

—

140

Financing

72

—

—

72

Cost reimbursements⁽¹⁾

325

5

(6)

324

TOTAL REVENUES

$             1,091

$                  74

$                  (1)

$            1,164

PROFIT

Development

$                131

$                  —

$                  —

$               131

Management and exchange⁽¹⁾

80

26

(5)

101

Rental⁽¹⁾

38

11

4

53

Financing

49

—

—

49

TOTAL PROFIT

298

37

(1)

334

OTHER

General and administrative

—

—

(64)

(64)

Depreciation and amortization

(22)

(7)

(3)

(32)

Litigation charges

(2)

—

—

(2)

Royalty fee

(29)

—

—

(29)

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

32

16

(11)

37

Interest expense

—

—

(30)

(30)

Transaction and integration costs

(1)

—

(36)

(37)

Other

1

—

—

1

INCOME (LOSS) BEFORE INCOME TAXES AND

NONCONTROLLING INTERESTS

277

46

(145)

178

Provision for income taxes

—

—

(43)

(43)

NET INCOME (LOSS)

277

46

(188)

135

Net loss attributable to noncontrolling interests⁽¹⁾

—

—

1

1

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON

SHAREHOLDERS

$                277

$                  46

$              (187)

$                136

SEGMENT MARGIN⁽²⁾

36 %

66 %

⁽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 shareholders divided by the applicable
segment's total revenues less cost reimbursement revenues.

A-4

MARRIOTT VACATIONS WORLDWIDE CORPORATION

REVENUES AND PROFIT BY SEGMENT

for the three months ended June 30, 2021

(In millions)

(Unaudited)

Reportable Segment

Corporate and
Other

Total

Vacation
Ownership

Exchange &
Third-Party
Management

REVENUES

Sales of vacation ownership products

$                296

$                  —

$                  —

$                296

Management and exchange⁽¹⁾

Ancillary revenues

52

1

—

53

Management fee revenues

39

9

(5)

43

Exchange and other services revenues

32

50

42

124

Management and exchange

123

60

37

220

Rental

110

11

—

121

Financing

68

—

—

68

Cost reimbursements⁽¹⁾

286

15

(27)

274

TOTAL REVENUES

$                883

$                  86

$                  10

$                979

PROFIT

Development

$                  65

$                  —

$                  —

$                  65

Management and exchange⁽¹⁾

77

25

(8)

94

Rental⁽¹⁾

15

11

14

40

Financing

47

—

—

47

TOTAL PROFIT

204

36

6

246

OTHER

General and administrative

—

—

(66)

(66)

Depreciation and amortization

(23)

(9)

(4)

(36)

Litigation charges

(3)

—

—

(3)

Royalty fee

(27)

—

—

(27)

Impairment

—

—

(5)

(5)

Losses and other expense, net

—

—

(2)

(2)

Interest expense

—

—

(44)

(44)

Transaction and integration costs

(1)

—

(28)

(29)

Other

1

—

—

1

INCOME (LOSS) BEFORE INCOME TAXES AND

NONCONTROLLING INTERESTS

151

27

(143)

35

Provision for income taxes

—

—

(27)

(27)

NET INCOME (LOSS)

151

27

(170)

8

Net income attributable to noncontrolling interests⁽¹⁾

—

—

(2)

(2)

NET INCOME (LOSS) ATTRIBUTABLE TO 

COMMON SHAREHOLDERS

$                151

$                  27

$              (172)

$                    6

SEGMENT MARGIN⁽²⁾

25 %

38 %

⁽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 shareholders divided by the applicable
segment's total revenues less cost reimbursement revenues.

A-5

MARRIOTT VACATIONS WORLDWIDE CORPORATION

REVENUES AND PROFIT BY SEGMENT

for the six months ended June 30, 2022

(In millions)

(Unaudited)

Reportable Segment

Corporate and
Other

Total

Vacation
Ownership

Exchange &
Third-Party
Management

REVENUES

Sales of vacation ownership products

$                735

$                  —

$                  —

$                735

Management and exchange⁽¹⁾

Ancillary revenues

120

2

—

122

Management fee revenues

83

21

(4)

100

Exchange and other services revenues

63

99

41

203

Management and exchange

266

122

37

425

Rental

251

22

—

273

Financing

143

—

—

143

Cost reimbursements⁽¹⁾

652

14

(26)

640

TOTAL REVENUES

$             2,047

$                158

$                  11

$             2,216

PROFIT

Development

$                199

$                  —

$                  —

$                199

Management and exchange⁽¹⁾

152

57

(13)

196

Rental⁽¹⁾

70

22

13

105

Financing

99

—

—

99

TOTAL PROFIT

520

79

—

599

OTHER

General and administrative

—

—

(125)

(125)

Depreciation and amortization

(44)

(16)

(5)

(65)

Litigation charges

(5)

—

—

(5)

Restructuring

—

—

—

—

Royalty fee

(56)

—

—

(56)

Impairment

—

—

—

—

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

35

16

(10)

41

Interest expense

—

—

(57)

(57)

Transaction and integration costs

(1)

—

(64)

(65)

Other

1

—

—

1

INCOME (LOSS) BEFORE INCOME TAXES AND

NONCONTROLLING INTERESTS

450

79

(261)

268

Provision for income taxes

—

—

(75)

(75)

NET INCOME (LOSS)

450

79

(336)

193

Net loss attributable to noncontrolling interests⁽¹⁾

—

—

1

1

NET INCOME (LOSS) ATTRIBUTABLE TO 

COMMON SHAREHOLDERS

$                450

$                  79

$              (335)

$                194

SEGMENT MARGIN⁽²⁾

32 %

55 %

⁽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 shareholders 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 six months ended June 30, 2021

(In millions)

(Unaudited)

Reportable Segment

Corporate and
Other

Total

Vacation
Ownership

Exchange &
Third-Party
Management

REVENUES

Sales of vacation ownership products

$                459

$                  —

$                  —

$                459

Management and exchange⁽¹⁾

Ancillary revenues

80

1

—

81

Management fee revenues

77

14

(11)

80

Exchange and other services revenues

60

105

87

252

Management and exchange

217

120

76

413

Rental

187

23

—

210

Financing

127

—

—

127

Cost reimbursements⁽¹⁾

554

29

(54)

529

TOTAL REVENUES

$             1,544

$                172

$                  22

$             1,738

PROFIT

Development

$                  79

$                  —

$                  —

$                  79

Management and exchange⁽¹⁾

136

54

(20)

170

Rental⁽¹⁾

(4)

23

28

47

Financing

85

—

—

85

TOTAL PROFIT

296

77

8

381

OTHER

General and administrative

—

—

(112)

(112)

Depreciation and amortization

(42)

(29)

(6)

(77)

Litigation charges

(6)

—

—

(6)

Restructuring

(1)

—

1

—

Royalty fee

(52)

—

—

(52)

Impairment

—

—

(5)

(5)

Gains and other income, net

—

—

4

4

Interest expense

—

—

(87)

(87)

Transaction and integration costs

(1)

—

(47)

(48)

Other

1

—

—

1

INCOME (LOSS) BEFORE INCOME TAXES AND

NONCONTROLLING INTERESTS

195

48

(244)

(1)

Provision for income taxes

—

—

(16)

(16)

NET INCOME (LOSS)

195

48

(260)

(17)

Net income attributable to noncontrolling interests⁽¹⁾

—

—

(5)

(5)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON

SHAREHOLDERS

$                195

$                  48

$              (265)

$                (22)

SEGMENT MARGIN⁽²⁾

20 %

34 %

⁽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 shareholders divided by the applicable
segment's total revenues less cost reimbursement revenues.

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)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Net income (loss) attributable to common shareholders

$               136

$                   6

$               194

$               (22)

Provision for income taxes

43

27

75

16

Income (loss) before income taxes attributable to common shareholders

179

33

269

(6)

Certain items:

Litigation charges

2

3

5

6

(Gains) losses and other (income) expense, net⁽¹⁾

(37)

2

(41)

(4)

Transaction and integration costs

37

29

65

48

Impairment charges

—

5

—

5

Purchase price adjustments

5

2

8

2

Other

(5)

(4)

(5)

(4)

Adjusted pretax income **

181

70

301

47

Provision for income taxes

(50)

(33)

(89)

(30)

Adjusted net income attributable to common shareholders **

$               131

$                 37

$               212

$                 17

Diluted shares⁽²⁾

46.5

43.8

47.2

43.0

Adjusted earnings per share - Diluted **

$              2.87

$              0.85

$              4.55

$              0.40

** 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⁾ Diluted shares for the six months ended June 30, 2022 reflects the dilutive impact of the adoption of 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" (Diluted shares increased by
5 million shares based on the assumed conversion of our 2022 and 2026 Convertible Notes).

A-8

MARRIOTT VACATIONS WORLDWIDE CORPORATION

ADJUSTED EBITDA

(In millions)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,
2022

June 30,
2021

June 30,
2019

June 30,
2022

June 30,
2021

June 30,
2019

NET INCOME (LOSS) ATTRIBUTABLE

TO COMMON SHAREHOLDERS

$              136

$                  6

$                49

$              194

$               (22)

$                73

Interest expense

30

44

35

57

87

69

Provision for income taxes

43

27

25

75

16

40

Depreciation and amortization

32

36

36

65

77

73

Share-based compensation

12

14

11

20

22

20

Certain items:

Litigation charges

2

3

1

5

6

2

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

Dispositions

(49)

—

—

(49)

—

—

Hurricane business interruption net insurance proceeds

—

—

—

(3)

—

(9)

Various tax related matters

3

2

—

3

2

—

Foreign currency translation

8

(2)

1

7

(6)

1

Other

1

2

(3)

1

—

(2)

Transaction and integration costs

37

29

36

65

48

62

Impairment charges

—

5

—

—

5

26

Purchase price adjustments

5

2

4

8

2

5

COVID-19 related adjustments

—

(2)

—

—

(2)

—

Other

(5)

(2)

—

(5)

(2)

1

ADJUSTED EBITDA**

$              255

$              164

$              195

$              443

$              233

$              361

** 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

CONSOLIDATED CONTRACT SALES TO ADJUSTED DEVELOPMENT PROFIT

(In millions)

(Unaudited)

Three Months Ended

Six Months Ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Consolidated contract sales

$               506

$               362

$               900

$               588

Less resales contract sales

(11)

(7)

(20)

(12)

Consolidated contract sales, net of resales

495

355

880

576

Plus:

Settlement revenue

9

8

16

13

Resales revenue

4

1

8

3

Revenue recognition adjustments:

Reportability

(14)

(17)

(47)

(53)

Sales reserve

(37)

(28)

(66)

(42)

Other⁽¹⁾

(32)

(23)

(56)

(38)

Sale of vacation ownership products

425

296

735

459

Less:

Cost of vacation ownership products

(80)

(67)

(140)

(107)

Marketing and sales

(214)

(164)

(396)

(273)

Development Profit

131

65

199

79

Revenue recognition reportability adjustment

11

13

35

39

Purchase price adjustments

5

3

9

3

Adjusted development profit **

$               147

$                 81

$               243

$               121

Development profit margin

31.0 %

22.3 %

27.1 %

17.3 %

Adjusted development profit margin

33.6 %

26.2 %

31.3 %

24.0 %

** 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.

A-10

MARRIOTT VACATIONS WORLDWIDE CORPORATION

(In millions)

(Unaudited)

VACATION OWNERSHIP SEGMENT ADJUSTED EBITDA

Three Months Ended

Six Months Ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

SEGMENT FINANCIAL RESULTS ATTRIBUTABLE TO

COMMON SHAREHOLDERS

$               277

$               151

$               450

$               195

Depreciation and amortization

22

23

44

42

Share-based compensation expense

2

2

3

3

Certain items:

Litigation charges

2

3

5

6

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

Dispositions

(33)

—

(33)

—

Hurricane business interruption net insurance
proceeds

—

—

(3)

—

Foreign currency translation

1

—

1

—

Transaction and integration costs

1

1

1

1

Purchase price adjustments

5

2

8

2

COVID-19 related restructuring

—

—

—

1

Other

(3)

—

(3)

—

SEGMENT ADJUSTED EBITDA **

$               274

$               182

$               473

$               250

SEGMENT ADJUSTED EBITDA MARGIN **

36 %

30 %

34 %

25 %

EXCHANGE & THIRD-PARTY MANAGEMENT SEGMENT ADJUSTED EBITDA

Three Months Ended

Six Months Ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

SEGMENT FINANCIAL RESULTS ATTRIBUTABLE TO

COMMON SHAREHOLDERS

$                 46

$                 27

$                 79

$                 48

Depreciation and amortization

7

9

16

29

Share-based compensation expense

—

1

1

1

Certain items:

Gain on disposition of VRI Americas

(16)

—

(16)

—

Other

(2)

—

(2)

—

SEGMENT ADJUSTED EBITDA **

$                 35

$                 37

$                 78

$                 78

SEGMENT ADJUSTED EBITDA MARGIN **

52 %

52 %

54 %

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-11

MARRIOTT VACATIONS WORLDWIDE CORPORATION

CONSOLIDATED BALANCE SHEETS

(In millions, except share and per share data)

Unaudited

June 30, 2022

December 31, 2021

ASSETS

Cash and cash equivalents

$                          324

$                        342

Restricted cash (including $108 and $139 from VIEs, respectively)

282

461

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

244

279

Vacation ownership notes receivable, net (including $1,659 and $1,662 from VIEs,

respectively)

2,075

2,045

Inventory

695

719

Property and equipment, net

1,151

1,136

Goodwill

3,117

3,150

Intangibles, net

941

993

Other (including $71 and $76 from VIEs, respectively)

511

488

TOTAL ASSETS

$                       9,340

$                     9,613

LIABILITIES AND EQUITY

Accounts payable

$                          217

$                        265

Advance deposits

195

160

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

330

345

Deferred revenue

372

453

Payroll and benefits liability

204

201

Deferred compensation liability

130

142

Securitized debt, net (including $1,868 and $1,877 from VIEs, respectively)

1,846

1,856

Debt, net

2,748

2,631

Other

210

224

Deferred taxes

342

350

TOTAL LIABILITIES

6,594

6,627

Contingencies and Commitments

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; 75,741,585 and

75,519,049 shares issued, respectively

1

1

Treasury stock — at cost; 35,377,001 and 33,235,671 shares, respectively

(1,666)

(1,356)

Additional paid-in capital

3,963

4,072

Accumulated other comprehensive loss

(1)

(16)

Retained earnings

448

275

TOTAL MVW SHAREHOLDERS' EQUITY

2,745

2,976

Noncontrolling interests

1

10

TOTAL EQUITY

2,746

2,986

TOTAL LIABILITIES AND EQUITY

$                       9,340

$                    9,613

The abbreviation VIEs above means Variable Interest Entities.

A-12

MARRIOTT VACATIONS WORLDWIDE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Six Months Ended

June 30, 2022

June 30, 2021

OPERATING ACTIVITIES

Net income (loss)

$                   193

$                   (17)

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

restricted cash provided by operating activities:

Depreciation and amortization of intangibles

65

77

Amortization of debt discount and issuance costs

10

22

Vacation ownership notes receivable reserve

66

42

Share-based compensation

20

22

Impairment charges

—

5

Gains and other income, net

(47)

(1)

Deferred income taxes

29