MARRIOTT VACATIONS WORLDWIDE CORPORATION

FINANCIAL SCHEDULES

QUARTER 3, 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 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

Quarterly Operating Metrics

A-13

Non-GAAP Financial Measures

A-14

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

 %

Nine Months Ended

Change

 %

September
30, 2021

September
30, 2020

September
30, 2021

September
30, 2020

Key Measures

Total consolidated contract sales

$

380

$

140

171%

$

968

$

476

103%

VPG

$

4,300

$

3,904

10%

$

4,377

$

3,745

17%

Tours

84,098

33,170

154%

209,869

118,517

77%

Total active members (000's)⁽¹⁾

1,313

1,536

(15%)

1,313

1,536

(15%)

Average revenue per member⁽¹⁾

$

42.95

$

36.76

17%

$

136.57

$

108.44

26%

GAAP Measures

Revenues

$

1,052

$

649

62%

$

2,790

$

2,139

30%

Income (loss) before income taxes and
noncontrolling interests

$

58

$

(72)

NM

$

57

$

(316)

NM

Net income (loss) attributable to common
shareholders

$

10

$

(62)

NM

$

(12)

$

(238)

NM

Earnings (loss) per share - diluted

$

0.23

$

(1.51)

NM

$

(0.28)

$

(5.76)

NM

Non-GAAP Measures **

Adjusted EBITDA

$

205

$

35

NM

$

438

$

163

NM

Adjusted pretax income (loss)

$

118

$

(28)

NM

$

165

$

(23)

NM

Adjusted net income (loss) attributable to
common shareholders

$

70

$

(33)

NM

$

87

$

(16)

NM

Adjusted earnings (loss) per share - diluted

$

1.60

$

(0.81)

NM

$

2.01

$

(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
%

Nine Months Ended

Change
%

September
30, 2021

September
30, 2020

September
30, 2021

September
30, 2020

Vacation Ownership

$

215

$

28

NM

$

465

$

156

NM

Exchange & Third-Party Management

35

31

13%

113

91

25%

Segment adjusted EBITDA**

250

59

NM

578

247

134%

General and administrative

(45)

(27)

NM

(140)

(91)

NM

Consolidated property owners' associations

—

3

NM

—

7

NM

Adjusted EBITDA**

$

205

$

35

NM

$

438

$

163

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)

(Unaudited)

Three Months Ended

Nine Months Ended

September
30, 2021

September
30, 2020

September
30, 2021

September
30, 2020

REVENUES

Sale of vacation ownership products

$

330

$

98

$

789

$

409

Management and exchange

225

176

638

548

Rental

130

56

340

209

Financing

69

64

196

206

Cost reimbursements

298

255

827

767

TOTAL REVENUES

1,052

649

2,790

2,139

EXPENSES

Cost of vacation ownership products

71

27

178

110

Marketing and sales

166

78

439

297

Management and exchange

138

106

381

342

Rental

84

74

247

245

Financing

22

24

64

85

General and administrative

54

32

166

121

Depreciation and amortization

35

30

112

93

Litigation charges

2

2

8

4

Restructuring

—

20

—

20

Royalty fee

26

23

78

72

Impairment

—

2

5

98

Cost reimbursements

298

255

827

767

TOTAL EXPENSES

896

673

2,505

2,254

Losses and other expense, net

(31)

—

(27)

(42)

Interest expense

(41)

(37)

(128)

(112)

Transaction and integration costs

(27)

(11)

(75)

(47)

Other

1

—

2

—

INCOME (LOSS) BEFORE INCOME TAXES AND
NONCONTROLLING INTERESTS

58

(72)

57

(316)

(Provision for) benefit from income taxes

(47)

14

(63)

91

NET INCOME (LOSS)

11

(58)

(6)

(225)

Net income attributable to noncontrolling interests

(1)

(4)

(6)

(13)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON
SHAREHOLDERS

$

10

$

(62)

$

(12)

$

(238)

EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO
COMMON SHAREHOLDERS

Basic

$

0.24

$

(1.51)

$

(0.28)

$

(5.76)

Diluted

$

0.23

$

(1.51)

$

(0.28)

$

(5.76)

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 September 30, 2021

(In millions)

(Unaudited)

Reportable Segment

Corporate and
Other

Total

Vacation
Ownership

Exchange &
Third-Party
Management

REVENUES

Sales of vacation ownership products

$

330

$

—

$

—

$

330

Management and exchange⁽¹⁾

Ancillary revenues

55

1

—

56

Management fee revenues

40

10

(4)

46

Exchange and other services revenues

31

48

44

123

Management and exchange

126

59

40

225

Rental

121

9

—

130

Financing

69

—

—

69

Cost reimbursements⁽¹⁾

328

9

(39)

298

TOTAL REVENUES

$

974

$

77

$

1

$

1,052

PROFIT

Development⁽²⁾

$

93

$

—

$

—

$

93

Management and exchange⁽¹⁾

71

26

(10)

87

Rental⁽¹⁾

24

9

13

46

Financing

47

—

—

47

TOTAL PROFIT

235

35

3

273

OTHER

General and administrative

—

—

(54)

(54)

Depreciation and amortization

(24)

(11)

—

(35)

Litigation charges

(1)

—

(1)

(2)

Restructuring

1

(1)

—

—

Royalty fee

(26)

—

—

(26)

Losses and other expense, net

—

—

(31)

(31)

Interest expense

—

—

(41)

(41)

Transaction and integration costs

(1)

—

(26)

(27)

Other

1

—

—

1

INCOME (LOSS) BEFORE INCOME TAXES AND
NONCONTROLLING INTERESTS

185

23

(150)

58

Provision for income taxes

—

—

(47)

(47)

NET INCOME (LOSS)

185

23

(197)

11

Net income attributable to noncontrolling interests⁽¹⁾

—

—

(1)

(1)

NET INCOME (LOSS) ATTRIBUTABLE TO
COMMON SHAREHOLDERS

$

185

$

23

$

(198)

$

10

⁽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 September 30, 2020

(In millions)

(Unaudited)

Reportable Segment

Corporate and
Other

Total

Vacation
Ownership

Exchange &
Third-Party
Management

REVENUES

Sales of vacation ownership products

$

98

$

—

$

—

$

98

Management and exchange⁽¹⁾

Ancillary revenues

17

—

—

17

Management fee revenues

37

4

(5)

36

Exchange and other services revenues

28

45

50

123

Management and exchange

82

49

45

176

Rental

46

10

—

56

Financing

64

—

—

64

Cost reimbursements⁽¹⁾

281

12

(38)

255

TOTAL REVENUES

$

571

$

71

$

7

$

649

PROFIT

Development⁽²⁾

$

(7)

$

—

$

—

$

(7)

Management and exchange⁽¹⁾

55

22

(7)

70

Rental⁽¹⁾

(40)

8

14

(18)

Financing

40

—

—

40

TOTAL PROFIT

48

30

7

85

OTHER

General and administrative

—

—

(32)

(32)

Depreciation and amortization

(20)

(8)

(2)

(30)

Litigation charges

(2)

—

—

(2)

Restructuring

(11)

(3)

(6)

(20)

Royalty fee

(23)

—

—

(23)

Impairment

(1)

(1)

—

(2)

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

6

(5)

(1)

—

Interest expense

—

—

(37)

(37)

Transaction and integration costs     

—

—

(11)

(11)

(LOSS) INCOME BEFORE INCOME TAXES AND
NONCONTROLLING INTERESTS   

(3)

13

(82)

(72)

Benefit from income taxes  

—

—

14

14

NET (LOSS) INCOME 

(3)

13

(68)

(58)

Net income attributable to noncontrolling interests⁽¹⁾  

—

—

(4)

(4)

NET (LOSS) INCOME ATTRIBUTABLE TO
COMMON SHAREHOLDERS

$

(3)

$

13

$

(72)

$

(62)

⁽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-5

MARRIOTT VACATIONS WORLDWIDE CORPORATION

REVENUES AND PROFIT BY SEGMENT

for the nine months ended September 30, 2021

(In millions)

(Unaudited)

Reportable Segment

Corporate and
Other

Total

Vacation
Ownership

Exchange &
Third-Party
Management

REVENUES

Sales of vacation ownership products

$

789

$

—

$

—

$

789

Management and exchange⁽¹⁾

Ancillary revenues

135

2

—

137

Management fee revenues

117

24

(15)

126

Exchange and other services revenues

91

153

131

375

Management and exchange

343

179

116

638

Rental

308

32

—

340

Financing

196

—

—

196

Cost reimbursements⁽¹⁾

882

38

(93)

827

TOTAL REVENUES

$

2,518

$

249

$

23

$

2,790

PROFIT

Development⁽²⁾

$

172

$

—

$

—

$

172

Management and exchange⁽¹⁾

207

80

(30)

257

Rental⁽¹⁾

20

32

41

93

Financing

132

—

—

132

TOTAL PROFIT

531

112

11

654

OTHER

General and administrative

—

—

(166)

(166)

Depreciation and amortization

(66)

(40)

(6)

(112)

Litigation charges

(7)

—

(1)

(8)

Restructuring

—

(1)

1

—

Royalty fee

(78)

—

—

(78)

Impairment

—

—

(5)

(5)

Gains and other income, net

—

—

(27)

(27)

Interest expense

—

—

(128)

(128)

Transaction and integration costs

(2)

—

(73)

(75)

Other  

2

—

—

2

INCOME (LOSS) BEFORE INCOME TAXES AND
NONCONTROLLING INTERESTS

380

71

(394)

57

Benefit from income taxes

—

—

(63)

(63)

NET INCOME (LOSS)

380

71

(457)

(6)

Net income attributable to noncontrolling interests⁽¹⁾

—

—

(6)

(6)

NET INCOME (LOSS) ATTRIBUTABLE TO
COMMON SHAREHOLDERS

$

380

$

71

$

(463)

$

(12)

⁽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-6

MARRIOTT VACATIONS WORLDWIDE CORPORATION

REVENUES AND PROFIT BY SEGMENT

for the nine months ended September 30, 2020

(In millions)

(Unaudited)

Reportable Segment

Corporate and
Other

Total

Vacation
Ownership

Exchange &
Third-Party
Management

REVENUES

Sales of vacation ownership products

$

409

$

—

$

—

$

409

Management and exchange⁽¹⁾

Ancillary revenues

69

1

—

70

Management fee revenues

113

14

(14)

113

Exchange and other services revenues

85

145

135

365

Management and exchange

267

160

121

548

Rental

180

29

—

209

Financing

204

2

—

206

Cost reimbursements⁽¹⁾

824

45

(102)

767

TOTAL REVENUES

$

1,884

$

236

$

19

$

2,139

PROFIT

Development⁽²⁾

$

2

$

—

$

—

$

2

Management and exchange⁽¹⁾

162

67

(23)

206

Rental⁽¹⁾

(100)

21

43

(36)

Financing⁽³⁾

120

1

—

121

TOTAL PROFIT

184

89

20

293

OTHER

General and administrative

—

—

(121)

(121)

Depreciation and amortization

(61)

(24)

(8)

(93)

Litigation charges

(4)

—

—

(4)

Restructuring

(11)

(3)

(6)

(20)

Royalty fee

(72)

—

—

(72)

Impairment

(6)

(92)

—

(98)

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

12

(5)

(49)

(42)

Interest expense

—

—

(112)

(112)

Transaction and integration costs      

(3)

—

(44)

(47)

INCOME (LOSS) BEFORE INCOME TAXES AND
NONCONTROLLING INTERESTS

39

(35)

(320)

(316)

Benefit from income taxes

—

—

91

91

NET INCOME (LOSS)

39

(35)

(229)

(225)

Net income attributable to noncontrolling interests⁽¹⁾    

—

—

(13)

(13)

NET INCOME (LOSS) ATTRIBUTABLE TO
COMMON SHAREHOLDERS

$

39

$

(35)

$

(242)

$

(238)

⁽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.

⁽³⁾ Includes a $10 million impact related to increased bad debt expense recorded in the nine months ended September 30, 2020 related to the COVID-19 pandemic.

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

Nine Months Ended

September
30, 2021

September
30, 2020

September
30, 2021

September
30, 2020

Net income (loss) attributable to common shareholders

$

10

$

(62)

$

(12)

$

(238)

Provision for (benefit from) income taxes

47

(14)

63

(91)

Income (loss) before income taxes attributable to common
shareholders

57

(76)

51

(329)

Certain items:⁽¹⁾

Litigation charges

2

2

8

4

Losses and other expense, net

31

—

27

42

Transaction and integration costs

27

11

75

47

Impairment charges

—

2

5

98

Purchase price adjustments⁽²⁾ 

5

17

7

47

COVID-19 related adjustments

—

16

(2)

64

Other⁽³⁾

(4)

—

(6)

4

Adjusted pretax income (loss) **

118

(28)

165

(23)

(Provision for) benefit from income taxes

(48)

(5)

(78)

7

Adjusted net income (loss) attributable to common
shareholders**

$

70

$

(33)

$

87

$

(16)

Diluted shares

43.7

41.2

43.2

41.3

Adjusted earnings (loss) per share - Diluted **

$

1.60

$

(0.81)

$

2.01

$

(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⁾ Includes certain items included in depreciation and amortization for the three and nine months ended September 30, 2020.

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

A-8

MARRIOTT VACATIONS WORLDWIDE CORPORATION

ADJUSTED EBITDA

(In millions)

(Unaudited)

Three Months Ended

Nine Months Ended

September
30, 2021

September
30, 2020

September
30, 2021

September
30, 2020

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON
SHAREHOLDERS

$

10

$

(62)

$

(12)

$

(238)

Interest expense

41

37

128

112

Provision for (benefit from) income taxes

47

(14)

63

(91)

Depreciation and amortization

35

30

112

93

Share-based compensation

11

11

33

24

Certain items before income taxes:

Litigation charges

2

2

8

4

Losses and other expense, net:

Dispositions

—

(1)

—

(1)

Hurricane business interruption insurance claims

—

—

—

(4)

Various tax related matters

(8)

—

(6)

26

Redemption premium from debt repayment

36

—

36

—

Foreign currency translation

2

1

(4)

25

Other

1

—

1

(4)

Transaction and integration costs

27

11

75

47

Impairment charges

—

2

5

98

Purchase price adjustments

5

2

7

4

COVID-19 related adjustments:

Sales reserve adjustment, net

—

—

—

37

Accrual for health and welfare costs for furloughed
associates

—

(4)

(2)

7

Restructuring

—

20

—

20

Other⁽¹⁾

(4)

—

(6)

4

ADJUSTED EBITDA**

$

205

$

35

$

438

$

163

** 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)

(Unaudited)

Three Months Ended

Nine Months Ended

September
30, 2021

September
30, 2020

September
30, 2021

September
30, 2020

Consolidated contract sales

$

380

$

140

$

968

$

476

Less resales contract sales

(7)

(1)

(19)

(9)

Consolidated contract sales, net of resales

373

139

949

467

Plus:

Settlement revenue

8

4

21

12

Resales revenue

5

1

8

6

Revenue recognition adjustments:

Reportability

2

(18)

(51)

48

Sales reserve

(31)

(10)

(73)

(90)

Other⁽¹⁾

(27)

(18)

(65)

(34)

Sale of vacation ownership products

330

98

789

409

Less:

Cost of vacation ownership products

(71)

(27)

(178)

(110)

Marketing and sales

(166)

(78)

(439)

(297)

Development Profit

93

(7)

172

2

Revenue recognition reportability adjustment

(1)

12

38

(32)

Other⁽²⁾

6

1

9

30

Adjusted development profit **

$

98

$

6

$

219

$

—

Development profit margin⁽³⁾

28.0%

(7.4%)

21.8%

0.5%

Adjusted development profit margin⁽³⁾

29.5%

5.2%

26.2%

(0.1%)

** 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 purchase price adjustments for the three and nine months ended September 30, 2021, as well as a sales reserve charge related to the COVID-19 pandemic and purchase price adjustments for the three and nine months ended September 30, 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)

(Unaudited)

VACATION OWNERSHIP SEGMENT ADJUSTED EBITDA

Three Months Ended

Nine Months Ended

September
30, 2021

September
30, 2020

September
30, 2021

September
30, 2020

SEGMENT FINANCIAL RESULTS ATTRIBUTABLE TO
COMMON SHAREHOLDERS

$

185

$

(3)

$

380

$

39

Depreciation and amortization

24

20

66

61

Share-based compensation expense

1

2

4

4

Certain items:

Litigation charges

1

2

7

4

Gains and other income, net:

Dispositions

—

(6)

—

(6)

Hurricane business interruption net insurance proceeds

—

—

—

(4)

Foreign currency translation

—

—

—

(1)

Other

—

—

—

(1)

Transaction and integration costs

1

—

2

3

Impairment charges

—

1

—

6

Purchase price adjustments

5

1

7

3

COVID-19 related adjustments:

Sales reserve adjustment, net

—

—

—

37

Restructuring

(1)

11

—

11

Other

(1)

—

(1)

—

SEGMENT ADJUSTED EBITDA **

$

215

$

28

$

465

$

156

EXCHANGE & THIRD-PARTY MANAGEMENT SEGMENT ADJUSTED EBITDA

Three Months Ended

Nine Months Ended

September
30, 2021

September
30, 2020

September
30, 2021

September
30, 2020

SEGMENT FINANCIAL RESULTS ATTRIBUTABLE TO
COMMON SHAREHOLDERS

$

23

$

13

$

71

$

(35)

Depreciation and amortization

11

8

40

24

Share-based compensation expense

—

—

1

1

Certain items:

Losses and other expense, net:

Dispositions

—

5

—

5

Foreign currency translation

—

(1)

—

2

Other

—

1

—

(2)

Impairment charges

—

1

—

92

Purchase price adjustments

—

1

—

1

COVID-19 related adjustments:

Restructuring

1

3

1

3

SEGMENT ADJUSTED EBITDA **

$

35

$

31

$

113

$

91

** 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

September 30, 2021

December 31, 2020

ASSETS

Cash and cash equivalents

$

448

$

524

Restricted cash (including $69 and $68 from VIEs, respectively)

434

468

Accounts receivable, net (including $10 and $11 from VIEs, respectively)

223

276

Vacation ownership notes receivable, net (including $1,486 and $1,493 from
VIEs, respectively)

2,026

1,840

Inventory

741

759

Property and equipment, net

1,077

791

Goodwill

3,086

2,817

Intangibles, net

1,007

952

Other (including $70 and $54 from VIEs, respectively)

501

471

TOTAL ASSETS

$

9,543

$

8,898

LIABILITIES AND EQUITY

Accounts payable

$

190

$

209

Advance deposits

166

147

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

375

349

Deferred revenue

540

488

Payroll and benefits liability

201

157

Deferred compensation liability

135

127

Securitized debt, net (including $1,611 and $1,604 from VIEs, respectively)

1,594

1,588

Debt, net

2,795

2,680

Other

218

197

Deferred taxes

325

274

TOTAL LIABILITIES

6,539

6,216

Contingencies and Commitments (Note 11)

Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued
or outstanding

—

—

Common stock — $0.01 par value; 100,000,000 shares authorized;
75,491,621 and 75,279,061 shares issued, respectively

1

1

Treasury stock — at cost; 32,776,162 and 34,184,813 shares, respectively

(1,282)

(1,334)

Additional paid-in capital

4,056

3,760

Accumulated other comprehensive loss

(39)

(48)

Retained earnings

237

272

TOTAL MVW SHAREHOLDERS' EQUITY

2,973

2,651

Noncontrolling interests

31

31

TOTAL EQUITY

3,004

2,682

TOTAL LIABILITIES AND EQUITY

$

9,543

$

8,898

The abbreviation VIEs above means Variable Interest Entities.

A-12

MARRIOTT VACATIONS WORLDWIDE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Nine Months Ended

September 30,
2021

September 30,
2020

OPERATING ACTIVITIES

Net loss

$

(6)

$

(225)

Adjustments to reconcile net loss to net cash, cash equivalents and restricted cash
used by operating activities:

Depreciation and amortization of intangibles

112

93

Amortization of debt discount and issuance costs

41

16

Vacation ownership notes receivable reserve

73

97

Share-based compensation

33

23

Impairment charges

5

98

Deferred income taxes

10

1

Net change in assets and liabilities:

Accounts receivable

54

24

Vacation ownership notes receivable originations

(545)

(265)

Vacation ownership notes receivable collections

532

487

Inventory

59

(4)

Other assets

(29)

57

Accounts payable, advance deposits and accrued liabilities

(44)

(231)

Deferred revenue

119

57

Payroll and benefit liabilities

35

—