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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 10-Q
___________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-35219
_________________________
Marriott Vacations Worldwide Corporation
(Exact name of registrant as specified in its charter)
_________________________
Delaware45-2598330
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
9002 San Marco CourtOrlandoFL32819
(Address of principal executive offices)(Zip Code)
(407) 206-6000 (Registrant’s telephone number, including area code)
6649 Westwood Blvd., Orlando, FL 32821
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueVACNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No
The number of shares outstanding of the issuer’s common stock, par value $0.01 per share, as of July 30, 2021 was 42,706,878.




MARRIOTT VACATIONS WORLDWIDE CORPORATION
FORM 10-Q TABLE OF CONTENTS
Page
Part I.
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 6.
Throughout this report, we refer to Marriott Vacations Worldwide Corporation, together with its consolidated subsidiaries, as “Marriott Vacations Worldwide,” “MVW,” “we,” “us,” or “the Company.” We also refer to brands that we own, as well as those brands that we license, as our brands. All brand names, trademarks, service marks and trade names cited in this report are the property of their respective owners, including those of other companies and organizations. Solely for convenience, trademarks, trade names and service marks referred to in this report may appear without the ® or TM symbols, however such references are not intended to indicate in any way that MVW or the owner, as applicable, will not assert, to the fullest extent under applicable law, all rights to such trademarks, trade names and service marks.
Capitalized terms used and not specifically defined herein have the same meanings given those terms in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”). When discussing our properties or markets, we refer to the United States, Mexico, Central America and the Caribbean as “North America.”
COVID-19 has caused significant disruptions in international and U.S. economies and markets, and has also had an unprecedented impact on the travel and hospitality industries, as well as the Company. We discuss the impacts of the COVID-19 pandemic and its potential future implications throughout this report; however, the COVID-19 pandemic is evolving and its potential impact on our business in the future remains uncertain.


Table of Contents
PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2021June 30, 2020June 30, 2021June 30, 2020
REVENUES
Sale of vacation ownership products$296 $53 $459 $311 
Management and exchange220 145 413 372 
Rental121 18 210 153 
Financing68 70 127 142 
Cost reimbursements274 194 529 512 
TOTAL REVENUES979 480 1,738 1,490 
EXPENSES
Cost of vacation ownership products67 23 107 83 
Marketing and sales164 49 273 219 
Management and exchange126 85 243 236 
Rental81 73 163 171 
Financing21 23 42 61 
General and administrative66 19 112 89 
Depreciation and amortization36 31 77 63 
Litigation charges3  6 2 
Royalty fee27 23 52 49 
Impairment5 1 5 96 
Cost reimbursements274 194 529 512 
TOTAL EXPENSES870 521 1,609 1,581 
(Losses) gains and other (expense) income, net(2)14 4 (42)
Interest expense(44)(42)(87)(75)
Transaction and integration costs(29)(12)(48)(36)
Other1  1  
INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS35 (81)(1)(244)
(Provision for) benefit from income taxes(27)19 (16)77 
NET INCOME (LOSS)8 (62)(17)(167)
Net income attributable to noncontrolling interests(2)(8)(5)(9)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS$6 $(70)$(22)$(176)
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic$0.15 $(1.68)$(0.52)$(4.25)
Diluted$0.15 $(1.68)$(0.52)$(4.25)
CASH DIVIDENDS DECLARED PER SHARE$ $ $ $0.54 
See Notes to Interim Consolidated Financial Statements
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MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months EndedSix Months Ended
June 30, 2021June 30, 2020June 30, 2021June 30, 2020
NET INCOME (LOSS)$8 $(62)$(17)$(167)
Foreign currency translation adjustments4 3 1 (14)
Derivative instrument adjustment, net of tax3 (1)9 (25)
OTHER COMPREHENSIVE GAIN (LOSS), NET OF TAX7 2 10 (39)
Net income attributable to noncontrolling interests(2)(8)(5)(9)
Other comprehensive income attributable to noncontrolling interests    
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS(2)(8)(5)(9)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS$13 $(68)$(12)$(215)
See Notes to the Interim Consolidated Financial Statements

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MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
Unaudited
June 30, 2021December 31, 2020
ASSETS
Cash and cash equivalents$1,312 $524 
Restricted cash (including $70 and $68 from VIEs, respectively)
368 468 
Accounts receivable, net (including $11 and $11 from VIEs, respectively)
217 276 
Vacation ownership notes receivable, net (including $1,645 and $1,493 from VIEs, respectively)
1,991 1,840 
Inventory833 759 
Property and equipment, net1,026 791 
Goodwill3,116 2,817 
Intangibles, net1,017 952 
Other (including $67 and $54 from VIEs, respectively)
534 471 
TOTAL ASSETS$10,414 $8,898 
LIABILITIES AND EQUITY
Accounts payable$192 $209 
Advance deposits176 147 
Accrued liabilities (including $2 and $1 from VIEs, respectively)
375 349 
Deferred revenue474 488 
Payroll and benefits liability205 157 
Deferred compensation liability131 127 
Securitized debt, net (including $1,794 and $1,604 from VIEs, respectively)
1,775 1,588 
Debt, net3,528 2,680 
Other199 197 
Deferred taxes347 274 
TOTAL LIABILITIES7,402 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; 75,457,876 and 75,279,061 shares issued, respectively
1 1 
Treasury stock — at cost; 32,751,166 and 34,184,813 shares, respectively
(1,278)(1,334)
Additional paid-in capital4,047 3,760 
Accumulated other comprehensive loss(38)(48)
Retained earnings250 272 
TOTAL MVW SHAREHOLDERS' EQUITY2,982 2,651 
Noncontrolling interests30 31 
TOTAL EQUITY3,012 2,682 
TOTAL LIABILITIES AND EQUITY$10,414 $8,898 
The abbreviation VIEs above means Variable Interest Entities.
See Notes to Interim Consolidated Financial Statements
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MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six Months Ended
June 30, 2021June 30, 2020
OPERATING ACTIVITIES
Net loss$(17)$(167)
Adjustments to reconcile net loss to net cash, cash equivalents and restricted cash used by operating activities:
Depreciation and amortization of intangibles77 63 
Amortization of debt discount and issuance costs22 10 
Vacation ownership notes receivable reserve42 81 
Share-based compensation22 12 
Impairment charges5 96 
Deferred income taxes36 (13)
Net change in assets and liabilities:
Accounts receivable60 28 
Vacation ownership notes receivable originations(320)(197)
Vacation ownership notes receivable collections362 334 
Inventory14 (5)
Other assets(66)(5)
Accounts payable, advance deposits and accrued liabilities(9)(239)
Deferred revenue48 39 
Payroll and benefit liabilities35 (32)
Deferred compensation liability11 3 
Other liabilities4 (11)
Deconsolidation of certain Consolidated Property Owners' Associations(87) 
Purchase of vacation ownership units for future transfer to inventory(99)(61)
Other, net8 (9)
Net cash, cash equivalents and restricted cash provided by (used in) operating activities148 (73)
INVESTING ACTIVITIES
Acquisition of a business, net of cash and restricted cash acquired(157) 
Capital expenditures for property and equipment (excluding inventory)(11)(34)
Purchase of company owned life insurance(8)(4)
Net cash, cash equivalents and restricted cash used in investing activities(176)(38)

Continued

See Notes to Interim Consolidated Financial Statements
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MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(In millions)
(Unaudited)
Six Months Ended
June 30, 2021June 30, 2020
FINANCING ACTIVITIES
Borrowings from securitization transactions425 315 
Repayment of debt related to securitization transactions(420)(302)
Proceeds from debt1,061 1,166 
Repayments of debt(289)(701)
Purchase of convertible note hedges(100)