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EX - 99.1 2 a2021q1pressreleaseschedul.htm EX - 99.1 NEWS Neal Goldner Investor Relations Marriott Vacations Worldwide Corporation 407.206.6149 Neal.Goldner@mvwc.com Ed Kinney Corporate Communications Marriott Vacations Worldwide Corporation 407.206.6278 Ed.Kinney@mvwc.com - ORLANDO , Fla . – May 5 , 2021 2021 financial results . Exhibit 99.1 ● MARRIOTT VACATIONS WORLDWIDE Marriott Vacations Worldwide ( " MVW " ) Reports First Quarter 2021 Financial Results Marriott Vacations Worldwide Corporation ( NYSE : VAC ) today reported first quarter " The past year has reminded us what is really important in life family , experiences , and togetherness , all the things that travel offers . As a company whose products enable these unique and memorable occasions , it's been gratifying to see more and more people at our resorts this year , illustrating the desire of our customers to get back on vacation , " said Stephen P. Weisz , chief executive officer . " Our results this quarter are evidence of the continued recovery in our business and the resiliency of our business model . We generated $ 226 million in contract sales in the first quarter , a 27 % sequential increase , and currently expect contract sales to increase to $ 320 million to $ 340 million in the second quarter . " First Quarter 2021 Highlights and Operational Update : Consolidated Vacation Ownership contract sales totaled $ 226 million in the first quarter of 2021 , with VPG increasing 26 % compared to the prior year to $ 4,644 . Net loss attributable to common shareholders was $ 28 million , or $ 0.68 loss per fully diluted share . Adjusted net loss attributable to common shareholders was $ 20 million and adjusted fully diluted loss per share was $ 0.49 . Adjusted EBITDA was $ 69 million in the first quarter of 2021 . Pro - forma for the acquisition of Welk Resorts , which closed on April 1 , the Company had $ 1.4 billion of liquidity , including unrestricted cash and cash equivalents of $ 432 million . First Quarter 2021 Segment Results Vacation Ownership Revenues excluding cost reimbursements decreased 30 % in the first quarter of 2021 compared to the prior year but increased 14 % from the fourth quarter of 2020 as the business continued to recover . Compared to the fourth quarter , revenue from the sale of vacation ownership products , rentals , and management and exchange increased 19 % , 29 % , and 5 % , respectively . Development profit increased 71 % and Development profit margin increased approximately 250 basis points on a sequential basis . Excluding the impact of revenue reportability , Adjusted development profit nearly tripled sequentially to $ 40 million , with Adjusted development profit margin more than doubling to 21 % . Vacation Ownership segment financial results were $ 44 million in the first quarter of 2021 and segment Adjusted EBITDA was $ 68 million .