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EX - 99.1 2 a2021q2pressreleaseschedul.htm EX - 99.1 NEWS Neal Goldner Investor Relations Marriott Vacations Worldwide Corporation 407.206.6149 Neal Goldner@mvwc.com Erica Ettori Global Communications Marriott Vacations Worldwide Corporation 407.513.6606 Erica.Ettori@mvwc.com Exhibit 99.1 MARRIOTT VACATIONS WORLDWIDE Marriott Vacations Worldwide ( " MVW " ) Reports Second Quarter 2021 Financial Results ORLANDO , Fla . – July 28 , 2021 - Marriott Vacations Worldwide Corporation ( NYSE : VAC ) today reported second quarter 2021 financial results . " Today , more than ever , people want to vacation to see new places , reunite with family and friends , or just to relax , and the products we offer , with extra square footage in a resort setting , are resonating with them , translating into higher occupancies and strong first time buyer growth , ” said Stephen P. Weisz , chief executive officer . " Contract sales in the second quarter grew 60 % sequentially to $ 362 million and Adjusted EBITDA more than doubled compared to the first quarter . With the recovery full swing , we've been able to turn our focus back towards the digitally enabled growth initiatives we have in front of us to transform our business , drive long - term growth and improve margins . " On April 1 , 2021 , the Company completed its acquisition of Welk Resorts for $ 405 million , including approximately 1.4 million shares of its common stock . The financial results for Welk Resorts for the second quarter of 2021 are included in the Company's financial results . Second Quarter 2021 Highlights and Operational Update : Consolidated Vacation Ownership contract sales totaled $ 362 million in the second quarter of 2021 , with VPG 30 % higher than the second quarter of 2019 . Net income attributable to common shareholders was $ 6 million , or $ 0.15 fully diluted earnings per share . Adjusted net income attributable to common shareholders was $ 37 million and adjusted fully diluted earnings per share was $ 0.85 . Adjusted EBITDA more than doubled on a sequential basis to $ 164 million in the second quarter of 2021 . The Company completed a securitization of timeshare receivables , issuing $ 434 million of notes at an overall average weighted interest rate of 1.5 % and a 98 % gross advance rate , the lowest interest rate ever achieved by a MVW 144A securitization , generating net proceeds of $ 425 million . After the repayment of $ 500 million of its 6.5 % Senior Notes due 2026 following the end of the quarter , the Company had pro forma liquidity of nearly $ 1.5 billion , including unrestricted cash and cash equivalents of $ 780 million . With recovery in the business expected to continue , the Company projects contract sales of $ 380 million to $ 410 million in the third quarter of 2021 , a sequential increase of 9 % at the mid - point .