The following is a summary of the Marriott Vacations Worldwide Corporation (VAC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Marriott Vacations reported a Q1 systemwide occupancy of 90%, and contract sales grew by 3% excluding Maui, with first-time buyer tours growing 9%.

• Contract sales declined by 1% due to Maui and difficult VPG comparison, while tours increased by 4% year-over-year.

• Rental profit increased by $12 million year-over-year, driven by increased rental revenue and decreased expenses as more preview nights were used for marketing purposes.

• Financing profit declined by 4%, caused by increased interest expense partially offset by higher financing revenue.

• Resort management profit increased by 8%, but total company adjusted EBITDA declined by 8%.

• Marriott Vacations returned $78 million to shareholders during Q1, repurchasing $24 million worth of common stock and paying $54 million in dividends.

Business Progress:

• Reservations for the new Marriott Vacation Club Resort in Waikiki have been strong, with the resort on track to open later this year.

• A new sales gallery concurrent with the resort opening is expected to contribute significantly as it ramps up over a few years.

• Progress has been made in adding new marketing and sales executives in Maui, with expectations for contract sales to increase by around $5 million this year.

• Marriott Vacations has signed an agreement to develop a new 60-unit Marriott Vacation Club Resort in Thailand, expected to open in a few years.

• The Hyatt business continues to progress well, with growth in the Hyatt package pipeline and the introduction of new owner benefits through the BEYOND program.

• The company's IT transformation efforts this year will focus on consolidating legacy systems, modernizing software, increased automation, and enhancing data and analytics capabilities.

More details: Marriott Vacations Worldwide IR

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