Marriott Vacations Worldwide (VAC) FY2013 results: revenue $1.8 billion, up 6.8% on the year
Marriott Vacations Worldwide Corp. (VAC) reported revenue of $1.8 billion for fiscal 2013, the year ended 3 January 2014, up 6.8% on the year before. Net income was $80 million, up 1039.0%, and diluted earnings per share $2.18. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$1.8 billion
+6.8% on the year
FY2009FY2013
Operating margin
8.2%
2.2% a year earlier
FY2009FY2013
Net income
$80 million
+1,039.0% on the year
FY2009FY2013
Diluted EPS
$2.18
+1,111.1% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,750
1,639
1,624
+6.8%
Cost of revenue
1,606
1,603
1,833
+0.2%
Gross profit
144
36.0
n/a
+300.0%
Gross margin
8.2%
2.2%
n/a
Operating income
144
36.0
-223
+300.0%
Operating margin
8.2%
2.2%
-13.7%
Interest expense
n/a
58.0
47.0
Pre-tax income
131
31.0
-217
+322.6%
Income tax
51.5
24.0
-45.0
+114.5%
Effective tax rate
39.3%
77.4%
n/a
Net income
79.7
7.0
-172
+1,039.0%
Net margin
4.6%
0.4%
-10.6%
Diluted EPS
$2.18
$0.18
-$5.12
+1,111.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
162
163
321
-0.6%
Capital expenditure
22.0
17.0
15.0
+29.4%
Free cash flow
140
146
306
-4.1%
Free cash flow margin
8.0%
8.9%
18.8%
Cash from investing
-36.0
3.0
9.0
Cash from financing
-29.0
-172
-246
Share-based compensation
12.0
12.0
11.0
0.0%
Buybacks
25.6
n/a
n/a
Dividend per share
$0.00
n/a
n/a
Diluted shares, weighted
37m
36m
34m
+1.1%
Shares outstanding at period end
35m
35m
34m
+0.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,209
1,138
1,131
+6.2%
Non-controlling interest
0.0
0.0
3.0
Debt
678
678
850
0.0%
Other liabilities
745
797
862
-6.5%
Total liabilities and equity
2,632
2,613
2,846
+0.7%
Fixed assets
254
261
285
-2.7%
Cash and equivalents
200
103
110
+93.7%
Inventory
n/a
n/a
959
Other assets
2,178
2,249
1,492
-3.1%
Total assets
2,632
2,613
2,846
+0.7%
10-K for the year ended 3 January 2014, filed 27 February 2014: the filing.