Marriott Vacations Worldwide (VAC) FY2014 results: revenue $1.7 billion, down 1.9% on the year
Marriott Vacations Worldwide Corp. (VAC) reported revenue of $1.7 billion for fiscal 2014, the year ended 2 January 2015, down 1.9% on the year before. Net income was $81 million, up 1.3%, and diluted earnings per share $2.33. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$1.7 billion
-1.9% on the year
FY2009FY2014
Operating margin
9.1%
8.2% a year earlier
FY2009FY2014
Net income
$81 million
+1.3% on the year
FY2009FY2014
Diluted EPS
$2.33
+6.9% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,716
1,750
1,639
-1.9%
Cost of revenue
n/a
1,606
1,603
Gross profit
n/a
144
36.0
Gross margin
n/a
8.2%
2.2%
Operating income
156
144
36.0
+8.7%
Operating margin
9.1%
8.2%
2.2%
Interest expense
n/a
n/a
58.0
Pre-tax income
151
131
31.0
+15.0%
Income tax
69.8
51.5
24.0
+35.7%
Effective tax rate
46.4%
39.3%
77.4%
Net income
80.8
79.7
7.0
+1.3%
Net margin
4.7%
4.6%
0.4%
Diluted EPS
$2.33
$2.18
$0.18
+6.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
291
162
163
+79.6%
Capital expenditure
15.2
22.0
17.0
-30.9%
Free cash flow
276
140
146
+97.0%
Free cash flow margin
16.1%
8.0%
8.9%
Cash from investing
43.0
-36.0
3.0
Cash from financing
-185
-29.0
-172
Share-based compensation
13.4
12.0
12.0
+11.5%
Buybacks
204
25.6
n/a
+694.3%
Dividends paid
8.2
n/a
n/a
Dividend per share
$0.25
$0.00
n/a
Diluted shares, weighted
35m
37m
36m
-5.5%
Shares outstanding at period end
32m
35m
35m
-8.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,080
1,209
1,138
-10.7%
Non-controlling interest
0.0
0.0
0.0
Debt
703
678
678
+3.7%
Other liabilities
748
745
797
+0.3%
Total liabilities and equity
2,531
2,632
2,613
-3.9%
Fixed assets
147
254
261
-42.0%
Cash and equivalents
347
200
103
+73.9%
Other assets
2,036
2,178
2,249
-6.5%
Total assets
2,531
2,632
2,613
-3.9%
10-K for the year ended 2 January 2015, filed 26 February 2015: the filing.