Marriott Vacations Worldwide (VAC) FY2015 results: revenue $2.1 billion, up 20.5% on the year
Marriott Vacations Worldwide Corp. (VAC) reported revenue of $2.1 billion for fiscal 2015, the year ended 1 January 2016, up 20.5% on the year before. Net income was $127 million, up 57.3%, and diluted earnings per share $3.95. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2016.
Revenue
$2.1 billion
+20.5% on the year
FY2009FY2015
Operating margin
10.9%
9.1% a year earlier
FY2009FY2015
Net income
$127 million
+57.3% on the year
FY2009FY2015
Diluted EPS
$3.95
+69.5% on the year
FY2009FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
2,067
1,716
1,750
+20.5%
Cost of revenue
n/a
n/a
1,606
Gross profit
n/a
n/a
144
Gross margin
n/a
n/a
8.2%
Operating income
225
156
144
+43.8%
Operating margin
10.9%
9.1%
8.2%
Pre-tax income
214
151
131
+42.1%
Income tax
87.0
69.8
51.5
+24.6%
Effective tax rate
40.7%
46.4%
39.3%
Net income
127
80.8
79.7
+57.3%
Net margin
6.1%
4.7%
4.6%
Diluted EPS
$3.95
$2.33
$2.18
+69.5%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
119
291
162
-59.1%
Capital expenditure
36.0
15.2
22.0
+136.8%
Free cash flow
83.0
276
140
-69.9%
Free cash flow margin
4.0%
16.1%
8.0%
Cash from investing
-63.0
43.0
-36.0
Cash from financing
-259
-185
-29.0
Share-based compensation
14.0
13.4
12.0
+4.7%
Buybacks
201
204
25.6
-1.1%
Dividends paid
24.0
8.2
n/a
+193.4%
Dividend per share
$1.05
$0.25
$0.00
+320.0%
Diluted shares, weighted
32m
35m
37m
-6.9%
Shares outstanding at period end
30m
32m
35m
-7.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
976
1,080
1,209
-9.6%
Non-controlling interest
0.0
0.0
0.0
Debt
679
703
678
-3.4%
Other liabilities
740
748
745
-1.0%
Total liabilities and equity
2,395
2,531
2,632
-5.4%
Fixed assets
289
147
254
+96.0%
Cash and equivalents
177
347
200
-49.0%
Other assets
1,929
2,036
2,178
-5.3%
Total assets
2,395
2,531
2,632
-5.4%
10-K for the year ended 1 January 2016, filed 25 February 2016: the filing.