Marriott Vacations Worldwide (VAC) FY2016 results: revenue $2.0 billion, down 3.2% on the year
Marriott Vacations Worldwide Corp. (VAC) reported revenue of $2.0 billion for fiscal 2016, the year ended 30 December 2016, down 3.2% on the year before. Net income was $122 million, down 3.9%, and diluted earnings per share $4.29. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2017.
Revenue
$2.0 billion
-3.2% on the year
FY2009FY2016
Operating margin
10.0%
10.9% a year earlier
FY2009FY2016
Net income
$122 million
-3.9% on the year
FY2009FY2016
Diluted EPS
$4.29
+8.6% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,000
2,067
1,716
-3.2%
Operating income
200
225
156
-11.1%
Operating margin
10.0%
10.9%
9.1%
Pre-tax income
198
214
151
-7.5%
Income tax
76.0
87.0
69.8
-12.6%
Effective tax rate
38.4%
40.7%
46.4%
Net income
122
127
80.8
-3.9%
Net margin
6.1%
6.1%
4.7%
Diluted EPS
$4.29
$3.95
$2.33
+8.6%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
141
119
291
+18.5%
Capital expenditure
35.0
36.0
15.2
-2.8%
Free cash flow
106
83.0
276
+27.7%
Free cash flow margin
5.3%
4.0%
16.1%
Cash from investing
34.0
-63.0
43.0
Cash from financing
-206
-259
-185
Depreciation and amortisation
21.0
n/a
n/a
Share-based compensation
14.0
14.0
13.4
0.0%
Buybacks
178
201
204
-11.7%
Dividends paid
34.0
24.0
8.2
+41.7%
Dividend per share
$1.25
$1.05
$0.25
+19.0%
Diluted shares, weighted
28m
32m
35m
-11.8%
Shares outstanding at period end
27m
30m
32m
-8.7%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
895
976
1,080
-8.3%
Non-controlling interest
0.0
0.0
0.0
Debt
n/a
679
703
Other liabilities
1,425
740
748
+92.6%
Total liabilities and equity
2,320
2,395
2,531
-3.1%
Fixed assets
203
289
147
-29.8%
Cash and equivalents
147
177
347
-16.9%
Other assets
1,970
1,929
2,036
+2.1%
Total assets
2,320
2,395
2,531
-3.1%
10-K for the year ended 30 December 2016, filed 23 February 2017: the filing.