Marriott Vacations Worldwide (VAC) FY2017 results: revenue $2.2 billion, up 9.2% on the year
Marriott Vacations Worldwide Corp. (VAC) reported revenue of $2.2 billion for fiscal 2017, the year ended 31 December 2017, up 9.2% on the year before. Net income was $235 million, up 92.6%, and diluted earnings per share $8.49. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2018.
Revenue
$2.2 billion
+9.2% on the year
FY2010FY2017
Operating margin
11.3%
10.0% a year earlier
FY2010FY2017
Net income
$235 million
+92.6% on the year
FY2010FY2017
Diluted EPS
$8.49
+97.9% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
2,183
2,000
2,067
+9.2%
Operating income
246
200
225
+23.0%
Operating margin
11.3%
10.0%
10.9%
Interest expense
10.0
n/a
n/a
Pre-tax income
240
198
214
+21.2%
Income tax
5.0
76.0
87.0
-93.4%
Effective tax rate
2.1%
38.4%
40.7%
Net income
235
122
127
+92.6%
Net margin
10.8%
6.1%
6.1%
Diluted EPS
$8.49
$4.29
$3.95
+97.9%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
142
141
119
+0.8%
Capital expenditure
26.0
35.0
36.0
-25.7%
Free cash flow
116
106
83.0
+9.6%
Free cash flow margin
5.3%
5.3%
4.0%
Cash from investing
-38.0
34.0
-63.0
Cash from financing
171
-206
-259
Depreciation and amortisation
21.0
21.0
n/a
0.0%
Share-based compensation
16.0
14.0
14.0
+14.3%
Buybacks
88.0
178
201
-50.5%
Dividends paid
38.0
34.0
24.0
+11.8%
Dividend per share
$1.45
$1.25
$1.05
+16.0%
Diluted shares, weighted
28m
28m
32m
-2.5%
Shares outstanding at period end
26m
27m
30m
-2.0%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
1,041
895
976
+16.3%
Non-controlling interest
0.0
0.0
0.0
Debt
1,095
n/a
679
Other liabilities
709
1,425
740
-50.2%
Total liabilities and equity
2,845
2,320
2,395
+22.6%
Fixed assets
583
203
289
+187.5%
Goodwill
0.0
n/a
n/a
Intangible assets
0.0
n/a
n/a
Cash and equivalents
409
147
177
+178.1%
Other assets
1,853
1,970
1,929
-5.9%
Total assets
2,845
2,320
2,395
+22.6%
10-K for the year ended 31 December 2017, filed 27 February 2018: the filing.