Marriott Vacations Worldwide (VAC) FY2018 results: revenue $3.0 billion, up 36.0% on the year
Marriott Vacations Worldwide Corp. (VAC) reported revenue of $3.0 billion for fiscal 2018, the year ended 31 December 2018, up 36.0% on the year before. Net income was $55 million, down 76.6%, and diluted earnings per share $1.61. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$3.0 billion
+36.0% on the year
FY2011FY2018
Operating margin
9.0%
11.3% a year earlier
FY2011FY2018
Net income
$55 million
-76.6% on the year
FY2011FY2018
Diluted EPS
$1.61
-81.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
2,968
2,183
2,000
+36.0%
Operating income
267
246
200
+8.5%
Operating margin
9.0%
11.3%
10.0%
Interest expense
54.0
10.0
n/a
+440.0%
Pre-tax income
103
240
198
-57.1%
Income tax
51.0
5.0
76.0
+920.0%
Effective tax rate
49.5%
2.1%
38.4%
Net income
55.0
235
122
-76.6%
Net margin
1.9%
10.8%
6.1%
Diluted EPS
$1.61
$8.49
$4.29
-81.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
97.0
142
141
-31.8%
Capital expenditure
40.0
26.0
35.0
+53.8%
Free cash flow
57.0
116
106
-50.9%
Free cash flow margin
1.9%
5.3%
5.3%
Cash from investing
-1,407
-38.0
34.0
Cash from financing
1,433
171
-206
+739.3%
Depreciation and amortisation
62.0
21.0
21.0
+195.2%
Share-based compensation
29.0
16.0
14.0
+81.2%
Buybacks
96.0
88.0
178
+9.1%
Dividends paid
51.0
38.0
34.0
+34.1%
Dividend per share
$1.65
$1.45
$1.25
+13.8%
Diluted shares, weighted
34m
28m
28m
+22.7%
Shares outstanding at period end
46m
26m
27m
+73.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
3,461
1,041
895
+232.5%
Non-controlling interest
5.0
0.0
0.0
Debt
3,818
1,095
n/a
+248.7%
Other liabilities
1,734
709
1,425
+144.6%
Total liabilities and equity
9,018
2,845
2,320
+217.0%
Fixed assets
951
583
203
+63.1%
Goodwill
2,828
0.0
n/a
Intangible assets
1,107
0.0
n/a
Cash and equivalents
231
409
147
-43.5%
Other assets
3,901
1,853
1,970
+110.5%
Total assets
9,018
2,845
2,320
+217.0%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.