Marriott Vacations Worldwide (VAC) FY2019 results: revenue $4.3 billion, up 43.5% on the year
Marriott Vacations Worldwide Corp. (VAC) reported revenue of $4.3 billion for fiscal 2019, the year ended 31 December 2019, up 43.5% on the year before. Net income was $138 million, up 150.9%, and diluted earnings per share $3.09. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$4.3 billion
+43.5% on the year
FY2012FY2019
Operating margin
10.8%
9.0% a year earlier
FY2012FY2019
Net income
$138 million
+150.9% on the year
FY2012FY2019
Diluted EPS
$3.09
+91.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
4,259
2,968
2,183
+43.5%
Operating income
458
267
246
+71.5%
Operating margin
10.8%
9.0%
11.3%
Interest expense
132
54.0
10.0
+144.4%
Pre-tax income
225
103
240
+118.4%
Income tax
83.0
51.0
5.0
+62.7%
Effective tax rate
36.9%
49.5%
2.1%
Net income
138
55.0
235
+150.9%
Net margin
3.2%
1.9%
10.8%
Diluted EPS
$3.09
$1.61
$8.49
+91.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
382
97.0
142
+293.8%
Capital expenditure
46.0
40.0
26.0
+15.0%
Free cash flow
336
57.0
116
+489.5%
Free cash flow margin
7.9%
1.9%
5.3%
Cash from investing
37.0
-1,407
-38.0
Cash from financing
-331
1,433
171
Depreciation and amortisation
141
62.0
21.0
+127.4%
Share-based compensation
33.0
29.0
16.0
+13.8%
Buybacks
465
96.0
88.0
+384.4%
Dividends paid
81.0
51.0
38.0
+58.8%
Dividend per share
$1.89
$1.65
$1.45
+14.5%
Diluted shares, weighted
44m
34m
28m
+30.9%
Shares outstanding at period end
42m
46m
26m
-9.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,019
3,461
1,041
-12.8%
Non-controlling interest
12.0
5.0
0.0
+140.0%
Debt
4,087
3,818
1,095
+7.0%
Other liabilities
2,096
1,734
709
+20.9%
Total liabilities and equity
9,214
9,018
2,845
+2.2%
Fixed assets
751
951
583
-21.0%
Goodwill
2,892
2,828
0.0
+2.3%
Intangible assets
1,027
1,107
0.0
-7.2%
Cash and equivalents
287
231
409
+24.2%
Other assets
4,257
3,901
1,853
+9.1%
Total assets
9,214
9,018
2,845
+2.2%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.