Marriott Vacations Worldwide (VAC) FY2020 results: revenue $2.9 billion, down 32.2% on the year
Marriott Vacations Worldwide Corp. (VAC) reported revenue of $2.9 billion for fiscal 2020, the year ended 31 December 2020, down 32.2% on the year before. Net income was -$275 million, and diluted earnings per share $-6.65. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$2.9 billion
-32.2% on the year
FY2013FY2020
Operating margin
-3.4%
10.8% a year earlier
FY2013FY2020
Net income
-$275 million
FY2013FY2020
Diluted EPS
-$6.65
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,886
4,259
2,968
-32.2%
Operating income
-98.0
458
267
Operating margin
-3.4%
10.8%
9.0%
Interest expense
150
132
54.0
+13.6%
Pre-tax income
-340
225
103
Income tax
-84.0
83.0
51.0
Effective tax rate
n/a
36.9%
49.5%
Net income
-275
138
55.0
Net margin
-9.5%
3.2%
1.9%
Diluted EPS
-$6.65
$3.09
$1.61
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
299
382
97.0
-21.7%
Capital expenditure
41.0
46.0
40.0
-10.9%
Free cash flow
258
336
57.0
-23.2%
Free cash flow margin
8.9%
7.9%
1.9%
Cash from investing
-32.0
37.0
-1,407
Cash from financing
23.0
-331
1,433
Depreciation and amortisation
123
141
62.0
-12.8%
Share-based compensation
36.0
33.0
29.0
+9.1%
Buybacks
82.0
465
96.0
-82.4%
Dividends paid
45.0
81.0
51.0
-44.4%
Dividend per share
$0.54
$1.89
$1.65
-71.4%
Diluted shares, weighted
41m
44m
34m
-7.2%
Shares outstanding at period end
41m
42m
46m
-1.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,651
3,019
3,461
-12.2%
Non-controlling interest
31.0
12.0
5.0
+158.3%
Debt
4,268
4,087
3,818
+4.4%
Other liabilities
1,948
2,096
1,734
-7.1%
Total liabilities and equity
8,898
9,214
9,018
-3.4%
Fixed assets
n/a
751
951
Goodwill
2,817
2,892
2,828
-2.6%
Intangible assets
952
1,027
1,107
-7.3%
Cash and equivalents
524
287
231
+82.6%
Other assets
4,605
4,257
3,901
+8.2%
Total assets
8,898
9,214
9,018
-3.4%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.