MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 27, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
4. Revenue
- REVENUE AND RECEIVABLES
Sources of Revenue by Segment
| 2023 | ||||
|---|---|---|---|---|
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total |
| Sale of vacation ownership products | $1,460 | $— | $— | $1,460 |
| Ancillary revenues | 252 | 5 | — | 257 |
| Management fee revenues | 180 | 24 | (3) | 201 |
| Exchange and other services revenues | 136 | 177 | 42 | 355 |
| Management and exchange | 568 | 206 | 39 | 813 |
| Rental | 531 | 40 | — | 571 |
| Cost reimbursements | 1,587 | 16 | (42) | 1,561 |
| Revenue from contracts with customers | 4,146 | 262 | (3) | 4,405 |
| Financing | 322 | — | — | 322 |
| Total Revenues | $4,468 | $262 | $(3) | $4,727 |
| 2022 | ||||
|---|---|---|---|---|
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total |
| Sale of vacation ownership products | $1,618 | $— | $— | $1,618 |
| Ancillary revenues | 241 | 4 | — | 245 |
| Management fee revenues | 166 | 34 | (5) | 195 |
| Exchange and other services revenues | 127 | 188 | 72 | 387 |
| Management and exchange | 534 | 226 | 67 | 827 |
| Rental | 509 | 42 | — | 551 |
| Cost reimbursements | 1,388 | 23 | (44) | 1,367 |
| Revenue from contracts with customers | 4,049 | 291 | 23 | 4,363 |
| Financing | 293 | — | — | 293 |
| Total Revenues | $4,342 | $291 | $23 | $4,656 |
| 2021 | ||||
|---|---|---|---|---|
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total |
| Sale of vacation ownership products | $1,153 | $— | $— | $1,153 |
| Ancillary revenues | 188 | 3 | — | 191 |
| Management fee revenues | 158 | 32 | (19) | 171 |
| Exchange and other services revenues | 124 | 198 | 171 | 493 |
| Management and exchange | 470 | 233 | 152 | 855 |
| Rental | 446 | 40 | — | 486 |
| Cost reimbursements | 1,202 | 47 | (121) | 1,128 |
| Revenue from contracts with customers | 3,271 | 320 | 31 | 3,622 |
| Financing | 268 | — | — | 268 |
| Total Revenues | $3,539 | $320 | $31 | $3,890 |
Timing of Revenue from Contracts with Customers by Segment
The following tables detail the timing of revenue from contracts with customers by segment for each of the last three fiscal years.
| 2023 | ||||
|---|---|---|---|---|
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total |
| Services transferred over time | $2,411 | $111 | $(3) | $2,519 |
| Goods or services transferred at a point in time | 1,735 | 151 | — | 1,886 |
| Revenue from contracts with customers | $4,146 | $262 | $(3) | $4,405 |
| 2022 | ||||
|---|---|---|---|---|
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total |
| Services transferred over time | $2,168 | $130 | $23 | $2,321 |
| Goods or services transferred at a point in time | 1,881 | 161 | — | 2,042 |
| Revenue from contracts with customers | $4,049 | $291 | $23 | $4,363 |
| 2021 | ||||
|---|---|---|---|---|
| ($ in millions) | Vacation Ownership | Exchange & Third-Party Management | Corporate and Other | Total |
| Services transferred over time | $1,915 | $154 | $31 | $2,100 |
| Goods or services transferred at a point in time | 1,356 | 166 | — | 1,522 |
| Revenue from contracts with customers | $3,271 | $320 | $31 | $3,622 |
Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities
The following table shows the composition of our receivables from contracts with customers and contract liabilities. We hadno contract assets at either December 31, 2023 or December 31, 2022.
| ($ in millions) | At December 31, 2023 | At December 31, 2022 |
|---|---|---|
| Receivables | ||
| Accounts and contracts receivable, net | $259 | $194 |
| Vacation ownership notes receivable, net | 2,343 | 2,198 |
| $2,602 | $2,392 | |
| Contract Liabilities | ||
| Advance deposits | $164 | $158 |
| Deferred revenue | 382 | 344 |
| $546 | $502 | |
Revenue recognized during the year ended December 31, 2023 that was included in our contract liabilities balance at December 31, 2022 was $290 million.
Remaining Performance Obligations
Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At December 31, 2023, approximately 94% of this amount is expected to be recognized as revenue over the nexttwo years.
Accounts and Contracts Receivable
Accounts and contracts receivable is comprised of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances:
| ($ in millions) | At December 31, 2023 | At December 31, 2022 |
|---|---|---|
| Receivables from contracts with customers, net | $259 | $194 |
| Interest receivable | 18 | 16 |
| Tax receivable | 44 | 20 |
| Indemnification assets | 40 | 19 |
| Employee tax credit receivable | 11 | 16 |
| Other | 13 | 27 |
| $385 | $292 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.