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Market Information and Dividends
−Removed: Our common stock currently is traded on the New York Stock Exchange, or the “NYSE,” under the symbol “VAC.” In response to the impact of COVID-19, we temporarily suspended cash dividends.
−Removed: In May 2020, we entered into a waiver (the “Waiver”) to the agreement that governs our Corporate Credit Facility that, among other things, suspends our requirement to comply with the leverage covenant in the Revolving Corporate Credit Facility for up to four quarters, and prohibits us from making certain restricted payments, including dividends.
−Removed: In February 2021, we extended the suspension period included in the Waiver through the end of 2021.
−Removed: Subject to compliance with the Waiver, and the other restrictions on payment of dividends in our Corporate Credit Facility, any future dividend payments will be subject to Board approval, which will depend on our financial condition, results of operations and capital requirements, as well as applicable law, regulatory and contractual constraints, industry practice and other business considerations that our Board of Directors considers relevant.
−Removed: In addition the indentures governing our senior notes contain restrictions on our ability to pay dividends, and the terms of agreements governing debt that we may incur in the future may also limit or prohibit dividend payments.
−Removed: The payment of certain cash dividends may also result in an adjustment to the conversion rate of our 1.50% Convertible Senior Notes due 2022 (“2022 Convertible Notes”) in a manner adverse to us.
+Added: Our common stock currently is traded on the New York Stock Exchange, or the “NYSE,” under the symbol “VAC.” We currently expect to pay quarterly cash dividends in the future, but any future dividend payments will be subject to Board approval, which will depend on our financial condition, results of operations and capital requirements, as well as applicable law, regulatory constraints, industry practice and other business considerations that our Board of Directors considers relevant.
+Added: In addition, our Corporate Credit Facility and the indentures governing our senior notes contain restrictions on our ability to pay dividends, and the terms of agreements governing any debt that we may incur in the future may also limit or prohibit the payment of dividends.
+Added: The payment of certain cash dividends may also result in an adjustment to the conversion rate of our convertible notes in a manner adverse to us.
Accordingly, there can be no assurance that we will pay dividends in the future at any particular rate or at all.
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Issuer Purchases of Equity Securities
−Removed: On July 30, 2019, our Board of Directors authorized the extension of the duration of our then-existing share repurchase program to December 30, 2020, as well as the repurchase of up to 4.5 million additional shares of our common stock.
−Removed: Due to the impact of the impact of the COVID-19 pandemic, we temporarily suspended repurchasing shares of our common stock in April 2020.
−Removed: Our share repurchase program expired on December 31, 2020.
+Added: Period Total Number of Shares Purchased Average
+Added: Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
+Added: Maximum Dollar Amount of Shares That May Yet Be Purchased Under the Plans or Programs (1)
+Added: October 1, 2021 – October 31, 2021 119,711 $ 157.78 119,711 $ 226,615,634
+Added: November 1, 2021 – November 30, 2021 100,047 $ 161.57 100,047 $ 210,451,495
+Added: December 1, 2021 – December 31, 2021 243,717 $ 156.56 243,717 $ 172,295,787
+Added: Total 463,475 $ 157.96 463,475 $ 172,295,787
+Added: _________________________
+Added: (1) On September 10, 2021, our Board of Directors authorized a share repurchase program under which we may purchase shares of our common stock for an aggregate purchase price not to exceed $250 million, prior to December 31, 2022.
+Added: Subsequent to the end of 2021, on February 18, 2022, our Board of Directors authorized the repurchase of up to an additional $300 million of our common stock, as well as the extension of the duration of our existing share repurchase program to March 31, 2023.
Performance Graph
The above graph compares the relative performance of our common stock, the S&P MidCap 400 Index (which has included our common stock since the acquisition of ILG), and the S&P Composite 1500 Hotels, Resorts & Cruise Lines Index.
−Removed: The graph assumes that $100 was invested in our common stock and each index on January 1, 2016.
+Added: The graph assumes that $100 was invested in our common stock and each index on December 30, 2016.
The stock price performance reflected above is not necessarily indicative of future stock price performance.
The foregoing performance graph is being furnished as part of this Annual Report solely in accordance with the requirement under Rule 14a-3(b)(9) to furnish our shareholders with such information, and therefore, shall not be deemed to be filed or incorporated by reference into any filings by the Company under the Securities Act of 1933, as amended, or the Exchange Act.
−Removed: Selected Financial Data
−Removed: The following table presents a summary of our selected historical consolidated financial data for the periods indicated below.
−Removed: Because this information is only a summary and does not provide all of the information contained in our Financial Statements, including the related notes, it should be read in conjunction with “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our Financial Statements for each year for more detailed information.
−Removed: Fiscal Years (1)
−Removed: (in millions, except per share amounts and member statistics) 2020 2019 (2)
−Removed: 2018 2017 2016
−Removed: Income Statement Data
−Removed: Revenues $ 2,886 $ 4,259 $ 2,968 $ 2,183 $ 2,000
−Removed: Revenues net of total expenses (98) 458 267 246 200
−Removed: Net (loss) income attributable to common shareholders (275) 138 55 235 122
−Removed: Per Share Data
−Removed: Basic (loss) earnings per share attributable to common shareholders $ (6.65) $ 3.13 $ 1.64 $ 8.70 $ 4.37
−Removed: Diluted (loss) earnings per share attributable to common shareholders $ (6.65) $ 3.09 $ 1.61 $ 8.49 $ 4.29
−Removed: Cash dividends declared per share $ 0.54 $ 1.89 $ 1.65 $ 1.45 $ 1.25
−Removed: Balance Sheet Data
−Removed: Total assets $ 8,898 $ 9,214 $ 9,018 $ 2,845 $ 2,320
−Removed: Securitized debt, net 1,588 1,871 1,714 835 729
−Removed: Debt, net 2,680 2,216 2,104 260 8
−Removed: Total liabilities 6,216 6,183 5,552 1,804 1,425
−Removed: MVW shareholders' equity 2,651 3,019 3,461 1,041 895
−Removed: Noncontrolling interests 31 12 5 — —
−Removed: Operating Statistics
−Removed: Vacation Ownership
−Removed: Total contract sales (3)
−Removed: $ 669 $ 1,569 $ 1,089 $ 826 $ 741
−Removed: Consolidated contract sales (3)
−Removed: $ 654 $ 1,524 $ 1,073 $ 826 $ 741
−Removed: Exchange & Third-Party Management
−Removed: Total active Interval International members at end of period (000's) 1,518 1,670 1,802 — —
−Removed: Average revenue per Interval International member $ 144.97 $ 168.73 $ 37.37 $ — $ —
−Removed: _________________________
−Removed: (1) In 2017, we changed our financial reporting cycle to a calendar year-end reporting cycle.
−Removed: All fiscal years presented before 2017 included 52 weeks.
−Removed: (2) Data presented herein has been reclassified to conform to our 2019 financial statement presentation.
−Removed: (3) Contract sales consist of the total amount of vacation ownership product sales under contract signed during the period where we have received a down payment of typically at least ten percent of the contract price, reduced by actual rescissions during the period, inclusive of contracts associated with sales of vacation ownership products on behalf of third-parties, which we refer to as “resales contract sales.” In circumstances where a customer applies any or all of their existing ownership interests as part of the purchase price for additional interests, we include only the incremental value purchased as contract sales.
−Removed: Contract sales differ from revenues from the sale of vacation ownership products that we report in our income statements due to the requirements for revenue recognition described in Footnote 2 “Summary of Significant Accounting Policies” to our Financial Statements.
−Removed: We consider contract sales to be an important operating measure because it reflects the pace of sales in our business.
−Removed: Total contract sales include contract sales from the sale of vacation ownership products including joint ventures.
−Removed: Consolidated contract sales exclude contract sales from the sale of vacation ownership products for non-consolidated joint ventures.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.