Core Insights - Marriott Vacations Worldwide (VAC) has a strong history of exceeding earnings estimates and is well-positioned for continued success in upcoming reports [1][2] Earnings Performance - The company has consistently topped earnings estimates, with an average surprise of 10.18% over the last two quarters [2] - In the most recent quarter, Marriott Vacations reported earnings of $1.96 per share, surpassing the expected $1.72 per share by 13.95%. The previous quarter also saw a positive surprise, with actual earnings of $1.66 per share against an estimate of $1.56 per share, resulting in a 6.41% surprise [3] Earnings Estimates and Predictions - Recent estimates for Marriott Vacations have been trending upward, with a positive Zacks Earnings ESP (Expected Surprise Prediction) indicating a strong likelihood of another earnings beat [6][9] - The current Earnings ESP stands at +0.80%, suggesting that analysts are optimistic about the company's earnings prospects [9] Zacks Rank and Success Rate - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a high probability of exceeding consensus estimates, with historical data indicating that nearly 70% of stocks with this combination achieve a positive surprise [7][9]

Core Viewpoint - The Zacks Leisure and Recreation Services industry is experiencing growth driven by optimized business processes, partnerships, and digital initiatives, with strong demand for concerts and cruise bookings supporting this trend [1] Industry Overview - The Zacks Leisure and Recreation Services industry includes various recreation providers such as cruise operators, entertainment and media owners, theme park operators, and event organizers, thriving on economic growth and consumer demand [2] Trends Shaping the Industry - The cruise industry is benefiting from strong demand and increasing booking volumes, particularly in North America and Europe, with solid pricing and onboard spending contributing positively [3] - Theme park operators are experiencing improved visitation and rising consumer spending, aided by technology integration like augmented and virtual reality, while live entertainment firms are capitalizing on pent-up demand for events [4] - Rising disposable incomes in the U.S. are boosting leisure travel demand, with a shift towards experiential travel preferences and technological advancements enhancing consumer engagement [5] Industry Ranking and Performance - The Zacks Leisure and Recreation Services industry holds a Zacks Industry Rank of 50, placing it in the top 21% of 243 Zacks industries, indicating positive near-term prospects [6][7] - Despite the positive outlook, the industry has underperformed compared to the broader sector and the S&P 500, with a growth of 10.1% over the past year compared to 13% for the sector and 16.2% for the S&P 500 [10] Valuation Metrics - The industry trades at a forward 12-month price-to-sales (P/S) ratio of 2.49X, lower than the S&P 500's 5.36X and the sector's 2.35X, with historical trading ranges between 1.68X and 6.37X [13] Notable Companies - **Trip.com Group (TCOM)**: Benefiting from a 60% year-over-year surge in international reservations, with strong inbound travel bookings more than doubling; expected sales and earnings growth of 15.5% and 2.8% in 2025 [16][17] - **Carnival Corporation (CCL)**: Experiencing sustained demand and record pricing levels, with forward bookings for 2026 outpacing capacity growth; projected sales and earnings growth of 6.5% and 51.4% in 2025 [20][21] - **Norwegian Cruise Line Holdings (NCLH)**: Strong consumer demand and record advance ticket sales of $4 billion; expected sales and earnings growth of 6% and 14.8% in 2025 [24][25] - **Marriott Vacations Worldwide (VAC)**: Anticipating benefits from strong leisure travel demand and digitization initiatives, with expected sales and earnings growth of 3% in 2025 [28][29]

Core Insights - The comparison between Marriott Vacations Worldwide (VAC) and Airbnb, Inc. (ABNB) indicates that VAC presents a better value opportunity for investors at this time [1] Valuation Metrics - VAC has a forward P/E ratio of 9.62, significantly lower than ABNB's forward P/E of 28.17, suggesting that VAC is undervalued relative to its earnings potential [5] - The PEG ratio for VAC is 0.94, while ABNB's PEG ratio is 2.17, indicating that VAC is expected to grow its earnings at a more favorable rate compared to its current valuation [5] - VAC's P/B ratio stands at 0.9, contrasting sharply with ABNB's P/B ratio of 9.49, further highlighting VAC's undervaluation [6] Earnings Outlook - VAC is currently experiencing an improving earnings outlook, which is reflected in its Zacks Rank of 2 (Buy), while ABNB holds a Zacks Rank of 3 (Hold) [3][7]

Core Points - Marriott Vacations Worldwide Corporation (NYSE: VAC) will report its financial results for the third quarter of 2025 on November 5 after market close [1] - A conference call to discuss the results will take place at 8:30 a.m. ET on November 6 [1] - Participants can access the call by dialing (877) 407-8289 for domestic calls or (201) 689-8341 for international callers [1] - A live webcast of the call will be available in the Investor Relations section of the Company's website [1]

Core Insights - Shares of Marriott Vacations Worldwide (NYSE: VAC) have underperformed over the past year, losing approximately 5% of their value due to a slower-than-expected turnaround [1] Company Performance - The turnaround process for Marriott Vacations Worldwide has taken longer than anticipated, contributing to the decline in share value [1] Analyst Perspective - The analysis reflects a contrarian investment approach based on macroeconomic views and specific stock turnaround stories aimed at achieving outsized returns with a favorable risk/reward profile [1]

Core Viewpoint - Vishay Intertechnology, Inc. has launched a new series of Automotive Grade AC line rated ceramic disc safety capacitors, which are the first in the industry to feature a Y1 rating in a surface-mount casing, designed for EMI/RFI suppression in harsh environments [1][2]. Product Features - The SMDY1 Automotive Series capacitors have a Y1 rating of 500 VAC and 1500 VDC, with capacitance up to 4.7 nF, making them suitable for applications in electric vehicles (EV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV) [1][2]. - These capacitors are AEC-Q200 qualified and have a Class IIB humidity grade, capable of withstanding the 85/85/1000 h test, ensuring high humidity resistance [2]. - The capacitors allow for surface-mount assembly with a reflow soldering process, which reduces production costs and enables a low, flat profile on the PCB [3]. Compliance and Specifications - The components are RoHS-compliant and halogen-free, made from a copper-plated ceramic disc with flame-resistant epoxy resin encapsulation in accordance with UL 94 V-0 [4]. - The SMDY1 Automotive Series is available in two case sizes: C case with a creepage distance of 10 mm and D case with a creepage distance of 14.5 mm [4]. - Specifications include a ceramic class of 2, a dielectric of Y5U, a minimum capacitance of 470 pF, a maximum capacitance of 4700 pF, and a capacitance tolerance of ±20% [5]. Availability - Samples and production quantities of the SMDY1 Automotive Series are currently available, with lead times of 12 weeks [5]. Company Overview - Vishay Intertechnology, Inc. is a leading manufacturer of discrete semiconductors and passive electronic components, serving various markets including automotive, industrial, computing, and telecommunications [6].

Core Viewpoint - Marriott Vacations Worldwide reported strong Q2 2025 earnings, exceeding estimates and showing year-over-year growth, driven by increased Vacation Ownership sales and digital initiatives [3][5][10]. Financial Performance - Adjusted earnings per share (EPS) for Q2 2025 were $1.96, surpassing the Zacks Consensus Estimate of $1.72 by 14%, and up from $1.10 in the same quarter last year [5]. - Quarterly revenues reached $1.25 billion, exceeding the consensus mark of $1.22 billion by 1.9% and reflecting a 9% year-over-year increase [5]. - Adjusted EBITDA increased by 29% year over year to $203 million, with a margin of 24.3%, up from 20.7% a year ago [8]. Segment Highlights - Vacation Ownership segment revenue rose 12% year over year to $775 million, with adjusted EBITDA increasing 28% to $231 million [6]. - Exchange & Third-Party Management revenue declined 10% year over year to $51 million, with adjusted EBITDA falling 7% to $23 million [7]. Balance Sheet & Liquidity - The company ended Q2 with $799 million in liquidity, including $205 million in cash and equivalents, and $539 million in available credit [9]. - Total inventory was valued at $1 billion, with corporate debt at $3 billion and non-recourse securitized debt at $2 billion [9]. 2025 Outlook - Marriott Vacations reaffirmed its 2025 guidance, expecting contract sales between $1.74 billion and $1.83 billion, adjusted EBITDA of $750 million to $780 million, and adjusted EPS of $6.40 to $7.10 [10]. - The company anticipates $150 million to $200 million in EBITDA benefits from its modernization program by 2026, with projected free cash flow of $270 million to $330 million for 2025 [10]. Industry Context - Marriott Vacations Worldwide operates within the Zacks Leisure and Recreation Services industry, where competitor Royal Caribbean reported a 10.4% year-over-year revenue increase to $4.54 billion [14][15].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to WASHINGTON, D.C. 20549 _________________________ FORM 10-Q ___________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR Commission file number 001-35219 _________________________ Marriott Vacations Worldwid ...

Core Viewpoint - Marriott Vacations Worldwide Corporation held its Q2 2025 earnings call, discussing financial performance and future outlook [1][2][3]. Group 1: Company Overview - The earnings call featured key executives including John Geller, the President and CEO, and Jason Marino, the Executive VP and CFO [3][5]. - The call was hosted by Neal Goldner, Vice President of Investor Relations, indicating a structured approach to investor communication [2][3]. Group 2: Financial Information - The company emphasized that many comments made during the call are forward-looking statements, which are subject to risks and uncertainties [4]. - References to non-GAAP financial information were made, with reconciliations available in the press release and on the company's website [4].

Financial Data and Key Metrics Changes - Adjusted EBITDA for the quarter was $203 million, reflecting a 29% increase year-over-year with margins improving by 360 basis points [5][18] - Contract sales were down less than 1% for the quarter, showing improvement compared to Q1, with first-time buyer sales up 6% [7][16] - Total company rental profit declined by $7 million or 16% to $35 million, driven by increased unsold maintenance fees and marketing expenses [17] Business Line Data and Key Metrics Changes - Owner sales declined by 4% year-over-year due to lower VPGs, while owner tours remained flat [16] - Management exchange profit increased by 3% to $98 million, attributed to increased revenue in the vacation ownership segment [17] - Financing profit increased by 7% to $53 million [17] Market Data and Key Metrics Changes - Resort occupancy was nearly 90%, with strong performance in Maui, Coastal Florida, and The Caribbean, while Las Vegas showed relative weakness [6] - First-time buyers represented one-third of total contract sales, up 200 basis points from a year ago [8] Company Strategy and Development Direction - The company is focused solely on the upper upscale segment of the vacation ownership market, targeting owners with a median annual income of $150,000 [6] - A modernization initiative is expected to deliver $150 million to $200 million in run-rate benefits by 2026, with half from revenue initiatives and half from cost savings [7][11] - The company aims to grow tours and VPG in the low single digits and leverage fixed costs to improve margins [14] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model and the continued prioritization of leisure travel by consumers [5][13] - Loan delinquencies are trending down, with the lowest levels in two years, and management expects maintenance fees to remain flattish next year [12][19] - Despite macroeconomic uncertainties, management remains optimistic about long-term growth potential [14][42] Other Important Information - The company ended the quarter with leverage of 3.9 times and $800 million in liquidity [18] - Adjusted free cash flow is expected to be between $270 million and $330 million for the year, excluding one-time cash costs related to modernization initiatives [20] - The company acquired 52 completed timeshare units in Cowalack, Thailand for $43 million during the quarter [20] Q&A Session Summary Question: Contract sales performance in June and July - Management confirmed that July contract sales were up slightly from June, with June showing a 3% year-over-year increase [26][27] Question: Loan loss provision expectations - The loan loss provision is expected to be 12.5%, which is about half a point higher than previous guidance, reflecting ongoing improvements in delinquencies [28][30] Question: Expanded owner benefits and EBITDA impact - The expanded owner benefit provides more options for owners but is not expected to significantly impact EBITDA growth [35][36] Question: Share buyback restrictions - Management indicated that there were blackout periods that precluded share buybacks, but they plan to be opportunistic in the future [39] Question: Inventory efficiency and cost implications - Management aims to reduce inventory levels to one to two years on hand, with a slight increase in product costs expected over the next few years [48][49] Question: Recovery in Maui post-wildfire - Maui showed strong year-over-year contract sales, with transient occupancies and rates up, although sales remained flat compared to last year [62]