Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $203 million for the quarter, reflecting a 29% increase year-over-year with margins improving by 360 basis points [4][18] - Contract sales were down less than 1% for the quarter, an improvement compared to Q1, with first-time buyer sales up 6% year-over-year [6][15] - Delinquencies declined by 50 basis points sequentially and 110 basis points year-over-year, reaching the lowest levels in two years [15][29] Business Line Data and Key Metrics Changes - Owner sales declined by 4% due to lower VPGs, while owner tours remained flat [15] - Total company rental profit decreased by $7 million or 16% to $35 million, driven by increased unsold maintenance fees and marketing expenses [17] - Management exchange profit increased by 3% to $98 million, attributed to increased revenue in the vacation ownership segment [17] Market Data and Key Metrics Changes - The company achieved nearly 90% resort occupancy, with strong performance in Maui, Coastal Florida, and The Caribbean, while Las Vegas showed relative weakness [5] - First-time buyers represented a third of total contract sales in the quarter, up 200 basis points from a year ago [7] Company Strategy and Development Direction - The company is focused on modernization initiatives expected to deliver $150 million to $200 million in run rate benefits by the end of 2026, with half from revenue initiatives and half from cost savings [6][11] - The modernization program aims to enhance decision-making speed, optimize IT platforms, and drive growth in the leisure-focused business [7][12] - The company plans to restrict inventory spending to low-cost reacquired inventory and capital-efficient arrangements [21] Management's 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 [4][13] - Despite external uncertainties, the company expects high occupancy rates to continue and anticipates strong owner keys for the second half of the year [12][14] - The long-term financial model remains unchanged, with expectations for high single-digit to low double-digit EPS growth over time [14] Other Important Information - The company ended the quarter with $800 million in liquidity and a leverage ratio of 3.9 times [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] Q&A Session Summary Question: Contract sales trends 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 guidance increased to 12.5%, which is about half a point higher than previous expectations, reflecting ongoing improvements in delinquencies [28][29] 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 [33][34] Question: Share buyback restrictions - Management indicated that there were blackout periods preventing share buybacks, but they plan to be opportunistic in the future [36][37] Question: Inventory efficiency and cost implications - The company 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 [45][46] Question: Loan loss provision increase despite improving delinquencies - Management explained that while delinquencies are improving, they are still higher than desired, prompting a conservative approach to the loan loss provision [53][54] Question: Sales performance in Maui - Maui showed strong year-over-year performance, with contract sales and occupancy rates improving, although some challenges remain [59]

Business Overview - The company operates with iconic brands, approximately 120 resorts, and serves around 700,000 owner families[9] - The company's business model includes timeshare and exchange products, multiple brands, perpetual sales centers, points-based offerings, and a capital-efficient development model[11] - Approximately 40% of the company's Adjusted EBITDA contribution comes from recurring sources[13, 77] Financial Performance and Projections - Exchange and Third-Party Management contribute approximately 10% to Adjusted EBITDA, while Vacation Ownership contributes approximately 90%[9] - The Exchange and Third-Party Management segment has a high Adjusted EBITDA margin of approximately 46%[20] - The company anticipates $150 million to $200 million in annualized Adjusted EBITDA benefits by 2026 from strategic modernization initiatives[27, 77] - Full year 2025 guidance includes contract sales of $1740 million to $1830 million and Adjusted EBITDA of $750 million to $780 million[72] - The company projects Adjusted Free Cash Flow for 2025 to be between $270 million and $330 million[72] Growth Strategies - The company is focused on driving growth through product transformation, leveraging technology, and disciplined use of free cash flow[37] - Approximately 49% of 2024 tour packages were sold digitally, and 14% of 2024 contract sales were sold non-traditionally, including virtual sales[51] - The company has added approximately 100,000 first-time buyers since 2020[59]

Core Insights - Marriott Vacations Worldwide reported $1.25 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 9.3% and an EPS of $1.96 compared to $1.10 a year ago, with revenue exceeding Zacks Consensus Estimate by 1.85% [1] - The company’s EPS also surpassed the consensus estimate of $1.72 by 13.95% [1] Revenue Breakdown - Cost reimbursements revenue was $407 million, exceeding the average estimate of $391.55 million by analysts, representing a year-over-year change of +7.7% [4] - Rental revenue reached $160 million, slightly above the average estimate of $157.54 million, with a year-over-year increase of +4.6% [4] - Management and exchange revenue was reported at $219 million, in line with the average estimate of $218.79 million, reflecting a +1.9% year-over-year change [4] - Sales of vacation ownership products generated $370 million, surpassing the estimated $360.33 million, with a significant year-over-year increase of +19.7% [4] - Financing revenue amounted to $90 million, exceeding the average estimate of $88.4 million, with a year-over-year change of +5.9% [4] Stock Performance - Shares of Marriott Vacations Worldwide have returned -8.3% over the past month, contrasting with the Zacks S&P 500 composite's +0.6% change, indicating underperformance relative to the broader market [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the market in the near term [3]

Financial Performance - Marriott Vacations Worldwide reported quarterly earnings of $1.96 per share, exceeding the Zacks Consensus Estimate of $1.72 per share, and up from $1.1 per share a year ago, representing an earnings surprise of +13.95% [1] - The company posted revenues of $1.25 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.85%, compared to $1.14 billion in the same quarter last year [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.69 on revenues of $1.33 billion, and for the current fiscal year, it is $6.66 on revenues of $5.1 billion [7] - The estimate revisions trend for Marriott Vacations Worldwide was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Leisure and Recreation Services industry, to which Marriott Vacations Worldwide belongs, is currently ranked in the bottom 27% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

[Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) The company reported strong Q2 2025 results, with **$69 million** net income and **$203 million** Adjusted EBITDA, reiterating its full-year outlook and modernization program progress - Management highlighted the resilience of the business model, strong first-time buyer sales, and confirmed that its modernization program is on track to deliver **$150 million to $200 million** in annualized Adjusted EBITDA benefits by the end of next year[4](index=4&type=chunk) Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net income attributable to common stockholders | $69 million | | Diluted earnings per share (EPS) | $1.77 | | Adjusted net income attributable to common stockholders | $77 million | | Adjusted diluted EPS | $1.96 | | Adjusted EBITDA | $203 million | [Segment Performance](index=1&type=section&id=Segment%20Performance) The Vacation Ownership segment's Adjusted EBITDA increased **28%** due to a prior-year adjustment, while Exchange & Third-Party Management saw declines in revenue and Adjusted EBITDA [Vacation Ownership](index=1&type=section&id=Vacation%20Ownership) Vacation Ownership revenue grew **12%** to **$775 million** and Adjusted EBITDA increased **28%** to **$231 million**, despite a **1%** dip in contract sales and **3%** VPG decline Vacation Ownership Performance - Q2 2025 vs Q2 2024 | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues (ex-cost reimbursements) | $775M | $694M | +12% | | Total consolidated contract sales | $445M | $449M | -1% | | VPG | $3,631 | $3,741 | -3% | | Tours | 114,402 | 111,752 | +2% | | Segment Adjusted EBITDA* | $231M | $181M | +28% | - The **28%** increase in Segment Adjusted EBITDA was primarily driven by a **$57 million** sales reserve adjustment in the prior year, which had reduced development profit in Q2 2024[8](index=8&type=chunk) [Exchange & Third-Party Management](index=2&type=section&id=Exchange%20%26%20Third-Party%20Management) Exchange & Third-Party Management revenue decreased **10%** to **$51 million** and Adjusted EBITDA fell **7%** to **$23 million**, primarily due to lower Interval International performance Exchange & Third-Party Management Performance - Q2 2025 vs Q2 2024 | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues (ex-cost reimbursements) | $51M | $55M | -10% | | Total active Interval International members | 1,507k | 1,530k | -2% | | Avg. revenue per member | $37.40 | $38.30 | -2% | | Segment Adjusted EBITDA* | $23M | $25M | -7% | [Corporate and Other](index=2&type=section&id=Corporate%20and%20Other) General and administrative costs rose **12%** year-over-year, mainly due to lower variable compensation in the prior year tied to the sales reserve adjustment - General and administrative costs increased **12%** compared to the prior year due to lower variable compensation in the prior year tied to the sales reserve adjustment[10](index=10&type=chunk) [Balance Sheet and Liquidity](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity) The company ended Q2 with **$799 million** in liquidity, including **$205 million** cash, and total debt of **$5 billion** split between corporate and non-recourse obligations - The company ended the quarter with **$799 million** in liquidity, including **$205 million** of cash and cash equivalents and **$539 million** of available capacity under its revolving corporate credit facility[11](index=11&type=chunk) - Total debt at the end of Q2 was composed of **$3 billion** in corporate debt and **$2 billion** in non-recourse debt related to securitized vacation ownership notes receivable[12](index=12&type=chunk) [Full Year 2025 Outlook](index=2&type=section&id=Full%20Year%202025%20Outlook) The company reiterated its full-year 2025 guidance, projecting contract sales between **$1,740 million** and **$1,830 million** and Adjusted EBITDA between **$750 million** and **$780 million** Full Year 2025 Guidance (Reiterated) | Metric | 2025 Guidance Range | | :--- | :--- | | Contract sales | $1,740M to $1,830M | | Adjusted EBITDA* | $750M to $780M | | Adjusted net income* | $250M to $280M | | Adjusted diluted EPS* | $6.40 to $7.10 | | Adjusted free cash flow* | $270M to $330M | 2025 Supplemental Estimates | Metric | 2025 Guidance Range | | :--- | :--- | | Interest expense, net | $175M to $172M | | Depreciation and amortization | $150M to $148M | | Tax rate (for adjusted net income) | 34% to 33% | [Financial Schedules](index=6&type=section&id=Financial%20Schedules) [Summary Financial Information (A-1)](index=7&type=section&id=Summary%20Financial%20Information%20(A-1)) Q2 2025 saw total revenues increase **9%** to **$1.246 billion** and net income rise **89%** to **$69 million**, with Adjusted EBITDA growing **29%** to **$203 million** Q2 2025 Financial Summary (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **GAAP Measures** | | | | | Revenues | $1,246M | $1,140M | +9% | | Net Income | $69M | $37M | +89% | | Diluted EPS | $1.77 | $0.98 | +81% | | **Non-GAAP Measures** | | | | | Adjusted EBITDA* | $203M | $158M | +29% | | Adjusted Net Income* | $77M | $42M | +84% | | Adjusted Diluted EPS* | $1.96 | $1.10 | +78% | [Interim Consolidated Statements of Income (A-2)](index=8&type=section&id=Interim%20Consolidated%20Statements%20of%20Income%20(A-2)) Q2 2025 income statement shows total revenues of **$1.246 billion**, driven by increased vacation ownership product sales, resulting in **$69 million** net income Q2 2025 Income Statement Highlights (vs. Q2 2024) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sale of vacation ownership products | $370M | $309M | | Total Revenues | $1,246M | $1,140M | | Total Expenses | $1,134M | $1,038M | | Net Income Attributable to Common Stockholders | $69M | $37M | [Non-GAAP Reconciliations (A-3 to A-6)](index=9&type=section&id=Non-GAAP%20Reconciliations%20(A-3%20to%20A-6)) This section details reconciliations from GAAP to non-GAAP metrics, with Q2 2025 adjustments bridging **$69 million** GAAP Net Income to **$77 million** Adjusted Net Income and **$203 million** Adjusted EBITDA [Adjusted Net Income and EPS (A-3)](index=9&type=section&id=Adjusted%20Net%20Income%20and%20EPS%20(A-3)) GAAP net income of **$69 million** was adjusted for items like a **$34 million** restructuring charge, resulting in **$77 million** Adjusted Net Income and **$1.96** Adjusted Diluted EPS for Q2 2025 Q2 2025 Reconciliation to Adjusted Net Income | Line Item | Amount | | :--- | :--- | | Net income attributable to common stockholders (GAAP) | $69M | | Add: Provision for income taxes | $25M | | Add/Subtract: Certain items (Restructuring, Gains, etc.) | $8M | | **Adjusted pretax income*** | **$110M** | | Less: Provision for income taxes (adjusted) | ($33M) | | **Adjusted net income attributable to common stockholders*** | **$77M** | [Adjusted EBITDA (A-4 & A-5)](index=10&type=section&id=Adjusted%20EBITDA%20(A-4%20%26%20A-5)) Q2 2025 Adjusted EBITDA reached **$203 million**, reconciled from **$69 million** GAAP net income, with Vacation Ownership contributing **$231 million** and Exchange & Third-Party Management **$23 million** Q2 2025 Reconciliation to Adjusted EBITDA | Line Item | Amount | | :--- | :--- | | Net income attributable to common stockholders (GAAP) | $69M | | Add: Interest expense, net | $42M | | Add: Provision for income taxes | $25M | | Add: Depreciation and amortization | $38M | | Add/Subtract: Other adjustments | $29M | | **Adjusted EBITDA*** | **$203M** | - On a segment basis for Q2 2025, Vacation Ownership generated **$231 million** in Adjusted EBITDA, while Exchange & Third-Party Management generated **$23 million**[38](index=38&type=chunk)[39](index=39&type=chunk) [Consolidated Contract Sales to Development Profit (A-6)](index=12&type=section&id=Consolidated%20Contract%20Sales%20to%20Development%20Profit%20(A-6)) Consolidated contract sales of **$445 million** in Q2 2025 reconciled to **$92 million** Development Profit, with a **24.7%** margin, significantly up from **14.7%** in the prior year Q2 2025 Reconciliation to Development Profit | Line Item | Amount | | :--- | :--- | | Consolidated contract sales | $445M | | Adjustments (resales, reserves, etc.) | ($75M) | | **Sale of vacation ownership products** | **$370M** | | Less: Cost of products | ($41M) | | Less: Marketing and sales | ($237M) | | **Development Profit** | **$92M** | | Development Profit Margin | 24.7% | [Supplemental Information (A-7 to A-10)](index=13&type=section&id=Supplemental%20Information%20(A-7%20to%20A-10)) This section details profitability by business line and revenue sources, with Q2 2025 Development Profit more than doubling to **$92 million** and Rental Profit decreasing **16%** [Profitability by Business Line (A-7 & A-8)](index=13&type=section&id=Profitability%20by%20Business%20Line%20(A-7%20%26%20A-8)) In Q2 2025, Development Profit surged **101%** to **$92 million**, Financing Profit grew **7%** to **$53 million**, while Rental Profit declined **16%** to **$35 million** Q2 2025 Profit by Line (vs. Q2 2024) | Profit Line | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Development Profit | $92M | $45M | +101% | | Management and Exchange Profit | $98M | $96M | +3% | | Rental Profit | $35M | $42M | -16% | | Financing Profit | $53M | $50M | +7% | [Management and Exchange Revenue Breakdown (A-9 & A-10)](index=15&type=section&id=Management%20and%20Exchange%20Revenue%20Breakdown%20(A-9%20%26%20A-10)) Total Management and Exchange revenue for Q2 2025 increased **2%** to **$219 million**, driven by **5%** growth in Ancillary Revenue and **4%** in Management Fee Revenue Q2 2025 Management & Exchange Revenue (vs. Q2 2024) | Revenue Source | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Ancillary Revenue | $76M | $73M | +5% | | Management Fee Revenue | $56M | $52M | +4% | | Exchange and Other Services Revenue | $87M | $90M | -2% | | **Total** | **$219M** | **$215M** | **+2%** | [Balance Sheet and Cash Flow (A-11)](index=17&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20(A-11)) As of June 30, 2025, the company held **$205 million** in cash and **$3.197 billion** in net debt, with **$40 million** cash used in operating activities for the first six months Key Balance Sheet Items (June 30, 2025) | Item | Amount | | :--- | :--- | | Cash and cash equivalents | $205M | | Vacation ownership notes receivable, net | $2,485M | | Debt, net | $3,197M | | Stockholders' equity | $2,484M | Summary Cash Flow - Six Months Ended June 30 | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Operating activities | ($40M) | $33M | | Investing activities | ($43M) | ($88M) | | Financing activities | $19M | ($59M) | | **Net change in cash** | **($60M)** | **($117M)** | [2025 Outlook - Adjusted Free Cash Flow (A-12)](index=18&type=section&id=2025%20Outlook%20-%20Adjusted%20Free%20Cash%20Flow%20(A-12)) The company reiterated its full-year 2025 Adjusted Free Cash Flow guidance of **$270 million** to **$330 million**, derived from an Adjusted EBITDA range of **$750 million** to **$780 million** 2025 Adjusted Free Cash Flow Outlook | Component | Low | High | | :--- | :--- | :--- | | Adjusted EBITDA* | $750M | $780M | | Cash interest | ($150M) | ($145M) | | Cash taxes | ($150M) | ($155M) | | Corporate capital expenditures | ($65M) | ($65M) | | Inventory | ($75M) | ($60M) | | Financing activity and other | ($40M) | ($25M) | | **Adjusted free cash flow*** | **$270M** | **$330M** | [Quarterly Operating Metrics (A-13)](index=19&type=section&id=Quarterly%20Operating%20Metrics%20(A-13)) Q2 2025 operating metrics show a **2%** increase in tours to **114,402**, but Volume Per Guest (VPG) declined to **$3,631**, and active Interval International members decreased to **1.507 million** Key Operating Metrics - Q2 2025 vs. Q2 2024 | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Consolidated contract sales | $445M | $449M | | VPG | $3,631 | $3,741 | | Tours | 114,402 | 111,752 | | Total active Interval International members | 1,507,051 | 1,530,490 | [Non-GAAP Financial Measures (A-14)](index=20&type=section&id=Non-GAAP%20Financial%20Measures%20(A-14)) This section explains the rationale for using non-GAAP financial measures like Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow for clearer period-over-period comparisons of core operations - The company reports non-GAAP financial measures to allow for period-over-period comparisons of its on-going core operations before the impact of certain excluded items[67](index=67&type=chunk) - Definitions and rationale are provided for key non-GAAP metrics including Adjusted EBITDA, Adjusted Net Income Attributable to Common Stockholders, and Adjusted Free Cash Flow[69](index=69&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)

Core Insights - Investors in the Leisure and Recreation Services sector may consider Marriott Vacations Worldwide (VAC) and Trip.com (TCOM) as potential undervalued stocks [1] Group 1: Company Performance - VAC has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while TCOM has a Zacks Rank of 4 (Sell) [3] - VAC's forward P/E ratio is 12.42, significantly lower than TCOM's forward P/E of 17.89, suggesting that VAC may be undervalued [5] - VAC has a PEG ratio of 1.82, compared to TCOM's PEG ratio of 2.67, indicating better expected earnings growth relative to its valuation [5] Group 2: Valuation Metrics - VAC's P/B ratio is 1.17, while TCOM's P/B ratio is 2.06, further supporting the notion that VAC is more attractively valued [6] - Based on various valuation metrics, VAC holds a Value grade of A, whereas TCOM has a Value grade of C, indicating that VAC is the preferred choice for value investors [6]

Core Insights - Marriott Vacations Worldwide (VAC) is positioned to continue its earnings-beat streak, having surpassed earnings estimates by an average of 14.79% in the last two quarters [1][5]. Earnings Performance - For the most recent quarter, Marriott Vacations Worldwide reported earnings of $1.56 per share, missing the expected $1.66 per share by 6.41%. In the previous quarter, the company exceeded the consensus estimate of $1.51 per share by reporting $1.86 per share, resulting in a surprise of 23.18% [2]. Earnings Estimates and Predictions - Estimates for Marriott Vacations Worldwide have been trending higher, supported by its history of earnings surprises. The stock currently has a positive Zacks Earnings ESP of +3.71%, indicating bullish sentiment among analysts regarding its near-term earnings potential [5][8]. - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a strong likelihood of another earnings beat, with historical data showing that stocks with this combination beat consensus estimates nearly 70% of the time [6][8]. Earnings ESP Explanation - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions. This metric is crucial for predicting earnings surprises [7][9]. Importance of Earnings ESP - While many companies may beat consensus EPS estimates, the Earnings ESP metric is essential for assessing the likelihood of such outcomes. A negative Earnings ESP does not necessarily indicate an earnings miss, but it reduces predictive power [9][10].

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Marriott Vacations Worldwide, with a focus on how actual results compare to estimates, which could significantly impact stock price [1][2]. Earnings Expectations - The upcoming earnings report is expected to show quarterly earnings of $1.72 per share, reflecting a year-over-year increase of +56.4% [3][19]. - Revenues are projected to reach $1.22 billion, marking a 7.3% increase from the same quarter last year [3][19]. Estimate Revisions - The consensus EPS estimate has been revised 1% higher in the last 30 days, indicating a positive reassessment by analysts [4][20]. - The Most Accurate Estimate is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +3.71%, suggesting a bullish outlook on earnings prospects [12][20]. Historical Performance - In the last reported quarter, Marriott Vacations Worldwide exceeded the expected earnings of $1.56 per share by delivering $1.66, achieving a surprise of +6.41% [13]. - Over the past four quarters, the company has surpassed consensus EPS estimates three times [14][20]. Industry Context - Marriott Vacations Worldwide is positioned within the Zacks Leisure and Recreation Services industry, where it is expected to report strong earnings growth compared to peers [19].

Group 1 - The logistics sector has seen significant engagement from investors, with a focus on stock investing and macroeconomic analysis over the past decade [1] - The ASEAN and NYSE/NASDAQ markets are highlighted as key areas of investment, particularly in banks, telecommunications, logistics, and hotels [1] - The popularity of insurance companies in the Philippines has influenced investment strategies, leading to diversification beyond traditional savings in banks and properties [1] Group 2 - Initial investments were made in blue-chip companies, but the portfolio has since expanded to include various industries and market capitalizations [1] - The US market was entered in 2020, following a period of learning and engagement through a relative's trading account [1] - The use of analyses from platforms like Seeking Alpha has enhanced comparative insights between the US and Philippine markets [1]

Core Insights - Investors in Marriott Vacations Worldwide Corporation (VAC) should monitor stock movements due to high implied volatility in options, particularly the Jul 07, 2025 $50.00 Call option [1] Company Analysis - Marriott Vacations is currently rated as Zacks Rank 3 (Hold) within the Leisure and Recreation Services industry, which ranks in the top 37% of Zacks Industry Rank [3] - Over the past 60 days, two analysts have raised their earnings estimates for the current quarter, while four have lowered theirs, resulting in a net increase of the Zacks Consensus Estimate from $1.71 to $1.76 per share [3] Options Market Insights - The high implied volatility suggests that options traders anticipate significant price movement for Marriott Vacations, indicating potential upcoming events that could lead to substantial price changes [2][4] - Options traders often seek to sell premium on options with high implied volatility, aiming to benefit from the decay of the option's value if the stock does not move as much as expected [4]