Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. One surprise that often hits retirees in their first few years is that even without the costs of working and contributing to retirement accounts, they end up spending more than when they held down a job. Some financial planners cite three retirement phases: Go-Go, Slow-Go and No-Go. In the Go-Go years, typically 65 to 75, many healthy, young retirees spend big to check lifelong dreams off their bucket list ...

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Marriott Vacations Worldwide due to lower revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - The upcoming earnings report is expected on February 25, with a consensus estimate of $1.72 per share, reflecting a year-over-year decrease of 7.5% [3]. - Revenues are projected to be $1.32 billion, down 0.2% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 1.94% higher in the last 30 days, indicating a reassessment by analysts [4]. - However, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -4.67%, suggesting a bearish outlook from analysts [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, but its predictive power is significant mainly for positive readings [9][10]. - The current Zacks Rank for Marriott Vacations Worldwide is 3, making it challenging to predict an earnings beat conclusively [12]. Historical Performance - In the last reported quarter, the company exceeded expectations with earnings of $1.69 per share against an estimate of $1.64, resulting in a surprise of +3.05% [13]. - Over the past four quarters, Marriott Vacations Worldwide has beaten consensus EPS estimates each time [14]. Industry Context - In the broader leisure and recreation services industry, Pursuit Attractions and Hospitality is expected to report a loss of $0.81 per share, with revenues projected to increase by 27.2% year-over-year [19]. - Pursuit Attractions and Hospitality has a negative Zacks Rank of 4, complicating predictions for an earnings beat despite a positive Earnings ESP of +4.94% [20].

Core Viewpoint - Marriott International, Inc. is a leading global hospitality company with a market cap of $93.8 billion, operating a diverse portfolio of hotel brands and lodging properties across various regions [1] Financial Performance - Over the past 52 weeks, Marriott's stock has returned 22.8%, outperforming the S&P 500 Index's 11.8% gain [2] - Year-to-date, MAR shares are up 14.1%, while the S&P 500 has seen a slight decline [2] - Despite reporting weaker-than-expected Q4 2025 adjusted EPS of $2.58, the company’s revenue of $6.69 billion exceeded forecasts, leading to an 8.5% stock increase [6] - Adjusted EBITDA for the same quarter was $1.40 billion, reflecting a 9% year-over-year growth [6] Future Outlook - For fiscal year 2026, analysts project adjusted EPS growth of 15.9% year-over-year to $11.61 [7] - The company has a positive outlook for 2026, expecting adjusted EPS between $11.32 and $11.57 and adjusted EBITDA growth of 8% to 10% [6] - Worldwide RevPAR growth is anticipated to be between 1.5% and 2.5%, with net rooms growth of 4.5% to 5%, supported by a development pipeline of nearly 610,000 rooms [6] Analyst Ratings - Among 26 analysts covering the stock, the consensus rating is a "Moderate Buy," with 10 "Strong Buy," 2 "Moderate Buy," 13 "Holds," and 1 "Strong Sell" [7] - BMO Capital raised its price target on Marriott to $400, maintaining an "Outperform" rating, with the stock currently trading above the mean price target of $348.64 [8] - The highest price target of $420 suggests a potential upside of 18.7% from current levels [8]

Core Insights - Lower-income Americans face concerns about retirement funding, as Social Security only replaces about 40% of pre-retirement income, necessitating additional income or savings [1] Group 1: Items to Sell Before Retirement - Selling a second car can generate cash and reduce expenses related to insurance and registration fees [2] - Timeshares may incur more costs than benefits, and selling them can provide financial relief, even if no money is gained from the sale [3] - Family heirlooms that children do not want can be sold to free up cash for retirement and alleviate the burden on heirs [4] - Poorly performing investments should be reviewed and potentially sold to claim losses on tax returns, thus reducing tax liabilities [5] - Selling a home and downsizing can generate cash for retirement while potentially lowering property taxes and maintenance costs [6]

Summary of Travel + Leisure Conference Call Company Overview - **Company**: Travel + Leisure - **Industry**: Travel and Leisure - **Performance**: The company has nearly doubled the performance of the S&P 500 year to date, excluding dividends, indicating strong market performance [1][2] Core Priorities and Growth Strategy - **Core Business Focus**: The primary priority is to stay focused on the core business, which involves direct marketing and expanding the addressable market through new brand launches [2][3] - **Brand Expansion**: New brands such as Sports Illustrated, Margaritaville, Accor, and Eddie Bauer are expected to bring incremental Total Addressable Market (TAM) [3][4] - **Consumer Lifestyle Trends**: The company aims to align vacation experiences with personal lifestyles, leveraging macro travel trends [4][9] Customer Experience and Technology - **Guest Experience Initiatives**: Significant investments are being made to improve customer experience, including the launch of the Club Wyndham app and a new AI customer service agent named Voya [12][21] - **Technology Investment**: A shift towards technology-driven solutions is evident, with a focus on enhancing booking and customer service processes [12][71] Financial Metrics and Consumer Behavior - **Repurchase Rate**: For every $1 spent by a customer, they are expected to spend an additional $2.60 over ten years, indicating strong customer loyalty [10][11] - **FICO Score Adjustment**: The minimum FICO score for customers was raised from 600 to 640, resulting in lower delinquencies and defaults, thus improving the financial health of the customer base [24][25] Operational Discipline and Brand Management - **Brand Management**: The company emphasizes the importance of executing existing brands effectively before adding new ones, ensuring operational discipline [16][17] - **Inventory Management**: Plans to streamline inventory by removing underperforming properties are in place, which is expected to positively impact overall performance [60][68] Capital Allocation and Shareholder Returns - **Capital Allocation Strategy**: The company prioritizes investments in business growth, dividends, and share buybacks, with a total shareholder yield currently around double digits [69][70] - **Technology Investment**: A significant portion of capital expenditure is directed towards technology to enhance guest services [71] Market Outlook and Consumer Health - **Consumer Health**: The company reports strong consumer performance, with forward bookings remaining robust despite macroeconomic challenges [32][33] - **Loan Loss Provision**: The company anticipates a loan loss provision rate of 21%, consistent with historical trends, and expects this to decrease in the medium term [38][50] Conclusion - Travel + Leisure is strategically positioned for growth through brand expansion, enhanced customer experience, and disciplined operational management. The focus on technology and consumer satisfaction, combined with a solid financial strategy, supports a positive outlook for the company moving forward.

As maintenance fees skyrocket, owners find their investment is nearly impossible to sell or even give away. Here’s how to exit your timeshare without spending a fortune.Read more: https://t.co/9i5gpS8lbhPhoto: Kena Betancur/AFP via Getty Images https://t.co/BxGRduKp0A ...

As maintenance fees skyrocket, owners find their investment is nearly impossible to sell or even give away. Here’s how to exit your timeshare without spending a fortune.Read more: https://t.co/9i5gpS8lbhPhoto: Kena Betancur/AFP via Getty Images https://t.co/uhYJzB2EUw ...

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]

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]

Company Performance - Marcus reported quarterly earnings of $0.23 per share, exceeding the Zacks Consensus Estimate of $0.19 per share, compared to a loss of $0.17 per share a year ago, representing an earnings surprise of +21.05% [1] - The company posted revenues of $206.04 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.63%, and showing an increase from year-ago revenues of $176.03 million [2] - Over the last four quarters, Marcus has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance and Outlook - Marcus shares have declined approximately 23.9% since the beginning of the year, while the S&P 500 has gained 7.8% [3] - The current consensus EPS estimate for the upcoming quarter is $0.58 on revenues of $222.5 million, and for the current fiscal year, it is $0.40 on revenues of $776.99 million [7] - The estimate revisions trend for Marcus was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Leisure and Recreation Services industry, to which Marcus belongs, is currently ranked in the bottom 28% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment and stock performance [5]