Marriott Vacations Worldwide(US:VAC)2025-11-06 13:30Business 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, and a capital-efficient development model[10] - Approximately 40% of the company's Adjusted EBITDA comes from recurring sources[12, 75] Financial Performance and Guidance - In 2024, the Segment Adjusted EBITDA for Exchange and Third-Party Management was $102 million, with a 46% margin[20] - The company anticipates $150 million to $200 million in annualized Adjusted EBITDA benefits by 2026 through strategic modernization[27, 75] - The company's full year 2025 guidance includes contract sales of $1,760 million to $1,780 million, Adjusted EBITDA of $740 million to $755 million, and Adjusted Free Cash Flow of $235 million to $270 million[70] Growth Strategies - The company aims to drive vacation ownership growth by leveraging strong license relationships[45] - The company is investing in digital capabilities to drive sales and efficiency, with 49% of 2024 tour packages sold digitally and 14% of 2024 contract sales sold non-traditionally[48, 49] - The company is focused on adding first-time buyers, with approximately 95,000 first-time buyers added in the last 5 years[57]