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ET to discuss these financial results and provide an update on business conditions.
Contact Investor Relations Community Relations Please contact us at Corporate.Affairs@mvwc.com or visit our community page. The company’s management will discuss business strategies, performance and growth opportunities for the company.Key speakers from Marriott Vacations Worldwide will include the following executives:Presentation material will be available on the Company’s website the morning of the event at Due to security at the New York Stock Exchange, institutional investors wishing to attend the live event must RSVP on the Company’s website by September 9, 2019. ORLANDO, Fla., April 21, 2020 /PRNewswire/ -- Marriott Vacations Worldwide Corporation (NYSE: VAC) will host a conference call with investors at 8:30 a.m. Exchange & Third-Party Management segment Adjusted EBITDA was $19 million in the second quarter of 2020.General and administrative costs improved $45 million in the second quarter of 2020 related mainly to synergy savings and lower costs associated with the furlough and reduced work week programs, including reduced salary related costs, as well as a $6 million credit available under the CARES Act legislation, which incentivized companies to continue paying associates’ benefit costs while not working.The Company has begun reopening its resorts and sales centers.On June 30, 2020, cash and cash equivalents totaled $566 million and the Company had $47 million of gross notes receivable that are eligible for securitization.The Company had $4.6 billion in debt outstanding, net of unamortized debt issuance costs, at the end of the second quarter of 2020, an increase of $0.5 billion from year-end 2019. Marriott International to Acquire Starwood Hotels & Resorts Worldwide, Creating the World's Largest Hotel Company 855.5 KB Transcript of Marriott and Starwood's Investor Conference Call.
This debt included $2.7 billion of corporate debt and $1.9 billion of non-recourse debt related to its securitized notes receivable.During the second quarter of 2020, the Company issued $500 million of senior secured notes and repaid the entire outstanding balance on its Revolving Corporate Credit Facility.Subsequent to the end of the second quarter, the Company completed a securitization of timeshare receivables, issuing $375 million of notes at an overall weighted average interest rate of 2.53% and a 98% gross advance rate, generating net proceeds of $53 million after payoff of the Company’s Warehouse Credit Facility and required expenses.Non-GAAP financial measures, such as adjusted net income attributable to common shareholders, adjusted EBITDA, adjusted fully diluted earnings per share, adjusted development margin and adjusted financial measures are reconciled and adjustments are shown and described in further detail in the Financial Schedules that follow.The Company will hold a conference call on July 30, 2020 at 9:00 a.m.
For questions regarding the event, please contact Marriott Vacations Worldwide’s Investor Relations at 407-206-6190 or carolyn.young@mvwc.com.
Until then, be well and let’s keep dreaming of together, the best place of all. Growth in management fees and financing revenue was offset by a 92% decline in contract sales and a 91% decrease in rental revenues due to substantially lower resort occupancies resulting from the COVID-19 pandemic.Vacation Ownership segment financial results were a loss of $34 million in the second quarter of 2020. Investor Relations open_in_new Marriott Vacations Worldwide is listed on the New York Stock Exchange under ticker symbol VAC. “However, beginning in late May, we saw our resort occupancies quickly build in states where restrictions had been lifted, illustrating the resilience of our customers and our leisure-focused business model.
By clicking "Yes" below, you acknowledge being transferred to a website that is not owned, operated or controlled by Marriott Vacations Worldwide Corporation (MVW), and that MVW is not responsible for information or activities associated with such website. Neal Goldner Vice President of Investor Relations at Marriott Vacations Worldwide Orlando, Florida Area 500+ connections An audio replay of the conference call will be available for 30 days on the Company’s website.Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. It also includes exchange networks and membership programs, as well as management of other resorts and lodging properties.
ET to discuss these financial results and provide an update on business conditions.
Contact Investor Relations Community Relations Please contact us at Corporate.Affairs@mvwc.com or visit our community page. The company’s management will discuss business strategies, performance and growth opportunities for the company.Key speakers from Marriott Vacations Worldwide will include the following executives:Presentation material will be available on the Company’s website the morning of the event at Due to security at the New York Stock Exchange, institutional investors wishing to attend the live event must RSVP on the Company’s website by September 9, 2019. ORLANDO, Fla., April 21, 2020 /PRNewswire/ -- Marriott Vacations Worldwide Corporation (NYSE: VAC) will host a conference call with investors at 8:30 a.m. Exchange & Third-Party Management segment Adjusted EBITDA was $19 million in the second quarter of 2020.General and administrative costs improved $45 million in the second quarter of 2020 related mainly to synergy savings and lower costs associated with the furlough and reduced work week programs, including reduced salary related costs, as well as a $6 million credit available under the CARES Act legislation, which incentivized companies to continue paying associates’ benefit costs while not working.The Company has begun reopening its resorts and sales centers.On June 30, 2020, cash and cash equivalents totaled $566 million and the Company had $47 million of gross notes receivable that are eligible for securitization.The Company had $4.6 billion in debt outstanding, net of unamortized debt issuance costs, at the end of the second quarter of 2020, an increase of $0.5 billion from year-end 2019. Marriott International to Acquire Starwood Hotels & Resorts Worldwide, Creating the World's Largest Hotel Company 855.5 KB Transcript of Marriott and Starwood's Investor Conference Call.
This debt included $2.7 billion of corporate debt and $1.9 billion of non-recourse debt related to its securitized notes receivable.During the second quarter of 2020, the Company issued $500 million of senior secured notes and repaid the entire outstanding balance on its Revolving Corporate Credit Facility.Subsequent to the end of the second quarter, the Company completed a securitization of timeshare receivables, issuing $375 million of notes at an overall weighted average interest rate of 2.53% and a 98% gross advance rate, generating net proceeds of $53 million after payoff of the Company’s Warehouse Credit Facility and required expenses.Non-GAAP financial measures, such as adjusted net income attributable to common shareholders, adjusted EBITDA, adjusted fully diluted earnings per share, adjusted development margin and adjusted financial measures are reconciled and adjustments are shown and described in further detail in the Financial Schedules that follow.The Company will hold a conference call on July 30, 2020 at 9:00 a.m.
For questions regarding the event, please contact Marriott Vacations Worldwide’s Investor Relations at 407-206-6190 or carolyn.young@mvwc.com.
Until then, be well and let’s keep dreaming of together, the best place of all. Growth in management fees and financing revenue was offset by a 92% decline in contract sales and a 91% decrease in rental revenues due to substantially lower resort occupancies resulting from the COVID-19 pandemic.Vacation Ownership segment financial results were a loss of $34 million in the second quarter of 2020. Investor Relations open_in_new Marriott Vacations Worldwide is listed on the New York Stock Exchange under ticker symbol VAC. “However, beginning in late May, we saw our resort occupancies quickly build in states where restrictions had been lifted, illustrating the resilience of our customers and our leisure-focused business model.
By clicking "Yes" below, you acknowledge being transferred to a website that is not owned, operated or controlled by Marriott Vacations Worldwide Corporation (MVW), and that MVW is not responsible for information or activities associated with such website. Neal Goldner Vice President of Investor Relations at Marriott Vacations Worldwide Orlando, Florida Area 500+ connections An audio replay of the conference call will be available for 30 days on the Company’s website.Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. It also includes exchange networks and membership programs, as well as management of other resorts and lodging properties.