VAC - Earnings call transcript Q3 2021 | Marriott Vacations Worldwide Corporation

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Operator

Greetings. Welcome to Marriott Vacations Worldwide Third Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. turn over I'll with Neal time, Relations. Investor this the to conference Goldner At now begin. may you Neal,

Neal Goldner

Thank and I need Officer. third our new quarter many by you, Executive Worldwide that Weisz, to President, earnings Vacations Rob, Steve and Tony call remind welcome John to Vice Geller; everyone conference Terry, Executive President We call. Chief am and today Marriott joined Officer; under federal our uncertainties, are implied the statements materially our XXXX of or SEC Financial by in today considered subject cause are differ historical are as could those results future our and laws. and facts securities our to comments not in filings, risks comments. statements which expressed from to These forward-looking Chief numerous described

the only issued comments Forward-looking will made as references our press as well added we will information. we effective presentation our not to website Throughout updated and actual release make non-GAAP are morning, when that the financial call events this we unfold. to as the and call, be this statements on in

reconciliation the non-GAAP of website find our CEO, a my now schedules the at over release Weisz. With turn to call in as -- and of to to page Steve can financial the attached to measures press well that, it's as our Investor You Relations remarks in referred the ir.mbwc.com. our pleasure to

Steve Weisz

quarter earnings Thanks, Neal. third Good morning, you call. our everyone, and joining thank for

I with call. MVW start, earnings want Tony to our Officer with XX we Before experience Financial welcome announced of Terry, newly to years Chief our

members years exciting as Marriott sunny we company, important is were in to pure-play in from loyal resorts ownership with resorts Vacations owners. with and joining York celebrate our Today more XXX,XXX properties for XXX XX about three our XXX,XXX particularly anniversary and vacation our an X,XXX a ago traded brands, an the business business we're is resorts resorts XXth other also Worldwide, Stock While time our New and most publicly XXX management company. XX of are today Exchange business. you third-party vacation independent and we we at vacation X.X milestone seven exchange year the Florida, owners have experiences, in million brands, lodging than and ownership approximately we’re and

appreciative of in including time attracting ahead come, guests experiences millions say dedication honestly the contributions I tools growth. our of our ILG while our Our pursue to to I've customers, cash existing world, incredible ever new days trust any new that our owners has an large want. new loyal allows to of activities, portfolio I’m talented expand of This including our to vacation capital-efficient their M&A much us shareholders. their to and organic members And best and fuel business equally and again to strong for flow, the members years. access offerings part can also a us. Marriott products, with in throughout associates characterized more there's built they driven are XX simultaneously experience of for been still digital Vacations team ones. by and to footprint delight our inventory excess acquisitions this time by help Resorts, recurring can have sincerely fuel put We've to and while built growth provided virtually vacation grateful resort remarkable We've enable who kind returning of to and success. and owners, approach. deliver cash us I'm the Welk of

markets quarter, of our Lake the very despite resorts Before think North the during business. few share I Tahoe quarter. Basin. the strong American in due the of over Delta were the fires I turn with to Starting variant our a and Occupancies some to the to John, what ownership the call I'd vacation like in softness are in highlights

quarter, did government late another for August the ran for market us, a In were occupancy occupancy Hawaii in back occupancy when Florida so large few levels, few XX% our the occupancies variant, we and Orlando, see while months, vacation. example, the due desire Beach asked to in September during nearly get soften away quarter. travelers dipped For on resorts points we the above for XXXX to well a at travelers' to illustrating stay

locations San progressed. European nicely improvement running nearly sequential improve our running XX% with over the in urban and And a during the Our XX%. encouragingly, quarter locations Boston nice occupancy Diego to as saw continued quarter, we

$XXX With the we XXXX which X% levels. of within domestic was occupancy, sales delivered strong million contract in

almost First-time buyers five quarter the third years of the second first-time quarter. with contract for And from XX% And excluding, with up $XXXX, ownership. was with the as now than health products sales more resonating of first-time of represented owner have their the VPG within higher historically more we Welk customers of than important is the revenue doubled buyer both first and improving sequentially buyers this nearing ever digit. system contribution VPG than the sell double XX% XXXX

the year, Diego, drive with earlier Welk Tahoe. transition, originally one owners X, to transition add bring leisure exchange as third-party through on we a this on January to progress acquisition business. to technology numbers developer highly total we Company-wide, seamless its now effective customer margins. than and January In leveraging continue also XX,XXX This make members new to network, San in Interval to such Lake management expand these of good system key our new a Interval all-inclusive X. members only and leading also contract working agreements not And experience. inventory technology Breckenridge but interval in Nexa. Interval resort the signed planned. the of Welk This Loscabos, will destinations and are year Resorts beginning desirable our initiatives will nearly on group X, growth to ensure to to with Moving LS January will earlier interval Resorts our

our recently continuing significantly time with making Marriott first to we And Vacation next brands technology and which good the and expand linking new branded based service. to launched the we're year. share product, our efficiency its reservation a and portfolio digital Sheraton year. this addressable business to work For example, our Ownership point improving single look next beyond we access into progress our Westin to Marriott this products initiative progress in market increase expect Interval across on forward sharing marketing improve customer half of greatly owner our is

about balance talk of year. the let's So the

months strong We integration our of the novel months. likely and go owners the strong and well ownership high reach business In The Welk very Occupancies We business. continues stated improvement compared within our three continue travel in to properties. vacation encouraged travel be sales into originally more tours half in than and third survey our diligently we're to working remain of XX% ended with of first And of same package in to quarter with September strong marketing next to likely than line that with recent Welk are causing XXXX. in the time in very particularly October most the are in despite a reservations last pipeline. to year. next in this Interval, sold roughly the a year, our XX% we packages year with ramp-up with than tour next more Owner owners XXXX the XXX,XXX up quarter ending we for package to XX XX% of with did the activities transition earlier to planned. year preview the they second, in of the for much

at With the to change welcoming Cancun guests we're US to are in Governor now capacity welcoming back to Hawaii's once the government and this operate our Cabo our month reports resorts is restrictions the full island. And allowed our that been again restrictions again relapsed. and have forward to international once looking vacationers

a All the position of With turn note John. for setting in close the up over XXXX. puts us on a a to strong I'll and to high that this us call year

John Geller

years was the and sheet business. Ownership as Delta Vacation occupancies levels with before across position, I well value Despite quarter. discuss the some couldn't our variant businesses softness for our by for to had The the Today, Vacations nearly third joined going highlight promotion. good quarter want working Tony be results, I preview expectations his hold with him. ago and Starting offset Marriott owner our balance in review partially of quarter. our above strength closely of the bookings. congratulate as and business liquidity strong recovery quarter in pleasure Steve strong with XX I I to and our Thanks fourth model occupancies our happier everyone. leisure-focused I'm for and continued But since this Tony again of this recent the transient though start, continue evident XXXX I've to the was morning

margin Adjusted initiatives. a to in costs sales synergy benefits $XXX profit the and sales public largely increased and illustrating since XX% levels. which well lower the basis resonate remain company, expanded by marketing as XX in more optimization to a Adjusted with million. quarter channel VPG third points the $XX XXXX the the grew spending, levels, how we to result, sequentially to customers pre-pandemic XXX highest continues development margin As development our almost of XX%, by well unchanged of our contract to becoming sequentially efficient well and sequentially second compared to quarter million product above profit back our highlighting years inventory X% was was as benefits savings.

XX%, the and receivable propensity inclusion pandemic compared our This rental to transient with stickier XXXX levels. more increasing the revenue profit and the I acquisition recovered. we balance segment performed rental management XX%. these and in to order financing of contract X% the third to quarter, be sales sequentially revenue key, margin our due vacation well ownership in on revenues trends sequentially. mentioned the XX% get on improving Resort keys to businesses in quarter. Turning owners grew expect average increased owners third prior the in of and increased our and financing business, our growing sequentially, quarter financing within keys rental to second The profit X% increased our to more as Welk, of year quarter, to notes XX% also With quarter, Based the allocate of increased did rented decided demand last but Welk. vacation, impact revenue above per approximately we early X% back as from our our XX% the during profit was well our XXXX to

well in remain with very portfolio and Our and favorable. next securitization perform below each brands, our even quarter pre-pandemic terms this our we for and of continues complete default activity expect to to the also delinquency or levels line

of contract results Turning detailed our Welk we while include we're vacation providing to EBITDA anticipated. and given business did million for million sales the not Welk, size, results acquisition than relative the its better $XX $XX ownership adjusted of of

As sequentially nearly a adjusted than our points that and in development our benefited total transformation in from XXX the XX% result, business deliver of years were higher to quarter and us to $XXX EBITDA growth initiatives, rental profit impact The ago. increased ownership segment basis two enabling vacation margins strong million.

Turning to I lower exchange to members Interval slightly the revenue segment, and basis, declined declined quarter. sequential average at volumes, active management which third-party last exchange due per a mentioned member and on X%

a at $X third-party exchange declined million management adjusted result, As and EBITDA segment our sequentially.

early expanded margins talked resort XX,XXX the next members also I'm new new XX cost-saving interval to very on initiatives. all by by nearly will which about, about year. bring points excited However, the Steve affiliations system basis

XX% sequentially expense corporate to expense. third bonus primarily lower Finally, declined the related in quarter, G&A

increased As more demonstrating the model quarter company of than XXX strength $XXX improved in third transformation on the the XX% adjusted margin the business EBITDA a basis of of and leisure-focused over to to our benefits sequential points quarter and initiatives. basis XXXX, result, XX%, our a synergy total million and above

our return we've to approach. as to a allocation capital to last sheet, quarter, balanced I Moving balance preparing mentioned been

and again. due onset million reduce So borrowed business, we recovery at $XXX begin the right the pandemic are our paid $XXX to of $XX September, interest debt that with the X% we EBITDA receivable three And corporate In expense. expense the quarter we last million we revolver. of healthy in of time next Pro to advantage times the the track and notes billion the billion million business, adjusted of of to XXXX. at for of May. $XXX debt return the corporate or remaining the XXXX almost as debt the million X.X% cash with $XXX our repayment With We our October importantly cash, $X.X rate debt than recovery taking by $X.X to in X% well back we around $X the of shareholders less. eligible that in debt was to interest off we've May followed billion under ended million, favorable in $XXX October, to including of of liquidity now notes notes repaying we on forma to million receivable be gross available and cash year more our get lower notes felt securitization environment securitized by capital current our million the last $XXX capacity to outstanding debt cash related by of strong than expect $X.X non-recourse and issued billion. markets, We the more our for of had as total and our

program $X.X September in repurchase reinstated of Board repurchase the last dividend quarterly million of Directors shares weeks own us share in our of September. couple and Finally the million enabling XX, to authorized our our effective $XXX

dividend We the a since before first in also our October, pandemic. paid

giving ahead, off with to occupancies we're States not year the of with help America want XXXX pre-pandemic resorts and contract of international The could well above like. to able you through Looking in our again. the travelers do at North sales guidance, while visit has what started quarter United the levels I fourth most now levels balance look think

will grow to while remain the quarter VPGs tours above expect levels. sequentially pre-pandemic We fourth in well

midpoint. and to between above we to expect in fourth contract reportability positive at the result, a the be we to As million $XXX expect years, fourth prior just grow in quarter. quarter sales XXXX to the million the quarter fourth $XXX Similar

fourth year, to expect range. year the those our this reportability in million the to of that fourth million to XXXX, adjusted quarter the remember we $XX compare our benefit For results to EBITDA by quarter impacted that $XX million. trying be positively only And $XX

flow I our EBITDA than guidance answer that Finally, of cash inventory, to million with to of to well above adjusted allocation be would more questions. us $XXX conversion our our range historic be XX% to providing number expect free a we'll for while free flow we're not your excess adjusted to happy today, With cash Rob? enabling years capital normal strategy. return

Operator

you. Thank

our We And be of with first a conducting Scholes session[Operator Thank question-and-answer line is proceed will Instructions] Patrick now Truist. you. you question question. with the Please from

Steve Weisz

Pat. Good morning,

Patrick Scholes

Hi, good morning, everyone.

Tony Terry

Pat. Hey,

Patrick Scholes

Good morning. All right. Thank you.

Japanese have you've on your you on purchased of your also Thank guests, can give you. update an us that Speaking guests And I'm follow-up And an the of if question. Welk, international return wondering just thoughts is update Hawaii what the then for to Hawaii. a company? I now exposure your overall

Steve Weisz

Sure.

there's Hawaii mean So thing the I to for when world XX% lot occupancy, virtually find least that's positive and the of in reopens as to going be in I clearly interesting at everywhere. the had. is in a we we're mean short-term, not resumes, be travel room

encouraged by a take to we're So very it will while for that. but adjust that

Regarding any Welk, Hawaii. Welk does not presence have in

of Japanese that's I'm the I would to be So sure percentage relatively material so all is think to buyers small there. what actually Welk system. don't I honest, but that in and know be that – the

Patrick Scholes

I Japanese Okay. now your few what acquisition of roughly? Welk with having dropped the if down exposure, few was to does any Hawaii exposure wondering –

Steve Weisz

Yes. I contract Patrick. mean, XX% it was mean yes, pre-pandemic was of it I our roughly sales

me, drop contract So total a lower it sales, I XX% misspoke. than down little that excuse – of our will bit

couple a not of relatively percentage meaningfully. So down I dropped but points

Patrick Scholes

and could little And that being press long-term you. turn bit able Thank release, give quarter us that drive to Thank wonder focus back you towards your then the is how I business digitally-enabled if on your Okay. to transform a just you. color initiatives more last growth noted improve Steve progressing. and the margins. you in growth had

Steve Weisz

and both And it's really also Sure. internal. external

new as a location just our that normally not which we've book external think but me vacation obviously, only to I preview So, got process. owners before -- not our mentioned, I was a a specific marketing prospects at excuse book a also initiative it only allows package it two-step to or

book able and that of be found will call had package Well, we the reached and to to do availability. then people to center where contacted we the based out want on they through simultaneously we and availability here, go. First, a you

were one. the XXXX of number paused because didn't money quite And we looking terms we it it and terms of in the are efforts didn't was was that yield frankly, customer our going We've in these kind we we results of media that's the So, some of think well things stuff paid spent all think in acquisition. amped again to social up of for.

external they to goal the a call the on owners they of of hope with to chatbots to Internally, of done to artificial things, we with internal we as our sorts system call the some both information the kind and we're don't for we system transfer have that to using perform with our so our On all of for more with number and perform. were in all only some pracademic associates to self-service we get things a thinking and of people begin not mining, data have locations environment that side with with to activity our a intelligence, wants are back of customers, one trying Hyatt. have Marriott the intermediaries of transfer of get

back the pandemic very encouraged where ourselves on So, find by plan we're were we're on and that we hit. we would I the say before

Patrick Scholes

update. Thank Okay. for the you

Steve Weisz

you. Thank

John Geller

Thanks Patrick.

Operator

Thank you.

proceed Our from question. Katz line question your the comes David with of Jefferies. Please next with

David Katz

Hi, good morning everyone.

Steve Weisz

God morning.

David Katz

in size the capital one gesture discussed sort the could degree just is positive Can acquisitions in shed other be And you an of that repurchase expect Number be the you. talk might around context that it any you would there of it? and thoughts put all mix kind that ongoing allocation to part our the just to might a of light should share the of Good which as if very would talk about that well? we here. to initiatives it that keep on we sort of the we that be

Steve Weisz

terms Sure. will, of and we amount. than ILG dry a half back about High powder, always leverage getting lot a less acquired to we to times. right into wanted upscale our if at that us a you of David gives of out we And there level on an opportunities two do focused three talked when as lot we were their times, not there's in acquisition where dollar upper acquisition. large if three we're that's

So, to going given had something we're Vistana then here recently clearly with it's success to and we've at and Welk. continue look the the more ILG with

So, it allows to group and owner new drive existing that. rebranded as leverage about and our we've us talked grow take unbranded really platforms synergies.

be million $XXX notwithstanding We're going repurchase the we're repurchasing dividends from feel to that foremost in first was a going we excess to look our the return capital excess capital approval So, terms of spot and we're look a to that's in always and good here And through to with authorization. where Board then of like there. first after and going shares. balance

going like we're we on cash sheet. setup, given our have have talked a of flow So, our I to excess flow inventory given about, cash the amount disproportionate balance

to other to got end a return of look that acquisition lot we at. shareholders taking unless we've up So, a opportunities there's opportunity capital

Tony Terry

balance well shares. sure would we I three value trying shares, And I further making dividend, that to once authorization point sure Board below. as make add our would to debt-to-EBITDA that run and continue that context calculation back we pay that the get would that, trying with where to to through the within give you it All buy as of you this, you David repurchase to get just obviously, assume the

David Katz

EBITDA is that you had which from think John how be than the a definition years. Any I on be two? years? on I cash number follow-up perspective that touched XX% you is said this I of in further for mentioned the Would number mind, little normal, of a Understood. you the the would more Is high, And well-above conversion and is how queue? high of that the long think

Tony Terry

existing inventory that looking back secondary buy on we market. always inventory, the We're

of The between level in billion, the there's always that's XX% if those So product off doing historically been $XXX flags going has your you're cost, right. costs sales $XXX about a try product coming to we're want take to books I million capital to delta spend. the buying going say That your be always give that going or billion at year $X.X you're opportunity. do $X.X view million and new look to we efficiently. add and to But a are

down never mean more and necessarily that years straight do three, three We're a So a when get to of straight the top four resorts. would you in million the would needing lot line capital third-party math. $XXX we'll I to and would going it's would to expect I them start right? add do of taking new grow that sure those be to plus. year. which again, line that's inventory four out it’s to line. what's efficient, business a we right inventory deals continue say building with the going a we not $XXX So million a would be years I'm

will years Some be better. it

on Some have it years be on, a what bit depending less. little could we going

David Katz

you very much. Thank awesome. Awesome,

Steve Weisz

Thank you.

Operator

your next comes Our with Chris Deutsche proceed with of Please from line Woronka question. Bank. question the

Chris Woronka

Tony. make so international in profitability contribution to you to you how in Yeah, talked guys terms a morning or maybe congratulations think US that the to good contract is, they of of level and of of was their hoping sales. I bit Hey, a terms about -- guy, little much

Just visitor? color profile get of international on bit a of that little the Thanks.

Steve Weisz

Yeah.

was Asia call obviously region -- points X% international Europe. America that originated Asia, We're look under and XX. some So, the reference points contract the Latin from think of Europe. that that was North or either or sales total. about seven International in at. America Pacific the sales would centers contract both from is in in inbound And that it our in in we were pre-COVID, sales would, XX% breakdown five were about X% And people of point of most our I which

of, So was. where that's, it kind

expect back terms that available I can herky-jerky It has become you United the comes while reopen be travel quickly little reopened think will to how it to States, et of back. or cetera. a I think in

will personal lay amount think we You in particular, in against would back come may but ex-Japan. available of I to we're would use, system-wide than Latin – Asia better the my is North faster activity that it's occupancy an not or America available that in running fact again XX% overwhelming occupancy opinion and see back. it faster you turn America come than be Europe that in Pacific than what

I and to think I they each could Japan, once that lot, up Japan think you I opens more think balance. like see travel of a

Chris Woronka

Okay. Thanks for the the of with industry, availability to big base. helpful. costs And commission of for you are hear rising you. chunkier -- broader then we the right, hospitality Very labor obviously, a and labor. a about in structure is, most guys in different follow-up your And, your lot

you seeing of that? labor kind are cost So, any outside challenges front pressure the or on of any availability

Steve Weisz

I -- clearly, were I wish from could the experience. you we mean, insulated I tell industry we're Well,

and X.X I it our count do sales have times number we positions struggle marketing saw jobs and even were a team. just across us, not to with operations group see slightly we We lesser million where industry. to I in our the hospitality in the -- think but particularly resort fill last at were obviously maybe at degree open

XX% our executives. sales I think we're typical about pre-COVID of

it, caused where want will in in generation, is think of as matter of from away I clearly good as go XX% there year that et of linkage resources activities the are fairly the down, cost rates just have OPC is particularly a But look None news up. cetera. and tour of linkage. to maybe mean, and be put call wage we is next some we we stuff at parties news. what to our back that It's down, COVID and typically -- it Now we we affect tour run -- moved bad our terms us is things, pressures. are because

obviously virtue owners fee. well, passed good while operations are resorts on the the excess by the of -- up, in Now environment ran sheet. balance remain those might on that's during go some those of you occupancy to they in do to costs the say, some maintenance that low of in resort cost causing have because their XXXX that's news their short-term, capacity, their And in that latency is lower

the make for right they dollar. for In to absorb could side, sure So we that that are and we And kind that the have to we efficiencies marketing sales dollar of a some again, finding while. cover of in offset those mean, anybody our if says of great and is. situation. point, not get pass-through business the that hospitality per in terms cost cetera. is it's and sort I But And et a additional it

think misleading we've month-over-month it. through they're our that owner a And our way is are news you, levels we're working I that very been but on continue measuring satisfaction great up the high and to basis. go

the we're with people doing. most think understand that it they're and job I contacting So

Chris Woronka

the Appreciate Okay. Super Thanks all details. helpful. guys.

Steve Weisz

Thank you.

John Geller

Thanks.

Operator

question of Instructions] from is [Operator with your with JPMorgan. The Brandt question. you. line Thank Montour proceed the Please next

Brandt Montour

Hey, my questions. good Thanks morning everybody. taking for

Steve Weisz

morning. Good

John Geller

morning. Good

Brandt Montour

I there? would XXXX could EBITDA you above I release, but was quarter the So Welk if from apologize have XQ excluding have in that if just said inferred and this quickly been you this this or

Tony Terry

maybe Yes. been Welk… the XXXX if from we talked to I million $X would below, think, million the numbers, below have you $XX I $X exclude million

Brandt Montour

it. sorry. great. Got That's then And -- okay. Essentially, I’m

Tony Terry

on million XX below. Essentially of just couple Yes. a

Brandt Montour

And John Great. it. Got or or Thanks. it. Steve then Got anyone.

just out -- about sort was thoughts major I underlying at if spend will the structurally trying VPG could DPG more going hoping to Just that breaking give apart for XXXX not these on you you you is components. guidance, any figure or all into mean anything we VPG? the VPG know trends updated drivers longer with talk those there two term makes you above next into least trends is. see to how it But qualitatively two at what you're consumer in levels wondering but I think sustainable that going. we're year? levels how had I specifically, the the settle of And

Steve Weisz

which XXXX, first-time to VP buyer is I up, VPG think particularly some going expect we the because Yeah, that a than XX% see first-time the XXXX, in continue of your would hold I lower have as VPG some happens just to what owners and comparative that could will come number goes it's tours your difficult in to you to they down. the number because you're -- we -- will have actually see buyer while little a tell to bit risk XXXX, percentage typically

least mean However, from we've OPC. Hawaii made anything at away have decision stepped strategic we that's not a I anything except that we're in for

there going unless won't So be dramatically something were change. we back to

I have I XX% VPG tours in lower Typically, lengthy to what a think a carry As we saw probably well. be mentioned, tendency will tours lengthy as XXXX. of

So, after would expect going to -- or I VPG in percentage think for we're see may the that strong, numbers increase for change years foreseeable But next probably number think remain time. very over going will and number back the continue I the to XXXX to future. I several year don't

Brandt Montour

again. Thanks Excellent.

Steve Weisz

Thank you.

Operator

Thank you. turn closing We've Steve call the over reached the the remarks. session. question-and-answer to Weisz for end I'll of

Steve Weisz

Contract rally our levels. pre-pandemic third you we everyone call and our resiliency strong delivered another sales for quarter variant, the the joining focused today. quarter business were Rob Despite leader back the to model. you, Thank in of thank delta validating

enabling New into holding the XXXX system began is and public levels owners we stand-alone well EBITDA to a deliver adjusted our above since VPG are coming company. highest us margin

to Board months in El signed members in brands, excess in and cash all associates amazing milestone. customers growth us. businesses, investing us while to resorts nearly total of new We're and management again return It's drive third-party past been balance new Directors contributing Cid new shareholders. sheet Interval in dividend, program margins, of still number repurchase believe a also our customers the deleveraging the in will quarterly best a Our enabling to add and new authorized and And technology initiatives XXXX. XX,XXX yet an XX-years are of our exchange share expand that days few front with I segment to reinstated today's and including our

months that's XX always and vacation proven past the anything, if fact, in. the to only people have on the want In business we're go it's

the on care families Thank and safe call filing take and always, and you. your vacation. thank everyone next of you yourself your for As your interest, stay to enjoy

Operator

conclude will conference. today's This you. Thank

participation. time. this You may at wonderful day. Have lines disconnect for Thank a you your your

Marriott Vacations Worldwide (VAC) 8 Nov 212021 Q3 Earnings call transcript