Marriott Vacations Worldwide ("MVW") Reports Fourth Quarter & Full Year 2020 Financial Results.

ORLANDO, Fla: Marriott Vacations Worldwide Corporation (NYSE: VAC) today reported fourth quarter and full year 2020 financial results.

"The recovery we have seen in our business continued into the fourth quarter, with occupancy and exchange transactions growing sequentially, and contract sales increasing 27% from the third quarter," said Stephen P. Weisz, chief executive officer. "Looking forward, I remain extremely optimistic about the recovery in our leisure-focused business. Occupancies in a number of our drive-to and fly-to markets are holding up nicely, and as more and more people get vaccinated, I expect some of the pent up travel demand to manifest itself, which we're seeing in our forward bookings. We also look forward to closing the acquisition of Welk Resorts early in the second quarter, adding nicely to our existing footprint and providing substantial sales growth and margin improvement opportunity as we integrate the business."

Fourth Quarter 2020:

Consolidated Vacation Ownership contract sales totaled $178 million in the fourth quarter of 2020. On a sequential basis, contract sales increased 27%.

Net loss attributable to common shareholders was $37 million, or $0.88 loss per fully diluted share.

Adjusted net loss attributable to common shareholders was $3 million and adjusted fully diluted loss per share was $0.05.

Adjusted EBITDA was $72 million in the fourth quarter of 2020.

Full Year 2020:

Consolidated Vacation Ownership contract sales decreased 57% to $654 million.

Net loss attributable to common shareholders was $275 million, or $6.65 loss per fully diluted share.

Adjusted net loss attributable to common shareholders was $19 million and adjusted fully diluted loss per share was $0.45.

Adjusted EBITDA decreased 69% to $235 million for the full year 2020.

The Company ended 2020 with approximately $1.3 billion of liquidity, including $524 million in cash and cash equivalents.

The Company continues to expect to generate at least $200 million of run rate synergy and other cost savings.

Subsequent to the end of the year, the Company entered into a definitive agreement to acquire Welk Resorts, one of the largest independent timeshare companies in North America, for approximately $430 million, including approximately 1.4 million of the Company's common shares. The acquisition is expected to close early in the second quarter of 2021.

Subsequent to the end of the year, the Company issued $575 million of 0.00% Convertible Senior...