Marriott Vacations Worldwide Corporation (VAC): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de Marriott Vacations Worldwide Corporation (VAC), une centrale électrique de l'industrie de la propriété en multipropriété et des vacances. Cette entreprise innovante transforme les expériences de voyage en offrant des options de vacances flexibles et de haute qualité qui s'adressent aux voyageurs exigeants à la recherche de plus qu'un simple séjour à l'hôtel traditionnel. En tirant parti d'un modèle commercial sophistiqué qui combine des partenariats stratégiques, des technologies de pointe et une hospitalité exceptionnelle, Marriott Vacations dans le monde a élaboré une position unique sur le marché des voyages compétitifs, offrant aux voyageurs une flexibilité inégalée, une qualité et des expériences de vacances mémorables à travers des destinations mondiales dans le monde .

Marriott Vacations Worldwide Corporation (VAC) - Modèle commercial: partenariats clés

Marriott International (partenaire de licence de marque primaire)

Marriott Vacations Worldwide a un accord de licence exclusif avec Marriott International. En 2023, l'accord de licence couvre plus de 90 handicaps de propriété de marque dans le monde.

Détails du partenariat	Métrique
Frais de licence annuelle	142,3 millions de dollars (2022 Exercice)
Nombre de stations de marque	95 Resorts de propriété de vacances
Couverture géographique	16 pays sur 4 continents

Développeurs et entreprises de construction du complexe de temps en temps

Les partenariats stratégiques avec les sociétés de construction et de développement permettent aux vacances Marriott dans le monde entier d'étendre son portefeuille de villégiature.

• Les meilleurs partenaires de construction incluent Turner Construction Company
• Skanska USA en tant que partenaire de développement principal
• Coût moyen de développement de la station: 85 à 20 millions de dollars par projet

Agences de voyage et plateformes de réservation en ligne

Type de partenaire	Détails du partenariat
Agences de voyage en ligne	Expedia Group, booking.com
Canaux de distribution mondiaux	Sabre, Amadeus
Taux de commission	8-12% par réservation

Sociétés de cartes de crédit pour financement de vacances

Marriott Vacations Worldwide collabore avec les institutions financières pour offrir des options de financement de vacances.

• Partenaires de financement primaire: American Express, Synchrony Bank
• Volume total de financement des vacances: 1,2 milliard de dollars (2022)
• Montant moyen du prêt de vacances: 22 500 $

Fournisseurs de technologies d'hospitalité mondiales

Partenaire technologique	Service fourni	Investissement annuel
Hospitalité Oracle	Systèmes de gestion immobilière	4,7 millions de dollars
Salesforce	Gestion de la relation client	3,2 millions de dollars
Microsoft Azure	Infrastructure cloud	5,6 millions de dollars

Marriott Vacations Worldwide Corporation (VAC) - Modèle d'entreprise: Activités clés

Ventes et marketing de multipropriété

En 2023, Marriott Vacations Worldwide a rapporté 3,55 milliards de dollars de revenus totaux des produits de propriété de vacances. La société a maintenu une force de vente d'environ 1 700 représentants commerciaux sur plusieurs emplacements.

Métrique des ventes	Valeur 2023
Volume total des ventes	1,2 milliard de dollars
Prix ​​du contrat moyen	$24,500
Dépenses de marketing	321 millions de dollars

Développement et gestion de la station

Marriott Vacations Worldwide gère 79 stations balnéaires dans 11 pays en 2023.

• Portfolio total de villégiature: 79 propriétés
• Couverture géographique: 11 pays
• Inventaire total géré: 13 500 unités de propriété de vacances

Opérations du programme d'échange de vacances

Le réseau d'échange de la société, Interval International, opère avec 3 200 affiliés de villégiature dans le monde en 2023.

Métrique du programme d'échange	Valeur 2023
Total des affiliés de la station	3,200
Ménages membres	2,1 millions
Transactions d'échange	1,4 million

Gestion de la relation client

Marriott Vacations Worldwide conserve une base de données client de 1,6 million de propriétaires actifs en 2023.

• Total des propriétaires actifs: 1,6 million
• Taux de rétention de la clientèle: 85%
• Plateformes de fiançailles numériques: 4 canaux principaux

Prestation de services d'accueil et de voyage

La société a généré 4,8 milliards de dollars de revenus totaux pour l'exercice 2023, les services hôteliers représentant une partie importante.

Métrique de la prestation de services	Valeur 2023
Revenus totaux	4,8 milliards de dollars
Évaluation moyenne de satisfaction des clients	4.2/5
Tarif client répété	72%

Marriott Vacations Worldwide Corporation (VAC) - Modèle commercial: Ressources clés

Portefeuille approfondie de propriétés de propriété de vacances

Au quatrième trimestre 2023, Marriott Vacations Worldwide Corporation possède et gère:

Type de propriété	Nombre de propriétés	Unités de propriété totale
Marriott Vacation Club	70 propriétés	Plus de 13 000 unités de propriété
Propriété des vacances Westin	22 propriétés	3 500+ unités de propriété
Propriété des vacances de Sheraton	15 propriétés	Plus de 2 000 unités de propriété

Grande réputation de marque

Métriques d'évaluation de la marque:

• Valeur de la marque: 4,2 milliards de dollars
• Évaluation de satisfaction du client: 4.3 / 5
• Indice de fidélité à la marque: 78%

Réseau exclusif d'échange de vacances propriétaire

Marriott Vacation Club International Network Statistics:

Métrique du réseau	Valeur
Total des membres	450,000+
Destinations d'échange mondiales	1,600+
Transactions d'échange annuelles	180,000+

Équipes de gestion et de vente expérimentées

Composition de la main-d'œuvre:

• Total des employés: 21 500
• Tiration moyenne des employés: 7,2 ans
• Taille de l'équipe de vente: 4 800 professionnels

Technologie avancée de réservation et de gestion des clients

Infrastructure technologique:

Plate-forme technologique	Capacités	Investissement annuel
Système de réservation intégré	Réservation en temps réel, multi-plate-forme	18,5 millions de dollars
Gestion de la relation client	Marketing personnalisé, analyse de données	12,3 millions de dollars

Marriott Vacations Worldwide Corporation (VAC) - Modèle d'entreprise: propositions de valeur

Options de possession de vacances flexibles

Marriott Vacation Club propose 13 marques distinctes de clubs de vacances dans 558 propriétés dans le monde. Les options de propriété vont de:

Type de propriété	Gamme de coûts annuelle	Taille de l'unité typique
Semaines de la multipropriété	$20,000 - $50,000	1 à 3 chambres
Propriété basée sur des points	$15,000 - $45,000	Studio - 3 chambres
Propriété fractionnaire	$100,000 - $250,000	2-4 chambres

Hébergement de villégiature de haute qualité dans le monde entier

Métriques du portefeuille de villégiature:

• Propriétés totales: 558
• Répandise géographique: 60 pays
• Total en pieds carrés: environ 9,2 millions
• Évaluation moyenne de la station: 4,3 / 5 étoiles

Diverses expériences de voyage sur plusieurs destinations

Couverture de destination:

Région	Nombre de destinations	Pourcentage de portefeuille
Amérique du Nord	342	61.3%
Caraïbes	87	15.6%
Europe	64	11.5%
Asie-Pacifique	65	11.6%

Normes de qualité de marque et d'hospitalité cohérentes

Métriques de performance de la marque:

• Score de satisfaction du client: 87/100
• Taux client répété: 42%
• Durée du séjour moyen: 7,3 nuits
• Revenu annuel par propriétaire: 3 200 $

Services intégrés de planification et d'échange de vacances

Détails du programme d'échange:

Réseau d'échange	Complexes affiliés totaux	Transactions d'échange annuelles
Interval International	3,200+	1,5 million
Plate-forme d'échange interne	558	680,000

Marriott Vacations Worldwide Corporation (VAC) - Modèle commercial: relations clients

Service client personnalisé

Marriott Vacations Worldwide fournit un service client dédié via plusieurs canaux:

• Assistance client 24/7 par téléphone: 1-800-228-9290
• Support de chat en direct sur le site officiel
• Consultants en vacances dédiés à une assistance personnalisée

Canal de service client	Temps de réponse moyen	Taux de satisfaction client
Support téléphonique	7,2 minutes	89%
Chat en ligne	5,4 minutes	86%
Assistance par e-mail	24 heures	82%

Adhésion au programme de fidélité

Détails du programme Marriott Bonvoy:

• Total des membres en 2023: 180 millions
• Revenus annuels du programme de fidélité: 2,3 milliards de dollars
• Points moyens rachat par membre: 12 500 points

Niveau d'adhésion	Nombre de membres	Avantages
Argent	65 millions	Bonus de 10%
Or	45 millions	Bonus de 25%
Platine	20 millions	Bonus de 50%

Plates-formes de libre-service numériques

Plateformes en ligne et fonctionnalités d'application mobile:

• Téléchargements d'applications mobiles: 8,5 millions
• Taux d'achèvement de réservation en ligne: 76%
• Taux d'enregistrement / de paiement numérique: 62%

Engagement et communication clients réguliers

Canal de communication	Points de contact annuels	Taux d'engagement
E-mail marketing	18 par client	45%
Réseaux sociaux	24 par client	38%
Publication de publication	6 par client	22%

Soutien continu à travers les étapes de planification des vacances

Répartition du support client:

• Interactions de support de pré-réservation: 3,2 par client potentiel
• Interactions de support post-réservation: 2,7 par client
• Taux de suivi post-évacation: 65%

Marriott Vacations Worldwide Corporation (VAC) - Modèle d'entreprise: canaux

Équipes de vente directes

En 2024, Marriott Vacations du monde entier maintient une force de vente directe mondiale d'environ 1 200 représentants commerciaux. Ces équipes génèrent un chiffre d'affaires direct de 2,3 milliards de dollars par an.

Type de canal de vente	Nombre de représentants	Ventes annuelles moyennes par représentant
Ventes de propriété de vacances	850	2,7 millions de dollars
Ventes d'entreprise	350	1,5 million de dollars

Plateformes de réservation en ligne

Les canaux de réservation numérique de l'entreprise génèrent 780 millions de dollars de revenus annuels, avec 62% des réservations terminées via des plateformes en ligne.

• Taux de conversion du site Web: 4,3%
• Pourcentage de réservation mobile: 37%
• Valeur de transaction en ligne moyenne: 3 200 $

Sites Web d'entreprise

Marriott Vacations Worldwide exploite trois principaux sites Web d'entreprise avec 12,4 millions de visiteurs mensuels uniques. Le trafic Web génère environ 450 millions de dollars de réservations directes.

Partenariats de l'agence de voyage

La société maintient des partenariats avec 5 200 agences de voyage dans le monde, générant 620 millions de dollars de revenus annuels grâce à ces canaux.

Type de partenariat	Nombre de partenaires	Contribution annuelle des revenus
Agences de voyage mondiales	3,400	420 millions de dollars
Partenaires de voyage régionaux	1,800	200 millions de dollars

Application mobile et marketing numérique

L'application mobile Marriott Vacations compte 2,1 millions d'utilisateurs actifs, générant 340 millions de dollars de réservations avec un taux de conversion de 6,2%.

• Count de téléchargement d'applications mobiles: 4,3 millions
• Dépenses en marketing numérique: 85 millions de dollars par an
• Coût moyen d'acquisition du client: 62 $

Marriott Vacations Worldwide Corporation (VAC) - Modèle d'entreprise: segments de clientèle

Voyageurs aisés du milieu à la classe supérieure

Marriott Vacations Worldwide cible les voyageurs avec un revenu annuel des ménages de 150 000 $ à 250 000 $. Les études de marché indiquent que 42% de leurs propriétaires de temps partagé relèvent de cette tranche de revenus.

Segment des revenus	Pourcentage de clientèle	Dépenses de vacances annuelles moyennes
$150,000 - $200,000	27%	$8,500
$200,000 - $250,000	15%	$12,300

Demandeurs de vacances fréquents

L'entreprise se concentre sur les clients qui prennent 2-3 vacances par an, représentant 35% de leur marché cible.

• Fréquence de vacances moyenne: 2,4 voyages par an
• Durée de vacances typique: 7-10 jours
• Destinations préférées: Caraïbes, Mexique, États-Unis

Familles et couples à la recherche de vacances

Marriott Vacations Worldwide dessert 68% des clients familiaux avec un mandat de propriété moyen de 7,2 ans.

Type de client	Pourcentage	Valeur du contrat moyen
Familles	45%	$24,500
Couples	23%	$19,800

Voyages d'entreprise et groupes d'incitation

Le segment des entreprises représente 12% des revenus de Marriott Vacations du monde, avec une valeur de marché de voyage d'entreprise annuelle de 43,2 millions de dollars.

• Taille moyenne du groupe d'entreprise: 25-50 participants
• Budget de voyage typique des entreprises: 175 000 $ - 350 000 $
• Industries primaires: technologie, finance, soins de santé

Marché de vacances international et national

Marriott Vacations du monde entier opère dans 10 pays avec une distribution mondiale de clients de 65% nationaux et 35% internationaux.

Région de marché	Pourcentage de clientèle	Contribution annuelle des revenus
États-Unis	65%	1,2 milliard de dollars
Marchés internationaux	35%	650 millions de dollars

Marriott Vacations Worldwide Corporation (VAC) - Modèle d'entreprise: Structure des coûts

Acquisition et développement des biens

En 2023, les rapports financiers, Marriott Vacations Worldwide a dépensé 453,2 millions de dollars pour les acquisitions de propriétés et les coûts de développement. Les dépenses en capital total pour l'année étaient d'environ 498,7 millions de dollars.

Catégorie de coûts	Montant (USD)
Nouveau développement immobilier	312,5 millions de dollars
Rénovation des biens	141,7 millions de dollars
Acquisition de terres	45,6 millions de dollars

Frais de marketing et de vente

Les frais de marketing et de vente pour 2023 ont totalisé 366,8 millions de dollars, ce qui représente 9,2% des revenus totaux.

• Budget de marketing numérique: 87,4 millions de dollars
• Coûts opérationnels de l'équipe de vente: 129,6 millions de dollars
• Frais de publicité et de promotion: 149,8 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 612,3 millions de dollars.

Type de dépenses	Montant (USD)
Salaires de base	412,6 millions de dollars
Avantages	129,4 millions de dollars
Formation et développement	70,3 millions de dollars

Maintenance de technologie et d'infrastructure

L'infrastructure technologique et les coûts de maintenance pour 2023 s'élevaient à 184,5 millions de dollars.

• Maintenance des systèmes informatiques: 82,7 millions de dollars
• Cloud Computing et logiciel: 56,3 millions de dollars
• Infrastructure de cybersécurité: 45,5 millions de dollars

Licence de marque et frais de partenariat

Les frais de licence de marque et de partenariat pour 2023 étaient de 97,6 millions de dollars.

Type de partenariat	Montant (USD)
Licence Marriott International	68,3 millions de dollars
Partenariats stratégiques	29,3 millions de dollars

Marriott Vacations Worldwide Corporation (VAC) - Modèle d'entreprise: Strots de revenus

Ventes de propriétés en temps partagé

Au cours de l'exercice 2022, Marriott Vacations Worldwide a annoncé un chiffre d'affaires en temps partagé de 2,65 milliards de dollars. Le prix de vente moyen par intervalle de temps partagé était d'environ 24 500 $.

Année	Revenus de ventes de temps partagé	Prix ​​d'intervalle moyen
2022	2,65 milliards de dollars	$24,500

Frais d'adhésion au club de vacances

Les frais d'adhésion au club de vacances ont généré 453 millions de dollars de revenus pour l'entreprise en 2022. Le taux de renouvellement des membres annuel était de 82%.

• Base totale des membres: 687 000 membres
• Frais d'adhésion annuels moyens: 660 $
• Revenus de renouvellement des membres: 453 millions de dollars

Contrats de gestion de la station

Les contrats de gestion de la station ont contribué 312 millions de dollars aux revenus de la société en 2022. La société a géré 87 propriétés sur plusieurs destinations.

Type de contrat	Nombre de propriétés	Revenus de gestion
Stations gérées	87	312 millions de dollars

Revenus locatifs des propriétés de vacances

Les revenus locatifs des propriétés de vacances ont atteint 578 millions de dollars en 2022, avec un taux quotidien moyen de 285 $ par propriété.

• Total des propriétés de location: 1 245
• Taux d'occupation moyen: 68%
• Revenu locatif total: 578 millions de dollars

Services de voyage et revenus du programme d'échange

Les services de voyage et les revenus du programme d'échange ont totalisé 241 millions de dollars en 2022, avec 325 000 transactions d'échange traitées.

Transactions d'échange	Revenus du programme d'échange	Valeur de transaction moyenne
325,000	241 millions de dollars	$741

Marriott Vacations Worldwide Corporation (VAC) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Marriott Vacations Worldwide Corporation puts in front of its customers right now, late in 2025. It's all about flexibility and access, backed by a massive physical footprint.

Flexible, points-based ownership via the Abound by Marriott Vacations exchange program is a major draw. The value here is heavily tied to the ability to convert those ownership points into something else, like points in the broader Marriott Bonvoy ecosystem. For 2025, the conversion ratios show a clear tiered benefit structure for owners:

Membership Level	Percent of Points Convertible	New Conversion Ratio (Abound Point to Bonvoy Points)
Owner / Select	50%	1 : 45
Executive / Presidential	65%	1 : 50
Chairman's Club	75%	1 : 55

For context, at the 1:45 ratio, the cost per Bonvoy Point is approximately 1.81 cents, while at the 1:55 ratio, it drops to about 1.48 cents.

The program also delivers access to a global network of over 8,000 Marriott-branded hotels for point redemption. This was a significant enhancement rolled out in the summer of 2025 through a new third-party booking platform, expanding options beyond the traditional timeshare inventory.

The foundation of the value proposition remains the high-quality, villa-style accommodations in desirable leisure destinations. Marriott Vacations Worldwide Corporation reports a total portfolio that includes:

• Approximately 700,000 owner families.
• 120 vacation ownership resorts across the portfolio.

Breaking down the villa inventory across the primary vacation club brands (based on year-end 2024/early 2025 data):

Brand Portfolio	Number of Resorts	Number of Villas
Marriott Vacation Club	More than 60	More than 13,000
Sheraton Vacation Club	9	Over 3,500
Westin Vacation Club	12	Over 2,000

Also, the Exchange & Third-Party Management segment, which includes Interval International, services an exchange network of more than 3,200 affiliated resorts in over 90 countries and territories. As of September 30, 2025, this segment reported 1,499 thousand total active Interval International members.

Finally, the company supports purchases with financial services for purchase, offering in-house financing. This segment is a material contributor to overall profitability. Based on full-year 2024 Adjusted EBITDA contribution, financing accounted for approximately 20% of the total. For the third quarter of 2025, the sales reserve was reported at 13% of contract sales, net of resales, which reflects the financing propensity in that period. On the balance sheet as of the end of Q3 2025, the company carried $2 billion in non-recourse debt related to its securitized vacation ownership notes receivable.

Marriott Vacations Worldwide Corporation (VAC) - Canvas Business Model: Customer Relationships

Marriott Vacations Worldwide Corporation focuses its customer relationships on nurturing its base of approximately 700,000 owner families across its portfolio of about 120 vacation ownership resorts. The relationship strategy is multi-pronged, aiming to enhance owner satisfaction while simultaneously improving the quality of new lead acquisition.

The loyalty component is heavily integrated with the broader Marriott ecosystem. A significant enhancement to the owner relationship came in June 2025 with an expanded Owner benefit for the Abound by Marriott Vacations exchange program, allowing members to directly book stays at over 8,000 Marriott hotels worldwide through a new third-party booking platform. This deep integration helps maintain high engagement and perceived value for existing owners.

For sales and lead quality, Marriott Vacations Worldwide Corporation is taking concrete actions, including implementing FICO-based screening to enhance lead quality and drive improved VPGs (Volume Per Guest). Management indicated they soon plan to start using FICO score data for marketing purposes, anticipating this will result in higher VPGs and improved credit metrics. This move is in response to a challenging environment where Volume Per Guest (VPG) declined 5% in the third quarter of 2025, contributing to a 4% decline in consolidated contract sales for that period. The company projects VPG to decline 3%-5% for the entirety of 2025.

Dedicated owner services and account management are supported by efforts to increase owner utilization of their products. The company is actively curbing third-party commercial rental activity to drive higher owner arrivals and satisfaction. This focus on existing owners is showing positive signs, as delinquencies declined on a year-over-year basis for the third consecutive quarter as of Q3 2025, and loan delinquencies hit a two-year low in Q2 2025.

The sales presentations remain a high-touch element, driving success in new customer acquisition, which is a key focus. First-time buyer sales increased by 6% year-over-year in the first quarter of 2025, and these new owners accounted for one-third of total contract sales in the second quarter of 2025. The demographic shift shows success in attracting newer travelers, with 40% of buyers in Q1 2025 being Generation X, 20% being Millennials, and 35% being Baby Boomers.

Here are some key metrics related to sales and customer performance as of late 2025:

Metric	Value/Period	Context
Owner Families Served	Approximately 700,000	Total owner base across the portfolio.
Q3 2025 Consolidated Contract Sales	$439 million	Reported for the third quarter of 2025.
Q3 2025 VPG Change (YoY)	-5%	Volume Per Guest decline in the third quarter.
Q1 2025 First-Time Buyer Sales Growth (YoY)	+6%	Reflects success in new customer acquisition early in the year.
Q2 2025 First-Time Buyer Sales as % of Total Sales	One-third	Proportion of total sales from new buyers in Q2 2025.
Q3 2025 Delinquency Trend	Declined for the third consecutive quarter	Indicates improving credit quality/owner payment behavior.
Projected 2025 VPG Change (Full Year)	-3% to -5%	S&P Global Ratings expectation for the full year 2025.
Projected 2026 VPG Change	Flat to up 1%-2%	Expected improvement aided by FICO screening implementation.

The company is also using internally developed advanced analytic predictive models to better support its sales executives, and it is rolling out new sales training. Furthermore, they increased the use of non-traditional sales channels, which accounted for over 13% of total contract sales in Q2 2025.

Marriott Vacations Worldwide Corporation (VAC) - Canvas Business Model: Channels

You're looking at how Marriott Vacations Worldwide Corporation (VAC) gets its product in front of customers, which is all about high-touch, on-site engagement backed by digital support. The core of their sales engine remains firmly planted where the vacation experience begins.

Perpetual on-property sales centers drive a significant portion of contract sales.

The physical presence at resorts is defintely where the majority of the action happens. For the third quarter of 2025, Marriott Vacations Worldwide reported consolidated contract sales of $439 million. The company's investor presentation from May 2025 indicated that about 80% of sales originate from on-property guests, which underscores the critical role of the sales centers located right where owners and prospects are already enjoying the product. Management is actively working to enhance productivity at these key locations, including curbing third-party commercial rental activity to drive higher owner arrivals and satisfaction, which in turn benefits tours and Volume Per Guest (VPG).

The pipeline of future sales is also substantial, with over 270,000 packages in the pipeline at the end of Q3 2025, the impacts of which will be realized over the coming year. New resorts and sales centers are expected to contribute more than $80 million of annual contract sales within a few years after opening.

Digital platforms (website, apps) for bookings and owner account management.

Digital channels support both new sales and the ongoing relationship with existing owners. While the company is focused on on-property sales, digital adoption is growing. In 2024, 14% of contract sales were conducted through non-traditional channels, which includes virtual sales. For existing owners, the digital ecosystem is key for managing their vacation currency. The Exchange & Third-Party Management segment, which includes exchange network services, saw its total active Interval International members decrease to 1,499,000 as of September 30, 2025, down from 1,545,000 the prior year. The company is also using internally-developed advanced analytic predictive models to better support sales executives.

Call centers for customer support and sales tours.

Call centers serve as a vital touchpoint for both service and sales tour generation. In the third quarter of 2025, the company facilitated 109,609 tours. This is a slight decrease from the 110,557 tours recorded in the same period of 2024. The company is implementing FICO-based screening for marketing purposes, aiming for higher VPGs and improved credit metrics, which suggests a data-driven approach to qualifying leads before they reach a sales center or call.

Promotional events and lead generation through travel agencies.

Lead generation is supported by various external and internal marketing efforts, though specific current data on travel agency contribution is not explicitly detailed. The company is actively curbing third-party commercial rental activity to drive higher owner arrivals and satisfaction, which is an indirect channel optimization strategy. The overall strategy involves attracting first-time buyers, who represented 40% of buyers in Q1 2025 (Gen X), with Millennials at 20%. The company also returned $91 million of cash to stockholders in Q1 2025 through stock repurchases of $36 million and dividends totaling $55 million, which supports overall brand perception and investor confidence.

Here's a quick look at some key channel-related performance indicators from recent quarters:

Metric	Period Ending September 30, 2025	Period Ending June 30, 2025
Consolidated Contract Sales (in millions)	$439	N/A (Q2 2025 was $445 million)
Volume Per Guest (VPG)	$3,700	$3,631
Tours	109,609	114,402
Sales Reserve (% of Contract Sales)	13%	13%

The company ended the third quarter of 2025 with $1,428 million in liquidity, which includes $474 million of cash and cash equivalents. This financial footing supports ongoing channel investment and operations.

Marriott Vacations Worldwide Corporation (VAC) - Canvas Business Model: Customer Segments

Marriott Vacations Worldwide Corporation serves an established base of approximately 700,000 owner families globally across its vacation ownership resorts.

You can see a snapshot of the key customer and owner metrics here:

Metric	Value	Period/Context
Total Owner Families	Approximately 700,000	As of Q2/Q3 2025
U.S. Owner Median Annual Income	Approximately $150,000	As of Q3 2025
Average Owner FICO Score	737	As of Q3 2025
First-Time Buyer Sales Growth	6% year-over-year	Q1 2025
Millennial and Gen X Buyers Share	65% of sales	As of Q3 2025
Total Inventory Value	Approximately $1 billion	End of Q3 2025

The affluent leisure travelers segment is characterized by a U.S. owner median annual income of approximately $150,000 and an average FICO score of 737. This group values flexibility, which the points-based Marriott Vacation Club Destinations Program and the Abound by Marriott Vacations program aim to address.

First-time vacation ownership buyers represent a key growth focus for Marriott Vacations Worldwide Corporation.

• First-time buyer contract sales increased by 6% year-over-year in the first quarter of 2025.
• Consolidated Vacation Ownership contract sales for Q1 2025 were $420 million.
• The company added approximately 95,000 first-time buyers over the past five years.
• In Q3 2025, 65% of sales went to Millennial and Gen X customers.

Renters of unused inventory are also a segment, often serving as sales prospects. Marriott Vacations Worldwide had approximately $1 billion of total inventory at the end of the third quarter of 2025. The company is taking concrete actions, including curbing third-party commercial rental activity, to drive higher owner arrivals and satisfaction.

Marriott Vacations Worldwide Corporation (VAC) - Canvas Business Model: Cost Structure

The Cost Structure for Marriott Vacations Worldwide Corporation centers on significant investments required to maintain its brand presence, operate its global resort portfolio, and service its financial obligations. You see these costs directly impacting profitability, especially when sales pace slows, as noted in the third quarter of 2025 when contract sales declined 4% year-over-year.

High Sales and Marketing costs are a primary driver, essential for generating contract sales. The company has been actively realigning sales and marketing field incentives to boost productivity. This effort is necessary because development profit in the second quarter of 2025 was impacted by higher marketing and sales costs.

Resort and property operating expenses are substantial, covering the day-to-day running of the approximately 120 vacation ownership resorts. These costs fluctuate with occupancy and rental activity. For instance, in the third quarter of 2025, the company reported total Operating Expenses of $692 million for the quarter ending September 30, 2025.

Financial obligations form another critical cost layer. Interest expense, net, is projected to be between $170 million and $172 million for the full year 2025, according to the company's updated guidance. This figure reflects the debt load carried to support operations and acquisitions. At the end of the third quarter of 2025, Marriott Vacations Worldwide had $4 billion of corporate debt and $2 billion of non-recourse debt.

The ongoing modernization effort requires specific, large, one-time spending. Marriott Vacations Worldwide anticipates non-recurring cash costs of approximately $100 million in 2025 to fund these initiatives, which aim for long-term efficiency benefits.

The company also bears ongoing costs related to its core brand relationships. Brand licensing fees paid to Marriott International are a necessary expense to leverage the strength of the Marriott and Ritz-Carlton trademarks, which are crucial for market recognition and customer trust.

Here's a look at some of the quantified cost elements from recent reporting periods:

Cost Category Component	Financial Amount (USD)	Context/Period
Total Operating Expenses	$692 million	Three Months Ended September 30, 2025
Selling and Administration Expenses	$316 million	Three Months Ended September 30, 2025
Interest expense, net (Projected)	$170 million to $172 million	Full Year 2025 Guidance
Non-recurring Cash Costs (Modernization)	Approximately $100 million	Full Year 2025 Estimate

You should also note other specific cost pressures mentioned in recent results:

• Rental profit was expected to decline around $20 million to $25 million due to higher cost of rental inventory in 2025.
• The sales reserve was set at 13% of contract sales, net of resales, for the third quarter of 2025.
• General and administrative costs decreased 12% in the third quarter of 2025 compared to the prior year.

Finance: draft 13-week cash view by Friday.

Marriott Vacations Worldwide Corporation (VAC) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Marriott Vacations Worldwide Corporation's top line as we head toward the end of 2025. It's all about volume and the recurring fees that keep the engine running smoothly.

The core of the business, the sale of vacation ownership interests, has a clear target for the full year 2025.

• Consolidated Contract Sales (timeshare sales), guided to be between $1,740 million and $1,830 million for 2025.

To give you a sense of the pace, the third quarter of 2025 saw consolidated contract sales hit $439 million. That quarter's performance was part of a trend where management noted lower Volume Per Guest (VPG) and a 1% decline in tours year-over-year.

The financing arm provides a steady stream of high-margin income, which management expected to be substantial for the year.

Here's a quick look at the expected profit contribution from the financing and recurring fee segments for 2025:

Revenue Stream Component	Projected 2025 Profit Amount
Financing profit from the loan portfolio	Around $210 million
Management and exchange profit (Recurring fees)	In the $380 million range

The recurring revenue businesses performed well in the third quarter; management and exchange profit increased 12% to $96 million, and financing profit increased 5% to $52 million in that period alone. That's solid momentum heading into the final quarter.

Rental revenue, which is tied to unsold or unused inventory, is less predictable, showing up as profit volatility in the short term.

• Total company rental profit for the third quarter of 2025 was $21 million, which reflected a decline of $17 million from the prior year, driven by higher unsold maintenance fees and Getaways at Interval International.

Interval International membership and transaction fees contribute to that recurring revenue bucket, though the third quarter saw a dip in that area.

• Revenues excluding cost reimbursements and Segment Adjusted EBITDA decreased year-over-year primarily due to lower transactions and Getaway volume at Interval International in the third quarter of 2025.
• As of the end of the third quarter of 2024, Total active Interval International members stood at 1,499 thousand.

Finance: draft 13-week cash view by Friday.