ORLANDO, Fla. – May 5, 2022 – Marriott Vacations Worldwide Corporation (NYSE: VAC) (the
“Company”) reported first quarter 2022 financial results.

“Our start to 2022 was very strong, with first quarter adjusted EBITDA totaling $188 million and contract
sales of $394 million, both exceeding pre-pandemic levels,” said Stephen P. Weisz, chief executive officer.
“Vacations continue to play an infinitely more meaningful role in people’s lives, and with our resilient
business model and portfolio of leading brands, we are well positioned for growth.”

First Quarter 2022 Highlights:
• Consolidated Vacation Ownership contract sales totaled $394 million in the first quarter of 2022; VPG
remained strong at $4,706, slightly higher than the prior year quarter and up 9% sequentially.
• Net income attributable to common shareholders was $58 million, or $1.23 fully diluted earnings per
share.
• Adjusted net income attributable to common shareholders was $81 million and adjusted fully diluted
earnings per share was $1.70.
• Adjusted EBITDA was $188 million in the first quarter of 2022, 13% higher than 2019, as the Company
continues to see a strong recovery in the business.
• During the first quarter of 2022, the Company returned approximately $168 million to shareholders,
repurchasing nearly 765,000 shares of its common stock for $119 million at an average price per share of
$156.50 and paying two quarterly dividends totaling $49 million.
• The Company amended its revolving corporate credit facility, increasing its borrowing capacity to $750
million and extending the maturity date to March 31, 2027.
• Subsequent to the end of the quarter, the Company closed on the sale of its VRI Americas business.

Vacation Ownership
Revenues excluding cost reimbursements increased 60% in the first quarter of 2022 compared to the prior
year, reflecting improved performance from all of the Company’s lines of business.
Segment financial results were $173 million in the first quarter of 2022 and Segment margin was 27%.
Segment adjusted EBITDA increased $131 million to $199 million, with Segment adjusted EBITDA margin
of 32%, over 1,400 basis points higher than the first quarter of 2021.

Exchange & Third-Party Management
Revenues excluding cost reimbursements increased 5% in the first quarter of 2022 compared to the prior year.
Interval International active members increased 9% to 1.6 million and Average revenue per member
decreased 6% compared to the prior year.
Segment financial results were $33 million in the first quarter of 2022 and Segment margin was 45%.
Segment adjusted EBITDA was $43 million, an increase of $2 million compared to the prior year, with
Segment adjusted EBITDA margin of 57%, roughly in line with the first quarter of 2021.

Corporate and Other
General and administrative costs increased $15 million in the first quarter of 2022 compared to the prior year
as a result of higher salary costs due to reduced work week programs in the prior year, higher bonus expense,
and a decrease in credits related to incentives under the CARES Act.

Balance Sheet and Liquidity
The Company ended the quarter with approximately $1.2 billion in liquidity, including $354 million of cash
and cash equivalents, $120 million of gross notes receivable that were eligible for securitization, and $748
million of available capacity under its revolving corporate credit facility.
At the end of the first quarter of 2022, the Company had $2.7 billion of net corporate debt and $1.8 billion of
non-recourse debt related to its securitized notes receivable.

Full Year 2022 Outlook (in millions, except per share amounts)
The Financial Schedules that follow reconcile the non-GAAP financial measures set forth below to the
following full year 2022 expected GAAP results for the Company.

The Company is re-affirming guidance as reflected in the chart below for the full year 2022.

Income before income taxes attributable to common shareholders	$443	to	$483
Net income attributable to common shareholders	$317	to	$347
Earnings per share – diluted(1)	$6.85	to	$7.49
Net cash, cash equivalents and restricted cash provided by operating activities	$300	to	$309
Contract sales	$1,675	to	$1,775
Adjusted EBITDA	$860	to	$920
Adjusted pretax net income	$585	to	$645
Adjusted net income attributable to common shareholders	$424	to	$469
Adjusted earnings per share – diluted(1)	$9.13	to	$10.09
Adjusted free cash flow	$560	to	$640

Non-GAAP Financial Information
Non-GAAP financial measures, such as Adjusted net income or loss attributable to common shareholders,
Adjusted EBITDA, Adjusted EBITDA margin, Segment adjusted EBITDA margin, Adjusted pretax net
income, Adjusted fully diluted earnings or loss per share, Adjusted development profit, Adjusted development
profit margin, and other adjusted financial measures, are reconciled and adjustments are shown and described
in further detail in the Financial Schedules that follow.

First Quarter 2022 Financial Results Conference Call
The Company will hold a conference call on May 6, 2022 at 8:30 a.m. ET to discuss these financial results
and provide an update on business conditions. Participants may access the call by dialing (877) 407-8289 or
(201) 689-8341 for international callers. A live webcast of the call will also be available in the Investor
Relations section of the Company’s website at ir.mvwc.com. An audio replay of the conference call will be
available for 30 days on the Company’s website.

About Marriott Vacations Worldwide Corporation

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. The Company has over 120 vacation ownership resorts and approximately 700,000 owner families in
a diverse portfolio that includes some of the most iconic vacation ownership brands. The Company also
operates exchange networks and membership programs comprised of nearly 3,200 affiliated resorts in over 90
nations, as well as provides management services to other resorts and lodging properties. As a leader and
innovator in the vacation industry, the Company upholds the highest standards of excellence in serving its
customers, investors and associates while maintaining exclusive, long-term relationships with Marriott
International, Inc. and Hyatt Hotels Corporation for the development, sales and marketing of vacation
ownership products and services. For more information, please visit www.marriottvacationsworldwide.com.

Note on forward-looking statements
This press release and accompanying schedules contain “forward-looking statements” within the meaning of
federal securities laws, including statements about expectations for future growth and projections for 2022,
that are not historical facts. The Company cautions you that these statements are not guarantees of future
performance and are subject to numerous and evolving risks and uncertainties that we may not be able to
predict or assess, such as: the effects of the COVID-19 pandemic, including reduced demand for vacation
ownership and exchange products and services, volatility in the international and national economy and credit
markets, worker absenteeism, quarantines or other government-imposed travel or health-related restrictions;
the length and severity of the COVID-19 pandemic, including its short and longer-term impact on the demand
for travel and on consumer confidence; the impact of the availability and distribution of effective vaccines on
the demand for travel and consumer confidence; the effectiveness of available vaccines against variants of the
COVID-19 virus; the pace of recovery following the COVID-19 pandemic or as effective treatments or
vaccines become widely available; competitive conditions; the availability of capital to finance growth; the
effects of steps we have taken and may continue to take to reduce operating costs and/or enhance health and
cleanliness protocols at our resorts due to the COVID-19 pandemic; political or social strife, and other matters
referred to under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, and which may
be discussed in our periodic filings with the U.S. Securities and Exchange Commission (the “SEC”), any of
which could cause actual results to differ materially from those expressed or implied herein. These statements
are made as of the date of this press release and the Company undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new information, future events, or otherwise.