Marriott Vacations Worldwide Corporation (NYSE:VAC) Q1 2023 Earnings Conference Call May 4, 2023 8:30 AM ET

Company Participants

Neal Goldner - Vice President-Investor Relations

John Geller - President & Chief Executive Officer

Tony Terry - Executive Vice President & Chief Financial Officer

Conference Call Participants

Patrick Scholes - Truist Securities

Chris Woronka - Deutsche Bank

Brandt Montour - Barclays

Shaun Kelley - Bank of America

David Katz - Jefferies

Ben Chaiken - Credit Suisse

Operator

Greetings and welcome to the Marriott Vacations Worldwide First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Neal Goldner, Vice President Investor Relations for Marriott Vacations Worldwide. Thank you. You may begin.

Neal Goldner

Thank you, Melissa, and welcome to the Marriott Vacations Worldwide first quarter 2023 earnings conference call. I am joined today by John Geller, President and Chief Executive Officer, and Tony Terry our Executive Vice President and Chief Financial Officer.

I need to remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our SEC filings, which could cause future results to differ materially from those expressed in or implied by our comments.

Forward-looking statements in the press release that we issued last night, as well as our comments on this call are effective only when made and will not be updated as actual events unfold. Throughout the call, we will make references to non-GAAP financial information. You can find a reconciliation of non-GAAP financial measures referred to in our remarks in the schedules attached to our press release, as well as our Investor Relations page of our website at ir.mbwc.com.

With that it's now my pleasure to turn the call over to John Geller.

John Geller

Thanks, Neal, and good morning everyone, and thank you for joining our first quarter earnings call. Looking at our year-to-date results, it's clear that consumers are prioritizing travel, which we saw in our occupancy rates and contract sales growth during the first quarter. Spring Break travel made headlines this year with record-breaking numbers in March, with beach vacations topping the list of preferred destinations. In addition, over 45% of Americans, earning over $100,000 a year recently surveyed, believe now is a good time to spend on leisure travel and intentions to book leisure travel have been on a clear uptrend.