Marriott Vacations Worldwide Corp (NYSE:VAC) Q4 2022 Earnings Conference Call February 23, 2023 8:30 AM ET
Company Participants
Neal Goldner - VP, IR
John Geller - CEO, President & Director
Anthony Terry - EVP & CFO
Conference Call Participants
Brandt Montour - Barclays Bank
Benjamin Chaiken - Crédit Suisse
Chris Woronka - Deutsche Bank
Charles Scholes - Truist Securities
Shaun Kelley - Bank of America Merrill Lynch
Operator
Greetings, and welcome to the Marriott Vacations Worldwide Fourth Quarter 2022 Earnings Call. [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 Fourth Quarter 2022 Earnings 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 and the presentation that we added to our website this morning 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 and the schedules attached to our press release as well as the Investor Relations page of our website at ir.mvwc.com.
As you saw in our earnings release last night, as a result of aligning the contract terms for our Vacation Ownership sales across Marriott, Westin and Sheraton brands last year, we recorded an additional $12 million of revenue in the fourth quarter. The schedules to our earnings release provide a reconciliation to show what our reported results would have been without this benefit. Our discussion and commentary today will refer to our results after adjusting for the alignment, including the $7 million benefit to adjusted EBITDA.
With that, it's now my pleasure to turn the call over to CEO, John Geller.