Marriott Vacations Worldwide Corporation (NYSE:VAC) Q3 2022 Earnings Conference Call November 1, 2022 8:30 AM ET

Company Participants

Neal Goldner - Vice President, Investor Relations

Steve Weisz - Chief Executive Officer

John Geller - President

Tony Terry - Executive Vice President and Chief Financial Officer

Conference Call Participants

Ben Chaiken - Credit Suisse

Patrick Scholes - Truist Securities

David Katz - Jefferies

Brandt Montour - Barclays

Operator

Greetings, and welcome to the Marriott Vacations Worldwide Third Quarter 2022 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 third quarter 2022 earnings conference call. I am joined today by Steve Weisz, Chief Executive Officer; our President, John Geller; 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 we added to our website this morning, as well as our comments in this call are effective only when made and will not be updated as actual events unfold.

Throughout the call, we will make reference 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 the Investor Relations page of our website at ir.mvwc.com.

As you saw in our earnings release last night, during the call – during the quarter, we aligned the contract terms for vacation ownership sales across our Marriott, Westin and Sheraton brands resulting in the acceleration of $46 million of revenue. We also aligned and combined our accounting methodologies for the reserve on vacation ownership notes receivable for these brands resulting in a $19 million decrease in the reserves for the acquired notes offset by an increase in the reserve for our originated notes.