Marriot Vacations Worldwide (VAC)
Pretax margin
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 400,000 | 479,000 | 581,000 | 620,000 | 582,000 | 509,000 | 398,000 | 252,000 | 123,000 | 21,000 | -112,000 | -234,000 | -359,000 | -222,000 | -145,000 | 18,000 | 221,000 | 169,000 | 130,000 | 73,000 |
| Revenue (ttm) | US$ in thousands | 4,727,000 | 4,721,000 | 4,787,000 | 4,773,000 | 4,656,000 | 4,568,000 | 4,368,000 | 4,183,000 | 3,890,000 | 3,537,000 | 3,134,000 | 2,635,000 | 2,886,000 | 3,255,000 | 3,672,000 | 4,235,000 | 4,259,000 | 4,195,000 | 3,879,000 | 3,431,000 |
| Pretax margin | 8.46% | 10.15% | 12.14% | 12.99% | 12.50% | 11.14% | 9.11% | 6.02% | 3.16% | 0.59% | -3.57% | -8.88% | -12.44% | -6.82% | -3.95% | 0.43% | 5.19% | 4.03% | 3.35% | 2.13% |
December 31, 2023 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $400,000K ÷ $4,727,000K
= 8.46%
Marriott Vacations Worldwide Corp's pretax margin has exhibited variability over the past eight quarters. In Q4 2023, the pretax margin was 8.42%, showing a decline from the previous quarter but still above the levels seen earlier in the year. The highest pretax margin of 12.99% was recorded in Q1 2023, indicating a strong performance, which was followed by a slight drop in Q2 2023 to 12.16%.
Comparing year-on-year performance, Q4 2023's pretax margin of 8.42% was lower than the 12.50% reported in the same period in 2022, suggesting a decline in profitability. However, the trend for the year 2023 indicates an overall improvement in pretax margin compared to 2022, with three out of the four quarters showing higher margins.
The fluctuation in pretax margin across quarters could be influenced by various factors such as changes in operating expenses, revenue growth, economic conditions, or strategic business decisions. It is essential for investors and stakeholders to closely monitor these trends to assess the company's financial health and profitability over time.