Marriott Vacations Worldwide (VAC) 8 May 212021 Q1 Earnings call transcript

Greetings and welcome to Marriott Vacations Worldwide First Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Neal Goldner. Thank you.

You may begin.

welcome conference Marriott call. and quarter Worldwide Rob earnings XXXX you, to Vacations the first Thank Financial I Chief John Chief Executive joined Officer am today and Geller, by President Steve Weisz, Officer. and that many need not facts securities are and remind federal I forward-looking under of historical statements to considered laws. comments today our are everyone comments. SEC materially are cause our future could subject and from These implied which expressed numerous statements or uncertainties as to differ filings, risks to described those in in our results by

statements release we Throughout last to information. make will as Forward-looking press only night, and not and in non-GAAP our to morning one references the the we issued effective will comments be in that this call, call, our a added well financial unfolds. updated the we are made events this as presentation as website actual

relations can to referred measures as attached our non-GAAP Weisz. turn press find release the over my the at pleasure it’s to to now Steve in investor of of a well schedules You remarks in ir.mvwc.com. With to page call financial as that, CEO, our website reconciliation our the

and what been Neal. really COVID-XX than people Thanks, everyone you now thank joining all a is life, first traveling. If things certainly togetherness, about experiences, morning, forgot the year quarter lives, It’s us call. important year past and our since but our reminded came earnings mean that into for travel that Good more didn’t family, the offers. anything, in

resorts more occasions, been products company gratifying whose memorable year. to a see our more at enable and it’s these and unique people As this

And associates. them of fond well. look past customers more right, are right, This many if people treat of will JW for will our customers forward and they treated Marriott rise, to to quite return levels right. difficult our back. was our even travel, treat has vaccination they come we year if employees saying, been Sr. we as welcoming As

happy associates say bring recovering to as great very our have, able are to am we’ve work. our care take that, hard, delivering working occupancies guests, to they they So I of to vacation experiences. been And most of with back again,

quarter this business. evidence basis reopened exceeding all grew and sequential continued sales our exchange nearly quarter, this our of and our recovery At substantially have point, on in expectations. centers contract results first Our the during are sales of own transactions the a

this how X reveal A levels, of XXXX fact, encouraging. the widespread actually sales very which vacation their In our of recovery in first review centers the has just quarter quarter is illustrates occupancies in been. our exceeded ownership quarter

occupancy example, March. Resorts the average For at quarter, including nearly for of our XX% Florida in the during XX% Beach high the range month

XX% Virgin Our March the U.S. nicely. quarter. weather Orlando occupancy Colorado to Utah continued and previously the the Hawaii, quarter, almost also our average average for XX% as Mountain and ran during Resorts of resorts markets have Island recover XX% that lagged, Resorts our Carolina larger our and improved nearly South over two for

the sales quarter, us which over VPGs For occupancies, quarter, excluding XX% first of coupled with quarter, increasing than during continued during our under to over XX% March growth first-time These Interval enabled first even initiatives. averaging the demand. the first evident nearly having was becoming benefits keys, in Hawaii, year up quarter, increasing quarter Interval larger XX%, XX%. XXXX, from XX% during illustrating the quarantine International with the including for portion over and the during to with sales in achieve America with business the but to synergy nearly XX% Orlando, year of sales in strong teams, only averaged work line XXXX North execution pent example, buyer levels business with the travel members not occupancy sales Kauai, per with Adjusted despite averaged of of the more also first contract occupancy transformation profit compared our growing XX% a operating represents our contract development transactions and restrictions was and the And revenue March. overall entire mix. our which also quarter of sequential exchange the was member, two-thirds the reflecting margin quarter, The desires sales, recovery

time, opportunities introduced ways that rentals use Interval of their getaway to membership for fit enabling quarter, than first better their the more nights less X During the in members schedule.

So from here. let’s I about we go talk think where

second our business for the not are Asia hampered. the be we we are and to continues Europe very While the travel guidance recovery, to encouraged are international the with and though half year, the of U.S in providing improvement lagging

business We of some into ownership sales. time. that year We take forward. shutdown to are other work certain also pandemic, marketing them also Similar X full recovery wealth channels during contract linkage have expect to business. recovery on strong acquisition continue and and which the I and this a occupancies our integrating begun we going in April a already our that vacation reminders improvement experienced will still And all has the closed

urban Our our Francisco with centers now well. sales New reopened markets and now reopening of week York Hawaii last and as reopened, have San have all

support have end nearly XXXX. tour engine December. sold in strategies, which did we the nearly Interval’s new in and we tour And XXXX. know, to expect fourth a the more of to package And package, yielding for flexible will you the At tours importantly, getaway future pricing expect higher than time. XX,XXX been end short-term sales March, tour to investing vacation had we a have growth. lead deliver pipeline, our rental we product our X% in more pipeline quarter tour And contract first the XX% increase of their from in over we packages XXX,XXX quarter pipeline we overall customers already booked of more As

recovery strong traveling. to this a point get year to continues as research back to customers our Finally,

months, For destination regionally, of example, next Online since the owner in its level highest that began. the than more are by pandemic owners confidence hit to searches January X travel double XXXX.

of reflecting engagement searches in most TSA We of for nearly levels U.S very And confidence have owner has did in recorded in were our than highest excitement books in in of sequentially, the and reservations April occupancies the seeing travel the same currently the model. rebound also strong the which XX% XX strength the year hotels pages, Google leisure and focused business and recovery finally, time their all media on sales social at half we have levels on the And the this preview for we years. started. are XXXX. and resorts more underpins prolonged second at grew the travel. are our high pandemic of around since We the

grow call XX% John. sequentially to midpoint at second turn over sales of contract expect we result, will the in our guidance range. to quarter I a the around the With As that,

I balance Steve our strength everyone. and Today, am to morning liquidity sheet all our quarter strong good our going continued businesses, second first of Thanks, results, the the and quarter across position, our review of recovery expectations.

first-time restrictions. end with of of being back contract when closed had in focused with with and and largest, of But first improve. and As starting the we Orlando increased Steve two California business quarter both California the XX%, to resiliency buyers nicely, by business, many our our still VPG noted, a the vacation larger improving our occupancies sales the January, started tours model. our occupancies sales leisure due government centers restrictions rolled key markets with performance mix. Hawaii, Reviewing ownership even Overall, our this the the Hawaii grew to improved of illustrating segments began, quarter, sales compared of very quarter, in as portion to sequentially were quickly fourth our representing our

our call, revenue we earnings to going a earnings last on on quarter. our knew in reportability headwind mentioned I was the first be As

only would contract would basis, while a margin on when profit than development or nearly not $X reportability, as sales sequential nearly more do reportability profit to the we XX%. profit million have to development adjust for million So tripled and for revenue basis increased million $XX our have adjusted a impact sequential of EBITDA. calculating doubled $XX Adjusting grew on development

reminder, Rentals in a second profit our with including be in in quarter sequentially, the As the reportability from these since earnings. nicely transient XX% and timing, rate. XX% growth just improved revenue up reflected is also revenues quarter will sales

million we’re saving profit nature and revenue this million continue than the notes X% of the financing well. fourth improve and the vacation to brands, declined And the unchanged a leisure travel As rental as revenue The on stickier rental vacation cost cost Marriott not Adjusted initiatives. result, rental ownership lower reflecting ownership as business. and contract a and other as well improvement but our business management our business the our $X rates declining all strong quarter million XXXX million profit continue quarter, and benefit reflecting generated compared $XX the transformation efforts line bottom sequential segment year’s expense performed Delinquency was first impact segment prior as occupancies lower across of sequentially interest negative Resort despite receivable sales in recover. within businesses well to from reportability, our $X only the quarter. despite $XX recovery savings. EBITDA to we’re stable to also of in the below balance and sequentially, our synergy increased a revenue illustrating

were business rentals segment, XX% as member and third-party up up to including Getaway exchange quarter. sequentially XX% doubled the the book of release our demand. the was Interval compared average at looks some their vacations, nearly what exchange to like pent-up Turning and fourth revenue per management transactions members

increased compensation to adjusting in expense efforts. sequentially expenses following other corporate transaction both and certain growth the benefiting and As XXXX. benefit sequentially impressive $XX for compensation XX% EBITDA After a our first our to plans million saving from costs, G&A cost of pandemic-related result, the related increased primarily reinstating quarter, adjusted share-based and expense million variable $XX the

million million business we the delivered demonstrating EBITDA in the As a focused $XX of leisure our of overcoming of adjusted reportability. $XX negative again, strength model. Once quarter result,

debt forma X, comprised million. of which debt the and $X.X of corporate amount total balance unrestricted of completed receivable inventory billion billion for outstanding securitization end the our $X.X related cash million $X.X and with closed for in we of $X.X the billion had non-recourse April principle ended billion, securitized sheet, of Welk receivable. to $XXX including acquisition, nearly liquidity We to debt billion quarter gross we Moving quarter, notes of eligible $X.X of notes of pro the in on $XXX of our at

million debt of corporate of from loan. our issuance repayment $XXX of term increased Our during net and of the the convertible notes quarter a the portion

corporate convertible XXXX which September no maturities have XXXX, only note million. debt is $XXX that’s our We until and

collateral. our as year. $XXX another warehouse the wealth facility $XX our the us ability the include this run We million added or an million, achieved extended recently synergies incremental credit at generated originated in $XXX of and million quarter, end we rate loans for Finally, million total years X to least synergies year bringing early run next of to $XXX taking by closer rate to by

of start our balance ahead, to do not the Looking guidance are through the still a quarter ready you quarter the like year. in giving think having what I we including second wealth could results. for to help full look of want

remain Our quarter. begin become to expect vacation VPGs time higher the first mix, levels. We sequentially Occupancies nicely that to above quarter. first to recover as to business percentage we are a continue we of though projected and COVID normalize tours expect VPGs the buyers to pre and continues expect grow this do well to ownership from

expected around at quarter, the mid improving $XXX $XXX grow million with tours up million in So point. are contract to and to second around sales growing the occupancy XX% to

$XX $XX compared We also development increase quarter, XX negative million $XX to even the first of after to expect reportability. million to roughly profit to million

transient and rate recovery reflecting occupancies in continued rental our to leisure business expect We the travel. improve in

to rental to profit result, million quarter. XX compared a by first the As $XX could improve

be compared inclusion expect Moving and our wealth. vacation stickier to the And of management fees first sequential to on to stable the up resort ancillary business improve the of we to expect due to the to segment, parts our profit basis a margins remain in quarter. financing recurring ownership we recurring management

adjusted Turning to a EBITDA management business as from our exchange slightly with pent-up down well the in mentioned be basis. earlier, first could on demand sequential benefiting seasonality as third-party quarter I

on to be sequentially more bring $XX associates $XX our We expect other roughly million corporate spend recovery, the could partially of IT compensation, million with and support share-based the we to our continue addition back we excluding by G&A, synergy cost efforts. to and as normalized the and G&A, wealth incur saving offset up initiatives,

contract would completed of free million I sales a on normalized or inventory flow our providing $X.X roughly adjusted with of not today, inventory While are pace, we be guidance cash our the cash With billion normal conversion to normalize. a your excess at answer of expect adjust balance $XXX for that, at number sheet, will XX% well to Operator? free range happy to be questions. flow EBITDA sales once years, above we

first Instructions] Our of David Katz Please your you. [Operator question. comes question proceed the Thank from with with Jefferies. line

Good morning, David.

morning. Good

morning question. Hi, good Thanks everyone. taking my for

things to a to margin thinking on John, run-rate I think about you that us helpful? how number, not the would help if more specific of us new through there all can own, color is of guide we our and One would we development a on love but level a necessarily, recovered once get this looking for be get little or

risks, terms the potential right, Obviously, the will it’s are it do will sales Yes, two of expenses costs as margin. opportunities development your and you your think Sure. and as product well if costs. about you marketing as I think I in

is Given have of say we product a commitments, new new or our where lot cost that would I product. development don’t

We have on balance have our what sheet. got got we

towards at a could the couple be inventory, slanted more price. know over in of mix So which some lower the we of comes required next years

some say but cost, some cost a opportunity the ends anything, I point two something, So, opportunity there on be that probably would or could if from being is there up right product or whether side. product

of of in – you but if to have sales. million get transformation initiatives. doing obviously synergy chunk sales the the expect think a in lot costs, A and comes lot and to $XXX in of terms I a the we been and marketing savings run-rate we go our marketing

to all that, So right? around right? hopefully the back I there like negative put determined, a of buyers, have less you then were costs, it. have to right some our increases at sales our to sales ‘XX, and a like that, to more that’s better the we very to and have there like it contract in the people about more then the that margin That’s as pricing going synergy to some our And been I in together, sales offset, you to going obviously as Some of quarter on forward that, side, the even got we but but give hourly were of wage still of opportunity said say reports costs that and that acquire determined, well those some out that’s costs something and first savings. lot you at there. be towards of I getting some put that’s of fixed that? we have than when sell leverage on would the but first-time it’s more we more maybe see people, look about work, overhead mean, things think we they say ability similar marketing than David, cost of Are an I done opportunity, lot I’d we digital opportunity, in what third place development seeing things back now. be is and are the margin. things I the cost those a some sense side, to and the marketing development inflation, And on right? fact we kind My though think you I components have the a in some of how on – costs the think when is of think able packages, other is

Hi, Steve. David, it’s

one the of of timeshare increases, majority the, keep paid associates are their fees. of I the little a through in for that our the a our wage about field are which the mind owners, Just color if bit in on condominium associates things, by cost could, couple more maintenance owners,

exposure then our of of that’s don’t There could material. marketing creep of be yes, a on sales bit And pandemic, think around, So mean, margin name development is is the product the in your optimizing relatively an your we you there I optimizing and always no that game little the sales cost those but little you side, stepping terms pandemic, the lowest from away the give and are is a in converse. of all that marketing that get to bit looking cost but the yield channels constantly try highest it’s and improvement can at and about those mix, your cost, and channel limited.

So – articulated John but I think well. it very

now follow-up, closed, little there always some my And Perfect. with surprises. Welk that, you for is thank is

good, you so come be upon not May – Can that so you any be be Some have about may far? talk less may may good.

part makes Not positive big our recovery that, their Yes. of their we terms side, guess in recovery, is a but bit the little are seeing are I our seeing how sales bit international like I which business starting I exposure we mean from have VPG probably a their faster have, trends, think didn’t quickly right? They mean, in a to we’re back. business, the right? but sense, little like that similar I they of of better come quite frankly, things than

So positive thing. that’s a been

the anything negative see we I that. like, – not gosh, we we’ve that saying anything found say I’m realize won’t, not didn’t side, we On found my sure we would negative but haven’t that

about growth if with the new been the even get management We the forward. and going the mean integration our for better wealth we more opportunities feel of is to So and Hyatt what kind excitement me great. gives it’s will, just this into team working you work going business, forming more

you. Super. Good luck. Thank

Thank you, David.

Securities. from proceed with your Scholes Truist Patrick comes question with next question. Our Please

Good everyone. morning Hi.

morning. Good

contract $XXX the million Welk to contribute do missed on Apologies but in $XXX to your second question first if that? acquisition in this remarks expect much to expected quarter how million sales that I you prepared

million it within quarter. the the Call mean, $XX in plus minus Yes, or range. I

XX% about roughly is the – So it’s XX% of XX% the Welk. growth of – from about

if The from you is other will, organic, existing MBW. legacy our

that the And for remaining quarters of the similar you. thank percentage see you Okay, do year?

point determined, would But terms that’s In the things, recovery, for right, In anything, I second to I we I if the our numbers roughly would of should so you think, million I if what I – pre-COVID obviously scheme $XX did all into that kind disclose, are there expect back. pre-COVID. be right? to reported, not form we on mean relative big yes. XXXX, – should I mean a back $XXX hopefully not in be contract continue that contract some was of of gives expect the sales, business reference, we but quarter, Welk as of getting Patrick, million think, come do that of that of where the of sales

Just as near-term, to a to the once what back here again, in bit to a as baseline get of right? little we’re trying

And with or several you acquisition are M&A carrying say second practices not then enough. M&A that Welk, Fair from of your best acquisition question here, ago, M&A, first of the that over the top would rodeo the two type see to or Okay. learnings what important my sizable most certainly in that’s of of you Interval years Thank one you. Welk?

this Steve. Patrick, is

and organization focused our we all so integrating both keep seamless think that of on right the the foremost, plan and Welk I into organization out first of can a thought well the a things. having leadership team

I next channel think certainly to mix. mind thing that is comes the

sure – acquisitions heard some ultimately we really the companies the by soft, well cultures improvement. to have where, do, cultures It’s line and channel each things that don’t out things And this are little where there of made don’t some they where have countless these turn going opportunity of well. sure of a making of aligned. understand things virtue examples some but at it’s sound up for don’t and the then is I’m to is do, you the important. versus Looking

fine track pace I with great Welk think acquisition, think the I and we job acquisition. did a on a a for great Interval very the we’re and

it. Okay, thank That’s you.

you. Thank

JPMorgan. your with comes proceed next Montour Brandt from question Please with question. Our

Good morning.

morning. Good this morning Thank the guys. details all everyone. Hey, for

back obviously Just quick I mean of out the you’re and sales tone getting XXXX the levels, most question Welk. implies the backing outlook, on to the your contract outlook even sort incremental guidance the of from way the of

sounds a know I to how international is bit So little you’re cadence my not the that give point question is going from we here? guess should to about longer. it is guidance, that like you my going but that think I take think

maybe bit and sort those So a should near just expect the the one Is it? core recover, – to to medium of to should that take think about piece a in business we we way even the little longer that term? plateauing and of fully

that we fourth Europe the mind I you our gave included Pacific. expectations XX% below I’m in think in that, in increase I and quarter both of restrictions, Asia A the for keep the QX, well written will And been parts when that world and there. of that of lot’s over really sure aware expect exist very the continue. you’re both some etcetera, travel

So greater anything, head, if not been have the two parts. have the number off XX%, would those I my of top included had the component don’t it

and certainly that sequentially to will should you system think said, continue the about, stuff. will I drag, as think rest some still international the the of there be our hope grow on I and is,

the couple numbers staying here. be because thing where that would I see still tourists take to which a or play us at you of know XXXX Marriott-affiliated The going customers come are back would year, the things to etcetera. end they source back hotel in now of slow of out properties with there coming point affiliated to Linkage, at is like be everybody us, other and to occupancies, Hyatt at other are

that against very optimistic will drag I that characterize – starting continue half I other year work so the be generally that the there, we think what second be some then will And about we think and we things of stuff. some but here of view us speaking, for there the second to to way actually, have is our few but are a to think will in the try continuing holds and to quarter offset there to

quarter or say then helpful, a over you sales. VPGs, obviously diluted up a for owner question VPG mix that that. unfavorable a on step really strong mentioned quarter And That’s of new was thanks from let’s despite and Okay. impact

So we on I drove how What normalize step should can from and did here? is it get it Was closed question try guess those the just it numbers was right? location-based rate, handle mix? how up, that a so

give you of I’ll a Yes couple are what for stats worth. they

our first So was for XX%. XX% contract was sales QX and in time buyers owners

Now for X the good time was news first in better it first that mix points buyer buyers is than time QX actually was.

So look it buyers, was XX% were versus XX% up similar actually basis, tours X% you first in X%. QX. fashion, Tours owner down in if and quarter-over-quarter were a a at time

All of in that resort and being is a of occupancy function people market.

to more owner taking interested As have are with we in get timeshare try and non-owners, trying sure that an to do talk they we a to in opportunity to are that people us, make you tour an if about them becoming market that.

buyer. a to are where continue the bought owner, package an who system first not that That’s have people occupancies where this come they shift already improve, be. into become to time As as continue previews a will

owners lower I by because percentage You are first-time on our as XXXX, the encouraged we going XX-XX they on that may late inching just to I’m to obviously but roughly lower I buyers buyers are rate what while, a of loop, owners. we to a than VPG for It’s And see. as take were is at close close first-time way we there. a think are think basis. recall And

first best time us system the come all grows ultimately along our other on. that. give things more So get is you the that’s the And system, the the But for thing on buyers. negative VPG and them drag first further time to into for with later buyers upgrades that to allows system where get

just Hawaii the with became a mix, other bigger So VPG, quarter is there of higher the of right? mix a piece. Hawaii only versus little mix The first And that in I’d was location comes terms generally point quarter. bit in a the add fourth

for Thanks guys. Appreciate Okay. it. that

your Instructions] next with Bank. Chris [Operator Woronka question. with Please from proceed comes Our Deutsche question

morning, Good Chris.

details all for the Thanks taking guys. morning, the questions. good and Hey,

whether much but how we question So spend given the on are Not consumer dollars little the Are they a first-time bit existing for spending from it And buyers new, really is, first seeing customer, it’s or spending patterns maybe be did on like a could in make in purchase? than would than VPG, they customer, XXXX guess to when just I you might so customer. time have buyers is realize. have into they drill – actual an the XXXX on existing a like more an more are healthy

seen up, they We’re particular any gone more seeing past. honer not as obviously XXXX What points portfolio that. evidence sales vis-à-vis mix you has adding of have the done their our of than have is may in are to they

are they in However, smaller slugs.

owner price what first So time an lower the of still actual buyer the of average sales or is a than you’re getting first buyer. time

before. like saw suggest our bigger is to great really the that like any that’s a something more is checks sign would We price seen is of up, we we’re of that’s to different that we haven’t scores to notable like or FICO something economy. product. something that said, we seeing continue as but in to not not there good materially our time what think owners of in very point inflection average that not And I like news from a else sales buy terms seen. we’ve buyer, or The result nothing, point First things but you can anything

Yes.

but people spending where If people average, more. I more necessarily see Chris people, the in on think more closing, right? that’s buying not is it you more

talked of form In our even whether in world product generally is amenities in size the of our first past, closing Maybe resonating are the but the which all higher or closing more that’s pent driving higher more there the VP people, efficiencies. time you it, demand, the seeing about in it units terms terms obviously with maybe that’s and of buyers. owners that’s things some up COVID a of we’ve and the

the Yes, normalized of right? Okay. year quarter or that should, revenue ‘XX, an end guys be expect into just on do over bleed to think I the progression quarter, to though of that of the then by you fully by And follow-up could helpful. even you it obviously kind recognition, of do guess impact potentially very the less

growth, quarter Yes. remember it’s get continuing sequentially, are is recovery, until just have assumption, increase quarters, reportability negative Well, are right. just And you means to back it by if right? Chris, seasonal from to to to quarter average, sales going in that on the your more normal of a the contract recovery, you

being increase The guided as in higher sales, better, why was So second what progressively terms for weighted sales – that contract and will implication is got reportability we things in the recognized. get that quarter lot said, we of a that March, even you million That’s saw, right. the sales in $XX in quarter. standing of first just

are but into to XX XX you’re to the not grow. going have have the those third sales higher still fourth that giving guidance if going then get for to the quarter will pushed million You to contract quarter, or the third and continue

think So full we’ve fourth always to sales, if get back had I right? seasonal where of back we a we basis. reportability a start more contract you’re annual normalized more on to the Then if you’d – not saying got quarter to like will,

that. growth of percentage reportability essentially Your reportability right, year-over-year, or your negative be would a

get back sales. it’s that unfortunately kind because recovery, get reportability negative more of so will that’s So to continue normalized of what the we just continued to

recognized revenue quarter is, get of may in more, weeks bit make expert, the last virtue little you of terms I’m John the light. essentially that to generally but because and be contract of accounting sure through lose It a but hoops to sales. speaking, the various the in By be X to certainly it’s the timeshare have not

year end out have of of the over you So from some the ‘XX. ‘XX will carry into always

Our the first as belief that. sales and some seen that unreportable in is you always of of we’ve end still year in back year large generally the by happened that come before is, past, the part the the have but of through

Right.

Thanks, guys. Very Okay. Appreciate Understood. helpful. that.

Sure. you. Thank

Thank you.

call reached to I’d for have over to of comments. time, We the like At end closing this session. the question-and-answer the back Weisz Steve turn

for our today. Thank everyone, you, joining Thank Rob. call you

core, their exciting enable a see or and vacation at business people sole relax, always we’ve time at great whose experiences to it’s As and business whether to is known, these in. want being a loved to products with spend new be ones places,

reminder difficult XX% quarter where the trying review while EBITDA would Interval been adjusted from of past also really reportability, which our business of own to for expectations. We a a has fourth sequentially gives track us year is and just quarter, grown grew sales timing. revenue transactions it have how it’s not sense you the just year-over-year. of increased XX% beating resilient model our So, XX% our the been that. And first all exchange of is, for our

package pandemic have Looking this year. people tour occupancies owner booked XX,XXX at for high vacation the are us again, who had and flying customers resorts confidence is post from and growing. forward, purchased our are a a at strong already

we demand to manifest have the illustrating continues pipeline and this package time we half than to XX% pent-up the grow, the total we of our While currently on the year in second is and preview XXXX, reservations did books think itself. more same owner for starting at

and your you As interest Worldwide, in stay to and call of families, vacation. enjoy care safe always, Marriott everyone your yourselves take on and the finally, your thank Vacations next for

today’s concludes This conference.

your disconnect participation. your lines for time, may you thank and we You at this