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Marriott:
Maui Ocean Club
Waiohai Beach Club
Barony Beach Club
Abound ClubPoints
HGVC:
HGVC at Sea World
Your supposition is that 100% of the sales and marketing operation is laser focused on new sales of timeshares and that these timeshare sales account for 100% of the revenue from the sales and marketing operations. That is patently false and a gross mischaracterization.
If you look closely at the 10-K and understand what Development Margin is, you can answer that question.
Development Margin is totally related to the development and sales of timeshare interests. That's why they break that out separately in the discussion. So the $513 million is that portion of Sales and Marketing that is directly related to the $990 million in revenue earned from the Development and Sales of timeshare interests. Again, look at the bottom of page 59. If you look at the consolidated financials for all of MVW, you will see that total Marketing/Sales expenses for the entire company were $527 million. The other $14 million is associated with their Exchange and Third Party Management business line (page 66).
If some of the $513 million in Marketing and Sales that are included in Development Margin are not closely related to development and sales, they would be intentionally misleading investors and the SEC since Development Margin is one of the key metrics stock analysts look at in evaluating the health of their revenue stream/margins. If you have information to prove that, you should let the authorities know.
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