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Marriott Vacations Worldwide 2Q 2019 Earnings Conference Call & Integration Update

JIMinNC

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I listened to the Marriott Vacations Worldwide 2Q 2019 investor conference call this morning. The audio kept sputtering so I don't have exact wording, but Steve Weisz did say they were continuing to work to develop an integration of their multiple brands to give their owners and guests more resort choices and alternatives, or something to that effect. He said they would have more information and discuss the plans in more detail at an October 4 Investor Day presentation.

Once they post the transcript on the MVW website, I'll post the exact quotes. There were also some other things they mentioned about technology integration and Interval app updates, but the audio issues made it hard to pick up the details. I'll add those also when the transcript is posted.

EDIT: See post #12 for exact quote and other information from the call.
 
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DannyTS

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I listened to the Marriott Vacations Worldwide 2Q 2019 investor conference call this morning. The audio kept sputtering so I don't have exact wording, but Steve Weisz did say they were continuing to work to develop an integration of their multiple brands to give their owners and guests more resort choices and alternatives, or something to that effect. He said they would have more information and discuss the plans in more detail at an October 4 Investor Day presentation.

Once they post the transcript on the MVW website, I'll post the exact quotes. There were also some other things they mentioned about technology integration and Interval app updates, but the audio issues made it hard to pick up the details. I'll add those also when the transcript is posted.
thanks for the info!

The fact that they are prepared in just 2 months to discuss details publicly probably means we are getting really close to the announcement date. Q2 or even Q1 of 2020 would be my guess.
 

JIMinNC

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thanks for the info!

The fact that they are prepared in just 2 months to discuss details publicly probably means we are getting really close to the announcement date. Q2 or even Q1 of 2020 would be my guess.

I would caution not to get your hopes up on the level of details that may be discussed on October 4. Generally investor presentations are very high level. As I said, the audio was breaking up, but when I can get the exact quote, I'll post it, as the full quote may offer more insight into what they are going to discuss.
 

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I would caution not to get your hopes up on the level of details that may be discussed on October 4. Generally investor presentations are very high level. As I said, the audio was breaking up, but when I can get the exact quote, I'll post it, as the full quote may offer more insight into what they are going to discuss.
Excjt
Exciting news! I wonder if the new technology integration and interval app has anything to do with the whole overall integration. Could be eluding to some of the possible speculations on a combo program. Anyway, who knows, but still exciting. Lots of good news today, this along with universals new theme park announcement!!

https://attractionsmagazine.com/universal-new-park-epic-universe/
 

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What does the timing seem like?
 

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What does the timing seem like?
Hopefully after my mandatory vistana resales are recorded and transferred lol. (If recording date has any affect on enrollment in any integrated program) lol.
 

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I listened to the Marriott Vacations Worldwide 2Q 2019 investor conference call this morning. The audio kept sputtering so I don't have exact wording, but Steve Weisz did say they were continuing to work to develop an integration of their multiple brands to give their owners and guests more resort choices and alternatives, or something to that effect. He said they would have more information and discuss the plans in more detail at an October 4 Investor Day presentation.

Once they post the transcript on the MVW website, I'll post the exact quotes. There were also some other things they mentioned about technology integration and Interval app updates, but the audio issues made it hard to pick up the details. I'll add those also when the transcript is posted.

Sounds good. During our recent owner update, we were told that 2 different emails would be sent out to owners in October announcing new benefits that some owners will have already qualified for, and what other owners will need to do to qualify to access the new benefits. So far, that jives.
 

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Hopefully after my mandatory vistana resales are recorded and transferred lol. (If recording date has any affect on enrollment in any integrated program) lol.

That is what I am hoping for too. I already had a Hyatt close and record. I suspect anyone owning a Westin/Vistana will end up getting a good proposition from MVC. I have 2 more closing and recording this month but they are not mandatory. I bought to use with the hope that MVC allows me to enroll all my weeks. I bought one MVC week and I am hoping there will be a way to enroll that week. If not, it is EOY and we will use it since it is at our happy place.
 

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Excjt
Exciting news! I wonder if the new technology integration and interval app has anything to do with the whole overall integration. Could be eluding to some of the possible speculations on a combo program. Anyway, who knows, but still exciting. Lots of good news today, this along with universals new theme park announcement!!

https://attractionsmagazine.com/universal-new-park-epic-universe/

So, they are taking over the Lockheed-Martin Complex. That is what is currently located in the highlighted area of the map Universal provided.
 

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So, they are taking over the Lockheed-Martin Complex. That is what is currently located in the highlighted area of the map Universal provided.
I believe they already owned that site and was letting LM store missile testing materials there. I skimmed the article but there is a lot of great background information on the expansion. It seems they sold off the 2,000 acres they bought in the 90s and re purchased it. Orlando informer is a great blog with great information. Going to their December universal meetup event.

https://orlandoinformer.com/blog/universal-announces-third-theme-park/
 

JIMinNC

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Here is the exact quote from Steve Weisz from this morning's call:

"We also continued our work on enhancing our product offerings across our multiple Marriott brands. As we shared with you previously, we continue to evaluate the various options, and our current plan is to add new enhancements in stages, each building on the strong foundation that we offer customers today. Over time, our goal is to develop an integrated product that leverages all of our Marriott family of brands, providing owners and potential owners an even greater array of vacation destinations and experiences from which to choose. We remain extremely optimistic about its potential, and we’ll have more to say about this in our Investor Day on October 4.”

He clearly says that enhancements will come in stages, with the ultimate goal of an integrated product.

There was also some discussion about asset sales. This was from CFO John Geller:

"We are undertaking a comprehensive review of our vacation ownership assets to determine the best strategic direction for the business. While work to quantify the impact continues, we do expect to generate incremental cash flows over the next few years.

Later Steve Weisz added:

"We're going through an assessment of the various assets we acquired when we bought the ILG business. There will probably be some things we'll agree that probably are not strategic for us in the long term, in terms of selling off individual parcels or things of that nature..."

There was also a question from one of the analysts about their development spending to acquire new inventory. John Geller said they look to budget for replacement of the inventory they sell "off the shelf". I think they consider ROFR part of their development spending, so that may explain some of the unpredictability of ROFR, in that they look at their inventory, and if inventory is low, they may be more aggressive with ROFR than if they feel they have excess. The analyst also tried to get a feel for whether 2020 development spending would increase from 2019, and Geller said that right now, he can't say that development spend will be higher next year.

On a couple of other items:

- Contract sales were up 6% over 2Q 2018. Both legacy MVW and ILG grew about 6%. They had expected MVW to grow at 10%, but they came in under that. Weisz said one factor was all of the changes they have made to their sales and marketing organization over the last 6-9 months. He said their sales leadership is predominantly from the MVC side of the business, and those managers spent a disproportionate amount of time in the VSE properties trying to drive some of the changes there, so they sort of "took their eye off the ball" on the MVC side.

- 2Q tour flows were 45% first time buyers, but only about a third of contract sales are first timers. He said there are slightly more first time buyers on the ILG side and slightly less on the MVC side.

- 62% of contract sales in the quarter were financed

- Interval International has announced a new agreement with Planet Fitness to leverage Interval technology to allow more than 8 million Planet Fitness Black Card members access to hotel, cruise, and condominium rental vacations at preferential rates.

- They have added more features to the Interval mobile app, including the ability to deposit a week.
 

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That is what I am hoping for too. I already had a Hyatt close and record. I suspect anyone owning a Westin/Vistana will end up getting a good proposition from MVC. I have 2 more closing and recording this month but they are not mandatory. I bought to use with the hope that MVC allows me to enroll all my weeks. I bought one MVC week and I am hoping there will be a way to enroll that week. If not, it is EOY and we will use it since it is at our happy place.

Awesome, mine should be recorded and transferred within the month I’m hoping. Time will tell. I can’t wait to see what the integration is. If it’s something to be conducted through an interval app for example who knows what kind of or if any enrollment there will be. But if it’s anything like what that DC members speak of regarding resale weeks when DC was rolled out 10 years ago, it would be nice for the resales to be completed before any new announcement.
 

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Awesome, mine should be recorded and transferred within the month I’m hoping. Time will tell. I can’t wait to see what the integration is. If it’s something to be conducted through an interval app for example who knows what kind of or if any enrollment there will be. But if it’s anything like what that DC members speak of regarding resale weeks when DC was rolled out 10 years ago, it would be nice for the resales to be completed before any new announcement.

If you read Steve Weisz's exact quote from the call, they are going to do this in stages. He prefaced his mention of developing an "integrated product" with "over time", so to me, that sounds like their ultimate solution will not be coming soon. Other "enhancements" will come sooner, in stages, but it doesn't sound like a truly integrated product is on the immediate horizon.
 

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If you read Steve Weisz's exact quote from the call, they are going to do this in stages. He prefaced his mention of developing an "integrated product" with "over time", so to me, that sounds like their ultimate solution will not be coming soon. Other "enhancements" will come sooner, in stages, but it doesn't sound like a truly integrated product is on the immediate horizon.
Makes complete sense to me. I’m thinking we will see technology enhancements and maybe some joint priority in interval first. It’s quick and easy. I haven’t listened to the call. But one thing that is for certain is the sales reps are lying through their teeth. Remember the guy who “saw a word document” !? Lol
 

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Makes complete sense to me. I’m thinking we will see technology enhancements and maybe some joint priority in interval first. It’s quick and easy. I haven’t listened to the call. But one thing that is for certain is the sales reps are lying through their teeth. Remember the guy who “saw a word document” !? Lol

Yeah, rep at Mountainside said 2 days ago Steve was here and told them later this year they'll be pushing vistana owners to buy 3500 points to enroll in the dc program.
 

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Yeah, rep at Mountainside said 2 days ago Steve was here and told them later this year they'll be pushing vistana owners to buy 3500 points to enroll in the dc program.

If they make us buy more DC points to enroll, that will be dead in the water. Will simply stick with StarOptions, pick up another mandatory trader and use what we have. IMO I am more excited about trading Westins than MVC and can get that via SOs today. Such a move would extend the life of the SO inventory pool significantly because VSN owners would do nothing.
 
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If they make us buy more DC points to enroll, that will be dead in the water. Will simply stick with StarOptions, pick up another mandatory trader and use what we have. IMO I am more excited about trading Westins than MVC and can get that via SOs today. Such a move would extend the life of the SO inventory pool significantly because VSN owners would do nothing.

You'd be surprised what not Tuggers might do in this fictitious scenario. Remember, this was in response to sales reps lying, I seriously doubt this is a going to happen as claimed any time soon. I merely added thus as another lie, the conference call seems to go against this. Keeping what you have is I am sure no issue anyway. That's the way it was and is for legacy Marriott owners Many of them have bought points to enroll weeks and many have not.
 

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A thought just occurred to me...when we are discussing "integrated product", as owners, we tend to think of it in terms of the booking and exchange mechanisms that we would use to book across MVC, Westin, Sheraton, etc. But when Steve Weisz is speaking to analysts about "product", he may be referring more to the product that is actually sold at the sales centers, since that is their real revenue source

Right now legacy MVC and legacy ILG sales centers are selling two totally different products. So, when he tells analysts "...our goal is to develop an integrated product that leverages all of our Marriott family of brands..." he may be actually referring to evolving to a single product that can be sold at both legacy MVC and legacy ILG sales centers. When you think about it from their perspective, as long as they have to maintain two different sales programs, they have to have two different training programs, two sets of legal docs, two sets of marketing materials, multiple web sites, etc. So it would seem that the goal, at least for new sales, would be one single product to sell. Obviously, they have the challenge of integrating the multiple variations of previously-sold weeks/Flex plans/DC Trust to exchange with whatever new product they develop, but it would seem to me that their ultimate goal would have to be selling one product at all sales locations - a single product that encompasses whatever unsold inventory they have and any new properties that are developed in the future.
 

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If they make us buy more DC points to enroll, that will be dead in the water. Will simply stick with StarOptions, pick up another mandatory trader and use what we have. IMO I am more excited about trading Westins than MVC and can get that via SOs today. Such a move would extend the life of the SO inventory pool significantly because VSN owners would do nothing.

Keep in mind they may end the existence of mandatory traders so people can't buy them resale anymore. Also they can change any of these programs any time. We can resist the future direction or be flexible and hope the new program is has some perks to legacy owners.
 

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A thought just occurred to me...when we are discussing "integrated product", as owners, we tend to think of it in terms of the booking and exchange mechanisms that we would use to book across MVC, Westin, Sheraton, etc. But when Steve Weisz is speaking to analysts about "product", he may be referring more to the product that is actually sold at the sales centers, since that is their real revenue source

Right now legacy MVC and legacy ILG sales centers are selling two totally different products. So, when he tells analysts "...our goal is to develop an integrated product that leverages all of our Marriott family of brands..." he may be actually referring to evolving to a single product that can be sold at both legacy MVC and legacy ILG sales centers. When you think about it from their perspective, as long as they have to maintain two different sales programs, they have to have two different training programs, two sets of legal docs, two sets of marketing materials, multiple web sites, etc. So it would seem that the goal, at least for new sales, would be one single product to sell. Obviously, they have the challenge of integrating the multiple variations of previously-sold weeks/Flex plans/DC Trust to exchange with whatever new product they develop, but it would seem to me that their ultimate goal would have to be selling one product at all sales locations - a single product that encompasses whatever unsold inventory they have and any new properties that are developed in the future.

Why can't they just sell DC points moving forward and no weeks or anything else? Why is a new product needed at all? I have to believe DC points is the product. The issue to be tackled is legacy owners.
 

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Keep in mind they may end the existence of mandatory traders so people can't buy them resale anymore. Also they can change any of these programs any time. We can resist the future direction or be flexible and hope the new program is has some perks to legacy owners.

If they could end the mandatory, they would have already done that. They just can't. Can I just change something on your house deed because it will benefit me?
 

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Why can't they just sell DC points moving forward and no weeks or anything else? Why is a new product needed at all? I have to believe DC points is the product. The issue to be tackled is legacy owners.

Absolutely. They could define DC Points to be the "integrated product", or they could rebrand it but use the same infrastructure. I didn't mean to imply that they would have to create something totally new, just that they have to define what the new product is. To do that, they will have to figure out how to integrate all of the previously-sold weeks/trusts to play well together; but when Weisz says "product" I suspect his ultimate goal is to sell the same product everywhere - regardless of whether that product is the DC, the DC rebranded as something else, or something totally new. Personally, I think they should rebrand it, even if they use the basic structure of the DC. They are bringing together two large owner groups, so to just fold one into the legacy product of the other may not be the smartest marketing move. I think that's why Marriott International rebranded Marriott Rewards as Bonvoy - they could have clearly just called the new program Marriott Rewards since it had great brand identification, but by creating a new brand, both MR and SPG members came into the new program as equals. I think MVW should do the same.
 

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Yeah, renaming would be wise, I agree. I would virtually bet it will be the dc points program with possibly a few changes / enhancements. Points can then be sold by everyone. Which is why I sort of think there is some truth to paying to enroll for ILG. If you don't pay, you keep what you have, just like our legacy weeks.
 

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If they could end the mandatory, they would have already done that. They just can't. Can I just change something on your house deed because it will benefit me?

Why can't they end it?
 
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