owners.marriottvacationclub.com CURRENT IT ISSUES [MERGED]

[m61376]

I get the log in screen, sometimes can log in, but then nothing loads- tried Safari, Chrome and Firefox
GRRRRR

 

[JIMinNC]

No mention of the technology issues in this morning's 2Q Marriott Vacations Worldwide earnings conference call. In fact, if you just listened to Steve Weisz's comments, you would assume the Abound program is fully operational today. See this new thread on the conference call:

Marriott Vacations Worldwide 2Q 2022 Earnings Conference Call (VAC) Tidbits

 

[Bodie]

No mention of the technology issues in this morning's 2Q Marriott Vacations Worldwide earnings conference call. In fact, if you just listened to Steve Weisz's comments, you would assume the Abound program is fully operational today. See this new thread on the conference call:

Marriott Vacations Worldwide 2Q 2022 Earnings Conference Call (VAC) Tidbits

Sure hasn’t stopped their share buyback mission.

 

[JIMinNC]

Sure hasn’t stopped their share buyback mission.

Off topic, but share buybacks are one of the most effective tools management has to utilize excess capital. As they said in the call, with $610 million in excess inventory on their books, and no immediately attractive acquisition targets, it's either return capital to shareholders or build up excess cash on their balance sheet. While they could increase the dividend, share buybacks are better because whereas dividends are taxable to shareholders like me, share buybacks reduce the outstanding shares, thus increasing the intrinsic value of each share. I'm not taxed unless I sell the shares and book a capital gain. I love it when the companies I invest in do buybacks.

 

[15kc]

Juut told by a Marriott Sales Manager that the combination of the programs with one Web site has been pushed to October

 

[CalGalTraveler]

Off topic, but share buybacks are one of the most effective tools management has to utilize excess capital. As they said in the call, with $610 million in excess inventory on their books, and no immediately attractive acquisition targets, it's either return capital to shareholders or build up excess cash on their balance sheet. While they could increase the dividend, share buybacks are better because whereas dividends are taxable to shareholders like me, share buybacks reduce the outstanding shares, thus increasing the intrinsic value of each share. I'm not taxed unless I sell the shares and book a capital gain. I love it when the companies I invest in do buybacks.

Buybacks are intended for when companies have no projects to invest to improve their offering. They should invest some of that excess cash in IT rather than padding the CEO and management's stock plan with buybacks.

 

[dioxide45]

Buybacks are intended for when companies have no projects to invest to improve their offering. They should invest some of that excess cash in IT rather than padding the CEO and management's stock plan with buybacks.

It seems like they have a plan with IT, perhaps the wrong one. But aside from starting from scratch (which some would argue they should do), throwing more money at it probably won't solve the problem. Incompetence is more likely the issue, but that might require starting from scratch. I wonder anyone's job is on the chopping block because of the IT issues?

 

[CalGalTraveler]

If IT had more money they could hire more competent people (pay them more) or hire a firm that can fix this.

 

[VacationForever]

If IT had more money they could hire more competent people (pay them more) or hire a firm that can fix this.

Someone posted that their IT is outsourced.

 

[Bodie]

Off topic, but share buybacks are one of the most effective tools management has to utilize excess capital. As they said in the call, with $610 million in excess inventory on their books, and no immediately attractive acquisition targets, it's either return capital to shareholders or build up excess cash on their balance sheet. While they could increase the dividend, share buybacks are better because whereas dividends are taxable to shareholders like me, share buybacks reduce the outstanding shares, thus increasing the intrinsic value of each share. I'm not taxed unless I sell the shares and book a capital gain. I love it when the companies I invest in do buybacks.

True. Shoulda bought shares in VAC

 

[wballoni]

Off topic, but share buybacks are one of the most effective tools management has to utilize excess capital. As they said in the call, with $610 million in excess inventory on their books, and no immediately attractive acquisition targets, it's either return capital to shareholders or build up excess cash on their balance sheet. While they could increase the dividend, share buybacks are better because whereas dividends are taxable to shareholders like me, share buybacks reduce the outstanding shares, thus increasing the intrinsic value of each share. I'm not taxed unless I sell the shares and book a capital gain. I love it when the companies I invest in do buybacks.

Buybacks are not a panacea for shareholders. Case in point, GE (General Electric). GE recently implemented an aggressive buyback program that was not just a dud, but wasted capital that could have been used for many other more productive and forward thinking purposes. MVCI has other uses for that money beyond buybacks, for instance, say, IT improvements. But IT isn't a revenue source in and of itself. So, owners get the shaft and the C-suite gets rich. Buybacks are not a panacea.

 

[JIMinNC]

Buybacks are not a panacea for shareholders. Case in point, GE (General Electric). GE recently implemented an aggressive buyback program that was not just a dud, but wasted capital that could have been used for many other more productive and forward thinking purposes. MVCI has other uses for that money beyond buybacks, for instance, say, IT improvements. But IT isn't a revenue source in and of itself. So, owners get the shaft and the C-suite gets rich. Buybacks are not a panacea.

They have stated in past earnings calls and in their June 2022 Investor Day that they are committing significant funding to technology improvements. Often just throwing more money at something doesn't solve the problem, if the problem is poor IT/Systems management. They divide their use of capital into three categories - 1.) organically growing their business (and tech improvements would fall generally in this category), 2.) strategic acquisitions, and 3.) dividends/buybacks. Only after they fund the first two do they consider the third. I suspect they have funded their technology projects to the level they think is appropriate, but clearly they have failed to execute properly. Whether that is inadequate funding or just poor management, we can't assess from where we sit.

 

[wballoni]

Whether that [IT funding] is inadequate funding or just poor management, we can't assess from where we sit.

Really? Where have you been the last week plus? I understand that throwing money at a poor solution isn't likely to fix the problem, but admitting that those problems exist BEFORE a failed rollout, and cleaning house/investing in another solution would be the high road here. If you have the excess funds to pay for it, do it. But the C-suite needs its bonuses so I'm not holding my breath that the high road will be taken.

 

[JIMinNC]

Really? Where have you been the last week plus? I understand that throwing money at a poor solution isn't likely to fix the problem, but admitting that those problems exist BEFORE a failed rollout, and cleaning house/investing in another solution would be the high road here. If you have the excess funds to pay for it, do it. But the C-suite needs its bonuses so I'm not holding my breath that the high road will be taken.

I just don't think we can assume the problems of the last week are due to lack of funding. I suspect those in charge thought things were going to go well. It's a management/competence issue that may or may not be related to adequate funding. Maybe they are reassessing now, but I suspect those in charge thought they were on the right track. They clearly were not. Maybe heads will roll.

 

[jabberwocky]

all owners should want VAC to do well with respect to stock price. If the price tanks and the company has excess cash on the B/S they will become a takeover target.

I’d be horrified if a PE firm or another system like Westgate took them over.

buybacks keep cash lower on the B/S and can raise the stock price if the repurchases occur at a price that is accretive to earnings per share.

 

[bazzap]

Someone posted that their IT is outsourced.

I have also seen that referred to, but does anyone know if it is true and if so who to?

 

[BigDawgTUG]

There is a new link on the landing page once you log in: "Important Notice for Owners: Upgrades to Your Website"

Clicking on the link results in the following pop up message:

Dear Owners,

We are excited to bring the Marriott Vacation Club®, Sheraton® Vacation Club, and Westin® Vacation Club products together in the coming months. Unfortunately, this work has required scheduled, and at times unexpected, outages of your website.

Although additional updates may be required, we believe most of the significant work is now complete. We expect fewer disruptions going forward and will continue to keep you updated.

Thank you for your patience and understanding.

Ron Essig
Senior Vice President, Global Owner Services
Marriott Vacations Worldwide

 

[gln60]

“Patience and Understanding” is long long gone Mr Essig

 

[td2022]

Anyone else having login issues currently? After I attempt to login I get a pop-up stating:

"Something went wrong during login. For assistance, please email owner.services@vacationclub.com or contact Owner Services."

 

[bazzap]

It has been working on and off for me today, just not consistently

 

[BigDawgTUG]

I was able to log in early today, but search was not working. Since then, I've been getting the same pop-up message.

 

[rickandcindy23]

According to Jesus Cristopher with my online chat, the website is having issues. Yeah, we know.

 

[jwalk03]

According to Jesus Cristopher with my online chat, the website is having issues. Yeah, we know.

No Kidding! LOL I can't login either.

 

[daviator]

According to Jesus Cristopher with my online chat, the website is having issues. Yeah, we know.

Well if even J.C. can't fix the problem, then even divine intervention is off the table.

 

[gln60]

Its back to square one folks…what a waste of time and much aggravation for owners…it’s really unconscionable.