Marriott Vacations Worldwide Corporation (VAC) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Marriott Vacations Worldwide Third Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. Question and answer session will follow the formal presentation. Should you require operator assistance during the conference, please press star zero to signal an operator. Please note this conference is being recorded. I will now turn the conference over to your host, Neil Goldman, Vice President, Investor Relations for Marriott. Thank you. You may begin. Thank you, and welcome to the Marriott Vacations Worldwide Third Quarter Earnings Call. I am joined today by John Geller, our President and Chief Executive Officer, and Jason Marino, our Executive Vice President and Chief Financial Officer. I need to remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties, which could cause future results to differ materially from those expressed in or implied by our comments. Vote-looking statements on the press release as well as comments on this call are effective only when made and will not be updated as actual events unfold. Throughout the call, we will make references to non-GAF financial information. You can find a reconciliation of non-GAF financial measures in the schedules attached to our press release and on our website. With that, it's now my pleasure to turn the call over to John Geller. Thanks, Neil. Good morning, everyone, and thank you for joining our third quarter earnings call. As you saw in our release last night, third quarter contract sales declined 4% year over year, a couple of points below our expectati...