Marriott Vacations Worldwide sells vacation ownership interests (VOIs), commonly known as timeshares, under brands licensed from Marriott International (Marriott Vacation Club, Sheraton Vacation Club, Westin Vacation Club, The Ritz-Carlton Club) and Hyatt (Hyatt Vacation Club). Customers purchase a VOI that grants annual points redeemable for stays across MVW's portfolio of 120 resorts, targeting the upper-upscale and luxury tiers of the market. MVW's ~700,000 owner families skew affluent, with a median household income of ~$150K. MVW generates revenue through four streams: VOI sales, consumer financing, resort management fees, and rental of unsold inventory. VOI sales are driven by tours (sales presentations) and VPG (revenue per tour). About 70% of annual contract sales come from existing owners buying additional points, which carry lower marketing costs. MVW finances roughly 57% of purchases at ~13% interest, securitizes those loans in the ABS market at ~5%, and retains the spread as recurring income. Resort management fees are collected from owners' associations under multi-year contracts and are largely independent of sales volume. MVW also operates Interval International, a fee-based vacation exchange network with ~1.5 million members and 3,200+ affiliated resorts, plus Aqua-Aston, a Hawaii-focused property manager. Roughly 40% of adjusted EBITDA comes from these recurring, asset-light streams. MVW is pursuing a business modernization program targeting $150M–$200M in incremental annualized adjusted EBITDA by end of 2026 through cost reductions and revenue improvements.