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  "documentTitle": "2019 Investor Presentation",
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  "notes": "Contains detailed financial disclosure regarding EBITDA adjustments for 2016, 2017, and 2018.",
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      "text": "MARRIOTT VACATIONS WORLDWIDE",
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      "text": "Adjusted Development Margin (Adjusted Sale of Vacation Ownership Products Net of Expenses). We evaluate Adjusted Development Margin (Adjusted Sale of Vacation Ownership Products Net of Expenses) as an indicator of operating performance. Adjusted Development Margin adjusts Sale of vacation ownership products revenues for the impact of revenue reportability, includes corresponding adjustments to Cost of vacation ownership products expense and Marketing and sales expense associated with the change in revenues from the Sale of vacation ownership products, and may include adjustments for certain items as itemized in the discussion below. We evaluate Adjusted Development Margin because it allows for period-over-period comparisons of our on-going core operations before the impact of revenue reportability and certain items to our Development Margin.",
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      "text": "MVW certain items: The “certain items” reflected in Adjusted EBITDA for 2018 consisted of $135 million of ILG acquisition-related costs... The “certain items” reflected in Adjusted EBITDA for 2017 consisted of $9 million in net insurance proceeds... The “certain items” reflected in Adjusted EBITDA for 2016 consisted of $11 million of gains... ILG certain items: Other special items consists of other items that ILG believed were not related to its core business operations...",
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      "text": "Adjusted Financial Information. The unaudited adjusted financial information for the 2018 full year included in the Reconciliation of Adjusted Financial Information and the Reconciliation of Vacation Ownership Segment Interim Adjusted Financial Results was derived by subtracting the Legacy-ILG results of operation for such quarter from MVW's results of operation for the quarter and is presented to facilitate comparisons of Legacy-MVW results following the acquisition of ILG. We evaluate the adjusted financial information, and believe it provides useful information to investors, because it provides for a more meaningful comparison of Legacy-MVW results following the acquisition of ILG with Legacy-MVW results for the prior year comparable period.",
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      "text": "Debt to Adjusted EBITDA Ratio. We calculate debt to adjusted EBITDA ratio by dividing net debt by combined adjusted EBITDA, where net debt represents total debt less securitized debt and cash and cash equivalents other than an estimated $150 million for working capital requirements, and combined adjusted EBITDA is derived by combining the last year of adjusted EBITDA for Legacy-MVW and Legacy-ILG (2018 first quarter through 2018 fourth quarter) and adding in $100 million of cost synergies.",
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