Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and members in a diverse portfolio of brands under The Marriott Vacation Clubs name.3Wikipedia text CC BY-SA 4.0
Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and members in a diverse portfolio of brands under The Marriott Vacation Clubs name. Its brands include Marriott Vacation Club, The Marriott Vacation Clubs City Collection, Sheraton Vacation Club, Westin Vacation Club, Grand Residences by Marriott and The Ritz-Carlton Destination Club. The company also operates Hyatt Vacation Club as well as Interval International, which offers an exchange network and travel membership programs through a network of more than 3,200 affiliated resorts in over 90 countries and territories, as well as management of more than 160 other resorts and lodging properties.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Exchange and Third-Party Management$213.0M105%down 8% from 2024
Business segments by year
Business segments
2023
2024
2025
Vacation Ownership
$4.1B
$4.4B
$4.4B
Exchange and Third-Party Management
$262.0M
$231.0M
$213.0M
Where the money goes
Where each dollar of revenue went, fiscal 2025
Other costs
Other costs100¢$4.7B
Income tax0¢$8.0M
Out of $4.7B in revenue.10 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
Capital spendingDividends paidShare buybacks
Capital spending25¢$57.0M
Dividends paid48¢$110.0M
Share buybacks27¢$61.0M
Out of $28.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.10
Financial statements
Revenue1112131410$4.7B in 2025+17% since 2019Net income1112131410-$308.0M in 2025
Revenue1516$1.2B in Q2 FY2026+5% since Q1 FY2026Net income1516$77.0M in Q2 FY2026+250% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue from contracts with customers
$4.7B
$4.6B
$4.4B
Financing
$360.0M
$342.0M
$322.0M
TOTAL REVENUES
$5.0B
$5.0B
$4.7B
Marketing and sales
$943.0M
$919.0M
$823.0M
Financing
$150.0M
$146.0M
$113.0M
Royalty fee
$113.0M
$114.0M
$117.0M
General and administrative
$242.0M
$237.0M
$273.0M
Depreciation and amortization
$149.0M
$146.0M
$135.0M
Litigation charges
$17.0M
$23.0M
$13.0M
Modernization
$122.0M
$4.0M
$0
Restructuring
$15.0M
$6.0M
Impairment
$577.0M
$30.0M
$32.0M
Cost reimbursements
$1.7B
$1.7B
$1.6B
TOTAL EXPENSES
$5.2B
$4.5B
$4.2B
Gains (losses) and other income (expense), net
$47.0M
-$1.0M
$47.0M
Interest expense, net
-$169.0M
-$162.0M
-$145.0M
Transaction and integration costs
$0
-$18.0M
-$37.0M
Other
$0
-$3.0M
-$3.0M
(LOSS) INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS
-$299.0M
$306.0M
$398.0M
Provision for income taxes
-$8.0M
-$89.0M
-$146.0M
NET (LOSS) INCOME
-$307.0M
$217.0M
$252.0M
Net (income) loss attributable to noncontrolling interests
-$1.0M
$1.0M
$2.0M
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
-$308.0M
$218.0M
$254.0M
Basic (in usd per share)
-$8.84
$6.16
$6.96
Diluted (in usd per share)
-$8.84
$5.61
$6.28
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)
$3.17
$3.07
$2.92
No quarter-by-quarter statement was filed.
Total assets171112131410$9.8B in 2025+6% since 2019Total liabilities171112131410$7.8B in 2025+26% since 2019Shareholders’ equity171112131410$2.0B in 2025−34% since 2019Cash171112131410$406.0M in 2025+41% since 2019
Total assets1516$9.5B in Q2 FY2026−3% since Q1 FY2025Total liabilities1516$7.4B in Q2 FY2026−4% since Q1 FY2025Shareholders’ equity1516$2.1B in Q2 FY2026+3% since Q1 FY2025Cash1516$211.0M in Q2 FY2026−48% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$406.0M
$197.0M
Inventory
$692.0M
$735.0M
Property and equipment, net
$950.0M
$1.2B
Goodwill
$3.0B
$3.1B
Intangibles, net
$711.0M
$790.0M
TOTAL ASSETS
$9.8B
$9.8B
Accounts payable
$358.0M
$343.0M
Advance deposits
$163.0M
$162.0M
Deferred revenue and other
$371.0M
$354.0M
Payroll and benefits liability
$218.0M
$220.0M
Deferred compensation liability
$225.0M
$195.0M
Debt, net
$3.5B
$3.1B
Other
$142.0M
$139.0M
Deferred taxes
$231.0M
$345.0M
TOTAL LIABILITIES
$7.8B
$7.4B
Preferred stock $0.01 par value; 2,000,000 shares authorized; none issued or outstanding
$0
$0
Common stock $0.01 par value; 100,000,000 shares authorized; 75,891,531 and 75,852,678 shares issued, respectively
$1.0M
$1.0M
Treasury stock at cost; 41,767,498 and 40,974,753 shares, respectively
-$2.4B
-$2.4B
Additional paid-in capital
$4.0B
$4.0B
Accumulated other comprehensive income
-$11.0M
-$8.0M
Retained earnings
$434.0M
$852.0M
TOTAL MVW STOCKHOLDERS' EQUITY
$2.0B
$2.4B
Noncontrolling interests
$0
-$1.0M
TOTAL EQUITY
$2.0B
$2.4B
$2.4B
$2.5B
TOTAL LIABILITIES AND EQUITY
$9.8B
$9.8B
Restricted cash
$327.0M
$331.0M
Accounts receivable, including VIE, after allowance for credit loss
$428.0M
$387.0M
Vacation ownership notes receivable, net of reserves
$2.6B
$2.4B
Other assets
$720.0M
$641.0M
Accrued liabilities
$376.0M
$384.0M
Securitized debt
$2.1B
$2.1B
Preferred stock, par value (in usd per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
2.0M shares
2.0M shares
Preferred stock, issued (in shares)
0 shares
0 shares
Preferred stock, outstanding (in shares)
0 shares
0 shares
Common stock, par value (in usd per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
100.0M shares
100.0M shares
Common stock, shares issued (in shares)
75.9M shares
75.9M shares
Treasury stock, shares (in shares)
41.8M shares
41.0M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$406.0M
$197.0M
Inventory
$692.0M
$735.0M
Property and equipment, net
$950.0M
$1.2B
Goodwill
$3.0B
$3.1B
Intangibles, net
$711.0M
$790.0M
TOTAL ASSETS
$9.8B
$9.8B
Accounts payable
$358.0M
$343.0M
Advance deposits
$163.0M
$162.0M
Deferred revenue and other
$371.0M
$354.0M
Payroll and benefits liability
$218.0M
$220.0M
Deferred compensation liability
$225.0M
$195.0M
Debt, net
$3.5B
$3.1B
Other
$142.0M
$139.0M
Deferred taxes
$231.0M
$345.0M
TOTAL LIABILITIES
$7.8B
$7.4B
Preferred stock $0.01 par value; 2,000,000 shares authorized; none issued or outstanding
$0
$0
Common stock $0.01 par value; 100,000,000 shares authorized; 75,891,531 and 75,852,678 shares issued, respectively
$1.0M
$1.0M
Treasury stock at cost; 41,767,498 and 40,974,753 shares, respectively
-$2.4B
-$2.4B
Additional paid-in capital
$4.0B
$4.0B
Accumulated other comprehensive income
-$11.0M
-$8.0M
Retained earnings
$434.0M
$852.0M
TOTAL MVW STOCKHOLDERS' EQUITY
$2.0B
$2.4B
Noncontrolling interests
$0
-$1.0M
TOTAL EQUITY
$2.0B
$2.4B
$2.4B
$2.5B
TOTAL LIABILITIES AND EQUITY
$9.8B
$9.8B
Restricted cash
$327.0M
$331.0M
Accounts receivable, including VIE, after allowance for credit loss
$428.0M
$387.0M
Vacation ownership notes receivable, net of reserves
$2.6B
$2.4B
Other assets
$720.0M
$641.0M
Accrued liabilities
$376.0M
$384.0M
Securitized debt
$2.1B
$2.1B
Preferred stock, par value (in usd per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
2.0M shares
2.0M shares
Preferred stock, issued (in shares)
0 shares
0 shares
Preferred stock, outstanding (in shares)
0 shares
0 shares
Common stock, par value (in usd per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
100.0M shares
100.0M shares
Common stock, shares issued (in shares)
75.9M shares
75.9M shares
Treasury stock, shares (in shares)
41.8M shares
41.0M shares
Cash from operations1112131410$28.0M in 2025−93% since 2019Capital spending1112131410$57.0M in 2025+24% since 2019Free cash flow1112131410-$29.0M in 2025Dividends paid1112131410$110.0M in 2025+36% since 2019Share buybacks1112131410$61.0M in 2025−87% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income (loss)
-$307.0M
$217.0M
$252.0M
Depreciation and amortization of intangibles
$149.0M
$146.0M
$135.0M
Amortization of debt discount and issuance costs
$24.0M
$26.0M
$23.0M
Vacation ownership notes receivable reserve
$222.0M
$279.0M
$230.0M
Share-based compensation
$38.0M
$33.0M
$31.0M
Impairment
$577.0M
$30.0M
$30.0M
Gains and other income, net
$0
-$5.0M
-$6.0M
Foreign currency remeasurement (gain) loss
-$22.0M
$13.0M
-$6.0M
Deferred income taxes
-$103.0M
$38.0M
-$64.0M
Accounts and contracts receivable
-$40.0M
-$16.0M
-$105.0M
Vacation ownership notes receivable originations
-$1.0B
-$1.0B
-$987.0M
Vacation ownership notes receivable collections
$679.0M
$632.0M
$596.0M
Inventory
$27.0M
-$33.0M
$87.0M
Other assets
-$56.0M
-$23.0M
-$44.0M
Accounts payable, advance deposits and accrued liabilities
-$5.0M
$9.0M
$1.0M
Deferred revenue and other
$15.0M
-$27.0M
$34.0M
Payroll and benefit liabilities
-$2.0M
$16.0M
-$46.0M
Deferred compensation liability
$7.0M
$11.0M
$15.0M
Other liabilities
-$3.0M
-$109.0M
$78.0M
Purchase and development of property for future transfer to inventory
-$140.0M
-$10.0M
-$27.0M
Other, net
-$2.0M
-$7.0M
$5.0M
Net cash, cash equivalents, and restricted cash provided by operating activities
$28.0M
$205.0M
$232.0M
Capital expenditures for property and equipment (excluding inventory)
-$57.0M
-$57.0M
-$118.0M
Purchase of company owned life insurance
-$16.0M
-$16.0M
-$10.0M
Purchase and development of property for future sale
$0
-$50.0M
$0
Dispositions, net
$3.0M
$8.0M
$16.0M
Net cash, cash equivalents, and restricted cash used in investing activities
-$70.0M
-$115.0M
-$112.0M
Borrowings from securitization transactions
$1.4B
$1.3B
$1.5B
Repayment of debt related to securitization transactions
-$1.4B
-$1.3B
-$1.3B
Proceeds from debt
$1.7B
$2.1B
$1.1B
Repayments of debt
-$1.3B
-$2.1B
-$1.2B
Finance lease incentive
$0
$0
$10.0M
Finance lease payment
-$7.0M
-$6.0M
-$5.0M
Payment of debt and securitized debt issuance costs
-$26.0M
-$25.0M
-$12.0M
Repurchase of common stock
-$61.0M
-$56.0M
-$286.0M
Payment of dividends
-$110.0M
-$107.0M
-$106.0M
Payment of withholding taxes on vesting of restricted stock units
-$7.0M
-$8.0M
-$12.0M
Net cash, cash equivalents, and restricted cash provided by (used in) financing activities
$241.0M
-$132.0M
-$401.0M
Effect of changes in exchange rates on cash, cash equivalents, and restricted cash
$6.0M
-$4.0M
$1.0M
Change in cash, cash equivalents, and restricted cash
$205.0M
-$46.0M
-$280.0M
Non-cash transfer from inventory to property and equipment
$1.0M
$21.0M
$12.0M
Non-cash transfer from property and equipment to inventory
$19.0M
$93.0M
$57.0M
Non-cash transfer from property and equipment to other assets
$54.0M
$52.0M
$0
Non-cash transfer from other assets to property and equipment
$59.0M
$0
$0
Non-cash issuance of treasury stock for employee stock purchase plan
Marriott Vacations Worldwide Corporation sits at the top of its group. 327 entities, 30 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Marriott Vacations Worldwide Corporation
Impactive Capital LPFiled SCHEDULE 13D/A on Marriott Vacations Worldwide Corporation, latest Aug 20, 2026 (5 filings since Apr 19, 2024)
DIMENSIONAL FUND ADVISORS LPFiled SCHEDULE 13G/A on Marriott Vacations Worldwide Corporation, latest Jul 14, 2026 (2 filings since Oct 31, 2024)
Aston Hospitality, LLC Subsidiary · Hawaii, United States
Aston Hotels & Resorts Florida, LLC Subsidiary · Florida, United States
Beach House Development Partnership Subsidiary · Florida, United States
Caide Desarrollos, S. de R.L. de C.V. Subsidiary · Mexico
CDP GP, LLC Subsidiary · Delaware, United States
CDP Investors, L.P. Subsidiary · Delaware, United States
Cerromar Development Partners GP, LLC Subsidiary · Delaware, United States
Cerromar Development Partners, L.P., S.E. Subsidiary · Delaware, United States
Chaihat Holding Limited Subsidiary · Thailand
and 301 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Marriott Vacations Worldwide Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
As of December 31, 2025, our vacation ownership portfolio consisted of 120 properties in the United States and thirteen other countries and territories. These properties are described in Part I, Item 1, “Business” of this Annual Report. Except as indicated in Part I, Item 1, “Business,” we own unsold inventory at these properties. We also own, manage or lease golf courses, fitness, spa and sports facilities, undeveloped and partially developed land and other common area assets at some of our resorts in our Vacation Ownership segment, including resort lobbies and food and beverage outlets.
In addition, we own or lease our regional offices and sales centers, both in the United States and internationally. We lease our corporate headquarters in Orlando, Florida under a finance lease arrangement that commenced in 2023, upon the substantial completion of construction. In the fourth quarter of 2023, we relocated from our former corporate headquarters to our new corporate headquarters office building.
Marriott Ownership Resorts Inc. (MORI) was established on April 17, 1984 with the acquisition of American Resorts on Hilton Head Island, South Carolina. Marriott’s Monarch became the first MORI resort. In 1995, MORI became Marriott Vacation Club International. The move reflected the company’s evolution from real estate development and sales focus to "delivering an overall vacation experience". In 1997, the company expanded to Europe with its first resort in Marbella, Spain. In 2001, the first Asian resort in Phuket, Thailand was added to the company's collection. Similar to its successful segmentation of the lodging industry pioneered in the 1980s, Marriott Vacation Club International introduced The Ritz-Carlton Destination Club in 1999 – a luxury fractional ownership offering. Two years later, the Grand Residences by Marriott brand was created. The first property opened in 2002 in South Lake Tahoe, California. In 2007, Marriott Vacation Club International began to market its core timeshare brand as Marriott Vacation Club. In 2010, the company launched its points-based Marriott Vacation Club Destinations Program in North America and the Caribbean. This change was the most significant program innovation in the company’s history and provided a new product offering increased flexibility.
Vistana Signature Experiences acquisition
In 2016, Vistana Signature Experiences (formerly Starwood Vacation Ownership) was spun off from Starwood Hotels & Resorts and acquired by Interval Leisure Group (ILG). Vistana entered into a long-term global license agreement to use the Westin and Sheraton brands for vacation ownership.
Interval International and ILG, Inc. acquisition
In April 2018, Marriott Vacations Worldwide announced that they would purchase ILG, Inc. for $4.7 billion. Miami, Florida-based ILG was the parent entity to Interval International, which was founded in 1976. Interval International operates global membership programs for more than 1.6-million-member families. It also provides value-added services and benefits to its developer clients worldwide. Interval is currently an operating business of Marriott Vacations Worldwide Corporation.
The Marriott Vacation Clubs
In April 2023, "The Marriott Vacation Clubs". was introduced by Marriott Vacations Worldwide as the umbrella name to unify its three premium vacation ownership brands, Marriott Vacation Club, Sheraton Vacation Club, and Westin Vacation Club under one portfolio.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
605 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 60 major events, 465 insider forms, 34 large holders, 26 other. The latest 20:
31 open-market trades by officers, directors and large owners since October 2021: 20 buys and 11 sales. Grants, option exercises and gifts are left out.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Marriott Vacations Worldwide Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Marriott Vacations Worldwide Corporation names in Item 1A of its 10-K filed Mar 2, 2026: 49 risks under these headings, as written.18
Risks related to our business and industry.
Our business may be adversely affected by factors that disrupt or deter travel.
Uncertainty in the current global macroeconomic environment created by rapid governmental policy and regulatory changes could negatively impact our business.
Significant inflation, higher interest rates or deflation could adversely affect our business and financial results.
Our results of operations can be adversely affected by labor shortages, turnover and labor cost increases.
Future global or regional health concerns, outbreaks, and pandemics (each a “Health Crisis”) may have serious adverse effects on our business, financial condition, cash flows, and results of operations for an unknown period of time.
Our business is extensively regulated, and any failure to comply with applicable laws could materially adversely affect our business.
Changes in privacy laws could adversely affect our ability to market our products effectively.
Failure to maintain the integrity of internal or customer data or to protect our information systems from cyber-attacks could disrupt our business, damage our reputation, and subject us to costs, fines or lawsuits.
Our use of AI technologies may not be successful and may present business, compliance, and reputational risks.
Our international operations expose us to risks that could negatively impact our financial results or disrupt our business.
Inadequate or failed technologies could lead to interruptions in our operations and materially adversely affect our business, financial position, results of operations or cash flows.
The other 37 risks
If third-parties do not comply with their contractual obligations to us our financial condition, results of operations, internal controls over financial reporting and stock price could be materially and adversely affected.
The industries in which our businesses operate are competitive, which may impact our ability to compete successfully.
Negative public perception regarding our industry could have an adverse effect on our operations.
Spanish court rulings voiding certain timeshare contracts have increased our exposure to litigation that may materially adversely affect our business and financial condition.
Changes in tax regulations or their interpretation could negatively impact our cash flows and results of operations.
Concentration of some of our resorts, sales centers and exchange destinations in particular geographic areas exposes our business to the effects of natural or man-made disasters or adverse economic conditions in these areas.
If we are not able to successfully identify, finance, integrate and manage costs related to acquisitions, our business operations and financial position could be adversely affected.
Our use of different estimates and assumptions in the application of our accounting policies could result in material changes to our reported financial condition and results of operations, and changes in accounting standards or their interpretation could significantly impact our reported results of operations.
The growth of our business and execution of our business strategies depend on the services of our senior management and our associates.
Increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices may increase our costs or expose us to new or additional risks.
Risks related to our vacation ownership business.
The termination of our license agreements with Marriott International or Hyatt, or our rights to use their trademarks at our existing or future properties, could materially harm our business.
Deterioration in the quality or reputation of the brands associated with our portfolio could adversely affect our market share, reputation, business, financial condition and results of operations.
Marriott International or Hyatt could compete with our vacation ownership business in the future.
If a branded hotel property co-located with one of our resorts ceases to be affiliated with the same brand as our resort or a related brand, our business could be harmed.
The sale of VOIs in the secondary market by existing owners could cause our sales revenues, margins, and results of operations to decline.
Borrower defaults on the vacation ownership notes receivable our business generates could reduce our results of operations and cash flows.
We may not have inventory available for sale when needed or we may have excess inventory.
Our points-based product forms expose us to an increased risk of temporary inventory depletion.
Our development activities expose us to project cost and completion risks.
Our resort management business may be adversely affected by the loss of management contracts, failure of resorts to comply with brand standards, increased maintenance fees and disagreements with owners.
Damage to, or other potential losses involving, properties that we own or manage may not be covered by insurance.
Risks related to our exchange and third-party management business.
Any adverse changes in our relationships with developers, members and others could adversely affect our Exchange & Third-Party Management business, financial condition, and results of operations.
Insufficient availability of exchange inventory may adversely affect our results of operations.
Risks related to our indebtedness.
Our indebtedness may restrict our operations.
If we are unable to comply with our debt agreements, or to raise additional capital when needed, our business, cash flow, liquidity, and results of operations could be harmed.
We may incur substantially more debt, which could exacerbate further the risks associated with our leverage.
If the default rates or other credit metrics underlying our vacation ownership notes receivable deteriorate, our vacation ownership notes receivable securitization program and VOI financing program could be adversely affected.
We are subject to risks relating to our convertible notes.
We are subject to risks relating to our convertible note hedges and warrants.
Risks related to ownership of our common stock.
Our stock price may be volatile and your investment in our common stock could lose value.
Our ability to pay dividends on our stock is limited.
Our share repurchase program may not enhance long-term stockholder value and could increase the volatility of the market price of our common stock and diminish our cash.
Anti-takeover provisions in our organizational documents, Delaware law and in certain of our agreements could delay or prevent a change in control.
Legal proceedings
Currently, and from time to time, we are subject to claims in legal proceedings arising in the normal course of business, including, among others, the legal actions discussed under “Loss Contingencies” in Footnote 12 “Contingencies and Commitments” to our Financial Statements. While management presently believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, cash flows, or overall trends in results of operations, legal proceedings are inherently uncertain, and unfavorable rulings could, individually or in the aggregate, have a material adverse effect on our business, financial condition, or operating results.
