Hilton Grand Vacations : Historical Results Q1 2024
May 09, 2024 at 09:56 am EDT
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NOTES
The following tables present "as reported" historical quarterly results of Hilton Grand Vacations Inc. (the "Company," "we," "us," and "our") since 2015 in conjunction with certain supplemental information illustrating the impact of net construction deferral and recognition activity on such historical results.
The purpose of this financial presentation is to provide the information needed by the users of our financial statements to assess the impact of the Company's construction activity on our reported quarterly results, including net income, Adjusted EBITDA, segment Adjusted EBITDA, real estate sales and finance segment Adjusted EBITDA, and real estate margin, under both the current and prior accounting approaches.
The financial results will be updated quarterly and posted concurrently with our quarterly earnings release on our investor relations website: https://investors.hgv.com.
Basis of Presentation
On January 1, 2018, Hilton Grand Vacations Inc. (the "Company," "we," or "our") adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, commonly referred to as, Accounting Standards Codification Topic 606 ("ASC 606"). We adopted ASC 606 using the modified retrospective method, whereby the cumulative effect of applying the new standard was recognized at the date of initial application, with a corresponding adjustment to our opening balance of retained earnings. This approach applies to all contracts as of January 1, 2018. The new standard replaces all current U.S. Generally Accepted Accounting Principle guidance and eliminates all industry-specific guidance on this topic.
For reporting periods after January 1, 2018, the financial results of the Company reflect the application of the current accounting guidance under ASC 606. Conversely, the financial results for all periods prior to January 1, 2018, as reported in the Company's financial statements, were prepared under the previous accounting guidance of ASC 605, Revenue Recognition ("ASC 605") and ASC 978-605, Real Estate - Time-Sharing Activities, Revenue Recognition.
For certain tables in this presentation, we provided supplemental information depicting the impact of net deferral and recognition activity related to the Company's projects under construction. For the calendar years 2015-2017, these impacts reflect revenues and direct expenses recognized or deferred under the previous accounting guidance using the percentage of completion method. For periods commencing in and after 2018, these impacts reflect revenues and direct expenses recognized or deferred under ASC 606. In assessing any impact to net income, we do not believe that these net deferrals would affect our effective tax rate.
In this presentation, we reclassified certain prior period figures in the consolidated financial statements, as necessary to conform to the current period presentation. In connection with the adoption of ASC 606, we began to defer all revenues and direct expenses relating to sales of vacation ownership interests in properties under construction until construction is completed. In addition, we also reversed recognition of revenues and expenses related to one of our properties, The Residences, with respect to sales that occurred prior to 2018, which had been recognized on a percentage of completion basis under the previous accounting guidance, as the project was not complete as of the implementation of ASC 606. In the second quarter of 2018, upon completion of The Residences, the Company recognized all deferred revenues and expenses related to: (i) sales made to-date in 2018, (ii) sales made prior to 2018, where the revenues and expenses had been previously recognized under percentage of completion and reversed upon adoption of ASC 606, and (iii) sales made prior to 2018, where the revenues and expenses had not yet been recognized under percentage of completion or ASC 606. In 2019, certain Sales of VOIs and the related direct costs of projects under construction were deferred, leading to a contraction of profit margins, as the indirect marketing and selling costs associated with these sales were recognized as incurred in the current period. This contrasts with 2018 where net recognitions of certain Sales of VOIs occurred, leading to margin expansion during that period, with the indirect costs having been recognized in prior periods.
Basis of Presentation - update for period ended June 30, 2023
For certain tables in this presentation, we have modified the presentation in an effort to increase clarity over Sales and marketing expense, net. During the quarter ended June 30, 2023, the Company made a change to the definition and subsequently the calculation of Sales and marketing expense, net which is shown within the Real Estate business unit, specifically Table T-8 of our earnings release. This adjustment was implemented in the quarter ended June 30, 2023 effective for all future periods, including updated associated prior-year period disclosures. Within this presentation, we have applied the adjustment starting in the third quarter of fiscal year 2021, the first reporting period post the close of the Diamond Acquisition. When combined with additional reconciliation tables provided in our 10-Q filing and earnings release, this change will enable investors to utilize the "Profit (loss)" metric of the four business units reported in the Company's press release to reconcile the Company's consolidated metrics, including EBITDA and Net Income. This change does not impact any of the metrics reported on the Company's condensed consolidated Income Statement, Balance Sheet or Statement of Cash Flows. This change only affects the supplemental Real Estate business unit disclosures provided in Table T-8 of the Company's earnings press release. Specifically, Sales and marketing expense, net, Real estate expense, Real estate profit (loss), and Real estate profit margin lines of Table T-8.
These tables should be viewed in conjunction with our Quarterly and Annual Report on Form 10-Q and Form 10-K filed with the Securities and Exchange Commission as they provide additional financial results, transaction details and other terms used.
Guidance
HILTON GRAND VACATIONS INC.
GUIDANCE
Q1-2024 Outlook
The Company is reiterating its guidance for the full year 2024 Adjusted EBITDA excluding deferrals and recognitions to a range of $1.2 billion to $1.26 billion.
Income Statement
HILTON GRAND VACATIONS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
2015
2016
* SPIN-OFF FROM HILTON WORLDWIDE* * SPIN-OFF FROM HILTON WORLDWIDE*
2017
2018
2019
2020
2021
*DIAMOND ACQUISITION * *DIAMOND ACQUISITION *
2021(3)
2022
2023
*BLUEGREEN ACQUISITION * *BLUEGREEN ACQUISITION *
2024
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
AS REPORTED
Revenues
Sales of VOIs, net
$ 94
$ 136
$ 125
$ 137
$ 492
$ 115
$ 114
$ 130
$ 149
$ 508
$ 118
$ 143
$ 145
$ 142
$ 548
$ 78
$ 250
$ 99
$ 307
$ 734
$ 125
$ 120
$ 138
$ 126
$ 509
$ 56
$ -
$ 24
$ 28
$ 108
$ 33
$ 76
$ 488
$ 286
$ 883
$ 269
$ 361
$ 500
$ 361
$ 1,491
$ 318
$ 355
$ 367
$ 376
$ 1,416
$ 438
$ -
$ -
$ -
$ 438
Sales, marketing, brand and other fees
140
94
118
105
457
118
128
136
117
499
130
144
127
143
544
125
146
152
147
570
141
145
143
144
573
106
13
52
50
221
53
81
118
133
385
119
161
177
163
620
158
173
170
133
634
145
-
-
-
145
Financing
31
31
33
32
127
32
34
34
34
134
35
36
38
38
147
38
39
40
41
158
41
43
43
43
170
44
43
40
38
165
37
37
53
56
183
64
64
68
71
267
74
76
75
82
307
104
-
-
-
104
Resort and club management
27
27
31
40
125
31
34
33
45
143
36
35
37
50
158
39
37
40
56
172
42
43
45
61
191
44
39
39
44
166
45
48
99
148
340
125
124
130
155
534
131
133
138
167
569
166
-
-
-
166
Rental and ancillary services
42
44
39
39
164
45
49
41
38
173
46
47
45
41
179
51
53
60
54
218
59
60
54
54
227
52
5
20
20
97
32
54
112
144
342
136
171
159
160
626
158
173
171
164
666
181
-
-
-
181
Cost reimbursements
27
28
27
28
110
29
32
33
32
126
34
34
34
33
135
36
38
36
37
147
42
43
43
40
168
49
23
33
32
137
35
38
58
71
202
66
67
82
82
297
95
97
97
97
386
122
-
-
-
122
Total revenues
361
360
373
381
1,475
370
391
407
415
1,583
399
439
426
447
1,711
367
563
427
642
1,999
450
454
466
468
1,838
351
123
208
212
894
235
334
928
838
2,335
779
948
1,116
992
3,835
934
1,007
1,018
1,019
3,978
1,156
-
-
-
1,156
Expenses
Cost of VOI sales
61
43
40
29
173
38
28
44
42
152
33
34
40
41
148
19
61
29
101
210
36
32
24
35
127
14
(1)
8
7
28
3
21
130
59
213
40
65
102
67
274
50
48
43
53
194
48
-
-
-
48
Sales and marketing
132
128
135
146
541
135
151
157
162
605
152
169
171
171
663
161
193
174
200
728
170
186
188
175
719
157
61
79
84
381
82
116
234
221
653
243
284
322
297
1,146
301
336
334
310
1,281
401
-
-
-
401
Financing
8
8
8
8
32
8
8
8
8
32
10
11
11
11
43
11
12
12
14
49
13
12
14
14
53
13
13
13
14
53
13
11
19
22
65
19
22
25
37
103
24
24
25
26
99
39
-
-
-
39
Resort and club management
7
8
8
9
32
8
8
9
11
36
10
10
12
11
43
11
11
11
14
47
11
12
11
12
46
12
6
9
9
36
8
11
26
35
80
36
37
45
43
161
42
44
43
48
177
54
-
-
-
54
Rental and ancillary services
27
28
28
30
113
26
30
30
27
113
27
31
30
34
122
28
30
37
38
133
35
37
36
39
147
37
24
24
22
107
31
36
84
116
267
132
150
144
153
579
152
154
154
152
612
173
-
-
-
173
General and administrative
11
19
11
16
57
16
21
24
31
92
23
29
23
29
104
24
30
32
34
120
27
30
30
31
118
21
22
22
27
92
21
31
41
59
151
42
66
50
54
212
42
48
40
64
194
45
-
-
-
45
Acquisition and integration-related expense
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
13
54
23
106
13
17
19
18
67
17
13
12
26
68
109
-
-
-
109
Depreciation and amortization
5
6
5
6
22
5
6
6
7
24
7
7
7
8
29
7
8
8
10
33
8
12
12
12
44
12
11
11
11
45
11
12
48
55
126
60
64
57
63
244
51
52
53
57
213
62
-
-
-
62
License fee expense
18
18
19
19
74
19
20
22
19
80
20
23
22
22
87
23
25
25
25
98
23
26
26
26
101
22
6
11
12
51
14
19
24
23
80
25
32
33
34
124
30
34
37
37
138
35
-
-
-
35
Impairment (reversal) expense
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
209
209
1
-
1
-
2
3
(3)
-
17
17
-
3
-
-
3
2
-
-
-
2
Cost reimbursements
27
28
27
28
110
29
32
33
32
126
34
34
34
33
135
36
38
36
37
147
42
43
43
40
168
49
23
33
32
137
35
38
58
71
202
66
67
82
82
297
95
97
97
97
386
122
-
-
-
122
Total operating expenses
296
286
281
291
1,154
284
304
333
339
1,260
316
348
350
360
1,374
320
408
364
473
1,565
365
390
384
384
1,523
337
165
210
427
1,139
234
308
719
684
1,945
679
801
879
865
3,224
804
853
838
870
3,365
1,090
-
-
-
1,090
Allocated parent interest expense
(8)
(7)
(7)
(7)
(29)
(6)
(7)
(7)
(6)
(26)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Interest expense
-
-
-
-
-
-
-
-
(3)
(3)
(7)
(7)
(7)
(6)
(27)
(7)
(8)
(7)
(8)
(30)
(10)
(11)
(12)
(10)
(43)
(10)
(12)
(10)
(11)
(43)
(15)
(17)
(42)
(31)
(105)
(33)
(35)
(37)
(37)
(142)
(44)
(44)
(45)
(45)
(178)
(79)
-
-
-
(79)
Equity in earnings (losses) from unconsolidated affiliates
-
-
-
-
-
-
-
-
-
-
-
-
1
-
1
1
(2)
1
-
-
1
2
1
-
4
3
1
(1)
2
5
2
4
1
3
10
3
4
2
4
13
3
2
2
5
12
5
-
-
-
5
Other gain (loss), net (1)
-
-
-
-
-
-
-
1
(2)
(1)
-
-
1
(1)
-
(1)
1
(1)
-
(1)
(1)
(1)
(1)
-
(3)
2
(3)
1
3
3
(1)
(1)
(20)
(4)
(26)
1
(2)
2
(2)
(1)
1
3
(1)
(1)
2
(5)
-
-
-
(5)
Income (loss) before income taxes
57
67
85
83
292
80
80
68
65
293
76
84
71
80
311
40
146
56
161
403
75
54
70
74
273
9
(56)
(12)
(221)
(280)
(13)
12
148
122
269
71
114
204
92
481
90
115
136
108
449
(13)
-
-
-
(13)
Income tax (expense) benefit
(23)
(27)
(34)
(34)
(118)
(32)
(33)
(33)
(27)
(125)
(26)
(33)
(28)
103
16
(10)
(39)
(15)
(41)
(105)
(20)
(15)
(20)
(2)
(57)
(1)
8
5
67
79
6
(3)
(49)
(47)
(93)
(20)
(41)
(54)
(14)
(129)
(17)
(35)
(44)
(40)
(136)
11
-
-
-
11
Net income (loss)
$ 34
$ 40
$ 51
$ 49
$ 174
$ 48
$ 47
$ 35
$ 38
$ 168
$ 50
$ 51
$ 43
$ 183
$ 327
$ 30
$ 107
$ 41
$ 120
$ 298
$ 55
$ 39
$ 50
$ 72
$ 216
$ 8
$ (48)
$ (7)
$ (154)
$ (201)
$ (7)
$ 9
$ 99
$ 75
$ 176
$ 51
$ 73
$ 150
$ 78
$ 352
73
80
92
68
313
(2)
-
-
-
(2)
Net income attributable to noncontrolling interest
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
-
-
-
2
Net income attributable to stockholders
$ 34
$ 40
$ 51
$ 49
$ 174
$ 48
$ 47
$ 35
$ 38
$ 168
$ 50
$ 51
$ 43
$ 183
$ 327
$ 30
$ 107
$ 41
$ 120
$ 298
$ 55
$ 39
$ 50
$ 72
$ 216
$ 8
$ (48)
$ (7)
$ (154)
$ (201)
$ (7)
$ 9
$ 99
$ 75
$ 176
$ 51
$ 73
$ 150
$ 78
$ 352
$ 73
$ 80
$ 92
$ 68
$ 313
$ (4)
$ -
$ -
$ -
$ (4)
Earnings (loss) per share:(2)
Basic
$ 0.34
$ 0.40
$ 0.52
$ 0.49
$ 1.75
$ 0.48
$ 0.48
$ 0.35
$ 0.38
$ 1.69
$ 0.51
$ 0.51
$ 0.43
$ 1.85
$ 3.30
$ 0.31
$ 1.10
$ 0.42
$ 1.25
$ 3.08
$ 0.59
$ 0.43
$ 0.59
$ 0.83
$ 2.44
$ 0.09
$ (0.56)
$ (0.08)
$ (1.81)
$ (2.36)
$ (0.08)
$ 0.10
$ 0.92
$ 0.63
$ 1.77
$ 0.42
$ 0.60
$ 1.25
$ 0.68
$ 2.98
$ 0.65
$ 0.72
$ 0.84
$ 0.63
$ 2.84
$ (0.04)
$ -
$ -
$ -
$ -
Diluted
$ 0.34
$ 0.40
$ 0.52
$ 0.49
$ 1.75
$ 0.48
$ 0.48
$ 0.35
$ 0.38
$ 1.69
$ 0.51
$ 0.51
$ 0.43
$ 1.83
$ 3.28
$ 0.30
$ 1.10
$ 0.42
$ 1.24
$ 3.06
$ 0.58
$ 0.43
$ 0.59
$ 0.83
$ 2.43
$ 0.09
$ (0.56)
$ (0.08)
$ (1.81)
$ (2.36)
$ (0.08)
$ 0.10
$ 0.90
$ 0.62
$ 1.75
$ 0.42
$ 0.60
$ 1.24
$ 0.67
$ 2.93
$ 0.64
$ 0.71
$ 0.83
$ 0.62
$ 2.80
$ (0.04)
$ -
$ -
$ -
$ -
NET CONSTRUCTION DEFERRAL ACTIVITY
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
Sales of VOIs, net
$ (12)
$ (7)
$ 6
$ 8
$ (5)
$ 10
$ (11)
$ -
$ (4)
$ (5)
$ (1)
$ -
$ (3)
$ (1)
$ (5)
$ (66)
$ 91
$ (45)
$ 153
$ 133
$ -
$ (34)
$ (15)
$ (35)
$ (84)
$ (47)
$ (4)
$ (13)
$ (21)
$ (85)
$ (32)
$ (42)
$ 241
$ (34)
$ 133
$ (42)
$ (10)
$ 86
$ (3)
$ 31
$ 4
$ (6)
$ (12)
$ (21)
$ (35)
$ 2
$ -
$ -
$ -
$ 2
Cost of VOI sales
(4)
(1)
1
3
(1)
3
(4)
1
(1)
(1)
(1)
-
(1)
-
(2)
(21)
20
(13)
50
36
-
(11)
(5)
(11)
(27)
(13)
-
(4)
(6)
(23)
(10)
(13)
73
(12)
38
(13)
(5)
30
(1)
11
1
(1)
(3)
(6)
(9)
(1)
-
-
-
(1)
Sales, marketing, general and administrative expense
(2)
(1)
1
1
(1)
2
(1)
-
-
1
-
-
-
-
-
(8)
11
(7)
22
18
-
(5)
(2)
(5)
(12)
(7)
(1)
(1)
(4)
(13)
(4)
(7)
35
(5)
19
(7)
(1)
13
(1)
4
1
(1)
(2)
(3)
(5)
-
-
-
-
-
Net construction recognitions (deferrals) included in net income
$ (6)
$ (5)
$ 4
$ 4
(3)
$ 5
$ (6)
$ (1)
$ (3)
(5)
$ -
$ -
$ (2)
$ (1)
(3)
$ (37)
$ 60
$ (25)
$ 81
79
$ -
$ (18)
$ (8)
$ (19)
(45)
$ (27)
$ (3)
$ (8)
$ (11)
(49)
$ (18)
$ (22)
$ 133
$ (17)
76
$ (22)
$ (4)
$ 43
$ (1)
16
$ 2
$ (4)
$ (7)
$ (12)
(21)
$ 3
$ -
$ -
$ -
3
_______________________
(1) Includes gain (loss) on foreign currency transactions.
(2) The weighted average shares outstanding for the quarters and years ended December 31, 2016 and 2015 reflect 98,802,597 shares distributed on January 3, 2017, the spin-off date.
(3) On August 2, 2021, we completed the Diamond Acquisition. Accordingly, the three months ended September 30, 2021, includes 59 days of Diamond's results and the twelve months ended December 31, 2021 includes 151 days of Diamond results.
Net Income-to-Adj EBITDA
HILTON GRAND VACATIONS INC.
NET INCOME TO ADJUSTED EBITDA RECONCILIATIONS
(in millions)
2015
2016
* SPIN-OFF FROM HILTON WORLDWIDE*
2017
2018
2019
2020
2021
* DIAMOND ACQUISITION*
2021(3)
2022
2023
*BLUEGREEN ACQUISITION*
2024
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
AS REPORTED
Net income attributable to stockholders
$ 34
$ 40
$ 51
$ 49
$ 174
$ 48
$ 47
$ 35
$ 38
$ 168
$ 50
$ 51
$ 43
$ 183
$ 327
$ 30
$ 107
$ 41
$ 120
$ 298
$ 55
$ 39
$ 50
$ 72
$ 216
$ 8
$ (48)
$ (7)
$ (154)
$ (201)
$ (7)
$ 9
$ 99
$ 75
$ 176
$ 51
$ 73
$ 150
$ 78
$ 352
$ 73
$ 80
$ 92
$ 68
$ 313
$ (4)
$ (4)
Net income attributable to NCI
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
2
Net income (loss)
$ 34
$ 40
$ 51
$ 49
$ 174
$ 48
$ 47
$ 35
$ 38
$ 168
$ 50
$ 51
$ 43
$ 183
$ 327
$ 30
$ 107
$ 41
$ 120
$ 298
$ 55
$ 39
$ 50
$ 72
$ 216
$ 8
$ (48)
$ (7)
$ (154)
$ (201)
$ (7)
$ 9
$ 99
$ 75
$ 176
$ 51
$ 73
$ 150
$ 78
$ 352
73
80
92
68
313
(2)
-
-
-
(2)
Allocated Parent interest expense(1)
8
7
7
7
29
6
7
7
6
26
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Interest expense
-
-
-
-
-
-
-
-
3
3
7
7
7
6
27
7
8
7
8
30
10
11
12
10
43
10
12
10
11
43
15
17
42
31
105
33
35
37
37
142
44
44
45
45
178
79
-
-
-
79
Income tax expense (benefit)
23
27
34
34
118
32
33
33
27
125
26
33
28
(103)
(16)
10
39
15
41
105
20
15
20
2
57
1
(8)
(5)
(67)
(79)
(6)
3
49
47
93
20
41
54
14
129
17
35
44
40
136
(11)
-
-
-
(11)
Depreciation and amortization
5
6
5
6
22
5
6
6
7
24
7
7
7
8
29
7
8
8
10
33
8
12
12
12
44
12
11
11
11
45
11
12
48
55
126
60
64
57
63
244
51
52
53
57
213
62
-
-
-
62
Interest expense, depreciation and amortization included in equity in earnings from unconsolidated affiliates
-
-
-
-
-
-
-
-
-
-
-
-
2
1
3
1
1
1
1
4
1
1
-
1
3
1
-
1
-
2
1
-
-
-
1
-
-
2
-
2
-
1
-
1
2
1
-
-
-
1
EBITDA(2)
70
80
97
96
343
91
93
81
81
346
90
98
87
95
370
55
163
72
180
470
94
78
94
97
363
32
(33)
10
(199)
(190)
14
41
238
208
501
164
213
300
192
869
185
212
234
211
842
129
-
-
-
129
Other (gain) loss, net(3)
-
-
-
-
-
-
-
(1)
2
1
-
-
(1)
1
-
1
(1)
1
-
1
1
1
1
-
3
(2)
3
(1)
(3)
(3)
1
1
20
4
26
(1)
2
(2)
2
1
(1)
(3)
1
1
(2)
5
-
-
-
5
Share-based compensation expense
2
7
2
2
13
2
3
2
1
8
3
5
5
2
15
3
5
5
3
16
5
7
6
4
22
(2)
6
6
5
15
4
14
14
16
48
11
15
14
6
46
10
16
12
2
40
9
-
-
-
9
Impairment expense
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
209
209
1
-
1
-
2
3
(3)
-
17
17
-
3
-
-
3
2
-
-
-
2
Acquisition and integration-related expense
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
13
54
23
106
13
17
19
18
67
17
13
12
26
68
109
-
-
-
109
Other adjustment items(4)
-
3
(1)
2
4
3
7
11
14
35
1
3
3
3
10
3
8
2
3
16
2
4
10
4
20
5
5
4
12
26
7
1
13
13
33
12
29
7
17
65
7
7
10
30
54
22
-
-
-
22
Adjusted EBITDA
$ 72
$ 90
$ 98
$ 100
$ 360
$ 96
$ 103
$ 93
$ 98
$ 390
$ 94
$ 106
$ 94
$ 101
$ 395
$ 62
$ 175
$ 80
$ 186
$ 503
$ 102
$ 90
$ 111
$ 105
$ 408
$ 33
$ (19)
$ 19
$ 24
$ 57
$ 42
$ 70
$ 340
$ 264
$ 716
$ 202
$ 273
$ 338
$ 252
$ 1,065
218
248
269
270
1,005
276
-
-
-
276
Less: Adjusted EBITDA attributable to noncontrolling interest
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
3
Total Adjusted EBITDA attributable to stockholders
$ 72
$ 90
$ 98
$ 100
$ 360
$ 96
$ 103
$ 93
$ 98
$ 390
$ 94
$ 106
$ 94
$ 101
$ 395
$ 62
$ 175
$ 80
$ 186
$ 503
$ 102
$ 90
$ 111
$ 105
$ 408
$ 33
$ (19)
$ 19
$ 24
$ 57
$ 42
$ 70
$ 340
$ 264
$ 716
$ 202
$ 273
$ 338
$ 252
$ 1,065
$ 218
$ 248
$ 269
$ 270
$ 1,005
$ 273
$ -
$ -
$ -
$ 273
NET CONSTRUCTION DEFERRAL ACTIVITY
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
Sales of VOIs, net
$ (12)
$ (7)
$ 6
$ 8
$ (5)
$ 10
$ (11)
$ -
$ (4)
$ (5)
$ (1)
$ -
$ (3)
$ (1)
$ (5)
$ (66)
$ 91
$ (45)
$ 153
$ 133
$ -
$ (34)
$ (15)
$ (35)
$ (84)
$ (47)
$ (4)
$ (13)
$ (21)
$ (85)
$ (32)
$ (42)
$ 241
$ (34)
$ 133
$ (42)
$ (10)
$ 86
$ (3)
$ 31
$ 4
$ (6)
$ (12)
$ (21)
$ (35)
$ 2
$ -
$ -
$ -
$ 2
Cost of VOI sales
(4)
(1)
1
3
(1)
3
(4)
1
(1)
(1)
(1)
-
(1)
-
(2)
(21)
20
(13)
50
36
-
(11)
(5)
(11)
(27)
(13)
-
(4)
(6)
(23)
(10)
(13)
73
(12)
38
(13)
(5)
30
(1)
11
1
(1)
(3)
(6)
(9)
(1)
-
-
-
(1)
Sales, marketing, general and administrative expense
(2)
(1)
1
1
(1)
2
(1)
-
-
1
-
-
-
-
-
(8)
11
(7)
22
18
-
(5)
(2)
(5)
(12)
(7)
(1)
(1)
(4)
(13)
(4)
(7)
35
(5)
19
(7)
(1)
13
(1)
4
1
(1)
(2)
(3)
(5)
-
-
-
-
-
Net construction recognitions (deferrals) included in net income/ EBITDA /Adjusted EBITDA
$ (6)
$ (5)
$ 4
$ 4
$ (3)
$ 5
$ (6)
$ (1)
$ (3)
$ (5)
$ -
$ -
$ (2)
$ (1)
$ (3)
$ (37)
$ 60
$ (25)
$ 81
$ 79
$ -
$ (18)
$ (8)
$ (19)
$ (45)
$ (27)
$ (3)
$ (8)
$ (11)
$ (49)
$ (18)
$ (22)
$ 133
$ (17)
$ 76
$ (22)
$ (4)
$ 43
$ (1)
$ 16
$ 2
$ (4)
$ (7)
$ (12)
$ (21)
$ 3
$ -
$ -
$ -
$ 3
_____________________
(1) In November 2016, we were released from the unconditional obligation to guarantee certain Hilton Worldwide allocated debt.
(2) During the first quarter of 2017, we revised the definition of EBITDA to exclude the adjustment of interest expense relating to our non-recourse debt as a reconciling item to arrive at net income. The revised definition conforms with industry practice and was applied to prior periods to conform with current presentation.
(3) Includes (gain) loss on foreign currency transactions.
(4) Include costs associated with restructuring, one-time charges and other non-cash items. For the periods subsequent to the Diamond acquisition, these amounts also include the amortization of premiums and discounts resulting from purchase accounting.
(5) On August 2, 2021, we completed the Diamond Acquisition. Accordingly, the three months ended September 30, 2021, includes 59 days of Diamond's results and the twelve months ended December 31, 2021 includes 151 days of Diamond results.
Segment EBITDA
HILTON GRAND VACATIONS INC.
SEGMENT EBITDA TO ADJUSTED EBITDA RECONCILIATIONS
(in millions)
2015
2016
* SPIN-OFF FROM HILTON WORLDWIDE*
2017
2018
2019
2020
2021
* DIAMOND ACQUISITION*
2021(3)
2022
2023
*BLUEGREEN ACQUISITION*
2024
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
AS REPORTED
Segment Adjusted EBITDA:
Real estate sales and financing (1)
$ 60
$ 78
$ 88
$ 90
$ 316
$ 81
$ 84
$ 85
$ 86
$ 336
$ 83
$ 99
$ 81
$ 96
$ 359
$ 44
$ 163
$ 67
$ 173
$ 447
$ 80
$ 69
$ 94
$ 82
$ 325
$ 15
$ (14)
$ 15
$ 17
$ 33
$ 27
$ 45
$ 280
$ 185
$ 537
$ 153
$ 218
$ 295
$ 199
$ 865
$ 169
$ 189
$ 205
$ 191
$ 754
$ 206
$ -
$ -
$ -
$ 206
Resort operations and club management (1)
39
40
40
43
162
46
51
42
50
189
51
52
50
51
204
59
58
62
66
245
65
66
62
72
265
55
15
30
36
136
42
61
109
141
353
101
119
112
131
463
109
123
126
146
504
134
-
-
-
134
Adjustments:
Adjusted EBITDA from unconsolidated affiliates
-
-
-
-
-
-
-
-
-
-
-
-
3
1
4
2
(1)
2
1
4
2
3
1
1
7
4
1
-
2
7
3
4
1
3
11
3
4
5
3
15
3
3
2
6
14
6
-
-
-
6
License fee expense
(18)
(18)
(19)
(19)
(74)
(19)
(20)
(22)
(19)
(80)
(20)
(23)
(22)
(22)
(87)
(23)
(25)
(25)
(25)
(98)
(23)
(26)
(26)
(26)
(101)
(22)
(6)
(11)
(12)
(51)
(14)
(19)
(24)
(23)
(80)
(25)
(32)
(33)
(34)
(124)
(30)
(34)
(37)
(37)
(138)
(35)
-
-
-
(35)
General and administrative (2)
(9)
(10)
(11)
(14)
(44)
(12)
(12)
(12)
(19)
(55)
(20)
(22)
(18)
(25)
(85)
(20)
(20)
(26)
(29)
(95)
(22)
(22)
(20)
(24)
(88)
(19)
(15)
(15)
(19)
(68)
(16)
(21)
(26)
(42)
(105)
(30)
(36)
(41)
(47)
(154)
(33)
(33)
(27)
(36)
(129)
(35)
-
-
-
(35)
Adjusted EBITDA
$ 72
$ 90
$ 98
$ 100
$ 360
$ 96
$ 103
$ 93
$ 98
$ 390
$ 94
$ 106
$ 94
$ 101
$ 395
$ 62
$ 175
$ 80
$ 186
$ 503
$ 102
$ 90
$ 111
$ 105
$ 408
$ 33
$ (19)
$ 19
$ 24
$ 57
$ 42
$ 70
$ 340
$ 264
$ 716
$ 202
$ 273
$ 338
$ 252
$ 1,065
218
248
269
270
1,005
276
-
-
-
276
Less: Adjusted EBITDA attributable to noncontrolling interest
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
Total Adjusted EBITDA attributable to stockholders
$ 72
$ 90
$ 98
$ 100
$ 360
$ 96
$ 103
$ 93
$ 98
$ 390
$ 94
$ 106
$ 94
$ 101
$ 395
$ 62
$ 175
$ 80
$ 186
$ 503
$ 102
$ 90
$ 111
$ 105
$ 408
$ 33
$ (19)
$ 19
$ 24
$ 57
$ 42
$ 70
$ 340
$ 264
$ 716
$ 202
$ 273
$ 338
$ 252
$ 1,065
$ 218
$ 248
$ 269
$ 270
$ 1,005
$ 273
$ -
$ -
$ -
$ 276
NET CONSTRUCTION DEFERRAL ACTIVITY
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
Sales of VOIs, net
$ (12)
$ (7)
$ 6
$ 8
$ (5)
$ 10
$ (11)
$ -
$ (4)
$ (5)
$ (1)
$ -
$ (3)
$ (1)
$ (5)
$ (66)
$ 91
$ (45)
$ 153
$ 133
$ -
$ (34)
$ (15)
$ (35)
$ (84)
$ (47)
$ (4)
$ (13)
$ (21)
$ (85)
$ (32)
$ (42)
$ 241
$ (34)
$ 133
$ (42)
$ (10)
$ 86
$ (3)
$ 31
$ 4
$ (6)
$ (12)
$ (21)
$ (35)
$ 2
$ -
$ -
$ -
$ 2
Cost of VOI sales
(4)
(1)
1
3
(1)
3
(4)
1
(1)
(1)
(1)
-
(1)
-
(2)
(21)
20
(13)
50
36
-
(11)
(5)
(11)
(27)
(13)
-
(4)
(6)
(23)
(10)
(13)
73
(12)
38
(13)
(5)
30
(1)
11
1
(1)
(3)
(6)
(9)
(1)
-
-
-
(1)
Sales, marketing, general and administrative expense
(2)
(1)
1
1
(1)
2
(1)
-
-
1
-
-
-
-
-
(8)
11
(7)
22
18
-
(5)
(2)
(5)
(12)
(7)
(1)
(1)
(4)
(13)
(4)
(7)
35
(5)
19
(7)
(1)
13
(1)
4
1
(1)
(2)
(3)
(5)
-
-
-
-
-
Net construction recognitions (deferrals) included in real estate sales and financing segment Adjusted EBITDA/ segment Adjusted EBITDA/Adjusted EBITDA
$ (6)
$ (5)
$ 4
$ 4
$ (3)
$ 5
$ (6)
$ (1)
$ (3)
$ (5)
$ -
$ -
$ (2)
$ (1)
$ (3)
$ (37)
$ 60
$ (25)
$ 81
$ 79
$ -
$ (18)
$ (8)
$ (19)
$ (45)
$ (27)
$ (3)
$ (8)
$ (11)
$ (49)
$ (18)
$ (22)
$ 133
$ (17)
$ 76
$ (22)
$ (4)
$ 43
$ (1)
$ 16
$ 2
$ (4)
$ (7)
$ (12)
$ (21)
$ 3
$ -
$ -
$ -
$ 3
_______________
(1) Includes intersegment transactions, share-based compensation, depreciation and other adjustments attributable to the segments.
(2) Excludes segment related share-based compensation, depreciation and other adjustment items.
(3) On August 2, 2021, we completed the Diamond Acquisition. Accordingly, the three months ended September 30, 2021, includes 59 days of Diamond's results and the twelve months ended December 31, 2021 includes 151 days of Diamond results.
Real Estate Profit
HILTON GRAND VACATIONS INC.
REAL ESTATE SALES MARGIN DETAIL SCHEDULE
(in millions, except Tour Flow and VPG)
2015
2016
* SPIN-OFF FROM HILTON WORLDWIDE * * SPIN-OFF FROM HILTON WORLDWIDE *
2017
2018
2019
2020
2021
*DIAMOND ACQUISITION * *DIAMOND ACQUISITION *
2021(5)(8)
2022
2023
BLUEGREEN ACQUISITION * *BLUEGREEN ACQUISITION *
2024
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
AS REPORTED(1)
Tour flow
64,897
74,252
75,573
73,133
287,855
70,988
79,557
79,817
75,779
306,141
72,405
87,114
87,346
83,910
330,775
77,700
94,269
94,816
91,076
357,861
82,644
101,712
102,911
95,841
383,108
66,965
5,810
25,488
28,822
127,085
27,948
56,345
97,628
116,123
98,601
134,259
142,647
141,610
517,117
130,268
162,444
163,699
151,956
608,367
174,138
-
-
-
174,138
VPG
$ 3,866
$ 3,321
$ 3,348
$ 3,548
$ 3,508
$ 3,457
$ 3,447
$ 3,602
$ 3,875
$ 3,596
$ 3,737
$ 3,503
$ 3,555
$ 3,854
$ 3,657
$ 3,997
$ 3,597
$ 3,648
$ 3,775
$ 3,743
$ 3,677
$ 3,393
$ 3,363
$ 3,681
$ 3,518
$ 3,506
$ 4,786
$ 4,205
$ 4,319
$ 3,889
$ 4,647
$ 4,385
$ 4,255
$ 4,294
$ 4,849
$ 4,452
$ 4,229
$ 4,350
$ 4,432
$ 3,969
$ 3,728
$ 3,656
$ 3,730
$ 3,760
$ 3,593
$ -
$ -
$ -
$ 3,593
Owned contract sales mix
23.3 %
55.0 %
43.7 %
49.3 %
42.8 %
38.9 %
41.2 %
40.8 %
53.7 %
43.9 %
39.7 %
48.6 %
48.2 %
45.1 %
45.6 %
48.3 %
45.9 %
42.0 %
43.9 %
45.0 %
41.0 %
49.0 %
46.1 %
47.7 %
46.1 %
46.7 %
45.7 %
42.7 %
55.3 %
47.9 %
59.7 %
57.9 %
71.4 %
74.1 %
74.7 %
70.2 %
70.2 %
67.7 %
70.9 %
66.7 %
70.6 %
71.1 %
79.7 %
72.1 %
84.2 %
- %
- %
- %
84.2 %
Fee-for-service contract sales mix
76.7 %
45.0 %
56.3 %
50.7 %
57.2 %
61.1 %
58.8 %
59.2 %
46.3 %
56.1 %
60.3 %
51.4 %
51.8 %
54.9 %
54.4 %
51.7 %
54.1 %
58.0 %
56.1 %
55.0 %
59.0 %
51.0 %
53.9 %
52.3 %
53.9 %
53.3 %
54.3 %
57.3 %
44.7 %
52.1 %
40.3 %
42.1 %
28.6 %
25.9 %
25.3 %
29.8 %
29.8 %
32.3 %
29.1 %
33.3 %
29.4 %
28.9 %
20.3 %
27.9 %
15.8 %
- %
- %
- %
15.8 %
Contract sales
$ 266
$ 260
$ 268
$ 274
$ 1,068
$ 262
$ 291
$ 306
$ 313
$ 1,172
$ 287
$ 323
$ 326
$ 339
$ 1,275
$ 329
$ 357
$ 364
$ 360
$ 1,410
$ 322
$ 363
$ 360
$ 365
$ 1,410
$ 244
$ 35
$ 117
$ 132
$ 528
$ 139
$ 259
$ 433
$ 521
$ 509
$ 617
$ 621
$ 634
$ 2,381
$ 523
$ 612
$ 603
$ 572
$ 2,310
$ 631
$ -
$ -
$ -
$ 631
Adjustments:
Fee-for-service sales (2)
(204)
(117)
(151)
(139)
(611)
(160)
(171)
(181)
(145)
(657)
(173)
(166)
(169)
(186)
(694)
(170)
(193)
(211)
(202)
(776)
(190)
(185)
(194)
(191)
(760)
(130)
(19)
(67)
(59)
(275)
(56)
(109)
(124)
(135)
(129)
(184)
(175)
(205)
(693)
(174)
(180)
(174)
(116)
(644)
(100)
-
-
-
(100)
Provision for financing receivables losses
(7)
(10)
(12)
(10)
(39)
(10)
(13)
(14)
(12)
(49)
(11)
(15)
(19)
(13)
(58)
(12)
(18)
(20)
(19)
(69)
(14)
(24)
(22)
(14)
(74)
(37)
(8)
(12)
(18)
(75)
(16)
(12)
(49)
(44)
(31)
(40)
(32)
(39)
(142)
(30)
(41)
(46)
(54)
(171)
(64)
-
-
-
(64)
Reportability and other:
Net deferral (recognition) of sales of VOIs under construction
(12)
(7)
6
8
(5)
10
(11)
-
(4)
(5)
(1)
-
(3)
(1)
(5)
(66)
91
(45)
153
133
-
(34)
(15)
(35)
(84)
(47)
(4)
(13)
(21)
(85)
(32)
(42)
241
(34)
(42)
(10)
86
(3)
31
4
(6)
(12)
(21)
(35)
2
-
-
-
2
Fee-for-service sale upgrades, net
47
14
22
13
96
18
23
25
8
74
16
10
13
13
52
8
11
21
23
63
14
10
15
13
52
8
1
4
3
16
2
3
3
6
4
5
5
4
18
5
7
6
1
19
-
-
-
-
-
Other (3)
4
(4)
(8)
(9)
(17)
(5)
(5)
(6)
(11)
(27)
-
(9)
(3)
(10)
(22)
(11)
2
(10)
(8)
(27)
(7)
(10)
(6)
(12)
(35)
18
(5)
(5)
(9)
(1)
(4)
(23)
(16)
(28)
(42)
(27)
(5)
(30)
(104)
(10)
(37)
(10)
(6)
(63)
(31)
-
-
-
(31)
Sales of VOIs, net
$ 94
$ 136
$ 125
$ 137
$ 492
$ 115
$ 114
$ 130
$ 149
$ 508
$ 118
$ 143
$ 145
$ 142
$ 548
$ 78
$ 250
$ 99
$ 307
$ 734
$ 125
$ 120
$ 138
$ 126
$ 509
$ 56
$ -
$ 24
$ 28
$ 108
$ 33
$ 76
$ 488
$ 286
$ 269
$ 361
$ 500
$ 361
$ 1,491
$ 318
$ 355
$ 367
$ 376
$ 1,416
$ 438
$ -
$ -
$ -
$ 438
Fee-for-service commissions and brand fees
115
66
92
76
349
91
100
104
82
377
98
101
93
107
399
98
113
121
115
447
111
107
109
110
437
81
9
41
33
164
32
57
73
74
69
99
125
119
412
107
111
107
68
393
64
-
-
-
64
Sales revenue
209
202
217
213
841
206
214
234
231
885
216
244
238
249
947
176
363
220
422
1,181
236
227
247
236
946
137
9
65
61
272
65
133
561
360
338
460
625
480
1,903
425
466
474
444
1,809
502
-
-
-
502
Cost of VOI sales
61
43
40
29
173
38
28
44
42
152
33
34
40
41
148
19
61
29
101
210
36
32
24
35
127
14
(1)
8
7
28
3
21
130
59
40
65
102
67
274
50
48
43
53
194
48
-
-
-
48
Sales and marketing expense, net(4)(6)
97
92
100
108
397
100
112
117
118
447
112
120
132
128
492
126
152
135
162
575
131
139
145
134
549
125
56
66
66
313
59
83
189
162
193
222
270
253
938
250
274
271
245
1,040
320
-
-
-
320
Real estate expense
$ 158
$ 135
$ 140
$ 137
$ 570
$ 138
$ 140
$ 161
$ 160
$ 599
$ 145
$ 154
$ 172
$ 169
$ 640
$ 145
$ 213
$ 164
$ 263
$ 785
$ 167
$ 171
$ 169
$ 169
$ 676
$ 139
$ 55
$ 74
$ 73
$ 341
$ 62
$ 104
$ 319
$ 221
$ 233
$ 287
$ 372
$ 320
$ 1,212
$ 300
$ 322
$ 314
$ 298
$ 1,234
$ 368
$ -
$ -
$ -
$ 368
Real estate profit (loss)
$ 51
$ 67
$ 77
$ 76
$ 271
$ 68
$ 74
$ 73
$ 71
$ 286
$ 71
$ 90
$ 66
$ 80
$ 307
$ 31
$ 150
$ 56
$ 159
$ 396
$ 69
$ 56
$ 78
$ 67
$ 270
$ (2)
$ (46)
$ (9)
$ (12)
$ (69)
$ 3
$ 29
$ 242
$ 139
$ 105
$ 173
$ 253
$ 160
$ 691
$ 125
$ 144
$ 160
$ 146
$ 575
$ 134
$ -
$ -
$ -
$ 134
Real estate profit margin(7)
24.4 %
33.2 %
35.5 %
35.7 %
32.2 %
33.0 %
34.6 %
31.2 %
30.7 %
32.3 %
32.9 %
36.9 %
27.7 %
32.1 %
32.4 %
17.6 %
41.3 %
25.5 %
37.7 %
33.5 %
29.2 %
24.7 %
31.6 %
28.4 %
28.5 %
(1.5)%
N/M(5)
(13.8)%
(19.7)%
(25.4)%
4.6 %
21.8 %
43.1 %
38.6 %
31.1 %
37.6 %
40.5 %
33.3 %
36.3 %
29.4 %
30.9 %
33.8 %
32.9 %
31.8 %
26.7 %
- %
- %
- %
26.7 %
Reconciliation of fee-for-service commissions:
Sales, marketing, brand and other fees
140
94
118
105
457
118
128
136
117
499
130
144
127
143
544
125
146
152
147
570
141
145
143
144
573
106
13
52
50
221
$ 53
$ 81
$ 118
$ 133
$ 119
$ 161
$ 177
$ 163
$ 620
$ 158
$ 173
$ 170
$ 133
$ 634
$ 145
$ -
$ -
$ -
$ 145
Less: Marketing revenue and other fees
(25)
(28)
(26)
(29)
(108)
(27)
(28)
(32)
(35)
(122)
(32)
(43)
(34)
(36)
(145)
(27)
(33)
(31)
(32)
(123)
(30)
(38)
(34)
(34)
(136)
(25)
(4)
(11)
(17)
(57)
(21)
(24)
(45)
(59)
(50)
(62)
(52)
(44)
(208)
(51)
(62)
(63)
(65)
(241)
(81)
-
-
-
(81)
Fee-for-service commissions and brand fees
$ 115
$ 66
$ 92
$ 76
$ 349
$ 91
$ 100
$ 104
$ 82
$ 377
$ 98
$ 101
$ 93
$ 107
$ 399
$ 98
$ 113
$ 121
$ 115
$ 447
$ 111
$ 107
$ 109
$ 110
$ 437
$ 81
$ 9
$ 41
$ 33
$ 164
$ 32
$ 57
$ 73
$ 74
$ 69
$ 99
$ 125
$ 119
$ 412
$ 107
$ 111
$ 107
$ 68
$ 393
$ 64
$ -
$ -
$ -
$ 64
Reconciliation of sales and marketing expense:
Sales and marketing expense
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ 234
$ 221
$ 243
$ 284
$ 322
$ 297
$ 1,146
$ 301
$ 336
$ 334
$ 310
$ 1,281
$ 401
$ -
$ -
$ -
$ 401
Less: Marketing revenue and other fees
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(45)
(59)
(50)
(62)
(52)
(44)
(208)
(51)
(62)
(63)
(65)
(241)
(81)
-
-
-
(81)
Sales and marketing expense, net(6)
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ 189
$ 162
$ 193
$ 222
$ 270
$ 253
$ 938
$ 250
$ 274
$ 271
$ 245
$ 1,040
$ 320
$ -
$ -
$ -
$ 320
NET CONSTRUCTION DEFERRAL ACTIVITY
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
Sales of VOIs, net
$ (12)
$ (7)
$ 6
$ 8
$ (5)
$ 10
$ (11)
$ -
$ (4)
$ (5)
$ (1)
$ -
$ (3)
$ (1)
$ (5)
$ (66)
$ 91
$ (45)
$ 153
$ 133
$ -
$ (34)
$ (15)
$ (35)
$ (84)
$ (47)
$ (4)
$ (13)
$ (21)
$ (85)
$ (32)
$ (42)
$ 241
$ (34)
$ (42)
$ (10)
$ 86
$ (3)
$ 31
$ 4
$ (6)
$ (12)
$ (21)
$ (35)
$ 2
$ -
$ -
$ -
$ 2
Cost of VOI sales
(4)
(1)
1
3
(1)
3
(4)
1
(1)
(1)
(1)
-
(1)
-
(2)
(21)
20
(13)
50
36
-
(11)
(5)
(11)
(27)
(13)
-
(4)
(6)
(23)
(10)
(13)
73
(12)
(13)
(5)
30
(1)
11
1
(1)
(3)
(6)
(9)
(1)
-
-
-
(1)
Sales, marketing, general and administrative expense
(2)
(1)
1
1
(1)
2
(1)
-
-
1
-
-
-
-
-
(8)
11
(7)
22
18
-
(5)
(2)
(5)
(12)
(7)
(1)
(1)
(4)
(13)
(4)
(7)
35
(5)
(7)
(1)
13
(1)
4
1
(1)
(2)
(3)
(5)
-
-
-
-
-
Net construction recognitions (deferrals) included in real estate profit
$ (6)
$ (5)
$ 4
$ 4
$ (3)
$ 5
$ (6)
$ (1)
$ (3)
$ (5)
$ -
$ -
$ (2)
$ (1)
$ (3)
$ (37)
$ 60
$ (25)
$ 81
$ 79
$ -
$ (18)
$ (8)
$ (19)
$ (45)
$ (27)
$ (3)
$ (8)
$ (11)
$ (49)
$ (18)
$ (22)
$ 133
$ (17)
$ (22)
$ (4)
$ 43
$ (1)
$ 16
$ 2
$ (4)
$ (7)
$ (12)
$ (21)
$ 3
$ -
$ -
$ -
$ 3
_______________
(1) Amounts disclosed within this presentation starting with the third quarter of 2021 do not reflect currently available filings, with the excepiton of the second quarter in 2022 and 2023 quarter to date information and 2023 year to date information.
(2) Represents contract sales from fee-for-service properties on which the company earns commissions and brand fees.
(3) Includes adjustments for revenue recognition, including amounts in rescission and sales incentives.
(4) Includes revenue recognized through our marketing programs for existing owners and prospective first-time buyers. For the year ended December 31, 2017, we revised our definition of Sales and marketing expense, net to include revenues associated with sales incentives, title service and document compliance revenue to better align with how we evaluate the results of our real estate operations. This adjustment was applied to prior period(s) up to fiscal year 2020.
(5) On August 2, 2021, we completed the Diamond Acquisition. Accordingly, the three months ended September 30, 2021, includes 59 days of Diamond's results and the twelve months ended December 31, 2021 includes 151 days of Diamond results.
(6) For the period ended June 30, 2023, we revised our definition of Sales and marketing expense, net to represent sales and marketing expense, which corresponds to the applicable line item from our condensed consolidated statements of operations, adjusted by marketing revenue and other fees earned primarily from discounted marketing related packages which encompass a sales tour to prospective owners. This change in definition is effective for all future periods, including updated associated prior-year period disclosures. Within this presentation, we have applied the adjustment starting in the third quarter of fiscal year 2021, the first reporting period post the close of the Diamond Acquisition.
(7) Real estate profit margin calculation for the second quarter of 2022 and 2023 are calculated based on the values determined from the revised definition of Sales and marketing expense, net. This change in calculation is effective for all future periods, including updated associated prior-year period disclosures. Within this presentation, we have applied the adjustment starting in the third quarter of fiscal year 2021, the first reporting period post the close of the Diamond Acquisition.
(8) Year-to-date amounts have been intentionally removed for fiscal year 2021, due to the change in definition and calculation for Sales and marketing expense, net that has been impleted in the table above starting in the third quarter of 2021.
Finance Profit
HILTON GRAND VACATIONS INC.
FINANCING MARGIN DETAIL SCHEDULE
(in millions)
2015
2016
* SPIN-OFF FROM HILTON*
2017
2018
2019
2020
2021
* DIAMOND ACQUISITION*
2021(1)
2022
2023
*BLUEGREEN ACQUISITION*
2024
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
AS REPORTED
Interest income(2)
$ 28
$ 29
$ 30
$ 30
$ 117
$ 30
$ 30
$ 31
$ 31
$ 122
$ 32
$ 32
$ 33
$ 35
$ 132
$ 34
$ 34
$ 35
$ 37
$ 140
$ 36
$ 36
$ 37
$ 38
$ 147
$ 38
$ 36
$ 34
$ 33
$ 141
$ 31
$ 31
$ 46
$ 49
$ 157
$ 55
$ 54
$ 61
$ 65
$ 235
$ 66
$ 65
$ 68
$ 74
$ 273
$ 96
$ -
$ -
$ -
$ 96
Other financing revenue
3
2
3
2
10
2
4
3
3
12
3
4
5
3
15
4
5
5
4
18
5
7
6
5
23
6
7
6
5
24
6
6
7
7
26
9
10
7
6
32
8
11
7
8
34
8
-
-
-
8
Financing revenue
31
31
33
32
127
32
34
34
34
134
35
36
38
38
147
38
39
40
41
158
41
43
43
43
170
44
43
40
38
165
37
37
53
56
183
64
64
68
71
267
74
76
75
82
307
104
-
-
-
104
Consumer financing interest expense(3)
4
3
3
3
13
3
3
3
3
12
4
6
6
4
20
4
6
6
8
24
7
7
8
7
29
7
7
9
8
31
7
7
8
8
30
7
8
11
21
47
11
11
12
14
48
25
-
-
-
25
Other financing expense
4
5
5
5
19
5
5
5
5
20
6
5
5
7
23
7
6
6
6
25
6
5
6
7
24
6
6
4
6
22
6
4
11
14
35
12
14
14
16
56
13
13
13
12
51
14
-
-
-
14
Financing expense
8
8
8
8
32
8
8
8
8
32
10
11
11
11
43
11
12
12
14
49
13
12
14
14
53
13
13
13
14
53
13
11
19
22
65
19
22
25
37
103
24
24
25
26
99
39
-
-
-
39
Financing profit
$ 23
$ 23
$ 25
$ 24
$ 95
$ 24
$ 26
$ 26
$ 26
$ 102
$ 25
$ 25
$ 27
$ 27
$ 104
$ 27
$ 27
$ 28
$ 27
$ 109
$ 28
$ 31
$ 29
$ 29
$ 117
$ 31
$ 30
$ 27
$ 24
$ 112
$ 24
$ 26
$ 34
$ 34
$ 118
$ 45
$ 42
$ 43
$ 34
$ 164
$ 50
$ 52
$ 50
$ 56
$ 208
$ 65
$ -
$ -
$ -
$ 65
Financing profit margin
74.2 %
74.2 %
75.8 %
75.0 %
74.8 %
75.0 %
76.5 %
76.5 %
76.5 %
76.1 %
71.4 %
69.4 %
71.1 %
71.1 %
70.7 %
71.1 %
69.2 %
70.0 %
65.9 %
69.0 %
68.3 %
72.1 %
67.4 %
67.4 %
68.8 %
70.5 %
69.8 %
67.5 %
63.2 %
67.9 %
64.9 %
70.3 %
64.2 %
60.7 %
64.5 %
70.3 %
65.6 %
63.2 %
47.9 %
61.4 %
67.6 %
68.4 %
66.7 %
68.3 %
67.8 %
62.5 %
- %
- %
- %
62.5 %
_______________
(1) On August 2, 2021, we completed the Diamond Acquisition. Accordingly, the three months ended September 30, 2021, includes 59 days of Diamond's results and the twelve months ended December 31, 2021 includes 151 days of Diamond results.
(2) This amount includes amortization of the premium related to the acquired timeshare financing receivables resulting from the Diamond Acquisition.
(3) This amount includes amortization of the premium related to the acquired non-recourse debt resulting from the Diamond Acquisition.
Resort & Rental Profit
HILTON GRAND VACATIONS INC.
RESORT AND CLUB MARGIN DETAIL SCHEDULE
(in millions, except for Members and Net Owner Growth)
2015
2016
* SPIN-OFF FROM HILTON WORLDWIDE * * SPIN-OFF FROM HILTON WORLDWIDE *
(2) On August 2, 2021, we completed the Diamond Acquisition. Accordingly, the three months ended September 30, 2021, includes 59 days of Diamond's results and the twelve months ended December 31, 2021 includes 151 days of Diamond results.
(1)Commencing in fiscal year 2024, Net Owner Growth over the last twelve months includes member count for HGV Max and legacy HGV-DRI members only on a consolidated basis.
RE & Fin Seg Adj EBITDA
HILTON GRAND VACATIONS INC.
REAL ESTATE AND FINANCING SEGMENT ADJUSTED EBITDA
(in millions)
2015
2016
* SPIN-OFF FROM HILTON WORLDWIDE *
2017
2018
2019
2020
2021
* DIAMOND ACQUISITION *
2021(1)
2022
2023
* BLUEGREEN ACQUISITION *
2024
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
AS REPORTED
Sales of VOIs, net
$ 94
$ 136
$ 125
$ 137
$ 492
$ 115
$ 114
$ 130
$ 149
$ 508
$ 118
$ 143
$ 145
$ 142
$ 548
$ 78
$ 250
$ 99
$ 307
$ 734
$ 125
$ 120
$ 138
$ 126
$ 509
$ 56
$ -
$ 24
$ 28
$ 108
$ 33
$ 76
$ 488
$ 286
$ 883
$ 269
$ 361
$ 500
$ 361
$ 1,491
$ 318
$ 355
$ 367
$ 376
$ 1,416
$ 438
$ -
$ -
$ -
$ 438
Sales, marketing, brand and other fees
140
94
118
105
457
118
128
136
117
499
130
144
127
143
544
125
146
152
147
570
141
145
143
144
573
106
13
52
50
221
53
81
118
133
385
119
161
177
163
620
158
173
170
133
634
145
-
-
-
145
Financing
31
31
33
32
127
32
34
34
34
134
35
36
38
38
147
38
39
40
41
158
41
43
43
43
170
44
43
40
38
165
37
37
53
56
183
64
64
68
71
267
74
76
75
82
307
104
-
-
-
104
HOA services
-
-
1
1
2
1
-
1
-
2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Real estate sales and financing segment revenues
265
261
277
275
1,078
266
276
301
300
1,143
283
323
310
323
1,239
241
435
291
495
1,462
307
308
324
313
1,252
206
56
116
116
494
123
194
659
475
1,451
452
586
745
595
2,378
550
604
612
591
2,357
687
-
-
-
687
Cost of VOI sales
(61)
(43)
(40)
(29)
(173)
(38)
(28)
(44)
(42)
(152)
(33)
(34)
(40)
(41)
(148)
(19)
(61)
(29)
(101)
(210)
(36)
(32)
(24)
(35)
(127)
(14)
1
(8)
(7)
(28)
(3)
(21)
(130)
(59)
(213)
(40)
(65)
(102)
(67)
(274)
(50)
(48)
(43)
(53)
(194)
(48)
-
-
-
(48)
Sales and marketing
(132)
(128)
(135)
(146)
(541)
(135)
(151)
(157)
(162)
(605)
(152)
(169)
(171)
(171)
(663)
(161)
(193)
(174)
(200)
(728)
(170)
(186)
(188)
(175)
(719)
(157)
(61)
(79)
(84)
(381)
(82)
(116)
(234)
(221)
(653)
(243)
(284)
(322)
(297)
(1,146)
(301)
(336)
(334)
(310)
(1,281)
(401)
-
-
-
(401)
Financing
(8)
(8)
(8)
(8)
(32)
(8)
(8)
(8)
(8)
(32)
(10)
(11)
(11)
(11)
(43)
(11)
(12)
(12)
(14)
(49)
(13)
(12)
(14)
(14)
(53)
(13)
(13)
(13)
(14)
(53)
(13)
(11)
(19)
(22)
(65)
(19)
(22)
(25)
(37)
(103)
(24)
(24)
(25)
(26)
(99)
(39)
-
-
-
(39)
Marketing package stays
(5)
(5)
(5)
(2)
(17)
(5)
(6)
(7)
(5)
(23)
(6)
(10)
(7)
(6)
(29)
(8)
(8)
(8)
(7)
(31)
(9)
(11)
(9)
(6)
(35)
(8)
-
(2)
(3)
(13)
(3)
(5)
(5)
(5)
(18)
(7)
(8)
(10)
(12)
(37)
(13)
(14)
(13)
(16)
(56)
(13)
-
-
-
(13)
Model unit rental
-
-
-
(1)
(1)
-
-
-
-
-
-
-
(1)
-
(1)
-
-
-
(1)
(1)
-
-
-
(1)
(1)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Share-based compensation
1
1
-
-
2
1
1
-
-
2
1
-
1
-
2
1
1
-
1
3
1
1
2
1
5
1
2
1
2
6
2
2
3
2
9
3
3
3
2
11
3
3
4
2
12
3
-
-
-
3
Other adjustment items
-
-
-
-
-
-
-
-
3
3
-
-
-
2
2
1
1
(1)
-
1
-
1
3
(1)
3
-
1
-
7
8
3
2
6
15
26
7
8
6
15
36
4
4
4
3
15
17
-
-
-
17
Real estate sales and financing segment Adjusted EBITDA
$ 60
$ 78
$ 89
$ 89
$ 316
$ 81
$ 84
$ 85
$ 86
$ 336
$ 83
$ 99
$ 81
$ 96
$ 359
$ 44
$ 163
$ 67
$ 173
$ 447
$ 80
$ 69
$ 94
$ 82
$ 325
$ 15
$ (14)
$ 15
$ 17
$ 33
$ 27
$ 45
$ 280
$ 185
$ 537
$ 153
$ 218
$ 295
$ 199
$ 865
$ 169
$ 189
$ 205
$ 191
$ 754
$ 206
$ -
$ -
$ -
$ 206
Real estate sales and financing segment Adjusted EBITDA profit margin
22.6 %
29.9 %
32.1 %
32.4 %
29.3 %
30.5 %
30.4 %
28.2 %
28.7 %
29.4 %
29.3 %
30.7 %
26.1 %
29.7 %
29.0 %
18.3 %
37.5 %
23.0 %
34.9 %
30.6 %
26.1 %
22.4 %
29.0 %
26.2 %
26.0 %
7.3 %
(25.0)%
12.9 %
14.7 %
6.7 %
22.0 %
23.2 %
42.5 %
38.9 %
37.0 %
33.8 %
37.2 %
39.6 %
33.4 %
36.4 %
30.7 %
31.3 %
33.5 %
32.3 %
32.0 %
30.0 %
- %
- %
- %
30.0 %
2015
2016
2017
2018
2019
2020
2021
2021(1)
2022
2023
2024
NET CONSTRUCTION DEFERRAL ACTIVITY
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
Sales of VOI, net
$ (12)
$ (7)
$ 6
$ 8
$ (5)
$ 10
$ (11)
$ -
$ (4)
$ (5)
$ (1)
$ -
$ (3)
$ (1)
$ (5)
$ (66)
$ 91
$ (45)
$ 153
$ 133
$ -
$ (34)
$ (15)
$ (35)
$ (84)
$ (47)
$ (4)
$ (13)
$ (21)
$ (85)
$ (32)
$ (42)
$ 241
$ (34)
$ 133
$ (42)
$ (10)
$ 86
$ (3)
$ 31
$ 4
$ (6)
$ (12)
$ (21)
$ (35)
$ 2
$ -
$ -
$ -
$ 2
Cost of VOI sales
(4)
(1)
1
3
(1)
3
(4)
1
(1)
(1)
(1)
-
(1)
-
(2)
(21)
20
(13)
50
36
-
(11)
(5)
(11)
(27)
(13)
-
(4)
(6)
(23)
(10)
(13)
73
(12)
38
(13)
(5)
30
(1)
11
1
(1)
(3)
(6)
(9)
(1)
-
-
-
(1)
Sales, marketing, general and administrative expense
(2)
(1)
1
1
(1)
2
(1)
-
-
1
-
-
-
-
-
(8)
11
(7)
22
18
-
(5)
(2)
(5)
(12)
(7)
(1)
(1)
(4)
(13)
(4)
(7)
35
(5)
19
(7)
(1)
13
(1)
4
1
(1)
(2)
(3)
(5)
-
-
-
-
-
Net construction recognitions (deferrals) included real estate sales and financing segment Adjusted EBITDA
$ (6)
$ (5)
$ 4
$ 4
$ (3)
$ 5
$ (6)
$ (1)
$ (3)
$ (5)
$ -
$ -
$ (2)
$ (1)
$ (3)
$ (37)
$ 60
$ (25)
$ 81
$ 79
$ -
$ (18)
$ (8)
$ (19)
$ (45)
$ (27)
$ (3)
$ (8)
$ (11)
$ (49)
$ (18)
$ (22)
$ 133
$ (17)
$ 76
$ (22)
$ (4)
$ 43
$ (1)
$ 16
$ 2
$ (4)
$ (7)
$ (12)
$ (21)
$ 3
$ -
$ -
$ -
$ 3
_______________
(1) On August 2, 2021, we completed the Diamond Acquisition. Accordingly, the three months ended September 30, 2021, includes 59 days of Diamond's results and the twelve months ended December 31, 2021 includes 151 days of Diamond results.
Resort & Club Seg Adj EBITDA
HILTON GRAND VACATIONS INC.
RESORT AND CLUB MANAGEMENT SEGMENT ADJUSTED EBITDA
(in millions)
2015
2016
* SPIN-OFF FROM HILTON WORLDWIDE*
2017
2018
2019
2020
2021
*DIAMOND ACQUISITION*
2021(1)
2022
2023
*BLUEGREEN ACQUISITION*
2024
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
RESORT AND CLUB SEGMENT
Resort and club management
$ 27
$ 27
$ 31
$ 40
$ 125
$ 31
$ 34
$ 33
$ 45
$ 143
$ 36
$ 35
$ 37
$ 50
$ 158
$ 39
$ 37
$ 40
$ 56
$ 172
$ 42
$ 43
$ 45
$ 61
$ 191
$ 44
$ 39
$ 39
$ 44
$ 166
$ 45
$ 48
$ 99
$ 148
$ 340
$ 125
$ 124
$ 130
$ 155
$ 534
$ 131
$ 133
$ 138
$ 167
$ 569
$ 166
$ -
$ -
$ -
$ 166
Rental and ancillary services
42
44
39
39
164
45
49
41
38
173
46
47
45
41
179
51
53
60
54
218
59
60
54
54
227
52
5
20
20
97
32
54
112
144
342
136
171
159
160
626
158
173
171
164
666
181
-
-
-
181
Marketing package stays
5
5
5
2
17
5
6
7
5
23
6
10
7
6
29
8
8
8
7
31
9
11
9
6
35
8
-
2
3
13
3
5
5
5
18
7
8
10
12
37
13
14
13
16
56
13
-
-
-
13
Model unit rental
-
-
-
1
1
-
-
-
-
-
-
-
1
-
1
-
-
-
1
1
-
-
-
1
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Resort and club management segment revenues
74
76
75
82
307
81
89
81
88
339
88
92
90
97
367
98
98
108
118
422
110
114
108
122
454
104
44
61
67
276
80
107
216
297
700
268
303
299
327
1,197
302
320
322
347
1,291
360
-
-
-
360
Resort and club management
(7)
(8)
(8)
(9)
(32)
(8)
(8)
(9)
(11)
(36)
(10)
(10)
(12)
(11)
(43)
(11)
(11)
(11)
(14)
(47)
(11)
(12)
(11)
(12)
(46)
(12)
(6)
(9)
(9)
(36)
(8)
(11)
(26)
(35)
(80)
(36)
(37)
(45)
(43)
(161)
(42)
(44)
(43)
(48)
(177)
(54)
-
-
-
(54)
Rental and ancillary services
(27)
(28)
(28)
(30)
(113)
(26)
(30)
(30)
(27)
(113)
(27)
(31)
(30)
(34)
(122)
(28)
(30)
(37)
(38)
(133)
(35)
(37)
(36)
(39)
(147)
(37)
(24)
(24)
(22)
(107)
(31)
(36)
(84)
(116)
(267)
(132)
(150)
(144)
(153)
(579)
(152)
(154)
(154)
(152)
(612)
(173)
-
-
-
(173)
Share-based compensation
-
-
1
-
1
-
-
1
-
1
-
1
2
(1)
2
-
1
1
-
2
1
-
1
-
2
-
-
1
-
1
-
2
1
2
5
1
2
2
-
5
1
1
1
-
3
1
-
-
-
1
HOA services
(1)
-
-
(1)
(2)
(1)
-
(1)
-
(2)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other adjustment items
-
-
-
1
1
-
-
-
-
-
-
-
-
-
-
-
-
1
-
1
-
1
-
1
2
-
1
1
-
2
1
(1)
2
(7)
(5)
-
1
-
-
1
-
-
-
(1)
(1)
-
-
-
-
-
Resort and club segment adjusted EBITDA
$ 39
$ 40
$ 40
$ 43
$ 162
$ 46
$ 51
$ 42
$ 50
$ 189
$ 51
$ 52
$ 50
$ 51
$ 204
$ 59
$ 58
$ 62
$ 66
$ 245
$ 65
$ 66
$ 62
$ 72
$ 265
$ 55
$ 15
$ 30
$ 36
$ 136
$ 42
$ 61
$ 109
$ 141
$ 353
$ 101
$ 119
$ 112
$ 131
$ 463
$ 109
$ 123
$ 126
$ 146
$ 504
$ 134
$ -
$ -
$ -
$ 134
Resort and club management segment adjusted EBITDA profit margin
52.7%
52.6%
53.3%
52.4%
52.8%
56.8%
57.3%
51.9%
56.8%
55.8%
58.0%
56.5%
55.6%
52.6%
55.6%
60.2%
59.2%
57.4%
55.9%
58.1%
59.1%
57.9%
57.4%
59.0%
58.4%
52.9%
34.1%
49.2%
53.7%
49.3%
52.5%
57.0%
50.5%
47.5%
50.4%
37.7%
39.3%
37.5%
40.1%
38.7%
36.1%
38.4%
39.1%
42.1%
39.0%
37.2%
-%
-%
-%
37.2%
(1) On August 2, 2021, we completed the Diamond Acquisition. Accordingly, the three months ended September 30, 2021, includes 59 days of Diamond's results and the twelve months ended December 31, 2021 includes 151 days of Diamond results.
52.884615384615394%
52.5%
37.6865671641791%
Reconciliation of Real Estate M
HILTON GRAND VACATIONS INC.
RECONCILIATION OF NON-GAAP PROFIT MEASURES TO GAAP MEASURE
(in millions)
*DIAMOND ACQUISITION*
2021(1)(2)
2022
2023
*BLUEGREEN ACQUISITION*
2024
3Q
4Q
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
1Q
2Q
3Q
4Q
Year
Net income attributable to stockholders
75
176
51
73
150
78
352
73
80
92
68
313
(4)
-
-
-
(4)
Noncontrolling interest
-
-
-
-
-
-
-
-
-
-
-
-
2
-
-
-
2
Net income
$ 99
$ 75
$ 51
$ 73
$ 150
$ 78
$ 352
73
80
92
68
313
(2)
-
-
-
(2)
Interest expense
42
31
33
35
37
37
142
44
44
45
45
178
79
-
-
-
79
Income tax expense
49
47
20
41
54
14
129
17
35
44
40
136
(11)
-
-
-
(11)
Depreciation and amortization
48
55
60
64
57
63
244
51
52
53
57
213
62
-
-
-
62
Interest expense, depreciation and amortization included in equity in earnings from unconsolidated affiliates
-
-
-
-
2
-
2
-
1
-
1
2
1
-
-
-
1
EBITDA
238
208
164
213
300
192
869
185
212
234
211
842
129
-
-
-
129
Other (gain) loss, net
20
4
(1)
2
(2)
2
1
(1)
(3)
1
1
(2)
5
-
-
-
5
Equity in earnings from unconsolidated affiliates(3)
(1)
(3)
(3)
(4)
(4)
(4)
(15)
(3)
(3)
(2)
(6)
(14)
(6)
-
-
-
(6)
Impairment expense (reversal)
1
-
3
(3)
-
17
17
-
3
-
-
3
2
-
-
-
2
License fee expense
24
23
25
32
33
34
124
30
34
37
37
138
35
-
-
-
35
Acquisition and integration-related expense
54
23
13
17
19
18
67
17
13
12
26
68
109
-
-
-
109
General and administrative
41
59
42
66
50
54
212
42
48
40
64
194
45
-
-
-
45
Profit
$ 377
$ 314
$ 243
$ 323
$ 396
$ 313
$ 1,275
$ 270
$ 304
$ 322
$ 333
$ 1,229
$ 319
$ -
$ -
$ -
$ 319
Real estate profit
$ 242
$ 139
$ 105
$ 173
$ 253
$ 160
691
$ 125
$ 144
$ 160
$ 146
575
$ 134
$ -
$ -
$ -
134
Financing profit
34
34
45
42
43
34
164
50
52
50
56
208
65
-
-
-
65
Resort and club management profit
73
113
89
87
85
112
373
89
89
95
119
392
112
-
-
-
112
Rental and ancillary services profit
28
28
4
21
15
7
47
6
19
17
12
54
8
-
-
-
8
Profit
$ 377
$ 314
$ 243
$ 323
$ 396
$ 313
$ 1,275
$ 270
$ 304
$ 322
$ 333
$ 1,229
$ 319
$ -
$ -
$ -
$ 319
_______________
(1) On August 2, 2021, we completed the Diamond Acquisition. Accordingly, the three months ended September 30, 2021, includes 59 days of Diamond's results and the twelve months ended December 31, 2021 includes 151 days of Diamond results.
(2) Year-to-date amounts have been intentionally removed for fiscal year 2021, due to the change in definition and calculation for Sales and marketing expense, net that has been impleted starting in the third quarter of 2021.
(3) Excludes impact of interest expense, depreciation and amortization included in quity in earnings from unconsolidated affiliates.
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Hilton Grand Vacations Inc. published this content on
09 May 2024 and is solely responsible for the information contained therein. Distributed by
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09 May 2024 13:55:05 UTC.
Hilton Grand Vacations Inc. is a timeshare company. The Company is engaged in developing, marketing, selling, managing and operating timeshare resorts, timeshare plans and ancillary reservation services, primarily under the Hilton Grand Vacations brand. The Company operates through two segments: Real estate sales and financing and Resort operations and club management. Real estate sales and financing market and sell vacation ownership interests (VOIs). It also sources VOIs through fee-for-service agreements with third-party developers. It provides consumer financing, which includes interest income generated from the origination of consumer loans to customers to finance their purchase of VOIs and servicing the loans. Resort operations and club management segment manage the clubs and earn activation fees, annual dues and transaction fees from member exchanges for other vacation products. Hilton Grand Vacations offers vacation experiences for guests and more than 700,000 club members.