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Press Release

Hilton Grand Vacations Reports Record First Quarter Results, Raises Full Year Outlook and Cost Synergy Target, and Announces Share Repurchase Program

Lauren George

Hilton Grand Vacations Reports Record First Quarter Results, Raises Full Year Outlook and Cost Synergy Target, and Announces Share Repurchase Program

ORLANDO, Fla. (May 9, 2022) – Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) today reports its first quarter 2022 results.

First Quarter 2022 Results1

  • Total contract sales in the first quarter were $509 million, 96% of pro-forma combined Q1 2019 contract sales.
  • Member count increased for the seventh straight quarter. Net Owner Growth (NOG) for the Legacy-HGV business for the 12 months ended March 31, 2022, was 2.1%, and Diamond added nearly 1,600 net new members in the quarter.
  • Total revenues for the first quarter were $779 million compared to $235 million for the same period in 2021.
    • Total revenues were affected by a deferral of $42 million in the current period compared to a deferral of $32 million in the same period in 2021.
  • Net income for the first quarter was $51 million compared to ($7) million net loss for the same period in 2021.
    • Net income was affected by a net deferral of $22 million in the current period compared to a net deferral of $18 million in the same period in 2021.
  • Diluted EPS for the first quarter was $0.42 compared to ($0.08) for the same period in 2021.
    • Diluted EPS was affected by a net deferral of $22 million in the current period compared to a net deferral of $18 million in the same period in 2021, or $0.18 and $0.21 per share in the current period and the same period in 2021, respectively.
  • Adjusted EBITDA for the first quarter was $202 million compared to $42 million for the same period in 2021.
    • Adjusted EBITDA was affected by a net deferral of $22 million in the current period compared to a net deferral of $18 million in the same period in 2021.
  • Now expecting to achieve cost synergies of $150 million within the 24-month period following the August 2021 close of the Diamond transaction, up from the prior target of greater than $125 million of cost synergies within 24 months of close.
  • HGV’s Board of Directors approved a two-year share repurchase program authorizing the Company to repurchase up to an aggregate of $500 million of its outstanding shares of common stock.

Full Year 2022 Outlook

  • The Company is raising its Deferral Adjusted EBITDA range to $960 million to $990 million, from the prior range of $915 million to $935 million.

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Hilton Grand Vacations

Lauren George

Senior Director, Corporate Communications
Hilton Grand Vacations
P: 1-407-613-8431 
E: lauren.george@hgv.com

 

 

Mark Melnyk

Senior Vice President, Investor Relations
Hilton Grand Vacations
P: 1-407-613-3327 
E: mark.melnyk@hgv.com