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Press Release

Hilton Grand Vacations Reports Full Year and Fourth Quarter 2020 Results

Lauren George

ORLANDO, Fla. (March 1, 2021) – Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) today reports its full year and fourth quarter 2020 results.

Fourth Quarter 2020 Results

  • Contract sales in the fourth quarter were $132 million.
  • Net Owner Growth (NOG) for the 12 months ended Dec. 31, 2020, was 0.7%.
  • Total revenues for the fourth quarter were $212 million compared to $468 million for the same period in 2019.
    • Total revenues were affected by deferrals of $21 million and $35 million in the current period and the same period in 2019, respectively.
  • Net loss for the fourth quarter was ($154) million compared to $72 million net income for the same period in 2019.
    • Net (loss) income was affected by net deferrals of $11 million and $19 million for the current period and the same period in 2019, respectively.
    • Net loss for the fourth quarter was impacted by a non-cash impairment expense of $209 million primarily due to the commencement of a sale process for certain unused parcels of excess land, and the associated mark-to-market impact.
  • Diluted EPS for the fourth quarter was ($1.81) compared to $0.83 for the same period in 2019.
    • Diluted EPS was affected by net deferrals of $11 million and $19 million, or $0.13 and $0.22 per share in the current period and the same period in 2019, respectively.
    • Net loss for the fourth quarter was impacted by a non-cash impairment expense of $2.46 per share primarily due to the commencement of a sale process for certain unused parcels of excess land, and the associated mark-to-market impact.
  • Adjusted EBITDA for the fourth quarter was $24 million compared to $105 million for the same period in 2019.
    • Adjusted EBITDA was affected by net deferrals of $11 million and $19 million in the current period and the same period in 2019, respectively.
  • In addition to the adverse impact from the closure of HGV sales centers and resort operations, the COVID-19 pandemic had the following impacts on total revenues, net loss, diluted EPS and Adjusted EBITDA for the fourth quarter:
    • $3 million or $0.04 per share benefit from an employee retention credit granted primarily under the CARES Act, primarily related to payments made to employees as a result of operational closures caused by the COVID-19 pandemic.

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Hilton Grand Vacations

Lauren George

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

 

 

Mark Melnyk

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