Hilton Grand Vacations Reports Record Third Quarter 2021 Results
Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) today reports its third-quarter 2021 results.
Third Quarter 2021 Results1
- Contract sales in the third quarter were $433 million.
- Legacy-HGV contract sales of $290 million were 81% of Q3 2019 contract sales.
- Diamond contributed $143 million during the 59 days of HGV ownership.
Member count increased for the fifth straight quarter, and Net Owner Growth (NOG) for our Legacy-HGV business in the 12 months ended Sept. 30, 2021 is 1.2%.
Realized substantial cost synergy capture of $70 million on an annualized basis related to our acquisition of Diamond, achieving over half of our targeted 24-month, $125+ million synergy goal.
Total revenues for the third quarter were $928 million compared to $208 million for the same period in 2020.
- Total revenues were affected by a recognition of $241 million in the current period compared to a deferral of $13 million in the same period in 2020.
Net income for the third quarter was $99 million compared to ($7) million net loss for the same period in 2020.
- Net income was affected by a net recognition of $133 million in the current period compared to a net deferral of $8 million in the same period in 2020.
Diluted EPS for the third quarter was $0.90 compared to ($0.08) for the same period in 2020.
- Diluted EPS was affected by a net recognition of $133 million in the current period compared to a net deferral of $8 million in the same period in 2020, or $1.22 and ($0.09) per share in the current period and the same period in 2020, respectively.
Adjusted EBITDA for the third quarter was $340 million compared to $19 million for the same period in 2020.
- Legacy-HGV Adjusted EBITDA was $251 million for the quarter.
- Diamond contributed $89 million to Adjusted EBITDA for the quarter.
- Adjusted EBITDA and Legacy-HGV Adjusted EBITDA were affected by a net recognition of $133 million in the current period compared to a net deferral of $8 million in the same period in 2020.