Hilton Grand Vacations Reports First Quarter 2021 Results
Hilton Grand Vacations Inc. (NYSE:HGV)(“HGV” or “theCompany”) today reports its first quarter 2021 results.
First Quarter 2021 Results
- Contract sales in the first quarter were $139 million.
- Net Owner Growth (NOG) for the 12 months ended March 31, 2021, was (0.1)%.
- Total revenues for the first quarter were $235 million compared to $351 million for the same period in 2020.
- Total revenues were affected by deferrals of $32 million and $47 million in the current period and the same period in 2020, respectively.
- Net loss for the first quarter was ($7) million compared to $8 million net income for the same period in 2020.
- Net (loss) income was affected by net deferrals of $18 million and $27 million for the current period and the same period in 2020, respectively.
- Diluted EPS for the first quarter was ($0.08) compared to $0.09 for the same period in 2020.
- Diluted EPS was affected by net deferrals of $18 million and $27 million, or $0.21 and $0.31 per share in the current period and the same period in 2020, respectively.
- Adjusted EBITDA for the first quarter was $42 million compared to $33 million for the same period in 2020.
- Adjusted EBITDA was affected by net deferrals of $18 million and $27 million in the current period and the same period in 2020, 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 first quarter:
- $4 million or $0.05 per share benefit from government assistance from Japan and an employee retention credit granted under the CARES Act, primarily related to payments made to employees as a result of operational closures caused by the COVID-19 pandemic.
