Hilton Grand Vacations Inc. (NYSE: HGV) (“HGV” or “the Company”) today reports its fourth quarter and full year 2022 results.
Fourth quarter highlights1
- Total contract sales were $634 million.
- Member count was 519,000. Consolidated Net Owner Growth (NOG) for the 12 months ended Dec. 31, 2022, was 3.9%.
- Total revenues for the fourth quarter were $992 million compared to $838 million for the same period in 2021.
- Total revenues were affected by a net deferral of $3 million in the current period compared to a net deferral of $34 million in the same period in 2021.
- Net income for the fourth quarter was $78 million compared to $75 million for the same period in 2021.
- Adjusted net income for the fourth quarter was $118 million compared to $105 million for the same period in 2021.
- Net income and adjusted net income were affected by a net deferral of $1 million in the current period compared to a net deferral of $17 million in the same period in 2021.
- Diluted EPS for the fourth quarter was $0.67 compared to $0.62 for the same period in 2021.
- Adjusted diluted EPS for the fourth quarter was $1.01 compared to $0.86 for the same period in 2021.
- Diluted EPS and adjusted diluted EPS were affected by a net deferral of $1 million in the current period compared to a net deferral of $17 million in the same period in 2021, or $(0.01) and $(0.14) per share in the current period and the same period in 2021, respectively.
- Adjusted EBITDA for the fourth quarter was $252 million compared to $264 million for the same period in 2021.
- Adjusted EBITDA was affected by a net deferral of $1 million in the current period compared to a net deferral of $17 million in the same period in 2021.
- During the quarter, the Company repurchased 2.5 million shares of common stock for $100 million. Through Feb. 24, the Company has repurchased an additional 2 million shares for $80 million, and currently has $148 million remaining of the $500 million repurchase plan approved by the Board in May 2022.
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