Hilton Grand Vacations Reports Record Fourth Quarter 2021 Results
Hilton Grand Vacations
Hilton Grand Vacations Inc. (NYSE:HGV)(“HGV” or “theCompany”) today reports its fourth-quarter 2021 results.
Fourth Quarter 2021 Results1
Total contract sales in the fourth quarter were $521 million, 85% of pro-forma combined Q4 2019 contract sales.
Member count increased for the sixth straight quarter. Net Owner Growth (NOG) for the Legacy-HGV business for the 12 months ended Dec. 31, 2021, was 1.6%, and Diamond added 1,600 net new members in the quarter.
Total revenues for the fourth quarter were $838 million compared to $212 million for the same period in 2020.
Total revenues were affected by a deferral of $34 million in the current period compared to a deferral of $21 million in the same period in 2020.
Net income for the fourth quarter was $75 million compared to ($154) million net loss for the same period in 2020.
Net income was affected by a net deferral of $17 million in the current period compared to a net deferral of $11 million in the same period in 2020.
Diluted EPS for the fourth quarter was $0.62 compared to ($1.81) for the same period in 2020.
Diluted EPS was affected by a net deferral of $17 million in the current period compared to a net deferral of $11 million in the same period in 2020, or ($0.14) and ($0.13) per share in the current period and the same period in 2020, respectively.
Adjusted EBITDA for the fourth quarter was $264 million compared to $24 million for the same period in 2020.
Adjusted EBITDA and Legacy-HGV Adjusted EBITDA were affected by a net deferral of $17 million in the current period compared to a net deferral of $11 million in the same period in 2020.
In connection with the Company’s amended capital structure and confidence with cash flow generation, the Company is revising the target net leverage range to be 2.0x to 3.0x from the prior stated range of 1.5x to 2.0x, which was set in late 2018.
Full Year 2022 Outlook
Deferral Adjusted EBITDA is projected to be $915 million to $935 million.