Hilton Grand Vacations Reports Second Quarter 2021 Results
Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) today reports its second-quarter 2021 results.
Second Quarter 2021 Results
- Contract sales in the second quarter were $259 million.
- Member count increased for the fourth straight quarter, and Net Owner Growth (NOG) for the 12 months ended June 30, 2021 returned to growth, at 0.5%.
- Total revenues for the second quarter were $334 million compared to $123 million for the same period in 2020.
- Total revenues were affected by deferrals of $42 million and $4 million in the current period and the same period in 2020, respectively.
- Net income for the second quarter was $9 million compared to ($48) million net loss for the same period in 2020.
- Net income (loss) was affected by net deferrals of $22 million and $3 million for the current period and the same period in 2020, respectively.
- Diluted EPS for the second quarter was $0.10 compared to ($0.56) for the same period in 2020.
- Diluted EPS was affected by net deferrals of $22 million and $3 million, or $0.25 and $0.04 per share in the current period and the same period in 2020, respectively.
- Adjusted EBITDA for the second quarter was $70 million compared to ($19) million for the same period in 2020.
- Adjusted EBITDA was affected by net deferrals of$22 million and $3 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 second quarter:
- $2 million or $0.02 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.
