Hilton Grand Vacations Reports Third Quarter 2020 Results
Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) today reports its third quarter 2020 results.
Third Quarter 2020 Results
- Contract sales in the third quarter were $117 million.
- Net Owner Growth (NOG) for the 12 months ended Sept. 30, 2020, was 1.9%.
- Total revenues for the third quarter were $208 million compared to $466 million for the same period in 2019.
- Total revenues were affected by deferrals of $13 million and $15 million in the current period and the same period in 2019, respectively.
- Net loss for the third quarter was ($7) million compared to $50 million net income for the same period in 2019.
- Net (loss) income was affected by net deferrals of $8 million for the current period and the same period in 2019, respectively.
- Diluted EPS for the third quarter was ($0.08) compared to $0.59 for the same period in 2019.
- Diluted EPS was affected by net deferrals of $8 million, or $0.09 per share in the current period and the same period in 2019, respectively.
- Adjusted EBITDA for the third quarter was $19 million compared to $111 million for the same period in 2019.
- Adjusted EBITDA was affected by net deferrals of $8 million in the current period and the same period in 2019, 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 income (loss), diluted EPS and Adjusted EBITDA:
- $7 million or $0.08 per share benefit from an employee retention credit granted primarily under the CARES Act, primarily related to payments made to employees as a result of operational closures caused by the COVID-19 pandemic.
- ($1) million or ($0.01) per share impact related to the refunding of club transaction fees to accommodate Club Members impacted by the COVID-19 pandemic.
