Grand Vacations Inc. (NYSE: HGV) announces the board’s approval for
the repurchase of an additional $200 million shares under the company’s
Share Repurchase Program announced in November 2018, bringing the total
funds allocated to the repurchase program to $400 million.
“In the first quarter of 2019, we completed the initial $200 million
authorization of our stock repurchase program, demonstrating our ongoing
focus on delivering shareholder value while maintaining the financial
flexibility to continue making the necessary investments in our
business,” says Mark Wang, president and CEO of Hilton Grand Vacations.
“Today’s $200 million follow-on authorization is indicative of our
balance sheet strength and also reinforces our capital allocation
strategy as detailed at our year-end 2018 investor day.”
The timing and amounts of any repurchases under the repurchase program
will depend on certain factors, including, but not limited to, market
conditions and prices; available funds; and alternative uses of capital.
The repurchase program may be carried out through open-market purchases,
block trades or other transactions. Hilton Grand Vacations expects to
fund the repurchase program through a combination of cash on hand,
operating cash flow, receivables funding and bank facilities.
This press release contains forward-looking statements within
the meaning of the federal securities laws. Forward-looking statements
can be identified by such words as: “outlook,” “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,”
“approximately,” “projects,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates” or other comparable words. Actual results
could differ materially from those contemplated by such forward-looking
statements because of factors such as: inherent risks of the timeshare
industry; economic conditions that affect the purchasing and vacationing
decisions of consumers; competition; the termination of material
fee-for-service agreements; the ability of the Company to manage risks
associated with our international activities, including laws and
regulations affecting our international operations, the effects of
foreign currency exchange, and potential liability under anti-corruption
laws; strategic alliances that may not result in expected benefits and
that may have an adverse effect on our business; our dependence on
development activities to secure inventory; cyber-attacks and security
vulnerabilities that could lead to reduced revenue, increased costs,
liability claims, or harm to our reputation or competitive position;
disclosure of personal data that could cause liability and harm to our
reputation; abuse of our advertising or social platforms that may harm
our reputation or user engagement; outages, data losses, and disruptions
of our online services; claims against us that may result in adverse
outcomes in legal disputes; risks associated with our debt instruments,
including variable interest rates, operating and financial restrictions,
and our ability to borrow additional money or service our indebtedness;
the continued service and availability of key executives and employees;
and catastrophic events or geo-political conditions that may disrupt our
business. There may be other risks and uncertainties that we are unable
to predict at this time or that we currently do not expect to have
a material adverse effect on our business.
Accordingly, you should not place undue reliance on any such
forward-looking statements. For more information about such risks and
uncertainties, as well as other potential factors that could cause our
business and financial results to differ materially from those
contemplated by such forward-looking statements, please refer to our SEC
filings, including our most recent annual report on Form 10-K.
Forward-looking statements speak only as of the date they are made, and
we undertake no obligation to publicly update or revise any
forward-looking statements, except as required by law.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE: HGV) is recognized as a leading
global timeshare company. With headquarters in Orlando, Florida, Hilton
Grand Vacations develops, markets and operates a system of brand-name,
high-quality vacation ownership resorts in select vacation destinations.
The Company also manages and operates two innovative club membership
programs: Hilton Grand Vacations Club® and The Hilton Club®, providing
exclusive exchange, leisure travel and reservation services for more
than 310,000 club members. For more information, visit http://www.hgv.com
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