ORLANDO, Fla. - 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.
Lauren George
Director, Corporate Communications
Hilton Grand Vacations
P: 1-407-613-8431
E: lauren.george@hgv.com
Mark Melnyk
Vice President, Investor Relations
Hilton Grand Vacations
P: 1-407-613-3327
E: mark.melnyk@hgv.com
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