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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_________ to ________

Commission file number 001-37794

 

 

Hilton Grand Vacations Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

81-2545345

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation or Organization)

Identification No.)

 

6355 MetroWest Boulevard, Suite 180,

 

Orlando, Florida

32835

(Address of Principal Executive Offices)

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code (407) 613-3100

(Former Name, Former Address, and Former Fiscal Year, if Changed Since Last Report)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.01 par value per share

 

HGV

 

New York Stock Exchange

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes No

 

The number of shares outstanding of the registrant’s common stock, par value $0.01 per share, as of May 2, 2022 was 120,258,547..

 

 


 

HILTON GRAND VACATIONS INC.

FORM 10-Q TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

1

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

46

Item 4.

Controls and Procedures

46

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

47

Item 1A.

Risk Factors

47

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

Item 3.

Defaults Upon Senior Securities

47

Item 4.

Mine Safety Disclosures

48

Item 5.

Other Information

48

Item 6.

Exhibits

49

 

Signatures

50

 

 

 

 


 

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

HILTON GRAND VACATIONS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

 

 

 

March 31,
2022

 

 

December 31,
2021

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

514

 

 

$

432

 

Restricted cash

 

 

303

 

 

 

263

 

Accounts receivable, net of allowance for doubtful accounts of $46 and $39

 

 

447

 

 

 

302

 

Timeshare financing receivables, net

 

 

1,718

 

 

 

1,747

 

Inventory

 

 

1,215

 

 

 

1,240

 

Property and equipment, net

 

 

754

 

 

 

756

 

Operating lease right-of-use assets, net

 

 

65

 

 

 

70

 

Investments in unconsolidated affiliates

 

 

62

 

 

 

59

 

Goodwill

 

 

1,351

 

 

 

1,377

 

Intangible assets, net

 

 

1,400

 

 

 

1,441

 

Land and infrastructure held for sale

 

 

41

 

 

 

41

 

Other assets

 

 

572

 

 

 

280

 

TOTAL ASSETS (variable interest entities - $973 and $1,100)

 

$

8,442

 

 

$

8,008

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Accounts payable, accrued expenses and other

 

$

964

 

 

$

673

 

Advanced deposits

 

 

126

 

 

 

112

 

Debt, net

 

 

2,913

 

 

 

2,913

 

Non-recourse debt, net

 

 

1,203

 

 

 

1,328

 

Operating lease liabilities

 

 

85

 

 

 

87

 

Deferred revenues

 

 

395

 

 

 

237

 

Deferred income tax liabilities

 

 

691

 

 

 

670

 

Total liabilities (variable interest entities - $1,047 and $1,199)

 

 

6,377

 

 

 

6,020

 

Commitments and contingencies - see Note 21

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value; 300,000,000 authorized shares, none
   issued or outstanding as of March 31, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.01 par value; 3,000,000,000 authorized shares, 120,258,347
    shares issued and outstanding as of March 31, 2022 and
   
119,904,001 shares issued and outstanding as of December 31, 2021

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

1,634

 

 

 

1,630

 

Accumulated retained earnings

 

 

408

 

 

 

357

 

Accumulated other comprehensive income

 

 

22

 

 

 

 

Total equity

 

 

2,065

 

 

 

1,988

 

TOTAL LIABILITIES AND EQUITY

 

$

8,442

 

 

$

8,008

 

 

See notes to unaudited condensed consolidated financial statements.

1


 

HILTON GRAND VACATIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in millions, except per share amounts)

 

 

 

Three Months Ended March 31,

 

 

2022

 

 

2021

 

 

Revenues

 

 

 

 

 

 

 

Sales of VOIs, net

 

$

269

 

 

$

33

 

 

Sales, marketing, brand and other fees

 

 

119

 

 

 

53

 

 

Financing

 

 

64

 

 

 

37

 

 

Resort and club management

 

 

125

 

 

 

45

 

 

Rental and ancillary services

 

 

136

 

 

 

32

 

 

Cost reimbursements

 

 

66

 

 

 

35

 

 

Total revenues

 

 

779

 

 

 

235

 

 

Expenses

 

 

 

 

 

 

 

Cost of VOI sales

 

 

40

 

 

 

3

 

 

Sales and marketing

 

 

243

 

 

 

82

 

 

Financing

 

 

19

 

 

 

13

 

 

Resort and club management

 

 

36

 

 

 

8

 

 

Rental and ancillary services

 

 

132

 

 

 

31

 

 

General and administrative

 

 

42

 

 

 

21

 

 

Acquisition and integration-related expense

 

 

13

 

 

 

15

 

 

Depreciation and amortization

 

 

60

 

 

 

11

 

 

License fee expense

 

 

25

 

 

 

14

 

 

Impairment expense

 

 

3

 

 

 

1

 

 

Cost reimbursements

 

 

66

 

 

 

35

 

 

Total operating expenses

 

 

679

 

 

 

234

 

 

Interest expense

 

 

(33

)

 

 

(15

)

 

Equity in earnings from unconsolidated affiliates

 

 

3

 

 

 

2

 

 

Other gain (loss), net

 

 

1

 

 

 

(1

)

 

Income (loss) before income taxes

 

 

71

 

 

 

(13

)

 

Income tax (expense) benefit

 

 

(20

)

 

 

6

 

 

Net income (loss)

 

$

51

 

 

$

(7

)

 

Earnings (loss) per share:

 

 

 

 

 

 

 

Basic

 

$

0.42

 

 

$

(0.08

)

 

Diluted

 

$

0.42

 

 

$

(0.08

)

 

 

See notes to unaudited condensed consolidated financial statements.

2


 

HILTON GRAND VACATIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(in millions)

 

 

 

Three Months Ended March 31,

 

 

2022

 

 

2021

 

 

Net income (loss)

 

$

51

 

 

$

(7

)

 

Derivative instrument adjustments, net of tax

 

 

22

 

 

 

 

 

Other comprehensive income, net of tax

 

 

22

 

 

 

 

 

Comprehensive income (loss)

 

$

73

 

 

$

(7

)

 

 

See notes to unaudited condensed consolidated financial statements.

3


 

HILTON GRAND VACATIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in millions)

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Operating Activities

 

 

 

 

 

 

Net income (loss)

 

$

51

 

 

$

(7

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

60

 

 

 

11

 

Amortization of deferred financing costs, acquisition premiums and other

 

 

12

 

 

 

6

 

Provision for financing receivables losses

 

 

31

 

 

 

16

 

Impairment expense

 

 

3

 

 

 

1

 

Other loss, net

 

 

 

 

 

1

 

Share-based compensation

 

 

11

 

 

 

4

 

Deferred income tax benefit

 

 

 

 

 

(21

)

Equity in earnings from unconsolidated affiliates

 

 

(3

)

 

 

(2

)

Net changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

(107

)

 

 

8

 

Timeshare financing receivables, net

 

 

(11

)

 

 

19

 

Inventory

 

 

26

 

 

 

(14

)

Purchases and development of real estate for future conversion to inventory

 

 

(1

)

 

 

(6

)

Other assets

 

 

(264

)

 

 

(27

)

Accounts payable, accrued expenses and other

 

 

290

 

 

 

2

 

Advanced deposits

 

 

14

 

 

 

(3

)

Deferred revenues

 

 

158

 

 

 

74

 

Net cash provided by operating activities

 

 

270

 

 

 

62

 

Investing Activities

 

 

 

 

 

 

Capital expenditures for property and equipment

 

 

(8

)

 

 

(1

)

Software capitalization costs

 

 

(6

)

 

 

(4

)

Net cash used in investing activities

 

 

(14

)

 

 

(5

)

Financing Activities

 

 

 

 

 

 

Issuance of non-recourse debt

 

 

155

 

 

 

 

Repayment of debt

 

 

(3

)

 

 

(2

)

Repayment of non-recourse debt

 

 

(277

)

 

 

(69

)

Debt issuance costs and discounts

 

 

 

 

 

(3

)

Payment of withholding taxes on vesting of restricted stock units

 

 

(8

)

 

 

(5

)

Proceeds from stock option exercises

 

 

1

 

 

 

2

 

Other financing activity

 

 

(1

)

 

 

(1

)

Net cash used in financing activities

 

 

(133

)

 

 

(78

)

Effect of changes in exchange rates on cash, cash equivalents & restricted cash

 

 

(1

)

 

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

122

 

 

 

(21

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

695

 

 

 

526

 

Cash, cash equivalents and restricted cash, end of period

 

$

817

 

 

$

505

 

 

 

 

 

 

 

 

 

4


 

HILTON GRAND VACATIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

 

 

Other

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income

 

 

Equity

 

Balance as of December 31, 2021

 

 

120

 

 

$

1

 

 

$

1,630

 

 

$

357

 

 

$

 

 

$

1,988

 

Net income

 

 

 

 

 

 

 

 

 

 

 

51

 

 

 

 

 

 

51

 

Activity related to share-based compensation

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

4

 

Derivative instrument adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22

 

 

 

22

 

Balance as of March 31, 2022

 

 

120

 

 

$

1

 

 

$

1,634

 

 

$

408

 

 

$

22

 

 

$

2,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

 

 

Other

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income

 

 

Equity

 

Balance as of December 31, 2020

 

 

84

 

 

$

1

 

 

$

192

 

 

$

181

 

 

$

 

 

$

374

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

Activity related to share-based compensation

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

Balance as of March 31, 2021

 

 

84

 

 

$

1

 

 

$

194

 

 

$

174

 

 

$

 

 

$

369

 

 

See notes to unaudited condensed consolidated financial statements.

 

5


 

HILTON GRAND VACATIONS INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1: Organization and Basis of Presentation