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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 September 30, 2021

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 November 5, 2021 was 119,837,039.

 

 


 

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

34

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

55

Item 4.

Controls and Procedures

56

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

57

Item 1A.

Risk Factors

57

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

62

Item 3.

Defaults Upon Senior Securities

62

Item 4.

Mine Safety Disclosures

62

Item 5.

Other Information

62

Item 6.

Exhibits

63

 

Signatures

65

 

 

 

 


 

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

HILTON GRAND VACATIONS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

334

 

 

$

428

 

Restricted cash

 

 

230

 

 

 

98

 

Accounts receivable, net of allowance for doubtful accounts of $44 and $20

 

 

278

 

 

 

119

 

Timeshare financing receivables, net

 

 

1,767

 

 

 

974

 

Inventory

 

 

1,461

 

 

 

702

 

Property and equipment, net

 

 

822

 

 

 

501

 

Operating lease right-of-use assets, net

 

 

76

 

 

 

52

 

Investments in unconsolidated affiliates

 

 

56

 

 

 

51

 

Goodwill

 

 

820

 

 

 

 

Intangible assets, net

 

 

1,953

 

 

 

81

 

Land and infrastructure held for sale

 

 

41

 

 

 

41

 

Other assets

 

 

259

 

 

 

87

 

TOTAL ASSETS (variable interest entities - $1,113 and $800)

 

$

8,097

 

 

$

3,134

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Accounts payable, accrued expenses and other

 

$

707

 

 

$

252

 

Advanced deposits

 

 

116

 

 

 

117

 

Debt, net

 

 

2,929

 

 

 

1,159

 

Non-recourse debt, net

 

 

1,290

 

 

 

766

 

Operating lease liabilities

 

 

93

 

 

 

67

 

Deferred revenues

 

 

270

 

 

 

262

 

Deferred income tax liabilities

 

 

798

 

 

 

137

 

Total liabilities (variable interest entities - $1,190 and $771)

 

 

6,203

 

 

 

2,760

 

Commitments and contingencies - see Note 21

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value; 300,000,000 authorized shares, none
   issued or outstanding as of September 30, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock, $0.01 par value; 3,000,000,000 authorized shares,
  
119,803,728 shares issued and outstanding as of September 30, 2021 and
  
85,205,012 shares issued and outstanding as of December 31, 2020

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

1,611

 

 

 

192

 

Accumulated retained earnings

 

 

282

 

 

 

181

 

Total equity

 

 

1,894

 

 

 

374

 

TOTAL LIABILITIES AND EQUITY

 

$

8,097

 

 

$

3,134

 

 

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 September 30,

 

 

Nine Months
Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Sales of VOIs, net

 

$

488

 

 

$

24

 

 

$

597

 

 

$

80

 

Sales, marketing, brand and other fees

 

 

118

 

 

 

52

 

 

 

252

 

 

 

171

 

Financing

 

 

53

 

 

 

40

 

 

 

127

 

 

 

127

 

Resort and club management

 

 

99

 

 

 

39

 

 

 

192

 

 

 

122

 

Rental and ancillary services

 

 

112

 

 

 

20

 

 

 

198

 

 

 

77

 

Cost reimbursements

 

 

58

 

 

 

33

 

 

 

131

 

 

 

105

 

Total revenues

 

 

928

 

 

 

208

 

 

 

1,497

 

 

 

682

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of VOI sales

 

 

130

 

 

 

8

 

 

 

154

 

 

 

21

 

Sales and marketing

 

 

234

 

 

 

79

 

 

 

432

 

 

 

297

 

Financing

 

 

19

 

 

 

13

 

 

 

43

 

 

 

39

 

Resort and club management

 

 

26

 

 

 

9

 

 

 

45

 

 

 

27

 

Rental and ancillary services

 

 

84

 

 

 

24

 

 

 

151

 

 

 

85

 

General and administrative

 

 

41

 

 

 

22

 

 

 

92

 

 

 

65

 

Acquisition and integration-related expense

 

 

54

 

 

 

 

 

 

83

 

 

 

 

Depreciation and amortization

 

 

48

 

 

 

11

 

 

 

71

 

 

 

34

 

License fee expense

 

 

24

 

 

 

11

 

 

 

57

 

 

 

39

 

Impairment expense

 

 

1

 

 

 

 

 

 

2

 

 

 

 

Cost reimbursements

 

 

58

 

 

 

33

 

 

 

131

 

 

 

105

 

Total operating expenses

 

 

719

 

 

 

210

 

 

 

1,261

 

 

 

712

 

Interest expense

 

 

(42

)

 

 

(10

)

 

 

(74

)

 

 

(32

)

Equity in earnings (losses) from unconsolidated affiliates

 

 

1

 

 

 

(1

)

 

 

7

 

 

 

3

 

Other (loss) gain, net

 

 

(20

)

 

 

1

 

 

 

(22

)

 

 

 

Income (loss) before income taxes

 

 

148

 

 

 

(12

)

 

 

147

 

 

 

(59

)

Income tax (expense) benefit

 

 

(49

)

 

 

5

 

 

 

(46

)

 

 

12

 

Net income (loss)

 

$

99

 

 

$

(7

)

 

$

101

 

 

$

(47

)

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.92

 

 

$

(0.08

)

 

$

1.08

 

 

$

(0.55

)

Diluted

 

$

0.90

 

 

$

(0.08

)

 

$

1.07

 

 

$

(0.55

)

 

See notes to unaudited condensed consolidated financial statements.

2


 

HILTON GRAND VACATIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in millions)

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

Operating Activities

 

 

 

 

 

 

Net income (loss)

 

$

101

 

 

$

(47

)

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

 

 

 

 

 

 

Depreciation and amortization

 

 

71

 

 

 

34

 

Amortization of deferred financing costs, acquisition premiums and other

 

 

19

 

 

 

13

 

Provision for financing receivables losses

 

 

77

 

 

 

57

 

Impairment expense

 

 

2

 

 

 

 

Other loss, net

 

 

7

 

 

 

 

Share-based compensation

 

 

32

 

 

 

10

 

Deferred income tax expense (benefit)

 

 

9

 

 

 

(50

)

Equity in earnings from unconsolidated affiliates

 

 

(7

)

 

 

(3

)

Return on investment in unconsolidated affiliates

 

 

2

 

 

 

 

Net changes in assets and liabilities, net of effects of acquisition:

 

 

 

 

 

 

Accounts receivable, net

 

 

(102

)

 

 

65

 

Timeshare financing receivables, net

 

 

(36

)

 

 

87

 

Inventory

 

 

(11

)

 

 

(59

)

Purchases and development of real estate for future conversion to inventory

 

 

(25

)

 

 

(27

)

Other assets

 

 

62

 

 

 

(25

)

Accounts payable, accrued expenses and other

 

 

5

 

 

 

(48

)

Advanced deposits

 

 

(5

)

 

 

4

 

Deferred revenues

 

 

(165

)

 

 

75

 

Net cash provided by operating activities

 

 

36

 

 

 

86

 

Investing Activities

 

 

 

 

 

 

Acquisition of Diamond, net of cash and restricted cash acquired

 

 

(1,585

)

 

 

 

Capital expenditures for property and equipment

 

 

(11

)

 

 

(6

)

Software capitalization costs

 

 

(14

)

 

 

(16

)

Investments in unconsolidated affiliates

 

 

 

 

 

(2

)

Net cash used in investing activities

 

 

(1,610

)

 

 

(24

)

Financing Activities

 

 

 

 

 

 

Issuance of debt

 

 

2,650

 

 

 

495

 

Issuance of non-recourse debt

 

 

96

 

 

 

495

 

Repayment of debt

 

 

(843

)

 

 

(62

)

Repayment of non-recourse debt

 

 

(234

)

 

 

(403

)

Debt issuance costs and discounts

 

 

(61

)

 

 

(8

)

Repurchase and retirement of common stock

 

 

 

 

 

(10

)

Payment of withholding taxes on vesting of restricted stock units

 

 

(5

)

 

 

(3

)

Proceeds from employee stock plan purchases

 

 

1

 

 

 

1

 

Proceeds from stock option exercises

 

 

10

 

 

 

 

Other financing activity

 

 

(2

)

 

 

(2

)

Net cash provided by financing activities

 

 

1,612

 

 

 

503

 

Net increase in cash, cash equivalents and restricted cash

 

 

38

 

 

 

565

 

Cash, cash equivalents and restricted cash, beginning of period

 

 

526

 

 

 

152

 

Cash, cash equivalents and restricted cash, end of period

 

$

564

 

 

$

717

 

 

 

 

 

 

 

 

Supplemental disclosure of non-cash operating activities:

 

 

 

 

 

 

Non-cash transfer from Property and Equipment to Inventory

 

$

 

 

$

301

 

Supplemental disclosure of non-cash investing activities:

 

 

 

 

 

 

Non-cash issuance of stock(1)

 

$

1,381

 

 

$

 

 

(1) Non-cash issuance of stock related to our acquisition of Diamond. See Note 3: Diamond Acquisition for additional information.

3


 

HILTON GRAND VACATIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Accumulated

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Equity

 

Balance as of December 31, 2020

 

 

84

 

 

$

1

 

 

$

192

 

 

$

181

 

 

$

374

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

(7

)

Activity related to share-based compensation

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

2