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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________
FORM 10-Q
____________________________________________
(Mark One)
x    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
o    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)
____________________________________________
Delaware81-2545345
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareHGVNew 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 x No o
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 x No o
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 FilerxAccelerated Filero
Non-Accelerated FileroSmaller Reporting Companyo
Emerging Growth Companyo
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No
The number of shares outstanding of the registrant’s common stock, par value $0.01 per share, as of May 2, 2024 was 103,703,246.


HILTON GRAND VACATIONS INC.
FORM 10-Q TABLE OF CONTENTS


PART I FINANCIAL INFORMATION
Item 1.    Financial Statements
HILTON GRAND VACATIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
March 31,
2024
December 31, 2023
(unaudited)
ASSETS
Cash and cash equivalents$355 $589 
Restricted cash323 296 
Accounts receivable, net
515 507 
Timeshare financing receivables, net3,030 2,113 
Inventory1,805 1,400 
Property and equipment, net953 758 
Operating lease right-of-use assets, net85 61 
Investments in unconsolidated affiliates78 71 
Goodwill1,943 1,418 
Intangible assets, net1,927 1,158 
Other assets650 314 
TOTAL ASSETS (variable interest entities - $1,568 and $1,459)
$11,664 $8,685 
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other$1,176 $952 
Advanced deposits181 179 
Debt, net5,144 3,049 
Non-recourse debt, net1,534 1,466 
Operating lease liabilities103 78 
Deferred revenue
382 215 
Deferred income tax liabilities
980 631 
Total liabilities (variable interest entities - $1,521 and $1,472)
9,500 6,570 
Commitments and contingencies - see Note 18
Equity:
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none
 issued or outstanding as of March 31, 2024 and December 31, 2023
  
Common stock, $0.01 par value; 3,000,000,000 authorized shares,
104,760,243 shares issued and outstanding as of March 31, 2024 and
 105,961,160 shares issued and outstanding as of December 31, 2023
1 1 
Additional paid-in capital1,467 1,504 
Accumulated retained earnings521 593 
Accumulated other comprehensive income15 17 
Total stockholders equity
2,004 2,115 
Noncontrolling interest
160  
Total equity
2,164 2,115 
TOTAL LIABILITIES AND EQUITY
$11,664 $8,685 
See notes to unaudited condensed consolidated financial statements.
1

HILTON GRAND VACATIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)
Three Months Ended March 31,
20242023
Revenues
Sales of VOIs, net$438 $318 
Sales, marketing, brand and other fees145 158 
Financing104 74 
Resort and club management166 131 
Rental and ancillary services181 158 
Cost reimbursements122 95 
Total revenues1,156 934 
Expenses
Cost of VOI sales48 50 
Sales and marketing401 301 
Financing39 24 
Resort and club management54 42 
Rental and ancillary services173 152 
General and administrative45 42 
Acquisition and integration-related expense109 17 
Depreciation and amortization62 51 
License fee expense35 30 
Impairment expense2  
Cost reimbursements122 95 
Total operating expenses1,090 804 
Interest expense(79)(44)
Equity in earnings from unconsolidated affiliates5 3 
Other (loss) gain, net
(5)1 
(Loss) income before income taxes
(13)90 
Income tax benefit (expense)
11 (17)
Net (loss) income
(2)73 
Net income attributable to noncontrolling interest
2  
Net (loss) income attributable to stockholders
$(4)$73 
(Loss) earnings per share:
Basic$(0.04)$0.65 
Diluted$(0.04)$0.64 
See notes to unaudited condensed consolidated financial statements.
2

HILTON GRAND VACATIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in millions)
Three Months Ended March 31,
20242023
Net (loss) income
$(2)$73 
Derivative instrument adjustments, net of tax4 (10)
Foreign currency translation adjustments(6) 
Other comprehensive loss, net of tax(2)(10)
Comprehensive income attributable to noncontrolling interest
2  
Comprehensive (loss) income attributable to stockholders
$(6)$63 
See notes to unaudited condensed consolidated financial statements.
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HILTON GRAND VACATIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)
Three Months Ended March 31,
20242023
Operating Activities
Net (loss) income
$(2)$73 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization62 51 
Amortization of deferred financing costs, acquisition premiums and other25 7 
Provision for financing receivables losses64 30 
Impairment expense2  
Other loss (gain), net
5 (1)
Share-based compensation9 10 
Equity in earnings from unconsolidated affiliates(5)(3)
Net changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net24 8 
Timeshare financing receivables, net(78)(24)
Inventory(25)(101)
Purchases and development of real estate for future conversion to inventory(33)(2)
Other assets(245)(244)
Accounts payable, accrued expenses and other88 84 
Advanced deposits 24 
Deferred revenue109 114 
Net cash provided by operating activities 26 
Investing Activities
Acquisitions, net of cash, cash equivalents and restricted cash acquired(1,454) 
Capital expenditures for property and equipment (excluding inventory)(10)(5)
Software capitalization costs(9)(6)
Net cash used in investing activities(1,473)(11)
Financing Activities
Proceeds from debt2,060 438 
Proceeds from non-recourse debt290 175 
Repayment of debt(108)(153)
Repayment of non-recourse debt(816)(182)
Debt issuance costs(39) 
Repurchase and retirement of common stock(99)(85)
Payment of withholding taxes on vesting of restricted stock units(21)(14)
Proceeds from stock option exercises6 5 
Other(1)(1)
Net cash provided by financing activities
1,272 183 
Effect of changes in exchange rates on cash, cash equivalents & restricted cash(6)(1)
Net (decrease) increase in cash, cash equivalents and restricted cash(207)197 
Cash, cash equivalents and restricted cash, beginning of period885 555 
Cash, cash equivalents and restricted cash, end of period678 752 
Less: Restricted cash323 363 
Cash and cash equivalents$355 $389 
See notes to unaudited condensed consolidated financial statements.
4

HILTON GRAND VACATIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
(in millions)
Common StockAdditional
Paid-in
Capital
Accumulated
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Noncontrolling Interest
Total
Equity
Shares Amount
Balance as of December 31, 2023
106 $1 $1,504 $593 $17  $2,115 
Acquisition of third party equity interest in consolidated entity
— — — — — 158 158 
Net (loss) income
— — — (4)— 2 (2)
Activity related to share-based compensation1 — (4)— — — (4)
Foreign currency translation adjustments— — — — (6)— (6)
Derivative instrument adjustments, net of tax— — — — 4 — 4 
Repurchase and retirement of common stock(2)— (33)(68)— — (101)
Balance as of March 31, 2024
105 $1 $1,467 $521 $15 $160 $2,164 
Common StockAdditional
Paid-in
Capital
Accumulated
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Noncontrolling Interest
Total Equity
SharesAmount
Balance as of December 31, 2022113 $1 $1,582 $529 $39 $ $2,151 
Net income— — — 73 — — 73 
Activity related to share-based compensation1 — 3 — — — 3 
Derivative instrument adjustments, net of tax— — — — (10)— (10)
Repurchase and retirement of common stock(2)— (26)(59)— — (85)
Balance as of March 31, 2023112 $1 $1,559 $543 $29 $ $2,132 
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
Our Business
Hilton Grand Vacations Inc. (“Hilton Grand Vacations,” “we,” “us,” “our,” “HGV” or the “Company”) is a global timeshare company engaged in developing, marketing, selling, managing and operating timeshare resorts, timeshare plans and ancillary reservation services, primarily under the Hilton Grand Vacations brand. On January 17, 2024 (“Bluegreen Acquisition Date”), we completed the acquisition of Bluegreen Vacations Holding Corporation (“Bluegreen”) (the “Bluegreen Acquisition”).
Our operations primarily consist of selling vacation ownership intervals and vacation ownership interests (collectively, “VOIs” or “VOI”) for us and third parties; financing and servicing loans provided to consumers for their timeshare purchases; operating resorts and timeshare plans; and managing our clubs and exchange programs that include HGV Max, Hilton Grand Vacations Club and Hilton Club, Diamond points-based multi-resort timeshare clubs and Bluegreen Vacation Club (collectively referred to as “Clubs”).
As of March 31, 2024, we had approximately 200 properties located in the United States (“U.S.”), Europe, Mexico, the Caribbean, Canada and Asia. A significant number of our properties and VOIs are concentrated in Florida, Europe, Hawaii, California, Arizona, Nevada and Virginia, inclusive of the new locations we have expanded into through the Bluegreen Acquisition. We are in the process of rebranding many of the Diamond properties and anticipate rebranding the majority of Bluegreen properties and sales centers. As of March 31, 2024, we expect to begin rebranding certain Bluegreen properties during the fourth quarter of 2024 to the Hilton Grand Vacations brands and Hilton standards.
Basis of Presentation
The unaudited condensed consolidated financial statements presented herein include all of our assets, liabilities, revenues, expenses and cash flows as well as all entities in which we have a controlling financial interest. The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other interests. If the entity is considered to be a variable interest entity (“VIE”), we determine whether we are the primary beneficiary, and then consolidate those VIEs for which we have determined we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50% of the voting shares of a company or otherwise have a controlling financial interest, including HGV/Big Cedar Vacations LLC, a joint venture in which HGV is deemed to hold a controlling financial interest based on its 51% equity interest (“Big Cedar”), its active role as the day-to-day manager of its activities, and majority voting control of its management committee. HGV acquired its equity interest in Big Cedar as part of the Bluegreen Acquisition. All material intercompany transactions and balances have been eliminated in consolidation. Our accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation.
The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows as prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Although we believe the disclosures made are adequate to prevent information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2023, included in our Annual Report on Form 10-K filed with the SEC on February 29, 2024.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates. Interim results are not necessarily indicative of full year performance.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Noncontrolling Interest
Noncontrolling interest reflects a third party’s ownership interest in Big Cedar that is consolidated in the Company’s unaudited condensed consolidated financial statements but is less than 100% owned by the Company. The
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noncontrolling interest is recognized as equity in the Company’s unaudited condensed consolidated balance sheet and presented separately from the equity attributable to its stockholders.
    The amounts of unaudited consolidated net income and unaudited comprehensive income attributable to the Company’s stockholders and noncontrolling interest are separately presented in the condensed unaudited consolidated statements of operations and comprehensive income.
Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 provides amendments to improve reportable segment disclosure requirements both on an interim and annual basis, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The impact of adoption of ASU 2023-07 is expected to impact disclosures only and not have a material impact on our consolidated financial statements or results.
In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 states that an entity must provide greater disaggregation of its effective tax rate reconciliation disclosure. The ASU also states that an entity must separately disclose net cash taxes paid between federal, state, and foreign jurisdictions. The guidance is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The guidance is to be applied prospectively, although retrospective application is permitted. The impact of adoption of ASU 2023-09 is expected to impact disclosures only and not have a material impact on our consolidated financial statements or results.
NOTE 3: ACQUISITIONS
Bluegreen Acquisition
On January 17, 2024, we completed the Bluegreen Acquisition in an all-cash transaction, with total consideration of approximately $1.6 billion. The Bluegreen Acquisition is expected to broaden HGV’s offerings, customer reach and sales locations. Costs related to the Bluegreen Acquisition for three months ended March 31, 2024 were $100 million, which were expensed as incurred, and reflected as Acquisition and integration-related expense in our unaudited condensed consolidated statements of operations.
The following table presents the preliminary fair value of each class of consideration transferred in relation to the Bluegreen Acquisition as of the Bluegreen Acquisition Date:
($ in millions, except share and per share data)
Number of Class A Shares issued and outstanding12,504,138
Number of Class B Shares issued and outstanding3,664,117
Number of Class A shares deliverable as equity awards673,169
Total shares and related equity awards outstanding16,841,424
Cash consideration to Bluegreen shareholders and equity award holders per share$75.00 
Purchase price$1,263 
Repayment of Bluegreen Debt(1)
265 
Payment of Seller Transaction Fees(2)
28 
Total Consideration Transferred$1,556 
(1) Reflects the balance of Bluegreen’s debt repaid by HGV.
(2) Reflects transaction-related expenses incurred by Bluegreen but paid by HGV.
Preliminary Fair Values of Assets Acquired and Liabilities Assumed
We accounted for the Bluegreen Acquisition as a business combination, which requires us to record the assets acquired and liabilities assumed at fair value as of the Bluegreen Acquisition Date. The preliminary fair values of the assets acquired, liabilities assumed, and noncontrolling interest, which are presented in the table below, and the related preliminary acquisition accounting are based on management’s estimates and assumptions, as well as information compiled by management, including the books and records of Bluegreen. Our estimates and assumptions are subject to change during the measurement period, not to exceed one year from the Bluegreen Acquisition Date. The magnitude of the Bluegreen Acquisition could necessitate the need to use the full one-year measurement period to adequately analyze and assess a number of the factors used in establishing the asset, liability and noncontrolling interest fair values as of the Bluegreen Acquisition Date. The final values may also result in changes to amortization expense related to intangible assets and depreciation expense related to property and equipment, among other changes. Any potential adjustments made could be material in relation to the values presented in the table below.
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As discussed more fully below, the primary areas of the purchase price allocation that are not yet finalized include the following: (1) finalizing the review and valuation of acquired intangible assets (including key assumptions, inputs and estimates) and assigning the useful lives to such assets; (2) finalizing the review and valuation of acquired inventory, property and equipment (including key assumptions, inputs and estimates) and assigning the remaining useful lives to the depreciable assets; (3) finalizing the review and valuation of acquired timeshare financing receivables (including key assumptions, inputs and estimates); (4) finalizing the valuation of certain in-place contracts or contractual relationships (including but not limited to leases), including determining the appropriate amortization periods; (5) finalizing the review and valuation of other acquired assets, assumed liabilities, and noncontrolling interest, including debt assumed; and (6) finalizing our estimate of the impact of purchase accounting on deferred income tax liabilities.
($ in millions)Preliminary Amounts Recognized as of the Bluegreen Acquisition Date
Assets acquired
Cash and cash equivalents$58 
Restricted cash44 
Accounts receivable
32 
Timeshare financing receivables, net925 
Inventory365 
Property and equipment177 
Investment in unconsolidated affiliates
1 
Operating lease right-of-use assets18 
Intangible assets812 
Other assets83 
Total assets acquired$2,515 
Liabilities assumed
Accounts payable, accrued expenses and other$129 
Advanced deposits
2 
Debt
162 
Non-recourse debt
606 
Operating lease liabilities
20 
Deferred revenue57 
Deferred income tax liabilities348 
Total liabilities assumed1,324 
Net assets acquired$1,191 
Total consideration transferred$1,556 
Less: Net assets acquired
(1,191)
Plus: Noncontrolling interest
158 
Goodwill(1)
$523 
(1)Goodwill is calculated as total consideration transferred less net assets acquired and it primarily represents the value that we expect to obtain from synergies and growth opportunities from our combined Company post-acquisition.
Timeshare Financing Receivables
We acquired timeshare financing receivables, net which consist of loans to customers who purchased vacation ownership products and chose to finance their purchases. These timeshare financing receivables, net are collateralized by the underlying VOIs and generally have 10-year amortizing repayment terms. We preliminarily estimated the fair value of the timeshare financing receivables using a discounted cash flow model, which calculated a present value of expected future risk-adjusted cash flows over the remaining term of the respective timeshare financing receivables. We are continuing to evaluate the significant assumptions underlying the discounted cash flow model including default, severity and prepayment assumptions, which could result in changes to our preliminary estimate. We have determined that the entire acquired timeshare financing receivables portfolio shows evidence of more-than-insignificant deterioration in credit quality since origination. See Note 6: Timeshare Financing Receivables, net for additional information.
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Acquired timeshare financing receivables with credit deterioration as of the Bluegreen Acquisition Date were as follows:
($ in millions)As of
January 17, 2024
Purchase price$925 
Allowance for credit losses137 
Premium attributable to other factors(102)
Par value$960 
Inventory
We acquired inventory which primarily consists of completed unsold VOIs. We preliminarily estimated the fair value of acquired inventory using a discounted cash flows method, which included an estimate of cash flows expected to be generated from the sale of VOIs. Significant estimates and assumptions impacting the fair value of the acquired inventory that are subjective and/or require complex judgments include our estimates of operating costs and margins, and the discount rate. Certain other estimates and assumptions impacting the fair value of the acquired inventory involving less subjective and/or less complex judgments include: short-term and long-term revenue growth rates, capital expenditures, tax rates and other factors impacting the discounted cash flows. We are continuing to assess the market assumptions and property conditions, which could result in changes to these preliminary values.
Property and Equipment
We acquired property and equipment, which includes land, buildings and improvements, leasehold improvements, computer hardware and software, furniture, fixtures, and office equipment, machinery and equipment, vehicles, construction in progress, and other assets. For our preliminary analysis, we estimated the fair value of the property and equipment using a mix of cost and market approaches. In determining the fair value using the cost approach, we estimated the reproduction cost new by applying BLS trending indices to the historical capitalized costs within the fixed asset details. We also relied on the market approach to determine the fair value of certain assets. In applying the market approach to value, we relied on the Percent of Cost Method. In addition, certain property and equipment assets were held at their carrying value, which is our best estimate of fair value at this time given the information available. We are continuing to assess the market assumptions and property conditions, which could result in changes to these preliminary values.
Operating Lease Right-of-Use-Assets and Lease Liabilities
We have recorded a preliminary estimate of the liability for those operating leases assumed in connection with the Bluegreen Acquisition with a remaining term in excess of one year. We measured the lease liabilities assumed at the present value of the remaining contractual lease payments based on the guidance in ASC 842 discounted at an incremental borrowing rate applicable to HGV determined as of the Bluegreen Acquisition Date. The right-of-use assets for such leases were measured at an amount equal to the lease liabilities, adjusted for the favorable or unfavorable leasehold position considering the contractual terms of the lease when compared with market terms. A small number of operating lease right of use assets and lease liabilities were preliminarily estimated at carrying value. Additionally, any equipment lease was held at carrying value. We continue to assess the market assumptions, which could result in changes to our preliminary estimate.
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Intangible Assets
The following table presents our preliminary estimates of the fair values of the acquired Bluegreen’s identified intangible assets and their related estimated remaining useful lives:
Weighted Average Estimated Useful Life
(in years)
Estimated Fair
Value
($ in millions)
Trade name
7
$30 
Management contracts
19
479 
Club member relationships
11
36 
Capitalized software
3
12 
Marketing agreements
17
209 
Other contract-related intangible assets
12
46 
Total intangible assets acquired$812 
We preliminarily estimated the fair value of Bluegreen's trade name using the relief-from-royalty method, which applies an estimated royalty rate to forecasted future cash flows, discounted to present value. We provisionally estimated the value of management contracts and member relationships using the multi-period excess earnings method, which is a variation of the income approach. This method estimates an intangible asset’s value based on the present value of the incremental after-tax cash flows attributable to the intangible asset. The marketing agreements were valued using the with‑and‑without method of the income approach. Under this method, the value of an asset is a function of the differential of projected cash flows with the asset in place and the projected cash flows without the asset in place, discounted to present value. We continue to review Bluegreen's contracts and historical performance in addition to evaluating the assumptions impacting the estimated values of such intangible assets and their respective useful lives, including the discount rate applied to the estimated cash flows and renewal and growth estimates and expected margins, which could result in changes to these preliminary values.
Debt
As part of the acquisition and consideration transferred, we paid off $265 million of Bluegreen’s existing corporate debt and accrued interest. We preliminarily estimated the fair value of the remaining assumed debt using a discounted cash flow model under the income approach. We are continuing to evaluate the significant assumptions underlying the discounted cash flow model, which could result in changes to our preliminary estimate.
Non-Recourse Debt
We preliminarily estimated the fair value of the securitized debt and warehouse loan facilities, using a discounted cash flow model under the income approach. The significant assumptions in our analysis include default rates, prepayment rates, bond interest rates and other structural factors. We are continuing to evaluate the significant assumptions underlying the discounted cash flow model including default and prepayment assumptions, which could result in changes to our preliminary estimate.
Deferred Revenue
Deferred revenue primarily relates to deferred sales incentives revenues, primarily related to Bonus Points, which are deferred and recognized upon redemption; and Club membership fees, which are deferred and recognized over the terms of the applicable contract term or membership on a straight-line basis. We preliminarily estimated the fair value of the deferred revenue at the carrying value of such liabilities as of the Bluegreen Acquisition Date. We continue to review Bluegreen’s contracts, which could result in changes to the preliminary estimate.
Deferred Income Taxes
Deferred income taxes primarily relate to the fair value of assets and liabilities acquired from Bluegreen, including timeshare financing receivables, inventory, property and equipment, intangible assets, and debt. We preliminarily estimated deferred income taxes based on the blended U.S. federal and state statutory tax rate which approximates to 25%. Within the measurement period, we will continue to assess the tax rates used, and we will update our estimate of deferred income taxes based on changes to our preliminary valuations of the related assets and liabilities and refinement of the effective tax rates, which could result in changes to these preliminary values.

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Noncontrolling Interest
The acquired noncontrolling interest relates to Big Cedar Vacations, LLC, a joint venture in which we are deemed to hold a controlling financial interest based on our 51% equity interest, its active role as the day-to-day manager of its activities, and our majority voting control of its management committee. We preliminarily estimated the fair value of the noncontrolling interest using a discounted cash flow model under the income approach. We continue to assess the market assumptions, which could result in changes to our preliminary estimate.
Goodwill
We have recorded a preliminary estimate of $523 of goodwill in connection with the Bluegreen Acquisition. We have allocated the acquired goodwill to our segments, Real Estate Sales and Financing and Resort Operations and Club Management, as indicated in the table below. Our allocations may change throughout the measurement period as we continue to finalize the fair value of assets acquired and liabilities assumed in the Bluegreen Acquisition. The majority of goodwill is not expected to be deductible for tax purposes.
Resort Operations and Club Management SegmentReal Estate Sales and Financing SegmentTotal Consolidated
Goodwill$177 $346 $523 
Pro Forma Results of Operations
The following unaudited pro forma information presents the combined results of operations of HGV and Bluegreen as if we had completed the Bluegreen Acquisition on January 1, 2023, the first day of our 2023 fiscal year, but using our preliminary fair values of assets and liabilities as of the Bluegreen Acquisition Date. These unaudited pro forma results do not reflect any synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Bluegreen Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations.
Three Months Ended March 31,
($ in millions)20242023
Revenue$1,202 $1,164 
Net (loss) income
(10)52 
Bluegreen Results of Operations
The following table presents the results of Bluegreen operations included in our unaudited condensed consolidated statement of operations for the period from the Bluegreen Acquisition Date through the first quarter of 2024:
($ in millions)January 17, 2024 to March 31, 2024
Revenue$189 
Net loss(33)
Grand Islander Acquisition
On December 1, 2023 (“Grand Islander Acquisition Date”), the Company completed the acquisition of BRE Grand Islander Parent LLC (“Grand Islander”), by exchanging 100% of the outstanding equity interests of Grand Islander for approximately $117 million (the “Grand Islander Acquisition”). Prior to the acquisition, we managed the resort property in Hawaii owned by Grand Islander. The acquisition expands our product offerings and provides existing members upgrade opportunities to locations outside of the prior Fee-for-service arrangement. The purchase price of $117 million included cash consideration, as well as $4 million of non-cash consideration attributable to the effective settlement of a pre-existing relationship based on the contract value.
As of March 31, 2024, the preliminary fair values of the assets acquired includes $8 million of cash and cash equivalents, $28 million of restricted cash, $5 million of accounts receivable, $53 million of unsecuritized timeshare financing receivables, net, $199 million of securitized timeshare financing receivables, net, $15 million of inventory, and $2 million of other assets. Of the securitized timeshare financing receivables acquired, $128 million is used as collateral to secure a non-recourse revolving timeshare receivable credit facility (“Grand Islander Timeshare Facility”). The preliminary fair values of the liabilities assumed consist of $193 million of non-recourse debt and $4 million of other liabilities.
The estimated fair values of the assets acquired, and liabilities assumed and the related preliminary acquisition accounting are based on management’s estimates and assumptions, as well as other information compiled by management. We preliminarily estimated the fair value of the timeshare financing receivables and inventory using a discounted cash flow
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model, which calculated a present value of expected future risk-adjusted cash flows over the remaining term of the respective timeshare financing receivable and the sell-out period of the inventory, respectively. For non-recourse debt, we estimated the fair value using recent trades of the debt, using adjustments to recent trades of similar debt or the settlement amounts for debt that was repaid in close proximity to the Grand Islander Acquisition Date.
The timeshare financing receivables acquired were considered PCD assets. The following table presents the acquired assets with credit deterioration as of the Grand Islander Acquisition Date:
($ in millions)As of
December 1, 2023
Purchase price$252 
Allowance for credit losses24 
Premium attributable to other factors(2)
Par value$274 
Goodwill of $4 million is calculated as total consideration transferred less net assets acquired. The measurement period adjustments recorded during the quarter ended March 31, 2024 resulted from changes to our estimates of the fair value of the acquired assets and assumed liabilities based on updated preliminary valuations of acquired timeshare financing receivables and inventory. These resulted in an increase to goodwill for the period of $2 million. We have allocated the acquired goodwill of $4 million to our Real Estate Sales and Financing segment. Our allocations may change throughout the measurement period as we continue to finalize the fair value of assets acquired and liabilities assumed in the Grand Islander Acquisition. The majority of goodwill is expected to be deductible for tax purposes. All amounts recorded, including those based on estimates and assumptions, are subject to change during the measurement period, not to exceed one year from the Grand Islander Acquisition Date.
NOTE 4: REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following tables show our disaggregated revenues by product and segment from contracts with customers. We operate our business in the following two reportable segments: (i) Real estate sales and financing and (ii) Resort operations and club management. See Note 17: Business Segments for more information related to our segments.
($ in millions)Three Months Ended March 31,
Real Estate Sales and Financing Segment20242023
Sales of VOIs, net$438 $318 
Sales, marketing, brand and other fees145 158 
Interest income96 66 
Other financing revenue8 8 
Real estate sales and financing segment revenues$687 $550 
($ in millions)Three Months Ended March 31,
Resort Operations and Club Management Segment20242023
Club management$63 $51 
Resort management103 80 
Rental(1)
169 147 
Ancillary services12 11 
Resort operations and club management segment revenues$347 $289 
(1)Excludes intersegment transactions. See Note 17: Business Segments for additional information.
Receivables from Contracts with Customers, Contract Liabilities, and Contract Assets
Our accounts receivable that relate to our contracts with customers includes amounts associated with our contractual right to consideration for completed performance obligations and are settled when the related cash is received. Accounts receivable are recorded when the right to consideration becomes unconditional and is only contingent on the
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passage of time. Our timeshare financing receivables consist of loans related to our financing of VOI sales that are secured by the underlying timeshare properties. See Note 6: Timeshare financing receivables for additional information.
The following table provides information on our contracts with customers which are included in Accounts receivable, net and Timeshare financing receivables, net, respectively, on our condensed consolidated balance sheets:
($ in millions)March 31, 2024December 31, 2023
Receivables from contracts with customers:
Accounts receivable, net$360 $343 
Timeshare financing receivables, net3,030 2,113 
Total$3,390 $2,456 
Contract liabilities include payments received or due in advance of satisfying our performance obligations. Such contract liabilities include advanced deposits received on prepaid vacation packages for future stays at our resorts, deferred revenue related to sales of VOIs of projects under construction, club activation fees and annual dues, the liability for bonus points awarded to our customers for purchase of VOIs at our properties or properties under our fee-for-service arrangements that may be redeemed in the future, deferred maintenance fees and other deferred revenue.
The following table presents the composition of our contract liabilities:
($ in millions)March 31, 2024December 31, 2023
Contract liabilities:
Advanced deposits$181 $179 
Deferred sales of VOIs of projects under construction35 39 
Club activation fees and annual dues
180 97 
Bonus point incentive liability(1)
94 83 
Deferred maintenance fees39 12 
Other deferred revenue86 38 
(1)The balance includes $52 million and $54 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.
Revenue earned for the three months ended March 31, 2024, that was included in the contract liabilities balance at December 31, 2023, was approximately $82 million.
Contract assets relate to incentive fees that can be earned for meeting certain targets on sales of VOIs at properties under our fee-for-service arrangements; however, our right to consideration is conditional upon completing the requirements of the annual incentive fee period. There were no contract assets as of March 31, 2024, and $13 million of contract assets as of December 31, 2023.
Transaction Price Allocated to Remaining Performance Obligations
Transaction price allocated to remaining performance obligations represents contract revenue that has not yet been recognized. Our contracts with remaining performance obligations primarily include (i) sales of VOIs under construction, (ii) club activation fees paid at closing of a VOI purchase, (iii) customers’ advanced deposits on prepaid vacation packages and (iv) bonus points that may be redeemed in the future.
Deferred VOI sales includes deferred revenue from sales associated with phases or buildings under-construction and not yet completed. The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
($ in millions)March 31, 2024December 31, 2023
Sales of VOIs, net$35 $39 
Cost of VOI sales11 10 
Sales and marketing expense5 6 
During the three months ended March 31, 2024, we recognized $41 million of sales of VOIs, net, offset by deferrals of $39 million, related to sales of projects under construction, some of which were completed during the year. We
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expect to recognize the revenue, costs of VOI sales and direct selling costs related to the projects under construction as of March 31, 2024, upon their completion in 2024.
The following table includes the remaining transaction price related to Advanced deposits, Club activation fees and Bonus points incentive liability as of March 31, 2024:
($ in millions)Remaining
Transaction Price
Recognition PeriodRecognition Method
Advanced deposits$181 18 monthsUpon customer stays
Club activation fees66 7 yearsStraight-line basis over average inventory holding period
Bonus point incentive liability94 
18 - 30 months
Upon redemption
NOTE 5: ACCOUNTS RECEIVABLE
Accounts receivable within the scope of ASC 326 are measured at amortized cost. The following table represents our accounts receivable, net of allowance for credit losses:
($ in millions)March 31, 2024December 31, 2023
Fee-for-service commissions$44 $57 
Real estate and financing79 87 
Resort and club operations237 199 
Tax receivables150 97 
Insurance claims receivable 54 
Other receivables5 13 
Total$515 $507 
Our accounts receivable are generally due within one year of origination. We use delinquency status and economic factors such as credit quality indicators to monitor our receivables within the scope of ASC 326 and use these as a basis for how we develop our expected loss estimates.
The changes in our allowance were as follows during the three months ended March 31, 2024:
($ in millions)
Fee-for-service commissions
Real estate and financing
Resort and club operations
Total
Balance as of December 31, 2023
$23 $34 $3 $60 
Current period provision for expected credit losses2 3 11 16 
Write-offs charged against the allowance(8)(7) (15)
Balance as of March 31, 2024
$17 $30 $14 $61 
NOTE 6: TIMESHARE FINANCING RECEIVABLES
We define our timeshare financing receivables portfolio segments as (i) originated and (ii) acquired. Our originated portfolio represents timeshare financing receivables that originated after August 2, 2021 related to Diamond (“Legacy-Diamond”), after December 1, 2023 related to Grand Islander (“Legacy-Grand Islander”), after January 17, 2024 related to Bluegreen (“Legacy-Bluegreen”) and timeshare financing receivables that existed both prior to and following the various acquisition dates (“Legacy-HGV”). Our acquired portfolio includes all timeshare financing receivables acquired from Legacy-Diamond, Legacy-Grand Islander and Legacy-Bluegreen that existed as of the respective acquisition dates.
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The following table presents the components of each portfolio segment by class of timeshare financing receivables:
OriginatedAcquired
($ in millions)March 31,
2024
December 31,
2023
March 31,
2024
December 31,
2023
Securitized$715 $770 $610 $214 
Unsecuritized(1)
1,517 1,326 973 551 
Timeshare financing receivables, gross$2,232 $2,096 $1,583 $765 
Unamortized non-credit acquisition premium(2)
  115 32 
Less: allowance for financing receivables losses(539)(500)(361)(279)
Timeshare financing receivables, net$1,693 $1,596 $1,337 $518 
(1)Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility (“Timeshare Facility”) as well as amounts held as future collateral for securitization activities.
(2)Non-credit premium of $97 million was recognized at the Diamond Acquisition Date, of which $22 million and $26 million remains unamortized as of March 31, 2024 and December 31, 2023, respectively. Non-credit premium of $1 million was recognized at the Grand Islander Acquisition Date with $1 remaining unamortized as of March 31, 2024 and December 31, 2023. Non-credit premium of $102 million was recognized at the Bluegreen Acquisition Date, of which $92 million remains unamortized as of March 31, 2024.
As of March 31, 2024 and December 31, 2023, we had timeshare financing receivables of $396 million and $415 million, respectively, securing the Timeshare Facility. In connection with the acquisition of Grand Islander and Bluegreen, we had access to additional timeshare facilities, which were terminated as of March 31, 2024.
For our originated portfolio, we record an estimate of variable consideration for defaults as a reduction of revenue from financed VOI sales at the time revenue is recognized. We record the difference between the timeshare financing receivable and the variable consideration included in the transaction price for the sale of the related VOI as an allowance for financing receivables and record the receivable net of the allowance. During the three months ended March 31, 2024, and 2023, we recorded an adjustment to our estimate of variable consideration of $64 million and $30 million, respectively. For our acquired portfolio, any changes to the estimates of our allowance are recorded within Financing expense on our unaudited condensed consolidated statements of operations in the period in which the change occurs.
We recognize interest income on our timeshare financing receivables as earned. As of March 31, 2024 and December 31, 2023, we had interest receivable outstanding of $17 million each period, on our originated timeshare financing receivables. As of March 31, 2024 and December 31, 2023, we had interest receivable outstanding of $11 million and $4 million, respectively, on our acquired timeshare financing receivables. Interest receivable is included in Other Assets within our unaudited condensed consolidated balance sheets. The interest rate charged on the notes correlates to the risk profile of the customer at the time of purchase and the percentage of the purchase that is financed, among other factors. As of March 31, 2024, our originated timeshare financing receivables had interest rates ranging from 1.5% to 25.8%, a weighted-average interest rate of 15.1%, a weighted-average remaining term of 8.3 years and maturities through 2039. Our acquired timeshare financing receivables had interest rates ranging from 2.0% to 25.0%, a weighted-average interest rate of 14.9%, a weighted-average remaining term of 7.5 years and maturities through 2039.
We apply payments we receive for loans, including those in non-accrual status, to amounts due in the following order: servicing fees; interest; principal; and late charges. Once a loan is 91 days past due, we cease accruing interest and reverse the accrued interest recognized up to that point. During the three months ended March 31, 2024, and 2023, we reversed $19 million and $18 million, respectively, of accrued interest income. We resume interest accrual for loans for which we had previously ceased accruing interest once the loan is less than 91 days past due. We fully reserve for a timeshare financing receivable in the month following the date that the loan is 121 days past due and, subsequently, we write off the uncollectible note against the reserve once the foreclosure process is complete.
Allowance for Financing Receivables Losses
The changes in our allowance for financing receivables losses were as follows:
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($ in millions)
Originated
Acquired
Balance as of December 31, 2023$500 $279 
Initial allowance for PCD financing receivables acquired during the period(1)
 131 
Provision for financing receivables losses(2)
64  
Write-offs(27)(54)
Inventory recoveries 7 
Upgrades(4)
2 (2)
Balance as of March 31, 2024$539 $361 
($ in millions)
Originated
Acquired
Balance as of December 31, 2022$404 $338 
Provision for financing receivables losses(2)
30  
Write-offs(17)(16)
Inventory recoveries 4 
Upgrades(4)
1 (1)
Balance as of March 31, 2023$418 $325 
(1)The initial gross allowance determined for receivables with credit deterioration was $137 million as of the Bluegreen Acquisition Date. We also reduced the gross allowance determined for receivables with credit deterioration for Legacy-Grand Islander by $6 million
(2)Includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded timeshare financing receivables.
(3)Includes incremental provision for credit loss expense from Acquired loans.
(4)Represents the initial change in allowance resulting from upgrades of Acquired loans. Upgraded Acquired loans and their related allowance are included in the Originated portfolio segment.
Originated Timeshare Financing Receivables
Our originated timeshare financing receivables as of March 31, 2024 mature as follows:
Originated Timeshare Financing Receivables
($ in millions)SecuritizedUnsecuritizedTotal
Year
2024 (remaining)$63 $78 $141 
202589 110 199 
202692 119 211 
202793 130 223 
202888 146 234 
Thereafter290 934 1,224 
Total$715 $1,517 $2,232 
Acquired Timeshare Financing Receivables with Credit Deterioration
Our acquired timeshare financing receivables were deemed to be purchased credit deteriorated financial assets. These notes receivable were initially recognized at their purchase price, represented by the acquisition date fair value, and subsequently “grossed-up” by our acquisition date assessment of the allowance for credit losses. The difference over which par value of the acquired purchased credit deteriorated assets exceeds the purchase price plus the initial allowance for financing receivable losses is reflected as a non-credit premium and is amortized as a reduction to interest income under the effective interest method.
The fair value of our acquired timeshare financing receivables as of each respective acquisition date was determined using a discounted cash flow method, which calculated a present value of expected future risk-adjusted cash flows over the remaining term of the respective timeshare financing receivables. Consequently, the fair value of the acquired timeshare financing receivables recorded on our unaudited condensed consolidated balance sheet as of the respective acquisition date included an estimate of expected financing receivable losses which became the historical cost basis for that portfolio going forward.
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The allowance for financing receivable losses for our acquired timeshare financing receivables is remeasured at each period end and takes into consideration an estimated measure of anticipated defaults and early repayments. We consider historical timeshare financing receivables performance and the current economic environment in the re-measurement of the allowance for financing receivable losses for our acquired timeshare financing receivables. Subsequent changes to the allowance for acquired financing receivable losses are recorded within Financing expense on our unaudited condensed consolidated statements of operations in the period in which the change occurs.
Our gross acquired timeshare financing receivables as of March 31, 2024 mature as follows:
Acquired Timeshare Financing Receivables
($ in millions)SecuritizedUnsecuritizedTotal
Year
2024 (remaining)$54 $66 $120 
202579 93 172 
202681 100 181 
202783 106 189 
202879 112 191 
Thereafter234 496 730 
Total$610 $973 $1,583 
Credit Quality of Timeshare Financing Receivables
We evaluate these portfolios collectively for purposes of estimating variable consideration, since we hold a large group of homogeneous timeshare financing receivables which are individually immaterial. We monitor the collectability of our receivables on an ongoing basis. There are no significant concentrations of credit risk with any individual counterparty or groups of counterparties. We use a technique referred to as static pool analysis as the basis for estimating expected defaults and determining our allowance for financing receivables losses on our timeshare financing receivables. For the static pool analysis, we use several years of default data through which we stratify our portfolio using certain key dimensions to stratify our portfolio, including FICO scores, equity percentage at the time of sale and certain other factors. The adequacy of the related allowance is determined by management through analysis of several factors, such as current and forward-looking economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including assumed default rates, aging and historical write-offs of these receivables.
Originated Timeshare Financing Receivables
Our originated gross balances by average FICO score of our originated timeshare financing receivables were as follows:
Originated
March 31, 2024
($ in millions)Legacy-HGVLegacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
FICO score
700+$896 $414 $7 $67 $1,384 
600-699316 229 2 15 562 
<60039 31   70 
No score(1)
200 8 7 1 216 
Total$1,451 $682 $16 $83 $2,232 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

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Originated
December 31, 2023
($ in millions)Legacy-HGVLegacy-DRILegacy-Grand Islander
Legacy-Bluegreen
Total
FICO score
700+$882 $403 $3 $ $1,288 
600-699311 220   531 
<60039 31   $70 
No score(1)
196 8 3  207 
Total$1,428 $662 $6 $ $2,096 
(1)Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
The following table details our gross originated timeshare financing receivables by the origination year and average FICO score as of March 31, 2024:
Originated Timeshare Financing Receivables