Hilton Grand Vacations Reports Second Quarter 2023 Results

ORLANDO, Fla. (Aug. 3, 2023) – Hilton Grand Vacations Inc. (NYSE: HGV) (“HGV” or “the Company”) today reports its second quarter 2023 results.

Second quarter of 2023 highlights

• Total contract sales were $612 million
• Member count was 522,000 . Consolidated Net Owner Growth (NOG) for t he 12 months ended June 30, 2023, was 2.8%
• Total revenues for the second quarter were $1,007 million compared to $948 million for the same period in 2022.
  • Total revenues were affected by a net deferral of $6 million in the current period compared to a net deferral of $10 million in the same period in 2022.
• Net income for the first quarter was $80 million compared to $73 million for the same period in 2022.
  • Adjusted net income for the second quarter was $95 million compared to $107 million for the same period in 2022.
  • Net income and adjusted net income were affected by a net deferral of $4 million in the current period compared to a net deferral of $4 million in the same period in 2022.
• Diluted EPS for the second quarter was $0.71 compared to $0.60 for the same period in 2022.
  • Adjusted diluted EPS for the second quarter was $0.85 compared to $0.88 for the same period in 2022.
  • Diluted EPS and adjusted diluted EPS were affected by a net deferral of $4 million in the current period compared to a net deferral of $4 million in the same period in 2022, or $(0.04) and $(0.03) per share in the current period and the same period in 2022, respectively.
• Adjusted EBITDA for the second quarter was $248 million compared to $273 million for the same period in 2022.
  • Adjusted EBITDA was affected by a net deferral of $4 million in the current period compared to a net deferral of $4 million in the same period in 2022.
• During the second quarter, the Company repurchased 2.7 million shares of common stock for $121 million.
  • On May 3, 2023, HGV’s Board of Directors approved a new share repurchase program authorizing the Company to repurchase up to an aggregate of $500 million of its outstanding shares of common stock over a two year period (the “2023 Repurchase Plan”) which is in addition to the prior repurchase authorization.
  • As of June 30, 2023, the Company had $522 million of remaining availability under the share repurchase programs, of which $500 million was under the 2023 Repurchase Plan.
• The Company is reiterating its 2023 guidance for Adjusted EBITDA excluding deferrals and recognitions to be in a range of $1,090 million to $1,120 million.

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