Hilton Grand Vacations Inc. (NYSE: HGV) has reported its fourth quarter and full year 2023 results, showcasing notable changes in various financial metrics. Here are the key highlights of the press release:
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Total contract sales for the fourth quarter of 2023 were $572 million, impacted by approximately $40 million due to the ongoing impact of the Maui wildfires, along with a temporary outage affecting the sales system early in the quarter.
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Member count stood at 529,000, with consolidated net owner growth (NOG) for the year ended Dec. 31, 2023, at 2.0%.
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Total revenues for the fourth quarter were $1,019 million, compared to $992 million for the same period in 2022. The total revenues were affected by a net deferral of $21 million in the current period, compared to a net deferral of $3 million in the same period in 2022.
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Net income for the fourth quarter was $68 million, down from $78 million for the same period in 2022. Adjusted net income for the fourth quarter was $111 million, compared to $118 million for the same period in 2022.
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Diluted EPS for the fourth quarter was $0.62, down from $0.67 for the same period in 2022. Adjusted diluted EPS for the fourth quarter was $1.01, unchanged from the same period in 2022.
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Adjusted EBITDA for the fourth quarter was $270 million, up from $252 million for the same period in 2022.
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During the quarter, the company repurchased 2.7 million shares of common stock for $99 million.
In terms of the full year 2024 outlook, the company expects adjusted EBITDA excluding deferrals and recognitions to be in a range of $1.2 billion to $1.26 billion.
The press release also highlighted specific segment performance: Real estate sales and financing segment revenues were $591 million, a decrease of $4 million compared to the same period in 2022. Resort operations and club management segment revenue was $347 million, an increase of $20 million compared to the same period in 2022.
The company's balance sheet and liquidity as of Dec. 31, 2023, reflected total cash and cash equivalents of $589 million and total restricted cash of $296 million. The company had $3,049 million of corporate debt, net outstanding, with a weighted average interest rate of 6.65%.
Furthermore, the press release highlighted the completion of the Bluegreen Vacations acquisition in an all-cash transaction for approximately $1.6 billion.
As a result of these announcements, the company's shares have moved -5.1% on the market, and are now trading at a price of $46.16. For more information, read the company's full 8-K submission here.
