10-Q Filing

HILTON GRAND VACATIONS INC. CIK: 1674168 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001193125-17-158059`
Period End Date	20170331
Filing Date	20170504
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	hgv-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 46 Cash Flow Statement 60 Stockholders Equity 11

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$6.00M	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$7.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$196.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$48.00M	USD	Point-in-time
Assets, variable interest entity	`VariableInterestEntityConsolidatedCarryingAmountAssets`	$258.00M	USD	Point-in-time
Assets, variable interest entity	`VariableInterestEntityConsolidatedCarryingAmountAssets`	$576.00M	USD	Point-in-time
Liabilities, variable interest entity	`VariableInterestEntityConsolidatedCarryingAmountLiabilities`	$245.00M	USD	Point-in-time
Liabilities, variable interest entity	`VariableInterestEntityConsolidatedCarryingAmountLiabilities`	$569.00M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$78.00M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$103.00M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $7 and $6	`AccountsReceivableNet`	$123.00M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $7 and $6	`AccountsReceivableNet`	$115.00M	USD	Point-in-time
Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Timeshare financing receivables, net	`NotesReceivableNet`	$1.02B	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	300.00M	shares	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	300.00M	shares	Point-in-time
Timeshare financing receivables, net	`NotesReceivableNet`	$1.02B	USD	Point-in-time
Inventory	`InventoryRealEstate`	$507.00M	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventory	`InventoryRealEstate`	$513.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$254.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$256.00M	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$69.00M	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$70.00M	USD	Point-in-time
Common Stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	3.00B	shares	Point-in-time
Other assets	`OtherAssets`	$42.00M	USD	Point-in-time
Common Stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	3.00B	shares	Point-in-time
Other assets	`OtherAssets`	$71.00M	USD	Point-in-time
Common Stock, shares issued (in shares)	`CommonStockSharesIssued`	99.04M	shares	Point-in-time
Common Stock, shares issued (in shares)	`CommonStockSharesIssued`	98.80M	shares	Point-in-time
TOTAL ASSETS (variable interest entities - $576 and $258)	`Assets`	$2.31B	USD	Point-in-time
TOTAL ASSETS (variable interest entities - $576 and $258)	`Assets`	$2.18B	USD	Point-in-time
Common Stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	98.80M	shares	Point-in-time
Common Stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	99.04M	shares	Point-in-time
Accounts payable, accrued expenses and other	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$264.00M	USD	Point-in-time
Accounts payable, accrued expenses and other	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$231.00M	USD	Point-in-time
Advanced deposits	`CustomerAdvancesAndDeposits`	$107.00M	USD	Point-in-time
Advanced deposits	`CustomerAdvancesAndDeposits`	$103.00M	USD	Point-in-time
Debt	`LongTermDebt`	$488.00M	USD	Point-in-time
Debt	`LongTermDebt`	$490.00M	USD	Point-in-time
Non-recourse debt	`NonRecourseDebt`	$694.00M	USD	Point-in-time
Non-recourse debt	`NonRecourseDebt`	$695.00M	USD	Point-in-time
Deferred revenues	`DeferredRevenue`	$142.00M	USD	Point-in-time
Deferred revenues	`DeferredRevenue`	$106.00M	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$385.00M	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$389.00M	USD	Point-in-time
Total liabilities (variable interest entities - $569 and $245)	`Liabilities`	$2.08B	USD	Point-in-time
Total liabilities (variable interest entities - $569 and $245)	`Liabilities`	$2.01B	USD	Point-in-time
Commitments and contingencies - see Note 14	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies - see Note 14	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 99,038,837 issued and outstanding as of March 31, 2017 and 98,802,597 issued and outstanding as of December 31, 2016	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 99,038,837 issued and outstanding as of March 31, 2017 and 98,802,597 issued and outstanding as of December 31, 2016	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$138.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$147.00M	USD	Point-in-time
Accumulated retained earnings	`RetainedEarningsAccumulatedDeficit`	$78.00M	USD	Point-in-time
Accumulated retained earnings	`RetainedEarningsAccumulatedDeficit`	$28.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$226.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$167.00M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$2.18B	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$2.31B	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Sales of VOIs, net	`TimeShareRevenue`	$115.00M	USD	1 Quarter
Sales of VOIs, net	`TimeShareRevenue`	$118.00M	USD	1 Quarter
Sales, marketing, brand and other fees	`SalesCommissionBrandandOtherFeeRevenue`	$118.00M	USD	1 Quarter
Sales, marketing, brand and other fees	`SalesCommissionBrandandOtherFeeRevenue`	$130.00M	USD	1 Quarter
Financing	`FinancialServicesRevenue`	$32.00M	USD	1 Quarter
Financing	`FinancialServicesRevenue`	$35.00M	USD	1 Quarter
Resort and club management	`ResortandClubManagementRevenue`	$31.00M	USD	1 Quarter
Resort and club management	`ResortandClubManagementRevenue`	$36.00M	USD	1 Quarter
Rental and ancillary services	`RentalAndAncillaryServicesRevenue`	$46.00M	USD	1 Quarter
Rental and ancillary services	`RentalAndAncillaryServicesRevenue`	$45.00M	USD	1 Quarter
Cost reimbursements	`ReimbursementRevenue`	$29.00M	USD	1 Quarter
Cost reimbursements	`ReimbursementRevenue`	$34.00M	USD	1 Quarter
Total revenues	`Revenues`	$370.00M	USD	1 Quarter
Total revenues	`Revenues`	$399.00M	USD	1 Quarter
Cost of VOI sales	`TimeShareCosts`	$33.00M	USD	1 Quarter
Cost of VOI sales	`TimeShareCosts`	$38.00M	USD	1 Quarter
Sales and marketing	`SalesCommissionBrandandOtherFeeExpense`	$152.00M	USD	1 Quarter
Sales and marketing	`SalesCommissionBrandandOtherFeeExpense`	$135.00M	USD	1 Quarter
Financing	`FinancialServicesCosts`	$10.00M	USD	1 Quarter
Financing	`FinancialServicesCosts`	$8.00M	USD	1 Quarter
Resort and club management	`ResortandClubManagementExpense`	$8.00M	USD	1 Quarter
Resort and club management	`ResortandClubManagementExpense`	$10.00M	USD	1 Quarter
Rental and ancillary services	`RentalAndAncillaryServiceCost`	$27.00M	USD	1 Quarter
Rental and ancillary services	`RentalAndAncillaryServiceCost`	$26.00M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$16.00M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$23.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.00M	USD	1 Quarter
License fee expense	`LicenseCosts`	$19.00M	USD	1 Quarter
License fee expense	`LicenseCosts`	$20.00M	USD	1 Quarter
Cost reimbursements	`CostOfReimbursableExpense`	$34.00M	USD	1 Quarter
Cost reimbursements	`CostOfReimbursableExpense`	$29.00M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$316.00M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$284.00M	USD	1 Quarter
Allocated Parent interest expense	`AllocatedParentInterestExpense`	-	USD	1 Quarter
Allocated Parent interest expense	`AllocatedParentInterestExpense`	$6.00M	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$7.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$80.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$76.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$32.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$26.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$50.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$48.00M	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.48	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$0.51	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$50.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$48.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.00M	USD	1 Quarter
Amortization of deferred financing costs and other	`AmortizationOfFinancingCosts`	$1.00M	USD	1 Quarter
Amortization of deferred financing costs and other	`AmortizationOfFinancingCosts`	$1.00M	USD	1 Quarter
Provision for loan losses	`ProvisionForLoanAndLeaseLosses`	$10.00M	USD	1 Quarter
Provision for loan losses	`ProvisionForLoanAndLeaseLosses`	$11.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$3.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$5.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$6.00M	USD	1 Quarter
Accounts receivables, net	`IncreaseDecreaseInAccountsReceivable`	$8.00M	USD	1 Quarter
Accounts receivables, net	`IncreaseDecreaseInAccountsReceivable`	$-8.00M	USD	1 Quarter
Timeshare financing receivables, net	`IncreaseDecreaseInFinanceReceivables`	$9.00M	USD	1 Quarter
Timeshare financing receivables, net	`IncreaseDecreaseInFinanceReceivables`	$4.00M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-6.00M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$4.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$29.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$22.00M	USD	1 Quarter
Accounts payable, accrued expenses and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-19.00M	USD	1 Quarter
Accounts payable, accrued expenses and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$36.00M	USD	1 Quarter
Advanced deposits	`IncreaseDecreaseInCustomerDeposits`	$2.00M	USD	1 Quarter
Advanced deposits	`IncreaseDecreaseInCustomerDeposits`	$4.00M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$22.00M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$36.00M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	-	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$5.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$135.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$36.00M	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.00M	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.00M	USD	1 Quarter
Software capitalization costs	`PaymentsForSoftware`	$2.00M	USD	1 Quarter
Software capitalization costs	`PaymentsForSoftware`	$1.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.00M	USD	1 Quarter
Issuance of non-recourse debt	`ProceedsFromIssuanceOfSecuredDebt`	-	USD	1 Quarter
Issuance of non-recourse debt	`ProceedsFromIssuanceOfSecuredDebt`	$350.00M	USD	1 Quarter
Repayment of non-recourse debt	`RepaymentsOfSecuredDebt`	$29.00M	USD	1 Quarter
Repayment of non-recourse debt	`RepaymentsOfSecuredDebt`	$344.00M	USD	1 Quarter
Repayment of debt	`RepaymentsOfLongTermDebt`	$3.00M	USD	1 Quarter
Repayment of debt	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Repayment of debt	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Repayment of debt	`PaymentsOfDebtIssuanceCosts`	$5.00M	USD	1 Quarter
Net transfers from Parent	`NetPaymentstoProceedsfromTransfertofromParent`	-	USD	1 Quarter
Net transfers from Parent	`NetPaymentstoProceedsfromTransfertofromParent`	$-8.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.00M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`RestrictedCashCashandCashEquivalentsPeriodIncreaseDecrease`	$5.00M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`RestrictedCashCashandCashEquivalentsPeriodIncreaseDecrease`	$123.00M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`RestrictedCashCashandCashEquivalentsatCarryingValue`	$79.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`RestrictedCashCashandCashEquivalentsatCarryingValue`	$274.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`RestrictedCashCashandCashEquivalentsatCarryingValue`	$84.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`RestrictedCashCashandCashEquivalentsatCarryingValue`	$151.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`RestrictedCashCashandCashEquivalentsatCarryingValue`	$79.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`RestrictedCashCashandCashEquivalentsatCarryingValue`	$274.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`RestrictedCashCashandCashEquivalentsatCarryingValue`	$84.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`RestrictedCashCashandCashEquivalentsatCarryingValue`	$151.00M	USD	Point-in-time
Transfer of inventory from Parent	`TransferOfInventory`	-	USD	1 Quarter
Transfer of inventory from Parent	`TransferOfInventory`	$15.00M	USD	1 Quarter

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Shares, beginning balance	`CommonStockSharesOutstanding`	98.80M	shares	Point-in-time
Shares, beginning balance	`CommonStockSharesOutstanding`	99.04M	shares	Point-in-time
Equity, beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$226.00M	USD	Point-in-time
Equity, beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$167.00M	USD	Point-in-time
Net income	`NetIncomeLoss`	$50.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$48.00M	USD	1 Quarter
Deferred intercompany transaction	`AdjustmentstoAdditionalPaidinCapitalDeferredIntercompanyTransaction`	$9.00M	USD	1 Quarter
Shares, ending balance	`CommonStockSharesOutstanding`	98.80M	shares	Point-in-time
Shares, ending balance	`CommonStockSharesOutstanding`	99.04M	shares	Point-in-time
Equity, ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$226.00M	USD	Point-in-time
Equity, ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$167.00M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.