10-Q Filing

HILTON GRAND VACATIONS INC. CIK: 1674168 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-015217`
Period End Date	20190331
Filing Date	20190502
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	hgv-10q_20190331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 24 Cash Flow Statement 68 Stockholders Equity 20

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$12.00M	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$14.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$108.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$158.00M	USD	Point-in-time
Assets, variable interest entity	`VariableInterestEntityConsolidatedCarryingAmountAssets`	$647.00M	USD	Point-in-time
Assets, variable interest entity	`VariableInterestEntityConsolidatedCarryingAmountAssets`	$608.00M	USD	Point-in-time
Liabilities, variable interest entity	`VariableInterestEntityConsolidatedCarryingAmountLiabilities`	$640.00M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$72.00M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$64.00M	USD	Point-in-time
Liabilities, variable interest entity	`VariableInterestEntityConsolidatedCarryingAmountLiabilities`	$601.00M	USD	Point-in-time
Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $12 and $14	`AccountsReceivableNet`	$153.00M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $12 and $14	`AccountsReceivableNet`	$146.00M	USD	Point-in-time
Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	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`	$1.11B	USD	Point-in-time
Timeshare financing receivables, net	`NotesReceivableNet`	$1.12B	USD	Point-in-time
Inventory	`InventoryRealEstate`	$527.00M	USD	Point-in-time
Inventory	`InventoryRealEstate`	$529.00M	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
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$559.00M	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$644.00M	USD	Point-in-time
Operating lease right of use assets, net	`OperatingLeaseRightOfUseAsset`	$66.00M	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Investments in unconsolidated affiliates	`EquityMethodInvestments`	$40.00M	USD	Point-in-time
Common Stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	3.00B	shares	Point-in-time
Investments in unconsolidated affiliates	`EquityMethodInvestments`	$38.00M	USD	Point-in-time
Common Stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	3.00B	shares	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$80.00M	USD	Point-in-time
Common Stock, shares issued (in shares)	`CommonStockSharesIssued`	91.89M	shares	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$81.00M	USD	Point-in-time
Common Stock, shares issued (in shares)	`CommonStockSharesIssued`	94.56M	shares	Point-in-time
Common Stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	91.89M	shares	Point-in-time
Other assets	`OtherAssets`	$123.00M	USD	Point-in-time
Other assets	`OtherAssets`	$95.00M	USD	Point-in-time
Common Stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	94.56M	shares	Point-in-time
TOTAL ASSETS (variable interest entities - $608 and $647)	`Assets`	$2.96B	USD	Point-in-time
TOTAL ASSETS (variable interest entities - $608 and $647)	`Assets`	$2.75B	USD	Point-in-time
Accounts payable, accrued expenses and other	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$324.00M	USD	Point-in-time
Accounts payable, accrued expenses and other	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$286.00M	USD	Point-in-time
Advanced deposits	`ContractWithCustomerLiabilityAdvancesAndDeposits`	$101.00M	USD	Point-in-time
Advanced deposits	`ContractWithCustomerLiabilityAdvancesAndDeposits`	$106.00M	USD	Point-in-time
Debt, net	`LongTermDebt`	$604.00M	USD	Point-in-time
Debt, net	`LongTermDebt`	$800.00M	USD	Point-in-time
Non-recourse debt, net	`NonRecourseDebt`	$720.00M	USD	Point-in-time
Non-recourse debt, net	`NonRecourseDebt`	$759.00M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiability`	$78.00M	USD	Point-in-time
Deferred revenues	`DeferredRevenue`	$95.00M	USD	Point-in-time
Deferred revenues	`DeferredRevenue`	$135.00M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilities`	$254.00M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilities`	$261.00M	USD	Point-in-time
Total liabilities (variable interest entities - $601 and $640)	`Liabilities`	$2.14B	USD	Point-in-time
Total liabilities (variable interest entities - $601 and $640)	`Liabilities`	$2.39B	USD	Point-in-time
Commitments and contingencies - see Note 19	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies - see Note 19	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of March 31, 2019 and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of March 31, 2019 and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 91,886,756 issued and outstanding as of March 31, 2019 and 94,558,086 issued and outstanding as of December 31, 2018	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 91,886,756 issued and outstanding as of March 31, 2019 and 94,558,086 issued and outstanding as of December 31, 2018	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$170.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$174.00M	USD	Point-in-time
Accumulated retained earnings	`RetainedEarningsAccumulatedDeficit`	$441.00M	USD	Point-in-time
Accumulated retained earnings	`RetainedEarningsAccumulatedDeficit`	$404.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$616.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$518.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$575.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$400.00M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$2.75B	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$2.96B	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$450.00M	USD	1 Quarter
Total revenues	`Revenues`	$367.00M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$25.00M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$23.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.00M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$365.00M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$320.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$10.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$7.00M	USD	1 Quarter
Equity in earnings from unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$1.00M	USD	1 Quarter
Equity in earnings from unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$1.00M	USD	1 Quarter
Other loss, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	1 Quarter
Other loss, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$75.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$40.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$10.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$20.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$55.07M	USD	1 Quarter
Net income	`NetIncomeLoss`	$30.17M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.31	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.59	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.30	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.58	USD	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$55.07M	USD	1 Quarter
Net income	`NetIncomeLoss`	$30.17M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$8.00M	USD	1 Quarter
Amortization of deferred financing costs and other	`AmortizationOfFinancingCosts`	$2.00M	USD	1 Quarter
Amortization of deferred financing costs and other	`AmortizationOfFinancingCosts`	$1.00M	USD	1 Quarter
Provision for financing receivables losses	`ProvisionForLoanAndLeaseLosses`	$12.00M	USD	1 Quarter
Provision for financing receivables losses	`ProvisionForLoanAndLeaseLosses`	$14.00M	USD	1 Quarter
Other loss, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	1 Quarter
Other loss, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$3.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$5.00M	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-8.00M	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$5.00M	USD	1 Quarter
Equity in earnings from unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$1.00M	USD	1 Quarter
Equity in earnings from unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$1.00M	USD	1 Quarter
Distributions received from unconsolidated affiliates	`EquityMethodInvestmentDividendsOrDistributions`	$1.00M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-7.00M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$5.00M	USD	1 Quarter
Timeshare financing receivables, net	`IncreaseDecreaseInFinanceReceivables`	$5.00M	USD	1 Quarter
Timeshare financing receivables, net	`IncreaseDecreaseInFinanceReceivables`	$15.00M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$3.00M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$19.00M	USD	1 Quarter
Purchases and development of real estate for future conversion to inventory	`IncreaseDecreaseInLandBuildingsAndImprovements`	$63.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$51.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$29.00M	USD	1 Quarter
Accounts payable, accrued expenses and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-42.00M	USD	1 Quarter
Accounts payable, accrued expenses and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-31.00M	USD	1 Quarter
Advanced deposits	`IncreaseDecreaseInAdvancedCustomerDeposit`	$5.00M	USD	1 Quarter
Advanced deposits	`IncreaseDecreaseInAdvancedCustomerDeposit`	$5.00M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$105.00M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$41.00M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$1.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.00M	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.00M	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.00M	USD	1 Quarter
Software capitalization costs	`PaymentsForSoftware`	$4.00M	USD	1 Quarter
Software capitalization costs	`PaymentsForSoftware`	$4.00M	USD	1 Quarter
Return of investment from unconsolidated affiliates	`ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital`	$9.00M	USD	1 Quarter
Investments in unconsolidated affiliates	`PaymentsToAcquireInterestInSubsidiariesAndAffiliates`	$5.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.00M	USD	1 Quarter
Issuance of debt	`ProceedsFromIssuanceOfLongTermDebt`	$195.00M	USD	1 Quarter
Repayment of debt	`RepaymentsOfLongTermDebt`	$23.00M	USD	1 Quarter
Repayment of debt	`RepaymentsOfLongTermDebt`	$3.00M	USD	1 Quarter
Repayment of non-recourse debt	`RepaymentsOfSecuredDebt`	$39.00M	USD	1 Quarter
Repayment of non-recourse debt	`RepaymentsOfSecuredDebt`	$40.00M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$2.00M	USD	1 Quarter
Repurchase and retirement of common stock	`PaymentsForRepurchaseOfCommonStock`	$92.00M	USD	1 Quarter
Repurchase and retirement of common stock	`PaymentsForRepurchaseOfCommonStock`	$112.00M	USD	1 Quarter
Payment of withholding taxes on vesting of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.00M	USD	1 Quarter
Payment of withholding taxes on vesting of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.00M	USD	1 Quarter
Capital contribution	`ProceedsFromContributedCapital`	$3.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$38.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-154.00M	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-143.00M	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$42.00M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$297.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$222.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$180.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$154.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$297.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$222.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$180.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$154.00M	USD	Point-in-time
Cumulative effect of adoption of new accounting standard	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$38.00M	USD	Point-in-time
Issuance of other debt	`IssuanceOfOtherDebt`	$23.00M	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$616.00M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$518.00M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$575.00M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$400.00M	USD	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	91.89M	shares	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	94.56M	shares	Point-in-time
Net income	`NetIncomeLoss`	$55.07M	USD	1 Quarter
Net income	`NetIncomeLoss`	$30.17M	USD	1 Quarter
Activity related to share-based compensation	`AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet`	$1.00M	USD	1 Quarter
Activity related to share-based compensation	`AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet`	$-1.00M	USD	1 Quarter
Repurchase and retirement of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$-112.00M	USD	1 Quarter
Repurchase and retirement of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$-97.00M	USD	1 Quarter
Revenue recognition cumulative-effect adjustment	`CumulativeEffectOnRetainedEarningsNetOfTax1`	$-38.00M	USD	1 Quarter
Capital contribution	`ContributionFromParent`	$3.00M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$616.00M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$518.00M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$575.00M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$400.00M	USD	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	91.89M	shares	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	94.56M	shares	Point-in-time

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