10-Q Filing

HILTON GRAND VACATIONS INC. CIK: 1674168 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-021837`
Period End Date	20210331
Filing Date	20210429
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	hgv-10q_20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 25 Cash Flow Statement 66 Stockholders Equity 17

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$400.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$428.00M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$105.00M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$98.00M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $17 and $20	`AccountsReceivableNetCurrent`	$119.00M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $17 and $20	`AccountsReceivableNetCurrent`	$111.00M	USD	Point-in-time
Timeshare financing receivables, net	`NotesReceivableNet`	$940.00M	USD	Point-in-time
Timeshare financing receivables, net	`NotesReceivableNet`	$974.00M	USD	Point-in-time
Inventory	`InventoryRealEstate`	$720.00M	USD	Point-in-time
Inventory	`InventoryRealEstate`	$702.00M	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$20.00M	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivable`	$17.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$501.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$501.00M	USD	Point-in-time
Assets, variable interest entity	`Assets`	$3.11B	USD	Point-in-time
Assets, variable interest entity	`Assets`	$3.13B	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$52.00M	USD	Point-in-time
Liabilities, variable interest entity	`Liabilities`	$2.76B	USD	Point-in-time
Liabilities, variable interest entity	`Liabilities`	$2.75B	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$48.00M	USD	Point-in-time
Investments in unconsolidated affiliates	`EquityMethodInvestments`	$53.00M	USD	Point-in-time
Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Investments in unconsolidated affiliates	`EquityMethodInvestments`	$51.00M	USD	Point-in-time
Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$81.00M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$80.00M	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
Land and infrastructure held for sale	`LandAndInfrastructureHeldForSale`	$41.00M	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Land and infrastructure held for sale	`LandAndInfrastructureHeldForSale`	$41.00M	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Other assets	`OtherAssets`	$87.00M	USD	Point-in-time
Other assets	`OtherAssets`	$115.00M	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
TOTAL ASSETS (variable interest entities - $733 and $800)	`Assets`	$3.11B	USD	Point-in-time
Common Stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
TOTAL ASSETS (variable interest entities - $733 and $800)	`Assets`	$3.13B	USD	Point-in-time
Common Stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	3.00B	shares	Point-in-time
Common Stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	3.00B	shares	Point-in-time
Accounts payable, accrued expenses and other	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$260.00M	USD	Point-in-time
Accounts payable, accrued expenses and other	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$252.00M	USD	Point-in-time
Common Stock, shares issued (in shares)	`CommonStockSharesIssued`	85.54M	shares	Point-in-time
Common Stock, shares issued (in shares)	`CommonStockSharesIssued`	85.21M	shares	Point-in-time
Common Stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	85.54M	shares	Point-in-time
Advanced deposits	`ContractWithCustomerLiabilityAdvancesAndDeposits`	$114.00M	USD	Point-in-time
Advanced deposits	`ContractWithCustomerLiabilityAdvancesAndDeposits`	$117.00M	USD	Point-in-time
Common Stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	85.21M	shares	Point-in-time
Debt, net	`LongTermDebt`	$1.16B	USD	Point-in-time
Debt, net	`LongTermDebt`	$1.16B	USD	Point-in-time
Non-recourse debt, net	`NonRecourseDebt`	$766.00M	USD	Point-in-time
Non-recourse debt, net	`NonRecourseDebt`	$698.00M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiability`	$63.00M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiability`	$67.00M	USD	Point-in-time
Deferred revenues	`DeferredRevenue`	$262.00M	USD	Point-in-time
Deferred revenues	`DeferredRevenue`	$336.00M	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$137.00M	USD	Point-in-time
Deferred income tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$118.00M	USD	Point-in-time
Total liabilities (variable interest entities - $703 and $771)	`Liabilities`	$2.76B	USD	Point-in-time
Total liabilities (variable interest entities - $703 and $771)	`Liabilities`	$2.75B	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, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of March 31, 2021 and December 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 85,537,477 shares issued and outstanding as of March 31, 2021 and 85,205,012 shares issued and outstanding as of December 31, 2020	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 85,537,477 shares issued and outstanding as of March 31, 2021 and 85,205,012 shares issued and outstanding as of December 31, 2020	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$192.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$194.00M	USD	Point-in-time
Accumulated retained earnings	`RetainedEarningsAccumulatedDeficit`	$181.00M	USD	Point-in-time
Accumulated retained earnings	`RetainedEarningsAccumulatedDeficit`	$174.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$570.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$369.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$563.00M	USD	Point-in-time
Total equity	`StockholdersEquity`	$374.00M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$3.11B	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$3.13B	USD	Point-in-time

Income Statement 25 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$235.00M	USD	1 Quarter
Total revenues	`Revenues`	$351.00M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$21.00M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$36.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.00M	USD	1 Quarter
Impairment expense	`AssetImpairmentCharges`	$1.00M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$234.00M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$337.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$10.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$15.00M	USD	1 Quarter
Equity in earnings from unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$2.00M	USD	1 Quarter
Equity in earnings from unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$3.00M	USD	1 Quarter
Other (loss) gain, net	`OtherNonoperatingIncomeExpense`	$2.00M	USD	1 Quarter
Other (loss) gain, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.00M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-13.00M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$-6.00M	USD	1 Quarter
Income tax benefit (expense)	`IncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$7.83M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-6.77M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$7.83M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-6.77M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.00M	USD	1 Quarter
Amortization of deferred financing costs, contract costs, and other	`AmortizationOfFinancingCosts`	$6.00M	USD	1 Quarter
Amortization of deferred financing costs, contract costs, and other	`AmortizationOfFinancingCosts`	$4.00M	USD	1 Quarter
Provision for financing receivables losses	`ProvisionForLoanAndLeaseLosses`	$37.00M	USD	1 Quarter
Provision for financing receivables losses	`ProvisionForLoanAndLeaseLosses`	$16.00M	USD	1 Quarter
Impairment expense	`AssetImpairmentCharges`	$1.00M	USD	1 Quarter
Other loss (gain), net	`OtherNoncashIncomeExpense`	$2.00M	USD	1 Quarter
Other loss (gain), net	`OtherNoncashIncomeExpense`	$-1.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$-2.00M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-8.00M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-21.00M	USD	1 Quarter
Equity in earnings from unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$2.00M	USD	1 Quarter
Equity in earnings from unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$3.00M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-16.00M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-8.00M	USD	1 Quarter
Timeshare financing receivables, net	`IncreaseDecreaseInFinanceReceivables`	$3.00M	USD	1 Quarter
Timeshare financing receivables, net	`IncreaseDecreaseInFinanceReceivables`	$-19.00M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$14.00M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$10.00M	USD	1 Quarter
Purchases and development of real estate for future conversion to inventory	`IncreaseDecreaseInLandBuildingsAndImprovements`	$6.00M	USD	1 Quarter
Purchases and development of real estate for future conversion to inventory	`IncreaseDecreaseInLandBuildingsAndImprovements`	$5.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$27.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$42.00M	USD	1 Quarter
Accounts payable, accrued expenses and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.00M	USD	1 Quarter
Accounts payable, accrued expenses and other	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-42.00M	USD	1 Quarter
Advanced deposits	`IncreaseDecreaseInAdvancedCustomerDeposit`	$-3.00M	USD	1 Quarter
Advanced deposits	`IncreaseDecreaseInAdvancedCustomerDeposit`	$2.00M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$74.00M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$91.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$62.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$53.00M	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.00M	USD	1 Quarter
Capital expenditures for property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.00M	USD	1 Quarter
Software capitalization costs	`PaymentsForSoftware`	$4.00M	USD	1 Quarter
Software capitalization costs	`PaymentsForSoftware`	$5.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.00M	USD	1 Quarter
Issuance of debt	`ProceedsFromIssuanceOfSeniorLongTermDebt`	$495.00M	USD	1 Quarter
Issuance of non-recourse debt	`ProceedsFromIssuanceOfSecuredDebt`	$195.00M	USD	1 Quarter
Repayment of debt	`RepaymentsOfSeniorDebt`	$2.00M	USD	1 Quarter
Repayment of debt	`RepaymentsOfSeniorDebt`	$57.00M	USD	1 Quarter
Repayment of non-recourse debt	`RepaymentsOfSecuredDebt`	$58.00M	USD	1 Quarter
Repayment of non-recourse debt	`RepaymentsOfSecuredDebt`	$69.00M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$3.00M	USD	1 Quarter
Repurchase and retirement of common stock	`PaymentsForRepurchaseOfCommonStock`	$10.00M	USD	1 Quarter
Payment of withholding taxes on vesting of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$5.00M	USD	1 Quarter
Payment of withholding taxes on vesting of restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.00M	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$2.00M	USD	1 Quarter
Other financing activity	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.00M	USD	1 Quarter
Other financing activity	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.00M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-78.00M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$562.00M	USD	1 Quarter
Net (decrease) increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-21.00M	USD	1 Quarter
Net (decrease) increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$607.00M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$152.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$505.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$759.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$526.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$152.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$505.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$759.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$526.00M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$570.00M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$369.00M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$563.00M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$374.00M	USD	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	85.54M	shares	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	85.21M	shares	Point-in-time
Net (loss) income	`NetIncomeLoss`	$7.83M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-6.77M	USD	1 Quarter
Activity related to share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$2.00M	USD	1 Quarter
Activity related to share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions`	$-5.00M	USD	1 Quarter
Repurchase and retirement of common stock	`StockRepurchasedAndRetiredDuringPeriodValue`	$10.00M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$570.00M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$369.00M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$563.00M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$374.00M	USD	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	85.54M	shares	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	85.21M	shares	Point-in-time

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