$HGV
Hilton Grand Vacations Inc.

2024 Q2 Form 10-Q Financial Statement

#000162828024022140 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $1.235B $1.156B $934.0M
YoY Change 22.64% 23.77% 19.9%
Cost Of Revenue $967.0M $872.0M $694.0M
YoY Change 31.21% 25.65% 23.71%
Gross Profit $268.0M $284.0M $240.0M
YoY Change -0.74% 18.33% 10.09%
Gross Profit Margin 21.7% 24.57% 25.7%
Selling, General & Admin $58.00M $45.00M $42.00M
YoY Change 20.83% 7.14% 0.0%
% of Gross Profit 21.64% 15.85% 17.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $68.00M $62.00M $51.00M
YoY Change 30.77% 21.57% -15.0%
% of Gross Profit 25.37% 21.83% 21.25%
Operating Expenses $126.0M $107.0M $93.00M
YoY Change 26.0% 15.05% -8.82%
Operating Profit $142.0M $177.0M $147.0M
YoY Change -16.47% 20.41% 26.72%
Interest Expense -$84.00M $79.00M $44.00M
YoY Change 100.0% 79.55% 33.33%
% of Operating Profit -59.15% 44.63% 29.93%
Other Income/Expense, Net -$3.000M -$5.000M $1.000M
YoY Change -200.0% -600.0% 0.0%
Pretax Income $7.000M -$13.00M $90.00M
YoY Change -93.91% -114.44% 26.76%
Income Tax $3.000M -$11.00M $17.00M
% Of Pretax Income 42.86% 18.89%
Net Earnings $2.000M -$4.000M $73.00M
YoY Change -97.5% -105.48% 43.79%
Net Earnings / Revenue 0.16% -0.35% 7.82%
Basic Earnings Per Share $0.02 -$0.04 $0.65
Diluted Earnings Per Share $0.02 -$0.04 $0.64
COMMON SHARES
Basic Shares Outstanding 103.7M shares 104.5M shares 112.2M shares
Diluted Shares Outstanding 104.3M shares 105.1M shares 114.0M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $328.0M $355.0M $389.0M
YoY Change 30.16% -8.74% -24.32%
Cash & Equivalents $328.0M $355.0M $389.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.929B $1.805B $1.300B
Prepaid Expenses
Receivables $524.0M $515.0M $503.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.781B $2.675B $2.192B
YoY Change 37.88% 22.03% 0.74%
LONG-TERM ASSETS
Property, Plant & Equipment $902.0M $953.0M $797.0M
YoY Change 3.68% 19.57% 5.7%
Goodwill $1.933B $1.943B $1.416B
YoY Change 36.51% 37.22% 4.81%
Intangibles
YoY Change
Long-Term Investments $78.00M $78.00M $75.00M
YoY Change 8.33% 4.0% 20.97%
Other Assets $273.0M $323.0M $363.0M
YoY Change -18.75% -11.02% 5.52%
Total Long-Term Assets $8.686B $8.989B $6.286B
YoY Change 41.6% 43.0% 0.32%
TOTAL ASSETS
Total Short-Term Assets $2.781B $2.675B $2.192B
Total Long-Term Assets $8.686B $8.989B $6.286B
Total Assets $11.47B $11.66B $8.478B
YoY Change 40.68% 37.58% 0.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.159B $1.176B $1.089B
YoY Change 11.12% 7.99% 12.97%
Accrued Expenses $101.0M $103.0M $88.00M
YoY Change 21.69% 17.05% 3.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.260B $1.279B $1.177B
YoY Change 11.9% 8.67% 12.2%
LONG-TERM LIABILITIES
Long-Term Debt $6.610B $6.678B $4.035B
YoY Change 72.86% 65.5% -1.97%
Other Long-Term Liabilities $545.0M $563.0M $478.0M
YoY Change 24.43% 17.78% -8.25%
Total Long-Term Liabilities $7.155B $7.241B $4.513B
YoY Change 67.88% 60.45% -2.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.260B $1.279B $1.177B
Total Long-Term Liabilities $7.155B $7.241B $4.513B
Total Liabilities $9.387B $9.500B $6.346B
YoY Change 55.26% 49.7% -0.49%
SHAREHOLDERS EQUITY
Retained Earnings $456.0M $521.0M $543.0M
YoY Change -15.4% -4.05% 33.09%
Common Stock $1.457B $1.468B $1.560B
YoY Change -5.51% -5.9% -4.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $340.0M $240.0M $357.0M
YoY Change -28.87% -32.77%
Treasury Stock Shares
Shareholders Equity $1.918B $2.004B $2.132B
YoY Change
Total Liabilities & Shareholders Equity $11.47B $11.66B $8.478B
YoY Change 40.68% 37.58% 0.43%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $2.000M -$4.000M $73.00M
YoY Change -97.5% -105.48% 43.79%
Depreciation, Depletion And Amortization $68.00M $62.00M $51.00M
YoY Change 30.77% 21.57% -15.0%
Cash From Operating Activities $113.0M $0.00 $26.00M
YoY Change -41.75% -100.0% -90.37%
INVESTING ACTIVITIES
Capital Expenditures $18.00M $10.00M $5.000M
YoY Change 28.57% 100.0% -37.5%
Acquisitions $1.454B $0.00
YoY Change
Other Investing Activities $9.000M -$1.454B
YoY Change
Cash From Investing Activities -$9.000M -$1.473B -$11.00M
YoY Change -35.71% 13290.91% -21.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -171.0M $1.272B $183.0M
YoY Change -48.96% 595.08% -237.59%
NET CHANGE
Cash From Operating Activities 113.0M $0.00 $26.00M
Cash From Investing Activities -9.000M -$1.473B -$11.00M
Cash From Financing Activities -171.0M $1.272B $183.0M
Net Change In Cash -67.00M -$207.0M $197.0M
YoY Change -56.77% -205.08% 61.48%
FREE CASH FLOW
Cash From Operating Activities $113.0M $0.00 $26.00M
Capital Expenditures $18.00M $10.00M $5.000M
Free Cash Flow $95.00M -$10.00M $21.00M
YoY Change -47.22% -147.62% -91.98%

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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates. Interim results are not necessarily indicative of full year performance.</span></div>
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