Hilton Grand Vacations (HGV) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2024 were $1.284 billion, up from$1.019 billion in Q4 2023, impacted by a net deferral of $90 million[6][4] - Net income attributable to stockholders for Q4 2024 was$20 million, down from $68 million in Q4 2023, with adjusted net income at$49 million compared to $111 million[6][4] - Diluted EPS for Q4 2024 was$0.19, a decrease from $0.62 in Q4 2023, with adjusted diluted EPS at$0.49 compared to $1.01[6][4] - Adjusted EBITDA attributable to stockholders for Q4 2024 was$240 million, down from $270 million in Q4 2023, affected by a net deferral of$49 million[6][4] - Total revenues for the year ended December 31, 2024, reached $4,981 million, up from$3,978 million in 2023, marking a 25.2% increase[68] - Net income attributable to stockholders for the year was $313 million, with quarterly figures of$73 million, $80 million,$92 million, and $68 million respectively[1] - Adjusted EBITDA for the year totaled$1,005 million, with quarterly figures of $218 million,$248 million, $269 million, and$270 million respectively[1] - Total net income for the year ended December 31, 2024, was $60 million, compared to$313 million in 2023, indicating an 81% decrease[94] Cash Flow and Debt - Free cash flow for Q4 2024 was $48 million, compared to$(28) million for the same period in the prior year, with adjusted free cash flow at $883 million[18] - Cash and cash equivalents at the end of the period were$328 million, down from $589 million at the end of 2023, with total cash and cash equivalents including restricted cash at$766 million[71] - The company reported a significant increase in proceeds from non-recourse debt, totaling $944 million in Q4 2024, compared to$400 million in Q4 2023[71] - Net cash provided by operating activities for Q4 2024 was $105 million, compared to no cash provided in Q4 2023, while annual cash provided was$309 million versus $312 million in 2023[73] - As of Dec. 31, 2024, total cash and cash equivalents were$328 million, with total corporate debt of $4.6 billion at a weighted average interest rate of 6.14$837 million, an increase of $265 million compared to Q4 2023[10] - Sales of VOIs, net increased to$450 million in Q4 2024 from $376 million in Q4 2023, representing a 19.6$837 million, up from $572 million in 2023, marking a 46.5$44 million in acquisition and integration-related expenses in Q4 2024, compared to $26 million in Q4 2023, with annual expenses rising to$237 million from $68 million[76] - The company reported a profit margin of 19.1$539 million, down from $575 million in 2023[94] - Financing profit for Q4 2024 was$153 million, compared to $82 million in Q4 2023, reflecting an 86.6$1.125 billion to $1.165 billion[4] - Forward-looking statements indicate management's expectations regarding future revenues, earnings, and cash flow, subject to various risks and uncertainties[31] - The company plans to continue focusing on strategic opportunities and market expansion in the vacation ownership sector[39] Other Financial Metrics - Interest expense for the year was$178 million, with quarterly expenses of $44 million,$44 million, $45 million, and$45 million respectively[1] - Income tax expense for the year amounted to $136 million, with quarterly expenses of$17 million, $35 million,$44 million, and $40 million respectively[1] - Depreciation and amortization for the year was$213 million, with quarterly figures of $51 million,$52 million, $53 million, and$57 million respectively[1] - Adjusted net income attributable to stockholders for Q4 2024 was $49 million, a decrease of 56$111 million in Q4 2023[93] - Adjusted diluted earnings per share for the year ended December 31, 2024, was $2.73, down from$3.63 in 2023, reflecting a 25% decline[93]