Hilton Grand Vacations (US:HGV)2020-07-31 15:05Strategic Initiatives - Hilton Grand Vacations executed a $300 million term securitization at favorable terms to bolster liquidity[4, 11] - The company expanded virtual sales and work-from-home capabilities[4] - Hilton Grand Vacations launched sales of the new Maui Bay Villas project[4] Financial Flexibility - Available liquidity was $836 million[11] - Available liquidity covers 22 months[11] - A $300 million term securitization was completed at a 91% advance rate and a funding rate of 366%[4, 11] Embedded Value - Significant embedded value remains even in a topline pause scenario, totaling $36 billion[16] - Financing margin is 69%[16] - Club and Resort Management margin is 76%[16] - Real Estate margin is 29%[17] Future Bookings - Six-month forward club and owner arrivals are at 91% of prior year levels[19] - Six-month forward consolidated arrivals are at 70% of prior year levels[22] - 92% of marketing and sampler packages have not yet been booked[20, 23] Deferral Requests - Deferral requests represent only 2% of the portfolio balance[25]