ORLANDO, Fla. (Feb. 27, 2019) – Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”) today reports its full-year and fourth-quarter 2018 results. Highlights include:
Full-Year 2018 Results
- Total revenues were $2.0 billion, net income was $298 million and diluted EPS was $3.05.
- Adjusted EBITDA was $503 million, which was at the high end of guidance. Adjusted EBITDA includes a $79 million net benefit from recognitions related to sales that occurred prior to 2018.
- Contract sales increased 10.6 percent and Net Owner Growth (NOG) was 7.0 percent.
- Adjusted free cash flow was ($44) million.
- Increased credit facility to $1 billion and announced $200 million share repurchase authorization.
- Repurchased 2.5 million shares for $71 million under the new authorization at an average price of $28.62.
- Increasing diluted EPS guidance to $2.74 to $2.89 from $2.68 to $2.84 to reflect fourth quarter 2018 share repurchases.
- Net income is projected to be between $260 million and $275 million.
- Adjusted EBITDA is projected to be between $450 million and $470 million.
- Contract sales are projected to increase 9.0 to 11.0 percent.
- Adjusted free cash flow is projected to be between $60 million and $120 million.
- 2019 outlook assumes no construction-related deferrals, recognitions or additional share repurchases.