Hilton Grand Vacations Inc. (HGV) reported total revenues of $4.98 billion for the year ended December 31, 2024, a 25.2% increase compared to $3.98 billion in 2023. Net income attributable to stockholders was $47 million in 2024, a significant decrease from $313 million in 2023. Adjusted EBITDA attributable to stockholders, a non-GAAP measure, reached $1.08 billion in 2024, an 8.9% increase from $1.00 billion in 2023. The company attributed the decrease in net income to several factors, including increased interest expense related to debt financing acquisitions and higher acquisition and integration-related expenses.
Significant changes compared to the previous fiscal year included the completion of the Bluegreen Acquisition on January 17, 2024, for approximately $1.6 billion, which broadened HGV's offerings and customer reach. The company also completed a share repurchase program, repurchasing approximately 10 million shares for $432 million during the year. Further, HGV signed a 10-year exclusive marketing agreement with Bass Pro Shops in November 2023, expanding its sales and marketing operations to 133 Bass Pro Shops and Cabela's stores by year-end. The company also continued rebranding efforts for Diamond and Bluegreen properties.
Key operational developments included approximately 724,000 members across its club offerings as of December 31, 2024. The company operated over 200 properties across the United States, Europe, Canada, the Caribbean, Mexico, and Asia, with a concentration in Florida, Europe, Hawaii, South Carolina, California, Arizona, Virginia, and Nevada. Contract sales, a key operational metric, totaled $3.00 billion in 2024, a 30% increase compared to 2023, although this figure excludes fee-for-service sales. The company's timeshare financing receivables portfolio had a gross balance of approximately $4.02 billion as of December 31, 2024, comprised of approximately 182,000 loans.
HGV's financial performance was impacted by several factors, including macroeconomic conditions, competition within the timeshare industry, and the integration of acquired businesses. The company highlighted risks related to its license agreement with Hilton, its dependence on development activities, cybersecurity threats, and its substantial indebtedness. The 10-K filing also detailed various legal proceedings and regulatory compliance matters.
Looking ahead, HGV expects to continue rebranding efforts, expand its marketing partnerships, and explore further growth opportunities. The company acknowledged the uncertainties inherent in its future performance, including macroeconomic factors, competition, and the successful integration of recently acquired businesses. The company's outlook is contingent upon various factors, including the continued success of its marketing initiatives, the maintenance of its relationships with key partners, and its ability to manage its substantial debt load.
About Hilton Grand Vacations Inc.
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