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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________
FORM 10-Q
____________________________________________
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_________ to ________
Commission file number 001-37794
____________________________________________
Hilton Grand Vacations Inc.
(Exact Name of Registrant as Specified in Its Charter)
____________________________________________
| | | | | |
Delaware | 81-2545345 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
| | | | | |
6355 MetroWest Boulevard, Suite 180, | |
Orlando, Florida | 32835 |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code (407) 613-3100
(Former Name, Former Address, and Former Fiscal Year, if Changed Since Last Report)
____________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $0.01 par value per share | | HGV | | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large Accelerated Filer | x | Accelerated Filer | o |
Non-Accelerated Filer | o | Smaller Reporting Company | o |
Emerging Growth Company | o | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No
The number of shares outstanding of the registrant’s common stock, par value $0.01 per share, as of August 1, 2024 was 101,498,544.
HILTON GRAND VACATIONS INC.
FORM 10-Q TABLE OF CONTENTS
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
HILTON GRAND VACATIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share data)
| | | | | | | | | | | |
| June 30, 2024 | | December 31, 2023 |
| (unaudited) | | |
ASSETS | | | |
Cash and cash equivalents | $ | 328 | | | $ | 589 | |
Restricted cash | 273 | | | 296 | |
Accounts receivable, net | 524 | | | 507 | |
Timeshare financing receivables, net | 2,976 | | | 2,113 | |
Inventory | 1,929 | | | 1,400 | |
Property and equipment, net | 902 | | | 758 | |
Operating lease right-of-use assets, net | 84 | | | 61 | |
Investments in unconsolidated affiliates | 78 | | | 71 | |
Goodwill | 1,933 | | | 1,418 | |
Intangible assets, net | 1,887 | | | 1,158 | |
| | | |
Other assets | 553 | | | 314 | |
TOTAL ASSETS (variable interest entities - $1,616 and $1,459) | $ | 11,467 | | | $ | 8,685 | |
LIABILITIES AND EQUITY | | | |
Accounts payable, accrued expenses and other | $ | 1,159 | | | $ | 952 | |
Advanced deposits | 224 | | | 179 | |
Debt, net | 4,885 | | | 3,049 | |
Non-recourse debt, net | 1,725 | | | 1,466 | |
Operating lease liabilities | 101 | | | 78 | |
Deferred revenue | 321 | | | 215 | |
Deferred income tax liabilities | 972 | | | 631 | |
Total liabilities (variable interest entities - $1,708 and $1,472) | 9,387 | | | 6,570 | |
Commitments and contingencies - see Note 18 | | | |
Equity: | | | |
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of June 30, 2024 and December 31, 2023 | — | | | — | |
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 102,485,583 shares issued and outstanding as of June 30, 2024 and 105,961,160 shares issued and outstanding as of December 31, 2023 | 1 | | | 1 | |
Additional paid-in capital | 1,456 | | | 1,504 | |
Accumulated retained earnings | 456 | | | 593 | |
Accumulated other comprehensive income | 5 | | | 17 | |
Total stockholders' equity | 1,918 | | | 2,115 | |
Noncontrolling interest | 162 | | | — | |
Total equity | 2,080 | | | 2,115 | |
TOTAL LIABILITIES AND EQUITY | $ | 11,467 | | | $ | 8,685 | |
See notes to unaudited condensed consolidated financial statements.
HILTON GRAND VACATIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Revenues | | | | | | | | |
Sales of VOIs, net | | $ | 471 | | | $ | 355 | | | $ | 909 | | | $ | 673 | |
Sales, marketing, brand and other fees | | 167 | | | 173 | | | 312 | | | 331 | |
Financing | | 102 | | | 76 | | | 206 | | | 150 | |
Resort and club management | | 171 | | | 133 | | | 337 | | | 264 | |
Rental and ancillary services | | 195 | | | 173 | | | 376 | | | 331 | |
Cost reimbursements | | 129 | | | 97 | | | 251 | | | 192 | |
Total revenues | | 1,235 | | | 1,007 | | | 2,391 | | | 1,941 | |
Expenses | | | | | | | | |
Cost of VOI sales | | 65 | | | 48 | | | 113 | | | 98 | |
Sales and marketing | | 453 | | | 336 | | | 854 | | | 637 | |
Financing | | 44 | | | 24 | | | 83 | | | 48 | |
Resort and club management | | 48 | | | 44 | | | 102 | | | 86 | |
Rental and ancillary services | | 188 | | | 154 | | | 361 | | | 306 | |
General and administrative | | 58 | | | 48 | | | 103 | | | 90 | |
Acquisition and integration-related expense | | 48 | | | 13 | | | 157 | | | 30 | |
Depreciation and amortization | | 68 | | | 52 | | | 130 | | | 103 | |
License fee expense | | 40 | | | 34 | | | 75 | | | 64 | |
Impairment expense | | — | | | 3 | | | 2 | | | 3 | |
Cost reimbursements | | 129 | | | 97 | | | 251 | | | 192 | |
Total operating expenses | | 1,141 | | | 853 | | | 2,231 | | | 1,657 | |
Interest expense | | (87) | | | (44) | | | (166) | | | (88) | |
Equity in earnings from unconsolidated affiliates | | 3 | | | 2 | | | 8 | | | 5 | |
Other (loss) gain, net | | (3) | | | 3 | | | (8) | | | 4 | |
Income (loss) before income taxes | | 7 | | | 115 | | | (6) | | | 205 | |
Income tax (expense) benefit | | (3) | | | (35) | | | 8 | | | (52) | |
Net income | | 4 | | | 80 | | | 2 | | | 153 | |
Net income attributable to noncontrolling interest | | 2 | | | — | | | 4 | | | — | |
Net income (loss) attributable to stockholders | | $ | 2 | | | $ | 80 | | | $ | (2) | | | $ | 153 | |
Earnings (loss) per share attributable to stockholders: | | | | | | | | |
Basic | | $ | 0.02 | | | $ | 0.72 | | | $ | (0.02) | | | $ | 1.37 | |
Diluted | | $ | 0.02 | | | $ | 0.71 | | | $ | (0.02) | | | $ | 1.35 | |
See notes to unaudited condensed consolidated financial statements.
HILTON GRAND VACATIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net income | $ | 4 | | | $ | 80 | | | $ | 2 | | | $ | 153 | |
Derivative instrument adjustments, net of tax | (1) | | | 5 | | | 3 | | | (5) | |
Foreign currency translation adjustments | (9) | | | (10) | | | (15) | | | (10) | |
Other comprehensive loss, net of tax | (10) | | | (5) | | | (12) | | | (15) | |
Comprehensive income attributable to noncontrolling interest | 2 | | | — | | | 4 | | | — | |
Comprehensive (loss) income attributable to stockholders | $ | (8) | | | $ | 75 | | | $ | (14) | | | $ | 138 | |
See notes to unaudited condensed consolidated financial statements.
HILTON GRAND VACATIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions) | | | | | | | | | | | |
| Six Months Ended June 30, |
| 2024 | | 2023 |
Operating Activities | | | |
Net income | $ | 2 | | | $ | 153 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 130 | | | 103 | |
Amortization of deferred financing costs, acquisition premiums and other | 63 | | | 14 | |
Provision for financing receivables losses | 159 | | | 71 | |
Impairment expense | 2 | | | 3 | |
Other loss (gain), net | 8 | | | (4) | |
Share-based compensation | 27 | | | 26 | |
| | | |
Equity in earnings from unconsolidated affiliates | (8) | | | (5) | |
Return on investment in unconsolidated affiliates | — | | | 6 | |
Net changes in assets and liabilities, net of effects of acquisitions: | | | |
Accounts receivable, net | 15 | | | 26 | |
Timeshare financing receivables, net | (196) | | | (96) | |
Inventory | (31) | | | (67) | |
Purchases and development of real estate for future conversion to inventory | (50) | | | (6) | |
Other assets | (154) | | | (134) | |
Accounts payable, accrued expenses and other | 55 | | | 32 | |
Advanced deposits | 5 | | | 35 | |
Deferred revenue | 86 | | | 63 | |
| | | |
Net cash provided by operating activities | 113 | | | 220 | |
Investing Activities | | | |
Acquisitions, net of cash, cash equivalents and restricted cash acquired | (1,444) | | | — | |
Capital expenditures for property and equipment (excluding inventory) | (17) | | | (9) | |
Software capitalization costs | (20) | | | (16) | |
| | | |
Other | (1) | | | — | |
Net cash used in investing activities | (1,482) | | | (25) | |
Financing Activities | | | |
Proceeds from debt | 2,085 | | | 438 | |
Proceeds from non-recourse debt | 905 | | | 175 | |
Repayment of debt | (397) | | | (157) | |
Repayment of non-recourse debt | (1,231) | | | (397) | |
Payment of debt issuance costs | (51) | | | — | |
Repurchase and retirement of common stock | (199) | | | (206) | |
Payment of withholding taxes on vesting of restricted stock units | (21) | | | (14) | |
Proceeds from employee stock plan purchases | 5 | | | 4 | |
Proceeds from stock option exercises | 7 | | | 7 | |
| | | |
Other | (2) | | | (2) | |
Net cash provided by (used in) financing activities | 1,101 | | | (152) | |
Effect of changes in exchange rates on cash, cash equivalents & restricted cash | (16) | | | (10) | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (284) | | | 33 | |
Cash, cash equivalents and restricted cash, beginning of period | 885 | | | 555 | |
Cash, cash equivalents and restricted cash, end of period | 601 | | | 588 | |
Less: Restricted cash | 273 | | | 336 | |
Cash and cash equivalents | $ | 328 | | | $ | 252 | |
See notes to unaudited condensed consolidated financial statements.
HILTON GRAND VACATIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
(in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Accumulated Retained Earnings | | Accumulated Other Comprehensive Income | | Noncontrolling Interest | | Total Equity |
| Shares | | Amount | | | | | |
Balance as of December 31, 2023 | 106 | | | $ | 1 | | | $ | 1,504 | | | $ | 593 | | | $ | 17 | | | $ | — | | | $ | 2,115 | |
Acquisition of third-party equity interest in consolidated entity | — | | | — | | | — | | | — | | | — | | | 158 | | | 158 | |
Net (loss) income | — | | | — | | | — | | | (4) | | | — | | | 2 | | | (2) | |
Activity related to share-based compensation | 1 | | | — | | | (4) | | | — | | | — | | | — | | | (4) | |
| | | | | | | | | | | | | |
Foreign currency translation adjustments | — | | | — | | | — | | | — | | | (6) | | | — | | | (6) | |
Derivative instrument adjustments, net of tax | — | | | — | | | — | | | — | | | 4 | | | — | | | 4 | |
Repurchase and retirement of common stock | (2) | | | — | | | (33) | | | (68) | | | — | | | — | | | (101) | |
Balance as of March 31, 2024 | 105 | | | $ | 1 | | | $ | 1,467 | | | $ | 521 | | | $ | 15 | | | $ | 160 | | | $ | 2,164 | |
| | | | | | | | | | | | | |
Net income | — | | | — | | | — | | | 2 | | | — | | | 2 | | | 4 | |
Activity related to share-based compensation | — | | | — | | | 17 | | | — | | | — | | | — | | | 17 | |
Employee stock plan issuance | — | | | — | | | 5 | | | — | | | — | | | — | | | 5 | |
Foreign currency translation adjustments | — | | | — | | | — | | | — | | | (9) | | | — | | | (9) | |
Derivative instrument adjustments, net of tax | — | | | — | | | — | | | — | | | (1) | | | — | | | (1) | |
Repurchase and retirement of common stock | (3) | | | — | | | (33) | | | (67) | | | — | | | — | | | (100) | |
Balance as of June 30, 2024 | 102 | | | $ | 1 | | | $ | 1,456 | | | $ | 456 | | | $ | 5 | | | $ | 162 | | | $ | 2,080 | |
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See notes to unaudited condensed consolidated financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Accumulated Retained Earnings | | Accumulated Other Comprehensive Income | | Noncontrolling Interest | | Total Equity |
| Shares | | Amount | | | | | |
Balance as of December 31, 2022 | 113 | | | $ | 1 | | | $ | 1,582 | | | $ | 529 | | | $ | 39 | | | $ | — | | | $ | 2,151 | |
Net income | — | | | — | | | — | | | 73 | | | — | | | — | | | 73 | |
Activity related to share-based compensation | 1 | | | — | | | 3 | | | — | | | — | | | — | | | 3 | |
Derivative instrument adjustments, net of tax | — | | | — | | | — | | | — | | | (10) | | | — | | | (10) | |
Repurchase and retirement of common stock | (2) | | | — | | | (26) | | | (59) | | | — | | | — | | | (85) | |
Balance as of March 31, 2023 | 112 | | | $ | 1 | | | $ | 1,559 | | | $ | 543 | | | $ | 29 | | | $ | — | | | $ | 2,132 | |
Net income | — | | | — | | | — | | | 80 | | | — | | | — | | | 80 | |
Activity related to share-based compensation | — | | | — | | | 16 | | | — | | | — | | | — | | | 16 | |
Employee stock plan issuance | — | | | — | | | 4 | | | — | | | — | | | — | | | 4 | |
Foreign currency translation adjustments | — | | | — | | | — | | | — | | | (10) | | | — | | | (10) | |
Derivative instrument adjustments, net of tax | — | | | — | | | — | | | — | | | 5 | | | — | | | 5 | |
Repurchase and retirement of common stock | (3) | | | — | | | (38) | | | (84) | | | — | | | — | | | (122) | |
Balance as of June 30, 2023 | 109 | | | $ | 1 | | | $ | 1,541 | | | $ | 539 | | | $ | 24 | | | $ | — | | | $ | 2,105 | |
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See notes to unaudited condensed consolidated financial statements.
HILTON GRAND VACATIONS INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION
Our Business
Hilton Grand Vacations Inc. (“Hilton Grand Vacations,” “we,” “us,” “our,” “HGV” or the “Company”) is a global timeshare company engaged in developing, marketing, selling, managing and operating timeshare resorts, timeshare plans and ancillary reservation services, primarily under the Hilton Grand Vacations brands. On January 17, 2024 (“Bluegreen Acquisition Date”), we completed the acquisition of Bluegreen Vacations Holding Corporation (“Bluegreen”) (the “Bluegreen Acquisition”).
Our operations primarily consist of selling vacation ownership intervals and vacation ownership interests (collectively, “VOIs” or “VOI”) for us and third parties; financing and servicing loans provided to consumers for their timeshare purchases; operating resorts and timeshare plans; and managing our clubs and exchange programs that include HGV Max, Hilton Grand Vacations Club and Hilton Club, Diamond clubs and Bluegreen Vacation Club (collectively referred to as “Clubs”).
As of June 30, 2024, we had approximately 200 properties located in the United States (“U.S.”), Europe, Mexico, the Caribbean, Canada and Asia. A significant number of our properties and VOIs are concentrated in Florida, Europe, Hawaii, California, Arizona, Nevada, South Carolina and Virginia, inclusive of the new locations we have expanded into through the Bluegreen Acquisition. We are in the process of rebranding many of the Diamond properties and anticipate rebranding the majority of Bluegreen properties and sales centers. We expect to begin rebranding certain Bluegreen properties during the fourth quarter of 2024 to the Hilton Grand Vacations brands and Hilton standards.
Basis of Presentation
The unaudited condensed consolidated financial statements presented herein include all of our assets, liabilities, revenues, expenses and cash flows as well as all entities in which we have a controlling financial interest. The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other interests. If the entity is considered to be a variable interest entity (“VIE”), we determine whether we are the primary beneficiary, and then consolidate those VIEs for which we have determined we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50% of the voting shares of a company or otherwise have a controlling financial interest, including Bluegreen/Big Cedar Vacations LLC, a joint venture in which HGV is deemed to hold a controlling financial interest based on its 51% equity interest (“Big Cedar”), its active role as the day-to-day manager of its activities, and majority voting control of its management committee. HGV acquired its equity interest in Big Cedar as part of the Bluegreen Acquisition. All material intercompany transactions and balances have been eliminated in consolidation. Our accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation.
The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows as prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Although we believe the disclosures made are adequate to prevent information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2023, included in our Annual Report on Form 10-K filed with the SEC on February 29, 2024.
Use of Estimates
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.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Noncontrolling Interest
Noncontrolling interest reflects a third party’s ownership interest in Big Cedar that is consolidated in our unaudited condensed consolidated financial statements but is less than 100% owned by HGV. The noncontrolling interest
is recognized as equity in our unaudited condensed consolidated balance sheet and presented separately from the equity attributable to stockholders.
The amounts of consolidated net income and comprehensive income attributable to stockholders and noncontrolling interest are separately presented in the unaudited condensed consolidated statements of operations and comprehensive income.
Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 provides amendments to improve reportable segment disclosure requirements both on an interim and annual basis, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of ASU 2023-07 is expected to impact disclosures only and not have a material impact on our consolidated financial statements or results.
In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 states that an entity must provide greater disaggregation of its effective tax rate reconciliation disclosure. The ASU also states that an entity must separately disclose net cash taxes paid between federal, state, and foreign jurisdictions. The guidance is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The guidance is to be applied prospectively, although retrospective application is permitted. The adoption of ASU 2023-09 is expected to impact disclosures only and not have a material impact on our consolidated financial statements or results.
NOTE 3: ACQUISITIONS
Bluegreen Acquisition
On January 17, 2024, we completed the Bluegreen Acquisition in an all-cash transaction, with total consideration of approximately $1.6 billion. The Bluegreen Acquisition is expected to broaden HGV’s offerings, customer reach and sales locations. Costs related to the Bluegreen Acquisition were $37 million and $137 million during the three and six months ended June 30, 2024. These costs were expensed as incurred and included within Acquisition and integration-related expense in our unaudited condensed consolidated statements of operations.
The following table presents the preliminary fair value of each class of consideration transferred in relation to the Bluegreen Acquisition as of the Bluegreen Acquisition Date:
| | | | | |
($ in millions, except share and per share data) | |
Number of Class A Shares issued and outstanding | 12,504,138 |
Number of Class B Shares issued and outstanding | 3,664,117 |
Number of Class A shares deliverable as equity awards | 673,169 |
Total shares and related equity awards outstanding | 16,841,424 |
Cash consideration to Bluegreen shareholders and equity award holders per share | $ | 75.00 | |
Purchase price | $ | 1,263 | |
Repayment of Bluegreen Debt(1) | 265 | |
Payment of Seller Transaction Fees(2) | 28 | |
Total Consideration Transferred | $ | 1,556 | |
(1) Reflects the balance of Bluegreen’s debt repaid by HGV.
(2) Reflects transaction-related expenses incurred by Bluegreen but paid by HGV.
Preliminary Fair Values of Assets Acquired, Liabilities Assumed and Noncontrolling Interest
We accounted for the Bluegreen Acquisition as a business combination, which requires us to record the assets acquired, liabilities assumed and noncontrolling interest at fair value as of the Bluegreen Acquisition Date. The preliminary fair values of the assets acquired, liabilities assumed, and noncontrolling interest, which are presented in the table below, and the related preliminary acquisition accounting are based on management’s estimates and assumptions, as well as information compiled by management, including the books and records of Bluegreen. Our estimates and assumptions are subject to change during the measurement period, not to exceed one year from the Bluegreen Acquisition Date. The magnitude of the Bluegreen Acquisition could necessitate the need to use the full one-year measurement period to adequately analyze and assess a number of the factors used in establishing the asset, liability and noncontrolling interest fair values as of the Bluegreen Acquisition Date. The final values may also result in changes to amortization expense
related to intangible assets and depreciation expense related to property and equipment, among other changes. Any potential adjustments made could be material in relation to the values presented in the table below.
As discussed more fully below, the primary areas of the purchase price allocation that are not yet finalized include the following: (1) finalizing the review and valuation of acquired intangible assets (including key assumptions, inputs and estimates) and assigning the useful lives to such assets; (2) finalizing the review and valuation of acquired inventory, property and equipment (including key assumptions, inputs and estimates) and assigning the remaining useful lives to the depreciable assets; (3) finalizing the review and valuation of acquired timeshare financing receivables (including key assumptions, inputs and estimates); (4) finalizing the valuation of certain in-place contracts or contractual relationships (including but not limited to leases), including determining the appropriate amortization periods; (5) finalizing the review and valuation of other acquired assets, assumed liabilities, including debt assumed, and noncontrolling interest; and (6) finalizing our estimate of the impact of purchase accounting on deferred income tax liabilities.
| | | | | |
($ in millions) | Preliminary Amounts Recognized as of the Bluegreen Acquisition Date |
Assets acquired | |
Cash and cash equivalents | $ | 71 | |
Restricted cash | 44 | |
Accounts receivable | 32 | |
Timeshare financing receivables, net | 914 | |
Inventory | 372 | |
Property and equipment | 180 | |
Investment in unconsolidated affiliates | 3 | |
Operating lease right-of-use assets | 19 | |
Intangible assets | 812 | |
Other assets | 85 | |
Total assets acquired | 2,532 | |
Liabilities assumed | |
Accounts payable, accrued expenses and other | 143 | |
Advanced deposits | 40 | |
Debt | 162 | |
Non-recourse debt | 606 | |
Operating lease liabilities | 20 | |
Deferred revenue | 19 | |
Deferred income tax liabilities | 341 | |
Total liabilities assumed | 1,331 | |
Net assets acquired | $ | 1,201 | |
| |
Total consideration transferred | $ | 1,556 | |
Less: Net assets acquired | (1,201) | |
Plus: Noncontrolling interest | 158 | |
Goodwill(1) | $ | 513 | |
(1)Goodwill is calculated as total consideration transferred less net assets acquired and it primarily represents the value that we expect to obtain from synergies and growth opportunities from our combined Company post-acquisition.
The measurement period adjustments recorded during the quarter ended June 30, 2024 resulted from changes to our estimates of the fair value of the acquired assets and assumed liabilities based on management’s review of the historical accounting records and third-party valuations. The measurement period adjustments recognized include a reduction to timeshare financing receivables and an increase to inventory based on management's review of key assumptions and historical performance of the acquired portfolio, and an increase in accrued liabilities resulting from identification of certain costs associated to the period prior to the Bluegreen Acquisition Date. These resulted in a net adjustment to goodwill for the period of $(10) million, net of tax impacts of adjustments. The prior period net income effect associated with the measurement period adjustments recorded during the six months ended June 30, 2024 were immaterial.
Timeshare Financing Receivables
We acquired timeshare financing receivables, net which consist of loans to customers who purchased vacation ownership products and chose to finance their purchases. These timeshare financing receivables, net are collateralized by the underlying VOIs and generally have 10-year amortizing repayment terms. We preliminarily estimated the fair value of the timeshare financing receivables using a discounted cash flow model, which calculated a present value of expected future risk-adjusted cash flows over the remaining term of the respective timeshare financing receivables. We are continuing to evaluate the significant assumptions underlying the discounted cash flow model including default severity and prepayment assumptions, which could result in changes to our preliminary estimate. We have determined that the entire acquired timeshare financing receivables portfolio shows evidence of more-than-insignificant deterioration in credit quality since origination. See Note 6: Timeshare Financing Receivables, net for additional information.
Acquired timeshare financing receivables with credit deterioration as of the Bluegreen Acquisition Date were as follows:
| | | | | |
($ in millions) | As of January 17, 2024 |
Purchase price | $ | 914 | |
Allowance for credit losses | 197 | |
Premium attributable to other factors | (152) | |
Par value | $ | 959 | |
Inventory
We acquired inventory which primarily consists of completed unsold VOIs. We preliminarily estimated the fair value of acquired inventory using a discounted cash flows method, which included an estimate of cash flows expected to be generated from the sale of VOIs. Significant estimates and assumptions impacting the fair value of the acquired inventory that are subjective and/or require complex judgments include our estimates of operating costs and margins, and the discount rate. Certain other estimates and assumptions impacting the fair value of the acquired inventory involving less subjective and/or less complex judgments include: short-term and long-term revenue growth rates, capital expenditures and other factors impacting the discounted cash flows. We are continuing to assess the market assumptions and property conditions as of the Bluegreen Acquisition Date, which could result in changes to these preliminary values.
Property and Equipment
We acquired property and equipment, which includes land, buildings and improvements, leasehold improvements, computer hardware and software, furniture, fixtures, and office equipment, machinery and equipment, vehicles, construction in progress, and other assets. For our preliminary analysis, we estimated the fair value of the property and equipment using a mix of cost and market approaches. In determining the fair value using the cost approach, we estimated the reproduction cost by applying inflation trending indices to the historical capitalized costs within the fixed asset details. We also relied on the market approach to determine the fair value of certain assets. In applying the market approach to value, we relied on the percent of cost method. In addition, certain property and equipment assets were held at their carrying value, which is our best estimate of fair value at this time given the information available. We are continuing to assess the market assumptions and property conditions as of the Bluegreen Acquisition Date, which could result in changes to these preliminary values.
Operating Lease Right-of-Use-Assets and Lease Liabilities
We have recorded a preliminary estimate of the liability for those operating leases assumed in connection with the Bluegreen Acquisition with a remaining term in excess of one year. We measured the lease liabilities assumed at the present value of the remaining contractual lease payments based on the guidance in Accounting Standards Codification Topic 842: Leases discounted at an incremental borrowing rate applicable to HGV determined as of the Bluegreen Acquisition Date. The right-of-use assets for such leases were measured at an amount equal to the lease liabilities, adjusted for the favorable or unfavorable leasehold position considering the contractual terms of the lease when compared with market terms. A small number of operating lease right of use assets and lease liabilities were preliminarily estimated at carrying value. Additionally, any equipment lease was held at carrying value. We continue to assess the market assumptions as of the Bluegreen Acquisition Date, which could result in changes to our preliminary estimate.
Intangible Assets
The following table presents our preliminary estimates of the fair values of the acquired Bluegreen’s identified intangible assets and their related estimated useful lives:
| | | | | | | | | | | |
| Weighted Average Estimated Useful Life (in years) | | Estimated Fair Value ($ in millions) |
Trade name | 7 | | $ | 30 | |
Management contracts | 19 | | 479 | |
Club member relationships | 11 | | 36 | |
Capitalized software | 3 | | 12 | |
Marketing agreements | 17 | | 209 | |
Other contract-related intangible assets | 12 | | 46 | |
Total intangible assets acquired | | | $ | 812 | |
We preliminarily estimated the fair value of Bluegreen's trade name using the relief-from-royalty method, which applies an estimated royalty rate to forecasted future cash flows, discounted to present value. We preliminarily estimated the value of management contracts and club member relationships using the multi-period excess earnings method, which is a variation of the income approach. This method estimates an intangible asset’s value based on the present value of the incremental after-tax cash flows attributable to the intangible asset. The marketing agreements were valued using the with‑and‑without method of the income approach. Under this method, the value of an asset is a function of the differential of projected cash flows with the asset in place and the projected cash flows without the asset in place, discounted to present value. We continue to review Bluegreen's contracts and historical performance in addition to evaluating the assumptions impacting the estimated values of such intangible assets and their respective useful lives, including the discount rate applied to the estimated cash flows and renewal and growth estimates and expected margins as of the Bluegreen Acquisition Date, which could result in changes to these preliminary values.
Debt
As part of the acquisition and consideration transferred, we paid off $265 million of Bluegreen’s existing corporate debt and accrued interest. We preliminarily estimated the fair value of the remaining assumed debt using a discounted cash flow model under the income approach. The significant assumptions include prepayment rates, interest rates and other structural factors. We are continuing to evaluate the significant assumptions underlying the discounted cash flow model as of the Bluegreen Acquisition Date, which could result in changes to our preliminary estimate.
Non-Recourse Debt
We preliminarily estimated the fair value of the securitized debt and warehouse loan facilities, using a discounted cash flow model under the income approach. The significant assumptions in our analysis include default rates, prepayment rates, bond interest rates and other structural factors. We are continuing to evaluate the significant assumptions underlying the discounted cash flow model including default and prepayment assumptions as of the Bluegreen Acquisition Date, which could result in changes to our preliminary estimate.
Deferred Revenue
Deferred revenue primarily relates to deferred sales incentives revenues, primarily related to Bonus Points, which are deferred and recognized upon redemption; and Club membership fees, which are deferred and recognized over the terms of the applicable contract term or membership on a straight-line basis. We preliminarily estimated the fair value of the deferred revenue at the carrying value of such liabilities as of the Bluegreen Acquisition Date. We continue to review Bluegreen’s contracts as of the Bluegreen Acquisition Date, which could result in changes to the preliminary estimate.
Deferred Income Taxes
Deferred income taxes primarily relate to the fair value of assets and liabilities acquired from Bluegreen, including timeshare financing receivables, inventory, property and equipment, intangible assets, and debt. We preliminarily estimated deferred income taxes based on the blended U.S. federal and state statutory tax rate which approximates to 25%. Within the measurement period, we will continue to assess the tax rates used, and we will update our estimate of deferred income taxes based on changes to our preliminary valuations of the related assets and liabilities and refinement of the effective tax rates as of the Bluegreen Acquisition Date, which could result in changes to these preliminary values.
Noncontrolling Interest
The acquired noncontrolling interest relates to Bluegreen/Big Cedar Vacations, LLC, a joint venture in which we are deemed to hold a controlling financial interest based on our 51% equity interest, our active role as the day-to-day manager of its activities, and our majority voting control of its management committee. We preliminarily estimated the fair value of the noncontrolling interest using a discounted cash flow model under the income approach. We continue to assess the market assumptions as of the Bluegreen Acquisition Date, which could result in changes to our preliminary estimate.
Goodwill
We have recorded a preliminary estimate of $513 million of goodwill in connection with the Bluegreen Acquisition. We have allocated the acquired goodwill to our segments, Real Estate Sales and Financing and Resort Operations and Club Management, as indicated in the table below. Our allocations may change throughout the measurement period as we continue to finalize the fair value of assets acquired and liabilities assumed in the Bluegreen Acquisition. The majority of goodwill is not expected to be deductible for tax purposes.
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| Resort Operations and Club Management Segment | | Real Estate Sales and Financing Segment | | Total Consolidated |
Goodwill | $ | 174 | | | $ | 339 | | | $ | 513 | |
Pro Forma Results of Operations
The following unaudited pro forma information presents the combined results of operations of HGV and Bluegreen as if we had completed the Bluegreen Acquisition on January 1, 2023, the first day of our 2023 fiscal year, but using our preliminary fair values of assets and liabilities as of the Bluegreen Acquisition Date. These unaudited pro forma results do not reflect any synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Bluegreen Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations.
| | | | | | | | | | | |
| Six Months Ended June 30, |
($ in millions) | 2024 | | 2023 |
Revenue | $ | 2,437 | | | $ | 2,449 | |
Net income | (2) | | | 115 | |
Bluegreen Results of Operations
The following table presents the results of Bluegreen operations included in our unaudited condensed consolidated statement of operations for the period from the Bluegreen Acquisition Date through the second quarter of 2024:
| | | | | |
($ in millions) | January 17, 2024 to June 30, 2024 |
Revenue | $ | 433 | |
Net loss | (27) | |
Grand Islander Acquisition
On December 1, 2023 (“Grand Islander Acquisition Date”), the Company completed the acquisition of BRE Grand Islander Parent LLC (“Grand Islander”), by exchanging 100% of the outstanding equity interests of Grand Islander for $117 million (the “Grand Islander Acquisition”). Prior to the acquisition, we managed the resort property in Hawaii owned by Grand Islander. The acquisition expands our product offerings and provides existing members upgrade opportunities to locations outside of the prior Fee-for-service arrangement. The purchase price of $117 million included cash consideration, as well as $4 million of non-cash consideration attributable to the effective settlement of a pre-existing relationship based on the contract value.
As of June 30, 2024, the preliminary fair values of the assets acquired includes $8 million of cash and cash equivalents, $28 million of restricted cash, $5 million of accounts receivable, $53 million of unsecuritized timeshare financing receivables, net, $199 million of securitized timeshare financing receivables, net, $15 million of inventory, and $2 million of other assets. Of the securitized timeshare financing receivables acquired, $128 million is used as collateral to secure a non-recourse revolving timeshare receivable credit facility (“Grand Islander Timeshare Facility”). The preliminary fair values of the liabilities assumed consist of $193 million of non-recourse debt and $4 million of other liabilities.
The estimated fair values of the assets acquired, and liabilities assumed and the related preliminary acquisition accounting were based on management’s estimates and assumptions, as well as other information compiled by
management. We preliminarily estimated the fair value of the timeshare financing receivables and inventory using a discounted cash flow model, which calculated a present value of expected future risk-adjusted cash flows over the remaining term of the respective timeshare financing receivable and the sell-out period of the inventory, respectively. For non-recourse debt, we estimated the fair value using recent trades of the debt, using adjustments to recent trades of similar debt or the settlement amounts for debt that was repaid in close proximity to the Grand Islander Acquisition Date.
The timeshare financing receivables acquired were considered purchase credit deteriorated (“PCD”) assets. The following table presents the acquired assets with credit deterioration as of the Grand Islander Acquisition Date:
| | | | | |
($ in millions) | As of December 1, 2023 |
Purchase price | $ | 252 | |
Allowance for credit losses | 24 | |
Premium attributable to other factors | (2) | |
Par value | $ | 274 | |
Goodwill of $4 million is calculated as total consideration transferred less net assets acquired. The measurement period adjustments recorded during the six months ended June 30, 2024 resulted from changes to our estimates of the fair value of the acquired assets and assumed liabilities based on updated preliminary valuations of acquired timeshare financing receivables and inventory. These resulted in an increase to goodwill for the period of $2 million. We have allocated the acquired goodwill of $4 million to our Real Estate Sales and Financing segment. Our allocations may change throughout the measurement period as we continue to finalize the fair value of assets acquired and liabilities assumed in the Grand Islander Acquisition. The majority of goodwill is expected to be deductible for tax purposes. All amounts recorded, including those based on estimates and assumptions, are subject to change during the measurement period, not to exceed one year from the Grand Islander Acquisition Date.
NOTE 4: REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following tables show our disaggregated revenues by product and segment from contracts with customers. We operate our business in the following two reportable segments: (i) Real estate sales and financing and (ii) Resort operations and club management. See Note 17: Business Segments for more information related to our segments.
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($ in millions) | Three Months Ended June 30, | | Six Months Ended June 30, |
Real Estate Sales and Financing Segment | 2024 | | 2023 | | 2024 | | 2023 |
Sales of VOIs, net | $ | 471 | | | $ | 355 | | | $ | 909 | | | $ | 673 | |
Sales, marketing, brand and other fees | 167 | | | 173 | | | 312 | | | 331 | |
Interest income | 88 | | | 65 | | | 184 | | | 131 | |
Other financing revenue | 14 | | | 11 | | | 22 | | | 19 | |
Real estate sales and financing segment revenues | $ | 740 | | | $ | 604 | | | $ | 1,427 | | | $ | 1,154 | |
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($ in millions) | Three Months Ended June 30, | | Six Months Ended June 30, |
Resort Operations and Club Management Segment | 2024 | | 2023 | | 2024 | | 2023 |
Club management | $ | 67 | | | $ | 53 | | | $ | 130 | | | $ | 104 | |
Resort management | 104 | | | 80 | | | 207 | | | 160 | |
Rental(1) | 181 | | | 162 | | | 350 | | | 309 | |
Ancillary services | 14 | | | 11 | | | 26 | | | 22 | |
Resort operations and club management segment revenues | $ | 366 | | | $ | 306 | | | $ | 713 | | | $ | 595 | |
(1)Excludes intersegment transactions. See Note 17: Business Segments for additional information.
Receivables from Contracts with Customers, Contract Liabilities, and Contract Assets
Our accounts receivable that relate to our contracts with customers includes amounts associated with our contractual right to consideration for completed performance obligations and are settled when the related cash is received.
Accounts receivable are recorded when the right to consideration becomes unconditional and is only contingent on the passage of time. Our timeshare financing receivables consist of loans related to our financing of VOI sales that are secured by the underlying timeshare properties. See Note 6: Timeshare financing receivables for additional information.
The following table provides information on our contracts with customers which are included in Accounts receivable, net and Timeshare financing receivables, net, respectively, on our condensed consolidated balance sheets:
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($ in millions) | June 30, 2024 | | December 31, 2023 |
Receivables from contracts with customers: | | | |
Accounts receivable, net | $ | 346 | | | $ | 343 | |
Timeshare financing receivables, net | 2,976 | | | 2,113 | |
Total | $ | 3,322 | | | $ | 2,456 | |
Contract liabilities include payments received or due in advance of satisfying our performance obligations. Such contract liabilities include advanced deposits received on prepaid vacation packages for future stays at our resorts, deferred revenue related to sales of VOIs of projects under construction, club activation fees and annual dues, the liability for bonus points awarded to our customers for purchase of VOIs at our properties or properties under our fee-for-service arrangements that may be redeemed in the future, deferred maintenance fees and other deferred revenue.
The following table presents the composition of our contract liabilities:
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($ in millions) | June 30, 2024 | | December 31, 2023 |
Contract liabilities: | | | |
Advanced deposits | $ | 224 | | | $ | 179 | |
Deferred sales of VOIs of projects under construction | 51 | | | 39 | |
Club activation fees and annual dues | 142 | | | 97 | |
Bonus point incentive liability(1) | 93 | | | 83 | |
Deferred maintenance fees | 29 | | | 12 | |
Other deferred revenue | 61 | | | 38 | |
(1)The balance includes $55 million and $54 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.
Revenue earned for the three and six months ended June 30, 2024, that was included in the contract liabilities balance at December 31, 2023, was approximately $68 million and $150 million, respectively.
Contract assets relate to incentive fees that can be earned for meeting certain targets on sales of VOIs at properties under our fee-for-service arrangements; however, our right to consideration is conditional upon completing the requirements of the annual incentive fee period. As of June 30, 2024 and December 31, 2023, there were $2 million and $13 million of contract assets, respectively.
Transaction Price Allocated to Remaining Performance Obligations
Transaction price allocated to remaining performance obligations represents contract revenue that has not yet been recognized. Our contracts with remaining performance obligations primarily include (i) sales of VOIs under construction, (ii) club activation fees paid at closing of a VOI purchase, (iii) customers’ advanced deposits on prepaid vacation packages and (iv) bonus points that may be redeemed in the future.
Deferred VOI sales include deferred revenue from sales associated with phases or buildings under-construction and not yet completed. The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
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($ in millions) | June 30, 2024 | | December 31, 2023 |
Sales of VOIs, net | $ | 51 | | | $ | 39 | |
Cost of VOI sales | 15 | | | 10 | |
Sales and marketing expense | 7 | | | 6 | |
During the six months ended June 30, 2024, we recognized $48 million of sales of VOIs, net, offset by deferrals of $59 million, related to sales of projects under construction, some of which were completed during the year. We expect to
recognize the revenue, costs of VOI sales and direct selling costs related to the projects under construction as of June 30, 2024, upon their completion.
The following table includes the remaining transaction price related to Advanced deposits, Club activation fees and Bonus points incentive liability as of June 30, 2024:
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($ in millions) | Remaining Transaction Price | | Recognition Period | | Recognition Method |
Advanced deposits | $ | 224 | | | 18 months | | Upon customer stays |
Club activation fees | 65 | | | 7 years | | Straight-line basis over average inventory holding period |
Bonus point incentive liability | 93 | | | 18 - 30 months | | Upon redemption |
NOTE 5: ACCOUNTS RECEIVABLE
Accounts receivable within the scope of ASC 326 are measured at amortized cost. The following table represents our accounts receivable, net of allowance for credit losses:
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($ in millions) | June 30, 2024 | | December 31, 2023 |
Fee-for-service commissions | $ | 60 | | | $ | 57 | |
Real estate and financing | 68 | | | 87 | |
Resort and club operations | 218 | | | 199 | |
Tax receivables | 159 | | | 97 | |
Insurance claims receivable | — | | | 54 | |
Other receivables | 19 | | | 13 | |
Total | $ | 524 | | | $ | 507 | |
Our accounts receivable are generally due within one year of origination. We use delinquency status and economic factors such as credit quality indicators to monitor our receivables within the scope of ASC 326 and use these as a basis for how we develop our expected loss estimates.
The changes in our allowance were as follows during the six months ended June 30, 2024:
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($ in millions) | Fee-for-service commissions | | Real estate and financing | | Resort and club operations | | Total |
Balance as of December 31, 2023 | $ | 23 | | | $ | 34 | | | $ | 3 | | | $ | 60 | |
Current period provision for expected credit losses | 4 | | | 7 | | | 12 | | | 23 | |
Write-offs charged against the allowance | (8) | | | (8) | | | (1) | | | (17) | |
Balance as of June 30, 2024 | $ | 19 | | | $ | 33 | | | $ | 14 | | | $ | 66 | |
NOTE 6: TIMESHARE FINANCING RECEIVABLES
We define our timeshare financing receivables portfolio segments as (i) originated and (ii) acquired. Our originated portfolio represents timeshare financing receivables that originated after August 2, 2021 related to Diamond (“Legacy-Diamond”), after December 1, 2023 related to Grand Islander (“Legacy-Grand Islander”), after January 17, 2024 related to Bluegreen (“Legacy-Bluegreen”) and timeshare financing receivables that existed both prior to and following the various acquisition dates (“Legacy-HGV”). Our acquired portfolio includes all timeshare financing receivables acquired from Legacy-Diamond, Legacy-Grand Islander and Legacy-Bluegreen that existed as of the respective acquisition dates.
The following table presents the components of each portfolio segment by class of timeshare financing receivables:
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| Originated | | Acquired |
($ in millions) | June 30, 2024 | | December 31, 2023 | | June 30, 2024 | | December 31, 2023 |
Securitized | $ | 1,026 | | | $ | 770 | | | $ | 794 | | | $ | 214 | |
Unsecuritized(1) | 1,409 | | | 1,326 | | | 617 | | | 551 | |
Timeshare financing receivables, gross | $ | 2,435 | | | $ | 2,096 | | | $ | 1,411 | | | $ | 765 | |
Unamortized non-credit acquisition premium(2) | — | | | — | | | 136 | | | 32 | |
Less: allowance for financing receivables losses | (613) | | | (500) | | | (393) | | | (279) | |
Timeshare financing receivables, net | $ | 1,822 | | | $ | 1,596 | | | $ | 1,154 | | | $ | |