Hilton Grand Vacations Inc. (HGV) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Real estate and financing	2,378.0	1,451.0	494.0
Real Estate and Financing Segment					1,462.0	1,239.0
Resort Operations and Club Management Segment	1,197.0	700.0	276.0		422.0	367.0
Other	260.0	184.0	124.0		115.0	105.0
Total revenues [+]	3,835.0	2,335.0	894.0	1,838.0	1,999.0	1,711.0	1,583.0	1,475.0
Timeshare								492.0
Reimbursements								110.0
Financial services								127.0
Revenue growth [+]	64.2%	161.2%	-51.4%	-8.1%	16.8%	8.1%	7.3%	12.0%
Real estate and financing	63.9%	193.7%
Real Estate and Financing Segment					18.0%
Resort Operations and Club Management Segment	71.0%	153.6%			15.0%
Real estate sales and financing								14.4%
Cost of goods sold [+]	2,751.0	1,666.0	793.0	1,523.0	1,412.0	1,241.0	1,144.0	389.0
Financial costs								32.0
Cost of licensing								74.0
Reimbursable costs								110.0
Timeshare costs								173.0
Gross profit	1,084.0	669.0	101.0	315.0	587.0	470.0	439.0	1,086.0
Gross margin	28.3%	28.7%	11.3%	17.1%	29.4%	27.5%	27.7%	73.6%
Selling, general and administrative [+]	212.0	151.0	92.0		120.0	104.0	92.0	598.0
Sales and marketing								541.0
General and administrative	212.0	151.0	92.0	0.0	120.0	104.0	92.0	57.0
Equity in earnings	13.0	10.0	5.0			1.0
Other operating expenses				39.0			26.0	174.0
EBITDA [+]	885.0	528.0	14.0	320.0	467.0	367.0	321.0	314.0
EBITDA growth	67.6%	3671.4%	-95.6%	-31.5%	27.2%	14.3%	2.2%	5.4%
EBITDA margin	23.1%	22.6%	1.6%	17.4%	23.4%	21.4%	20.3%	21.3%
Depreciation	52.0	36.0	30.0	35.0	23.0	17.0	12.0	10.0
EBITA	833.0	492.0	-16.0	285.0	444.0	350.0	309.0	304.0
EBITA margin	21.7%	21.1%	-1.8%	15.5%	22.2%	20.5%	19.5%	20.6%
Amortization of intangibles	192.0	90.0	15.0	9.0	10.0	12.0	12.0	12.0
EBIT [+]	641.0	402.0	-31.0	276.0	434.0	338.0	297.0	292.0
EBIT growth	59.5%	-1396.8%	-111.2%	-36.4%	28.4%	13.8%	1.7%	4.3%
EBIT margin	16.7%	17.2%	-3.5%	15.0%	21.7%	19.8%	18.8%	19.8%
Non-recurring items [+]	17.0	2.0	209.0
Asset impairment	17.0	2.0	209.0
Interest expense	142.0	105.0	43.0		30.0	27.0	3.0
Interest expense	142.0	105.0	43.0	43.0	30.0	27.0	3.0
Other income (expense), net [+]	-1.0	-26.0	3.0	40.0	-1.0		-1.0
Other	-1.0	-26.0	3.0	-3.0	-1.0		-1.0
Pre-tax income	481.0	269.0	-280.0	273.0	403.0	311.0	293.0	292.0
Income taxes	129.0	93.0	-79.0	57.0	105.0	-16.0	-125.0	-118.0
Tax rate	26.8%	34.6%	28.2%	20.9%	26.1%
Earnings from continuing ops	352.0	176.0	-201.0	216.0	298.0	327.0	167.6	174.1
Earnings from discontinued ops				215.7		326.8
Net income	352.0	176.0	-201.0	216.0	298.0	327.0	167.6	174.1
Net margin	9.2%	7.5%	-22.5%	11.8%	14.9%	19.1%	10.6%	11.8%

Basic EPS [+]	$2.98	$1.76	($2.36)	$2.43	$3.07	$3.31	$1.69	$1.76
Growth	69.5%	-174.4%	-197.2%	-20.6%	-7.3%	95.2%	-3.7%	4.1%
Diluted EPS [+]	$2.93	$1.74	($2.36)	$2.42	$3.04	$3.28	$1.69	$1.76
Growth	68.3%	-173.7%	-197.8%	-20.5%	-7.3%	93.9%	-3.7%	4.1%

Shares outstanding (basic) [+]	118.0	100.0	85.0	88.8	97.2	98.9	99.0	99.0
Growth	18.0%	17.6%	-4.2%	-8.7%	-1.7%	-0.1%	0.0%	0.2%
Shares outstanding (diluted) [+]	120.0	101.0	85.0	89.3	97.9	99.6	99.0	99.0
Growth	18.8%	18.8%	-4.8%	-8.8%	-1.7%	0.6%	0.0%	0.2%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.