Hilton Grand Vacations, Inc. (NYSE:HGV) Q3 2024 Results Conference Call November 7, 2024 11:00 AM ET

Company Participants

Mark Melnyk - SVP, Investor Relations
Mark Wang - CEO & Director
Dan Mathewes - President & CFO

Conference Call Participants

Patrick Scholes - Truist Securities
Brandt Montour - Barclays
Chris Woronka - Deutsche Bank
David Katz - Jefferies
Ben Chaiken - Mizuho

Operator

Good morning, and welcome to the Hilton Grand Vacations Third Quarter 2024 Earnings Conference Call. A telephone replay will be available for 7 days following the call. The dial-in number for that is (844) 512-2921 and enter pin 101-93742. [Operator Instructions]

I would now like to turn the call over to Mark Melnyk, Senior Vice President of Investor Relations. Please go ahead, sir.

Mark Melnyk

Thank you, operator, and welcome to the Hilton Grand Vacations Third Quarter 2024 Earnings Call. As a reminder, our discussions this morning will include forward-looking statements. Actual results could differ materially from those indicated by these forward-looking statements, and these statements are effective only as of today. We undertake no obligation to publicly update or revise these statements. For a discussion of some of the factors that could cause actual results to differ, please see the Risk Factors section of our SEC filings.

We'll also be referring to certain non-GAAP financial measures. You can find definitions of components of such non-GAAP measures as well as reconciliations of non-GAAP and GAAP financial measures discussed today in our earnings press release and on our website at investors.hgv.com. Our reported results for all periods reflect accounting rules under ASC 606, which we adopted in 2018.

Under ASC 606, we're required to defer certain revenues and expenses related to sales made in the period when a project is under construction and then hold off on recognizing those revenues and expenses until the period when the project is completed. For ease of comparability and to simplify our discussion today, our comments on adjusted EBITDA and our real estate results will refer to results excluding the net impact of construction-related deferrals and recognitions for all reporting periods.

To help you make more meaningful period-to-period comparisons, you can find details of our current and historical deferrals and recognitions in Table T1 of our earnings release and a complete accounting of our historical deferral and recognition activity can also be found in Excel format on the Financial Reporting section of our Investor Relations website.