Hilton Grand Vacations Inc. (NYSE:HGV) Q2 2020 Earnings Conference Call - Final Transcript
Jul 30, 2020 • 11:00 am ET
Good morning, and welcome to the Hilton Grand Vacations Second Quarter 2020 Earnings Conference Call. A telephone replay will be available for seven days following the call. The dial-in number is (844) 512-2921 and enter pin number 13697042. [Operator Instructions]
I would now like to turn the call over to Mark Melnyk, Vice President of Investor Relations. Please go ahead, sir.
Thank you, operator, and welcome to the Hilton Grand Vacations' Second Quarter 2020 Earnings Call. Before we get started, please note that we have prepared slides that are available to download from a link on our webcast and also on the main page of our website at investors.hgv.com. We may refer to these slides during the course of our call for question-and-answer session. 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 10-K as well as similar sections in our 10-Q, which we expect to file soon after the conclusion of this call and in any other applicable SEC filings.
We'll also be referring to certain non-GAAP financial measures. You can find definitions and components of such non-GAAP numbers 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. As a reminder, our reported results for both periods in 2020 and 2019 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 construction is completed. To help you make more meaningful period-to-period comparisons, you can find details of our current and historical deferrals and recognitions in Table T-1 in our earnings release. 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.
Finally, unless otherwise noted, results discussed today refer to second quarter 2020, and all comparisons are accordingly against second quarter of 2019. In a moment, Mark Wang, our President and Chief Executive Officer, will provide highlights from the quarter in addition to an update of our current operations and company strategy. After Mark's comments, our Chief Financial Officer, Dan Mathewes, will go through the financial details for the quarter. Mark and Dan will then make themselves available for your questions.
With that, let me turn the call over to our President and CEO, Mark Wang. Mark?
Morning, everyone. Earlier today, we released our second quarter results. Over the past several months, we