Hilton Grand Vacations Inc (HGV) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Hilton Grand Vacations fourth quarter 2025 earnings conference call. At this time, all participants have been placed in a listen-only mode and the floor will be opened for your questions following the presentation. If you would like to ask a question, please press star 1 on your touchtone phone to enter the queue. If at any point your question has been answered, you may remove yourself from the queue by pressing star 2. If you should require operator assistance, please press star zero. If using a speakerphone, please lift your handset to allow the signal to reach our equipment. Please limit yourself to one question and one follow-up to allow the opportunity for everyone to ask questions. You may then re-enter the queue to ask additional questions. I would now like to turn the call over to Mark Melnick, Senior Vice President of Investor Relations. Please go ahead, sir. Thank you, operator, and welcome to Hilton Grand Vacation's fourth quarter 2025 earnings call. Our discussions this morning will include forward-looking statements. Actual results could differ materially from those indicated by these forward-looking statements, and the statements are effective only as of today. We undertake no obligation to publicly update or revise these statements. For discussion of some of the factors that could cause actual results to differ, please see the risk factors section of our ICC filings. Our reported results for all periods reflect accounting rules under ASC 606, which we adopted in 2018. Under AAC 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 to the period when the project's construction is comp...