Expenses

Hilton Grand Vacations·Products & Services·15 segments·Rolls up to Total Cost of Revenue

Breakdown

Segment	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Sales and marketing	$453M	$467M	$447M	$425M	$479M	$497M	$470M	$437M
Rental and ancillary services	$188M	$178M	$185M	$206M	$203M	$190M	$186M	$216M
Cost reimbursements	$129M	$130M	$135M	$133M	$128M	$132M	$141M	$149M
Resort and club management	$48M	$50M	$59M	$54M	$56M	$58M	$59M	$59M
License fee expense	$40M	$49M	$47M	$49M	$52M	$56M	$57M	$53M
Financing	$44M	$45M	$60M	$55M	$54M	$53M	$53M	$51M
Cost of VOI sales	$65M	$75M	$51M	$25M	$38M	$43M	$46M	$45M
Acquisition and integration-related expense	$48M	$36M	$44M	$28M	$26M	$24M	$20M	$12M
Total	—	—	—	—	—	—	—	—

Acquisition and integration-related expenseView metric

Club expenseView metric

Cost of sales true-upView metric

Cost of VOI salesView metric

Cost reimbursementsView metric

License fee expenseView metric

Marketing expenseView metric

Other expensesView metric

Property management expenseView metric

Rental and ancillary servicesView metric

Rental expenseView metric

Resort and club managementView metric

Sales and marketingView metric

Selling expenseView metric