with and than XX% third Steve, strong EBITDA XXXX. our I everyone. totaled pleased or quarter good million $XX very too quarter million, Adjusted third results. you, morning, of higher $XX the Thank am
revenue we calculating reminder, adjusted timing a impact exclude EBITDA. the As do of when not reportability
fourth mentioned, hurricanes third up XX%. such, excluding sales, revenue remember And that of would last year's of adverse Steve after million. impact was million the have in adjusting Contract the of the sales important impact calendar X% that estimate XXXX. reportability, for the the adjusted unfavorably contract of quarter EBITDA $XXX were roughly of estimated quarter, quarter grown in as As by $XX it's was which impacted financial we recognized to much change, the nearly reporting to
contract improvement it in quarter. the to EBITDA other relates as as parts sales that by our year-over-year million $X and lower our the management or million impacted margin the well business of loss-adjusted EBITDA the million in in we estimated financing As EBITDA. resort from Development the adjusted businesses adjusted negatively estimate $XX development, Despite XXX%. lost $X of contributed hurricanes, all grew our revenues hurricanes, over to
X%. or increased management XX%. resort Our $X financing or margin grew business million million our $X And
For the totaled XX.X% points from quarter, XXX third company-adjusted XX% XXXX. margin $X the the higher margin And XXXX. third development our percentage than quarter million million increased adjusted of third quarter $XX development the to or basis of in quarter,
in In estimate adjusted hurricanes that impacted negatively the third the margin addition, development point we by quarter. X.X
or of our newest level lower cost, to XXXX. While activity, XX% higher below million third our for the of development cost to of adjusted for from million $X and year than was margin that $X product XX.X% of of and given goal ramp-up XXXX quarter, development of adjusted XXX do sales and the to expect development higher sales percentage we $XX or which lower $XX In contract driven better, million America the hurricanes, million by adjusted sales or development margin $XX margin America in impact marketing quarter full the is the in XXXX. our million margin by third offset primarily The volumes, increase distributions. was million be million sales the $X segment, $X million points basis North our in $X partially of reserve was XX% margin higher related increased North
adjusted impact results impacted revenues business, America These our as increase unfavorably increased combination with reporting our million programs. $X hurricanes calendar, our the million financing margin additional change in third by the the XX% to offset our in $XX that North the from XXXX. million million. In balance incentive in interest estimate or in development we quarter, a reflect associated of the as $X quarter For nearly growing receivable income eight $X additional the from a by cost partially days notes well of financing of
continue third the increase near who banking program. propensity reflect us our receivable were as over financed and of revenues, higher million the by In XXX, impacted Results usage of historic includes net lows. XX% These an up increase that from of to transient million. expenses, down our quarter. of the which Remember, estimate notes to calendar. less Financing of with room last third $X take million very the quarter XX% This flexible of of $XX rental XXXX. delinquency $X XX% from partially points options, from increase million the increase in to a Our million, and inventory utilization by was rented, buyers, owners the to $X business, The a borrowing in cost, of year. year. was rental quarter also from of rentals. additional in were continues increased revenue to financing including offset negatively portfolio nights the the of than the associated usage quarter. million reporting our Rental benefit rates expenses, revenues is keys which revenues were $XX advantage Average well, we the remained as rental Points third offset XX% and net XXX revenues, impact scores quarter, we've in the eight reflect in higher rate change transient results with perform our days related in increase preview hurricanes, basis roughly prior seen the options in by FICO rental rental preview nearly explore $XX
impact $X our resort partially X preview of change. other rental from as up as room we lower to our marketing $X portfolio of for higher increasing up rental change. These The increases costs inflationary X business, quarter. were the technology-related G&A expenses. driven the tours, in million impact this as margins roughly the normal the a well from improved nearly increase the cost to remain was our services higher additional the of the million in $X of results the margin of ancillary of company reporting or from of by resulted fees resulting was contract we for additional activity will reflected certain management X and XXXX. availability million were variable continue our million the as from costs. quarter These the by as driven remainder nights by sales managing activity timing utilize our more as compensation-related support resorts, headwind higher So reporting quarter, days and primarily days This hurricanes from X% expect results from to change. fees were the higher packages. grow which In increases third exchange calendar to the Royalty and well days $X million volumes calendar of reporting additional the $XX calendar the offset we
our $XXX million. cash the and totaled to the Moving cash sheet. balance quarter, end At equivalents of
securitization million ownership vacation credit gross of million in revolving $XX million $XXX notes and approximately under receivable available $XXX capacity had our also roughly We facility. eligible for
debt was notes outstanding at $XXX the roughly the billion, Our consisting our of million of associated primarily quarter total $X.X securitized receivable. with end
we third issued addition, convertible during the $XXX In quarter. of notes million
at of of effectively same capital and we structure. do was opportune While price cost cash evaluate felt to strength We the believe put we debt on effective the to for continue provides we the proceeds need take per in and and most enables interest. of stock company $XXX.XX an optimize in several have a resulted rent of in for for and one current the arrangement the proceeds, flexibility we of that X.X% us The very leverage immediate an us to entered different time terms our interest use rate some roughly advantage not our conversion time as price it rate of into to us we increased low covenants share. the chose did instruments an that the
Our not strategy regarding changed. the capital use has of
and to opportunities grow We for our will first business. look foremost,
In look repurchases to opportunities, share return our and capital will to through dividends. addition those to excess we shareholders
the of from $XX purchased convertible we debt proceeds repurchased $XX in return outstanding the stock offering. including relates shares XXX,XXX of with quarter, million capital our received for it to million, common As our we
the share our million through our For $XXX returned programs. quarters we to shareholders three first repurchase dividend XXXX, both of and
a Now you hurricane-related moment update take to let me of the on our claims. status insurance
third As relates business net which impacted insurance XXXX, fourth Hurricane $X the million nearly proceeds we Matthew, us in the received of to in quarter of quarter. interruption
proceeds year, quarter. for these to adjusted that Given relate we our them results third excluded last have the EBITDA from
which impact impacts EBITDA Maria, these full roughly and through storms, by by we year Irma contract $XX Hurricanes million. Steve of $X walked sales negatively you estimate and high-level the approximately year powerful will million full For adjusted
to and continue XXXX both submit property associations. as a our We expect covering our in us and claim to business by as losses providers insurance with work interruption our owners' experienced well damage
let our turn Now outlook me for XXXX. to
As financial third Steve prior would prior been expected our XXXX results the to we with quarter, have generate overall in for line mentioned, the hurricanes to that guidance. in
into XXXX Shifting impact negative estimated $X impact and grow expect million to XX% taking contract the adjusted $XX hurricanes adjusted the we hurricanes, between for XX% now million. the to million the EBITDA; from EBITDA contract on from negative full $XXX sales account the estimated account into $XXX taking of sales, However, year. year expect million we to
have our unfavorably where expect reporting first quarter, the calendar. our additional to three of $XX mind in of as compared the operating XX that EBITDA change results, will compares from an the year $XX days less we operating to year XXXX comes quarters XXXX. quarter, in fourth days quarter benefited our XX results this quarter and fourth offset million between Since in Keep fourth of fourth our the For prior quarter adjusted million. the given
our the addition, roughly outlook impact contemplates occurring the in half quarter. fourth In hurricane of
impact continued like. hurricanes, might don't quarter of to well we the guidance, let the quarterly given provide on change reporting While me what typically impact look fourth few the a our provide as of moments the as additional calendar color take
margin million between between Given our million. $XX to be with $XX could quarter. $XX in projected development management perform million continue Resort contract growth, $XX sales fourth margin well, should and the and million
our Our $XX business $XX for and financing the excuse could me, financing million between quarter. business, be our million in -- fourth margin
it for does third million and margin our $X million of nights securitization. lot room slightly between results, our associated to activations rental business, higher our our continue lower quarter And could quarter full preview be we business. While than and experience as include a inventory interest XXXX costs. marketing with the recognize utilize to moving expense of to fulfill there are rental package I $X parts a
it putting However, our hurricanes. generate strong about I'm improvement, projected should impact year all adverse full of results, which excited despite the year-over-year together, the
Finally, we on continue flow. maximizing to focus cash
adjusted million of that new million for expectations executing to the lower other taxes. includes benefit Depending this deals, our unidentified timing lesser raising extent, to a note of spending, of range this $XX the also flow on to Please cash the are spend. income of into and, inventory free $XXX reflecting be deferred cash we such, approximately spending deferral million, XXXX. As and $XXX capital may
XX% a with first comparable contract been results million. reporting three quarters Our EBITDA the impressive, $XXX and of through adjusted on growth calendar basis sales have of
be are and growing, tour activations confidence VPG of all ramp us nicely. XXXX of throughout gives remained continuing the a this ahead distributions same up the our to year, well in year. that newest -- are programs and are very has open and Our will tremendous point marketing sales which XXXX, solid
open we Vacations for will call in As appreciate interest Q&A. And your Marriott Rob? we that, up Worldwide. the always, with
