Steve, start in am good very morning, too, everyone. and how pleased Thanks, XXXX. we with performed I, how we -
year, XX% earnings with For our year, totaled $XXX both totaled prior million call. the $XX in provided full last million, million, above contract EBITDA $XXX adjusted and or line X% sales over XXXX, on the guidance
were driven For $XXX our million, sales primarily key America sales the the segment, $XXX of and $XX in EBITDA in fourth by million North quarter, totaled contract million quarter. adjusted
driven the well marketing development hotel continued continued strong from sales transfer, quarter, linkage programs. call Our fourth our programs, as and newest from Encore as business distributions the resulting sales of our in contract ramp-up performance generated namely $XX our million the growth by
very our rates notes continued to us financing sales, the were Average of receivable FICO along well. business contract to quarter financing lows. full perform continues remain And million and with XXX who drove $XX near scores with contributing an propensity, the in Higher increasing finance well, continues portfolio delinquency buyers notes balance. perform receivable fourth in Our year strong to a quarter. historic
resort results. million ancillary services activity contributed business from reflect company rental in And Our in management performance quarter. management continue fees, quarter. Results business and our generated the $X strong million to exchange $XX other fourth the and
call are Our and which the generally than be continue lower rental rental more Encore packages, of by transient at rentals. to inventory use transfer results support rates impacted to of our
owners from Explorer the as banking program, of of also options, to like points our points taking flexible of the as strengths additional well just other exchange have some their We inventory continue highlighting program. rental advantage
proportion sales our while greater and packages, Going inventory forward, to fulfill a contract rental in lower preview our we use revenues rental expect to continue development growth driving to margin. resulting of
XXXX full million $X income the actually for benefit. year Lastly, a taxes were
quarter. Act $XX deferred a As driven of roughly you tax corporate fourth change and the our was and which tax us to Tax generated expect, of Jobs using required in million the assets liabilities might the by this Cuts lower rate. benefit revalue XXXX, This income
for from taxes rate as foreign income the income net addition, change changes. positive foreign in year certain also as In allowances tax benefited a from well valuation
cash equivalents At totaled to the of balance $XXX and quarter, end the million. Moving our sheet. cash
receivable million approximately million facility. gross for capacity $XXX had under also we We eligible warehouse million $XXX debt under $XXX roughly had our credit million facility. ownership $XXX credit notes - securitization of vacation Further, in our $XXX million revolving available
Our $X.X with and ability nearly payable notes end of, at guidance XXXX above in total defer nonrecourse high capital In inventory year activity. million, our XXXX, range. other notes; $XXX Waikoloa. the adjusted our receivable, of net upside $XXX from from our working spending acquisition half convertible free the debt with $XXX our the generated million million development roughly $XX noninterest-bearing million delivering Roughly $XX of related million of securitized outstanding the into cash primarily a favorable we with flow consisting associated billion, previous our half was and note to of to the in connection end associated came
$XX relates in as in capital XXX,XXX million it for our to million through return and dividends $XX million shares Lastly, XXXX, to repurchase paid. returned of of the our shareholders we $XXX
XXXX, Before items few to guidance. outlook a I highlight our that are our in to I turn included for want XXXX
receive amendments XXXX, about will $XX directly annualized from credit agreements. the I $XX an Marriott its extent, estimate both enhanced our that and with Beginning start the We royalty Marriott, amendments the a in longer Marriott expect Marriott's highlighted tremendous the provide to between term. agreements will the we and, me on Marriott let from is benefit Rewards from the opportunities or providing being Steve provided co-marketing share incremental owners; with lower greater us, fee; some to and of us cost basis. to immediately First, excitement we benefit to over points total And for his card from to benefits enhancements. million to reduced this these from of funds these million to International.
XXXX of amendments the the positive Given $XX impact timing is $XX finalized the between outlook our in when XXXX, in were million and million. included
to members receive longer significantly require the however, about time These excited the million very realized. transfer and we solidifies Many the call term, expect ramp-up result of Over our expansion a and also we loyalty reservation license and as before only Marriott's rights marketing for the call benefits transfer our Starwood XXX of expanded for legacy include benefits timeshare fully from Marriott's life us to additional will centers an they're are of from enhanced agreement. the of call marketing to program partner amendments. throughout access our as benefits, exclusive the
time dependent until As months. next the platforms, XX Further, the we early program or timing have to from the its arrive, integrating tours in Marriott can is year. this take to rollout year XX this past, on mentioned expected isn't of sometimes which reservation later
several up. years So will take material while program, expanded from fully growth to contract benefit we the sales expect this long-term ramp
being products former marketing exclusive to amendments brands. with Marriott market provide full-service into Starwood partner linkage the of timeshare our the benefit International us our Hotel the and program, XX Regarding
we evaluating currently opportunities. are begin linkage year. additional locations in to new We the later expect of linkage process adding And this
is our digital marriott.com. be to right including for timeshare Finally programs, exclusive Marriott's certain partner marketing
will XXXX. programs, on start begin to digital Marriott developing We new which expect we testing soon in with working
these fully years will programs transfer, to call However, to up. ramp similar take several
XXXX outlook the Act is and Tax Another Jobs important item our impacting the of of benefit Cuts XXXX.
we benefits nature, well. expect as onetime revaluing deferred assets the in in from liabilities we do tax benefit XXXX significant the While our financial and received was future
outlook our million impact $XX flow. legislation, corporate income million in $XX adjusted of of including a result to income to net As federal XXXX $XX a new the million to cash reduction benefit rate, adjusted a million the includes and tax benefit the this $XX free to
While for benefit free AMT accelerate as that cash of will new new financial to this future the we our note years impact continue flow relates see the statement expect to and impacting to our third to it's have the legislation significant the implementing of lines. And reclassification into of half projections to benefit credits. revenues item bottom our to well, XXXX use ability well to roughly other that certain revenue XXXX in XXXX. accounting new In recognition with adopted we of the as related as an standard, line January effective relates this will connection standard that we X, important certain expenses changes
to the highlight most For bottom the have I our significant that line. items will today, impact just will
First, this prior sale we rescission the its statutory to products ownership when the adopting out vacation generally of period. was recognize standard, contract of for revenue
now is defer will contract the closed. recognition we revenue However, until actually
has flow, timing estimate we revenue result in in this cash days. roughly no recognition of XX on change this impact XX will lag While in to a
used or we with ownership the have to no asset need points, methodology or liability for or borrow This calculating impact flow. to ability revised vacation elections. these owner's change an on has Second, associated liability related an asset bank record our to also eliminating the cash their
of to To this XXXX earnings estimate XXXX, will negative million a in beginning to reference that included of have schedules to adjusted will we results, recorded historical our result issued help morning. this accounting with demonstrate we as on we the of with release XXXX, our - this standard retained information $X standard additional adoption impact For earnings begin adoption onetime of our this cumulative the your being under the new impact $X XXXX. XXXX for in or impact our of reporting the these and million financial restate EBITDA. When noncash changes we
targeting discussed. sales we roughly XX% just platforms. EBITDA cost despite year's to grow XXXX EBITDA from despite growth, let's and from between of Steve our of million year-over-year. sales to $X project these impact ahead sales to that million recognition more the hurricanes. XXXX our point the is With that reflect move EBITDA years, I million the XXXX on technology $XXX XX% of XXXX mentioned Despite include contract and impact both from revenue negative headwinds, that XXXX exclude standard $X of two about negative of expect and would last a $XXX hurricanes This customer-facing our the are new ongoing contract adjusted growth impact the we impact of digital growth you between higher adjusted than to items our Now adjusted nearly implementing the contract for million. X% guidance noncash if outlook
Lastly, focus to we cash maximizing With X% $XXX sales line flow. growth million of continue XX%, we cash on our flow of for top to to adjusted contract million. deliver to $XXX expect XXXX free
done we've destinations ways will flow. continuing As to strong generation continue the past, our to drive flow in continuing cash tour our the with We identify we year XXXX. enhance newest marketing grow finished to programs and strong to for
very strong come. significantly which excited from International, agreements are about expect to Marriott our benefits We amendments growth our with for enhanced opportunities years to we the to provide
appreciate will Vacations for Q&A. up Marriott As Operator? in And the open always, that, call your Worldwide. with interest we we
