good and Adjusted EBITDA our from rental $XX reflects Contract businesses. second totaled million year-over-year grew results. second financing in and with very sales pleased quarter I growth Steve X% strong by everyone. you, Thank the am and our morning resort management, quarter.
results However, revenue to our development nearly reflected due $XX lower margin unfavorable year-over-year of million reportability.
stronger increase recognition unfavorable we end XX last America million from revenue which our quarter, reportability recognition earnings an of new our days In a on quarter development of year, now a $X the resulting of sales contract deferring in our in year, was revenue this X% Asia-Pacific million year revenue that with it over quarter are revenue development X% were XXXX. by second by closed sales we up was mentioned when did segment. previously offset last in the accounting reportability. our the I when In nearly as As were from in as quarter deferred increase recognized end our quarter, million higher quarter, revenue in unclosed North had days. than ends standard while the and sales call, up to at the from second driven sales the our than In of the $XXX adoption roughly first second benefit last $X XX% of of contract higher contracts the benefited the revenue XXXX XX last first business, in at of second the more quarter, in by from the contrast, we deferral favorable contract in segment second benefit recognize
Adjusting to America impact, second the for estimated mentioned, grown sales XXXX North continued would contract quarter have Steve performance. impact hurricanes and on each negative a our that have nearly company total XX%. As
was compared revenue and million, in to margin million development year $XX adjusted years, less margin the down impact quarter million $X prior was the $XX in for than of Our Adjusting $XX reportability both million, adjusted driven last in the point development year. first the product costs, new XX% increase from margin decline being higher year. inventory basis was in in primarily a by a sold. mix was the XX% prior to resulting XXX The of percentage margin development quarter
projected While to mix below of cost. well level the to which development a higher us year margin year XX%, half benefit has and reflecting of product first sales our as our leverage half is a second targeted the revenue and the been from as the lower of in margin being marketing our sales reacquired development from over fixed of inventory higher our cost for allows reportability, sold
increased expense income result, of receivable $X XX% or or interest million revenue, quarter full our to XX%. margin to financing excess our of from financing growing costs reflects we expect expenses our second million a Financing As net In million XX% increased by of company $XX in increase for year. the $X additional revenues million $X the financing offset be total programs. development XXXX. business, partially incentive interest This in and consumer a from notes balance in
portfolio in the receivable buyers historic to average financing continues FICO nearly score quarter notes and remained delinquency was very who us strong Our XX%. lows rates well. near of with at propensity while perform financed remained The XXX,
at During securitization blended XX% rate. we million note of transaction generated the quarter, and advanced a X.XX% rate successfully proceeds. The million gross interest of $XXX $XXX completed a a
proceeds additional securitization. delivered the notes of accordance of As $XX the we million an trust the cash June in $XX and included of to until were we million. terms Last $XXX sold notes receivable restricted the week, received in the of million with remaining the XX,
Royalty sell this to revenues transient notes revenues prior These rental X% business, X% million remaining increase and $XX the by results managing increases in a increase in internal management revenues management in X% a and September. higher X% other cost $XX end million of funds increase million improved remaining the services our our from million, and Rental $XX results These services to resort or year. quarter our net In expenses. for the XX% future, the fees and exchange transient resorts receive by expect was International or increased up to X% as from reflect by of technology agreement our margins $X by and higher of were We expenses $X margin down million. million as higher higher rental by mix other resort to rental were rate the a the foreseeable $XX of $X inflationary well growth. offset in first With keys slightly were of inventory our the of partially as in sales company to and XXXX package for fees X% business, will fixed continue million new license second rented. XXXX activity driven unsold amendments of reduction portion In of million royalty sold. dedicate driving G&A $X higher inventory fee the our reflecting quarter. spending or impacting tour and the portfolio the our growing for quarter, to the increase were pipeline, nights This of costs a activity. grow package continue the more fees we partially higher tour quarter normal Marriott while a resulting being litigation-related from arrivals. our $X in maintenance million room in contract offset previewed rental with increased driven and
of and the Moving quarter, equivalents cash $XXX million. totaled to at our the cash balance sheet end
roughly gross capacity and $XXX $XXX revolving million of notes million We credit eligible facility. securitization our vacation under in ownership also approximately for debt million receivable available had $XX
the debt $X.X notes a consisting our convertible quarter with $X.X receivable the billion Our and associated roughly was of primarily million at billion total non-recourse net with of end our notes. associated $XXX outstanding securitized
year in guidance in XXXX, considering from easier XXXX an including expecting the Now, of from benefit development unfavorable our as given to year-over-year margin our the adjusted our EBITDA, marketing XXXX comparison million. what International, of and turnaround are $XXX of Marriott turning as full generate outlook year of on the reportability, X% efficiencies year and the cost to being of we EBITDA that mentioned, the inventory second the realization well XX%. contract as agreements second to to amended half are cost respect from $XXX double-digit year-to-date hurricanes, continue sales with full we second expect the we of between benefits for contract expected Steve half we lower that based the the achieved we year growth the have projections, the growth half reaffirming adjusted sales and in growth from expansion sold for XXXX, of sales will revenue and of With million
flow to $XXX given Lastly, free $XX well expected our spending higher increasing flow to further XXXX we million full lower by CapEx $XXX term to spending for as the million we maximize projected And a guidance ways cash our proceeds than securitization, done new past, deferring are possible. the as to of by inventory we million in as adjusted from range XXXX. have and year continue cash identify will in inventory when
that update claims me take Let the a on hurricanes moment to to and related you status insurance Maria of last fall. Irma occurred our
pleased of that We Ritz-Carlton the the hurricanes of quarter which at Club St. running to the are and the properties and expected by Thomas, time are say in the up exception in fourth with impacted to all sales XXXX. open this is centers Resort
us associations We to by for both with third claim also any do expect our experienced the EBITDA our well guidance not work note, continue as insurance quarter losses. for reflect interruption property providers in insurance the the from to our our and business interruption and our adjusted receipt free losses adjusted cash as submit and should of business damage a flow owners hurricanes. proceeds I
as We to will progress. update continue efforts these you
and being As ILG. both Steve condition with conditions close the making on towards great are of to key the progress meeting MVW we the by remaining shareholders approvals mentioned, transaction, ILG the to the close
With but acquisition businesses, to work S&P have with We readiness to the for fund outlooks both and BaX longer only closing done, term XX, time. corporate associates of financing also at and X been debt very XXXX half. a to exciting complete targeted first companies a the at new to solid work expect the the organization, receive respectively. for of a started ensure day of integration BB of working and closing the date from stable price portion to from the cash to lots planning on two with year not continue hard Moody’s of ratings August but We we get
ramp sales Our nicely. new up continue to centers
continued are Our and flow generating growing excellent even buyers. remains strong first-time marketing programs focus with VPG tour on our
confident we be great that As continue for XXXX year us. will a a feel to result,
As always, And Marriott appreciate up will your we Rob? we the open in Vacations for that, with Worldwide. call interest Q&A.
