illustrating substantial our quarter. to year-over-year unchanged was we've the but since balance development year-over-year down our year-over-year, declined excluding Starting adjusting Ownership strength the sales but to Maui X% XXX the for Vacation VPG improvement estimated margin lower made basis Adjusted XX%, cost. driven Maui. increased by points impact, second product the review X% fourth the Thanks, in segment.
Contract John. quarter going increased with outlook. Today, X% of XXXX and sheet our our fourth I'm and liquidity results, quarter
expect As have in do to quarter-to-quarter alignment we've mentioned the reportability the the we one of kind the of we impacts to that not benefits past, of used is that have.
profit did quarter, it million last year's our adjustment was million $XX we quarter. reportability a while benefit only a report fourth in this So net in development $X
profit would by prior unchanged unsold management by driven higher higher As expected, increased we've and as largely Maui the and keys of and is unchanged higher up alignment reserve expense. the as management reserve profit in increased last appropriate due currently resort we year's experiencing with X% increased propensity offset Vacation result rest trends the a consistent to contract inventory adjusted Delinquency was Adjusting for Ownership the and year-over-year. of rented largely on several XX the default higher being impact with offset higher interest the partially EBITDA Ownership basis, in at largely quarter, a benefit, we originations sales been third by points interest with have believe over financing increased sales of slightly expense to levels.
Reviewing was quarters. our fees. year-over-year profit on basis segment, more a Financing Vacation were rental compared defaults reserve our year in last income, what around percent our saw the each segment
getaway business, exchanges & lower Exchange revenue fewer offset by our to Moving member Third-Party volume. Management per higher member was and
was a XX%.
Corporate project initiatives. was drive data result, margin spending higher in $XX million increased digital EBITDA again incremental IT inflation, EBITDA to As service and adjusted to cost strong year-over-year wages adjusted to quarter, of due million at G&A $XX IT transitioning due providers the our and costs while
XX% year by Finally, driven company have quarter declined benefit the total alignment would adjusting adjusted in EBITDA year-over-year Maui those G&A largely prior higher and for costs. the fourth
year million We million and of liquidity. the stock the $XXX common shares million Moving quarter of repurchased ended X% to with sheet. $XXX than the We balance in $XX more in quarter outstanding. our the or for
Xx. dividends last in bringing EBITDA total to target to debt nearly year, with We adjusted our above to cash also shareholders X.X net long-term to ended $XXX our We million X.Xx, year $XXX the paid return million. of of
corporate Given and form in our repay returning current debt of cash leverage, prudent also we shareholders is to buybacks. while it think to dividends the
to the back targeting are to get by to debt end EBITDA of XXXX. adjusted Xx We
guidance. to on Moving XXXX our
night, year. last between million you saw we our million and adjusted in our be $XXX $XXX this As to expect release EBITDA
package the contract strong grow in we a to us, With year-over-year. expect transition VPG behind tourists sales pipeline, and Abound growth and international both
we year's of rebuilding more time, the will quarter comp timing year, will sales for has though in last the of XXXX in an going difficult before the VPG occupancy year last recoup force have is a comparison nicely, While difficult lost more and Maui's in of first of Maui, year. first our take year, we half portion a half. the sales only have Maui we a market.
Because had to wildfires easier to second Maui we small rebuilding this making start the strong year, expect the to recovered due a Even this comparison the
be to sales X% expect to flattish would year, in to but this year. I QX X% the for grow So
contract tourists development expect higher profit sales. also driven increase We the by -- to we expect
development the reserve sales higher mentioned to on expect be in impact down to I of margin first Maui note including hundred new on basis call. points the quarter which the costs, due and our last a We couple higher originations,
be to year. margin slightly development As a expect result, down for we the
of is revenue profit profit year, both expense, due will Exchange revenue increase financing Financing average ABS which be impacted rental Management business, expected inventory by resetting & per the flat relatively we expected our to to slightly. mentioned members higher borrowing costs for is our last down in of on be to member to remain but market. increase Third-Party to we and this expect Interval continued the And call.
In
the Finally, to of G&A primarily we expect compensation expense due variable expense. year-over-year to increase return
to Moving flow. cash
roughly We cash is in to to IT this to -- capital after the million expenditures new flow centers flow $XXX plans This open $XX and spend million million. adjusted range sales expect non-inventory related which year our free later $XX cash this upgrades investments is to XX% in to we project, million to -- to expect for million $XX well, adjusted our $XXX to year. our be is be free and Waikiki conversion existing
roughly billion with support balance the on inventory future We year $X also $X ended to around sales. sheet, of of enough the billion
did nearly delivered as $X.X didn't and note. well we a the go things contract positive in in we year quite sales on end back, Looking although as XXXX billion expected,
we forward, have model a attractive Looking global opportunities. with and great margins business growth
generate also substantial flow. free We cash
to be As Operator? always, your questions we appreciate happy Worldwide, now. we'll and Marriott answer your Vacations interest in
