Thanks, by expectations to Ownership year sheet John. review our X% growing the our balance and outperforming year-over-year initiative outlook results, position, savings note, segment. Today, I'm on very efficiencies with for going and and quarter We the liquidity EBITDA. sales our our cost our Vacation fourth contract strong adjusted on ended a and Starting our year.
fourth owner our a nearly in in years unchanged line sales quarter, X X%. First-time on best was buyer nearly expectations. X% with largely XX%, year-over-year, sales basis and increased performance and the year-over-year reserve our increased delinquencies Defaults sales contract our in were and
As talked we the high had in the we them. through past, have lowered standards always pandemic, about not even have underwriting we've
our our standards steps brands. also since scores of of improve acquired taken have increased rising underwriting XXXX. is commitment have to the We each notes, the originated which reflected in average FICO year This
to processes keeping and our also year, to products default increased points-based enhanced delinquency which a impact. collection positive believe addition single maintenance our digits are staffing for to In this implemented and issues, fee increases having we we've low address
over stabilized As product the a a result, Continuing flat increased. percentage marketing was quarters. costs while down few cost and P&L, our sales the on past delinquencies year-over-year relatively basis, have
development result, strong a margin was a XX%. As
XXX the costs. driven costs financing borrowing by sales marketing increased our occupancy X% increased drive last VO to Rental higher lower additional XX% rest to allocated year, due profit expense was Moving points profit of management Resort and to X% profit compared business. to tours. increased to basis and and
adjusted segment million $XXX was margin was a and in result, XX%. Ownership EBITDA our Vacation As
Moving of the Third-Party half with Exchange Management due related decline to & Interval. $X million our segment. roughly at lower to year-over-year Adjusted Aqua lower at profit EBITDA the to declined balance transactions and Aston
turned modernization we expense year-over-year, project as Finally, our efforts. to largely declined our spending corporate G&A focus by driven lower XX%
our As a higher the year ended to but X% more leverage is manageable. result, Xx, decreased than EBITDA $XXX long-term roughly million. total goal of Xx, which with We than of adjusted company
with And fixed, rate no the is million $XXX interest than more current debt early had our in also for majority maturities corporate our and XXXX. until liquidity limited. expense of interest exposure year We the
shareholders share of in form We dividends year. also returned the million $XXX and repurchases last to
have XXXX than We on our to inventory spending. sales on X guidance, contract based our sheet to of more we look the years optimize and continue balance inventory
million year, replacement which our well plan down. on this $XX below overall also is spend cost We inventory to million $XX to at product cost reacquired keeps and
range grow $XXX million this million including to digits, adjusted VPG and million $XX EBITDA, to low million X% tours the expect $XXX to to X% each the growing our sales to in contract deliver initiatives. modernization in year, expect we we with forward, Looking from single of and $XX
than additional substantial these over added buyers of us more XX added Based new sales. XX,XXX with XX% nearly buyers history, XX,XXX first-time will have points new within We XXXX. and year providing years, last future on built-in since purchase
be contract roughly last packages activated to on with goal. the the beginning this of which of a January, time for in sales of good the of quarter depending providing progresses. a a stabilized. February, rest year, year's at softness We achieving travel the XXX,XXX toward since also good more After QX year saw the flattish this year has start that, ended packages could pipeline Because compared some contract with we already sales same how
of Moving our segment. the rest to VO
increase business, for our revenue around due rental to lower COVID-related that to XXXX. $XX higher largely unchanged. markets, of to ADR decline profit drove In million we profit expect in and mix higher keys expiration programs rental financing and inventory profit year-over-year a of to be in the development expect balances We VO
Third-Party Management EBITDA increased while Aqua second expected we to in half Aston a Interval revenue in around expected result, to As to of segment, relatively at improve Maui Exchange year. in is increase our flat, & to visitation be our the X%. is expect In due VO the adjusted segment
a As the to result, adjusted year. for we be relatively EBITDA flat expect
increase year increased from to technology our year-over-year, expected spending. driven incentive benefit work. by is to G&A also is higher G&A expected compensation Finally, this and modernization
modernization strategic initiative. to business our Moving
believe we operational work. enhance to have substantial mentioned, efficiencies and opportunities John through growth As we business our our boost modernization
opportunities. run annual growth this an efficiencies of cost million $XXX adjusted EBITDA next savings tours, benefits ADRs. and result initiative number X occupancy modernizing costs, well million including our to as savings optimizing the processes million to years of systems, and are $XXX $XX from primarily million increased higher procurement accelerating VPGs, rate will revenue and come expected $XX from areas, from to the drive to expect from We reducing while over a of as The additional and overhead improved
EBITDA the year's includes For second year. with $XX million majority of the adjusted half million guidance modeling the to benefits, in coming purposes, in $XX this
purposes. excluded expect million to to full costs for do this We the we an in to EBITDA with $XX initiative, which benefit benefit P&L We onetime incremental million achieved adjusted related next additional incurring year's anticipate XXXX. be $XX
Moving to cash flow.
expect This our adjusted million excludes an this this $XXX incremental our around onetime $XXX be next cash We will $XXX cost initiatives million free year. year to of $XXX modernization and million to million year. related flow
experience payments purchases lower past will our year our of Our to from inventory this XXXX the conversion shifting current expectations be tax and to rate due than future and year.
while is continue Xx. leverage also cash plan return to reducing on long-term back to to shareholders to Our focusing
sale largely our to We noncore that free a flow million, expect in worth the of will to assets cost dispose these assets couple $XXX of that the few also we adjusted modernization the effort. offset not reflected which the have $XXX of are from noncore years million next Proceeds guidance. of think over we be could cash
to So growing fourth we sales quarter, summarize, X% solid and contract had costs. reducing a overhead
X to in $XXX runway providing million business investing in with efficiencies love us new spacious XX,XXX grow us pipeline, are great to is the with to entered rate to Looking drive nearly packages on of basis. generate more added dollars they X and to the We've business forward, tours. to in the We're past experiences, over years over travel our a continue allocate Consumers year and their including expect and next $XXX years million this our owners revenue business telling across long run and the shape. villas. our a XXX,XXX
who We with are humbled in points more continue year have choose share we to and their memories owners that happy each buy to year, out. year they and us
hosting and Finally, Day hope later see you this be to there. Investor many we'll an year of
to happy be we'll that, your answer Operator? With questions.
