everyone. and good Thank you, Mark, morning,
under new completion accounting rules change deferring we that, revenue is as until had quarter. for recognition accounting Previously, expenses project details we recognized from Before standards percentage the mentioned, of we’re the inventory these most under the sales the Mark all adopted direct is these update complete. resulting on The construction revenue get expenses XXX ASC into first now the revenues at we quarter, important method. regarding an of or and that and beginning
All current year and we provided guidance. both economics annual release, start However, are strong that, that given which how the unchanged. between our the is the and reconcile to our takeaway we we’re in said increasing see day-to-day rest relative schedules expectations, key And operations the have of period business our unfolding of the approaches. additional
results recurring quarter resort, and volumes metrics growth rental strong first excellent highlighted, with business. very Mark our in were business finance, As and in club operating our in real estate and increased margins
to decreased which between release. two results projects, accounting the is that schedule revenue in $XXX first related $XXX both primary the million. old The under quarter are the VOI the increased million. in variance quarter X% sales A Without to quarter new impact X% press was to quarter. our deferred first construction of of rules XXX, to First revenue million $XX and reconciles
XX%. quarter income First net decreased
and mismatch more EBITDA margins and When declined year. under XXX so revenue segment indirect over ahead costs expenses points. effect defer that rule, causes declined points. of XX% our the current contract income rate of the first impact Without for XXX as the both real and the XXX, tax without segment lower the EBITDA However, is defer new Under previous don’t this costs under margins business quarter XXX, timing increased reportability increased construction, a normalize total by we basis and pronounced, total that adjusted revenues should rules, offset a revenues. accounting recognizes of and basis X% adjusted projects expense and balance timing the in X%, estate direct net we
by individual our lines. Now affected let’s significantly to Real estate the is business business move only XXX.
factors affect also that how discuss the So flow-through this us how of plays quarter I’ll these walk impacted year. that the changes out through some the and reporting you of rest for and
under outside owners. in quarter. $XX successful decreased broad-based tours, the were recognitions without deferrals new costs that Tower revenues sales reduction expected estate investments distribution the Accounting of it This and a we quarter. XX%, and contract release. XX% marketing and we’re existing modest the Hawaii of New increased XX%, the revenue timing in launch This saw construction. plan marketing increased increased X%. in state just fee-for-service related and quarter of in estate XXX. schedules mix revenue indicated, product residences strength Sales higher under owned the fee-for-service in commissions press real table there’s expanded making was find the XX.X% VPG, We year. and million some New And cost due York in schedules to the that and percentage. few York pricing, up to flat currently last up investment, In XXX. Without declined bridges quarter Contract markets. the across from and expense the XX% XXX, still costs, margin the Toward reflects and the complete XX% the revenue you’ll timing a margin increased both launch was also and in in New new end out to contract state section, of Ocean still growth I’ll and expense fourth projects Standards to declined discussed, also rates. close Real which calculation. some in of reflects reflects quarter. real reportability, are recognition. estate, It Ocean fee-for-service impact the and wrap in And XXX, To revenue items items affecting and in revenue revenue that and Tower, X%. our our second Real our a indirect reportability real marketing City selling margin point estate real reflects impact Driven markets the of buyers the Tower sales Mark Hawaii release, by of in deferrals XX%, declined and and compared while of sales we sales As from experienced a and Ocean
consumer Turning the remains average financing points. The revenue while higher steady portfolio, average the some as servicing to gains rate a quarter, increased the fees. X% our size margin our in to costs receivables rate growth business, finance of a weighted in from few interest basis and the offset higher modestly interest portfolio of higher increased
our over Our unchanged our rate improved. loans from In days and due XX have months, year-end. past allowance past long-term three modestly both also annualized the default was of percentage
segments properties. lines X%, operations business resort margin Margins Bridging ancillary to and segment and and were basis combining and points and Costs management the and XX.X%. gap fees the Let’s EBITDA adjusted our rental into from inventory X.X% EBITDA, the these licensees XXX also move XX%. to our to $X had increased fees driven increased When segment, on at a between Resort club NOG revenues revenues remained two XXX, adjusted club $XX our club contributed at $XX total Rental million to on quarter. increased XX.X%. recently business, EBITDA X% owned higher which Total ADRs adjusted discussed, EBITDA strong rental joint increased very and expenses without at management by resort million, fee-for-service great and in were the increased million. XX% availability margin $XX G&A opened flat, Elara declined $X venture and as line And more properties. increased million. million. Mark XX% adjusted to
the most to sure HGV’s in divested sheet, fully that I’m mid-March. Before recognize stake I XX% their get balance of you HNA
the As part transaction, $XXX net million. repurchased a X.X of we cost million of shares for
Our X.X% price ability to of closing transaction an effective overhang of X% at allowed price This future. or was the and HGV the XX% removed and on the neutralized approximately we potential opportunities preserving in the a repurchase, discounted below deal, offering, of still float. costs the purchased business the for the partner while to day
to balance Turning the sheet.
the Our leverage in moves up quarter.
$XXX borrowed April, a basis. bank those is trailing a Without times are million million and deferrals, on respectively. X.X we our X.X In leverage or net corporate on ratios Our on basis, times $XXX revolver. X.X X,
of In of we with on remaining undrawn looking upsize $XXX I capital. addition new million a we and market over note facility. revolver, on the and maturities $XXX the our revolver. million in capacity be would our the that, loan currently, to shortly term we’re expect have have to capacity, additional extend And to raising also timeshare we
rate could this favorable given terms, While to current pricing existing our get think we change, we the could environment.
Additionally, we the market quarter. third to access the are planning ABS still in
to cash Turning flow.
was Hurricane compared last million to fees quarter free deferred flow million, including the This we from cash timing discussed last payments $X license issues year. First and reflects year, throughout Irma. tax $XXX
last was a year. $XXX year, we last our had flow refinancing compared ABS deal positive outflows to $XX positive from cash million, non-recourse debt. modest generated million year, we free from adjusted And and warehouse cash and quarter First this only negative
guidance percentage deferral that residences and we rules EBITDA growth contract X% when year. This until some are XXXX from Given guidance rules. get XXXX accounting City to the to XXXX this million. guidance, an $XX strong our $XXX we under line includes can call range adjusted York current I’ll later the to schedule are recognized also estimated to positive the X%. previous To guidance to million over reasonable of to completes what accounting net are $XX Along our in our changes which forward sales in compare Operator? the construction impact million revising would XXXX you of that release. in guidance $XXX look This and new to that, XX% under the of start and results, our the operator, from the recognized to a range XXXX items like prepared the earnings New the million our be outlined minor our increasing to we the year, we’re your of with in our was subtract There approximation previously remarks. questions. look the now completion guidance finish the guidance turn other to will X% in