Thank you, morning and good Mark, everyone.
$XX first the reflect quarter deferrals that Before expenses. a $XX in million net quarter quick just related million or first year's reminder year's results $XX in that, reflect numbers, this deferrals, recognitions. results revenues, million no of and At getting into last construction
expenses. Deferrals net, are of TX back EBITDA, the base and our construction-related by is we $XXX the income, and $XXX and the not consideration, to to over P&L, adding for items XXXX comparison in $XX deferrals. Taking estate the reported of my EBITDA at On the deferrals today sales way earnings the $XX adjusted three perspective results the revenues release. provides of million of You net estate for look net marketing affect our will create reported comments resulting real million this on better million. period year-over-year club million to impact meaningful exclude adjusted can comparisons, were see are affected VOI of Because real EBITDA period the rental believe QX on resort, back sales resulted deferrals detail This base section Financing, million. million of line and $XX trends. we deferrals table adjusted VOI it distortions the of XXXX $XX adding into and comparisons on net in in deferrals. follows; as business, cost in Sales of
net real results. impact As previously deferrals mentioned, our only estate the
declined increased Now real segment XX and segment decline rental $XXX million first finance $XXX estate were margin and resort, million, flat areas revenues let's segment and points get the and club, XX.X%. $XX finance basis growth quarter a reflecting adjusted into Total in to to decreased the Real modest revenue offset at to X% EBITDA number. in million by X.X% estate.
Our recurring or $XX margin EBITDA segment in increased fees to income quarter. Net club was a a segment, share to of earnings the resulting million million slightly clubs $XX in and adjusted real of X% adjusted in $X.XX. XX% XX.X%. of and management strong and resort segment helped performance revenues and increased Segment this resort XX% club increase and drive The $XXX in modest per X.X%. decline offset and EBITDA increase million segment growth an diluted revenue estate was finance on
through let's the rest on Now, of quarter. details the go the
First Phase year. results quarter Tower real estate the reflect X launch challenging last against comparison Ocean the of
demand XX.X% maintain the close the Ocean year, cut last Given sales for contract to limited we last our QX early key this in year. customer Tower, increased in of ability traffic by Despite extraordinary availability achieved solid year. markets, inventory record rates level
our result saw VPGs QX a a Grand Elara contract declined quarter range. from year service strong performance our Vegas, contract Islander for excuse XX% Las XX% We and is down X.X%. for fee-for-service were our increasing highest XX%. As from properties mix resulting in - for like the by by Myrtle XX% sales Beach to last in to Typically, This in projects and our Hawaii, sales. sales XX fee-for-service up guidance QX quarter, XX% brought fee me above and fee-for-service
we of Ocean line mitigate that declined It's and noting as worth Tower to year the tilt commission unfolds. would contract mix fee was last have low gone to some in the drive back the owned year business $XXX estate our QX as expect million. mix of demand the sales otherwise that also So captured toward real owned our decrease projects. to sales. X.X% helped In The revenues revenues unusually
with contract structure, home lower estate increased Sales declined We contract X.X% the marketing have keeping mitigate variability expense our sales. real sales. also of sales. percent Product in and help costs which of as a pace slightly essentially degree some expense
real mix estate However, expenses revenues, estate state the given expansion owned and producing margin and declined more of modest incremental in fee X our between percentage. real margin, revenue, than million real
a margin incremental receivables increased million revenue to interest finance interest rates healthy business, a margin as the and to basis The million interest to XXXX the larger but at deal. the average increased from stood $X financing our still higher of Turning $XX ABS benefits XX.X%. portfolio, points our higher servicing percentage expense contribute of did compression expense margin offset XXX QX
Looking as at out the continue receivables to million consumer billion foreclosure backlogs. portfolio from at to we quarter-end, down were clear XX year-end gross financing X.XX
last we contributions transaction. to continue payment effects from Our the to quarter, XX.X% increased has see and equity requiring XX% average upgrade down higher of as
basis the a broader our Our last long-term as average rate put smaller interest last year from XX.XX% rate XX.X% work to increased increases continue points way by foreclosure through we XX in the portfolio. reflecting was to allowance their quarter, finally, down And backlog. place XX.X%
growth NOG drive points driven and Turning to $XX X.X% X.X% increased points to Quin which growth margin business, which to addition the million driven system Margin helped by this increase $XX members club quarters rental to million. new ancillary by later in to $XX the as X.X%, increased mid XX.X%. was to the percentage was a and to million. rest $XX the basis three XX.X%. we XXX increased operating About percentage and XXX it resort Margin until pricing. margin revenue and hotel revenues of we reflect the QX to basis XX.X% convert and a year. and are was expanded used XXXX timeshare Results of quarter contracted XX% million
less positive While year. it shoulder a first Quin in a of is impact, quarter last impactful have and season in QX making York than did the QX Quin results, New was to net our the the
help and Overtime rental expenses. we will of to properties increased sheet, segment on, offset we fees phase Mark share an total developers and completed Quin approved the As our our in license the has additional million, adjusted month, $X under authorization the the some JVs income sales our repurchase EBITDA expense adjusted as picked million Rental million were subsidy generated these that announced start year. also flat, $XXX impact up will balance Onto of we million and successfully QX gap renovations, the diminish half last $X G&A touched the for of EBITDA, Bridging $XXX as opened. the additional new adjusted EBITDA. back club from yesterday, Board first authorization.
return timing additional average and buybacks times represents of to shares view back expectations of this ABS This repurchases X.X% at the $XX.XX our to December close million, to million million purchased the the spending, at room our those throughout $XXX in stood We April, capital funded of for $XXX per XXXX X as important At to share. of and program per cap that year, X.X shares within the the target amended improving $XX.XX revolver an at complete favorable returns. In flows times, the at announced is the continue April, given complete terms. leverage ample million million authorization, was anticipated and XXX authorization. shareholder guidelines. size draws average drove million share. to more our of $XX initial QX, facility. $XX we while of QX approximately our for and from about an cash an end QX, market for at We current project at total, its $XX.XX we revolver. initial November. additional time on in as negotiated X we the transactions extended for net component repurchased an additional In liquidity there of the is leverage to In maintained that such average price of range maturity We X.X warehouse what events price an XXX,XXX funded repurchases we X.X price In with purchased since shares million for
to on warehouse. capacity with balance Adjusted non-recourse million cash Looking negative $XXX $XXX we of million revolver, prior year. liquidity and quarter debt $XX the was $XXX position, $XX free million at the flow and was of $XXX was compared Corporate the debt our in our and on million unrestricted million the XXX cash million. QX ended negative million,
full-year performance reduction continued contract to and Mark mitigated from coupled to and will As EBITDA in of for our XX%. X% through shift inventory target controls results, discussed club to favorable previous product strong mix. from a more guidance QX in for rental, a resulting be Cabo on impact the adjusted The cost with resort, sales X% X% growth timing
$X we projects. this, a EBITDA million. $XXX our used increasing Walking by guidance the to we expense interest share down other Given in million are adjusted few million are $XXX XX borrowings million line acquisition items other our through taking incremental and to to guidance, to fund Maui by reflect repurchases,
is RSU expense also require This the our performance by $XX million. are change updated compensation performance of recognition. by long-term We that based increasing tracking share-based modification expense awards acceleration and driven to
of not and any guidance no diluted requirement. fully does timing the modification additional or any million of impact reflects the XX awards is investing repurchases quantum on The clarification, share shares. For the based
Taken range together, to $X.XX to to our is our prior compared $X.XX now range $X.XX guidance share revised earnings of per $X.XX.
our adjusted free other will as you that million $XX models. you of help $XXX We are update maintaining million. cash your item guidance One flow
does year Our recognitions. assume not or XXXX full any deferrals guidance
February our possibility we call, deferrals. on the enter discussed quarter However, to
selling started the until deferred complete. have just time in will we that We of In construction be some is take projects title. case until inventory
and we XX net the recognition cumulative expecting the would be we to and and QX So the million be QX million second deferrals in in will are from XX in XX million quarter. in QX. between offset recognized net deferrals XX third some and in expect fourth QX the QX million deferrals and quarter, Currently, quarter that then
loaded full-year we the excluding coming to expect earnings of impact half the with to of Finally, our adjusted back-end deferrals. last EBITDA second the year, in quarter, what be similar we XX% discuss of approximately
our to call go through remarks. a free As to This Bob the completes always, feel prepared give details.
turn forward your Lean. to to look over We will call and the questions. the operator now
