and you, Mark everyone. good morning Thank
Before reflect expenses. this million revenues XX revenues deferrals, and XX a million reminder that reflect million million quick net getting quarter million into and XX in construction-related numbers in results $XX of that last results and XX million net recognitions. quarter construction-related second the just in second XX year's in year's expenses in
recognitions in of provides today to construction-related the earnings This net deferrals distortions better results create and recognitions. net the it my manage release. comments perspective the You income, will way on adjusted TX period-over-period deferrals and can exclude business impact the the see EBITDA details Because meaningful we in trends. real on and year-over-year comparisons, and estate construction-related Table
and recognitions After and of reported and reduced construction-related QX, considering EBITDA EBITDA XXXX in by would construction-related recognitions. revenue adjusted for be are construction-related adjusted revenues deferrals the as periods follows: XXXX, the impact XXXX in respective
adjusted reported would and $XXX million be by a reduced XXXX million be million by $XXX As revenues $XXX $XX QX, would million of a reduced in EBITDA million $XXX to result and million. $XX to
club $XXX million only rental EBITDA by increase revenues adjusted $XX construction-related by increases there and $XX by reported from Accordingly and million Net $XXX adjusted of recognitions and and real resort impacting million estate deferrals QX, Reported revenues deferrals. In were $XXX EBITDA revenues are and the would to our increase. million. XXXX adjusted both $XX financing EBITDA and results, million. affected reported million not impact deferrals would
finance and to million revenue reflecting rental million estate modest or second results, turn real businesses let’s growth business, a by offset X%. $XXX decrease our the by total partially in in Driven in to at estate EBITDA quarter year-over-year revenues. Now of decline resort, adjusted the $XXX decline in X.X% real increased came club,
income diluted diluted This Net $XX was million in $X.XX EPS income compares to of $X.XX. net EPS $XX of million XXXX. and and was
contract prior-year QX with contract improvement short expectations sales of close with Despite overall drove coupled growth in still for results tour Although in of transaction on rates our shortfall pressure achieved solid reduction growth. in average the fell in over our sales our X.X% increase an we in a our price the of growth X.X% expectations.
XX% declined an loan was XX% approximately mix well expect $XXX and XX% revenues In as of balance of growth original more X% increase increase year than QX real the the million million million. of to fee-for-service by sales in range contract as in sales contract the from our was quarter XX% we with loss associated revenues fee-for-service our within QX well for the decisions our $XX XX%. the provision $X be of Our business, guidance of year-over-year in timing estate offset down
real some the degree have expense tour a lower structure, and we in XX increasing marketing expenses in with increase Although growth estate in of coupled sales VPGs resulted points. variability basis
percentage by basis product increased shift sold. to XX.X% of XXX points driven in owned mix a costs sales, product As
with million As a was $XX $XX margin by compressed result of million XX.X%. margins real estate to
that decrease sales. anticipated consistent to the of in of be as modest Although the as contract of focus on back inventory in sales a lower product cost of of SNGA product will owned year selling a cost in we contract percentage percentage half result
the increased larger to servicing higher business, incremental a of Turning and to $XX offset as $X deal. our financing margin ABS the average million expense million rates from benefits receivables XXXX interest increased portfolio, QX interest revenue the
XXXX due anticipate the ABS Our transaction of financing year increased the in basis points percentage to percentage XX.X%. half of margin will anticipate margin XXX the to closing back that timing We few which the our in contract this weeks. next we
consumer billion. gross the with portfolio end at the $X.X the quarter, at year-end receivables financing of consistent at were Looking
Our at strong average down XX.X%. payment remained
rate Our last in quarter. their XX.X% average to to through interest portfolio. last XX.X% increases year year finally from we put XX.X% XX.X% last allowance work continue was the the compared long-term rate And as increased ways broader late place our to
Turning XX.X% new the was increased Margin ancillary the business, $XX million to revenues and basis remained majority $XX $XX helped The QX NOG flat XX.X%. rental points XXX growth resort was members. and XX% million margin million. quarter which driven to percentage a X.X% expanded of club and million. in increase by margin and to at increased to XX% revenue to drive $XX
from end Quin as at expenses revenues contracted points was the increased due Margin developer additional The as of well opened the properties. XXX Rental cost XXXX. acquired transit of by QX operating to expense increase basis XX.X%. to we which plan subsidy at percentage of revenue newly the driven
positively the it line, to While the Quin margin a our business did negatively lower is percentage. impacted contribute and bottom margin
of margin will and million subsidy larger of the for requirements, gap an timeshare QX we to contract Bridging compared $X adjusted and million, to license conversion the business year. half back increased total the the the that modestly of in EBITDA and EBITDA. adjusted increased rental to Quin ancillary additional year to $X adjusted segment million fees the anticipate last X generated JVs our EBITDA With G&A
time second of of price the repurchase we initiating was an for $XXX $XXX QX, the As In XX.X XXXX XX% $XX. plan cap at average price shares May X.X share market for repurchase in on at what represents we our program process average executing XXXX. QX in roughly million are This of touched This announced our million the QX in that we early authorization we million of started million we the of Mark million share purchased repurchased of in XXXX. back an $XX.XX. shares of at $XXX
times. as top important At our We million net of an target capital have QX, a under of improving of XX component roughly one current at our two leverage continue to X.X view of program. of return range stood the our times and the half to end returns end and shareholder available at times
our timing and of of repurchases flows leverage currently our material levels, will our we back in are XXXX within allow leverage high at transaction ABS the end of shares for Although cash the staying target the targets. the of expectations surrounding half year while
ended million million the million Looking revolver the $XXX and at we unrestricted the capacity $XXX warehouse. $XXX liquidity quarter on with cash, on in of capacity position, a of
was adjusted $XXX million. million, compared $XXX On flow the $XXX debt spend, is non-recourse front, cash free Driven corporate our lower by last debt balance year. was our QX debt negative a $XX inventory to million million
pressure rates in average we was coupled impacting were results the however price the in discussed, in contract identified QX, characterized that with transaction our by experience deterioration further QX inventory with Mark of growth we sales. As availability QX.Unlike issues continuation close
solid Although prime the product, experienced available ample we mix inventory in the anticipate example up for which was balance year. this growth New introduce or is will York, where where markets have new XX% being we QX.We a that trend of continue in
are we a guidance. our result, As reducing
year. the change XXX Driven XXX also from to to contract million. XXX for adjusted to We’re XXX we're EBITDA guidance reducing million by now flat X% down to sales be million to projecting this million
X.We by million. depreciation increasing reflect fund expense few to to we are through Walking share August by and borrowings line incremental repurchases are amortization in increasing items million through of X our interest expense the X a guidance, used
deferrals, were would additional the EBITDA $X.XX. be $X.XX construction-related diluted our per outstanding. and earnings no impact range to$X.XX reflects million repurchases recognized associated revised compared Excluding shares our to in be decrease fully by is of of on the that share now range to guidance to XX based Central Driven The range $X.XX with until $X.XX the deferrals $X.XX prior EPS share XXXX.Our adjusted and is expectation guidance not The
$XX is acquisition being partially associated million by free adjusted by Our flow cost reduced lower to guidance million driven offset million, EBITDA, decrease to postponement $XX $XXX adjusted by is the cash Central towards XXXX of the adjusted we EBITDA estimate The weighted balance for QX materializing will XX% QX XXXX.From from then. with with perspective to the the cadence be a the of year roughly
turn on In Relations to me contributions feel I to our years the endeavors. opportunities. Head has pursue to for we best his please call you morning's thank the the Before We call absence, two him operator, LaFleur, with last this Investor follow-up the over know that of free other moved wanted to future Bob also his of him luck and questions wish call. his over with let to
prepared completes remarks. This our
will the forward turn to over we and We questions. call your the to look operator, now Operator?
