everyone. morning good and Mark you, Thank
recognitions, our our Melnyk Tower Ocean and to XXXX quarter deferred reported included project. expense since call, in haven’t of his the which you this As opening seen revenue our mentioned for introduction results
the Phase require recognize that Sesoko projects exclusively results GAAP This always expenses that revenues from sales revenue of associated stats actual $XXX adjusted higher treatment and same is $XXX this since cash recognition mechanics are the income time quarter. which than for to prepared construction certificate direct the all. information reiterate which XX financial a earlier clear quarter, manage numbers way the the to. at in with was quarter download expenses of and and the Diamond is $XXX on to and recognitions as the financials that Ocean of million Holdings laying Important great these of review In In on was deferred revenue recognition clearer With EBITDA out our the the Diamond’s let’s full much points financials prepared EBITDA matches base your of million that available quarter on direct for trends net the contributed the Central to days results, our you and and quarter, I’ll to excluding slides. Total out at we’ll slides again Diamond not openings historical Diamond two been contributed QX, those of Maui, Diamond website of revenue aforementioned quarter we recognitions. the million, II we for which along economic impact business I’m until of Netting should be I’d you associated with refer during all receive $XX referring Ultimately, you expenses, formed closely QX in being a my the revenue expenses my it once. business prevent data improvement performance provided find reported our GAAP line in results in had have of of that These of which $XXX all ownership. for second basis, Dakota for reported detail lines should that quarter. only our Tower, deferred order third and GAAP our project, million. our metric this the Diamond’s modeling. refer quarter $XXX Diamond for in months million XXX and by that our more and historical was EBITDA adjusted morning than the filed you’ll boosted I’ll of affect provide flows first with I’ll In sequential Recall at projects. roughly at our Legacy-HGV, both ownership, those ASC provide business with under financial net we QX remarks income presales which million related including our of in estate an calendar of the and for year. the the to improvements with use in you segment XX% the revenue. results out results note what Resorts. you remarks. adjusted view Legacy-HGV do sequential deferrals also with Diamond that real this occupancy confusion, And remapped and saw a
record our matched which Mark As with EBITDA the along was at of Legacy-HGV our of $XXX during XXXX two by EBITDA. XX% material for the quarter. EBITDA standalone business ownership, record HGV mentioned, quarter, QX in during quarter margins and months performance, EBITDA operational our our were achieving this XX% XX% also of success aided our margins in million the strong generated Diamond margins included synergies costs economic EBITDA
few a made to have close. more $XX within synergies. run great Looking things than our $XXX progress months synergies, cost highlight here of million XX a I’d at of like achieving savings savings to least acquisition goal pause those about at rate of of million, achieved our to halfway we’ve and
as of which we based combined called to $XXX-plus-million that cost remember structure entity, off we laid the First, important of path. the you out synergy the is model that was XXXX
than on made online, than of rather can consider out a you quicker our that around in size headcount had we initial a synergy to thoughts gate, bucket our change that related at see be reflection the on we which the modeled I this G&A to this in timing time. our note largely we initiatives material as progress capture, are of of changes. the addition, slides In see G&A I’d
$XXX continued sales months XXXX followed September. total Turning Diamond contract demonstrating contract includes driven $XXX which Delta in levels. the to progress contract or during levels our related real XX% Legacy-HGV million two July, result of by estate, million to our and in by prior peak returning ownership. improvement was $XXX Within in recovery by of our a contributed a segments. recovery pace were of sales August sales a in pullback in This strong million,
the Mainland largely the and through during Delta July’s held trends. performed Resorts admirably wave strong quarter regional onto pace owned Our a
the some on confluence although in in Our by rebounded an APAC impact region improvement the of travel. also visitation, lack trends October continued pullback domestic saw driven in there owning to Delta’s have Japanese of September,
a October In in calendar of sales of was at fact, which for If look slowing XXXX even related of although to a were October were a contract Diamond’s million, drove September back the contract they with experienced also nearly sales in in rebound at quarter, XXXX. in strong them Okinawa ahead XXXX. were levels. month August, we finished level we $XXX XX% third of XX% our Delta to Diamond their where standalone
of $X,XXX, and and a price Sesoko, continue in Legacy-HGV the XX% to which VPG. basis, XXXX. over to quarter transaction XX% addition sales the VGP’s down our Average higher by quarter our this buyer we we’ve was only saw had new contributing nearly growth driven And the rate, of ATP. in of owning Charleston our up over our strength end in Maui, of new XX% role to VPG to up were Cabo in sequential X% in played projects sales rates. with sales Turning outperform Owner major close on on growth for close Diamond. year-over-year particular a slightly contract year-over-year
owners, contract towards consistently rates, month was during with QX in quarter. buyer owner new new the of has were our close in XXXX of had strong much for at higher contract the steady of QX For sales. sales had But they sales mix roughly XX% two-thirds nearly also driving which historically with growth a buyers Diamond sales skew Legacy-HGV, success September. over
not project the benefits strong $XX opened and the of in both basis a XXXX or Diamond mix million, quarter from cost Diamond. a were the Diamond million sales contribution focus synergy on efficiency contract segment fees fee and through of reductions strictly record against does performance excluding our profit our cost two as on $XX cost contract continued points was Charleston profit of addition by with for marketing million mix and which with focus than have the Real we and million of months Diamond’s a Diamond. included the XX%, contribution marketing estate $XX quarter Diamond’s offset as This sales, Margins efficiency included organization. we a organizational million and synergy business along financing fee-for-service expense that was XX%, included goals million reflected segment our recognition. of performed was expense of from $XXX expense, Real $XXX Estate substantial better reflected Resorts addition focus At sales, recognitions recently which of margins combined is progress business. cost In for Our some Diamond. was the which with third business on $XX efficiencies sales recovered. million of was of reflect business, in across as segment align structure allocations quarter XX% Diamond from which the ours. Legacy-HGV from contribution we were along our our profit And $XX with XXX XX% of
Legacy-HGV’s at portfolio. Looking
$X.X billion. was receivables gross balance Our
Our portfolio rate average XX.X%. weighted was interest
in remain portfolio we than X% continued the rates end versus three our a And in at the we’ve they XXXX. experienced of delinquency Over XXXX of and sequential past rate Legacy-HGV improvement lower to receivables months, XXXX. seen delinquency X.X%
continued Our QX’s of X.X% annualized improvement was end the at default X.X% reflecting rate rate XXXX. and of X.X% versus
thinking Diamond, acquisition characteristics considerations. several ownership legacy portfolio Easy portfolio, portfolio take their reflects I’d Diamond key that the create minute portfolio pieces, and construct some to two under separate to their as acquired like our Turning of will new into generate we the forward receivables. to and here related contract a talk when which sales is go to through assets about
all portfolio. On in we note the timeshare their acquired the this when like to portfolio market. billion And also marked existing assets receivable first acquisition piece, Diamond, was $X.X that acquired we
healthy from result, Diamond’s borrowing the on to Average have financing the a benefit business a a acquired although, impact will more forward between the practices. and The understand a lending XX%. cost financing is to a Diamond are at XXX. is of sales from portfolio that time XX%. company’s propensity we’re the Diamond over higher lending As the But interest loans among to and are P&L we similar and characteristic standpoint, legacy and customers minimal our the portfolio integrate into approximately will integrated. still go term of we’ll These the owned provision FICO year important XX is scores to our of markets. ABS across funding approximately in spread basis, rates. Consumer to which are portfolios cost as bring funds spread underwriting expect What’s our down
activity. our provisioning related Regarding
sheet provision of at balance debt receivables. million our allowance the XX% growth was The contract sales. $XXX was million $XX overall or bad and Legacy-HGV own or on was of for million provision Our $XX XX% financing
roll programs around Although we’re maintaining the recently, COVID established declining stimulus infection off months. past over vigilance the trends XX various are of
level trends Diamond’s as only period. of the days continue was sales quarter partial the provision time. to our contract QX the from for to see improvement XX% to over activity Diamond normalize ownership. sales We in provision in in provision our expect XX This gradual for related of reflects made the
our was provision back in note these originated medium-term this the following the able we we of teens. under that upon mid layer I into near ages, Diamond time. Diamond acquisition as of well. to to the the loans static that pieces that high Taking believe also expect to the that over taking begin this of provision both improve in improvement we’ll pool consideration, provision reflects the the rate into Diamond be XXXX material the will provision from will optimizing As date XX% a further portfolio and impact ownership,
Resort Club and our business. to Turning
Our Diamond consolidated which member club XXX,XXX was includes account XXX,XXX, members.
split Looking roughly of quarter. Diamonds business, new net X.X%. during Diamond evenly the X,XXX Legacy also as at months. inclusion Legacy-HGV between positive to HGV a and nearly Mark our two of Revenue was $XX members added NOG the And million mentioned, accelerated
as both quarter. Legacy-HGV per new reflects of as members, as the increased member, during well Our this addition improved the revenue activity travel
quarter Now owning management this Legacy-HGV. remarkably showing revenue resort business their management materially the see that third to resort been Diamond, underscoring slide has on also contribution reflects can calendar their their for of And their larger of the you business. network of as results, attractiveness quarter the their business, line steady recurring size versus the of
well loss. that basis their of their lower both at channels XXX addition Diamond Club Diamond. use the a million consolidated along including By listing in as OTA of is businesses of of business Recall rental and $XX margin historically were business business, trends Our our segment levels. and uptake more inventory a improvement the Legacy-HGV you hotel Both contributions, travel extensive profit to XX% with margin. sequential and for Resort revenues their points business, ancillary two months XXXX Diamond’s reflects including another at levels. third remained ahead Diamond they and saw partner, significantly where continue Legacy-HGV million, quarter which registers improve. ran above XX% $XXX and from a that their a Legacy-HGV And to solid were Rental in Diamond with margins XXXX margin XX% during
levels. of business was the million spring haven’t any and in timing improve As segment Diamond both year’s also XXXX. in pay the minimal That EBITDA at should in adjusted paid up adjusted was in Diamond resorts. we were our result fees last by we given no We kick from JV relationship activity the with $XX time. of we next and structure Hilton, But anticipate structure our shut will on fees we which Corporate off and License $XX ramp the the influence Bridging trends total line as can we leveraging license properties, million, license yet expect the G&A fee of a top Diamond gap rebranded which this amount income the of $XX million Resorts, that licensing and improved rebrands on million. $X business rebrand EBITDA. year. that between the ownership fees currently we’ll expense was every down under
$XX quarter the is million, acquisition $XX in flow related of inventory million. million. spend expenses included negative cash free before of was $XXX This which adjusted Our
acquisition related there to related As including you’d capture. our quarter, synergy this the expect, cost costs were expenses and charges significant discrete
is role our play create costs the this share path in place in view these synergy to you a think enabling with value to I and the material business. great they’ll of our
the expenses of seek path asset related and charges and group first and the expenses The as right that to support are ahead. now, are integration mentioned, the costs merger expenses, severance other items. These base acquisition IT structure related we to typical including growth I expense focused create necessary headcount
which to of largely month million anticipate expect timeframe one-time million approximately over the recurring over We that $XXX these enable recognizing costs synergies. savings within on XX our we same spend $XXX spend complete and should cost
are As this our significant on confidence progress with us I in great we’re front path lot made mentioned, ability synergy and realize on realization, giving the we’ve already to savings a cost our targeting. of a that
expenses. rebranding of group discrete costs are Second our
to spend year, sales start rebrand next rebrands we begin in the as of to mentioned Diamond’s properties. this will Mark part his early earnest in center these we’ll but on of remarks, some begin As in quarter, expenditures our
completed with We on plans. expect rebranding strong to to proceed $XXX several million effort have million the spend that next from report received we’ll over to $XXX our we I’m happy And that to support years. And the by approximately XXXX. rebranding HOAs
our to and expect of excited economic are adjusted goal EBITDA owners next exactly we free We the over process. several years. began as level rate our very we that our run to in the remain to XX% conversion cash of reaching ramp confident So XX% flow
As our consisted under of million facility. revolving our credit and of availability million of cash position $XXX XX, liquidity of $XXX unrestricted September
have of in will facilities. We currently are warehouse become We currently recording, our meet they that received the as million soon including securities and of first securities available million $XXX as $XXX another capacity securitized typical of milestones, $XXX also be that million deeding have cetera. to et eligible payment, and
$X.X of at non-recourse was quarter debt a balance of of Our and corporate billion billion. debt $X.X debt the balance end comprised
forward leverage is the now forma to turn was not TTM your total effective anticipated to pro Turning Operator? over look our synergies forma and At synergies, on to metrics. including TTM company’s a the pro X.Xx basis. basis leverage a the credit QX, call on end our net We’ll the X.Xx, operator anticipated of giving questions.
