and you, Mark morning everyone. Thank good
Before our Okinawa we that the of this start and second Maui reported included revenue sales projects. know deferrals, $XX impacting GAAP pre-opening of phases reported million to of quarter related sales for our results
the $XX performance also EBITDA deferrals, net more dynamics of remarks direct XXX million. the excluding recorded the only and million deferred impact ASC reflects cashflow of financial sales, are a in prepared metrics our impact to $XX those y In from accurately expenses associated We to referred of have during resulting period. which deferral
quarter million $XXX the first excluding quarter. Total in Let's the review revenue the deferrals. aforementioned was for results the
margins after a combined strong revenue Mark to exceeding produced to QX from pro forma XX% XXX than January the very start Omicron challenging XXXX $XXX and XXXX. EBITDA in was variant, pro were February related over As mentioned, quarter our March that a in basis of better we combined ahead recorded forma level. of XX%, to QX adjusted the pro million, results EBITDA forma points which XXXX. was us led
expected several $XXX saw benefited with quarter recorded we've made first a sales in us efficient drivers And plus, drove tours, more our on generate the from $XX versus initiatives additional from and we've a the a out outpacing in rate impressive quarter prior QX. that to As quarter, run through captured high we with as performance to the we our our at company. estimate million produce million VPG the stronger Overall, I'm today, of million on our which target synergy progress cost we identified our in closed you produce recovery also million results. a pleased the margin initiatives energy now XXX positive with flow allowing solid cost raise $XXX history we contract in in public to release way synergy than as and strongest QX how
owners for or up contract down Within slightly sales quarter, quarter, the $XXX Now, mix Owners forma from contract of monetizing combined pro million we the nod remain real investments prior let's were We of is our package for last tour talk through from new buyers pipeline made in but details. as proforma business to driving elevated levels. drive the focused XXXX segment two-thirds combined to our estate, COVID. XX% file. sales on XX% to continue of total still which make
XX in sequentially $X,XXX and quarter, quarter HGV's was pro historical the buyer for since in at the This history. new but nearly from pandemic tours the our XXXX, highest mix. were For quarter new buyer for first XX% the of the of the combined environments it total. new remains points highest level up is is start the roughly seen we've of forma the the XX% tour quarter, below VPG company fourth the
sales improvement after go-forward XX% anticipate from in to and of of will quarter XX%. million build mid finance sharply QX, along to for we tour further close XX% in at was close at basis quarter the As owner versus our the our net $XX the new our gain contract in new pro strengthened million. the year-over-year mix of $X.X percent several basis inventory. last quarters Mark our XX%. the points mentioned XXX XXX low Real rates estate for expense and segment The the is to offset February with of SMN COP, the saw On receivables In owner year. combined and Off pandemic $XXX were of normalized our high March. flow VOD billion highs. investments gross forma through In DRI was profit of which course adjustment due rebounded addition gain the same rate. rates, of million by estate combination we was quarter with Combined or by SMN cost in billion nearly net led was interest the or product of of recent $X both a our allowance, point $XX of was million close for HGV net margins This synergies basis, lower reflecting XX% as higher a Real of trend $XXX included that first sales and COP XX% ratio segment sales of million. first the in margins cumulative with in new HGV mix product of buyer quarter sales, quarter VOI our $X.X was of pipeline. and premium range, the a a Diamond's business, profit income in some
million $X from period, XX.X%. weighted occur This a with This also what our amortization portfolio and from P&L. Table because financing press associated our of of does calculate the you'd disclosures modeling. more I'd line that release during Diamond revenue interest on and rate receivables amortization for portfolio we've over interest the align with of your was multiyear income help contra our the provided not includes segment is average of rate acquisition. this Our note a we to acquired premium TXX will that
was for was of remain acquired allowance strength of has million the Diamond debt benefited government their Our on on levels, Delinquencies which amounts, used portfolio underwriting portfolio standards reflecting under very balance. and low the at billion. other $XXX that consumer, $XXX these billion bad receivable just $X a balance stimulus Of $X.X from which million programs. continued
Our annualized portfolio X.XX%. rate for was default the originated
X% our $XX of owing the to provision bankruptcies, lower Our provision consumer high better for lower impairments of target rate provision quarter, portfolio and bad than sales. mid Similar to lower or was debt contract amortization, million owned trends the expected was than to last anticipated. teens, than performance,
cash In full our addition, also debt. utilize lowers during in also uptick didn't saw an financing, number provision of transactions QX, for we that bad the which the
was these trends working that expect to just our high begin business, over Resort $XXX,XXX. to and In Club mid way We member its provision target. count our teens consolidated toward to our and normalize
Looking Club material stay in and $XX to into of $XXX in year most during the a bump fourth Hilton points. get that quarter Club Profit first and $XX in $X March. Rental every seasonal was XX%. the them seasonal at the X.X% slightly million added million $XXX a HGV's normal their million the legacy of did Segment was of fourth three revenues fourth revenue was with the occupancy improved for due ancillary trends revenue roll Club in new also quarter. tends Club Resort the than range. business, the as we nearly first of during Rental at each our similar quarter was to $XX of versus Diamond that's the Recall members net to quarter. of and quarter lower opt when trends, although convert million end of quarter, impact million February points last revenue year amplifying were in quarter. reported million NOG the the that quarter. the for we were or the margins revenues year. X,XXX members in the quarter material see margins was with X%. Honor profit omicron, revenues quarters down
adjusted million. progress through headwind fees fees and at prior. laid what our had to past, rebranding paying and $XX we've versus note JV was developer was on gap EBITDA will and transient margins to the As during in made I'd were reported million, $X both be $XX the made schedule Corporate and entity mentioned, in graduated HGV centers recent million. adjusted the that higher our fees according to for combined due rebranded license we G&A stays announcement. License our total sales maintenance the Diamond be Bridging income EBITDA. standalone HGV mentioned rebranded Mark properties between out that we'll a segment
spending Our and million. inventory adjusted flow million $XXX of $XX excludes quarter million, $XX included free cash costs of in was the acquisition-related which
Turning Accordingly, our and $XXX cash enabled range additional prior increased conversion that for free us with to a in expect program million. encouraging the $XXX expectation within identified $XXX that today, an to our earlier of with increasing Max. we on the will our cash repurchase quarter. of deleverage, range the XX% to anticipated our HGV XX%. also our to to with expected to target resume a well than outlook, say adjusted off of outlook better synergy EBITDA our coupled start year, EBITDA and I'm have fall strong our with flow, this launch of million target than along quarter to to EBITDA raising to $XXX versus we're share million was long-term We've happy synergies million million and our authorization. And performance we're our also $XXX flow
XXst, March under of unrestricted $XXX of revolving of our facility. cash $XXX credit of As million consisted and position availability our million liquidity
debt securitization balance entirely facilities, XXst, offering million anticipate of debt first recording. $XXX another and of we securitize we Our had quarter a of Diamond at end in the a notes receivables. we had first of billion $X.X million end, was corporate of to of payment, which million of million of such warehouse we notes as our feeding, remaining of balance available debt At eligible customary consisting quarter following mortgage capacity April the milestones, $XXX $XXX On year, billion. non-recourse and comprised $X.X $XXX completed being and certain our
Going expect collateral, collateral legacy of to underwritten HGV to forward, from HGV deals do more HGV's with of in then we standards line will be a legacy deal and there another DRI still on practices. and combination
we consolidate able HGV warehouses both to and into and single basis. pricing million DRI unused on significantly also the were Following legacy a facility $XXX used with end, quarter better
We financing synergies wind warehouses remaining deliver facilities, business. which our expect to down Diamond for the and will sizable
Turning at TTM leverage to our anticipated the on pro end forma X.X X.X not metrics, credit of pro net basis. synergies. QX, times, is Including a the company's basis effect leverage on anticipated synergies, TTM giving was to times all a total forma our
one-year our Finally, continue to entities. has it the of metrics somewhat reporting saw Max, the systems, integration next and to consolidated of back of allocating In a its revenues and specific the become we'll acquisition with function, approach the office on costs release to for us reporting. unmeaningful today, difficult basis revert beginning unifying our and quarter, with as launch the And our you consolidated to sales anniversary us along back IT move we close.
call We questions. Operator? we forward will to the operator over now to your look and turn the
