you, Mark, everyone. and good Thank morning,
phase reducing million of reported reported start, Before we this results sales of the Maui presales our next associated for quarter of project. revenue with GAAP deferrals, that included our $X note
the deferrals, net We million our recorded direct benefit of million also EBITDA $X a of associated expense for in quarter. $X an to resulting reported
to prepared initiative in remarks, a accurately of integration the I'll work of of excluding We deferrals,which more strong financial impact my the had reflects XXXX cash midst material major very performance our dynamics flow In during of the a refer amount and only launches. the period. metrics,
So we're very proud has accomplished. the team of everything that
created billion $X.X was XX%. record as of on of pro mentioned, of integration nearly margin acquisition. EBITDA extremely real value Contract to ahead the a and forma were $X progress made proud XXXX XXX with year And shareholder for the nearly we've and basis billion our XX% Mark points sales we're a improvement the we've with of
which pro of XX% base than Our XX,XXX forma capital additional our of owner higher XXXX creation. annually. on over drove flow. we drive XXXX million free growth member adjusted of significantly of value XXXX, will on invested in years additional We've the creating with ahead still And higher cash ending XXXX pro exceptional return forma members $XXX several roughly cash value of a despite was pandemic, maintained net future capital base, the much flow and a
in just quarter. reported the was in the year-over-year results quarter growth all under saw adjusted by margins strength billion. EBITDA Now real QX XX%. and $XXX review $X led let's We fourth our financing revenue for of in segments. was Total segments, the with estate of million revenue
with estate, our real We're the new jump were pace owner a Sales ahead also total contract pleased channel. and remained levels. Within And we XXXX. results channel buyer our saw the the quickly of initial our recovery million. new strong nice sales has of recent investments sales in segments. of buyer Turning our momentum with in channel in $XXX approaching to XXXX
saw solid to to investment, NOG of to channel From from pace growth helped year, and we against half that exceeded and new the year, half sales XXXX the buyer well the owner the second first our drive our X.X%. contract of strong flow improvements in prior of the growth tour
our package at XXXX. investments highest packages and activated continue We've dividends. our pipeline our are since the And been should monetizing paying level
arrival strong as we coming our in very seeing months. growth As marketing we're over Mark the mentioned, look out channel
$X,XXX XXXX. year for against VPG year, quarter, ahead finished for the grew And the was VPG which prior and of XXXX. XX%
for see at number we Looking we a quarters, move of normalization said as continued VPG XXXX of expect year. we've and to performance XXXX, the against through as
your lapping XXXX, it that will while to company XXXX, of the note and first quarter that of we purposes, from history the VPG VPG For important will decline last of that be year. against highest record anticipate in modeling QX in the it's of we're the thus, ahead
profit of XX%. product our expense channel. the and sales, sales was third the for of Real levels to $XXX reflecting of similar estate margins million XX% VOI quarter buyer contract was for investments new with XX% $XXX estate the quarter, Real in Cost million of the for net of quarter quarter. was S&F gross
to financing included our quarter this revenue segment $X million amortization was note a one-time portfolio million. premium was million. $XX associated business, of financing adjustment with profit the that quarter non-cash In the I'd Diamond acquired and true-up expenses fourth $XX approximately
receivables for $XX $X.X and net was the our allowance $X.X Combined billion interest were billion gross of income or quarter million.
the average portfolio XX.X% non-cash $X that portfolio portfolio real acquisition. a while rate average the acquired million the Diamond acquired of associated from receivables interest our interest XX.X%, premium includes weighted Our and of contra rate was weighted with we during of with a amortization originated had revenue
$XXX $XXX these million billion on which $XXX million. acquired the amounts, Our million bad Diamond's underwriting portfolio a debt allowance that on portfolio, was for Of used standards, of receivable balance. balance was $X.X Diamond
our basis annualized over This initial both our portfolios, acquired default the the portfolios for last from X.X%. continuing and XXX with Diamond than originated rate demonstrate substantial lower underwritten to was and including consolidated Our assumptions. is year, portfolios points acquired underwriting outperformance
levels X% Our provision of debt expectations prepayments. our elevated bad or million continued for of normalized by higher down sales, owned provision, contract of remains was steady-state and a which driven $XX payments below
member consolidated our resort was In club and our count XXX,XXX. business,
Our consolidated Diamond NOG and of both I was includes note X.X% members. at the quarter, which the HGV end now
and and of segment the million. were of $XXX XX%. profit million margins in $XXX $XXX with million the with $X revenues for was million segment Rental profit was quarter Revenue quarter ancillary
associated activity, unsold quarter point opened inventory along with effect continued with projects. the developer Fourth elevated with member conversion margins reflect additional seasonal from associated the expenses recently maintenance our the of fees
For to benefit half shift that of remodeling, first to a versus the is will note materially associated it half with expense the that important there HGV to Diamond's and made the rental XXXX. ancillary and due timing is reporting in up the member of unify changes cause first expenses to be Diamond,
adjusted our impact rental $XX this in and a QX that reported well which our EBITDA. of as overall result For specifically, year-over-year we profit will will expect ancillary roughly impact million, as
in of the through the impact a have in back impact only rental fully itself adjustment this just adjusted year become half year. benefit and offsetting change segment. the to that and and reverse emphasize rental for timing This ancillary seasonality EBITDA ancillary or a year-over-year and in any reflects not profit expenses will the will I'd the is to
million, EBITDA adjusted was segment total EBITDA, G&A JV and income was $XX $XX between was $X million adjusted fees and License gap the million. Bridging corporate
excludes flow cash million. a Our included inventory million spending adjusted $XX use free $XX acquisition-related of which quarter and in the of $XX of costs was million,
flow taxes, additional As along the QX, adjusted our we our negative mentioned for prior we inventory which our call, the free drove quarter. project, cash in in spending payment of on the had cash with Sesoko contractual
year, I'm million, for we company. adjusted $XXX really flow say, to the free which of the is generated a For happy record cash
a our We range, target for conversion cash the XXXX, in we into to of Central is converted during ahead. that years pandemic. in additional New that we XX% adjusted flow, in nicely however, EBITDA of the of our million, to includes note, payment XX% have to payment roughly was economic maintain do free and $XXX deferred It XX% just-in-time York inside an which important specifically, expect inventory range which the was this
end XX% total this XXXX. the million Considering versus range. $XXX expected approximately still EBITDA Despite additional achieving that, however, conversion low to of XXXX anticipate inventory payment, be in $XXX our we to is target million spend for XX%
of During the $XX.XX. repurchased common company stock $XXX shares the average X.X for of million quarter, an million, price
of For $XXX we million. X stock repurchased shares year, the for million
funding XXXX. our spending repurchases returned So on top adjusted growth we flow free of cash our our down continuing of on our trend nearly integration, our far through and to debt paying in that half investors share and we're thus
an our Board and X.X Through total of February for $XXX we returning have million remaining to XXXX, company repurchased repurchase $XXX $XX XX, committed May plan the by has in the million million for return capital. of currently We approved the enhancing shareholders the by shares remain additional million.
Turning to our outlook.
billion our of $X.XX setting XXXX $X.XX are to range to We adjusted a billion. guidance EBITDA
X% EBITDA a great EBITDA this to produced on the of our, of growth strong top Excluding special growth benefited which release year. we implies result X%, our the quarter third reserve that guidance is
note typically than that fourth I and also of million the impact ancillary impact earlier. from our that EBITDA is the perspective, the is lowest rental have for $XX of timing expense EBITDA quarter mentioned preceding and lower the Remodeling, XXXX the segment a QX quarter would year. QX I also will in seasonal typically
position availability cash liquidity of facility. under consists our of unrestricted As XX, $XXX credit of million and of December million revolving $XXX our
debt at $X.X $X.X was of billion. Our billion debt comprised and quarter a non-recourse balance debt balance end corporate of of
we warehouse of customary we remaining anticipate securitize mortgage following first end, had notes on available certain payment, which and $XXX million deeding as quarter to being another of of milestones, had our facility, million recording. notes, $XXX such of million and eligible we capacity At $XXX
our credit net was Turning to the metrics. the QX, company's total times. leverage At end of X.X
today. wrap we to wanted in be up filed XX-K item you remarks, is once Finally, before address will later that it I prepared seeing our our an
historical we revision to the results related any fully our results weakness and items items identified processes They these or have operations in reported result remediation to not did way. restatement provide plan or place, We impact We updates they expeditiously. did also our not expect additional financial have any resolved have already will we'll our historical material through Diamond. in of nor a or but in business financials. a current These impact year,
We will now turn the call the and questions. over your operator, to Operator? forward to we look
