Mark, you, good Thank everyone. and morning,
start, Before our Ka quarter results deferrals, Haku. we this note presales project, $XX GAAP reduced our million and were include sales related revenue of which for of that reported reported to newest
also million. our expense In prepared recorded financial by X accurately metrics, refer increase reported $XX the associated the Adjusting I'll direct to a deferrals. performance deferrals, million net $XXX reflects the for million items cash excluding in $XX flow which We would of our release only net to more of period. press EBITDA during my remarks, these dynamics
adjusted a billion. to of a $XXX by in $X.X As our of enabling our billion a We of very count for half sales strong and impactful And $X contract record million of and EBITDA EBITDA into stock generated converted $XXX of cash us ended finishing prior million share range. diluted on guidance Mark revised repurchase exceeding was the adjusted this mentioned, our XX% the that record We a HGV. reducing free year of we XX%. expectations flow, year upper
synergies with $XX of run XX the million XX%. just to our with billion, excluding recognized quarter Bluegreen quarter cost in for reimbursement plan turn of million results of cost million $X.X during excluding rate and quarter. annualized months. synergies within adjusted was included on revenue, of cost let's $XX margins a $XXX Now our Total was over target $XXX reimbursements EBITDA for the for the million, EBITDA
XX% grew segments. a forma on contract our X% for of $XXX estate, up of total real to contract and new to year-over-year quarter, the sales million sales. $XXX with Bluegreen Within sales comprising Turning million buyers contributing basis. pro
the several you impact the outage fourth our sales the impacting we In dual experienced the including the quarter, with also from nearly we cost southern and impact of recall, affected is into system along significant in the If a convert $XX and in tours million EBITDA. fires contracts. to million that lost hurricanes $XX states contract faced continued ability in 'XX, of a quarter Maui headwinds
these for for year-over-year to early from benefited HGV quarter, in including returned note which periods, to from launch growth the impacts of onetime contract the Adjusting growth that both Bluegreen, double-digit we solid in I'm sales November. Max pleased
Bluegreen tours this the contributing of roughly and onetime over which X%, during course, If Of the focus XXX,XXX declined we're made for quarter. XX,XXX efficiency. just adjust with nearly reflects to year for QX, we last, impacts on the both to quarter tours our efforts
As this last pro and growth still level. new and a in push Both and after ahead for as us our XXXX XX% the strong experienced we key high to a during XX% forma Mark be EPG drive even buyer mentioned in over quarter this the onetime which continue area single-digit quarter. XXXX owner of was growth year. showed improvements rose earlier, our will VPG adjusting headwinds VPG. channel pro forma basis, for for to to the X,XXX On focal we experienced
The Max slightly during of being were launch highest to Bluegreen members producing Ko introduction enabling year-over-year. to XXXX growth rate and solid levels drive [indiscernible] quarter. despite VPG towards sales drivers close the our of Haku us record HGV of the transaction and our at the of significant since
the quarter was marketing $XX quarter. the to both business capital percent additional quarter return our moment the the was launched estate XX% XX%. sales the nonrecourse the was segment fourth website increase VOI expense and I'd the and like [indiscernible] with XX%. our bad consistency during XX% initiative and on profit business, and the estate quarter for for IR free activity. to million and in financing contract with $XXX million debt That cash owned slides million was Real profit here business was or million detailing provision was incremental In of optimization program $XXX margins quarter. of reinvestment. sales. take XX% both creation generating $XXX our of the for a financing we that highlight contract that adjusted to our ramp shareholder Real value sales of fourth of enabling and aims for level as a flow in Cost product margins net borrowing of quarter from revenues have
rate, mid-XXs. in the of to increase continue first regularly of was which and is began quarter historical closer amount to over current ramp the the months. are goal that fourth The the it XX% XX% will to receivables to securitizing between we from We the late next the stage and XX run program
initiative. Our business is well positioned today to execute on this
We solid ABS our enhance record have flexibility We've will a programmatic warehouse this of over execution, access us excess strong recently liquidity billion. our and providing significant completed market, consolidate work a we additional our securitization the with and optimization and of become extensive to to with platform issuer which for effort. $X facilities, support credit
rate operating adjusted securitization we million of for run comparing prior preoptimization EBITDA additional consumer of additional step-up increase between XX% at our As shown which capital run and between program our on will XX%. holding unlock anticipate the $XX When rate, XXXX level, being strategy, will goal At goal use is of an with to returns our reduces ultimate to million result Slide in our we expense baseline to expense. XX%, and which business our to a cash full as our versus full in and reinvestment. in this the versus an interest financing reported $XXX XX% nonrecourse rate, of in our a X, our can rate range due
optimization while maintain being means still value. tax additional incremental the underlying per higher to incremental highly our the share to new an our our to minimal flow, million our that securitization repurchase use average have will and cash goal accretive or increasing impact rates shield however, Importantly, returns, million cash We'll to equity XX% capital $XXX quarter. support by to $XXX of activity
run to achieve fully in we mentioned, the throughout which financing currently EBITDA an I XX% will this months range achieve rate we'll roughly we expense reduced XX% that XX XX%, holding by expectation morning. year. by between adjusted consequently for current That increase million target is our amount. we're our expect us our average impact XXXX, where XX% full rate And As to included to the in our million $XX that and is and issued range guidance consumer same securitization $XX take interest
to back Turning our portfolio metrics.
Our was allowance. of originated XX.XX%. were for rate or billion $X.X $X interest weighted Combined receivables billion net average gross the quarter
$X $X.X on Our receivable total was allowance that balance XX% debt or billion for of bad portfolio. the billion
XX.X% Our Bluegreen, annualized consolidated of the portfolio, our for default inclusive at rate quarter. stood for
sales provision in contract quarter. the Our XX.X% owned of was
receivables pay where a that and quarter, a ], portfolio. migrate part additional we our reserve time. reserve note This this the processes that primarily Dime increased underwriting we over in to we portfolio HGV. with acquired financing an on acquired I use against the of [ will other to and Finally, of to is to legacy similar to $XX continue approach mortgage expense off work million, over sales owing it time the we've as taken Bluegreen
was margins was $XXX are standards. X.X% $XXX,XXX, to our Diamond, $XXX for HGV's our acquired than HGV approximately Max was originated value improved our is higher quarter NOG indications and count similar million the end member network, and the In Also XX%. resort segment portfolio, portfolio of performing reflecting proposition business, early club at million and better and was quarter. of the consolidated the underwriting the the of with Revenue profit
market nights at segment quarter by growth of Bluegreen decline revenues mix-driven $XX available Revenue our a increase with by offset room of rental legacy addition ancillary the were business, than and Rental rather room the million. $XXX along by number the in was impact on in days loss driven million in with dedicated an to mix member driven of related in our was this an increased wildfire nights The as region. disruption Hawaii RevPAR. the to quarter we lapped being in the RevPAR
Hawaii has negative carries increased highest versus at RevPAR. the mix quarter. same ADR But RevPAR system-wide our the that Given our market looking major at during in created when portfolio, a the in impact prior of markets when this our looking year each basis,
the primarily at Bluegreen's developer which associated period along rental inventory. loss the with elevated continued unsold a elevated addition maintenance fees our to in due operated business, with were Expenses of
of as conversion points a saw we through the our [indiscernible] program seasonally of associated fourth the rental, inventory, quarter, to Over continue annual addition profits burden usage to quarters. in expense up of slower showing new our mainly strong unsold point at Rental Great segment. the selling reduces with developer During stays we for will through mainly partnership profitability also which segment and the expect Bluegreen maintenance our time, fees. result first segment business weigh on of But in fourth and improve,
adjusted total license Bridging between [indiscernible] noncontrolling attributable million, adjusted and the million. million million. was segment were fees $X EBITDA Corporate gap EBITDA, G&A was to EBITDA $XX $XX was EBITDA $X interest and
in which adjusted cash was $XXX inventory quarter flow the million. million, of free included Our spend $XXX
materially than spend at U.S. our note coupled our deferrals this inventory expectations. the that the tax higher in the initial I of shift advantage Japan is timing and of to the quarter. on anticipated with We some the end of in year, elected take
We these both expect be in items XXXX. that instead will paid of
strong the in to activity level had in the In contributed QX, securitization cash addition, which quarter. a we flow of significant
of million year, free our our XX% range adjusted was target which XX% EBITDA, of higher cash or we than of XX%. the materially $XXX For to flow long-term produced adjusted
would in above, items conversion I the XX. been deferral mentioned quarter high the rate Excluding have the in our
tax our XX% cash target our ramp of inclusion the and in XX%. look despite back the rate deferrals also cash XXXX deferred -- payment, Looking we be enable of conversion range reverting benefits of will for program year optimization XX% as specifically, to inventory to we at the long-term XX%. optimization will to elevated our a to still conversion financing range as full our forward, our rate be before
additional us repurchased remaining million repurchase company we with XX, quarter, for stock shares the And availability share February X.XX under the of repurchased million. of our for shares $XX $XXX X.X an plan. leaving through million million million $XXX During common
Turning to our outlook.
guidance $XX.XX. are there EBITDA adjusted We contemplating range our this a into are items XXXX of to $XX.XX establishing guidance in the embedded several noted. that should expense range, important When be to be
interest to the expense increase is our program. $XX due first financing our The million in optimization consumer financing
been guidance value. our But equity range expense, $XX.XX. Excluding our $XX.XX flow believe in this of would our to earlier, and as we the will program to I this accretive have detailed be cash
The rate. sales overlap Bluegreen uniquely fees. second our rate our rate on $X final change rate with year-over-year EBITDA fee If XXXX. sales on XXXX from step-up be to in our our change The no sales license million first license step-up levels. regarding in in item This of fee is respect we our diamond license our takes assume high XXXX headwind in a change would
of revolving our position As it relates our of XX, to consisted as million our unrestricted cash availability December under liquidity, of million $XXX credit and facility. of $XXX
and nonrecourse quarter Our $XXX debt $X.X debt end we capacity At our warehouse billion of balance had of of was approximately $X.X of billion. facility. remaining comprised balance at end, debt on corporate million quarter
while but as monetized borrowings another mortgage notes We certain securitization payments, $X.X warehouse payment could billion $XXX Of approximately or recording. current notes, on also that through following being customary [indiscernible] eligible of we unsecuritized. such million milestones, million $XXX had either figure, be first that were of anticipate
end on Turning was a to company's At TTM the leverage and synergies, QX net of cost credit inclusive of X.XXx. total metrics. our the anticipated all basis
I'm our announce that that we XX-K. XXXX the previously to Finally, in Form happy material remediated weakness we've disclosed
to operator turn over forward to your look and We the questions. Operator? will now the call
