Thanks, is fixed detail an early previous wanted and multiple through through XXXX, progress we've of cost areas round since variable them. in time, reshaping on since the expansion made margin Peter. and I In calls. better outlined cost that update unit driving And structure provide focus It our significant on I economics. we've initiatives to outlined
focusing simplifying business included Company be either do viewed business we shutting put immaterial the this To as or down efforts businesses for simplification [Indiscernible] to future going or have our to perspective, these eight non-core out on month, to enable continues we're impact And have is opportunities forward. growth focus [Indiscernible] help faster sale shut selling an profitability. the I attractive sold Another it will on into ensure businesses. with we down on and financials. major of which since the beginning to would point and of This last also our the continued XXXX, the most have
diligently been offer, cleared GBT week GBT's and transaction Egencia we currently announced employee working the now on all stand, addition, the of the In accepted all aspects year things business. our we Since different officially early closing to acquire and [Indiscernible] have Amex including then, this have in of we from been relevant transaction through this we offer. XXXX. anticipate May, consultations completed, Based the offer where during have regulatory relevant authorities
the deal major excited about. two pieces As and outlined quarter last includes a reminder, we very we remain
second, position we combined Amex First, business. GBT agreement lodging XX-year position, also in enter an a and the we ownership supply minority a EPS. And into have will between will
continued Finally, progress our this the on illustrates deal simplifying business. further
sequential with geography was s was QX over a down basis, a improvement we've remained levels, versus the and continued to versus total and on cost last and revenue -- LATAM meaningful while shifting quarter revenue improved XX within business, XX%. our from our roughly hotel Now we meaningful also which perspective, improvement quarter. trends last from which made or on significantly up revenue down initiatives, have and the in our so. improving the a were approximately is basis From cost versus on effectively revenue, across revenue Vrbo showed costs from board months the P&L. outlined cost and saw QX. We EMEA past strength On flat approximately XXXX, U.S. reflected the XX% basis progress considerable detailed ADR overhead, pre-pandemic revenue in On improved, the QX. APAC
benefit our business While costs million by until we Overhead previous levels, more totaled with was line million year. versus largely April shift the which end outlined approximately remain expectations. largely of effect of on the an we $XXX variable won't savings QX, a started cost and normalized the of was all financials of The approximately in sequentially took in from we've we to increase result fixed confident returned bonuses which structure in increase compensation quarter, this realizing see Xst, in full calls. and last salary, in the $XX
signs well still below QX, was marketing relates pre-pandemic marketing, our of it spend a and recovery, driven by in increased we levels. to As spending although total sales
bookings QX still retail of to lag pre-pandemic to mentioned typical the QX, we've For that The from although continued July investing trends and we mentioned. showed into seasonality, brands the all that of XXXX. was included gap as we to $XXX recovery is build recent the EBITDA with in are the $XXX of close be adjusted million total improving spend, Peter And the it We will of some Egencia, sequential anticipate a which that will as net of balancing observed million below adjusted our throughout negative but versus trends well call. this in contribution we improvement softening we've further approximately EBITDA and our business. attribute improvement well
the which cash is approximately free approximately $X.X cash, flow a on in QX reported of $X.X was primarily excluding the change free merchant by basis, the which flow, billion totaled [Indiscernible] billion. deferred driven bookings, cash restricted in change On
outlook the be of from point out will negative. financial balance today the onto in There's investment-grade regular no recently stable sheet, that to our continue to change in [Indiscernible] changed and terms capital Moving our strategy. structure, also we
of ways to forward. to strong de-levering our that combined trends the the our position the to confidence we the We we continuing to XX% cost progress, preferred were reduce continues restart more goals underlying XXXX. paid position, in with remain witnessing in enough levels positive our of May, given In in for to to while stock we capital liquidity the historical be to shareholders. Going committed to program recovery also as return capital issued a with back look down
to balance remaining and have and the it's so. excuse closely we're me, when to do off prudent, any pay monitoring We the pay time right to off intend at
stabilization of liquidity you haven't future course So the that's and to remain we'll with mentioned and first optimistic And travel as In includes forward. to of of unrestricted and back approximately that cash And I it again in we our it our over revolver. going are be we're said, about Emma, closing, as Peter $X in further year the something ready that, something come well that billion billion will there? in quite pleased the That seen watch on which we're continue a business with confident as position, Emma, like remain QX the our before. that will question. take earlier. $X.X
