and Steve, good few actions strength and results, flow position. taken we’ve to and take manage our like speak our to minutes costs everyone. the to lower the morning, Thanks, of cash liquidity a I’d second sheet quarter about overall our and balance
very impact low to sales business May. of and and Ownership centers Vacation in results April quarter our resort second the occupancies Our reflect closed
and As exchange well in businesses. resort revenues as management transaction third-party and closures our lower
of $XX the a result, EBITDA loss a adjusted our for As quarter reflected million.
a stickier and strong Ownership financing in Looking to development our resort quarter, each was results first business, at contribution our it offset businesses. our more Vacation businesses provided rental this while and our losses by than management
$XX Ownership majority sales from early the we closed. sales As of phone lost sales of in that a program were enhanced adjusted launched EBITDA result, with which quarter Contract physical quarter. the our May our Vacation $XX million, million came in in centers the second the business
in steadily sales to and week to X by in the the the of of May in As had improve, began restrictions, end sales and occupancies centers centers states in started Carolina relax June, we operation South reopening resort starting primarily we back late the Florida, quarter. began as first
Our propensity a and immediate to promotional tour. larger activity We’ve higher been focus and our was driven sales. percentage of centers owner seen at owners’ have in-house by on well and channels, VPGs discounting by marketing encouraged strong as as also we sales
with below and preview tour limited substantially packages, lower occupancies However, flow levels. normal was
These were sales results our fixed marketing in in the as quarter and Given the in included from the were fully of as $XX we loss we contract leverage until in recognized that favorable to margin quarter. development not benefited costs, quarter, sales revenue the million $XX revenue million a reportability QX limited unable QX. contract resulting sales
million $X a all negatively Given quarter impacted sales the will we QX, smaller reserves activity product margin by which much the of impact deferral quarter. in into higher second I’ll Development also which unfavorable quarter in discuss was revenue of cost million of our true-up roughly results, of sales and third in QX, in moment. limited contract a had the $X
We in higher portfolio, activity default Sheraton brands. the continue see and to across Westin particularly our acquired
that performance we reduced for buyers I requirements during some our These our loans and sales potential used of standards little As acquisition, marketing mentioned or underwriting sub-XXX scores relates this for were and qualified under originated off-premise by down year-end less channels with which ILG call, optimized. FICO or prior no to qualifications payment with since buyers. have include to OPC income
our For deferring as temporarily of our very to To we with loan of owner work due advantage borrowers their of substantial can income date, transition them, program, time. lost base. difficult we’re roughly them with help portion who the virus, of owners or we through X.X% income taken work have encouraged the speaking this where continue to to have a creditworthiness our this to that their payments only we owners our closely
lower generated than profit million year. business of management $XX the $XX million in the resort Our prior quarter;
the stickier fees contributor the As X% year-over-year. quarter revenue with the management expected, were in growing primary
offset However, of $XX of to most by these closure lower of results quarter. operations ancillary this was the for due million the
improve, to of outlets. to we some reopen started started have have occupancies As these
in XX%, rental rate Turning quarter. XX% to business, our $XX with million business transient keys our and the a loss rental rented down transient down generated
costs our for on program the past, Explorer exchanged rental relatively hotel our As expenses inventory have the and to majority nature, loyalty are or owners who program. related in vacations including maintenance mentioned fixed unsold in points fees through we our of
impact substantial with so had our revenue So much the profitability. a down in quarter, it on
are for reminder, these year, the earlier rental a second roughly including in of over most but we paid XX% the expensed purposes, in year, for course As the they of the quarter. expense of the EBITDA costs
grows. to business through flow but of we end rental We the revenue expect the expenses our already generate improve XXXX losses year, the most continue to with paid as to rental expect of considerably for, cash
and revenues to due relatively lower stickier extremely well, to contract profit sales. our originations business financing perform Lastly, note with flat continue year-over-year despite reduced
bonus-related decline $XX This for programs million revenue, EBITDA Interval million training technology projects, soft related segment, most declined membership updated in some as were quarter roughly for quarter synergy savings, third-party million furlough the were the But of business the well travel, as was the Aqua-Aston began taking costs same exchange at the business not savings, X,XXX in started closed to mitigated Turning transactions lower that to revenue of resorts as Act, discretionary at segment generates We Revenues mentioned. Steve to either associated around was $XX million. quarter the reopened, of year declined of virus. our could XX%. to that which G&A the other million $XX tax The exchange down and XX% cost projections and to reservations. prior reduced nearly able million for resorts but these and and exchange exchange on normally Hawaii, year, its with of savings, into as revenue members from restrictions financial negatively $XX impact the lower and visitor or overall spending the credit more which exchange to given quarter. and work-week transactions more expense the the decline the from lower spending offset CARES XX% stickier business, revenues the given across impacted progressed $X due through by Hospitality by adjusted were improve. $XX a cost management the under our
billion sheet securitization revolver were and quarter with cash, that our of balance unrestricted ended all liquidity Moving million $XXX $XXX million eligible of nearly the position. to and notes We the million of of $XX receivable $X.X for gross to our second at corporate net $X.X to the securitized debt debt quarter, notes of end related receivable. non-recourse of capacity us. outstanding $X.X We billion available had billion in of and the including debt
no corporate only is XXXX, have that’s September and debt which maturities convertible million. until We notes our $XXX
our suspend quarter on first credit covenant also of call, the an As last May, million agreement raised senior discussed amended our of we next in we first-lien our we additional through notes and $XXX to year.
of transactions including oversubscribed, $XXX investors a securitizations was was blended most our rate million it participated The last successful before. securitization offering rate We week. also haven’t completed note was our advance and X.X%, ABS The the interest who ever. XX%, new making substantially in one many
expect generate cash. We transaction million this $XX approximately to net of
talk Now, to quarter. before our we moved Q&A, third I would the expectations to about like for
in on rise current we cases, be limited near-term. the recent have Given in sustainable the the COVID-XX whether visibility will recovery
and the flat last whether see up question run don’t could off-premise near-term, we on lower being expect what occupancies remains currently biggest linkage our markets to tour we quarter we reopen a versus we could the scheduled as shutting for year’s saw not of roughly decision back it channels occupancies XX% result half key July. mark in marketing flow XX% of Assuming quarter. be to levels or down, September expect reopens Ss not on the Hawaii normal than to third X. and most our of in slightly
see an the expect number delays in million remain limited much quarter line with sales EBITDA, tours our contract response or in the pleased and pre-pandemic to we wouldn’t VPG and our sales and million discounting guests any reportability VPG being levels. of second the re-openings higher we of quarter negatively million. to reportability are with have has to revenue We third we and our $XX quarter recognized quarter with by third contract owners been with in Hawaii the in adjusted Typically, could very To who on shutdowns, offering, for extent incentives attend the impact the quarter, levels from don’t could been sales experience revenue EBITDA in-person but from and third impact third adjusted are million. than further have in willing $XXX $XXX be between I presentations, July $XX
underlying the be differences, quarter-to-quarter discussed could offset reportability to I in the in of sequential positive we $XX business million the by given EBITDA notwithstanding potentially the strong in growth the So, sales expect reportability improvement QX. third, up
margin we as a higher maximize management still our discussed occupancies results the only negative. slightly third quarter, increase In a in third we basis, down the year-over-year past, in these report given the to business, our is be expect fees timing, the to revenue ability the reportability in basis. to As while we but will improved, margin we’ve reported management on negative our resort currently expect expect continue quarter we ancillary on year-over-year development
already As be of our have annual I recognized costs, these XX% paid costs we rental mentioned, of approximately million even in half expenses the as of the $XXX year. for roughly though second will
our returning, cash revenue so its rental Third-Party The visitors. bit. moderated have transient to at restrictions rental that good grows, year. to business do changes incurred improve Aqua-Aston’s incur is yet as have the losses against revenue balance continue Exchange flow course Hawaii through outlook be rental impacted While results expect to variable business, on the of we to and year. of we while the be In will it through until And revenue, costs limited rental news is transactions will over they our continue Management our a improved the June, substantially Interval the
be we’ve actions quarter. cost G&A to down costs the the in third range the XX% with could XX% implemented, Finally, in
in Turning be down month remainder a of be we to roughly be a business the XXXX, That this flow year. cash rentals not sales assumed I contract burn substantially, per the would outlook, all would $XX not to and term-securitization projection would limited, the provided rate to year. complete resume cash May, for of able continue our in at would exchange million
expect centers ago. positive securitization generate anticipated re-open assuming remain we just the second a occupancies for flow begun what sale months This the improvement levels July, least As an in saw year. we at to obvious cash have we’ve completed and few is now transaction, already in the from a we and of half to
reduce we mentioned, workweek people still with Steve on our X,XXX brought back As XX% another more and of than on or furlough, reduced XX% associates roughly have pay.
at business to the think amount spending and this We are These a capital very level substantial but continue can until across defer cash. choices, we of hard business preserve manage to inventory also further returns. we
Finally, the changes necessary business, and as transformation us the present recovery, position Steve organizational to we through growth including be technology integration themselves. as Michelle? happy on of that, that questions. to answer With I will and well are our may focused best the your opportunities and
