sheet our saving Today, our our liquidity business, the and recovery overall across our to quarter going review to balance Steve, position. third morning, Thanks, cost continued of good see and expanded everyone. results, we've the strength I'm initiatives our and
third quarter. and the results improving business illustrating our quarter, strong exchange second sales, resort all quarter resiliency from occupancies, revenue second the Our the a contract reflect of improvement with sequential from
of the once As business leisure-focused our again model. adjusted a third the for result, we of reported demonstrating $XX strength million EBITDA quarter,
Looking million enabling results deliver stickier Ownership first $XX again, this at contribution our EBITDA. a business, segment to our once provided strong resort management our Vacation our businesses, financing ownership vacation adjusted and of to quarter,
eight third followed an the last on sales reopened call, the additional quarter. As XX course sales we June, centers our mentioned centers we over in by of
the occupancies VPG visitors representing quarter. many normal the under at quarter, fly-to with decline towards time Steve same was much our compared at to tougher comp the to non-resident this nearly of were quarter throughout lower drive-to Hawaii and and in owners XX% a XX% Hawaii year. than of with As total XX% closures. just XX% occupancy resorts strong discussed, But because the last despite Orlando tours the practically up of closed being during
North the cost America XX% of were delivered Excluding quarter. but contract VPG able down year-over-year, lower from up the second sales development We even we aggressive through XX% nearly million, year-over-year. our up deliver And margin sales, efforts. total adjusted management Hawaii, with $XXX X% to contract still a was substantially
million our revenues Management a by business operations the prior fee of stickier, lower the ancillary was at limited year in of in X% increase profit than a occupancies high-margin quarter, the result as profit decline and $XX outlets. Resort lower generated many XX% Our management offset in as
contract in quarter, our at quarter, high-margin profit Revenue due second with financing the we million of $X better revenue even million. quarter. declined than and the million significantly operations, higher decline in these financing in the ancillary streams $X generated $XX business these profit sales the However, of than the X% to nature stickier limited was
we note in mentioned comes past, year given any the prior majority financing I've originations. the revenue generate the As from in year of
even sales me our with closely virus, So, advantage to a of with this their XX% continue where owners X.X% we the can. to payments decline our roughly up have due lost financing business well. end work of borrowers quarter, deferring we held – Meanwhile who of program the temporarily meanwhile, speaking – of income creditworthiness quarter, taken the our to the owners. excuse loan contract By this had
payment In which addition, is end of quarter had a who borrowers also these of the it, the by made a nearly sign. good had XX% due
an quarter rented keys the year-over-year, on due our were second but are was down up Finally, XX% down basis, XX% recovery rate transient Transient in to here reflecting we the the the improvement sequential were too, during substantially rental pandemic in seeing our business. a business, from saw but quarter. we Rental
$XX quarter. improvement fourth For in a business I generated further the million from to third the our quarter, Rental the $XX quarter second expect a loss and million narrow loss, the
COVID getaway due Average to Exchange business the transactions down in segment, & of didn't pay over at as that require Third-Party decline our X%. per last of XX%, the roughly in Exchange September as were the fee, average to increased certificates replacement redemption Management to third up primarily additional X% Interval transaction revenue Turning and Exchange month increased well XX% transactions quarter. per rentals. member the was in member revenue customers an a year
XX% recovery lower prior Act of quarter. and tax associated XXX margins a from primarily As business year-over-year savings, a savings basis initiatives. quarter EBITDA third declined this business. was through result, synergy cost in reduced million the points work achieved CARES the the furlough lower reflecting and revenues, lower improving with adjusted with cost the We this our on in a $XX credit under the spending across week and $X combination programs, million G&A
were sheet. of cash the $X.X with and end including requirement. securitized which This billion leverage debt balance $X.X debt million notes X.X our of in the $XXX no X EBITDA ended by of liquidity for covenant of quarter. million $X.X that We $XX our the gross debt $X.X convertible over maturities debt-to-adjusted securitization, our times, non-recourse until We includes was our in is quarter, to billion below million billion quarter times September increased had and liquidity. combined, when From of debt $XXX notes eligible is to only total outstanding Moving unrestricted receivable the at that's and corporate which in related third had corporate secured million. our XXXX, which receivable. We notes a $XXX perspective, our billion
our also next agreement credit amended through we first-lien our suspend covenant quarter reminder, a year. in the to first May As of
in the resulted million in $XXX By $XXX past, excess combined of acquisition already generated $XX values end expectations. we ownership we've that proceeds ILG the disposing several of vacation last business As $XX made year, and the for in line had than pre-COVID disposal million the discussed assets. of million having parcels to our of proceeds quarter, more were of of further with during progress at land million our of we
by these assets over end focused synergies efforts cost challenge and pandemic runrate caused extremely disposal to ways the more well on stop providing further to the couple million some other have us the of get of initiatives, were to hit, savings the of an on to synergy But remaining our to and pandemic we to could that temporarily the work XXXX. done of more years. around $XX the of work expect on million opportunity drive million We've over us We identified savings. how these next delivering the way $XXX generate been $XXX When efficiently.
synergy of $XX we of we And permanent in savings the working $XXX all million the end to expect cost are around of that million increased targeting $XXX to year that place a have more of be share across $XX a increasing our our and cost by the $XX us savings by still to company million them common a strategically is As savings nature. this hard the list include at will target on many additional use forward. only in end savings our to going we've of projects numerous, already the result, efficiently and with the by million million to our of theme, of these XXXX. to while current the our technology number continuing end take third to from We've things started of runrate ideas margins quarter do improve cost
many I'd the quarter. the like Now visibility our to by Q&A, before business from home the be people we to many so with fourth caused could move for traditional the the on and Also, still uncertainty children, trajectory about limited this seasonality have working fourth remote possible of year. pandemic, talk expectations quarter the recovery. we of Because the it's of different schooling for
is sales sales. reopened, represented of While have most ramp occupancies in fourth These roughly our below year. of last contract October while beginning just it to centers up XX% markets remains quarter two and Orlando last year's well to roughly XX% improved Hawaii
from third – quarter while management increase XX% sequentially improve the could million. this, $XXX higher to a year-over-year the in given expect our in me ancillary increase should excuse Given between $XXX revenue – quarter roughly around we million Resort be XX% quarter. on fees basis, XX% by and business, to this fourth to Management contract fourth margin In sales the
from $XX $XX million third profits. of transient As million finance million and million we rental VO expect our quarter, $XX relative Profit exchange quarter. third be profit in improve business between expect finance our management continuing and expected we profit fourth slightly to reopening stability in by part a the the recover, result, to quarter, in reflecting With rentals Hawaii. the to our the in over to the $XX improve could is
Transactions up Exchange October. basis our XX% of and on Third-Party Management September were the for month year-over-year XX% in to our Interval a were up roughly business Turning business, at and
on EBITDA sequential be revenue and replacement in from depending the fourth certificates mentioned on down However, seasonality the basis I COVID earlier, drag slightly a could quarter.
Finally, with implemented, reductions the G&A down all the cost in XX% compared the year. we've range could in be quarter, last to fourth
now be and the Steve with outlook, With now Turning cash your flow of half will to centers sales our I the expect opened, of generate answer least most at cash happy questions. Sherry? that, for to year. we $XXX of flow second million our to total
