and sheet morning, the Steve, quarter our synergy across initiatives to to liquidity going and position. strength our our I'm status of our of continued the recovery balance experience business, overall everyone. we've good review fourth results the Thanks, Today, and
the our transactions exchange and business all a Our improving. fourth illustrating quarter resiliency strong results the contract with from sequential sales third occupancies, improvement reflect of quarter, resort
quarter results, we strength the As again, fourth reported a more result, model. demonstrating doubling adjusted third the once business of for leisure-focused EBITDA $XX our our quarter, than of million
first -- with occupancies, contract our XX% sales vacation improvement in business continued at Looking ownership continued with sequentially. the improved
significant profit again, provided the strong a to improvement $X compared our increasing development management adjusted to saw financing million bottom with And quarter. margin also businesses, quarter this development to our line. We and resort in $XX our stickier just in million a contribution third
As the delivered ownership quarter, a million the our improvement a significant of we quarter. in vacation segment EBITDA adjusted million third $XX result, $XX reported the in from
revenues. business resort Our did, high-margin operations quarter, from see of reduced in resulting many however, and outlets. prior our occupancies fee the lower $XX the stickier, a profit management to X% than our limited XX% million management lower increase We ancillary year year-over-year of at generated revenue due in
As I've year generate comes note mentioned the from the originations. in majority prior we financing past, given in any year the of revenue
lower reflecting from the million and our in decline and profit the only million cost-saving our $XX this a quarter, the million even of year, benefits revenue financing the synergy delivered -- $XX sales, So stickier contract of nature of with initiatives. prior business $X stream
temporarily to this creditworthiness to roughly the the our lost where taken of By program, owners due virus, loan quarter, owners. payments advantage to the the We closely with have deferring continued have our of speaking of X.X% end who we can. income work of had our borrowers
million of the excluded is May, rates the Similar our news by experience great charge than a more year, for who COVID-related to borrowers all EBITDA our our and levels, this had expect line we've both have in in XXXX purposes. end we reserve. estimated were treatment due the to quarter in and default a addition, to charge slightly increase took in The and that of with quarter In of receivable $XX of delinquency year-over-year XXXX. QX by adjusted continued back now had made the see end higher improvement to far it. than We we brands a thus at these sequential this notes net XX% payment
versus improved Similarly, Transient rental rate third keys also continued has from reflecting improved up the XX% improve. to quarter, the X% rented were third our business Finally, occupancies. quarter.
our generated the rental than XX% a while more $XX a sequential As business a that quarter, result, improvement. in million represented loss fourth
business Turning X%, quarter exchange third-party in management nearly primarily to travel-related Interval segment. Average XX% prior compared to was member were and the getaway other fourth our a to per up decline the services. transactions in at the due down rentals year. in Exchange revenue
As $X improvement adjusted EBITDA this primarily achieved a reflecting line year in the in our G&A million cost-saving quarter, margins year. XX% work reduced on a Act retention prior result, to the $XX and a week of million, lower $XX fourth of associated of benefit the received expense savings, was savings technology, We revenues, initiatives. CARES spending in costs despite prior declined programs, business travel with tax lower from with we the overall quarter. and furlough the synergy training through combination million credit due and the across lower with
Moving to sheet. the balance
we proceeds on priced call to September stock to we XXXX, net than million. $XXX million $X.X X% Our XX% spread in plan from $XXX roughly our liquidity of $XXX increased billion this of were liquidity, notes $XXX corporate year, to year. receivable. gross under outstanding million $XX at debt billion end due nonrecourse related including receivable use is We portion $XXX We used proceeds until million with of the only convertible securitization for issued unrestricted to and share, of also no nearly half revolving $X.X to of price reflecting million XXXX of the billion securitized of the demand day the of debt $XXX $X.X that XXXX, million proceeds portion strong into of that's credit debt of finance notes the the and the We billion cash, million We last the enter the investors. loan. our eligible debt term second price increasing Welk a conversion convertible corporate to we our in higher a used including and in transaction, Earlier transaction, ended down of We availability facility. per part of year have and notes still $XXX year, a the had maturities which roughly notes, by the offering. our pay our $X.X
recovery, Given and through of end we our also our the the the the uncertainty covenant extended financial suspension this the of timing in maintenance facility revolving year. credit of
to move $XXX on Before I let me goal. touch briefly synergy our million-plus XXXX,
the While the very work of pause pandemic progress these pause on throughout did -- we cause the us made some to work year. good initiatives, temporarily
end means realized by the the roughly haven't run by date That yet. run our savings million, mentioned, realized Steve of fully achieved of earnings. of approximately $XX has there's roughly As rate savings XXXX, rate which of the was of XXXX $XXX $XX million been program end to million our been XXXX that savings in
will results. year's financial benefit of this All which
synergy rate we additional aggressively our million at way forward, on XXXX. to continue by of the cost of and Looking savings delivering end total savings $XXX least toward run pursue
in look visibility Looking what still will we with to of higher given impact a the that quarter $XX the could certain ahead, reopened, there trajectory segment, be portion In while be recovery. do In compensation like to $XXX These vacation our will the amount in of of quarter. throughout first this the business. roughly quarter we through business perspective, recovery back items associates most to reinstating which million have expect business. and million, guidance the support are have into we centers first already the have to you ownership these further to a expect full to seen in results. will help million grow that the our From year sales variable impact to bringing it continue the coming our providing development quarter, percentage work total, the to we plans that expect morning, spread think costs include a $XXX our want sequentially on recover our of March. sales of first first of And we not I And be the incremental contract limited as nicely.
negative $XX that expecting we result, important a reportability And only compared million timing. this remember of in quarter benefit $XX of are is quarter As roughly million EBITDA XXXX. million fourth we in it's the to had first the $X to the to
future we addition, first the are will ramp development production, resort recurring recover. to stable the tour expect in adjusted quarter our we we business, remain fees continue drive to occupancies higher which costs to in management In improve and help quarter management and compared projecting margin up marketing the to as In negatively fourth sales. sales will our margins quarter as but impact the ancillary
certain occupancies However, business, of leisure fee basis. inventory be I down higher by continued balances. management we the largely sequential exchange or earlier, This as reflecting revenues rate recovery slightly offset expect to we timing associated VO In mentioned and costs on flat travel in and to fee higher be profit as given the expense well with our rental as will well as the higher normal our a maintenance partially sequentially, grow expect seasonality.
quarter with improve debt fourth offset by financing quarter. As a by expense to portfolio. of income result, to in in interest lower notes And we could a profit compared the declining costs declining are fourth on the from receivable lower benefits and be as balance interest line expect quarter we expect $X first $XX our million for million business, rental profit to the the a
management Turning exchange our to business. and third-party
at year-over-year, reflecting recovery. the to transactions a points to business percentage Interval improve continue We expect our few
unchanged be basis. on average year-over-year We per revenue also member a expect largely to
on compensation the back down tax XX% could roughly associates further credits. to we of partially returning Act efforts, of work lower reinstating synergy plans, our business by expect year-over-year recovery retention to G&A and basis, Finally, ongoing a variable the be offset and benefits work CARES incentive reflecting our the support restructuring
cash to Turning flow.
I cash While to this time, our position. we're as want longer-term given guidance cash annual aspects at highlight for well timing year current flow did not inventory our giving our benefits as the to of flow some
typically largest on rental due drag the owner, As early is our causes This of expense cash be end maintenance before, other the the component are these the of fees in business discussed Like to in our at quarter. we've first fees year unsold the inventory. or flow on rental any first quarter. a
sheet inventory get in the first balance to turn recover, disproportionate our the However, year, the $XXX portion the balance with of into purchase we with and free and brings the to no excess we inventory business Welk large this once commitments million we our with add more a amount another of rental pace. million past this that than business or and ownership should to sales a In inventory, cash of quarter, tends excess $X.X first revenue year this total today into When normalized acquisition, completed -- flow vacation came continues a on had inventory business, different. to are quarter. billion of you our $XXX our to continues million more $XXX at the be as in acquiring XXXX happening than
years answer the commitments next few monetize limited Steve ramp to and cash to going be this we excess expect Rob? flow and significant generate as With over will to continue questions. happy inventory with we sales contract our your as So inventory. forward, up I that, free
