going good and strong and to the our third quarter Steve expectations. morning our everyone. strength our Thanks, and me. review businesses, of I'm the our across results, continued liquidity second Today, sheet balance position Excuse recovery quarter Thanks.
time and expectations is our exceeded this their the first mentioned, performance Steve this results we in have our As quarter. Welk
providing will the results, we Welk won't Given we talk quarter. size about of relative Welk, impacted but items certain significantly be the where pro forma
I'm Moving performance approaching to very our levels. business most profit with our with of our results, quarter second XXXX happy
our first at vacationing Looking more resorts. vacation seeing we're our business, people ownership at
of of coming the XXXX at/or focused and good $XX As by the compared our XX% in the to tours from of our And table, as well our though Steve majority which health contract how increased We're of levels, as mix was million, our business, while reportability, quarter from our expected. faces at contract drove basis with million model. including staying resilience continued sequential in contract pre-pandemic was down illustrating owner second grow leisure quarter. we adjust Welk. margin $XX to with million We customers, noted, quarter, above the two the which normalize, the properties, slightly addition seeing of sales the above also XX%, levels the Welk well $XX quarter it finished and sales profit sales occupancy is despite largest to on well beginning business VPG product don't and was first we the more was grew quarter for when long-term million sales $XXX results. of tours Hawaii is Orlando markets, in people a first-time the buyers Development we the with as at our reporting negative new resonating to illustrating nicely.
and reportability, development revenue adjusted more $XX sales despite more the more costs and efficient basis synergy savings. on highlights contract was basis Excluding a sales doubled and profit spending, importantly This of marketing approximately points margin and lower than to XX%, million above was inventory sequential XXXX. XXX lower benefits
and with growth available rented revenue from rental also Our in higher improved keys quarter, the per sequentially nicely XX% key. transient coming both increased business revenues
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receivable notes the have our quarter. Welk, would Excluding during declined balance
are delinquencies for decade XXXX. seen time of since during levels stabilized Delinquency Vacation of the past one lowest exceeded with started. at June the the notes the acquired to decline However, in we've first at quarter Marriott also the in back Westin for rates with the repayments continued lowest pandemic that we the we've during receivable trend since Sheraton seen Club the the sequentially during originations levels and as and quarter them month increasing
not the mentioned, detailed business results I we're providing given its for As size. Welk relative
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sequentially As our XX% second increased to that $XXX total in quarter of EBITDA a adjusted XXXX. result, segment delivered ownership in million, the EBITDA the vacation we of
strong ancillary and the benefited impact in transformation and rentals contract our second improvement The quarter from savings. sales, activity of synergy and the business
our $X to Third first Turning & declined segment, compared Management as expected adjusted the Exchange quarter. million Party EBITDA to
saw from partners, positive on drive its sequential basis, declined new a helps members Interval active While also developer trends which members.
we adjusted XX% members added certain to and the $XXX leisure sequential synergy revenue, approaching recovery with initiatives. a model, travel goal million it for In expense in to add fact, than increased the continue related expenses, quarter as corporate taking on variable affiliations more our the in million business Interval and run to work to more share plans, hard us In did expect pandemic ended strength $XXX compensation of least - and we million based inclusion total, quarter early more our adjusting QX margin the quarter to by new resort as lower compensation of primarily at basis and year. of rate achieve G&A system. approximately $XX the the XXXX with After of doubled million closer our to benefits sequentially, of reinstating expense million, well even incremental with demonstrating EBITDA $XXX our savings than Welk. synergy We next second to our $X the related which
$X receivable adjusting end million. including balance we of billion, outstanding $XXX a debt of After $X.X forma corporate X.X% saving receivable. our sheet, senior notes million debt the of $XX to the gross quarter had for $XXX total $XX repayment, we notes for July our non-recourse profile securitization senior June, notes notes due a us the our the extending of to eligible in and those billion of debt $X.X maturity for XXXX, year. ended with $X.X securitized issued cash of to quarter, of billion we nearly debt at billion of XXXX Moving X.X% Pro due liquidity in our related and million transactions, refinance comprised million, and
anticipating from allocation continued conversion the been approach. earnings, as free strong a on balance sheet, return inventory, to balanced as we've preparing the excess our the higher to With cash flow well we're capital our recovery cash in
evaluating $X exiting well early, as of of a as our debt we We combination some credit the waiver currently facility pandemic cash billion of repaying are covenant under the since returning revolving the and issued to shareholders. began
the year rest Looking look the we're do of think rest you I on through ahead, help to while not the giving could like. what guidance, want
this in pre-pandemic most resorts but quarter XXXX occupancies the Our will beach at VPGs business Mountain we our to expect US to above ending normalize, to tours that above while remain vacation continue half, in continue ownership and levels, nicely and continue expect levels. will continues or and well second Orlando recover we With of quarter. the to grow
we contract a $XXX to in line million expect result, third up the around sales. above roughly XXXX quarter in between As slightly to the third midpoint grow quarter, contract and at to X% sales $XXX and
there consider you back expect to below remain think regions, our of to the we near-term about vacation, adjusted order EBITDA. owners get rest of some year Asia Finally, revenue our One sales back as XXXX. in rental demand Pacific keys rental path recovered. are recovery in to owners Europe on our XXXX and the our contract America allocate in to early decided more to more business in the headwinds In pandemic of as North to we our where is the slower and
term. greater our owner short revenue of the XXXX. year, our strong profit inventory below which we management usage owner & in profit available rental expect in the to And we As and reduce demand a will for with result, to impact Exchange expect remain exchange the for seeing the business, we're rest Third-Party
do the factors to EBITDA move QX we in a sequentially into quarter, XXXX. adjusted back from expect getting us as adjusted these expect to while the grow is, to the to third we As good continue we XXXX. could The million EBITDA headwinds generated we all in $XXX abate of result, keep these way news
today be we'll Finally, conversion flow guidance our range that, With while to more cash above answer free would your providing excess cash Rob? $XXX number our to adjusted of EBITDA for normal a expect with we're XX% to not I flow years. free happy adjusted than questions. inventory, of be well million
