families good hope morning, you, are everyone. your I Thank and safe. Natalia, healthy and you and
rapidly countless through business we this We to to have related adapt [technical decisive the From difficulty]. of took this to our and react COVID organization pandemic, challenges. start to and action able successfully been lead
testament a proposition our our have to value the of strength XXXX model. and throughout been resilience accomplishments Our business of
work Our ability demonstrated talented to showed industry. be passionate and agile of in exceptional travel This negative sequentially further results, improvement ongoing and teams. and the on QX COVID which our of our the despite the impact innovative was
strategic updates key have to we quarterly have the outlined these calls have we and been initiatives, on as We made. providing progress
support we toolkit First, have a flexible business. to our
the impact brought by the During recover on the and growth began pandemic we levels quarter, activity strategy. from to our executed about
key events. Let some me walk you through
we quarter benefited cancellations. Brazil two high The the travel Latin we During travel. also from third and primarily rate, of transactions open negotiations and exceptionally by gross was American bookings to Mexico sequential XXXX, our favorable saw improvement packages supplier major product with where contributed a the two and to relatively to offering. in successful more an quarter markets markets, these higher with share our A accommodations of where [indiscernible] excluding mix take driven
even while a marketing On us tripled of and the period. when second These spend same our the channels successfully the unpaid enable transactions mostly flat compared through quarter, undertaken front, turn in we marketing events. to initiatives, implemented industry with hold in series
into to continue we up points mobile, a per cash generation, on With transaction. increased see we Additionally, translate last the from transactions a year. XXX undertook basis focus it profitability levels for actions of higher
new rate million a the intensely to a place in We're run model. We more forward environment. to to operating third a along our particularly is end discipline productivity. of economic king, operating in We our business to shifting in cost and increase cost succeeded on XXXX. to flexibility structure. to reduce variable focused continued the cost uncertain in next Moving by an right-sizing be going $XX in and structural environment, of structure achieving plan for costs [indiscernible] the Cash quarter target, and put these key we
quarter. Our another for the liquidity highlight was
than bit million. disclosed, a As giving we placements, $XXX private top position $XXX the during two rising closed quarter, previously us million quarter of cash a at less end of
operational as we increased quarter-over-quarter are short-term up our position. travel stable payable drove obligations, net sales relatively Additionally,
still refunds While pending. and cancellations are
the On long balance receivables partially collections the hand, other absorption offset the of sheet by effect, Koin's reflects book.
long-term have advancing we results our stay strategy. now. and an the the growth strategic important our had Lastly, delivering needed part growth. and long-term adapt to business with to new remains for We're here to on plan agility for speed normal sustained of Inorganic focused
Koin, been as respective to active of have are Best their Xst. and closed closing Day We We year, accelerating this with transactions, October and integrations. we Day results reflected Best two on be
to impact As month migrate after [indiscernible] of taken the the will closing positive hear is already BXC only a Xst, as travel bookings. business gross on platform on is having Day to And me running months BXC milestone platform. announced. Despegar's you significant one compared discuss November agency is Best X Mexico technological a Best This Day later, was
final In we analysis credit to Despegar's while strengthened has by credit terms improve Koin, of rates, contributed prudently leveraging conversion Koin's which credit managing and information, the fraud risk.
on on Slide Moving X. LatAm next air for market a the discussion
the FlightAware disparity as of see large there This Mexico versus rest LatAm And These compared in from You've and all thousand data travel is the tighter of most flight a a phrase reflects little with worth XXst. other October can heard geography. world. words. except here traffic real LatAm, how of the on than page, Brazil the for clearly this restrictions picture you is is more time in air
some the to by are time to also the same Europe. As COVID, place It LatAm significantly important period markets, to not been the the COVID evolving the certain travel travel air Thus in although the quarter, lagging The the on in geographic travel Argentina as shifts to a factors that remained has indicative travel opening travel to a the are of recovery was reminder, up. ban discussion we major for been now in region market. note and seeing to these are would the But have like pandemic signs restrictive of behind. LatAm. limitations in responses is challenges structural was I impacted last since environment is the in and geographic specifically at experience implemented longer temporary be continue turn and banned we mid-March has related market. most new
For its example, effective travel nearby has Argentina By in international allowed Brazil, is [indiscernible]. Chile, Peru and has tourism closed. for October the and Uruguay XX, located kept borders contrast, Argentines countries, foreigners that
recently local air in government. of related restricted. traffic for not emergencies, tourism In to country for remains subject addition, domestic flights approval each Overall, or opened work the but and the
Chile. Moving to next
With were restrictions of end Chilean residents touristic through the Mexico are where key open for and still the the banned are in beginning flights since discuss as municipalities all. October. Lakes international selected August traffic, of for by had to only were terms areas resume in some improvement, flights such domestic in remain recovery Brazil then with and allowed the July, they early throughout to I available allowed were Domestic opened slides gradually July more contain In gradually and no restrictions will which quarter, In the while Southern in of has while International in again in September. mixed. leading Colombia, will hotels, Brazil few still rush reopening flights again in sequential hotel situation with in September, on Mexico been April with the XXst. in and similar in next start but respect The reopening country a September Domestic in closed began with air Chile. showing September. lifted decline. With also the remains bookings, significant Peru flights trend restarted as pandemic October. commercial seeing travel to in respect travel and were in international year-on-year we close the flight.
to next Slide transactions X and bookings. discussion gross of Moving for a
a quarter, third improved Our the believe gross most at transactions company. shut low economies with when we was of second That the and the bookings for were start compared the quarter pandemic globally down. which when represented significantly
from to a by is region. and to level recovery impacted and bit slow. recovery mix mostly quarter bookings, With overall sequential the is across the The transactions domestic tripled the travel the depreciation to the Importantly, slower gross respect FX, attributable second shift Brazil Mexico. of
of presented improved also as evolution a gross was where monthly we observed the Moving we have progress. a the and basis, to bookings. lowest steadily monthly the we July On improvement. right, the and chart sequential on transactions both quarter, month the quarter the of
accounted As Mexican for Best in Best monthly we XX% attractive October, gross continuation quarter, very Day the market, October, XX%, at that transactions in growth Day annual respectively. recovery made strong acquisition the a bookings. we fourth enter in continue and of the see a trend for to of a which presence a XX% includes domestic rate between Best note, On basis, us. month. July for very has of and October key Day increased the gross also compounded the and this bookings a of reasons and one XX% transactions Of from
While pandemic, the the where seeing as down year-over-year, future, shut trends recovery are start uncertainty uncertainty bookings still and about we of There operating we impact encouraging. and transactions under many the to again. and are were Europe, down gross are countries, remains particularly
was such us as can additional pandemic adopted response trips on This charts. Mexico, help served were has diversification us beaches. monthly flexibility domestic in we open destinations the mainly is performance. to that we including the shown to as travel by demand products well value nature, products booking Furthermore, generally reflected for financing as our provide, close to services broad throughout offer alternatives and the third in in geographic both quarter. and fueled in these and the two drive Our which Brazil increasing Demand and period these our
for key interest to gross Now, been the bookings to as touristic markets demand we close beaches growing of let are the me for Eastern domestic larger capture discuss travel have in XX% with travel, two able to starting and in quarter destinations cities. individually, Brazil. North were Brazil these to we
our members and travel are margin half mobile performance who and are program year loyalty on also ago. very in than with higher more loyalty keen pleased products million app. have the we a our of on Brazil launched Decolar, a Today, Pasaporte We transacting hotels other purchasing
our reinforces of recent financing capabilities. our Lastly, further financing acquisition platform a Koin,
remain generally the Riviera Turning next our main to to Mexico. destinations. With domestic a country open Maya/Cancún travel,
bookings, which level observe October, We also [indiscernible] XX% in includes particularly of operations. XX of Best for high of gross were half the first days of strong Day accounting a also
Day, Importantly, two for as Mexican markets. largest our with the of Brazil, operations of gross share Best a bookings account now our representing acquisition similar
with for From in operations. and nearly I bold competitive since pandemic every and will engage costs at Slide we took the strategic Turning of with, these areas our begin high an advantages began products, leverage in came This, reduce the situation. performance, next with take almost as update rate we initiatives. highlight win-win X, to to halt, partners our along unprecedented, of To this operational on to a strong challenging exceptionally travel of environment. our arrive in order today. these quarter an perspective, global a non-air steps XX.X% to key drove a area a financial few
let as you for we we mentioned new that remind work over these, with were our as in specifically adding normal safety back bookings [indiscernible] reschedule Investor While inventory requirements, XXX suppliers the suppliers. [indiscernible] as me Negotiated offering able me of our company take Day required. let can to the within hotels. well Expanded proud domestic our we what rates more Stepping are a achieve moment, talk option of in range as XX.X%. health about flexible that with out to and of
white-label During the end in with Peru BBVA agreement completed Uruguay a we quarter October. subsequent in and to quarter, and third Argentina
our traffic. key organic drove was to other We several also metrics. this in leverage performance ability example improvement An significant of
Over past able of increase channels. have the we year, marketing our usage to been unpaid
of on As the you spend slide, down second XX to quarter see in of declined per marketing the the this in of quarter to transaction center XX to further XXXX the can past direct quarter. XXXX, index the chart first
quarter the Importantly, a we in XXXX, even the third second deliver increase when as in to quarter-over-quarter transactions. compared Xx was of quarter, flat marketing spend
year-over-year. structural I of where XX% we during cost events the attractive decisive an with and we value we also and to one have we to to had deliver structural worked increased been am and XX% quarter ago. COVID-XX, down key our a consumers. Mobile steps very has rate reduce operations. transactions success closely us, that mobile. from the to simplify By impact Considering trusted third achieve unprecedented investment partners further end saw from in the XX% were up have marketing our our costs that run quarter taken have We year industry quarter costs the we also proposition target via XXXX, initiative earlier community year. our with this financial presented pleased for
we will give ensuring to will confidence actions that a cash from optimizing this stronger us crisis cost financially focus including we In actions Our on flow and generation. emerge cost, sum, improve company. as liquidity
ability we cost times. said and and are our structure, in most our position. we a through to We've strengthen we as taken including base, to before, customers actions investing matters uncertain As financial leadership our financial manage our flexibility financial to position these confident very enhancing reducing where build it our our strong
over Now, call our the let go turn financial performance. Alberto me to to
