May 07, 2020 / 12:30PM GMT
John E. Geller - Marriott Vacations Worldwide Corporation - Executive VP & Chief Financial and Administrative Officer
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declined 2% through the end of February, and revenue per member was roughly flat. But with roughly 1,300 of Interval's Exchange resorts either closed or not taking reservations in the short term due to COVID-19, transaction activity was adversely impacted in March, resulting in a decline in average revenue per member. As a result, adjusted EBITDA for the segment was down $13 million in the quarter.
After adjusting for onetime costs, including those related to COVID-19, G&A expense declined $10 million in the quarter, reflecting the continued benefit from our synergy initiatives. We realized $17 million of synergies in the first quarter, bringing our total run-rate savings to roughly $70 million. However, as we talked about in March, we've decided to defer most of our investment spending for the time being. As a result, it may take us a little longer to achieve our $125 million goal, but we remain committed to generating at least this amount
Preliminary Q1 2020 Marriott Vacations Worldwide Corp Earnings Call Transcript
Feb 11, 2024
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