Steve Weisz | President & Chief Executive Officer |
John Geller | Executive Vice President & Chief Financial & Administrative Officer |
Patrick Scholes | SunTrust Robinson Humphrey |
Brandt Montour | JP Morgan |
Brian Dobson | Nomura Instinet |
Jared Shojaian | Wolfe Research |
[Abrupt Start] |
…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 one-time 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.