customers, for impact This to on remember. the travel challenging financial joining our thank first our quarter surrounding has our and the our call. employees circumstances The and morning many of Good unprecedented are is the and you most the been can undoubtedly us time us COVID-XX material. company, pandemic industry,
sustainability we top business. while keeping customers the our no our this priority Although by crisis long-term the and like will manage it other, through is protecting associates of
We an unfolds. in downturn has and there company position remains macroeconomic operationally crisis business public and our however, even this see strong this prepared standalone uncertainty; significant of a us two respond nearly becoming crisis. as are size through since years us prepared work, will we model financially recognize liquidity resilient to this ago economic for Our
pertaining part first the on first to the will then year. position of dedicate of results On and remainder call, of our and the the think second quarter COVID-XX to and my today's quarter remainder I to to liquidity remarks our time about how the
With that this from our essential our I'm the by our responders, healthcare providing said, extremely workers, broadly home thanks Destinations, begin offering operation on moved sincere to aspect those and most in frontline of all more of to all Wyndham is every nearly to crisis; services. it appropriate of time. proud work team who first From service record those
done are local, has orders to regional, for and with return an to national an job Our exceptional comply operations. resort and they staff now preparing eventual
quarter, shift future COVID-XX. million first quarter including revenue, this a me $XXX to took to our the a adjusted share to morning, from estimated first of of increase $XX total per provision to of we $X.XX. million resulting quarter an Earlier In million performance. in charges and Let negative loss defaults adjusted charge first reported $XXX loan related EBITDA we COVID-XX,
of our provision operating in will Many returned Also, sales. a not reflected recover loan increase a as form therefore to treated share EBITDA. because revenue, treatment, cannot adjustment is an however, time their you we provisions; of approximately an of of banks inventory, accounting of benefit as and the seen be of reduction charge XX% to loss have expense, the cost
impact $XXX adjusted to The charge EBITDA. had million additional negative provision a
tours strong gross was XX% March, to and COVID-XX gross a start quarter XX% year-over-year. caused year-over-year. and off February revenue to first The with higher decline X% VOI January VOI In in
future months sharp associated Our of as the March. recognized in next canceled for increase followed The the over travel. to exchange experienced course year business revenue in start exchange rebooked be bookings similar a the trend, those XX a with solid will exchanges cancellations are by
Negative flow last announced was week the for into shifted quarter adjusted million April. cash the million as free we securitization $XX first $XXX
in and be of free $XX adjusted per in to second million $X.XX intend declare paid the expect $X.XX first-quarter million. Board year on quarter of flow second XX, of in range We positive our to for half cash Directors quarter $XX per the dividend We share March and dividend the of positive share of mid-May. the the to our first cash
is are environment to new are and time with say, our fully the that point COVID-XX two view. overriding of economy. guiding consumed Needless There navigating our now considerations
of First, net and second XXXX. in hospitality, visibility cash interest forecast over predictability streams. a the income, provide membership flow baseline EBITDA of of predictable our from XX% our into These comes and adjusted revenue half
Second, we the business managing year. to our operating cash for be full positive are flow
in hear much plans, on will deliver that track very are to action our you As we goal.
as of time in their vacation, the outset and we have this and rights. been extended the owners our safeguarding waiving From rebooking and had We cancellation well vacations crisis, proactive fees. use to book next owner’s as their members
demand rates for second of are the comparable were despite where XXXX, that booking of call, this the strong be which uncertainty of economic As COVID-XX. half will by period suggests to for they XXXX same driven
governmental robust green give us the once expect health light our resorts. officials We to occupancy reopen
we resort our of drive-to the As approach to North the range. consumer expect XX% will preference our extensive historical American of meet arrivals destinations, footprint drive-to XX%
included and reducing capital and actions as and through eliminating early well inventory furloughs layoffs These flow. to employees, cost $XXX as $XXX XXXX million by operating cash over discretionary our by spending. actions other expenditures our base project million significant taken of reducing have maximize We and
second Board both is my which salary, We expect the began pay of in savings to quarter. of $XX these reduction, I the million Directors taking a permanent. be of suspended and
business Lastly, of under key the to the be for we remainder metrics pressure the expect do on VOI year.
lower such, will As we slower programs. reopen to be margin marketing
and the the member maximize when begins. we are In fulfillment renegotiated agreements gearing programs business, up inventory exchange exchange have recovery to
bookings. drive flexibility partnered to ARN’s We with the exchange significant member expect our a be to advantage of system, capability
had March XX, our the On sheet. down the at drew facility as billion Turning cash credit precautionary measure. revolving end we the purely over we on liquidity, billion $X to balance first a in quarter of $X
in next and is no March our debt million $XXX We maturities maturity year, this XXXX. have
We are determine travel into neutral the additional to depressed action will make third in rate year. provide to business leisure to run we take flexibility additional the the to the remain markets at have for cash changes evaluating whether liquidity. quarter, full credit Should the least be we
rolling have we week capacity volume Vacation offices plenty and on a facility we ended Last to resorts million closed Club XXX private our XXXX. of in a available are up Wyndham of both we business, support conduit With sales guidelines our deal million resorts and With on deal. stay-at-home securitization our $XXX this our $XXX ramp when lifted. sales expect
just local after among Day, are is last up expectation monitoring to and with will to other resorts urban the reopen. We jurisdictions for of destinations slow resorts number ramp assume June be a Memorial our into and We that a July. reopen
As be tour volumes we ramp back, lower expect in even year-over-year, to quarter. the fourth
plan and levels re-opening traditionally is with Our caution programs FICO low exhibit raise to margins. marketing in
will Additionally, in on getting owners higher on will the provision actions going a focus margins owner forward. weighting and loss Combined, our vacation these lower loan sales term. greater in place near result a on
macro remains while provide acknowledging will some we like second estimate. re-openings companies, withdrew The full like our guidance, for timing quarter to reintroduce guidance. but impact we uncertain full outlook the first too to March the XX, many year On environment year of quarter our and other would
$XXX would The run we assume VOI be sales the of first second million $XX and cash June, quarter, $XX full half to in to anticipate in of the to flat limited positive million sales we’ll million cost quarter, cash $XX quarter. to negative in and not we XXXX. and adjusted have reductions flow until at be second EBITDA very free million flow of positive some the limited adjusted will later for a $XXX free rate If million adjusted
remain the confident our member to income clarity and the the operations net The our EBITDA open centers on earning you to rely in on interest We of those our fee sales As and sales. and believe ability remainder of will resorts efforts hospitality, realize look remainder we VOI strengths. and Labor will we in a year, fourth and restart travel. on to early clarity economic guidance return related on level trends ramp near through of once specific those June, of Because have but we provide leisure in quarter. begin lack the today, numbers, to the of will the Day normalcy cannot
advantage Since rolling not in to crisis exchange out these we progress confirmation, of an revenue the members to in we XXXX our and quarter. platform collects integration growth early as our is and trading business expect at XXXX. the second of recognizes rebound and and their our exchange third the point expect strategies. new launch power and The delaying begin take effort business the our of leveraging its In ARN is redoubling ARN products team
reinforce To conclude main I'd takeaways. remarks, my three to like
predictable of our crisis our believe of strength First, streams and business will XX% from comes model. we fee adjusted the prove EBITDA out this
we March share to Second, in a the business our model cash the $X.XX and mid-May, paid dividend our we our board per and liquidity in second in confidence quarter have of dividend declare underscoring solid intends position.
quality will reopen loss requirements changes improve provision. to our sales FICO Great and of to marketing, our like preparations score which shift the emergence the include our Third, higher, will loan Recession and from earnings help
the I hand that, to call Mike With would Mike. to over Hug. like
