Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $2 billion, an increase of 614% year-over-year [17] - Adjusted diluted earnings per share rose to $1.11, reflecting significant growth [17] - Consolidated adjusted EBITDA margins improved from 21% to 22% compared to the previous year [6] Business Line Data and Key Metrics Changes - Vacation Ownership segment revenue increased by 4% to $755 million, with adjusted EBITDA rising 18% to $159 million [18] - Travel and Membership segment revenue decreased by 7% to $180 million, with adjusted EBITDA down 9% to $68 million, driven by a 13% decline in exchange transactions [18] Market Data and Key Metrics Changes - The average volume per guest (VPG) was $3,212, significantly above $3,000, indicating strong consumer demand [9] - The booking window for resort visits decreased from 130 days to 116 days year-over-year, but forward bookings remain strong [11] Company Strategy and Development Direction - The company is focusing on enhancing its technology investments to improve owner satisfaction, with the Club Wyndham app seeing a significant increase in downloads [12] - A new Margaritaville resort is planned to open in 2027, indicating ongoing expansion efforts [15] - The company is maintaining a strong capital return strategy, with a 12% increase in dividends to $0.56 per share and $70 million in share repurchases [6][21] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer sentiment has declined, but company-specific KPIs remain strong, indicating resilience in the vacation ownership business [8] - The company expects adjusted EBITDA for Q2 to be between $245 million and $255 million, reiterating its full-year adjusted EBITDA outlook [15][19] Other Important Information - The company has a leverage ratio of 3.3 times and expects it to increase in the next two quarters before declining [20] - The company generated $121 million in operating cash flow and $152 million in adjusted free cash flow for the quarter [19] Q&A Session Summary Question: Can you talk about what you've seen in April and then talk about T and M? - Management indicated that the vacation ownership business continues to perform well, with no signs of uncertainty affecting KPIs [24] Question: How is your summer rental business looking? - Summer demand through the rental program remains consistent, with solid forward bookings for the summer [35] Question: Can you provide visibility on the summer rental business? - Management confirmed that summer rentals are solid, and forward bookings look strong for the summer months [36] Question: What is the mix of closing to existing owners versus new buyers? - The new owner mix returned to historical levels, and management expects it to grow as they move into the summer [38] Question: Can you walk us through the drivers of tour flow acceleration? - Management expects easier comps and new marketing channels to drive tour flow growth in the second half of the year [47] Question: Any impact from international tourism slowdown? - The company reported that about 90% of revenue comes from North America, with no significant impact from international travel issues [67] Question: How does the company view capital allocation in the current environment? - Management remains confident in the business and cash flow, indicating no significant changes to capital allocation plans [70] Question: Can you provide more color on the uptick in delinquencies? - The increase in delinquencies was seen across all channels, but management is optimistic about improvements in collections [54] Question: How does the company plan to address potential slowdowns in new owner close rates? - Management believes they can react quickly to any changes in the market and maintain steady pricing [95]