First, March Vacation Ownership bookings for 2021 arrivals finished up 15% compared to 2019, and bookings for RCI North America were up 21%. This is a March change from January, February, where bookings were down double-digits from both. The constructive tendencies that were realized in March have continued in April. Second, we are seeing booking lead times lengthening for the summer time and fall.
The sturdy first quarter margin was achieved regardless of a $22 million web curiosity income headwind as a end result of our decreased shopper finance portfolio. If we equalize the 2021 portfolio size to 2019, adjusted EBITDA margin would have been approximately 23% compared to the 22% margin in the first quarter of 2019 and 20.5% this yr. One year in the past, we acknowledged the uncertainty ahead, and in response, we took swift action. We made vital tactical and long-term strategic choices which allowed us to manage our short-term cash circulate and has powered our return to normalized profitability, setting us as much as execute on our restoration as the world gets back on vacation.
We have helped these travel and leisure companies to drive funding in digitisation, deliver domestic and international roll-outs and support product and service improvement. From private-jet clubs to theme park memberships, subscription companies are increasingly the method Travel & Leasuire in which to go when it comes to holidays and different leisure journeys. The capital return and revenue of each iShares fund are based on the capital appreciation and earnings on the securities it holds, much less bills incurred.
Let’s simply start on what the new matter is now on inflation is, is I truly suppose that’s a net optimistic for us. We look at the nature of our product, persons are locking in their future vacations at today’s prices. The second purpose that we count on the new owner tours to ramp back slower is we made as properly selections to close down advertising channels that have been — that required scale and proprietor to drive to profitability. And in order to construct these back, we’re going to want scale to return to the markets that we function — the open market channels. And the good news is, places like Las Vegas, California and even Hawaii are ramping back faster than we anticipated. So we shall be more proactive to develop again our new proprietor tour this summer time and into the fall.
We consider eighty characteristics, corresponding to firm financial ratios, macroeconomic variables, and authorities coverage responses. Using regressions and machine learning instruments, we show that firms with low valuations, restricted leverage, and high investments have been more resistant to the pandemic-induced crash. We also find a beneficial impact of stringent containment and closure interventions. Finally, our results point out that nations with much less individualism may be higher positioned to cope with the pandemic. Our findings have implications for regulatory our bodies, managers, and investors regarding future pandemic outbreaks.