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Wyndham Report 1st Qtr 2008 Net Income of $42 million, Down
from $86 million in Prior Year; Revenue Flat at $1.01 billion
Wyndham Hotel Brand Operating Statistics
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Sets Up $200 Million Vacation Ownership Receivables Securitization

PARSIPPANY, N.J. May 1, 2008 �  Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended March 31, 2008. 

FIRST QUARTER 2008 HIGHLIGHTS:

� First quarter 2008 revenues were $1.0 billion, with solid performance across the Company�s three businesses. Revenue growth was reduced, as expected, by the impact of $82 million in deferred vacation ownership revenue. 

o Gross Vacation Ownership Interest sales increased 7% compared to the first quarter of 2007. 
o System-wide revenue per available room (RevPAR) increased 2.7% in the first quarter of 2008 compared to the first quarter of 2007, while comparable RevPAR rose 2.2% compared to the first quarter of 2007. 
o Lodging opened over 10,000 rooms in the first quarter of 2008, ending the quarter with a hotel pipeline of almost 107,000 rooms. 
o Average number of vacation exchange members increased 5%, or 158,000 members, compared to the first quarter of 2007, reaching 3.6 million members. 
o Average net price per vacation rental increased 18% for first quarter 2008 compared to the first quarter of 2007, or 9% excluding the effect of currency translations. 
� First quarter 2008 net income was $42 million or $0.24 diluted earnings per share.  Adjusted net income excluding legacy and rebranding charges was $62 million or $0.35 adjusted diluted earnings per share. The Company had provided first quarter EPS guidance of $0.30-0.35. 
� During the first quarter of 2008, Wyndham Worldwide repurchased approximately 520,000 shares. At March 31, 2008, approximately $155 million remained under the Company�s previously announced share repurchase program. 
� On April 25, 2008, the Company priced a term securitization transaction involving the issuance of $200 million of investment grade asset-backed notes by Sierra Timeshare 2008-1 Receivables Funding, LLC, an indirect subsidiary of Wyndham Vacation Ownership.  The transaction is expected to close on May 1, 2008. 

�Wyndham Worldwide�s portfolio of resilient businesses and brands produced strong first-quarter results despite the challenging economic environment,� said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer.  �We are focused on our growth strategy while prudently managing costs, and we remain confident that our business model offers balance, strength and stability across economic cycles.�

FIRST QUARTER 2008 OPERATING RESULTS

Revenues for the first quarter of 2008 were $1.0 billion, flat compared to the first quarter of 2007, reflecting the expected impact of $82 million in deferred vacation ownership revenue recorded under the percentage-of-completion method of accounting. Excluding the net effect of deferred revenues in both periods, adjusted revenues would have grown 9%.

Net income for the first quarter of 2008 was $42 million or $0.24 diluted earnings per share, compared to $86 million or $0.45 diluted earnings per share for the first quarter of 2007. 

Excluding $3 million in after-tax net expense from the resolution of, and adjustment to, certain legacy items and a $17 million after-tax, non-cash charge due to the Company�s initiative to rebrand its vacation ownership trademarks to the Wyndham brand, adjusted net income for the first quarter of 2008 would have been $62 million, or $0.35 adjusted diluted earnings per share (such amounts are not adjusted for the impact of the increase in deferred revenues).  

Excluding $4 million after-tax of separation and related costs and excluding $9 million in after-tax net benefit from the resolution of, and adjustment to, certain legacy items, adjusted net income for the first quarter of 2007 would have been $81 million, or $0.43 adjusted diluted earnings per share.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)
Revenues increased 12% to $170 million in the first quarter of 2008 compared with the first quarter of 2007, reflecting increased property management reimbursable revenues and RevPAR gains. System-wide RevPAR increased 2.7% in the first quarter of 2008, while comparable RevPAR increased 2.2% over the prior year period, led by RevPAR gains in the international portfolio. 

For the quarter, Ramada, Super 8 and Days Inn, which collectively represent over 70% of the Company�s U.S. lodging portfolio, achieved domestic RevPAR growth above their competitive sets. 

Property management reimbursable revenues were $27 million and marketing/reservation revenues, including TripRewards revenues, were $62 million in the first quarter of 2008, compared to $16 million and $61 million, respectively, in the first quarter of 2007; these items contribute little, if any, EBITDA. 

First quarter 2008 EBITDA grew to $46 million compared to $45 million in the first quarter of 2007. The EBITDA growth was tempered by the timing of approximately $5 million of incremental marketing expenses.

As of March 31, 2008, the Company�s hotel system consisted of approximately 551,100 rooms and 6,550 properties, with a development pipeline of approximately 930 hotels and approximately 107,000 rooms, of which 45% were new construction and 35% were international. 

Vacation Exchange and Rentals (Group RCI)
Revenues increased to $341 million in the first quarter of 2008, a 9% increase compared with the first quarter of 2007, reflecting growth in vacation exchange and vacation rentals, including favorable currency translations. Excluding the favorable effect of currency translations of $16 million, revenues increased 4% compared to the first quarter of 2007.

Vacation exchange revenues were $137 million, up 1% compared to the first quarter of 2007, primarily driven by a 5% increase in the average number of members, partially offset by a 3% decrease in annual dues and exchange revenue per member, primarily related to the earlier Easter holiday, which shortened the prime booking season.

Vacation rentals revenues were $160 million, a 15% increase compared to the first quarter of 2007, or a 6% increase excluding the favorable effect of currency translations. These results reflect an 18% increase in the average net price per vacation rental, or 9% excluding favorable currency translations, primarily due to improved pricing and favorable mix in the Novasol and Landal brands, and the conversion of two existing Landal parks from franchised to managed properties. 

Other ancillary revenues generated primarily from additional products and services provided to affiliates and members were $44 million in the first quarter of 2008, compared with $40 million in the first quarter of 2007.

First quarter 2008 EBITDA was $93 million, compared to first quarter 2007 EBITDA of $85 million. Excluding the favorable net effect of currency translations of $4 million, EBITDA increased $4 million compared to the first quarter of 2007.

Vacation Ownership (Wyndham Vacation Ownership) 
Gross Vacation Ownership Interest sales (which are not affected by deferred revenues) were $458 million for the first quarter of 2008, up 7% compared to the first quarter of 2007. This increase was driven by marketing efforts resulting in increases in tour flow and volume per guest based on strong performance by our sales force, the opening of new sales locations and continued strength in transaction pricing.  
Reported revenues were $504 million in the first quarter of 2008, an 8% decrease from the first quarter of 2007, resulting from higher levels of deferred revenue which more than offset continued success in marketing and sales, growing consumer finance revenues and incremental property management revenues. 

First quarter 2008 revenues were reduced by $82 million as a result of deferred vacation ownership revenue recorded under the percentage-of-completion method of accounting. Including this deferred revenue and the recognition of $4 million of previously deferred revenue in the first quarter of 2007, first quarter 2008 adjusted vacation ownership revenues would have grown 8% over the prior year period.

For comparison purposes, the impact of deferred revenues in both periods is summarized as follows:
 

2008  2007  % Change
Reported Revenue  504  549  (8)%
Net Change in Deferred Revenue 1  82  (4)  N/M
Total Adjusted Revenue  586  545  8%
1 Represents the revenue that is deferred under the percentage-of-completion method of accounting.

Consumer finance revenues increased $18 million to $99 million in the first quarter of 2008, up 22% compared to the first quarter of 2007, reflecting continued Vacation Ownership sales growth. 

EBITDA for the first quarter of 2008 was $7 million, including a $28 million pre-tax ($17 million after-tax), non-cash charge due to the Wyndham rebranding initiative mentioned above, compared to $63 million in the first quarter of 2007, which included $3 million of separation and related costs.  The decrease in EBITDA reflects a net reduction of approximately $40 million ($38 million reduction for 2008 and a $2 million increase from 2007) due to the increase in deferred vacation ownership revenue. 

On April 25, 2008, the Company priced a term securitization transaction involving the issuance of $200 million of investment grade asset-backed notes by Sierra Timeshare 2008-1 Receivables Funding, LLC, an indirect subsidiary of Wyndham Vacation Ownership.  The notes are backed by vacation ownership receivables originated by subsidiaries of Wyndham Vacation Ownership.  The transaction is expected to close on May 1, 2008.   

Other Items

Interest expense for the first quarter of 2008 was $19 million, a $1 million increase from the first quarter of 2007. Interest income for the quarter was $3 million, unchanged from the comparable prior year period.  Depreciation and amortization rose $6 million to $44 million reflecting increased capital investments over the past twelve months. 

Balance Sheet Information as of March 31, 2008:

� Cash and cash equivalents of approximately $230 million compared to approximately $210 million at December 31, 2007 
� Vacation ownership contract receivables, net, of $3.0 billion compared to $2.9 billion at December 31, 2007  
� Vacation ownership and other inventory of approximately $1.2 billion, unchanged since December 31, 2007 
� Securitized vacation ownership debt of $2.1 billion, unchanged since December 31, 2007 
� Other debt of $1.6 billion, compared to $1.5 billion at December 31, 2007 

A schedule of debt is included in the financial tables section of this press release.

Share Repurchase

The Company repurchased approximately 520,000 shares of stock during the first quarter of 2008 at an average price of $21.96. At March 31, 2008, approximately $155 million remained under the Company�s previously announced share repurchase program.

Outlook and Guidance 

Wyndham Worldwide affirms full-year 2008 guidance as follows:

� Revenues of $4,800 � $4,900 million 
� EBITDA of $920 � $945 million 
� Depreciation and amortization expense of $175 � $185 million 
� Interest expense, net of $75 � $85 million 
� Effective tax rate of 38.25% 
� Adjusted* net income of $401 � $429 million 
� Adjusted* EPS of $2.23 � $2.38 based on weighted average shares of approximately 180 million 

The Company also issues second quarter 2008 guidance as follows:

� EPS of $0.46 � $0.48 based on weighted average shares of approximately 180 million 
� EPS guidance is reduced by the estimated impact of deferred vacation ownership revenue of approximately $0.04 � $0.06 per share that will be recognized in future quarters 
*All guidance excludes the first quarter rebranding charge as well as legacy items, which may have a positive or negative impact on reported results.
 

The following tables summarize net revenues and EBITDA for reportable
    segments, as well as reconcile EBITDA to net income for the three months
    ended March 31, 2008 and 2007:
 
 

                                           Three Months Ended March 31,
                                  ----------------------------------------
                                         2008                     2007
                                  -------------------   -------------------
                                  Net Revenues EBITDA   Net Revenues EBITDA(d)
                                  ------------ ------   ------------ ------
    Lodging                             $170     $46         $152      $45
    Vacation Exchange and Rentals        341      93          314       85
    Vacation Ownership                   504       7 (c)      549       63
                                  ------------ ------   ------------ ------
      Total Reportable Segments        1,015     146        1,015      193
    Corporate and Other (a) (b)           (3)    (16)          (3)      (1)
                                  ------------ ------   ------------ ------
      Total Company                   $1,012    $130       $1,012     $192
                                  ============ ======   ============ ======
    Reconciliation of EBITDA to
     Net Income
    ---------------------------
    EBITDA                                      $130                  $192
    Depreciation and amortization                 44                    38
    Interest expense                              19                    18
    Interest income                               (3)                   (3)
                                               ------                ------
    Income before income taxes                    70                   139
    Provision for income taxes                    28                    53
                                               ------                ------
    Net income                                   $42                   $86
                                               ======                ======

    ----------
    (a)  Includes the elimination of transactions between segments.
    (b)  Includes a net expense of $3 million and a net benefit of $13 million
         during the three months ended March 31, 2008 and 2007, respectively,
         related to the resolution of and adjustment to certain contingent
         liabilities and assets.
    (c)  Includes an impairment charge of $28 million due to the Company's
         initiative to rebrand its vacation ownership trademarks to the
         Wyndham brand.
    (d)  Includes separation and related costs of $3 million and $3 million
         for Vacation Ownership and Corporate and Other, respectively, during
         the three months ended March 31, 2007.
 
 

                                                                       Table 2
                          Wyndham Worldwide Corporation
                        CONSOLIDATED STATEMENTS OF INCOME
                       (In millions, except per share data)

                                                        Three Months Ended
                                                             March 31,
                                                     -------------------------
                                                       2008              2007
                                                     -------           -------
    Net revenues
        Vacation ownership interest sales              $294              $373
        Service fees and membership                     453               403
        Franchise fees                                  112               113
        Consumer financing                               99                81
        Other                                            54                42
                                                     -------           -------
    Net revenues                                      1,012             1,012
                                                     -------           -------

    Expenses
        Operating                                       441               406
        Cost of vacation ownership interests             60                91
        Marketing and reservation                       209               196
        General and administrative (a)                  145               121
        Separation and related costs (b)                  -                 6
        Trademark impairment (c)                         28                 -
        Depreciation and amortization                    44                38
                                                     -------           -------
    Total expenses                                      927               858
                                                     -------           -------

    Operating income                                     85               154
    Other income, net                                    (1)                -
    Interest expense                                     19                18
    Interest income                                      (3)               (3)
                                                     -------           -------

    Income before income taxes                           70               139
    Provision for income taxes                           28                53
                                                     -------           -------

    Net income                                          $42               $86
                                                     =======           =======

    Earnings per share
        Basic                                         $0.24             $0.46
        Diluted                                        0.24              0.45

    Weighted average shares outstanding
        Basic                                           177               188
        Diluted                                         178               190

    -----------
    (a) Includes a net expense of $3 million and a net benefit of $13 million
        during the three months ended March 31, 2008 and 2007, respectively,
        related to the resolution of and adjustment to certain contingent
        liabilities and assets.
    (b) Represents costs that the Company incurred in connection with the
        execution of its separation from its former parent, Cendant (now Avis
        Budget Group, Inc.).  Such amounts, net of tax, were $4 million during
        the three months ended March 31, 2007.
    (c) Represents an impairment charge due to the Company's initiative to
        rebrand its vacation ownership trademarks to the Wyndham brand.  Such
        amount, net of tax, was $17 million during the three months ended
        March 31, 2008.
 

                                                                  Table 3
                                                                  (1 of 2)

                        Wyndham Worldwide Corporation
                             OPERATING STATISTICS

                     Year      Q1        Q2        Q3        Q4      Full Year
                     ----      --        --        --        --      ---------
    Lodging (a)
      Number of
       Rooms (b)     2008   551,100       N/A       N/A       N/A         N/A
                     2007   539,300   541,700   540,900   550,600         N/A
                     2006   525,500   535,900   533,700   543,200         N/A
                     2005   519,300   516,000   512,000   532,700         N/A

      RevPAR         2008    $32.21       N/A       N/A       N/A         N/A
                     2007    $31.35    $38.35    $43.10    $33.09      $36.48
                     2006    $30.45    $36.97    $40.82    $31.41      $34.95
                     2005    $25.53    $31.91    $36.86    $29.72      $31.00

      Royalty,
       Marketing and
       Reservation
       Revenue
       (in 000s)     2008  $104,162       N/A       N/A       N/A         N/A
                     2007  $105,426  $129,453  $146,290  $107,870    $489,041
                     2006  $102,741  $125,409  $138,383  $104,505    $471,039
                     2005   $84,704  $104,281  $119,829   $99,804    $408,620

    Vacation Exchange
     and Rentals
      Average Number
       of Members
       (in 000s)     2008     3,632       N/A       N/A       N/A         N/A
                     2007     3,474     3,506     3,538     3,588       3,526
                     2006     3,292     3,327     3,374     3,429       3,356
                     2005     3,148     3,185     3,233     3,271       3,209

      Annual Dues
       and Exchange
       Revenue Per
       Member        2008   $150.84       N/A       N/A       N/A         N/A
                     2007   $155.60   $132.33   $131.38   $124.59     $135.85
                     2006   $152.10   $130.37   $132.31   $128.13     $135.62
                     2005   $159.12   $134.98   $125.64   $124.05     $135.76

      Vacation Rental
       Transactions
       (in 000s)     2008       387       N/A       N/A       N/A         N/A
                     2007       398       326       360       293       1,376
                     2006       385       310       356       293       1,344
                     2005       367       311       344       278       1,300

      Average Net
       Price Per
       Vacation
       Rental        2008   $412.74       N/A       N/A       N/A         N/A
                     2007   $349.73   $415.71   $506.78   $426.93     $422.83
                     2006   $312.51   $374.91   $442.75   $356.16     $370.93
                     2005   $331.37   $363.14   $412.66   $325.62     $359.27

    Vacation Ownership
      Gross Vacation
       Ownership
       Interest
       Sales
       (in 000s)     2008  $458,000       N/A       N/A       N/A        N/A
                     2007  $430,000  $523,000  $552,000  $488,000  $1,993,000
                     2006  $357,000  $434,000  $482,000  $469,000  $1,743,000
                     2005  $281,000  $354,000  $401,000  $360,000  $1,396,000

      Tours          2008   255,000       N/A       N/A       N/A         N/A
                     2007   240,000   304,000   332,000   268,000   1,144,000
                     2006   208,000   273,000   312,000   254,000   1,046,000
                     2005   195,000   250,000   272,000   217,000     934,000

      Volume Per
       Guest (VPG)   2008    $1,668       N/A       N/A       N/A         N/A
                     2007    $1,607    $1,596    $1,545    $1,690      $1,606
                     2006    $1,475    $1,426    $1,434    $1,623      $1,486
                     2005    $1,349    $1,284    $1,349    $1,507      $1,368

    ------------
    Note: Full year amounts may not foot across due to rounding.

    (a)  Quarterly drivers in the Lodging segment include the acquisitions of
         Wyndham Hotels and Resorts (October 2005) and Baymont Inn & Suites
         (April 2006) from their acquisition dates forward.  Therefore, the
         operating statistics are not presented on a comparable basis.
    (b)  Numbers include affiliated rooms from the fourth quarter of 2006
         forward.
 
 

                                                                 Table 3
                                                                 (2 of 2)

                        Wyndham Worldwide Corporation
                             OPERATING STATISTICS

                              GLOSSARY OF TERMS

    Lodging

      Number of Rooms: Represents the number of rooms at lodging properties at
      the end of the period which are either (i) under franchise and/or
      management agreements, (ii) properties affiliated with Wyndham Hotels
      and Resorts brand for which we receive a fee for reservation and/or
      other services provided or (iii) properties managed under the CHI
      Limited joint venture.

      Average Occupancy Rate: Represents the percentage of available rooms
      occupied during the period.

      Average Daily Rate (ADR): Represents the average rate charged for
      renting a lodging room for one day.

      RevPAR:  Represents revenue per available room and is calculated by
      multiplying average occupancy rate by ADR.  Comparable RevPAR represents
      RevPAR of hotels which are included in both periods.

      Royalty, Marketing and Reservation Revenues: Royalty, marketing and
      reservation revenues are typically based on a percentage of the gross
      room revenues of each hotel. Royalty revenue is generally a fee charged
      to each franchised or managed hotel for the use of one of our trade
      names, while marketing and reservation revenues are fees that we collect
      and are contractually obligated to spend to support marketing and
      reservation activities. Marketing and reservation fees are also included
      in Table 4 within Marketing, Reservation and TripRewards Revenues.

    Vacation Exchange and Rentals

      Average Number of Members:  Represents members in our vacation exchange
      programs who pay annual membership dues. For additional fees, such
      participants are entitled to exchange intervals for intervals at other
      properties affiliated with our vacation exchange business. In addition,
      certain participants may exchange intervals for other leisure-related
      products and services.

      Annual Dues and Exchange Revenue Per Member: Represents total revenues
      from annual membership dues and exchange fees generated for the period
      divided by the average number of vacation exchange members during the
      year.

      Vacation Rental Transactions: Represents the gross number of
      transactions that are generated in connection with customers booking
      their vacation rental stays through us. In our European vacation rentals
      businesses, one rental transaction is recorded each time a standard one-
      week rental is booked; however, in the United States, one rental
      transaction is recorded each time a vacation rental stay is booked,
      regardless of whether it is less than or more than one week.

      Average Net Price Per Vacation Rental: Represents the net rental price
      generated from renting vacation properties to customers divided by the
      number of rental transactions.

    Vacation Ownership

      Gross Vacation Ownership Interest Sales: Represents gross sales of
      vacation ownership interests (including tele-sales upgrades, which are a
      component of upgrade sales) before deferred sales and loan loss
      provisions.

      Tours: Represents the number of tours taken by guests in our efforts to
      sell vacation ownership interests.

      Volume per Guest (VPG): Represents revenue per guest and is calculated
      by dividing the gross vacation ownership interest sales, excluding
      tele-sales upgrades, which are a component of upgrade sales, by the
      number of tours.
 

                                                                      Table 4

                        Wyndham Worldwide Corporation
                               ADDITIONAL DATA

                       Year        Q1       Q2        Q3       Q4    Full Year
                       ----        --       --        --       --    ---------
    Lodging (a)
      Number of
       Properties (b)  2008     6,550      N/A       N/A       N/A       N/A
                       2007     6,450    6,460     6,460     6,540       N/A
                       2006     6,300    6,440     6,420     6,470       N/A
                       2005     6,400    6,380     6,350     6,350       N/A

      Marketing,
       Reservation and
       TripRewards
       Revenues
       (in 000s) (c)   2008   $62,200      N/A       N/A       N/A       N/A
                       2007   $61,369  $74,575   $84,820   $65,208  $285,973
                       2006   $58,572  $70,931   $78,856   $61,135  $269,495
                       2005   $45,066  $56,558   $65,812   $58,053  $225,491

      Property
       Management
       Reimbursable
       Revenue
       (in 000s) (d)   2008   $27,128      N/A       N/A       N/A       N/A
                       2007   $15,624  $22,338   $25,612   $28,414   $91,987
                       2006   $15,732  $19,935   $17,210   $16,263   $69,142
                       2005        $-       $-        $-   $17,291   $17,291

    Vacation Ownership
      Deferred
       Revenues
       (in 000s) (e)   2008  $(81,716)     N/A       N/A       N/A       N/A
                       2007    $3,906  $(4,908)     $506  $(21,092) $(21,588)
                       2006   $12,708    $(221) $(23,491) $(10,675) $(21,679)
                       2005      $492  $(9,150)  $(5,856)  $(2,022) $(16,536)

      Provision for
       Loan Losses
       (in 000s) (f)   2008   $82,344      N/A       N/A       N/A       N/A
                       2007   $60,869  $75,032   $85,762   $83,644  $305,307
                       2006   $61,242  $55,872   $63,213   $78,680  $259,007
                       2005   $24,652  $27,754   $44,050   $31,644  $128,101

    ---------
    Note: Full year amounts may not foot across due to rounding.

    (a)  Information includes the acquisitions of Wyndham Hotels and Resorts
         (October 2005) and Baymont Inn & Suites (April 2006) from their
         acquisition dates forward.  Therefore, the data is not presented on a
         comparable basis.
    (b)  Numbers include affiliated hotels from the fourth quarter of 2006
         forward.
    (c)  Marketing and reservation revenues represent fees we receive from
         franchised and managed hotels that are to be expended for marketing
         purposes or the operation of a centralized, brand-specific
         reservation system.  These fees are typically based on a percentage
         of the gross room revenues of each hotel.  Marketing and reservation
         fees are also included in the above table within royalty, marketing
         and reservation revenues.  TripRewards revenues represent fees we
         receive relating to our loyalty program.
    (d)  Primarily represents payroll costs in our hotel management business
         that we incur and pay on behalf of property owners and for which we
         are reimbursed by the property owners.
    (e)  Represents the revenue that is deferred under the percentage of
         completion method of accounting.  Under the percentage of completion
         method of accounting, a portion of the total revenue from a vacation
         ownership contract sale is not recognized if the construction of the
         vacation resort has not yet been fully completed.  This revenue will
         be recognized in future periods in proportion to the costs incurred
         as compared to the total expected costs for completion of
         construction of the vacation resort.  Positive amounts represent the
         recognition of previously deferred revenues.
    (f)  Represents provision for estimated losses on vacation ownership
         contract receivables originated during the period.  Beginning January
         1, 2006, the Company recorded such provision as a contra revenue to
         vacation ownership interest sales on the Consolidated and Combined
         Statements of Income, as required by Statement of Financial
         Accounting Standards No. 152, "Accounting for Real Estate
         Time-Sharing Transactions."  Prior to January 1, 2006, the Company
         recorded such provision, net of estimated inventory recoveries, as a
         separate expense line item on the Combined Statements of Income and
         thus 2005 amounts are not comparable to 2006, 2007 and 2008 amounts.
 
 

                                                                    Table 5

                          Wyndham Worldwide Corporation
                                 SCHEDULE OF DEBT
                                  (In millions)

                               March 31, Dec. 31, Sept. 30, June 30, March 31,
                                  2008     2007      2007     2007      2007
                               --------- -------- --------- -------- ---------
    Securitized vacation
     ownership debt
      Term notes                 $1,278   $1,435    $1,148   $1,322      $887
      Bank conduit facility (a)     841      646       777      491       826
                               --------- -------- --------- -------- ---------
    Securitized vacation
     ownership debt (b)           2,119    2,081     1,925    1,813     1,713
    Less: Current portion
     of securitized vacation
     ownership debt                 268      237       304      242       231
                               --------- -------- --------- -------- ---------
    Long-term securitized
     vacation ownership debt     $1,851   $1,844    $1,621   $1,571    $1,482
                               ========= ======== ========= ======== =========

    Debt:
      6.00% Senior unsecured
       notes (due December
       2016) (c)                   $797     $797      $797     $797      $796
      Term loan (due July 2011)     300      300       300      300       300
      Revolving credit facility
       (due July 2011) (d)           95       97       133      215        48
      Vacation ownership
       bank borrowings              181      164       148      130       112
      Vacation rentals
       capital leases               165      154       153      147       147
      Other                          14       14        14       14        16
                               --------- -------- --------- -------- ---------

    Total debt                    1,552    1,526     1,545    1,603     1,419
    Less: Current portion
     of debt                        193      175       159      140       123
                               --------- -------- --------- -------- ---------
    Long-term debt               $1,359   $1,351    $1,386   $1,463    $1,296
                               ========= ======== ========= ======== =========

    --------
    (a)  This 364-day vacation ownership bank conduit facility has
         availability of $1,200 million and expires in October 2008.
    (b)  This debt is collateralized by $2,667 million, $2,596 million, $2,428
         million, $2,288 million and $2,198 million of underlying vacation
         ownership contract receivables and related assets at March 31, 2008,
         December 31, 2007, September 30, 2007, June 30, 2007 and March 31,
         2007, respectively.
    (c)  The balance at March 31, 2008 represents $800 million aggregate
         principal less $3 million of unamortized discount.
    (d)  The Company's revolving credit facility has a borrowing capacity of
         $900 million.  At March 31, 2008, the Company has $68 million of
         outstanding letters of credit and a remaining borrowing capacity of
         $737 million.
 
 

                                                                     Table 6

                        Wyndham Worldwide Corporation
                         HOTEL BRAND SYSTEMS DETAILS
 

                           As of and For the Three Months Ended March 31, 2008
    --------------------------------------------------------------------------
                                                                      Average
                                                                      Revenue
                                                              Average   Per
                                     Number  Number  Average   Daily Available
                                       of      of   Occupancy  Rate     Room
              Brand                Properties Rooms   Rate    (ADR)   (RevPAR)
    --------------------------------------------------------------------------
    Wyndham Hotels and  Resorts        83    22,763   61.8%  $116.61   $72.04

    Wingate Inn                       155    14,172   58.1%   $91.84   $53.39

    Ramada                            867   106,142   50.1%   $79.69   $39.91

    Baymont                           201    17,373   46.0%   $65.66   $30.23

    AmeriHost Inn                      21     1,369   42.3%   $63.38   $26.84

    Days Inn                        1,881   153,323   45.9%   $61.99   $28.43

    Super 8                         2,091   129,793   48.5%   $56.78   $27.53

    Howard Johnson                    477    46,300   43.8%   $63.11   $27.63

    Travelodge                        490    36,798   45.2%   $67.68   $30.58

    Knights Inn                       272    18,657   37.9%   $40.88   $15.51

    Unmanaged, Affiliated and
     Managed, Non-Proprietary
     Hotels (*)                        14     4,367     N/A      N/A      N/A
                                    ---------------
      Total                         6,552   551,057   47.7%   $67.60   $32.21
                                    ===============
 

                           As of and For the Three Months Ended March 31, 2007
    --------------------------------------------------------------------------
                                                                       Average
                                                                       Revenue
                                                              Average    Per
                                     Number  Number  Average   Daily Available
                                       of      of   Occupancy  Rate     Room
              Brand                Properties Rooms   Rate    (ADR)   (RevPAR)
    --------------------------------------------------------------------------
    Wyndham Hotels and Resorts         78    20,456   67.7%  $109.42   $74.04

    Wingate Inn                       155    14,243   63.2%   $87.74   $55.42

    Ramada                            859   104,762   50.2%   $74.64   $37.46

    Baymont                           149    13,248   48.9%   $61.86   $30.23

    AmeriHost Inn                      76     5,314   43.2%   $63.08   $27.22

    Days Inn                        1,862   151,355   47.1%   $59.65   $28.11

    Super 8                         2,047   126,113   49.2%   $54.19   $26.64

    Howard Johnson                    471    44,703   43.3%   $61.37   $26.60

    Travelodge                        500    37,289   46.1%   $60.07   $27.69

    Knights Inn                       237    17,151   38.2%   $39.73   $15.18

    Unmanaged, Affiliated and
     Managed, Non-Proprietary
     Hotels (*)                        16     4,677     N/A      N/A      N/A
                                    ---------------
    Total                           6,450   539,311   48.7%   $64.43   $31.35
                                    ===============

    -----------
    NOTE: A glossary of terms is included in Table 3 (2 of 2).

    (*)  Represents 1) affiliated properties for which we receive a fee for
         reservation services provided and 2) properties managed under the CHI
         Limited joint venture.  These properties are not branded; as such,
         certain operating statistics (such as average occupancy rate, ADR and
         RevPAR) are not relevant.
 
 

                                                                      Table 7

                          Wyndham Worldwide Corporation
                            NON-GAAP RECONCILIATIONS
                      (In millions, except per share data)

                                                     Three Months Ended
                                              --------------------------------
                                              March 31, 2008    March 31, 2007
                                              --------------    --------------
    Reported EBITDA                                   $130              $192
       Separation and related costs (a)                  -                 6
       Resolution of and adjustment to
        contingent liabilities and assets (b)            3               (13)
       Trademark impairment (c)                         28                 -
                                              --------------    --------------
    Adjusted EBITDA                                   $161              $185
    ==========================================================================
    Reported PreTax Income                             $70              $139
       Separation and related costs (a)                  -                 6
       Resolution of and adjustment to
        contingent liabilities and assets (b)            3               (13)
       Trademark impairment (c)                         28                 -
                                              --------------    --------------
    Adjusted PreTax Income                            $101              $132
    ==========================================================================
    Reported Tax Provision                             $28              $(53)
       Separation and related costs (d)                  -                (2)
       Resolution of and adjustment to
        contingent liabilities and assets (d)            -                 4
       Trademark impairment (d)                         11                 -
                                              --------------    --------------
    Adjusted Tax Provision                             $39              $(51)
    ==========================================================================
    Reported Net Income                                $42               $86
       Separation and related costs                      -                 4
       Resolution of and adjustment to
        contingent liabilities and assets                3                (9)
       Trademark impairment (c)                         17                 -
                                              --------------    --------------
    Adjusted Net Income                                $62               $81
    ==========================================================================
    Reported Diluted EPS                             $0.24             $0.45
       Separation and related costs                      -              0.02
       Resolution of and adjustment to
        contingent liabilities and assets             0.01             (0.05)
       Trademark impairment (c)                       0.10                 -
                                              --------------    --------------
    Adjusted Diluted EPS                             $0.35             $0.43
    ==========================================================================
    Diluted Shares                                     178               190

    ----------
    Note: Amounts may not foot due to rounding.

    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant (now Avis Budget Group).
    (b) Relates to the net expense/(benefit) from the resolution of and
        adjustment to certain contingent liabilities and assets.
    (c) Represents an impairment charge due to the Company's initiative to
        rebrand its vacation ownership trademarks to the Wyndham brand.
    (d) Relates to the tax effect of the adjustments.
 
 

                                                                    Table 8
                                                                   (1 of 2)

                         Wyndham Worldwide Corporation
                        NON-GAAP FINANCIAL INFORMATION
                     (In millions, except per share data)

                                          Three Months Ended March 31, 2008
                                        --------------------------------------
                                                  Legacy   Trademark
                                          As      Adjust-   Impair-      As
                                        Reported  ments     ment      Adjusted
                                        --------  -------  ---------  --------
    Net revenues
      Vacation ownership interest sales    $294                          $294
      Service fees and membership           453                           453
      Franchise fees                        112                           112
      Consumer financing                     99                            99
      Other                                  54                            54
                                        --------  -------  ---------  --------
    Net revenues                          1,012       -        -        1,012
                                        --------  -------  ---------  --------

    Expenses
      Operating                             441                           441
      Cost of vacation ownership
       interests                             60                            60
      Marketing and reservation             209                           209
      General and administrative            145      (3)(a)               142
      Trademark impairment                   28              (28)(b)        -
      Depreciation and amortization          44                            44
                                        --------  -------  ---------  --------
    Total expenses                          927      (3)     (28)         896
                                        --------  -------  ---------  --------

    Operating income                         85       3       28          116
    Other loss, net                          (1)                           (1)
    Interest expense                         19                            19
    Interest income                          (3)                           (3)
                                        --------  -------  ---------  --------

    Income before income taxes               70       3       28          101
    Provision for income taxes               28               11 (c)       39
                                        --------  -------  ---------  --------

    Net income                              $42      $3      $17          $62
                                        ========  =======  =========  ========
    Earnings per share
      Basic                               $0.24   $0.01    $0.10        $0.35
      Diluted                              0.24    0.01     0.10         0.35

    Weighted average shares outstanding
      Basic                                 177     177      177          177
      Diluted                               178     178      178          178

    ----------
    Note: EPS amounts may not foot across due to rounding.

    (a) Relates to the net expense from the resolution of and adjustment to
        certain contingent liabilities and assets.
    (b) Represents an impairment charge due to the Company's initiative to
        rebrand its vacation ownership trademarks to the Wyndham brand.
    (c) Relates to the tax effect of the adjustment.
 

                                                                       Table 8
                                                                      (2 of 2)

                          Wyndham Worldwide Corporation
                          NON-GAAP FINANCIAL INFORMATION
                       (In millions, except per share data)

                                            Three Months Ended March 31, 2007
                                          ------------------------------------
                                                   Separation
                                                       and
                                                     Related  Legacy
                                             As      Adjust-  Adjust-    As
                                          Reported    ments    ments  Adjusted
                                          -------- ---------- ------- --------
    Net revenues
       Vacation ownership interest sales     $373                        $373
       Service fees and membership            403                         403
       Franchise fees                         113                         113
       Consumer financing                      81                          81
       Other                                   42                          42
                                          -------- ---------- ------- --------
    Net revenues                            1,012        -        -     1,012
                                          -------- ---------- ------- --------

    Expenses
       Operating                              406                         406
       Cost of vacation ownership interests    91                          91
       Marketing and reservation              196                         196
       General and administrative             121                13(b)    134
       Separation and related costs             6       (6)(a)              -
       Depreciation and amortization           38                          38
                                          -------- ---------- ------- --------
    Total expenses                            858       (6)      13       865
                                          -------- ---------- ------- --------

    Operating income                          154        6      (13)      147
    Interest expense                           18                          18
    Interest income                            (3)                         (3)
                                          -------- ---------- ------- --------

    Income before income taxes                139        6      (13)      132
    Provision for income taxes                 53        2(c)    (4)(c)    51
                                          -------- ---------- ------- --------

    Net income                                $86       $4      $(9)      $81
                                          ======== ========== ======= ========
    Earnings per share
       Basic                                $0.46    $0.02   $(0.05)    $0.43
       Diluted                               0.45     0.02    (0.05)     0.43

    Weighted average shares outstanding
       Basic                                  188      188      188       188
       Diluted                                190      190      190       190

    ----------
    Note: EPS amounts may not foot across due to rounding.

    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant (now Avis Budget Group).
    (b) Relates to the net benefit from the resolution of certain contingent
        liabilities.
    (c) Relates to the tax effect of the adjustments.

Presentation of Financial Information

Financial information discussed in this press release includes both GAAP and non-GAAP measures, which include or exclude certain items.  These non-GAAP measures differ from reported results and are intended to illustrate what management believes are relevant period-over-period comparisons.  A complete reconciliation of reported GAAP results to the comparable non-GAAP information appears in the financial tables section of this press release.  

Conference Call Information 

Wyndham Worldwide Corporation will provide a webcast of its conference call to discuss the Company�s first quarter 2008 financial results on Thursday, May 1, 2008 at 8:30 a.m. EDT. Listeners may access the webcast live through the Company�s Web site at www.wyndhamworldwide.com/investors/. An archive of this webcast will be available at the Web site for approximately 90 days beginning at noon EDT on May 1. The conference call also may be accessed by dialing (888) 790-3442 and providing the pass code "Wyndham." Listeners are urged to call at least 10 minutes prior to the scheduled start time. A telephone replay will be available at (888) 566-0674 beginning at noon EDT on May 1 until 5 p.m. EDT on May 4.

About Wyndham Worldwide

As one of the world�s largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses more than 6,500 franchised hotels and approximately 551,000 hotel rooms worldwide. Group RCI offers its more than 3.6 million members access to more than 67,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of approximately 145 vacation ownership resorts serving over 800,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs more than 33,000 employees globally. 

For more information about Wyndham Worldwide, please visit the Company�s web site at www.wyndhamworldwide.com .

Forward-Looking Statements

This press release contains �forward-looking statements� within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management�s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to the Company�s revenues, earnings and related financial and operating measures, financing transactions and the number of hotel rooms the Company intends to add in future periods.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward looking statements include general economic conditions, the performance of the financial markets, the economic environment for the hospitality industry, the impact of war and terrorist activity, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company�s 2007 Annual Report on Form 10-K, filed with the SEC on February 29, 2008. Except for the Company�s ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

.
Contact:

Betsy O�Rourke
Senior Vice President,
Marketing and Communications
Wyndham Worldwide Corporation
(973) 753-7422
Betsy.O�[email protected]
 

.
.
Also See: Wyndham Worldwide Reports 2007 Fourth Quarter Net Income of $104 million Compared with $92 million a Year Earlier, Net income for full year 2007 was $403 million compared to 2006 Net income of $287 million; Brand Operating Statistics / February 2008
.

 


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