Wyndham Worldwide Corporation
OPERATING RESULTS OF REPORTABLE SEGMENTS
(In millions)
In addition to other measures, management
evaluates the operating results
of each of its reportable segments
based upon net revenues and "EBITDA,"
which is defined as net income before
depreciation and amortization,
interest expense (excluding interest
on securitized vacation ownership
debt), interest income and income
taxes, each of which is presented on the
Company's Consolidated Statements
of Income. The Company believes that
EBITDA is a useful measure of performance
for the Company's industry
segments which, when considered with
GAAP measures, the Company believes
gives a more complete understanding
of the Company's operating
performance. The Company's presentation
of EBITDA may not be comparable
to similarly-titled measures used
by other companies.
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, 2009 and 2008:
Three Months Ended March 31,
----------------------------
2009
2008
----
----
Net Revenues EBITDA (c) Net Revenues
EBITDA
------------ ------
------------ ------
Lodging
$154 $35
$170 $46
Vacation Exchange and
Rentals
287 76
341 93
Vacation Ownership
462 44
504 7 (d)
--- --
--- --
Total Reportable
Segments
903 155
1,015 146
Corporate and
Other (a)(b)
(2) (21)
(3) (16)
-- ---
-- ---
Total Company
$901 $134
$1,012 $130
==== ====
====== ====
Reconciliation of EBITDA
to Net Income
------------------------
EBITDA
$134
$130
Depreciation and amortization
43
44
Interest expense
19
19
Interest income
(2)
(3)
--
--
Income before income taxes
74
70
Provision for income taxes
29
28
--
--
Net income
$45
$42
===
===
-------------------------------------------------------------------------
(a) Includes the elimination of transactions
between segments.
(b) Includes $4 million ($2 million,
net of tax) and $3 million ($3
million, net of tax) of a net expense
during the three months ended March
31, 2009 and 2008, respectively, related
to the resolution of and
adjustment to certain contingent liabilities
and assets.
(c) Includes restructuring costs of
$3 million, $4 million, $35 million
and $1 million for Lodging, Vacation
Exchange and Rentals, Vacation
Ownership and Corporate and Other,
respectively, during the three months
ended March 31, 2009. The after-tax
impact of such costs is $27 million.
(d) Includes a non-cash impairment
charge of $28 million ($17 million, net
of tax) due to the Company's initiative
to rebrand its vacation ownership
trademarks to the Wyndham brand.
Table 2
Wyndham Worldwide Corporation
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
Three Months Ended
March 31,
-----------
2009 2008
---- ----
Net revenues
Service fees and membership
$400 $453
Vacation ownership interest
sales 239
294
Franchise fees
99 112
Consumer financing
109 99
Other
54 54
-- --
Net revenues
901 1,012
--- -----
Expenses
Operating
386 408
Cost of vacation ownership
interests 49
60
Consumer financing interest
(a) 32
33
Marketing and reservation
137 209
General and administrative
(b) 122
145
Asset impairments
- 28 (c)
Restructuring costs
43 (d) -
Depreciation and amortization
43 44
-- --
Total expenses
812 927
--- ---
Operating income
89 85
Other income, net
(2) (1)
Interest expense
19 19
Interest income
(2) (3)
-- --
Income before income taxes
74 70
Provision for income taxes
29 28
-- --
Net income
$45 $42
=== ===
Earnings per share
Basic
$0.25 $0.24
Diluted
0.25 0.24
Weighted average shares outstanding
Basic
178 177
Diluted
178 178
-------------------------------------------------------------------------
(a) Prior to periods ending September
30, 2008, such amounts were included
as a component of Operating Expenses.
(b) Includes $4 million ($2 million,
net of tax) and $3 million ($3
million, net of tax) of a net expense
during the three months ended March
31, 2009 and 2008, respectively, related
to the resolution of and
adjustment to certain contingent liabilities
and assets.
(c) Relates to a non-cash impairment
charge of $28 million ($17 million,
net of tax) for Vacation Ownership
due to the Company's initiative to
rebrand its vacation ownership trademarks
to the Wyndham brand.
(d) Relates to costs incurred as a
result of various strategic initiatives
commenced by the Company during 2008.
Such amount, net of tax, was $27
million.
Table 3
(1 of 2)
Wyndham Worldwide Corporation
OPERATING STATISTICS
Year Q1 Q2
Q3 Q4 Full
Year
---- -- --
-- -- ---------
Lodging (a)
Number of
Rooms (b)
2009 588,500 N/A
N/A N/A
N/A
2008 551,100 551,500 583,400 592,900
N/A
2007 539,300 541,700 540,900 550,600
N/A
2006 525,500 535,900 533,700 543,200
N/A
RevPAR
2009 $27.69 N/A
N/A N/A
N/A
2008 $32.21 $38.87 $41.93
$30.03 $35.74
2007 $31.35 $38.35 $43.10
$33.09 $36.48
2006 $30.45 $36.97 $40.82
$31.41 $34.95
Royalty, Marketing
and Reservation
Revenues (in
000s)
2009 $95,368 N/A
N/A N/A
N/A
2008 $104,162 $127,238 $145,502 $105,803 $482,709
2007 $105,426 $129,453 $146,290 $107,870 $489,041
2006 $102,741 $125,409 $138,383 $104,505 $471,039
Vacation Exchange and Rentals
Average Number
of Members
(in 000s)
2009 3,789 N/A
N/A N/A
N/A
2008 3,632 3,682
3,673 3,693 3,670
2007 3,474 3,506
3,538 3,588 3,526
2006 3,292 3,327
3,374 3,429 3,356
Annual Dues and
Exchange Revenue
Per Member
2009 $134.38 N/A
N/A N/A
N/A
2008 $150.84 $128.91 $124.51 $109.56
$128.37
2007 $155.60 $132.33 $131.38 $124.59
$135.85
2006 $152.10 $130.37 $132.31 $128.13
$135.62
Vacation Rental
Transactions
(in 000s)
2009 387 N/A
N/A N/A
N/A
2008 387 319
360 282 1,347
2007 398 326
360 293 1,376
2006 385 310
356 293 1,344
Average Net Price
Per Vacation
Rental
2009 $335.54 N/A
N/A N/A
N/A
2008 $412.74 $477.63 $553.69 $400.09
$463.10
2007 $349.73 $415.71 $506.78 $426.93
$422.83
2006 $312.51 $374.91 $442.75 $356.16
$370.93
Vacation Ownership
Gross Vacation
Ownership
Interest Sales
(in 000s)
2009 $280,000 N/A
N/A N/A
N/A
2008 $458,000 $532,000 $566,000 $432,000 $1,987,000
2007 $430,000 $523,000 $552,000 $488,000 $1,993,000
2006 $357,000 $434,000 $482,000 $469,000 $1,743,000
Tours
2009 137,000 N/A
N/A N/A
N/A
2008 255,000 314,000 334,000 240,000 1,143,000
2007 240,000 304,000 332,000 268,000 1,144,000
2006 208,000 273,000 312,000 254,000 1,046,000
Volume Per
Guest (VPG)
2009 $1,866 N/A
N/A N/A
N/A
2008 $1,668 $1,583 $1,550
$1,630 $1,602
2007 $1,607 $1,596 $1,545
$1,690 $1,606
2006 $1,475 $1,426 $1,434
$1,623 $1,486
-------------------------------------------------------------------------
Note: Full year amounts may not foot
across due to rounding.
(a) Quarterly drivers in the Lodging
segment include the acquisitions of
Microtel Inns & Suites and Hawthorn
Suites (July 2008) 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 Wyndham
Rewards 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 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 gross vacation ownership
interest sales (excluding tele-sales
upgrades, which are a component of
upgrade sales) divided by the number
of tours.
General
Constant Currency:
------------------
Represents comparison eliminating
the effects of foreign exchange rate
fluctuations between periods.
Table 4
Wyndham Worldwide Corporation
ADDITIONAL DATA
Year Q1 Q2
Q3 Q4
Full Year
---- -- --
-- --
---------
Lodging (a)
Number of
Properties (b) 2009
6,990 N/A
N/A N/A
N/A
2008 6,550 6,560
6,970 7,040
N/A
2007 6,450 6,460
6,460 6,540
N/A
2006 6,300 6,440
6,420 6,470
N/A
Marketing, Reservation
and Wyndham Rewards
Revenues (in
000s) (c)
2009 $53,915 N/A
N/A N/A
N/A
2008 $62,200 $76,507 $85,491
$62,608 $286,807
2007 $61,369 $74,575 $84,820
$65,208 $285,973
2006 $58,572 $70,931 $78,856
$61,135 $269,495
Property Management
Reimbursable
Revenues (in
000s) (d)
2009 $21,640 N/A
N/A N/A
N/A
2008 $27,128 $26,326 $24,973
$21,472 $99,899
2007 $15,624 $22,338 $25,612
$28,414 $91,987
2006 $15,732 $19,935 $17,210
$16,263 $69,142
Vacation Ownership
Deferred Revenues
(in 000s) (e) 2009
$66,516 N/A
N/A N/A
N/A
2008 $(81,716) $(5,240) $(2,023) $13,870
$(75,108)
2007 $3,906 $(4,908) $506
$(21,092) $(21,588)
2006 $12,708 $(221) $(23,491) $(10,675)
$(21,679)
Provision for
Loan Losses
(in 000s) (f) 2009
$107,202 N/A
N/A N/A
N/A
2008 $82,344 $112,669 $118,609 $136,090
$449,712
2007 $60,869 $75,032 $85,762
$83,644 $305,307
2006 $61,242 $55,872 $63,213
$78,680 $259,007
-------------------------------------------------------------------------
Note: Full year amounts may not foot
across due to rounding.
(a) Information includes the acquisitions
of Microtel Inns & Suites and
Hawthorn Suites (July 2008) 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 Table 3 (1 of 2) within Royalty,
Marketing and Reservation Revenues.
Wyndham Rewards 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, which is recorded as a
contra revenue to vacation ownership
interest sales on the Consolidated
and Combined Statements of Income.
Table 5
Wyndham Worldwide Corporation
SCHEDULE OF DEBT
(In millions)
March December September June March
31, 31, 30,
30, 31,
2009 2008 2008
2008 2008
---- ---- ----
---- ----
Securitized vacation ownership
debt:
Term notes
$1,165 $1,252 $1,437 $1,727 $1,278
Bank conduit facilities
(a) 569 558
647 354 841
--- --- ---
--- ---
Securitized vacation ownership
debt (b)
1,734 1,810 2,084
2,081 2,119
Less: Current portion of
Securitized vacation
ownership debt
305 294 324
284 268
--- --- ---
--- ---
Long-term securitized
vacation ownership debt
$1,429 $1,516 $1,760 $1,797 $1,851
====== ====== ====== ====== ======
Debt:
6.00% Senior unsecured
notes
(due December 2016)
(c) $797 $797
$797 $797 $797
Term loan (due July 2011)
300 300 300
300 300
Revolving credit facility
(due
July 2011) (d)
517 576 305
145 95
Vacation ownership bank
borrowings
156 159 172
196 181
Vacation rentals capital
leases 130 139
143 162 165
Other
13 13
12 13
14
-- --
-- --
--
Total debt
1,913 1,984 1,729
1,613 1,552
Less: Current portion of debt
166 169 182
207 193
--- --- ---
--- ---
Long-term debt
$1,747 $1,815 $1,547 $1,406 $1,359
====== ====== ====== ====== ======
-------------------------------------------------------------------------
(a) Represents (i) a 364-day, non-recourse
vacation ownership bank conduit
facility with a term through November
2009 and capacity of $943 million
and (ii) the outstanding balance of
the Company's prior bank conduit
facility that ceased operating as
a revolving facility as of October 29,
2008 and will amortize in accordance
with its terms, which is expected to
be less than two years.
(b) This debt is collateralized by
$2,981 million, $2,906 million, $2,721
million, $2,723 million and $2,667
million of underlying vacation
ownership contract receivables and
related assets at March 31, 2009,
December 31, 2008, September 30, 2008,
June 30, 2008 and March 31, 2008,
respectively.
(c) The balance at March 31, 2009
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, 2009,
the Company has $29 million of
outstanding letters of credit and
a remaining borrowing capacity of $354
million. The increase in balance
from September 30, 2008 to December 31,
2008 was primarily due to the Company
drawing $215 million on its
revolving credit facility in conjunction
with the closing of the Company's
2008 bank conduit facility during
November 2008. The increase in balance
from June 30, 2008 to September 30,
2008 primarily related to amounts
borrowed to fund the July 2008 acquisition
of U.S. Franchise Systems, Inc.
and its Microtel Inns & Suites
and Hawthorn Suites hotel brands.
Table 6
Wyndham
Worldwide Corporation
HOTEL BRAND SYSTEMS DETAILS
As of and For the Three Months Ended March 31, 2009
---------------------------------------------------
Average
Revenue
Average Per
Average Daily
Available
Number of Number of Occupancy
Rate Room
Brand
Properties Rooms
Rate (ADR)
(RevPAR)
-----
---------- -----
---- -----
--------
Wyndham Hotels
and Resorts
82 21,650
51.6% $124.60
$64.27
Wingate Inn
166 15,195
50.7% $85.17
$43.15
Hawthorn Suites 90
8,448 50.6%
$89.93 $45.53
Ramada
885 114,448
44.0% $74.44
$32.78
Baymont
225 18,914
43.8% $61.63
$26.97
Days Inn
1,851 150,319
41.4% $59.30
$24.57
Super 8
2,105 130,725
43.6% $54.67
$23.84
Howard Johnson 475
46,273 39.9%
$60.02 $23.97
Travelodge
471 35,477
39.6% $57.07
$22.58
Microtel Inns
& Suites
313 22,476
45.5% $55.96
$25.48
Knights Inn
309 19,920
36.1% $41.08
$14.82
Unmanaged, Affiliated
and Managed, Non-
Proprietary
Hotels (*)
21 4,613
N/A N/A
N/A
-- -----
Total
6,993 588,458
42.9% $64.48
$27.69
===== =======
As of and For the Three Months Ended March 31, 2008
---------------------------------------------------
Average
Revenue
Average Per
Average Daily
Available
Number of Number 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
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 (*)
35 5,736
N/A N/A
N/A
-- -----
Total
6,552 551,057
47.7% $67.60
$32.21
===== =======
-------------------------------------------------------------------------
NOTE: A glossary of terms is included
in Table 3 (2 of 2).
(*) Represents (i) affiliated properties
for which we receive a fee for
reservation
services provided, (ii) properties managed under the CHI
Limited joint
venture and (iii) the remaining AmeriHost-branded
properties.
The affiliated and managed properties are not branded and
there are
only seven AmeriHost-branded properties remaining; 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, 2009 March 31, 2008
-------------- --------------
Reported EBITDA
$134
$130
Asset impairments (a)
-
28
Resolution of and adjustment
to
contingent liabilities
and assets (b)
4
3
Restructuring costs (c)
43
-
--
--
Adjusted EBITDA
$181
$161
---------------
----
----
Reported PreTax Income
$74
$70
Asset impairments (a)
-
28
Resolution of and adjustment
to
contingent liabilities
and assets (b)
4
3
Restructuring costs (c)
43
-
--
--
Adjusted PreTax Income
$121
$101
----------------------
----
----
Reported Tax Provision
$(29)
$(28)
Asset impairments (d)
-
(11)
Resolution of and adjustment
to
contingent liabilities
and assets (d)
(2)
-
Restructuring costs (d)
(16)
-
---
--
Adjusted Tax Provision
$(47)
$(39)
----------------------
----
----
Reported Net Income
$45
$42
Asset impairments
-
17
Resolution of and adjustment
to
contingent liabilities
and assets
2
3
Restructuring costs
27
-
--
--
Adjusted Net Income
$74
$62
-------------------
---
---
Reported Diluted EPS
$0.25
$0.24
Asset impairments
-
0.10
Resolution of and adjustment
to
contingent liabilities
and assets
0.01
0.01
Restructuring costs
0.15
-
----
--
Adjusted Diluted EPS
$0.41
$0.35
--------------------
-----
-----
Diluted Shares
178
178
------------------------------------------------------------------------
(a) Relates to a non-cash impairment
charge due to the Company's
initiative to rebrand its vacation
ownership trademarks to the Wyndham
brand.
(b) Relates to the net expense from
the resolution of and adjustment to
certain contingent liabilities and
assets.
(c) Relates to costs incurred as a
result of various strategic initiatives
commenced by the Company during 2008.
(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, 2009
As Legacy
Restructuring As
Reported Adjustments Costs
Adjusted
--------- ----------- -----
--------
Net revenues
Service fees and
membership
$400
$400
Vacation ownership
interest sales
239
239
Franchise fees
99
99
Consumer financing
109
109
Other
54
54
-- ---
---
--
Net revenues
901 -
- 901
--- ---
--- ---
Expenses
Operating
386
386
Cost of vacation
Ownership interests
49
49
Consumer financing interest
32
32
Marketing and reservation
137
137
General and administrative
122 (4) (a)
118
Restructuring costs
43
(43) (b) -
Depreciation and
amortization
43
43
-- --
---
--
Total expenses
812 (4)
(43) 765
--- --
--- ---
Operating income
89 4
43 136
Other income, net
(2)
(2)
Interest expense
19
19
Interest income
(2)
(2)
-- -
--
--
Income before income taxes
74 4
43 121
Provision for income taxes
29 2 (c)
16 (c) 47
-- -
--
--
Net income
$45 $2
$27 $74
=== ==
=== ===
Earnings per share
$0.25 $0.01
$0.15 $0.41
Weighted average shares
outstanding
178 178
178 178
-------------------------------------------------------------------------
(a) Relates to the net expense from
the resolution of and adjustment to
certain contingent liabilities and
assets.
(b) Relates to costs incurred as a
result of various strategic initiatives
commenced by the Company during 2008.
(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, 2008
As Asset
Legacy As
Reported Impairments Adjustments Adjusted
--------- ----------- ----------- --------
Net revenues
Service fees and
membership
$453
$453
Vacation ownership
interest sales
294
294
Franchise fees
112
112
Consumer financing
99
99
Other
54
54
-- ---
--- --
Net revenues
1,012 -
- 1,012
----- ---
--- -----
Expenses
Operating
408
408
Cost of vacation
ownership interests
60
60
Consumer financing
interest
33
33
Marketing and reservation
209
209
General and administrative
145
(3) (b) 142
Asset impairments
28 (28) (a)
-
Depreciation and
amortization
44
44
-- ---
-- --
Total expenses
927 (28)
(3) 896
--- ---
-- ---
Operating income
85 28
3 116
Other income, net
(1)
(1)
Interest expense
19
19
Interest income
(3)
(3)
-- --
- --
Income before income taxes
70 28
3 101
Provision for income taxes
28 11 (c)
- (c) 39
-- --
--- --
Net income
$42 $17
$3 $62
=== ===
== ===
Earnings per share
Basic
$0.24 $0.10
$0.01 $0.35
Diluted
0.24 0.10
0.01 0.35
Weighted average shares
outstanding
Basic
177 177
177 177
Diluted
178 178
178 178
-------------------------------------------------------------------------
(a) Represents a non-cash impairment
charge due to the Company's
initiative to rebrand its vacation
ownership trademarks to the Wyndham
brand.
(b) Relates to the net expense from
the resolution of and adjustment to
certain contingent liabilities and
assets.
(c) Relates to the tax effect of the
adjustment. |
