PARSIPPANY, N.J., July 25, 2012 -- Wyndham Worldwide Corporation
(NYSE:WYN) today announced results for the three months ended June 30, 2012.
Highlights:
- Second quarter adjusted diluted earnings per share (EPS)
was $0.87, compared with $0.64 in the second quarter of 2011, an
increase of 36%. Second quarter 2012 reported diluted EPS was $0.88, an increase of 31% from the same period
in 2011.
- Second quarter Adjusted EBITDA increased 10% to $281 million.
- During the quarter, the Company repurchased 3.8 million
shares of its common stock for $190 million
at an average price of $49.35.
- The Company announced on July 19,
2012 that it completed a term securitization transaction
involving the issuance of $300 million
of investment-grade asset-backed notes at an advance rate of 90% and an
overall weighted average coupon of 2.66%.
- Raises full year Adjusted EPS Guidance to $3.10 - $3.20 from $3.00
- $3.15
"In the first half of 2012 we achieved back-to-back 36%
increases in quarterly adjusted EPS growth in an economic environment
that remains uncertain," said Stephen P. Holmes,
chairman and CEO, Wyndham Worldwide.
"Underlying this growth is strong execution from each of our businesses
and diversified product offerings well positioned to capitalize on
consumers' desire to travel. In addition, we benefited from capital
allocation that included the return of capital to shareholders."
SECOND QUARTER 2012 OPERATING RESULTS
Second quarter revenues were $1.1
billion, an increase of 4% from the prior year period. The
increase reflected growth in our Lodging and Vacation Ownership
businesses partially offset by unfavorable currency movements in our
Vacation Exchange and Rentals business.
For the second quarter of 2012, adjusted net income was $128 million, or $0.87
per diluted share, compared with $108 million,
or $0.64 per diluted share for the same
period in 2011. The increase in adjusted net income primarily reflected
stronger operating results in our Lodging and Vacation Ownership
businesses. The increase in EPS also benefited from our share
repurchase program, which decreased our weighted average share count by
14%.
Reported net income for the second quarter of 2012 was $128 million, or $0.88
per diluted share, compared with net income of $114
million, or $0.67 per diluted
share, for the second quarter of 2011. The second quarter of 2011
included a refund of value added taxes, restructuring costs and legacy
adjustments costs.
Free cash flow was $567 million
for the six months ended June 30, 2012,
compared to $595 million for the same
period in 2011. Excluding a $51 million
refund of value added taxes received in the first half of 2011, free
cash flow increased by 4%. The Company defines free cash flow as net
cash provided by operating activities less capital expenditures, equity
investments and development advances. For the six months ended June 30, 2012, cash provided by operating
activities was $647 million, compared
with $696 million in the prior year
period, which included the refund of value added taxes.
BUSINESS UNIT RESULTS
Lodging (Wyndham Hotel Group)
Revenues were $233 million
in the second quarter of 2012, an increase of 23%, compared with the
second quarter of 2011. The increase reflected domestic RevPAR gains of
8%, as part of a total system RevPAR increase of 5%, revenues
associated with the Wyndham Grand hotel in Orlando,
which opened at the beginning of the fourth quarter of 2011, and higher
intersegment licensing fees for use of the Wyndham brand trade name.
The revenue increase also included a combined $21
million of reclassifications and incremental global conference
fees, both of which were fully offset in expenses.
Adjusted EBITDA was $74 million,
an increase of 12% compared with the second quarter of 2011, largely a
result of the revenue increases, partially offset by the operating
costs associated with the Wyndham Grand hotel in Orlando and higher marketing costs.
As of June 30, 2012, the
Company's hotel system consisted of over 7,170 properties and
approximately 608,300 rooms. The development pipeline included
approximately 900 hotels and 113,900 rooms, of which 53% were new
construction and 53% were international.
Vacation Exchange and Rentals (Wyndham Exchange &
Rentals)
Revenues were $348 million
in the second quarter of 2012, compared to $361
million in the second quarter of 2011. In constant currency and
excluding the impact of acquisitions, revenues were flat.
Exchange revenues were $162 million,
a decrease of 4% compared with the second quarter of 2011. In constant
currency, exchange revenues were flat, as a 2% increase in exchange
revenue per member was offset by a 2% decline in the average number of
members due to the non-renewal of an affiliation agreement in the
beginning of 2012.
Vacation rental revenues were $170
million, a 6% decrease compared with the second quarter of 2011.
Excluding the impact of foreign currency and acquisitions, vacation
rental revenues were flat, reflecting a 4% increase in the average net
price per vacation rental offset by a 3% decrease in transaction volume.
Adjusted EBITDA for the second quarter of 2012 was $82 million, flat compared with the prior-year
period.
Vacation Ownership (Wyndham Vacation Ownership)
Revenues were $570 million
in the second quarter of 2012, a 5% increase over the second quarter of
2011, primarily reflecting increased vacation ownership interest (VOI)
sales.
Gross VOI sales were $460 million
in the second quarter of 2012, up 12% from the second quarter of 2011,
primarily reflecting a 6% increase in volume per guest and a 5%
increase in tour flow.
Adjusted EBITDA for the second quarter of 2012 was $150 million, a 15% increase compared with the
second quarter of 2011, primarily reflecting contributions from
increased VOI sales.
Other Items
- The Company repurchased 3.8 million shares of common stock
for $190 million during the second
quarter of 2012 at an average price of $49.35.
From July 1 through July 24, 2012, the
Company repurchased an additional 1.1 million shares for $58 million at an average price of $50.77. The Company has $733
million remaining on its current share repurchase authorization.
- Net interest expense in the second quarter of 2012 was $30 million, compared to $34 million in the second quarter of 2011. The
decline was primarily due to the absence of an accrual for interest on
value added taxes in the second quarter of 2011 and a lower average
cost of funds resulting from our debt tender and issuance activity
during the first quarter of 2012.
Balance Sheet Information as of June
30, 2012:
- Cash and cash equivalents of approximately $285 million, compared with $142 million at December
31, 2011
- Vacation ownership contract receivables, net, of $2.8 billion, unchanged from December 31, 2011
- Vacation ownership and other inventory of approximately $1.1 billion, unchanged from December 31, 2011
- Securitized vacation ownership debt of $1.9 billion, unchanged from December 31, 2011
- Long-term debt of $2.3 billion,
compared with $2.2 billion at December 31, 2011. The remaining borrowing
capacity on the revolving credit facility was $908
million, compared with $771 million
as of December 31, 2011
A schedule of debt is included in Table 5 of this press
release.
Outlook
For the full year 2012, the Company:
- Reiterates Revenues of approximately $4.425
– $4.6 billion
- Updates Adjusted EBITDA guidance to $1.040
– $1.055 billion from $1.030 - $1.055 billion
- Raises Adjusted EPS Guidance to $3.10
- $3.20 from $3.00 - $3.15
- Reduces diluted shares to 147 million from 149 million
The guidance reflects assumptions used for internal planning
purposes. Guidance may exclude non-recurring or special items, which
may have a positive or negative impact on reported results. If economic
conditions change materially from current levels, these assumptions and
our guidance may change materially.
Conference Call Information
Wyndham Worldwide Corporation will hold a conference call
with investors to discuss this news on Wednesday,
July 25, 2012 at 8:30 a.m. EDT.
Listeners may access the webcast live through the Company's website at www.wyndhamworldwide.com/investors/.
An archive of this webcast will be available at the website for
approximately 90 days beginning at noon EDT
on July 25, 2012. The conference call
may also be accessed by dialing (800) 369-2052 and providing the
passcode "WYNDHAM." Listeners are urged to call at least 10 minutes
prior to the scheduled start time. A telephone replay will be available
for approximately 90 days beginning at noon EDT
on July 25, 2012, at (800) 551-8154.
Presentation of Financial Information
Financial information discussed in this press release
includes non-GAAP measures, which include or exclude certain items.
These non-GAAP measures differ from reported GAAP 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 the press release. It is not practicable to
provide a reconciliation of forecasted adjusted EBITDA and EPS to the
most directly comparable GAAP measure because certain items cannot be
reasonably estimated or predicted at this time. Any such items could be
significant to our reported results.
About Wyndham Worldwide Corporation
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
over 7,170 hotels with approximately 608,300 rooms worldwide. Wyndham
Exchange & Rentals offers leisure travelers, including its 3.7
million members, access to approximately 100,000 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 over 160 vacation
ownership resorts serving over 813,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham
Worldwide, headquartered in Parsippany, N.J.,
employs approximately 27,800 employees globally.
For more information about Wyndham Worldwide, please visit 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.
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 and credit
markets, the economic environment for the hospitality industry, the
impact of war, terrorist activity or political strife, operating risks
associated with the hotel, vacation exchange and rentals and vacation
ownership businesses, as well as those described in the Company's
Quarterly Report on Form 10-Q, filed with the SEC on April 25, 2012. 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.
Table
1
|
(1
of 2)
|
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 consumer financing interest),
early extinguishment of debt, interest income (excluding consumer
financing interest) 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 its 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 attributable to
Wyndham for the Three Months Ended June 30, 2012 and 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30,
|
|
|
|
2012
|
|
2011
|
|
|
|
Net Revenues
|
|
EBITDA
|
|
Net Revenues
|
|
EBITDA
|
|
Lodging
|
$ 233
|
|
$ 75
|
(b)
|
$ 190
|
|
$ 66
|
|
Vacation
Exchange and Rentals
|
348
|
|
82
|
|
361
|
|
106
|
(c)
|
Vacation
Ownership
|
570
|
|
150
|
|
541
|
|
130
|
|
Total
Reportable Segments
|
1,151
|
|
307
|
|
1,092
|
|
302
|
|
Corporate
and Other (a)
|
(12)
|
|
(25)
|
|
(2)
|
|
(26)
|
(d)
|
Total
Company
|
$ 1,139
|
|
$ 282
|
|
$ 1,090
|
|
$ 276
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of EBITDA to Net Income Attributable to Wyndham
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
$ 282
|
|
|
|
$ 276
|
|
Depreciation
and amortization
|
|
|
46
|
|
|
|
45
|
|
Interest
expense
|
|
|
32
|
|
|
|
36
|
(e)
|
Early
extinguishment of debt
|
|
|
-
|
|
|
|
1
|
(f)
|
Interest
income
|
|
|
(2)
|
|
|
|
(2)
|
|
Income
before income taxes
|
|
|
206
|
|
|
|
196
|
|
Provision
for income taxes
|
|
|
78
|
|
|
|
82
|
|
Net
income
|
|
|
128
|
|
|
|
114
|
|
Net
loss attributable to noncontrolling interest
|
|
|
-
|
|
|
|
-
|
|
Net
income attributable to Wyndham
|
|
|
$ 128
|
|
|
|
$ 114
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
|
|
|
|
|
|
|
|
(a)
|
Includes
the elimination of transactions between segments.
|
(b)
|
Includes
a $1 million benefit from the recovery of a previously recorded
impairment charge.
|
(c)
|
Includes
(i) a $31 million net benefit resulting from a refund of value added
taxes and (ii) $7 million of restructuring costs incurred in connection
with a strategic initiative commenced by the Company during 2010.
|
(d)
|
Includes
$3 million of a net expense during the three months ended June 30, 2011
related to the resolution of and adjustment to certain contingent
liabilities and assets resulting from our separation from Cendant.
|
(e)
|
Includes
$3 million of interest related to value added tax accruals.
|
(f)
|
Represents
costs incurred for the early repurchase of a portion of the Company's
convertible notes.
|
|
The
following tables summarize net revenues and Adjusted EBITDA for
reportable segments for the three months ended June 30, 2012 and 2011
(for a description of adjustments by segment, see Table 7):
|
|
|
|
Three
Months Ended June 30,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
Adjusted
|
|
|
|
Adjusted
|
|
|
|
Net Revenues
|
|
EBITDA
|
|
Net Revenues
|
|
EBITDA
|
|
Lodging
|
$ 233
|
|
$ 74
|
|
$ 190
|
|
$ 66
|
|
Vacation
Exchange and Rentals
|
348
|
|
82
|
|
361
|
|
82
|
|
Vacation
Ownership
|
570
|
|
150
|
|
541
|
|
130
|
|
Total
Reportable Segments
|
1,151
|
|
306
|
|
1,092
|
|
278
|
|
Corporate
and Other
|
(12)
|
|
(25)
|
|
(2)
|
|
(23)
|
|
Total
Company
|
$ 1,139
|
|
$ 281
|
|
$ 1,090
|
|
$ 255
|
|
|
|
|
|
|
|
|
|
|
Table
1
|
|
|
|
|
|
|
|
|
|
(2
of 2)
|
Wyndham
Worldwide Corporation
|
OPERATING
RESULTS OF REPORTABLE SEGMENTS
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following tables summarize net revenues and EBITDA for reportable
segments, as well as reconcile EBITDA to net income attributable to
Wyndham for the Six Months Ended June 30, 2012 and 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30,
|
|
|
|
2012
|
|
2011
|
|
|
|
Net Revenues
|
|
EBITDA
|
|
Net Revenues
|
|
EBITDA
|
|
Lodging
|
$ 418
|
|
$ 123
|
(b)
|
$ 339
|
|
$ 92
|
(f)
|
Vacation
Exchange and Rentals
|
709
|
|
177
|
(c)
|
716
|
|
199
|
(g)
|
Vacation
Ownership
|
1,071
|
|
253
|
|
992
|
|
227
|
(h)
|
Total
Reportable Segments
|
2,198
|
|
553
|
|
2,047
|
|
518
|
|
Corporate
and Other (a)
|
(23)
|
|
(46)
|
(d)
|
(6)
|
|
(38)
|
(d)
|
Total
Company
|
$ 2,175
|
|
$ 507
|
|
$ 2,041
|
|
$ 480
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of EBITDA to Net Income Attributable to Wyndham
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
$ 507
|
|
|
|
$ 480
|
|
Depreciation
and amortization
|
|
|
91
|
|
|
|
90
|
|
Interest
expense
|
|
|
65
|
|
|
|
69
|
(i)
|
Early
extinguishment of debt
|
|
|
106
|
(e)
|
|
|
12
|
(j)
|
Interest
income
|
|
|
(5)
|
|
|
|
(3)
|
|
Income
before income taxes
|
|
|
250
|
|
|
|
312
|
|
Provision
for income taxes
|
|
|
91
|
|
|
|
126
|
|
Net
income
|
|
|
159
|
|
|
|
186
|
|
Net
loss attributable to noncontrolling interest
|
|
|
1
|
|
|
|
-
|
|
Net
income attributable to Wyndham
|
|
|
$ 160
|
|
|
|
$ 186
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
|
|
|
|
|
|
|
|
(a)
|
Includes
the elimination of transactions between segments.
|
(b)
|
Includes
a $1 million benefit from the recovery of a previously recorded
impairment charge.
|
(c)
|
Includes
a $2 million benefit related to the reversal of an allowance associated
with a previously divested asset.
|
(d)
|
Includes
$4 million and $8 million of a net benefit during the six months ended
June 30, 2012 and 2011, respectively, related to the resolution of and
adjustment to certain contingent liabilities and assets resulting from
our separation from Cendant.
|
(e)
|
Represents
costs incurred for the early repurchase of a portion of the Company's
9.875% senior unsecured notes and 6.00% senior unsecured notes.
|
(f)
|
Includes
a non-cash impairment charge of $13 million to reduce the value of an
international joint venture.
|
(g)
|
Includes
(i) a $31 million net benefit resulting from a refund of value added
taxes and (ii) $7 million of restructuring costs incurred in connection
with a strategic initiative commenced by the Company during 2010.
|
(h)
|
Includes
a $1 million benefit for the reversal of costs incurred as a result of
various strategic initiatives commenced by the Company during 2008.
|
(i)
|
Includes
$3 million of interest related to value added tax accruals.
|
(j)
|
Represents
costs incurred for the early repurchase of a portion of the Company's
convertible notes.
|
|
The
following tables summarize net revenues and Adjusted EBITDA for
reportable segments for the six months ended June 30, 2012 and 2011
(for a description of adjustments by segment, see Table 7):
|
|
|
|
Six
Months Ended June 30,
|
|
|
2012
|
|
2011
|
|
|
|
|
Adjusted
|
|
|
|
Adjusted
|
|
|
Net Revenues
|
|
EBITDA
|
|
Net Revenues
|
|
EBITDA
|
Lodging
|
$ 418
|
|
$ 122
|
|
$ 339
|
|
$ 105
|
Vacation
Exchange and Rentals
|
709
|
|
175
|
|
716
|
|
175
|
Vacation
Ownership
|
1,071
|
|
253
|
|
992
|
|
226
|
Total
Reportable Segments
|
2,198
|
|
550
|
|
2,047
|
|
506
|
Corporate
and Other
|
(23)
|
|
(50)
|
|
(6)
|
|
(46)
|
Total
Company
|
$ 2,175
|
|
$ 500
|
|
$ 2,041
|
|
$ 460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
2
|
|
Wyndham
Worldwide Corporation
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
(In
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
Service
and membership fees
|
|
$ 489
|
|
$ 499
|
|
$ 993
|
|
$ 995
|
|
|
Vacation
ownership interest sales
|
|
342
|
|
313
|
|
613
|
|
535
|
|
|
Franchise
fees
|
|
163
|
|
134
|
|
281
|
|
235
|
|
|
Consumer
financing
|
|
102
|
|
103
|
|
205
|
|
206
|
|
|
Other
|
|
43
|
|
41
|
|
83
|
|
70
|
|
Net
revenues
|
|
1,139
|
|
1,090
|
|
2,175
|
|
2,041
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
451
|
|
458
|
|
895
|
|
868
|
|
|
Cost
of vacation ownership interests
|
|
42
|
|
48
|
|
70
|
|
79
|
|
|
Consumer
financing interest
|
|
23
|
|
23
|
|
46
|
|
46
|
|
|
Marketing
and reservation
|
|
190
|
|
153
|
|
356
|
|
290
|
|
|
General
and administrative(a)
|
|
156
|
|
126
|
(c)
|
310
|
|
266
|
(c)
|
|
Asset
impairments
|
|
-
|
|
-
|
|
-
|
|
13
|
(e)
|
|
Restructuring
|
|
-
|
|
7
|
(d)
|
-
|
|
6
|
(d)
|
|
Depreciation
and amortization
|
|
46
|
|
45
|
|
91
|
|
90
|
|
Total
expenses
|
|
908
|
|
860
|
|
1,768
|
|
1,658
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
231
|
|
230
|
|
407
|
|
383
|
|
Other
income, net
|
|
(5)
|
(b)
|
(1)
|
|
(9)
|
(b)
(f)
|
(7)
|
(g)
|
Interest
expense
|
|
32
|
|
36
|
(h)
|
65
|
|
69
|
|
Early
extinguishment of debt
|
|
-
|
|
1
|
(i)
|
106
|
(j)
|
12
|
(i)
|
Interest
income
|
|
(2)
|
|
(2)
|
|
(5)
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
206
|
|
196
|
|
250
|
|
312
|
|
Provision
for income taxes
|
|
78
|
|
82
|
|
91
|
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
128
|
|
114
|
|
159
|
|
186
|
|
Net
loss attributable to noncontrolling interest
|
|
-
|
|
-
|
|
1
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to Wyndham
|
|
$ 128
|
|
$ 114
|
|
$ 160
|
|
$ 186
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ 0.89
|
|
$ 0.68
|
|
$ 1.10
|
|
$ 1.10
|
|
|
Diluted
|
|
0.88
|
|
0.67
|
|
1.08
|
|
1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
144
|
|
167
|
|
145
|
|
170
|
|
|
Diluted
|
|
147
|
|
170
|
|
148
|
|
174
|
|
__________
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes
$3 million of a net expense during the three months ended June 30, 2011
and $4 million and $4 million of a net benefit during the six months
ended June 30, 2012 and 2011, respectively, related to the resolution
of and adjustment to certain contingent liabilities and assets
resulting from our separation from Cendant.
|
|
(b)
|
Includes
a $1 million benefit from the recovery of a previously recorded
impairment charge at the Company's lodging business.
|
|
(c)
|
Includes
a $31 million net benefit resulting from a refund of value added taxes
at the Company's vacation exchange and rentals business.
|
|
(d)
|
The
three and six months ended June 30, 2011 include $7 million of costs
incurred as a result of a strategic initiative commenced by the Company
during 2010. The six months ended June 30, 2011 also includes a $1
million benefit for the reversal of costs incurred as a result of
various strategic initiatives commenced by the Company during 2008.
|
|
(e)
|
Represents
a non-cash impairment charge related to a write-down of an
international joint venture at the Company's lodging business.
|
|
(f)
|
Includes
a $2 million benefit related to the reversal of an allowance associated
with a previously divested asset at the Company's vacation exchange and
rentals business.
|
|
(g)
|
Includes
$4 million of a gain related to the redemption of a preferred stock
investment allocated to the Company in connection with our separation
from Cendant.
|
|
(h)
|
Includes
$3 million of interest related to value added tax accruals.
|
|
(i)
|
Represents
costs incurred for the early repurchase of a portion of the Company's
convertible notes.
|
|
(j)
|
Represents
costs incurred for the early repurchase of a portion of the Company's
9.875% senior unsecured notes and 6.00% senior unsecured notes.
|
|
|
|
|
|
|
|
|
|
|
|
Table
3
|
|
|
|
|
|
|
|
|
|
|
(1
of 3)
|
Wyndham
Worldwide Corporation
|
OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
Q1
|
Q2
|
Q3
|
Q4
|
Full
Year
|
Lodging
(a)
|
|
|
|
|
|
|
|
Number
of Rooms
|
2012
|
609,300
|
608,300
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
609,600
|
612,900
|
611,200
|
613,100
|
N/A
|
|
|
|
|
|
2010
|
593,300
|
606,800
|
605,700
|
612,700
|
N/A
|
|
|
|
|
|
2009
|
588,500
|
590,200
|
590,900
|
597,700
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
2012
|
$ 29.73
|
$ 37.23
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
$ 27.71
|
$ 35.38
|
$ 39.49
|
$ 30.65
|
$ 33.34
|
|
|
|
|
|
2010
|
$ 25.81
|
$ 32.25
|
$ 37.14
|
$ 29.18
|
$ 31.14
|
|
|
|
|
|
2009
|
$ 27.69
|
$ 32.38
|
$ 34.81
|
$ 26.47
|
$ 30.34
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Exchange and Rentals
|
|
|
|
|
|
|
|
Average
Number of Members (in 000s)
|
2012
|
3,684
|
3,670
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
3,766
|
3,755
|
3,744
|
3,734
|
3,750
|
|
|
|
|
|
2010
|
3,746
|
3,741
|
3,766
|
3,759
|
3,753
|
|
|
|
|
|
2009
|
3,789
|
3,795
|
3,781
|
3,765
|
3,782
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Revenue Per Member
|
2012
|
$
204.56
|
$
177.07
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
$
205.64
|
$
178.46
|
$
172.38
|
$
161.68
|
$
179.59
|
|
|
|
|
|
2010
|
$
201.93
|
$
172.20
|
$
173.44
|
$
162.59
|
$
177.53
|
|
|
|
|
|
2009
|
$
194.83
|
$
174.22
|
$
173.90
|
$
163.89
|
$
176.73
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Rental Transactions (in 000s) (b)
|
2012
|
418
|
325
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
398
|
328
|
370
|
250
|
1,347
|
|
|
|
|
|
2010
|
291
|
297
|
322
|
253
|
1,163
|
|
|
|
|
|
2009
|
273
|
231
|
264
|
196
|
964
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Net Price Per Vacation Rental(b)
|
2012
|
$
379.40
|
$
524.40
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
$
377.71
|
$
549.09
|
$
701.81
|
$
497.04
|
$
530.78
|
|
|
|
|
|
2010
|
$
361.17
|
$
387.01
|
$
500.31
|
$
449.12
|
$
425.38
|
|
|
|
|
|
2009
|
$
353.15
|
$
471.74
|
$
594.34
|
$
499.66
|
$
477.38
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
Gross
Vacation Ownership Interest (VOI) Sales (in 000s) (c)
|
2012
|
$
384,000
|
$
460,000
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
$
319,000
|
$
412,000
|
$
455,000
|
$
409,000
|
$
1,595,000
|
|
|
|
|
|
2010
|
$
308,000
|
$
371,000
|
$
412,000
|
$
373,000
|
$
1,464,000
|
|
|
|
|
|
2009
|
$
280,000
|
$
327,000
|
$
366,000
|
$
343,000
|
$
1,315,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Tours
(d)
|
2012
|
148,000
|
186,000
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
137,000
|
177,000
|
197,000
|
173,000
|
685,000
|
|
|
|
|
|
2010
|
123,000
|
163,000
|
187,000
|
160,000
|
634,000
|
|
|
|
|
|
2009
|
137,000
|
164,000
|
173,000
|
142,000
|
617,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Per Guest (VPG) (d)
|
2012
|
$ 2,414
|
$ 2,361
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
$ 2,192
|
$ 2,227
|
$ 2,197
|
$ 2,296
|
$ 2,229
|
|
|
|
|
|
2010
|
$ 2,334
|
$ 2,156
|
$ 2,081
|
$ 2,214
|
$ 2,183
|
|
|
|
|
|
2009
|
$ 1,866
|
$ 1,854
|
$ 1,944
|
$ 2,210
|
$ 1,964
|
|
|
|
|
|
|
|
Note:
Full year amounts may not add across due to rounding.
|
|
|
(a)
|
Includes
the impact of the acquisition of the Tryp hotel brand (June 2010) from
the acquisition date forward. Therefore, the operating statistics are
not presented on a comparable basis.
|
(b)
|
Includes
the impact of the acquisitions of Hoseasons (March 2010), ResortQuest
(September 2010), James Villa Holidays (November 2010) and two tuck-in
acquisitions (third quarter 2011) from the acquisition dates forward.
Therefore, the operating statistics are not presented on a comparable
basis.
|
(c)
|
Includes
gross VOI sales under the Company's Wyndham Asset Affiliate Model
(WAAM) 1.0 beginning in the first quarter of 2010 and WAAM 2.0
beginning in the second quarter of 2012 (see Table 9 for a
reconciliation of gross VOI sales to vacation ownership interest sales).
|
(d)
|
Includes
the impact of WAAM 1.0 related tours beginning in the first quarter of
2010 and WAAM 2.0 related tours beginning in the second quarter of 2012.
|
|
|
|
|
|
|
|
|
|
|
Table
3
|
|
|
|
|
|
|
|
|
|
|
(2
of 3)
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham
Worldwide Corporation
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
Q1
|
Q2
|
Q3
|
Q4
|
Full
Year
|
Lodging
(a)
|
|
|
|
|
|
|
|
Number
of Properties
|
2012
|
7,150
|
7,170
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
7,190
|
7,220
|
7,190
|
7,210
|
N/A
|
|
|
|
|
|
2010
|
7,090
|
7,160
|
7,150
|
7,210
|
N/A
|
|
|
|
|
|
2009
|
6,990
|
7,020
|
7,040
|
7,110
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
Provision
for Loan Losses (in 000s) (b)
|
2012
|
$
96,000
|
$
100,000
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
$
79,000
|
$
80,000
|
$
96,000
|
$
83,000
|
$
339,000
|
|
|
|
|
|
2010
|
$
86,000
|
$
87,000
|
$
85,000
|
$
82,000
|
$
340,000
|
|
|
|
|
|
2009
|
$
107,000
|
$
122,000
|
$
117,000
|
$
103,000
|
$
449,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
under WAAM 1.0 (in 000s) (c)
|
2012
|
$
17,000
|
$
18,000
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
$
18,000
|
$
19,000
|
$
38,000
|
$
31,000
|
$
106,000
|
|
|
|
|
|
2010
|
$ 5,000
|
$
13,000
|
$
20,000
|
$
14,000
|
$
51,000
|
|
|
|
|
|
|
|
|
|
|
|
|
WAAM
1.0 Commission Revenues (in 000s)
|
2012
|
$
12,000
|
$
11,000
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2011
|
$
10,000
|
$
11,000
|
$
23,000
|
$
21,000
|
$
65,000
|
|
|
|
|
|
2010
|
$ 3,000
|
$ 8,000
|
$
12,000
|
$ 9,000
|
$
31,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
under WAAM 2.0 (in 000s) (d)
|
2012
|
$ -
|
$
12,000
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Full year amounts may not add across due to rounding.
|
|
|
|
|
|
|
|
(a)
|
Includes
the impact of the acquisition of Tryp hotel brand (June 2010) from the
acquisition date forward. Therefore, the operating statistics are not
presented on a comparable basis.
|
(b)
|
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
Statements of Income.
|
|
(c)
|
Represents
gross VOI sales under the Company's WAAM 1.0 for which the Company
earns commission revenue (WAAM 1.0 Commission Revenues). The commission
revenue earned on these sales is included in service fees and
membership revenues on the Consolidated Statements of Income. The
Company implemented this sales model during the first quarter of 2010
and, as such, there is no historical data prior to 2010.
|
|
|
(d)
|
Represents
gross VOI sales under the Company's WAAM 2.0 which enables the Company
to acquire and own completed timeshare units close to the timing of the
sales of such units. This significantly reduces the period between the
deployment of capital to acquire inventory and the subsequent return on
investment which occurs at the time of its sale to a timeshare
purchaser. The Company implemented this sales model during the second
quarter of 2012 and as such, there is no historical data prior to 2012.
|
|
|
Table
3
|
(3
of 3)
|
|
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, or company owned, (ii)
properties under affiliation agreements for which we receive a fee for
reservation and/or other services provided and (iii) properties managed
under a 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.
|
|
Vacation
Exchange and Rentals
|
|
Average
Number of Members: Represents
members in our vacation exchange programs who paid annual membership
dues as of the end of the period or within the allowed grace period.
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 services and products.
|
|
Exchange
Revenue Per Member: Represents total
annualized revenues generated from fees associated with memberships,
exchange transactions, member-related rentals and other servicing for
the period divided by the average number of vacation exchange members
during the period.
|
|
Vacation
Rental Transactions: Represents the number
of transactions that are generated in connection with customers booking
their vacation rental stays through us. One rental transaction is
recorded for each standard one-week rental.
|
|
Average
Net Price Per Vacation Rental:
Represents the net rental price generated from renting vacation
properties to customers and other related rental servicing fees divided
by the number of vacation rental transactions.
|
|
Vacation
Ownership
|
|
Gross
Vacation Ownership Interest Sales: Represents
sales of vacation ownership interest (VOIs), including Wyndham Asset
Affiliation Model sales, before the net effect of
percentage-of-completion accounting and loan loss provisions. See Table
9 for a reconciliation of Gross VOI sales to Vacation Ownership
Interest Sales. We believe that Gross VOI sales provides an enhanced
understanding of the performance of our vacation ownership business
because it directly measures the sales volume of this business during a
given reporting period.
|
|
Tours:
Represents the number of tours taken by guests in our efforts to sell
vacation ownership interests.
|
|
Volume
per Guest (VPG): Represents gross
VOI sales (excluding tele-sales upgrades, which are non-tour upgrade
sales) divided by the number of tours. We have excluded non-tour
upgrade sales in the calculation of VPG because non-tour upgrade sales
are generated by a different marketing channel. See Table 9 for a
detail of tele-sales upgrades for 2009-2012. We believe that VPG
provides an enhanced understanding of the performance of our vacation
ownership business because it directly measures the efficiency of this
business' tour selling efforts during a given reporting period.
|
|
General
|
|
Constant
Currency: Represents a comparison eliminating the effects of
foreign exchange rate fluctuations between periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham
Worldwide Corporation
|
REVENUE
DETAIL BY REPORTABLE SEGMENT
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties
and Franchise Fees
|
|
$ 62
|
$ 80
|
N/A
|
N/A
|
N/A
|
|
$ 58
|
$ 75
|
$ 85
|
$ 66
|
$ 284
|
|
Marketing,
Reservation and Wyndham Rewards Revenues (a)
|
68
|
99
|
N/A
|
N/A
|
N/A
|
|
54
|
75
|
94
|
76
|
299
|
|
Hotel
Management Reimbursable Revenues (b)
|
21
|
22
|
N/A
|
N/A
|
N/A
|
|
19
|
19
|
21
|
20
|
79
|
|
Inter-segment
Trademark Fees (c)
|
|
8
|
9
|
N/A
|
N/A
|
N/A
|
|
1
|
2
|
3
|
4
|
10
|
|
Owned
Hotel Revenues
|
|
8
|
8
|
N/A
|
N/A
|
N/A
|
|
-
|
-
|
-
|
5
|
5
|
|
Ancillary
Revenues (d)
|
|
18
|
15
|
N/A
|
N/A
|
N/A
|
|
17
|
19
|
19
|
17
|
72
|
|
Total
Lodging
|
|
185
|
233
|
N/A
|
N/A
|
N/A
|
|
149
|
190
|
222
|
188
|
749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Exchange and Rentals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Revenues
|
|
188
|
162
|
N/A
|
N/A
|
N/A
|
|
194
|
168
|
161
|
150
|
673
|
|
Rental
Revenues
|
|
159
|
170
|
N/A
|
N/A
|
N/A
|
|
150
|
180
|
260
|
125
|
715
|
|
Ancillary
Revenues (e)
|
|
14
|
16
|
N/A
|
N/A
|
N/A
|
|
12
|
13
|
15
|
16
|
56
|
|
Total
Vacation Exchange and Rentals
|
361
|
348
|
N/A
|
N/A
|
N/A
|
|
356
|
361
|
436
|
291
|
1,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership Interest Sales
|
271
|
342
|
N/A
|
N/A
|
N/A
|
|
222
|
313
|
320
|
295
|
1,150
|
|
Consumer
Financing
|
|
103
|
102
|
N/A
|
N/A
|
N/A
|
|
102
|
103
|
105
|
105
|
415
|
|
Property
Management Fees
|
|
110
|
108
|
N/A
|
N/A
|
N/A
|
|
110
|
108
|
105
|
101
|
424
|
|
WAAM
1.0 Commissions
|
|
12
|
11
|
N/A
|
N/A
|
N/A
|
|
10
|
11
|
23
|
21
|
65
|
|
Ancillary
Revenues (f)
|
|
5
|
7
|
N/A
|
N/A
|
N/A
|
|
6
|
6
|
6
|
5
|
23
|
|
Total
Vacation Ownership
|
|
501
|
570
|
N/A
|
N/A
|
N/A
|
|
450
|
541
|
559
|
527
|
2,077
|
Total
Reportable Segments
|
|
$
1,047
|
$
1,151
|
N/A
|
N/A
|
N/A
|
|
$
955
|
$
1,092
|
$
1,217
|
$
1,006
|
$
4,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties
and Franchise Fees
|
|
$ 52
|
$ 69
|
$ 82
|
$ 62
|
$ 265
|
|
$ 57
|
$ 68
|
$ 72
|
$ 57
|
$ 254
|
|
Marketing,
Reservation and Wyndham Rewards Revenues (a)
|
50
|
65
|
76
|
60
|
251
|
|
54
|
66
|
73
|
53
|
246
|
|
Hotel
Management Reimbursable Revenues (b)
|
21
|
20
|
18
|
18
|
77
|
|
22
|
23
|
21
|
19
|
85
|
|
Ancillary
Revenues (d)
|
|
21
|
24
|
27
|
23
|
95
|
|
21
|
17
|
17
|
20
|
75
|
|
Total
Lodging
|
|
144
|
178
|
203
|
163
|
688
|
|
154
|
174
|
183
|
149
|
660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Exchange and Rentals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Revenues
|
|
189
|
161
|
163
|
153
|
666
|
|
185
|
165
|
164
|
154
|
668
|
|
Rental
Revenues
|
|
105
|
115
|
161
|
114
|
495
|
|
96
|
109
|
157
|
98
|
460
|
|
Ancillary
Revenues (e)
|
|
6
|
5
|
6
|
15
|
32
|
|
6
|
6
|
6
|
6
|
24
|
|
Total
Vacation Exchange and Rentals
|
300
|
281
|
330
|
282
|
1,193
|
|
287
|
280
|
327
|
258
|
1,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership Interest Sales
|
217
|
271
|
308
|
276
|
1,072
|
|
239
|
242
|
285
|
287
|
1,053
|
|
Consumer
Financing
|
|
105
|
106
|
107
|
107
|
425
|
|
109
|
109
|
108
|
109
|
435
|
|
Property
Management Fees
|
|
100
|
100
|
104
|
101
|
405
|
|
91
|
94
|
96
|
95
|
376
|
|
WAAM
1.0 Commissions (g)
|
|
3
|
8
|
12
|
8
|
31
|
|
-
|
-
|
-
|
-
|
-
|
|
Ancillary
Revenues (f)
|
|
19
|
20
|
2
|
5
|
46
|
|
23
|
22
|
19
|
17
|
81
|
|
Total
Vacation Ownership
|
|
444
|
505
|
533
|
497
|
1,979
|
|
462
|
467
|
508
|
508
|
1,945
|
Total
Reportable Segments
|
|
$
888
|
$
964
|
$
1,066
|
$
942
|
$
3,860
|
|
$
903
|
$
921
|
$
1,018
|
$
915
|
$
3,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Full year amounts may not add across due to rounding.
|
(a)
|
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. Wyndham Rewards revenues represent fees we receive relating
to our loyalty program.
|
|
(b)
|
Primarily
represents payroll costs in our hotel management business that we pay
on behalf of property owners and for which we are reimbursed by the
property owners.
|
(c)
|
During
2011, $3 million, $1 million and $2 million of inter-segment trademark
fees were recorded as a reduction of expenses in Q1, Q2 and Q3,
respectively. As such, total inter-segment trademark fees for 2011 were
$16 million.
|
(d)
|
Primarily
includes additional services provided to franchisees.
|
(e)
|
Primarily
includes fees generated from programs with affiliated resorts and
homeowners.
|
(f)
|
Primarily
includes revenues associated with bonus points/credits that are
provided as purchase incentives on VOI sales and fees generated from
other non-core operations.
|
(g)
|
The
Company implemented the WAAM 1.0 sales model during the first quarter
of 2010 and, as such, there is no historical data for 2009.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
5
|
Wyndham
Worldwide Corporation
|
SCHEDULE
OF DEBT
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, 2012
|
|
March
31, 2012
|
|
December
31, 2011
|
|
September
30, 2011
|
|
June
30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securitized
vacation ownership debt (a)
|
|
|
|
|
|
|
|
|
|
|
Term
notes
|
|
$ 1,634
|
|
$ 1,896
|
|
$ 1,625
|
|
$ 1,512
|
|
$ 1,446
|
Bank
conduit facility (b)
|
|
220
|
|
104
|
|
237
|
|
218
|
|
242
|
Securitized
vacation ownership debt (c)
|
|
1,854
|
|
2,000
|
|
1,862
|
|
1,730
|
|
1,688
|
Less:
Current portion of securitized vacation ownership debt
|
|
191
|
|
206
|
|
196
|
|
179
|
|
190
|
Long-term
securitized vacation ownership debt
|
|
$ 1,663
|
|
$ 1,794
|
|
$ 1,666
|
|
$ 1,551
|
|
$ 1,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt:
|
|
|
|
|
|
|
|
|
|
|
Revolving
credit facility (due July 2016) (d)
|
|
$ 81
|
|
$ 47
|
|
$ 218
|
|
$ 169
|
|
$ 107
|
3.50%
convertible notes (due May 2012) (e)
|
|
-
|
|
44
|
|
36
|
|
27
|
|
32
|
9.875%
senior unsecured notes (due May 2014) (f)
|
|
42
|
|
42
|
|
243
|
|
243
|
|
242
|
6.00%
senior unsecured notes (due December 2016) (g)
|
|
362
|
|
362
|
|
811
|
|
812
|
|
803
|
2.95%
senior unsecured notes (due March 2017) (h)
|
|
298
|
|
298
|
|
-
|
|
-
|
|
-
|
5.75%
senior unsecured notes (due February 2018) (i)
|
|
248
|
|
247
|
|
247
|
|
247
|
|
247
|
7.375%
senior unsecured notes (due March 2020) (j)
|
|
248
|
|
248
|
|
247
|
|
247
|
|
247
|
5.625%
senior unsecured notes (due March 2021) (k)
|
|
245
|
|
245
|
|
245
|
|
245
|
|
245
|
4.25%
senior unsecured notes (due March 2022) (l)
|
|
644
|
|
643
|
|
-
|
|
-
|
|
-
|
Vacation
rentals capital leases
|
|
95
|
|
103
|
|
102
|
|
108
|
|
120
|
Other
|
|
3
|
|
1
|
|
4
|
|
1
|
|
1
|
Total
debt
|
|
2,266
|
|
2,280
|
|
2,153
|
|
2,099
|
|
2,044
|
Less:
Current portion of debt
|
|
11
|
|
54
|
|
46
|
|
37
|
|
43
|
Long-term
debt
|
|
$ 2,255
|
|
$ 2,226
|
|
$ 2,107
|
|
$ 2,062
|
|
$ 2,001
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The
Company's vacation ownership contract receivables are securitized
through bankruptcy-remote special purpose entities ("SPE") that are
consolidated within our financial statements. These bankruptcy-remote
SPEs are legally separate from the Company. The receivables held by the
bankruptcy-remote SPEs are not available to the Company's creditors and
legally are not the Company's assets. Additionally, the creditors of
these SPEs have no recourse to the Company for principal and interest.
|
(b)
|
Represents
a non-recourse vacation ownership bank conduit facility with a term
through June 2013 and borrowing capacity of $600 million. As of June
30, 2012, this facility had remaining borrowing capacity of $380
million.
|
(c)
|
This
debt is collateralized by $2,490 million, $2,622 million, $2,638
million, $2,502 million and $2,672 million of underlying vacation
ownership contract receivables and related assets as of June 30, 2012,
March 31, 2012, December 31, 2011, September 30, 2011 and June 30,
2011, respectively.
|
(d)
|
Represents
a $1.0 billion revolving credit facility that expires on July 15, 2016.
As of June 30, 2012, the Company had $11 million of outstanding letters
of credit and a remaining borrowing capacity of $908 million.
|
(e)
|
Represents
convertible notes issued by the Company during May 2009 and repaid by
the Company during May 2012.
|
(f)
|
Represents
senior unsecured notes issued by the Company during May 2009. The
balance as of June 30, 2012 represents $43 million aggregate principal
less $1 million of unamortized discount.
|
(g)
|
Represents
senior unsecured notes issued by the Company during December 2006. The
balance as of June 30, 2012 represents $357 million aggregate principal
less $1 million of unamortized discount, plus $6 million of unamortized
gains from the settlement of a derivative.
|
(h)
|
Represents
senior unsecured notes issued by the Company during March 2012. The
balance as of June 30, 2012 represents $300 million aggregate principal
less $2 million of unamortized discount.
|
(i)
|
Represents
senior unsecured notes issued by the Company during September 2010. The
balance as of June 30, 2012 represents $250 million aggregate principal
less $2 million of unamortized discount.
|
(j)
|
Represents
senior unsecured notes issued by the Company during February 2010. The
balance as of June 30, 2012 represents $250 million aggregate principal
less $2 million of unamortized discount.
|
(k)
|
Represents
senior unsecured notes issued by the Company during March 2011. The
balance as of June 30, 2012 represents $250 million aggregate principal
less $5 million of unamortized discount.
|
(l)
|
Represents
senior unsecured notes issued by the Company during March 2012. The
balance as of June 30, 2012 represents $650 million aggregate principal
less $6 million of unamortized discount.
|
|
|
|
|
|
|
Table
6
|
|
|
|
|
|
|
(1
of 2)
|
Wyndham
Worldwide Corporation
|
BRAND SYSTEM DETAILS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of and For the Three Months Ended June 30, 2012
|
Brand
|
Number
of Properties
|
Number
of Rooms
|
Average
Occupancy Rate
|
Average
Daily Rate (ADR)
|
Average
Revenue Per Available Room (RevPAR)
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
Wyndham
Hotels and Resorts
|
101
|
25,360
|
63.2%
|
$111.54
|
$70.48
|
|
|
|
|
|
|
|
TRYP
by Wyndham
|
89
|
12,824
|
66.9%
|
$102.26
|
$68.37
|
|
|
|
|
|
|
|
Wingate
by Wyndham
|
161
|
14,796
|
65.6%
|
$84.70
|
$55.60
|
|
|
|
|
|
|
|
Hawthorn
Suites by Wyndham
|
77
|
7,355
|
65.3%
|
$75.89
|
$49.56
|
|
|
|
|
|
|
|
Ramada
|
841
|
113,275
|
55.5%
|
$79.17
|
$43.93
|
|
|
|
|
|
|
|
Baymont
|
257
|
21,655
|
55.0%
|
$64.24
|
$35.36
|
|
|
|
|
|
|
|
Days
Inn
|
1,825
|
146,261
|
51.4%
|
$63.92
|
$32.86
|
|
|
|
|
|
|
|
Super
8
|
2,275
|
144,570
|
57.8%
|
$53.07
|
$30.65
|
|
|
|
|
|
|
|
Howard
Johnson
|
445
|
44,441
|
49.4%
|
$62.32
|
$30.79
|
|
|
|
|
|
|
|
Travelodge
|
433
|
32,159
|
50.7%
|
$66.41
|
$33.66
|
|
|
|
|
|
|
|
Microtel
Inns & Suites by Wyndham
|
308
|
21,967
|
58.0%
|
$62.40
|
$36.18
|
|
|
|
|
|
|
|
Knights
Inn
|
353
|
22,255
|
42.5%
|
$43.11
|
$18.30
|
|
|
|
|
|
|
|
Dream
|
5
|
990
|
73.1%
|
$221.34
|
$161.88
|
|
|
|
|
|
|
|
Night
|
2
|
422
|
86.6%
|
$210.05
|
$181.94
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,172
|
608,330
|
54.9%
|
$67.81
|
$37.23
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
Wyndham
Vacation Ownership resorts
|
165
|
20,938
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total
Wyndham Worldwide
|
7,337
|
629,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of and For the Three Months Ended June 30, 2011
|
Brand
|
Number
of Properties
|
Number
of Rooms
|
Average
Occupancy Rate
|
Average
Daily Rate (ADR)
|
Average
Revenue Per Available Room (RevPAR)
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
Wyndham
Hotels and Resorts
|
98
|
26,488
|
62.7%
|
$109.96
|
$68.98
|
|
|
|
|
|
|
|
TRYP
by Wyndham
|
94
|
13,659
|
66.6%
|
$103.39
|
$68.88
|
|
|
|
|
|
|
|
Wingate
by Wyndham
|
166
|
15,234
|
62.8%
|
$82.01
|
$51.51
|
|
|
|
|
|
|
|
Hawthorn
Suites by Wyndham
|
74
|
7,054
|
63.8%
|
$75.96
|
$48.49
|
|
|
|
|
|
|
|
Ramada
|
884
|
117,365
|
53.9%
|
$75.47
|
$40.70
|
|
|
|
|
|
|
|
Baymont
|
255
|
21,381
|
51.2%
|
$62.66
|
$32.08
|
|
|
|
|
|
|
|
Days
Inn
|
1,865
|
149,032
|
50.2%
|
$61.60
|
$30.92
|
|
|
|
|
|
|
|
Super
8
|
2,214
|
139,196
|
54.6%
|
$54.95
|
$30.01
|
|
|
|
|
|
|
|
Howard
Johnson
|
462
|
46,291
|
49.1%
|
$61.11
|
$30.00
|
|
|
|
|
|
|
|
Travelodge
|
434
|
32,364
|
49.0%
|
$65.77
|
$32.23
|
|
|
|
|
|
|
|
Microtel
Inns & Suites by Wyndham
|
317
|
22,579
|
55.9%
|
$58.85
|
$32.88
|
|
|
|
|
|
|
|
Knights
Inn
|
347
|
21,221
|
40.1%
|
$42.71
|
$17.14
|
|
|
|
|
|
|
|
Dream
|
5
|
990
|
71.6%
|
$173.17
|
$124.00
|
|
|
|
|
|
|
|
Night
|
1
|
72
|
92.8%
|
$228.31
|
$211.96
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,216
|
612,926
|
53.0%
|
$66.73
|
$35.38
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
Wyndham
Vacation Ownership resorts
|
162
|
20,760
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total
Wyndham Worldwide
|
7,378
|
633,686
|
|
|
|
_______________
|
|
|
|
|
|
NOTE:
A glossary of terms is included in Table 3 (3 of 3); RevPAR may not
recalculate by multiplying average occupancy rate by ADR due to
rounding.
|
|
|
|
|
|
|
Table
6
|
|
|
|
|
|
|
(2
of 2)
|
Wyndham
Worldwide Corporation
|
BRAND
SYSTEM DETAILS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of and For the Six Months Ended June 30, 2012
|
Brand
|
Number
of Properties
|
Number
of Rooms
|
Average
Occupancy Rate
|
Average
Daily Rate (ADR)
|
Average
Revenue Per Available Room (RevPAR)
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
Wyndham
Hotels and Resorts
|
101
|
25,360
|
59.4%
|
$111.30
|
$66.15
|
|
|
|
|
|
|
|
TRYP
by Wyndham
|
89
|
12,824
|
59.0%
|
$99.57
|
$58.73
|
|
|
|
|
|
|
|
Wingate
by Wyndham
|
161
|
14,796
|
61.6%
|
$82.60
|
$50.91
|
|
|
|
|
|
|
|
Hawthorn
Suites by Wyndham
|
77
|
7,355
|
62.4%
|
$74.93
|
$46.74
|
|
|
|
|
|
|
|
Ramada
|
841
|
113,275
|
51.6%
|
$77.70
|
$40.06
|
|
|
|
|
|
|
|
Baymont
|
257
|
21,655
|
49.9%
|
$62.54
|
$31.18
|
|
|
|
|
|
|
|
Days
Inn
|
1,825
|
146,261
|
46.9%
|
$61.67
|
$28.95
|
|
|
|
|
|
|
|
Super
8
|
2,275
|
144,570
|
52.5%
|
$51.94
|
$27.28
|
|
|
|
|
|
|
|
Howard
Johnson
|
445
|
44,441
|
46.8%
|
$60.72
|
$28.42
|
|
|
|
|
|
|
|
Travelodge
|
433
|
32,159
|
46.7%
|
$64.10
|
$29.95
|
|
|
|
|
|
|
|
Microtel
Inns & Suites by Wyndham
|
308
|
21,967
|
53.5%
|
$60.54
|
$32.41
|
|
|
|
|
|
|
|
Knights
Inn
|
353
|
22,255
|
39.5%
|
$41.79
|
$16.51
|
|
|
|
|
|
|
|
Dream
|
5
|
990
|
74.1%
|
$207.74
|
$154.04
|
|
|
|
|
|
|
|
Night
|
2
|
422
|
87.4%
|
$208.83
|
$182.48
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,172
|
608,330
|
50.5%
|
$66.25
|
$33.47
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
Wyndham
Vacation Ownership resorts
|
165
|
20,938
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total
Wyndham Worldwide
|
7,337
|
629,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of and For the Six Months Ended June 30, 2011
|
Brand
|
Number
of Properties
|
Number
of Rooms
|
Average
Occupancy Rate
|
Average
Daily Rate (ADR)
|
Average
Revenue Per Available Room (RevPAR)
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
Wyndham
Hotels and Resorts
|
98
|
26,488
|
58.1%
|
$108.43
|
$63.01
|
|
|
|
|
|
|
|
TRYP
by Wyndham
|
94
|
13,659
|
57.5%
|
$106.68
|
$61.36
|
|
|
|
|
|
|
|
Wingate
by Wyndham
|
166
|
15,234
|
59.3%
|
$80.29
|
$47.63
|
|
|
|
|
|
|
|
Hawthorn
Suites by Wyndham
|
74
|
7,054
|
60.7%
|
$75.14
|
$45.63
|
|
|
|
|
|
|
|
Ramada
|
884
|
117,365
|
49.7%
|
$74.51
|
$37.01
|
|
|
|
|
|
|
|
Baymont
|
255
|
21,381
|
46.2%
|
$61.04
|
$28.20
|
|
|
|
|
|
|
|
Days
Inn
|
1,865
|
149,032
|
45.4%
|
$60.08
|
$27.27
|
|
|
|
|
|
|
|
Super
8
|
2,214
|
139,196
|
49.3%
|
$53.39
|
$26.31
|
|
|
|
|
|
|
|
Howard
Johnson
|
462
|
46,291
|
45.1%
|
$59.36
|
$26.77
|
|
|
|
|
|
|
|
Travelodge
|
434
|
32,364
|
44.9%
|
$63.04
|
$28.32
|
|
|
|
|
|
|
|
Microtel
Inns & Suites by Wyndham
|
317
|
22,579
|
51.1%
|
$57.13
|
$29.19
|
|
|
|
|
|
|
|
Knights
Inn
|
347
|
21,221
|
37.0%
|
$41.84
|
$15.47
|
|
|
|
|
|
|
|
Dream
|
5
|
990
|
71.9%
|
$174.20
|
$125.27
|
|
|
|
|
|
|
|
Night
|
1
|
72
|
93.1%
|
$246.94
|
$229.87
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,216
|
612,926
|
48.3%
|
$65.35
|
$31.57
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
Wyndham
Vacation Ownership resorts
|
162
|
20,760
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total
Wyndham Worldwide
|
7,378
|
633,686
|
|
|
|
_______________
|
|
|
|
|
|
NOTE:
A glossary of terms is included in Table 3 (3 of 3); RevPAR may not
recalculate by multiplying average occupancy rate by ADR due to
rounding.
|
|
|
|
|
|
|
|
|
|
Table
7
|
|
|
|
|
|
|
|
|
|
(1
of 2)
|
Wyndham
Worldwide
|
NON-GAAP
RECONCILIATION
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
Legacy
|
Impairment
|
Allowance
|
Adjusted
|
Three
months ended March 31, 2012
|
|
Net
Revenues
|
|
EBITDA
|
Adjustments
(b)
|
Recovery
(c)
|
Reversal
(d)
|
EBITDA
|
Lodging
|
|
$ 185
|
|
$ 49
|
$ -
|
|
$ -
|
$ 49
|
Vacation
Exchange and Rentals
|
|
361
|
|
95
|
-
|
-
|
(2)
|
93
|
Vacation
Ownership
|
|
501
|
|
103
|
-
|
-
|
-
|
103
|
Total
Reportable Segments
|
|
1,047
|
|
247
|
-
|
-
|
(2)
|
245
|
Corporate
and Other (a)
|
|
(11)
|
|
(21)
|
(4)
|
-
|
-
|
(25)
|
Total
Company
|
|
$ 1,036
|
|
$ 226
|
$ (4)
|
$ -
|
$ (2)
|
$ 220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended June 30, 2012
|
|
|
|
|
|
|
|
|
Lodging
|
|
$ 233
|
|
$ 75
|
$ -
|
$ (1)
|
$ -
|
$ 74
|
Vacation
Exchange and Rentals
|
|
348
|
|
82
|
-
|
-
|
|
82
|
Vacation
Ownership
|
|
570
|
|
150
|
-
|
-
|
-
|
150
|
Total
Reportable Segments
|
|
1,151
|
|
307
|
-
|
(1)
|
-
|
306
|
Corporate
and Other (a)
|
|
(12)
|
|
(25)
|
-
|
-
|
-
|
(25)
|
Total
Company
|
|
$ 1,139
|
|
$ 282
|
$ -
|
$ (1)
|
$ -
|
$ 281
|
________________
|
|
|
|
|
|
|
|
|
(a)
|
Includes
the elimination of transactions between segments.
|
|
|
|
|
(b)
|
Relates
to the net benefit from the resolution of and adjustment to certain
contingent liabilities and assets resulting from our separation from
Cendant.
|
(c)
|
Relates
to the recovery of a previously recorded impairment charge.
|
(d)
|
Relates
to a benefit from the reversal of an allowance associated with a
previously divested asset.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2
of 2)
|
Wyndham
Worldwide
|
NON-GAAP
RECONCILIATION
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
Legacy
|
Asset
|
Restructuring
|
VAT
|
CTA
|
Adjusted
|
Three
months ended March 31, 2011
|
|
Net
Revenues
|
|
EBITDA
|
Adjustments
(b)
|
Impairments
|
Costs
|
Adjustments
(e)
|
Writeoff
(f)
|
EBITDA
|
Lodging
|
|
$ 149
|
|
$ 27
|
$ -
|
$ 13
|
(c)
|
$ -
|
|
$ -
|
$ -
|
$ 40
|
Vacation
Exchange and Rentals
|
|
356
|
|
93
|
-
|
-
|
|
-
|
|
-
|
-
|
93
|
Vacation
Ownership
|
|
450
|
|
97
|
-
|
-
|
|
(1)
|
(d)
|
-
|
-
|
96
|
Total
Reportable Segments
|
|
955
|
|
217
|
-
|
13
|
|
(1)
|
|
-
|
-
|
229
|
Corporate
and Other (a)
|
|
(3)
|
|
(14)
|
(11)
|
-
|
|
-
|
|
-
|
-
|
(25)
|
Total
Company
|
|
$ 952
|
|
$ 203
|
$ (11)
|
$ 13
|
|
$ (1)
|
|
$ -
|
$ -
|
$ 204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended June 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$ 190
|
|
$ 66
|
$ -
|
$ -
|
|
$ -
|
|
$ -
|
$ -
|
$ 66
|
Vacation
Exchange and Rentals
|
|
361
|
|
106
|
-
|
-
|
|
7
|
(g)
|
(31)
|
-
|
82
|
Vacation
Ownership
|
|
541
|
|
130
|
-
|
-
|
|
-
|
|
-
|
-
|
130
|
Total
Reportable Segments
|
|
1,092
|
|
302
|
-
|
-
|
|
7
|
|
(31)
|
-
|
278
|
Corporate
and Other (a)
|
|
(2)
|
|
(26)
|
3
|
-
|
|
-
|
|
-
|
-
|
(23)
|
Total
Company
|
|
$ 1,090
|
|
$ 276
|
$ 3
|
$ -
|
|
$ 7
|
|
$ (31)
|
$ -
|
$ 255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended September 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$ 222
|
|
$ 67
|
$ -
|
$ -
|
|
$ -
|
|
$ -
|
$ -
|
$ 67
|
Vacation
Exchange and Rentals
|
|
436
|
|
131
|
-
|
-
|
|
-
|
|
-
|
4
|
135
|
Vacation
Ownership
|
|
559
|
|
149
|
-
|
-
|
|
-
|
|
-
|
-
|
149
|
Total
Reportable Segments
|
|
1,217
|
|
347
|
-
|
-
|
|
-
|
|
-
|
4
|
351
|
Corporate
and Other (a)
|
|
(5)
|
|
(18)
|
(8)
|
-
|
|
-
|
|
-
|
-
|
(26)
|
Total
Company
|
|
$ 1,212
|
|
$ 329
|
$ (8)
|
$ -
|
|
$ -
|
|
$ -
|
$ 4
|
$ 325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$ 188
|
|
$ (3)
|
$ -
|
$ 44
|
(h)
|
$ -
|
|
$ -
|
$ -
|
$ 41
|
Vacation
Exchange and Rentals
|
|
291
|
|
38
|
-
|
-
|
|
-
|
|
-
|
-
|
38
|
Vacation
Ownership
|
|
527
|
|
139
|
-
|
-
|
|
-
|
|
-
|
-
|
139
|
Total
Reportable Segments
|
|
1,006
|
|
174
|
-
|
44
|
|
-
|
|
-
|
-
|
218
|
Corporate
and Other (a)
|
|
(6)
|
|
(26)
|
-
|
-
|
|
-
|
|
-
|
-
|
(26)
|
Total
Company
|
|
$ 1,000
|
|
$ 148
|
$ -
|
$ 44
|
|
$ -
|
|
$ -
|
$ -
|
$ 192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
months ended December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$ 749
|
|
$ 157
|
$ -
|
$ 57
|
(c) (h)
|
$ -
|
|
$ -
|
$ -
|
$ 214
|
Vacation
Exchange and Rentals
|
|
1,444
|
|
368
|
-
|
-
|
|
7
|
(g)
|
(31)
|
4
|
348
|
Vacation
Ownership
|
|
2,077
|
|
515
|
-
|
-
|
|
(1)
|
(d)
|
-
|
-
|
514
|
Total
Reportable Segments
|
|
4,270
|
|
1,040
|
-
|
57
|
|
6
|
|
(31)
|
4
|
1,076
|
Corporate
and Other (a)
|
|
(16)
|
|
(84)
|
(16)
|
-
|
|
-
|
|
-
|
-
|
(100)
|
Total
Company
|
|
$ 4,254
|
|
$ 956
|
$ (16)
|
$ 57
|
|
$ 6
|
|
$ (31)
|
$ 4
|
$ 976
|
________________
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes
the elimination of transactions between segments.
|
|
|
|
|
|
|
|
|
(b)
|
Relates
to the net expense/(benefit) from the resolution of and adjustment to
certain contingent liabilities and assets resulting from our separation
from Cendant.
|
(c)
|
Relates
to a non-cash impairment charge related to a write-down of an
international joint venture.
|
(d)
|
Relates
to the reversal of costs incurred as a result of various strategic
initiatives commenced by the Company during 2008.
|
(e)
|
Relates
to a net benefit resulting from a refund of value added taxes.
|
(f)
|
Relates
to the write-off of foreign exchange translation adjustments associated
with the liquidation of a foreign entity.
|
(g)
|
Relates
to costs incurred as a result of a strategic initiative commenced by
the Company during 2010.
|
(h)
|
Relates
to non-cash impairment charges primarily related to the write-down of
certain franchise and management agreements and development advance
notes.
|
Table
8
|
(1
of 4)
|
|
Wyndham
Worldwide Corporation
|
NON-GAAP
FINANCIAL INFORMATION
|
(In
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment
Recovery
|
|
|
|
|
|
As
Reported
|
|
As
Adjusted
|
Net
revenues
|
|
|
|
|
|
|
|
Service
fees and membership
|
|
$ 489
|
|
|
|
$ 489
|
|
Vacation
ownership interest sales
|
|
342
|
|
|
|
342
|
|
Franchise
fees
|
|
163
|
|
|
|
163
|
|
Consumer
financing
|
|
102
|
|
|
|
102
|
|
Other
|
|
43
|
|
|
|
43
|
Net
revenues
|
|
1,139
|
|
-
|
|
1,139
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
Operating
|
|
451
|
|
|
|
451
|
|
Cost
of vacation ownership interests
|
|
42
|
|
|
|
42
|
|
Consumer
financing interest
|
|
23
|
|
|
|
23
|
|
Marketing
and reservation
|
|
190
|
|
|
|
190
|
|
General
and administrative
|
|
156
|
|
|
|
156
|
|
Depreciation
and amortization
|
|
46
|
|
|
|
46
|
Total
expenses
|
|
908
|
|
-
|
|
908
|
|
|
|
|
|
|
|
|
Operating
income
|
|
231
|
|
-
|
|
231
|
Other
income, net
|
|
(5)
|
|
1
|
(a)
|
(4)
|
Interest
expense
|
|
32
|
|
|
|
32
|
Early
extinguishment of debt
|
|
-
|
|
|
|
-
|
Interest
income
|
|
(2)
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
206
|
|
(1)
|
|
205
|
Provision
for income taxes
|
|
78
|
|
(1)
|
(b)
|
77
|
|
|
|
|
|
|
|
|
Net
income attributable to Wyndham
|
|
$ 128
|
|
$ -
|
|
$ 128
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
Basic
|
|
$ 0.89
|
|
$ -
|
|
$ 0.89
|
|
Diluted
|
|
0.88
|
|
-
|
|
0.87
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
Basic
|
|
144
|
|
144
|
|
144
|
|
Diluted
|
|
147
|
|
147
|
|
147
|
__________
|
|
|
|
|
|
|
Note:
EPS amounts may not add due to rounding.
|
|
|
|
|
(a)
|
Relates
to the recovery of a previously recorded impairment charge.
|
(b)
|
Relates
to the tax effect of the adjustment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2
of 4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham
Worldwide Corporation
|
NON-GAAP
FINANCIAL INFORMATION
|
(In
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment
Recovery
|
|
Legacy
Adjustments
|
|
Allowance
Reversal
|
|
Early
Extinguishment of Debt
|
|
|
|
|
|
As
Reported
|
|
|
|
|
As
Adjusted
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
fees and membership
|
|
$ 993
|
|
|
|
|
|
|
|
|
|
$ 993
|
|
Vacation
ownership interest sales
|
|
613
|
|
|
|
|
|
|
|
|
|
613
|
|
Franchise
fees
|
|
281
|
|
|
|
|
|
|
|
|
|
281
|
|
Consumer
financing
|
|
205
|
|
|
|
|
|
|
|
|
|
205
|
|
Other
|
|
83
|
|
|
|
|
|
|
|
|
|
83
|
Net
revenues
|
|
2,175
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
895
|
|
|
|
|
|
|
|
|
|
895
|
|
Cost
of vacation ownership interests
|
|
70
|
|
|
|
|
|
|
|
|
|
70
|
|
Consumer
financing interest
|
|
46
|
|
|
|
|
|
|
|
|
|
46
|
|
Marketing
and reservation
|
|
356
|
|
|
|
|
|
|
|
|
|
356
|
|
General
and administrative
|
|
310
|
|
|
|
4
|
(b)
|
|
|
|
|
314
|
|
Depreciation
and amortization
|
|
91
|
|
|
|
|
|
|
|
|
|
91
|
Total
expenses
|
|
1,768
|
|
-
|
|
4
|
|
-
|
|
-
|
|
1,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
407
|
|
-
|
|
(4)
|
|
-
|
|
-
|
|
403
|
Other
income, net
|
|
(9)
|
|
1
|
(a)
|
|
|
2
|
(c)
|
|
|
(6)
|
Interest
expense
|
|
65
|
|
|
|
|
|
|
|
|
|
65
|
Early
extinguishment of debt
|
|
106
|
|
|
|
|
|
|
|
(106)
|
(d)
|
-
|
Interest
income
|
|
(5)
|
|
|
|
|
|
|
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
250
|
|
(1)
|
|
(4)
|
|
(2)
|
|
106
|
|
349
|
Provision
for income taxes
|
|
91
|
|
(1)
|
(e)
|
(2)
|
(e)
|
-
|
(e)
|
44
|
(e)
|
132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
159
|
|
-
|
|
(2)
|
|
(2)
|
|
62
|
|
217
|
Net
loss attributable to noncontrolling interest
|
|
1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to Wyndham
|
|
$ 160
|
|
$ -
|
|
$ (2)
|
|
$ (2)
|
|
$ 62
|
|
$ 218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ 1.10
|
|
$ -
|
|
$
(0.02)
|
|
$
(0.01)
|
|
$ 0.43
|
|
$ 1.50
|
|
Diluted
|
|
1.08
|
|
-
|
|
(0.02)
|
|
(0.01)
|
|
0.42
|
|
1.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
145
|
|
145
|
|
145
|
|
145
|
|
145
|
|
145
|
|
Diluted
|
|
148
|
|
148
|
|
148
|
|
148
|
|
148
|
|
148
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Relates
to the recovery of a previously recorded impairment charge.
|
(b)
|
Relates
to the net benefit from the resolution of and adjustment to certain
contingent liabilities and assets resulting from our separation from
Cendant.
|
(c)
|
Relates
to a benefit from the reversal of an allowance associated with a
previously divested asset.
|
(d)
|
Represents
costs incurred for the early repurchase of a portion of the Company's
9.875% senior unsecured notes and 6.00% senior unsecured notes.
|
(e)
|
Relates
to the tax effect of the adjustment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3
of 4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham
Worldwide Corporation
|
NON-GAAP
FINANCIAL INFORMATION
|
(In
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Early
Extinguishment of Debt
|
|
Legacy
Adjustments
|
|
Restructuring
Costs
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
VAT
Adjustments
|
|
As
Adjusted
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
fees and membership
|
|
$ 499
|
|
|
|
|
|
|
|
|
|
$ 499
|
|
Vacation
ownership interest sales
|
|
313
|
|
|
|
|
|
|
|
|
|
313
|
|
Franchise
fees
|
|
134
|
|
|
|
|
|
|
|
|
|
134
|
|
Consumer
financing
|
|
103
|
|
|
|
|
|
|
|
|
|
103
|
|
Other
|
|
41
|
|
|
|
|
|
|
|
|
|
41
|
Net
revenues
|
|
1,090
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
458
|
|
|
|
|
|
|
|
|
|
458
|
|
Cost
of vacation ownership interests
|
|
48
|
|
|
|
|
|
|
|
|
|
48
|
|
Consumer
financing interest
|
|
23
|
|
|
|
|
|
|
|
|
|
23
|
|
Marketing
and reservation
|
|
153
|
|
|
|
|
|
|
|
|
|
153
|
|
General
and administrative
|
|
126
|
|
|
|
(3)
|
(b)
|
|
|
31
|
(d)
|
154
|
|
Restructuring
|
|
7
|
|
|
|
|
|
(7)
|
(c)
|
|
|
-
|
|
Depreciation
and amortization
|
|
45
|
|
|
|
|
|
|
|
|
|
45
|
Total
expenses
|
|
860
|
|
-
|
|
(3)
|
|
(7)
|
|
31
|
|
881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
230
|
|
-
|
|
3
|
|
7
|
|
(31)
|
|
209
|
Other
income, net
|
|
(1)
|
|
|
|
|
|
|
|
|
|
(1)
|
Interest
expense
|
|
36
|
|
|
|
|
|
|
|
(3)
|
(e)
|
33
|
Early
extinguishment of debt
|
|
1
|
|
(1)
|
(a)
|
|
|
|
|
|
|
-
|
Interest
income
|
|
(2)
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
196
|
|
1
|
|
3
|
|
7
|
|
(28)
|
|
179
|
Provision
for income taxes
|
|
82
|
|
1
|
(f)
|
1
|
(f)
|
2
|
(f)
|
(15)
|
(f)
|
71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to Wyndham
|
|
$ 114
|
|
$ -
|
|
$ 2
|
|
$ 5
|
|
$ (13)
|
|
$ 108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ 0.68
|
|
$ -
|
|
$ 0.01
|
|
$ 0.03
|
|
$
(0.08)
|
|
$ 0.65
|
|
Diluted
|
|
0.67
|
|
-
|
|
0.01
|
|
0.03
|
|
(0.08)
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
167
|
|
167
|
|
167
|
|
167
|
|
167
|
|
167
|
|
Diluted
|
|
170
|
|
170
|
|
170
|
|
170
|
|
170
|
|
170
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
EPS amounts may not add due to rounding.
|
|
|
|
|
|
|
|
|
(a)
|
Relates
to costs incurred for the early repurchase of a portion of the
Company's 3.50% convertible notes during the second quarter of 2011.
|
(b)
|
Relates
to the net expense from the resolution of and adjustment to certain
contingent liabilities and assets resulting from our separation from
Cendant.
|
(c)
|
Relates
to costs incurred as a result of a strategic initiative commenced by
the Company during 2010.
|
(d)
|
Relates
to a net benefit resulting from a refund of value added taxes.
|
(e)
|
Relates
to interest on value added tax accruals.
|
(f)
|
Relates
to the tax effect of the adjustments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4
of 4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham
Worldwide Corporation
|
NON-GAAP
FINANCIAL INFORMATION
|
(In
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Early
Extinguishment of Debt
|
|
Legacy
Adjustments
|
|
Asset
Impairment
|
|
Restructuring
Costs
|
|
|
|
|
|
|
|
As
Reported
|
|
|
|
|
|
VAT
Adjustments
|
|
As
Adjusted
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
fees and membership
|
|
$ 995
|
|
|
|
|
|
|
|
|
|
|
|
$ 995
|
|
Vacation
ownership interest sales
|
|
535
|
|
|
|
|
|
|
|
|
|
|
|
535
|
|
Franchise
fees
|
|
235
|
|
|
|
|
|
|
|
|
|
|
|
235
|
|
Consumer
financing
|
|
206
|
|
|
|
|
|
|
|
|
|
|
|
206
|
|
Other
|
|
70
|
|
|
|
|
|
|
|
|
|
|
|
70
|
Net
revenues
|
|
2,041
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
868
|
|
|
|
|
|
|
|
|
|
|
|
868
|
|
Cost
of vacation ownership interests
|
|
79
|
|
|
|
|
|
|
|
|
|
|
|
79
|
|
Consumer
financing interest
|
|
46
|
|
|
|
|
|
|
|
|
|
|
|
46
|
|
Marketing
and reservation
|
|
290
|
|
|
|
|
|
|
|
|
|
|
|
290
|
|
General
and administrative
|
|
266
|
|
|
|
4
|
(b)
|
|
|
|
|
31
|
(f)
|
301
|
|
Asset
impairment
|
|
13
|
|
|
|
|
|
(13)
|
(d)
|
|
|
|
|
-
|
|
Restructuring
|
|
6
|
|
|
|
|
|
|
|
(6)
|
(e)
|
|
|
-
|
|
Depreciation
and amortization
|
|
90
|
|
|
|
|
|
|
|
|
|
|
|
90
|
Total
expenses
|
|
1,658
|
|
-
|
|
4
|
|
(13)
|
|
(6)
|
|
31
|
|
1,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
383
|
|
-
|
|
(4)
|
|
13
|
|
6
|
|
(31)
|
|
367
|
Other
income, net
|
|
(7)
|
|
|
|
4
|
(c)
|
|
|
|
|
|
|
(3)
|
Interest
expense
|
|
69
|
|
|
|
|
|
|
|
|
|
(3)
|
(g)
|
66
|
Early
extinguishment of debt
|
|
12
|
|
(12)
|
(a)
|
|
|
|
|
|
|
|
|
-
|
Interest
income
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
312
|
|
12
|
|
(8)
|
|
13
|
|
6
|
|
(28)
|
|
307
|
Provision
for income taxes
|
|
126
|
|
5
|
(h)
|
(3)
|
(h)
|
5
|
(h)
|
2
|
(h)
|
(15)
|
(h)
|
120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to Wyndham
|
|
$ 186
|
|
$ 7
|
|
$ (5)
|
|
$ 8
|
|
$ 4
|
|
$ (13)
|
|
$ 187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ 1.10
|
|
$ 0.04
|
|
$
(0.03)
|
|
$ 0.05
|
|
$ 0.03
|
|
$
(0.08)
|
|
$ 1.10
|
|
Diluted
|
|
1.07
|
|
0.04
|
|
(0.03)
|
|
0.04
|
|
0.02
|
|
(0.07)
|
|
1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
170
|
|
170
|
|
170
|
|
170
|
|
170
|
|
170
|
|
170
|
|
Diluted
|
|
174
|
|
174
|
|
174
|
|
174
|
|
174
|
|
174
|
|
174
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
EPS amounts may not add due to rounding.
|
(a)
|
Relates
to costs incurred for the early repurchase of a portion of the
Company's 3.50% convertible notes during the first half of 2011.
|
(b)
|
Relates
to the net benefit from the resolution of and adjustment to certain
contingent liabilities and assets resulting from our separation from
Cendant.
|
(c)
|
Relates
to a gain on the redemption of a preferred stock investment allocated
to the Company in connection with our separation from Cendant.
|
(d)
|
Relates
to a non-cash impairment charge to reduce the value of an international
joint venture in the Company's hotel business.
|
(e)
|
Primarily
relates to costs incurred as a result of a strategic initiative
commenced by the Company during 2010.
|
(f)
|
Relates
to a net benefit resulting from a refund of value added taxes.
|
(g)
|
Relates
to interest on value added tax accruals.
|
(h)
|
Relates
to the tax effect of the adjustments.
|
|
|
|
|
|
|
Table
9
|
Wyndham
Worldwide Corporation
|
NON-GAAP
RECONCILIATIONS AND FINANCIAL INFORMATION
|
(In
millions)
|
|
|
|
|
|
|
|
FREE
CASH FLOW
|
|
|
|
|
|
|
The
Company defines free cash flow as net cash provided by operating
activities less capital expenditures, equity investments and
development advances. The Company considers free cash flow to be a
liquidity measure that provides useful information to management and
investors about the amount of cash generated by the business that,
after the acquisition of property and equipment, equity investments and
development advances, can be used for strategic opportunities,
including making acquisitions, paying dividends, repurchasing the
Company's common stock and strengthening the balance sheet. Analysis of
free cash flow also facilitates management's comparisons of the
Company's operating results to its competitors' operating results. A
limitation of using free cash flow versus the GAAP measure of net cash
provided by operating activities as a means for evaluating Wyndham
Worldwide is that free cash flow does not represent the total increase
or decrease in the cash balance from operations for the period.
|
|
|
|
|
|
|
|
The
following table provides more details on the GAAP financial measure
that is most directly comparable to the non-GAAP financial measure and
the related reconciliation between these financial measures:
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June 30,
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Net
cash provided by operating activities
|
|
$ 647
|
|
$ 696
|
|
|
Less:
Property and equipment additions
|
|
(78)
|
|
(96)
|
|
|
Less:
Equity investments and development advances
|
|
(2)
|
|
(5)
|
|
|
Free
cash flow
|
|
$ 567
|
|
$ 595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
VOI SALES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following table provides a reconciliation of Gross VOI sales (see Table
3) to Vacation ownership interest sales (see Table 4):
|
|
|
|
|
|
|
|
Year
|
|
|
|
|
|
|
2012
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Full
Year
|
|
|
|
|
|
|
|
Gross
VOI sales (a)
|
|
$ 384
|
$ 460
|
N/A
|
N/A
|
N/A
|
Less:
Sales under WAAM 1.0
|
|
(17)
|
(18)
|
N/A
|
N/A
|
N/A
|
Gross
VOI sales, net of WAAM 1.0 sales
|
|
367
|
442
|
N/A
|
N/A
|
N/A
|
Less:
Loan loss provision
|
|
(96)
|
(100)
|
N/A
|
N/A
|
N/A
|
Vacation
ownership interest sales (a)
|
|
$ 271
|
$ 342
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
VOI sales
|
|
$ 319
|
$ 412
|
$ 455
|
$ 409
|
$ 1,595
|
Less:
Sales under WAAM 1.0
|
|
(18)
|
(19)
|
(38)
|
(31)
|
(106)
|
Gross
VOI sales, net of WAAM 1.0 sales
|
|
302
|
393
|
417
|
378
|
1,489
|
Less:
Loan loss provision
|
|
(79)
|
(80)
|
(96)
|
(83)
|
(339)
|
Vacation
ownership interest sales
|
|
$ 222
|
$ 313
|
$ 320
|
$ 295
|
$ 1,150
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
VOI sales
|
|
$ 308
|
$ 371
|
$ 412
|
$ 373
|
$ 1,464
|
Less:
Sales under WAAM 1.0
|
|
(5)
|
(13)
|
(20)
|
(14)
|
(51)
|
Gross
VOI sales, net of WAAM 1.0 sales
|
|
303
|
358
|
392
|
359
|
1,413
|
Less:
Loan loss provision
|
|
(86)
|
(87)
|
(85)
|
(82)
|
(340)
|
Vacation
ownership interest sales
|
|
$ 217
|
$ 271
|
$ 308
|
$ 276
|
$ 1,072
|
|
|
|
|
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
VOI sales
|
|
$ 280
|
$ 327
|
$ 366
|
$ 343
|
$ 1,315
|
Plus:
Net effect of percentage-of-completion accounting (b)
|
|
67
|
37
|
36
|
47
|
187
|
Less:
Loan loss provision
|
|
(107)
|
(122)
|
(117)
|
(103)
|
(449)
|
Vacation
ownership interest sales
|
|
$ 239
|
$ 242
|
$ 285
|
$ 287
|
$ 1,053
|
_____________
|
|
|
|
|
|
|
Note:
Amounts may not add due to rounding.
|
|
|
|
|
|
|
(a)Includes
VOI sales under WAAM 2.0 beginning in the second quarter of 2012.
|
|
|
|
|
|
(b)Represents
the revenue that is deferred under the percentage of completion method
of accounting.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following includes primarily tele-sales upgrades and other non-tour
revenues, which are excluded from Gross VOI sales in the Company's VPG
calculation (see Table 3):
|
|
|
|
|
|
|
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Full
Year
|
|
|
|
|
|
|
|
2012
|
|
$ 27
|
$ 20
|
N/A
|
N/A
|
N/A
|
2011
|
|
$ 18
|
$ 18
|
$ 21
|
$ 11
|
$ 68
|
2010
|
|
$ 20
|
$ 20
|
$ 23
|
$ 17
|
$ 80
|
2009
|
|
$ 24
|
$ 23
|
$ 29
|
$ 28
|
$ 104
|
_____________
|
|
|
|
|
|
|
Note:
Amounts may not add across due to rounding.
|
|