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PARSIPPANY, N.J., April 24, 2013-- Wyndham Worldwide Corporation
(NYSE:WYN) today announced results for the three months ended March 31, 2013.
Highlights:
- First quarter adjusted diluted earnings per share (EPS) was
$0.71, compared with $0.60 in the first quarter of 2012, an
increase of 18%. First quarter reported diluted EPS was $0.19, compared with $0.21
from the same period in 2012.
- First quarter adjusted net income increased by 9% to $98 million.
- During the quarter, the Company repurchased 2.4 million
shares of its common stock for $140 million.
"We're off to a great start this year, with an 18% increase in
adjusted earnings per share," said Stephen P.
Holmes, chairman and CEO. "Our operating momentum is strong and
our capital allocation philosophy is disciplined. This winning
combination will continue to enhance our growth and shareholder value,
this year and in years to come."
FIRST QUARTER 2013 OPERATING RESULTS
First quarter revenues were $1.1
billion, an increase of 9% from the prior year period. The
increase reflects growth across all of the Company's businesses,
primarily in the Lodging and Vacation Ownership businesses.
For the first quarter of 2013, adjusted net income was $98 million, or $0.71
per diluted share, compared with $90 million,
or $0.60 per diluted share for the same
period in 2012. The increase in adjusted net income reflects stronger
operating results primarily in our Lodging and Vacation Ownership
businesses. EPS also benefited from the Company's share repurchase
program, which decreased weighted average share count by 7%
year-over-year.
Reported net income for the first quarter of 2013 was $27 million, or $0.19
per diluted share, compared with $32 million,
or $0.21 per diluted share, for the
first quarter of 2012. Reported net income included several items that
are excluded from adjusted net income. The net effect of these items
reduced first quarter 2013 net income by $71
million and reduced first quarter 2012 net income by $58 million, both primarily related to the
early extinguishment of debt. Full reconciliations of adjusted results
to GAAP results appear in Table 8 of this press release.
Free cash flow was $233 million
for the three months ended March 31, 2013,
compared with $195 million for the same
period in 2012, a 19% increase. The growth of free cash flow largely
reflects favorable working capital utilization. The Company defines
free cash flow as net cash provided by operating activities less
capital expenditures. For the three months ended March
31, 2013, net cash provided by operating activities was $274 million, compared with $228 million in the prior year period.
BUSINESS UNIT RESULTS
Lodging (Wyndham Hotel Group)
Revenues were $222 million
and EBITDA was $58 million in the first
quarter of 2013, an increase of 20% and 18%, respectively, compared
with the first quarter of 2012. Results reflect RevPAR gains, a larger
system size and revenues associated with the Wyndham Rio Mar in Puerto Rico, which became a Company-owned
hotel in the fourth quarter of 2012. Revenues also included increased
hotel management reimbursable fees, which are EBITDA-neutral.
Domestic RevPAR increased 6% compared with the first quarter
of 2012. Total system-wide RevPAR increased 4%, reflecting
proportionally greater growth of lower RevPAR hotels in China.
As of March 31, 2013, the
Company's hotel system consisted of approximately 7,380 properties and
over 631,800 rooms, a 4% room increase compared with the first quarter
of 2012. The development pipeline included 950 hotels and approximately
110,000 rooms, of which 55% were international and 59% were new
construction.
Vacation Exchange and Rentals (Wyndham Exchange &
Rentals)
Revenues were $374 million
in the first quarter of 2013, a 4% increase over the first quarter of
2012. In constant currency and excluding the impact of acquisitions,
revenues increased 1%.
Exchange revenues were $193 million,
an increase of 3% compared with the first quarter of 2012. Exchange
revenue per member increased 3%, while the average number of members
remained flat.
Vacation rental revenues were $166
million, a 4% increase compared with the first quarter of 2012.
Excluding acquisitions, vacation rental revenues were flat, reflecting
a 6% increase in the average net price per vacation rental offset by a
5% decrease in transaction volume.
Adjusted EBITDA for the first quarter of 2013 was $94 million, a 1% increase over the first
quarter of 2012.
Vacation Ownership (Wyndham Vacation Ownership)
Revenues were $549 million
in the first quarter of 2013, a 10% increase over the first quarter of
2012. Excluding the acquisition of Shell Vacations Club, revenues
increased by 2%.
Gross VOI sales were $384 million
in the first quarter of 2013, unchanged from the first quarter of 2012,
primarily reflecting a 10% increase in tour flow offset by an 8%
decrease in volume per guest.
Adjusted EBITDA for the first quarter of 2013 was $113 million, a 10% increase compared with the
first quarter of 2012. The increase was primarily due to the favorable
resolution of a lawsuit and the Shell acquisition.
Other Items
- The Company repurchased 2.4 million shares of common stock
for $140 million during the first
quarter of 2013. From April 1 through April 23,
2013, the Company repurchased an additional 620,000 shares for $39 million. The Company has $328 million remaining on its current share
repurchase authorization.
- Net interest expense in the first quarter of 2013 was $30 million, compared with $31 million in the first quarter of 2012.
Balance Sheet Information as of March
31, 2013:
- Cash and cash equivalents of $217
million, compared with $195 million
at December 31, 2012
- Vacation ownership contract receivables, net, of $2.8 billion, compared with $2.9 billion at December
31, 2012
- Vacation ownership and other inventory of $1.1 billion, unchanged from December 31, 2012
- Securitized vacation ownership debt of $2.0 billion, unchanged from December 31, 2012
- Long-term debt of $3.0 billion,
compared with $2.6 billion at December 31, 2012. The remaining borrowing
capacity on the revolving credit facility, net of commercial paper
borrowings, was $753 million as of March 31, 2013, compared with $631 million as of December
31, 2012
A schedule of debt is included in Table 5 of this press
release.
Outlook
Note to Editors: The guidance excludes possible future
share repurchases, while analysts' estimates often include share
repurchases. This results in discrepancies between Company guidance and
database consensus forecasts.
For the full year 2013, the Company expects:
- Revenues of approximately $4.925 -
$5.100 billion
- Adjusted EBITDA of approximately $1.140
- $1.165 billion
- Adjusted EPS of approximately $3.60
- $3.70 based on a diluted share count of 138 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, the Company's
assumptions and guidance may change materially.
Conference Call Information
Wyndham Worldwide Corporation will hold a conference call
with investors to discuss this news on Wednesday,
April 24, 2013 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 April 24, 2013. The conference call
may also be accessed by dialing 800-369-2125 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 April 24, 2013, at 800-873-8284.
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 and are helpful to investors as an
additional tool for further understanding and assessment of the
Company's ongoing core operating performance. Exclusion of items in our
non-GAAP presentation should not be considered an inference that these
items are unusual, infrequent or non-recurring. 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 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 the Company's
reported results.
About Wyndham Worldwide Corporation
One of the world's largest hospitality companies, Wyndham
Worldwide (NYSE: WYN) provides a wide range of hospitality products and
services through its global portfolio of world-renowned brands. The
world's largest hotel company based on the number of properties,
Wyndham Hotel Group is home to many of the world's best-known hotel
brands, with approximately 7,380 franchised hotels and over 631,800
hotel rooms worldwide. Wyndham Exchange & Rentals is the worldwide
leader in vacation exchange and the world's largest professionally
managed vacation rentals business, providing more than 5 million
leisure-bound families annually with access to over 106,000 vacation
properties in 100 countries through its prominent exchange and vacation
rental brands. The industry and timeshare ownership market leader,
Wyndham Vacation Ownership develops, markets, and sells vacation
ownership interests and provides consumer financing to owners through
its network of 190 vacation ownership resorts serving approximately
915,000 owners throughout the United States,
Canada, Mexico, the Caribbean,
and the South Pacific. Based in Parsippany,
NJ, Wyndham Worldwide employs approximately 32,500 associates
globally. For more information, 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
Annual Report on Form 10-K, filed with the SEC on February 15, 2013. 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.
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Table
1
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Wyndham
Worldwide Corporation
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OPERATING
RESULTS OF REPORTABLE SEGMENTS
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(In
millions)
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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.
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The
following tables summarize net revenues and EBITDA for reportable
segments, as well as reconcile EBITDA to net income attributable to
Wyndham shareholders for the three months ended March 31, 2013 and
2012:
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Three
Months Ended March 31,
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2013
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2012
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Net
Revenues
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EBITDA
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Net
Revenues
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EBITDA
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Lodging
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$ 222
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$ 58
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$ 185
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$ 49
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Vacation
Exchange and Rentals
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374
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94
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361
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95
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(d)
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Vacation
Ownership
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549
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111
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(b)
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501
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103
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Total
Reportable Segments
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1,145
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263
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1,047
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247
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Corporate
and Other (a)
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(12)
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(29)
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(11)
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(21)
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(e)
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Total
Company
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$ 1,133
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$ 234
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$ 1,036
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$ 226
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Reconciliation
of EBITDA to Net Income Attributable to Wyndham shareholders
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EBITDA
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$ 234
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$ 226
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Depreciation
and amortization
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52
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45
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Interest
expense
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32
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33
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Early
extinguishment of debt
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111
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(c)
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106
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(f)
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Interest
income
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(2)
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(2)
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Income
before income taxes
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41
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44
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Provision
for income taxes
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14
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13
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Net
income
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27
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31
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Net
loss attributable to noncontrolling interest
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-
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1
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Net
income attributable to Wyndham shareholders
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$ 27
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$ 32
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(a)
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Includes
the elimination of transactions between segments.
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(b)
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Includes
$2 million of costs incurred in connection with the acquisition of a
WAAM 2.0 property (January 2013).
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(c)
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Represents
costs incurred for the early repurchase of a portion of the Company's
7.375%, 5.75% and 6.00% senior unsecured notes and the remaining
portion of its 9.875% senior unsecured notes.
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(d)
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Includes
a $2 million benefit related to the reversal of an allowance associated
with a previously divested asset.
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(e)
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Includes
$4 million of a net benefit during the three months ended March 31,
2012 related to the resolution of and adjustment to certain contingent
liabilities and assets resulting from our separation from Cendant.
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(f)
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Represents
costs incurred for the early repurchase of a portion of the Company's
9.875% and 6.00% senior unsecured notes.
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The
following tables summarize net revenues and Adjusted EBITDA for
reportable segments for the three months ended March 31, 2013 and 2012
(for a description of adjustments by segment, see Table 7):
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Three
Months Ended March 31,
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2013
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2012
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Adjusted
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Adjusted
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Net
Revenues
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EBITDA
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Net
Revenues
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EBITDA
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Lodging
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$ 222
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$ 58
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$ 185
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$ 49
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Vacation
Exchange and Rentals
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374
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94
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361
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93
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Vacation
Ownership
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549
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113
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501
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103
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Total
Reportable Segments
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1,145
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265
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1,047
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245
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Corporate
and Other
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(12)
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(29)
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(11)
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(25)
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Total
Company
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$ 1,133
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$ 236
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$ 1,036
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$ 220
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Table
2
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Wyndham
Worldwide Corporation
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CONSOLIDATED
STATEMENTS OF INCOME
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(In
millions, except per share data)
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Three
Months Ended
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March
31,
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2013
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2012
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Net
revenues
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Service
and membership fees
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$ 569
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$ 504
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Vacation
ownership interest sales
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263
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271
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Franchise
fees
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122
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118
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Consumer
financing
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105
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103
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Other
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74
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40
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Net
revenues
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1,133
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1,036
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Expenses
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Operating
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506
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(a)
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442
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Cost
of vacation ownership interests
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32
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28
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Consumer
financing interest
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21
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23
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Marketing
and reservation
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177
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167
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General
and administrative
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164
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153
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(c)
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Depreciation
and amortization
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52
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45
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Total
expenses
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952
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858
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Operating
income
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181
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178
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Other
income, net
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(1)
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(3)
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(d)
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Interest
expense
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32
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33
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Early
extinguishment of debt
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111
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(b)
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106
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(e)
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Interest
income
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(2)
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(2)
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Income
before income taxes
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41
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44
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Provision
for income taxes
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14
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13
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|
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Net
income
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27
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|
31
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Net
loss attributable to noncontrolling interest
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-
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1
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Net
income attributable to Wyndham shareholders
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$ 27
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$ 32
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Earnings
per share
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Basic
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$ 0.19
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$ 0.22
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Diluted
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0.19
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0.21
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Weighted
average shares outstanding
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Basic
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137
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146
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Diluted
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138
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149
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(a)
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Includes
$2 million of costs incurred in connection with the acquisition of a
WAAM 2.0 property (January 2013).
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(b)
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Represents
costs incurred for the early repurchase of a portion of the Company's
7.375%, 5.75% and 6.00% senior unsecured notes and the remaining
portion of its 9.875% senior unsecured notes.
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(c)
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Includes
$4 million of a net benefit during the three months ended March 31,
2012 related to the resolution of and adjustment to certain contingent
liabilities and assets resulting from our separation from Cendant.
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(d)
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Includes
a $2 million benefit related to the reversal of an allowance associated
with a previously divested asset.
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(e)
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Represents
costs incurred for the early repurchase of a portion of the Company's
9.875% and 6.00% senior unsecured notes.
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Table
3
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(1
of 3)
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Wyndham
Worldwide Corporation
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OPERATING
STATISTICS
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Year
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Q1
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Q2
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Q3
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Q4
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Full
Year
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Lodging
(a)
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Number
of Rooms
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2013
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631,800
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N/A
|
N/A
|
N/A
|
N/A
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|
|
|
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2012
|
609,300
|
608,300
|
618,100
|
627,400
|
N/A
|
|
|
|
|
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2011
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609,600
|
612,900
|
611,200
|
613,100
|
N/A
|
|
|
|
|
|
2010
|
593,300
|
606,800
|
605,700
|
612,700
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N/A
|
|
|
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|
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RevPAR
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2013
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$ 31.05
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N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
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|
2012
|
$ 29.73
|
$ 37.23
|
$ 40.39
|
$ 31.86
|
$ 34.80
|
|
|
|
|
|
2011
|
$ 27.71
|
$ 35.38
|
$ 39.49
|
$ 30.65
|
$ 33.34
|
|
|
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2010
|
$ 25.81
|
$ 32.25
|
$ 37.14
|
$ 29.18
|
$ 31.14
|
|
|
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Vacation
Exchange and Rentals
|
|
|
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Average
Number of Members (in 000s)
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2013
|
3,668
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N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2012
|
3,684
|
3,670
|
3,672
|
3,670
|
3,674
|
|
|
|
|
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2011
|
3,766
|
3,755
|
3,744
|
3,734
|
3,750
|
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2010
|
3,746
|
3,741
|
3,766
|
3,759
|
3,753
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|
Exchange
Revenue Per Member
|
2013
|
$
210.96
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2012
|
$
204.56
|
$
177.07
|
$
171.14
|
$
165.86
|
$
179.68
|
|
|
|
|
|
2011
|
$
205.64
|
$
178.46
|
$
172.38
|
$
161.68
|
$
179.59
|
|
|
|
|
|
2010
|
$
201.93
|
$
172.20
|
$
173.44
|
$
162.59
|
$
177.53
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Rental Transactions (in 000s) (b)
|
2013
|
423
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2012
|
418
|
325
|
390
|
259
|
1,392
|
|
|
|
|
|
2011
|
398
|
328
|
370
|
250
|
1,347
|
|
|
|
|
|
2010
|
291
|
297
|
322
|
253
|
1,163
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Net Price Per Vacation Rental(b)
|
2013
|
$
392.64
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2012
|
$
379.40
|
$
524.40
|
$
635.44
|
$
484.69
|
$
504.55
|
|
|
|
|
|
2011
|
$
377.71
|
$
549.09
|
$
701.81
|
$
497.04
|
$
530.78
|
|
|
|
|
|
2010
|
$
361.17
|
$
387.01
|
$
500.31
|
$
449.12
|
$
425.38
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership (c)
|
|
|
|
|
|
|
|
Gross
Vacation Ownership Interest (VOI) Sales (in 000s) (d)
|
2013
|
$
384,000
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2012
|
$
384,000
|
$
460,000
|
$
502,000
|
$
435,000
|
$
1,781,000
|
|
|
|
|
|
2011
|
$
319,000
|
$
412,000
|
$
455,000
|
$
409,000
|
$
1,595,000
|
|
|
|
|
|
2010
|
$
308,000
|
$
371,000
|
$
412,000
|
$
373,000
|
$
1,464,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Tours (e)
|
2013
|
163,000
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2012
|
148,000
|
186,000
|
207,000
|
183,000
|
724,000
|
|
|
|
|
|
2011
|
137,000
|
177,000
|
197,000
|
173,000
|
685,000
|
|
|
|
|
|
2010
|
123,000
|
163,000
|
187,000
|
160,000
|
634,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume
Per Guest (VPG) (e)
|
2013
|
$ 2,211
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2012
|
$ 2,414
|
$ 2,361
|
$ 2,315
|
$ 2,225
|
$ 2,324
|
|
|
|
|
|
2011
|
$ 2,192
|
$ 2,227
|
$ 2,197
|
$ 2,296
|
$ 2,229
|
|
|
|
|
|
2010
|
$ 2,334
|
$ 2,156
|
$ 2,081
|
$ 2,214
|
$ 2,183
|
|
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), Smoky Mountain
Property Management Group (August 2012), Oceana Resorts (December 2012)
and four tuck-in acquisitions (Q3 2011, Q4 2012 and Q1 2013) from their
acquisition dates forward. Therefore, the operating statistics are not
presented on a comparable basis.
|
|
(c)
|
Includes
the impact of the acquisition of Shell Vacations Club (September 2012)
from the acquisition date forward. Therefore, the operating statistics
are not presented on a comparable basis.
|
|
(d)
|
Includes
gross VOI sales under the Company's Wyndham Asset Affiliate Model
(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).
|
|
(e)
|
Includes
the impact of 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
|
2013
|
7,380
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2012
|
7,150
|
7,170
|
7,260
|
7,340
|
N/A
|
|
|
|
|
|
2011
|
7,190
|
7,220
|
7,190
|
7,210
|
N/A
|
|
|
|
|
|
2010
|
7,090
|
7,160
|
7,150
|
7,210
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
Provision
for Loan Losses (in 000s) (b)
|
2013
|
$
84,000
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2012
|
$
96,000
|
$
100,000
|
$
124,000
|
$
89,000
|
$
409,000
|
|
|
|
|
|
2011
|
$
79,000
|
$
80,000
|
$
96,000
|
$
83,000
|
$
339,000
|
|
|
|
|
|
2010
|
$
86,000
|
$
87,000
|
$
85,000
|
$
82,000
|
$
340,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
under WAAM 1.0 (in 000s) (c)
|
2013
|
$
36,000
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2012
|
$
17,000
|
$
18,000
|
$ 5,000
|
$
10,000
|
$
49,000
|
|
|
|
|
|
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)
|
2013
|
$
24,000
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2012
|
$
12,000
|
$
11,000
|
$ 4,000
|
$ 6,000
|
$
33,000
|
|
|
|
|
|
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)
|
2013
|
$
13,000
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
2012
|
$ -
|
$
12,000
|
$
57,000
|
$
30,000
|
$
99,000
|
|
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.
|
|
(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 during the period 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 during the period divided by the number
of vacation rental transactions during the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
2010-2013. 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties
and Franchise Fees
|
|
$ 64
|
N/A
|
N/A
|
N/A
|
N/A
|
|
$ 62
|
$ 80
|
$ 88
|
$ 71
|
$ 301
|
|
Marketing,
Reservation and Wyndham Rewards Revenues (a)
|
73
|
N/A
|
N/A
|
N/A
|
N/A
|
|
68
|
99
|
98
|
80
|
345
|
|
Hotel
Management Reimbursable Revenues (b)
|
25
|
N/A
|
N/A
|
N/A
|
N/A
|
|
21
|
22
|
25
|
23
|
91
|
|
Inter-segment
Trademark Fees (c)
|
|
8
|
N/A
|
N/A
|
N/A
|
N/A
|
|
8
|
9
|
9
|
8
|
34
|
|
Owned
Hotel Revenues
|
|
26
|
N/A
|
N/A
|
N/A
|
N/A
|
|
8
|
8
|
7
|
18
|
41
|
|
Ancillary
Revenues (d)
|
|
26
|
N/A
|
N/A
|
N/A
|
N/A
|
|
18
|
15
|
22
|
23
|
78
|
|
Total
Lodging
|
|
222
|
N/A
|
N/A
|
N/A
|
N/A
|
|
185
|
233
|
249
|
223
|
890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Exchange and Rentals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Revenues
|
|
193
|
N/A
|
N/A
|
N/A
|
N/A
|
|
188
|
162
|
157
|
153
|
660
|
|
Rental
Revenues
|
|
166
|
N/A
|
N/A
|
N/A
|
N/A
|
|
159
|
170
|
248
|
125
|
702
|
|
Ancillary
Revenues (e)
|
|
15
|
N/A
|
N/A
|
N/A
|
N/A
|
|
14
|
16
|
15
|
15
|
60
|
|
Total
Vacation Exchange and Rentals
|
374
|
N/A
|
N/A
|
N/A
|
N/A
|
|
361
|
348
|
420
|
293
|
1,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership Interest Sales
|
263
|
N/A
|
N/A
|
N/A
|
N/A
|
|
271
|
342
|
373
|
337
|
1,323
|
|
Consumer
Financing
|
|
105
|
N/A
|
N/A
|
N/A
|
N/A
|
|
103
|
102
|
106
|
110
|
421
|
|
Property
Management Fees
|
|
146
|
N/A
|
N/A
|
N/A
|
N/A
|
|
110
|
108
|
117
|
125
|
460
|
|
WAAM
1.0 Commissions
|
|
24
|
N/A
|
N/A
|
N/A
|
N/A
|
|
12
|
11
|
4
|
6
|
33
|
|
Ancillary
Revenues (f)
|
|
11
|
N/A
|
N/A
|
N/A
|
N/A
|
|
5
|
7
|
8
|
12
|
32
|
|
Total
Vacation Ownership
|
|
549
|
N/A
|
N/A
|
N/A
|
N/A
|
|
501
|
570
|
608
|
590
|
2,269
|
|
Total
Reportable Segments
|
|
$
1,145
|
N/A
|
N/A
|
N/A
|
N/A
|
|
$
1,047
|
$
1,151
|
$
1,277
|
$
1,106
|
$
4,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties
and Franchise Fees
|
|
$ 58
|
$ 75
|
$ 85
|
$ 66
|
$ 284
|
|
$ 52
|
$ 69
|
$ 82
|
$ 62
|
$ 265
|
|
Marketing,
Reservation and Wyndham Rewards Revenues (a)
|
54
|
75
|
94
|
76
|
299
|
|
50
|
65
|
76
|
60
|
251
|
|
Hotel
Management Reimbursable Revenues (b)
|
19
|
19
|
21
|
20
|
79
|
|
21
|
20
|
18
|
18
|
77
|
|
Inter-segment
Trademark Fees (c)
|
|
1
|
2
|
3
|
4
|
10
|
|
-
|
-
|
-
|
-
|
-
|
|
Owned
Hotel Revenues
|
|
-
|
-
|
-
|
5
|
5
|
|
-
|
-
|
-
|
-
|
-
|
|
Ancillary
Revenues (d)
|
|
17
|
19
|
19
|
17
|
72
|
|
21
|
24
|
27
|
23
|
95
|
|
Total
Lodging
|
|
149
|
190
|
222
|
188
|
749
|
|
144
|
178
|
203
|
163
|
688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Exchange and Rentals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Revenues
|
|
194
|
168
|
161
|
150
|
673
|
|
189
|
161
|
163
|
153
|
666
|
|
Rental
Revenues
|
|
150
|
180
|
260
|
125
|
715
|
|
105
|
115
|
161
|
114
|
495
|
|
Ancillary
Revenues (e)
|
|
12
|
13
|
15
|
16
|
56
|
|
6
|
5
|
6
|
15
|
32
|
|
Total
Vacation Exchange and Rentals
|
356
|
361
|
436
|
291
|
1,444
|
|
300
|
281
|
330
|
282
|
1,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership Interest Sales
|
222
|
313
|
320
|
295
|
1,150
|
|
217
|
271
|
308
|
276
|
1,072
|
|
Consumer
Financing
|
|
102
|
103
|
105
|
105
|
415
|
|
105
|
106
|
107
|
107
|
425
|
|
Property
Management Fees
|
|
110
|
108
|
105
|
101
|
424
|
|
100
|
100
|
104
|
101
|
405
|
|
WAAM
1.0 Commissions
|
|
10
|
11
|
23
|
21
|
65
|
|
3
|
8
|
12
|
8
|
31
|
|
Ancillary
Revenues (f)
|
|
6
|
6
|
6
|
5
|
23
|
|
19
|
20
|
2
|
5
|
46
|
|
Total
Vacation Ownership
|
|
450
|
541
|
559
|
527
|
2,077
|
|
444
|
505
|
533
|
497
|
1,979
|
|
Total
Reportable Segments
|
|
$
955
|
$
1,092
|
$
1,217
|
$
1,006
|
$
4,270
|
|
$
888
|
$
964
|
$
1,066
|
$
942
|
$
3,860
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
5
|
|
Wyndham
Worldwide Corporation
|
|
SCHEDULE
OF DEBT
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31, 2013
|
|
December
31, 2012
|
|
September
30, 2012
|
|
June
30, 2012
|
|
March
31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securitized
vacation ownership debt (a)
|
|
|
|
|
|
|
|
|
|
|
|
Term
notes
|
|
$ 1,869
|
|
$ 1,770
|
|
$ 1,702
|
|
$ 1,634
|
|
$ 1,896
|
|
Bank
conduit facility (b)
|
|
125
|
|
190
|
|
220
|
|
220
|
|
104
|
|
Securitized
vacation ownership debt (c)
|
|
1,994
|
|
1,960
|
|
1,922
|
|
1,854
|
|
2,000
|
|
Less:
Current portion of securitized vacation ownership debt
|
|
228
|
|
218
|
|
206
|
|
191
|
|
206
|
|
Long-term
securitized vacation ownership debt
|
|
$ 1,766
|
|
$ 1,742
|
|
$ 1,716
|
|
$ 1,663
|
|
$ 1,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt:
|
|
|
|
|
|
|
|
|
|
|
|
Revolving
credit facility (due July 2016) (d)
|
|
$ 34
|
|
$ 85
|
|
$ 270
|
|
$ 81
|
|
$ 47
|
|
Commercial
paper(e)
|
|
202
|
|
273
|
|
-
|
|
-
|
|
-
|
|
3.50%
convertible notes (due May 2012) (f)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
44
|
|
9.875%
senior unsecured notes (due May 2014) (g)
|
|
-
|
|
42
|
|
42
|
|
42
|
|
42
|
|
6.00%
senior unsecured notes (due December 2016)
|
|
319
|
|
361
|
|
361
|
|
362
|
|
362
|
|
2.95%
senior unsecured notes (due March 2017)
|
|
298
|
|
298
|
|
298
|
|
298
|
|
298
|
|
5.75%
senior unsecured notes (due February 2018)
|
|
14
|
|
248
|
|
248
|
|
248
|
|
247
|
|
2.50%
senior unsecured notes (due March 2018)
|
|
447
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7.375%
senior unsecured notes (due March 2020)
|
|
40
|
|
248
|
|
248
|
|
248
|
|
248
|
|
5.625%
senior unsecured notes (due March 2021)
|
|
246
|
|
246
|
|
246
|
|
245
|
|
245
|
|
4.25%
senior unsecured notes (due March 2022)
|
|
644
|
|
644
|
|
644
|
|
644
|
|
643
|
|
3.90%
senior unsecured notes (due March 2023)
|
|
397
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Capital
leases
|
|
187
|
|
105
|
|
104
|
|
95
|
|
103
|
|
Other
|
|
133
|
|
52
|
|
68
|
|
3
|
|
1
|
|
Total
debt
|
|
2,961
|
|
2,602
|
|
2,529
|
|
2,266
|
|
2,280
|
|
Less:
Current portion of debt
|
|
254
|
|
326
|
|
64
|
|
11
|
|
54
|
|
Long-term
debt
|
|
$ 2,707
|
|
$ 2,276
|
|
$ 2,465
|
|
$ 2,255
|
|
$ 2,226
|
|
(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 August 2014 and borrowing capacity of $650 million. As of March
31, 2013, this facility had remaining borrowing capacity of $525
million.
|
|
(c)
|
This
debt is collateralized by $2,512 million, $2,543 million, $2,517
million, $2,490 million and $2,622 million of underlying vacation
ownership contract receivables and related assets as of March 31, 2013,
December 31, 2012, September 30, 2012, June 30, 2012 and March 31,
2012, respectively.
|
|
(d)
|
Represents
a $1.0 billion revolving credit facility that expires on July 15, 2016.
As of March 31, 2013, the Company had $11 million of outstanding
letters of credit and a remaining borrowing capacity of $955 million.
After considering outstanding commercial paper borrowings of $202
million, the remaining borrowing capacity was $753 million as of March
31, 2013.
|
|
(e)
|
Represents
a $500 million commercial paper program which the Company commenced in
October 2012. As of March 31, 2013, the program had a remaining
borrowing capacity of $298 million.
|
|
(f)
|
Represents
convertible notes issued by the Company during May 2009 and repaid by
the Company during May 2012.
|
|
(g)
|
Represents
senior unsecured notes issued by the Company during May 2009 and repaid
by the Company during March 2013.
|
|
|
|
|
|
|
Table
6
|
|
|
|
|
|
|
|
|
Wyndham
Worldwide Corporation
|
|
BRAND SYSTEM DETAILS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of and For the Three Months Ended March 31, 2013
|
|
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
|
130
|
31,520
|
56.5%
|
$113.04
|
$63.85
|
|
|
|
|
|
|
|
|
TRYP
by Wyndham
|
103
|
14,393
|
53.7%
|
$97.41
|
$52.27
|
|
|
|
|
|
|
|
|
Wingate
by Wyndham
|
159
|
14,603
|
57.0%
|
$83.19
|
$47.39
|
|
|
|
|
|
|
|
|
Hawthorn
Suites by Wyndham
|
93
|
9,252
|
58.7%
|
$70.49
|
$41.38
|
|
|
|
|
|
|
|
|
Ramada
|
839
|
114,223
|
48.6%
|
$78.65
|
$38.24
|
|
|
|
|
|
|
|
|
Baymont
|
320
|
26,602
|
45.6%
|
$60.21
|
$27.48
|
|
|
|
|
|
|
|
|
Days
Inn
|
1,828
|
147,659
|
42.8%
|
$61.43
|
$26.30
|
|
|
|
|
|
|
|
|
Super
8
|
2,329
|
148,546
|
49.8%
|
$49.80
|
$24.78
|
|
|
|
|
|
|
|
|
Howard
Johnson
|
447
|
45,620
|
43.0%
|
$60.89
|
$26.16
|
|
|
|
|
|
|
|
|
Travelodge
|
443
|
32,864
|
43.7%
|
$62.97
|
$27.49
|
|
|
|
|
|
|
|
|
Microtel
Inns & Suites by Wyndham
|
307
|
21,843
|
52.2%
|
$60.85
|
$31.75
|
|
|
|
|
|
|
|
|
Knights
Inn
|
373
|
23,096
|
38.3%
|
$41.35
|
$15.84
|
|
|
|
|
|
|
|
|
Dream
|
5
|
990
|
61.5%
|
$169.04
|
$103.92
|
|
|
|
|
|
|
|
|
Night
|
3
|
630
|
52.4%
|
$110.79
|
$58.01
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,379
|
631,841
|
47.3%
|
$65.66
|
$31.05
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
Wyndham
Vacation Ownership resorts
|
190
|
23,410
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total
Wyndham Worldwide
|
7,569
|
655,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of and For the Three Months Ended March 31, 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
|
98
|
25,901
|
55.7%
|
$111.04
|
$61.87
|
|
|
|
|
|
|
|
|
TRYP
by Wyndham
|
90
|
12,904
|
51.2%
|
$96.12
|
$49.25
|
|
|
|
|
|
|
|
|
Wingate
by Wyndham
|
161
|
14,750
|
57.7%
|
$80.22
|
$46.26
|
|
|
|
|
|
|
|
|
Hawthorn
Suites by Wyndham
|
78
|
7,400
|
59.3%
|
$73.85
|
$43.83
|
|
|
|
|
|
|
|
|
Ramada
|
843
|
114,251
|
47.6%
|
$75.97
|
$36.19
|
|
|
|
|
|
|
|
|
Baymont
|
255
|
21,425
|
44.6%
|
$60.44
|
$26.98
|
|
|
|
|
|
|
|
|
Days
Inn
|
1,834
|
148,235
|
42.6%
|
$59.00
|
$25.12
|
|
|
|
|
|
|
|
|
Super
8
|
2,253
|
142,686
|
47.2%
|
$50.56
|
$23.89
|
|
|
|
|
|
|
|
|
Howard
Johnson
|
440
|
44,090
|
44.3%
|
$58.98
|
$26.10
|
|
|
|
|
|
|
|
|
Travelodge
|
434
|
32,602
|
42.8%
|
$61.39
|
$26.27
|
|
|
|
|
|
|
|
|
Microtel
Inns & Suites by Wyndham
|
310
|
22,086
|
49.1%
|
$58.37
|
$28.69
|
|
|
|
|
|
|
|
|
Knights
Inn
|
350
|
21,867
|
36.5%
|
$40.23
|
$14.69
|
|
|
|
|
|
|
|
|
Dream
|
5
|
990
|
75.2%
|
$194.51
|
$146.20
|
|
|
|
|
|
|
|
|
Night
|
1
|
72
|
90.6%
|
$203.86
|
$184.77
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,152
|
609,259
|
46.2%
|
$64.41
|
$29.73
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
Wyndham
Vacation Ownership resorts
|
165
|
20,764
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total
Wyndham Worldwide
|
7,317
|
630,023
|
|
|
|
|
_______________
|
|
|
|
|
|
|
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 Corporation
|
|
NON-GAAP
RECONCILIATION
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
Acquisition
|
Adjusted
|
|
Three
months ended March 31, 2013
|
|
Net
Revenues
|
|
EBITDA
|
Costs
(b)
|
EBITDA
|
|
Lodging
|
|
$ 222
|
|
$ 58
|
$ -
|
$ 58
|
|
Vacation
Exchange and Rentals
|
|
374
|
|
94
|
-
|
94
|
|
Vacation
Ownership
|
|
549
|
|
111
|
2
|
113
|
|
Total
Reportable Segments
|
|
1,145
|
|
263
|
2
|
265
|
|
Corporate
and Other (a)
|
|
(12)
|
|
(29)
|
-
|
(29)
|
|
Total
Company
|
|
$ 1,133
|
|
$ 234
|
$ 2
|
$ 236
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes
the elimination of transactions between segments.
|
|
(b)
|
Relates
to costs incurred in connection with the acquisition of a WAAM 2.0
property (January 2013).
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
7
|
|
|
|
|
|
|
|
|
|
|
|
|
(2
of 2)
|
|
Wyndham
Worldwide Corporation
|
|
NON-GAAP
RECONCILIATION
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
Legacy
|
Impairment
|
Allowance
|
Acquisition
|
Asset
|
Restructuring
|
Adjusted
|
|
Three
months ended March 31, 2012
|
|
Net
Revenues
|
|
EBITDA
|
Adjustments
(b)
|
Recovery
(c)
|
Reversal
(d)
|
Costs
(e)
|
Impairment
(f)
|
Costs
(g)
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$ 249
|
|
$ 86
|
$ -
|
$ -
|
$ -
|
$ -
|
$ -
|
$ -
|
$ 86
|
|
Vacation
Exchange and Rentals
|
|
420
|
|
123
|
-
|
-
|
-
|
-
|
-
|
-
|
123
|
|
Vacation
Ownership
|
|
608
|
|
154
|
-
|
-
|
-
|
1
|
-
|
-
|
155
|
|
Total
Reportable Segments
|
|
1,277
|
|
363
|
-
|
-
|
-
|
1
|
-
|
-
|
364
|
|
Corporate
and Other (a)
|
|
(12)
|
|
(30)
|
1
|
-
|
-
|
-
|
-
|
-
|
(29)
|
|
Total
Company
|
|
$ 1,265
|
|
$ 333
|
$ 1
|
$ -
|
$ -
|
$ 1
|
$ -
|
$ -
|
$ 335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$ 223
|
|
$ 62
|
$ -
|
$ -
|
$ -
|
$ -
|
$ -
|
$ -
|
$ 62
|
|
Vacation
Exchange and Rentals
|
|
293
|
|
28
|
-
|
-
|
-
|
1
|
8
|
5
|
42
|
|
Vacation
Ownership
|
|
590
|
|
142
|
-
|
-
|
-
|
-
|
-
|
2
|
144
|
|
Total
Reportable Segments
|
|
1,106
|
|
232
|
-
|
-
|
-
|
1
|
8
|
7
|
248
|
|
Corporate
and Other (a)
|
|
(12)
|
|
(28)
|
(2)
|
-
|
-
|
-
|
-
|
-
|
(30)
|
|
Total
Company
|
|
$ 1,094
|
|
$ 204
|
$ (2)
|
$ -
|
$ -
|
$ 1
|
$ 8
|
$ 7
|
$ 218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
months ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$ 890
|
|
$ 272
|
$ -
|
$ (1)
|
$ -
|
$ -
|
$ -
|
$ -
|
$ 271
|
|
Vacation
Exchange and Rentals
|
|
1,422
|
|
328
|
-
|
-
|
(2)
|
1
|
8
|
5
|
340
|
|
Vacation
Ownership
|
|
2,269
|
|
549
|
-
|
-
|
-
|
1
|
-
|
2
|
552
|
|
Total
Reportable Segments
|
|
4,581
|
|
1,149
|
-
|
(1)
|
(2)
|
2
|
8
|
7
|
1,163
|
|
Corporate
and Other (a)
|
|
(47)
|
|
(104)
|
(5)
|
-
|
-
|
-
|
-
|
-
|
(109)
|
|
Total
Company
|
|
$ 4,534
|
|
$ 1,045
|
$ (5)
|
$ (1)
|
$ (2)
|
$ 2
|
$ 8
|
$ 7
|
$ 1,054
|
|
(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 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.
|
|
(e)
|
Relates
to costs incurred in connection with the Company's acquisition of Shell
Vacations Club (September 2012) and the acquisition of Oceana Resorts
and a tuck-in acquisition (December 2012).
|
|
(f)
|
Relates
to a non-cash impairment charge for the write-down of the ResortQuest
and Steamboat Resorts tradenames.
|
|
(g)
|
Relates
to costs incurred as a result of organizational realignment initiatives
commenced during 2012 at the Company's vacation exchange and rentals
business and restructuring associated with the Shell acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
(1
of 2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham
Worldwide Corporation
|
|
NON-GAAP
FINANCIAL INFORMATION
|
|
(In
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy
Adjustments
|
|
Acquisition
Costs
|
|
Early
Extinguishment of Debt
|
|
|
|
|
|
As
Reported
|
|
|
|
As
Adjusted
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Service
and membership fees
|
|
$ 569
|
|
|
|
|
|
|
|
$ 569
|
|
Vacation
ownership interest sales
|
|
263
|
|
|
|
|
|
|
|
263
|
|
Franchise
fees
|
|
122
|
|
|
|
|
|
|
|
122
|
|
Consumer
financing
|
|
105
|
|
|
|
|
|
|
|
105
|
|
Other
|
|
74
|
|
|
|
|
|
|
|
74
|
|
Net
revenues
|
|
1,133
|
|
-
|
|
-
|
|
-
|
|
1,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
506
|
|
|
|
(2)
|
(b)
|
|
|
504
|
|
Cost
of vacation ownership interests
|
|
32
|
|
|
|
|
|
|
|
32
|
|
Consumer
financing interest
|
|
21
|
|
|
|
|
|
|
|
21
|
|
Marketing
and reservation
|
|
177
|
|
|
|
|
|
|
|
177
|
|
General
and administrative
|
|
164
|
|
|
|
|
|
|
|
164
|
|
Depreciation
and amortization
|
|
52
|
|
|
|
|
|
|
|
52
|
|
Total
expenses
|
|
952
|
|
-
|
|
(2)
|
|
-
|
|
950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
181
|
|
-
|
|
2
|
|
-
|
|
183
|
|
Other
income, net
|
|
(1)
|
|
|
|
|
|
|
|
(1)
|
|
Interest
expense
|
|
32
|
|
|
|
|
|
|
|
32
|
|
Early
extinguishment of debt
|
|
111
|
|
|
|
|
|
(111)
|
(c)
|
-
|
|
Interest
income
|
|
(2)
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
41
|
|
-
|
|
2
|
|
111
|
|
154
|
|
Provision
for income taxes
|
|
14
|
|
(1)
|
(a)
|
1
|
(d)
|
42
|
(d)
|
56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to Wyndham shareholders
|
|
$ 27
|
|
$ 1
|
|
$ 1
|
|
$ 69
|
|
$ 98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ 0.19
|
|
$ 0.01
|
|
$ 0.01
|
|
$ 0.50
|
|
$ 0.72
|
|
Diluted
|
|
0.19
|
|
0.01
|
|
0.01
|
|
0.50
|
|
0.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
137
|
|
137
|
|
137
|
|
137
|
|
137
|
|
Diluted
|
|
138
|
|
138
|
|
138
|
|
138
|
|
138
|
|
Note:
EPS amounts may not add due to rounding.
|
|
(a)
|
Relates
to a state tax payment for legacy tax matters.
|
|
(b)
|
Relates
to costs incurred in connection with the acquisition of a WAAM 2.0
property (January 2013).
|
|
(c)
|
Represents
costs incurred for the early repurchase of a portion of the Company's
7.375%, 5.75% and 6.00% senior unsecured notes and the remaining
portion of the 9.875% senior unsecured notes.
|
|
(d)
|
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, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy
Adjustments
|
|
Allowance
Reversal
|
|
Early
Extinguishment of Debt
|
|
|
|
|
|
As
Reported
|
|
|
|
|
As
Adjusted
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
Service
and membership fees
|
|
$ 504
|
|
|
|
|
|
|
|
$ 504
|
|
Vacation
ownership interest sales
|
|
271
|
|
|
|
|
|
|
|
271
|
|
Franchise
fees
|
|
118
|
|
|
|
|
|
|
|
118
|
|
Consumer
financing
|
|
103
|
|
|
|
|
|
|
|
103
|
|
Other
|
|
40
|
|
|
|
|
|
|
|
40
|
|
Net
revenues
|
|
1,036
|
|
-
|
|
-
|
|
-
|
|
1,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
442
|
|
|
|
|
|
|
|
442
|
|
Cost
of vacation ownership interests
|
|
28
|
|
|
|
|
|
|
|
28
|
|
Consumer
financing interest
|
|
23
|
|
|
|
|
|
|
|
23
|
|
Marketing
and reservation
|
|
167
|
|
|
|
|
|
|
|
167
|
|
General
and administrative
|
|
153
|
|
4
|
(a)
|
|
|
|
|
157
|
|
Depreciation
and amortization
|
|
45
|
|
|
|
|
|
|
|
45
|
|
Total
expenses
|
|
858
|
|
4
|
|
-
|
|
-
|
|
862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
178
|
|
(4)
|
|
-
|
|
-
|
|
174
|
|
Other
income, net
|
|
(3)
|
|
|
|
2
|
(b)
|
|
|
(1)
|
|
Interest
expense
|
|
33
|
|
|
|
|
|
|
|
33
|
|
Early
extinguishment of debt
|
|
106
|
|
|
|
|
|
(106)
|
(c)
|
-
|
|
Interest
income
|
|
(2)
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
44
|
|
(4)
|
|
(2)
|
|
106
|
|
144
|
|
Provision
for income taxes
|
|
13
|
|
(2)
|
(d)
|
-
|
(d)
|
44
|
(d)
|
55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
31
|
|
(2)
|
|
(2)
|
|
62
|
|
89
|
|
Net
loss attributable to noncontrolling interest
|
|
1
|
|
-
|
|
-
|
|
-
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to Wyndham shareholders
|
|
$ 32
|
|
$ (2)
|
|
$ (2)
|
|
$ 62
|
|
$ 90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ 0.22
|
|
$
(0.02)
|
|
$
(0.01)
|
|
$ 0.43
|
|
$ 0.61
|
|
Diluted
|
|
0.21
|
|
(0.02)
|
|
(0.01)
|
|
0.42
|
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
146
|
|
146
|
|
146
|
|
146
|
|
146
|
|
Diluted
|
|
149
|
|
149
|
|
149
|
|
149
|
|
149
|
|
Note:
EPS amounts may not add due to rounding.
|
|
(a)
|
Relates
to the net benefit from the resolution of and adjustment to certain
contingent liabilities and assets resulting from our separation from
Cendant.
|
|
(b)
|
Relates
to a benefit from the reversal of an allowance associated with a
previously divested asset.
|
|
(c)
|
Represents
costs incurred for the early repurchase of a portion of the Company's
9.875% and 6.00% senior unsecured notes.
|
|
(d)
|
Relates
to the tax effect of the adjustment.
|
|
|
|
|
|
|
Table
9
|
|
Wyndham
Worldwide Corporation
|
|
NON-GAAP
RECONCILIATIONS AND FINANCIAL INFORMATION
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
FREE
CASH FLOW
|
|
|
|
|
|
|
|
During
the fourth quarter of 2012, the Company modified its definition of free
cash flow to be net cash provided by operating activities less capital
expenditures. The Company had previously included development advances
within the calculation of free cash flow. 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 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:
|
|
|
Three
Months Ended March 31,
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
Net
cash provided by operating activities
|
|
$ 274
|
|
$ 228
|
|
Less:
Property and equipment additions
|
|
(41)
|
|
(33)
|
|
Free
cash flow
|
|
$ 233
|
|
$ 195
|
|
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
|
|
|
|
|
|
|
|
2013
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Full
Year
|
|
|
|
|
|
|
|
|
Gross
VOI sales (a)
|
|
$ 384
|
N/A
|
N/A
|
N/A
|
N/A
|
|
Less:
Sales under WAAM 1.0
|
|
(36)
|
N/A
|
N/A
|
N/A
|
N/A
|
|
Gross
VOI sales, net of WAAM 1.0 sales
|
|
347
|
N/A
|
N/A
|
N/A
|
N/A
|
|
Less:
Loan loss provision
|
|
(84)
|
N/A
|
N/A
|
N/A
|
N/A
|
|
Vacation
ownership interest sales (a)
|
|
$ 263
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
VOI sales (a)
|
|
$ 384
|
$ 460
|
$ 502
|
$ 435
|
$ 1,781
|
|
Less:
Sales under WAAM 1.0
|
|
(17)
|
(18)
|
(5)
|
(10)
|
(49)
|
|
Gross
VOI sales, net of WAAM 1.0 sales
|
|
367
|
442
|
497
|
426
|
1,732
|
|
Less:
Loan loss provision
|
|
(96)
|
(100)
|
(124)
|
(89)
|
(409)
|
|
Vacation
ownership interest sales (a)
|
|
$ 271
|
$ 342
|
$ 373
|
$ 337
|
$ 1,323
|
|
|
|
|
|
|
|
|
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
|
|
Note:Amounts
may not add due to rounding.
|
|
(a)
Includes VOI sales under WAAM 2.0 beginning in the
second quarter of 2012.
|
|
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
|
|
|
|
|
|
|
|
|
2013
|
|
$ 24
|
N/A
|
N/A
|
N/A
|
N/A
|
|
2012
|
|
$ 27
|
$ 20
|
$ 22
|
$ 28
|
$ 97
|
|
2011
|
|
$ 18
|
$ 18
|
$ 21
|
$ 11
|
$ 68
|
|
2010
|
|
$ 20
|
$ 20
|
$ 23
|
$ 17
|
$ 80
|
|
_____________
|
|
|
|
|
|
|
|
Note:
Amounts may not add across due to rounding.
|
|
