PARSIPPANY, N.J., April 27, 2011 -- Wyndham Worldwide
Corporation (NYSE: WYN) today announced results for the three months
ended March 31, 2011.
Highlights:
- First quarter 2011 adjusted diluted earnings per share
(EPS) was $0.44, compared with $0.34 in the first quarter of 2010, an
increase of 29%. First quarter 2011 reported diluted EPS was $0.41, an increase of 52%, compared with the
same period in 2010.
- Free cash flow increased 11% to $185
million for the quarter ended March 31,
2011, compared with $166 million
during the same period in 2010. The Company defines free cash flow as
net cash provided by operating activities less capital expenditures,
equity investments and development advances.
- Year-to-date, the Company repurchased approximately 8.2
million shares of its common stock at an average price of $31.01 for approximately $255 million.
- The Company announced today that its Board of Directors
approved a $500 million increase to the
share repurchase authorization.
- The Company is increasing its full-year adjusted EPS
guidance from a range of $2.05 – $2.15 to a range of $2.15
– $2.25 based on a diluted share count
of 173 million.
“We are pleased to report that 2011 started as 2010 ended,
with strong operating performance and accelerating earnings per share
growth,” said Stephen P. Holmes,
chairman and CEO, Wyndham Worldwide.
“We delivered strong operating performance across all our businesses
and are confident in the sustainability of our growth and cash flow.
Our confidence in growth and cash flow generation is reflected in our
substantial share repurchase activity so far this year, the significant
increase in our share repurchase program, as well as the previously
announced 25% increase in our dividend for 2011.”
FIRST QUARTER 2011 OPERATING RESULTS
First quarter revenues increased 7.4% from the prior year
period to $952 million. The revenue
growth reflects continued sales momentum across the Company’s three
business units and incremental contributions from acquisitions.
For the first quarter of 2011, adjusted net income increased
by 23% to $79 million, or $0.44 per diluted share compared with $64 million, or $0.34
per diluted share for the same period in 2010. The increase reflects
strong operational performance by the Company’s three business units.
Adjusted net income for the first quarter of 2011 excludes a $7 million after-tax charge related to the
repurchase of a portion of the Company’s convertible notes and an $8 million after-tax non-cash impairment
charge related to a write-down of an international joint venture in the
Company’s hotel business. These were partially offset by an $8 million after-tax benefit related to the
resolution of certain contingent liabilities and assets.
First quarter 2011 reported net income grew 44% to $72 million, or $0.41
per diluted share, compared with net income of $50
million, or $0.27 per diluted
share, for the first quarter of 2010.
Free cash flow increased 11% to $185
million for the quarter ended March 31,
2011, compared with $166 million
during the same period in 2010. The growth in free cash flow reflects
higher cash earnings and more efficient working capital utilization.
For the quarter ended March 31, 2011,
cash provided by operating activities was $229
million, compared with $205 million
in the prior year period.
BUSINESS UNIT RESULTS
Lodging (Wyndham Hotel Group)
Revenues were $149 million in
the first quarter of 2011, an increase of 3%, compared with the first
quarter of 2010, reflecting a RevPAR increase of 7.4%, or 6.4% in
constant currency, and incremental revenues related to the TRYP hotel
brand.
First quarter 2011 adjusted EBITDA was $40
million, an increase of 21%, compared with the first quarter of
2010, primarily as a result of the RevPAR improvement and lower costs.
Adjusted EBITDA excludes a $13 million
impairment charge related to the write-down of an investment in an
international joint venture in the Company’s hotel business.
As of March 31, 2011, the
Company’s hotel system consisted of approximately 7,190 properties and
609,600 rooms. The development pipeline included approximately 830
hotels and over 102,000 rooms, of which 57% were new construction and
57% were international.
Vacation Exchange and Rentals (Wyndham Exchange &
Rentals)
Revenues were $356 million in
the first quarter of 2011, an increase of 19% compared with the first
quarter of 2010, reflecting overall strength in vacation rentals and
incremental revenues from acquisitions.
Exchange revenues were $194 million,
an increase of 3%, compared with the first quarter of 2010. In constant
currency, exchange revenues increased 2%, reflecting a modest increase
in both exchange revenue per member and the average number of members.
Vacation rental revenues were $150
million, which included $25 million
of incremental revenues related to acquisitions, compared with $105 million in the first quarter of 2010.
Excluding the impact of the incremental revenues from acquisitions, net
revenues generated from rental transactions and related services
increased 19%, reflecting strong performance in the German rental
market.
Excluding $4 million of
acquisition costs in the first quarter of 2010, first quarter of 2011
EBITDA increased 11% compared with adjusted EBITDA of $84 million in the prior-year period,
reflecting increases in vacation rental volume and average net price
per rental.
Vacation Ownership (Wyndham Vacation Ownership)
Gross Vacation Ownership Interest (VOI) sales were $319 million in the first quarter of 2011, up
4% from the first quarter of 2010, reflecting an 11% increase in tour
flow, partially offset by a 6% decrease in volume per guest. The
changes in tour flow and volume per guest reflect the Company’s focus
on increasing sales to new owners.
Total segment revenues were $450
million in the first quarter of 2011, compared with $444 million in the first quarter of 2010,
reflecting incremental commission revenues under the Wyndham Asset
Affiliation Model (WAAM) and a lower provision for loan losses.
Adjusted EBITDA for the first quarter of 2011 increased 17% to
$96 million, compared with EBITDA
of $82 million in the first quarter of
2010. This EBITDA increase reflected growth in the property management
business and the lower provision for loan losses. Results were also
impacted by lower sales commission expenses and the absence of a
litigation charge in the first quarter 2011 that was incurred in the
first quarter 2010.
Other Items
- The Company repurchased approximately 5.7 million shares of
its common stock during the first quarter of 2011 at an average price
of $30.62 and an additional 2.5 million
shares at an average price of $31.84
through April 26, 2011.
- During the first quarter of 2011, the Company repurchased
approximately 85% of its outstanding convertible notes, principally
resulting from the completion of a cash tender offer.
- Net interest expense in the first quarter of 2011 was $42 million. Net interest includes $12 million of costs associated with the
repurchase of a portion of the Company’s convertible notes, which is
excluded from adjusted net income.
Balance Sheet Information as of March
31, 2011:
- Cash and cash equivalents of approximately $175 million, compared with approximately $155 million from December
31, 2010.
- Vacation ownership contract receivables, net, of $2.9 billion, compared with $3.0 billion at December
31, 2010.
- Vacation ownership and other inventory of approximately $1.2 billion, unchanged from December 31, 2010.
- Securitized vacation ownership debt of $1.8 billion, compared with $1.7 billion at December
31, 2010.
- Other debt of $2.0 billion,
compared with $2.1 billion at December 31, 2010. The remaining borrowing
capacity on the revolving credit facility was $962
million, compared with $788 million
as of December 31, 2010.
A schedule of debt is included in the financial tables section
of this press release.
Outlook
The Company is increasing full-year 2011 adjusted EPS guidance
from $2.05 – $2.15
to $2.15 – $2.25, based on a
diluted share count of 173 million.
The Company reiterates full-year 2011 guidance:
- Revenues of approximately $4.0
– $4.2 billion
- Adjusted EBITDA of approximately $925
– $955 million
The guidance reflects assumptions used for internal planning
purposes. All guidance excludes legacy items, restructuring costs, debt
extinguishment, asset impairments, and acquisition costs, if any, 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. It is not practicable to provide a
reconciliation of forecasted adjusted EBITDA 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 financial results.
Conference Call Information
Wyndham Worldwide Corporation will hold a conference call with
investors to discuss this news on Wednesday,
April 27, 2011 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 27, 2011. 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 April 27, 2011, at (866) 509-3896.
Presentation of Financial Information
Financial information discussed in this press release includes
both GAAP and non-GAAP measures, which include or exclude certain
items. These non-GAAP measures differ from reported results and
are intended to illustrate what management believes are relevant
period-over-period comparisons. A complete reconciliation of reported
GAAP results to the comparable non-GAAP information appears in the
financial tables section of the press release.
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 services and products across
various accommodation alternatives and price ranges through its premier
portfolio of world-renowned brands. Wyndham Worldwide encompasses
approximately 7,360 franchised hotels and vacation ownership resorts
with approximately 630,300 rooms worldwide. Wyndham Exchange &
Rentals offers leisure travelers, including its 3.8 million members,
access to approximately 97,000 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 vacation ownership resorts
serving nearly 815,000 owners throughout North
America, the Caribbean and the
South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately
26,000 employees globally.
For more information about Wyndham Worldwide, please visit the
Company’s website at www.wyndhamworldwide.com.
Forward-Looking Statements
This press release contains “forward-looking statements”
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, conveying management’s expectations as to the future
based on plans, estimates and projections at the time the Company makes
the statements. Forward-looking statements involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. The
forward-looking statements contained in this press release include
statements related to the Company’s revenues, earnings and related
financial and operating measures.
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 22, 2011. 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
|
|
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),
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 for the three
months ended March 31, 2011 and 2010:
|
|
|
|
|
|
|
Three
Months Ended March 31,
|
|
|
|
2011
|
|
2010
|
|
|
|
Net
Revenues
|
|
EBITDA
|
|
Net
Revenues
|
|
EBITDA
|
|
|
Lodging
|
$
149
|
|
$
27
|
(c)
|
$
144
|
|
$
33
|
|
|
Vacation
Exchange and Rentals
|
356
|
|
93
|
|
300
|
|
80
|
(f)
|
|
Vacation
Ownership
|
450
|
|
97
|
(d)
|
444
|
|
82
|
|
|
Total Reportable Segments
|
955
|
|
217
|
|
888
|
|
195
|
|
|
Corporate
and Other (a) (b)
|
(3)
|
|
(14)
|
|
(2)
|
|
(20)
|
|
|
Total Company
|
$
952
|
|
$
203
|
|
$
886
|
|
$
175
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of EBITDA to Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
$
203
|
|
|
|
$
175
|
|
|
Depreciation
and amortization
|
|
|
45
|
|
|
|
44
|
|
|
Interest
expense
|
|
|
44
|
(e)
|
|
|
50
|
(g)
|
|
Interest
income
|
|
|
(2)
|
|
|
|
(1)
|
|
|
Income
before income taxes
|
|
|
116
|
|
|
|
82
|
|
|
Provision
for income taxes
|
|
|
44
|
|
|
|
32
|
|
|
Net
income
|
|
|
$
72
|
|
|
|
$
50
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
|
|
|
|
|
|
|
|
|
(a)
Includes the elimination of transactions between segments.
|
|
(b)
Includes $11 million of a net benefit and $2 million of a net
expense during the three months ended March 31, 2011 and 2010,
respectively, related to the resolution of and adjustment to certain
contingent liabilities and assets resulting from our separation.
|
|
(c)
Includes a non-cash impairment charge of $13 million to reduce
the value of an international joint venture in the Company's hotel
business.
|
|
(d)
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)
Includes $12 million of costs incurred for the early repurchase
of a portion of the Company's 3.50% convertible notes during the first
quarter of 2011.
|
|
(f)
Includes $4 million related to costs incurred in connection with
the Company's acquisition of Hoseasons during March 2010.
|
|
(g)
Includes $16 million of costs incurred for the early
extinguishment of the Company's revolving foreign credit facility and
term loan facility during March 2010.
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following tables summarize net revenues and Adjusted EBITDA for
reportable segments for the three months ended March 31, 2011 and 2010
(for a description of adjustments by segment, see Table 7):
|
|
|
|
|
Three
Months Ended March 31,
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
Adjusted
|
|
|
|
Adjusted
|
|
|
|
Net
Revenues
|
|
EBITDA
|
|
Net
Revenues
|
|
EBITDA
|
|
|
Lodging
|
$
149
|
|
$
40
|
|
$
144
|
|
$
33
|
|
|
Vacation
Exchange and Rentals
|
356
|
|
93
|
|
300
|
|
84
|
|
|
Vacation
Ownership
|
450
|
|
96
|
|
444
|
|
82
|
|
|
Total Reportable Segments
|
955
|
|
229
|
|
888
|
|
199
|
|
|
Corporate
and Other
|
(3)
|
|
(25)
|
|
(2)
|
|
(18)
|
|
|
Total Company
|
$
952
|
|
$
204
|
|
$
886
|
|
$
181
|
|
|
|
|
|
|
|
|
|
|
|
Table 2
|
|
Wyndham
Worldwide Corporation
CONSOLIDATED
STATEMENTS OF INCOME
(In
millions, except per share data)
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
2011
|
|
2010
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
Service
and membership fees
|
|
$
495
|
|
$
424
|
|
|
|
Vacation
ownership interest sales
|
|
222
|
|
217
|
|
|
|
Franchise
fees
|
|
101
|
|
92
|
|
|
|
Consumer
financing
|
|
102
|
|
105
|
|
|
|
Other
|
|
32
|
|
48
|
|
|
Net
revenues
|
|
952
|
|
886
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
Operating
|
|
411
|
|
381
|
(a)
|
|
|
Cost
of vacation ownership interests
|
|
32
|
|
36
|
|
|
|
Consumer
financing interest
|
|
23
|
|
24
|
|
|
|
Marketing
and reservation
|
|
137
|
|
123
|
|
|
|
General
and administrative (b)
|
|
140
|
|
148
|
|
|
|
Asset
impairment
|
|
13
|
(c)
|
-
|
|
|
|
Restructuring
|
|
(1)
|
(d)
|
-
|
|
|
|
Depreciation
and amortization
|
|
45
|
|
44
|
|
|
Total
expenses
|
|
800
|
|
756
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
152
|
|
130
|
|
|
Other
income, net
|
|
(6)
|
(e)
|
(1)
|
|
|
Interest
expense
|
|
44
|
(f)
|
50
|
(g)
|
|
Interest
income
|
|
(2)
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
116
|
|
82
|
|
|
Provision
for income taxes
|
|
44
|
|
32
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
72
|
|
$
50
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
Basic
|
|
$ 0.42
|
|
$ 0.28
|
|
|
|
Diluted
|
|
0.41
|
|
0.27
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
Basic
|
|
173
|
|
179
|
|
|
|
Diluted
|
|
179
|
|
186
|
|
|
__________
|
|
|
|
|
|
|
(a)
Includes $4 million relating to costs incurred in connection with
the Company's acquisition of Hoseasons during March 2010.
|
|
(b)
Includes $7 million of a net benefit and $2 million of a net
expense during the three months ended March 31, 2011 and 2010,
respectively, related to the resolution of and adjustment to certain
contingent liabilities and assets resulting from our separation.
|
|
(c)
Represents a non-cash impairment charge to reduce the value of an
international joint venture in the Company's hotel business.
|
|
(d)
Reflects the reversal of costs incurred as a result of various
strategic initiatives commenced by the Company during 2008.
|
|
(e)
Includes $4 million of a gain related to the redemption of a
preferred stock investment allocated to the Company in connection with
our separation.
|
|
(f)
Includes $12 million of costs incurred for the early repurchase
of a portion of the Company's 3.50% convertible notes during the first
quarter of 2011.
|
|
(g)
Includes $16 million of costs incurred for the early
extinguishment of the Company's term loan facility and revolving
foreign credit facility during March 2010.
|
|
|
|
|
|
|
|
|
Table 3
|
|
(1 of
3)
|
|
Wyndham
Worldwide Corporation
OPERATING
STATISTICS
|
|
|
|
|
Year
|
Q1
|
Q2
|
Q3
|
Q4
|
Full
Year
|
|
Lodging
(a)
|
|
|
|
|
|
|
|
|
Number
of Rooms
|
2011
|
609,600
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
2010
|
593,300
|
606,800
|
605,700
|
612,700
|
N/A
|
|
|
2009
|
588,500
|
590,200
|
590,900
|
597,700
|
N/A
|
|
|
2008
|
551,100
|
551,500
|
583,400
|
592,900
|
N/A
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
2011
|
$
27.71
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
2010
|
$
25.81
|
$
32.25
|
$
37.14
|
$
29.18
|
$
31.14
|
|
|
2009
|
$
27.69
|
$
32.38
|
$
34.81
|
$
26.47
|
$
30.34
|
|
|
2008
|
$
32.21
|
$
38.87
|
$
41.93
|
$
30.03
|
$
35.74
|
|
|
|
|
|
|
|
|
|
Vacation
Exchange and Rentals
|
|
|
|
|
|
|
|
|
Average
Number of Members (in 000s)
|
2011
|
3,766
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
2010
|
3,746
|
3,741
|
3,766
|
3,759
|
3,753
|
|
|
2009
|
3,789
|
3,795
|
3,781
|
3,765
|
3,782
|
|
|
2008
|
3,632
|
3,682
|
3,673
|
3,693
|
3,670
|
|
|
|
|
|
|
|
|
|
|
Exchange
Revenue Per Member
|
2011
|
$
205.64
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
2010
|
$
201.93
|
$
172.20
|
$
173.44
|
$
162.59
|
$
177.53
|
|
|
2009
|
$
194.83
|
$
174.22
|
$
173.90
|
$
163.89
|
$
176.73
|
|
|
2008
|
$
234.05
|
$
201.04
|
$
193.39
|
$
165.99
|
$
198.48
|
|
|
|
|
|
|
|
|
|
|
Vacation
Rental Transactions (in 000s) (b)
|
2011
|
398
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
2010
|
291
|
297
|
322
|
253
|
1,163
|
|
|
2009
|
273
|
231
|
264
|
196
|
964
|
|
|
2008
|
269
|
220
|
255
|
191
|
936
|
|
|
|
|
|
|
|
|
|
|
Average
Net Price Per Vacation Rental (b)
|
2011
|
$
377.71
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
2010
|
$
361.17
|
$
387.01
|
$
500.31
|
$
449.12
|
$
425.38
|
|
|
2009
|
$
353.15
|
$
471.74
|
$
594.34
|
$
499.66
|
$
477.38
|
|
|
2008
|
$
442.50
|
$
541.69
|
$
659.93
|
$
460.86
|
$
528.95
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
Gross
Vacation Ownership Interest (VOI) Sales (in 000s) (c)
|
2011
|
$
319,000
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
2010
|
$
308,000
|
$
371,000
|
$
412,000
|
$
373,000
|
$
1,464,000
|
|
|
2009
|
$
280,000
|
$
327,000
|
$
366,000
|
$
343,000
|
$
1,315,000
|
|
|
2008
|
$
458,000
|
$
532,000
|
$
566,000
|
$
432,000
|
$
1,987,000
|
|
|
|
|
|
|
|
|
|
|
Tours (d)
|
2011
|
137,000
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
2010
|
123,000
|
163,000
|
187,000
|
160,000
|
634,000
|
|
|
2009
|
137,000
|
164,000
|
173,000
|
142,000
|
617,000
|
|
|
|
2008
|
255,000
|
314,000
|
334,000
|
240,000
|
1,143,000
|
|
|
|
|
|
|
|
|
|
|
Volume
Per Guest (VPG) (d)
|
2011
|
$
2,192
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
2010
|
$
2,334
|
$
2,156
|
$
2,081
|
$
2,214
|
$
2,183
|
|
|
2009
|
$
1,866
|
$
1,854
|
$
1,944
|
$
2,210
|
$
1,964
|
|
|
2008
|
$
1,668
|
$
1,583
|
$
1,550
|
$
1,630
|
$
1,602
|
|
|
|
|
|
|
|
|
|
Note: Full
year amounts may not foot across due to rounding.
|
|
(a)
|
Includes
the impact of the acquisitions of Microtel Inns & Suites and
Hawthorn Suites (July 2008) and the Tryp hotel brand (June 2010) from
the acquisition dates 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) and James Villa Holidays (November 2010) 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) beginning in the first quarter of 2010 (see Table 9 for a
reconciliation of gross VOI sales to vacation ownership interest sales).
|
|
(d)
|
Includes
the impact of WAAM related tours beginning in the first quarter of 2010.
|
|
|
|
|
|
|
|
|
|
|
|
Table 3
|
|
(2 of
3)
|
|
|
|
Wyndham
Worldwide Corporation
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
Year
|
Q1
|
Q2
|
Q3
|
Q4
|
Full
Year
|
|
Lodging
(a)
|
|
|
|
|
|
|
|
|
Number
of Properties
|
2011
|
7,190
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
2010
|
7,090
|
7,160
|
7,150
|
7,210
|
N/A
|
|
|
|
|
|
|
2009
|
6,990
|
7,020
|
7,040
|
7,110
|
N/A
|
|
|
|
|
|
|
2008
|
6,550
|
6,560
|
6,970
|
7,040
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
Deferred
Revenues (in 000s) (b)
|
2011
|
$
-
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
2010
|
$
-
|
$
-
|
$
-
|
$
-
|
$
-
|
|
|
|
|
|
|
2009
|
$
67,000
|
$
37,000
|
$
36,000
|
$
47,000
|
$
187,000
|
|
|
|
|
|
|
2008
|
$
(82,000)
|
$
(5,000)
|
$
(2,000)
|
$
14,000
|
$
(75,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for Loan Losses (in 000s) (c)
|
2011
|
$
79,000
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
2010
|
$
86,000
|
$
87,000
|
$
85,000
|
$
82,000
|
$
340,000
|
|
|
|
|
|
|
2009
|
$
107,000
|
$
122,000
|
$
117,000
|
$
103,000
|
$
449,000
|
|
|
|
|
|
|
2008
|
$
82,000
|
$
113,000
|
$
119,000
|
$
136,000
|
$
450,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
under WAAM (in 000s) (d)
|
2011
|
$
18,000
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
2010
|
$
5,000
|
$
13,000
|
$
20,000
|
$
14,000
|
$
51,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WAAM
Commission Revenues (in 000s)
|
2011
|
$
10,000
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
2010
|
$
3,000
|
$
8,000
|
$
12,000
|
$
9,000
|
$
31,000
|
|
|
|
Note: Full
year amounts may not foot across due to rounding.
|
|
(a)
|
Includes
the impact of the acquisitions of Microtel Inns & Suites and
Hawthorn Suites (July 2008) and the Tryp hotel brand (June 2010) from
the acquisition dates forward. Therefore, the operating
statistics are not presented on a comparable basis.
|
|
(b)
|
Represents
the revenue that is deferred under the percentage of completion method
of accounting. Under the percentage of completion method of
accounting, a portion of the total revenue from a vacation ownership
contract sale is not recognized if the construction of the vacation
resort has not yet been fully completed. This revenue will be
recognized in future periods in proportion to the costs incurred as
compared to the total expected costs for completion of construction of
the vacation resort. Positive amounts represent the recognition
of previously deferred revenues.
|
|
(c)
|
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.
|
|
(d)
|
Represents
gross VOI sales under the Company's WAAM for which the Company earns
commission revenue (WAAM Commission Revenues). The commission
revenue earned on these sales is included in service fees and
membership revenues on the Consolidated Statement 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, (ii) properties under
affiliation agreements for which we receive a fee for reservation
and/or other services provided or (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 pay
annual membership dues. For additional fees, such participants are
entitled to exchange intervals for intervals at other properties
affiliated with our vacation exchange business. In addition, certain
participants may exchange intervals for other leisure-related products
and services.
|
|
|
|
|
|
|
|
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 each time a standard one-week
rental is booked.
|
|
|
|
|
|
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 2007-2010.
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)
|
|
|
|
|
2011
|
|
2010
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties
and Franchise Fees
|
$
58
|
N/A
|
N/A
|
N/A
|
N/A
|
|
$
52
|
$
69
|
$
82
|
$
62
|
$
265
|
|
|
Marketing,
Reservation and Wyndham Rewards Revenues (a)
|
54
|
N/A
|
N/A
|
N/A
|
N/A
|
|
50
|
65
|
76
|
60
|
251
|
|
|
Hotel
Management Reimbursable Revenues (b)
|
19
|
N/A
|
N/A
|
N/A
|
N/A
|
|
21
|
20
|
18
|
18
|
77
|
|
|
Ancillary
Revenues (c)
|
18
|
N/A
|
N/A
|
N/A
|
N/A
|
|
21
|
24
|
27
|
23
|
95
|
|
|
Total
Lodging
|
149
|
N/A
|
N/A
|
N/A
|
N/A
|
|
144
|
178
|
203
|
163
|
688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Exchange and Rentals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Revenues
|
194
|
N/A
|
N/A
|
N/A
|
N/A
|
|
189
|
161
|
163
|
153
|
666
|
|
|
Rental
Revenues
|
150
|
N/A
|
N/A
|
N/A
|
N/A
|
|
105
|
115
|
161
|
114
|
495
|
|
|
Ancillary
Revenues (d)
|
12
|
N/A
|
N/A
|
N/A
|
N/A
|
|
6
|
5
|
6
|
15
|
32
|
|
|
Total
Vacation Exchange and Rentals
|
356
|
N/A
|
N/A
|
N/A
|
N/A
|
|
300
|
281
|
330
|
282
|
1,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership Interest Sales
|
222
|
N/A
|
N/A
|
N/A
|
N/A
|
|
217
|
271
|
308
|
276
|
1,072
|
|
|
Consumer
Financing
|
102
|
N/A
|
N/A
|
N/A
|
N/A
|
|
105
|
106
|
107
|
107
|
425
|
|
|
Property
Management Fees
|
110
|
N/A
|
N/A
|
N/A
|
N/A
|
|
100
|
100
|
104
|
101
|
405
|
|
|
WAAM
Commissions
|
10
|
N/A
|
N/A
|
N/A
|
N/A
|
|
3
|
8
|
12
|
8
|
31
|
|
|
Ancillary
Revenues (e)
|
6
|
N/A
|
N/A
|
N/A
|
N/A
|
|
19
|
20
|
2
|
5
|
46
|
|
|
Total
Vacation Ownership
|
450
|
N/A
|
N/A
|
N/A
|
N/A
|
|
444
|
505
|
533
|
497
|
1,979
|
|
Total
Reportable Segments
|
$ 955
|
N/A
|
N/A
|
N/A
|
N/A
|
|
$
888
|
$
964
|
$ 1,066
|
$ 942
|
$ 3,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
2008
|
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Year
|
|
Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties
and Franchise Fees
|
$
57
|
$
68
|
$
72
|
$
57
|
$
254
|
|
$
64
|
$
78
|
$
88
|
$
66
|
$
297
|
|
|
Marketing,
Reservation and Wyndham Rewards Revenues (a)
|
54
|
66
|
73
|
53
|
246
|
|
60
|
75
|
84
|
61
|
280
|
|
|
Hotel
Management Reimbursable Revenues (b)
|
22
|
23
|
21
|
19
|
85
|
|
27
|
26
|
25
|
21
|
100
|
|
|
Ancillary
Revenues (c)
|
21
|
17
|
17
|
20
|
75
|
|
19
|
21
|
16
|
22
|
76
|
|
|
Total
Lodging
|
154
|
174
|
183
|
149
|
660
|
|
170
|
200
|
213
|
170
|
753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Exchange and Rentals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Revenues
|
185
|
165
|
164
|
154
|
668
|
|
213
|
185
|
178
|
152
|
728
|
|
|
Rental
Revenues
|
96
|
109
|
157
|
98
|
460
|
|
119
|
119
|
169
|
88
|
495
|
|
|
Ancillary
Revenues (d)
|
6
|
6
|
6
|
6
|
24
|
|
9
|
10
|
7
|
10
|
36
|
|
|
Total
Vacation Exchange and Rentals
|
287
|
280
|
327
|
258
|
1,152
|
|
341
|
314
|
354
|
250
|
1,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership Interest Sales
|
239
|
242
|
285
|
287
|
1,053
|
|
294
|
414
|
446
|
309
|
1,463
|
|
|
Consumer
Financing
|
109
|
109
|
108
|
109
|
435
|
|
99
|
104
|
111
|
112
|
426
|
|
|
Property
Management Fees
|
91
|
94
|
96
|
95
|
376
|
|
85
|
84
|
89
|
89
|
346
|
|
|
Ancillary
Revenues (e)
|
23
|
22
|
19
|
17
|
81
|
|
26
|
19
|
15
|
(18)
|
43
|
|
|
Total
Vacation Ownership
|
462
|
467
|
508
|
508
|
1,945
|
|
504
|
621
|
661
|
492
|
2,278
|
|
Total
Reportable Segments
|
$ 903
|
$ 921
|
$ 1,018
|
$ 915
|
$ 3,757
|
|
$ 1,015
|
$ 1,135
|
$ 1,228
|
$ 912
|
$ 4,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Full
year amounts may not foot 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)
Primarily includes additional services provided to franchisees.
|
|
(d)
Primarily includes fees generated from programs with affiliated
resorts.
|
|
(e)
Primarily includes revenues associated with bonus points/credits
that are provided as purchase incentives on VOI sales and fees
generated from other non-core businesses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 5
|
|
Wyndham
Worldwide Corporation
SCHEDULE
OF DEBT
(In
millions)
|
|
|
|
|
|
|
March 31, 2011
|
|
December 31, 2010
|
|
September 30, 2010
|
|
June 30, 2010
|
|
March 31, 2010
|
|
|
|
Securitized
vacation ownership debt (a)
|
|
|
|
|
|
|
|
|
|
|
|
Term notes
|
|
$
1,666
|
|
$
1,498
|
|
$
1,400
|
|
$
1,255
|
|
$
1,258
|
|
Bank conduit facility (b)
|
|
148
|
|
152
|
|
215
|
|
291
|
|
240
|
|
Securitized
vacation ownership debt (c)
|
|
1,814
|
|
1,650
|
|
1,615
|
|
1,546
|
|
1,498
|
|
Less:
Current portion of securitized vacation ownership debt
|
|
216
|
|
223
|
|
187
|
|
248
|
|
220
|
|
Long-term
securitized vacation ownership debt
|
|
$
1,598
|
|
$
1,427
|
|
$
1,428
|
|
$
1,298
|
|
$
1,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt:
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit facility (due October 2013) (d)
|
|
$
5
|
|
$
154
|
|
$
26
|
|
$
-
|
|
$
199
|
|
6.00% senior unsecured notes (due December 2016) (e)
|
|
797
|
|
798
|
|
798
|
|
798
|
|
798
|
|
9.875% senior unsecured notes (due May 2014) (f)
|
|
241
|
|
241
|
|
240
|
|
239
|
|
239
|
|
3.50% convertible notes (due May 2012) (g)
|
|
41
|
|
266
|
|
289
|
|
362
|
|
448
|
|
7.375% senior unsecured notes (due March 2020) (h)
|
|
247
|
|
247
|
|
247
|
|
247
|
|
247
|
|
5.75%
senior unsecured notes (due February 2018) (i)
|
|
247
|
|
247
|
|
247
|
|
-
|
|
-
|
|
5.625%
senior unsecured notes (due March 2021) (j)
|
|
245
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Vacation
rentals capital leases
|
|
120
|
|
115
|
|
120
|
|
110
|
|
123
|
|
Other
|
|
28
|
|
26
|
|
34
|
|
36
|
|
28
|
|
Total
debt
|
|
1,971
|
|
2,094
|
|
2,001
|
|
1,792
|
|
2,082
|
|
Less:
Current portion of debt
|
|
12
|
|
11
|
|
32
|
|
29
|
|
23
|
|
Long-term
debt
|
|
$
1,959
|
|
$
2,083
|
|
$
1,969
|
|
$
1,763
|
|
$
2,059
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
(a)
The Company's vacation ownership contract receivables are
securitized through bankruptcy-remote special purpose entities ("SPE")
that are consolidated with 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 364-day, non-recourse vacation ownership bank
conduit facility with a term through September 2011 and borrowing
capacity of $600 million. As of March 31, 2011, our 364-day
facility has remaining borrowing capacity of $452 million.
|
|
(c)
This debt is collateralized by $2,778 million, $2,865 million,
$2,874 million, $2,862 million and $2,712 million of underlying
vacation ownership contract receivables and related assets as of March
31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and
March 31, 2010, respectively.
|
|
(d)
During March 2010, the Company replaced its five-year $900
million revolving credit facility with a $950 million revolving credit
facility that expires on October 1, 2013. During the fourth
quarter of 2010, the total capacity of this facility was increased to
$970 million. During the first quarter of 2011, the total
capacity was further increased to $980 million. As of March 31,
2011, the Company has $13 million of outstanding letters of credit and
a remaining borrowing capacity of $962 million.
|
|
(e)
Represents senior unsecured notes issued by the Company during
December 2006. The balance as of March 31, 2011 represents $800
million aggregate principal less $2 million of unamortized discount and
a $1 million fair value hedge derivative.
|
|
(f)
Represents senior unsecured notes issued by the Company during
May 2009. The balance as of March 31, 2011 represents $250
million aggregate principal less $9 million of unamortized discount.
|
|
(g)
Represents convertible notes issued by the Company during May
2009, which includes debt principal, less unamortized discount, and a
liability related to a bifurcated conversion feature. During the third
and fourth quarters of 2010, the Company repurchased a portion of its
3.50% convertible notes. During the first quarter of 2011, the
Company repurchased a portion of its outstanding 3.50% convertible
notes, primarily through the completion of a cash tender offer. The
following table details the components of the convertible notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31, 2011
|
|
December
31, 2010
|
|
September
30, 2010
|
|
June
30, 2010
|
|
March
31, 2010
|
|
|
|
Debt
principal
|
|
$
17
|
|
$
116
|
|
$
138
|
|
$
230
|
|
$
230
|
|
Unamortized
discount
|
|
(1)
|
|
(12)
|
|
(17)
|
|
(31)
|
|
(35)
|
|
Debt
less discount
|
|
16
|
|
104
|
|
121
|
|
199
|
|
195
|
|
Fair
value of conversion feature (*)
|
|
25
|
|
162
|
|
168
|
|
163
|
|
253
|
|
Convertible
notes
|
|
$
41
|
|
$
266
|
|
$
289
|
|
$
362
|
|
$
448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
The Company also has an asset with a fair value equal to the
conversion feature, which represents cash-settled call options
that the Company purchased concurrent with the issuance of the
convertible notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h)
Represents senior unsecured notes issued by the Company during
February 2010. The balance as of March 31, 2011 represents $250
million aggregate principal less $3 million of unamortized discount.
|
|
(i)
Represents senior unsecured notes issued by the Company during
September 2010. The balance as of March 31, 2011 represents $250
million aggregate principal less $3 million of unamortized discount.
|
|
(j)
Represents senior unsecured notes issued by the Company during
March 2011. The balance as of March 31, 2011 represents $250
million aggregate principal less $5 million of unamortized discount.
|
|
|
Table 6
|
|
|
|
Wyndham
Worldwide Corporation
BRAND
SYSTEM DETAILS
|
|
|
|
|
|
As of
and For the Three Months Ended March 31, 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
|
94
|
25,521
|
53.3%
|
$106.57
|
$56.84
|
|
|
|
|
|
|
|
|
|
Tryp
by Wyndham
|
92
|
13,420
|
48.3%
|
$111.27
|
$53.75
|
|
|
|
|
|
|
|
|
|
Wingate
by Wyndham
|
165
|
15,134
|
55.8%
|
$78.31
|
$43.68
|
|
|
|
|
|
|
|
|
|
Hawthorn
Suites by Wyndham
|
75
|
7,028
|
57.6%
|
$74.22
|
$42.73
|
|
|
|
|
|
|
|
|
|
Ramada
|
888
|
117,278
|
45.4%
|
$73.37
|
$33.30
|
|
|
|
|
|
|
|
|
|
Baymont
|
261
|
21,886
|
41.2%
|
$59.02
|
$24.33
|
|
|
|
|
|
|
|
|
|
Days
Inn
|
1,877
|
150,214
|
40.5%
|
$58.19
|
$23.58
|
|
|
|
|
|
|
|
|
|
Super
8
|
2,185
|
137,260
|
43.9%
|
$51.41
|
$22.56
|
|
|
|
|
|
|
|
|
|
Howard
Johnson
|
464
|
46,080
|
41.1%
|
$57.28
|
$23.56
|
|
|
|
|
|
|
|
|
|
Travelodge
|
434
|
31,920
|
40.8%
|
$59.70
|
$24.34
|
|
|
|
|
|
|
|
|
|
Microtel
Inns & Suites
|
316
|
22,528
|
46.3%
|
$55.03
|
$25.46
|
|
|
|
|
|
|
|
|
|
Knights
Inn
|
339
|
20,679
|
33.7%
|
$40.75
|
$13.74
|
|
|
|
|
|
|
|
|
|
Dream
|
3
|
566
|
73.1%
|
$177.95
|
$130.02
|
|
|
|
|
|
|
|
|
|
Night
|
1
|
72
|
93.8%
|
$298.78
|
$280.20
|
|
|
|
|
|
|
|
|
|
|
Total Lodging
|
7,194
|
609,586
|
43.5%
|
$63.66
|
$27.71
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
Wyndham
Vacation Ownership resorts
|
162
|
20,736
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Total Wyndham Worldwide
|
7,356
|
630,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
and For the Three Months Ended March 31, 2010
|
|
|
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
|
94
|
25,140
|
51.2%
|
$112.88
|
$57.74
|
|
|
|
|
|
|
|
|
|
Wingate
by Wyndham
|
164
|
15,020
|
51.8%
|
$77.42
|
$40.09
|
|
|
|
|
|
|
|
|
|
Hawthorn
Suites by Wyndham
|
87
|
8,106
|
49.2%
|
$76.99
|
$37.89
|
|
|
|
|
|
|
|
|
|
Ramada
|
899
|
117,555
|
43.2%
|
$72.76
|
$31.42
|
|
|
|
|
|
|
|
|
|
Baymont
|
242
|
20,529
|
41.3%
|
$57.68
|
$23.83
|
|
|
|
|
|
|
|
|
|
Days
Inn
|
1,860
|
149,770
|
38.7%
|
$57.80
|
$22.36
|
|
|
|
|
|
|
|
|
|
Super
8
|
2,134
|
132,910
|
41.1%
|
$52.93
|
$21.76
|
|
|
|
|
|
|
|
|
|
Howard
Johnson
|
489
|
46,588
|
38.8%
|
$57.69
|
$22.37
|
|
|
|
|
|
|
|
|
|
Travelodge
|
452
|
33,604
|
38.1%
|
$61.40
|
$23.39
|
|
|
|
|
|
|
|
|
|
Microtel
Inns & Suites
|
317
|
22,550
|
43.5%
|
$54.99
|
$23.94
|
|
|
|
|
|
|
|
|
|
Knights
Inn
|
347
|
21,155
|
33.1%
|
$38.94
|
$12.89
|
|
|
|
|
|
|
|
|
|
Other
|
2
|
404
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,087
|
593,331
|
41.1%
|
$62.78
|
$25.81
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
Wyndham
Vacation Ownership resorts
|
159
|
20,559
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
|
|
Total
Wyndham Worldwide
|
7,246
|
613,890
|
|
|
|
|
_______________
|
|
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
|
Asset
|
Restructuring
|
Adjusted
|
|
Three
months ended March 31, 2011
|
|
Net
Revenues
|
|
EBITDA
|
Adjustments
(b)
|
Impairment
(c)
|
Costs (d)
|
EBITDA
|
|
Lodging
|
|
$
149
|
|
$
27
|
$
-
|
$
13
|
$
-
|
$
40
|
|
Vacation
Exchange and Rentals
|
|
356
|
|
93
|
-
|
-
|
-
|
93
|
|
Vacation
Ownership
|
|
450
|
|
97
|
-
|
-
|
(1)
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
________________
|
|
(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.
|
|
(c)
Relates to a non-cash impairment charge to reduce the value of an
international joint venture in the Company's hotel business.
|
|
(d)
Relates to the reversal of costs incurred as a result of various
strategic initiatives commenced by the Company during 2008.
|
|
|
|
|
|
|
|
|
|
|
|
Table 7
|
|
(2 of
2)
|
|
Wyndham
Worldwide
NON-GAAP
RECONCILIATIONS
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
Reported
|
Acquisition
|
Legacy
|
Restructuring
|
Adjusted
|
|
Three
months ended March 31, 2010
|
|
Net
Revenues
|
|
EBITDA
|
Costs (b)
|
Adjustments
(c)
|
Costs (d)
|
EBITDA
|
|
Lodging
|
|
$
144
|
|
$
33
|
$
-
|
$
-
|
$
-
|
$
33
|
|
Vacation
Exchange and Rentals
|
|
300
|
|
80
|
4
|
-
|
-
|
84
|
|
Vacation
Ownership
|
|
444
|
|
82
|
-
|
-
|
-
|
82
|
|
Total
Reportable Segments
|
|
888
|
|
195
|
4
|
-
|
-
|
199
|
|
Corporate
and Other (a)
|
|
(2)
|
|
(20)
|
-
|
2
|
-
|
(18)
|
|
Total
Company
|
|
$
886
|
|
$
175
|
$
4
|
$
2
|
$
-
|
$
181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended June 30, 2010
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
178
|
|
$
49
|
$
1
|
$
-
|
$
-
|
$
50
|
|
Vacation
Exchange and Rentals
|
|
281
|
|
78
|
-
|
-
|
-
|
78
|
|
Vacation
Ownership
|
|
505
|
|
104
|
-
|
-
|
-
|
104
|
|
Total
Reportable Segments
|
|
964
|
|
231
|
1
|
-
|
-
|
232
|
|
Corporate
and Other (a)
|
|
(1)
|
|
(14)
|
-
|
-
|
-
|
(14)
|
|
Total
Company
|
|
$
963
|
|
$
217
|
$
1
|
$
-
|
$
-
|
$
218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended September 30, 2010
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
203
|
|
$
67
|
$
-
|
$
-
|
$
-
|
$
67
|
|
Vacation
Exchange and Rentals
|
|
330
|
|
103
|
1
|
-
|
-
|
104
|
|
Vacation
Ownership
|
|
533
|
|
123
|
-
|
-
|
-
|
123
|
|
Total
Reportable Segments
|
|
1,066
|
|
293
|
1
|
-
|
-
|
294
|
|
Corporate
and Other (a)
|
|
(1)
|
|
30
|
-
|
(52)
|
-
|
(22)
|
|
Total
Company
|
|
$
1,065
|
|
$
323
|
$
1
|
$
(52)
|
$
-
|
$
272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended December 31, 2010
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
163
|
|
$
40
|
$
-
|
$
-
|
$
-
|
$
40
|
|
Vacation
Exchange and Rentals
|
|
282
|
|
32
|
1
|
-
|
9
|
42
|
|
Vacation
Ownership
|
|
497
|
|
131
|
-
|
-
|
-
|
131
|
|
Total
Reportable Segments
|
|
942
|
|
203
|
1
|
-
|
9
|
213
|
|
Corporate
and Other (a)
|
|
(5)
|
|
(20)
|
-
|
(3)
|
-
|
(23)
|
|
Total
Company
|
|
$
937
|
|
$
183
|
$
1
|
$
(3)
|
$
9
|
$
190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
months ended December 31, 2010
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
688
|
|
$
189
|
$
1
|
$
-
|
$
-
|
$
190
|
|
Vacation
Exchange and Rentals
|
|
1,193
|
|
293
|
6
|
-
|
9
|
308
|
|
Vacation
Ownership
|
|
1,979
|
|
440
|
-
|
-
|
-
|
440
|
|
Total
Reportable Segments
|
|
3,860
|
|
922
|
7
|
-
|
9
|
938
|
|
Corporate
and Other (a)
|
|
(9)
|
|
(24)
|
-
|
(54)
|
-
|
(78)
|
|
Total
Company
|
|
$
3,851
|
|
$
898
|
$
7
|
$
(54)
|
$
9
|
$
860
|
|
________________
|
|
Note:
Amounts may not foot across due to rounding.
|
|
(a)
Includes the elimination of transactions between segments.
|
|
(b)
Relates to costs incurred in connection with the Company's
acquisitions of Hoseasons during March 2010, the Tryp hotel brand
during June 2010, ResortQuest during September 2010 and James Villa
Holidays during November 2010.
|
|
(c)
Relates to the net expense/(benefit) from the resolution of and
adjustment to certain contingent liabilities and assets resulting from
our separation.
|
|
(d)
Relates to costs incurred as a result of a strategic initiative
commenced by the Company during 2010.
|
|
|
|
|
|
|
|
|
|
|
|
Table 8
|
|
(1 of
2)
|
|
|
|
Wyndham
Worldwide Corporation
NON-GAAP
FINANCIAL INFORMATION
(In
millions, except per share data)
|
|
|
|
|
|
|
Three
Months Ended March 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Early
Extinguishment
of
Debt
|
|
Legacy
Adjustments
|
|
Asset
Impairment
|
|
Restructuring
Costs
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
fees and membership
|
|
$
495
|
|
|
|
|
|
|
|
|
|
$
495
|
|
|
Vacation
ownership interest sales
|
|
222
|
|
|
|
|
|
|
|
|
|
222
|
|
|
Franchise
fees
|
|
101
|
|
|
|
|
|
|
|
|
|
101
|
|
|
Consumer
financing
|
|
102
|
|
|
|
|
|
|
|
|
|
102
|
|
|
Other
|
|
32
|
|
|
|
|
|
|
|
|
|
32
|
|
Net
revenues
|
|
952
|
|
-
|
|
-
|
|
-
|
|
-
|
|
952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
411
|
|
|
|
|
|
|
|
|
|
411
|
|
|
Cost
of vacation ownership interests
|
|
32
|
|
|
|
|
|
|
|
|
|
32
|
|
|
Consumer
financing interest
|
|
23
|
|
|
|
|
|
|
|
|
|
23
|
|
|
Marketing
and reservation
|
|
137
|
|
|
|
|
|
|
|
|
|
137
|
|
|
General
and administrative
|
|
140
|
|
|
|
7
|
(b)
|
|
|
|
|
147
|
|
|
Asset
impairment
|
|
13
|
|
|
|
|
|
(13)
|
(d)
|
|
|
-
|
|
|
Restructuring
|
|
(1)
|
|
|
|
|
|
|
|
1
|
(e)
|
-
|
|
|
Depreciation
and amortization
|
|
45
|
|
|
|
|
|
|
|
|
|
45
|
|
Total
expenses
|
|
800
|
|
-
|
|
7
|
|
(13)
|
|
1
|
|
795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
152
|
|
-
|
|
(7)
|
|
13
|
|
(1)
|
|
157
|
|
Other
income, net
|
|
(6)
|
|
|
|
4
|
(c)
|
|
|
|
|
(2)
|
|
Interest
expense
|
|
44
|
|
(12)
|
(a)
|
|
|
|
|
|
|
32
|
|
Interest
income
|
|
(2)
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
116
|
|
12
|
|
(11)
|
|
13
|
|
(1)
|
|
129
|
|
Provision
for income taxes
|
|
44
|
|
5
|
(f)
|
(3)
|
(f)
|
5
|
(f)
|
(1)
|
(f)
|
50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
72
|
|
$
7
|
|
$
(8)
|
|
$
8
|
|
$
-
|
|
$
79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.42
|
|
$
0.04
|
|
$
(0.04)
|
|
$
0.04
|
|
$
-
|
|
$
0.46
|
|
|
Diluted
|
|
0.41
|
|
0.04
|
|
(0.04)
|
|
0.04
|
|
-
|
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
173
|
|
173
|
|
173
|
|
173
|
|
173
|
|
173
|
|
|
Diluted
|
|
179
|
|
179
|
|
179
|
|
179
|
|
179
|
|
179
|
|
__________
|
|
Note: EPS
amounts may not foot 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 quarter of
2011.
|
|
(b)
Relates to the net benefit from the resolution of and adjustment
to certain contingent liabilities and assets resulting from our
separation.
|
|
(c)
Relates to a gain on the redemption of a preferred stock
investment allocated to the Company in connection with our separation.
|
|
(d)
Relates to a non-cash impairment charge to reduce the value of an
international joint venture in the Company's hotel business.
|
|
(e)
Relates to the reversal of costs incurred as a result of various
strategic initiatives commenced by the Company during 2008.
|
|
(f)
Relates to the tax effect of the adjustments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 8
|
|
(2 of
2)
|
|
|
|
Wyndham
Worldwide Corporation
NON-GAAP
FINANCIAL INFORMATION
(In
millions, except per share data)
|
|
|
|
|
|
|
Three
Months Ended March 31, 2010
|
|
|
|
|
|
|
As
Reported
|
|
Early
Extinguishment
of Debt
|
|
Acquisition
Costs
|
|
Legacy
Adjustments
|
|
As
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
fees and membership
|
|
$
424
|
|
|
|
|
|
|
|
$
424
|
|
|
Vacation
ownership interest sales
|
|
217
|
|
|
|
|
|
|
|
217
|
|
|
Franchise
fees
|
|
92
|
|
|
|
|
|
|
|
92
|
|
|
Consumer
financing
|
|
105
|
|
|
|
|
|
|
|
105
|
|
|
Other
|
|
48
|
|
|
|
|
|
|
|
48
|
|
Net
revenues
|
|
886
|
|
-
|
|
-
|
|
-
|
|
886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
381
|
|
|
|
(4)
|
(b)
|
|
|
377
|
|
|
Cost
of vacation ownership interests
|
|
36
|
|
|
|
|
|
|
|
36
|
|
|
Consumer
financing interest
|
|
24
|
|
|
|
|
|
|
|
24
|
|
|
Marketing
and reservation
|
|
123
|
|
|
|
|
|
|
|
123
|
|
|
General
and administrative
|
|
148
|
|
|
|
|
|
(2)
|
(c)
|
146
|
|
|
Depreciation
and amortization
|
|
44
|
|
|
|
|
|
|
|
44
|
|
Total
expenses
|
|
756
|
|
-
|
|
(4)
|
|
(2)
|
|
750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
130
|
|
-
|
|
4
|
|
2
|
|
136
|
|
Other
income, net
|
|
(1)
|
|
|
|
|
|
|
|
(1)
|
|
Interest
expense
|
|
50
|
|
(16)
|
(a)
|
|
|
|
|
34
|
|
Interest
income
|
|
(1)
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes
|
|
82
|
|
16
|
|
4
|
|
2
|
|
104
|
|
Provision
for income taxes
|
|
32
|
|
6
|
(d)
|
1
|
(d)
|
1
|
(d)
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
50
|
|
$
10
|
|
$
3
|
|
$
1
|
|
$
64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ 0.28
|
|
$ 0.05
|
|
$ 0.02
|
|
$ 0.01
|
|
$ 0.36
|
|
|
Diluted
|
|
0.27
|
|
0.05
|
|
0.02
|
|
0.01
|
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
179
|
|
179
|
|
179
|
|
179
|
|
179
|
|
|
Diluted
|
|
186
|
|
186
|
|
186
|
|
186
|
|
186
|
|
__________
|
|
Note: EPS
amounts may not foot due to rounding.
|
|
(a)
Relates to costs incurred for the early extinguishment of the
Company's term loan facility and revolving foreign credit facility
during March 2010.
|
|
(b)
Relates to costs incurred in connection with the Company's
acquisition of Hoseasons during March 2010.
|
|
(c)
Relates to the net expense from the resolution of and adjustment
to certain contingent liabilities and assets resulting from our
separation.
|
|
(d)
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 minus capital expenditures, equity investments and
development advances, excluding cash payments related to the Company's
contingent tax liabilities that it assumed and is responsible for
pursuant to its separation from Cendant. 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 hotel 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,
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by operating activities
|
|
$ 229
|
|
$ 205
|
|
|
|
Less:
Property and equipment additions
|
|
(41)
|
|
(36)
|
|
|
|
Less:
Equity investments and development advances
|
|
(3)
|
|
(3)
|
|
|
|
Free
cash flow
|
|
$ 185
|
|
$ 166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
2011
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Full
Year
|
|
|
|
|
|
|
|
|
|
Gross
VOI sales
|
|
$ 319
|
N/A
|
N/A
|
N/A
|
N/A
|
|
Less:
Sales under the WAAM
|
|
(18)
|
N/A
|
N/A
|
N/A
|
N/A
|
|
Gross
VOI sales, net of WAAM sales
|
|
302
|
N/A
|
N/A
|
N/A
|
N/A
|
|
Less:
Loan loss provision
|
|
(79)
|
N/A
|
N/A
|
N/A
|
N/A
|
|
Vacation
ownership interest sales
|
|
$ 222
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
VOI sales
|
|
$ 308
|
$
371
|
$ 412
|
$
373
|
$
1,464
|
|
Less:
Sales under the WAAM
|
|
(5)
|
(13)
|
(20)
|
(14)
|
(51)
|
|
Gross
VOI sales, net of WAAM 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
|
|
67
|
37
|
36
|
47
|
187
|
|
Less:
Loan loss provision
|
|
(107)
|
(122)
|
(117)
|
(103)
|
(449)
|
|
Vacation
ownership interest sales
|
|
$ 239
|
$
242
|
$ 285
|
$
287
|
$
1,053
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
VOI sales
|
|
$ 458
|
$
532
|
$ 566
|
$
432
|
$
1,987
|
|
Plus/(less):
Net effect of percentage-of-completion accounting
|
|
(82)
|
(5)
|
(2)
|
14
|
(75)
|
|
Less:
Loan loss provision
|
|
(82)
|
(113)
|
(119)
|
(136)
|
(450)
|
|
Vacation
ownership interest sales
|
|
$ 294
|
$
414
|
$ 446
|
$
309
|
$
1,463
|
|
_____________
|
|
Note:
Amounts may not foot due to rounding.
|
|
|
|
|
|
|
|
|
|
|
The
following represents tele-sales upgrades, which are excluded from Gross
VOI sales in the Company's VPG calculation (see Table 3):
|
|
|
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Full
Year
|
|
|
|
|
|
|
|
|
|
2011
|
|
$
18
|
N/A
|
N/A
|
N/A
|
N/A
|
|
2010
|
|
$
20
|
$
20
|
$
23
|
$
17
|
$
80
|
|
2009
|
|
$
24
|
$
23
|
$
29
|
$
28
|
$
104
|
|
2008
|
|
$
33
|
$
35
|
$
49
|
$
40
|
$
156
|
|
_____________
|
|
|
|
|
|
|
|
Note:
Amounts may not foot across due to rounding.
|
|