WYNDHAM INTERNATIONAL, INC.
2003 OPERATING STATISTICS BY QUARTER
Second Quarter Six Months Ended
June 30,
2003
--------------------------- ---------------------------
2003 2002 % Change
2003 2002 % Change
-------- -------- --------- -------- -------- ---------
COMPARABLE WYNDHAM BRANDED HOTELS (a)
Wyndham Hotels
& Resorts
Average
daily rate $113.82 $120.93
-5.9% $121.87 $129.71 -6.0%
Occupancy
73.3% 72.1% 1.2 ppt 71.3%
68.9% 3.5 ppt
RevPAR
$83.46 $87.19 -4.3% $86.92
$89.39 -2.8%
Wyndham Luxury
Resorts (b)
Average
daily rate $210.58 $222.20
-5.2% $228.91 $243.29 -5.9%
Occupancy
53.2% 53.6% -0.7 ppt 50.7%
50.9% -0.3 ppt
RevPAR
$112.09 $119.05 -5.8% $116.08
$123.75 -6.2%
Summerfield by
Wyndham
Average
daily rate $92.70
$104.01 -10.9% $91.88 $103.82
-11.5%
Occupancy
87.6% 82.0% 5.6 ppt 83.6%
78.6% 6.2 ppt
RevPAR
$81.20 $85.30 -4.8% $76.77
$81.65 -6.0%
Wyndham Garden
Average
daily rate $87.42
$96.17 -9.1% $87.38 $96.94
-9.9%
Occupancy
79.4% 76.0% 3.3 ppt 76.4%
71.3% 7.2 ppt
RevPAR
$69.37 $73.11 -5.1% $66.73
$69.09 -3.4%
COMPARABLE OWNED & LEASED HOTELS
Proprietary
Branded (c)
Average
daily rate $113.26 $121.59
-6.8% $121.22 $129.67 -6.5%
Occupancy
76.7% 74.4% 2.2 ppt 74.0%
70.7% 4.7 ppt
RevPAR
$86.82 $90.50 -4.1% $89.67
$91.61 -2.1%
Non-
Proprietary
Branded (d)
Average
daily rate $88.25
$92.68 -4.8% $88.92 $94.24
-5.6%
Occupancy
60.0% 63.1% -3.1 ppt 58.8%
60.5% -2.9 ppt
RevPAR
$52.95 $58.50 -9.5% $52.25
$57.03 -8.4%
Total
Portfolio
Average
daily rate $106.40 $113.19
-6.0% $112.28 $119.31 -5.9%
Occupancy
71.2% 70.7% 0.5 ppt 69.0%
67.4% 2.5 ppt
RevPAR
$75.79 $80.08 -5.4% $77.50
$80.36 -3.6%
NOTE: All hotel statistics exclude assets sold to
date.
(a) Brand statistics are based
on comparable owned, managed and
leased
hotels for respective periods.
(b) Reflects results of the
Boulders, Carmel Valley Ranch, the
Lodge
at Ventana Canyon, and Isla Navidad.
(c) Reflects Wyndham Hotels
& Resorts, Wyndham Luxury Resorts,
Summerfield
by Wyndham and Wyndham Garden
Hotels
that were branded as of Jan. 1, 2003.
(d) Non-proprietary brand hotels
owned by the Company as of Jan.
1, 2003.
WYNDHAM INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in thousands)
(Unaudited)
Six Months Ended
June 30,
2003
Pro Forma Comparable
Actual Adjustments Pro Forma
(1)
---------- ------------------------
Revenues:
Hotel revenues
$701,514 $7,576 A $693,938
Management fees and service fee
income
8,850 66 B
8,784
Interest and other income
2,184 6 C
2,178
---------- ---------- -----------
Total revenues
712,548 7,648
704,900
---------- ---------- -----------
Expenses:
Hotel expenses
532,655 5,369 D 527,286
General and administrative costs
25,294 -
25,294
Interest expense
92,898 -
92,898
---------- ---------- -----------
Total operating costs
and
expenses
650,847 5,369
645,478
---------- ---------- -----------
Revenues net of direct expenses
61,701 2,279
59,422
Adjustments:
Bond offering costs
- -
-
Professional fees and other
2,437 -
2,437
Abandoned transaction costs
438 -
438
Loss on derivative instruments
19,093 -
19,093
Loss on sale of assets
4,937 -
4,937
Impairment of assets
6,133 4,093 E
2,040
Write-off of leasehold costs
522 -
522
---------- ---------- -----------
Total adjustments
33,560 4,093
29,467
---------- ---------- -----------
Depreciation and amortization
107,148 -
107,148
Equity in earnings from
unconsolidated subsidiaries
(701) -
(701)
Minority interest in consolidated
subsidiaries
270 -
270
---------- ---------- -----------
106,717 -
106,717
---------- ---------- -----------
Loss from continued operations
before taxes
(78,576) (1,814) (76,762)
Income tax benefit
31,827 584 F
31,243
---------- ---------- -----------
Loss from continued operations
(46,749) (1,230) (45,519)
---------- ---------- -----------
Loss from discontinued
operations, net of taxes and
minority interest
(9,898) (9,898)
-
Gain (loss) on sale of assets,
net of taxes
2,827 2,827
-
HPT leasehold termination costs,
net of taxes
(90,836) (90,836)
-
Impairment of assets held for
sale, net of taxes
(54,269) (54,269)
-
---------- ---------- -----------
Loss from discontinued
operations, net of taxes and
minority interest
(152,176) (152,176) G
-
---------- ---------- -----------
Loss before accounting change,
net of applicable taxes
(198,925) (153,406) (45,519)
Accounting change, net of
applicable taxes
- -
-
---------- ---------- -----------
Net loss
$(198,925) $(153,406) $(45,519)
========== ========== ===========
EBITDA, as adjusted
$164,005 $8,571 $155,434
========== ========== ===========
Six Months Ended
June 30,
2002
Pro Forma Comparable
Actual Adjustments Pro Forma
(1)
---------- ------------------------
Revenues:
Hotel revenues
$744,921 $29,809 J $715,112
Management fees and service fee
income
9,043 907 K
8,136
Interest and other income
3,975 409 C
3,566
---------- ---------- ------------
Total revenues
757,939 31,125
726,814
---------- ---------- ------------
Expenses:
Hotel expenses
543,884 23,647 L 520,237
General and administrative costs
30,191 -
30,191
Interest expense
112,687 713 M
111,974
---------- ---------- ------------
Total operating costs
and
expenses
686,762 24,360
662,402
---------- ---------- ------------
Revenues net of direct expenses
71,177 6,765
64,412
Adjustments:
Bond offering costs
4,504 -
4,504
Professional fees and other
3,787 -
3,787
Abandoned transaction costs
1,524 -
1,524
Loss on derivative instruments
33,044 -
33,044
Loss on sale of assets
3,611 -
3,611
Impairment of assets
162 -
162
Write-off of leasehold costs
992 -
992
---------- ---------- ------------
Total adjustments
47,624 -
47,624
---------- ---------- ------------
Depreciation and amortization
113,084 -
113,084
Equity in earnings from
unconsolidated subsidiaries
(898) (370) N
(528)
Minority interest in consolidated
subsidiaries
322 -
322
---------- ---------- ------------
112,508 (370)
112,878
---------- ---------- ------------
Loss from continued operations
before taxes
(88,955) 7,135
(96,090)
Income tax benefit
32,657 (2,473) F 35,130
---------- ---------- ------------
Loss from continued operations
(56,298) 4,662
(60,960)
---------- ---------- ------------
Loss from discontinued
operations, net of taxes and
minority interest
(2,791) (2,791)
-
Gain (loss) on sale of assets,
net of taxes
(1,354) (1,354)
-
HPT leasehold termination costs,
net of taxes
- -
-
Impairment of assets held for
sale, net of taxes
- -
-
---------- ---------- ------------
Loss from discontinued
operations, net of taxes and
minority interest
(4,145) (4,145) G
-
---------- ---------- ------------
Loss before accounting change,
net of applicable taxes
(60,443) 517
(60,960)
Accounting change, net of
applicable taxes
(324,102) (324,102) O
-
---------- ---------- ------------
Net loss
$(384,545) $(323,585) $(60,960)
========== ========== ============
EBITDA, as adjusted
$226,280 $46,165 $180,115
========== ========== ============
(1) The Comparable Pro Forma financial statements
have been adjusted
to remove the operations of
hotels sold and related interest
expense from corresponding retired
debt and management contract
revenue from terminated management
contracts.
WYNDHAM INTERNATIONAL, INC.
EBITDA Reconciliation
(in thousands, except per share data)
(Unaudited)
Six Months Ended
June 30,
2003 2003
2003
Pro Forma Comparable
Actual Adjustments Pro Forma
(1)
---------- -----------------------
EBITDA Reconciliation
Net loss
$(198,925) $(153,406) $(45,519)
Interest expense
92,898 -
92,898
Depreciation and amortization
107,148 -
107,148
Income tax benefit
(31,827) (584) F (31,243)
Accounting change, net of
applicable taxes
- -
-
---------- ---------- -----------
EBITDA
(30,706) (153,990) 123,284
Interest, depreciation and
amortization from equity
interest in unconsolidated
subsidiaries
2,571 (63) H
2,634
Interest, depreciation and
amortization attributable
to minority interests
(1,265) (791) I
(474)
Bond offering cost
- -
-
Professional fees and other
2,433 -
2,433
Abandoned transaction costs
- -
-
Amortization of unearned
compensation
965 -
965
Loss on derivative instruments
19,093 -
19,093
Loss on sale of assets
4,937 -
4,937
Impairment of assets
6,133 4,093 E
2,040
Write-off of leasehold costs
522 -
522
Discontinued operations
adjustments
159,322 159,322 G
-
---------- ---------- -----------
EBITDA, as adjusted
$164,005 $8,571 $155,434
========== ========== ===========
Per Share Calculations:
Loss from continued operations
$(46,749)
$(45,519)
Loss from discontinued operations,
net of taxes and minority
interest
(152,176)
-
Accounting change, net of
applicable taxes
-
-
----------
-----------
Net loss
$(198,925)
$(45,519)
Adjustment for preferred stock
(76,308)
(76,308)
----------
-----------
Net loss attributable to common
shareholders
$(275,233)
$(121,827)
----------
-----------
Basic and diluted loss per common
share:
Loss from continued operations
$(0.73)
$(0.72)
Loss from discontinued
operations, net of taxes and
minority interest
(0.91)
-
Accounting change, net of
applicable taxes
-
-
----------
-----------
Net
loss per common share $(1.64)
$(0.72)
==========
===========
Basic and diluted weighted average
common shares and share
equivalents
168,042
168,042
Six Months Ended
June 30,
2002 2002
2002
Pro Forma Comparable
Actual Adjustments Pro Forma
(1)
---------- -----------------------
EBITDA Reconciliation
Net loss
$(384,545) $(323,585) $(60,960)
Interest expense
112,687 713 M
111,974
Depreciation and amortization
113,084 -
113,084
Income tax benefit
(32,657) 2,473 F (35,130)
Accounting change, net of
applicable taxes
324,102 324,102 O
-
---------- ----------- -----------
EBITDA
132,671 3,703
128,968
Interest, depreciation and
amortization from equity
interest in unconsolidated
subsidiaries
2,261 56 H
2,205
Interest, depreciation and
amortization attributable
to minority interests
(3,740) (3,256)I
(484)
Bond offering cost
4,504 -
4,504
Professional fees and other
3,787 -
3,787
Abandoned transaction costs
1,524 -
1,524
Amortization of unearned
compensation
1,802 -
1,802
Loss on derivative instruments
33,044 -
33,044
Loss on sale of assets
3,611 -
3,611
Impairment of assets
162 -
162
Write-off of leasehold costs
992 -
992
Discontinued operations
adjustments
45,662 45,662 G
-
---------- ----------- -----------
EBITDA, as adjusted
$226,280 $46,165 $180,115
========== =========== ===========
Per Share Calculations:
Loss from continued operations
$(56,298)
$(60,960)
Loss from discontinued operations,
net of taxes and minority
interest
(4,145)
-
Accounting change, net of
applicable taxes
(324,102)
-
----------
-----------
Net
loss
$(384,545)
$(60,960)
Adjustment for preferred stock
(70,580)
(70,580)
----------
-----------
Net loss attributable to common
shareholders
$(455,125)
$(131,540)
----------
-----------
Basic and diluted loss per common
share:
Loss from continued operations
$(0.76)
$(0.78)
Loss from discontinued
operations, net of taxes and
minority interest
(0.02)
-
Accounting change, net of
applicable taxes
(1.93)
-
----------
-----------
Net
loss per common share $(2.71)
$(0.78)
==========
===========
Basic and diluted weighted average
common shares and share
equivalents
167,898
167,898
WYNDHAM INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in thousands)
(Unaudited)
Quarter Ended
June 30,
2003
Pro Forma Comparable
Actual Adjustments Pro Forma
(1)
--------- ------------------------
Revenues:
Hotel revenues
$341,099 $2,258 A $338,841
Management fees and service fee
income
4,430 13 B
4,417
Interest and other income
928 -
928
--------- ---------- ------------
Total revenues
346,457 2,271
344,186
--------- ---------- ------------
Expenses:
Hotel expenses
265,080 1,573 C 263,507
General and administrative costs
12,701 -
12,701
Interest expense
49,801 -
49,801
--------- ---------- ------------
Total operating costs and
expenses
327,582 1,573
326,009
--------- ---------- ------------
Revenues net of direct expenses
18,875 698
18,177
Adjustments:
Bond offering costs
- -
-
Professional fees and other
153 -
153
Abandoned transaction costs
312 -
312
Loss on derivative instruments
7,425 -
7,425
Gain on sale of assets
- -
-
Impairment of assets
2,040 -
2,040
Write-off of leasehold costs
522 -
522
--------- ---------- ------------
Total adjustments
10,452 -
10,452
--------- ---------- ------------
Depreciation and amortization
53,158 -
53,158
Equity in earnings from
unconsolidated subsidiaries
(1,275) -
(1,275)
Minority interest in consolidated
subsidiaries
225 -
225
--------- ---------- ------------
52,108 -
52,108
--------- ---------- ------------
Loss from continued operations
before taxes
(43,685) 698
(44,383)
Income tax benefit
16,273 (352) D
16,625
--------- ---------- ------------
Loss from continued operations
(27,412) 346
(27,758)
--------- ---------- ------------
Income (loss) from discontinued
operations, net of taxes and
minority interest
(1,364) (1,364)
-
Gain (loss) on sale of assets, net
of taxes
2,827 2,827
-
HPT leasehold termination costs,
net of taxes
(28,261) (28,261)
-
Impairment of assets held for
sale, net of taxes
(37,303) (37,303)
-
--------- ---------- ------------
Loss from discontinued operations,
net of taxes and minority
interest
(64,101) (64,101) E
-
--------- ---------- ------------
Net loss
$(91,513) $(63,755) $(27,758)
========= ========== ============
EBITDA, as adjusted
$76,060 $6,046
$70,014
========= ========== ============
(1) The Comparable Pro Forma financial statements
have been adjusted
to remove the operations of
hotels sold and related interest
expense from corresponding retired
debt and management contract
revenue from terminated management
contracts.
Quarter Ended
June 30,
2002
Pro Forma Comparable
Actual Adjustments Pro Forma
(1)
--------- -----------------------
Revenues:
Hotel revenues
$369,562 $15,145 G $354,417
Management fees and service fee
income
4,574 467 H
4,107
Interest and other income
1,870 -
1,870
--------- ---------- -----------
Total revenues
376,006 15,612 360,394
--------- ---------- -----------
Expenses:
Hotel expenses
274,274 11,808 I 262,466
General and administrative costs
15,151 -
15,151
Interest expense
54,401 358 J
54,043
--------- ---------- -----------
Total operating costs and expenses
343,826 12,166 331,660
--------- ---------- -----------
Revenues net of direct expenses
32,180 3,446
28,734
Adjustments:
Bond offering costs
4,504 -
4,504
Professional fees and other
2,048 -
2,048
Abandoned transaction costs
405 -
405
Loss on derivative instruments
34,378 -
34,378
Gain on sale of assets
(1,159) -
(1,159)
Impairment of assets
- -
-
Write-off of leasehold costs
(13) -
(13)
--------- ---------- -----------
Total adjustments
40,163 -
40,163
--------- ---------- -----------
Depreciation and amortization
57,071 -
57,071
Equity in earnings from
unconsolidated subsidiaries
(54) 151 K
(205)
Minority interest in consolidated
subsidiaries
23 -
23
--------- ---------- -----------
57,040 151
56,889
--------- ---------- -----------
Loss from continued operations
before taxes
(65,023) 3,295 (68,318)
Income tax benefit
23,952 (1,215) D 25,167
--------- ---------- -----------
Loss from continued operations
(41,071) 2,080 (43,151)
--------- ---------- -----------
Income (loss) from discontinued
operations, net of taxes and
minority interest
1,060 1,060
-
Gain (loss) on sale of assets, net
of taxes
(1,354) (1,354)
-
HPT leasehold termination costs,
net of taxes
- -
-
Impairment of assets held for sale,
net of taxes
- -
-
--------- ---------- -----------
Loss from discontinued operations,
net of taxes and minority interest
(294) (294) E
-
--------- ---------- -----------
Net loss
$(41,365) $1,786 $(43,151)
========= ========== ===========
EBITDA, as adjusted
$111,961 $27,198 $84,763
========= ========== ===========
(1) The Comparable Pro Forma financial statements
have been adjusted
to remove the operations of
hotels sold and related interest
expense from corresponding retired
debt and management contract
revenue from terminated management
contracts.
WYNDHAM INTERNATIONAL, INC.
EBITDA Reconciliation
(in thousands, except per share data)
(Unaudited)
Quarter Ended
June 30,
2003 2003
2003
Pro Forma Comparable
Actual Adjustments Pro Forma
(1)
---------- -----------------------
EBITDA Reconciliation
Net loss
$(91,513) $(63,755) $(27,758)
Interest expense
49,801 -
49,801
Depreciation and amortization
53,158 -
53,158
Income tax benefit
(16,273) 352 D (16,625)
---------- ---------- -----------
EBITDA
(4,827) (63,403) 58,576
Interest, depreciation and
amortization from equity interest
in unconsolidated subsidiaries
1,058 -
1,058
Interest, depreciation and
amortization attributable to
minority interests
(608) (437) F
(171)
Bond offering cost
- -
-
Professional fees and other
150 -
150
Abandoned transaction costs
- -
-
Amortization of unearned
compensation
414 -
414
Loss on derivative instruments
7,425 -
7,425
Gain on sale of assets
- -
-
Impairment of assets
2,040 -
2,040
Write-off of leasehold costs
522 -
522
Discontinued operations
adjustments
69,886 69,886 E
-
---------- ---------- -----------
EBITDA, as adjusted
$76,060 6,046
$70,014
========== ========== ===========
Per Share Calculations:
Loss from continued operations
$(27,412)
$(27,758)
Loss from discontinued operations,
net of taxes and minority
interest
(64,101)
-
----------
-----------
Net loss
$(91,513)
$(27,758)
Adjustment for preferred stock
(38,509)
(38,509)
----------
-----------
Net loss attributable to common
shareholders
$(130,022)
$(66,267)
----------
-----------
Basic and diluted loss per common
share:
Loss from continued operations
$(0.39)
$(0.39)
Loss from discontinued
operations, net of taxes and
minority interest
(0.38)
-
----------
-----------
Net
loss per common share $(0.77)
$(0.39)
==========
===========
Basic and diluted weighted average
common shares and share
equivalents
168,042
168,042
Quarter Ended
June 30,
2002 2002
2002
Pro Forma Comparable
Actual Adjustments Pro Forma
(1)
--------- -----------------------
EBITDA Reconciliation
Net loss
$(41,365) 1,786 $(43,151)
Interest expense
54,401 358 J
54,043
Depreciation and amortization
57,071 -
57,071
Income tax benefit
(23,952) 1,215 D (25,167)
--------- ----------- -----------
EBITDA
46,155 3,359
42,796
Interest, depreciation and
amortization from equity interest
in unconsolidated subsidiaries
1,448 176 L
1,272
Interest, depreciation and
amortization attributable to
minority interests
(1,910) (1,527)F
(383)
Bond offering cost
4,504 -
4,504
Professional fees and other
2,048 -
2,048
Abandoned transaction costs
405 -
405
Amortization of unearned
compensation
915 -
915
Loss on derivative instruments
34,378 -
34,378
Gain on sale of assets
(1,159) -
(1,159)
Impairment of assets
- -
-
Write-off of leasehold costs
(13) -
(13)
Discontinued operations adjustments
25,190 25,190 E
-
--------- ----------- -----------
EBITDA, as adjusted
$111,961 $27,198 $84,763
========= =========== ===========
Per Share Calculations:
Loss from continued operations
$(41,071)
$(43,151)
Loss from discontinued operations,
net of taxes and minority interest
(294)
-
---------
-----------
Net loss
$(41,365)
$(43,151)
Adjustment for preferred stock
(35,500)
(35,500)
---------
-----------
Net loss attributable to common
shareholders
$(76,865)
$(78,651)
---------
-----------
Basic and diluted loss per common
share:
Loss from continued operations
$(0.46)
$(0.47)
Loss from discontinued operations,
net of taxes and minority
interest
-
-
---------
-----------
Net
loss per common share $(0.46)
$(0.47)
=========
===========
Basic and diluted weighted average
common shares and share
equivalents
167,898
167,898
WYNDHAM INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
Year-To-Date June 30, 2003 and 2002
(Unaudited)
Notes to Pro Forma Adjustments:
A) Reduction of hotel revenues associated
with the sale of one hotel
in April.
B) Reduction of management fees due to the
termination of two
management contracts.
C) Reduction of dividend income from a sold investment.
D) Corresponding reduction of hotel expenses for
hotels noted in (A)
above.
E) Removal of impairment charge related to Marriott
Indian River.
F) Tax benefit associated with the pro forma adjustments
using an
effective tax rate of 40%.
G) Removal of assets sold, HPT leases terminated
and assets held for
sale.
H) Removal of equity investments sold.
I) Removal of minority interest of hotel held for
sale.
J) Reduction of hotel revenues associated with
the sale of five
hotels.
K) Reduction of management fees due to the termination
of nine hotel
management contracts.
L) Corresponding reduction of hotel expenses for
hotels noted in (J)
above.
M) Reduction of interest expenses associated with
sold hotels.
N) Removal of two equity investments.
O) Removal of accounting change associated with
the write-off of
goodwill, according to FAS 142.
WYNDHAM INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
Quarters Ended June 30, 2003 and 2002
(Unaudited)
Notes to Pro Forma Adjustments:
A) Reduction of hotel revenues associated with
the sale of one hotel
in April.
B) Reduction of management fees due to the termination
of two
management contracts.
C) Corresponding reduction of hotel expenses for
hotel noted in (A)
above.
D) Tax benefit associated with the pro forma adjustments
using an
effective tax rate of 40%.
E) Removal of assets sold, HPT leases terminated
and assets held for
sale.
F) Removal of minority interest of hotels held
for sale.
G) Reduction of hotel revenues associated with
the sale of five
hotels.
H) Reduction of management fees due to the termination
of nine hotel
management contracts.
I) Corresponding reduction of hotel expenses for
hotels noted in (G)
above.
J) Reduction of interest expenses associated with
sold hotels.
K) Removal of two equity investments.
L) Removal of equity investments sold. |
