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Wyndham Worldwide Reports Solid Second Quarter 2008 Results
                  Net revenues increased 3% to $1.1 billion

                    EBITDA growth in all three businesses

                         Adjusted EPS up 8% to $0.53

PARSIPPANY, N.J., July 31 /PRNewswire-FirstCall/ -- Wyndham Worldwide Corporation (NYSE: WYN) today announced results for the three months ended June 30, 2008.

    SECOND QUARTER 2008 HIGHLIGHTS:
    -- Second quarter 2008 revenues were $1.1 billion, an increase of 3% from
       second quarter 2007.

       -- System-wide revenue per available room (RevPAR) increased 1.4% in
          the second quarter of 2008 compared to the second quarter of 2007.

       -- Average number of vacation exchange members increased 5%, or 176,000
          members, compared to the second quarter of 2007, reaching nearly 3.7
          million members.

       -- Average net price per vacation rental increased 15% for the second
          quarter of 2008 compared to the second quarter of 2007, or 5% in
          constant currency.

       -- Gross Vacation Ownership Interest sales increased 2% compared to the
          second quarter of 2007.

    -- Second quarter reported EPS grew by 6%, or 8% on an adjusted basis.
       Second quarter 2008 net income was $98 million or $0.55 diluted
       earnings per share.  Adjusted net income excluding legacy items was $94
       million or $0.53 adjusted diluted earnings per share.

    -- As previously announced, the Company completed two securitization
       transactions involving the issuance of investment grade asset-backed
       notes in the amount of $200 million by Sierra Timeshare 2008-1
       Receivables Funding, LLC and $450 million by Sierra Timeshare 2008-2
       Receivables Funding, LLC.

    -- The Company completed the acquisition of the Microtel Inns & Suites (R)
       and Hawthorn Suites (R) hotel brands for a purchase price of $131
       million.

"We delivered solid earnings this quarter despite a challenging global economic environment, reflecting the strength and resilience of our business model," said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer. "While we continue to experience pressure in our industry, the diversity and flexibility of our business model allows us to tailor and execute on our sales and marketing initiatives to navigate this difficult environment. I remain confident in our growth prospects."

SECOND QUARTER 2008 OPERATING RESULTS

Revenues for the second quarter of 2008 were $1.1 billion, up 3% compared to the second quarter of 2007. The Company also reported EBITDA growth in each of its three business units during the second quarter of 2008, compared to the second quarter of 2007.

Net income for the second quarter of 2008 was $98 million or $0.55 diluted earnings per share, compared to $96 million or $0.52 diluted earnings per share for the second quarter of 2007.

Excluding $4 million in after-tax net benefit from the resolution of, and adjustment to, certain legacy items, adjusted net income for the second quarter of 2008 would have been $94 million, or $0.53 adjusted diluted earnings per share, an 8% increase compared to $89 million, or adjusted diluted earnings per share of $0.49 in the second quarter of 2007. Adjusted net income in the second quarter of 2007 excluded $4 million in after-tax separation and related costs and $11 million in after-tax net benefit from the resolution of, and adjustment to, certain legacy items.

On May 1, 2008, the Company provided second quarter EPS guidance of $0.46-$0.48, which assumed $25-$35 million in percentage-of-completion (POC) related deferred revenue. Actual results included $5 million in POC related deferred revenue.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues increased 8% to $200 million in the second quarter of 2008 compared with the second quarter of 2007, reflecting higher international revenues, incremental property management reimbursable revenues and increased revenue generated by the Company's loyalty program.

System-wide RevPAR increased 1.4% in the second quarter of 2008, reflecting strong international growth of 15.2%, or 8.4% in constant currency, and a decline in domestic RevPAR of 3.7%. Comparable RevPAR increased 0.6% over the prior year period.

Property management reimbursable revenues were $26 million and marketing/reservation revenues, including Wyndham Rewards revenues, were $77 million in the second quarter of 2008, compared to $22 million and $75 million, respectively, in the second quarter of 2007; these items contribute little, if any, EBITDA.

Second quarter 2008 EBITDA grew to $62 million compared to $59 million in the second quarter of 2007.

As of June 30, 2008, the Company's hotel system consisted of approximately 6,560 properties and 551,500 rooms, of which 20% were international, with a development pipeline of approximately 930 hotels and approximately 109,000 rooms, of which 50% were new construction and over 40% were international.

Vacation Exchange and Rentals (Group RCI)

Revenues increased to $314 million in the second quarter of 2008, a 9% increase compared with the second quarter of 2007, reflecting growth in the average number of members and an increase in the average net price per vacation rental, including favorable currency translations. In constant currency, revenues increased 4% compared to the second quarter of 2007.

Vacation rentals revenues were $153 million, up 12% compared to the second quarter of 2007, or a 3% increase in constant currency. These results reflect a 15% increase in the average net price per vacation rental, or 5% in constant currency, primarily due to favorable mix, and the conversion of an existing Landal park from franchised to a managed property. The gains in the average net price per vacation rental were partially offset by a 2% decline in rental transaction volume which we believe is due to customers booking their vacations closer to the actual travel dates.

Annual dues and exchange revenues were $119 million, up 2% compared to the second quarter of 2007, or a 1% increase in constant currency. The increase was primarily driven by a 5% increase in the average number of members, partially offset by a 3% decrease in the average revenue per member.

Other ancillary revenues were $42 million, up 17% compared to the second quarter of 2007. The increase was primarily due to an adjustment recorded during the second quarter of 2007 that reduced Asia Pacific consulting revenue by $5 million and EBITDA by $6 million.

Second quarter 2008 EBITDA was $54 million, compared to second quarter 2007 EBITDA of $49 million. In constant currency, EBITDA increased $5 million compared to the second quarter of 2007.

Vacation Ownership (Wyndham Vacation Ownership)

Gross Vacation Ownership Interest sales were $532 million for the second quarter of 2008, up 2% compared to the second quarter of 2007. This increase was primarily driven by a 3% increase in tour flow.

Consumer finance revenues increased $16 million to $104 million in the second quarter of 2008, up 18% compared to the second quarter of 2007, reflecting continued growth in the portfolio due to higher gross VOI sales.

Reported revenues were $621 million in the second quarter of 2008, down 1% compared to the second quarter of 2007, reflecting a higher provision for loan losses. Deferred revenue under the POC method of accounting was $5 million during both the 2008 and 2007 periods.

EBITDA for the second quarter of 2008 was $112 million, compared to $100 million in the second quarter of 2007, which included $5 million of separation and related costs.

Other Items

Interest expense for the second quarter of 2008 was $18 million, unchanged from the second quarter of 2007. Interest income for the quarter was $3 million, up $1 million from the comparable prior year period. Depreciation and amortization increased $5 million to $46 million reflecting increased capital investments over the past two years.

Balance Sheet Information as of June 30, 2008:

-- Cash and cash equivalents of approximately $240 million compared to approximately $210 million at December 31, 2007

-- Vacation ownership contract receivables, net, of $3.1 billion compared to $2.9 billion at December 31, 2007

-- Vacation ownership and other inventory of approximately $1.3 billion compared to $1.2 billion at December 31, 2007

-- Securitized vacation ownership debt of $2.1 billion, unchanged since December 31, 2007

-- Other debt of $1.6 billion, compared to $1.5 billion at December 31, 2007

A schedule of debt is included in the financial tables section of this press release.

Share Repurchase

The Company repurchased approximately 108,000 shares of stock during the second quarter of 2008 at an average price of $19.74. At June 30, 2008, approximately $155 million remained under the Company's previously announced share repurchase program.

Outlook

For the third quarter 2008, the Company expects EPS of $0.80 - $0.82 based on weighted average shares of approximately 178 million.

    The Company is updating the full-year 2008 guidance as follows:
    -- Revenues of $4,525 - $ 4,625 million
    -- Adjusted* EBITDA of $900 - $920 million
    -- Depreciation and amortization expense of $175 - $185 million
    -- Interest expense, net of $75 - $85 million
    -- Adjusted* net income of $388 - $414 million
    -- Adjusted* EPS of $2.18 - $2.32 based on weighted average shares of
       approximately 178 million
    -- Deferred POC revenue of $70 - $100 million

    * All guidance excludes legacy items, which may have a positive or
      negative impact on reported results, and rebranding charges.


    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 this press release.

Conference Call Information

Wyndham Worldwide Corporation will provide a webcast of its conference call to discuss the Company's second quarter 2008 financial results and outlook for the remainder of 2008 on Thursday, July 31, 2008 at 8:30 a.m. EDT. Listeners may access the webcast live through the Company's Web site at www.wyndhamworldwide.com/investors/. An archive of this webcast will be available at the Web site for approximately 90 days beginning at noon EDT on July 31. The conference call also may be accessed by dialing (888) 395-6878 and providing the pass code "Wyndham." Listeners are urged to call at least 10 minutes prior to the scheduled start time. A telephone replay will be available at (888) 402-8740 beginning at noon EDT on July 31 until 5 p.m. EDT on August 4.

About Wyndham Worldwide

As one of the world's largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses approximately 6,560 franchised hotels and approximately 551,500 hotel rooms worldwide. Group RCI offers its nearly 3.7 million members access to more than 67,000 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 approximately 145 vacation ownership resorts serving over 800,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs more than 33,000 employees globally.

For more information about Wyndham Worldwide, please visit the Company's web site 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, financing transactions and the number of hotel rooms the Company intends to add in future periods.

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 markets, the economic environment for the hospitality industry, the impact of war and terrorist activity, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company's 2007 Annual Report on Form 10-K, filed with the SEC on February 29, 2008. 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 interest on securitized vacation ownership
    debt), interest income and income taxes, each of which is presented on the
    Company's Consolidated Statements of Income. The Company'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 and
    six months ended June 30, 2008 and 2007:



                                             Three Months Ended June 30,
                                               2008            2007

                                            Net             Net
                                         Revenues EBITDA Revenues EBITDA(e)
    Lodging                                  $200    $62     $186    $59
    Vacation Exchange and Rentals             314     54      288     49
    Vacation Ownership                        621    112      629    100
         Total Reportable Segments          1,135    228    1,103    208
    Corporate and Other (a) (b)                (3)    (7)      (3)     3
         Total Company                     $1,132   $221   $1,100   $211

    Reconciliation of EBITDA to Net
     Income

    EBITDA                                          $221            $211
    Depreciation and amortization                     46              41
    Interest expense                                  18              18
    Interest income                                   (3)             (2)
    Income before income taxes                       160             154
    Provision for income taxes                        62              58
    Net income                                       $98             $96


                                               Six Months Ended June 30,
                                               2008               2007

                                            Net                Net
                                         Revenues EBITDA    Revenues EBITDA(e)
    Lodging                                  $370   $108        $338   $104
    Vacation Exchange and Rentals             654    147         601    134
    Vacation Ownership                      1,124    120 (d)   1,178    162
         Total Reportable Segments          2,148    375       2,117    400
    Corporate and Other (a) (c)                (4)   (24)         (5)     2
         Total Company                     $2,144   $351      $2,112   $402

    Reconciliation of EBITDA to Net
     Income

    EBITDA                                          $351               $402
    Depreciation and amortization                     90                 79
    Interest expense                                  37                 35
    Interest income                                   (5)                (5)
    Income before income taxes                       229                293
    Provision for income taxes                        89                111
    Net income                                      $140               $182


    (a) Includes the elimination of transactions between segments.
    (b) Includes $7 million and $17 million of a net benefit during the three
        months ended June 30, 2008 and 2007, respectively, related to the
        resolution of and adjustment to certain contingent liabilities and
        assets.
    (c) Includes $4 million and $30 million of a net benefit during the six
        months ended June 30, 2008 and 2007, respectively, related to the
        resolution of and adjustment to certain contingent liabilities and
        assets.
    (d) Includes an impairment charge of $28 million due to the Company's
        initiative to rebrand its vacation ownership trademarks to the Wyndham
        brand.
    (e) Includes separation and related costs of $5 million and $2 million for
        Vacation Ownership and Corporate and Other, respectively, during the
        three months ended June 30, 2007 and $8 million and $5 million for
        Vacation Ownership and Corporate and Other, respectively, during the
        six months ended June 30, 2007.



                                                                      Table 2
                          Wyndham Worldwide Corporation
                        CONSOLIDATED STATEMENTS OF INCOME
                      (In millions, except per share data)


                                          Three Months Ended Six Months Ended
                                                June 30,          June 30,
                                             2008     2007     2008     2007
    Net revenues
         Vacation ownership interest
          sales                              $414     $443     $708     $816
         Service fees and membership          424      387      876      790
         Franchise fees                       136      137      249      251
         Consumer financing                   104       88      203      169
         Other                                 54       45      108       86
    Net revenues                            1,132    1,100    2,144    2,112

    Expenses
         Operating                            465      447      905      853
         Cost of vacation ownership
          interests                            80      104      140      195
         Marketing and reservation            218      207      427      404
         General and administrative (a)       152      124      298      245
         Separation and related costs (b)     -          7      -         13
         Trademark impairment (c)             -        -         28      -
         Depreciation and amortization         46       41       90       79
    Total expenses                            961      930    1,888    1,789

    Operating income                          171      170      256      323
    Other income, net                          (4)     -         (5)     -
    Interest expense                           18       18       37       35
    Interest income                            (3)      (2)      (5)      (5)

    Income before income taxes                160      154      229      293
    Provision for income taxes                 62       58       89      111

    Net income                                $98      $96     $140     $182

    Earnings per share
         Basic                              $0.55    $0.53    $0.79    $0.98
         Diluted                             0.55     0.52     0.79     0.98

    Weighted average shares outstanding
         Basic                                177      181      177      185
         Diluted                              178      183      178      186


     (a) Includes $7 million and $17 million of a net benefit during the
         three months ended June 30, 2008 and 2007, respectively, and $4
         million and $30 million of a net benefit during the six months ended
         June 30, 2008 and 2007, respectively, related to the resolution of
         and adjustment to certain contingent liabilities and assets.
     (b) Represents costs that the Company incurred in connection with the
         execution of its separation from its former parent, Cendant (now
         Avis Budget Group, Inc.).  Such amounts, net of tax, were $4 million
         and $8 million during the three and six months ended June 30, 2007,
         respectively.
     (c) Represents an impairment charge due to the Company's initiative to
         rebrand its vacation ownership trademarks to the Wyndham brand.
         Such amount, net of tax, was $17 million during the six months ended
         June 30, 2008.



                                                                     Table 3
                                                                    (1 of 2)
                         Wyndham Worldwide Corporation
                              OPERATING STATISTICS

                 Year        Q1        Q2        Q3        Q4       Full Year
    Lodging (a)
     Number of Rooms (b)
                 2008      551,100   551,500       N/A       N/A       N/A
                 2007      539,300   541,700   540,900   550,600       N/A
                 2006      525,500   535,900   533,700   543,200       N/A
                 2005      519,300   516,000   512,000   532,700       N/A

     RevPAR
                 2008       $32.21    $38.87       N/A       N/A       N/A
                 2007       $31.35    $38.35    $43.10    $33.09    $36.48
                 2006       $30.45    $36.97    $40.82    $31.41    $34.95
                 2005       $25.53    $31.91    $36.86    $29.72    $31.00

     Royalty,
      Marketing and
      Reservation
      Revenue
      (in 000s)  2008     $104,162  $127,238       N/A       N/A       N/A
                 2007     $105,426  $129,453  $146,290  $107,870  $489,041
                 2006     $102,741  $125,409  $138,383  $104,505  $471,039
                 2005      $84,704  $104,281  $119,829   $99,804  $408,620

    Vacation Exchange
     and Rentals
        Average Number
         of Members
         (in 000s)       2008    3,632    3,682      N/A      N/A      N/A
                         2007    3,474    3,506    3,538    3,588    3,526
                         2006    3,292    3,327    3,374    3,429    3,356
                         2005    3,148    3,185    3,233    3,271    3,209

        Annual Dues and
         Exchange
         Revenue Per
         Member          2008  $150.84  $128.91      N/A      N/A      N/A
                         2007  $155.60  $132.33  $131.38  $124.59  $135.85
                         2006  $152.10  $130.37  $132.31  $128.13  $135.62
                         2005  $159.12  $134.98  $125.64  $124.05  $135.76

        Vacation Rental
         Transactions
         (in 000s)       2008      387      319      N/A      N/A      N/A
                         2007      398      326      360      293    1,376
                         2006      385      310      356      293    1,344
                         2005      367      311      344      278    1,300

        Average Net
         Price Per
         Vacation Rental 2008  $412.74  $477.63      N/A      N/A      N/A
                         2007  $349.73  $415.71  $506.78  $426.93  $422.83
                         2006  $312.51  $374.91  $442.75  $356.16  $370.93
                         2005  $331.37  $363.14  $412.66  $325.62  $359.27

    Vacation Ownership
      Gross Vacation
       Ownership
       Interest Sales
       (in 000s)         2008  $458,000  $532,000      N/A      N/A        N/A
                         2007  $430,000  $523,000 $552,000 $488,000 $1,993,000
                         2006  $357,000  $434,000 $482,000 $469,000 $1,743,000
                         2005  $281,000  $354,000 $401,000 $360,000 $1,396,000

      Tours              2008   255,000   314,000      N/A      N/A        N/A
                         2007   240,000   304,000  332,000  268,000  1,144,000
                         2006   208,000   273,000  312,000  254,000  1,046,000
                         2005   195,000   250,000  272,000  217,000    934,000

      Volume
       Per Guest
       (VPG)
                         2008   $1,668   $1,583      N/A      N/A      N/A
                         2007   $1,607   $1,596   $1,545   $1,690   $1,606
                         2006   $1,475   $1,426   $1,434   $1,623   $1,486
                         2005   $1,349   $1,284   $1,349   $1,507   $1,368


    Note: Full year amounts may not foot across due to rounding.
    (a) Quarterly drivers in the Lodging segment include the acquisitions of
        Wyndham Hotels and Resorts (October 2005) and Baymont Inn & Suites
        (April 2006) from their acquisition dates forward.  Therefore, the
        operating statistics are not presented on a comparable basis.
    (b) Numbers include affiliated rooms from the fourth quarter of 2006
        forward.



                                                                     Table 3
                                                                    (2 of 2)
                          Wyndham Worldwide Corporation
                               OPERATING STATISTICS

                                GLOSSARY OF TERMS

    Lodging

    Number of Rooms: Represents the number of rooms at lodging properties at
    the end of the period which are either (i) under franchise and/or
    management agreements, (ii) properties affiliated with Wyndham Hotels and
    Resorts brand for which we receive a fee for reservation and/or other
    services provided or (iii) properties managed under the CHI Limited joint
    venture.

    Average Occupancy Rate: Represents the percentage of available rooms
    occupied during the period.

    Average Daily Rate (ADR): Represents the average rate charged for renting
    a lodging room for one day.

    RevPAR:  Represents revenue per available room and is calculated by
    multiplying average occupancy rate by ADR.  Comparable RevPAR represents
    RevPAR of hotels which are included in both periods.

    Royalty, Marketing and Reservation Revenues:  Royalty, marketing and
    reservation revenues are typically based on a percentage of the gross room
    revenues of each hotel. Royalty revenue is generally a fee charged to each
    franchised or managed hotel for the use of one of our trade names, while
    marketing and reservation revenues are fees that we collect and are
    contractually obligated to spend to support marketing and reservation
    activities.  Marketing and reservation fees are also included in Table 4
    within Marketing, Reservation and Wyndham Rewards Revenues.

    Vacation Exchange and Rentals

    Average Number of Members:  Represents members in our vacation exchange
    programs who pay annual membership dues. For additional fees, such
    participants are entitled to exchange intervals for intervals at other
    properties affiliated with our vacation exchange business. In addition,
    certain participants may exchange intervals for other leisure-related
    products and services.

    Annual Dues and Exchange Revenue Per Member: Represents total revenues
    from annual membership dues and exchange fees generated for the period
    divided by the average number of vacation exchange members during the
    period.

    Vacation Rental Transactions: Represents the gross number of transactions
    that are generated in connection with customers booking their vacation
    rental stays through us. In our European vacation rentals businesses, one
    rental transaction is recorded each time a standard one-week rental is
    booked; however, in the United States, one rental transaction is recorded
    each time a vacation rental stay is booked, regardless of whether it is
    less than or more than one week.

    Average Net Price Per Vacation Rental: Represents the net rental price
    generated from renting  vacation properties to customers divided by the
    number of rental transactions.

    Vacation Ownership

    Gross Vacation Ownership Interest Sales: Represents gross sales of
    vacation ownership interests (including tele-sales upgrades, which are a
    component of upgrade sales) before deferred sales and loan loss
    provisions.

    Tours: Represents the number of tours taken by guests in our efforts to
    sell vacation ownership interests.

    Volume per Guest (VPG): Represents revenue per guest and is calculated by
    dividing the gross vacation ownership interest sales, excluding tele-sales
    upgrades, which are a component of upgrade sales, by the number of tours.

    General

    Constant Currency: Represents comparison eliminating the effects of
    foreign exchange rate fluctuations between periods.



                                                                       Table 4
                          Wyndham Worldwide Corporation
                                 ADDITIONAL DATA



                         Year     Q1       Q2        Q3       Q4     Full Year
    Lodging (a)
        Number of
         Properties (b)  2008    6,550    6,560       N/A       N/A       N/A
                         2007    6,450    6,460     6,460     6,540       N/A
                         2006    6,300    6,440     6,420     6,470       N/A
                         2005    6,400    6,380     6,350     6,350       N/A

        Marketing,
         Reservation and
         Wyndham Rewards
         Revenues
         (in 000s) (c)   2008  $62,200  $76,507       N/A       N/A       N/A
                         2007  $61,369  $74,575   $84,820   $65,208  $285,973
                         2006  $58,572  $70,931   $78,856   $61,135  $269,495
                         2005  $45,066  $56,558   $65,812   $58,053  $225,491

        Property
         Management
         Reimbursable
         Revenue
         (in 000s) (d)   2008  $27,128  $26,326       N/A       N/A       N/A
                         2007  $15,624  $22,338   $25,612   $28,414   $91,987
                         2006  $15,732  $19,935   $17,210   $16,263   $69,142
                         2005     $-      $-         $-     $17,291   $17,291
    Vacation Ownership
        Deferred
         Revenues
         (in 000s) (e)  2008  $(81,716) $(5,240)      N/A       N/A       N/A
                        2007   $ 3,906  $(4,908)     $506  $(21,092) $(21,588)
                        2006   $12,708    $(221) $(23,491) $(10,675) $(21,679)
                        2005      $492  $(9,150)  $(5,856)  $(2,022) $(16,536)

        Provision for
         Loan Losses
         (in 000s) (f)  2008   $82,344 $112,669       N/A       N/A       N/A
                        2007   $60,869  $75,032   $85,762   $83,644  $305,307
                        2006   $61,242  $55,872   $63,213   $78,680  $259,007
                        2005   $24,652  $27,754   $44,050   $31,644  $128,101


    Note: Full year amounts may not foot across due to rounding.
    (a) Information includes the acquisitions of Wyndham Hotels and Resorts
        (October 2005) and Baymont Inn & Suites (April 2006) from their
        acquisition dates forward.  Therefore, the data is not presented on a
        comparable basis.
    (b) Numbers include affiliated hotels from the fourth quarter of 2006
        forward.
    (c) Marketing and reservation revenues represent fees we receive from
        franchised and managed hotels that are to be expended for marketing
        purposes or the operation of a centralized, brand-specific reservation
        system.  These fees are typically based on a percentage of the gross
        room revenues of each hotel.  Marketing and reservation fees are also
        included in the above table within royalty, marketing and reservation
        revenues.  Wyndham Rewards revenues represent fees we receive relating
        to our loyalty program.
    (d) Primarily represents payroll costs in our hotel management business
        that we incur and pay on behalf of property owners and for which we
        are reimbursed by the property owners.
    (e) Represents the revenue that is deferred under the percentage of
        completion method of accounting.  Under the percentage of completion
        method of accounting, a portion of the total revenue from a vacation
        ownership contract sale is not recognized if the construction of the
        vacation resort has not yet been fully completed.  This revenue will
        be recognized in future periods in proportion to the costs incurred as
        compared to the total expected costs for completion of construction of
        the vacation resort.  Positive amounts represent the recognition of
        previously deferred revenues.
    (f) Represents provision for estimated losses on vacation ownership
        contract receivables originated during the period.  Beginning January
        1, 2006, the Company recorded such provision as a contra revenue to
        vacation ownership interest sales on the Consolidated and Combined
        Statements of Income, as required by Statement of Financial Accounting
        Standards No. 152, "Accounting for Real Estate Time-Sharing
        Transactions."  Prior to January 1, 2006, the Company recorded such
        provision, net of estimated inventory recoveries, as a separate
        expense line item on the Combined Statements of Income and thus 2005
        amounts are not comparable to 2006, 2007 and 2008 amounts.



                                                                     Table 5
                         Wyndham Worldwide Corporation
                                SCHEDULE OF DEBT
                                 (In millions)


                                  Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
                                    2008     2008     2007     2007     2007

    Securitized vacation
     ownership debt
      Term notes                   $1,727   $1,278   $1,435   $1,148   $1,322
      Bank conduit facility (a)       354      841      646      777      491
    Securitized vacation ownership
     debt (b)                       2,081    2,119    2,081    1,925    1,813
    Less: Current portion of
     securitized vacation ownership
     debt                             284      268      237      304      242
    Long-term securitized vacation
     ownership debt                $1,797   $1,851   $1,844   $1,621   $1,571

    Debt:
      6.00% Senior unsecured notes
       (due December 2016) (c)       $797     $797     $797     $797     $797
      Term loan (due July 2011)       300      300      300      300      300
      Revolving credit facility
       (due July 2011) (d)            145       95       97      133      215
      Vacation ownership bank
       borrowings                     196      181      164      148      130
      Vacation rentals capital leases 162      165      154      153      147
      Other                            13       14       14       14       14

    Total debt                      1,613    1,552    1,526    1,545    1,603
    Less: Current portion of debt     207      193      175      159      140
    Long-term debt                 $1,406   $1,359   $1,351   $1,386   $1,463


    (a) This 364-day vacation ownership bank conduit facility has availability
        of $1,200 million and expires in October 2008.
    (b) This debt is collateralized by $2,723 million, $2,667 million, $2,596
        million, $2,428 million and $2,288 million of underlying vacation
        ownership contract receivables and related assets at June 30, 2008,
        March 31, 2008, December 31, 2007, September 30, 2007 and June 30,
        2007, respectively.
    (c) The balance at June 30, 2008 represents $800 million aggregate
        principal less $3 million of unamortized discount.
    (d) The Company's revolving credit facility has a borrowing capacity of
        $900 million.  At June 30, 2008, the Company has $67 million of
        outstanding letters of credit and a remaining borrowing capacity of
        $688 million.



                                                                       Table 6
                                                                      (1 of 2)
                          Wyndham Worldwide Corporation
                           HOTEL BRAND SYSTEMS DETAILS


                           As of and For the Three Months Ended June 30, 2008

                                                                      Average
                                                                      Revenue
                                      Number         Average  Average   Per
                                        of    Number  Occu-    Daily   Avail-
                                      Proper-   of    pancy    Rate  able Room
                  Brand                ties    Rooms   Rate    (ADR)  (RevPAR)

    Wyndham Hotels and Resorts            82   22,412  65.4%  $128.99  $84.40

    Wingate Inn                          156   14,289  65.8%   $92.79  $61.09

    Ramada                               865  107,272  55.4%   $84.75  $46.98

    Baymont                              210   18,067  51.7%   $65.40  $33.82

    AmeriHost Inn                         15      954  50.2%   $73.75  $37.02

    Days Inn                           1,876  152,892  53.3%   $65.70  $35.05

    Super 8                            2,095  129,738  57.3%   $59.83  $34.31

    Howard Johnson                       470   45,256  49.4%   $65.12  $32.18

    Travelodge                           490   36,666  50.9%   $68.83  $35.03

    Knights Inn                          290   19,544  43.8%   $43.45  $19.03

    Unmanaged, Affiliated and Managed,
     Non-Proprietary Hotels (*)           14    4,367   N/A       N/A     N/A

      Total                            6,563  551,457  54.6%   $71.20  $38.87


                           As of and For the Three Months Ended June 30, 2007

                                                                      Average
                                                                      Revenue
                                      Number         Average  Average   Per
                                        of    Number  Occu-    Daily   Avail-
                                      Proper-   of    pancy    Rate  able Room
                  Brand                ties    Rooms   Rate    (ADR)  (RevPAR)

    Wyndham Hotels and Resorts            75   19,945  62.7%  $118.17  $74.06

    Wingate Inn                          154   14,172  69.9%   $91.30  $63.84

    Ramada                               859  105,299  57.8%   $78.11  $45.12

    Baymont                              169   14,986  55.4%   $69.77  $38.63

    AmeriHost Inn                         54    3,673  49.7%   $67.16  $33.35

    Days Inn                           1,862  150,984  56.3%   $62.63  $35.24

    Super 8                            2,054  126,450  59.1%   $58.17  $34.39

    Howard Johnson                       468   44,667  50.7%   $65.05  $32.99

    Travelodge                           496   37,284  51.4%   $66.25  $34.04

    Knights Inn                          252   18,019  43.3%   $43.75  $18.93

    Unmanaged, Affiliated and Managed,
     Non-Proprietary Hotels (*)           19    6,197   N/A       N/A     N/A

      Total                            6,462  541,676  56.5%   $67.86  $38.35


    NOTE: A glossary of terms is included in Table 3 (2 of 2).
    (*) Represents 1) affiliated properties for which we receive a fee for
        reservation services provided and 2) properties managed under the CHI
        Limited joint venture.  These properties are not branded; as such,
        certain operating statistics (such as average occupancy rate, ADR and
        RevPAR) are not relevant.



                                                                       Table 6
                                                                      (2 of 2)
                          Wyndham Worldwide Corporation
                           HOTEL BRAND SYSTEMS DETAILS


                             As of and For the Six Months Ended June 30, 2008

                                                                      Average
                                                                      Revenue
                                      Number         Average  Average   Per
                                        of    Number  Occu-    Daily   Avail-
                                      Proper-   of    pancy    Rate  able Room
                  Brand                ties    Rooms   Rate    (ADR)  (RevPAR)

    Wyndham Hotels and Resorts            82   22,412  63.7%  $123.38  $78.62

    Wingate Inn                          156   14,289  62.0%   $92.35  $57.28

    Ramada                               865  107,272  52.8%   $82.35  $43.46

    Baymont                              210   18,067  48.9%   $65.52  $32.06

    AmeriHost Inn                         15      954  45.5%   $67.98  $30.93

    Days Inn                           1,876  152,892  49.6%   $63.98  $31.73

    Super 8                            2,095  129,738  52.9%   $58.43  $30.93

    Howard Johnson                       470   45,256  46.6%   $64.18  $29.91

    Travelodge                           490   36,666  48.0%   $68.29  $32.81

    Knights Inn                          290   19,544  40.9%   $42.27  $17.28

    Unmanaged, Affiliated and Managed,
     Non-Proprietary Hotels (*)           14    4,367   N/A       N/A     N/A

      Total                            6,563  551,457  51.1%   $69.53  $35.55


                             As of and For the Six Months Ended June 30, 2007

                                                                      Average
                                                                      Revenue
                                      Number         Average  Average   Per
                                        of    Number  Occu-    Daily   Avail-
                                      Proper-   of    pancy    Rate  able Room
                  Brand                ties    Rooms   Rate    (ADR)  (RevPAR)

    Wyndham Hotels and Resorts            75   19,945  65.1%  $113.69  $74.05

    Wingate Inn                          154   14,172  66.6%   $89.62  $59.64

    Ramada                               859  105,299  54.0%   $76.51  $41.32

    Baymont                              169   14,986  52.3%   $66.30  $34.68

    AmeriHost Inn                         54    3,673  46.0%   $64.99  $29.87

    Days Inn                           1,862  150,984  51.7%   $61.28  $31.70

    Super 8                            2,054  126,450  54.2%   $56.37  $30.53

    Howard Johnson                       468   44,667  47.1%   $63.38  $29.84

    Travelodge                           496   37,284  48.7%   $63.33  $30.86

    Knights Inn                          252   18,019  40.8%   $41.88  $17.07

    Unmanaged, Affiliated and Managed,
     Non-Proprietary Hotels (*)           19    6,197   N/A       N/A     N/A

      Total                            6,462  541,676  52.6%   $66.29  $34.87


    NOTE: A glossary of terms is included in Table 3 (2 of 2).
    (*) Represents 1) affiliated properties for which we receive a fee for
        reservation services provided and 2) properties managed under the CHI
        Limited joint venture.  These properties are not branded; as such,
        certain operating statistics (such as average occupancy rate, ADR and
        RevPAR) are not relevant.



                                                                      Table 7
                                                                     (1 of 2)
                          Wyndham Worldwide Corporation
                            NON-GAAP RECONCILIATIONS
                      (In millions, except per share data)

                                                                        Six
                                                                       Months
                                              Three Months Ended       Ended
                                            March 31,    June 30,     June 30,
                                                2008        2008        2008

    Reported EBITDA                             $130        $221        $351
       Resolution of and adjustment to
        contingent liabilities and assets (a)      3          (7)         (4)
       Trademark impairment (b)                   28         -            28

    Adjusted EBITDA                             $161        $214        $375

    Reported PreTax Income                       $70        $160        $229
       Resolution of and adjustment to
        contingent liabilities and assets (a)      3          (7)         (4)
       Trademark impairment (b)                   28         -            28

    Adjusted PreTax Income                      $101        $153        $253

    Reported Tax Provision                      $(28)       $(62)       $(89)
       Resolution of and adjustment to
        contingent liabilities and assets (c)    -             3           3
       Trademark impairment (c)                  (11)        -           (11)

    Adjusted Tax Provision                      $(39)       $(59)       $(97)

    Reported Net Income                          $42         $98        $140
       Resolution of and adjustment to
        contingent liabilities and assets          3          (4)         (1)
       Trademark impairment                       17         -            17

    Adjusted Net Income                          $62         $94        $156

    Reported Diluted EPS                       $0.24       $0.55       $0.79
       Resolution of and adjustment to
        contingent liabilities and assets       0.01       (0.02)      (0.01)
       Trademark impairment                     0.10         -          0.10

    Adjusted Diluted EPS                       $0.35       $0.53       $0.88

    Diluted Shares                               178         178         178


    Note: Amounts may not foot due to rounding.
    (a) Relates to the net (benefit)/expense from the resolution of and
        adjustment to certain contingent liabilities and assets.
    (b) Represents an impairment charge due to the Company's initiative to
        rebrand its vacation ownership trademarks to the Wyndham brand.
    (c) Relates to the tax effect of the adjustments.



                                                                      Table 7
                                                                     (2 of 2)
                          Wyndham Worldwide Corporation
                            NON-GAAP RECONCILIATIONS
                      (In millions, except per share data)


                                                                        Six
                                                                       Months
                                              Three Months Ended       Ended
                                            March 31,    June 30,     June 30,
                                                2007        2007        2007

    Reported EBITDA                             $192        $211        $402
       Separation and related costs (a)            6           7          13
       Resolution of and adjustment to
        contingent liabilities and assets (b)    (13)        (17)        (30)

    Adjusted EBITDA                             $185        $201        $385

    Reported PreTax Income                      $139        $154        $293
       Separation and related costs (a)            6           7          13
       Resolution of and adjustment to
        contingent liabilities and assets (b)    (13)        (17)        (30)

    Adjusted PreTax Income                      $132        $144        $276

    Reported Tax Provision                      $(53)       $(58)      $(111)
       Separation and related costs (c)           (2)         (3)         (5)
       Resolution of and adjustment to
        contingent liabilities and assets (c)      4           6          10

    Adjusted Tax Provision                      $(51)       $(55)      $(106)

    Reported Net Income                          $86         $96        $182
       Separation and related costs                4           4           8
       Resolution of and adjustment to
        contingent liabilities and assets         (9)        (11)        (20)

    Adjusted Net Income                          $81         $89        $170

    Reported Diluted EPS                       $0.45       $0.52       $0.98
       Separation and related costs             0.02        0.02        0.04
       Resolution of and adjustment to
        contingent liabilities and assets      (0.05)      (0.06)      (0.10)

    Adjusted Diluted EPS                       $0.43       $0.49       $0.91

    Diluted Shares                               190         183         186


    Note: Amounts may not foot due to rounding.
    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant (now Avis Budget Group).
    (b) Relates to the net benefit from the resolution of and adjustment to
        certain contingent liabilities and assets.
    (c) Relates to the tax effect of the adjustments.



                                                                      Table 8
                                                                     (1 of 4)
                          Wyndham Worldwide Corporation
                         NON-GAAP FINANCIAL INFORMATION
                      (In millions, except per share data)

                                          Three Months Ended June 30, 2008


                                               As       Legacy           As
                                            Reported  Adjustments     Adjusted
    Net revenues
      Vacation ownership interest sales       $414                      $414
      Service fees and membership              424                       424
      Franchise fees                           136                       136
      Consumer financing                       104                       104
      Other                                     54                        54
    Net revenues                             1,132         -           1,132

    Expenses
      Operating                                465                       465
      Cost of vacation ownership
       interests                                80                        80
      Marketing and reservation                218                       218
      General and administrative               152           7  (a)      159
      Depreciation and amortization             46                        46
    Total expenses                             961           7           968

    Operating income                           171          (7)          164
    Other income, net                           (4)                       (4)
    Interest expense                            18                        18
    Interest income                             (3)                       (3)

    Income before income taxes                 160          (7)          153
    Provision for income taxes                  62          (3) (b)       59

    Net income                                 $98         $(4)          $94

    Earnings per share
      Basic                                  $0.55      $(0.02)        $0.53
      Diluted                                 0.55       (0.02)         0.53

    Weighted average shares outstanding
      Basic                                    177         177           177
      Diluted                                  178         178           178


    Note: EPS amounts may not foot across due to rounding.
    (a) Relates to the net benefit from the resolution of and adjustment to
        certain contingent liabilities and assets.
    (b) Relates to the tax effect of the adjustment.



                                                                       Table 8
                                                                      (2 of 4)
                          Wyndham Worldwide Corporation
                          NON-GAAP FINANCIAL INFORMATION
                       (In millions, except per share data)

                                             Six Months Ended June 30, 2008


                                                               Trade-
                                                     Legacy     mark
                                              As     Adjust-   Impair-   As
                                           Reported   ments     ment  Adjusted
    Net revenues
       Vacation ownership interest sales     $708                       $708
       Service fees and membership            876                        876
       Franchise fees                         249                        249
       Consumer financing                     203                        203
       Other                                  108                        108
    Net revenues                            2,144     -         -      2,144

    Expenses
       Operating                              905                        905
       Cost of vacation ownership interests   140                        140
       Marketing and reservation              427                        427
       General and administrative             298       4  (a)           302
       Trademark impairment                    28               (28) (b)  -
       Depreciation and amortization           90                         90
    Total expenses                          1,888       4       (28)   1,864

    Operating income                          256      (4)       28      280
    Other income, net                          (5)                        (5)
    Interest expense                           37                         37
    Interest income                            (5)                        (5)

    Income before income taxes                229      (4)       28      253
    Provision for income taxes                 89      (3) (c)   11 (c)   97

    Net income                               $140     $(1)      $17     $156

    Earnings per share
       Basic                                $0.79  $(0.01)    $0.10    $0.88
       Diluted                               0.79   (0.01)     0.10     0.88

    Weighted average shares outstanding
       Basic                                  177     177       177      177
       Diluted                                178     178       178      178


    Note: EPS amounts may not foot across due to rounding.
    (a) Relates to the net benefit from the resolution of and adjustment to
        certain contingent liabilities and assets.
    (b) Represents an impairment charge due to the Company's initiative to
        rebrand its vacation ownership trademarks to the Wyndham brand.
    (c) Relates to the tax effect of the adjustments.



                                                                       Table 8
                                                                      (3 of 4)
                          Wyndham Worldwide Corporation
                          NON-GAAP FINANCIAL INFORMATION
                       (In millions, except per share data)

                                            Three Months Ended June 30, 2007

                                                  Separa-
                                                   tion
                                                    and
                                                  Related    Legacy
                                            As    Adjust-    Adjust-    As
                                         Reported  ments      ments  Adjusted
    Net revenues
       Vacation ownership interest sales     $443                        $443
       Service fees and membership            387                         387
       Franchise fees                         137                         137
       Consumer financing                      88                          88
       Other                                   45                          45
    Net revenues                            1,100    -          -       1,100

    Expenses
       Operating                              447                         447
       Cost of vacation ownership interests   104                         104
       Marketing and reservation              207                         207
       General and administrative             124                17 (b)   141
       Separation and related costs             7     (7)(a)              -
       Depreciation and amortization           41                          41
    Total expenses                            930     (7)        17       940

    Operating income                          170      7        (17)      160
    Interest expense                           18                          18
    Interest income                            (2)                         (2)

    Income before income taxes                154      7        (17)      144
    Provision for income taxes                 58      3 (c)     (6)(c)    55

    Net income                                $96     $4       $(11)      $89

    Earnings per share
       Basic                                $0.53  $0.02     $(0.06)    $0.49
       Diluted                               0.52   0.02      (0.06)     0.49

    Weighted average shares outstanding
       Basic                                  181    181        181       181
       Diluted                                183    183        183       183


    Note: EPS amounts may not foot across due to rounding.
    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant (now Avis Budget Group).
    (b) Relates to the net benefit from the resolution of certain contingent
        liabilities.
    (c) Relates to the tax effect of the adjustments.



                                                                       Table 8
                                                                      (4 of 4)
                          Wyndham Worldwide Corporation
                          NON-GAAP FINANCIAL INFORMATION
                       (In millions, except per share data)

                                             Six Months Ended June 30, 2007

                                                  Separa-
                                                   tion
                                                    and
                                                  Related    Legacy
                                            As    Adjust-    Adjust-    As
                                         Reported  ments      ments  Adjusted

    Net revenues
       Vacation ownership interest sales     $816                        $816
       Service fees and membership            790                         790
       Franchise fees                         251                         251
       Consumer financing                     169                         169
       Other                                   86                          86
    Net revenues                            2,112    -          -       2,112

    Expenses
       Operating                              853                         853
       Cost of vacation ownership interests   195                         195
       Marketing and reservation              404                         404
       General and administrative             245                30 (b)   275
       Separation and related costs            13    (13)(a)              -
       Depreciation and amortization           79                          79
    Total expenses                          1,789    (13)        30     1,806

    Operating income                          323     13        (30)      306
    Interest expense                           35                          35
    Interest income                            (5)                         (5)

    Income before income taxes                293     13        (30)      276
    Provision for income taxes                111      5 (c)    (10)(c)   106

    Net income                               $182     $8       $(20)     $170

    Earnings per share
       Basic                                $0.98  $0.04     $(0.11)    $0.92
       Diluted                               0.98   0.04      (0.10)     0.91

    Weighted average shares outstanding
       Basic                                  185    185        185       185
       Diluted                                186    186        186       186


    Note: EPS amounts may not foot across due to rounding.
    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant (now Avis Budget Group).
    (b) Relates to the net benefit from the resolution of certain contingent
        liabilities and assets.
    (c) Relates to the tax effect of the adjustments.

SOURCE  Wyndham Worldwide Corporation
    -0-                             07/31/2008
    /CONTACT:  Investor: Margo C. Happer, Senior Vice President, Investor
Relations, +1-973-753-6472, Margo.Happer@wyndhamworldwide.com, Press: Betsy
O'Rourke, Senior Vice President, Marketing and Communications, +1-973-753-
7422, Betsy.O'Rourke@wyndhamworldwide.com, both of Wyndham Worldwide
Corporation     /
    /Web site:  http://www.wyndhamworldwide.com/
    (WYN)

CO:  Wyndham Worldwide Corporation
ST:  New Jersey
IN:  LEI TRA
SU:  ERN

CT-AA
-- NYTH012 --
2296 07/31/2008 07:00 EDT http://www.prnewswire.com