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Wyndham Worldwide Reports Solid Third Quarter 2008 Results

Adjusted EPS up 11% to $0.83

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

    HIGHLIGHTS:

    --  Third quarter reported EPS grew by 23%, or 11% on an adjusted basis.
        Third quarter 2008 net income was $142 million, or $0.80 diluted
        earnings per share.  Adjusted net income, excluding $6 million
        after-tax in legacy items and restructuring costs, was $148 million,
        or $0.83 adjusted diluted earnings per share, exceeding Company-issued
        guidance of $0.80 - 0.82. 
    --  Third quarter 2008 revenues were $1.2 billion, up 1% from the third
        quarter of 2007.
    --  Compared to the third quarter of 2007:
        --  System size increased by 42,500 rooms, or 8% (2% excluding the
            impact of the Microtel and Hawthorn brands acquisition in July
            2008).
        --  Average net price per vacation rental increased 9%, or 5% in
            constant currency.
        --  Average number of vacation exchange members increased 4%, or
            135,000 members.
        --  Gross Vacation Ownership Interest sales increased 3%.
    --  EBITDA increased in each of the Company's businesses.

"We produced solid operating results during the quarter in a difficult global economic environment," said Stephen P. Holmes, Wyndham Worldwide Chairman and Chief Executive Officer. "We are taking the necessary steps to best weather this storm and, if necessary, we will make further adjustments. The diversity and flexibility of our business model enables us to adjust to changes in the marketplace to optimize our performance."

THIRD QUARTER 2008 OPERATING RESULTS

Revenues for the third quarter of 2008 were $1.2 billion, up 1% compared to the third quarter of 2007. The Company also reported year-over-year EBITDA growth in each of its three business units during the third quarter of 2008.

Reported net income for the third quarter of 2008 was $142 million, or $0.80 diluted earnings per share, compared to $117 million, or $0.65 diluted earnings per share, for the third quarter of 2007.

Excluding $2 million in after-tax net expense from the resolution of, and adjustment to, certain legacy items and $4 million in after-tax restructuring costs, adjusted net income for the third quarter of 2008 would have been $148 million, or $0.83 adjusted diluted earnings per share, an 11% increase compared to adjusted net income of $134 million, or adjusted diluted earnings per share of $0.75, in the third quarter of 2007. Adjusted net income in the third quarter of 2007 excludes $2 million in after-tax separation and related costs and $15 million in after-tax net expense from the resolution of, and adjustment to, certain legacy items.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $213 million in the third quarter of 2008, up $2 million, or 1%, when compared with the third quarter of 2007. Higher revenues resulting from the Microtel and Hawthorn brands acquisition and incremental properties were partially offset by a decline in worldwide RevPAR.

System-wide RevPAR decreased 2.7% in the third quarter of 2008, reflecting 4.2% and 1.7% declines in domestic and international RevPAR, respectively.

Third quarter 2008 EBITDA grew 3% to $72 million, compared to $70 million in the third quarter of 2007. This increase was driven by cost containment initiatives, the Microtel and Hawthorn brands acquisition, a one-time benefit resulting from the sale of a non-strategic asset and lower marketing expenses due to timing, which were partially offset by $4 million in restructuring costs. Excluding the $4 million restructuring costs, adjusted third quarter 2008 EBITDA would have been $76 million, a 9% increase over 2007.

As of September 30, 2008, the Company's hotel system consisted of 6,970 properties and approximately 583,400 rooms, of which 20% were international, with a development pipeline of approximately 990 hotels and more than 111,000 rooms, of which 51% were new construction and 41% were international.

Vacation Exchange and Rentals (Group RCI)

Revenues were $354 million in the third quarter of 2008, a 5% increase compared with the third quarter of 2007, reflecting growth in vacation rentals and ancillary revenues, partially offset by lower annual dues and exchange revenues. In constant currency, revenues increased 3% compared to the third quarter of 2007.

Vacation rentals revenues were $199 million, up 9% compared to the third quarter of 2007, or a 5% increase in constant currency. The increase reflects a higher average net price per rental and the conversion of an existing Landal park from franchised to a managed property. Rental transaction volume was flat during the third quarter of 2008 compared to the prior year.

Annual dues and exchange revenues were $114 million, down 2% compared to the third quarter of 2007. A 4% increase in the average number of members was more than offset by a 5% decline in the average revenue per member.

Other ancillary revenues were $41 million, up 8% compared to the third quarter of 2007, reflecting increased club servicing revenues, fees from credit card loyalty programs and fees generated from programs with affiliated resorts.

Third quarter 2008 EBITDA was $105 million, compared to third quarter 2007 EBITDA of $103 million. Revenue gains and overhead cost reductions were partially offset by unfavorable foreign exchange impact on expenses, incremental marketing expenditures and higher operational expenses related to a Landal park conversion. In constant currency, EBITDA increased 4% compared to the third quarter of 2007. Excluding $2 million of restructuring costs, in constant currency adjusted third quarter 2008 EBITDA would have been $109 million, a 6% increase over the prior year.

Vacation Ownership (Wyndham Vacation Ownership)

Gross Vacation Ownership Interest sales were $566 million for the third quarter of 2008, up 3% compared to the third quarter of 2007. This increase was principally driven by modest increases in tour flow and volume per guest, as well as higher levels of upgrades.

Consumer finance revenues increased $18 million to $111 million in the third quarter of 2008, up 19% compared to the third quarter of 2007, reflecting continued growth in the portfolio due to higher gross VOI sales.

Reported revenues were $661 million in the third quarter of 2008, down 1% compared to the third quarter of 2007, including a higher provision for loan losses. Third quarter 2008 revenues were also reduced by $2 million as a result of deferred vacation ownership revenue recorded under the percentage-of-completion method of accounting, while the Company recognized $1 million of previously deferred revenue in the third quarter of 2007.

EBITDA for the third quarter of 2008 increased 10% to $128 million, compared to $116 million in the third quarter of 2007. The increase was primarily due to cost containment and higher net interest income of $13 million. Third quarter 2007 EBITDA includes a $7 million pre-tax gain on the sale of certain vacation ownership properties.

Other Items

Interest expense for the third quarter of 2008 was $21 million, up from $20 million in the third quarter of 2007. Interest income for the quarter was $2 million, down from $4 million from the comparable prior-year period. Depreciation and amortization increased $4 million to $47 million reflecting increased capital investments over the past two years.

Bank Conduit Facility

The Company also announced that it expects to close on or about November 10, 2008, a new timeshare receivables conduit facility led by J.P. Morgan. The facility is expected to have capacity of at least $800 million.

    Balance Sheet Information as of September 30, 2008:
    --  Cash and cash equivalents of approximately $230 million compared to
        approximately $210 million at December 31, 2007
    --  Vacation ownership contract receivables, net, of $3.3 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 $1.7 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.

Outlook

Given the disruptions in the global economy and capital markets, and uncertainty about how these will impact employment, consumer spending and other macroeconomic drivers, guidance related to Wyndham Worldwide's performance during the remainder of 2008 and 2009 is subject to higher than normal levels of uncertainty. The following guidance reflects assumptions used for internal planning purposes. If economic conditions improve or deteriorate materially from current levels, these assumptions and our guidance may change materially.

For the fourth quarter 2008, the Company expects adjusted EPS of $0.41 - $0.46 based on weighted average shares of approximately 178 million.

    The Company's updated full-year 2008 guidance is:
    --  Revenues of $4,360 - $4,410 million
    --  Adjusted* EBITDA of $850 - $880 million
    --  Depreciation and amortization expense of $175 - $185 million
    --  Interest expense, net of $70 - $80 million
    --  Adjusted* net income of $377 - $386 million
    --  Adjusted* EPS of $2.12 - $2.17 based on weighted average shares of
        approximately 178 million

    Management provided preliminary guidance for the full-year 2009:
    --  Revenues of approximately $4.1 - $4.5 billion
    --  Adjusted* EBITDA of approximately $830 - $890 million

* All guidance excludes legacy items, rebranding charges and restructuring costs, if any, which may have a positive or negative impact on reported results, as applicable.

On October 6, 2008, the Company announced strategic realignments that would result in estimated pre-tax restructuring costs of approximately $7 million in the third quarter of 2008, $10 - $15 million in the fourth quarter of 2008, and $5 - $10 million in the first quarter of 2009. Based upon more refined plans, the Company now believes it will incur restructuring costs of approximately $25 - $30 million in the fourth quarter of 2008 and approximately $5 - $10 million in the first quarter of 2009.

Conference Call Information

Wyndham Worldwide Corporation will provide a webcast of its conference call to discuss the Company's third quarter 2008 financial results and outlook for the remainder of 2008 and full-year 2009 on Thursday, October 30, 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 October 30. 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 (800) 280-4691 beginning at noon EDT on October 30 until 5 p.m. EST on December 15, 2008.

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.

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 6,970 franchised hotels and approximately 583,400 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 32,000 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, restructuring plans, 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 and credit 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 nine months ended September 30, 2008 and 2007:

                                      Three Months Ended Sept. 30,
                                      ----------------------------
                                    2008                      2007
                                    ----                      ----
                         Net Revenues  EBITDA (d)  Net Revenues  EBITDA (f)
                         ------------  ------      ------------  ------
    Lodging                      $213     $72              $211     $70
    Vacation Exchange
     and Rentals                  354     105               336     103
    Vacation Ownership            661     128               671     116
                                  ---     ---               ---     ---
         Total
          Reportable
          Segments              1,228     305             1,218     289
    Corporate and Other(a)(b)      (2)    (11)               (2)    (41)
                                   --     ---                --     ---
         Total Company         $1,226    $294            $1,216    $248
                               ======    ====            ======    ====

    Reconciliation of
     EBITDA to Net Income
    -----------------
    EBITDA                               $294                      $248
    Depreciation and
     amortization                          47                        43
    Interest expense                       21                        20
    Interest income                        (2)                       (4)
                                           --                        --
    Income before income
     taxes                                228                       189
    Provision for income
     taxes                                 86                        72
                                           --                        --
    Net income                           $142                      $117
                                         ====                      ====


                                           Nine Months Ended Sept. 30,
                                           ---------------------------
                                    2008                      2007
                                    ----                      ----
                         Net Revenues  EBITDA (d)  Net Revenues  EBITDA (f)
                         ------------  ------      ------------  ------
    Lodging                      $583    $179              $549    $174
    Vacation Exchange
     and Rentals                1,009     252               937     237
    Vacation Ownership          1,786     248 (e)         1,849     279
                                -----     ---             -----     ---
         Total
          Reportable
          Segments              3,378     679             3,335     690
    Corporate and Other(a)(c)      (8)    (34)               (7)    (40)
                                   --     ---                --     ---
         Total Company         $3,370    $645            $3,328    $650
                               ======    ====            ======    ====

    Reconciliation of
     EBITDA to Net Income
    -----------------
    EBITDA                               $645                      $650
    Depreciation and
     amortization                         137                       122
    Interest expense                       59                        55
    Interest income                        (8)                       (9)
                                           --                        --
    Income before income
     taxes                                457                       482
    Provision for income
     taxes                                175                       184
                                          ---                       ---
    Net income                           $282                      $298
                                         ====                      ====

    __________
    (a) Includes the elimination of transactions between segments.
    (b) Includes $1 million and $25 million of a net expense during the three
        months ended September 30, 2008 and 2007, respectively, related to the
        resolution of and adjustment to certain contingent liabilities and
        assets.
    (c) Includes $4 million and $5 million of a net benefit during the nine
        months ended September 30, 2008 and 2007, respectively, related to the
        resolution of and adjustment to certain contingent liabilities and
        assets.
    (d) Includes restructuring costs of $4 million and $2 million for Lodging
        and Vacation Exchange and Rentals, respectively, during both the three
        and nine months ended September 30, 2008.
    (e) Includes an impairment charge of $28 million due to the Company's
        initiative to rebrand its vacation ownership trademarks to the Wyndham
        brand.
    (f) Includes separation and related costs of $1 million and $2 million for
        Vacation Ownership and Corporate and Other, respectively, during the
        three months ended September 30, 2007 and $9 million and $7 million
        for Vacation Ownership and Corporate and Other, respectively, during
        the nine months ended September 30, 2007.



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



                                         Three Months     Nine Months
                                            Ended           Ended
                                           Sept. 30,       Sept. 30,
                                        -------------   -------------
                                         2008   2007    2008     2007
                                         ----   ----    ----     ----
    Net revenues
      Vacation ownership interest sales  $446   $467  $1,153   $1,283
      Service fees and membership         468    442   1,344    1,232
      Franchise fees                      153    155     402      406
      Consumer financing                  111     93     314      261
      Other                                48     59     157      146
                                           --     --     ---      ---
    Net revenues                        1,226  1,216   3,370    3,328
                                        -----  -----   -----    -----

    Expenses
      Operating                           439    440   1,284    1,246
      Cost of vacation ownership
       interests                           86    101     226      296
      Consumer financing interest (a)      34     29      93       77
      Marketing and reservation           232    229     659      632
      General and administrative (b)      140    174     438      419
      Separation and related costs (c)      -      3       -       16
      Trademark impairment (d)              -      -      28        -
      Restructuring costs (e)               6      -       6        -
      Depreciation and amortization        47     43     137      122
                                           --     --     ---      ---
    Total expenses                        984  1,019   2,871    2,808
                                          ---  -----   -----    -----

    Operating income                      242    197     499      520
    Other income, net                      (5)    (8)     (9)      (8)
    Interest expense                       21     20      59       55
    Interest income                        (2)    (4)     (8)      (9)
                                           --     --      --       --

    Income before income taxes            228    189     457      482
    Provision for income taxes             86     72     175      184
                                           --     --     ---      ---

    Net income                           $142   $117    $282     $298
                                         ====   ====    ====     ====

    Earnings per share
      Basic                             $0.80  $0.65   $1.59    $1.63
      Diluted                            0.80   0.65    1.58     1.62

    Weighted average shares outstanding
      Basic                               178    179     177      183
      Diluted                             178    180     178      184
    __________
    (a) Prior to periods ending September 30, 2008, such amounts were included
        as a component of Operating Expenses.
    (b) Includes $1 million and $25 million of a net expense during the three
        months ended September 30, 2008 and 2007, respectively, and $4 million
        and $5 million of a net benefit during the nine months ended
        September 30, 2008 and 2007, respectively, related to the resolution
        of and adjustment to certain contingent liabilities and assets.
    (c) 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 $2 million and
        $10 million during the three and nine months ended September 30, 2007,
        respectively.
    (d) 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 nine months ended
        September 30, 2008.
    (e) Relates to costs incurred as a result of various strategic initiatives
        approved by the Company and commenced during the third quarter of
        2008.  Such amount, net of tax, was $4 million during both the three
        and nine months ended September 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  583,400      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   $41.93      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 $145,502      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    3,673      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  $124.51      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      360      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  $553.69      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 $566,000      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  334,000      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   $1,550      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 Microtel Inns & Suites and Hawthorn Suites (July 2008), 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 year.

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     6,970       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   $85,491       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   $24,973       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)  $(2,023)      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  $118,609       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 Microtel Inns & Suites
        and Hawthorn Suites (July 2008), 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)

                   Sept. 30,   June 30,   March 31,  Dec. 31, Sept. 30,
                     2008       2008        2008      2007      2007
                   --------- ----------- ---------- -------- ---------

    Securitized
     vacation
     ownership
     debt
      Term notes     $1,437      $1,727     $1,278   $1,435    $1,148
      Bank
       conduit
       facility(a)      647         354        841      646       777
                        ---         ---        ---      ---       ---
    Securitized
     vacation
     ownership
     debt (b)         2,084       2,081      2,119    2,081     1,925
    Less:
     Current portion
     of securitized
     vacation
     ownership debt     324         284        268      237       304
                        ---         ---        ---      ---       ---
    Long-term
     securitized
     vacation
     ownership debt  $1,760      $1,797     $1,851   $1,844    $1,621
                     ======      ======     ======   ======    ======

    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)        305         145         95       97       133
      Vacation
       ownership
       bank
       borrowings       172         196        181      164       148
      Vacation
       rentals
       capital
       leases           143         162        165      154       153
      Other              12          13         14       14        14
                         --          --         --       --        --

    Total debt        1,729       1,613      1,552    1,526     1,545
    Less: Current
     portion of debt    182         207        193      175       159
                        ---         ---        ---      ---       ---
    Long-term debt   $1,547      $1,406     $1,359   $1,351    $1,386
                     ======      ======     ======   ======    ======
    __________
    (a) This 364-day vacation ownership bank conduit facility has availability
        of $1,200 million and is no longer revolving as of October 29, 2008.
        See press release discussion regarding a new bank conduit facility.
    (b) This debt is collateralized by $2,721 million, $2,723 million, $2,667
        million, $2,596 million and $2,428 million of underlying vacation
        ownership contract receivables and related assets at September 30,
        2008, June 30, 2008, March 31, 2008, December 31, 2007 and September
        30, 2007, respectively.
    (c) The balance at September 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 September 30, 2008, the Company has $60 million
        of outstanding letters of credit and a remaining borrowing capacity
        of $535 million.  The increase in balance from June 30, 2008 to
        September 30, 2008 primarily relates to amounts borrowed to fund the
        July 2008 acquisition of U.S. Franchise Systems, Inc. and its
        Microtel Inns & Suites and Hawthorn Suites hotel brands.



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

                          As of and For the Three Months Ended Sept. 30, 2008
                          ---------------------------------------------------
                                                                 Average
                                                                 Revenue
                                                       Average     Per
                          Number   Number   Average     Daily   Available
                            of       of    Occupancy     Rate      Room
           Brand        Properties  Rooms     Rate       (ADR)   (RevPAR)
           -----        ---------- ------- ----------  -------- ----------

      Wyndham Hotels
       and Resorts           80     21,365    63.4%     $123.13     $78.09

      Wingate Inn           158     14,427    62.9%      $93.44     $58.77

      Hawthorn Suites        90      8,404    63.5%      $91.00     $57.78

      Ramada                877    110,844    57.0%      $82.35     $46.92

      Baymont               213     18,194    55.7%      $67.82     $37.74

      AmeriHost Inn          14        893    59.8%      $79.06     $47.27

      Days Inn            1,878    152,557    56.9%      $68.95     $39.22

      Super 8             2,098    130,056    62.1%      $63.69     $39.57

      Howard Johnson        471     45,084    52.4%      $69.09     $36.20

      Travelodge            482     36,203    56.1%      $73.48     $41.19

      Microtel Inns &
       Suites               301     21,431    57.9%      $63.51     $36.78

      Knights Inn           294     19,568    45.4%      $46.18     $20.95

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

                           -----   -------
        Total              6,970   583,393    57.7%      $72.61     $41.93
                           =====   =======


                         As of and For the Three Months Ended Sept. 30, 2007
                          ----------------------------------------------
                                                                 Average
                                                                 Revenue
                                                       Average     Per
                          Number   Number   Average     Daily   Available
                            of       of    Occupancy     Rate      Room
            Brand       Properties  Rooms     Rate       (ADR)   (RevPAR)
            -----       ---------- ------- ----------  -------- ----------

      Wyndham Hotels
       and Resorts           75     20,585    65.3%     $110.47     $72.10

      Wingate Inn           152     13,952    67.1%      $89.71     $60.18

      Ramada                854    103,230    61.6%      $79.38     $48.91

      Baymont               182     15,962    63.6%      $72.61     $46.16

      AmeriHost Inn          39      2,754    58.4%      $70.99     $41.45

      Days Inn            1,857    150,667    59.7%      $67.91     $40.57

      Super 8             2,061    127,038    65.4%      $62.05     $40.60

      Howard Johnson        465     44,422    53.9%      $69.40     $37.41

      Travelodge            492     36,639    59.1%      $71.48     $42.27

      Knights Inn           261     18,193    45.2%      $46.49     $21.01

      Unmanaged,
       Affiliated and
       Managed,
       Non-Proprietary
       Hotels (*)            23      7,475     N/A        N/A       N/A

                          -----    -------
        Total             6,461    540,917    60.9%      $70.77     $43.10
                          =====    =======
    _______________
    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 Nine Months Ended Sept. 30, 2008
                         -------------------------------------------------
                                                                 Average
                                                                 Revenue
                                                       Average     Per
                          Number    Number  Average     Daily   Available
                            of        of   Occupancy     Rate      Room
           Brand        Properties  Rooms     Rate       (ADR)   (RevPAR)
           -----        ----------  ------ ----------  -------- ----------

      Wyndham Hotels
       and Resorts           80     21,365    63.6%     $123.30     $78.44

      Wingate Inn           158     14,427    62.3%      $92.72     $57.78

      Hawthorn Suites        90      8,404    63.5%      $91.00     $57.78

      Ramada                877    110,844    54.2%      $82.35     $44.63

      Baymont               213     18,194    51.2%      $66.38     $34.02

      AmeriHost Inn          14        893    49.2%      $71.45     $35.15

      Days Inn            1,878    152,557    52.0%      $65.80     $34.24

      Super 8             2,098    130,056    56.0%      $60.40     $33.84

      Howard Johnson        471     45,084    48.5%      $65.95     $32.01

      Travelodge            482     36,203    50.7%      $70.20     $35.60

      Microtel Inns &
       Suites               301     21,431    57.9%      $63.51     $36.78

      Knights Inn           294     19,568    42.4%      $43.71     $18.54

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

                          -----    -------
        Total             6,970    583,393    53.4%      $70.68     $37.76
                          =====    =======




                         As of and For the Nine Months Ended Sept. 30, 2007
                         -------------------------------------------------
                                                                 Average
                                                                 Revenue
                                                       Average     Per
                          Number   Number   Average     Daily   Available
                            of       of    Occupancy     Rate      Room
            Brand       Properties  Rooms     Rate       (ADR)   (RevPAR)
            -----       ---------- ------- ----------  -------- ----------

      Wyndham Hotels
       and Resorts           75     20,585    65.2%     $112.65     $73.42

      Wingate Inn           152     13,952    66.7%      $89.65     $59.82

      Ramada                854    103,230    56.5%      $77.55     $43.86

      Baymont               182     15,962    56.5%      $68.91     $38.90

      AmeriHost Inn          39      2,754    49.0%      $66.71     $32.66

      Days Inn            1,857    150,667    54.4%      $63.72     $34.67

      Super 8             2,061    127,038    57.9%      $58.53     $33.91

      Howard Johnson        465     44,422    49.4%      $65.59     $32.39

      Travelodge            492     36,639    52.2%      $66.42     $34.68

      Knights Inn           261     18,193    42.3%      $43.58     $18.43

      Unmanaged,
       Affiliated and
       Managed,
       Non-Proprietary
       Hotels (*)            23      7,475     N/A          N/A       N/A

                          -----    -------
        Total             6,461    540,917    55.4%      $67.94    $37.63
                          =====    =======
    _______________
    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)

                                 Three Months Ended         Nine Months Ended
                                 ------------------         -----------------
                         March 31,   June 30,   Sept. 30,       Sept. 30,
                            2008        2008       2008            2008
                         ----------  ---------  ----------      ----------

    Reported EBITDA            $130       $221        $294            $645
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets (a)                 3         (7)          1              (4)
      Trademark
       impairment (b)            28          -           -              28
      Restructuring costs(c)      -          -           6               6
                               ----       ----        ----            ----

    Adjusted EBITDA            $161       $214        $301            $675
    ---------------            ----       ----        ----            ----

    Reported PreTax Income      $70       $160        $228            $457
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets (a)                 3         (7)          1              (4)
      Trademark
       impairment (b)            28          -           -              28
      Restructuring costs(c)      -          -           6               6
                               ----       ----        ----            ----

    Adjusted PreTax Income     $101       $153        $235            $487
    ---------------            ----       ----        ----            ----

    Reported Tax Provision     $(28)      $(62)        $86            $175
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets (d)                 -          3          (1)             (5)
      Trademark
       impairment (d)           (11)         -           -              11
      Restructuring costs(d)      -          -           2               2
                               ----       ----        ----            ----

    Adjusted Tax
     Provision                 $(39)      $(59)        $87            $183
    ------------               ----       ----         ---            ----

    Reported Net Income         $42        $98        $142            $282
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets                     3         (4)          2               1
      Trademark impairment       17          -           -              17
      Restructuring costs         -          -           4               4
                               ----       ----        ----            ----

    Adjusted Net Income         $62        $94        $148            $304
    -------------------         ---        ---        ----            ----

    Reported Diluted EPS      $0.24      $0.55       $0.80           $1.58
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets                  0.01      (0.02)       0.01            0.01
      Trademark impairment     0.10          -           -            0.10
      Restructuring costs         -          -        0.02            0.02
                               ----       ----        ----            ----

    Adjusted Diluted EPS      $0.35      $0.53       $0.83           $1.71
    --------------------      -----      -----       -----           -----

    Diluted Shares              178        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 costs incurred as a result of various strategic initiatives
        approved by the Company and commenced during the third quarter of
        2008.
    (d) 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)

                                 Three Months Ended         Nine Months Ended
                                 ------------------         -----------------
                         March 31,   June 30,   Sept. 30,       Sept. 30,
                            2007        2007       2007            2007
                         ----------  ---------  ----------      ----------

    Reported EBITDA            $192       $211        $248            $650
      Separation and
       related costs (a)          6          7           3              16
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets (b)               (13)       (17)         25              (5)
                                ---        ---          --              --

    Adjusted EBITDA            $185       $201        $276            $661
    ---------------            ----       ----        ----            ----

    Reported PreTax Income     $139       $154        $189            $482
      Separation and
       related costs (a)          6          7           3              16
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets (b)               (13)       (17)         25              (5)
                                ---        ---          --              --

    Adjusted PreTax Income     $132       $144        $217            $493
    ---------------            ----       ----        ----            ----

    Reported Tax Provision     $(53)      $(58)       $(72)          $(184)
      Separation and
       related costs (c)         (2)        (3)         (1)             (6)
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets (c)                 4          6         (10)              1
                                 --         --         ---              --

    Adjusted Tax Provision     $(51)      $(55)       $(83)          $(189)
    ------------               ----       ----        ----           -----

    Reported Net Income         $86        $96        $117            $298
      Separation and
       related costs              4          4           2              10
      Resolution of and
       adjustment to
       contingent
       liabilities and assets    (9)       (11)         15              (4)
                                 --        ---          --              --

    Adjusted Net Income         $81        $89        $134            $304
    -------------------         ---        ---        ----            ----

    Reported Diluted EPS      $0.45      $0.52       $0.65           $1.62
      Separation and
       related costs           0.02       0.02        0.01            0.05
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets                 (0.05)     (0.06)       0.09           (0.02)
                              -----      -----        ----           -----

    Adjusted Diluted EPS      $0.43      $0.49       $0.75           $1.65
    --------------------      -----      -----       -----           -----

    Diluted Shares              190        183         180             184
    __________
    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)/expense 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 Sept. 30, 2008
                                -------------------------------------

                            As         Legacy      Restructuring      As
                         Reported    Adjustments      Costs        Adjusted
                         --------    ----------    -------------  ---------
    Net revenues
      Vacation ownership
       interest sales      $446                                      $446
      Service fees
       and membership       468                                       468
      Franchise fees        153                                       153
      Consumer financing    111                                       111
      Other                  48                                        48
                            ---          ---            ---           ---
    Net revenues          1,226            -              -         1,226
                          -----          ---            ---         -----

    Expenses
      Operating             439                                       439
      Cost of
       vacation
       ownership
       interests             86                                        86
      Consumer financing
       Interest              34                                        34
      Marketing
       and reservation      232                                       232
      General and
       administrative       140           (1) (a)                     139
      Restructuring
       costs                  6                          (6) (b)        -
      Depreciation
       and
       amortization          47                                        47
                            ---          ---            ---           ---
    Total expenses          984           (1)            (6)          977
                            ---          ---            ---           ---

    Operating income        242            1              6           249
    Other income, net        (5)                                       (5)
    Interest expense         21                                        21
    Interest income          (2)                                       (2)
                            ---          ---            ---           ---

    Income before
     income taxes           228            1              6           235
    Provision for
     income taxes            86           (1) (c)         2  (c)       87
                            ---          ---            ---           ---

    Net income             $142           $2             $4          $148
                           ====          ===            ===          ====

    Earnings per share
      Basic               $0.80        $0.01          $0.02         $0.83
      Diluted              0.80         0.01           0.02          0.83

    Weighted average
     shares outstanding
      Basic                 178          178            178           178
      Diluted               178          178            178           178
    __________
    (a) Relates to the net benefit from the resolution of and adjustment to
        certain contingent liabilities and assets.
    (b) Relates to costs incurred as a result of various strategic initiatives
        approved by the Company and commenced during the third quarter of
        2008.
    (c) 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)

                                       Nine Months Ended Sept. 30, 2008
                                       --------------------------------

                      As       Legacy     Trademark    Restructuring    As
                   Reported  Adjustments  Impairment      Costs      Adjusted
                   --------  -----------  ----------    -----------  -------
    Net revenues
      Vacation
       ownership
       interest
       sales         $1,153                                           $1,153
      Service fees
       and
       membership     1,344                                           1,344
      Franchise fees    402                                             402
      Consumer
       financing        314                                             314
      Other             157                                             157
                        ---      ---          ---          ---          ---
    Net revenues      3,370        -            -            -        3,370
                      -----      ---          ---          ---        -----

    Expenses
      Operating       1,284                                           1,284
      Cost of
       vacation
       ownership
       interests        226                                             226
      Consumer
       financing
       interest          93                                              93
      Marketing
       and
       reservation      659                                             659
      General and
       administrative   438         4  (a)                              442
      Trademark
       impairment        28                  (28) (b)                     -
      Restructuring
         costs            6                                   (6)(c)      -
      Depreciation
        and
       amortization     137                                             137
                        ---       ---        ---             ---        ---
    Total expenses    2,871         4        (28)             (6)     2,841
                      -----       ---        ---             ---      -----

    Operating income    499        (4)        28               6        529
    Other income, net    (9)                                             (9)
    Interest expense     59                                              59
    Interest income      (8)                                             (8)
                        ---       ---        ---             ---        ---

    Income before
     income taxes       457        (4)        28               6        487
    Provision for
     income taxes       175        (5) (d)    11 (d)           2 (d)    183
                        ---       ---        ---             ---        ---

    Net income         $282        $1        $17              $4       $304
                       ====       ===        ===             ===       ====

    Earnings per share
      Basic           $1.59     $0.01      $0.10           $0.02      $1.71
      Diluted          1.58      0.01       0.10            0.02       1.71

    Weighted average
     shares outstanding
      Basic             177      177         177             177        177
      Diluted           178      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 costs incurred as a result of various strategic initiatives
        approved by the Company and commenced during the third quarter of
        2008.
    (d) 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 Sept. 30, 2007
                                 ---------------------------------

                                   Separation
                                       and
                          As         Related          Legacy          As
                       Reported    Adjustments      Adjustments    Adjusted
                       --------    -----------      -----------    --------
    Net revenues
      Vacation
       ownership
       interest sales      $467                                        $467
      Service fees
       and membership       442                                         442
      Franchise fees        155                                         155
      Consumer financing     93                                          93
      Other                  59                                          59
                            ---          ---              ---           ---
    Net revenues          1,216            -                -         1,216
                          -----          ---              ---         -----

    Expenses
      Operating             440                                         440
      Cost of vacation
       ownership interests  101                                         101
      Consumer financing
       Interest              29                                          29
      Marketing and
       reservation          229                                         229
      General and
       administrative       174                           (25) (b)      149
      Separation and
       related costs          3           (3) (a)                         -
      Depreciation and
       amortization          43                                          43
                            ---          ---              ---            --
    Total expenses        1,019           (3)             (25)          991
                          -----          ---              ---           ---

    Operating income        197            3               25           225
    Other income, net        (8)                                         (8)
    Interest expense         20                                          20
    Interest income          (4)                                         (4)
                            ---          ---              ---           ---

    Income before
     income taxes           189            3               25           217
    Provision for
     income taxes            72            1  (c)          10  (c)       83
                            ---          ---              ---           ---

    Net income             $117           $2              $15          $134
                           ====           ==              ===          ====

    Earnings per share
      Basic               $0.65        $0.01            $0.09         $0.75
      Diluted              0.65         0.01             0.09          0.75

    Weighted average
     shares outstanding
      Basic                 179          179              179           179
      Diluted               180          180              180           180
    __________
    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)

                               Nine Months Ended September 30, 2007
                               ------------------------------------

                                   Separation
                                       and
                          As         Related          Legacy          As
                       Reported    Adjustments      Adjustments    Adjusted
                       --------    -----------      -----------    --------
    Net revenues
      Vacation
       ownership
       interest sales    $1,283                                      $1,283
      Service fees
       and membership     1,232                                       1,232
      Franchise fees        406                                         406
      Consumer financing    261                                         261
      Other                 146                                         146
                            ---          ---              ---           ---
    Net revenues          3,328            -                -         3,328
                          -----          ---              ---         -----

    Expenses
      Operating           1,246                                       1,246
      Cost of
       vacation
       ownership
       interests            296                                         296
      Consumer financing
       Interest              77                                          77
      Marketing and
       reservation          632                                         632
      General and
       administrative       419                             5  (b)      424
      Separation and
       related costs         16          (16) (a)                         -
      Depreciation
       and amortization     122                                         122
                            ---          ---              ---           ---
    Total expenses        2,808          (16)               5         2,797
                          -----          ---              ---         -----

    Operating income        520           16               (5)          531
    Other income, net        (8)                                         (8)
    Interest expense         55                                          55
    Interest income          (9)                                         (9)
                            ---          ---              ---           ---

    Income before
     income taxes           482           16               (5)          493
    Provision for
     income taxes           184            6  (c)          (1) (c)      189
                            ---          ---              ---           ---

    Net income             $298          $10              $(4)         $304
                           ====          ===              ===          ====

    Earnings per share
      Basic               $1.63        $0.05           $(0.02)        $1.66
      Diluted              1.62         0.05            (0.02)         1.65

    Weighted average
     shares outstanding
      Basic                 183          183              183           183
      Diluted               184          184              184           184
    __________
    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-                           10/30/2008
    /CONTACT:  Investors, 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
                http://www.wyndhamworldwide.com/investors /
    (WYN)

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

PR
-- NY42603 --
2603 10/30/2008 07:14 EDT http://www.prnewswire.com