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Wyndham Worldwide Reports Second Quarter 2014 Earnings
Adjusted Diluted EPS Growth of 19%
Raises Full Year EBITDA and EPS Guidance

PARSIPPANY, N.J., July 24, 2014 /PRNewswire/ -- Wyndham Worldwide Corporation (NYSE: WYN) today announced results for the three months ended June 30, 2014.

SECOND QUARTER HIGHLIGHTS:

  • Adjusted diluted earnings per share (EPS) was $1.17, an increase of 19% from adjusted diluted EPS of $0.98 in the second quarter of 2013. Reported diluted EPS was $1.20, compared with $0.98 in the second quarter of 2013.
  • Revenues increased 7% compared with the second quarter of 2013.
  • Adjusted EBITDA increased 9% compared with the second quarter of 2013.
  • The Company repurchased 2.3 million shares of its common stock for $170 million.

"We delivered strong results in the second quarter, improving upon the positive trends from the first quarter," said Stephen P. Holmes, chairman and CEO.  "Domestic RevPAR growth continued to accelerate, net Vacation Ownership Interest sales increased ten percent and we are seeing continued strong growth in rental transaction volume." 

SECOND QUARTER 2014 OPERATING RESULTS

Second quarter revenues were $1.3 billion, an increase of 7% from the prior year period.  The increase reflects growth in all of the Company's business segments.

Adjusted net income was $150 million, or $1.17 per diluted share, compared with $133 million, or $0.98 per diluted share for the same period in 2013.  The performance reflects solid operating results across all of the Company's businesses and lower interest expense.  EPS growth also benefited from the Company's share repurchase program.

Reported net income for the second quarter of 2014 was $153 million, or $1.20 per diluted share, compared with $133 million, or $0.98 per diluted share, for the second quarter of 2013.  Reported net income included items excluded from adjusted net income.  The net result of these items favorably impacted second quarter 2014 net income by $3 million.  Full reconciliations of adjusted results to GAAP results appear in Table 8 of this press release.

Free cash flow was $695 million for the six months ended June 30, 2014, compared with $654 million for the same period in 2013.  The growth of free cash flow largely reflects favorable timing of working capital.  The Company defines free cash flow as net cash provided by operating activities less capital expenditures.  For the six months ended June 30, 2014, net cash provided by operating activities was $793 million, compared with $758 million in the prior year period.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $283 million in the second quarter of 2014, an 8% increase over the second quarter of 2013.  The increase predominantly reflects higher RevPAR. 

Domestic RevPAR increased 8.8%, partially offset by a 1.8% decline in international RevPAR, resulting in a 5.6% increase in total system-wide RevPAR compared with the second quarter of 2013.  International RevPAR declined due to unfavorable currency movements and growth in lower-RevPAR countries such as China. 

Adjusted EBITDA for the second quarter of 2014 was $87 million, a 12% increase compared with the second quarter of 2013.  The increase was primarily due to higher RevPAR.  

As of June 30, 2014, the Company's hotel system consisted of approximately 7,540 properties and 650,200 rooms, a 2.4% room increase compared with the second quarter of 2013.  The development pipeline included over 970 hotels and approximately 117,000 rooms, of which 57% were international and 67% were new construction.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

Revenues were $402 million in the second quarter of 2014, a 7% increase over the second quarter of 2013.  In constant currency and excluding the impact of acquisitions, revenues were up 3%.

Exchange revenues were $168 million, flat compared with the second quarter of 2013, as a 1.7% increase in average number of members was offset by a 1.8% decline in exchange revenue per member.

Vacation rental revenues were $217 million, a 13% increase over the second quarter of 2013.  Excluding the impact of foreign currency and acquisitions, vacation rental revenues were up 6%, reflecting a 4.9% increase in transaction volume and a 1.2% increase in the average net price per vacation rental.  

Adjusted EBITDA for the second quarter of 2014 was $87 million, a 2% increase compared with the second quarter of 2013.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues were $673 million in the second quarter of 2014, a 7% increase over the second quarter of 2013, primarily reflecting higher gross VOI sales and a lower loan loss provision. 

Gross VOI sales were $496 million in the second quarter of 2014, an increase of 3% over the second quarter of 2013, reflecting a 1.1% increase in volume per guest, a 1.0% increase in tour flow and increased tele-sales upgrades. 

Adjusted EBITDA for the second quarter of 2014 was $185 million, a 15% increase compared with the second quarter of 2013, primarily reflecting the revenue increases.

OTHER ITEMS

  • The Company repurchased 2.3 million shares of common stock for $170 million during the second quarter of 2014.  From July 1 through July 23, 2014, the Company repurchased an additional 0.5 million shares for $37 million.  The Company's remaining share repurchase authorization totals $311 million as of July 23, 2014.
  • Reported net interest expense in the second quarter of 2014 was $26 million, compared with $32 million in the second quarter of 2013, reflecting lower rates associated with a fixed-for-floating rate swap and a $2 million benefit from a value added tax adjustment. 

BALANCE SHEET INFORMATION AS OF JUNE 30, 2014:

  • Cash and cash equivalents of $247 million, compared with $194 million at December 31, 2013
  • Vacation ownership contract receivables, net, of $2.7 billion, compared with $2.8 billion at December 31, 2013
  • Vacation ownership and other inventory of $1.0 billion, unchanged from December 31, 2013
  • Securitized vacation ownership debt of $1.9 billion, unchanged from December 31, 2013
  • Long-term debt of $2.8 billion, compared with $2.9 billion at December 31, 2013. The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1.4 billion as of June 30, 2014, compared with $1.3 billion as of December 31, 2013

A schedule of debt is included in Table 5 of this press release.

OUTLOOK

Note to Editors:  The guidance excludes possible future share repurchases, while analysts' estimates often include share repurchases.  This results in discrepancies between Company guidance and database consensus forecasts.

For the full year 2014, the Company provides the following guidance:

  • Revenues of approximately $5.250 - $5.350 billion (unchanged)
  • Adjusted EBITDA of approximately $1.230 - $1.245 billion up from $1.215 - $1.240 billion
  • Adjusted EPS of approximately $4.34 - $4.44 based on a diluted share count of 128 million up from $4.23 - $4.33 based on a diluted share count of 130 million

CONFERENCE CALL INFORMATION

Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company's results, outlook and guidance on Thursday, July 24, 2014 at 8:30 a.m. EDT. Listeners may access the webcast live through the Company's website at www.wyndhamworldwide.com/investors.   An archive of this webcast will be available on the website for approximately 90 days beginning at noon EDT on July 24, 2014. The conference call may also be accessed by dialing 800-369-2125 and providing the passcode "WYNDHAM." Listeners are urged to call at least 10 minutes prior to the scheduled start time. A telephone replay will be available for approximately 90 days beginning at noon EDT on July 24, 2014, at 888-296-6944.

The Company will post guidance information on its website following the conference call.

PRESENTATION OF FINANCIAL INFORMATION

Financial information discussed in this press release includes non-GAAP measures, which include or exclude certain items.  These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period comparisons and are helpful to investors as an additional tool for further understanding and assessing the Company's ongoing core operating performance.  Exclusion of items in our non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring.  A complete reconciliation of reported GAAP results to the comparable non-GAAP information appears in the financial tables section of the press release.  It is not practicable to provide a reconciliation of forecasted adjusted EBITDA and adjusted EPS to the most directly comparable GAAP measures because certain items cannot be reasonably estimated or predicted at this time.  Any such items could be significant to the Company's reported results.

ABOUT WYNDHAM WORLDWIDE CORPORATION

One of the world's largest hospitality companies, Wyndham Worldwide (NYSE: WYN) provides a wide range of hospitality services and products through its global portfolio of world-renowned brands.  The world's largest hotel company based on the number of properties, Wyndham Hotel Group is home to many of the world's best-known hotel brands, with approximately 7,500 franchised hotels and 650,200 hotel rooms worldwide. Wyndham Exchange & Rentals is the worldwide leader in vacation exchange and the world's largest professionally managed vacation rentals business, providing more than 5 million leisure-bound families annually with access to over 107,000 vacation properties in over 100 countries through its prominent exchange and vacation rental brands. The industry and timeshare ownership market leader, Wyndham Vacation Ownership develops, markets, and sells vacation ownership interests and provides consumer financing to owners through its network of over 200 vacation ownership resorts serving approximately 907,000 owners throughout the United States, Canada, Mexico, the Caribbean, and the South Pacific. Based in Parsippany, NJ, Wyndham Worldwide employs approximately 32,800 associates globally. For more information, please visit www.wyndhamworldwide.com.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management's expectations as to the future based on plans, estimates and projections at the time the Company makes the statements.  Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  The forward-looking statements contained in this press release include statements related to the Company's revenues, earnings and related financial and operating measures.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company's Annual Report on Form 10-K, filed with the SEC on February 14, 2014.  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















(1 of 2)


Wyndham Worldwide Corporation


OPERATING RESULTS OF REPORTABLE SEGMENTS


(In millions)
































In addition to other measures, management evaluates the operating results of each of its reportable segments based upon net revenues and "EBITDA", which is defined as net income before depreciation and amortization, interest expense (excluding consumer financing interest), early extinguishment of debt, interest income (excluding consumer financing interest) and income taxes, each of which is presented on the Company's Consolidated Statements of Income.  The Company believes that EBITDA is a useful measure of performance for the Company's industry segments which when considered with GAAP measures, gives a more complete understanding of its operating performance.  The Company's presentation of EBITDA may not be comparable to similarly-titled measures used by other companies.






















The following tables summarize net revenues and EBITDA for reportable segments, as well as reconcile EBITDA to Net income attributable to Wyndham shareholders for the three months ended June 30, 2014 and 2013:



















Three Months Ended June 30,





2014


2013





 Net Revenues


 EBITDA


 Net Revenues


 EBITDA



Lodging

$

283


$

87


$

262


$

78



Vacation Exchange and Rentals


402



89



376



85



Vacation Ownership


673



185



630



161



     Total Reportable Segments


1,358



361



1,268



324



Corporate and Other (a)


(15)



(35)



(15)



(27)



     Total Company

$

1,343


$

326


$

1,253


$

297


















Reconciliation of EBITDA to Net income attributable to Wyndham shareholders























Three Months Ended June 30,








2014





2013



EBITDA




$

326





$

297



Depreciation and amortization





59






54



Interest expense





29






34



Interest income





(3)






(2)



Income before income taxes





241






211



Provision for income taxes





88






78



Net income attributable to Wyndham shareholders




$

153





$

133


















__________













(a)     Includes the elimination of transactions between segments. 

















The following tables summarize net revenues and Adjusted EBITDA for reportable segments for the three months ended June 30, 2014 and 2013 (for a description of adjustments by segment, see Table 7):




















Three Months Ended June 30,





2014


2013





 Net Revenues


 Adjusted
EBITDA


 Net Revenues


 Adjusted
EBITDA



Lodging

$

283


$

87


$

262


$

78



Vacation Exchange and Rentals


402



87



376



85



Vacation Ownership


673



185



630



161



     Total Reportable Segments


1,358



359



1,268



324



Corporate and Other


(15)



(35)



(15)



(27)



     Total Company

$

1,343


$

324


$

1,253


$

297































































 

 














Table 1















(2 of 2)


Wyndham Worldwide Corporation


OPERATING RESULTS OF REPORTABLE SEGMENTS


(In millions)
































The following tables summarize net revenues and EBITDA for reportable segments, as well as reconcile EBITDA to Net income attributable to Wyndham shareholders for the six months ended June 30, 2014 and 2013:



















Six Months Ended June 30,





2014


2013





 Net Revenues


 EBITDA


 Net Revenues


 EBITDA



Lodging

$

520


$

151


$

485


$

137



Vacation Exchange and Rentals


781



174



750



179



Vacation Ownership


1,266



300



1,179



272



     Total Reportable Segments


2,567



625



2,414



588



Corporate and Other (a)


(31)



(69)



(27)



(57)



     Total Company

$

2,536


$

556


$

2,387


$

531


















Reconciliation of EBITDA to Net income attributable to Wyndham shareholders























Six Months Ended June 30,








2014





2013



EBITDA




$

556





$

531



Depreciation and amortization





115






106



Interest expense





56






66



Early extinguishment of debt





-






111



Interest income





(5)






(4)



Income before income taxes





390






252



Provision for income taxes





146






92



Net income





244






160



Net income attributable to noncontrolling interest





(1)






-



Net income attributable to Wyndham shareholders




$

243





$

160


















__________














(a)    Includes the elimination of transactions between segments. 





The following tables summarize net revenues and Adjusted EBITDA for reportable segments for the six months ended June 30, 2014 and 2013 (for a description of adjustments by segment, see Table 7):




















Six Months Ended June 30,





2014


2013





 Net Revenues


 Adjusted
EBITDA


 Net Revenues


 Adjusted
EBITDA



Lodging

$

520


$

155


$

485


$

137



Vacation Exchange and Rentals


781



182



750



179



Vacation Ownership


1,266



300



1,179



274



     Total Reportable Segments


2,567



637



2,414



590



Corporate and Other


(31)



(69)



(27)



(57)



     Total Company

$

2,536


$

568


$

2,387


$

533
















































 

 














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,




2014


2013


2014


2013

Net revenues














Service and membership fees


$

616


$

583


$

1,205


$

1,152


Vacation ownership interest sales



382



347



685



611


Franchise fees



166



152



293



274


Consumer financing



106



106



211



211


Other



73



65



142



139

Net revenues



1,343



1,253



2,536



2,387















Expenses














Operating



572



548



1,106



1,056


Cost of vacation ownership interests



42



32



81



64


Consumer financing interest



17



20



35



40


Marketing and reservation



206



181



387



357


General and administrative



181



177



376



342


Depreciation and amortization



59



54



115



106

Total expenses



1,077



1,012



2,100



1,965















Operating income



266



241



436



422

Other income, net



(1)



(2)



(5)



(3)

Interest expense



29



34



56



66

Early extinguishment of debt



-



-



-



111

Interest income



(3)



(2)



(5)



(4)















Income before income taxes



241



211



390



252

Provision for income taxes



88



78



146



92

Net income



153



133



244



160

Net income attributable to noncontrolling interest


-



-



(1)



-

Net income attributable to Wyndham shareholders

$

153


$

133


$

243


$

160















Earnings per share














Basic


$

1.21


$

0.99


$

1.91


$

1.18


Diluted



1.20



0.98



1.89



1.17















Weighted average shares outstanding














Basic



127



135



127



136


Diluted



128



136



129



137

__________



























Note: For a description of adjustments to Net Income, see Table 8.










 

 


Table 3











(1 of 2)

Wyndham Worldwide Corporation

OPERATING STATISTICS














The following operating statistics are the drivers of our revenues and therefore provide an enhanced understanding of our businesses:






















Year


Q1


Q2


Q3


Q4


Full Year

Lodging













Number of Rooms 

2014


646,900


650,200


 N/A


 N/A


 N/A






2013


631,800


635,100


638,300


645,400


 N/A






2012


609,300


608,300


618,100


627,400


 N/A






2011


609,600


612,900


611,200


613,100


 N/A


















RevPAR

2014

$

32.30

$

40.11


 N/A


 N/A


 N/A






2013

$

31.05

$

38.00

$

41.78

$

33.07

$

36.00






2012

$

29.73

$

37.23

$

40.39

$

31.86

$

34.80






2011

$

27.71

$

35.38

$

39.49

$

30.65

$

33.34

















Vacation Exchange and Rentals













Average Number of Members (in 000s)

2014


3,727


3,748


 N/A


 N/A


 N/A






2013


3,668


3,686


3,711


3,728


3,698






2012


3,684


3,670


3,672


3,670


3,674






2011


3,766


3,755


3,744


3,734


3,750


















Exchange Revenue Per Member

2014

$

200.78

$

179.17


 N/A


 N/A


 N/A






2013

$

210.96

$

182.42

$

169.95

$

161.21

$

181.02






2012

$

204.56

$

177.07

$

171.14

$

165.86

$

179.68






2011

$

205.64

$

178.46

$

172.38

$

161.68

$

179.59


















Vacation Rental Transactions (in 000s) (a)

2014


429


376


 N/A


 N/A


 N/A






2013


423


355


433


273


1,483






2012


418


325


390


259


1,392






2011


398


328


370


250


1,347


















Average Net Price Per Vacation Rental (a)

2014

$

410.04

$

577.13


 N/A


 N/A


 N/A






2013

$

392.64

$

540.38

$

677.81

$

506.62

$

532.11






2012

$

379.40

$

524.40

$

635.44

$

484.69

$

504.55






2011

$

377.71

$

549.09

$

701.81

$

497.04

$

530.78

















Vacation Ownership (a)













Gross Vacation Ownership Interest (VOI) Sales (in 000s) (b)

2014

$

410,000

$

496,000


 N/A


 N/A


 N/A






2013

$

384,000

$

481,000

$

536,000

$

488,000

$

1,889,000






2012

$

384,000

$

460,000

$

502,000

$

435,000

$

1,781,000






2011

$

319,000

$

412,000

$

455,000

$

409,000

$

1,595,000


















Tours (in 000s) (c)

2014


170


208


 N/A


 N/A


 N/A






2013


163


206


225


195


789






2012


148


186


207


183


724






2011


137


177


197


173


685


















Volume Per Guest (VPG) (c)

2014

$

2,272

$

2,280


 N/A


 N/A


 N/A






2013

$

2,211

$

2,256

$

2,278

$

2,370

$

2,281






2012

$

2,414

$

2,361

$

2,315

$

2,225

$

2,324






2011

$

2,192

$

2,227

$

2,197

$

2,296

$

2,229

















Note:

Full year amounts may not add across due to rounding.

(a)

Includes the impact of acquisitions from the acquisition dates forward. Therefore, the operating statistics are not presented on a comparable basis.

(b)

Includes Gross VOI sales under the Company's Wyndham Asset Affiliate Model (WAAM) Just-in-Time beginning in the second quarter of 2012 (see Table 9 for a reconciliation of Gross VOI sales to vacation ownership interest sales).

(c)

Includes the impact of WAAM Just-in-Time related tours beginning in the second quarter of 2012.


















































ADDITIONAL DATA






































Year


Q1


Q2


Q3


Q4


Full Year

Lodging













Number of Properties

2014


7,500


7,540


 N/A


 N/A


 N/A






2013


7,380


7,410


7,440


7,490


 N/A






2012


7,150


7,170


7,260


7,340


 N/A






2011


7,190


7,220


7,190


7,210


 N/A

















Vacation Ownership













Provision for Loan Losses (in 000s) (*)

2014

$

60,000

$

70,000


 N/A


 N/A


 N/A






2013

$

84,000

$

90,000

$

102,000

$

73,000

$

349,000






2012

$

96,000

$

100,000

$

124,000

$

89,000

$

409,000






2011

$

79,000

$

80,000

$

96,000

$

83,000

$

339,000

















Note:

Full year amounts may not add across due to rounding.

(*)

Represents provision for estimated losses on vacation ownership contract receivables originated during the period, which is recorded as a contra revenue to vacation ownership interest sales on the Consolidated Statements of Income.

















 

 
















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, or company owned, (ii) properties under affiliation agreements for which the Company receives a fee for reservation and/or other services provided and (iii) properties managed under a joint venture. 




















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



















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



















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




















Vacation Exchange and Rentals
































Average Number of Members:  Represents members in our vacation exchange programs who paid annual membership dues as of the end of the period or who are within the allowed grace period. For additional fees, such participants are entitled to exchange intervals for intervals at other properties affiliated with the Company's vacation exchange business. In addition, certain participants may exchange intervals for other leisure-related services and products.





















Exchange Revenue Per Member: Represents total annualized revenues generated from fees associated with memberships, exchange transactions, member-related rentals and other servicing for the period divided by the average number of vacation exchange members during the period. 




















Vacation Rental Transactions:  Represents the number of transactions that are generated during the period in connection with customers booking their vacation rental stays through the Company. One rental transaction is recorded for each standard one-week rental.




















Average Net Price Per Vacation Rental: Represents the net rental price generated from renting vacation properties to customers and other related rental servicing fees during the period divided by the number of vacation rental transactions during the period.




















Vacation Ownership

































Gross Vacation Ownership Interest Sales: Represents sales of vacation ownership interest (VOIs), including WAAM sales, before the net effect of percentage-of-completion accounting and loan loss provisions.  See Table 9 for a reconciliation of Gross VOI sales to vacation ownership interest sales.




















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



















Volume per Guest (VPG): Represents Gross VOI sales (excluding tele-sales upgrades, which are non-tour upgrade sales) divided by the number of tours.  The Company has excluded non-tour upgrade sales in the calculation of VPG because non-tour upgrade sales are generated by a different marketing channel.  See Table 9 for a detail of tele-sales upgrades for 2011-2014. 





















General

































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


 

 
























Table 4

























Wyndham Worldwide Corporation

REVENUE DETAIL BY REPORTABLE SEGMENT

(In millions)




















































2014


2013





 Q1


 Q2


 Q3


 Q4


 Year



 Q1


 Q2


 Q3


 Q4


 Year

Lodging
























Royalties and Franchise Fees


$

68


$         88


 N/A


 N/A


 N/A


$

64

$

79

$

91

$

75

$

309


Marketing, Reservation and Wyndham Rewards Revenues (a)


76


101


 N/A


 N/A


 N/A



73


92


118


83


365


Hotel Management Reimbursable Revenues (b)


37


39


 N/A


 N/A


 N/A



25


38


37


35


135


Intersegment Trademark Fees



9


11


 N/A


 N/A


 N/A



8


10


11


10


39


Owned Hotel Revenues



24


20


 N/A


 N/A


 N/A



26


20


18


19


84


Ancillary Revenues (c)



23


24


 N/A


 N/A


 N/A



26


23


22


23


95


Total Lodging



237


283


 N/A


 N/A


 N/A



222


262


297


245


1,027

























Vacation Exchange and Rentals
























Exchange Revenues



187


168


 N/A


 N/A


 N/A



193


168


158


150


669


Rental Revenues



176


217


 N/A


 N/A


 N/A



166


192


293


138


789


Ancillary Revenues (d)



16


17


 N/A


 N/A


 N/A



15


16


19


17


68


Total Vacation Exchange and Rentals


379


402


 N/A


 N/A


 N/A



374


376


470


305


1,526

























Vacation Ownership
























Vacation Ownership Interest Sales


303


382


 N/A


 N/A


 N/A



263


347


384


384


1,379


Consumer Financing



105


106


 N/A


 N/A


 N/A



105


106


107


108


426


Property Management Fees



143


145


 N/A


 N/A


 N/A



146


141


143


137


567


WAAM Fee-for-Service Commissions


33


30


 N/A


 N/A


 N/A



24


30


33


20


107


Ancillary Revenues (e)



9


10


 N/A


 N/A


 N/A



11


6


10


9


36


Total Vacation Ownership



593


673


 N/A


 N/A


 N/A



549


630


677


658


2,515

Total Reportable Segments


$

1,209


$   1,358


 N/A


 N/A


 N/A


$

1,145

$

1,268

$

1,444

$

1,208

$

5,068




















































2012


2011





 Q1


 Q2


 Q3


 Q4


 Year



 Q1


 Q2


 Q3


 Q4


 Year

Lodging
























Royalties and Franchise Fees


$

62

$

80

$

88

$

71

$

301


$

58

$

75

$

85

$

66

$

284


Marketing, Reservation and Wyndham Rewards Revenues (a)


68


99


98


80


345



54


75


94


76


299


Hotel Management Reimbursable Revenues (b)


21


22


25


23


91



19


19


21


20


79


Intersegment Trademark Fees (f)



8


9


9


8