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Wyndham Worldwide Reports Strong First Quarter 2007 Results
  Exceeds Earnings Expectations with Strong Organic Growth in All Businesses

                      Company to Initiate Cash Dividend

                Increasing 2007 Revenue and Earnings Guidance

PARSIPPANY, N.J., May 1 /PRNewswire-FirstCall/ -- Wyndham Worldwide Corporation (NYSE: WYN) today announced results for the three months ended March 31, 2007. The Company also announced plans to pay a cash dividend on its common stock beginning in the third quarter of 2007.

Financial information discussed in this press release include both GAAP and non-GAAP measures, which include or exclude certain items, or reflect pro forma adjustments, related to the Company's spin-off effective July 31, 2006. These non-GAAP measures differ from reported results and are intended to illustrate what management believes are relevant period-over-period comparisons. Non-GAAP measures are indicated as "Adjusted." A complete reconciliation of reported GAAP results to the comparable Adjusted information appears in the financial tables section of this press release.

    FIRST QUARTER 2007 RESULTS HIGHLIGHTS:
    -- Revenues increased to over $1.0 billion, up 16% compared to the first
       quarter of 2006, with top-line growth across the Company's three
       businesses:  Lodging, Vacation Exchange and Rentals, and Vacation
       Ownership.
    -- Net income for the quarter was $86 million, or $0.45 per diluted share.
       Adjusted net income was $81 million.
    -- Adjusted earnings per diluted share of $0.43 exceeded Company issued
       guidance and were 10% ahead of last year's first quarter results on an
       Adjusted basis (assuming Wyndham Worldwide had been a stand-alone,
       public company).

"This was a terrific quarter for Wyndham Worldwide, with great performance across our businesses, reflecting solid execution in a healthy and growing global travel industry," said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer. "Our strong and diverse brand and service portfolio appeals to consumers and business partners around the world, enabling us to deliver strong financial results that should return value to shareholders today and in years to come. I am extremely proud of our results and the dedication of our team to continually deliver quality service to our partners and customers."

Wyndham Worldwide to Initiate Dividend

Wyndham Worldwide's Board of Directors approved a dividend plan and anticipates an initial quarterly cash dividend of $0.04 per share, or $0.16 annually, beginning in the third quarter of 2007. The actual declaration of dividends and the establishment of record and payment dates are subject to final determination by the Board of Directors.

"As we approach our first anniversary as a public company, we are pleased to initiate a dividend program, which is possible due to our strong results, coupled with a healthy balance sheet and an efficient capital structure," said Holmes.

First Quarter 2007 Operating Results

Revenues for the first quarter of 2007 were $1,012 million, up 16% over the same period in 2006, reflecting strong organic growth across the businesses. Adjusted net income for the first quarter of 2007 was $81 million or $0.43 per diluted earnings per share, excluding $4 million after-tax of separation and related costs associated with Wyndham Worldwide's spin-off from Cendant Corporation (now Avis Budget Group) and $9 million of an after-tax net benefit from the resolution of and adjustment to certain legacy items.

Lodging (Wyndham Hotel Group)

Revenues increased 6% to $152 million in the first quarter of 2007 compared with the first quarter of 2006, primarily reflecting RevPAR gains and the April 2006 acquisition of Baymont Inn & Suites. EBITDA grew 10% to $45 million.

RevPAR for the first quarter of 2007 increased 3.0% from the first quarter of 2006 or 6.8% excluding the Wyndham brand. The Wyndham brand comparison was affected by the expected attrition of certain properties. Excluding these properties, which have left or are expected to leave the system, Wyndham Hotel and Resorts RevPAR was up 5.2% compared to a 4.8% increase for the upscale sector. Additional RevPAR highlights include:

    -- RevPAR growth for the Company's economy brands continued to outperform
       the industry; Days Inn increased domestic RevPAR by 2.7% and Super 8
       increased domestic RevPAR by 5.6% compared to industry segment growth
       of 2.1%.
    -- Ramada increased domestic RevPAR by 5.0% compared to 2.2% in the
       midscale with food and beverage industry segment.
    -- Wingate increased domestic RevPAR by 8.0% versus a 5.6% increase for
       the midscale without food and beverage industry segment.

The total lodging system grew in line with the Company's expectations, with weighted average rooms available and number of properties increasing 2% to 529,700 and 6,450, respectively, over the same period in 2006.

The Company's hotel development pipeline as of March 31, 2007 included approximately 820 hotels and approximately 95,000 rooms, of which 21% are international and 42% are new construction.

Vacation Exchange and Rentals (RCI Global Vacation Network)

Revenues increased 11% to $314 million in the first quarter of 2007 compared with the first quarter of 2006, reflecting continued momentum in both vacation exchange and vacation rentals as well as favorable currency translations. EBITDA grew to $85 million for the first quarter of 2007, a 10% increase compared to the first quarter of 2006.

Vacation exchange revenues were $135 million, an 8% increase compared to the first quarter of 2006. The average number of members increased 6% and annual dues and exchange revenue per member increased 2% from the first quarter of 2006.

Vacation rentals revenues were $139 million, a 16% increase compared to the first quarter of 2006, due to a 3% increase in vacation rental transactions and a 12% increase in the average net price per rental. These results were primarily driven by double-digit revenue growth at Landal Parks and Novasol rental brands, which benefited from expanded offerings and targeted marketing to consumers for winter destinations.

Other ancillary revenues generated primarily from additional products and services provided to affiliates and members were $40 million in the first quarter 2007 compared to $37 million in the same period last year.

Currency translations contributed $11 million to revenues and increased expenses by $9 million, resulting in a $2 million lift to EBITDA.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues increased 23% to $549 million in the first quarter 2007 compared with the first quarter of 2006 reflecting strong organic growth. EBITDA for the first quarter of 2007 was $63 million, including separation and related costs of $3 million. Excluding separation and related costs, Adjusted EBITDA for the first quarter of 2007 rose 3%. Year-over-year comparisons were significantly affected by a first quarter 2006 operational change made in conjunction with the adoption of SFAS No. 152, "Accounting for Real Estate Time-Sharing Transactions," which contributed $39 million to revenues and $20 million to EBITDA in the first quarter of 2006.

Gross Vacation Ownership Interest sales were $430 million for the first quarter of 2007, up more than 20% compared to the first quarter of 2006, driven by expanded marketing efforts resulting in a 15% growth in tour flow and a 9% increase in volume per guest.

The strong results reflect continued robust purchases of the Company's vacation ownership products among both new and existing owners, contribution from sales offices opened throughout 2006, and new marketing programs to existing owners. Price increases and larger transactions size also contributed to growth.

Consumer finance revenues increased 25% for the first quarter of 2007 compared to the first quarter of 2006, reflecting continued growth in the Company's contract receivables portfolio, consistent with Vacation Ownership Interest revenue growth. The strong consumer finance revenues were partially offset by higher interest expense due to an increase in both our secured borrowings and interest rates.

Other Items

Net income for the first quarter of 2007 reflects an increase in interest expense of $8 million and a decrease in interest income of $9 million, both associated with the Company's current capital structure, as well as an increase in depreciation and amortization of $4 million compared to the first quarter of 2006.

Balance Sheet

The Company provided the following balance sheet data as of March 31, 2007:

    -- Cash and cash equivalents of approximately $175 million compared to
       approximately $270 million at December 31, 2006
    -- Vacation ownership contract receivables, net, of $2.5 billion compared
       to $2.4 billion at December 31, 2006
    -- Vacation ownership and other inventory of approximately $1.1 billion
       compared to approximately $955 million at December 31, 2006
    -- Securitized vacation ownership debt of $1.7 billion compared to $1.5
       billion at December 31, 2006
    -- Other debt of $1.4 billion, unchanged from December 31, 2006

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

Share Repurchase

The Company repurchased 6.7 million shares of stock during the first quarter 2007 at an average price of $33.78 and an additional 2.6 million shares at an average price of $35.04 during April 2007. The Company has approximately $140 million remaining under its current program.

    Outlook and Guidance Increase
    Wyndham Worldwide is increasing full year 2007 guidance as follows:
    -- Revenues of $4,350 - $4,510 million, up from $4,110 - $4,260 million
    -- Adjusted EBITDA of $835 - $875 million, up from $820 - $855 million,
       and still excluding separation and related costs of $10 - $20 million
       ($6 - $12 million, after-tax), as well as legacy matters
    -- Full year depreciation and amortization expense of $160 - $170 million,
       unchanged
    -- Interest expense of $70 - $80 million, down from $75 - $85 million
    -- Tax rate of 38%, unchanged
    -- Adjusted net income of $365 - $400 million, up from $350 - $385
       million, excluding separation and related costs, as well as legacy
       matters
    -- Full year Adjusted EPS of $1.98 - $2.17, up from $1.84 - $2.02,
       excluding separation and related costs, as well as legacy matters,
       based on weighted average shares of approximately 184 million (as
       calculated based on share count on March 31, 2007 of approximately 184
       million).  Prior share count guidance was 190 million.
    -- Second quarter Adjusted EPS of $0.43 - $0.46, excluding separation and
       related costs, as well as legacy matters, based on weighted average
       shares of approximately 184 million (as calculated based on share count
       on March 31, 2007 of approximately 184 million).

"Our customers and business partners continue to believe in us and our future as evidenced by the number of new construction contracts in our hotel pipeline, the innovative partnerships that are occurring within all of our businesses and the tremendous increase in vacation ownership sales to both new and existing customers. The Wyndham Worldwide winning formula is working," concluded Holmes.

Wyndham Worldwide Corporation will provide a webcast of its conference call to discuss the Company's first quarter 2007 financial results on Tuesday, May 1 at 9 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 EST on May 1. The conference call also may be accessed by dialing (517) 308-9108 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 (402) 998-0463 beginning at noon EDT on May 1 until 5 p.m. EST on May 6.

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 almost 6,500 franchised hotels and over 539,000 hotel rooms worldwide. RCI Global Vacation Network offers its more than 3.4 million members access to over 60,000 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 150 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 30,000 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 trends for the Company's revenues, earnings and related financial and operating measures, the number of hotels and resorts the Company intends to add in future periods, debt levels, share repurchases and dividends.

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 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 in the Company's Annual Report on Form 10-K, filed with the SEC on March 7, 2007. 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.

    It is not practical to provide a reconciliation of forecasted Adjusted
EBITDA for the full year 2007 to the most directly comparable GAAP measure,
net income, because certain items cannot be reasonably estimated or predicted
at this time.  Any of those items could be significant to our financial
results.



                                                                       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), income taxes and cumulative effect of
    accounting change, net of tax, each of which is presented on the
    Company's Consolidated and Combined 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
    months ended March 31, 2007 and 2006:


                                           Three Months Ended March 31,
                                      ---------------------------------------
                                               2007             2006
                                      -------------------- ------------------
                                          Net                 Net
                                        Revenues  EBITDA(c) Revenues EBITDA(c)
                                      ----------- -------- --------- --------
    Lodging                                  $152    $45     $144       $41
    Vacation Exchange and Rentals             314     85      282        77
    Vacation Ownership                        549     63      445        64
                                      ----------- -------- --------- --------
         Total Reportable Segments          1,015    193      871       182
    Corporate and Other (a) (b)                (3)    (1)      (1)        -
                                      ----------- -------- --------- --------
         Total Company                     $1,012   $192     $870      $182
                                      =========== ======== ========= ========

    Reconciliation of EBITDA to
     Net Income

    EBITDA                                          $192               $182
    Depreciation and amortization                     38                 34
    Interest expense                                  18                 10
    Interest income                                   (3)               (12)
                                                 --------           --------
    Income before income taxes                       139                150
    Provision for income taxes                        53                 57
                                                 --------           --------
    Income before cumulative effect of
     accounting change                                86                 93
    Cumulative effect of accounting
     change, net of tax                                -                (65)
                                                 --------           --------
    Net income                                       $86                $28
                                                 ========           ========

    (a) Includes the elimination of transactions between segments; excludes
        incremental stand alone company costs during the three months ended
        March 31, 2006.
    (b) Includes $13 million of a net benefit related to the resolution of and
        adjustment to certain contingent liabilities and assets during the
        three months ended March 31, 2007.
    (c) Includes separation and related costs of $3 million and $3 million for
        Vacation Ownership and Corporate and Other, respectively, during the
        three months ended March 31, 2007 and $3 million for Corporate and
        Other during the three months ended March 31, 2006.


                                                                       Table 2

                        Wyndham Worldwide Corporation
           CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME
                     (In millions, except per share data)


                                                       Three Months Ended
                                                            March 31,
                                                      2007              2006
                                                     -----              -----
    Net revenues
        Vacation ownership interest sales             $373              $309
        Service fees and membership                    403               356
        Franchise fees                                 113               109
        Consumer financing                              81                65
        Other                                           42                31
                                                     -----              -----
    Net revenues                                     1,012               870
                                                     -----              -----

    Expenses
        Operating                                      406               332
        Cost of vacation ownership interests            91                67
        Marketing and reservation                      196               174
        General and administrative (a)                 121               112
        Separation and related costs (b)                 6                 3
        Depreciation and amortization                   38                34
                                                     -----              -----
    Total expenses                                     858               722
                                                     -----              -----

    Operating income                                   154               148
    Interest expense                                    18                10
    Interest income                                     (3)              (12)
                                                     -----              -----

    Income before income taxes                         139               150
    Provision for income taxes                          53                57
                                                     -----              -----

    Income before cumulative effect of
     accounting change                                  86                93
    Cumulative effect of accounting
     change, net of tax (c)                              -               (65)
                                                     -----              -----

    Net income                                         $86               $28
                                                     =====              =====

    Earnings per share
        Basic
        Income before cumulative effect
         of accounting change                        $0.46             $0.46
        Cumulative effect of accounting
         change, net of tax                              -             (0.32)
                                                     -----              -----
        Net income                                   $0.46             $0.14
                                                     =====              =====

        Diluted
        Income before cumulative effect
         of accounting change                        $0.45             $0.46
        Cumulative effect of accounting
         change, net of tax                            -               (0.32)
                                                     -----              -----
        Net income                                   $0.45             $0.14
                                                     =====              =====

    Weighted average shares outstanding
        Basic                                          188               200
        Diluted                                        190               200

    (a) Includes $13 million of a net benefit related to the resolution of
        and adjustment to certain contingent liabilities and assets during
        the three months ended March 31, 2007.
    (b) Represents costs that the Company incurred in connection with the
        execution of its separation from its former parent, Cendant (now Avis
        Budget Group, Inc.).  Such amounts, net of tax, were $4 million and
        $1 million during the three months ended March 31, 2007 and 2006,
        respectively.
    (c) Represents non-cash charges to reflect the cumulative effect of
        adopting Statement of Financial Accounting Standards No. 152,
        "Accounting for Real Estate Time-Sharing Transactions," on
        January 1, 2006.


                                                                       Table 3
                                                                      (1 of 2)

                        Wyndham Worldwide Corporation
                             OPERATING STATISTICS

                         Year     Q1        Q2        Q3        Q4   Full Year
    Lodging (a)
      Weighted Average
       Rooms Available   2007   529,700      N/A      N/A       N/A        N/A
                         2006   520,600  531,000  529,200   529,900    527,700
                         2005   517,400  512,000  511,500   535,100    519,000
                         2004   512,000  510,700  507,300   503,000    508,200

      Number of
       Properties (b)    2007     6,450      N/A      N/A       N/A        N/A
                         2006     6,300    6,440    6,420     6,470        N/A
                         2005     6,400    6,380    6,350     6,350        N/A
                         2004     6,380    6,390    6,350     6,400        N/A

      RevPAR             2007    $31.35      N/A      N/A       N/A        N/A
                         2006    $30.45   $36.97   $40.82    $31.41     $34.95
                         2005    $25.53   $31.91   $36.86    $29.72     $31.00
                         2004    $22.50   $29.08   $34.04    $24.53     $27.55

      Royalty, Marketing
      and Reservation
      Revenue (in 000s)
                         2007  $105,426      N/A      N/A       N/A        N/A
                         2006  $102,741 $125,409 $138,383  $104,505   $471,039
                         2005   $84,704 $104,281 $119,829   $99,804   $408,620
                         2004   $77,830  $97,959 $112,765   $82,502   $371,058



    Vacation Exchange
     and Rentals

      Average Number of
       Members (in 000s) 2007     3,474      N/A      N/A       N/A        N/A
                         2006     3,292    3,327    3,374     3,429      3,356
                         2005     3,148    3,185    3,233     3,271      3,209
                         2004     2,995    3,031    3,074     3,116      3,054

      Annual Dues and
       Exchange Revenue
       Per Member        2007   $155.60      N/A      N/A       N/A        N/A
                         2006   $152.10  $130.37  $132.31   $128.13    $135.62
                         2005   $159.12  $134.98  $125.64   $124.05    $135.76
                         2004   $159.55  $132.51  $123.55   $124.43    $134.82

      Vacation Rental
       Transactions
       (in 000s)         2007       398      N/A      N/A       N/A        N/A
                         2006       385      310      356       293      1,344
                         2005       367      311      344       278      1,300
                         2004       309      246      295       253      1,104

      Average Net
       Price Per
       Vacation Rental   2007   $349.73      N/A      N/A       N/A       N/A
                         2006   $312.51  $374.91  $442.75   $356.16    $370.93
                         2005   $331.37  $363.14  $412.66   $325.62    $359.27
                         2004   $279.46  $333.76  $368.79   $337.42    $328.77


    Vacation Ownership

      Gross Vacation
       Ownership
       Interest Sales
       (in 000s)         2007  $430,000      N/A      N/A       N/A        N/A
                         2006  $357,000 $434,000 $482,000  $469,000 $1,743,000
                         2005  $281,000 $354,000 $401,000  $360,000 $1,396,000
                         2004  $274,000 $315,000 $361,000  $304,000 $1,254,000

      Tours              2007   240,000      N/A      N/A       N/A       N/A
                         2006   208,000  273,000  312,000   254,000  1,046,000
                         2005   195,000  250,000  272,000   217,000    934,000
                         2004   181,000  227,000  246,000   205,000    859,000

      Volume per
       Guest (VPG)       2007    $1,607      N/A      N/A       N/A        N/A
                         2006    $1,475   $1,426   $1,434    $1,623     $1,486
                         2005    $1,349   $1,284   $1,349    $1,507     $1,368
                         2004    $1,303   $1,253   $1,273    $1,327     $1,287


    Note: Full year amounts may not foot across due to rounding.

    (a) Quarterly drivers in the Lodging segment include the acquisitions of
        Ramada International (December 2004), 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 managed, non-proprietary hotels from the fourth
        quarter of 2006 forward.

                                                                       Table 3
                                                                      (2 of 2)

                        Wyndham Worldwide Corporation
                             OPERATING STATISTICS

                              GLOSSARY OF TERMS

    Lodging

    Weighted Average Rooms Available: Represents the weighted average number
    of hotel rooms available for rental during the period.

    Number of Properties: Represents the number of lodging properties under
    franchise and/or management agreements at the end of the period.

    Number of Rooms: Represents the number of rooms at lodging properties
    under franchise and/or management agreements at the end of the period.

    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.

    Royalty, Marketing and Reservation Revenue: Royalty, marketing and
    reservation revenue are typically based on a percentage of the gross room
    revenues of each franchised hotel.  Royalty revenue is generally a fee
    charged to each franchised hotel for the use of one of our trade names,
    while marketing and reservation revenue are fees that we collect and are
    contractually obligated to spend to support marketing and reservation
    activities.

    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.

                                                                       Table 4

                        Wyndham Worldwide Corporation
                               SCHEDULE OF DEBT
                                (In millions)


                                       March  December September June   March
                                        31,      31,     30,      30,    31,
                                       2007     2006    2006     2006   2006
                                     ----------------------------------------
    Securitized vacation
     ownership debt
       Term notes                       $887    $838    $967    $575   $656
       Bank conduit facility (a)         826     625     371     653    511
                                     -------- ------- ------- ------ -------
    Securitized vacation ownership
     debt (b)                          1,713   1,463   1,338   1,228  1,167
    Less: Current portion of
     securitized vacation ownership
     debt                                231     178     213     210    184
                                     -------- ------- ------- ------ -------
    Long-term securitized vacation
     ownership debt                   $1,482  $1,285  $1,125  $1,018   $983
                                     ======== ======= ======= ====== =======

    Debt:
      6.00% Senior unsecured notes
       (due December 2016) (c)           $796    $796      $-      $-     $-
      Revolving credit facility
       (due July 2011) (d)                 48       -     150       -      -
      Interim loan facility
       (due July 2007)                     -       -     350       -      -
      Term loan (due July 2011)          300     300     300       -      -
      Vacation ownership asset-linked
       facility (e)                        -       -       -     600    575
      Bank borrowings:
        Vacation ownership               112     103     113     111    104
        Vacation rentals (f)               -      73      70      70     66
        Vacation rentals capital leases  147     148     144     145    141
        Other                             16      17      37      35     35
                                     -------- ------- ------- ------ -------

    Total debt                         1,419   1,437   1,164     961    921
    Less: Current portion of debt        123     115     143     207    196
                                     -------- ------- ------- ------ -------
    Long-term debt                    $1,296  $1,322  $1,021    $754   $725
                                     ======== ======= ======= ====== =======


    (a) This 364-day vacation ownership bank conduit facility was renewed and
        upsized to $1,000 million on November 13, 2006.  The borrowings under
        this facility have a maturity date of December 2009.
    (b) This debt is collateralized by $2,198 million, $1,844 million,
        $1,718 million, $1,624 million and $1,556 million of underlying
        vacation ownership contract receivables and related assets at
        March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006
        and March 31, 2006, respectively.
    (c) These notes represent $800 million aggregate principal less $4 million
        of original issue discount.
    (d) The Company's revolving credit facility has a borrowing capacity of
        $900 million.  At March 31, 2007, the Company has $38 million of
        outstanding letters of credit and a remaining borrowing capacity of
        $814 million.
    (e) The Company provided $600 million to its former parent, Cendant (now
        Avis Budget Group, Inc.) to repay this facility in July 2006.
    (f) The borrowings under this facility were repaid on January 31, 2007.


                                                                       Table 5

                        Wyndham Worldwide Corporation
                         HOTEL BRAND SYSTEMS DETAILS

                                March 31, 2007

                                                                      Average
                                                                      Revenue
                                                              Average   Per
                                                     Average  Daily  Available
                             Number of   Number of  Occupancy Rate    Room
        Brand                Properties    Rooms       Rate   (ADR)  (RevPAR)


    Wyndham Hotels
     and Resorts                 78       20,456      67.7%   $109.42   $74.04

    Wingate Inn                 155       14,243      63.2%    $87.74   $55.42

    Ramada                      859      104,762      50.2%    $74.64   $37.46

    Baymont                     149       13,248      48.9%    $61.86   $30.23

    AmeriHost Inn                76        5,314      43.2%    $63.08   $27.22

    Days Inn                  1,862      151,355      47.1%    $59.65   $28.11

    Super 8                   2,047      126,113      49.2%    $54.19   $26.64

    Howard Johnson              471       44,703      43.3%    $61.37   $26.60

    Travelodge                  500       37,289      46.1%    $60.07   $27.69

    Knights Inn                 237       17,151      38.2%    $39.73   $15.18

    Managed, Non-Proprietary
     Hotels(*)
                                 16        4,677       N/A       N/A      N/A

       Total                  6,450      539,311      48.7%    $64.43   $31.35


                                March 31, 2006
                                                                      Average
                                                                      Revenue
                                                              Average   Per
                                                     Average  Daily  Available
                             Number of   Number of  Occupancy Rate    Room
        Brand                Properties    Rooms       Rate   (ADR)  (RevPAR)

    Wyndham Hotels
     and Resorts                 94        26,738     68.4%   $116.32  $79.58

    Wingate Inn                 146        13,556     62.3%    $81.27  $50.62

    Ramada                      899       107,276     48.3%    $69.59  $33.58

    AmeriHost Inn               115         8,250     47.7%    $59.31  $28.31

    Days Inn                  1,840       149,468     46.6%    $56.42  $26.30

    Super 8                   2,034       123,725     47.4%    $52.53  $24.91

    Howard Johnson              453        42,572     43.6%    $63.20  $27.57

    Travelodge                  506        37,739     45.7%    $58.40  $26.71

    Knights Inn                 215        16,166     36.8%    $37.46  $13.77

       Total                  6,302       525,490     48.0%    $63.43  $30.45

    NOTE:  A glossary of terms is included in Table 3 (2 of 2).
    (*) Represents properties managed under the CHI Limited joint venture.  As
        these properties are not branded, certain operating statistics (such
        as average occupancy rate, ADR and RevPAR) are not relevant. Thirteen
        of these properties are scheduled to be branded or cobranded as either
        Wyndham or Ramada during 2007.


                                                                       Table 6

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

                                                       Three Months Ended
                                              March 31, 2007    March 31, 2006

    Reported EBITDA                                   $192              $182
       Separation and related costs (a)                  6                 3
       Incremental stand-alone costs (b)                -                (13)
       Resolution of contingent
        liabilities and assets (c)                     (13)               -

    Adjusted EBITDA                                   $185              $172

    Reported Depreciation and Amortization            $(38)             $(34)
       Incremental stand-alone costs (b)                -                 (1)

    Adjusted Depreciation and Amortization            $(38)             $(35)

    Reported Interest Income/(Expense)                $(15)               $2
       Incremental stand-alone costs (b)                -                (12)

    Adjusted Interest Expense                         $(15)             $(10)

    Reported PreTax Income                            $139              $150
       Separation and related costs (a)                  6                 3
       Incremental stand-alone costs  (b)               -                (26)
       Resolution of contingent
        liabilities and assets (c)                     (13)               -

    Adjusted PreTax Income                            $132              $127

    Reported Tax Provision                            $(53)             $(57)
       Separation and related costs (d)                 (2)               (2)
       Incremental stand-alone costs (d)                -                 10
       Resolution of contingent
        liabilities and assets (d)                       4                -

    Adjusted Tax Provision                            $(51)             $(49)

    Reported Net Income                                $86               $28
       Cumulative effect of SFAS No. 152 (e)            -                 65
    Reported Income before Cumulative
     Effect of SFAS No. 152                             86                93

       Separation and related costs                      4                 1
       Incremental stand-alone costs                     -               (16)
       Resolution of contingent
        liabilities and assets                          (9)               -

    Adjusted Net Income                                $81               $78

    Reported Diluted EPS                             $0.45             $0.14
       Cumulative effect of SFAS No. 152                -               0.32
    Reported Income before Cumulative
     Effect of SFAS No. 152                           0.45              0.46

       Separation and related costs                   0.02              0.00
       Incremental stand-alone costs                    -              (0.08)
       Resolution of contingent
        liabilities and assets                       (0.05)               -

    Adjusted Diluted EPS                             $0.43             $0.39

    Diluted Shares (f)                                 190               200

    Note: EPS amounts may not foot down due to rounding.
    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant (now Avis Budget Group).
    (b) Represents the Company's estimate of incremental stand-alone corporate
        costs, depreciation and amortization and interest expense associated
        with corporate debt that the Company would have incurred in 2006 if it
        was a separate stand-alone company.
    (c) Relates to the net benefit from the resolution of and adjustment to
        certain contingent liabilities and assets.
    (d) Relates to the tax effect of the adjustments.
    (e) Represents non-cash charges to reflect the cumulative effect of
        adopting Statement of Financial Accounting Standards No. 152,
        "Accounting for Real Estate Time-Sharing Transactions," on
        January 1, 2006.
    (f) On July 31, 2006, the Separation from Cendant was completed in a
        tax-free distribution to the Company's stockholders of one share of
        Wyndham common stock for every five shares of Cendant common stock
        held on July 21, 2006.  As a result, on July 31, 2006, the Company had
        200 million shares of common stock outstanding.  This share amount is
        being utilized for the calculation of basic and diluted earnings per
        share for all periods presented prior to the date of Separation.


                                                                       Table 7
                                                                      (1 of 2)

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

                                            Three Months Ended March 31, 2007

                                           Separation      Legacy
                                              and            and
                                             Related       Other         As
                              As Reported  Adjustments   Adjustments  Adjusted
    Net revenues
       Vacation ownership
        interest sales            $373                                   $373
       Service fees and
        membership                 403                                    403
       Franchise fees              113                                    113
       Consumer financing           81                                     81
       Other                        42                                     42
    Net revenues                 1,012          -             -         1,012

    Expenses
       Operating                   406                                    406
       Cost of vacation
        ownership interests         91                                     91
       Marketing and
        reservation                196                                    196
       General and
        administrative             121                       13 (b)       134
       Separation and
        related costs                6         (6)(a)                       -
       Depreciation and
        amortization                38                                     38
    Total expenses                 858         (6)            13          865

    Operating income               154          6            (13)         147
    Interest expense                18                                     18
    Interest income                 (3)                                    (3)

    Income before
     income taxes                  139          6            (13)         132
    Provision for
     income taxes                   53          2 (c)         (4)(c)       51

    Net income                     $86         $4            $(9)         $81

    Earnings per share
       Basic                     $0.46      $0.02         $(0.05)       $0.43
       Diluted                    0.45       0.02          (0.05)        0.43

    Weighted average
     shares outstanding
       Basic                       188        188            188          188
       Diluted                     190        190            190          190

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

                                                                       Table 7
                                                                      (2 of 2)

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

                                       Three Months Ended March 31, 2006


                                                Legacy
                                 Separation      and     Stand-Alone
                         As     and Related     Other      Company       As
                      Reported  Adjustments  Adjustments Adjustments  Adjusted


    Net revenues
      Vacation
       ownership
       interest sales   $309                                           $309
      Service fees
       and membership    356                                            356
      Franchise fees     109                                            109
      Consumer
       financing          65                                             65
      Other               31                                             31
    Net revenues         870        -              -          -         870

    Expenses
      Operating          332                                            332
      Cost of
       vacation
       ownership
       interests          67                                             67
      Marketing and
       reservation       174                                            174
      General and
       administrative    112                                 13 (b)     125
      Separation and
       related costs       3       (3)(a)                                -

      Depreciation and
       amortization       34                                  1 (b)      35
    Total expenses       722       (3)             -         14         733

    Operating income     148        3              -        (14)        137
    Interest expense      10                                 12 (b)      22
    Interest income      (12)                                           (12)

    Income before
     income taxes        150        3              -        (26)        127
    Provision for
     income taxes         57        2 (c)          -        (10)(c)      49

    Income before
     cumulative effect
     of accounting
     change               93        1              -        (16)         78
    Cumulative effect
     of accounting
     change, net of tax  (65)       -             65 (d)      -          -

    Net income           $28       $1            $65       $(16)        $78

    Earnings per share
      Basic
      Income before
       cumulative
       effect of
       accounting
       change          $0.46       $-             $-     $(0.08)     $0.39
      Cumulative
       effect of
       accounting
       change          (0.32)       -           0.32          -          -
      Net income       $0.14       $-          $0.32     $(0.08)     $0.39

      Diluted
      Income before
       cumulative
       effect of
       accounting
       change          $0.46       $-             $-     $(0.08)     $0.39
      Cumulative
       effect of
       accounting
       change          (0.32)       -           0.32         -          -
      Net income       $0.14       $-          $0.32     $(0.08)     $0.39

    Weighted average
     shares
     outstanding
      Basic              200      200            200        200        200
      Diluted            200      200            200        200        200

    Note: EPS amounts may not foot across due to rounding.
    (a) Represents the costs incurred in connection with the Company's
        separation from Cendant.
    (b) Represents the Company's estimate of incremental stand-alone corporate
        costs, depreciation and amortization and interest expense associated
        with corporate debt that the Company would have incurred if it was a
        separate stand-alone company.
    (c) Relates to the tax effect of the adjustments.
    (d) Represents non-cash charges to reflect the cumulative effect of
        adopting Statement of Financial Accounting Standards No. 152,
        "Accounting for Real Estate Time-Sharing Transactions," on
        January 1, 2006.
SOURCE  Wyndham Worldwide Corporation
    -0-                             05/01/2007
    /CONTACT:  Margo C. Happer, Senior Vice President, Investor Relations, +1-
973-753-6472, or Margo.Happer@wyndhamworldwide.com, or Betsy O'Rourke, Senior
Vice President, Marketing and Communications, +1-973-753-7422, or
Betsy.O'Rourke@wyndhamworldwide.com, both of of Wyndham Worldwide Corporation/
    /Web site:  http://www.wyndhamworldwide.com/
    (WYN)

CO:  Wyndham Worldwide Corporation
ST:  New York
IN:  LEI
SU:  ERN CCA

BC-DL
-- NYTU024 --
8994 05/01/2007 07:11 EDT http://www.prnewswire.com