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Wyndham Worldwide Reports Second Quarter 2015 Earnings
Second Quarter Adjusted Diluted EPS up 13% Year-Over-Year
Increases Full-Year EPS Guidance

PARSIPPANY, N.J., July 28, 2015 /PRNewswire/ -- Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended June 30, 2015. 

Second Quarter Highlights:

  • Second quarter adjusted diluted earnings per share (EPS) was $1.32, an increase of 13% from adjusted diluted EPS of $1.17 in the second quarter of 2014. Reported diluted EPS was $1.33 in the second quarter of 2015, an increase of 11% from reported diluted EPS of $1.20 from the same period in 2014.
  • Revenues increased 4% compared with the second quarter of 2014. In constant currency, revenues increased 8%.
  • Adjusted EBITDA increased 2% compared with the second quarter of 2014. In constant currency, adjusted EBITDA increased 6%.
  • The Company repurchased 1.9 million shares of its common stock during the quarter for $165 million.

"We delivered strong results in the second quarter," said Stephen P. Holmes, chairman and CEO.  "We're seeing good momentum across the company.  Our Wyndham Rewards program re-launch is off to a great start, rental bookings are strong in the US and in Europe, and sales are up in Wyndham Vacation Ownership.  We're well positioned to benefit from improving economies and emerging trends in leisure travel.  We expect this to drive continued growth going forward."

SECOND QUARTER 2015 OPERATING RESULTS

Second quarter revenues were $1.4 billion, an increase of 4% from the prior year period.  In constant currency, revenues increased 8%, reflecting growth across all the Company's business segments.

Adjusted net income was $159 million, or $1.32 per diluted share, compared with $150 million, or $1.17 per diluted share for the same period in 2014.  EPS also benefited from the Company's share repurchase program, which decreased the weighted average diluted share count by 6% year-over-year.

Reported net income for the second quarter of 2015 was $159 million, or $1.33 per diluted share, compared with $153 million, or $1.20 per diluted share, for the second quarter of 2014.  Reported net income in the second quarter of 2014 reflects several items excluded from adjusted net income that favorably impacted 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 $625 million for the six months ended June 30, 2015, compared with $695 million for the same period in 2014.  The decline in free cash flow reflects the timing of capital expenditures and working capital, including inventory spending.  The Company defines free cash flow as net cash provided by operating activities less capital expenditures.  For the six months ended June 30, 2015, net cash provided by operating activities was $737 million, compared with $793 million in the prior year period.  The Company expects free cash flow for the full year 2015 of approximately $800 million compared with $749 million in 2014.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $334 million in the second quarter of 2015, an 18% increase over the second quarter of 2014.  In constant currency and excluding acquisitions, revenues increased 8%, reflecting higher domestic RevPAR and worldwide room growth.

Total system-wide RevPAR was flat when compared with the second quarter of 2014.  In constant currency, total system-wide RevPAR increased 2.5%.  Domestic RevPAR increased 4.5%.  International RevPAR declined 1.2% in constant currency, which reflects higher unit growth in lower RevPAR countries such as China. 

Adjusted EBITDA for the second quarter of 2015 was $97 million, an 11% increase compared with the second quarter of 2014.  In constant currency, excluding acquisitions and the impact of the increase in the inter-segment licensing fee rate charged for use of the Wyndham brand trade name, adjusted EBITDA increased 9%.  The increase primarily reflects higher royalties and franchise fees.

As of June 30, 2015, the Company's hotel system consisted of approximately 7,700 properties and over 668,500 rooms, a 2.8% room increase compared with the second quarter of 2014.  The development pipeline included 895 hotels and approximately 116,800 rooms, of which 61% were international and 66% were new construction.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

Revenues were $383 million in the second quarter of 2015, a 5% decrease from the second quarter of 2014.  In constant currency, and excluding acquisitions and the impact of a divestiture in 2014, revenues increased 5%.

Exchange revenues were $161 million, a 4% decrease compared with the second quarter of 2014.  In constant currency, exchange revenues were flat compared to the prior year, as a 2.7% decline in exchange revenue per member was partially offset by a 2.2% increase in the average number of members.

Vacation rental revenues were $200 million, an 8% decrease compared to the second quarter of 2014.  In constant currency and excluding acquisitions and the impact of a divestiture in 2014, vacation rental revenues were up 8%, reflecting a 6.1% increase in transaction volume and a 1.7% increase in average net price per vacation rental. 

Adjusted EBITDA for the second quarter of 2015 was $84 million, a 3% decrease compared with the second quarter of 2014.  On a currency-neutral basis and excluding acquisitions and the divestiture of a business in 2014, adjusted EBITDA increased 3% compared with the prior year period.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues were $699 million in the second quarter of 2015, a 4% increase over the second quarter of 2014.  In constant currency, revenues increased 5%.

Gross VOI sales were $502 million in the second quarter of 2015, an increase of 1% compared with the second quarter of 2014.  In constant currency, Gross VOI sales increased 3%.  Net VOI sales increased 9% (or 11% in constant currency), reflecting higher volume per guest and a lower loan loss provision.  Volume per guest for the quarter increased 3.2% (or 4.4% in constant currency) while tour flow declined 1.0%. 

Adjusted EBITDA for the second quarter of 2015 was $182 million, a decrease of 2% compared with the second quarter of 2014.  Results reflected higher commission expenses and the increased licensing fee to the Wyndham Hotel Group.  On a currency neutral basis, and excluding the increased licensing fee, EBITDA increased 2%.

Other Items

  • The Company repurchased 1.9 million shares of common stock for $165 million during the second quarter of 2015.  From July 1 through July 27, 2015, the Company repurchased an additional 0.8 million shares for $66 million.  The Company's remaining share repurchase authorization totals $635 million as of July 27, 2015.
  • Reported net interest expense in the second quarter of 2015 was $28 million, compared with $26 million in the second quarter of 2014. 

Balance Sheet Information as of June 30, 2015:

  • Cash and cash equivalents of $410 million, compared with $183 million at December 31, 2014
  • Vacation ownership contract receivables, net, of $2.7 billion, unchanged from December 31, 2014
  • Vacation ownership and other inventory of $1.2 billion, unchanged from December 31, 2014
  • Securitized vacation ownership debt of $2.1 billion, a 3% decrease from December 31, 2014
  • Long-term debt of $3.2 billion, compared with $2.9 billion at December 31, 2014. The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1.0 billion as of June 30, 2015, compared to $1.3 billion from December 31, 2014

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 2015, the Company reiterates the following guidance:

  • Revenues of approximately $5.450 - $5.550 billion.
  • Adjusted EBITDA of approximately $1.285 - $1.315 billion. Guidance reflects a $38 million adverse impact from foreign exchange compared with 2014 full year results.

For the full year 2015, the Company updates the following guidance:

  • Adjusted diluted EPS of approximately $4.88 - $5.03 based on a diluted share count of 120.2 million, up from $4.81 - $4.96 based on a diluted share count of 121.4 million.

Conference Call Information

Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company's results, outlook and guidance on Tuesday, July 28, 2015 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 28, 2015. 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 28, 2015, at 866-443-2927.

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 7,700 franchised hotels and over 668,500 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 approximately 110,000 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 210 vacation ownership resorts serving approximately 901,000 owners throughout the United States, Canada, Mexico, the Caribbean, and the South Pacific. Based in Parsippany, NJ, Wyndham Worldwide employs over 34,000 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, cash flow 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 13, 2015.  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 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 the Company's reportable segments, as well as reconcile EBITDA to Net income for the three months ended June 30, 2015 and 2014:





Three Months Ended June 30, 




2015


2014




 Net Revenues 


 EBITDA 


 Net Revenues 


 EBITDA 


Lodging

$

334


$

96


$

283


$

87


Vacation Exchange and Rentals


383



84



402



89


Vacation Ownership


699



182



673



185


     Total Reportable Segments


1,416



362



1,358



361


Corporate and Other (a)


(18)



(30)



(15)



(35)


     Total Company

$

1,398


$

332


$

1,343


$

326
















Reconciliation of EBITDA to Net income
































Three Months Ended June 30, 







2015





2014


EBITDA




$

332





$

326


Depreciation and amortization





58






59


Interest expense





30






29


Interest income





(2)






(3)


Income before income taxes





246






241


Provision for income taxes





87






88


Net income




$

159





$

153
















__________













(a)   Includes the elimination of transactions between segments.  
















The following tables summarize net revenues and adjusted EBITDA for the Company's reportable segments for the three months ended June 30, 2015
and 2014 (for a description of adjustments by segment, see Table 7):


















Three Months Ended June 30, 




2015


2014




 Net Revenues 


 Adjusted
EBITDA 


 Net Revenues 


 Adjusted
EBITDA 


Lodging

$

334


$

97


$

283


$

87


Vacation Exchange and Rentals


383



84



402



87


Vacation Ownership


699



182



673



185


     Total Reportable Segments


1,416



363



1,358



359


Corporate and Other


(18)



(31)



(15)



(35)


     Total Company

$

1,398


$

332


$

1,343


$

324
















 

 














Table 1














(2 of 2)

Wyndham Worldwide Corporation

OPERATING RESULTS OF REPORTABLE SEGMENTS

(In millions)





























The following tables summarize net revenues and EBITDA for the Company's reportable segments, as well as reconcile EBITDA to Net income attributable to Wyndham shareholders for the six months ended June 30, 2015 and 2014:

















Six Months Ended June 30, 




2015


2014




 Net Revenues 


 EBITDA 


 Net Revenues 


 EBITDA 


Lodging

$

626


$

172


$

520


$

151


Vacation Exchange and Rentals


752



189



781



174


Vacation Ownership


1,316



313



1,266



300


     Total Reportable Segments


2,694



674



2,567



625


Corporate and Other (a)


(33)



(65)



(31)



(69)


     Total Company

$

2,661


$

609


$

2,536


$

556
















Reconciliation of EBITDA to Net income attributable to Wyndham shareholders

























Six Months Ended June 30, 







2015





2014


EBITDA




$

609





$

556


Depreciation and amortization





114






115


Interest expense





56






56


Interest income





(5)






(5)


Income before income taxes





444






390


Provision for income taxes





162






146


Net income





282






244


Net income attributable to noncontrolling interest





-






(1)


Net income attributable to Wyndham shareholders




$

282





$

243
















__________













(a)   Includes the elimination of transactions between segments.  



The following tables summarize net revenues and adjusted EBITDA for the Company's reportable segments for the six months ended June 30, 2015
and 2014 (for a description of adjustments by segment, see Table 7):





Six Months Ended June 30, 




2015


2014




 Net Revenues 


 Adjusted
EBITDA 


 Net Revenues 


 Adjusted
EBITDA 


Lodging

$

626


$

175


$

520


$

155


Vacation Exchange and Rentals


752



189



781



182


Vacation Ownership


1,316



313



1,266



300


     Total Reportable Segments


2,694



677



2,567



637


Corporate and Other


(33)



(66)



(31)



(69)


     Total Company

$

2,661


$

611


$

2,536


$

568
















 

 

 














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, 




2015


2014


2015


2014

Net revenues














Service and membership fees


$

623


$

616


$

1,223


$

1,205


Vacation ownership interest sales



417



382



753



685


Franchise fees



178



166



325



293


Consumer financing



105



106



210



211


Other



75



73



150



142

Net revenues



1,398



1,343



2,661



2,536















Expenses














Operating



610



572



1,177



1,106


Cost of vacation ownership interests 



47



42



80



81


Consumer financing interest



19



17



36



35


Marketing and reservation



211



206



406



387


General and administrative



182



181



362



376


Restructuring



-



-



(1)



-


Depreciation and amortization



58



59



114



115

Total expenses



1,127



1,077



2,174



2,100















Operating income



271



266



487



436

Other income, net



(3)



(1)



(8)



(5)

Interest expense



30



29



56



56

Interest income



(2)



(3)



(5)



(5)















Income before income taxes



246



241



444



390

Provision for income taxes



87



88



162



146

Net income



159



153



282



244

Net income attributable to noncontrolling interest


-



-



-



(1)

Net income attributable to Wyndham shareholders

$

159


$

153


$

282


$

243















Earnings per share














Basic


$

1.34


$

1.21


$

2.35


$

1.91


Diluted



1.33



1.20



2.33



1.89















Weighted average shares outstanding














Basic



119



127



120



127


Diluted



120



128



121



129

__________



























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 (a)













Number of Rooms 

2015


667,400


668,500


 N/A 


 N/A 


 N/A 






2014


646,900


650,200


655,300


660,800


 N/A 






2013


631,800


635,100


638,300


645,400


 N/A 






2012


609,300


608,300


618,100


627,400


 N/A 


















RevPAR

2015

$

32.84

$

39.82


 N/A 


 N/A 


 N/A 






2014

$

32.30

$

40.11

$

43.71

$

34.06

$

37.57






2013

$

31.05

$

38.00

$

41.78

$

33.07

$

36.00






2012

$

29.73

$

37.23

$

40.39

$

31.86

$

34.80

















Vacation Exchange and Rentals













Average Number of Members (in 000s)

2015


3,822


3,831


 N/A 


 N/A 


 N/A 






2014


3,727


3,748


3,777


3,808


3,765






2013


3,668


3,686


3,711


3,728


3,698






2012


3,684


3,670


3,672


3,670


3,674


















Exchange Revenue Per Member

2015

$

194.06

$

167.81


 N/A 


 N/A 


 N/A 






2014

$

200.78

$

179.17

$

171.77

$

157.24

$

177.12






2013

$

210.96

$

182.42

$

169.95

$

161.21

$

181.02






2012

$

204.56

$

177.07

$

171.14

$

165.86

$

179.68


















Vacation Rental Transactions (in 000s) (a) (b)

2015


459


390


 N/A 


 N/A 


 N/A 






2014


429


376


455


293


1,552






2013


423


355


433


273


1,483






2012


418


325


390


259


1,392


















Average Net Price Per Vacation Rental (a) (b)

2015

$

361.20

$

513.14


 N/A 


 N/A 


 N/A 






2014

$

410.04

$

577.13

$

727.40

$

492.25

$

558.95






2013

$

392.64

$

540.38

$

677.81

$

506.62

$

532.11






2012

$

379.40

$

524.40

$

635.44

$

484.69

$

504.55

















Vacation Ownership (a)













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

2015

$

390,000

$

502,000


 N/A 


 N/A 


 N/A 






2014

$

410,000

$

496,000

$

513,000

$

470,000

$

1,889,000






2013

$

384,000

$

481,000

$

536,000

$

488,000

$

1,889,000






2012

$

384,000

$

460,000

$

502,000

$

435,000

$

1,781,000


















Tours (in 000s) (d)

2015


168


206


 N/A 


 N/A 


 N/A 






2014


170


208


225


191


794






2013


163


206


225


195


789






2012


148


186


207


183


724


















Volume Per Guest (VPG) (d)

2015

$

2,177

$

2,353


 N/A 


 N/A 


 N/A 






2014

$

2,272

$

2,280

$

2,158

$

2,336

$

2,257






2013

$

2,211

$

2,256

$

2,278

$

2,370

$

2,281






2012

$

2,414

$

2,361

$

2,315

$

2,225

$

2,324

















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











(a)

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

(b)

The vacation exchange and rentals operating statistics excluding our U.K.-based camping business sold in Q4 2014 are as follows:






















Year


Q1


Q2


Q3


Q4


Full Year


Vacation Rental Transactions (in 000s)

2014


429


367


431


292


1,518


Average Net Price Per Vacation Rental

2014

$

410.02

$

578.02

$

700.56

$

492.64

$

548.93

















(c)

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).

(d)

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

2015


7,670


7,700


 N/A 


 N/A 


 N/A 






2014


7,500


7,540


7,590


7,650


 N/A 






2013


7,380


7,410


7,440


7,490


 N/A 






2012


7,150


7,170


7,260


7,340


 N/A 

















Vacation Ownership













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

2015

$

46,000

$

60,000


 N/A 


 N/A 


 N/A 






2014

$

60,000

$

70,000

$

70,000

$

60,000

$

260,000






2013

$

84,000

$

90,000

$

102,000

$

73,000

$

349,000






2012

$

96,000

$

100,000

$

124,000

$

89,000

$

409,000

















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 and (ii) properties under affiliation agreements for which the Company receives a fee for reservation and/or other services provided.  




















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 2012-2015.  





















General

































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



















Currency-Neutral: Represents a comparison eliminating the effects of foreign exchange rate fluctuations between periods (foreign currency translation) and the impact caused by any foreign exchange related activities (i.e., hedges, balance sheet remeasurements and/or adjustments).



 

 

 
























Table 4

























Wyndham Worldwide Corporation

REVENUE DETAIL BY REPORTABLE SEGMENT

(In millions)




















































2015


2014





 Q1 


 Q2 


 Q3 


 Q4 


 Year 



 Q1 


 Q2 


 Q3 


 Q4 


 Year 

Lodging
























Royalties and Franchise Fees


$

74

$

96


 N/A 


 N/A 


 N/A 


$

68

$

88

$

100

$

83

$

339


Marketing, Reservation and Wyndham Rewards Revenues (a)


96


108


 N/A 


 N/A 


 N/A 



76


101


117


91


385


Hotel Management Reimbursable Revenues (b)


61


71


 N/A 


 N/A 


 N/A 



37


39


39


39


154


Intersegment Trademark Fees



12


15


 N/A 


 N/A 


 N/A 



9


11


11


10


41


Owned Hotel Revenues



25


20


 N/A 


 N/A 


 N/A 



24


20


18


20


81


Ancillary Revenues (c)



24


24


 N/A 


 N/A 


 N/A 



23


24


30


24


101


Total Lodging



292


334


 N/A 


 N/A 


 N/A 



237


283


315


267


1,101

























Vacation Exchange and Rentals
























Exchange Revenues



185


161


 N/A 


 N/A 


 N/A 



187


168


162


150


667


Rental Revenues



166


200


 N/A 


 N/A 


 N/A 



176


217


331


144


868


Ancillary Revenues (d)



18


22


 N/A 


 N/A 


 N/A 



16


17


19


17


69


Total Vacation Exchange and Rentals


369


383


 N/A 


 N/A 


 N/A 



379


402


512


311


1,604

























Vacation Ownership
























Vacation Ownership Interest Sales


336


417


 N/A 


 N/A 


 N/A 



303


382


415


385


1,485


Consumer Financing



104


105


 N/A 


 N/A 


 N/A 



105


106


108


108


427


Property Management Fees and Reimbursable Revenues


153


149


 N/A 


 N/A 


 N/A 



143


145


150


142


581


WAAM Fee-for-Service Commissions


12


19


 N/A 


 N/A 


 N/A 



33


30


18


16


98


Ancillary Revenues (e)



12


9


 N/A 


 N/A 


 N/A 



9


10


13


17


47


Total Vacation Ownership



617


699


 N/A 


 N/A 


 N/A 



593


673


704


668


2,638

Total Reportable Segments


$

1,278

$

1,416


 N/A 


 N/A 


 N/A 


$

1,209

$

1,358

$

1,531

$

1,246

$

5,343




















































2013


2012





 Q1 


 Q2 


 Q3 


 Q4 


 Year 



 Q1 


 Q2 


 Q3 


 Q4 


 Year 

Lodging
























Royalties and Franchise Fees


$

64

$

79

$

91

$

75

$

309


$

62

$

80

$

88

$

71

$

301


Marketing, Reservation and Wyndham Rewards Revenues (a)


73


92


118


83


365



68


99


98


80


345


Hotel Management Reimbursable Revenues (b)


25


38


37


35


135



21


22


25


23


91


Intersegment Trademark Fees



8


10


11


10


39



8


9


9


8


34


Owned Hotel Revenues



26


20


18


19


84



8


8


7


18


41


Ancillary Revenues (c)



26


23


22


23


95



18


15


22


23


78


Total Lodging



222


262


297


245


1,027



185


233


249


223


890

























Vacation Exchange and Rentals
























Exchange Revenues



193


168


158


150


669



188


162


157


153


660


Rental Revenues



166


192


293


138


789



159


170


248


125


702


Ancillary Revenues (d)