Increases Full Year EPS Guidance
PARSIPPANY, N.J., July 27, 2016 /PRNewswire/ -- Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended June 30, 2016.
Second quarter revenues were $1.4 billion, flat compared with the prior year period. In constant currency and excluding acquisitions, revenues increased 1%.
Net income for the second quarter of 2016 was $156 million, or $1.39 per diluted share, compared with $159 million, or $1.33 per diluted share, for the second quarter of 2015. Adjusted net income for the second quarter of 2016 was $156 million, or $1.40 per diluted share, compared with $159 million, or $1.32 per diluted share, for the second quarter of 2015. Net income was impacted by higher interest expense and depreciation, as well as a higher tax rate, which offset growth in EBITDA. EPS benefited from the Company's share repurchase program. Full reconciliations of adjusted net income and adjusted EPS appear on table 7 of this press release.
Second quarter EBITDA was $340 million, compared with $332 million in the prior year period, an increase of 2%. On a currency-neutral basis and excluding acquisitions, adjusted EBITDA increased 3%. Full reconciliations of EBITDA to net income appear on Table 2 of this press release.
"In the second quarter, we continued to execute our strategy to drive growth and free cash flow while maintaining our disciplined capital allocation framework to enhance shareholder value," said Stephen P. Holmes, chairman and CEO. "We are looking ahead – making sure we continually innovate and invest for the future in order to ensure strong, continued growth in the years to come."
For the six months ended June 30, 2016, net cash provided by operating activities was $706 million, compared with $737 million in the prior year period. The decrease reflects unfavorable currency movements of $35 million, including a $24 million devaluation of the Venezuelan bolivar in the first quarter of 2016.
Free cash flow was $616 million for the six months ended June 30, 2016, compared with $625 million for the same period in 2015, reflecting the changes in net cash provided by operating activities highlighted above in addition to the favorable timing of capital expenditures. The Company defines free cash flow as net cash provided by operating activities less capital expenditures as illustrated in Table 4 of this press release.
SECOND QUARTER 2016 BUSINESS UNIT RESULTS
Hotel Group Revenues were $334 million in the second quarter of 2016, flat compared with the second quarter 2015. Revenues reflected growth in royalties and the Company's Wyndham Rewards credit card program, offset by the absence of pass-through revenues associated with the Company's franchisee conference in the second quarter of 2015.
EBITDA grew 5% to $101 million, reflecting growth in royalties and the Company's Wyndham Rewards credit card program, and expense management.
Second quarter domestic RevPAR increased 2.0%. In constant currency, total system-wide RevPAR declined by 0.6% compared with the second quarter of 2015, which reflects continued weakness in domestic and Canadian oil markets and higher unit growth in lower RevPAR countries such as China.
As of June 30, 2016, the Company's hotel system consisted of approximately 7,880 properties and over 683,300 rooms, a 2.2% net room increase compared with the second quarter of 2015. The development pipeline included over 1,000 hotels and approximately 128,000 rooms, of which 61% were international and 66% were new construction.
Destination Network (formerly Vacation Exchange and Rentals) Revenues were $384 million in the second quarter of 2016, flat compared with the second quarter of 2015. In constant currency and excluding acquisitions, revenues increased 1%.
Exchange revenues were $159 million. In constant currency, exchange revenues grew 1% as the average number of members increased 0.7% and exchange revenue per member increased 0.3%.
Vacation rental revenues were $202 million. In constant currency and excluding the impact of acquisitions, vacation rental revenues were up 1%, reflecting a 4.0% increase in transaction volume, partially offset by a 3.3% decrease in average net price per vacation rental reflecting faster growth in our more moderate product offerings.
EBITDA for the second quarter of 2016 was $85 million, a 1% increase compared with the second quarter of 2015. On a currency-neutral basis and excluding the impact of acquisitions, EBITDA increased 2% compared with the prior year period, largely reflecting growth in rental transactions and exchange members.
Vacation Ownership Revenues were $705 million in the second quarter of 2016, a 1% increase over the second quarter of 2015.
Net VOI sales declined by 2%, as higher gross VOI sales volume was offset by an increase in the provision for loan losses, which was in line with the Company's expectations.
Gross VOI sales were $518 million in the second quarter of 2016, an increase of 3% compared with the second quarter of 2015. Results reflect tour flow growth of 3.4%, partially offset by a volume per guest (VPG) decline of 0.8% in constant currency, reflecting higher sales to new owners. The number of new owners added increased 13% from the second quarter of 2015.
EBITDA for the second quarter of 2016 was $187 million, an increase of 3% compared with the second quarter of 2015, reflecting higher gross VOI sales, a lower cost of sales and higher management fees, partially offset by an increase in the provision for loan losses.
OTHER ITEMS
- The Company repurchased 2.1 million shares of common stock for $150 million during the second quarter of 2016. From July 1 through July 26, 2016, the Company repurchased an additional 0.6 million shares for $42 million.
- Reported net interest expense in the second quarter of 2016 was $32 million, compared with $28 million in the second quarter of 2015, reflecting increased debt levels including the $350 million 5.10% bond issued in September 2015 and the absence of a fixed-to-floating interest rate swap terminated in 2015.
- Depreciation and amortization in the second quarter of 2016 was $63 million, compared with $58 million in the second quarter of 2015, reflecting new projects that were placed into service.
Balance Sheet Information as June 30, 2016:
- Cash and cash equivalents of $478 million, compared with $171 million at December 31, 2015, reflecting higher seasonal cash collections at the Company's vacation rental businesses
- Vacation ownership contract receivables, net, of $2.7 billion, unchanged from December 31, 2015
- Vacation ownership and other inventory of $1.3 billion, unchanged from December 31, 2015
- Securitized vacation ownership debt of $2.0 billion, compared with $2.1 billion at December 31, 2015
- Long-term debt of $3.4 billion, compared with $3.1 billion at December 31, 2015. The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1.1 billion as of June 30, 2016, compared with $1.4 billion at December 31, 2015.
A schedule of debt is included in Table 12 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.
Full reconciliations of the outlook for adjusted EBITDA, adjusted net income and adjusted EPS to GAAP results appear in Table 10 of this press release.
The Company provides the following guidance for the full year 2016:
- Revenues of approximately $5.650 - $5.800 billion.
- Adjusted net income of approximately $635 - $651 million.
- Adjusted EBITDA of approximately $1.375 - $1.400 billion.
- Adjusted diluted EPS of approximately $5.68 - $5.82 based on a diluted share count of 112 million.
The Company will post guidance information on its website following the conference call.
CONFERENCE CALL INFORMATION Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company's results, outlook and guidance on Wednesday, July 27, 2016 at 8:30 a.m. ET. Listeners can access the webcast live through the Company's website at http://www.wyndhamworldwide.com/investors/. The conference call may also be accessed by dialing 888-632-3384 and providing the pass code "WYNDHAM." Listeners are urged to call at least 10 minutes prior to the scheduled start time. An archive of this webcast will be available on the website for approximately 90 days beginning at 12:00pm ET on July 27, 2016. A telephone replay will be available for approximately 10 days beginning at 12:00pm ET on July 27, 2016 at 800-723-0394.
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 the Company's non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring. A reconciliation of reported GAAP results to the comparable non-GAAP information appears in the financial tables section of the press release. A reconciliation of forecasted adjusted EBITDA and adjusted EPS to the most directly comparable GAAP measures is provided in Table 10 of this press release.
ABOUT WYNDHAM WORLDWIDE Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 120,000 places to stay across 100 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company's re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. 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 12, 2016. 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.
Wyndham Worldwide Corporation
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Earnings Release Schedules
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Quarter Two - June 30, 2016
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Table of Contents
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Table No.
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Consolidated Statements of Income (Unaudited)
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1
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Operating Results of Reportable Segments
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2
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Operating Statistics
|
3
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|
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Condensed Consolidated Statements of Cash Flows and Reconciliation of Free Cash Flows (Unaudited)
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4
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|
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Revenue Detail by Reportable Segment
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5
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|
|
Brand System Details
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6
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|
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Non-GAAP Reconciliation of Adjusted Net Income and EPS
|
7
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|
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Non-GAAP Reconciliation of Adjusted EBITDA by Reportable Segment
|
8
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|
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Non-GAAP Reconciliation of Gross VOI Sales
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9
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|
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Non-GAAP Reconciliation of 2016 Outlook
|
10
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|
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Non-GAAP Reconciliation - Constant Currency and Currency Neutral
|
11
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Schedule of Debt
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12
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Table 1
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Wyndham Worldwide Corporation
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CONSOLIDATED STATEMENTS OF INCOME
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(In millions, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service and membership fees
|
|
$
|
632
|
|
$
|
623
|
|
$
|
1,266
|
|
$
|
1,223
|
|
Vacation ownership interest sales
|
|
|
409
|
|
|
417
|
|
|
750
|
|
|
753
|
|
Franchise fees
|
|
|
172
|
|
|
178
|
|
|
310
|
|
|
325
|
|
Consumer financing
|
|
|
108
|
|
|
105
|
|
|
215
|
|
|
210
|
|
Other
|
|
|
|
82
|
|
|
75
|
|
|
165
|
|
|
150
|
Net revenues
|
|
|
1,403
|
|
|
1,398
|
|
|
2,706
|
|
|
2,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
622
|
|
|
610
|
|
|
1,236
|
|
|
1,176
|
|
Cost of vacation ownership interests
|
|
|
32
|
|
|
47
|
|
|
68
|
|
|
80
|
|
Consumer financing interest
|
|
|
19
|
|
|
19
|
|
|
36
|
|
|
36
|
|
Marketing and reservation
|
|
|
211
|
|
|
211
|
|
|
403
|
|
|
406
|
|
General and administrative
|
|
|
185
|
|
|
182
|
|
|
372
|
|
|
362
|
|
Depreciation and amortization
|
|
|
63
|
|
|
58
|
|
|
125
|
|
|
114
|
Total expenses
|
|
|
1,132
|
|
|
1,127
|
|
|
2,240
|
|
|
2,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
271
|
|
|
271
|
|
|
466
|
|
|
487
|
Other (income)/expense, net
|
|
|
(6)
|
|
|
(3)
|
|
|
(16)
|
|
|
(8)
|
Interest expense
|
|
|
34
|
|
|
30
|
|
|
68
|
|
|
56
|
Early extinguishment of debt
|
|
|
-
|
|
|
-
|
|
|
11
|
|
|
-
|
Interest income
|
|
|
(2)
|
|
|
(2)
|
|
|
(4)
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
245
|
|
|
246
|
|
|
407
|
|
|
444
|
Provision for income taxes
|
|
|
89
|
|
|
87
|
|
|
156
|
|
|
162
|
Net income
|
|
|
$
|
156
|
|
$
|
159
|
|
$
|
251
|
|
$
|
282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
1.40
|
|
$
|
1.34
|
|
$
|
2.25
|
|
$
|
2.35
|
|
Diluted
|
|
|
1.39
|
|
|
1.33
|
|
|
2.23
|
|
|
2.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
111
|
|
|
119
|
|
|
112
|
|
|
120
|
|
Diluted
|
|
|
112
|
|
|
120
|
|
|
113
|
|
|
121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
Note: For a description of adjustments to Net Income, see Table 7.
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|
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Table 2
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(1 of 2)
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Wyndham Worldwide Corporation
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OPERATING RESULTS OF REPORTABLE SEGMENTS
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(In millions)
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|
|
|
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|
|
|
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|
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|
|
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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 revenues) and income taxes, each of which is presented on the Company's Consolidated Statements of Income. The Company also uses adjusted EBITDA as a financial measure. The Company believes that EBITDA and Adjusted EBITDA are useful measures of assessing performance of the Company and for the Company's segments which, when considered with GAAP measures, give a more complete understanding of its operating performance and assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods, by adjusting for certain items which may be recurring or nonrecurring and which in our view do not necessarily reflect ongoing operating performance. We also internally use these measures to assess our operating performance, both in absolute terms and in comparison to other companies, and in evaluating or making selected compensation decisions. These supplemental disclosures are in addition to GAAP reported measures. The Company's presentation of EBITDA and Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.
|
|
|
|
|
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|
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|
|
|
|
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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, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
Net Revenues
|
|
EBITDA
|
|
Net Revenues
|
|
EBITDA
|
|
Hotel Group
|
$
|
334
|
|
$
|
101
|
|
$
|
334
|
|
$
|
96
|
|
Destination Network
|
|
384
|
|
|
85
|
|
|
383
|
|
|
84
|
|
Vacation Ownership
|
|
705
|
|
|
187
|
|
|
699
|
|
|
182
|
|
Total Reportable Segments
|
|
1,423
|
|
|
373
|
|
|
1,416
|
|
|
362
|
|
Corporate and Other (a)
|
|
(20)
|
|
|
(33)
|
|
|
(18)
|
|
|
(30)
|
|
Total Company
|
$
|
1,403
|
|
$
|
340
|
|
$
|
1,398
|
|
$
|
332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA to Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
EBITDA
|
|
|
|
|
$
|
340
|
|
|
|
|
$
|
332
|
|
Depreciation and amortization
|
|
|
|
|
63
|
|
|
|
|
|
58
|
|
Interest expense
|
|
|
|
|
34
|
|
|
|
|
|
30
|
|
Interest income
|
|
|
|
|
(2)
|
|
|
|
|
|
(2)
|
|
Income before income taxes
|
|
|
|
|
245
|
|
|
|
|
|
246
|
|
Provision for income taxes
|
|
|
|
|
89
|
|
|
|
|
|
87
|
|
Net income
|
|
|
|
|
$
|
156
|
|
|
|
|
$
|
159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2016 and 2015 (for a description of adjustments and reconciliation by segment, see Table 8):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Adjusted
|
|
|
|
Adjusted
|
|
|
|
|
Net Revenues
|
|
EBITDA
|
|
Net Revenues
|
|
EBITDA
|
|
Hotel Group
|
$
|
334
|
|
$
|
101
|
|
$
|
334
|
|
$
|
97
|
|
Destination Network
|
|
384
|
|
|
85
|
|
|
383
|
|
|
84
|
|
Vacation Ownership
|
|
705
|
|
|
187
|
|
|
699
|
|
|
182
|
|
Total Reportable Segments
|
|
1,423
|
|
|
373
|
|
|
1,416
|
|
|
363
|
|
Corporate and Other
|
|
(20)
|
|
|
(33)
|
|
|
(18)
|
|
|
(31)
|
|
Total Company
|
$
|
1,403
|
|
$
|
340
|
|
$
|
1,398
|
|
$
|
332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 for the six months ended June 30, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
Net Revenues
|
|
EBITDA
|
|
Net Revenues
|
|
EBITDA
|
|
Hotel Group
|
$
|
629
|
|
$
|
185
|
|
$
|
626
|
|
$
|
172
|
|
Destination Network
|
|
768
|
|
|
166
|
|
|
752
|
|
|
189
|
|
Vacation Ownership
|
|
1,345
|
|
|
323
|
|
|
1,316
|
|
|
313
|
|
Total Reportable Segments
|
|
2,742
|
|
|
674
|
|
|
2,694
|
|
|
674
|
|
Corporate and Other (a)
|
|
(36)
|
|
|
(67)
|
|
|
(33)
|
|
|
(65)
|
|
Total Company
|
$
|
2,706
|
|
$
|
607
|
|
$
|
2,661
|
|
$
|
609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA to Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
EBITDA
|
|
|
|
|
$
|
607
|
|
|
|
|
$
|
609
|
|
Depreciation and amortization
|
|
|
|
|
125
|
|
|
|
|
|
114
|
|
Interest expense
|
|
|
|
|
68
|
|
|
|
|
|
56
|
|
Early extinguishment of debt
|
|
|
|
|
11
|
|
|
|
|
|
-
|
|
Interest income
|
|
|
|
|
(4)
|
|
|
|
|
|
(5)
|
|
Income before income taxes
|
|
|
|
|
407
|
|
|
|
|
|
444
|
|
Provision for income taxes
|
|
|
|
|
156
|
|
|
|
|
|
162
|
|
Net income
|
|
|
|
|
$
|
251
|
|
|
|
|
$
|
282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2016 and 2015 (for a description of adjustments and reconciliation by segment, see Table 8):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Adjusted
|
|
|
|
Adjusted
|
|
|
|
|
Net Revenues
|
|
EBITDA
|
|
Net Revenues
|
|
EBITDA
|
|
Hotel Group
|
$
|
629
|
|
$
|
185
|
|
$
|
626
|
|
$
|
175
|
|
Destination Network
|
|
768
|
|
|
190
|
|
|
752
|
|
|
189
|
|
Vacation Ownership
|
|
1,345
|
|
|
323
|
|
|
1,316
|
|
|
313
|
|
Total Reportable Segments
|
|
2,742
|
|
|
698
|
|
|
2,694
|
|
|
677
|
|
Corporate and Other
|
|
(36)
|
|
|
(66)
|
|
|
(33)
|
|
|
(66)
|
|
Total Company
|
$
|
2,706
|
|
$
|
632
|
|
$
|
2,661
|
|
$
|
611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
Hotel Group (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Rooms
|
2016
|
|
679,100
|
|
683,300
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
2015
|
|
667,400
|
|
668,500
|
|
671,900
|
|
678,000
|
|
N/A
|
|
|
2014
|
|
646,900
|
|
650,200
|
|
655,300
|
|
660,800
|
|
N/A
|
|
|
2013
|
|
631,800
|
|
635,100
|
|
638,300
|
|
645,400
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
2016
|
$
|
31.59
|
$
|
39.10
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
2015
|
$
|
32.84
|
$
|
39.82
|
$
|
43.34
|
$
|
32.98
|
$
|
37.26
|
|
|
2014
|
$
|
32.30
|
$
|
40.11
|
$
|
43.71
|
$
|
34.06
|
$
|
37.57
|
|
|
2013
|
$
|
31.05
|
$
|
38.00
|
$
|
41.78
|
$
|
33.07
|
$
|
36.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Destination Network
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of Members (in 000s)
|
2016
|
|
3,841
|
|
3,857
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
2015
|
|
3,822
|
|
3,831
|
|
3,835
|
|
3,836
|
|
3,831
|
|
|
2014
|
|
3,727
|
|
3,748
|
|
3,777
|
|
3,808
|
|
3,765
|
|
|
2013
|
|
3,668
|
|
3,686
|
|
3,711
|
|
3,728
|
|
3,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Revenue Per Member
|
2016
|
$
|
189.78
|
$
|
164.61
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
2015
|
$
|
194.06
|
$
|
167.81
|
$
|
163.38
|
$
|
152.00
|
$
|
169.29
|
|
|
2014
|
$
|
200.78
|
$
|
179.17
|
$
|
171.77
|
$
|
157.24
|
$
|
177.12
|
|
|
2013
|
$
|
210.96
|
$
|
182.42
|
$
|
169.95
|
$
|
161.21
|
$
|
181.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Rental Transactions (in 000s) (a) (b)
|
2016
|
|
500
|
|
409
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
2015
|
|
459
|
|
390
|
|
462
|
|
319
|
|
1,630
|
|
|
2014
|
|
429
|
|
376
|
|
455
|
|
293
|
|
1,552
|
|
|
2013
|
|
423
|
|
355
|
|
433
|
|
273
|
|
1,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Price Per Vacation Rental(a) (b)
|
2016
|
$
|
366.08
|
$
|
492.83
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
2015
|
$
|
361.20
|
$
|
513.14
|
$
|
642.00
|
$
|
452.19
|
$
|
494.92
|
|
|
2014
|
$
|
410.04
|
$
|
577.13
|
$
|
727.40
|
$
|
492.25
|
$
|
558.95
|
|
|
2013
|
$
|
392.64
|
$
|
540.38
|
$
|
677.81
|
$
|
506.62
|
$
|
532.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Vacation Ownership Interest (VOI) Sales (in 000s) (c)
|
2016
|
$
|
428,000
|
$
|
518,000
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
2015
|
$
|
390,000
|
$
|
502,000
|
$
|
565,000
|
$
|
507,000
|
$
|
1,965,000
|
|
|
2014
|
$
|
410,000
|
$
|
496,000
|
$
|
513,000
|
$
|
470,000
|
$
|
1,889,000
|
|
|
2013
|
$
|
384,000
|
$
|
481,000
|
$
|
536,000
|
$
|
488,000
|
$
|
1,889,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tours (in 000s)
|
2016
|
|
179
|
|
213
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
2015
|
|
168
|
|
206
|
|
227
|
|
200
|
|
801
|
|
|
2014
|
|
170
|
|
208
|
|
225
|
|
191
|
|
794
|
|
|
2013
|
|
163
|
|
206
|
|
225
|
|
195
|
|
789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Per Guest (VPG)
|
2016
|
$
|
2,244
|
$
|
2,328
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
2015
|
$
|
2,177
|
$
|
2,353
|
$
|
2,354
|
$
|
2,390
|
$
|
2,326
|
|
|
2014
|
$
|
2,272
|
$
|
2,280
|
$
|
2,158
|
$
|
2,336
|
$
|
2,257
|
|
|
2013
|
$
|
2,211
|
$
|
2,256
|
$
|
2,278
|
$
|
2,370
|
$
|
2,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 destination network 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. (See Table 9 for a reconciliation of Gross VOI sales to vacation ownership interest sales).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Full Year
|
Hotel Group
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Properties
|
2016
|
|
7,830
|
|
7,880
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
2015
|
|
7,670
|
|
7,700
|
|
7,760
|
|
7,810
|
|
N/A
|
|
|
2014
|
|
7,500
|
|
7,540
|
|
7,590
|
|
7,650
|
|
N/A
|
|
|
2013
|
|
7,380
|
|
7,410
|
|
7,440
|
|
7,490
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan Losses (in 000s) (*)
|
2016
|
$
|
63,000
|
$
|
90,000
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
2015
|
$
|
46,000
|
$
|
60,000
|
$
|
78,000
|
$
|
64,000
|
$
|
248,000
|
|
|
2014
|
$
|
60,000
|
$
|
70,000
|
$
|
70,000
|
$
|
60,000
|
$
|
260,000
|
|
|
2013
|
$
|
84,000
|
$
|
90,000
|
$
|
102,000
|
$
|
73,000
|
$
|
349,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Hotel Group
|
|
Number of Rooms: Represents the number of rooms at hotel group 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.
|
|
Destination Network
|
|
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 in connection with customers booking their vacation rental stays through one of our vacation brands. 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 divided by the number of vacation rental transactions.
|
|
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. We believe gross VOI sales provide an enhanced understanding of the performance of our vacation ownership business because it directly measures the sales volume of this business during a given reporting period. 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 2013-2016.
|
|
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
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND RECONCILIATION OF FREE CASH FLOWS
|
(In millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows:
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
2016
|
|
2015
|
Net cash provided by operating activities
|
|
$
|
706
|
|
$
|
737
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(140)
|
|
|
(233)
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
(251)
|
|
|
(269)
|
|
|
|
|
|
|
|
|
Effect of changes in exchange rates on cash and cash equivalents
|
|
|
(8)
|
|
|
(8)
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
$
|
307
|
|
$
|
227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We define free cash flow to be net cash provided by operating activities less property and equipment additions which we also refer to as capital expenditures.
|
|
We believe free cash flow to be a useful operating performance measure to evaluate the ability of our operations to generate cash for uses other than capital expenditures and, after debt service and other obligations, our ability to grow our business through acquisitions, development advances and equity investments, as well as our ability to return cash to shareholders through dividends and share repurchases. A limitation of using free cash flow versus the GAAP measures of net cash provided by operating activities, net cash used in investing activities and net cash used in financing activities as a means for evaluating Wyndham Worldwide is that free cash flow does not represent the total cash movement for the period as detailed in the consolidated statement of cash flows.
|
|
The following table provides more details on the GAAP financial measure that is most directly comparable to the non-GAAP financial measure and the related reconciliation between these financial measures:
|
|
|
|
|
Six Months Ended June 30,
|
|
|
|
2016
|
|
2015
|
Net cash provided by operating activities
|
|
$
|
706
|
|
$
|
737
|
Less: Property and equipment additions
|
|
|
(90)
|
|
|
(112)
|
Free cash flow
|
|
|
$
|
616
|
|
$
|
625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide Corporation
|
REVENUE DETAIL BY REPORTABLE SEGMENT
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Year
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Year
|
Hotel Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties and Franchise Fees
|
|
$
|
74
|
$
|
94
|
|
N/A
|
|
N/A
|
|
N/A
|
|
$
|
74
|
$
|
96
|
$
|
103
|
$
|
87
|
$
|
361
|
|
Marketing, Reservation and Wyndham Rewards Revenues (a)
|
|
83
|
|
103
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
96
|
|
108
|
|
112
|
|
92
|
|
407
|
|
Hotel Management Reimbursable Revenues (b)
|
|
67
|
|
71
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
61
|
|
71
|
|
73
|
|
68
|
|
273
|
|
Intersegment Trademark Fees
|
|
|
13
|
|
15
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
12
|
|
15
|
|
16
|
|
15
|
|
57
|
|
Owned Hotel Revenues
|
|
|
27
|
|
19
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
25
|
|
20
|
|
16
|
|
19
|
|
79
|
|
Ancillary Revenues (c)
|
|
|
31
|
|
32
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
24
|
|
24
|
|
37
|
|
33
|
|
120
|
|
Total Hotel Group
|
|
|
295
|
|
334
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
292
|
|
334
|
|
357
|
|
314
|
|
1,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Destination Network
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Revenues
|
|
|
182
|
|
159
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
185
|
|
161
|
|
157
|
|
146
|
|
649
|
|
Rental Revenues
|
|
|
183
|
|
202
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
166
|
|
200
|
|
296
|
|
144
|
|
807
|
|
Ancillary Revenues (d)
|
|
|
20
|
|
23
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
18
|
|
22
|
|
23
|
|
20
|
|
82
|
|
Total Destination Network
|
|
|
385
|
|
384
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
369
|
|
383
|
|
476
|
|
310
|
|
1,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership Interest Sales
|
|
|
342
|
|
409
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
336
|
|
417
|
|
448
|
|
403
|
|
1,604
|
|
Consumer Financing
|
|
|
107
|
|
108
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
104
|
|
105
|
|
108
|
|
109
|
|
427
|
|
Property Management Fees and Reimbursable Revenues
|
|
164
|
|
161
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
153
|
|
149
|
|
159
|
|
155
|
|
615
|
|
WAAM Fee-for-Service Commissions
|
|
17
|
|
16
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
12
|
|
19
|
|
23
|
|
28
|
|
83
|
|
Ancillary Revenues (e)
|
|
|
11
|
|
11
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
12
|
|
9
|
|
12
|
|
11
|
|
43
|
|
Total Vacation Ownership
|
|
|
641
|
|
705
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
617
|
|
699
|
|
750
|
|
706
|
|
2,772
|
Total Reportable Segments
|
|
$
|
1,321
|
$
|
1,423
|
|
N/A
|
|
N/A
|
|
N/A
|
|
$
|
1,278
|
$
|
1,416
|
$
|
1,583
|
$
|
1,330
|
$
|
5,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Year
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Year
|
Hotel Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties and Franchise Fees
|
|
$
|
68
|
$
|
88
|
$
|
100
|
$
|
83
|
$
|
339
|
|
$
|
64
|
$
|
79
|
$
|
91
|
$
|
75
|
$
|
309
|
|
Marketing, Reservation and Wyndham Rewards Revenues (a)
|
|
76
|
|
101
|
|
117
|
|
91
|
|
385
|
|
|
73
|
|
92
|
|
118
|
|
83
|
|
365
|
|
Hotel Management Reimbursable Revenues (b)
|
|
37
|
|
39
|
|
39
|
|
39
|
|
154
|
|
|
25
|
|
38
|
|
37
|
|
35
|
|
135
|
|
Intersegment Trademark Fees
|
|
|
9
|
|
11
|
|
11
|
|
10
|
|
41
|
|
|
8
|
|
10
|
|
11
|
|
10
|
|
39
|
|
Owned Hotel Revenues
|
|
|
24
|
|
20
|
|
18
|
|
20
|
|
81
|
|
|
26
|
|
20
|
|
18
|
|
19
|
|
84
|
|
Ancillary Revenues (c)
|
|
|
23
|
|
24
|
|
30
|
|
24
|
|
101
|
|
|
26
|
|
23
|
|
22
|
|
23
|
|
95
|
|
Total Hotel Group
|
|
|
237
|
|
283
|
|
315
|
|
267
|
|
1,101
|
|
|
222
|
|
262
|
|
297
|
|
245
|
|
1,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Destination Network
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Revenues
|
|
|
187
|
|
168
|
|
162
|
|
150
|
|
667
|
|
|
193
|
|
168
|
|
158
|
|
150
|
|
669
|
|
Rental Revenues
|
|
|
176
|
|
217
|
|
331
|
|
144
|
|
868
|
|
|
166
|
|
192
|
|
293
|
|
138
|
|
789
|
|
Ancillary Revenues (d)
|
|
|
16
|
|
17
|
|
19
|
|
17
|
|
69
|
|
|
15
|
|
16
|
|
19
|
|
17
|
|
68
|
|
Total Destination Network
|
|
|
379
|
|
402
|
|
512
|
|
311
|
|
1,604
|
|
|
374
|
|
376
|
|
470
|
|
305
|
|
1,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership Interest Sales
|
|
|
303
|
|
382
|
|
415
|
|
385
|
|
1,485
|
|
|
263
|
|
347
|
|
384
|
|
384
|
|
1,379
|
|
Consumer Financing
|
|
|
105
|
|
106
|
|
108
|
|
108
|
|
427
|
|
|
105
|
|
106
|
|
107
|
|
108
|
|
426
|
|
Property Management Fees
|
|
|
143
|
|
145
|
|
150
|
|
142
|
|
581
|
|
|
146
|
|
141
|
|
143
|
|
137
|
|
567
|
|
WAAM Fee-for-Service Commissions
|
|
33
|
|
30
|
|
18
|
|
16
|
|
98
|
|
|
24
|
|
30
|
|
33
|
|
20
|
|
107
|
|
Ancillary Revenues (e)
|
|
|
9
|
|
10
|
|
13
|
|
17
|
|
47
|
|
|
11
|
|
6
|
|
10
|
|
9
|
|
36
|
|
Total Vacation Ownership
|
|
|
593
|
|
673
|
|
704
|
|
668
|
|
2,638
|
|
|
549
|
|
630
|
|
677
|
|
658
|
|
2,515
|
Total Reportable Segments
|
|
$
|
1,209
|
$
|
1,358
|
$
|
1,531
|
$
|
1,246
|
$
|
5,343
|
|
$
|
1,145
|
$
|
1,268
|
$
|
1,444
|
$
|
| |