PARSIPPANY, N.J., Feb. 10, 2015 /PRNewswire/ -- Wyndham Worldwide
Corporation (NYSE: WYN) today announced results for the three
months and year ended December 31,
2014.
Highlights:
- Fourth quarter adjusted diluted earnings per share (EPS) was
$0.90, an increase of 23% from
adjusted diluted EPS of $0.73 in the
fourth quarter of 2013. Reported diluted EPS was $0.65 in the fourth quarter of 2014, unchanged
from the same period in 2013.
- Full year adjusted diluted EPS was $4.53, an increase of 18% from adjusted diluted
EPS of $3.83 for the prior year
period. Reported diluted EPS was $4.18 compared with $3.21 for the prior year period.
- During the quarter, the Company repurchased 2.1 million shares
of its common stock for $171
million. For the full year, the Company spent
$652 million to repurchase 8.6
million shares of its common stock.
- The Company's Board of Directors authorized an increase in the
quarterly cash dividend to $0.42 from
$0.35 per share, beginning with the
dividend that is expected to be declared in the first quarter of
2015.
- The Company increased its annual free cash flow target to
$800 million from $750 million beginning in 2015.
"A strong fourth quarter led to 18% growth in full-year adjusted
EPS, capping another year of double-digit earnings growth," said
Stephen P. Holmes, chairman and
CEO. "All three of our businesses performed well and we're
enthusiastic about the opportunities and initiatives that will
drive growth going forward. As an indication of confidence in
our prospects, the Board of Directors approved a 20% increase in
our quarterly dividend."
FOURTH QUARTER 2014 OPERATING RESULTS
Fourth quarter revenues were $1.2
billion, an increase of 3% from the prior year period, or 4%
in constant currency. The increase reflects growth in all of
the Company's business segments.
Adjusted net income was $112
million, or $0.90 per diluted
share, compared with $96 million, or
$0.73 per diluted share for the same
period in 2013. The increases reflect stronger operating
results in the Company's lodging and vacation exchange and rentals
businesses and lower net interest expense. EPS also benefited
from the Company's share repurchase program, which decreased
weighted average diluted share count by 5% year-over-year.
Reported net income for the fourth quarter of 2014 was
$81 million, or $0.65 per diluted share, compared with
$86 million, or $0.65 per diluted share, for the fourth quarter
of 2013. Reported net income in both periods reflects several
items excluded from adjusted net income. The net result of
these items unfavorably impacted fourth quarter 2014 net income by
$31 million and unfavorably impacted
fourth quarter 2013 net income by $10
million. Full reconciliations of adjusted results to
GAAP results appear in Table 8 of this press release.
FULL YEAR 2014 OPERATING RESULTS
Revenues for full year 2014 were $5.3
billion, an increase of 5% over the prior year period.
Adjusted net income for the full year 2014 was $573 million, or $4.53 per diluted share, compared with
$515 million, or $3.83 per diluted share, for the prior
year. The increases reflect stronger operating results across
all of the Company's businesses. EPS also benefited from the
Company's share repurchase program, which decreased weighted
average diluted share count by 6% compared with 2013.
Reported net income for full year 2014 was $529 million, or $4.18 per diluted share, compared with reported
net income of $432 million, or
$3.21 per diluted share, for the
prior year period. Reported net income reflects several items
excluded from adjusted net income. The net result of these
items unfavorably impacted full year 2014 net income by
$44 million and unfavorably impacted
full year 2013 net income by $83
million. Full reconciliations of adjusted results to
GAAP results appear in Table 8 of this press release.
FULL YEAR 2014 CASH FLOW
Free cash flow was $749 million
for the year ended December 31, 2014,
compared with $770 million for the
same period in 2013. The Company defines free cash flow as
net cash provided by operating activities less capital
expenditures. For the year ended December 31, 2014, net cash provided by operating
activities was $984 million, compared
with $1,008 million in the prior year
period.
BUSINESS UNIT RESULTS
Lodging (Wyndham Hotel Group)
Revenues were $267 million in the
fourth quarter of 2014, a 9% increase over the fourth quarter of
2013.
Domestic RevPAR increased 8.6%, partially offset by a 7.8%
decline in international RevPAR, resulting in a 3.0% increase in
total system-wide RevPAR compared with the fourth quarter of
2013. In constant currency, total system-wide RevPAR
increased 5.0%.
Adjusted EBITDA for the fourth quarter of 2014 was $79 million, a 23% increase compared with the
fourth quarter of 2013. The increase primarily reflects
higher RevPAR and the favorable timing of loyalty and marketing
expenses compared with the same period last year.
As of December 31, 2014, the
Company's hotel system consisted of approximately 7,650 properties
and approximately 661,000 rooms, a 2.4% room increase compared with
the fourth quarter of 2013. The development pipeline included
approximately 960 hotels and 117,000 rooms, of which 57% were
international and 64% were new construction.
Vacation Exchange and Rentals (Wyndham Exchange &
Rentals)
Revenues were $311 million in the
fourth quarter of 2014, a 2% increase over the fourth quarter of
2013. In constant currency, revenues were up 6%.
Exchange revenues were $150
million, flat compared with the fourth quarter of
2013. In constant currency, exchange revenues increased 2%,
as the average number of members increased 2.2% and exchange
revenue per member was flat.
Vacation rental revenues were $144
million, a 4% increase over the fourth quarter of 2013.
In constant currency, vacation rental revenues were up 11%,
reflecting a 7.3% increase in transaction volume and a 3.3%
increase in the average net price per vacation rental.
Adjusted EBITDA for the fourth quarter of 2014 was $39 million, an 8% increase compared with the
fourth quarter of 2013. On a currency-neutral basis, adjusted
EBITDA increased 14% compared with the prior year period due to the
revenue increases and cost controls.
Vacation Ownership (Wyndham Vacation
Ownership)
Revenues were $668 million in the
fourth quarter of 2014, a 2% increase over the fourth quarter of
2013, primarily reflecting higher resort management fees.
Gross VOI sales were $470 million
in the fourth quarter of 2014, a decrease of 4% compared with the
fourth quarter of 2013, reflecting a 1.4% decline in volume per
guest and a 2.1% decline in tour flow.
Net VOI sales were flat compared with the fourth quarter of
2013, reflecting a lower provision for loan loss resulting from
improved portfolio performance.
EBITDA for the fourth quarter of 2014 was $172 million, flat compared with the fourth
quarter of 2013.
Other Items
- The Company repurchased 2.1 million shares of common stock for
$171 million during the fourth
quarter of 2014. For the full-year 2014, the Company
purchased 8.6 million shares of common stock for $652 million. From January 1 through February 9, 2015, the Company
repurchased an additional 0.8 million shares for $68 million. The Company's remaining share
repurchase authorization totals $948
million as of February 9,
2015.
- Reported net interest expense in the fourth quarter of 2014 was
$25 million, compared with
$32 million in the fourth quarter of
2013, primarily reflecting the benefit of lower interest rates
associated with fixed-for-floating interest rate swaps.
Balance Sheet Information as of December 31, 2014:
- Cash and cash equivalents of $183
million, compared with $194
million at December 31,
2013
- Vacation ownership contract receivables, net, of $2.7 billion, compared with $2.8 billion at December
31, 2013
- Vacation ownership and other inventory of $1.2 billion, compared with $1.0 billion at December
31, 2013
- Securitized vacation ownership debt of $2.2 billion, compared with $1.9 billion at December
31, 2013
- Long-term debt of $2.9 billion,
unchanged from December 31, 2013. The
remaining borrowing capacity on the revolving credit facility, net
of commercial paper borrowings, was $1.3
billion as of December 31,
2014, unchanged from December 31,
2013
A schedule of debt is included in Table 5 of this press
release.
Outlook
Note to Editors: The guidance excludes possible future
share repurchases, while analysts' estimates often include share
repurchases. This results in discrepancies between Company
guidance and database consensus forecasts.
For the full year 2015, the Company provides the following
guidance:
- Revenues of approximately $5.450 -
$5.550 billion from $5.400 - $5.500
billion.
- Adjusted EBITDA of approximately $1.285
- $1.315 billion from $1.300 - $1.330
billion, reflecting the adverse impact of foreign exchange
partially offset by stronger underlying performance. Based on
January 31, 2015 rates, foreign
exchange movements have had a $25
million adverse effect on 2015 EBITDA guidance since the
Company's initial 2015 guidance, which was issued on October 24, 2014. The Company's 2015
guidance reflects a $34 million
adverse impact from foreign exchange compared with 2014 full year
results.
- Adjusted EPS of approximately $4.75 -
$4.90 based on a diluted share count of 123 million from
$4.70 - $4.85 based on a diluted
share count of 125 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, February 10, 2015 at
8:30 a.m. EST. 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 EST on February 10, 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
EST on February 10, 2015, at
888-484-4840.
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 over 7,600 franchised hotels and
approximately 661,000 hotel rooms worldwide. Wyndham Exchange &
Rentals is the worldwide leader in vacation exchange and the
world's largest professionally managed vacation rentals business,
providing more than 5 million leisure-bound families annually with
access to over 107,000 vacation properties in over 100 countries
through its prominent exchange and vacation rental brands. The
industry and timeshare ownership market leader, Wyndham Vacation
Ownership develops, markets, and sells vacation ownership interests
and provides consumer financing to owners through its network of
over 200 vacation ownership resorts serving approximately 904,000
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, dividends and related financial and
operating measures.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Factors that could cause actual results to
differ materially from those in the forward-looking statements
include general economic conditions, the performance of the
financial and credit markets, the economic environment for the
hospitality industry, the impact of war, terrorist activity or
political strife, operating risks associated with the hotel,
vacation exchange and rentals and vacation ownership businesses, as
well as those described in the Company's Annual Report on Form
10-K, filed with the SEC on February 14,
2014. Except for the Company's ongoing obligations to
disclose material information under the federal securities laws, it
undertakes no obligation to release publicly any revisions to any
forward-looking statements, to report events or to report the
occurrence of unanticipated events.
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Table
1
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|
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(1 of
2)
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Wyndham Worldwide
Corporation
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|
OPERATING RESULTS
OF REPORTABLE SEGMENTS
|
|
(In
millions)
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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 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.
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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 attributable to
Wyndham shareholders for the three months ended December 31, 2014
and 2013:
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|
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|
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|
|
|
|
|
|
Three Months Ended
December 31,
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|
|
|
2014
|
|
2013
|
|
|
|
Net
Revenues
|
|
EBITDA
|
|
Net
Revenues
|
|
EBITDA
|
|
|
Lodging
|
$
|
267
|
|
$
|
77
|
|
$
|
245
|
|
$
|
47
|
|
|
Vacation Exchange and
Rentals
|
|
311
|
|
|
2
|
|
|
305
|
|
|
36
|
|
|
Vacation
Ownership
|
|
668
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|
|
172
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|
|
658
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|
|
172
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|
|
Total Reportable
Segments
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|
1,246
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|
|
251
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|
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1,208
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|
|
255
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Corporate and Other
(a)
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|
(15)
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|
|
(36)
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(13)
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|
|
(33)
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|
|
Total Company
|
$
|
1,231
|
|
$
|
215
|
|
$
|
1,195
|
|
$
|
222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA to Net income attributable to Wyndham
shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
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|
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|
|
2014
|
|
|
|
|
2013
|
|
|
EBITDA
|
|
|
|
$
|
215
|
|
|
|
|
$
|
222
|
|
|
Depreciation and
amortization
|
|
|
|
|
58
|
|
|
|
|
|
56
|
|
|
Interest
expense
|
|
|
|
|
29
|
|
|
|
|
|
34
|
|
|
Interest
income
|
|
|
|
|
(4)
|
|
|
|
|
|
(2)
|
|
|
Income before income
taxes
|
|
|
|
|
132
|
|
|
|
|
|
134
|
|
|
Provision for income
taxes
|
|
|
|
|
51
|
|
|
|
|
|
48
|
|
|
Net income
attributable to Wyndham shareholders
|
|
|
|
$
|
81
|
|
|
|
|
$
|
86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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__________
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|
|
(a) Includes the elimination of transactions between
segments.
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|
|
|
|
|
|
|
|
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The following tables
summarize net revenues and adjusted EBITDA for the Company's
reportable segments for the three months ended December 31, 2014
and 2013 (for a description of adjustments by segment, see Table
7):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
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|
|
2014
|
|
2013
|
|
|
|
Net
Revenues
|
|
Adjusted
EBITDA
|
|
Net
Revenues
|
|
Adjusted
EBITDA
|
|
|
Lodging
|
$
|
267
|
|
$
|
79
|
|
$
|
245
|
|
$
|
64
|
|
|
Vacation Exchange and
Rentals
|
|
311
|
|
|
39
|
|
|
305
|
|
|
36
|
|
|
Vacation
Ownership
|
|
668
|
|
|
172
|
|
|
658
|
|
|
172
|
|
|
Total Reportable
Segments
|
|
1,246
|
|
|
290
|
|
|
1,208
|
|
|
272
|
|
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Corporate and
Other
|
|
(15)
|
|
|
(38)
|
|
|
(13)
|
|
|
(33)
|
|
|
Total Company
|
$
|
1,231
|
|
$
|
252
|
|
$
|
1,195
|
|
$
|
239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
1
|
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|
|
|
|
|
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|
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(2 of
2)
|
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Wyndham Worldwide
Corporation
|
|
OPERATING RESULTS
OF REPORTABLE SEGMENTS
|
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(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 twelve months ended December 31, 2014
and 2013:
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|
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|
|
|
|
|
|
|
Twelve Months
Ended December 31,
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|
|
2014
|
|
2013
|
|
|
|
Net
Revenues
|
|
EBITDA
|
|
Net
Revenues
|
|
EBITDA
|
|
|
Lodging
|
$
|
1,101
|
|
$
|
327
|
|
$
|
1,027
|
|
$
|
279
|
|
|
Vacation Exchange and
Rentals
|
|
1,604
|
|
|
335
|
|
|
1,526
|
|
|
356
|
|
|
Vacation
Ownership
|
|
2,638
|
|
|
660
|
|
|
2,515
|
|
|
619
|
|
|
Total Reportable
Segments
|
|
5,343
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|
|
1,322
|
|
|
5,068
|
|
|
1,254
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|
|
Corporate and Other
(a)
|
|
(62)
|
|
|
(141)
|
|
|
(59)
|
|
|
(122)
|
|
|
Total Company
|
$
|
5,281
|
|
$
|
1,181
|
|
$
|
5,009
|
|
$
|
1,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA to Net income attributable to Wyndham
shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31,
|
|
|
|
|
|
|
2014
|
|
|
|
|
2013
|
|
|
EBITDA
|
|
|
|
$
|
1,181
|
|
|
|
|
$
|
1,132
|
|
|
Depreciation and
amortization
|
|
|
|
|
233
|
|
|
|
|
|
216
|
|
|
Interest
expense
|
|
|
|
|
113
|
|
|
|
|
|
131
|
|
|
Early extinguishment
of debt
|
|
|
|
|
-
|
|
|
|
|
|
111
|
|
|
Interest
income
|
|
|
|
|
(10)
|
|
|
|
|
|
(9)
|
|
|
Income before income
taxes
|
|
|
|
|
845
|
|
|
|
|
|
683
|
|
|
Provision for income
taxes
|
|
|
|
|
316
|
|
|
|
|
|
250
|
|
|
Net income
|
|
|
|
|
529
|
|
|
|
|
|
433
|
|
|
Net income
attributable to noncontrolling interest
|
|
|
|
|
-
|
|
|
|
|
|
(1)
|
|
|
Net income
attributable to Wyndham shareholders
|
|
|
|
$
|
529
|
|
|
|
|
$
|
432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 twelve months ended December 31, 2014
and 2013 (for a description of adjustments by segment, see Table
7):
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31,
|
|
|
|
2014
|
|
2013
|
|
|
|
Net
Revenues
|
|
Adjusted
EBITDA
|
|
Net
Revenues
|
|
Adjusted
EBITDA
|
|
|
Lodging
|
$
|
1,101
|
|
$
|
340
|
|
$
|
1,027
|
|
$
|
296
|
|
|
Vacation Exchange and
Rentals
|
|
1,604
|
|
|
380
|
|
|
1,526
|
|
|
356
|
|
|
Vacation
Ownership
|
|
2,638
|
|
|
660
|
|
|
2,515
|
|
|
621
|
|
|
Total Reportable
Segments
|
|
5,343
|
|
|
1,380
|
|
|
5,068
|
|
|
1,273
|
|
|
Corporate and
Other
|
|
(62)
|
|
|
(142)
|
|
|
(59)
|
|
|
(121)
|
|
|
Total Company
|
$
|
5,281
|
|
$
|
1,238
|
|
$
|
5,009
|
|
$
|
1,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
2
|
|
Wyndham Worldwide
Corporation
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service and
membership fees
|
|
$
|
508
|
|
$
|
496
|
|
$
|
2,431
|
|
$
|
2,329
|
|
Vacation ownership
interest sales
|
|
|
385
|
|
|
384
|
|
|
1,485
|
|
|
1,379
|
|
Franchise
fees
|
|
|
151
|
|
|
139
|
|
|
632
|
|
|
599
|
|
Consumer
financing
|
|
|
108
|
|
|
108
|
|
|
427
|
|
|
426
|
|
Other
|
|
|
79
|
|
|
68
|
|
|
306
|
|
|
276
|
|
Net
revenues
|
|
|
1,231
|
|
|
1,195
|
|
|
5,281
|
|
|
5,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
542
|
|
|
517
|
|
|
2,262
|
|
|
2,161
|
|
Cost of vacation
ownership interests
|
|
|
42
|
|
|
48
|
|
|
171
|
|
|
155
|
|
Consumer financing
interest
|
|
|
18
|
|
|
18
|
|
|
71
|
|
|
78
|
|
Marketing and
reservation
|
|
|
188
|
|
|
180
|
|
|
802
|
|
|
751
|
|
General and
administrative
|
|
|
189
|
|
|
193
|
|
|
755
|
|
|
720
|
|
Loss on sale and
asset impairments
|
|
|
27
|
|
|
8
|
|
|
35
|
|
|
8
|
|
Restructuring
|
|
|
12
|
|
|
9
|
|
|
11
|
|
|
10
|
|
Depreciation and
amortization
|
|
|
58
|
|
|
56
|
|
|
233
|
|
|
216
|
|
Total
expenses
|
|
|
1,076
|
|
|
1,029
|
|
|
4,340
|
|
|
4,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
155
|
|
|
166
|
|
|
941
|
|
|
910
|
|
Other income,
net
|
|
|
(2)
|
|
|
-
|
|
|
(7)
|
|
|
(6)
|
|
Interest
expense
|
|
|
29
|
|
|
34
|
|
|
113
|
|
|
131
|
|
Early extinguishment
of debt
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
111
|
|
Interest
income
|
|
|
(4)
|
|
|
(2)
|
|
|
(10)
|
|
|
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
132
|
|
|
134
|
|
|
845
|
|
|
683
|
|
Provision for income
taxes
|
|
|
51
|
|
|
48
|
|
|
316
|
|
|
250
|
|
Net
income
|
|
|
81
|
|
|
86
|
|
|
529
|
|
|
433
|
|
Net income
attributable to noncontrolling interest
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1)
|
|
Net income
attributable to Wyndham shareholders
|
$
|
81
|
|
$
|
86
|
|
$
|
529
|
|
$
|
432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.66
|
|
$
|
0.66
|
|
$
|
4.22
|
|
$
|
3.25
|
|
Diluted
|
|
|
0.65
|
|
|
0.65
|
|
|
4.18
|
|
|
3.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
122
|
|
|
129
|
|
|
125
|
|
|
133
|
|
Diluted
|
|
|
124
|
|
|
131
|
|
|
127
|
|
|
135
|
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: For a
description of adjustments to Net Income, see Table 8.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 of
2)
|
|
Wyndham Worldwide
Corporation
|
|
OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
operating statistics are the drivers of our revenues and therefore
provide an enhanced understanding of our businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Full
Year
|
|
Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Rooms
|
2014
|
|
646,900
|
|
650,200
|
|
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
|
|
|
|
|
|
2011
|
|
609,600
|
|
612,900
|
|
611,200
|
|
613,100
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
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
|
|
|
|
|
|
2011
|
$
|
27.71
|
$
|
35.38
|
$
|
39.49
|
$
|
30.65
|
$
|
33.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Exchange
and Rentals
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Members (in 000s)
|
2014
|
|
3,727
|
|
3,748
|
|
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
|
|
|
|
|
|
2011
|
|
3,766
|
|
3,755
|
|
3,744
|
|
3,734
|
|
3,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Revenue Per
Member
|
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
|
|
|
|
|
|
2011
|
$
|
205.64
|
$
|
178.46
|
$
|
172.38
|
$
|
161.68
|
$
|
179.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Rental
Transactions (in 000s) (a)
|
2014
|
|
429
|
|
376
|
|
455
|
|
293
|
|
1,552
|
|
|
|
|
|
2013
|
|
423
|
|
355
|
|
433
|
|
273
|
|
1,483
|
|
|
|
|
|
2012
|
|
418
|
|
325
|
|
390
|
|
259
|
|
1,392
|
|
|
|
|
|
2011
|
|
398
|
|
328
|
|
370
|
|
250
|
|
1,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Price Per
Vacation Rental (a)
|
2014
|
$
|
410.04
|
$
|
577.13
|
$
|
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
|
|
|
|
|
|
2011
|
$
|
377.71
|
$
|
549.09
|
$
|
701.81
|
$
|
497.04
|
$
|
530.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Vacation
Ownership Interest (VOI) Sales (in 000s) (b)
|
2014
|
$
|
410,000
|
$
|
496,000
|
$
|
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
|
|
|
|
|
|
2011
|
$
|
319,000
|
$
|
412,000
|
$
|
455,000
|
$
|
409,000
|
$
|
1,595,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tours (in 000s)
(c)
|
2014
|
|
170
|
|
208
|
|
225
|
|
191
|
|
794
|
|
|
|
|
|
2013
|
|
163
|
|
206
|
|
225
|
|
195
|
|
789
|
|
|
|
|
|
2012
|
|
148
|
|
186
|
|
207
|
|
183
|
|
724
|
|
|
|
|
|
2011
|
|
137
|
|
177
|
|
197
|
|
173
|
|
685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Per Guest
(VPG) (c)
|
2014
|
$
|
2,272
|
$
|
2,280
|
$
|
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
|
|
|
|
|
|
2011
|
$
|
2,192
|
$
|
2,227
|
$
|
2,197
|
$
|
2,296
|
$
|
2,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Full
year amounts may not add across due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes the impact
of acquisitions from the acquisition dates forward. Therefore, the
operating statistics are not presented on a comparable
basis.
|
|
(b)
|
Includes Gross VOI
sales under the Company's Wyndham Asset Affiliate Model (WAAM)
Just-in-Time beginning in the second quarter of 2012 (see Table 9
for a reconciliation of Gross VOI sales to vacation ownership
interest sales).
|
|
(c)
|
Includes the impact
of WAAM Just-in-Time related tours beginning in the second quarter
of 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Full
Year
|
|
Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Properties
|
2014
|
|
7,500
|
|
7,540
|
|
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
|
|
|
|
|
|
2011
|
|
7,190
|
|
7,220
|
|
7,190
|
|
7,210
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan
Losses (in 000s)
(*)
|
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
|
|
|
|
|
|
2011
|
$
|
79,000
|
$
|
80,000
|
$
|
96,000
|
$
|
83,000
|
$
|
339,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Full
year amounts may not add across due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
|
Represents provision
for estimated losses on vacation ownership contract receivables
originated during the period, which is recorded as a contra revenue
to vacation ownership interest sales on the Consolidated Statements
of Income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 of
2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide
Corporation
|
|
OPERATING
STATISTICS
|
|
|
GLOSSARY OF
TERMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Rooms:
Represents the number of rooms at lodging properties at the end of
the period which are either (i) under franchise and/or management
agreements, or company owned, (ii) properties under affiliation
agreements for which the Company receives a fee for reservation
and/or other services provided and (iii) properties managed under a
joint venture.
|
|
|
|
Average Occupancy
Rate: Represents the percentage of available rooms occupied during
the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Daily Rate
(ADR): Represents the average rate charged for renting a lodging
room for one day.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR:
Represents revenue per available room and is calculated by
multiplying average occupancy rate by ADR. Comparable RevPAR
represents RevPAR of hotels which are included in both
periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Exchange
and Rentals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Members: Represents members in our vacation exchange programs
who paid annual membership dues as of the end of the period or who
are within the allowed grace period. For additional fees, such
participants are entitled to exchange intervals for intervals at
other properties affiliated with the Company's vacation exchange
business. In addition, certain participants may exchange intervals
for other leisure-related services and products.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Revenue Per
Member: Represents total annualized revenues generated from fees
associated with memberships, exchange transactions, member-related
rentals and other servicing for the period divided by the average
number of vacation exchange members during the
period.
|
|
|
Vacation Rental
Transactions: Represents the number of transactions that are
generated during the period in connection with customers booking
their vacation rental stays through the Company. One rental
transaction is recorded for each standard one-week
rental.
|
|
|
|
Average Net Price Per
Vacation Rental: Represents the net rental price generated from
renting vacation properties to customers and other related rental
servicing fees during the period divided by the number of vacation
rental transactions during the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Vacation
Ownership Interest Sales: Represents sales of vacation ownership
interest (VOIs), including WAAM sales, before the net effect of
percentage-of-completion accounting and loan loss provisions.
See Table 9 for a reconciliation of Gross VOI sales to vacation
ownership interest sales.
|
|
|
|
Tours: Represents the
number of tours taken by guests in our efforts to sell
VOIs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume per Guest
(VPG): Represents Gross VOI sales (excluding tele-sales upgrades,
which are non-tour upgrade sales) divided by the number of
tours. The Company has excluded non-tour upgrade sales in the
calculation of VPG because non-tour upgrade sales are generated by
a different marketing channel. See Table 9 for a detail of
tele-sales upgrades for 2011-2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General
|
|
|
Constant Currency:
Represents a comparison eliminating the effects of foreign exchange
rate fluctuations between periods (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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Year
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Year
|
|
Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Lodging
|
|
|
237
|
|
283
|
|
315
|
|
267
|
|
1,101
|
|
|
222
|
|
262
|
|
297
|
|
245
|
|
1,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Exchange
and Rentals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Vacation
Exchange and Rentals
|
|
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
|
$
|
1,208
|
$
|
5,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Year
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Year
|
|
Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties and
Franchise Fees
|
|
$
|
62
|
$
|
80
|
$
|
88
|
$
|
71
|
$
|
301
|
|
$
|
58
|
$
|
75
|
$
|
85
|
$
|
66
|
$
|
284
|
|
Marketing,
Reservation and Wyndham Rewards Revenues (a)
|
|
68
|
|
99
|
|
98
|
|
80
|
|
345
|
|
|
54
|
|
75
|
|
94
|
|
76
|
|
299
|
|
Hotel Management
Reimbursable Revenues (b)
|
|
21
|
|
22
|
|
25
|
|
23
|
|
91
|
|
|
19
|
|
19
|
|
21
|
|
20
|
|
79
|
|
Intersegment
Trademark Fees (f)
|
|
|
8
|
|
9
|
|
9
|
|
8
|
|
34
|
|
|
1
|
|
2
|
|
3
|
|
4
|
|
10
|
|
Owned Hotel
Revenues
|
|
|
8
|
|
8
|
|
7
|
|
18
|
|
41
|
|
|
-
|
|
-
|
|
-
|
|
5
|
|
5
|
|
Ancillary Revenues
(c)
|
|
|
18
|
|
15
|
|
22
|
|
23
|
|
78
|
|
|
17
|
|
19
|
|
19
|
|
17
|
|
72
|
|
Total
Lodging
|
|
|
185
|
|
233
|
|
249
|
|
223
|
|
890
|
|
|
149
|
|
190
|
|
222
|
|
188
|
|
749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Exchange
and Rentals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Revenues
|
|
|
188
|
|
162
|
|
157
|
|
153
|
|
660
|
|
|
194
|
|
168
|
|
161
|
|
150
|
|
673
|
|
Rental
Revenues
|
|
|
159
|
|
170
|
|
248
|
|
125
|
|
702
|
|
|
150
|
|
180
|
|
260
|
|
125
|
|
715
|
|
Ancillary Revenues
(d)
|
|
|
14
|
|
16
|
|
15
|
|
15
|
|
60
|
|
|
12
|
|
13
|
|
15
|
|
16
|
|
56
|
|
Total Vacation
Exchange and Rentals
|
|
361
|
|
348
|
|
420
|
|
293
|
|
1,422
|
|
|
356
|
|
361
|
|
436
|
|
291
|
|
1,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership
Interest Sales
|
|
271
|
|
342
|
|
373
|
|
337
|
|
1,323
|
|
|
222
|
|
313
|
|
320
|
|
295
|
|
1,150
|
|
Consumer
Financing
|
|
|
103
|
|
102
|
|
106
|
|
110
|
|
421
|
|
|
102
|
|
103
|
|
105
|
|
105
|
|
415
|
|
Property Management
Fees
|
|
|
110
|
|
108
|
|
117
|
|
125
|
|
460
|
|
|
110
|
|
108
|
|
105
|
|
101
|
|
424
|
|
WAAM Fee-for-Service
Commissions
|
|
12
|
|
11
|
|
4
|
|
6
|
|
33
|
|
|
10
|
|
11
|
|
23
|
|
21
|
|
65
|
|
Ancillary Revenues
(e)
|
|
|
5
|
|
7
|
|
8
|
|
12
|
|
32
|
|
|
6
|
|
6
|
|
6
|
|
5
|
|
23
|
|
Total Vacation
Ownership
|
|
|
501
|
|
570
|
|
608
|
|
590
|
|
2,269
|
|
|
450
|
|
541
|
|
559
|
|
527
|
|
2,077
|
|
Total Reportable
Segments
|
|
$
|
1,047
|
$
|
1,151
|
$
|
1,277
|
$
|
1,106
|
$
|
4,581
|
|
$
|
955
|
$
|
1,092
|
$
|
1,217
|
$
|
1,006
|
$
|
4,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Full
year amounts may not add across due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Marketing and
reservation revenues represent fees the Company receives from
franchised and managed hotels that are to be expended for marketing
purposes or the operation of a centralized, brand-specific
reservation system. These fees are typically based on a
percentage of the gross room revenues of each hotel. Wyndham
Rewards revenues represent fees the Company receives relating to
its loyalty program.
|
|
(b)
|
Primarily represents
payroll costs in the hotel management business that the Company
pays on behalf of property owners and for which it is reimbursed by
the property owners. During 2014, such amounts include reimbursable
revenues of $2 million in each of Q1, Q2 and Q3 and $1 million in
Q4 which were charged to the Company's vacation ownership business
and were eliminated in consolidation. During 2013, such amounts
include reimbursable revenues of $1 million, $3 million and $2
million, in Q2, Q3 and Q4 respectively, which were charged to the
Company's vacation ownership business and were eliminated in
consolidation.
|
|
(c)
|
Primarily includes
additional services provided to franchisees.
|
|
(d)
|
Primarily includes
fees generated from programs with affiliated resorts and
homeowners.
|
|
(e)
|
Primarily includes
revenues associated with bonus points/credits that are provided as
purchase incentives on VOI sales and fees generated from other
non-core operations.
|
|
(f)
|
During 2011, $3
million, $1 million and $2 million of intersegment trademark fees
were recorded as a reduction of expenses in Q1, Q2 and Q3,
respectively. As such, total intersegment trademark fees for
2011 were $16 million.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
5
|
|
Wyndham Worldwide
Corporation
|
|
SCHEDULE OF
DEBT
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2014
|
|
September 30,
2014
|
|
June 30,
2014
|
|
March 31,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securitized vacation
ownership debt (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term notes
|
$
|
1,962
|
|
$
|
1,670
|
|
$
|
1,600
|
|
$
|
1,823
|
|
$
|
1,648
|
|
Bank conduit facility
(b)
|
|
203
|
|
|
271
|
|
|
291
|
|
|
156
|
|
|
262
|
|
Total securitized
vacation ownership debt (c)
|
|
2,165
|
|
|
1,941
|
|
|
1,891
|
|
|
1,979
|
|
|
1,910
|
|
Less: Current portion
of securitized vacation ownership debt
|
|
214
|
|
|
192
|
|
|
187
|
|
|
192
|
|
|
184
|
|
Long-term securitized
vacation ownership debt
|
$
|
1,951
|
|
$
|
1,749
|
|
$
|
1,704
|
|
$
|
1,787
|
|
$
|
1,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit
facility (due July 2018) (d)
|
$
|
25
|
|
$
|
18
|
|
$
|
16
|
|
$
|
10
|
|
$
|
23
|
|
Commercial paper
(e)
|
|
|
|
|
189
|
|
|
237
|
|
|
107
|
|
|
184
|
|
|
210
|
|
$315 million 6.00%
senior unsecured notes (due December 2016)
(f)
|
|
317
|
|
|
317
|
|
|
318
|
|
|
318
|
|
|
318
|
|
$300 million 2.95%
senior unsecured notes (due March 2017)
|
|
299
|
|
|
299
|
|
|
299
|
|
|
299
|
|
|
298
|
|
$14 million 5.75%
senior unsecured notes (due February 2018)
|
|
14
|
|
|
14
|
|
|
14
|
|
|
14
|
|
|
14
|
|
$450 million 2.50%
senior unsecured notes (due March 2018)
|
|
448
|
|
|
448
|
|
|
448
|
|
|
447
|
|
|
447
|
|
$40 million 7.375%
senior unsecured notes (due March 2020)
|
|
40
|
|
|
40
|
|
|
40
|
|
|
40
|
|
|
40
|
|
$250 million 5.625%
senior unsecured notes (due March 2021)
|
|
247
|
|
|
247
|
|
|
246
|
|
|
246
|
|
|
246
|
|
$650 million 4.25%
senior unsecured notes (due March 2022) (g)
|
|
648
|
|
|
646
|
|
|
646
|
|
|
645
|
|
|
643
|
|
$400 million 3.90%
senior unsecured notes (due March 2023) (h)
|
|
410
|
|
|
401
|
|
|
403
|
|
|
395
|
|
|
387
|
|
Capital
leases
|
|
170
|
|
|
175
|
|
|
186
|
|
|
188
|
|
|
191
|
|
Other
|
|
81
|
|
|
80
|
|
|
99
|
|
|
100
|
|
|
114
|
|
Total long-term
debt
|
|
2,888
|
|
|
2,922
|
|
|
2,822
|
|
|
2,886
|
|
|
2,931
|
|
Less: Current portion
of long-term debt
|
|
47
|
|
|
49
|
|
|
50
|
|
|
52
|
|
|
49
|
|
Long-term
debt
|
$
|
2,841
|
|
$
|
2,873
|
|
$
|
2,772
|
|
$
|
2,834
|
|
$
|
2,882
|
|
__________
|
|
(a)
|
The Company's
vacation ownership contract receivables are securitized through
bankruptcy-remote special purpose entities ("SPEs") that are
consolidated within our financial statements. These
bankruptcy-remote SPEs are legally separate from the Company. The
receivables held by the bankruptcy-remote SPEs are not available to
the Company's creditors and legally are not the Company's assets.
Additionally, the creditors of these SPEs have no recourse to the
Company for principal and interest.
|
|
(b)
|
Represents a
non-recourse vacation ownership bank conduit facility with a term
through August 2016 and borrowing capacity of $650 million. As of
December 31, 2014, this facility had a remaining borrowing capacity
of $447 million.
|
|
(c)
|
This debt is
collateralized by $2,629 million, $2,326 million, $2,287 million,
$2,328 million and $2,314 million of underlying vacation ownership
contract receivables and related assets as of December 31, 2014,
September 30, 2014, June 30, 2014, March 31, 2014 and December 31,
2013, respectively.
|
|
(d)
|
Represents a $1.5
billion revolving credit facility that expires in July 2018. As of
December 31, 2014, the Company had $2 million of outstanding
letters of credit. After considering outstanding commercial paper
borrowings of $189 million, the remaining borrowing capacity was
$1.3 billion as of December 31, 2014.
|
|
(e)
|
Represents commercial
paper programs of $1.25 billion with a remaining borrowing capacity
of $1.1 billion, as of December 31, 2014.
|
|
(f)
|
Includes unamortized
gains from the settlement of a derivative in the amount of $2
million as of December 31, 2014 and September 30, 2014,
respectively, and $3 million as of June 30, 2014, March 31, 2014
and December 31, 2013, respectively.
|
|
(g)
|
Includes a $3 million
increase and $2 million decrease in the carrying value resulting
from a fair value hedge derivative as of December 31, 2014 and
December 31, 2013, respectively.
|
|
(h)
|
Includes a $13
million increase and $10 million decrease in the carrying value
resulting from a fair value hedge derivative as of December 31,
2014 and December 31, 2013, respectively.
|
|
|
|
|
|
|
Table
6
|
|
|
|
|
|
|
(1 of
2)
|
|
Wyndham Worldwide
Corporation
|
|
BRAND SYSTEM
DETAILS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended December 31, 2014
|
|
Brand
|
Number of
Properties
|
Number of
Rooms
|
Average
Occupancy Rate
|
Average Daily
Rate (ADR)
|
Average
Revenue
Per Available
Room (RevPAR)
|
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
|
Wyndham Hotels and
Resorts
|
195
|
43,865
|
58.0%
|
$116.50
|
$67.53
|
|
|
|
|
|
|
|
|
TRYP by
Wyndham
|
119
|
16,965
|
59.5%
|
$84.73
|
$50.44
|
|
|
|
|
|
|
|
|
Wingate by
Wyndham
|
153
|
13,923
|
58.2%
|
$84.83
|
$49.35
|
|
|
|
|
|
|
|
|
Hawthorn Suites by
Wyndham
|
97
|
9,620
|
63.1%
|
$75.65
|
$47.72
|
|
|
|
|
|
|
|
|
Ramada
|
837
|
115,923
|
51.1%
|
$78.04
|
$39.86
|
|
|
|
|
|
|
|
|
Baymont
|
369
|
29,727
|
47.1%
|
$64.64
|
$30.42
|
|
|
|
|
|
|
|
|
Days
Inn
|
1,794
|
145,078
|
45.7%
|
$63.86
|
$29.18
|
|
|
|
|
|
|
|
|
Super
8
|
2,510
|
160,847
|
53.8%
|
$48.07
|
$25.85
|
|
|
|
|
|
|
|
|
Howard
Johnson
|
429
|
45,919
|
46.7%
|
$62.82
|
$29.34
|
|
|
|
|
|
|
|
|
Travelodge
|
421
|
30,989
|
45.0%
|
$63.71
|
$28.68
|
|
|
|
|
|
|
|
|
Microtel Inns &
Suites by Wyndham
|
323
|
23,138
|
56.1%
|
$67.28
|
$37.74
|
|
|
|
|
|
|
|
|
Knights
Inn
|
398
|
24,832
|
42.1%
|
$45.61
|
$19.19
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,645
|
660,826
|
50.6%
|
$67.27
|
$34.06
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
Wyndham Vacation
Ownership resorts
|
203
|
23,644
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total Wyndham
Worldwide
|
7,848
|
684,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended December 31, 2013
|
|
Brand
|
Number of
Properties
|
Number
of Rooms
|
Average
Occupancy Rate
|
Average Daily
Rate (ADR)
|
Average
Revenue
Per Available
Room (RevPAR)
|
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
|
Wyndham Hotels and
Resorts
|
170
|
37,569
|
54.5%
|
$120.69
|
$65.76
|
|
|
|
|
|
|
|
|
TRYP by
Wyndham
|
113
|
16,216
|
57.4%
|
$97.16
|
$55.74
|
|
|
|
|
|
|
|
|
Wingate by
Wyndham
|
159
|
14,559
|
56.0%
|
$83.38
|
$46.66
|
|
|
|
|
|
|
|
|
Hawthorn Suites by
Wyndham
|
91
|
8,933
|
59.2%
|
$69.39
|
$41.10
|
|
|
|
|
|
|
|
|
Ramada
|
834
|
115,394
|
50.9%
|
$80.82
|
$41.13
|
|
|
|
|
|
|
|
|
Baymont
|
329
|
27,108
|
46.0%
|
$62.11
|
$28.60
|
|
|
|
|
|
|
|
|
Days
Inn
|
1,817
|
146,959
|
44.3%
|
$62.20
|
$27.54
|
|
|
|
|
|
|
|
|
Super
8
|
2,391
|
152,648
|
52.2%
|
$49.36
|
$25.77
|
|
|
|
|
|
|
|
|
Howard
Johnson
|
449
|
46,777
|
45.8%
|
$59.86
|
$27.39
|
|
|
|
|
|
|
|
|
Travelodge
|
432
|
32,012
|
44.2%
|
$63.13
|
$27.91
|
|
|
|
|
|
|
|
|
Microtel Inns &
Suites by Wyndham
|
312
|
22,304
|
53.7%
|
$63.53
|
$34.11
|
|
|
|
|
|
|
|
|
Knights
Inn
|
380
|
23,325
|
40.0%
|
$43.43
|
$17.37
|
|
|
|
|
|
|
|
|
Dream
|
5
|
989
|
74.6%
|
$249.45
|
$186.05
|
|
|
|
|
|
|
|
|
Night
|
3
|
630
|
63.3%
|
$172.81
|
$109.40
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,485
|
645,423
|
49.1%
|
$67.36
|
$33.07
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
Wyndham Vacation
Ownership resorts
|
191
|
23,506
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total Wyndham
Worldwide
|
7,676
|
668,929
|
|
|
|
|
_______________
|
|
|
|
|
|
|
NOTE: A
glossary of terms is included in Table 3 (2 of 2); RevPAR may not
recalculate by multiplying average occupancy rate by ADR due to
rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
6
|
|
|
|
|
|
|
(2 of
2)
|
|
Wyndham Worldwide
Corporation
|
|
BRAND SYSTEM
DETAILS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Year Ended December 31, 2014
|
|
Brand
|
Number
of
Properties
|
Number of
Rooms
|
Average
Occupancy
Rate
|
Average
Daily
Rate
(ADR)
|
Average
Revenue
Per
Available
Room
(RevPAR)
|
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
|
Wyndham Hotels and
Resorts
|
195
|
43,865
|
61.8%
|
$115.17
|
$71.14
|
|
|
|
|
|
|
|
|
TRYP by
Wyndham
|
119
|
16,965
|
61.9%
|
$90.45
|
$55.97
|
|
|
|
|
|
|
|
|
Wingate by
Wyndham
|
153
|
13,923
|
63.6%
|
$86.61
|
$55.05
|
|
|
|
|
|
|
|
|
Hawthorn Suites by
Wyndham
|
97
|
9,620
|
65.5%
|
$76.59
|
$50.19
|
|
|
|
|
|
|
|
|
Ramada
|
837
|
115,923
|
54.2%
|
$79.70
|
$43.22
|
|
|
|
|
|
|
|
|
Baymont
|
369
|
29,727
|
52.5%
|
$65.75
|
$34.51
|
|
|
|
|
|
|
|
|
Days
Inn
|
1,794
|
145,078
|
51.0%
|
$65.68
|
$33.48
|
|
|
|
|
|
|
|
|
Super
8
|
2,510
|
160,847
|
57.2%
|
$50.86
|
$29.09
|
|
|
|
|
|
|
|
|
Howard
Johnson
|
429
|
45,919
|
48.8%
|
$63.46
|
$30.96
|
|
|
|
|
|
|
|
|
Travelodge
|
421
|
30,989
|
51.1%
|
$67.75
|
$34.62
|
|
|
|
|
|
|
|
|
Microtel Inns &
Suites by Wyndham
|
323
|
23,138
|
59.8%
|
$67.26
|
$40.23
|
|
|
|
|
|
|
|
|
Knights
Inn
|
398
|
24,832
|
44.9%
|
$46.67
|
$20.94
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,645
|
660,826
|
54.5%
|
$68.94
|
$37.57
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
Wyndham Vacation
Ownership resorts
|
203
|
23,644
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total Wyndham
Worldwide
|
7,848
|
684,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Year Ended December 31, 2013
|
|
Brand
|
Number of
Properties
|
Number of
Rooms
|
Average
Occupancy Rate
|
Average Daily
Rate (ADR)
|
Average
Revenue
Per Available
Room (RevPAR)
|
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
|
Wyndham Hotels and
Resorts
|
170
|
37,569
|
58.6%
|
$117.27
|
$68.74
|
|
|
|
|
|
|
|
|
TRYP by
Wyndham
|
113
|
16,216
|
60.5%
|
$96.09
|
$58.16
|
|
|
|
|
|
|
|
|
Wingate by
Wyndham
|
159
|
14,559
|
60.9%
|
$85.11
|
$51.82
|
|
|
|
|
|
|
|
|
Hawthorn Suites by
Wyndham
|
91
|
8,933
|
62.6%
|
$71.46
|
$44.71
|
|
|
|
|
|
|
|
|
Ramada
|
834
|
115,394
|
53.0%
|
$80.19
|
$42.50
|
|
|
|
|
|
|
|
|
Baymont
|
329
|
27,108
|
51.3%
|
$63.14
|
$32.40
|
|
|
|
|
|
|
|
|
Days
Inn
|
1,817
|
146,959
|
48.8%
|
$64.34
|
$31.42
|
|
|
|
|
|
|
|
|
Super
8
|
2,391
|
152,648
|
56.3%
|
$52.33
|
$29.45
|
|
|
|
|
|
|
|
|
Howard
Johnson
|
449
|
46,777
|
47.7%
|
$62.06
|
$29.58
|
|
|
|
|
|
|
|
|
Travelodge
|
432
|
32,012
|
49.5%
|
$67.10
|
$33.23
|
|
|
|
|
|
|
|
|
Microtel Inns &
Suites by Wyndham
|
312
|
22,304
|
57.6%
|
$64.42
|
$37.10
|
|
|
|
|
|
|
|
|
Knights
Inn
|
380
|
23,325
|
42.0%
|
$45.04
|
$18.92
|
|
|
|
|
|
|
|
|
Dream
|
5
|
989
|
71.8%
|
$229.77
|
$164.88
|
|
|
|
|
|
|
|
|
Night
|
3
|
630
|
62.4%
|
$152.65
|
$95.18
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,485
|
645,423
|
52.7%
|
$68.27
|
$36.00
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
Wyndham Vacation
Ownership resorts
|
191
|
23,506
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total Wyndham
Worldwide
|
7,676
|
668,929
|
|
|
|
|
_______________
|
|
|
|
|
|
|
NOTE: A
glossary of terms is included in Table 3 (2 of 2); RevPAR may not
recalculate by multiplying average occupancy rate by ADR due to
rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 of
2)
|
|
Wyndham Worldwide
Corporation
|
|
NON-GAAP
RECONCILIATION
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, 2014
|
|
Net
Revenues
|
|
Reported
EBITDA
|
|
Executive
Departure
Costs
|
|
Venezuela
Currency
Devaluation(b)
|
|
VAT
Adjustment(c)
|
|
Restructuring
Costs(d)
|
|
Loss on Sale
and Asset
Impairments(e)
|
|
Legacy
Adjustments(f)
|
|
Adjusted
EBITDA
|
|
Lodging
|
|
$
|
237
|
|
$
|
64
|
|
$
|
4
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
68
|
|
Vacation Exchange and
Rentals
|
|
|
379
|
|
|
85
|
|
|
-
|
|
|
10
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
95
|
|
Vacation
Ownership
|
|
|
593
|
|
|
115
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
115
|
|
Total Reportable
Segments
|
|
|
1,209
|
|
|
264
|
|
|
4
|
|
|
10
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
278
|
|
Corporate and Other
(a)
|
|
|
(16)
|
|
|
(34)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(34)
|
|
Total
Company
|
|
$
|
1,193
|
|
$
|
230
|
|
$
|
4
|
|
$
|
10
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
|
283
|
|
$
|
87
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
87
|
|
Vacation Exchange and
Rentals
|
|
|
402
|
|
|
89
|
|
|
-
|
|
|
-
|
|
|
(2)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
87
|
|
Vacation
Ownership
|
|
|
673
|
|
|
185
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
185
|
|
Total Reportable
Segments
|
|
|
1,358
|
|
|
361
|
|
|
-
|
|
|
-
|
|
|
(2)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
359
|
|
Corporate and Other
(a)
|
|
|
(15)
|
|
|
(35)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(35)
|
|
Total
Company
|
|
$
|
1,343
|
|
$
|
326
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(2)
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
|
315
|
|
$
|
100
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(1)
|
|
$
|
8
|
|
$
|
-
|
|
$
|
107
|
|
Vacation Exchange and
Rentals
|
|
|
512
|
|
|
159
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
159
|
|
Vacation
Ownership
|
|
|
704
|
|
|
188
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
188
|
|
Total Reportable
Segments
|
|
|
1,531
|
|
|
447
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
8
|
|
|
-
|
|
|
454
|
|
Corporate and Other
(a)
|
|
|
(17)
|
|
|
(36)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(36)
|
|
Total
Company
|
|
$
|
1,514
|
|
$
|
411
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(1)
|
|
$
|
8
|
|
$
|
-
|
|
$
|
418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
|
267
|
|
$
|
77
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2
|
|
$
|
-
|
|
$
|
-
|
|
$
|
79
|
|
Vacation Exchange and
Rentals
|
|
|
311
|
|
|
2
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10
|
|
|
27
|
|
|
-
|
|
|
39
|
|
Vacation
Ownership
|
|
|
668
|
|
|
172
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
172
|
|
Total Reportable
Segments
|
|
|
1,246
|
|
|
251
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
12
|
|
|
27
|
|
|
-
|
|
|
290
|
|
Corporate and Other
(a)
|
|
|
(15)
|
|
|
(36)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2)
|
|
|
(38)
|
|
Total
Company
|
|
$
|
1,231
|
|
$
|
215
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
12
|
|
$
|
27
|
|
$
|
(2)
|
|
$
|
252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
|
1,101
|
|
$
|
327
|
|
$
|
4
|
|
$
|
-
|
|
$
|
-
|
|
$
|
1
|
|
$
|
8
|
|
$
|
-
|
|
$
|
340
|
|
Vacation Exchange and
Rentals
|
|
|
1,604
|
|
|
335
|
|
|
-
|
|
|
10
|
|
|
(2)
|
|
|
10
|
|
|
27
|
|
|
-
|
|
|
380
|
|
Vacation
Ownership
|
|
|
2,638
|
|
|
660
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
660
|
|
Total Reportable
Segments
|
|
|
5,343
|
|
|
1,322
|
|
|
4
|
|
|
10
|
|
|
(2)
|
|
|
11
|
|
|
35
|
|
|
-
|
|
|
1,380
|
|
Corporate and Other
(a)
|
|
|
(62)
|
|
|
(141)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
(142)
|
|
Total
Company
|
|
$
|
5,281
|
|
$
|
1,181
|
|
$
|
4
|
|
$
|
10
|
|
$
|
(2)
|
|
$
|
11
|
|
$
|
35
|
|
$
|
(1)
|
|
$
|
1,238
|
|
________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The sum
of the quarters may not agree to the twelve months ended December
31, 2014 due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes the
elimination of transactions between segments.
|
|
(b)
|
Represents the
devaluation of the official exchange rate of Venezuela.
|
|
(c)
|
Reversal of a reserve
for value-added taxes.
|
|
(d)
|
Relates to (i) the
reversal of a portion of a restructuring reserve established during
the fourth quarter of 2013 and (ii) costs incurred as a result of
various organizational realignment initiatives by the
Company.
|
|
(e)
|
Relates to (i) a loss
on the sale of a business and a write-down of an equity investment
at the Company's vacation exchange and rentals business and (ii) a
write-down of an investment in a joint venture at the Company's
lodging business.
|
|
(f)
|
Relates to the net
benefit from the resolution of and adjustment to certain contingent
liabilities and assets resulting from our separation from
Cendant.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 of
2)
|
|
Wyndham Worldwide
Corporation
|
|
NON-GAAP
RECONCILIATION
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, 2013
|
|
Net
Revenues
|
|
Reported
EBITDA
|
|
Legacy
Adjustments (b)
|
|
Acquisition
Costs (c)
|
|
Restructuring
Costs (d)
|
|
Asset
Impairment (e)
|
|
Adjusted
EBITDA
|
|
Lodging
|
|
$
|
222
|
|
$
|
58
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
58
|
|
Vacation Exchange and
Rentals
|
|
|
374
|
|
|
94
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
94
|
|
Vacation
Ownership
|
|
|
549
|
|
|
111
|
|
|
-
|
|
|
2
|
|
|
-
|
|
|
-
|
|
|
113
|
|
Total Reportable
Segments
|
|
|
1,145
|
|
|
263
|
|
|
-
|
|
|
2
|
|
|
-
|
|
|
-
|
|
|
265
|
|
Corporate and Other
(a)
|
|
|
(12)
|
|
|
(29)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(29)
|
|
Total
Company
|
|
$
|
1,133
|
|
$
|
234
|
|
$
|
-
|
|
$
|
2
|
|
$
|
-
|
|
$
|
-
|
|
$
|
236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
|
262
|
|
$
|
78
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
78
|
|
Vacation Exchange and
Rentals
|
|
|
376
|
|
|
85
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
85
|
|
Vacation
Ownership
|
|
|
630
|
|
|
161
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
161
|
|
Total Reportable
Segments
|
|
|
1,268
|
|
|
324
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
324
|
|
Corporate and Other
(a)
|
|
|
(15)
|
|
|
(27)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(27)
|
|
Total
Company
|
|
$
|
1,253
|
|
$
|
297
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
|
297
|
|
$
|
95
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
95
|
|
Vacation Exchange and
Rentals
|
|
|
470
|
|
|
141
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
141
|
|
Vacation
Ownership
|
|
|
677
|
|
|
176
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
176
|
|
Total Reportable
Segments
|
|
|
1,444
|
|
|
412
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
412
|
|
Corporate and Other
(a)
|
|
|
(17)
|
|
|
(33)
|
|
|
(1)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(34)
|
|
Total
Company
|
|
$
|
1,427
|
|
$
|
379
|
|
$
|
(1)
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
|
245
|
|
$
|
47
|
|
$
|
-
|
|
$
|
-
|
|
$
|
9
|
|
$
|
8
|
|
$
|
64
|
|
Vacation Exchange and
Rentals
|
|
|
305
|
|
|
36
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
36
|
|
Vacation
Ownership
|
|
|
658
|
|
|
172
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
172
|
|
Total Reportable
Segments
|
|
|
1,208
|
|
|
255
|
|
|
-
|
|
|
-
|
|
|
9
|
|
|
8
|
|
|
272
|
|
Corporate and Other
(a)
|
|
|
(13)
|
|
|
(33)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(33)
|
|
Total
Company
|
|
$
|
1,195
|
|
$
|
222
|
|
$
|
-
|
|
$
|
-
|
|
$
|
9
|
|
$
|
8
|
|
$
|
239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
|
1,027
|
|
$
|
279
|
|
$
|
-
|
|
$
|
-
|
|
$
|
9
|
|
$
|
8
|
|
$
|
296
|
|
Vacation Exchange and
Rentals
|
|
|
1,526
|
|
|
356
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
356
|
|
Vacation
Ownership
|
|
|
2,515
|
|
|
619
|
|
|
-
|
|
|
2
|
|
|
-
|
|
|
-
|
|
|
621
|
|
Total Reportable
Segments
|
|
|
5,068
|
|
|
1,254
|
|
|
-
|
|
|
2
|
|
|
9
|
|
|
8
|
|
|
1,273
|
|
Corporate and Other
(a)
|
|
|
(59)
|
|
|
(122)
|
|
|
1
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(121)
|
|
Total
Company
|
|
$
|
5,009
|
|
$
|
1,132
|
|
$
|
1
|
|
$
|
2
|
|
$
|
9
|
|
$
|
8
|
|
$
|
1,152
|
|
________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The sum
of the quarters may not agree to the twelve months ended December
31, 2013 due to rounding.
|
|
|
(a)
|
Includes the
elimination of transactions between segments.
|
|
(b)
|
Relates to a net
(benefit)/expense from the resolution of and adjustment to certain
contingent liabilities and assets resulting from the Company's
separation from Cendant.
|
|
(c)
|
Relates to costs
incurred in connection with the acquisition of Midtown 45, a NYC
property (January 2013).
|
|
(d)
|
Relates to costs
incurred as a result of an organizational realignment
initiative.
|
|
(e)
|
Relates primarily to
a non-cash impairment charge from a partial write-down of the
Hawthorn trademark.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 of
4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide
Corporation
|
|
NON-GAAP FINANCIAL
INFORMATION
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Legacy
Adjustments(a)
|
|
Restructuring
Costs (c)
|
|
Loss on Sale
and Asset
Impairment (d)
|
|
As Adjusted
non-GAAP
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service and
membership fees
|
|
$
|
508
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
508
|
|
Vacation ownership
interest sales
|
|
|
385
|
|
|
|
|
|
|
|
|
|
|
|
385
|
|
Franchise
fees
|
|
|
151
|
|
|
|
|
|
|
|
|
|
|
|
151
|
|
Consumer
financing
|
|
|
108
|
|
|
|
|
|
|
|
|
|
|
|
108
|
|
Other
|
|
|
79
|
|
|
|
|
|
|
|
|
|
|
|
79
|
|
Net
revenues
|
|
|
1,231
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
542
|
|
|
|
|
|
|
|
|
|
|
|
542
|
|
Cost of vacation
ownership interests
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
42
|
|
Consumer financing
interest
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
18
|
|
Marketing and
reservation
|
|
|
188
|
|
|
|
|
|
|
|
|
|
|
|
188
|
|
General and
administrative
|
|
|
189
|
|
|
2
|
|
|
|
|
|
|
|
|
191
|
|
Loss on sale and
asset impairment
|
|
|
27
|
|
|
|
|
|
|
|
|
(27)
|
|
|
-
|
|
Restructuring
|
|
|
12
|
|
|
|
|
|
(12)
|
|
|
|
|
|
-
|
|
Depreciation and
amortization
|
|
|
58
|
|
|
|
|
|
|
|
|
|
|
|
58
|
|
Total
expenses
|
|
|
1,076
|
|
|
2
|
|
|
(12)
|
|
|
(27)
|
|
|
1,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
155
|
|
|
(2)
|
|
|
12
|
|
|
27
|
|
|
192
|
|
Other income,
net
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
Interest
expense
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
29
|
|
Interest
income
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
132
|
|
|
(2)
|
|
|
12
|
|
|
27
|
|
|
169
|
|
Provision for income
taxes
|
|
|
51
|
|
|
(1)
|
(b)
|
|
4
|
(b)
|
|
3
|
(b)
|
|
57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Wyndham shareholders
|
|
$
|
81
|
|
$
|
(1)
|
|
$
|
8
|
|
$
|
24
|
|
$
|
112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.66
|
|
$
|
(0.01)
|
|
$
|
0.07
|
|
$
|
0.20
|
|
$
|
0.91
|
|
Diluted
|
|
|
0.65
|
|
|
(0.01)
|
|
|
0.06
|
|
|
0.20
|
|
|
0.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
122
|
|
|
122
|
|
|
122
|
|
|
122
|
|
|
122
|
|
Diluted
|
|
|
124
|
|
|
124
|
|
|
124
|
|
|
124
|
|
|
124
|
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above table
reconciles certain non-GAAP financial measures. The
presentation of these adjustments is intended to permit the
comparison of particular adjustments as they appear in the line
items of the income statement in order to assist investors'
understanding of the overall impact of such adjustments. This
non-GAAP reconciliation table should not be considered a substitute
for, nor superior to, financial results and measures determined or
calculated in accordance with GAAP.
|
|
Note:
|
EPS amounts may not
add due to rounding.
|
|
|
|
|
|
|
|
(a)
|
Relates to the net
benefit from the resolution of and adjustment to certain contingent
liabilities and assets resulting from our separation from
Cendant.
|
|
(b)
|
Relates to the tax
effect of the adjustment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
Relates to costs
incurred as a result of organizational realignment initiatives at
the Company's lodging and vacation exchange and rentals
businesses.
|
|
(d)
|
Relates to a loss on
the sale of a business and a write-down of an equity investment at
the Company's vacation exchange and rentals business.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 of
4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide
Corporation
|
|
NON-GAAP FINANCIAL
INFORMATION
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Executive
Departure
Costs (a)
|
|
Venezuela
Currency
Devaluation(c)
|
|
Legacy
Adjustments(d)
|
|
VAT
Adjustment(f)
|
|
Restructuring
Costs(g)
|
|
Loss on Sale
and Asset
Impairments(h)
|
|
As Adjusted
non-GAAP
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service and
membership fees
|
|
$
|
2,431
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
2,431
|
|
Vacation ownership
interest sales
|
|
|
1,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,485
|
|
Franchise
fees
|
|
|
632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
632
|
|
Consumer
financing
|
|
|
427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
427
|
|
Other
|
|
|
306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
306
|
|
Net
revenues
|
|
|
5,281
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
2,262
|
|
|
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,252
|
|
Cost of vacation
ownership interests
|
|
|
171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
171
|
|
Consumer financing
interest
|
|
|
71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71
|
|
Marketing and
reservation
|
|
|
802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
802
|
|
General and
administrative
|
|
|
755
|
|
|
(4)
|
|
|
|
|
|
1
|
|
|
2
|
|
|
|
|
|
|
|
|
754
|
|
Loss on sale and
asset impairments
|
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(35)
|
|
|
-
|
|
Restructuring
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11)
|
|
|
|
|
|
-
|
|
Depreciation and
amortization
|
|
|
233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
233
|
|
Total
expenses
|
|
|
4,340
|
|
|
(4)
|
|
|
(10)
|
|
|
1
|
|
|
2
|
|
|
(11)
|
|
|
(35)
|
|
|
4,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
941
|
|
|
4
|
|
|
10
|
|
|
(1)
|
|
|
(2)
|
|
|
11
|
|
|
35
|
|
|
998
|
|
Other income,
net
|
|
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
|
Interest
expense
|
|
|
113
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
115
|
|
Interest
income
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
845
|
|
|
4
|
|
|
10
|
|
|
(1)
|
|
|
(4)
|
|
|
11
|
|
|
35
|
|
|
900
|
|
Provision for income
taxes
|
|
|
316
|
|
|
1
|
(b)
|
|
1
|
(b)
|
|
1
|
(e)
|
|
(2)
|
(b)
|
|
4
|
(b)
|
|
6
|
(b)
|
|
327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
529
|
|
|
3
|
|
|
9
|
|
|
(2)
|
|
|
(2)
|
|
|
7
|
|
|
29
|
|
|
573
|
|
Net income
attributable to noncontrolling interest
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Wyndham shareholders
|
|
$
|
529
|
|
$
|
3
|
|
$
|
9
|
|
$
|
(2)
|
|
$
|
(2)
|
|
$
|
7
|
|
$
|
29
|
|
$
|
573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
4.22
|
|
$
|
0.02
|
|
$
|
0.07
|
|
$
|
(0.01)
|
|
$
|
(0.02)
|
|
$
|
0.06
|
|
$
|
0.23
|
|
$
|
4.57
|
|
Diluted
|
|
|
4.18
|
|
|
0.02
|
|
|
0.07
|
|
|
(0.01)
|
|
|
(0.02)
|
|
|
0.06
|
|
|
0.23
|
|
|
4.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
125
|
|
|
125
|
|
|
125
|
|
|
125
|
|
|
125
|
|
|
125
|
|
|
125
|
|
|
125
|
|
Diluted
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above table
reconciles certain non-GAAP financial measures. The
presentation of these adjustments is intended to permit the
comparison of particular adjustments as they appear in the line
items of the income statement in order to assist investors'
understanding of the overall impact of such adjustments. This
non-GAAP reconciliation table should not be considered a substitute
for, nor superior to, financial results and measures determined or
calculated in accordance with GAAP.
|
|
Note: EPS
amounts may not add due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Related to costs
associated with an executive's departure at the Company's lodging
business.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
Relates to the tax
effect of the adjustment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
Represents the
devaluation of the official exchange rate of Venezuela at the
Company's vacation exchange and rentals business.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d)
|
Relates to the net
benefit from the resolution of and adjustment to certain contingent
liabilities and assets resulting from our separation from
Cendant.
|
|
|
|
|
|
|
|
|
|
|
(e)
|
Relates to the
reversal of a state tax accrual.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(f)
|
Relates to the
reversal of a reserve for value-added taxes at the Company's
vacation exchange and rentals business.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(g)
|
Relates to (i) costs
incurred as a result of organizational realignment initiatives at
the Company's lodging and vacation exchange and rentals businesses,
partially offset by (ii) the reversal of a portion of a
restructuring reserve of $1 million established during the fourth
quarter of 2013.
|
|
(h)
|
Relates to (i) a loss
on the sale of a business and a write-down of an equity investment
at the Company's vacation exchange and rentals business and (ii) a
write-down of an investment in a joint venture at the Company's
lodging business.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3 of
4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide
Corporation
|
|
NON-GAAP FINANCIAL
INFORMATION
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Restructuring
Costs(a)
|
|
Asset
Impairment(b)
|
|
As Adjusted
non-GAAP
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
membership
|
|
$
|
496
|
|
$
|
|
|
$
|
|
|
$
|
496
|
|
Vacation ownership
interest sales
|
|
|
384
|
|
|
|
|
|
|
|
|
384
|
|
Franchise
fees
|
|
|
139
|
|
|
|
|
|
|
|
|
139
|
|
Consumer
financing
|
|
|
108
|
|
|
|
|
|
|
|
|
108
|
|
Other
|
|
|
68
|
|
|
|
|
|
|
|
|
68
|
|
Net
revenues
|
|
|
1,195
|
|
|
-
|
|
|
-
|
|
|
1,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
517
|
|
|
|
|
|
|
|
|
517
|
|
Cost of vacation
ownership interests
|
|
|
48
|
|
|
|
|
|
|
|
|
48
|
|
Consumer financing
interest
|
|
|
18
|
|
|
|
|
|
|
|
|
18
|
|
Marketing and
reservation
|
|
|
180
|
|
|
|
|
|
|
|
|
180
|
|
General and
administrative
|
|
|
193
|
|
|
|
|
|
|
|
|
193
|
|
Loss on sale and
asset impairments
|
|
|
8
|
|
|
|
|
|
(8)
|
|
|
-
|
|
Restructuring
|
|
|
9
|
|
|
(9)
|
|
|
|
|
|
-
|
|
Depreciation and
amortization
|
|
|
56
|
|
|
|
|
|
|
|
|
56
|
|
Total
expenses
|
|
|
1,029
|
|
|
(9)
|
|
|
(8)
|
|
|
1,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
166
|
|
|
9
|
|
|
8
|
|
|
183
|
|
Interest
expense
|
|
|
34
|
|
|
|
|
|
|
|
|
34
|
|
Interest
income
|
|
|
(2)
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
134
|
|
|
9
|
|
|
8
|
|
|
151
|
|
Provision for income
taxes
|
|
|
48
|
|
|
4
|
(c)
|
|
3
|
(c)
|
|
55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Wyndham shareholders
|
|
$
|
86
|
|
$
|
5
|
|
$
|
5
|
|
$
|
96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.66
|
|
$
|
0.04
|
|
|
0.04
|
|
$
|
0.74
|
|
Diluted
|
|
|
0.65
|
|
|
0.04
|
|
|
0.04
|
|
|
0.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
129
|
|
|
129
|
|
|
129
|
|
|
129
|
|
Diluted
|
|
|
131
|
|
|
131
|
|
|
131
|
|
|
131
|
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above table
reconciles certain non-GAAP financial measures. The
presentation of these adjustments is intended to permit the
comparison of particular adjustments as they appear in the line
items of the income statement in order to assist investors'
understanding of the overall impact of such adjustments. This
non-GAAP reconciliation table should not be considered a substitute
for, nor superior to, financial results and measures determined or
calculated in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Relates to costs
incurred as a result of an organizational realignment initiative at
the Company's lodging business.
|
|
(b)
|
Relates primarily to
a non-cash impairment charge from a partial write-down of the
Hawthorn trademark at the Company's lodging business.
|
|
(c)
|
Relates to the tax
effect of the adjustment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4 of
4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide
Corporation
|
|
NON-GAAP FINANCIAL
INFORMATION
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Legacy
Adjustments(a)
|
|
Acquisition
Costs(c)
|
|
Early
Extinguishment
of Debt (e)
|
|
Restructuring
Costs (f)
|
|
Asset
Impairment(g)
|
|
As Adjusted
non-GAAP
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
membership
|
|
$
|
2,329
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
2,329
|
|
Vacation ownership
interest sales
|
|
|
1,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,379
|
|
Franchise
fees
|
|
|
599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
599
|
|
Consumer
financing
|
|
|
426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
426
|
|
Other
|
|
|
276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
276
|
|
Net
revenues
|
|
|
5,009
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
2,161
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
2,159
|
|
Cost of vacation
ownership interests
|
|
|
155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
155
|
|
Consumer financing
interest
|
|
|
78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
78
|
|
Marketing and
reservation
|
|
|
751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
751
|
|
General and
administrative
|
|
|
720
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
719
|
|
Loss on sale and
asset impairments
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
|
|
-
|
|
Restructuring
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
(9)
|
|
|
|
|
|
1
|
|
Depreciation and
amortization
|
|
|
216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
216
|
|
Total
expenses
|
|
|
4,099
|
|
|
(1)
|
|
|
(2)
|
|
|
-
|
|
|
(9)
|
|
|
(8)
|
|
|
4,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
910
|
|
|
1
|
|
|
2
|
|
|
-
|
|
|
9
|
|
|
8
|
|
|
930
|
|
Other income,
net
|
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
|
Interest
expense
|
|
|
131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
131
|
|
Early extinguishment
of debt
|
|
|
111
|
|
|
|
|
|
|
|
|
(111)
|
|
|
|
|
|
|
|
|
-
|
|
Interest
income
|
|
|
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
683
|
|
|
1
|
|
|
2
|
|
|
111
|
|
|
9
|
|
|
8
|
|
|
814
|
|
Provision for income
taxes
|
|
|
250
|
|
|
(2)
|
(b)
|
|
1
|
(d)
|
|
42
|
(d)
|
|
4
|
(d)
|
|
3
|
(d)
|
|
298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
433
|
|
|
3
|
|
|
1
|
|
|
69
|
|
|
5
|
|
|
5
|
|
|
516
|
|
Net loss attributable
to noncontrolling interest
|
|
|
(1)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Wyndham shareholders
|
|
$
|
432
|
|
$
|
3
|
|
$
|
1
|
|
$
|
69
|
|
$
|
5
|
|
$
|
5
|
|
$
|
515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
3.25
|
|
$
|
0.02
|
|
$
|
0.01
|
|
$
|
0.51
|
|
$
|
0.04
|
|
$
|
0.04
|
|
$
|
3.87
|
|
Diluted
|
|
|
3.21
|
|
|
0.02
|
|
|
0.01
|
|
|
0.51
|
|
|
0.04
|
|
|
0.04
|
|
|
3.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
133
|
|
|
133
|
|
|
133
|
|
|
133
|
|
|
133
|
|
|
133
|
|
|
133
|
|
Diluted
|
|
|
135
|
|
|
135
|
|
|
135
|
|
|
135
|
|
|
135
|
|
|
135
|
|
|
135
|
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above table
reconciles certain non-GAAP financial measures. The
presentation of these adjustments is intended to permit the
comparison of particular adjustments as they appear in the line
items of the income statement in order to assist investors'
understanding of the overall impact of such adjustments. This
non-GAAP reconciliation table should not be considered a substitute
for, nor superior to, financial results and measures determined or
calculated in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: EPS
amounts may not add due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Relates to the net
expense from the resolution of and adjustment to certain contingent
liabilities and assets resulting from our separation from
Cendant.
|
|
(b)
|
Relates to a state
tax accrual for legacy tax matters.
|
|
(c)
|
Relates to the costs
incurred in connection with the acquisition of Midtown 45, a NYC
property (January 2013) at the Company's vacation ownership
business.
|
|
(d)
|
Relates to the tax
effect of the adjustment.
|
|
(e)
|
Represents costs
incurred for the early repurchase of a portion of the Company's
7.375%, 5.75% and 6.00% senior unsecured notes and the remaining
portion of the 9.875% senior unsecured notes.
|
|
(f)
|
Relates to costs
incurred as a result of an organizational realignment initiative at
the Company's lodging business.
|
|
(g)
|
Relates primarily to
a non-cash impairment charge from a partial write-down of the
Hawthorn trademark at the Company's lodging business.
|
|
|
|
|
|
|
|
|
|
|
|
Table
9
|
|
Wyndham Worldwide
Corporation
|
|
NON-GAAP
RECONCILIATIONS AND FINANCIAL INFORMATION
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 measure 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31,
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
984
|
|
|
$
|
1,008
|
|
|
|
|
|
Less: Property and
equipment additions
|
|
|
(235)
|
|
|
|
(238)
|
|
|
|
|
|
Free cash
flow
|
|
$
|
749
|
|
|
$
|
770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS VOI
SALES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
provides a reconciliation of Gross VOI sales (see Table 3) to
vacation ownership interest sales (see Table 4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Full
Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross VOI sales
(a)
|
|
$
|
410
|
$
|
496
|
$
|
513
|
$
|
470
|
$
|
1,889
|
|
Less: Sales under
WAAM Fee-for-Service
|
|
|
(44)
|
|
(40)
|
|
(27)
|
|
(21)
|
|
(132)
|
|
Gross VOI sales, net
of WAAM Fee-for-Service sales
|
|
|
366
|
|
456
|
|
486
|
|
449
|
|
1,757
|
|
Less: Loan loss
provision
|
|
|
(60)
|
|
(70)
|
|
(70)
|
|
(60)
|
|
(260)
|
|
Less: Impact of
percentage-of-completion accounting
|
|
|
(3)
|
|
(4)
|
|
(1)
|
|
(4)
|
|
(12)
|
|
Vacation ownership
interest sales (a)
|
|
$
|
303
|
$
|
382
|
$
|
415
|
$
|
385
|
$
|
1,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross VOI sales
(a)
|
|
$
|
384
|
$
|
481
|
$
|
536
|
$
|
488
|
$
|
1,889
|
|
Less: Sales under
WAAM Fee-for-Service
|
|
|
(36)
|
|
(44)
|
|
(51)
|
|
(29)
|
|
(160)
|
|
Gross VOI sales, net
of WAAM Fee-for-Service sales
|
|
|
347
|
|
437
|
|
486
|
|
459
|
|
1,729
|
|
Less: Loan loss
provision
|
|
|
(84)
|
|
(90)
|
|
(102)
|
|
(73)
|
|
(349)
|
|
Less: Impact of
percentage of completion accounting
|
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
(1)
|
|
Vacation ownership
interest sales (a)
|
|
$
|
263
|
$
|
347
|
$
|
384
|
$
|
384
|
$
|
1,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross VOI sales
(a)
|
|
$
|
384
|
$
|
460
|
$
|
502
|
$
|
435
|
$
|
1,781
|
|
Less: Sales under
WAAM Fee-for-Service
|
|
|
(17)
|
|
(18)
|
|
(5)
|
|
(10)
|
|
(49)
|
|
Gross VOI sales, net
of WAAM Fee-for-Service sales
|
|
|
367
|
|
442
|
|
497
|
|
426
|
|
1,732
|
|
Less: Loan loss
provision
|
|
|
(96)
|
|
(100)
|
|
(124)
|
|
(89)
|
|
(409)
|
|
Vacation ownership
interest sales (a)
|
|
$
|
271
|
$
|
342
|
$
|
373
|
$
|
337
|
$
|
1,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross VOI
sales
|
|
$
|
319
|
$
|
412
|
$
|
455
|
$
|
409
|
$
|
1,595
|
|
Less: Sales under
WAAM Fee-for-Service
|
|
|
(18)
|
|
(19)
|
|
(38)
|
|
(31)
|
|
(106)
|
|
Gross VOI sales, net
of WAAM Fee-for-Service sales
|
|
|
302
|
|
393
|
|
417
|
|
378
|
|
1,489
|
|
Less: Loan loss
provision
|
|
|
(79)
|
|
(80)
|
|
(96)
|
|
(83)
|
|
(339)
|
|
Vacation ownership
interest sales
|
|
$
|
222
|
$
|
313
|
$
|
320
|
$
|
295
|
$
|
1,150
|
|
_____________
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not add due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Includes VOI sales under WAAM Just-in-Time beginning in the second
quarter of 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
includes primarily tele-sales upgrades and other non-tour revenues,
which are excluded from Gross VOI sales in the Company's VPG
calculation (see Table 3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Full
Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
$
|
25
|
$
|
21
|
$
|
27
|
$
|
24
|
$
|
97
|
|
2013
|
|
$
|
24
|
$
|
18
|
$
|
22
|
$
|
25
|
$
|
89
|
|
2012
|
|
$
|
27
|
$
|
20
|
$
|
22
|
$
|
28
|
$
|
97
|
|
2011
|
|
$
|
18
|
$
|
18
|
$
|
21
|
$
|
11
|
$
|
68
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/wyndham-worldwide-reports-fourth-quarter-and-full-year-2014-earnings-300033405.html
SOURCE Wyndham Worldwide Corporation