PARSIPPANY, N.J., July 28, 2015 /PRNewswire/ -- Wyndham
Worldwide Corporation (NYSE:WYN) today announced results for the
three months ended June 30,
2015.
Second Quarter Highlights:
- Second quarter adjusted diluted earnings per share (EPS) was
$1.32, an increase of 13% from
adjusted diluted EPS of $1.17 in the
second quarter of 2014. Reported diluted EPS was $1.33 in the second quarter of 2015, an increase
of 11% from reported diluted EPS of $1.20 from the same period in 2014.
- Revenues increased 4% compared with the second quarter of 2014.
In constant currency, revenues increased 8%.
- Adjusted EBITDA increased 2% compared with the second quarter
of 2014. In constant currency, adjusted EBITDA increased 6%.
- The Company repurchased 1.9 million shares of its common stock
during the quarter for $165
million.
"We delivered strong results in the second quarter," said
Stephen P. Holmes, chairman and
CEO. "We're seeing good momentum across the company.
Our Wyndham Rewards program re-launch is off to a great start,
rental bookings are strong in the US and in Europe, and sales are up in Wyndham Vacation
Ownership. We're well positioned to benefit from improving
economies and emerging trends in leisure travel. We expect
this to drive continued growth going forward."
SECOND QUARTER 2015 OPERATING RESULTS
Second quarter revenues were $1.4
billion, an increase of 4% from the prior year period.
In constant currency, revenues increased 8%, reflecting
growth across all the Company's business segments.
Adjusted net income was $159
million, or $1.32 per diluted
share, compared with $150 million, or
$1.17 per diluted share for the same
period in 2014. EPS also benefited from the Company's share
repurchase program, which decreased the weighted average diluted
share count by 6% year-over-year.
Reported net income for the second quarter of 2015 was
$159 million, or $1.33 per diluted share, compared with
$153 million, or $1.20 per diluted share, for the second quarter
of 2014. Reported net income in the second quarter of 2014
reflects several items excluded from adjusted net income that
favorably impacted net income by $3
million. Full reconciliations of adjusted results to
GAAP results appear in Table 8 of this press release.
Free cash flow was $625 million
for the six months ended June 30,
2015, compared with $695
million for the same period in 2014. The decline in
free cash flow reflects the timing of capital expenditures and
working capital, including inventory spending. The Company
defines free cash flow as net cash provided by operating activities
less capital expenditures. For the six months ended
June 30, 2015, net cash provided by
operating activities was $737
million, compared with $793
million in the prior year period. The Company expects
free cash flow for the full year 2015 of approximately $800 million compared with $749 million in 2014.
BUSINESS UNIT RESULTS
Lodging (Wyndham Hotel Group)
Revenues were $334 million in the
second quarter of 2015, an 18% increase over the second quarter of
2014. In constant currency and excluding acquisitions,
revenues increased 8%, reflecting higher domestic RevPAR and
worldwide room growth.
Total system-wide RevPAR was flat when compared with the second
quarter of 2014. In constant currency, total system-wide
RevPAR increased 2.5%. Domestic RevPAR increased 4.5%.
International RevPAR declined 1.2% in constant currency, which
reflects higher unit growth in lower RevPAR countries such as
China.
Adjusted EBITDA for the second quarter of 2015 was $97 million, an 11% increase compared with the
second quarter of 2014. In constant currency, excluding
acquisitions and the impact of the increase in the inter-segment
licensing fee rate charged for use of the Wyndham brand trade name,
adjusted EBITDA increased 9%. The increase primarily reflects
higher royalties and franchise fees.
As of June 30, 2015, the Company's
hotel system consisted of approximately 7,700 properties and over
668,500 rooms, a 2.8% room increase compared with the second
quarter of 2014. The development pipeline included 895 hotels
and approximately 116,800 rooms, of which 61% were international
and 66% were new construction.
Vacation Exchange and Rentals (Wyndham Exchange &
Rentals)
Revenues were $383 million in the
second quarter of 2015, a 5% decrease from the second quarter of
2014. In constant currency, and excluding acquisitions and
the impact of a divestiture in 2014, revenues increased 5%.
Exchange revenues were $161
million, a 4% decrease compared with the second quarter of
2014. In constant currency, exchange revenues were flat
compared to the prior year, as a 2.7% decline in exchange revenue
per member was partially offset by a 2.2% increase in the average
number of members.
Vacation rental revenues were $200
million, an 8% decrease compared to the second quarter of
2014. In constant currency and excluding acquisitions and the
impact of a divestiture in 2014, vacation rental revenues were up
8%, reflecting a 6.1% increase in transaction volume and a 1.7%
increase in average net price per vacation rental.
Adjusted EBITDA for the second quarter of 2015 was $84 million, a 3% decrease compared with the
second quarter of 2014. On a currency-neutral basis and
excluding acquisitions and the divestiture of a business in 2014,
adjusted EBITDA increased 3% compared with the prior year
period.
Vacation Ownership (Wyndham Vacation
Ownership)
Revenues were $699 million in the
second quarter of 2015, a 4% increase over the second quarter of
2014. In constant currency, revenues increased 5%.
Gross VOI sales were $502 million
in the second quarter of 2015, an increase of 1% compared with the
second quarter of 2014. In constant currency, Gross VOI sales
increased 3%. Net VOI sales increased 9% (or 11% in constant
currency), reflecting higher volume per guest and a lower loan loss
provision. Volume per guest for the quarter increased 3.2%
(or 4.4% in constant currency) while tour flow declined
1.0%.
Adjusted EBITDA for the second quarter of 2015 was $182 million, a decrease of 2% compared with the
second quarter of 2014. Results reflected higher commission
expenses and the increased licensing fee to the Wyndham Hotel
Group. On a currency neutral basis, and excluding the
increased licensing fee, EBITDA increased 2%.
Other Items
- The Company repurchased 1.9 million shares of common stock for
$165 million during the second
quarter of 2015. From July 1 through
July 27, 2015, the Company repurchased an additional 0.8
million shares for $66 million.
The Company's remaining share repurchase authorization totals
$635 million as of July 27, 2015.
- Reported net interest expense in the second quarter of 2015 was
$28 million, compared with
$26 million in the second quarter of
2014.
Balance Sheet Information as of June
30, 2015:
- Cash and cash equivalents of $410
million, compared with $183
million at December 31,
2014
- Vacation ownership contract receivables, net, of $2.7 billion, unchanged from December 31, 2014
- Vacation ownership and other inventory of $1.2 billion, unchanged from December 31, 2014
- Securitized vacation ownership debt of $2.1 billion, a 3% decrease from December 31, 2014
- Long-term debt of $3.2 billion,
compared with $2.9 billion at
December 31, 2014. The remaining
borrowing capacity on the revolving credit facility, net of
commercial paper borrowings, was $1.0
billion as of June 30, 2015,
compared to $1.3 billion from
December 31, 2014
A schedule of debt is included in Table 5 of this press
release.
Outlook
Note to Editors: The guidance excludes possible future
share repurchases, while analysts' estimates often include share
repurchases. This results in discrepancies between Company
guidance and database consensus forecasts.
For the full year 2015, the Company reiterates the following
guidance:
- Revenues of approximately $5.450 -
$5.550 billion.
- Adjusted EBITDA of approximately $1.285
- $1.315 billion. Guidance reflects a $38 million adverse impact from foreign exchange
compared with 2014 full year results.
For the full year 2015, the Company updates the following
guidance:
- Adjusted diluted EPS of approximately $4.88 - $5.03 based on a diluted share count of
120.2 million, up from $4.81 - $4.96
based on a diluted share count of 121.4 million.
Conference Call Information
Wyndham Worldwide Corporation will hold a conference call with
investors to discuss the Company's results, outlook and guidance on
Tuesday, July 28, 2015 at
8:30 a.m. EDT. Listeners may access
the webcast live through the Company's website at
www.wyndhamworldwide.com/investors. An archive of this
webcast will be available on the website for approximately 90 days
beginning at noon EDT on July 28, 2015. The conference call may also be
accessed by dialing 800-369-2125 and providing the passcode
"WYNDHAM." Listeners are urged to call at least 10 minutes prior to
the scheduled start time. A telephone replay will be available for
approximately 90 days beginning at noon
EDT on July 28, 2015, at
866-443-2927.
The Company will post guidance information on its website
following the conference call.
Presentation of Financial Information
Financial information discussed in this press release includes
non-GAAP measures, which include or exclude certain items.
These non-GAAP measures differ from reported GAAP results and are
intended to illustrate what management believes are relevant
period-over-period comparisons and are helpful to investors as an
additional tool for further understanding and assessing the
Company's ongoing core operating performance. Exclusion of
items in our non-GAAP presentation should not be considered an
inference that these items are unusual, infrequent or
non-recurring. A complete reconciliation of reported GAAP
results to the comparable non-GAAP information appears in the
financial tables section of the press release. It is not
practicable to provide a reconciliation of forecasted adjusted
EBITDA and adjusted EPS to the most directly comparable GAAP
measures because certain items cannot be reasonably estimated or
predicted at this time. Any such items could be significant
to the Company's reported results.
About Wyndham Worldwide Corporation
One of the world's largest hospitality companies, Wyndham
Worldwide (NYSE: WYN) provides a wide range of hospitality services
and products through its global portfolio of world-renowned
brands. The world's largest hotel company based on the number
of properties, Wyndham Hotel Group is home to many of the world's
best-known hotel brands, with approximately 7,700 franchised hotels
and over 668,500 hotel rooms worldwide. Wyndham Exchange &
Rentals is the worldwide leader in vacation exchange and the
world's largest professionally managed vacation rentals business,
providing more than 5 million leisure-bound families annually with
access to approximately 110,000 vacation properties in over 100
countries through its prominent exchange and vacation rental
brands. The industry and timeshare ownership market leader, Wyndham
Vacation Ownership develops, markets, and sells vacation ownership
interests and provides consumer financing to owners through its
network of over 210 vacation ownership resorts serving
approximately 901,000 owners throughout the United States, Canada, Mexico, the Caribbean, and the South Pacific. Based in
Parsippany, NJ, Wyndham Worldwide
employs over 34,000 associates globally. For more information,
please visit www.wyndhamworldwide.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, conveying management's expectations as to the future
based on plans, estimates and projections at the time the Company
makes the statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors, which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. The forward-looking statements
contained in this press release include statements related to the
Company's revenues, earnings, cash flow and related financial and
operating measures.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Factors that could cause actual results to
differ materially from those in the forward-looking statements
include general economic conditions, the performance of the
financial and credit markets, the economic environment for the
hospitality industry, the impact of war, terrorist activity or
political strife, operating risks associated with the hotel,
vacation exchange and rentals and vacation ownership businesses, as
well as those described in the Company's Annual Report on Form
10-K, filed with the SEC on February 13,
2015. Except for the Company's ongoing obligations to
disclose material information under the federal securities laws, it
undertakes no obligation to release publicly any revisions to any
forward-looking statements, to report events or to report the
occurrence of unanticipated events.
|
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|
|
|
|
|
|
|
|
Table
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 of
2)
|
Wyndham Worldwide
Corporation
|
OPERATING RESULTS
OF REPORTABLE SEGMENTS
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In addition to other
measures, management evaluates the operating results of each of its
reportable segments based upon net revenues and "EBITDA", which is
defined as net income before depreciation and amortization,
interest expense (excluding consumer financing interest), early
extinguishment of debt, interest income (excluding consumer
financing interest) and income taxes, each of which is presented on
the Company's Consolidated Statements of Income. The Company
believes that EBITDA is a useful measure of performance for the
Company's segments which when considered with GAAP measures, gives
a more complete understanding of its operating performance.
The Company's presentation of EBITDA may not be comparable to
similarly-titled measures used by other companies.
|
|
The following tables
summarize net revenues and EBITDA for the Company's reportable
segments, as well as reconcile EBITDA to Net income for the three
months ended June 30, 2015 and 2014:
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
|
|
Net
Revenues
|
|
EBITDA
|
|
Net
Revenues
|
|
EBITDA
|
|
Lodging
|
$
|
334
|
|
$
|
96
|
|
$
|
283
|
|
$
|
87
|
|
Vacation Exchange and
Rentals
|
|
383
|
|
|
84
|
|
|
402
|
|
|
89
|
|
Vacation
Ownership
|
|
699
|
|
|
182
|
|
|
673
|
|
|
185
|
|
Total Reportable
Segments
|
|
1,416
|
|
|
362
|
|
|
1,358
|
|
|
361
|
|
Corporate and Other
(a)
|
|
(18)
|
|
|
(30)
|
|
|
(15)
|
|
|
(35)
|
|
Total Company
|
$
|
1,398
|
|
$
|
332
|
|
$
|
1,343
|
|
$
|
326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA to Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
EBITDA
|
|
|
|
$
|
332
|
|
|
|
|
$
|
326
|
|
Depreciation and
amortization
|
|
|
|
|
58
|
|
|
|
|
|
59
|
|
Interest
expense
|
|
|
|
|
30
|
|
|
|
|
|
29
|
|
Interest
income
|
|
|
|
|
(2)
|
|
|
|
|
|
(3)
|
|
Income before income
taxes
|
|
|
|
|
246
|
|
|
|
|
|
241
|
|
Provision for income
taxes
|
|
|
|
|
87
|
|
|
|
|
|
88
|
|
Net income
|
|
|
|
$
|
159
|
|
|
|
|
$
|
153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Includes the
elimination of transactions between
segments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables
summarize net revenues and adjusted EBITDA for the Company's
reportable segments for the three months ended June 30, 2015
and 2014 (for a description of adjustments by segment, see Table
7):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
|
|
Net
Revenues
|
|
Adjusted
EBITDA
|
|
Net
Revenues
|
|
Adjusted
EBITDA
|
|
Lodging
|
$
|
334
|
|
$
|
97
|
|
$
|
283
|
|
$
|
87
|
|
Vacation Exchange and
Rentals
|
|
383
|
|
|
84
|
|
|
402
|
|
|
87
|
|
Vacation
Ownership
|
|
699
|
|
|
182
|
|
|
673
|
|
|
185
|
|
Total Reportable
Segments
|
|
1,416
|
|
|
363
|
|
|
1,358
|
|
|
359
|
|
Corporate and
Other
|
|
(18)
|
|
|
(31)
|
|
|
(15)
|
|
|
(35)
|
|
Total Company
|
$
|
1,398
|
|
$
|
332
|
|
$
|
1,343
|
|
$
|
324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 of
2)
|
Wyndham Worldwide
Corporation
|
OPERATING RESULTS
OF REPORTABLE SEGMENTS
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables
summarize net revenues and EBITDA for the Company's reportable
segments, as well as reconcile EBITDA to Net income attributable to
Wyndham shareholders for the six months ended June 30, 2015 and
2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
|
|
Net
Revenues
|
|
EBITDA
|
|
Net
Revenues
|
|
EBITDA
|
|
Lodging
|
$
|
626
|
|
$
|
172
|
|
$
|
520
|
|
$
|
151
|
|
Vacation Exchange and
Rentals
|
|
752
|
|
|
189
|
|
|
781
|
|
|
174
|
|
Vacation
Ownership
|
|
1,316
|
|
|
313
|
|
|
1,266
|
|
|
300
|
|
Total Reportable
Segments
|
|
2,694
|
|
|
674
|
|
|
2,567
|
|
|
625
|
|
Corporate and Other
(a)
|
|
(33)
|
|
|
(65)
|
|
|
(31)
|
|
|
(69)
|
|
Total Company
|
$
|
2,661
|
|
$
|
609
|
|
$
|
2,536
|
|
$
|
556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA to Net income attributable to Wyndham
shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
EBITDA
|
|
|
|
$
|
609
|
|
|
|
|
$
|
556
|
|
Depreciation and
amortization
|
|
|
|
|
114
|
|
|
|
|
|
115
|
|
Interest
expense
|
|
|
|
|
56
|
|
|
|
|
|
56
|
|
Interest
income
|
|
|
|
|
(5)
|
|
|
|
|
|
(5)
|
|
Income before income
taxes
|
|
|
|
|
444
|
|
|
|
|
|
390
|
|
Provision for income
taxes
|
|
|
|
|
162
|
|
|
|
|
|
146
|
|
Net income
|
|
|
|
|
282
|
|
|
|
|
|
244
|
|
Net income
attributable to noncontrolling interest
|
|
|
|
|
-
|
|
|
|
|
|
(1)
|
|
Net income
attributable to Wyndham shareholders
|
|
|
|
$
|
282
|
|
|
|
|
$
|
243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the elimination of transactions between
segments.
|
|
|
The following tables
summarize net revenues and adjusted EBITDA for the Company's
reportable segments for the six months ended June 30, 2015
and 2014 (for a description of adjustments by segment, see Table
7):
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
|
|
Net
Revenues
|
|
Adjusted
EBITDA
|
|
Net
Revenues
|
|
Adjusted
EBITDA
|
|
Lodging
|
$
|
626
|
|
$
|
175
|
|
$
|
520
|
|
$
|
155
|
|
Vacation Exchange and
Rentals
|
|
752
|
|
|
189
|
|
|
781
|
|
|
182
|
|
Vacation
Ownership
|
|
1,316
|
|
|
313
|
|
|
1,266
|
|
|
300
|
|
Total Reportable
Segments
|
|
2,694
|
|
|
677
|
|
|
2,567
|
|
|
637
|
|
Corporate and
Other
|
|
(33)
|
|
|
(66)
|
|
|
(31)
|
|
|
(69)
|
|
Total Company
|
$
|
2,661
|
|
$
|
611
|
|
$
|
2,536
|
|
$
|
568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
2
|
Wyndham Worldwide
Corporation
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service and
membership fees
|
|
$
|
623
|
|
$
|
616
|
|
$
|
1,223
|
|
$
|
1,205
|
|
Vacation ownership
interest sales
|
|
|
417
|
|
|
382
|
|
|
753
|
|
|
685
|
|
Franchise
fees
|
|
|
178
|
|
|
166
|
|
|
325
|
|
|
293
|
|
Consumer
financing
|
|
|
105
|
|
|
106
|
|
|
210
|
|
|
211
|
|
Other
|
|
|
75
|
|
|
73
|
|
|
150
|
|
|
142
|
Net
revenues
|
|
|
1,398
|
|
|
1,343
|
|
|
2,661
|
|
|
2,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
610
|
|
|
572
|
|
|
1,177
|
|
|
1,106
|
|
Cost of vacation
ownership interests
|
|
|
47
|
|
|
42
|
|
|
80
|
|
|
81
|
|
Consumer financing
interest
|
|
|
19
|
|
|
17
|
|
|
36
|
|
|
35
|
|
Marketing and
reservation
|
|
|
211
|
|
|
206
|
|
|
406
|
|
|
387
|
|
General and
administrative
|
|
|
182
|
|
|
181
|
|
|
362
|
|
|
376
|
|
Restructuring
|
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
-
|
|
Depreciation and
amortization
|
|
|
58
|
|
|
59
|
|
|
114
|
|
|
115
|
Total
expenses
|
|
|
1,127
|
|
|
1,077
|
|
|
2,174
|
|
|
2,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
271
|
|
|
266
|
|
|
487
|
|
|
436
|
Other income,
net
|
|
|
(3)
|
|
|
(1)
|
|
|
(8)
|
|
|
(5)
|
Interest
expense
|
|
|
30
|
|
|
29
|
|
|
56
|
|
|
56
|
Interest
income
|
|
|
(2)
|
|
|
(3)
|
|
|
(5)
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
246
|
|
|
241
|
|
|
444
|
|
|
390
|
Provision for income
taxes
|
|
|
87
|
|
|
88
|
|
|
162
|
|
|
146
|
Net
income
|
|
|
159
|
|
|
153
|
|
|
282
|
|
|
244
|
Net income
attributable to noncontrolling interest
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1)
|
Net income
attributable to Wyndham shareholders
|
$
|
159
|
|
$
|
153
|
|
$
|
282
|
|
$
|
243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.34
|
|
$
|
1.21
|
|
$
|
2.35
|
|
$
|
1.91
|
|
Diluted
|
|
|
1.33
|
|
|
1.20
|
|
|
2.33
|
|
|
1.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
119
|
|
|
127
|
|
|
120
|
|
|
127
|
|
Diluted
|
|
|
120
|
|
|
128
|
|
|
121
|
|
|
129
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: For a
description of adjustments to Net Income, see Table 8.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 of
2)
|
Wyndham Worldwide
Corporation
|
OPERATING
STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following
operating statistics are the drivers of our revenues and therefore
provide an enhanced understanding of our businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Full
Year
|
Lodging
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Rooms
|
2015
|
|
667,400
|
|
668,500
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
2014
|
|
646,900
|
|
650,200
|
|
655,300
|
|
660,800
|
|
N/A
|
|
|
|
|
|
2013
|
|
631,800
|
|
635,100
|
|
638,300
|
|
645,400
|
|
N/A
|
|
|
|
|
|
2012
|
|
609,300
|
|
608,300
|
|
618,100
|
|
627,400
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
2015
|
$
|
32.84
|
$
|
39.82
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
2014
|
$
|
32.30
|
$
|
40.11
|
$
|
43.71
|
$
|
34.06
|
$
|
37.57
|
|
|
|
|
|
2013
|
$
|
31.05
|
$
|
38.00
|
$
|
41.78
|
$
|
33.07
|
$
|
36.00
|
|
|
|
|
|
2012
|
$
|
29.73
|
$
|
37.23
|
$
|
40.39
|
$
|
31.86
|
$
|
34.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Exchange
and Rentals
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Members (in 000s)
|
2015
|
|
3,822
|
|
3,831
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
2014
|
|
3,727
|
|
3,748
|
|
3,777
|
|
3,808
|
|
3,765
|
|
|
|
|
|
2013
|
|
3,668
|
|
3,686
|
|
3,711
|
|
3,728
|
|
3,698
|
|
|
|
|
|
2012
|
|
3,684
|
|
3,670
|
|
3,672
|
|
3,670
|
|
3,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Revenue Per
Member
|
2015
|
$
|
194.06
|
$
|
167.81
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
2014
|
$
|
200.78
|
$
|
179.17
|
$
|
171.77
|
$
|
157.24
|
$
|
177.12
|
|
|
|
|
|
2013
|
$
|
210.96
|
$
|
182.42
|
$
|
169.95
|
$
|
161.21
|
$
|
181.02
|
|
|
|
|
|
2012
|
$
|
204.56
|
$
|
177.07
|
$
|
171.14
|
$
|
165.86
|
$
|
179.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Rental
Transactions (in 000s) (a) (b)
|
2015
|
|
459
|
|
390
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
2014
|
|
429
|
|
376
|
|
455
|
|
293
|
|
1,552
|
|
|
|
|
|
2013
|
|
423
|
|
355
|
|
433
|
|
273
|
|
1,483
|
|
|
|
|
|
2012
|
|
418
|
|
325
|
|
390
|
|
259
|
|
1,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Price Per
Vacation Rental (a) (b)
|
2015
|
$
|
361.20
|
$
|
513.14
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
2014
|
$
|
410.04
|
$
|
577.13
|
$
|
727.40
|
$
|
492.25
|
$
|
558.95
|
|
|
|
|
|
2013
|
$
|
392.64
|
$
|
540.38
|
$
|
677.81
|
$
|
506.62
|
$
|
532.11
|
|
|
|
|
|
2012
|
$
|
379.40
|
$
|
524.40
|
$
|
635.44
|
$
|
484.69
|
$
|
504.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Vacation
Ownership Interest (VOI) Sales (in 000s) (c)
|
2015
|
$
|
390,000
|
$
|
502,000
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
2014
|
$
|
410,000
|
$
|
496,000
|
$
|
513,000
|
$
|
470,000
|
$
|
1,889,000
|
|
|
|
|
|
2013
|
$
|
384,000
|
$
|
481,000
|
$
|
536,000
|
$
|
488,000
|
$
|
1,889,000
|
|
|
|
|
|
2012
|
$
|
384,000
|
$
|
460,000
|
$
|
502,000
|
$
|
435,000
|
$
|
1,781,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tours (in 000s)
(d)
|
2015
|
|
168
|
|
206
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
2014
|
|
170
|
|
208
|
|
225
|
|
191
|
|
794
|
|
|
|
|
|
2013
|
|
163
|
|
206
|
|
225
|
|
195
|
|
789
|
|
|
|
|
|
2012
|
|
148
|
|
186
|
|
207
|
|
183
|
|
724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Per Guest
(VPG) (d)
|
2015
|
$
|
2,177
|
$
|
2,353
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
2014
|
$
|
2,272
|
$
|
2,280
|
$
|
2,158
|
$
|
2,336
|
$
|
2,257
|
|
|
|
|
|
2013
|
$
|
2,211
|
$
|
2,256
|
$
|
2,278
|
$
|
2,370
|
$
|
2,281
|
|
|
|
|
|
2012
|
$
|
2,414
|
$
|
2,361
|
$
|
2,315
|
$
|
2,225
|
$
|
2,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Full year amounts may not add across due to rounding.
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes the impact
of acquisitions/dispositions from the acquisition/disposition dates
forward. Therefore, the operating statistics are not presented on a
comparable basis.
|
(b)
|
The vacation exchange
and rentals operating statistics excluding our U.K.-based camping
business sold in Q4 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Full
Year
|
|
Vacation Rental
Transactions (in 000s)
|
2014
|
|
429
|
|
367
|
|
431
|
|
292
|
|
1,518
|
|
Average Net Price Per
Vacation Rental
|
2014
|
$
|
410.02
|
$
|
578.02
|
$
|
700.56
|
$
|
492.64
|
$
|
548.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
Includes Gross VOI
sales under the Company's Wyndham Asset Affiliate Model (WAAM)
Just-in-Time beginning in the second quarter of 2012 (see Table 9
for a reconciliation of Gross
VOI sales to vacation ownership interest sales).
|
(d)
|
Includes the impact
of WAAM Just-in-Time related tours beginning in the second quarter
of 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Full
Year
|
Lodging
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Properties
|
2015
|
|
7,670
|
|
7,700
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
2014
|
|
7,500
|
|
7,540
|
|
7,590
|
|
7,650
|
|
N/A
|
|
|
|
|
|
2013
|
|
7,380
|
|
7,410
|
|
7,440
|
|
7,490
|
|
N/A
|
|
|
|
|
|
2012
|
|
7,150
|
|
7,170
|
|
7,260
|
|
7,340
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan
Losses (in 000s)
(*)
|
2015
|
$
|
46,000
|
$
|
60,000
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
2014
|
$
|
60,000
|
$
|
70,000
|
$
|
70,000
|
$
|
60,000
|
$
|
260,000
|
|
|
|
|
|
2013
|
$
|
84,000
|
$
|
90,000
|
$
|
102,000
|
$
|
73,000
|
$
|
349,000
|
|
|
|
|
|
2012
|
$
|
96,000
|
$
|
100,000
|
$
|
124,000
|
$
|
89,000
|
$
|
409,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Full
year amounts may not add across due to rounding.
|
|
|
|
|
|
|
|
|
|
|
(*)
|
Represents provision
for estimated losses on vacation ownership contract receivables
originated during the period, which is recorded as a contra revenue
to vacation ownership interest
sales on the Consolidated Statements of Income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 of
2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Wyndham Worldwide
Corporation
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OPERATING
STATISTICS
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GLOSSARY OF
TERMS
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Lodging
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Number of Rooms:
Represents the number of rooms at lodging properties at the end of
the period which are either (i) under franchise and/or management
agreements, or company owned and (ii) properties under affiliation
agreements for which the Company receives a fee for reservation
and/or other services provided.
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Average Occupancy
Rate: Represents the percentage of available rooms occupied
during the period.
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Average Daily Rate
(ADR): Represents the average rate charged for renting a
lodging room for one day.
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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.
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Vacation Exchange
and Rentals
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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.
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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.
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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.
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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.
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Vacation
Ownership
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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.
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Tours:
Represents the number of tours taken by guests in our efforts to
sell VOIs.
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Volume per Guest
(VPG): Represents Gross VOI sales (excluding tele-sales
upgrades, which are non-tour upgrade sales) divided by the number
of tours. The Company has excluded non-tour upgrade sales in
the calculation of VPG because non-tour upgrade sales are generated
by a different marketing channel. See Table 9 for a detail of
tele-sales upgrades for 2012-2015.
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General
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Constant
Currency: Represents a comparison eliminating the effects of
foreign exchange rate fluctuations between periods (foreign
currency translation).
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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).
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Table
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Wyndham Worldwide
Corporation
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REVENUE DETAIL BY
REPORTABLE SEGMENT
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(In
millions)
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2015
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2014
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Q1
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Q2
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Q3
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Q4
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Year
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Q1
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Q2
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Q3
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Q4
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Year
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Lodging
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Royalties and
Franchise Fees
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$
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74
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$
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96
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N/A
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N/A
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N/A
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$
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68
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$
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88
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$
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100
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$
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83
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$
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339
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Marketing,
Reservation and Wyndham Rewards Revenues (a)
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96
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108
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N/A
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N/A
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N/A
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76
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101
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117
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91
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385
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Hotel Management
Reimbursable Revenues (b)
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61
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71
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N/A
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N/A
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N/A
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37
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39
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39
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39
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154
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Intersegment
Trademark Fees
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12
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15
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N/A
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N/A
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N/A
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9
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11
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11
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10
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41
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Owned Hotel
Revenues
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25
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20
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N/A
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N/A
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N/A
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24
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20
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18
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20
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81
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Ancillary Revenues
(c)
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24
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24
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N/A
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N/A
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N/A
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23
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24
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30
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24
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101
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Total
Lodging
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292
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334
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N/A
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N/A
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N/A
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237
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283
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315
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267
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1,101
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Vacation Exchange
and Rentals
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Exchange
Revenues
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185
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161
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N/A
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N/A
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N/A
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187
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168
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162
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150
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667
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Rental
Revenues
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166
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200
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N/A
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N/A
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N/A
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176
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217
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331
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144
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868
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Ancillary Revenues
(d)
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18
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22
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N/A
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N/A
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N/A
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16
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17
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19
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17
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69
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Total Vacation
Exchange and Rentals
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369
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383
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N/A
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N/A
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N/A
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379
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402
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512
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311
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1,604
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Vacation
Ownership
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Vacation Ownership
Interest Sales
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336
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417
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N/A
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N/A
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N/A
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303
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382
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415
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385
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1,485
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Consumer
Financing
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104
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105
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N/A
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N/A
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N/A
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105
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106
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108
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108
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427
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Property Management
Fees and Reimbursable Revenues
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153
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149
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N/A
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N/A
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N/A
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143
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145
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150
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142
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581
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WAAM Fee-for-Service
Commissions
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12
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19
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N/A
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N/A
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N/A
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33
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30
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18
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16
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98
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Ancillary Revenues
(e)
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12
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9
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N/A
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N/A
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N/A
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9
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10
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13
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17
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47
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Total Vacation
Ownership
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617
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699
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N/A
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N/A
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N/A
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593
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673
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704
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668
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2,638
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Total Reportable
Segments
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$
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1,278
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$
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1,416
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N/A
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N/A
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N/A
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$
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1,209
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$
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1,358
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$
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1,531
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$
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1,246
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$
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5,343
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2013
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2012
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Q1
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Q2
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Q3
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Q4
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Year
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Q1
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Q2
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Q3
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Q4
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Year
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Lodging
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Royalties and
Franchise Fees
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$
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64
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$
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79
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$
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91
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$
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75
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$
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309
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$
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62
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$
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80
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$
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88
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$
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71
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$
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301
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Marketing,
Reservation and Wyndham Rewards Revenues (a)
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73
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92
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118
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83
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365
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68
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99
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98
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80
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345
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Hotel Management
Reimbursable Revenues (b)
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25
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38
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37
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35
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135
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21
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22
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25
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23
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91
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Intersegment
Trademark Fees
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8
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10
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11
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10
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39
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8
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9
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9
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8
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34
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Owned Hotel
Revenues
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26
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20
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18
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19
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84
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8
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8
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7
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18
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41
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Ancillary Revenues
(c)
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26
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23
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22
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23
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95
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18
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15
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22
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23
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78
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Total
Lodging
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222
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262
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297
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245
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1,027
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185
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233
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249
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223
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890
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Vacation Exchange
and Rentals
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Exchange
Revenues
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193
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168
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158
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150
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669
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188
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162
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157
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153
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660
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Rental
Revenues
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166
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192
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293
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138
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789
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159
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170
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248
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125
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702
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Ancillary Revenues
(d)
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15
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16
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19
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17
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68
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14
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16
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15
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15
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60
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Total Vacation
Exchange and Rentals
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374
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376
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470
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305
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1,526
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361
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348
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420
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293
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1,422
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Vacation
Ownership
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Vacation Ownership
Interest Sales
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263
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347
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384
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384
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1,379
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271
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342
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373
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|
337
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1,323
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Consumer
Financing
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|
105
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|
106
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107
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|
108
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426
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103
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|
102
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|
106
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|
110
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|
421
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Property Management
Fees
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146
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141
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|
143
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|
137
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567
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110
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108
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|
117
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|
125
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460
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WAAM Fee-for-Service
Commissions
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24
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30
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33
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20
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107
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12
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11
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4
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6
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33
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Ancillary Revenues
(e)
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11
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6
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10
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9
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36
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5
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7
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8
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12
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32
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Total Vacation
Ownership
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549
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630
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677
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658
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2,515
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501
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570
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608
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590
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2,269
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Total Reportable
Segments
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$
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1,145
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$
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1,268
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$
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1,444
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$
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1,208
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$
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5,068
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$
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1,047
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$
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1,151
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$
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1,277
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$
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1,106
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$
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4,581
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Note: Full year amounts may not add
across due to rounding.
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(a)
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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.
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(b)
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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, 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
5
|
Wyndham Worldwide
Corporation
|
SCHEDULE OF
DEBT
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
|
September 30,
2014
|
|
June 30,
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securitized vacation
ownership debt (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term notes
|
$
|
1,841
|
|
$
|
2,090
|
|
$
|
1,962
|
|
$
|
1,670
|
|
$
|
1,600
|
Bank conduit facility
(b)
|
|
253
|
|
|
98
|
|
|
203
|
|
|
271
|
|
|
291
|
Total securitized
vacation ownership debt (c)
|
|
2,094
|
|
|
2,188
|
|
|
2,165
|
|
|
1,941
|
|
|
1,891
|
Less: Current portion
of securitized vacation ownership debt
|
|
211
|
|
|
217
|
|
|
214
|
|
|
192
|
|
|
187
|
Long-term securitized
vacation ownership debt
|
$
|
1,883
|
|
$
|
1,971
|
|
$
|
1,951
|
|
$
|
1,749
|
|
$
|
1,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit
facility (due July 2020) (d)
|
$
|
23
|
|
$
|
14
|
|
$
|
25
|
|
$
|
18
|
|
$
|
16
|
Commercial paper
(e)
|
|
|
|
|
476
|
|
|
346
|
|
|
189
|
|
|
237
|
|
|
107
|
$315 million 6.00%
senior unsecured notes (due December 2016)
|
|
317
|
|
|
317
|
|
|
317
|
|
|
317
|
|
|
318
|
$300 million 2.95%
senior unsecured notes (due March 2017)
|
|
299
|
|
|
299
|
|
|
299
|
|
|
299
|
|
|
299
|
$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
|
|
|
448
|
|
|
448
|
$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
|
|
|
247
|
|
|
247
|
|
|
246
|
$650 million 4.25%
senior unsecured notes (due March 2022)
|
|
648
|
|
|
650
|
|
|
648
|
|
|
646
|
|
|
646
|
$400 million 3.90%
senior unsecured notes (due March 2023)
|
|
409
|
|
|
418
|
|
|
410
|
|
|
401
|
|
|
403
|
Capital
leases
|
|
161
|
|
|
161
|
|
|
170
|
|
|
175
|
|
|
186
|
Other
|
|
70
|
|
|
70
|
|
|
81
|
|
|
80
|
|
|
99
|
Total long-term
debt
|
|
3,152
|
|
|
3,024
|
|
|
2,888
|
|
|
2,922
|
|
|
2,822
|
Less: Current portion
of long-term debt
|
|
52
|
|
|
53
|
|
|
47
|
|
|
49
|
|
|
50
|
Long-term
debt
|
$
|
3,100
|
|
$
|
2,971
|
|
$
|
2,841
|
|
$
|
2,873
|
|
$
|
2,772
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
June 30, 2015,
this facility had a remaining borrowing capacity of $397
million.
|
(c)
|
This debt is
collateralized by $2,558 million, $2,609 million, $2,629 million,
$2,326 million, and $2,287 million of underlying vacation ownership
contract
receivables and related assets as of June 30, 2015, March 31, 2015,
December 31, 2014, September 30, 2014 and June 30, 2014.
|
(d)
|
Represents a $1.5
billion revolving credit facility that expires in July 2020. As of
June 30, 2015, the Company had $1 million of outstanding letters of
credit. After
considering outstanding commercial paper borrowings of $476
million, the remaining borrowing capacity was $1 billion as of June
30, 2015.
|
(e)
|
Represents commercial
paper programs of $1.25 billion with a remaining borrowing capacity
of $774 million as of June 30, 2015.
|
|
|
|
|
|
|
Table
6
|
|
|
|
|
|
|
(1 of
2)
|
Wyndham Worldwide
Corporation
|
BRAND SYSTEM
DETAILS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended June 30, 2015
|
Brand
|
Number of
Properties
|
Number of
Rooms
|
Average
Occupancy Rate
|
Average Daily
Rate (ADR)
|
Average
Revenue
Per Available
Room (RevPAR)
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
Super
8
|
2,549
|
163,510
|
61.1%
|
$51.27
|
$31.33
|
|
|
|
|
|
|
|
Days
Inn
|
1,782
|
143,046
|
54.2%
|
$68.18
|
$36.95
|
|
|
|
|
|
|
|
Ramada
|
836
|
116,799
|
56.0%
|
$75.49
|
$42.24
|
|
|
|
|
|
|
|
Howard
Johnson
|
413
|
44,945
|
50.3%
|
$63.70
|
$32.06
|
|
|
|
|
|
|
|
Wyndham Hotels and
Resorts
|
207
|
44,489
|
63.8%
|
$113.95
|
$72.68
|
|
|
|
|
|
|
|
Travelodge
|
415
|
30,701
|
53.3%
|
$69.14
|
$36.87
|
|
|
|
|
|
|
|
Baymont
|
383
|
30,471
|
56.1%
|
$69.39
|
$38.93
|
|
|
|
|
|
|
|
Knights
Inn
|
388
|
23,994
|
47.5%
|
$48.21
|
$22.92
|
|
|
|
|
|
|
|
Microtel Inns &
Suites by Wyndham
|
327
|
23,446
|
61.4%
|
$70.02
|
$43.02
|
|
|
|
|
|
|
|
TRYP by
Wyndham
|
123
|
17,895
|
64.8%
|
$81.02
|
$52.48
|
|
|
|
|
|
|
|
Wingate by
Wyndham
|
150
|
13,645
|
67.2%
|
$91.15
|
$61.27
|
|
|
|
|
|
|
|
Hawthorn Suites by
Wyndham
|
101
|
10,053
|
70.5%
|
$81.33
|
$57.31
|
|
|
|
|
|
|
|
Dolce
|
24
|
5,530
|
58.4%
|
$150.86
|
$88.09
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,698
|
668,524
|
57.4%
|
$69.32
|
$39.82
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
Wyndham Vacation
Ownership resorts
|
211
|
24,068
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total Wyndham
Worldwide
|
7,909
|
692,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended June 30, 2014
|
Brand
|
Number of
Properties
|
Number of
Rooms
|
Average
Occupancy Rate
|
Average Daily
Rate (ADR)
|
Average
Revenue
Per Available
Room (RevPAR)
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
Super
8
|
2,436
|
155,711
|
60.0%
|
$50.77
|
$30.46
|
|
|
|
|
|
|
|
Days
Inn
|
1,807
|
146,139
|
55.8%
|
$64.86
|
$36.20
|
|
|
|
|
|
|
|
Ramada
|
829
|
114,195
|
57.2%
|
$79.00
|
$45.15
|
|
|
|
|
|
|
|
Howard
Johnson
|
439
|
46,214
|
50.4%
|
$62.88
|
$31.68
|
|
|
|
|
|
|
|
Wyndham Hotels and
Resorts
|
178
|
39,816
|
66.7%
|
$117.57
|
$78.43
|
|
|
|
|
|
|
|
Travelodge
|
425
|
31,075
|
54.3%
|
$67.35
|
$36.60
|
|
|
|
|
|
|
|
Baymont
|
346
|
28,325
|
56.9%
|
$66.36
|
$37.78
|
|
|
|
|
|
|
|
Knights
Inn
|
383
|
23,472
|
46.4%
|
$46.78
|
$21.70
|
|
|
|
|
|
|
|
Microtel Inns &
Suites by Wyndham
|
318
|
22,744
|
63.8%
|
$67.26
|
$42.88
|
|
|
|
|
|
|
|
TRYP by
Wyndham
|
117
|
16,740
|
66.9%
|
$96.01
|
$64.19
|
|
|
|
|
|
|
|
Wingate by
Wyndham
|
158
|
14,436
|
68.7%
|
$88.24
|
$60.65
|
|
|
|
|
|
|
|
Hawthorn Suites by
Wyndham
|
98
|
9,737
|
68.1%
|
$77.37
|
$52.72
|
|
|
|
|
|
|
|
Dream
|
5
|
989
|
72.9%
|
$246.03
|
$179.38
|
|
|
|
|
|
|
|
Night
|
3
|
630
|
72.8%
|
$158.86
|
$115.62
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,542
|
650,223
|
58.0%
|
$69.13
|
$40.11
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
Wyndham Vacation
Ownership resorts
|
201
|
23,450
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total Wyndham
Worldwide
|
7,743
|
673,673
|
|
|
|
_______________
|
|
|
|
|
|
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
Six Months Ended June 30, 2015
|
Brand
|
Number of
Properties
|
Number of
Rooms
|
Average
Occupancy Rate
|
Average Daily
Rate (ADR)
|
Average
Revenue
Per Available
Room (RevPAR)
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
Super
8
|
2,549
|
163,510
|
56.1%
|
$50.01
|
$28.04
|
|
|
|
|
|
|
|
Days
Inn
|
1,782
|
143,046
|
49.7%
|
$66.32
|
$32.98
|
|
|
|
|
|
|
|
Ramada
|
836
|
116,799
|
53.7%
|
$75.12
|
$40.37
|
|
|
|
|
|
|
|
Howard
Johnson
|
413
|
44,945
|
47.2%
|
$63.13
|
$29.82
|
|
|
|
|
|
|
|
Wyndham Hotels and
Resorts
|
207
|
44,489
|
59.9%
|
$113.13
|
$67.81
|
|
|
|
|
|
|
|
Travelodge
|
415
|
30,701
|
49.4%
|
$65.86
|
$32.54
|
|
|
|
|
|
|
|
Baymont
|
383
|
30,471
|
51.6%
|
$67.52
|
$34.85
|
|
|
|
|
|
|
|
Knights
Inn
|
388
|
23,994
|
45.8%
|
$46.73
|
$21.41
|
|
|
|
|
|
|
|
Microtel Inns &
Suites by Wyndham
|
327
|
23,446
|
57.5%
|
$68.55
|
$39.41
|
|
|
|
|
|
|
|
TRYP by
Wyndham
|
123
|
17,895
|
58.2%
|
$78.87
|
$45.92
|
|
|
|
|
|
|
|
Wingate by
Wyndham
|
150
|
13,645
|
62.9%
|
$88.74
|
$55.81
|
|
|
|
|
|
|
|
Hawthorn Suites by
Wyndham
|
101
|
10,053
|
67.7%
|
$80.89
|
$54.75
|
|
|
|
|
|
|
|
Dolce
|
24
|
5,530
|
56.7%
|
$143.28
|
$81.30
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,698
|
668,524
|
53.5%
|
$68.00
|
$36.35
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
Wyndham Vacation
Ownership resorts
|
211
|
24,068
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total Wyndham
Worldwide
|
7,909
|
692,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Six Months Ended June 30, 2014
|
Brand
|
Number of
Properties
|
Number of
Rooms
|
Average
Occupancy Rate
|
Average Daily
Rate (ADR)
|
Average
Revenue
Per Available
Room (RevPAR)
|
|
|
|
|
|
|
|
Lodging
|
|
|
|
|
|
Super
8
|
2,436
|
155,711
|
55.8%
|
$49.63
|
$27.69
|
|
|
|
|
|
|
|
Days
Inn
|
1,807
|
146,139
|
50.2%
|
$63.56
|
$31.92
|
|
|
|
|
|
|
|
Ramada
|
829
|
114,195
|
53.7%
|
$79.22
|
$42.52
|
|
|
|
|
|
|
|
Howard
Johnson
|
439
|
46,214
|
47.0%
|
$62.41
|
$29.32
|
|
|
|
|
|
|
|
Wyndham Hotels and
Resorts
|
178
|
39,816
|
61.1%
|
$115.42
|
$70.55
|
|
|
|
|
|
|
|
Travelodge
|
425
|
31,075
|
49.5%
|
$64.82
|
$32.08
|
|
|
|
|
|
|
|
Baymont
|
346
|
28,325
|
52.0%
|
$64.25
|
$33.40
|
|
|
|
|
|
|
|
Knights
Inn
|
383
|
23,472
|
43.6%
|
$45.50
|
$19.84
|
|
|
|
|
|
|
|
Microtel Inns &
Suites by Wyndham
|
318
|
22,744
|
58.8%
|
$65.08
|
$38.24
|
|
|
|
|
|
|
|
TRYP by
Wyndham
|
117
|
16,740
|
59.2%
|
$91.64
|
$54.22
|
|
|
|
|
|
|
|
Wingate by
Wyndham
|
158
|
14,436
|
63.9%
|
$85.95
|
$54.93
|
|
|
|
|
|
|
|
Hawthorn Suites by
Wyndham
|
98
|
9,737
|
64.7%
|
$76.76
|
$49.66
|
|
|
|
|
|
|
|
Dream
|
5
|
989
|
73.4%
|
$217.94
|
$159.91
|
|
|
|
|
|
|
|
Night
|
3
|
630
|
66.3%
|
$139.04
|
$92.20
|
|
|
|
|
|
|
|
|
Total
Lodging
|
7,542
|
650,223
|
53.5%
|
$67.78
|
$36.23
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
Wyndham Vacation
Ownership resorts
|
201
|
23,450
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
Total Wyndham
Worldwide
|
7,743
|
673,673
|
|
|
|
_______________
|
|
|
|
|
|
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, 2015
|
|
Net
Revenues
|
|
Reported
EBITDA
|
|
Legacy
Adjustments (b)
|
|
Acquisition
Costs (c)
|
|
Restructuring
Costs (d)
|
|
Adjusted
EBITDA
|
Lodging
|
|
$
|
292
|
|
$
|
76
|
|
$
|
|
|
$
|
3
|
|
$
|
-
|
|
$
|
79
|
Vacation Exchange and
Rentals
|
|
|
369
|
|
|
105
|
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
104
|
Vacation
Ownership
|
|
|
617
|
|
|
130
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
130
|
Total Reportable
Segments
|
|
|
1,278
|
|
|
311
|
|
|
-
|
|
|
3
|
|
|
(1)
|
|
|
313
|
Corporate and Other
(a)
|
|
|
(16)
|
|
|
(34)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(34)
|
Total
Company
|
|
$
|
1,262
|
|
$
|
277
|
|
$
|
-
|
|
$
|
3
|
|
$
|
(1)
|
|
$
|
279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging
|
|
$
|
334
|
|
$
|
96
|
|
$
|
-
|
|
$
|
1
|
|
$
|
-
|
|
$
|
97
|
Vacation Exchange and
Rentals
|
|
|
383
|
|
|
84
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
84
|
Vacation
Ownership
|
|
|
699
|
|
|
182
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
182
|
Total Reportable
Segments
|
|
|
1,416
|
|
|
362
|
|
|
-
|
|
|
1
|
|
|
-
|
|
|
363
|
Corporate and Other
(a)
|
|
|
(18)
|
|
|
(30)
|
|
|
(1)
|
|
|
-
|
|
|
-
|
|
|
(31)
|
Total
Company
|
|
$
|
1,398
|
|
$
|
332
|
|
$
|
(1)
|
|
$
|
1
|
|
$
|
-
|
|
$
|
332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes the
elimination of transactions between segments.
|
(b)
|
Relates to the net benefit from the resolution of and
adjustment to certain contingent liabilities and assets resulting
from our separation from Cendant.
|
(c)
|
Relates to costs incurred in connection with the
acquisition of Dolce Hotels and Resorts (January 2015).
|
(d)
|
Relates to the reversal of a portion of the
restructuring reserve established during the fourth quarter of
2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 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
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 of
4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide
Corporation
|
NON-GAAP FINANCIAL
INFORMATION
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Legacy
Adjustments (a)
|
|
Acquisition
Costs (b)
|
|
As Adjusted
non-GAAP
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service and
membership fees
|
|
$
|
623
|
|
$
|
|
|
$
|
|
|
$
|
623
|
|
Vacation ownership
interest sales
|
|
|
417
|
|
|
|
|
|
|
|
|
417
|
|
Franchise
fees
|
|
|
178
|
|
|
|
|
|
|
|
|
178
|
|
Consumer
financing
|
|
|
105
|
|
|
|
|
|
|
|
|
105
|
|
Other
|
|
|
75
|
|
|
|
|
|
|
|
|
75
|
Net
revenues
|
|
|
1,398
|
|
|
-
|
|
|
-
|
|
|
1,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
610
|
|
|
|
|
|
(1)
|
|
|
609
|
|
Cost of vacation
ownership interests
|
|
|
47
|
|
|
|
|
|
|
|
|
47
|
|
Consumer financing
interest
|
|
|
19
|
|
|
|
|
|
|
|
|
19
|
|
Marketing and
reservation
|
|
|
211
|
|
|
|
|
|
|
|
|
211
|
|
General and
administrative
|
|
|
182
|
|
|
1
|
|
|
|
|
|
183
|
|
Depreciation and
amortization
|
|
|
58
|
|
|
|
|
|
|
|
|
58
|
Total
expenses
|
|
|
1,127
|
|
|
1
|
|
|
(1)
|
|
|
1,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
271
|
|
|
(1)
|
|
|
1
|
|
|
271
|
Other income,
net
|
|
|
(3)
|
|
|
|
|
|
|
|
|
(3)
|
Interest
expense
|
|
|
30
|
|
|
|
|
|
|
|
|
30
|
Interest
income
|
|
|
(2)
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
246
|
|
|
(1)
|
|
|
1
|
|
|
246
|
Provision for income
taxes
|
|
|
87
|
|
|
|
|
|
|
|
|
87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
159
|
|
$
|
(1)
|
|
$
|
1
|
|
$
|
159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.34
|
|
$
|
(0.01)
|
|
$
|
0.01
|
|
$
|
1.33
|
|
Diluted
|
|
|
1.33
|
|
|
(0.01)
|
|
|
0.01
|
|
|
1.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
119
|
|
|
119
|
|
|
119
|
|
|
119
|
|
Diluted
|
|
|
120
|
|
|
120
|
|
|
120
|
|
|
120
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
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 costs
incurred in connection with the acquisition of Dolce Hotels and
Resorts (January 2015).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 of
4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide
Corporation
|
NON-GAAP FINANCIAL
INFORMATION
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Legacy
Adjustments (a)
|
|
Acquisition
Costs (b)
|
|
Restructuring
Costs (d)
|
|
As Adjusted
non-GAAP
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service and
membership fees
|
|
$
|
1,223
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
1,223
|
|
Vacation ownership
interest sales
|
|
|
753
|
|
|
|
|
|
|
|
|
|
|
|
753
|
|
Franchise
fees
|
|
|
325
|
|
|
|
|
|
|
|
|
|
|
|
325
|
|
Consumer
financing
|
|
|
210
|
|
|
|
|
|
|
|
|
|
|
|
210
|
|
Other
|
|
|
150
|
|
|
|
|
|
|
|
|
|
|
|
150
|
Net
revenues
|
|
|
2,661
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
1,177
|
|
|
|
|
|
(4)
|
|
|
|
|
|
1,173
|
|
Cost of vacation
ownership interests
|
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
80
|
|
Consumer financing
interest
|
|
|
36
|
|
|
|
|
|
|
|
|
|
|
|
36
|
|
Marketing and
reservation
|
|
|
406
|
|
|
|
|
|
|
|
|
|
|
|
406
|
|
General and
administrative
|
|
|
362
|
|
|
1
|
|
|
|
|
|
|
|
|
363
|
|
Restructuring
|
|
|
(1)
|
|
|
|
|
|
|
|
|
1
|
|
|
-
|
|
Depreciation and
amortization
|
|
|
114
|
|
|
|
|
|
|
|
|
|
|
|
114
|
Total
expenses
|
|
|
2,174
|
|
|
1
|
|
|
(4)
|
|
|
1
|
|
|
2,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
487
|
|
|
(1)
|
|
|
4
|
|
|
(1)
|
|
|
489
|
Other income,
net
|
|
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
Interest
expense
|
|
|
56
|
|
|
|
|
|
|
|
|
|
|
|
56
|
Interest
income
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
444
|
|
|
(1)
|
|
|
4
|
|
|
(1)
|
|
|
446
|
Provision for income
taxes
|
|
|
162
|
|
|
-
|
|
|
(1)
|
(c)
|
|
-
|
|
|
161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
282
|
|
$
|
(1)
|
|
$
|
5
|
|
$
|
(1)
|
|
$
|
285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
2.35
|
|
$
|
(0.01)
|
|
$
|
0.04
|
|
$
|
(0.01)
|
|
$
|
2.37
|
|
Diluted
|
|
|
2.33
|
|
|
(0.01)
|
|
|
0.04
|
|
|
(0.01)
|
|
|
2.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
120
|
|
|
120
|
|
|
120
|
|
|
120
|
|
|
120
|
|
Diluted
|
|
|
121
|
|
|
121
|
|
|
121
|
|
|
121
|
|
|
121
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 primarily to
costs incurred in connection with the acquisition of Dolce Hotels
and Resorts (January 2015) at the Company's lodging
business.
|
(c)
|
Relates to (i) the
tax effect of the adjustment and (ii) a valuation allowance
established in connection with the acquisition of Dolce Hotels and
Resorts.
|
(d)
|
Relates to the
reversal of a portion of the restructuring reserve established
during the fourth quarter of 2014 at the Company's vacation
exchange and rentals business.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3 of
4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide
Corporation
|
NON-GAAP FINANCIAL
INFORMATION
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Legacy
Adjustments
|
|
VAT
Adjustment (b)
|
|
As Adjusted
non-GAAP
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
membership
|
|
$
|
616
|
|
$
|
|
|
$
|
|
|
$
|
616
|
|
Vacation ownership
interest sales
|
|
|
382
|
|
|
|
|
|
|
|
|
382
|
|
Franchise
fees
|
|
|
166
|
|
|
|
|
|
|
|
|
166
|
|
Consumer
financing
|
|
|
106
|
|
|
|
|
|
|
|
|
106
|
|
Other
|
|
|
73
|
|
|
|
|
|
|
|
|
73
|
Net
revenues
|
|
|
1,343
|
|
|
-
|
|
|
-
|
|
|
1,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
572
|
|
|
|
|
|
|
|
|
572
|
|
Cost of vacation
ownership interests
|
|
|
42
|
|
|
|
|
|
|
|
|
42
|
|
Consumer financing
interest
|
|
|
17
|
|
|
|
|
|
|
|
|
17
|
|
Marketing and
reservation
|
|
|
206
|
|
|
|
|
|
|
|
|
206
|
|
General and
administrative
|
|
|
181
|
|
|
|
|
|
2
|
|
|
183
|
|
Depreciation and
amortization
|
|
|
59
|
|
|
|
|
|
|
|
|
59
|
Total
expenses
|
|
|
1,077
|
|
|
-
|
|
|
2
|
|
|
1,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
266
|
|
|
-
|
|
|
(2)
|
|
|
264
|
Other income,
net
|
|
|
(1)
|
|
|
|
|
|
|
|
|
(1)
|
Interest
expense
|
|
|
29
|
|
|
|
|
|
2
|
|
|
31
|
Interest
income
|
|
|
(3)
|
|
|
|
|
|
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
241
|
|
|
-
|
|
|
(4)
|
|
|
237
|
Provision for income
taxes
|
|
|
88
|
|
|
1
|
(a)
|
|
(2)
|
(c)
|
|
87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
153
|
|
$
|
(1)
|
|
$
|
(2)
|
|
$
|
150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.21
|
|
$
|
-
|
|
$
|
(0.02)
|
|
$
|
1.18
|
|
Diluted
|
|
|
1.20
|
|
|
-
|
|
|
(0.02)
|
|
|
1.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
Diluted
|
|
|
128
|
|
|
128
|
|
|
128
|
|
|
128
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
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
reversal of a state tax accrual.
|
(b)
|
Relates to the
reversal of a reserve for value-added taxes at the Company's
vacation exchange and rentals 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Executive
Departure
Costs (a)
|
|
Venezuela
Currency
Devaluation (c)
|
|
Legacy
Adjustments
|
|
VAT
Adjustment (e)
|
|
As Adjusted
non-GAAP
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
membership
|
|
$
|
1,205
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
1,205
|
|
Vacation ownership
interest sales
|
|
|
685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
685
|
|
Franchise
fees
|
|
|
293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
293
|
|
Consumer
financing
|
|
|
211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
211
|
|
Other
|
|
|
142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
142
|
Net
revenues
|
|
|
2,536
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
1,106
|
|
|
|
|
|
(10)
|
|
|
|
|
|
|
|
|
1,096
|
|
Cost of vacation
ownership interests
|
|
|
81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81
|
|
Consumer financing
interest
|
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35
|
|
Marketing and
reservation
|
|
|
387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
387
|
|
General and
administrative
|
|
|
376
|
|
|
(4)
|
|
|
|
|
|
|
|
|
2
|
|
|
374
|
|
Depreciation and
amortization
|
|
|
115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115
|
Total
expenses
|
|
|
2,100
|
|
|
(4)
|
|
|
(10)
|
|
|
-
|
|
|
2
|
|
|
2,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
436
|
|
|
4
|
|
|
10
|
|
|
-
|
|
|
(2)
|
|
|
448
|
Other income,
net
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
Interest
expense
|
|
|
56
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
58
|
Interest
income
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
390
|
|
|
4
|
|
|
10
|
|
|
-
|
|
|
(4)
|
|
|
400
|
Provision for income
taxes
|
|
|
146
|
|
|
1
|
(b)
|
|
1
|
(b)
|
|
1
|
(d)
|
|
(2)
|
(b)
|
|
147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
244
|
|
|
3
|
|
|
9
|
|
|
(1)
|
|
|
(2)
|
|
|
253
|
Net loss attributable
to noncontrolling interest
|
|
|
(1)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Wyndham shareholders
|
|
$
|
243
|
|
$
|
3
|
|
$
|
9
|
|
$
|
(1)
|
|
$
|
(2)
|
|
$
|
252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.91
|
|
$
|
0.02
|
|
$
|
0.07
|
|
$
|
-
|
|
$
|
(0.02)
|
|
$
|
1.98
|
|
Diluted
|
|
|
1.89
|
|
|
0.02
|
|
|
0.07
|
|
|
-
|
|
|
(0.02)
|
|
|
1.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
Diluted
|
|
|
129
|
|
|
129
|
|
|
129
|
|
|
129
|
|
|
129
|
|
|
129
|
__________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 rental business.
|
(d)
|
Relates to the
reversal of a state tax accrual.
|
(e)
|
Relates to the
reversal of a reserve for value-added taxes at the Company's
vacation exchange and rentals 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
737
|
|
|
$
|
793
|
|
|
|
|
Less: Property and
equipment additions
|
|
|
(112)
|
|
|
|
(98)
|
|
|
|
|
Free cash
flow
|
|
$
|
625
|
|
|
$
|
695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
Q1
|
Q2
|
Q3
|
Q4
|
Full
Year
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross VOI sales
(*)
|
|
$
|
390
|
$
|
502
|
|
N/A
|
|
N/A
|
|
N/A
|
Less: Sales under
WAAM Fee-for-Service
|
|
|
(21)
|
|
(26)
|
|
N/A
|
|
N/A
|
|
N/A
|
Gross VOI sales, net
of WAAM Fee-for-Service sales
|
|
|
369
|
|
477
|
|
N/A
|
|
N/A
|
|
N/A
|
Less: Loan loss
provision
|
|
|
(46)
|
|
(60)
|
|
N/A
|
|
N/A
|
|
N/A
|
Plus: Impact of
percentage-of-completion accounting
|
|
|
13
|
|
-
|
|
N/A
|
|
N/A
|
|
N/A
|
Vacation ownership
interest sales (*)
|
|
$
|
336
|
$
|
417
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross VOI sales
(*)
|
|
$
|
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 (*)
|
|
$
|
303
|
$
|
382
|
$
|
415
|
$
|
385
|
$
|
1,485
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross VOI sales
(*)
|
|
$
|
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 (*)
|
|
$
|
263
|
$
|
347
|
$
|
384
|
$
|
384
|
$
|
1,379
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross VOI sales
(*)
|
|
$
|
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 (*)
|
|
$
|
271
|
$
|
342
|
$
|
373
|
$
|
337
|
$
|
1,323
|
_____________
|
|
|
|
|
|
|
|
|
|
|
|
Note: Amounts
may not add due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
(*)
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
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
$
|
24
|
$
|
17
|
|
N/A
|
|
N/A
|
|
N/A
|
2014
|
|
$
|
25
|
$
|
21
|
$
|
27
|
$
|
24
|
$
|
97
|
2013
|
|
$
|
24
|
$
|
18
|
$
|
22
|
$
|
25
|
$
|
89
|
2012
|
|
$
|
27
|
$
|
20
|
$
|
22
|
$
|
28
|
$
|
97
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/wyndham-worldwide-reports-second-quarter-2015-earnings-300119436.html
SOURCE Wyndham Worldwide Corporation