PARSIPPANY, N.J., Feb. 9, 2016 /PRNewswire/ -- Wyndham
Worldwide Corporation (NYSE:WYN) today announced results for the
three months and year ended December 31,
2015.
HIGHLIGHTS:
- Fourth quarter adjusted diluted earnings per share (EPS) was
$0.98, an increase of 9% from
adjusted diluted EPS of $0.90 in the
fourth quarter of 2014. Reported diluted EPS was $1.21, compared with $0.65 in the fourth quarter of 2014.
- Full year adjusted diluted earnings per share (EPS) was
$5.11, an increase of 13% from
adjusted diluted EPS of $4.53 in
2014. Reported diluted EPS was $5.14,
compared with $4.18 in 2014.
- Fourth quarter 2015 revenues increased 6% and adjusted EBITDA
increased 8% compared with the fourth quarter of 2014.
- The Company's Board of Directors authorized an increase in the
quarterly cash dividend to $0.50 from
$0.42 per share, beginning with the
dividend that is expected to be declared in the first quarter of
2016.
- The Company repurchased 2.2 million shares of its common stock
for $165 million during the
quarter.
- The Company's Board of Directors approved a $1 billion increase in the share repurchase
authorization.
"With our strong fourth quarter financial results and sharp
operational execution across our global portfolio of hospitality
brands, we have delivered our sixth consecutive year of
double-digit growth in full year adjusted diluted EPS," said
Stephen P. Holmes, chairman and
CEO. "As we enter 2016, we are confident in the strength and
resilience of our business and remain focused on innovating and
executing every day to deliver superior value for our shareholders
and all our stakeholders. Reflecting our strong performance
in 2015 and as an indication of our confidence in our prospects,
the Board of Directors approved a 19% increase in our quarterly
dividend and $1 billion increase in
our share repurchase authorization."
FOURTH QUARTER 2015 OPERATING RESULTS
Fourth quarter
revenues were $1.3 billion, an
increase of 6% from the prior year period.
Fourth quarter adjusted EBITDA was $273
million, compared with $252
million in the prior year period, an increase of 8%.
Year-over-year adjusted EBITDA comparisons were adversely affected
by foreign currency effects of $8
million in 2015. On a currency-neutral basis and
excluding acquisitions and a divestiture, adjusted EBITDA also
increased 8%.
Adjusted net income was $113
million, or $0.98 per diluted
share, compared with $112 million, or
$0.90 per diluted share for the same
period in 2014. Net income and earnings per share benefited
from strong operating results, but were reduced by foreign currency
effects and higher interest expense. EPS also benefited from
the Company's share repurchase program.
Reported net income for the fourth quarter of 2015 was
$140 million, or $1.21 per diluted share, compared with
$81 million, or $0.65 per diluted share, for the fourth quarter
of 2014. Reported net income in both periods reflects several
items excluded from adjusted net income. The net result of
these items favorably impacted fourth quarter 2015 net income by
$27 million and unfavorably impacted
fourth quarter 2014 net income by $31
million. Full reconciliations of adjusted net income
to GAAP results appear in Table 8 of this press release.
Year-over-year fourth quarter reported net income comparisons also
were negatively impacted by foreign currency effects.
FULL YEAR 2015 OPERATING RESULTS
Revenues for full
year 2015 were $5.5 billion, an
increase of 5% over the prior year period.
Adjusted EBITDA for full year 2015 was $1,297 million, compared with $1,238 million in the prior year period.
Year-over-year adjusted EBITDA comparisons were adversely affected
by foreign currency effects of $46
million in 2015. On a currency-neutral basis and
excluding acquisitions and a divestiture, adjusted EBITDA increased
8%.
Adjusted net income for the full year 2015 was $608 million, or $5.11 per diluted share, compared with
$573 million, or $4.53 per diluted share, for the prior
year. The increases reflect stronger operating results across
all of the Company's businesses, partially offset by foreign
currency effects. EPS also benefited from the Company's share
repurchase program.
Reported net income for full year 2015 was $612 million, or $5.14 per diluted share, compared with reported
net income of $529 million, or
$4.18 per diluted share, for the
prior year period. Reported net income reflects several items
excluded from adjusted net income. The net result of these
items favorably impacted full year 2015 net income by $4 million and unfavorably impacted full year
2014 net income by $44 million.
Full reconciliations of adjusted results to GAAP results appear in
Table 8 of this press release.
FULL YEAR 2015 CASH FLOW
Free cash flow was
$769 million for the year ended
December 31, 2015, compared with
$749 million for the same period in
2014. The increase reflects strong operating results and
lower capital expenditures. In addition, 2015 free cash flow
was unfavorably impacted by changes in foreign currency exchange
rates. For the year ended December 31,
2015, net cash provided by operating activities was
$991 million, compared with
$984 million in the prior year
period. The Company defines free cash flow as net cash
provided by operating activities less capital
expenditures.
FOURTH QUARTER 2015 BUSINESS UNIT RESULTS
Hotel Group
Revenues were $314 million in the fourth quarter of 2015, an
18% increase compared with the fourth quarter 2014. Adjusted
EBITDA was $93 million, an 18%
increase compared with the same period in 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, revenues increased 6% and adjusted EBITDA
increased 10%. Results reflect higher royalty and management
fees and growth in our Wyndham Rewards credit card program.
Fourth quarter domestic RevPAR increased 2.9%. In constant
currency, total system-wide RevPAR was flat compared with the
fourth quarter of 2014, which reflects higher unit growth in lower
RevPAR countries such as China.
As of December 31, 2015, the
Company's hotel system consisted of over 7,800 properties and
678,000 rooms, a 2.6% net room increase compared with the fourth
quarter of 2014. The development pipeline included 890 hotels
and over 119,000 rooms, of which 60% were international and 70%
were new construction.
Destination Network (formerly Vacation Exchange and
Rentals)
Revenues were $310
million in the fourth quarter of 2015, flat compared with
the fourth quarter of 2014. In constant currency, and excluding
acquisitions and a divestiture in 2014, revenues increased 5%.
Exchange revenues were $146
million, down 3% compared with the fourth quarter of 2014.
In constant currency, exchange revenues were up 1% compared with
the prior year, as the average number of members increased 0.7%
while exchange revenue per member was flat.
Vacation rental revenues were $144
million, flat compared with the fourth quarter of 2014.
In constant currency and excluding the impact of acquisitions
and the divestiture, vacation rental revenues were up 8%,
reflecting an 8.1% increase in transaction volume and flat average
net price per vacation rental.
Adjusted EBITDA for the fourth quarter of 2015 was $43 million, a 10% increase compared with the
fourth quarter of 2014. On a currency-neutral basis and
excluding the impact of acquisitions and the divestiture, adjusted
EBITDA increased 9% compared with the prior year period.
Vacation Ownership
Revenues were $706 million in the fourth quarter of 2015, a 6%
increase over the fourth quarter of 2014. In constant
currency, revenues increased 7%.
Gross VOI sales were $507 million
in the fourth quarter of 2015, an increase of 8% compared with the
fourth quarter of 2014. In constant currency, Gross VOI sales
increased 9%. Volume per guest (VPG) for the quarter
increased 3.4% in constant currency and tour flow increased
4.7%.
Adjusted EBITDA for the fourth quarter of 2015 was $174 million, an increase of 1% compared with the
fourth quarter of 2014. On a currency-neutral basis and
excluding the impact of the increase in the inter-segment licensing
fee rate, adjusted EBITDA increased 5%, reflecting higher sales
volume.
OTHER ITEMS
- The Company repurchased 2.2 million shares of common stock for
$165 million during the fourth
quarter of 2015. For the full-year 2015, the Company repurchased
7.9 million shares of common stock for $650
million. From January 1 through
February 8, 2016, the Company repurchased an additional 1.6
million shares for $107 million.
- The Company's Board of Directors approved a $1 billion increase in the share repurchase
authorization. Including the increase, the Company's remaining
share repurchase authorization totals $1.3
billion as of February 8,
2016.
- Reported net interest expense in the fourth quarter of 2015 was
$35 million, compared with
$25 million in the fourth quarter of
2014, reflecting the $350 million
5.10% bond issued in September and the absence of a
fixed-to-floating interest rate swap.
Balance Sheet Information as of December, 2015:
- Cash and cash equivalents of $171
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 $1.3 billion, compared with $1.2 billion at December
31, 2014
- Securitized vacation ownership debt of $2.1 billion, compared with $2.2 billion at December
31, 2014
- Long-term debt of $3.1 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 $1.4
billion as of December 31,
2015, compared with $1.3
billion at 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 2016, the Company provides the following
guidance:
- Revenues of approximately $5.800 -
$5.950 billion.
- Adjusted EBITDA of approximately $1.375
- $1.400 billion.
- Adjusted EPS of approximately $5.46 -
$5.60 based on a diluted share count of 116 million.
The Company will post guidance information on its website
following the conference call.
Conference Call Information
Wyndham Worldwide
Corporation will hold a conference call with investors to discuss
the Company's results, outlook and guidance on Tuesday, February 9, 2016 at 8:30 a.m. ET. Listeners can access the webcast
live through the company's website at
http://www.wyndhamworldwide.com/investors/. The conference
call may also be accessed by dialing 877-876-9177 and providing the
pass code "WYNQ415." Listeners are urged to call at least 10
minutes prior to the scheduled start time. An archive of this
webcast will be available on the website for approximately 90 days
beginning at 12:00pm ET on
February 9, 2016. A telephone
replay will be available for approximately 10 days beginning at
12:00pm ET on February 9, 2016 at 800-723-0607.
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 reconciliation of reported GAAP results to
the comparable non-GAAP information appears in the financial tables
section of the press release. It is not practicable to
provide a reconciliation of forecasted adjusted EBITDA and adjusted
EPS to the most directly comparable GAAP measures because certain
items cannot be reasonably estimated or predicted at this
time. Any such items could be significant to the Company's
reported results.
About Wyndham Worldwide Corporation
One of the
world's largest hospitality companies, Wyndham Worldwide (NYSE:
WYN) provides a wide range of hospitality services and products
through its global portfolio of world-renowned brands. The
world's largest hotel company based on the number of properties,
Wyndham Hotel Group is home to many of the world's best-known hotel
brands, with over 7,800 franchised hotels and 678,000 hotel rooms
worldwide. Wyndham Destination Network is the world's largest
provider of professionally managed, unique vacation accommodations
with more than 112,000 vacation properties in over 100 countries,
sending more than 13 million people annually to their desired
destinations through its trusted, diverse network of 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 897,000
owners throughout the United
States, Canada,
Mexico, the Caribbean, and the South Pacific. Based in
Parsippany, NJ, Wyndham Worldwide
employs approximately 38,000 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, dividends, share repurchases 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
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(1 of
2)
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Wyndham Worldwide
Corporation
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OPERATING RESULTS
OF REPORTABLE SEGMENTS
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(In
millions)
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In addition to other
measures, management evaluates the operating results of each of its
reportable segments based upon net revenues and "EBITDA", which is
defined as net income before depreciation and amortization,
interest expense (excluding consumer financing interest), early
extinguishment of debt, interest income (excluding consumer
financing revenues) and income taxes, each of which is presented on
the Company's Consolidated Statements of Income. The Company
believes that EBITDA is a useful measure of performance for the
Company's segments which when considered with GAAP measures, gives
a more complete understanding of its operating performance.
The Company's presentation of EBITDA may not be comparable to
similarly-titled measures used by other companies.
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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 December 31, 2015 and 2014:
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Three Months Ended
December 31,
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2015
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2014
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|
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|
Net
Revenues
|
|
EBITDA
|
|
Net
Revenues
|
|
EBITDA
|
|
|
Hotel
Group
|
$
|
314
|
|
$
|
94
|
|
$
|
267
|
|
$
|
77
|
|
|
Destination
Network
|
|
310
|
|
|
44
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|
|
311
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|
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2
|
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Vacation
Ownership
|
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706
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|
174
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|
|
668
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|
|
172
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|
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Total Reportable
Segments
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|
1,330
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|
|
312
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|
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1,246
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|
|
251
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Corporate and Other
(a)
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|
(19)
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(37)
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(15)
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|
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(36)
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Total Company
|
$
|
1,311
|
|
$
|
275
|
|
$
|
1,231
|
|
$
|
215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA to Net income
|
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|
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|
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|
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|
|
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|
|
Three Months Ended
December 31,
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|
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2015
|
|
|
|
|
2014
|
|
|
EBITDA
|
|
|
|
|
$
|
275
|
|
|
|
|
$
|
215
|
|
|
Depreciation and
amortization
|
|
|
|
|
61
|
|
|
|
|
|
58
|
|
|
Interest
expense
|
|
|
|
|
37
|
|
|
|
|
|
29
|
|
|
Interest
income
|
|
|
|
|
(2)
|
|
|
|
|
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(4)
|
|
|
Income before income
taxes
|
|
|
|
|
179
|
|
|
|
|
|
132
|
|
|
Provision for income
taxes
|
|
|
|
|
39
|
|
|
|
|
|
51
|
|
|
Net income
|
|
|
|
|
$
|
140
|
|
|
|
|
$
|
81
|
|
|
|
|
|
|
|
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|
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(a)
Includes the elimination of transactions
between segments.
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|
|
|
|
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The following tables
summarize net revenues and adjusted EBITDA for the Company's
reportable segments for the three months ended December 31, 2015
and 2014 (for a description of adjustments by segment, see Table
7):
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|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
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|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Adjusted
|
|
|
|
Adjusted
|
|
|
|
|
|
Net
Revenues
|
|
EBITDA
|
|
Net
Revenues
|
|
EBITDA
|
|
|
Hotel
Group
|
$
|
314
|
|
$
|
93
|
|
$
|
267
|
|
$
|
79
|
|
|
Destination
Network
|
|
310
|
|
|
43
|
|
|
311
|
|
|
39
|
|
|
Vacation
Ownership
|
|
706
|
|
|
174
|
|
|
668
|
|
|
172
|
|
|
Total Reportable
Segments
|
|
1,330
|
|
|
310
|
|
|
1,246
|
|
|
290
|
|
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Corporate and
Other
|
|
(19)
|
|
|
(37)
|
|
|
(15)
|
|
|
(38)
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|
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Total Company
|
$
|
1,311
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|
$
|
273
|
|
$
|
1,231
|
|
$
|
252
|
|
|
|
|
|
|
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|
|
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|
|
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Table
1
|
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|
|
|
|
|
|
|
|
|
(2 of
2)
|
|
Wyndham Worldwide
Corporation
|
|
OPERATING RESULTS
OF REPORTABLE SEGMENTS
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables
summarize net revenues and EBITDA for the Company's reportable
segments, as well as reconcile EBITDA to Net income for the twelve
months ended December 31, 2015 and 2014:
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|
|
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|
|
|
Twelve Months
Ended December 31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Net
Revenues
|
|
EBITDA
|
|
Net
Revenues
|
|
EBITDA
|
|
|
Hotel
Group
|
$
|
1,297
|
|
$
|
349
|
|
$
|
1,101
|
|
$
|
327
|
|
|
Destination
Network
|
|
1,538
|
|
|
367
|
|
|
1,604
|
|
|
335
|
|
|
Vacation
Ownership
|
|
2,772
|
|
|
687
|
|
|
2,638
|
|
|
660
|
|
|
Total Reportable
Segments
|
|
5,607
|
|
|
1,403
|
|
|
5,343
|
|
|
1,322
|
|
|
Corporate and Other
(a)
|
|
(71)
|
|
|
(137)
|
|
|
(62)
|
|
|
(141)
|
|
|
Total Company
|
$
|
5,536
|
|
$
|
1,266
|
|
$
|
5,281
|
|
$
|
1,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
EBITDA to Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31,
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
2014
|
|
|
EBITDA
|
|
|
|
|
$
|
1,266
|
|
|
|
|
$
|
1,181
|
|
|
Depreciation and
amortization
|
|
|
|
|
234
|
|
|
|
|
|
233
|
|
|
Interest
expense
|
|
|
|
|
125
|
|
|
|
|
|
113
|
|
|
Interest
income
|
|
|
|
|
(9)
|
|
|
|
|
|
(10)
|
|
|
Income before income
taxes
|
|
|
|
|
916
|
|
|
|
|
|
845
|
|
|
Provision for income
taxes
|
|
|
|
|
304
|
|
|
|
|
|
316
|
|
|
Net income
|
|
|
|
|
$
|
612
|
|
|
|
|
$
|
529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Includes the elimination of transactions
between segments.
|
|
|
|
|
|
The following tables
summarize net revenues and adjusted EBITDA for the Company's
reportable segments for the twelve months ended December 31, 2015
and 2014 (for a description of adjustments by segment, see Table
7):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Adjusted
|
|
|
|
Adjusted
|
|
|
|
|
|
Net
Revenues
|
|
EBITDA
|
|
Net
Revenues
|
|
EBITDA
|
|
|
Hotel
Group
|
$
|
1,297
|
|
$
|
376
|
|
$
|
1,101
|
|
$
|
340
|
|
|
Destination
Network
|
|
1,538
|
|
|
370
|
|
|
1,604
|
|
|
380
|
|
|
Vacation
Ownership
|
|
2,772
|
|
|
688
|
|
|
2,638
|
|
|
660
|
|
|
Total Reportable
Segments
|
|
5,607
|
|
|
1,434
|
|
|
5,343
|
|
|
1,380
|
|
|
Corporate and
Other
|
|
(71)
|
|
|
(137)
|
|
|
(62)
|
|
|
(142)
|
|
|
Total Company
|
$
|
5,536
|
|
$
|
1,297
|
|
$
|
5,281
|
|
$
|
1,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
2
|
|
Wyndham Worldwide
Corporation
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service and
membership fees
|
|
$
|
562
|
|
$
|
508
|
|
$
|
2,519
|
|
$
|
2,431
|
|
|
Vacation ownership
interest sales
|
|
|
403
|
|
|
385
|
|
|
1,604
|
|
|
1,485
|
|
|
Franchise
fees
|
|
|
157
|
|
|
151
|
|
|
674
|
|
|
632
|
|
|
Consumer
financing
|
|
|
109
|
|
|
108
|
|
|
427
|
|
|
427
|
|
|
Other
|
|
|
|
80
|
|
|
79
|
|
|
312
|
|
|
306
|
|
Net
revenues
|
|
|
1,311
|
|
|
1,231
|
|
|
5,536
|
|
|
5,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
594
|
|
|
542
|
|
|
2,461
|
|
|
2,262
|
|
|
Cost of vacation
ownership interests
|
|
|
43
|
|
|
42
|
|
|
165
|
|
|
171
|
|
|
Consumer financing
interest
|
|
|
19
|
|
|
18
|
|
|
74
|
|
|
71
|
|
|
Marketing and
reservation
|
|
|
189
|
|
|
188
|
|
|
813
|
|
|
802
|
|
|
General and
administrative
|
|
|
199
|
|
|
189
|
|
|
761
|
|
|
755
|
|
|
Loss on sale and
asset impairments
|
|
|
-
|
|
|
27
|
|
|
7
|
|
|
35
|
|
|
Restructuring
|
|
|
(2)
|
|
|
12
|
|
|
6
|
|
|
11
|
|
|
Depreciation and
amortization
|
|
|
61
|
|
|
58
|
|
|
234
|
|
|
233
|
|
Total
expenses
|
|
|
1,103
|
|
|
1,076
|
|
|
4,521
|
|
|
4,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
208
|
|
|
155
|
|
|
1,015
|
|
|
941
|
|
Other
(income)/expense, net
|
|
|
(6)
|
|
|
(2)
|
|
|
(17)
|
|
|
(7)
|
|
Interest
expense
|
|
|
37
|
|
|
29
|
|
|
125
|
|
|
113
|
|
Interest
income
|
|
|
(2)
|
|
|
(4)
|
|
|
(9)
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
179
|
|
|
132
|
|
|
916
|
|
|
845
|
|
Provision for income
taxes
|
|
|
39
|
|
|
51
|
|
|
304
|
|
|
316
|
|
Net
income
|
|
|
$
|
140
|
|
$
|
81
|
|
$
|
612
|
|
$
|
529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
1.22
|
|
$
|
0.66
|
|
$
|
5.18
|
|
$
|
4.22
|
|
|
Diluted
|
|
|
1.21
|
|
|
0.65
|
|
|
5.14
|
|
|
4.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
115
|
|
|
122
|
|
|
118
|
|
|
125
|
|
|
Diluted
|
|
|
116
|
|
|
124
|
|
|
119
|
|
|
127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Hotel Group
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Rooms
|
2015
|
|
667,400
|
|
668,500
|
|
671,900
|
|
678,000
|
|
N/A
|
|
|
|
|
|
|
|
2014
|
|
646,900
|
|
650,200
|
|
655,300
|
|
660,800
|
|
N/A
|
|
|
|
|
|
|
|
2013
|
|
631,800
|
|
635,100
|
|
638,300
|
|
645,400
|
|
N/A
|
|
|
|
|
|
|
|
2012
|
|
609,300
|
|
608,300
|
|
618,100
|
|
627,400
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
2015
|
$
|
32.84
|
$
|
39.82
|
$
|
43.34
|
$
|
32.98
|
$
|
37.26
|
|
|
|
|
|
|
|
2014
|
$
|
32.30
|
$
|
40.11
|
$
|
43.71
|
$
|
34.06
|
$
|
37.57
|
|
|
|
|
|
|
|
2013
|
$
|
31.05
|
$
|
38.00
|
$
|
41.78
|
$
|
33.07
|
$
|
36.00
|
|
|
|
|
|
|
|
2012
|
$
|
29.73
|
$
|
37.23
|
$
|
40.39
|
$
|
31.86
|
$
|
34.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Destination
Network
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of
Members (in 000s)
|
2015
|
|
3,822
|
|
3,831
|
|
3,835
|
|
3,836
|
|
3,831
|
|
|
|
|
|
|
|
2014
|
|
3,727
|
|
3,748
|
|
3,777
|
|
3,808
|
|
3,765
|
|
|
|
|
|
|
|
2013
|
|
3,668
|
|
3,686
|
|
3,711
|
|
3,728
|
|
3,698
|
|
|
|
|
|
|
|
2012
|
|
3,684
|
|
3,670
|
|
3,672
|
|
3,670
|
|
3,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Revenue Per
Member
|
2015
|
$
|
194.06
|
$
|
167.81
|
$
|
163.38
|
$
|
152.00
|
$
|
169.29
|
|
|
|
|
|
|
|
2014
|
$
|
200.78
|
$
|
179.17
|
$
|
171.77
|
$
|
157.24
|
$
|
177.12
|
|
|
|
|
|
|
|
2013
|
$
|
210.96
|
$
|
182.42
|
$
|
169.95
|
$
|
161.21
|
$
|
181.02
|
|
|
|
|
|
|
|
2012
|
$
|
204.56
|
$
|
177.07
|
$
|
171.14
|
$
|
165.86
|
$
|
179.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Rental
Transactions (in 000s) (a) (b)
|
2015
|
|
459
|
|
390
|
|
462
|
|
319
|
|
1,630
|
|
|
|
|
|
|
|
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
|
$
|
642.00
|
$
|
452.19
|
$
|
494.92
|
|
|
|
|
|
|
|
2014
|
$
|
410.04
|
$
|
577.13
|
$
|
727.40
|
$
|
492.25
|
$
|
558.95
|
|
|
|
|
|
|
|
2013
|
$
|
392.64
|
$
|
540.38
|
$
|
677.81
|
$
|
506.62
|
$
|
532.11
|
|
|
|
|
|
|
|
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
|
$
|
565,000
|
$
|
507,000
|
$
|
1,965,000
|
|
|
|
|
|
|
|
2014
|
$
|
410,000
|
$
|
496,000
|
$
|
513,000
|
$
|
470,000
|
$
|
1,889,000
|
|
|
|
|
|
|
|
2013
|
$
|
384,000
|
$
|
481,000
|
$
|
536,000
|
$
|
488,000
|
$
|
1,889,000
|
|
|
|
|
|
|
|
2012
|
$
|
384,000
|
$
|
460,000
|
$
|
502,000
|
$
|
435,000
|
$
|
1,781,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tours (in 000s)
(d)
|
2015
|
|
168
|
|
206
|
|
227
|
|
200
|
|
801
|
|
|
|
|
|
|
|
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
|
$
|
2,354
|
$
|
2,390
|
$
|
2,326
|
|
|
|
|
|
|
|
2014
|
$
|
2,272
|
$
|
2,280
|
$
|
2,158
|
$
|
2,336
|
$
|
2,257
|
|
|
|
|
|
|
|
2013
|
$
|
2,211
|
$
|
2,256
|
$
|
2,278
|
$
|
2,370
|
$
|
2,281
|
|
|
|
|
|
|
|
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 destination
network operating statistics excluding our U.K.-based camping
business sold in Q4 2014 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Full
Year
|
|
|
Vacation Rental
Transactions (in 000s)
|
2014
|
|
429
|
|
367
|
|
431
|
|
292
|
|
1,518
|
|
|
Average Net Price Per
Vacation Rental
|
2014
|
$
|
410.02
|
$
|
578.02
|
$
|
700.56
|
$
|
492.64
|
$
|
548.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
Includes Gross VOI
sales under the Company's Wyndham Asset Affiliate Model (WAAM)
Just-in-Time 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
|
|
Hotel
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Properties
|
2015
|
|
7,670
|
|
7,700
|
|
7,760
|
|
7,810
|
|
N/A
|
|
|
|
|
|
|
|
2014
|
|
7,500
|
|
7,540
|
|
7,590
|
|
7,650
|
|
N/A
|
|
|
|
|
|
|
|
2013
|
|
7,380
|
|
7,410
|
|
7,440
|
|
7,490
|
|
N/A
|
|
|
|
|
|
|
|
2012
|
|
7,150
|
|
7,170
|
|
7,260
|
|
7,340
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan
Losses (in 000s)
(*)
|
2015
|
$
|
46,000
|
$
|
60,000
|
$
|
78,000
|
$
|
64,000
|
$
|
248,000
|
|
|
|
|
|
|
|
2014
|
$
|
60,000
|
$
|
70,000
|
$
|
70,000
|
$
|
60,000
|
$
|
260,000
|
|
|
|
|
|
|
|
2013
|
$
|
84,000
|
$
|
90,000
|
$
|
102,000
|
$
|
73,000
|
$
|
349,000
|
|
|
|
|
|
|
|
2012
|
$
|
96,000
|
$
|
100,000
|
$
|
124,000
|
$
|
89,000
|
$
|
409,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Full
year amounts may not add across due to rounding.
|
|
(*)
|
Represents provision
for estimated losses on vacation ownership contract receivables
originated during the period, which is recorded as a contra revenue
to vacation ownership interest sales on the Consolidated Statements
of Income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3
(2 of 2)
Wyndham Worldwide
Corporation
OPERATING STATISTICS
GLOSSARY OF TERMS
Hotel Group
Number of Rooms: Represents the number of rooms at hotel
group properties at the end of the period which are either (i)
under franchise and/or management agreements, or company owned and
(ii) properties under affiliation agreements for which the Company
receives a fee for reservation and/or other services
provided.
Average Occupancy Rate: Represents the percentage of
available rooms occupied during the period.
Average Daily Rate (ADR): Represents the average rate
charged for renting a lodging room for one day.
RevPAR: Represents revenue per available room and is
calculated by multiplying average occupancy rate by ADR. Comparable
RevPAR represents RevPAR of hotels which are included in both
periods.
Destination Network
Average Number of Members: Represents members in our
vacation exchange programs who paid annual membership dues as of
the end of the period or who are within the allowed grace period.
For additional fees, such participants are entitled to exchange
intervals for intervals at other properties affiliated with the
Company's vacation exchange business. In addition, certain
participants may exchange intervals for other leisure-related
services and products.
Exchange Revenue Per Member: Represents total annualized
revenues generated from fees associated with memberships, exchange
transactions, member-related rentals and other servicing for the
period divided by the average number of vacation exchange members
during the period.
Vacation Rental Transactions: Represents the number of
transactions that are generated in connection with customers
booking their vacation rental stays through one of our vacation
brands. One rental transaction is recorded for each standard
one-week rental.
Average Net Price Per Vacation Rental: Represents the net
rental price generated from renting vacation properties to
customers and other related rental servicing fees divided by the
number of vacation rental transactions.
Vacation Ownership
Gross Vacation Ownership Interest Sales: Represents sales
of vacation ownership interest (VOIs), including WAAM sales, before
the net effect of percentage-of-completion accounting and loan loss
provisions. See Table 9 for a reconciliation of Gross VOI sales to
vacation ownership interest sales.
Tours: Represents the number of tours taken by guests in
our efforts to sell VOIs.
Volume per Guest (VPG): Represents Gross VOI sales
(excluding tele-sales upgrades, which are non-tour upgrade sales)
divided by the number of tours. The Company has excluded non-tour
upgrade sales in the calculation of VPG because non-tour upgrade
sales are generated by a different marketing channel. See
Table 9 for a detail of tele-sales upgrades for
2012-2015.
General
Constant Currency: Represents a comparison eliminating the
effects of foreign exchange rate fluctuations between periods
(foreign currency translation).
Currency-Neutral: Represents a comparison eliminating the
effects of foreign exchange rate fluctuations between periods
(foreign currency translation) and the impact caused by any foreign
exchange related activities (i.e., hedges, balance sheet
remeasurements and/or adjustments).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide
Corporation
|
|
REVENUE DETAIL BY
REPORTABLE SEGMENT
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Year
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Year
|
|
Hotel
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties and
Franchise Fees
|
|
$
|
74
|
$
|
96
|
$
|
103
|
$
|
87
|
$
|
361
|
|
$
|
68
|
$
|
88
|
$
|
100
|
$
|
83
|
$
|
339
|
|
|
Marketing,
Reservation and Wyndham Rewards Revenues (a)
|
|
96
|
|
108
|
|
112
|
|
92
|
|
407
|
|
|
76
|
|
101
|
|
117
|
|
91
|
|
385
|
|
|
Hotel Management
Reimbursable Revenues (b)
|
|
61
|
|
71
|
|
73
|
|
68
|
|
273
|
|
|
37
|
|
39
|
|
39
|
|
39
|
|
154
|
|
|
Intersegment
Trademark Fees
|
|
|
12
|
|
15
|
|
16
|
|
15
|
|
57
|
|
|
9
|
|
11
|
|
11
|
|
10
|
|
41
|
|
|
Owned Hotel
Revenues
|
|
|
25
|
|
20
|
|
16
|
|
19
|
|
79
|
|
|
24
|
|
20
|
|
18
|
|
20
|
|
81
|
|
|
Ancillary Revenues
(c)
|
|
|
24
|
|
24
|
|
37
|
|
33
|
|
120
|
|
|
23
|
|
24
|
|
30
|
|
24
|
|
101
|
|
|
Total Hotel
Group
|
|
|
292
|
|
334
|
|
357
|
|
314
|
|
1,297
|
|
|
237
|
|
283
|
|
315
|
|
267
|
|
1,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Destination
Network
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Revenues
|
|
|
185
|
|
161
|
|
157
|
|
146
|
|
649
|
|
|
187
|
|
168
|
|
162
|
|
150
|
|
667
|
|
|
Rental
Revenues
|
|
|
166
|
|
200
|
|
296
|
|
144
|
|
807
|
|
|
176
|
|
217
|
|
331
|
|
144
|
|
868
|
|
|
Ancillary Revenues
(d)
|
|
|
18
|
|
22
|
|
23
|
|
20
|
|
82
|
|
|
16
|
|
17
|
|
19
|
|
17
|
|
69
|
|
|
Total Destination
Network
|
|
|
369
|
|
383
|
|
476
|
|
310
|
|
1,538
|
|
|
379
|
|
402
|
|
512
|
|
311
|
|
1,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership
Interest Sales
|
|
|
336
|
|
417
|
|
448
|
|
403
|
|
1,604
|
|
|
303
|
|
382
|
|
415
|
|
385
|
|
1,485
|
|
|
Consumer
Financing
|
|
|
104
|
|
105
|
|
108
|
|
109
|
|
427
|
|
|
105
|
|
106
|
|
108
|
|
108
|
|
427
|
|
|
Property Management
Fees and Reimbursable Revenues
|
|
153
|
|
149
|
|
159
|
|
155
|
|
615
|
|
|
143
|
|
145
|
|
150
|
|
142
|
|
581
|
|
|
WAAM Fee-for-Service
Commissions
|
|
12
|
|
19
|
|
23
|
|
28
|
|
83
|
|
|
33
|
|
30
|
|
18
|
|
16
|
|
98
|
|
|
Ancillary Revenues
(e)
|
|
|
12
|
|
9
|
|
12
|
|
11
|
|
43
|
|
|
9
|
|
10
|
|
13
|
|
17
|
|
47
|
|
|
Total Vacation
Ownership
|
|
|
617
|
|
699
|
|
750
|
|
706
|
|
2,772
|
|
|
593
|
|
673
|
|
704
|
|
668
|
|
2,638
|
|
Total Reportable
Segments
|
|
$
|
1,278
|
$
|
1,416
|
$
|
1,583
|
$
|
1,330
|
$
|
5,607
|
|
$
|
1,209
|
$
|
1,358
|
$
|
1,531
|
$
|
1,246
|
$
|
5,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Year
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Year
|
|
Hotel
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties and
Franchise Fees
|
|
$
|
64
|
$
|
79
|
$
|
91
|
$
|
75
|
$
|
309
|
|
$
|
62
|
$
|
80
|
$
|
88
|
$
|
71
|
$
|
301
|
|
|
Marketing,
Reservation and Wyndham Rewards Revenues (a)
|
|
73
|
|
92
|
|
118
|
|
83
|
|
365
|
|
|
68
|
|
99
|
|
98
|
|
80
|
|
345
|
|
|
Hotel Management
Reimbursable Revenues (b)
|
|
25
|
|
38
|
|
37
|
|
35
|
|
135
|
|
|
21
|
|
22
|
|
25
|
|
23
|
|
91
|
|
|
Intersegment
Trademark Fees
|
|
|
8
|
|
10
|
|
11
|
|
10
|
|
39
|
|
|
8
|
|
9
|
|
9
|
|
8
|
|
34
|
|
|
Owned Hotel
Revenues
|
|
|
26
|
|
20
|
|
18
|
|
19
|
|
84
|
|
|
8
|
|
8
|
|
7
|
|
18
|
|
41
|
|
|
Ancillary Revenues
(c)
|
|
|
26
|
|
23
|
|
22
|
|
23
|
|
95
|
|
|
18
|
|
15
|
|
22
|
|
23
|
|
78
|
|
|
Total Hotel
Group
|
|
|
222
|
|
262
|
|
297
|
|
245
|
|
1,027
|
|
|
185
|
|
233
|
|
249
|
|
223
|
|
890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Destination
Network
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Revenues
|
|
|
193
|
|
168
|
|
158
|
|
150
|
|
669
|
|
|
188
|
|
162
|
|
157
|
|
153
|
|
660
|
|
|
Rental
Revenues
|
|
|
166
|
|
192
|
|
293
|
|
138
|
|
789
|
|
|
159
|
|
170
|
|
248
|
|
125
|
|
702
|
|
|
Ancillary Revenues
(d)
|
|
|
15
|
|
16
|
|
19
|
|
17
|
|
68
|
|
|
14
|
|
16
|
|
15
|
|
15
|
|
60
|
|
|
Total Destination
Network
|
|
|
374
|
|
376
|
|
470
|
|
305
|
|
1,526
|
|
|
361
|
|
348
|
|
420
|
|
293
|
|
1,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership
Interest Sales
|
|
|
263
|
|
347
|
|
384
|
|
384
|
|
1,379
|
|
|
271
|
|
342
|
|
373
|
|
337
|
|
1,323
|
|
|
Consumer
Financing
|
|
|
105
|
|
106
|
|
107
|
|
108
|
|
426
|
|
|
103
|
|
102
|
|
106
|
|
110
|
|
421
|
|
|
Property Management
Fees
|
|
|
146
|
|
141
|
|
143
|
|
137
|
|
567
|
|
|
110
|
|
108
|
|
117
|
|
125
|
|
460
|
|
|
WAAM Fee-for-Service
Commissions
|
|
24
|
|
30
|
|
33
|
|
20
|
|
107
|
|
|
12
|
|
11
|
|
4
|
|
6
|
|
33
|
|
|
Ancillary Revenues
(e)
|
|
|
11
|
|
6
|
|
10
|
|
9
|
|
36
|
|
|
5
|
|
7
|
|
8
|
|
12
|
|
32
|
|
|
Total Vacation
Ownership
|
|
|
549
|
|
630
|
|
677
|
|
658
|
|
2,515
|
|
|
501
|
|
570
|
|
608
|
|
590
|
|
2,269
|
|
Total Reportable
Segments
|
|
$
|
1,145
|
$
|
1,268
|
$
|
1,444
|
$
|
1,208
|
$
|
5,068
|
|
$
|
1,047
|
$
|
1,151
|
$
|
1,277
|
$
|
1,106
|
$
|
4,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Full
year amounts may not add across due to rounding.
|
|
(a)
|
Marketing and
reservation revenues represent fees the Company receives from
franchised and managed hotels that are to be expended for marketing
purposes or the operation of a centralized, brand-specific
reservation system. These fees are typically based on a
percentage of the gross room revenues of each hotel. Wyndham
Rewards revenues represent fees the Company receives relating to
its loyalty program.
|
|
(b)
|
Primarily represents
payroll costs in the hotel management business that the Company
pays on behalf of property owners and for which it is reimbursed by
the property owners. During 2014, 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 and managed properties
and fees related to our co-branded credit card program.
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securitized vacation
ownership debt (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term notes
|
$
|
1,891
|
|
$
|
1,843
|
|
$
|
1,841
|
|
$
|
2,090
|
|
$
|
1,962
|
|
Bank conduit facility
(b)
|
|
239
|
|
|
267
|
|
|
253
|
|
|
98
|
|
|
203
|
|
Total securitized
vacation ownership debt (c)
|
|
2,130
|
|
|
2,110
|
|
|
2,094
|
|
|
2,188
|
|
|
2,165
|
|
Less: Current portion
of securitized vacation ownership debt
|
|
209
|
|
|
210
|
|
|
211
|
|
|
217
|
|
|
214
|
|
Long-term securitized
vacation ownership debt
|
$
|
1,921
|
|
$
|
1,900
|
|
$
|
1,883
|
|
$
|
1,971
|
|
$
|
1,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit facility (due July 2020) (d)
|
$
|
7
|
|
$
|
20
|
|
$
|
23
|
|
$
|
14
|
|
$
|
25
|
|
Commercial paper (e)
|
|
109
|
|
|
87
|
|
|
476
|
|
|
346
|
|
|
189
|
|
$315
million 6.00% senior unsecured notes (due December 2016)
|
|
316
|
|
|
316
|
|
|
317
|
|
|
317
|
|
|
317
|
|
$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)
|
|
449
|
|
|
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
|
|
|
247
|
|
$650
million 4.25% senior unsecured notes (due March 2022)
|
|
648
|
|
|
648
|
|
|
648
|
|
|
650
|
|
|
648
|
|
$400
million 3.90% senior unsecured notes (due March 2023)
|
|
408
|
|
|
409
|
|
|
409
|
|
|
418
|
|
|
410
|
|
$350
million 5.10% senior unsecured notes (due October 2025)
|
|
338
|
|
|
338
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Capital
leases
|
|
153
|
|
|
158
|
|
|
161
|
|
|
161
|
|
|
170
|
|
Other
|
|
50
|
|
|
49
|
|
|
70
|
|
|
70
|
|
|
81
|
|
Total long-term
debt
|
|
3,078
|
|
|
3,073
|
|
|
3,152
|
|
|
3,024
|
|
|
2,888
|
|
Less: Current portion
of long-term debt
|
|
44
|
|
|
44
|
|
|
52
|
|
|
53
|
|
|
47
|
|
Long-term
debt
|
$
|
3,034
|
|
$
|
3,029
|
|
$
|
3,100
|
|
$
|
2,971
|
|
$
|
2,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 non-recourse debt that is securitized through the
SPEs is legally not a liability of the Company and thus, 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 2017 and borrowing capacity of $650 million. As of
December 31, 2015, this facility had a remaining borrowing capacity
of $411 million.
|
|
(c)
|
This debt is
collateralized by $2,576 million, $2,582 million, $2,558 million,
$2,609 million, and $2,629 million of underlying vacation ownership
contract receivables and related assets as of December 31, 2015,
September 30, 2015, June 30, 2015, March 31, 2015, and December 31,
2014.
|
|
(d)
|
Represents a $1.5
billion revolving credit facility that expires in July 2020. As of
December 31, 2015, the Company had $1 million of outstanding
letters of credit. After considering outstanding commercial paper
borrowings of $109 million, the remaining borrowing capacity was
$1.4 billion as of December 31, 2015.
|
|
(e)
|
Represents commercial
paper programs of $1.25 billion with a remaining borrowing capacity
of $1.1 billion as of December 31, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
Table
6
|
|
|
|
|
|
|
|
|
(1 of
2)
|
|
Wyndham Worldwide
Corporation
|
|
BRAND SYSTEM
DETAILS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended December 31, 2015
|
|
|
|
|
|
|
|
|
Average
Revenue
|
|
|
|
|
Number
of
|
|
Average
|
Average
Daily
|
Per
Available
|
|
Brand
|
Properties
|
Number of
Rooms
|
Occupancy
Rate
|
Rate
(ADR)
|
Room
(RevPAR)
|
|
|
|
|
|
|
|
|
|
|
Hotel
Group
|
|
|
|
|
|
|
|
Super
8
|
2,631
|
168,438
|
50.9%
|
$48.82
|
$24.86
|
|
|
|
|
|
|
|
|
|
|
Days
Inn
|
1,788
|
142,870
|
46.0%
|
$64.04
|
$29.43
|
|
|
|
|
|
|
|
|
|
|
Ramada
|
839
|
118,132
|
50.2%
|
$72.84
|
$36.54
|
|
|
|
|
|
|
|
|
|
|
Wyndham Hotels and
Resorts
|
225
|
48,753
|
56.6%
|
$108.79
|
$61.57
|
|
|
|
|
|
|
|
|
|
|
Howard
Johnson
|
393
|
42,888
|
46.7%
|
$60.92
|
$28.44
|
|
|
|
|
|
|
|
|
|
|
Baymont
|
410
|
32,667
|
46.8%
|
$66.11
|
$30.92
|
|
|
|
|
|
|
|
|
|
|
Travelodge
|
411
|
30,188
|
44.6%
|
$62.65
|
$27.93
|
|
|
|
|
|
|
|
|
|
|
Microtel Inns &
Suites by Wyndham
|
332
|
23,941
|
52.5%
|
$67.29
|
$35.30
|
|
|
|
|
|
|
|
|
|
|
Knights
Inn
|
386
|
23,560
|
41.7%
|
$47.21
|
$19.71
|
|
|
|
|
|
|
|
|
|
|
TRYP by
Wyndham
|
121
|
17,355
|
61.0%
|
$78.94
|
$48.12
|
|
|
|
|
|
|
|
|
|
|
Wingate by
Wyndham
|
151
|
13,780
|
57.0%
|
$87.38
|
$49.77
|
|
|
|
|
|
|
|
|
|
|
Hawthorn Suites by
Wyndham
|
102
|
10,174
|
60.8%
|
$80.45
|
$48.89
|
|
|
|
|
|
|
|
|
|
|
Dolce
|
23
|
5,296
|
49.5%
|
$150.61
|
$74.59
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel
Group
|
7,812
|
678,042
|
49.6%
|
$66.46
|
$32.98
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
Wyndham Vacation
Ownership resorts
|
213
|
24,329
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
Total Wyndham
Worldwide
|
8,025
|
702,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Three Months Ended December 31, 2014
|
|
|
|
|
|
|
|
|
Average
Revenue
|
|
|
|
|
Number
of
|
|
Average
|
Average
Daily
|
Per
Available
|
|
Brand
|
Properties
|
Number of
Rooms
|
Occupancy
Rate
|
Rate
(ADR)
|
Room
(RevPAR)
|
|
|
|
|
|
|
|
|
|
|
Hotel
Group
|
|
|
|
|
|
|
|
Super
8
|
2,510
|
160,847
|
53.8%
|
$48.07
|
$25.85
|
|
|
|
|
|
|
|
|
|
|
Days
Inn
|
1,794
|
145,078
|
45.7%
|
$63.86
|
$29.18
|
|
|
|
|
|
|
|
|
|
|
Ramada
|
837
|
115,923
|
51.1%
|
$78.04
|
$39.86
|
|
|
|
|
|
|
|
|
|
|
Howard
Johnson
|
429
|
45,919
|
46.7%
|
$62.82
|
$29.34
|
|
|
|
|
|
|
|
|
|
|
Wyndham Hotels and
Resorts
|
195
|
43,865
|
58.0%
|
$116.50
|
$67.53
|
|
|
|
|
|
|
|
|
|
|
Travelodge
|
421
|
30,989
|
45.0%
|
$63.71
|
$28.68
|
|
|
|
|
|
|
|
|
|
|
Baymont
|
369
|
29,727
|
47.1%
|
$64.64
|
$30.42
|
|
|
|
|
|
|
|
|
|
|
Knights
Inn
|
398
|
24,832
|
42.1%
|
$45.61
|
$19.19
|
|
|
|
|
|
|
|
|
|
|
Microtel Inns &
Suites by Wyndham
|
323
|
23,138
|
56.1%
|
$67.28
|
$37.74
|
|
|
|
|
|
|
|
|
|
|
TRYP by
Wyndham
|
119
|
16,965
|
59.5%
|
$84.73
|
$50.44
|
|
|
|
|
|
|
|
|
|
|
Wingate by
Wyndham
|
153
|
13,923
|
58.2%
|
$84.83
|
$49.35
|
|
|
|
|
|
|
|
|
|
|
Hawthorn Suites by
Wyndham
|
97
|
9,620
|
63.1%
|
$75.65
|
$47.72
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel
Group
|
7,645
|
660,826
|
50.6%
|
$67.27
|
$34.06
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
Wyndham Vacation
Ownership resorts
|
203
|
23,644
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
Total Wyndham
Worldwide
|
7,848
|
684,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: A
glossary of terms is included in Table 3 (2 of 2); RevPAR may not
recalculate by multiplying average occupancy rate by ADR due to
rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
6
|
|
|
|
|
|
|
|
|
(2 of
2)
|
|
Wyndham Worldwide
Corporation
|
|
BRAND SYSTEM
DETAILS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
Average
Revenue
|
|
|
|
|
Number
of
|
|
Average
|
Average
Daily
|
Per
Available
|
|
Brand
|
Properties
|
Number of
Rooms
|
Occupancy
Rate
|
Rate
(ADR)
|
Room
(RevPAR)
|
|
|
|
|
|
|
|
|
|
|
Hotel
Group
|
|
|
|
|
|
|
|
Super
8
|
2,631
|
168,438
|
57.0%
|
$50.51
|
$28.81
|
|
|
|
|
|
|
|
|
|
|
Days
Inn
|
1,788
|
142,870
|
50.9%
|
$67.26
|
$34.22
|
|
|
|
|
|
|
|
|
|
|
Ramada
|
839
|
118,132
|
54.2%
|
$75.08
|
$40.67
|
|
|
|
|
|
|
|
|
|
|
Wyndham Hotels and
Resorts
|
225
|
48,753
|
60.5%
|
$110.76
|
$66.96
|
|
|
|
|
|
|
|
|
|
|
Howard
Johnson
|
393
|
42,888
|
50.0%
|
$62.45
|
$31.24
|
|
|
|
|
|
|
|
|
|
|
Baymont
|
410
|
32,667
|
52.5%
|
$68.50
|
$35.95
|
|
|
|
|
|
|
|
|
|
|
Travelodge
|
411
|
30,188
|
50.8%
|
$67.71
|
$34.39
|
|
|
|
|
|
|
|
|
|
|
Microtel Inns &
Suites by Wyndham
|
332
|
23,941
|
57.9%
|
$69.23
|
$40.08
|
|
|
|
|
|
|
|
|
|
|
Knights
Inn
|
386
|
23,560
|
45.7%
|
$48.26
|
$22.03
|
|
|
|
|
|
|
|
|
|
|
TRYP by
Wyndham
|
121
|
17,355
|
62.0%
|
$80.39
|
$49.84
|
|
|
|
|
|
|
|
|
|
|
Wingate by
Wyndham
|
151
|
13,780
|
63.3%
|
$89.17
|
$56.43
|
|
|
|
|
|
|
|
|
|
|
Hawthorn Suites by
Wyndham
|
102
|
10,174
|
66.5%
|
$81.00
|
$53.89
|
|
|
|
|
|
|
|
|
|
|
Dolce
|
23
|
5,296
|
55.4%
|
$150.03
|
$83.08
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel
Group
|
7,812
|
678,042
|
54.5%
|
$68.39
|
$37.26
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
Wyndham Vacation
Ownership resorts
|
213
|
24,329
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
Total Wyndham
Worldwide
|
8,025
|
702,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and For the
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
Average
Revenue
|
|
|
|
|
Number
of
|
|
Average
|
Average
Daily
|
Per
Available
|
|
Brand
|
Properties
|
Number of
Rooms
|
Occupancy
Rate
|
Rate
(ADR)
|
Room
(RevPAR)
|
|
|
|
|
|
|
|
|
|
|
Hotel
Group
|
|
|
|
|
|
|
|
Super
8
|
2,510
|
160,847
|
57.2%
|
$50.86
|
$29.09
|
|
|
|
|
|
|
|
|
|
|
Days
Inn
|
1,794
|
145,078
|
51.0%
|
$65.68
|
$33.48
|
|
|
|
|
|
|
|
|
|
|
Ramada
|
837
|
115,923
|
54.2%
|
$79.70
|
$43.22
|
|
|
|
|
|
|
|
|
|
|
Howard
Johnson
|
429
|
45,919
|
48.8%
|
$63.46
|
$30.96
|
|
|
|
|
|
|
|
|
|
|
Wyndham Hotels and
Resorts
|
195
|
43,865
|
61.8%
|
$115.17
|
$71.14
|
|
|
|
|
|
|
|
|
|
|
Travelodge
|
421
|
30,989
|
51.1%
|
$67.75
|
$34.62
|
|
|
|
|
|
|
|
|
|
|
Baymont
|
369
|
29,727
|
52.5%
|
$65.75
|
$34.51
|
|
|
|
|
|
|
|
|
|
|
Knights
Inn
|
398
|
24,832
|
44.9%
|
$46.67
|
$20.94
|
|
|
|
|
|
|
|
|
|
|
Microtel Inns &
Suites by Wyndham
|
323
|
23,138
|
59.8%
|
$67.26
|
$40.23
|
|
|
|
|
|
|
|
|
|
|
TRYP by
Wyndham
|
119
|
16,965
|
61.9%
|
$90.45
|
$55.97
|
|
|
|
|
|
|
|
|
|
|
Wingate by
Wyndham
|
153
|
13,923
|
63.6%
|
$86.61
|
$55.05
|
|
|
|
|
|
|
|
|
|
|
Hawthorn Suites by
Wyndham
|
97
|
9,620
|
65.5%
|
$76.59
|
$50.19
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel
Group
|
7,645
|
660,826
|
54.5%
|
$68.94
|
$37.57
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership
|
|
|
|
|
|
|
Wyndham Vacation
Ownership resorts
|
203
|
23,644
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
Total Wyndham
Worldwide
|
7,848
|
684,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
|
Legacy
|
|
Acquisition
|
|
Restructuring
|
|
Asset
|
|
Contract
|
|
Adjusted
|
|
Three months ended
March 31, 2015
|
|
Net
Revenues
|
|
EBITDA
|
|
Adjustments(b)
|
|
Costs
(c)
|
|
Costs
(d)
|
|
Impairment
(e)
|
|
Termination
(f)
|
|
EBITDA
|
|
Hotel
Group
|
|
$
|
292
|
|
$
|
76
|
|
$
|
-
|
|
$
|
3
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
79
|
|
Destination
Network
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Group
|
|
$
|
334
|
|
$
|
96
|
|
$
|
-
|
|
$
|
1
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
97
|
|
Destination
Network
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Group
|
|
$
|
357
|
|
$
|
83
|
|
$
|
-
|
|
$
|
-
|
|
$
|
4
|
|
$
|
7
|
|
$
|
14
|
|
$
|
108
|
|
Destination
Network
|
|
|
476
|
|
|
134
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
-
|
|
|
-
|
|
|
137
|
|
Vacation
Ownership
|
|
|
750
|
|
|
200
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
-
|
|
|
-
|
|
|
201
|
|
Total Reportable
Segments
|
|
|
1,583
|
|
|
417
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
7
|
|
|
14
|
|
|
446
|
|
Corporate and Other
(a)
|
|
|
(19)
|
|
|
(35)
|
|
|
1
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(34)
|
|
Total
Company
|
|
$
|
1,564
|
|
$
|
382
|
|
$
|
1
|
|
$
|
-
|
|
$
|
8
|
|
$
|
7
|
|
$
|
14
|
|
$
|
412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Group
|
|
$
|
314
|
|
$
|
94
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(1)
|
|
$
|
-
|
|
$
|
-
|
|
$
|
93
|
|
Destination
Network
|
|
|
310
|
|
|
44
|
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
-
|
|
|
-
|
|
|
43
|
|
Vacation
Ownership
|
|
|
706
|
|
|
174
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
174
|
|
Total Reportable
Segments
|
|
|
1,330
|
|
|
312
|
|
|
-
|
|
|
-
|
|
|
(2)
|
|
|
-
|
|
|
-
|
|
|
310
|
|
Corporate and Other
(a)
|
|
|
(19)
|
|
|
(37)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(37)
|
|
Total
Company
|
|
$
|
1,311
|
|
$
|
275
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(2)
|
|
$
|
-
|
|
$
|
-
|
|
$
|
273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Group
|
|
$
|
1,297
|
|
$
|
349
|
|
$
|
-
|
|
$
|
3
|
|
$
|
3
|
|
$
|
7
|
|
$
|
14
|
|
$
|
376
|
|
Destination
Network
|
|
|
1,538
|
|
|
367
|
|
|
-
|
|
|
1
|
|
|
2
|
|
|
-
|
|
|
-
|
|
|
370
|
|
Vacation
Ownership
|
|
|
2,772
|
|
|
687
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
-
|
|
|
-
|
|
|
688
|
|
Total Reportable
Segments
|
|
|
5,607
|
|
|
1,403
|
|
|
-
|
|
|
4
|
|
|
6
|
|
|
7
|
|
|
14
|
|
|
1,434
|
|
Corporate and Other
(a)
|
|
|
(71)
|
|
|
(137)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(137)
|
|
Total
Company
|
|
$
|
5,536
|
|
$
|
1,266
|
|
$
|
-
|
|
$
|
4
|
|
$
|
6
|
|
$
|
7
|
|
$
|
14
|
|
$
|
1,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The sum
of the quarters may not agree to the twelve months ended December
31, 2015 due to rounding.
|
|
(a)
|
Includes the
elimination of transactions between segments.
|
|
(b)
|
Relates to the net
(benefit)/expense from the resolution of and adjustment to certain
contingent liabilities and assets resulting from our separation
from Cendant.
|
|
(c)
|
Relates primarily to
costs incurred in connection with the acquisition of Dolce Hotels
and Resorts (January 2015).
|
|
(d)
|
Relates to costs
incurred as a result of various organizational realignment
initiatives and the reversal of a portion of restructuring reserves
that were established in prior periods.
|
|
(e)
|
Relates to a non-cash
impairment charge related to the write-down of terminated
in-process technology projects resulting from the Company's
decision to outsource its reservation system to a third-party
provider.
|
|
(f)
|
Relates to costs
associated with the anticipated termination of a management
contract.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 of
2)
|
|
Wyndham Worldwide
Corporation
|
|
NON-GAAP
RECONCILIATION
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Executive
|
|
Venezuela
|
|
|
|
|
|
|
|
Loss on
Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
|
Departure
|
|
Currency
|
|
VAT
|
|
Restructuring
|
|
and
Asset
|
|
Legacy
|
|
Adjusted
|
|
Three months ended
March 31, 2014
|
|
Net
Revenues
|
|
EBITDA
|
|
Costs
|
|
Devaluation
(b)
|
|
Adjustment
(c)
|
|
Costs
(d)
|
|
Impairments
(e)
|
|
Adjustments
(f)
|
|
EBITDA
|
|
Hotel
Group
|
|
$
|
237
|
|
$
|
64
|
|
$
|
4
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
68
|
|
Destination
Network
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Group
|
|
$
|
283
|
|
$
|
87
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
87
|
|
Destination
Network
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Group
|
|
$
|
315
|
|
$
|
100
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(1)
|
|
$
|
8
|
|
$
|
-
|
|
$
|
107
|
|
Destination
Network
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Group
|
|
$
|
267
|
|
$
|
77
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2
|
|
$
|
-
|
|
$
|
-
|
|
$
|
79
|
|
Destination
Network
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Group
|
|
$
|
1,101
|
|
$
|
327
|
|
$
|
4
|
|
$
|
-
|
|
$
|
-
|
|
$
|
1
|
|
$
|
8
|
|
$
|
-
|
|
$
|
340
|
|
Destination
Network
|
|
|
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 destination network business and (ii) a write-down
of an investment in a joint venture at the Company's hotel group
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
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
|
|
Foreign
Tax
|
|
As
Adjusted
|
|
|
|
|
|
As
Reported
|
|
Costs(a)
|
|
Credit
(c)
|
|
non-GAAP
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service and
membership fees
|
|
$
|
562
|
|
$
|
|
|
$
|
|
|
$
|
562
|
|
|
Vacation ownership
interest sales
|
|
|
403
|
|
|
|
|
|
|
|
|
403
|
|
|
Franchise
fees
|
|
|
157
|
|
|
|
|
|
|
|
|
157
|
|
|
Consumer
financing
|
|
|
109
|
|
|
|
|
|
|
|
|
109
|
|
|
Other
|
|
|
|
80
|
|
|
|
|
|
|
|
|
80
|
|
Net
revenues
|
|
|
1,311
|
|
|
-
|
|
|
-
|
|
|
1,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
594
|
|
|
|
|
|
|
|
|
594
|
|
|
Cost of vacation
ownership interests
|
|
|
43
|
|
|
|
|
|
|
|
|
43
|
|
|
Consumer financing
interest
|
|
|
19
|
|
|
|
|
|
|
|
|
19
|
|
|
Marketing and
reservation
|
|
|
189
|
|
|
|
|
|
|
|
|
189
|
|
|
General and
administrative
|
|
|
199
|
|
|
|
|
|
|
|
|
199
|
|
|
Restructuring
|
|
|
(2)
|
|
|
2
|
|
|
|
|
|
-
|
|
|
Depreciation and
amortization
|
|
|
61
|
|
|
|
|
|
|
|
|
61
|
|
Total
expenses
|
|
|
1,103
|
|
|
2
|
|
|
-
|
|
|
1,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
208
|
|
|
(2)
|
|
|
-
|
|
|
206
|
|
Other
(income)/expense, net
|
|
|
(6)
|
|
|
|
|
|
|
|
|
(6)
|
|
Interest
expense
|
|
|
37
|
|
|
|
|
|
|
|
|
37
|
|
Interest
income
|
|
|
(2)
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
179
|
|
|
(2)
|
|
|
-
|
|
|
177
|
|
Provision for income
taxes
|
|
|
39
|
|
|
(1)
|
(b)
|
|
26
|
|
|
64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
$
|
140
|
|
$
|
(1)
|
|
$
|
(26)
|
|
$
|
113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
1.22
|
|
$
|
(0.01)
|
|
$
|
(0.22)
|
|
$
|
0.99
|
|
|
Diluted
|
|
|
|
1.21
|
|
|
(0.01)
|
|
|
(0.22)
|
|
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
115
|
|
|
115
|
|
|
115
|
|
|
115
|
|
|
Diluted
|
|
|
|
116
|
|
|
116
|
|
|
116
|
|
|
116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 a reversal
of a portion of restructuring reserves that were established in
prior periods.
|
|
(b)
|
Relates to the tax
effect of the adjustment.
|
|
(c)
|
Relates to the
release of a valuation allowance on foreign tax credits.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 of
4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide
Corporation
|
|
NON-GAAP FINANCIAL
INFORMATION
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
|
|
Restructuring
|
|
Asset
|
|
Contract
|
|
Foreign
Tax
|
|
As
Adjusted
|
|
|
|
|
|
|
As
Reported
|
|
Costs(a)
|
|
Costs
(c)
|
|
Impairment
(e)
|
|
Termination
(f)
|
|
Credit
(g)
|
|
non-GAAP
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service and
membership fees
|
|
$
|
2,519
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
2,519
|
|
|
Vacation ownership
interest sales
|
|
|
1,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,604
|
|
|
Franchise
fees
|
|
|
674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
674
|
|
|
Consumer
financing
|
|
|
427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
427
|
|
|
Other
|
|
|
|
312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
312
|
|
Net
revenues
|
|
|
|
5,536
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
2,461
|
|
|
(4)
|
|
|
|
|
|
|
|
|
(14)
|
|
|
|
|
|
2,443
|
|
|
Cost of vacation
ownership interests
|
|
|
165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
165
|
|
|
Consumer financing
interest
|
|
|
74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74
|
|
|
Marketing and
reservation
|
|
|
813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
813
|
|
|
General and
administrative
|
|
|
761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
761
|
|
|
Asset
impairment
|
|
|
7
|
|
|
|
|
|
|
|
|
(7)
|
|
|
|
|
|
|
|
|
-
|
|
|
Restructuring
|
|
|
6
|
|
|
|
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
Depreciation and
amortization
|
|
|
234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
234
|
|
Total
expenses
|
|
|
4,521
|
|
|
(4)
|
|
|
(6)
|
|
|
(7)
|
|
|
(14)
|
|
|
-
|
|
|
4,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
1,015
|
|
|
4
|
|
|
6
|
|
|
7
|
|
|
14
|
|
|
-
|
|
|
1,046
|
|
Other
(income)/expense, net
|
|
|
(17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17)
|
|
Interest
expense
|
|
|
125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125
|
|
Interest
income
|
|
|
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
916
|
|
|
4
|
|
|
6
|
|
|
7
|
|
|
14
|
|
|
-
|
|
|
947
|
|
Provision for income
taxes
|
|
|
304
|
|
|
(1)
|
(b)
|
|
2
|
(d)
|
|
2
|
(d)
|
|
6
|
(d)
|
|
26
|
|
|
339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
$
|
612
|
|
$
|
5
|
|
$
|
4
|
|
$
|
5
|
|
$
|
8
|
|
$
|
(26)
|
|
$
|
608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
5.18
|
|
$
|
0.04
|
|
$
|
0.04
|
|
$
|
0.04
|
|
$
|
0.07
|
|
$
|
(0.22)
|
|
$
|
5.15
|
|
|
Diluted
|
|
|
|
5.14
|
|
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
|
0.07
|
|
|
(0.22)
|
|
|
5.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
118
|
|
|
118
|
|
|
118
|
|
|
118
|
|
|
118
|
|
|
118
|
|
|
118
|
|
|
Diluted
|
|
|
|
119
|
|
|
119
|
|
|
119
|
|
|
119
|
|
|
119
|
|
|
119
|
|
|
119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 primarily to
costs incurred in connection with the acquisition of Dolce Hotels
and Resorts (January 2015) at the Company's hotel group
business.
|
|
(b)
|
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.
|
|
(c)
|
Relates to costs
incurred as a result of various organizational realignment
initiatives across the Company and the reversal of a portion of
restructuring reserves that were established in prior
periods.
|
|
(d)
|
Relates to the tax
effect of the adjustment.
|
|
(e)
|
Relates to a non-cash
impairment charge at the Company's hotel group business related to
the write-down of terminated in-process technology projects
resulting from the decision to outsource the reservation system to
a third-party provider.
|
|
(f)
|
Relates to costs
associated with the anticipated termination of a management
contract within the Company's hotel group business.
|
|
(g)
|
Relates to the
release of a valuation allowance on foreign tax credits.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3 of
4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide
Corporation
|
|
NON-GAAP FINANCIAL
INFORMATION
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on
Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
Legacy
|
|
Restructuring
|
|
and
Asset
|
|
As
Adjusted
|
|
|
|
|
|
|
As
Reported
|
|
Adjustments(a)
|
|
Costs(c)
|
|
Impairment
(d)
|
|
non-GAAP
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
membership
|
|
$
|
508
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
508
|
|
|
Vacation ownership
interest sales
|
|
|
385
|
|
|
|
|
|
|
|
|
|
|
|
385
|
|
|
Franchise
fees
|
|
|
151
|
|
|
|
|
|
|
|
|
|
|
|
151
|
|
|
Consumer
financing
|
|
|
108
|
|
|
|
|
|
|
|
|
|
|
|
108
|
|
|
Other
|
|
|
|
79
|
|
|
|
|
|
|
|
|
|
|
|
79
|
|
Net
revenues
|
|
|
1,231
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
542
|
|
|
|
|
|
|
|
|
|
|
|
542
|
|
|
Cost of vacation
ownership interests
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
42
|
|
|
Consumer financing
interest
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
18
|
|
|
Marketing and
reservation
|
|
|
188
|
|
|
|
|
|
|
|
|
|
|
|
188
|
|
|
General and
administrative
|
|
|
189
|
|
|
2
|
|
|
|
|
|
|
|
|
191
|
|
|
Loss on sale and
asset impairment
|
|
|
27
|
|
|
|
|
|
|
|
|
(27)
|
|
|
-
|
|
|
Restructuring
|
|
|
12
|
|
|
|
|
|
(12)
|
|
|
|
|
|
-
|
|
|
Depreciation and
amortization
|
|
|
58
|
|
|
|
|
|
|
|
|
|
|
|
58
|
|
Total
expenses
|
|
|
1,076
|
|
|
2
|
|
|
(12)
|
|
|
(27)
|
|
|
1,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
155
|
|
|
(2)
|
|
|
12
|
|
|
27
|
|
|
192
|
|
Other
(income)/expense, net
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
Interest
expense
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
29
|
|
Interest
income
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
132
|
|
|
(2)
|
|
|
12
|
|
|
27
|
|
|
169
|
|
Provision for income
taxes
|
|
|
51
|
|
|
(1)
|
(b)
|
|
4
|
(b)
|
|
3
|
(b)
|
|
57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
$
|
81
|
|
$
|
(1)
|
|
$
|
8
|
|
$
|
24
|
|
$
|
112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.66
|
|
$
|
(0.01)
|
|
$
|
0.07
|
|
$
|
0.20
|
|
$
|
0.91
|
|
|
Diluted
|
|
|
|
0.65
|
|
|
(0.01)
|
|
|
0.06
|
|
|
0.20
|
|
|
0.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
122
|
|
|
122
|
|
|
122
|
|
|
122
|
|
|
122
|
|
|
Diluted
|
|
|
|
124
|
|
|
124
|
|
|
124
|
|
|
124
|
|
|
124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above table
reconciles certain non-GAAP financial measures. The
presentation of these adjustments is intended to permit the
comparison of particular adjustments as they appear in the line
items of the income statement in order to assist investors'
understanding of the overall impact of such adjustments. This
non-GAAP reconciliation table should not be considered a substitute
for, nor superior to, financial results and measures determined or
calculated in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: EPS
amounts may not add due to rounding.
|
|
(a)
|
Relates to the net
benefit from the resolution of and adjustment to certain contingent
liabilities and assets resulting from our separation from
Cendant.
|
|
(b)
|
Relates to the tax
effect of the adjustment.
|
|
(c)
|
Relates to costs
incurred as a result of organizational realignment initiatives at
the Company's hotel group and destination network
businesses.
|
|
(d)
|
Relates to a loss on
the sale of a business and a write-down of an equity investment at
the Company's destination network business.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4 of
4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Worldwide
Corporation
|
|
NON-GAAP FINANCIAL
INFORMATION
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Executive
|
|
Venezuela
|
|
|
|
|
|
|
|
|
|
|
Loss on
sale
|
|
|
|
|
|
|
|
|
|
|
|
|
Departure
|
|
Currency
|
|
Legacy
|
|
VAT
|
|
Restructuring
|
|
and
Asset
|
|
As
Adjusted
|
|
|
|
|
|
|
As
Reported
|
|
Costs(a)
|
|
Devaluation(c)
|
|
Adjustments
(d)
|
|
Adjustment
(f)
|
|
Costs
(g)
|
|
Impairments
(h)
|
|
non-GAAP
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and
membership
|
|
$
|
2,431
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
2,431
|
|
|
Vacation ownership
interest sales
|
|
|
1,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,485
|
|
|
Franchise
fees
|
|
|
632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
632
|
|
|
Consumer
financing
|
|
|
427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
427
|
|
|
Other
|
|
|
|
306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
306
|
|
Net
revenues
|
|
|
5,281
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
2,262
|
|
|
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,252
|
|
|
Cost of vacation
ownership interests
|
|
|
171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
171
|
|
|
Consumer financing
interest
|
|
|
71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71
|
|
|
Marketing and
reservation
|
|
|
802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
802
|
|
|
General and
administrative
|
|
|
755
|
|
|
(4)
|
|
|
|
|
|
1
|
|
|
2
|
|
|
|
|
|
|
|
|
754
|
|
|
Loss on sale and
asset impairments
|
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(35)
|
|
|
-
|
|
|
Restructuring
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11)
|
|
|
|
|
|
-
|
|
|
Depreciation and
amortization
|
|
|
233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
233
|
|
Total
expenses
|
|
|
4,340
|
|
|
(4)
|
|
|
(10)
|
|
|
1
|
|
|
2
|
|
|
(11)
|
|
|
(35)
|
|
|
4,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
941
|
|
|
4
|
|
|
10
|
|
|
(1)
|
|
|
(2)
|
|
|
11
|
|
|
35
|
|
|
998
|
|
Other
(income)/expense, net
|
|
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
|
Interest
expense
|
|
|
113
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
115
|
|
Interest
income
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes
|
|
|
845
|
|
|
4
|
|
|
10
|
|
|
(1)
|
|
|
(4)
|
|
|
11
|
|
|
35
|
|
|
900
|
|
Provision for income
taxes
|
|
|
316
|
|
|
1
|
(b)
|
|
1
|
(b)
|
|
1
|
(e)
|
|
(2)
|
(b)
|
|
4
|
(b)
|
|
6
|
(b)
|
|
327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
$
|
529
|
|
$
|
3
|
|
$
|
9
|
|
$
|
(2)
|
|
$
|
(2)
|
|
$
|
7
|
|
$
|
29
|
|
$
|
573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
4.22
|
|
$
|
0.02
|
|
$
|
0.07
|
|
$
|
(0.01)
|
|
$
|
(0.02)
|
|
$
|
0.06
|
|
$
|
0.23
|
|
$
|
4.57
|
|
|
Diluted
|
|
|
|
4.18
|
|
|
0.02
|
|
|
0.07
|
|
|
(0.01)
|
|
|
(0.02)
|
|
|
0.06
|
|
|
0.23
|
|
|
4.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
125
|
|
|
125
|
|
|
125
|
|
|
125
|
|
|
125
|
|
|
125
|
|
|
125
|
|
|
125
|
|
|
Diluted
|
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above table
reconciles certain non-GAAP financial measures. The
presentation of these adjustments is intended to permit the
comparison of particular adjustments as they appear in the line
items of the income statement in order to assist investors'
understanding of the overall impact of such adjustments. This
non-GAAP reconciliation table should not be considered a substitute
for, nor superior to, financial results and measures determined or
calculated in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: EPS
amounts may not add due to rounding.
|
|
(a)
|
Related to costs
associated with an executive's departure at the Company's hotel
group 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 destination network business.
|
|
(d)
|
Relates to the net
benefit from the resolution of and adjustment to certain contingent
liabilities and assets resulting from our separation from
Cendant.
|
|
(e)
|
Relates to the
reversal of a state tax accrual.
|
|
(f)
|
Relates to the
reversal of a reserve for value-added taxes at the Company's
destination network business.
|
|
(g)
|
Relates to (i) costs
incurred as a result of organizational realignment initiatives at
the Company's hotel group and destination network businesses,
partially offset by (ii) the reversal of a portion of a
restructuring reserve of $1 million established during the fourth
quarter of 2013.
|
|
(h)
|
Relates to (i) a loss
on the sale of a business and a write-down of an equity investment
at the Company's destination network business and (ii) a write-down
of an investment in a joint venture at the Company's hotel group
business.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
9
|
|
Wyndham Worldwide
Corporation
|
|
NON-GAAP
RECONCILIATIONS AND FINANCIAL INFORMATION
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FREE CASH
FLOW
|
|
|
|
|
|
|
|
|
|
|
|
|
We define free cash
flow to be net cash provided by operating activities less property
and equipment additions which we also refer to as capital
expenditures.
|
|
|
|
We believe free cash
flow to be a useful operating performance measure to evaluate the
ability of our operations to generate cash for uses other than
capital expenditures and, after debt service and other obligations,
our ability to grow our business through acquisitions, development
advances and equity investments, as well as our ability to return
cash to shareholders through dividends and share repurchases. A
limitation of using free cash flow versus the GAAP measure of net
cash provided by operating activities, net cash used in investing
activities and net cash used in financing activities as a means for
evaluating Wyndham Worldwide is that free cash flow does not
represent the total cash movement for the period as detailed in the
consolidated statement of cash flows.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
provides more details on the GAAP financial measure that is most
directly comparable to the non-GAAP financial measure and the
related reconciliation between these financial measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31,
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
991
|
|
|
$
|
984
|
|
|
|
|
|
Less: Property and
equipment additions
|
|
|
(222)
|
|
|
|
(235)
|
|
|
|
|
|
Free cash
flow
|
|
|
$
|
769
|
|
|
$
|
749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
$
|
565
|
$
|
507
|
$
|
1,965
|
|
Less: Sales under
WAAM Fee-for-Service
|
|
|
(21)
|
|
(26)
|
|
(37)
|
|
(42)
|
|
(126)
|
|
Gross VOI sales, net
of WAAM Fee-for-Service sales
|
|
|
369
|
|
477
|
|
528
|
|
464
|
|
1,838
|
|
Less: Loan loss
provision
|
|
|
(46)
|
|
(60)
|
|
(78)
|
|
(64)
|
|
(248)
|
|
Plus: Impact of
percentage-of-completion accounting
|
|
|
13
|
|
-
|
|
(2)
|
|
2
|
|
13
|
|
Vacation ownership
interest sales (*)
|
|
$
|
336
|
$
|
417
|
$
|
448
|
$
|
403
|
$
|
1,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
$
|
32
|
$
|
27
|
$
|
100
|
|
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-fourth-quarter-and-full-year-2015-results-300217003.html
SOURCE Wyndham Worldwide Corporation