Wyndham Worldwide

Named to Dow Jones Sustainability North American Index (2013, 2014, 2015, 2016)

Wyndham Worldwide Named to Dow Jones Sustainability North American Index (2013, 2014, 2015, 2016)

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Wyndham Worldwide’s Global Sustainability Performance Results in Achieving 2016 Industry Leader and Gold Class Distinction for Excellent Sustainability Performance by RobecoSAM

February 11, 2016 (Parsippany, NJ) - Wyndham Worldwide’s (NYSE: WYN) sustainably accomplishments and performance results have resulted in another achievement. RobecoSAM, the world’s leading investment asset management firm focused exclusively on Sustainability Investing, has recognized the Company as an industry leader, earning it the Gold Class Distinction, and is included in the Sustainability Yearbook for the third time in as many years.

The Sustainability Yearbook is the world’s most comprehensive publication on corporate sustainability and lists the world’s most sustainable companies in each industry based on their score in RobecoSAM’s annual Corporate Sustainability Assessment (CSA). They evaluate a company’s economic, environmental and social factors ranging from supply chain management to labor and human rights practices as well as environmental management.

“With hotels, vacation rentals, timeshare resorts, and corporate offices across over 100 countries, we have the widest range of operations in the hospitality industry, and we are mindful of our footprint and the impact we have on communities,” said Stephen P. Holmes, chairman and chief executive officer, Wyndham Worldwide. “Our teams work every day to maximize our social benefits and minimize the environmental impact of doing business. Through innovation and the focus on achieving meaningful change, we continue to set higher expectations for ourselves in delivering great experiences for our customers and strong results for our shareholders, in ways that are responsible to the communities and world around us.”

The Company recently announced it achieved its carbon goal of reducing carbon emissions by 20% by 2020, six years ahead of schedule, and immediately set another goal to reduce carbon and water usage by 25% by 2025. Last year, Wyndham Worldwide was also once again named to the Dow Jones North America and World Sustainability Indices for the third consecutive year and the Index Leader for the hospitality sector for both the North American and World indices.  

Since it started in 2004, the Sustainability Yearbook has provided thought-provoking snapshots of the main trends, challenges and opportunities that bridge the gap between corporate social responsibility and sustainability investing. Together with S&P Dow Jones Indices, RobecoSAM publishes the globally recognized Dow Jones Sustainability Indices (DJSI), which have become a global corporate social responsibility benchmark and the key reference point in responsible investments.

“The RobecoSAM Corporate Sustainability Assessment survey is a key tool for identifying companies that are equipped to identify and respond to emerging opportunities and risks resulting from global environmental and social trends, and is the backbone of the Dow Jones Sustainability Index. This elite distinction is a great achievement,” said Faith Taylor, senior vice president, corporate social responsibility, Wyndham Worldwide. “Our success is a reflection of our focus on implementing corporate responsibility initiatives so that we can make a meaningful difference. We are committed to reducing our environmental footprint, improving the lives of people we touch and developing innovative solutions to achieve – and exceed – our goals.”

About Wyndham Worldwide

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 7,760 franchised hotels and approximately 672,000 hotel rooms worldwide. Wyndham Exchange & Rentals is the worldwide leader in vacation exchange and the world’s largest professional manager of vacation rentals, providing more than 5 million leisure-bound families annually with access to over 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 900,000 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.

Media Contact:

Alysia Lew

Wyndham Worldwide

973-753-7627

alysia.lew@wyn.com

 

Director, Corporate Communications

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Wyndham Worldwide’s Culture of Inclusion Scores Top Marks for Workplace Equality by the Human Rights Campaign

PARSIPPANY, N.J. (November 9, 2017) – Highlighting the culture of inclusion embraced at Wyndham Worldwide (NYSE:WYN), the Human Rights Campaign (HRC) has named the Company as one of the “Best Places to Work for Lesbian, Gay, Bisexual, Transgender and Queer (LGBTQ) Equality,” with a perfect score of 100 for the ninth time.

The HRC’s Corporate Equality Index (CEI) is based on a number of principles for equality and inclusion, including workplace practices and programs aimed to support a fully inclusive workplace for all. Wyndham Worldwide’s score reflects the Company’s continued commitment to diversity and inclusion, with full leadership support, to its employees, partners and customers. 

“For over ten years, Wyndham Worldwide has been an employer of choice among the LGBTQ community, and one that encourages associates to bring their whole selves to work,” said Patricia Lee, senior vice president of Human Resources and chief diversity officer, Wyndham Worldwide. “This recognition shows that we continue to do the right thing in ensuring the environment we’re cultivating is in the spirit of hospitality.”

Recognizing that embracing inclusivity is simply good business, Wyndham Worldwide appeals to diverse consumers, cultivating welcoming environments in its hotels and resorts, in addition to supporting its associates. An important element of this culture is WYNPride, an associate business group dedicated to fostering a culture of acceptance and equality within Wyndham Worldwide. With local chapters in each corporate location, WYNPride members raise awareness of LGBTQ issues, lead community support activities, and drive a positive impact on business practices and goals.

Supporting all associates is an important aspect of Wyndham Worldwide’s commitment to diversity and inclusion. “Hospitality is our business, but welcoming people is our mission,” said Mary Falvey, executive vice president and chief human resources officer, Wyndham Worldwide. “In order to ensure the Company’s diverse and inclusive culture is reflected in its benefits decisions, Wyndham Worldwide continuously assesses the needs of the LGBTQ community and provides medical, dental and life insurance benefits to both same-sex and opposite-sex unmarried/domestic partners, as well as their children, regardless of adoption finalization.”

The CEI rates companies on specific LGBTQ-related policies and practices, including non-discrimination workplace protections, domestic partner benefits, transgender-inclusive health care benefits, competency programs, and public engagement with the LGBTQ community. Over the past 15 years, the CEI has become the gold standard for corporate policies and practices related to LGBTQ employees and their families. For more information on the 2018 Corporate Equality Index, or to download a free copy of the report, visit www.hrc.org/cei.

About Wyndham Worldwide:
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcome people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

Media Contact:

Jane Danese
Public Relations Manager
Wyndham Worldwide
(973) 753-7577
Jane.Danese@wyn.com

 

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Wyndham Worldwide Reports Fourth Quarter and Full Year 2013 Earnings

PARSIPPANY, N.J. (February 7, 2014) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months and year ended December 31, 2013. 

Highlights: 

  • Fourth quarter adjusted diluted earnings per share (EPS) was $0.73, an increase of 16% from adjusted diluted EPS of $0.63 in the fourth quarter of 2012.  Reported diluted EPS was $0.65 in the fourth quarter of 2013, compared with $0.57 during the same period in 2012.
  • Fourth quarter adjusted EBITDA increased 10% from the prior-year period.
  • The Company’s Board of Directors authorized an increase in the quarterly cash dividend to $0.35 from $0.29 per share, beginning with the dividend that is expected to be declared in the first quarter of 2014.
  • During the quarter, the Company repurchased 1.8 million shares of its common stock for $115 million.   For the full year, the Company spent $590 million to repurchase 9.7 million shares of its common stock.

“We finished the year with another strong quarter, marking our fourth consecutive year of double-digit growth in adjusted EPS,” said Stephen P. Holmes, chairman and CEO.  “We are excited about our prospects for 2014 as we continue to execute and innovate across our businesses and maintain our capital allocation discipline to enhance value for shareholders.”    

FOURTH QUARTER 2013 OPERATING RESULTS

Fourth quarter revenues were $1.2 billion, an increase of 9% from the prior year period.  The increase reflects growth in all of the Company’s business segments.

Adjusted net income was $96 million, or $0.73 per diluted share, compared with $89 million, or $0.63 per diluted share for the same period in 2012.  The increases reflect stronger operating results in the Company’s lodging and vacation ownership businesses.  EPS growth also benefited from the Company’s share repurchase program, which decreased weighted average diluted share count by 7% year-over-year.

Reported net income for the fourth quarter of 2013 was $86 million, or $0.65 per diluted share, compared with $81 million, or $0.57 per diluted share, for the fourth quarter of 2012.  Reported net income included several items not included in adjusted net income.  The net result of these items unfavorably impacted fourth quarter 2013 net income by $10 million and unfavorably impacted fourth quarter 2012 net income by $8 million.  Full reconciliations of adjusted results to GAAP results appear in Table 8 of this press release.

FULL YEAR 2013 OPERATING RESULTS

Revenues for full year 2013 were $5.0 billion, an increase of 10% over the prior-year period.  Adjusted net income for the full year 2013 was $515 million, or $3.83 per diluted share, compared with $469 million, or $3.23 per diluted share, for the prior year.  The increases reflect stronger operating results across all of the Company’s businesses.  EPS growth also benefited from the Company’s share repurchase program, which decreased weighted average diluted share count by 7% compared with 2012.

Reported net income for full year 2013 was $432 million, or $3.21 per diluted share, compared with reported net income of $400 million, or $2.75 per diluted share, for the prior-year period.  Reported net income included several items not included in adjusted net income.  The net result of these items unfavorably impacted full year 2013 net income by $83 million and unfavorably impacted full year 2012 net income by $69 million.  Full reconciliations of adjusted results to GAAP results appear in Table 8 of this press release.

Free cash flow was $770 million for the year ended December 31, 2013, compared with $796 million for the same period in 2012, reflecting higher capital expenditures.  The Company defines free cash flow as net cash provided by operating activities less capital expenditures.  For the year ended December 31, 2013, net cash provided by operating activities was $1,008 million, compared with $1,004 million in the prior year period. 

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $245 million in the fourth quarter of 2013, a 10% increase over the fourth quarter of 2012.  The increase reflects higher RevPAR, a larger system size and increased hotel management reimbursable fees. 

Domestic RevPAR increased 4.7% compared with the fourth quarter of 2012.  Total system-wide RevPAR increased 3.8%, reflecting proportionally higher growth of lower RevPAR hotels in China. 

Adjusted EBITDA for the fourth quarter of 2013 was $64 million, a 3% increase compared with the fourth quarter of 2012.  The increase was primarily due to higher RevPAR and a larger system size, partially offset by the unfavorable timing of marketing expenditures.  Adjusted EBITDA excludes a $9 million restructuring charge and $8 million of non-cash asset impairment charges.

As of December 31, 2013, the Company’s hotel system consisted of approximately 7,490 properties and over 645,400 rooms, a 2.9% room increase compared with the fourth quarter of 2012.  The development pipeline included over 970 hotels and approximately 114,000 rooms, of which 58% were international and 68% were new construction.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

Revenues were $305 million in the fourth quarter of 2013, a 4% increase over the fourth quarter of 2012.  In constant currency and excluding the impact of acquisitions, revenues increased 1%.

Exchange revenues were $150 million, a decline of 2% from the fourth quarter of 2012.  In constant currency, exchange revenues were flat, as a 1.6% increase in average number of members was offset by a 1.8% decline in exchange revenue per member.

Vacation rental revenues were $138 million, a 10% increase over the fourth quarter of 2012.  In constant currency and excluding acquisitions, vacation rental revenues were up 4%, reflecting a 4.4% increase in the average net price per vacation rental and flat transaction volume.  

Adjusted EBITDA for the fourth quarter of 2013 was $36 million, compared with $42 million for the fourth quarter of 2012, primarily reflecting the impact of seasonality from acquisitions and foreign currency movements.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues were $658 million in the fourth quarter of 2013, a 12% increase over the fourth quarter of 2012, primarily reflecting higher gross VOI sales. 

Gross VOI sales were $488 million in the fourth quarter of 2013, an increase of 12% over the fourth quarter of 2012, primarily reflecting a 6.6% increase in tour flow and a 6.5% increase in volume per guest. 

Adjusted EBITDA for the fourth quarter of 2013 was $172 million, a 19% increase compared with the fourth quarter of 2012, primarily due to higher gross VOI sales and a lower loan loss provision.

Other Items

  • The Company repurchased 1.8 million shares of common stock for $115 million during the fourth quarter of 2013.  For the full year, the Company repurchased 9.7 million shares of common stock for $590 million.  From January 1 through February 6, 2014, the Company repurchased an additional 0.3 million shares for $24 million.  The Company’s remaining share repurchase authorization totals $643 million as of February 6, 2014.
  • Net interest expense in the fourth quarter of 2013 was $32 million, compared with $33 million in the fourth quarter of 2012, as lower rates associated with recent financings offset higher debt levels.

Balance Sheet Information as of December 31, 2013:

  • Cash and cash equivalents of $194 million, compared with $195 million at December 31, 2012
  • Vacation ownership contract receivables, net, of $2.8 billion, compared with $2.9 billion at December 31, 2012
  • Vacation ownership and other inventory of $1.0 billion, compared with $1.1 billion at December 31, 2012
  • Securitized vacation ownership debt of $1.9 billion, compared with $2.0 billion at December 31, 2012
  • Long-term debt of $2.9 billion, compared with $2.6 billion at December 31, 2012. The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1.3 billion as of December 31, 2013, compared with $0.6 billion as of December 31, 2012

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 2014, the Company provides the following guidance:

  • Revenues of approximately $5.250 - $5.350 billion
  • Adjusted EBITDA of approximately $1.215 - $1.240 billion
  • Adjusted EPS of approximately $4.18 - $4.28 based on a diluted share count of 131 million

Conference Call Information

Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company’s results, outlook and guidance on Friday, February 7, 2014 at 8:30 a.m. EST. Listeners may access the webcast live through the Company’s website at www.wyndhamworldwide.com/investors.   An archive of this webcast will be available on the website for approximately 90 days beginning at noon EST on February 7, 2014. The conference call may also be accessed by dialing 800-369-2125 and providing the passcode "WYNDHAM." Listeners are urged to call at least 10 minutes prior to the scheduled start time. A telephone replay will be available for approximately 90 days beginning at noon EST on February 7, 2014, at 866-415-2340.

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 products and services 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 7,490 franchised hotels and over 645,400 hotel rooms worldwide. Wyndham Exchange & Rentals is the worldwide leader in vacation exchange and the world’s largest professionally managed vacation rentals business, providing more than 5 million leisure-bound families annually with access to over 107,000 vacation properties in over 100 countries through its prominent exchange and vacation rental brands. The industry and timeshare ownership market leader, Wyndham Vacation Ownership develops, markets, and sells vacation ownership interests and provides consumer financing to owners through its network of over 190 vacation ownership resorts serving approximately 907,000 owners throughout the United States, Canada, Mexico, the Caribbean, and the South Pacific. Based in Parsippany, NJ, Wyndham Worldwide employs approximately 32,800 associates globally. For more information, please visit www.wyndhamworldwide.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management’s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements.  Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  The forward-looking statements contained in this press release include statements related to the Company’s revenues, earnings, dividends and related financial and operating measures.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company’s Annual Report on Form 10-K, filed with the SEC on February 15, 2013.  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.

# # #

Investor and Media contact:                                           

 

Margo C. Happer                                         

Senior Vice President, Investor Relations         

Wyndham Worldwide Corporation                                  

(973) 753-6472                                                        

margo.happer@wyn.com 

 

Barry Goldschmidt

Vice President, Investor Relations

Wyndham Worldwide Corporation

(973) 753-7703

barry.goldschmidt@wyn.com

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Heroes Welcome at Wyndham Worldwide

Parsippany, N.J. (November 11, 2016) – Wyndham Worldwide (NYSE: WYN) today signed the Statement of Support of the Employer Support of Guard & Reserve (ESGR) at its Parsippany, NJ campus. In a ceremony attended by ESGR officials and Wyndham Worldwide associates, the Company became an official member of the Statement of Support Program, a Department of Defense initiative that aims to increase employer support for military service in the National Guard and Reserve.

“At Wyndham Worldwide, supporting our nation’s active service members and veterans is part of our commitment to the communities around us,” said Patricia Lee, senior vice president and chief diversity officer, Wyndham Worldwide. “We recognize the unique backgrounds and experiences our service members have to offer and we view veteran recruitment as an ingredient to our success.”

To deepen its commitment to recruiting and retaining veterans, Wyndham Worldwide has recently partnered with Bridging the Gap, a nonprofit organization that provides military veterans with career coaching and networking opportunities. “Translating skills developed during military service to competencies needed in a corporate setting is an important aspect of effective veteran recruitment,” says Eric Thompson, vice president, operational excellence and former National Guardsman. “Bridging the Gap is providing guidance and connections to veteran job seekers, and we’re pleased to be a part of this employer-patriot partnership.”

Once a member of the team, the Company offers Impacting Veteran Opportunities at Wyndham Worldwide, or I-VOW, an associate business group dedicated to professional development and the sharing of ideas and experiences for veterans in the workplace.

From recruiting efforts, to a dedicated vacation club for military, to doing business with veteran-owned suppliers, Wyndham Worldwide participates in a range of programs and initiatives to welcome those who serve:

  • Veteran Reserved Parking: This Veterans Day, the Super 8® hotel brand is implementing reserved parking spaces for veterans at every hotel across the U.S. and Canada, prominently featuring the spaces near the entrances of nearly 1,800 hotels. Complementing the installation of the signs is a special 20 percent discount for all active and retired military members – a 5 percent increase of the brand’s standard military discount – during the month of November.
  • No Cost Hotel Rooms: Providing hotel rooms at no cost when in need, Wyndham Hotel Group also participates in Hotels for Heroes, a program run by Fisher House, a network of “comfort homes” where families of wounded, injured, and ill military service members can stay at no cost while a loved one is receiving treatment. Wyndham Rewards® members are able to donate points to support families in the Hotels for Heroes program.
  • Vacation Discounts: Armed Forces Vacation Club® and Veterans Holidays®, programs that provide discounted vacations to active duty, guard, reserve, retired and veteran members of the U.S. Armed Forces, are offering increased discounts in recognition of Veterans Day.
  • Associate Business Group: I-VOW, which stands for Impacting Veteran Opportunities at Wyndham Worldwide, is a dedicated associate business group to engage veteran associates and supporters in creating a veteran-friendly organization. I-VOW, which boasts more than 300 members today, provides support to veterans through mentoring, identification of work opportunities, and engagement in community projects.
  • Supporting Veteran-owned Suppliers: Its award-winning supplier diversity program, which was recognized by U.S. Veterans Magazine’s in 2014 for its commitment to supporting veteran-owned businesses.

Supporting all who serve is an important aspect of Wyndham Worldwide’s commitment to diversity and inclusion. “At Wyndham Worldwide, diversity is at the heart of what we do,” said Lee. “Travel enables people of varied nationalities and backgrounds to meet and experience different cultures, raising our collective understanding and appreciation for each other around the world. And that includes the unique views and experiences our veterans have, and can contribute to our mission to welcome people to travel the way they want.”

Wyndham Worldwide is open for business for veterans. Visit our Careers page to meet some of the many veteran associates within our ranks: http://wyndh.am/2fInz0n

 

About Wyndham Worldwide:
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 120,000 places to stay across 100 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

Contact:

Jane Danese
Public Relations Manager
Wyndham Worldwide
(973) 753-7577
Jane.Danese@wyn.com

 

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Named to Dow Jones Sustainability World Index (2014, 2015)

Wyndham Worldwide Named to Down Jones Sustainability World Index (2014, 2015)

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Wyndham Worldwide Reports Fourth Quarter and Full Year 2015 Results

 

PARSIPPANY, N.J. (February 9, 2016) – 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.

# # #

 

 

 

Investor and Media contact:                                           

Margo C. Happer                                         

Senior Vice President, Investor Relations         

Wyndham Worldwide Corporation                                  

(973) 753-6472                                                        

margo.happer@wyn.com

 

Barry Goldschmidt

Vice President, Investor Relations

Wyndham Worldwide Corporation

(973) 753-7703

barry.goldschmidt@wyn.com

 

 

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Recognized for leadership in carbon reduction by CDP Climate Change (2016-2017)

Recognized for leadership in carbon reduction by CDP Climate Change (2016-2017)

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Wyndham Worldwide Reports First Quarter 2014 Earnings

PARSIPPANY, N.J. (April 24, 2014) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended March 31, 2014.

First Quarter Highlights:

  • Adjusted diluted earnings per share (EPS) was $0.78, an increase of 10% from adjusted diluted EPS of $0.71 in the first quarter of 2013.  Reported diluted EPS was $0.69, compared with $0.19 in the first quarter of 2013.
  • Domestic RevPAR up 7.6%.
  • Net Vacation Ownership Interest sales up 15%.
  • The Company repurchased 2.1 million shares of its common stock for $150 million.  

“We are off to a great start in 2014,” said Stephen P. Holmes, chairman and CEO.  “In our Hotel Group, domestic RevPAR growth accelerated.  In Vacation Ownership, a combination of increased sales and a lower loan loss provision drove strong revenue growth.  In our Exchange and Rentals business, peak season summer vacation rental bookings are up from last year.  We continued to generate strong free cash flow and to return a significant portion of that cash to shareholders.” 

FIRST QUARTER 2014 OPERATING RESULTS

First quarter revenues were $1.2 billion, an increase of 5% from the prior year period.  The increase reflects growth in the Company’s lodging and vacation ownership business segments.

Adjusted net income was $102 million, or $0.78 per diluted share, compared with $98 million, or $0.71 per diluted share for the same period in 2013.  The performance reflects solid operating results across all of the Company’s businesses and lower interest expense.  EPS growth also benefited from the Company’s share repurchase program.

Reported net income for the first quarter of 2014 was $90 million, or $0.69 per diluted share, compared with $27 million, or $0.19 per diluted share, for the first quarter of 2013.  Reported net income included several items not included in adjusted net income.  The net result of these items unfavorably impacted first quarter 2014 net income by $12 million and unfavorably impacted first quarter 2013 net income by $71 million.  Full reconciliations of adjusted results to GAAP results appear in Table 8 of this press release.

Free cash flow was $269 million for the three months ended March 31, 2014, compared with $233 million for the same period in 2013.  The growth of free cash flow largely reflects favorable timing of working capital.  The Company defines free cash flow as net cash provided by operating activities less capital expenditures.  For the three months ended March 31, 2014, net cash provided by operating activities was $315 million, compared with $274 million in the prior year period.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $237 million in the first quarter of 2014, a 7% increase over the first quarter of 2013.  The increase reflects higher RevPAR, franchise fees and EBITDA-neutral hotel management reimbursable fees. 

Total system-wide RevPAR increased 4.0% compared with the first quarter of 2013.  The increase reflects a 7.6% domestic increase, partially offset by a 4.3% decline in international RevPAR, primarily reflecting unfavorable currency movements. 

Adjusted EBITDA for the first quarter of 2014 was $68 million, a 17% increase compared with the first quarter of 2013.  The increase was primarily due to the revenue increases and the favorable timing of marketing expenditures.  

As of March 31, 2014, the Company’s hotel system consisted of approximately 7,500 properties and 646,900 rooms, a 2.4% room increase compared with the first quarter of 2013.  The development pipeline included over 955 hotels and approximately 117,000 rooms, of which 60% were international and 69% were new construction.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

Revenues were $379 million in the first quarter of 2014, a 1% increase over the first quarter of 2013.  In constant currency, revenues were flat.

Exchange revenues were $187 million, a decline of 3% from the first quarter of 2013.  In constant currency, exchange revenues declined 2%, as a 1.6% increase in average number of members was offset by a 3.7% decline in exchange revenue per member.

Vacation rental revenues were $176 million, a 6% increase over the first quarter of 2013.  Excluding foreign currency, vacation rental revenues were up 2%, reflecting a 1.4% increase in transaction volume and a 0.8% increase in the average net price per vacation rental.  

Adjusted EBITDA for the first quarter of 2014 was $95 million, a 1% increase compared with the first quarter of 2013, reflecting the impact of foreign currency and acquisitions.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues were $593 million in the first quarter of 2014, an 8% increase over the first quarter of 2013, primarily reflecting higher gross VOI sales and a lower loan loss provision. 

Gross VOI sales were $410 million in the first quarter of 2014, an increase of 7% over the first quarter of 2013, reflecting a 4.3% increase in tour flow and a 2.8% increase in volume per guest. 

Adjusted EBITDA for the first quarter of 2014 was $115 million, a 2% increase compared with the first quarter of 2013, reflecting the revenue increases.  Excluding the favorable resolution of a lawsuit in the prior-year quarter, adjusted EBITDA increased an additional $11 million.

Other Items

  • The Company repurchased 2.1 million shares of common stock for $150 million during the first quarter of 2014.  From April 1 through April 23, 2014, the Company repurchased an additional 0.6 million shares for $42 million.  The Company’s remaining share repurchase authorization totals $476 million as of April 23, 2014.
  • Net interest expense in the first quarter of 2014 was $25 million, compared with $30 million in the first quarter of 2013, reflecting lower rates associated with recent financings and the benefit of a fixed-for-floating rate swap.

Balance Sheet Information as of March 31, 2014:

  • Cash and cash equivalents of $203 million, compared with $194 million at December 31, 2013
  • Vacation ownership contract receivables, net, of $2.7 billion, compared with $2.8 billion at December 31, 2013
  • Vacation ownership and other inventory of $1.0 billion, unchanged from December 31, 2013
  • Securitized vacation ownership debt of $2.0 billion, compared with $1.9 billion at December 31, 2013
  • Long-term debt of $2.9 billion, unchanged from December 31, 2013. The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1.3 billion as of March 31, 2014, unchanged from December 31, 2013

A schedule of debt is included in Table 5 of this press release.

Outlook

Note to Editors:  The guidance excludes possible future share repurchases, while analysts’ estimates often include share repurchases.  This results in discrepancies between Company guidance and database consensus forecasts.

For the full year 2014, the Company provides the following guidance:

  • Revenues of approximately $5.250 - $5.350 billion
  • Adjusted EBITDA of approximately $1.215 - $1.240 billion
  • Adjusted EPS of approximately $4.23 - $4.33 based on a diluted share count of 130 million

Conference Call Information

Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company’s results, outlook and guidance on Thursday, April 24, 2014 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 April 24, 2014. 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 April 24, 2014, at 800-944-8789.

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 products and services 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 7,500 franchised hotels and 646,900 hotel rooms worldwide. Wyndham Exchange & Rentals is the worldwide leader in vacation exchange and the world’s largest professionally managed vacation rentals business, providing more than 5 million leisure-bound families annually with access to over 107,000 vacation properties in over 100 countries through its prominent exchange and vacation rental brands. The industry and timeshare ownership market leader, Wyndham Vacation Ownership develops, markets, and sells vacation ownership interests and provides consumer financing to owners through its network of over 190 vacation ownership resorts serving approximately 907,000 owners throughout the United States, Canada, Mexico, the Caribbean, and the South Pacific. Based in Parsippany, NJ, Wyndham Worldwide employs approximately 32,800 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 and related financial and operating measures.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company’s Annual Report on Form 10-K, filed with the SEC on February 14, 2014.  Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

Investor and Media contact:                                           

Margo C. Happer                                         

Senior Vice President, Investor Relations         

Wyndham Worldwide Corporation                                  

(973) 753-6472                                                        

margo.happer@wyn.com

 

Barry Goldschmidt

Vice President, Investor Relations

Wyndham Worldwide Corporation

(973) 753-7703

barry.goldschmidt@wyn.com

# # #

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Wyndham Worldwide Achieves Perfect Score on Human Rights Campaign’s Corporate Equality Index for Sixth Time

PARSIPPANY, N.J. (December 5, 2016) –Wyndham Worldwide (NYSE:WYN) has been recognized by the Human Rights Campaign as one of the “Best Places to Work for Lesbian, Gay, Bisexual and Transgender (LGBT) Equality,” receiving a perfect score of 100 on the Human Rights Campaign’s Corporate Equality Index (CEI) for the sixth time.

The CEI is based on a number of principles for equality and inclusion, including workplace practices and programs aimed to support a fully inclusive workplace for all. Wyndham Worldwide’s score reflects the Company’s continued commitment to diversity and inclusion, with full leadership support, to its employees, partners and customers. 

“As a global hospitality leader, we see our diverse workforce as a competitive advantage, infusing different perspectives and reflecting the customers and the communities we serve,” said Patricia Lee, senior vice president of Human Resources and chief diversity officer, Wyndham Worldwide. “This recognition reinforces the ongoing success we have achieved in making our company an employer of choice among the LGBT community, and one that encourages associates to bring their whole selves to work.”

Recognizing the business case for diversity, Wyndham Worldwide embraces a culture of inclusion that supports its associates and its business goals. From supporting local LGBT organizations and ensuring associate benefits support their families to taking a stand on marriage equality; Wyndham Worldwide participates in a range of programs and initiatives to cultivate a fully diverse workplace:

  • Community Support: Wyndham Vacation Ownership (WVO) in 2016 donated $35,000 through the Wyndham Worldwide Foundation to support local organizations providing services to the LGBT community in the Orlando, FL area in wake of the June 12 tragedy.Associates nationwide participated in the WVO #KeepDancingOrlando video and donated personal funds.Local teams also took part in multiple vigils and marches, as part of the support offered year-round to LGBT initiatives.
  • Associate Business Group: WYNPride is an associate business group dedicated to fostering a culture of acceptance and equality within Wyndham Worldwide. With the mission of creating a positive impact on business practices and goals, the group works to raise awareness of LGBT issues through education inside and outside of the Company.
  • Customer Focus: Recognizing that embracing inclusivity is simply good business, Wyndham Worldwide appeals to diverse consumers. For example, Wyndham’s Hoseasons brand of holiday parks in the U.K. this year formed a strategic marketing partnership with worldwide LGBT news and lifestyle website Gay Star News to reach the growing LGBT consumer market with award winning, revenue generating campaigns.
  • Civic Engagement: In 2015, Wyndham Worldwide joined a coalition of employers and employer organizations advocating the business case for marriage equality to the United States Supreme Court, contributing to the landmark ruling that made marriage equality a constitutional right.
  • Associate Benefits: In order to ensure the Company’s diverse and inclusive culture is reflected in its benefits decisions, Wyndham Worldwide continuously assesses the needs of the LGBT community and provides medical, dental and life insurance benefits to both same-sex and opposite-sex unmarried/domestic partners, as well as their children, regardless of adoption finalization.
  • Diversity & Inclusion Programs: The Company offers a variety of diversity and inclusion programs for all associates, including leadership training programs, mentoring opportunities and educational support.

Supporting all associates is an important aspect of Wyndham Worldwide’s commitment to diversity and inclusion. “We believe maintaining an inclusive environment where every person feels able to contribute and deliver their best performance provides us with a rich foundation of perspectives and experiences that benefit our company, our customers, and our communities,” said Mary Falvey, executive vice president and chief human resources officer, Wyndham Worldwide. “This is made possible every day by the behaviors, decisions, and actions of our leaders and associates who embrace our Company’s core values and work to enhance the supportive culture that we have.”

The CEI rates companies on specific LGBT-related policies and practices, including non-discrimination workplace protections, domestic partner benefits, transgender-inclusive health care benefits, competency programs, and public engagement with the LGBT community. Over the past 15 years, the CEI has become the gold standard for corporate policies and practices related to LGBT employees and their families. For more information on the 2017 Corporate Equality Index, or to download a free copy of the report, visit www.hrc.org/cei.

 

About Wyndham Worldwide:
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 120,000 places to stay across 100 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

 

Contact:

 

Jane Danese
Public Relations Manager
Wyndham Worldwide
(973) 753-7577
Jane.Danese@wyn.com 

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Named to the CDP Climate Change Disclosure Leadership and Performance Indices (2014)

Wyndham Worldwide Named to the CDP Climate Change Disclosure Leadership and Performance Indices (2014)

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WYNDHAM WORLDWIDE ISSUES STATEMENT ON FTC SETTLEMENT

PARSIPPANY, N.J. – December 9, 2015 – Wyndham Worldwide Corporation (NYSE:WYN) (“Wyndham” or the “Company”) today issued the following statement regarding its settlement with the Federal Trade Commission ("FTC") resulting from the FTC's investigation of data breaches that occurred at some Wyndham Hotels and Resorts-brand hotel properties from 2008 to 2010.

“We are pleased to reach this settlement with the FTC, which does not hold Wyndham liable for any violations, nor require Wyndham to pay any monetary relief.  We chose to defend against this litigation based on our strong belief that we have had reasonable data security in place, and that the FTC’s position could have had a negative impact on the franchise business model. This settlement resolves these issues, and sets a standard for what the government considers reasonable data security of payment card information. Safeguarding personal information remains a top priority for our company at a time when companies and government agencies are increasingly the targets of cyberattacks.” 

Several years ago, Wyndham Hotels and Resorts, LLC was the victim of sophisticated cyberattacks by criminal hackers, who accessed customer information at certain Wyndham Hotels and Resorts-brand hotel properties. The Company promptly alerted law enforcement agencies, retained computer forensic experts, implemented significant security enhancements, and assisted franchised Wyndham Hotels and Resorts-brand hotels in reinforcing their information security. Wyndham also made prompt efforts to notify the hotel customers whose information may have been compromised, and offered them credit monitoring services. Importantly, to date Wyndham has not received any indication that any hotel customers experienced financial loss as a result of these attacks. The FTC conducted an investigation of this matter and Wyndham cooperated fully.  Following are the key terms of the settlement between Wyndham and the FTC announced today: 

•Wyndham will not pay any monetary relief.

•The Company is granted a Safe Harbor if it continues to meet certain requirements for “reasonable information security” outlined in the FTC’s consent order.  

•The consent order applies only to payment card information, and does not apply to any other categories of personally identifiable information.  Payment Card Industry (“PCI”) certification will satisfy Wyndham’s reporting requirement and provide the basis for the Safe Harbor.   

•The duration of Wyndham’s obligations under the consent order will in no event be longer than 20 years, and in several areas will be shorter.  

About Wyndham Worldwide

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 7,760 franchised hotels and approximately 672,000 hotel rooms worldwide. Wyndham Exchange & Rentals is the worldwide leader in vacation exchange and the world’s largest professionally managed vacation rentals business, providing more than 5 million leisure-bound families annually with access to over 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 900,000 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.

 

Contacts

Nadeen N. Ayala

Senior Vice President, Global Communications 

Wyndham Worldwide

(973) 753-8054

nadeen.ayala@wyn.com

 

Michael Valentino

Vice President, Marketing and Communications 

Wyndham Worldwide

(973) 753-8372

Michael.Valentino@wyn.com

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Named to FTSE4Good Index Series (2017)

Named to FTSE4Good Index Series (2017)

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Wyndham Worldwide Ranks 31 in Newsweek Magazine’s Greenest Companies Survey

PARSIPPANY, N.J. (June 16, 2014) – Once again Wyndham Worldwide (NYSE: WYN), one of the world’s largest hospitality companies, was recognized for its sustainability best practices, and was ranked among the greenest companies in the U.S. by Newsweek Magazine, one of the foremost corporate environmental rankings. 

Ranked among the top 50 greenest companies in the U.S., Wyndham Worldwide was evaluated on a number of criteria including its environmental footprint and management, environmental policies, programs and initiatives. 

“Our inclusion in the rankings is a great reflection of our commitment to our core values, and is the result of tremendous collaboration and innovation by our associates, franchisees, suppliers, business and community partners,” said Stephen P. Holmes, chairman and chief executive officer, Wyndham Worldwide. “We are proud to be recognized for our work in sustainability, but more importantly, we are excited that we continue to see the impact our sustainability and corporate social responsibility efforts have in our operating performance and the value created for our shareholders.” 

Wyndham Worldwide’s sustainable practices are created and developed by the Company’s Wyndham Green program, which is in its eighth year, and is one of the top five strategic priorities at the Company.  The program, which is focused on education and innovation, works to deliver “triple bottom line” results for the people, planet and profits, while driving leadership in the industry, encouraging engagement among key stakeholders, and providing the mechanism to turn innovative ideas into achievable results. 

“We believe it is our people, our culture and our strategies that have enabled us to get where we are today. The dedicated efforts of associates at every level of the Company embody our culture of responsible sustainable practices and reflect the strong values that guide our company,” said Faith Taylor, senior vice president, sustainability and innovation, Wyndham Worldwide. “This focus enabled us to reduce our operationally controlled asset water usage globally by 11 percent per square foot and reduce our carbon emissions by 13 percent per square foot from the 2010 baseline.” 

Believing that it can “do well” for business, while “doing good” for the people and the community, Wyndham Worldwide has maintained a focused investment in its Corporate Social Responsibility programs since its introduction on the NYSE in 2006. Its teams have collaborated to integrate the strategic areas of sustainability, diversity, human rights and ethics, and community support directly into how it operates. Most recently, Wyndham Worldwide was named to the Dow Jones Sustainability North America Index for the first time, and was recognized as a 2014 Silver Class Sustainability Leader in RobecoSAM’s annual Sustainability Yearbook. 

Using the G4 GRI Sustainability Reporting Guidelines, the Newsweek rankings are the result of a rigorous review by a leading sustainability ranking organization and an advisory board that includes sustainability experts. Wyndham Worldwide will release its 2012 Sustainability Report following the G4 guidelines later this month. 

For more information on Wyndham Worldwide’s environmental and sustainability programs, please visit www.WyndhamGreen.com

About Wyndham Worldwide

One of the world's largest hospitality companies, Wyndham Worldwide (NYSE: WYN) provides a wide range of hospitality products and services 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 7,500 franchised hotels and 646,900 hotel rooms worldwide. Wyndham Exchange & Rentals is the worldwide leader in vacation exchange and the world's largest professionally managed vacation rentals business, providing more than 5 million leisure-bound families annually with access to over 107,000 vacation properties in over 100 countries through its prominent exchange and vacation rental brands. The industry and timeshare ownership market leader, Wyndham Vacation Ownership develops, markets, and sells vacation ownership interests and provides consumer financing to owners through its network of over 190 vacation ownership resorts serving approximately 907,000 owners throughout the United States, Canada, Mexico, the Caribbean, and the South Pacific. Based in Parsippany, NJ, Wyndham Worldwide employs approximately 32,800 associates globally.

For more information, please visitwww.wyndhamworldwide.com.

###

Contact:
Stacy Dixson
Manager, Public Relations
Wyndham Worldwide
973-753-7424
stacy.dixson@wyn.com

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Wyndham Worldwide Releases 2016 Corporate Social Responsibility Report

Parsippany, N.J. (January 18, 2017) – The Wyndham Worldwide (NYSE: WYN) 2015-2016 Corporate Social Responsibility (CSR) Report reflects the Company’s holistic integration of CSR into its business and how CSR continues to be an important driver of its success. One of the world’s largest hospitality companies, Wyndham Worldwide aspires to care for people, preserve our planet, and provide places to stay that are socially, environmentally and economically responsible.

Within the last year, the Company began tracking progress to the United Nations Sustainable Development Goals framework; achieved 22% reduction in carbon emissions and 18% reduction in water consumption; relaunched the Wyndham Worldwide Charitable Foundation and philanthropy programs to improve future generations around the world; and continued its commitment to diversity with a 16.2% diverse spend rate. For the fourth year in a row, Wyndham Worldwide has been named the Dow Jones Sustainability Index hospitality leader in North America for its environmental, social and governance strategies.

“Since our launch in 2006, we have been guided by our core values, consistently aligning our business and financial performance with the responsible way we operate to drive value for those around us,” said Stephen P. Holmes, chairman and chief executive officer, Wyndham Worldwide. “We make every decision based on these principles, continually striving to do what’s right – not just what’s expected.”

The annual Wyndham Worldwide CSR report is prepared in accordance with the Global Reporting Initiative and aligned with the UN Sustainable Development Goals framework. The recently released report highlights accomplishments in 2015-2016, across Wyndham Worldwide’s CSR focus areas: philanthropy, environmental sustainability, human rights and ethics, diversity and inclusion, and associate wellness:

 

  • Philanthropy: In 2016, the Company relaunched the Wyndham Worldwide Charitable Foundation and established a global partnership with Save the Children to improve the lives of future generations around the world through conservation, education and wellness.The partnership has provided over 250,000 students with educational materials.

Reflecting Wyndham Worldwide’s culture of giving and service, last year Wyndham Rewards members donated over 8.4 million loyalty points to charities; timeshare owners donated over 200,000 units of food to community food banks; and more than 3,500 Wyndham associates participated in at least one full-day volunteer activity.

  • Environmental Sustainability: Wyndham Worldwide prioritizes environmental sustainability in the communities where the Company operates, a vital element of its long-term business success. Wyndham Worldwide has achieved 22% reduction in carbon emissions and 18% reduction in water consumption since 2010. Further in partnership with the Arbor Day Foundation, the Company improved its biodiversity by planting over 1 million trees.

Wyndham Worldwide is an industry leader and has earned top scores for the U.S. Environmental Protection Agency’s (EPA’s) ENERGY STAR ® rating of its corporate headquarters buildings, has been named a CDP Climate Change leader for its environmental management and named one of Newsweek’s Top 100 Green Companies in America.

  • Human Rights & Ethics: Combatting human trafficking and protecting human rights in the communities Wyndham Worldwide touches is a major priority for the Company. In partnership with the Polaris Project and ECPAT-USA, Wyndham Worldwide provides owners and franchisees the tools to identify human trafficking through training and awareness campaigns.

In addition, Wyndham Worldwide has established a global network of Compliance Champions to provide guidance for associates on acceptable standards of business conduct, in addition to providing leadership development programs to embed compliant and ethical decision making into everyday business. As a result, the Company has been named the World’s Most Ethical Company by Ethisphere Magazine.

  • Diversity & Inclusion: Diversity is at the heart of what Wyndham Worldwide does: travel enables people of varied nationalities and backgrounds to meet and experience different cultures, raising our collective understanding and appreciation for each other around the world. Wyndham Worldwide is a recognized leader in diversity and has been named among the DiversityInc Top 50 Companies for Diversity four years in a row, and also among the Top 10 for supplier diversity, achieving a 16.2% diversity spend rate in 2016.

Wyndham Worldwide has also been recognized by the Human Rights Campaign as one of the “Best Places to Work for Lesbian, Gay, Bisexual and Transgender (LGBT) Equality,” as a Top 50 Company for Latinas by LATINA Style, and by the Hispanic Association on Corporate Responsibility.

  • Associate Wellness: Wyndham Worldwide’s signature Be Well program – recognized by the U.S. Surgeon General for reducing health care disparities – supports the Company’s associates and their families’ physical, emotional and financial well-being. Wyndham Worldwide is committed to helping associates and their families achieve their health and wellness goals, and in 2016, 42% of Wyndham associates earned wellness credits by completing health assessments which in turn lowered their medical costs.

As an integrated hospitality company, Wyndham Worldwide is consistently named among the industry’s best places to work, earning continued recognition as a global leader in all five of the Company’s CSR focus areas. The Company regularly evaluates the efficacy of its programs while deepening its connections to the communities in which it operates. “We continue to provide leadership and improve the shared value of CSR at Wyndham Worldwide,” said Faith Taylor, senior vice president, corporate social responsibility, Wyndham Worldwide. “We’re constantly challenging our thinking of what success looks like in delivering great experiences for our customers, results for our shareholders, and service to the world around us.”

For more information on the Wyndham Worldwide 2015-2016 Corporate Social Responsibility Report, please visit: http://www.wyndhamworldwide.com/category/corporate-social-responsibility

About Wyndham Worldwide:
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 120,000 places to stay across 100 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

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Media Contact:

 

Jane Danese
Public Relations Manager
Wyndham Worldwide
(973) 753-7577
Jane.Danese@wyn.com

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Awarded Silver Class in Sustainability (2014), Gold Class in Sustainability (2015, 2016), and Bronze Class in Sustainability (2017) from RobecoSAM

Awarded Silver Class in Sustainability (2014), Gold Class in Sustainability (2015, 2016), and Bronze Class in Sustainability (2017) from RobecoSAM

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Wyndham Worldwide Named to Hispanic Association on Corporate Responsibility’s Corporate Inclusion Index for Fourth Year

PARSIPPANY, N.J., (December 2, 2015) –Wyndham Worldwide (NYSE:WYN) has consistently been an industry leader due in part to its commitment and focus to diversity and inclusion and for its supporting and giving back to communities. In more than 100 countries, the Company continues to live its core values through its dedication to a diverse workforce, community investment and supplier diversity.  This is just part of the reason that the global hospitality company was named to the Hispanic Association on Corporate Responsibility’s (HACR) Corporate Inclusion Index for the fourth consecutive year.  

“As a global hospitality provider, diversity isn’t a program; it’s simply how we do business,” said Patricia Lee, senior vice president of human resources and chief diversity officer, Wyndham Worldwide. “This recognition reinforces the ongoing success we have achieved in making our company a great place to work, a valued business partner and an exceptional hospitality provider.  We are continuously tapping into the extensive knowledge and varied experience of our own associates to make Wyndham Worldwide a top performing company.”

According to the Pew Hispanic Center, Hispanics currently make up 13 percent of the overall U.S. labor market and will account for 19 percent of the U.S. labor force by 2020. As of November 2015, Hispanics comprised nearly 19 percent of Wyndham Worldwide’s U.S. workforce.

“We believe that maintaining an inclusive environment where every person feels able to contribute and deliver their best performance provides us with a rich foundation of perspectives and experiences that benefit our company, our customers, and our communities,” said Lucida Plummer, vice president, diversity and inclusion, Wyndham Worldwide.  “This is made possible every day by the behaviors, decisions, and actions of our leaders and associates who embrace our Company’s core values and work to enhance the supportive culture that we have.”

Believing diversity enriches the Company as a global hospitality provider, the people behind Wyndham Worldwide are as diverse as its broad suite of products and services offered. With operations across six continents, Wyndham Worldwide strives to provide opportunity, education, resources, and leadership to all associates, and offers a variety of diversity and inclusion programs, including leadership training programs, mentoring opportunities and educational support for its associates as well as its partners.

The Company offers several Associate Business Groups (ABGs) where employees with common interests can share ideas and experiences, and promote professional development and inclusion throughout the Company. While providing opportunities for idea sharing, networking and more, the Company’s ¡Fuerte! ABG provides an inclusive forum for employees to share the unique insights of the Hispanic culture, make meaningful impacts on the business and provide strategic contributions to the success of the Company.

Wyndham Worldwide is a recognized leader in diversity and has been named among DiversityInc’s Top 50 Companies for Diversity, ranked in the Top 10 for supplier diversity by DiversityInc and recognized as a Top 50 Company for Latinas by LATINA Style. Additionally, the Company maintains strong partnerships with organizations such as the National Diversity Council, Hispanic Association on Corporate Responsibility, United States Hispanic Chamber of Commerce, National Society of Hispanic MBAs and National Association of Black, Hispanic, Asian and Women MBAs.

As part of its overall Corporate Social Responsibility (CSR) strategy, Wyndham Worldwide consistently aligns its business and financial performance with the responsible way it operates by maintaining its investment and focus on such areas as sustainability, diversity, human rights, wellness and philanthropy. 

The 2015 HACR CII report focuses on the progress that participating companies have made over the last year as well as the progress that we have seen for Hispanics more generally in Corporate America. To read the full 2015 HACR CII report, please visit: http://bit.ly/1LmnUJU.

About Wyndham Worldwide

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 7,760 franchised hotels and approximately 672,000 hotel rooms worldwide. Wyndham Exchange & Rentals is the worldwide leader in vacation exchange and the world’s largest professional manager of vacation rentals, providing more than 5 million leisure-bound families annually with access to over 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 900,000 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.

 

Contact: 

Stacy Dixson

Manager, Public Relations

Wyndham Worldwide

973-753-7424

stacy.dixson@wyn.com

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Recognized for Corporate Board Gender Diversity by Executive Women of New Jersey (2017)

Recognized for Corporate Board Gender Diversity by Executive Women of New Jersey (2017)

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Wyndham Worldwide Reports Second Quarter 2014 Earnings

PARSIPPANY, N.J. (July 24, 2014) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended June 30, 2014.

SECOND QUARTER HIGHLIGHTS

  • Adjusted diluted earnings per share (EPS) was $1.17, an increase of 19% from adjusted diluted EPS of $0.98 in the second quarter of 2013.  Reported diluted EPS was $1.20, compared with $0.98 in the second quarter of 2013.
  • Revenues increased 7% compared with the second quarter of 2013.
  • Adjusted EBITDA increased 9% compared with the second quarter of 2013.
  • The Company repurchased 2.3 million shares of its common stock for $170 million.  

“We delivered strong results in the second quarter, improving upon the positive trends from the first quarter,” said Stephen P. Holmes, chairman and CEO.  “Domestic RevPAR growth continued to accelerate, net Vacation Ownership Interest sales increased ten percent and we are seeing continued strong growth in rental transaction volume.” 

SECOND QUARTER 2014 OPERATING RESULTS

Second quarter revenues were $1.3 billion, an increase of 7% from the prior year period.  The increase reflects growth in all of the Company’s business segments.

Adjusted net income was $150 million, or $1.17 per diluted share, compared with $133 million, or $0.98 per diluted share for the same period in 2013.  The performance reflects solid operating results across all of the Company’s businesses and lower interest expense.  EPS growth also benefited from the Company’s share repurchase program.

Reported net income for the second quarter of 2014 was $153 million, or $1.20 per diluted share, compared with $133 million, or $0.98 per diluted share, for the second quarter of 2013.  Reported net income included items excluded from adjusted net income.  The net result of these items favorably impacted second quarter 2014 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 $695 million for the six months ended June 30, 2014, compared with $654 million for the same period in 2013.  The growth of free cash flow largely reflects favorable timing of working capital.  The Company defines free cash flow as net cash provided by operating activities less capital expenditures.  For the six months ended June 30, 2014, net cash provided by operating activities was $793 million, compared with $758 million in the prior year period.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $283 million in the second quarter of 2014, an 8% increase over the second quarter of 2013.  The increase predominantly reflects higher RevPAR. 

Domestic RevPAR increased 8.8%, partially offset by a 1.8% decline in international RevPAR, resulting in a 5.6% increase in total system-wide RevPAR compared with the second quarter of 2013.  International RevPAR declined due to unfavorable currency movements and growth in lower-RevPAR countries such as China. 

Adjusted EBITDA for the second quarter of 2014 was $87 million, a 12% increase compared with the second quarter of 2013.  The increase was primarily due to higher RevPAR.  

As of June 30, 2014, the Company’s hotel system consisted of approximately 7,540 properties and 650,200 rooms, a 2.4% room increase compared with the second quarter of 2013.  The development pipeline included over 970 hotels and approximately 117,000 rooms, of which 57% were international and 67% were new construction.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

Revenues were $402 million in the second quarter of 2014, a 7% increase over the second quarter of 2013.  In constant currency and excluding the impact of acquisitions, revenues were up 3%.

Exchange revenues were $168 million, flat compared with the second quarter of 2013, as a 1.7% increase in average number of members was offset by a 1.8% decline in exchange revenue per member.

Vacation rental revenues were $217 million, a 13% increase over the second quarter of 2013.  Excluding the impact of foreign currency and acquisitions, vacation rental revenues were up 6%, reflecting a 4.9% increase in transaction volume and a 1.2% increase in the average net price per vacation rental.  

Adjusted EBITDA for the second quarter of 2014 was $87 million, a 2% increase compared with the second quarter of 2013.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues were $673 million in the second quarter of 2014, a 7% increase over the second quarter of 2013, primarily reflecting higher gross VOI sales and a lower loan loss provision. 

Gross VOI sales were $496 million in the second quarter of 2014, an increase of 3% over the second quarter of 2013, reflecting a 1.1% increase in volume per guest, a 1.0% increase in tour flow and increased tele-sales upgrades. 

Adjusted EBITDA for the second quarter of 2014 was $185 million, a 15% increase compared with the second quarter of 2013, primarily reflecting the revenue increases.

OTHER ITEMS

  • The Company repurchased 2.3 million shares of common stock for $170 million during the second quarter of 2014.  From July 1 through July 23, 2014, the Company repurchased an additional 0.5 million shares for $37 million.  The Company’s remaining share repurchase authorization totals $311 million as of July 23, 2014.
  • Reported net interest expense in the second quarter of 2014 was $26 million, compared with $32 million in the second quarter of 2013, reflecting lower rates associated with a fixed-for-floating rate swap and a $2 million benefit from a value added tax adjustment.

BALANCE SHEET INFORMATION AS OF JUNE 30, 2014:

  • Cash and cash equivalents of $247 million, compared with $194 million at December 31, 2013
  • Vacation ownership contract receivables, net, of $2.7 billion, compared with $2.8 billion at December 31, 2013
  • Vacation ownership and other inventory of $1.0 billion, unchanged from December 31, 2013
  • Securitized vacation ownership debt of $1.9 billion, unchanged from December 31, 2013
  • Long-term debt of $2.8 billion, compared with $2.9 billion at December 31, 2013. The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1.4 billion as of June 30, 2014, compared with $1.3 billion as of December 31, 2013

A schedule of debt is included in Table 5 of this press release.

OUTLOOK

Note to Editors:  The guidance excludes possible future share repurchases, while analysts’ estimates often include share repurchases.  This results in discrepancies between Company guidance and database consensus forecasts.

For the full year 2014, the Company provides the following guidance:

  • Revenues of approximately $5.250 - $5.350 billion (unchanged)
  • Adjusted EBITDA of approximately $1.230 - $1.245 billion up from $1.215 - $1.240 billion
  • Adjusted EPS of approximately $4.34 - $4.44 based on a diluted share count of 128 million up from $4.23 - $4.33 based on a diluted share count of 130 million

CONFERENCE CALL INFORMATION

Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company’s results, outlook and guidance on Thursday, July 24, 2014 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 24, 2014. 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 24, 2014, at 888-296-6944.

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 7,500 franchised hotels and 650,200 hotel rooms worldwide. Wyndham Exchange & Rentals is the worldwide leader in vacation exchange and the world’s largest professionally managed vacation rentals business, providing more than 5 million leisure-bound families annually with access to over 107,000 vacation properties in over 100 countries through its prominent exchange and vacation rental brands. The industry and timeshare ownership market leader, Wyndham Vacation Ownership develops, markets, and sells vacation ownership interests and provides consumer financing to owners through its network of over 200 vacation ownership resorts serving approximately 907,000 owners throughout the United States, Canada, Mexico, the Caribbean, and the South Pacific. Based in Parsippany, NJ, Wyndham Worldwide employs approximately 32,800 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 and related financial and operating measures.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company’s Annual Report on Form 10-K, filed with the SEC on February 14, 2014.  Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

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Investor and Media contact:      

Margo C. Happer                                         

Senior Vice President, Investor Relations         

Wyndham Worldwide Corporation                                  

(973) 753-6472                                                        

margo.happer@wyn.com

 

Barry Goldschmidt

Vice President, Investor Relations

Wyndham Worldwide Corporation

(973) 753-7703

barry.goldschmidt@wyn.com

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Wyndham Worldwide Reports Fourth Quarter and Full Year 2016 Results

PARSIPPANY, N.J. (February 15, 2017) -- Wyndham Worldwide Corporation (NYSE: WYN) today announced results for the three months and year ended December 31, 2016.

FOURTH QUARTER 2016 OPERATING RESULTS
Fourth quarter revenues were $1.3 billion, up 1% compared with the prior year period. Full reconciliations of GAAP results to non-GAAP measures for all reported periods appear in the tables to this press release.

Net income for the fourth quarter of 2016 was $164 million compared with $140 million for the fourth quarter of 2015. Diluted earnings per share (EPS) increased 26% to $1.53 per diluted share compared with $1.21 for the prior year period. Adjusted net income for the fourth quarter of 2016, which excludes charges and gains in both 2016 and 2015 as detailed in Table 7 of this press release, was $146 million compared with $113 million for the fourth quarter of 2015. Adjusted diluted EPS increased 38% to $1.35 from $0.98 per diluted share in the prior year period. Adjusted net income and EPS benefited from earnings growth across all of our businesses. EPS also benefited from the Company's share repurchase program.      

Fourth quarter EBITDA was $322 million, compared with $275 million in the prior year period, an increase of 17%. Adjusted EBITDA, which excludes charges and gains in 2016 and charges in 2015 as detailed in Table 8 of this press release, was $318 million, compared with $273 million in the prior year period, an increase of 16%.

"In 2016, we delivered earnings growth and free cash flow that were both in line with our targets despite headwinds from a higher provision for loan losses and foreign exchange rates," said Stephen P. Holmes, chairman and CEO. "We achieved these results through consistent execution, careful expense management, and continued disciplined capital allocation."

FULL YEAR 2016 OPERATING RESULTS
Revenues for full year 2016 were $5.6 billion, an increase of 1% over the prior year.

Net income for full year 2016 was $611 million compared with $612 million for full year 2015. Diluted EPS increased 8% to $5.53 from $5.14 per diluted share in the prior year. Adjusted net income for full year 2016, which excludes charges and gains in both 2016 and 2015 as detailed in Table 7 of this press release, was $636 million compared with $608 million for full year 2015. Adjusted diluted EPS increased 13% to $5.75 from $5.11 in the prior year period. Adjusted net income and EPS benefited from earnings growth across all of our businesses. EPS also benefited from the Company's share repurchase program.     

Full year 2016 EBITDA was $1,331 million, compared with $1,266 million in the prior year, an increase of 5%. Adjusted EBITDA, which excludes charges and gains in 2016 and charges in 2015 as detailed in Table 8 of this press release, was $1,373 million. This compares with $1,297 million in the prior year, an increase of 6%. On a currency-neutral basis and excluding acquisitions, adjusted EBITDA increased 7%.

For the twelve months ended December 31, 2016, net cash provided by operating activities was $973 million, compared with $991 million in the prior year period. The decrease reflects unfavorable currency movements of $48 million, including a $24 million devaluation of the Venezuelan bolivar in the first quarter of 2016.

Free cash flow was $782 million for the twelve months ended December 31, 2016, compared with $769 million for the same period in 2015, reflecting lower capital expenditures that were partially offset by the unfavorable currency movements referenced above. The Company defines free cash flow as net cash provided by operating activities less capital expenditures. 

 

FOURTH QUARTER 2016 BUSINESS UNIT RESULTS

Hotel Group
Revenues were $316 million in the fourth quarter of 2016, compared with $314 million in the fourth quarter of 2015. Revenues reflected higher franchise fees and growth in the Company's Wyndham Rewards credit card program, partially offset by lower reimbursable property management revenues.

EBITDA was $99 million in the fourth quarter compared with $94 million in the prior year quarter. Adjusted EBITDA grew 6% to $99 million. In constant currency and excluding acquisitions, adjusted EBITDA increased 8%. This reflects the higher franchise fees and growth in the Company's Wyndham Rewards credit card program.

Fourth quarter domestic same store RevPAR increased 2.9%. Excluding oil markets, domestic same store RevPAR increased 3.7%. In constant currency, total systemwide same store RevPAR increased 2.7% compared with the fourth quarter of 2015, which reflects softness in domestic and Canadian oil markets.

As of December 31, 2016, the Company's hotel system consisted of over 8,000 properties and over 697,600 rooms, a 2.9% net room increase compared with year-end 2015. The development pipeline increased to more than 1,110 hotels and approximately 138,300 rooms, of which 60% were international and 67% were new construction. 

Destination Network
Revenues were $317 million in the fourth quarter of 2016, compared with $310 million in the fourth quarter of 2015, an increase of 2%. In constant currency and excluding acquisitions, revenues increased 3%.

Vacation rental revenues were $151 million compared with $144 million in the prior year quarter. In constant currency and excluding the impact of acquisitions, vacation rental revenues were up 5%, reflecting a 5.3% increase in transaction volume, which benefited from enhanced yield management as well as capacity increases across our Denmark-based Novasol brand and our U.K. cottage and parks brands. Average net price per rental was flat.

Exchange revenues were $145 million compared with $146 million in the prior year quarter. In constant currency, exchange revenues grew 1% as exchange revenue per member increased 0.4% and the average number of members increased 0.2%.

EBITDA was $53 million in the fourth quarter, compared with $44 million in the prior year quarter. Adjusted EBITDA increased $9 million to $52 million for the fourth quarter of 2016, which reflects the revenue gains from continued strong vacation rental performance and lower costs.

Vacation Ownership
Revenues were $705 million in the fourth quarter of 2016, compared with $706 million in the fourth quarter of 2015. 

Gross VOI sales in the fourth quarter of 2016 were flat, impacted by sales office closures from a restructuring and Hurricane Matthew. The number of new owners added during the quarter was up 8% from the prior year quarter. Volume per guest was up 0.4% and tour flow declined 1.5%, reflecting the closure of sales sites as noted above.

EBITDA was $182 million in the fourth quarter compared with $174 million in the prior year quarter. Adjusted EBITDA was $191 million for the fourth quarter of 2016, an increase of 10% compared with the prior year quarter, due to lower costs.

 

OTHER ITEMS

  • The Company's Board of Directors authorized an increase in the quarterly cash dividend to $0.58 from $0.50 per share, beginning with the dividend that is expected to be declared in the first quarter of 2017.
  • The Company repurchased 2.1 million shares of common stock for $150 million during the fourth quarter of 2016 at an average price of $70.34. From January 1 through February 14, 2017, the Company repurchased an additional 1.0 million shares for $75 million. 
  • Net interest expense in the fourth quarter of 2016 was $32 million, compared with $35 million in the fourth quarter of 2015. This reflects a larger proportion of lower cost variable debt partially offset by higher debt levels.
  • Depreciation and amortization in the fourth quarter of 2016 was $65 million, compared with $61 million in the fourth quarter of 2015, reflecting new projects that were placed into service. 

Balance Sheet Information as of December 31, 2016:

  • Cash and cash equivalents of $185 million, compared with $171 million at December 31, 2015
  • Vacation ownership contract receivables, net, of $2.8 billion, compared with $2.7 billion at December 31, 2015
  • Vacation ownership and other inventory of $1.4 billion, compared with $1.3 billion at December 31, 2015
  • Securitized vacation ownership debt of $2.1 billion, unchanged from December 31, 2015
  • Long-term debt of $3.4 billion, compared with $3.1 billion at December 31, 2015. The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1.1 billion as of December 31, 2016, compared with $1.4 billion at December 31, 2015.

A schedule of debt is included in Table 12, available via this link: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzY2NzM1fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636227016077355736

 

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.

The Company provides the following guidance for the full year 2017:

  • Revenues of approximately $5.80 billion to $5.95 billion
  • Adjusted net income of approximately $637 million to $658 million
  • Adjusted EBITDA of approximately $1.41 billion to $1.44 billion
  • Adjusted diluted EPS of approximately $5.90 to $6.10 based on a diluted share count of 108 million

 

In determining adjusted EBITDA, adjusted net income and adjusted EPS, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. A description of the adjustments that have been applicable for the reported periods in determining adjusted net income, adjusted EBITDA and adjusted EPS are reflected in Tables 7 and 8 of this press release. The Company is providing an outlook for net income, EPS and EBITDA only on a non-GAAP basis because the Company is unable to predict with reasonable certainty the totality or ultimate outcome or occurrence of these adjustments for the outlook period, which can be dependent on future events that may not be reliably predicted. See Table 10 for certain non-GAAP information concerning the outlook period.

The Company will post full guidance information on its website following the conference call.

CONFERENCE CALL INFORMATION
Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company's results, outlook and guidance on Wednesday, February 15, 2017 at 8:30 a.m. ET. Listeners can access the webcast live through the Company's website at http://www.wyndhamworldwide.com/investors/.  The conference call may also be accessed by dialing 888-632-3384 and providing the pass code "WYNDHAM."  Listeners are urged to call at least 10 minutes prior to the scheduled start time.  An archive of this webcast will be available on the website for approximately 90 days beginning at 12:00 p.m. ET on February 15, 2017.  A telephone replay will be available for approximately 10 days beginning at 12:00 p.m. ET on February 15, 2017 at 800-839-0866.

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 operating performance.  Exclusion of items in the Company's non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring.  Full reconciliations of GAAP results to the comparable non-GAAP measures for the reported periods appear in the financial tables section of the press release.

ABOUT WYNDHAM WORLDWIDE
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across more than 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company's re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management's expectations as to the future based on plans, estimates and projections at the time the Company makes the statements.  Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  The forward-looking statements contained in this press release include statements related to the Company's revenues, earnings, cash flow, dividends, and related financial and operating measures.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company's Annual Report on Form 10-K, filed with the SEC on February 12, 2016.  Except for the Company's ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

Tables available via this link: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzY2NzM1fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636227016077355736

Investor and Media Contacts:                                                  

Margo C. Happer                                                          

Senior Vice President, Investor Relations

Wyndham Worldwide Corporation                                         

(973) 753-6472                                                              

margo.happer@wyn.com

 

Barry Goldschmidt

Vice President, Investor Relations

Wyndham Worldwide Corporation

(973) 753-7703

barry.goldschmidt@wyn.com

 

 

 

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Recognized by CDP Climate Change as a Performance Leader for Action on Climate Change (2015)

Recognized by the CDP Climate Change Performance Leader for Action on Climate Change (2015)

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Heroes Welcome at Wyndham Worldwide

PARSIPPANY, N.J. (November 11, 2015) – With Veterans Day upon us, we stop and recognize our service men and women  not only for their service to and sacrifice for our country, but also for their continued service out of uniform. A veteran's service to their country doesn't end when they come home. After mastering a range of leadership skills on the battlefield, many veterans are finding ways to be successful and lead in a different way: in the corporate workplace. Wyndham Worldwide (NYSE: WYN) understands the competitive advantage and tremendous value veterans bring to its team.

 “Our nation’s veterans have put their lives on the line to protect the very freedoms that make this country the greatest in the world. Supporting veterans in a part of the culture and way of doing business at Wyndham Worldwide,” said Mary Falvey, executive vice president and chief human resources officer, Wyndham Worldwide. “In fact, veterans possess many of the traits employers look for in job candidates, including tenacity, discipline, leadership and organization. On Veteran’s Day, and every other day during the year, we take great pride and celebrate their past service, and work to provide a great environment to advance their careers.”  

Wyndham Worldwide actively recruits veterans to join its global workforce, offers a dedicated vacation club for active and retired military and is committed to doing business with veteran-owned suppliers. And, once a member of the team, the Company offers Impacting Veteran Opportunities at Wyndham Worldwide, or I-VOW, an associate business group dedicated to professional development and the sharing of ideas and experiences for veterans in the workplace.

In addition to its commitment to veterans in the workplace, Wyndham Worldwide is supporting veterans through:

•Participation in a roundtable discussion about veteran’s issues and best practices for supporting them in the workplace at NASDQ. Patricia Lee, senior vice president, human resources and chief diversity officer, will moderate the discussion with 60 senior executives on Veteran’s Day.

•The Days Inn “Honor a Hero” contest, which provides one veteran or active service member with a six-night, seven day stay at the Days Inn hotel of their choice and a Wyndham Rewards gift card. Additionally, Days Inn will donate 10 Wyndham Rewards points to Hotels for Heroes for every hotel reservation made online. Hotels for Heroes provides hotel rooms to the families of wounded, injured, and ill military service members, who are undergoing treatment at authorized medical centers.

•The Armed Forces Vacation Club, its brand that offers discounted vacations to military members. 

•Its award-winning supplier diversity program, which was recognized by U.S. Veterans Magazine’s in 2014 for its commitment to supporting veteran-owned businesses. The Company’s all-inclusive supplier diversity initiative offers certified minority, veteran-owned, women-owned and other diverse groups the opportunity to seek potential business prospects.

Falvey and other company executives have also served as a mentor through the Company’s longstanding partnership with Veterans Across America, where executives pair with veterans through the Champion Mentor Program to help them overcome issues specific to their reintegration into corporate America and society. 

As one of the largest hospitality companies, Wyndham Worldwide takes pride in being a military-friendly company and is committed to providing resources and programs to assist veterans, active military personnel and their families. By supporting  veteran’s  and expressing gratitude to those who served our country, the Company demonstrates how good corporate citizenship works to help move veterans, our nation and business forward. As part of its overall Corporate Social Responsibility (CSR) strategy, Wyndham Worldwide consistently aligns its business and financial performance with the responsible way it operates by maintaining its investment and focus on such areas as sustainability, diversity, human rights, wellness and philanthropy. By holistically integrating Corporate Social Responsibility (CSR) into its business, the Company has grown as a responsible corporate citizen that consistently delivers results as one of the best performing hospitality companies in the world.

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 7,760 franchised hotels and approximately 672,000 hotel rooms worldwide. Wyndham Exchange & Rentals is the worldwide leader in vacation exchange and the world’s largest professional manager of vacation rentals, providing more than 5 million leisure-bound families annually with access to over 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 900,000 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.

 

Contact: 

Stacy Dixson

Manager, Public Relations

Wyndham Worldwide

973-753-7424

stacy.dixson@wyn.com

 

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Wyndham Worldwide Named to DiversityInc’s Top 50 Companies for Diversity for Third Year

Parsippany, N.J., (April 24, 2015) – Recognized for the recruitment, professional development, and inclusive environment provided to all associates, guests and customers, Wyndham Worldwide (NYSE: WYN), one of the world’s largest hospitality companies, was named one of the DiversityInc Top 50 Companies for Diversity. This marks the third consecutive year Wyndham Worldwide has been in the Top 50. 

“With over 34,000 associates serving millions of customers across six continents, our commitment to maintaining strong diversity in perspective, talent, and background keeps Wyndham Worldwide an exceptional hospitality provider, a successful company, and a great place to work,” said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. “For us diversity isn’t a program, it’s simply how we do business.”

Wyndham Worldwide remains committed on growing its businesses globally, with a focus on its performance and people in the communities where it operates. Believing diversity enriches the organization as a global hospitality provider; Wyndham Worldwide is dedicated to providing opportunity, education, resources, leadership and a voice for every individual, so that the Company can best deliver memorable experiences to its customers.  

Highlights of the Company’s Diversity and Inclusion key initiatives include:

  • A host of Associate Business Groups designed for employees to engage in the business expansion process, networking, personal and professional development and affiliation with colleagues across the Company that share common interests and experiences. Most recently, the Company introduced its newest group, NEXT, which works to foster an environment that encourages knowledge sharing and increased productivity while creating meaningful relationships, and driving business through initiatives that further the understanding of the varying needs of each generation to produce better services and products. 
  • Professional development and mentorship offerings for the entire workforce, including women, which represent almost 55 percent of the Company’s total U.S. workforce and 38 percent of all director-level and above positions. 
  • Programs designed to increase and leverage diversity in the hospitality industry through ownership and the customer’s experience. For example, Hoseasons, one of Wyndham Exchange & Rentals brands, recently announced it will launch a campaign appealing to lesbian, gay, bisexual and transgender holidaymakers. 
  • Partnering with Springboard Consulting to complete a comprehensive corporate disability assessment and gap analysis, supporting a strategic plan that aligns with the Company’s existing community outreach, as well as recruitment and employment of people with disabilities. 
  • Developing a national scholarship program for the 2015/2016 school year to formalize the Company’s existing support of minority and economically disadvantaged students, while continuing support of local schools in communities where it operates. 

DiversityInc also announced a number of Specialty Lists. Wyndham Worldwide was named as one of the top 10 companies for Supplier Diversity (#4), Global Diversity (#6) and Diversity Councils (#7). This marks the first time the Company was named to three Specialty Lists. 

Wyndham Worldwide has also been named a Top 50 Company for Latinas by LATINA Style, recognized by the Human Rights Campaign as one of the “Best Places to Work for Lesbian, Gay, Bisexual and Transgender (LGBT) Equality” and by the Hispanic Association on Corporate Responsibility. Additionally, the Company maintains strong partnerships with organizations such as the National Diversity Council, Hispanic Association on Corporate Responsibility, National Society of Hispanic MBAs and National Association of Black, Hispanic, Asian and Women MBAs.

“Maintaining an inclusive environment where every person feels able to contribute and deliver their best performance, provides us with a rich foundation of perspectives and experiences that benefit our company, our customers, and our communities,” said Patricia Lee, senior vice president, human resources and chief diversity officer, Wyndham Worldwide. “This is made possible every day by the behaviors, decisions, and actions of our leaders and associates who embrace our Company’s core values and work to enhance the supportive culture that we have.”  

Wyndham Worldwide has worked to integrate its associates, business and communities in all that it does, with a strategic focus on the environment and sustainability, diversity and inclusion, community support and responsiveness, and human rights and ethics. In the years since its introduction on the NYSE in 2006, the Company has continued to demonstrate its leadership in being a responsible corporate citizen. 

DiversityInc, the leading publication on diversity and business, annually recognizes companies that exemplify meaningful diversity management through their corporate practice. The DiversityInc Top 50 list includes companies from a wide range of industries whose leadership, procurement practices, communications and associate engagement best reflect the reality of the rapidly changing face of today’s dynamic workforce. 

About Wyndham Worldwide 

One of the world’s largest hospitality companies, Wyndham Worldwide (NYSE: WYN) provides a wide range of hospitality services and products through its global portfolio of world-renowned brands.  The world’s largest hotel company based on the number of properties, Wyndham Hotel Group is home to many of the world’s best-known hotel brands, with over 7,600 franchised hotels and approximately 661,000 hotel rooms worldwide. Wyndham Exchange & Rentals is the worldwide leader in vacation exchange and the world’s largest professional manager of vacation rentals, providing more than 5 million leisure-bound families annually with access to over 107,000 vacation properties in over 100 countries through its prominent exchange and vacation rental brands. The industry and timeshare ownership market leader, Wyndham Vacation Ownership develops, markets, and sells vacation ownership interests and provides consumer financing to owners through its network of over 200 vacation ownership resorts serving approximately 904,000 owners throughout the United States, Canada, Mexico, the Caribbean, and the South Pacific. Based in Parsippany, NJ, Wyndham Worldwide employs over 34,000 associates globally. 

For more information, please visit www.wyndhamworldwide.com

Contact: 

Michael Valentino

Vice President, Communications and Marketing

973-753-8372

michael.valentino@wyn.com

 

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Wyndham Worldwide Earns World’s Most Ethical Company Distinction

Parsippany, N.J. (March 13, 2017) – With a commitment to acting with integrity, a focus on ethical and responsible business practices, and a dedication to welcoming people to experience travel the way they want, Wyndham Worldwide (NYSE:WYN) has been recognized as a 2017 World’s Most Ethical Company® by the Ethisphere Institute. This is the third consecutive year and fifth time overall that the Company has received the designation by Ethisphere, a global leader in defining and advancing the standards of ethical business practices.

 

“Wyndham Worldwide’s culture of service encourages all levels of associates to do what’s right, beyond what’s expected,” said Stephen P. Holmes, chairman and chief executive officer, Wyndham Worldwide. “This distinction recognizes a shared focus and collaborative effort by individuals and teams across our company, from our Board of Directors to each of our associates.”

 

This year marks the eleventh anniversary of Ethisphere and the World’s Most Ethical Companies designation which recognizes those companies who align principle with action, work tirelessly to make trust part of their corporate DNA, and in doing so, shape future industry standards by introducing tomorrow’s best practices today.

 

“Ethical behavior is the lens through which we make decisions and anchor our commitment to each other, our partners, our customers, and our communities,” said Scott McLester, executive vice president and general counsel, Wyndham Worldwide. “From attracting global talent, to upholding the Count On Me! commitment and ethical business principles, we ensure our global network is comprised of good corporate citizens.” 

 

Rooted in its Count On Me! service philosophy, integrity and accountability are embedded in the Company’s culture. Maintaining a strong focus on ethical practices is part of its robust corporate social responsibility commitment. Some of the Company’s activities and accomplishments include:  

 

  • Establishing a global network of Compliance Champions to provide guidance for associates on acceptable standards of business conduct, in addition to providing leadership development programs to weave compliant and ethical decision making into everyday business.

 

  • Providing the gift of representation through pro bono legal work to help children, young adults, and non-profits. Wyndham Worldwide’s Legal Department was awarded the Pro Bono Services Award by the New Jersey Law Journal for its work in partnership with Kids in Need of Defense (KIND), New Jersey Law Education and Empowerment Project (NJ LEEP) and the Pro Bono Partnership.

 

  • Protecting human rights by providing Wyndham Worldwide owners and franchisees the tools to identify human trafficking through training and awareness campaigns in partnership with the Polaris Project and ECPAT-USA.

 

  • Creating a diverse and inclusive place to work and do business, being recognized among the DiversityInc Top 50 Companies for Diversity four years in a row, and also among the Top 10 for supplier diversity.

 

  • Supporting the local communities through donations of time and funds. Each year, thousands of Wyndham Worldwide associates volunteer for recognized charitable organizations during a paid day off, which resulted in more than 3,500 associates participating in nearly 37,000 volunteer hours in 2016.

 

  • Reflecting Wyndham Worldwide’s culture of giving and service, Wyndham Rewards members last year donated over 8.4 million loyalty points to charities and Wyndham timeshare owners donated over 200,000 units of food to community food banks.

 

“At Wyndham Worldwide, we have an open door policy and engage our associates on maintaining ethical standards and embodying our Company culture,” added Korin Neff, senior vice president and chief compliance officer. “Ethics are embedded in our core values, which are the foundation of the distinctive culture that drives our growth and inspires the great experiences we create for associates and the people we serve.”

 

The World's Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient® (EQ) framework which offers a quantitative way to assess a company’s performance in an objective, consistent and standardized way. The information collected provides a comprehensive sampling of definitive criteria of core competencies, rather than all aspects of corporate governance, risk, sustainability, compliance and ethics. Scores are generated in five key categories: ethics and compliance program (35%), corporate citizenship and responsibility (20%), culture of ethics (20%), governance (15%) and leadership, innovation and reputation (10%) and provided to all companies who participate in the process.

 

 

About the Ethisphere Institute:

The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character. Ethisphere honors superior achievement through its World’s Most Ethical Companies® recognition program, provides a community of industry experts with the Business Ethics Leadership Alliance (BELA) and showcases trends and best practices in ethics with the publication of Ethisphere Magazine and The World’s Most Ethical Companies Executive Briefing. Ethisphere is also the leading provider of independent verification of corporate ethics and compliance programs. More information about Ethisphere can be found at http://ethisphere.com

About Wyndham Worldwide:
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across more than 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

# # #

Media Contact:

 

Jane Danese
Public Relations Manager
Wyndham Worldwide
(973) 753-7577
Jane.Danese@wyn.com

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Wyndham Worldwide is Recognized as one of the DiversityInc Top 50 Companies for Diversity for Fifth Consecutive Year

Parsippany, N.J. (May 3, 2017) –Wyndham Worldwide (NYSE: WYN) has been named among the DiversityInc Top 50 Companies for Diversity, ranking in the top 25 for the first time. As #24 for 2017, Wyndham Worldwide is also among the Top Companies for Diversity Councils and LGBT Employees. This is the fifth consecutive year Wyndham Worldwide has been included among the DiversityInc Top 50 Companies for Diversity. The consistent recognition reflects the values and the overall mission of the global hospitality company and its 38,000 associates take in enabling more travelers to visit and experience more cultures and places than anyone else.

"As a global hospitality company, diversity is at the heart of what we do,” says Stephen P. Holmes, chairman and chief executive officer, Wyndham Worldwide. “Travel enables people of varied nationalities and backgrounds to meet and experience different cultures, raising our collective understanding and appreciation for each other around the world. For Wyndham Worldwide, diversity isn't a program – it's how we do business."

One of the largest global hospitality companies, Wyndham Worldwide provides travelers with access to a collection of trusted hospitality brands and established market leaders in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals.

“For Wyndham Worldwide, diversity and inclusion is a business imperative,” adds Holmes. “That means starting in the corporate boardroom and infusing different perspectives throughout every level of our organization to reflect our customer base and enable us to grow.”

Recognizing the value to its business growth in maintaining vibrantly diverse workforce, policies, and supply chain, Wyndham Worldwide has the support of its board of directors in advancing diversity as part of the Company's overall business strategy, and implements the vision through a global diversity council, its dedicated diversity and inclusion team, as well as its growing number of associate business groups dedicated to women, Latinos, African Americans, LGBT and allies, veterans, and multi-generations.

Recent diversity and inclusion-led initiatives have included: recruitment and development events for associates who are veterans of the U.S. Armed Forces; business-wide discussions on the Hispanic marketplace’s rapid growth and opportunities for the Company to reach this powerful demographic; and a US-based national scholarship program for supporting minority and economically challenged students. In addition, the Company partners with local organizations focused on at-risk youth and those faced with challenges to provide mentoring and guidance to the future workforce.

“We are thoughtful about diversity and have made it part of how we operate,” says Patricia A. Lee, senior vice president and chief diversity officer at Wyndham Worldwide. “Being open and welcoming to people of all backgrounds, and applying the same level of strategic thought to attracting, retaining, and developing individuals of diverse backgrounds provides us with a strong talent pipeline to fuel our growth.”

Wyndham Worldwide has also been recognized by the Hispanic Association on Corporate Responsibility, named a Top 50 Company for Latinas by LATINA Style, and among FORTUNE's Most Admired Companies. Additionally, the Company maintains strong partnerships with organizations such as the National Diversity Council, Hispanic Association on Corporate Responsibility, National Society of Hispanic MBAs and National Association of Black, Hispanic, Asian and Women MBAs.

DiversityInc also announced a number of Specialty Lists. Wyndham Worldwide was named among the Top Companies for Diversity Councils (#6) and LGBT Employees. DiversityInc's annual survey – tracking the nation's top companies when it comes to hiring, retaining and promoting women, minorities, people with disabilities, LGBT and veterans – is the most rigorous, data-driven survey of its kind, gauging detailed demographics based on race/ethnicity and gender at some of the largest U.S. employers.

About Wyndham Worldwide:
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across more than 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

# # #
Media Contact:
Jane Danese
Public Relations Manager
Wyndham Worldwide
(973) 753-7577
Jane.Danese@wyn.com

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Named to Sustainability Yearbook by RobecoSAM (2014-2017)

Wyndham Worldwide Named to Sustainability Yearbook by RobecoSAM (2014-2017)

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Wyndham Worldwide Reports Strong Third Quarter 2015 Results

PARSIPPANY, N.J. (October 27, 2015) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended September 30, 2015.

THIRD QUARTER HIGHLIGHTS:

•Adjusted diluted earnings per share (EPS) was $1.78, an increase of 7% from adjusted diluted EPS of $1.67 in the third quarter of 2014.  Reported diluted EPS was $1.61, compared with $1.64 in the third quarter of 2014.

•Revenues for the third quarter of 2015 increased 3% compared with the third quarter of 2014.  On a currency neutral basis and excluding the impact of acquisitions and a divestiture, revenues increased 6% and adjusted EBITDA increased 7%.

•Gross vacation ownership sales increased 12% on a constant currency basis.

•Vacation rental transactions increased 6% excluding the impact of acquisitions and a divestiture.

•The Company repurchased 2.1 million shares of its common stock for $170 million during the quarter. 

“We delivered great results in the third quarter across all our businesses, with more guests, staying more often, and more engaged than ever,” said Stephen P. Holmes, chairman and CEO. “This quarter was highlighted by a double digit increase in gross vacation ownership interest sales, strong growth in vacation rental transaction volume, and increased activity through our re-invigorated loyalty program. We are connecting the widest range of guests around the globe with the accommodation options they desire.” 

THIRD QUARTER 2015 OPERATING RESULTS

Third quarter revenues were $1.6 billion, an increase of 3% from the prior year period.  Excluding acquisitions and a divestiture, constant currency revenues increased 6% reflecting growth in each of the Company’s business segments.

Third quarter adjusted EBITDA was $412 million, compared with $418 million in the prior year period.  Year-over-year adjusted EBITDA comparisons were adversely affected by foreign currency effects of $17 million in 2015, and the absence of results in 2015 from Canvas Holiday, a U.K.-based camping business, which contributed $18 million of EBITDA in the third quarter 2014 and was divested in the fourth quarter of 2014.  Excluding these items and acquisitions, adjusted EBITDA increased 7%.

Adjusted net income was $210 million, or $1.78 per diluted share, compared with $210 million, or $1.67 per diluted share for the same period in 2014.  Net income and earnings per share benefited from strong operations, but were negatively affected by the same factors that influenced adjusted EBITDA comparisons, noted above.  EPS also benefited from the Company’s share repurchase program, which decreased the weighted average diluted share count 6% year-over-year.  

Reported net income for the third quarter of 2015 was $190 million, or $1.61 per diluted share, compared with $206 million, or $1.64 per diluted share, for the third quarter of 2014.  Reported net income in both periods reflects several items excluded from adjusted net income.  The net result of these items unfavorably impacted third quarter 2015 net income by $20 million and unfavorably impacted third quarter 2014 net income by $4 million.  Full reconciliations of adjusted net income to GAAP results appear in Table 8 of this press release.  Year-over-year reported net income third quarter comparisons were negatively impacted by the same factors that influenced adjusted EBITDA comparisons, noted above.

Free cash flow was $660 million for the nine months ended September 30, 2015, compared with $750 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 expects inventory spending in the fourth quarter of 2015 to be significantly lower than in the fourth quarter of 2014.  The Company defines free cash flow as net cash provided by operating activities less capital expenditures.  For the nine months ended September 30, 2015, net cash provided by operating activities was $817 million, compared with $899 million in the prior year period. 

 

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $357 million in the third quarter of 2015, a 13% increase compared with the third quarter 2014.  Adjusted EBITDA was $108 million, flat compared with the same period in 2014.  

In constant currency and excluding acquisitions, revenues increased 4% and adjusted EBITDA increased 3%, reflecting domestic RevPAR growth, which was partially offset by increased marketing expenditures and higher costs related to the implementation of new property management and central reservation systems.

Domestic RevPAR increased 5.2%.  In constant currency, total system-wide RevPAR increased 3.3%.  

As of September 30, 2015, the Company’s hotel system consisted of approximately 7,760 properties and 672,000 rooms, a 2.5% room increase compared with the third quarter of 2014.  The development pipeline included 910 hotels and over 122,800 rooms, of which 61% were international and 68% were new construction.

 

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

Revenues were $476 million in the third quarter of 2015, a 7% decline compared with the third quarter of 2014. In constant currency, and excluding acquisitions and the impact of the divestiture of Canvas Holidays in 2014, revenues increased 6%.

Exchange revenues were $157 million, down 3% compared with the third quarter of 2014. In constant currency, exchange revenues were up 1% compared with the prior year, as the average number of members increased 1.5% while exchange revenue per member was flat.

Vacation rental revenues were $296 million, an 11% decrease compared with the third quarter of 2014.  In constant currency and excluding the impact of acquisitions and the divestiture, vacation rental revenues were up 8%, reflecting a 5.8% increase in transaction volume and a 1.7% increase in average net price per vacation rental.  

Adjusted EBITDA for the third quarter of 2015 was $137 million, a 14% decrease compared with the third quarter of 2014.  On a currency neutral basis and excluding the impact of acquisitions and the divestiture, adjusted EBITDA increased 5% compared with the prior year period. 

 

Vacation Ownership (Wyndham Vacation Ownership) 

Revenues were $750 million in the third quarter of 2015, a 7% increase over the third quarter of 2014.  In constant currency, revenues increased 8%.

Gross VOI sales were $565 million in the third quarter of 2015, an increase of 10% compared with the third quarter of 2014.  In constant currency, Gross VOI sales increased 12%.  Volume per guest (VPG) for the quarter increased 10.6% in constant currency while tour flow increased 0.9%. VPG increases were driven primarily by a higher average transaction size. 

Adjusted EBITDA for the third quarter of 2015 was $201 million, an increase of 7% compared with the third quarter of 2014.  Results primarily reflect higher VPG.  On a currency neutral basis adjusted EBITDA increased 9%.  

 

OTHER ITEMS 

•The Company repurchased 2.1 million shares of common stock for $170 million during the third quarter of 2015.  From October 1 through October 26, 2015, the Company repurchased an additional 0.9 million shares for $70 million.  The Company’s remaining share repurchase authorization totals $461 million as of October 26, 2015 

•Reported net interest expense in the third quarter of 2015 was $31 million, compared with $26 million in the third quarter of 2014  

 

Balance Sheet Information as of September 30, 2015: 

•Cash and cash equivalents of $259 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 September 30, 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 2015, the Company provides the following guidance:

•Revenues of approximately $5.450 - $5.550 billion  

•Adjusted EBITDA of approximately $1.285 - $1.315 billion.  Guidance reflects a $46 million adverse earnings impact from foreign exchange compared with 2014 full year results 

•Adjusted EPS of approximately $5.06 to $5.09 based on a diluted share count of 119.4 million up from $4.88 to $5.03 based on a diluted share count of 120.2 million 

“We were pleased with our performance across the Company in the third quarter, but we’re even more excited by what lies ahead.  We have the broadest range of lodging accommodations in the world – including hotels, timeshare and rentals – spanning luxury to budget.  We are uniquely positioned to satisfy the burgeoning travel demand around the globe.  In 2016, we expect organic adjusted EBITDA growth consistent with our long-term target range of 6 – 8%,” said Mr. Holmes.

 

Conference Call Information

Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company’s results, outlook and guidance on Tuesday, October 27, 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 October 27, 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 October 27, 2015, at 800-388-4923.

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 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 7,760 franchised hotels and approximately 672,000 hotel rooms worldwide. Wyndham Exchange & Rentals is the worldwide leader in vacation exchange and the world’s largest professionally managed vacation rentals business, providing more than 5 million leisure-bound families annually with access to over 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 900,000 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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Investor and Media contact:

Margo C. Happer

Senior Vice President, Investor Relations

Wyndham Worldwide Corporation

(973) 753-6472

margo.happer@wyn.com

 

Barry Goldschmidt

Vice President, Investor Relations

Wyndham Worldwide Corporation

(973) 753-7703

barry.goldschmidt@wyn.com

 

 

 

 

 

 

 

 

 


 

 

 

 

 

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Wyndham Worldwide Earns Distinction as a Top 50 Company for Latinas by LATINA Style

PARSIPPANY, N.J. (September 03, 2015) – Recognized for its continued commitment to leadership training programs, mentoring opportunities and educational support for both its female and Hispanic employees, Wyndham Worldwide (NYSE: WYN), one of the world’s largest hospitality companies, has been ranked 19 on the Top 50 Companies for Latinas by the annual LATINA Style report. This is the Company’s seventh consecutive year on the list. 

“It is an honor to receive this recognition from LATINA Style as it is a reflection of our commitment to women and our focus on the professional development and of Latina women within our company,” said Patricia A. Lee, senior vice president human resources and chief diversity officer, Wyndham Worldwide. “Maintaining our inclusive environment where every person feels able to contribute and deliver their best performance, provides us with a rich foundation of perspectives and experiences that benefit our company, our customers and our communities.”

According to the Pew Hispanic Center, Hispanics currently make up 13 percent of the overall U.S. labor market and will account for 19 percent of the U.S. labor force by 2020. As of August 2015, Hispanics comprised nearly 19 percent of Wyndham Worldwide’s U.S. workforce.

With operations across six continents, Wyndham Worldwide embraces inclusion in the workplace and offers a variety of programs for all of its employees including several Associate Business Groups (ABGs) where employees with common interests can share ideas and experiences, and promote professional development and inclusion throughout the Company. While providing opportunities for idea sharing, networking and more, the Company’s ¡Fuerte! ABG provides an inclusive forum for employees to share the unique insights of the Hispanic culture, make meaningful impacts on the business and provide strategic contributions to the success of the Company.

Wyndham Worldwide is a recognized leader in diversity and has been named among DiversityInc’s Top 50 Companies for Diversity, ranked in the Top 10 for supplier diversity by DiversityInc, recognized by the Human Rights Campaign as one of the “Best Places to Work for Lesbian, Gay, Bisexual and Transgender (LGBT) Equality” and by the Hispanic Association on Corporate Responsibility. Additionally, the Company maintains strong partnerships with organizations such as the National Diversity Council, Hispanic Association on Corporate Responsibility, United States Hispanic Chamber of Commerce, National Society of Hispanic MBAs and National Association of Black, Hispanic, Asian and Women MBAs.

The LATINA Style 50, which serves as the most respected source of employment and career information for Hispanic women in the country, recognizes companies that dedicate efforts to diverse recruitment and promotion initiatives as well as veteran recruitment and military personal. 

 

About Wyndham Worldwide

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. 

 

Contact: 

Stacy Dixson

Manager, Public Relations

Wyndham Worldwide

973-753-7424

stacy.dixson@wyn.com

 

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Wyndham Worldwide Named One of the Best Places to Work in New Jersey

Parsippany, NJ - April 27, 2017 – Wyndham Worldwide (NYSE: WYN) has been named among the Best Places to Work in New Jersey by NJ Biz Magazine, marking the eighth consecutive year the Parsippany-based global hospitality company has been recognized. The annual list recognizes the top places of employment in New Jersey that benefit the state's economy, its workforce and its businesses.

“As a hospitality company, we know that providing great experiences for our associates is the foundation for the great experiences we provide for our guests,” said Mary Falvey, executive vice president and chief human resources officer, Wyndham Worldwide. “Based on our values, and driven by our mission to welcome people to experience travel the way they want, we create an engaging and rewarding environment that attracts the best people to deliver value for our customers, shareholders, and communities.”

One of the largest global hospitality companies, Wyndham Worldwide provides travelers with access to a collection of trusted hospitality brands and established market leaders in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across 110 countries on six continents, Wyndham Worldwide is represented in the Garden State with its global headquarters in Parsippany, the Wyndham Hamilton Park Hotel and Conference Center in Florham Park, Wyndham Skyline Towers in Atlantic City, Dolce Basking Ridge, Stockton Seaview Hotel & Golf Club in Galloway, as well as numerous independently owned and operated, franchised hotels.

Associates are provided paid time-off each year to volunteer in their communities. The Company also offers career development opportunities, including continuing education reimbursement, professional development courses, and a wide range of associate business groups. In addition to comprehensive benefits, there are special recognition programs, regular on-site events and celebrations, associate discounts, and flexible work arrangements. The Company also provides low and no-cost health and wellness programs, including in their Parsippany offices, a full-time nurse practitioner. Additional amenities include an on-site fitness center, weekly car wash, a credit union, dry cleaning, general store, coffee baristas, and an award-winning cafeteria featuring fresh, sustainable, locally-grown antibiotic- and hormone-free choices. Additionally, its Parsippany-campus is home to a community garden, created and managed by associate volunteers who harvest fresh vegetables for donation to local food pantries.

Produced by NJBIZ and managed by Best Companies Group (BCG), the survey included evaluating each nominated company's workplace policies, practices, philosophy, systems and demographics in addition to an associate survey to measure associate experience. The combined scores determined the top companies and the final ranking.

About Wyndham Worldwide
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across more than 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

Media Contact:
Jane Danese
Public Relations Manager
Wyndham Worldwide
Jane.Danese@wyn.com
973-753-7577

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Celebrating Our Latina STYLE Top 50 Achievement with Isadora Badi

Wyndham Worldwide was recently named to the Latina STYLE Top 50 Companies for Latinas list. With operations across six continents, Wyndham Worldwide embraces inclusion in the workplace and offers a variety of programs for all of its employees including ¡Fuerte!,one of our Associate Business Groups (ABGs) where employees  share their unique insights of the Hispanic culture, make meaningful impacts on the business and provide strategic contributions to the success of the Company.

To celebrate this achievement, our proud New Jersey Chapter Past-President of ¡Fuerte!, Isadora Badi, shared her experience at Wyndham and what being named to this list means to her and the Company.

Tell us about your role.

I oversee brand marketing programs for Wyndham Hotel Group’s upscale and lifestyle brands. That includes setting brand identity and positioning as well as implementing campaigns that drive business to our properties. I work with our internal teams as well as agencies to execute our creative and media strategy, promotions and support the development of new brand standards and guest experience programs.

You’ve been involved in ¡Fuerte!, Wyndham Worldwide’s Associate Business Group, which is focused on creating an inclusive environment for everyone. Tell us how that has been beneficial to your career?

Leading ¡Fuerte! for one year as President of the New Jersey Chapter was a fantastic experience. I worked with a great team who delivered impactful education and career-development opportunities, as our Spanish Summer Courses in the Parsippany campus. I also had a lot of fun in events that celebrated the unique cultures that make up the Latino community in the United States. Thinking about our salsa flash mob in the cafeteria still brings a smile to my face.

What do you think is the greatest impact Wyndham’s focus on diversity, including the Hispanic market, has on its customers, partners, and associates?

At Wyndham Worldwide, a diverse background is seen as a valuable asset that helps drive the business forward. This inclusive, multicultural approach translates to the way we act and communicate, giving us an edge to truly connect with consumers and communities around us.

Wyndham was recently named to the Latina Style Top 50 Companies for Latinas. What does that distinction mean to you as a Wyndham associate?

As a Wyndham associate, seeing our company as part of this list shows that our organization is committed to having a truly global workforce and celebrates our company’s diversity. I hope this prestigious distinction will help us attract even more talented Latinas to the team! 

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Wyndham Worldwide Sees Tremendous Expansion Across India

NEW DELHI, INDIA (Oct. 6, 2015) – With the announcement of new deals across its hotel and timeshare exchange portfolios, Wyndham Worldwide (NYSE:WYN), one of the largest hospitality companies in the world, continues expanding its presence throughout the Indian subcontinent. With 10 new hotel properties joining Wyndham Hotel Group and three new vacation ownership resorts joining the RCI vacation exchange network, Wyndham is meeting the diverse needs of India’s owners and guests.

 

“With a renewed focus on travel and a growing middle class, India is becoming one of the fastest growing travel markets in the world,” said Stephen P. Holmes, Chairman and Chief Executive Officer, Wyndham Worldwide, who joined the team in New Delhi for today’s announcement. “Our global portfolio encompasses virtually every type of travel accommodation -- from hotels to timeshare to vacation rentals and more -- making Wyndham Worldwide uniquely positioned to deliver great results for our hospitality partners and great travel experiences for guests.”

 

Wyndham Hotel Group’s Explosive Growth Meets the Demands of all Travelers

As the world’s largest hotel company with approximately 7,700 hotels, Wyndham Hotel Group currently operates 25 hotels in the region with another 28 in the pipeline representing more than 3,300 rooms. Wyndham Hotel Group is the fastest growing hotel franchisor in India. The company has experienced nearly 200% growth in India over the past five years. Today’s announcement of 10 new deal signings includes  two conversions under the company’s iconic Howard Johnson and Ramada Plaza brands with the Unique Mercantile Group and also signifies expansion for the first time beyond India under the Ramada and Days Inn brands with Intraco Limited based out of Bangladesh.

 

RCI Delivers More Vacation Options with Expansion into New Destinations

Offering  its 3.8 million members the ability to exchange their timeshare interval within its network of more than 4,500 affiliated resorts in over 100 countries, RCI is the world’s largest timeshare exchange business. The company has experienced approximately 40% growth in India since the beginning of 2012 and is affiliated with more than 130 properties representing approximately 80% of all vacation ownership resorts in India.

 

RCI continues to grow as the market and segment leader in the country offering vacation options in 60 unique destinations with resorts providing a range of experiences from traditional beach holiday to cultural, historical and wildlife retreats whereby catering to ever changing consumer patterns. Recent RCI expansion includes the addition of Treat Resort in Silvassa, Mirasol Water Park & Resort in Daman, and Ananta Spa & Resorts in Udaipur. RCI has also expanded its footprint in recent years in markets such as Kerala, Assam, Rajasthan, and Andhra Pradesh and has future plans to enter popular destinations such as Sri Lanka and Maldives.

“We are excited to see that Indian travelers are embracing timeshare,” said Holmes. “The vacation ownership segment is a powerful and growing driver of tourism in India and thanks to the continued efforts of RCI, our affiliated resorts, and our industry partners, timeshare providers today are delivering great experiences for guests and creating memorable vacation experiences for owners who keep coming back year after year.”

 

While in India, Holmes and the Wyndham Worldwide team will also visit Christel House India -Bangalore, a charter school run by Christel House International. Founded by RCI co-founder Christel DeHaan in 1998, Christel House International opened its first school in Bangalore, India in 2001. With more than 1,000 students enrolled, Christel House India – Bangalore has had a 96% student retention rate and a 94% graduation rate. By comparison less than 10% of students graduate high school in India. Additionally, 93% of Christel House India - Bangalore graduates are in college, working, or both, compared to 25% of all Indian youth pursuing college degrees.   Wyndham Worldwide has been a longtime, dedicated supporter of Christel House International through its Wishes by Wyndham Foundation.

 

“I am inspired every time I walk through the doors of a Christel House school, and we are incredibly proud to play a small role in supporting these remarkable students, as well as their dedicated teachers and staff,” said Holmes. “We are a values-based company that aims to deliver results for our business in a responsible way, creating positive change for the people and communities around us.”

 

About Wyndham Worldwide 
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.

 

About Wyndham Hotel Group

 

Wyndham  Hotel Group is the world’s largest hotel company based on number of hotels and is one of three hospitality business units of Wyndham Worldwide (NYSE: WYN). As both a leading hotel brand franchisor and hotel management services provider, the company’s global  portfolio consists of approximately 7,700 properties and 668,500 rooms in 71 countries under the following brands: Dolce Hotels and Resorts®, Wyndham Grand® Hotels and Resorts, Wyndham Hotels and Resorts®, Wyndham Garden® Hotels, TRYP by Wyndham®, Wingate by Wyndham®, Hawthorn Suites by Wyndham®, Microtel Inn & Suites by Wyndham®, Ramada Worldwide®, Baymont Inn & Suites®, Days Inn®, Super 8®, Howard Johnson®, Travelodge® and Knights Inn®. Wyndham Rewards, the company’s guest loyalty program offers more than 40 million members the opportunity to earn and redeem points at thousands of hotels across the world. For more information visit www.wyndhamworldwide.com.

 

 

About RCI

 

RCI is the worldwide leader in vacation exchange with nearly 4,500 affiliated resorts in more than 100 countries. RCI pioneered the concept of vacation exchange in 1974, offering members increased flexibility and versatility with their vacation ownership experience. Today, through RCI Weeks®, the traditional week-for-week exchange system, and RCI Points®, the industry’s first global points-based exchange system, RCI provides flexible vacation options to its approximately 3.8 million RCI subscribing members each year. RCI’s luxury exchange program, The Registry Collection®,is the world’s largest program of its kind with approximately 200 affiliated properties either accessible for exchange or under development on six continents.RCI is part of Wyndham Exchange & Rentals and the Wyndham Worldwide family of brands (NYSE: WYN). For additional information visit our media center, rciaffiliates.com or The RCI Blog. RCI also can be found on Facebook, YouTube and Twitter.

 

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Named to FORTUNE Magazine's Most Admired Companies (2008, 2009, 2010, 2012, 2013, 2016)

Wyndham Worldwide Named to FORTUNE Magazine's Most Admired Companies (2008, 2009, 2010, 2012, 2013, 2016)

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Wyndham Worldwide Makes Unprecedented Commitment to Advance Diversity and Inclusion in the Workplace

Parsippany, NJ (June 12, 2017) – Wyndham Worldwide (NYSE: WYN) today joined more than 150 of the world’s leading companies in signing on to the CEO Action for Diversity & Inclusion™, the largest CEO-driven business commitment to advance diversity and inclusion in the workplace. Recognizing that stronger business outcomes directly correlate with diverse teams and inclusive workplace environments, the Company is further aligning its core values with its business strategy.

By signing on to this commitment, Wyndham Worldwide Chairman and CEO Stephen P. Holmes is pledging to take action to continue to cultivate a workplace where diverse perspectives and experiences are welcomed and respected, where employees feel encouraged to discuss diversity and inclusion, and where best practices can be shared across organizations in an effort to advance diversity and inclusion in the workplace.

“For Wyndham Worldwide, diversity and inclusion is a business imperative,” says Holmes. “I see our diverse workforce as a competitive advantage, infusing different perspectives and reflecting the customers and the communities we serve around the world.”

Understanding the value to its business growth in maintaining a vibrantly diverse workforce, policies, and supply chain, Wyndham Worldwide has the support of its board of directors in advancing diversity as part of the Company's overall business strategy, and implements the vision through a Global Diversity & Inclusion council, its dedicated diversity and inclusion team, as well as its growing number of associate business groups dedicated to women, Latinos, African Americans, LGBT and allies, veterans, and multi-generations.

The CEO Action for Diversity & Inclusion™ is led by a steering committee of CEOs and leaders from Accenture, BCG, Deloitte US, The Executive Leadership Council, EY, General Atlantic, KPMG, New York Life, P&G and PwC. The coalition represents more than 50 industries, all 50 US States, and millions of employees globally. Each signatory has committed to taking steps to increase diversity and foster inclusion within their respective organizations and the larger business community, including: continuing to cultivate workplaces that support open dialogue on complex, and sometimes difficult, conversations about diversity and inclusion; implementing and expanding education of unconscious bias; and sharing best know – and unsuccessful – actions to evolve existing diversity strategies.

The CEO Action for Diversity & Inclusion™ is a step toward advancing diversity and inclusion in the workplace. Starting today, anyone can visit CEOAction.com to learn more about this effort and watch for updates on future activity. Current signatories—and others who are interested—can use this website as a hub for information sharing, idea generation, and program development. In the fall, the signatories will convene for the first ever CEO Action for Diversity & Inclusion™ Summit to assess initial progress, understand fundamental gaps, and determine the next phase of this work. For a list of the signatories that have signed on to the CEO Action for Diversity & Inclusion™, visit CEOAction.com.

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About CEO Action for Diversity & Inclusion™
CEO Action for Diversity & Inclusion™ is the largest CEO-driven business commitment to advance diversity and inclusion within the workplace. Bringing together more than 150 CEOs of America’s leading organizations, the commitment outlines actions that participating companies pledge to take to cultivate a workplace where diverse perspectives and experiences are welcomed and respected, employees feel comfortable and encouraged to discuss diversity and inclusion, and where best known—and unsuccessful—actions can be shared across organizations. Learn more at CEOAction.com and connect on Facebook: CEO Action for Diversity & Inclusion and Twitter: @CEOAction.

About Wyndham Worldwide
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across more than 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

Media Contact:
Jane Danese
Public Relations Manager
Wyndham Worldwide
(973) 753-7577
Jane.Danese@wyn.com

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Wyndham Championship Supports Local Piedmont Triad Community during Tournament Week

Greensboro, N.C. (August 17, 2015) – Wyndham Worldwide (NYSE: WYN), one of the world’s largest hospitality companies, will once again welcome more than 80,000 spectators for this year’s Wyndham Championship, August 20-23. “Birdies Fore Backpacks,” the program that launched in 2014 to fight childhood food insecurity in the Piedmont Triad and perhaps the most important charitable initiative in tournament history, is proud to return for a second run as the Wyndham Championship’s official charity this year. 

Held annually at Sedgefield Country Club in Greensboro, N.C., the Wyndham Championship offers a week full of golf, charitable giving, as well as family-fun activities and prizes. For many fans, the tournament may be their last escape of the summer, and for the players, it’s the last PGA TOUR stop before the FedExCup Playoffs and seen as a must-play for those looking to win points to either qualify for or improve their standing entering the Playoffs. Earlier this year, the PGA TOUR and Wyndham Worldwide announced that Wyndham has extended its title sponsorship of the Tournament, one of the TOUR’s longest-running tournaments, through 2026.

“It was a privilege to announce our 10-year extension as title sponsor and to continue calling the Piedmont Triad region of North Carolina home of the Wyndham Championship,” said Stephen P. Holmes, chairman and chief executive officer, Wyndham Worldwide. “This tournament has a rich legacy, which we’re honored to be a part of and take pride in what we have accomplished and will continue to build together with our partners throughout this great community.”

Giving Back
As a global hospitality leader, Wyndham Worldwide is not only committed to providing great vacation experiences for its guests, but also to serve the communities where it operates. Through its Wishes by Wyndham Foundation, the Company supports many local not-for-profit organizations each year.  The Wyndham Championship is no different with philanthropy being a cornerstone of the tournament.

“Birdies Fore Backpacks” supports local charitable organizations, including Backpack Beginnings, Forsyth Backpacks, Out of the Garden and United Way of Highpoint, which fill backpacks with nutritionally sound meals for low income kids and families to take home every weekend. During its inaugural run last year, “Birdies Fore Backpacks” raised nearly $200,000 to help feed hungry children in the Piedmont Triad region.  This year, fans have the opportunity to include a donation to “Birdies Fore Backpacks” of $1 or more when purchasing tickets on-line at WyndhamChampionship.com, or merchandise and concessions on course. 

“Philanthropy and the commitment to the communities in which we live and work are core values that drive our company,” said Faith Taylor, senior vice president, corporate social responsibility, Wyndham Worldwide.  “We are proud of the positive impact the Wyndham Championship has had - from helping the Piedmont Triad Charitable Foundation’s fundraising efforts to raising the tournament’s visibility and elevating the on-site spectator experience through creative, experiential event activations.”

“Escape to the Wyndham”
Since becoming the title sponsor in 2007, Wyndham Worldwide has introduced innovations that enhance the onsite spectator and social media experience, resulting in numerous recognitions by the PGA TOUR. Continuing the tradition, fans will be able to enjoy the vacation-like atmosphere and “Escape to the Wyndham” with activities including Passport to the Wyndham, which earns participants upgraded access, tournament tickets, and merchandise and concession discounts; a 3D Art Experience outside Margaritaville at The Wyndham allowing fans to capture themselves in a vacation-themed escape; and many opportunities to win great prizes including a 7-night stay in Puerto Rico and 25,000 Wyndham Rewards Points.

As a recipient of the PGA TOUR’s “Best Social Media Activation” award, the Wyndham Championship is once again encouraging fans to get social. From seeing their tweets and posts on the 18th green scoreboard, to winning great prizes for socializing, spectators will be rewarded #AtTheWyndham.  Attendees can also visit one of three twitter activated vending machines on-course and win vacation themed prizes just by tweeting with #AtTheWyndham and an activation code. Fans should also keep their eyes open for the Wyndham Championship Tweet Patrol who will be randomly rewarding anyone tweeting about Wyndham Championship moments.

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.

About the Wyndham Championship
Contested annually on the Donald Ross-designed course at Sedgefield Country Club in Greensboro, N.C., the Wyndham Championship was founded in 1938 and is the sixth-oldest event on the PGA TOUR excluding the Majors.  Tickets are available at wyndhamchampionship.com or through the tournament office.  Additional tournament information, including ticket packages and sponsorship information, is available at wyndhamchampionship.com or through the tournament office at (336) 379-1570. 

Contact:

Nadeen Ayala
Senior Vice President, Global Communications
Wyndham Worldwide
22 Sylvan Way
Parsippany, NJ 07054
P: (973) 753-8054
C: (973) 487-9968
nadeen.ayala@wyn.com
www.wyndhamworldwide.com 

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Barrasford and Bird Worldwide Selects Wyndham Worldwide for First French Mixed-Use Property

London, UK (14 October 2015) – Developer Barrasford and Bird Worldwide has selected Wyndham Worldwide (NYSE:WYN) as its franchise partner for its first mixed-use development in Europe. Offering a combination of hotel accommodations, as well as luxury leisure residences, the Wyndham Halcyon Retreat Golf and Spa Resort in Limousin, central France, is the first of its kind in the region to leverage the joint power of the hotel and vacation exchange businesses at Wyndham Worldwide.
 
The new agreement includes the construction of the 225-room resort hotel to be franchised through Wyndham Hotel Group and the ability for purchasers of luxury residences to travel to destinations around the world through The Registry Collection, a luxury holiday program from RCI, the global leader in vacation exchange.
 
“Only Wyndham could provide us with this perfect alliance of both hotel and leisure residence exchange through its Wyndham Hotel Group and The Registry Collection businesses,” said Robin Barrasford, managing director, Barrasford and Bird. “This deal gives our residential leisure properties a truly unique advantage while delivering exceptional experiences and value to both our luxury residence purchasers and hotel guests. As property developers, we also benefit greatly from the international reach in terms of distribution and marketing that working with this global hospitality leader gives us.”
 
“The signing of Wyndham Halcyon Retreat Golf and Spa Resort is a significant milestone in our development; partnering with our fellow Wyndham business unit, RCI, for the first time within the region is a testament to the flexibility only we can offer developers, ” commented Dan Ruff, Wyndham Hotel Group’s president and managing director, Europe, Middle East, Eurasia and Africa. “This magnificent resort provides a blueprint for investors and property owners who are looking to develop mixed-use resorts and benefit from the unique breadth and scale of our diverse hospitality business."
 
Mixed-Use Property Meets All Travellers’ Needs
Through its franchise with Wyndham Hotel Group and affiliation with The Registry Collection, the Wyndham Halcyon Retreat Golf and Spa Resort will offer diverse holiday options to meet any traveller’s expectations, from exceptional nightly stays to full vacation ownership.  Wyndham Hotels and Resorts are world-renowned for offering the comfort and amenities expected in world-class hotels, including beautifully appointed public areas, thoughtfully detailed guestrooms and distinct dining options.
 
Through RCI, owners who purchase a high-end residence at the Wyndham Halcyon Retreat will be provided a membership into The Registry Collection, the world’s largest luxury network of its kind, which will allow them to swap time at their individual property for a chance to travel to hundreds of other high-end resorts within the network.
 
Dimitris Manikis, vice president, RCI Europe, Middle East and Africa, said: “Together with Wyndham Hotel Group, we can offer a seamless mixed-use business model that is unique in the lifestyle options it provides buyers of a resort’s residential leisure properties. This model presents a stronger offering to buyers, giving them far more value from their purchase than they would get from a stand-alone second home purchase.”
 
Old Meets New Offering Unrivalled Facilities in Stunning Landscape
Due to open as a Wyndham in early 2017, the Wyndham Halcyon Retreat Golf and Spa Resort is set in 220 acres of stunning landscape within the historic Château de la Cazine in the Limousin region of France, ideally located less than an hour’s drive from Limoges international airport.
 
Two 16th century turreted chateaux form the striking centrepiece of the resort, housing a luxury hotel and world-class spa centre. In addition, the resort boasts extensive leisure facilities, including a children’s adventure zone, equestrian centre, two fishing lakes and an 18-hole golf course. Guests can choose from a wide range of fine dining options, including a Michelin-starred restaurant and a sommelier’s wine and cocktail bar. The resort’s ‘Le Village’ area has a boulangerie, delicatessen, boutiques and more, putting an authentic French community at the heart of the guest experience on resort.
 
The Wyndham resort adds to Wyndham Hotel Group’s existing portfolio of properties in France across Chantilly, Frégate and Paris under the Dolce and TRYP by Wyndham brands. 

Upon opening, the Wyndham Halcyon Retreat Golf and Spa Resort will participate in Wyndham Rewards®, the simple-to-use, revolutionary new loyalty programme from Wyndham Hotel Group offering members a generous points earning structure along with a flat, free night redemption rate – the first of its kind for a major rewards programme.  Information is available at www.wyndhamrewards.com.
 

About Wyndham Worldwide 

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.

 
About Wyndham Hotel Group
Wyndham Hotel Group is the world’s largest hotel company based on number of hotels and is one of three hospitality business units of Wyndham Worldwide (NYSE: WYN). As both a leading hotel brand franchisor and hotel management services provider, the company’s global  portfolio consists of approximately 7,700 properties and over 668,500 rooms in 71 countries under the following brands: Dolce Hotels and Resorts®, Wyndham Grand® Hotels and Resorts, Wyndham Hotels and Resorts®, Wyndham Garden® Hotels, TRYP by Wyndham®, Wingate by Wyndham®, Hawthorn Suites by Wyndham®, Microtel Inn & Suites by Wyndham®, Ramada®, Baymont Inn & Suites®, Days Inn®, Super 8®, Howard Johnson®, Travelodge® and Knights Inn®. Wyndham Rewards, the company’s guest loyalty program, offers more than 40 million members the opportunity to earn and redeem points at thousands of hotels across the world. For more information visit www.wyndhamworldwide.com.
 
About The Registry Collection programme 
The Registry Collection programme is the world’s largest luxury exchange programme, with approximately 200 affiliated properties that are either accessible for exchange or under development. From condo hotels and high-end fractional resorts to private residence clubs and fractional yachts, The Registry Collection programme provides members with access to an elite network of the finest vacation properties at some of the world’s premier destinations, as well as travel concierge services that are available 24 hours a day. The Registry Collection programme is offered by RCI, the worldwide leader in vacation exchange and part of the Wyndham Worldwide family of brands (NYSE:WYN). For additional information visit our media center 

or theregistrycollection.com. You can also find The Registry Collection on Facebook.  
 
Barrasford and Bird Worldwide
Industry professionals since 2003, Barrasford and Bird Worldwide has successfully handed over more than 2,500 completed properties to customers in a wide variety of countries, from Malaysia to the Caribbean. The company now sells its own range of luxury holiday and rental properties across a selection of destinations, including the US, France and the UK. The company’s UK offices are in Tavistock (Devon), Kenmore (Scotland) and in Bristol. For more information visit www.bandbw.co.uk.
 

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Named a Top 50 Company for Diversity by DiversityInc (2013-2017)

Wyndham Worldwide Named a Top 50 Company for Diversity by DiversityInc (2013-2017)

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Wyndham Worldwide Reports First Quarter 2017 Results

PARSIPPANY, N.J. (April 26, 2017) -- Wyndham Worldwide Corporation (NYSE: WYN) today announced results for the three months ended March 31, 2017.

FIRST QUARTER 2017 OPERATING RESULTS
First quarter revenues were $1.3 billion, up 1% compared with the prior year period. Full reconciliations of GAAP results to non-GAAP measures for all reported periods appear in the tables to this press release.

Net income for the first quarter of 2017 was $141 million compared with $96 million for the first quarter of 2016. Diluted earnings per share (EPS) were $1.33 compared with $0.84 for the prior year period. Adjusted net income for the first quarter of 2017, which excludes charges and gains in 2017 and charges in 2016 as detailed in Table 7 of this press release, was $120 million compared with $127 million for the first quarter of 2016, primarily reflecting a higher provision for loan losses and benefits in the prior-year period related to business interruption claims that were absent in the first quarter of 2017. Adjusted diluted EPS was $1.14 compared with $1.12 per share in the prior year period, reflecting the benefit of the Company's share repurchase program.

First quarter EBITDA was $266 million, compared with $267 million in the prior year period. Adjusted EBITDA, which excludes charges in both 2017 and 2016 as detailed in Table 8 of this press release, was $278 million, compared with $291 million in the prior year period, primarily reflecting a higher provision for loan losses and benefits in the prior-year period related to business interruption claims that were absent in the first quarter of 2017.

"Our first quarter results were right in line with our expectations," said Stephen P. Holmes, chairman and CEO. "We're excited by the progress we're making in connecting our customers and brands through Wyndham Rewards to enhance customer acquisition, experience and retention. We expect this to result in stronger growth and greater long-term value for our shareholders this year and for years to come.

"In addition, we are pleased to welcome Mike Brown as the new CEO and president of our vacation ownership business," continued Mr. Holmes. "Mike is a 25-year hospitality industry veteran and brings an ideal combination of strategic vision, operational expertise, and industry knowledge to the role. I am confident that Mike is the right leader to take Wyndham Vacation Ownership to the next level."

For the three months ended March 31, 2017, net cash provided by operating activities was $238 million, compared with $261 million in the prior year period. The decrease primarily reflects changes in the timing of inventory purchases.

Free cash flow was $203 million for the three months ended March 31, 2017, compared with $218 million for the same period in 2016, primarily reflecting the changes in net cash provided by operating activities. The Company defines free cash flow as net cash provided by operating activities less capital expenditures.

 

FIRST QUARTER 2017 BUSINESS UNIT RESULTS

Hotel Group
Revenues were $298 million in the first quarter of 2017, compared with $295 million in the first quarter of 2016. EBITDA was $85 million in the first quarter compared with $84 million in the prior-year quarter, growing 2% on a currency-neutral basis. Results reflect higher franchise fees and growth in the Wyndham Rewards credit card program, partially offset by lower occupancy at the Company's owned hotel in Puerto Rico due to consumer concerns about the Zika virus.

First quarter domestic same-store RevPAR increased 1.7% compared with the first quarter of 2016. In constant currency, total system-wide same-store RevPAR increased 2.2%.

As of March 31, 2017, the Company's hotel system consisted of approximately 8,100 properties and 699,800 rooms, a 3.0% net room increase compared with the first quarter of 2016. The development pipeline increased to 1,130 hotels and approximately 143,100 rooms, of which 59% were international and 68% were new construction.

Destination Network
Revenues were $391 million in the first quarter of 2017, compared with $385 million in the first quarter of 2016, an increase of 2%. In constant currency and excluding acquisitions, revenues increased 1%.

Vacation rental revenues were $184 million compared with $183 million in the prior year quarter. In constant currency and excluding acquisitions, vacation rental revenues increased 1%, reflecting a 2.8% increase in transaction volume partially offset by a 2.0% decline in the average net price per rental. Transaction volume benefited from capacity increases across the Company's U.K.-based cottages and parks brands and Denmark-based Novasol brand, partially offset by the impact from the timing of the Easter holiday. Average net price per rental declined due to the mix impact of growth in the Company's more modestly priced brands and the timing of the Easter holiday.

Exchange revenues were $183 million compared with $182 million in the prior year quarter. In constant currency, exchange revenue per member increased 0.8% and the average number of members declined 0.6%.

EBITDA was $102 million in the first quarter of 2017, including $2 million from acquisitions. This compares with first quarter 2016 EBITDA of $81 million or adjusted EBITDA of $105 million. 2016 adjusted EBITDA excluded a $24 million loss related to a currency devaluation. First quarter year-over-year EBITDA and adjusted EBITDA comparisons reflect the absence of a benefit of $3 millionfrom business disruption claims received in the first quarter of 2016, as well as the unfavorable impact of the timing of the Easter holiday.

Vacation Ownership
Revenues were $648 million in the first quarter of 2017, compared with $641 million in the first quarter of 2016.

Gross VOI sales increased 3% in the first quarter of 2017. Volume per guest (VPG) was up 4.9%, reflecting both a higher average close rate and transaction size. Tour flow declined 1.7% due to the closure of sales offices as part of a restructuring in the second half of last year.

EBITDA was $118 million in the first quarter of 2017 compared with $136 million in the prior year quarter. Adjusted EBITDA was $124 million in the first quarter of 2017. First quarter year-over-year EBITDA and adjusted EBITDA results reflect higher gross VOI sales offset by a higher provision for loan losses and the absence of a $6 million benefit from business interruption insurance claims received in the first quarter of 2016.

 

OTHER ITEMS

  • The Company repurchased 1.9 million shares of common stock for $150 million during the first quarter of 2017 at an average price of $80.93. From April 1 through April 25, 2017, the Company repurchased an additional 0.4 million shares for $36 million.
  • Net interest expense in the first quarter of 2017 was $31 million, flat compared with the first quarter of 2016.
  • Depreciation and amortization in the first quarter of 2017 was $63 million, compared with $62 million in the first quarter of 2016. 

Balance Sheet Information as of March 31, 2017:

  • Cash and cash equivalents of $222 million, compared with $185 million at December 31, 2016
  • Vacation ownership contract receivables, net of $2.8 billion, unchanged from December 31, 2016
  • Vacation ownership and other inventory of $1.4 billion, unchanged from December 31, 2016
  • Securitized vacation ownership debt of $2.1 billion, unchanged from December 31, 2016
  • Long-term debt of $3.6 billion, compared with $3.4 billion at December 31, 2016. The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1.3 billion as of March 31, 2017, compared with $1.1 billion at December 31, 2016.

A schedule of debt is included in Table 12, available via this link: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Mzc1MjM1fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636287504926559740

 

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..

The Company provides the following guidance for the full year 2017:

  • Reiterates revenues of approximately $5.80 billion to $5.95 billion
  • Updates adjusted net income to approximately $631 million to $652 million from $637 million to $658 million, reflecting higher interest expense from a new long-term debt issuance in the first quarter 2017 that replaced lower cost borrowings
  • Reiterates adjusted EBITDA of approximately $1.41 billion to $1.44 billion
  • Updates adjusted diluted EPS to approximately $5.98 to $6.18 based on a diluted share count of 105.5 million from $5.90 to $6.10 based on a diluted share count of 108 million

 

In determining adjusted net income, adjusted EBITDA and adjusted EPS, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. A description of the adjustments that have been applicable for the reported periods in determining adjusted net income, adjusted EBITDA and adjusted EPS are reflected in Tables 7 and 8 of this press release. The Company is providing an outlook for net income, EBITDA and EPS only on a non-GAAP basis because the Company is unable to predict with reasonable certainty the totality or ultimate outcome or occurrence of these adjustments or other potential adjustments that may arise in the future during the outlook period, which can be dependent on future events that may not be reliably predicted. See Table 10 for certain non-GAAP information concerning the outlook period.

The Company will post full guidance information on its website following the conference call.

CONFERENCE CALL INFORMATION
Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company's results, outlook and guidance on Wednesday, April 26, 2017 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 800-862-9098 and providing the pass code "WYNDHAM." Listeners are urged to call at least 10 minutes prior to the scheduled start time. An archive of this webcast will be available on the website for approximately 90 days beginning at 12:00 p.m. ET on April 26, 2017. A telephone replay will be available for approximately 10 days beginning at 12:00 p.m. ET on April 26, 2017 at 800-839-4012.

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 operating performance. Exclusion of items in the Company's non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring. Full reconciliations of GAAP results to the comparable non-GAAP measures for the reported periods appear in the financial tables section of the press release.

ABOUT WYNDHAM WORLDWIDE
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across more than 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company's re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that convey management's expectations as to the future based on plans, estimates and projections at the time the Company makes the statements and may be identified by terminology such as "will," "expect," believe," "plan," "anticipate," "goal," "future," "outlook," guidance," "target," "estimate" and similar expressions. 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 17, 2017. 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.

Tables available via this link: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Mzc1MjM1fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636287504926559740

Investor and Media Contacts:

Margo C. Happer

Senior Vice President, Investor Relations

Wyndham Worldwide Corporation

(973) 753-6472

margo.happer@wyn.com

 

Barry Goldschmidt

Vice President, Investor Relations

Wyndham Worldwide Corporation

(973) 753-7703

barry.goldschmidt@wyn.com

 

 

 

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Wyndham Worldwide Once Again Earns Top 25 Honor in "Top 100 Companies for Working Families"

Wyndham Worldwide, (NYSE: WYN), one of the world’s largest hospitality companies, has been recognized by the Orlando Sentinel as one of its “Top 100 Companies for Working Families” for the 12th year, placing 17th overall. The annual award recognizes Central Florida companies that make family a top priority –– demonstrating their commitment to delivering family-friendly benefits, continuously raising the bar by developing new and creative ways to put families first. Wyndham Vacation Ownership (WVO), the largest vacation ownership company in the world and part of the Wyndham Worldwide family of companies, is headquartered in Orlando. Wyndham Worldwide employs more than 5,500 associates at hotel, resort and office locations throughout the state of Florida.

“At WVO, associates are our most important asset, and we are truly honored to once again be recognized with this Top 25 distinction,” said Sarah King, executive vice president, human resources, Wyndham Vacation Ownership. “We are in the business of providing our owners with the gift of vacations and spending quality time with their loved ones, but we also know how important work/life balance is to the health and happiness of our valued associates. We are committed to providing a culture where family is a priority, and we strive to provide our associates with the resources and support they need.”  

With a diverse global workforce, Wyndham Worldwide offers a wide range of professional experiences, opportunities, and benefits supporting each associate as an individual.  Highlights include:

 

•Career Development: Continuing education opportunities and reimbursement; professional development; mentoring programs; associate business groups Comprehensive

•Benefits:  Medical, Dental, Vision, FSA, 401K, life insurance, domestic partner benefits, adoption cost reimbursement, employee assistance program

•Culture: Employee recognition programs; special on-site events and celebrations; paid time-off to volunteer in local communities

•Balanced Lifestyle: Flexible work arrangements, special holiday hours, employee discounts

•On-Site Amenities: Employee health and wellness programs, on-site, full-time nurse practitioner, a no-cost, on-site fitness center, dry cleaning, barista serving Starbucks, on-site cafeteria 

The Orlando Sentinel seeks to highlight companies that help their employees achieve an optimal work/life balance through comprehensive and creative benefits packages. The company is evaluated on benefits that are provided to employees in the following categories: core benefits; family related benefits; work environment; communication; training and planning; and supporting documents. 

 

About Wyndham Worldwide

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.

About Wyndham Vacation Ownership 

Wyndham Vacation Ownership, a member of Wyndham Worldwide’s (NYSE: WYN) family of companies, is the world’s largest vacation ownership business, as measured by the number of vacation ownership resorts, individual vacation ownership units and owners of vacation ownership interests. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its five primary consumer brands, CLUB WYNDHAM, WorldMark by Wyndham, Wyndham Vacation Resorts Asia Pacific, Shell Vacations Club and Margaritaville Vacation Club®. As of December 31, 2014, we have developed or acquired more than 200 vacation ownership resorts in the U.S., Canada, Mexico, the Caribbean and the South Pacific that represent approximately 24,000 individual vacation ownership units and more than 900,000 owners of vacation ownership interests. Wyndham Vacation Ownership is headquartered in Orlando, Fla., and is supported by more than 17,000 associates globally.

 

Media Contacts:

Stacy Dixson

Manager, Public Relations

Wyndham Worldwide

973-753-7424

Stacy.Dixson@wyn.com

 

Lesley Harris

Manager, PR & Media Relations

Wyndham Vacation Ownership

407-626-5546

Lesley.Harris@wyn.com

 

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Wyndham Worldwide Named as one of the World’s Most Ethical Companies for the 4th Time

Parsippany, N.J. (March 8, 2016) – As a result of its commitment to ethical and responsible business practices in the more than 100 countries where it operates, Wyndham Worldwide (NYSE:WYN) has once again been recognized as a 2016 World’s Most Ethical Company® by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. This is the second consecutive year and fourth time overall that the Company has received the designation since Ethisphere first began recognizing companies in 2007.

“Wyndham Worldwide has always been a values-driven organization, committed to growing our business in a responsible way that our associates, partners and shareholders can be proud of,” said Stephen P. Holmes, chairman and chief executive officer, Wyndham Worldwide. “This distinction recognizes a shared focus and collaborative effort by individuals and teams at all levels of our company, from our Board of Directors to each of our associates.”

This year marks the tenth anniversary of Ethisphere and the World’s Most Ethical Companies designation which recognizes those companies who align principle with action, work tirelessly to make trust part of their corporate DNA, and in doing so, shape future industry standards by introducing tomorrow’s best practices today.

“People and hospitality are at the heart of what we do, and ethical behavior is the lens through which we make decisions and anchor our commitment to each other, our partners, our customers, and our communities,” said Scott McLester, executive vice president and general counsel, Wyndham Worldwide. “We are an industry leader due in part to our commitment to our values, ethical leadership, and drive to be a good corporate citizen.” 

Rooted in its Count On Me! service philosophy, integrity and accountability are embedded in the Company’s culture.  Maintaining a strong focus on compliance and ethical practices is part of its robust corporate social responsibility commitment. Some of the Company’s activities and accomplishments include:  

  • Establishing a global network of Compliance Champions, leaders from across the company that provide guidance for associates on acceptable standards of business conduct and the importance of complying with applicable laws, regulatory requirements, policies and procedures;
  • Providing workforce training, skills and leadership development programs through different mediums to embed compliant and ethical decision making into everyday business;
  • Maintaining a Global Diversity Council made up of leaders from across the Company, which shapes the diversity strategy and provides strategic direction to our businesses;
  • Achieving our goal to reduce carbon emissions by 20% by 2020 – six years ahead of schedule – and establishing a new goal to reduce carbon and water usage by 25% by 2025;
  • Utilizing our associate-led Global Wellness Council to expand wellness initiatives across the Company resulting in healthy associates that leads to a healthy bottom line.

“Compliance is everyone’s responsibility and we are proud that programs we’ve put in place, such as our Compliance Champions, provide our associates with the tools and resources to maintain ethical standards embodying our culture of ethics,” added Korin Neff, senior vice president and corporate compliance officer. “We’ve achieved this through the hard work and dedication of our global associates and their commitment to ethics and compliance.”

The World's Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient™ (EQ) framework developed over years of research and vetted and refined by the expert advice from Ethisphere’s World’s Most Ethical Company Methodology Advisory Panel. The EQ offers a quantitative way to assess a company’s performance in an objective, consistent and standardized way. The information collected provides a comprehensive sampling of definitive criteria of core ompetencies, rather than all aspects of corporate governance, risk, sustainability, compliance and ethics. Scores are generated in five key categories: ethics and compliance program (35%), corporate citizenship and responsibility (20%), culture of ethics (20%), governance (15%) and leadership, innovation and reputation (10%) and are provided to all companies who participate in the process.

About the Ethisphere Institute

The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character. Ethisphere honors superior achievement through its World’s Most Ethical Companies® recognition program, provides a community of industry experts with the Business Ethics Leadership Alliance (BELA) and showcases trends and best practices in ethics with the publication of Ethisphere Magazine and The World’s Most Ethical Companies Executive Briefing. Ethisphere is also the leading provider of independent verification of corporate ethics and compliance programs. More information about Ethisphere can be found at http://ethisphere.com

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.

 

Contact:

Alysia Lew

Director, Corporate Communications

Wyndham Worldwide

alysia.lew@wyn.com

 

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World's Most Ethical Companies by the Ethisphere Institute (2010, 2011, 2015 - 2017)

Wyndham Worldwide awarded World's Most Ethical Companies by the Ethisphere Institute (2010, 2011, 2015 - 2017)

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Wyndham Worldwide Announces Plan to Become Two Publicly Traded Hospitality Companies

PARSIPPANY, N.J.(August 2, 2017) -- Wyndham Worldwide (NYSE: WYN) today announced plans to spin off the company’s hotel business resulting in two separate, publicly traded companies. Wyndham Hotel Group, with headquarters in Parsippany, NJ, will become a new, publicly traded pure-play hotel company with a portfolio of renowned brands. Wyndham Vacation Ownership, with headquarters in Orlando, Florida, will be the world’s largest publicly traded timeshare company and will be joined with Wyndham Destination Network, home to RCI, the world’s largest timeshare exchange company. The Company will also explore strategic alternatives for its European rental brands.

The two public companies intend to enter into long-term exclusive license agreements to retain their affiliation with one of the industry’s top rated loyalty programs, Wyndham Rewards, as well as continued collaboration on key inventory sharing and customer cross-sell initiatives. The corporate names of the post-spin public companies have not yet been decided.

The transaction is expected to increase the fit and focus and strategic flexibility of the two post-spin companies, allow each company to maintain a sharper focus on its core business and growth opportunities, facilitate future capital raising as needed for the two companies, and position each to be better able to make the changes necessary to respond to developments in its markets. Following the planned separation, both companies will have significant scale and leadership positions within their industries, strong cash flows, rich portfolios of trusted brands, and the existing relationships in place to drive attractive growth and shareholder value.

“After a comprehensive review process, the Board of Directors has determined that a spin-off of the hotel business and the combination of Wyndham Vacation Ownership with RCI is the best structure to unlock shareholder value and enable strong growth across the businesses,” said Stephen P. Holmes, Chairman and CEO, Wyndham Worldwide. “We will work with the leadership of our European rental organizations, which have outstanding brands in their regional markets, to explore options to fully realize their future growth potential.”

Holmes added, “Over the past decade, we have attracted incredible teams of dedicated professionals who have built these businesses and brands into industry leaders which are now connected by the industry’s top rated loyalty program. With this strong platform in place, our businesses are now able to move forward individually, each positioned for a very strong future, based on a shared history and culture and an ongoing affiliation with Wyndham Rewards.”

The transaction, which is expected to be tax-free to Wyndham Worldwide and its shareholders, will be effected through a pro rata distribution of the new hotel company’s stock to existing Wyndham Worldwide shareholders. Wyndham Worldwide expects the transaction to be completed in the first half of 2018.

MANAGEMENT

As two separate public companies, the vacation ownership company and the hotel company will have separate boards of directors. Holmes will serve as Non-Executive Chairman of the Board of Directors for both companies.

Geoff Ballotti, current CEO of Wyndham Hotel Group, will continue to lead the hotel company as President and CEO. With more than 30 years’ experience, Ballotti is well positioned to continue advancing Wyndham’s leadership in the economy and midscale hotel segments, while growing the company’s upscale portfolio and management business.

Michael Brown, current CEO of Wyndham Vacation Ownership, will continue to lead the timeshare company as President and CEO. A 25-year industry veteran, Brown was appointed to lead the timeshare business earlier this year, bringing a strong combination of strategic vision, people-centric focus, and industry knowledge.

Gail Mandel, CEO of Wyndham Destination Network, will continue to lead that business through this transition, and Tom Conforti, CFO of Wyndham Worldwide, will move into an advisory role, working with the Company through the transaction.

“Tom has worked closely with the Board and me to get to our announcement today. He has been a passionate leader for our business and a vocal champion of our culture and values. His contributions to the Company and for our shareholders are significant, and our gratitude to him runs deep,” said Holmes. “As we begin this next chapter, Tom and I agreed that now is a good time to make this change to support a seamless transition to the leadership of the new companies.”

David Wyshner will assume the role of Wyndham Worldwide CFO and will become CFO of the hotel company upon spin. Wyshner was most recently President and CFO of Avis Budget Group, the global vehicle rental service provider, and served as Avis Budget’s CFO for more than ten years. Prior to that, Wyshner served as Executive Vice President and Treasurer of Cendant Corporation, a global diversified services company with approximately $20 billion in annual revenues, where Wyshner led the execution of that company’s separation into three publicly traded companies.

Michael Hug will serve as CFO of the timeshare company. Hug has been Executive Vice President and CFO of Wyndham Vacation Ownership since 2005. Previously, he served as Senior Vice President and Controller. Prior to joining Wyndham Vacation Ownership, Hug spent 11 years with EY.

HOTEL COMPANY

Wyndham Hotel Group is one of the world’s largest and most diverse hotel businesses, with a global portfolio of 18 brands and over 8,100 hotels – more than any other company in the world – with approximately 705,700 rooms in over 80 countries and 2016 revenues of $1.3 billion.

The pure-play, publicly traded hotel company is expected to have:

  • A strong and resilient, fee-for-service, global franchise model
  • High margins
  • Significant free cash flow
  • A growing pipeline of 150,800 rooms
  • A proven and experienced management team

“We have spent the past three years on a transformation focused on improving the quality and awareness of our hotel brands, moving our legacy hotel and central systems to cloud based technology on an unprecedented scale, and building one of the top-rated hotel loyalty programs in the world,” said Ballotti. “We are excited about moving forward as one of the largest pure-play hotel portfolios anchored by iconic hotel brands in the economy and midscale segments. With a proven asset-light, fee-for-service model and attractive opportunities to grow and further diversify our brand portfolio, we are well positioned to drive value for our shareholders.”

VACATION OWNERSHIP COMPANY

With over $2 billion in gross timeshare sales in 2016, Wyndham Vacation Ownership is the world’s largest developer and marketer of vacation ownership products. Wyndham Vacation Ownership develops and operates a portfolio of over 220 resorts throughout the United States, Canada, Mexico, the Caribbean, South America and the South Pacific, managing vacation ownership sales, marketing, consumer financing operations and property management.

RCI is the world’s first and largest vacation exchange network, which introduced trading flexibility to vacation ownership more than 40 years ago. With over 4,300 affiliated properties in more than 100 countries, RCI members can choose from a variety of accommodations and vacation experiences.

The post-spin, publicly traded timeshare company is expected to have:

  • Unprecedented scale as the largest timeshare company in the world with a strong sales and marketing platform
  • The largest timeshare exchange network
  • Significant free cash flow
  • A diversified timeshare business model
  • A proven and experienced management team

“By joining the largest timeshare company in the world with the largest timeshare exchange network and connecting them seamlessly to the Wyndham Rewards platform, we will be positioned to provide the widest variety of vacation opportunities to our owner base and network affiliates,” said Brown. “We will focus on building on our proven strengths and unmatched scale to meet evolving consumer vacation needs while continuing to drive value for shareholders.”

ADDITIONAL TRANSACTION DETAILS

Wyndham Worldwide will disclose more details of the proposed separation upon the filing of a Form 10 registration statement with the SEC, including financial and other details. The separation is subject to final approval by Wyndham Worldwide's Board of Directors, execution of intercompany agreements, arrangement of financing facilities, the effectiveness of the registration statement, and other customary conditions. The Company intends to seek a ruling from the Internal Revenue Service with respect to certain aspects of the transaction. The separation will not require a shareholder vote. Wyndham Worldwide expects to complete the separation in the first half of 2018 but there can be no assurance regarding the timing of the separation or that the separation will ultimately occur.

ADVISORS

Deutsche Bank Securities Inc. and Goldman, Sachs & Co. are acting as financial advisors to the Company, and Kirkland & Ellis LLP is acting as legal advisor.

SECOND QUARTER RESULTS AND CONFERENCE CALL INFORMATION

Wyndham Worldwide Corporation will issue its second quarter 2017 earnings release post market on Wednesday, August 2, 2017 and will hold a conference call with investors to discuss today’s news as well as the Company's second quarter 2017 results, outlook and guidance on Thursday, August 3, 2017 at 8:30 a.m. ET. Listeners can access the webcast live through the Company's website at www.wyndhamworldwide.com/investors. The conference call may also be accessed by dialing 800-862-9098 and providing the pass code "WYNDHAM." Listeners are urged to call at least 10 minutes prior to the scheduled start time. An archive of this webcast will be available on the website for approximately 90 days beginning at 12:00 p.m. ET on August 3, 2017. A telephone replay will be available for approximately 10 days beginning at 12:00 p.m. ET on August 3, 2017 at 800-695-2533.

ABOUT WYNDHAM WORLDWIDE

Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across more than 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company's re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that convey management’s expectations as to the future based on plans, estimates and projections at the time Wyndham Worldwide makes the statements and may be identified by terminology such as “will,” “expect,” believe,” “plan,” “anticipate,” “goal,” “future,” “outlook,” guidance,” “target,” “estimate” and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham Worldwide or the post-spin companies 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 Wyndham Worldwide’s current views and expectations with respect to the spin off and related transactions, as well as the post-spin companies’ future operating, financial and business performance.

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, uncertainties that may delay or negatively impact the spin off or cause the spin off to not occur at all, uncertainties related to the post-spin companies’ ability to realize the anticipated benefits of the spin off, uncertainties related to Wyndham Worldwide’s ability to successfully complete the spin off on a tax-free basis within the expected time frame or at all, unanticipated developments that delay or otherwise negatively affect the spin off, uncertainties related to Wyndham Worldwide’s ability to obtain financing for the two companies or the terms of such financing, unanticipated developments related to the impact of the spin off on our relationships with our customers, suppliers, employees and others with whom we have relationships, unanticipated developments resulting from possible disruption to our operations resulting from the proposed spin-off, the potential impact of the spin-off and related transactions on Wyndham Worldwide’s credit rating, uncertainties relating to Wyndham Worldwide’s exploration of strategic alternatives for its European rentals brands and the outcome and timing of that process, as well as those factors described in Wyndham Worldwide’s Annual Report on Form 10-K, filed with the SEC on February 17, 2017, and in Wyndham Worldwide’s subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Except for Wyndham Worldwide’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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Wyndham Worldwide Reports Second Quarter 2015 Earnings

PARSIPPANY, N.J. (July 28, 2015) – 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.

 

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.

# # #

Investor and Media contact:
Margo C. Happer
Senior Vice President, Investor Relations
Wyndham Worldwide Corporation
(973) 753-6472
margo.happer@wyn.com

Barry Goldschmidt
Vice President, Investor Relations
Wyndham Worldwide Corporation
(973) 753-7703
barry.goldschmidt@wyn.com

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Wyndham Worldwide Statement on Brexit

While we anticipate some volatility in the markets as the world adjusts to yesterday’s decision of UK voters to leave the European Union, we do not anticipate any short-term impact to our businesses in the region as travelers will continue to move between the UK and the EU as freely today as they were yesterday.

 

Our teams in the region have been closely monitoring developments as the UK prepared to vote on this important matter. While we can’t be certain exactly how the UK’s future relationship with the European Union may impact our operations, our team excels at being prepared, and our European businesses have proven resilient through every type of economic cycle.

 

As the UK enters a new transition period to chart its path forward, we are working with ABTA and other travel and tourism partners to ensure the needs and concerns of our industry are addressed as any new regulations and trade deals are negotiated.

 

Despite any changes, we believe there will always be a need and desire for people to travel, we will continue in our mission to welcome people to experience travel the way they want.  

 

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Recognized as a Top 50 Company for Latinas by LATINA Style (2009-2017)

Wyndham Worldwide Recognized as a Top 50 Company for Latinas by LATINA Style (2009-2017)

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Wyndham Worldwide Reports Second Quarter 2017 Results

PARSIPPANY, N.J.(Aug. 2, 2017) -- Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended June 30, 2017. Earlier today the Company also announced its plan to separate into two publicly traded hospitality companies.

SECOND QUARTER 2017 OPERATING RESULTS

Second quarter revenues were $1.5 billion, up 5% compared with the prior year period. Full reconciliations of GAAP results to non-GAAP measures for all reported periods appear in the tables to this press release.

Net income for the second quarter of 2017 was $78 million compared with $156 million for the second quarter of 2016, reflecting a non-cash impairment charge on the write-down of undeveloped land detailed in Table 7 of this press release. Diluted earnings per share (EPS) were $0.75 compared with $1.39 for the prior year period.

Adjusted net income for the second quarter of 2017, which excludes charges in both 2016 and 2017 as detailed in Table 7 of this press release, was $159 million compared with $156 million for the second quarter of 2016, reflecting strong top-line momentum across the Company, partially offset by a higher provision for loan losses and higher legal fees at Wyndham Vacation Ownership. Adjusted diluted EPS was $1.53 compared with $1.40 per share in the prior year period, further reflecting the benefit of the Company's share repurchase program.

Second quarter EBITDA was $214 million, compared with $340 million in the prior year period, reflecting the previously referenced non-cash impairment charge on the write-down of undeveloped land detailed in Table 8 of this press release. Adjusted EBITDA, which excludes charges in both 2017 and 2016 as detailed in Table 8 of this press release, was $350 million, compared with $340 million in the prior year period, primarily reflecting strong top-line momentum across the Company, partially offset by a higher provision for loan losses and higher legal fees at Wyndham Vacation Ownership. Adjusted EBITDA increased 4% on a currency-neutral basis.

"With summer closing in on the half-way point, all of our businesses are performing well," said Stephen P. Holmes, chairman and CEO. "Our hotel group is seeing constant currency RevPAR growth both domestically and internationally, our vacation rentals business is benefiting from continued strong booking trends, and sales sharply accelerated at our vacation ownership business as we continue to execute on our new owner growth strategy. This strong topline momentum further reflects how these businesses are poised for continued success as stand-alone public companies."

For the six months ended June 30, 2017, net cash provided by operating activities was $663 million, compared with $706 million in the prior year period. The decrease primarily reflects higher inventory spending and the timing of working capital.

Free cash flow was $581 million for the six months ended June 30, 2017, compared with $616 million for the same period in 2016, primarily reflecting the changes in net cash provided by operating activities. The Company defines free cash flow as net cash provided by operating activities less capital expenditures.

SECOND QUARTER 2017 BUSINESS UNIT RESULTS

Hotel Group

Revenues were $345 million in the second quarter of 2017, compared with $334 million in the second quarter of 2016. EBITDA was $106 million in the second quarter compared with $101 million in the prior year quarter, growing 6% on a currency-neutral basis. Results reflect higher franchise fees and growth in the Wyndham Rewards credit card program.

Second quarter domestic same-store RevPAR increased 2.8% compared with the second quarter of 2016. In constant currency, global system-wide, same-store RevPAR increased 3.3%.

As of June 30, 2017, the Company's hotel system consisted of over 8,100 properties and approximately 705,700 rooms, a 3.3% net room increase compared with the second quarter of 2016. The development pipeline increased to nearly 1,230 hotels and over 150,800 rooms, an 18% year-over-year room increase, of which 57% were international and 67% were new construction.

Destination Network

Revenues were $405 million in the second quarter of 2017, compared with $384 million in the second quarter of 2016, an increase of 5%.

Vacation rental revenues were $220 million compared with $202 million in the prior year quarter. In constant currency and excluding acquisitions, vacation rental revenues increased 9%, reflecting a 7.8% increase in transaction volume and a 0.9% increase in the average net price per rental. Transaction volume benefited from capacity increases across the Company's European brands and the favorable impact from the timing of the Easter holiday.

Exchange revenues were $159 million, an increase of 1% in constant currency compared with the prior year quarter. Exchange revenue per member increased 2.4% and the average number of members declined 1.7%.

EBITDA was $89 million in the second quarter of 2017, a 5% increase compared with the second quarter of 2016. On a currency-neutral basis and excluding the impact of acquisitions, EBITDA increased 6%, reflecting stronger performance in our vacation rental brands, which benefited from the favorable impact of the timing of the Easter holiday, as well as the reversal of a previously recorded value-added tax reserve.

Vacation Ownership

Revenues increased 6% to $750 million in the second quarter of 2017, compared with $705 million in the second quarter of 2016. The increase reflects an increase in gross VOI sales of 9% as well as higher consumer financing revenues, partially offset by a higher provision for loan losses.

Tour flow increased 10.3% driven by increased tours to new owners. Volume per guest (VPG) declined 1.1%, primarily reflecting a 14% increase in sales to new owners in North America, which produce a lower VPG.

EBITDA was $47 million in the second quarter of 2017 compared with $187 million in the prior year quarter. The EBITDA decline reflects the previously mentioned impairment charge on the write-down of undeveloped land as detailed in Table 8 of this press release. Adjusted EBITDA was $183 million in the second quarter of 2017, a 2% decline compared with the second quarter of 2016. Results reflect the increase in revenues, offset by higher legal expenses and the absence of a $4 million benefit from business interruption insurance claims received in the second quarter of 2016.

OTHER ITEMS

  • The Company repurchased 1.6 million shares of common stock for $150 million during the second quarter of 2017 at an average price of $95.82. From July 1 through August 1, 2017, the Company repurchased an additional 0.5 million shares for $50 million.
  • Net interest expense in the second quarter of 2017 was $37 million compared with $32 million in the second quarter of 2016, reflecting the issuance of a $300 million 4.15% 7-year unsecured note and $400 million 4.50% 10-year unsecured note in March.
  • Depreciation and amortization in the second quarter of 2017 was $66 million, compared with $63 million in the second quarter of 2016, as additional long-term projects came into service.

Balance Sheet Information as of June 30, 2017:

  • Cash and cash equivalents of $415 million, compared with $185 million at December 31, 2016
  • Vacation ownership contract receivables, net of $2.8 billion, unchanged from December 31, 2016
  • Vacation ownership and other inventory of $1.3 billion, compared with $1.4 billion at December 31, 2016
  • Securitized vacation ownership debt of $2.1 billion, unchanged from December 31, 2016
  • Long-term debt of $3.7 billion, compared with $3.4 billion at December 31, 2016. The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1.1 billion as of June 30, 2017, unchanged from December 31, 2016.

A schedule of debt is included in Table 12, available via this link:http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Mzg1MDA0fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636372996887292410

OUTLOOK

Note to Editors: The guidance excludes possible future share repurchases, while analysts' estimates often include projected share repurchases. This results in discrepancies between Company guidance and database consensus forecasts.

The Company provides the following guidance for the full year 2017:

  • Reiterates revenues of approximately $5.80 billion to $5.95 billion
  • Reiterates adjusted net income of approximately $631 million to $652 million
  • Reiterates adjusted EBITDA of approximately $1.41 billion to $1.44 billion
  • Updates adjusted diluted EPS to approximately $6.04 to $6.24 based on a diluted share count of 104.5 million from $5.98 to $6.18 based on a diluted share count of 105.5 million

In determining adjusted net income, adjusted EBITDA and adjusted EPS, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. A description of the adjustments that have been applicable for the reported periods in determining adjusted net income, adjusted EBITDA and adjusted EPS are reflected in Tables 7 and 8 of this press release. The Company is providing an outlook for net income, EBITDA and EPS only on a non-GAAP basis because the Company is unable to predict with reasonable certainty the totality or ultimate outcome or occurrence of these adjustments or other potential adjustments that may arise in the future during the outlook period, which can be dependent on future events that may not be reliably predicted. See Table 10 for certain non-GAAP information concerning the outlook period.

The Company will post full 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, as well as its plan to become two publicly traded companies, on Thursday, August 3, 2017 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 800-862-9098 and providing the pass code "WYNDHAM." Listeners are urged to call at least 10 minutes prior to the scheduled start time. An archive of this webcast will be available on the website for approximately 90 days beginning at 12:00 p.m. ET on August 3, 2017. A telephone replay will be available for approximately 10 days beginning at 12:00 p.m. ET on August 3, 2017 at 800-695-2533.

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 operating performance. Exclusion of items in the Company's non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring. Full reconciliations of GAAP results to the comparable non-GAAP measures for the reported periods appear in the financial tables section of the press release.

ABOUT WYNDHAM WORLDWIDE

Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across more than 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company's re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that convey management's expectations as to the future based on plans, estimates and projections at the time Wyndham Worldwide makes the statements and may be identified by terminology such as "will," "expect," believe," "plan," "anticipate," "goal," "future," "outlook," guidance," "target," "estimate" and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham Worldwide or the post-spin companies 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, related financial and operating measures and expectations with respect to the spin off and related transactions, as well as the post-spin companies' future operating, financial and business performance.

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, uncertainties that may delay or negatively impact the spin off or cause the spin off to not occur at all, uncertainties related to the post-spin companies' ability to realize the anticipated benefits of the spin off, uncertainties related to Wyndham Worldwide's ability to successfully complete the spin off on a tax-free basis within the expected time frame or at all, unanticipated developments that delay or otherwise negatively affect the spin off, uncertainties related to Wyndham Worldwide's ability to obtain financing for the two companies or the terms of such financing, unanticipated developments related to the impact of the spin off on our relationships with our customers, suppliers, employees and others with whom we have relationships, unanticipated developments resulting from possible disruption to our operations resulting from the proposed spin-off, the potential impact of the spin-off and related transactions on Wyndham Worldwide's credit rating, uncertainties relating to Wyndham Worldwide's exploration of strategic alternatives for its European rentals brands and the outcome and timing of that process, as well as those factors described in Wyndham Worldwide's Annual Report on Form 10-K, filed with the SEC on February 17, 2017, and in Wyndham Worldwide's subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Except for Wyndham Worldwide'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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Wyndham Championship Checks In to the Piedmont Triad

GREENSBORO, N.C. (August 14, 2017) – Wyndham Worldwide (NYSE: WYN), the global hospitality company that makes travel more accessible for more people in more places than anyone else, will once again welcome tens of thousands of spectators to the 78th annual Wyndham Championship this week.  The Most Fan-Friendly tournament on the PGA TOUR invites fans to “Escape with Wyndham” and enjoy not-to-be missed PGA TOUR golf in a vacation-like setting while taking part in family-fun activities, prize giveaways and the opportunity to help raise funds for multiple charitable causes.   

Creating a positive local impact has always been a central focus of the Wyndham Championship, and this year the tournament is contributing to the Piedmont Triad region under the new banner of “Wyndham Championship Fore! Good.” Whether inspiring the next generation through education, supporting community development, or helping preserve our natural resources, the Wyndham Championship’s local impact is “Fore! Good.”

“Every year we look forward to welcoming thousands of fans to enjoy the Wyndham Championship’s signature hospitality, and we’re proud to be a part of the Tournament’s impressive legacy of giving back to the Piedmont Triad area,” said Stephen P. Holmes, chairman and chief executive officer, Wyndham Worldwide. “As a values-driven organization focused on providing great experiences for our guests, we do business in a way our partners can be proud of, including everyone here with us at the Wyndham Championship. Our culture of service is the foundation for the charitable giving that plays such an important role in this tournament year after year.”   

Held annually at Sedgefield Country Club in Greensboro, N.C., the Wyndham Championship is, for many fans, their last relaxing escape of the summer, and for the players, it’s the last PGA TOUR stop before the FedExCup Playoffs and seen as a must-play for those looking to earn points to either qualify for or improve their standing entering the Playoffs.

 

Wyndham Championship Fore! Good

As one of the world’s largest hospitality companies, Wyndham Worldwide is not only committed to providing great vacation experiences for its guests, but also to serving the local communities where it operates. This commitment is embodied by “Wyndham Championship Fore! Good,” the Tournament’s continued focus to support the Piedmont Triad region in the areas of youth and education, community development and environmental sustainability.

Wyndham Worldwide directs many of its philanthropic efforts through the Wyndham Worldwide Charitable Foundation, which supports its global partner Save the Children, as well as numerous regional and local organizations, including Birdies Fore Backpacks, The First Tee of the Triad, the Kevin Harvick Foundation and the American Junior Golf Association ACE Grant program.

This year, the tournament returns with an on-line auction featuring exciting items and once-in-a-lifetime experiences with net proceeds benefiting Wyndham Championship Fore! Good charities.  Auction items include: a weeklong Escape to the Wyndham Grand Rio Mar with unlimited golf and spa amenities; travel in style aboard a HondaJet - the fastest, highest-flying, quietest, and most fuel-efficient jet in its class - to play an unforgettable round of golf at Eagle Point Golf Club; an LG Home Theater Package; a VIP Behind-The-Scenes Tour at the Wyndham Championship - which includes meeting a PGA TOUR player; two all-access tickets to watch a NASCAR race from driver Kevin Harvick’s team pit box; and many more. The auction runs from August 7 - 15.  Please visit https://501auctions.com/WyndhamChampionship to learn more and to bid.

Highlights of the tournament’s local contributions through Wyndham Championship Fore! Good include:

  • Youth and Education

The Wyndham Championship supports local charitable organizations providing backpacks with nutritionally sound meals for children from low-income families to take home every weekend. Each year since the program’s creation in 2014, it has provided more than 350,000 nutritious meals for over 5,200 families in the local Piedmont Triad area.

  • Community Development

Building on the success of last year’s partnership with Habitat for Humanity of Greater Greensboro, Wyndham Worldwide will once again donate the structure housing the popular fan amenity “Key to Wyn” to a deserving family.  Following the tournament, the house will be disassembled, trucked to its new location and rebuilt into a safe, affordable new home for a Greensboro family. 

  • Environmental Sustainability

Over the past several years, the home of the Wyndham Championship, Sedgefield Country Club, has been on a journey to green this historic course.  Under the management of McConnell Golf, Sedgefield has implemented several sustainability initiatives that have saved energy and cut costs, including lighting upgrades and water efficient fixture installations which help keep their course truly “green.”

 

Escape with Wyndham – “You’ve Earned This”  

Since becoming the title sponsor in 2007, Wyndham Worldwide has introduced innovations that enhance the onsite-spectator experience, resulting in numerous recognitions, including being named the PGA TOUR’s “Most Fan-Friendly Event” for the last two years.  This year’s spectator experience brings our celebratory “Escape with Wyndham” theme to life by amplifying its inherent southern hospitality and charm, while spotlighting our house of brands including Wyndham Rewards, which takes center stage at this year’s tournament. Fans can try and unlock one of hundreds of prizes at the Key- to-Wyn expo, enjoy face painting, bungee trampolines, rock climbing and more at the Kid’s Adventure Zone, and visit Front Porch at the Wyndham, the tournament hospitality hub that exudes southern charm.

As a past recipient of the PGA TOUR’s “Best Social Media Activation” award, the Wyndham Championship is once again encouraging fans to get social at the #WyndhamChamp Social Gallery.  Located on the ninth green on the Sunbrella® Sun Deck, the #WyndhamChamp Social Gallery is a place for fans to recharge with nearby concessions and enjoy features like free phone charging stations, fan photo booth, virtual reality experience, special guest appearances and a video wall where fans can follow tournament action through social media. Fans should also keep their eyes open for the Wyndham Championship Tweet Patrol that will be randomly awarding anyone tweeting Wyndham Championship moments.

 

About Wyndham Worldwide

Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 130,000 places to stay across 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcome people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

About the Wyndham Championship

Contested annually on the Donald Ross-designed course at Sedgefield Country Club in Greensboro, N.C., the Wyndham Championship was founded in 1938 and is the sixth-oldest event on the PGA TOUR excluding the Majors.  Tickets are available at http://www.wyndhamchampionship.com, www.Ticketmaster.com or through the tournament office at (336) 379-1570.  The tournament thanks title sponsor Wyndham Worldwide, presenting sponsor BB&T and Premier Partners, Cadillac, Harris Teeter, Lincoln Financial, McConnell Golf, Sunbrella®, Technology Concepts & Design, Inc. and VF Corporation for their continued support.  Additional tournament information and sponsorship information are available at www.wyndhamchampionship.com. Stay connected with the Wyndham Championship through its social media channels, including the Wyndham Championship Facebook page, Twitter, Instagram, Foursquare, Flickr and YouTube.

 

 

Media Contacts:

Rob Goodman

Wyndham Championship Director of Media Relations

(336) 299-4321

rob@3-gsports.com

 

Jane Danese

Wyndham Worldwide Public Relations Manager

(973) 753-7577

Jane.Danese@wyn.com

 

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Wyndham Worldwide Reports Second Quarter 2016 Results

PARSIPPANY, N.J. (July 27, 2016) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended June 30, 2016.

Second quarter revenues were $1.4 billion, flat compared with the prior year period. In constant currency and excluding acquisitions, revenues increased 1%.   

Net income for the second quarter of 2016 was $156 million, or $1.39 per diluted share, compared with $159 million, or $1.33 per diluted share, for the second quarter of 2015.  Adjusted net income for the second quarter of 2016 was $156 million, or $1.40 per diluted share, compared with $159 million, or $1.32 per diluted share, for the second quarter of 2015.  Net income was impacted by higher interest expense and depreciation, as well as a higher tax rate, which offset growth in EBITDA.  EPS benefited from the Company’s share repurchase program.  Full reconciliations of adjusted net income and adjusted EPS appear on table 7 of this press release.      

Second quarter EBITDA was $340 million, compared with $332 million in the prior year period, an increase of 2%.  On a currency-neutral basis and excluding acquisitions, adjusted EBITDA increased 3%. Full reconciliations of EBITDA to net income appear on Table 2 of this press release.

"In the second quarter, we continued to execute our strategy to drive growth and free cash flow while maintaining our disciplined capital allocation framework to enhance shareholder value,” said Stephen P. Holmes, chairman and CEO. "We are looking ahead – making sure we continually innovate and invest for the future in order to ensure strong, continued growth in the years to come.”

For the six months ended June 30, 2016, net cash provided by operating activities was $706 million, compared with $737 million in the prior year period.  The decrease reflects unfavorable currency movements of $35 million, including a $24 million devaluation of the Venezuelan bolivar in the first quarter of 2016. 

Free cash flow was $616 million for the six months ended June 30, 2016, compared with $625 million for the same period in 2015, reflecting the changes in net cash provided by operating activities highlighted above in addition to the favorable timing of capital expenditures.  The Company defines free cash flow as net cash provided by operating activities less capital expenditures as illustrated in Table 4 of this press release. 

 

SECOND QUARTER 2016 BUSINESS UNIT RESULTS

Hotel Group

Revenues were $334 million in the second quarter of 2016, flat compared with the second quarter 2015.  Revenues reflected growth in royalties and the Company’s Wyndham Rewards credit card program, offset by the absence of pass-through revenues associated with the Company’s franchisee conference in the second quarter of 2015. 

EBITDA grew 5% to $101 million, reflecting growth in royalties and the Company’s Wyndham Rewards credit card program, and expense management. 

Second quarter domestic RevPAR increased 2.0%.  In constant currency, total system-wide RevPAR declined by 0.6% compared with the second quarter of 2015, which reflects continued weakness in domestic and Canadian oil markets and higher unit growth in lower RevPAR countries such as China. 

As of June 30, 2016, the Company’s hotel system consisted of approximately 7,880 properties and over 683,300 rooms, a 2.2% net room increase compared with the second quarter of 2015.  The development pipeline included over 1,000 hotels and approximately 128,000 rooms, of which 61% were international and 66% were new construction.

 

Destination Network (formerly Vacation Exchange and Rentals)

Revenues were $384 million in the second quarter of 2016, flat compared with the second quarter of 2015. In constant currency and excluding acquisitions, revenues increased 1%.

Exchange revenues were $159 million. In constant currency, exchange revenues grew 1% as the average number of members increased 0.7% and exchange revenue per member increased 0.3%.

Vacation rental revenues were $202 million.  In constant currency and excluding the impact of acquisitions, vacation rental revenues were up 1%, reflecting a 4.0% increase in transaction volume, partially offset by a 3.3% decrease in average net price per vacation rental reflecting faster growth in our more moderate product offerings. 

EBITDA for the second quarter of 2016 was $85 million, a 1% increase compared with the second quarter of 2015.  On a currency-neutral basis and excluding the impact of acquisitions, EBITDA increased 2% compared with the prior year period, largely reflecting growth in rental transactions and exchange members.

 

Vacation Ownership

Revenues were $705 million in the second quarter of 2016, a 1% increase over the second quarter of 2015. 

Net VOI sales declined by 2%, as higher gross VOI sales volume was offset by an increase in the provision for loan losses, which was in line with the Company’s expectations.

Gross VOI sales were $518 million in the second quarter of 2016, an increase of 3% compared with the second quarter of 2015.  Results reflect tour flow growth of 3.4%, partially offset by a volume per guest (VPG) decline of 0.8% in constant currency, reflecting higher sales to new owners.  The number of new owners added increased 13% from the second quarter of 2015.

EBITDA for the second quarter of 2016 was $187 million, an increase of 3% compared with the second quarter of 2015, reflecting higher gross VOI sales, a lower cost of sales and higher management fees, partially offset by an increase in the provision for loan losses. 

 

OTHER ITEMS

  • The Company repurchased 2.1 million shares of common stock for $150 million during the second quarter of 2016.  From July 1 through July 26, 2016, the Company repurchased an additional 0.6 million shares for $42 million. 
  • Reported net interest expense in the second quarter of 2016 was $32 million, compared with $28 million in the second quarter of 2015, reflecting increased debt levels including the $350 million 5.10% bond issued in September 2015 and the absence of a fixed-to-floating interest rate swap terminated in 2015.
  • Depreciation and amortization in the second quarter of 2016 was $63 million, compared with $58 million in the second quarter of 2015, reflecting new projects that were placed into service. 

 

Balance Sheet Information as June 30, 2016:

  • Cash and cash equivalents of $478 million, compared with $171 million at December 31, 2015, reflecting higher seasonal cash collections at the Company’s vacation rental businesses
  • Vacation ownership contract receivables, net, of $2.7 billion, unchanged from December 31, 2015
  • Vacation ownership and other inventory of $1.3 billion, unchanged from December 31, 2015 
  • Securitized vacation ownership debt of $2.0 billion, compared with $2.1 billion at December 31, 2015
  • Long-term debt of $3.4 billion, compared with $3.1 billion at December 31, 2015. The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1.1 billion as of June 30, 2016, compared with $1.4 billion at December 31, 2015.

 A schedule of debt is included in Table 12 of this press release.

 

OUTLOOK

Note to Editors:  The guidance excludes possible future share repurchases, while analysts’ estimates often include share repurchases.  This results in discrepancies between Company guidance and database consensus forecasts.

Full reconciliations of the outlook for adjusted EBITDA, adjusted net income and adjusted EPS to GAAP results appear in Table 10 of this press release.

 

The Company provides the following guidance for the full year 2016:

  • Revenues of approximately $5.650 - $5.800 billion.
  • Adjusted net income of approximately $635 - $651 million.
  • Adjusted EBITDA of approximately $1.375 - $1.400 billion.
  • Adjusted diluted EPS of approximately $5.68 - $5.82 based on a diluted share count of 112 million. 

 

The Company will post guidance information on its website following the conference call.

 

CONFERENCE CALL INFORMATION

Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company’s results, outlook and guidance on Wednesday, July 27, 2016 at 8:30 a.m. ET. Listeners can access the webcast live through the Company’s website at http://www.wyndhamworldwide.com/investors/.  The conference call may also be accessed by dialing 888-632-3384 and providing the pass code "WYNDHAM."  Listeners are urged to call at least 10 minutes prior to the scheduled start time.  An archive of this webcast will be available on the website for approximately 90 days beginning at 12:00pm ET on July 27, 2016.  A telephone replay will be available for approximately 10 days beginning at 12:00pm ET on July 27, 2016 at 800-723-0394.

 

PRESENTATION OF FINANCIAL INFORMATION

Financial information discussed in this press release includes non-GAAP measures, which include or exclude certain items.  These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period comparisons and are helpful to investors as an additional tool for further understanding and assessing the Company’s ongoing core operating performance.  Exclusion of items in the Company’s non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring.  A reconciliation of reported GAAP results to the comparable non-GAAP information appears in the financial tables section of the press release.  A reconciliation of forecasted adjusted EBITDA and adjusted EPS to the most directly comparable GAAP measures is provided in Table 10 of this press release.

 

ABOUT WYNDHAM WORLDWIDE

Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 120,000 places to stay across 100 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management’s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements.  Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  The forward-looking statements contained in this press release include statements related to the Company’s revenues, earnings, cash flow and related financial and operating measures.

 

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company’s Annual Report on Form 10-K, filed with the SEC on February 12, 2016.  Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

# # #

 

Investor and Media contact:                                       

Margo C. Happer                                           

Senior Vice President, Investor Relations      

Wyndham Worldwide Corporation                            

(973) 753-6472                                                          

margo.happer@wyn.com

 

Barry Goldschmidt

Vice President, Investor Relations

Wyndham Worldwide Corporation

(973) 753-7703

barry.goldschmidt@wyn.com

 

 

 

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Human Rights Campaign (HRC) Corporate Equality Index, Recognized as one of the “Best Places to Work for Lesbian, Gay, Bisexual, and Transgender Equality” (2009-2018)

Wyndham Worldwide awarded by Human Rights Campaign (HRC) Corporate Equality Index, Recognized as one of the “Best Places to Work for Lesbian, Gay, Bisexual, and Transgender Equality” (2009-2017)

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Wyndham Worldwide Cage-Free Egg Initiative

Wyndham Worldwide is committed to addressing key issues throughout its business and supply chain, and responsibly serving its guests and communities where it operates. We use our hospitality expertise and our global footprint to act as positive agents for our people, our partners, our guests and our communities. The Company is happy to announce that it is transitioning to cage-free eggs for all Wyndham Hotel Group owned and managed properties in North America by the end of 2018.

 “As a global hospitality leader, we are committed to providing our guests with quality products and maintaining a responsible supply chain,” said Mark Anderson, vice president, food & beverage, Wyndham Hotel Group. “Switching to cage-free eggs will have a considerable impact on sustainable sourcing in our industry.” 

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Wyndham Worldwide Announces Spin-off Hotel Company Executive Leadership Team

PARSIPPANY, N.J. (August 21, 2017) – Wyndham Worldwide (NYSE: WYN) today announced executive leadership appointments for the new, publicly traded pure-play hotel company to be created by the recently announced 2018 spin-off from Wyndham Worldwide.

 

With 18 brands and over 8,100 hotels, Wyndham’s hotel business is the world’s largest hotel company by number of properties.  It is home to an industry-leading loyalty program with more than 50 million members, and is emerging from a three-year strategic focus on improved brand quality, distribution technology, and brand marketing. Anchored by iconic hotel brands including Days Inn and Super 8, the future asset-light, fee-for-service hotel company is poised to build on its leading position in the economy and midscale segments, while growing its upscale portfolio and management business.   

 

As previously announced, Geoff Ballotti, current CEO of Wyndham Hotel Group, will continue to lead the hotel company as President and CEO.  Also recently announced, David Wyshner has joined Wyndham Worldwide as CFO and will become CFO of the new hotel company upon spin. 

 

The following new appointments were announced today:

 

  • Chief Strategy and Development Officer: Tom Barber, currently Senior Vice President, M&A and Operational Excellence at Wyndham Worldwide.

 

  • General Counsel: Paul Cash, currently Executive Vice President and General Counsel at Wyndham Destination Network. Cash will assume this role at the end of 2017.

 

  • Chief Administrative Officer: Mary Falvey, currently Executive Vice President and Chief Human Resources Officer at Wyndham Worldwide.  Falvey will assume this role immediately in addition to her current role at Wyndham Worldwide.

 

  • Chief Marketing Officer: Barry Goldstein, currently Chief Marketing Officer at Wyndham Hotel Group.

 

  • Chief Operating Officer: Bob Loewen, currently Chief Operating Officer of Wyndham Hotel Group.

 

“This proven and experienced leadership team of industry veterans is perfectly suited to move this business forward as a standalone leader in hospitality, with an incredible global portfolio, a strong and resilient asset-light business model, strong cash flow, and a growing pipeline,” said Ballotti. “Each of our leaders brings a unique perspective and background that together creates a powerful combination of public company and hospitality industry expertise as we look ahead to growing our collection of brands and driving lasting value for shareholders.”

 

On August 2, 2017, Wyndham Worldwide announced plans to spin off the company’s hotel business, resulting in two separate, publicly traded companies.  Wyndham Hotel Group, with headquarters in Parsippany, NJ, will become a new, publicly traded pure-play hotel company with a portfolio of renowned brands.  The other publicly traded company will include Wyndham Vacation Ownership, with headquarters in Orlando, Florida, the world’s largest publicly traded timeshare company and Wyndham Destination Network, home to RCI, the world’s largest timeshare exchange company. The corporate names of the post-spin public companies have not yet been decided. 

 

The two public companies intend to enter into long-term exclusive license agreements to retain their affiliation with one of the industry’s top rated loyalty programs, Wyndham Rewards, as well as continued collaboration on key inventory sharing and customer cross-sell initiatives. 

 

BIOGRAPHIES

 

Tom Barber has served as Senior Vice President, M&A and Operational Excellence at Wyndham Worldwide, since 2012.  Prior to joining Wyndham, he served as Director, Mergers & Acquisitions at Credit Suisse Securities, where he was involved in more than $20 billion in transactions across most industry sectors.  Prior to joining Credit Suisse Securities, he served as Manager, Strategy Consulting at Gemini Consulting and as a business development and product manager at Microsoft Corporation. 

 

Paul Cash has served as Executive Vice President and General Counsel for Wyndham Destination Network since 2010 and with the Company since 2005. Prior, Cash was a partner in the Mergers and Acquisitions, International and Entertainment and New Media practice groups of Alston + Bird LLP, New York, N.Y., where he worked extensively in the negotiation and documentation of domestic and cross-border mergers and acquisitions, joint ventures, venture capital investments and intellectual property licenses. Previously, Cash was an associate at Pünder, Volhard, Weber & Axster in Germany.

 

Mary Falvey is Executive Vice President and Chief Human Resources Officer at Wyndham Worldwide, where she leads a wide range of human resources and corporate operations functions across the global enterprise, including human resources, communications, corporate real estate and facility operations, security, corporate social responsibility, and event management. Prior, Falvey served in several senior leadership positions at Cendant Corporation, including Executive Vice President of Global Human Resources for RCI and Vice President of Human Resources for the hotel division.  Earlier in her career, she held various human resources positions at Nabisco. 

 

Barry Goldstein was named Chief Marketing Officer of Wyndham Hotel Group in March 2017.  Goldstein was previously Chief Digital and Distribution Officer for Wyndham Hotel Group, supporting the company’s digital marketing strategies. Prior to joining Wyndham, Goldstein was Chief Revenue Officer for Dolce Hotels and Resorts (later acquired by Wyndham Hotel Group) and Vice President, Global Sales Strategy, Technology and Operations, at Starwood Hotels & Resorts Worldwide.

 

Bob Loewen is Executive Vice President and Chief Operating Officer for Wyndham Hotel Group. Previously, Loewen was Executive Vice President and Chief Financial Officer for Wyndham Hotel Group, responsible for financial reporting, forecasting and planning, mergers and acquisitions and business development investments.  He joined the company in April 2000 as Director, Corporate Audit.  Prior to Wyndham, he served as division controller for Becton Dickinson Healthcare Consulting.

  

David Wyshner is Executive Vice President and Chief Financial Officer at Wyndham Worldwide. He was most recently President and CFO of Avis Budget Group, the global vehicle rental service provider, and served as Avis Budget’s CFO for more than ten years. Prior to that, Wyshner served as Executive Vice President and Treasurer of Cendant Corporation, a global diversified services company with approximately $20 billion in annual revenues, where Wyshner led the execution of that company’s separation into three publicly traded companies.

 

 

ABOUT WYNDHAM WORLDWIDE

Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across more than 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company's re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

ABOUT WYNDHAM HOTEL GROUP

Wyndham Hotel Group, hotel giant with an unmatched global presence, is one of three hospitality business units of Wyndham Worldwide (NYSE: WYN). Driving the democratization of travel, Wyndham Hotel Group is elevating the experience of the everyday traveler, changing the game so every traveler – no matter how much they spend or how they like to travel – has an extraordinary experience. As both a leading hotel brand franchisor and hotel management services provider, the company’s global portfolio consists of more than 8,100 hotels and over 705,700 rooms in 79 countries under the following brands: Dolce Hotels and Resorts®, Wyndham Grand®, Dazzler® Hotels, Esplendor® Boutique Hotels, Wyndham Hotels and Resorts®, Wyndham Garden® Hotels, TRYP by Wyndham®, The Trademark Hotel Collection, Wingate by Wyndham®, Hawthorn Suites by Wyndham®, Microtel Inn & Suites by Wyndham®, Ramada®, Baymont Inn & Suites®, Days Inn®, Super 8®, Howard Johnson®, Travelodge®, The Trademark Hotel Collection®, and Knights Inn®. Wyndham Rewards, ranked number one hotel rewards program for 2016-2017 by U.S. News & World Report, offers more than 50 million members the opportunity to earn and redeem points at more than 25,000 hotels, condos and homes globally. For more information, 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. Forward-looking statements are those that convey management’s expectations as to the future based on plans, estimates and projections at the time Wyndham Worldwide makes the statements and may be identified by terminology such as “will,” “expect,” believe,” “plan,” “anticipate,” “goal,” “future,” “outlook,” guidance,” “target,” “estimate” and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham Worldwide or the post-spin companies 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 Wyndham Worldwide’s current views and expectations with respect to the spin off and related transactions, as well as the post-spin companies’ future operating, financial and business performance.

 

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, uncertainties that may delay or negatively impact the spin off or cause the spin off to not occur at all, uncertainties related to the post-spin companies’ ability to realize the anticipated benefits of the spin off, uncertainties related to Wyndham Worldwide’s ability to successfully complete the spin off on a tax-free basis within the expected time frame or at all, unanticipated developments that delay or otherwise negatively affect the spin off, uncertainties related to Wyndham Worldwide’s ability to obtain financing for the two companies or the terms of such financing, unanticipated developments related to the impact of the spin off on our relationships with our customers, suppliers, employees and others with whom we have relationships, unanticipated developments resulting from possible disruption to our operations resulting from the proposed spin-off, the potential impact of the spin-off and related transactions on Wyndham Worldwide’s credit rating, uncertainties relating to Wyndham Worldwide’s exploration of strategic alternatives for its European rentals brands and the outcome and timing of that process, as well as those factors described in Wyndham Worldwide’s Annual Report on Form 10-K, filed with the SEC on February 17, 2017, and in Wyndham Worldwide’s subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Except for Wyndham Worldwide’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.

 

MEDIA AND INVESTOR CONTACTS

 

Media:

Nadeen N. Ayala

Senior Vice President, Corporate Communications

Wyndham Worldwide Corporation

973-753-6590

Nadeen.Ayala@wyn.com

 

Investors:

Margo C. Happer

Senior Vice President, Investor Relations

Wyndham Worldwide Corporation

973-753-6472

Margo.Happer@wyn.com 

 

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Wyndham Worldwide Celebrates 10 Year Anniversary by Giving Back

Parsippany, NJ (August 10, 2016) – Ten years ago, the launch of Wyndham Worldwide (NYSE: WYN) created a new type of hospitality company – one that brought together some of the most iconic travel brands, united by a set of core values, and a vision to create great experiences for every type of traveler. To recognize its first decade serving travelers, the hospitality powerhouse announced today a new global philanthropic partnership with Save the Children. 

 

“For the past ten years philanthropy and volunteerism has been central to our culture and we have consistently strived to do business in a way our associates, partners and shareholders can be proud of,” said Stephen P. Holmes, chairman and chief executive officer. “It made sense to us to celebrate our anniversary with a focus on serving others, especially children and families.”

 

With operations in over 120 countries including the United States, Save the Children is the leading global non-profit organization focused exclusively on the wellbeing of children around the world. In its first global philanthropic partnership, Wyndham Worldwide will support Save the Children across its corporate locations around the world through workplace giving events, disaster relief and emergency fund raising, and promotion of the Save the Children signature child sponsorship program. The Company’s initial donation of $250,000 will be focused on educational programs, helping to transform over 7,500 classrooms with learning materials to reach 250,000 students globally. 

 

While this new partnership will create a way for all Wyndham Worldwide associates to make a more collective impact on a global scale, it’s only the latest in the company’s history of community support and volunteerism. Since 2006, the company has provided its US-based associates with a paid day off “Wish Day” to volunteer in the community, as well as a company match for personal charitable donations. Most notably, the Company holds annual campaigns and volunteer efforts supporting Christel House International, founded by Wyndham’s RCI brand founder Christel DeHaan; made community support a centerpiece of the annual Wyndham Championship on the PGA TOUR, and supported local efforts for Big Brothers Big Sisters, Special Olympics, community food banks, and more. Recently, the company also launched a youth scholarship program in the US.

 

To kick off the new Save the Children partnership, associates at the company’s New Jersey headquarters will assemble hundreds of emergency preparedness kits for Save the Children, as well as clothing, food, and school supply drives for various local organizations.

 

10 years of Global Growth

 

When the company was launched in 2006, it was instantly one of the largest hospitality companies in the world, and the only company providing travelers with access to a collection of local and global hospitality brands in hotels, vacation ownership, as well as unique accommodations, such as vacation exchange, holiday parks, and managed home rentals.

 

Over the past 10 years the company has successfully grown its core businesses by “embracing the everyday traveler,” and maintaining focus on making travel more accessible to more people in more places than any other hospitality company.

 

Today, Wyndham has over 120,000 places to stay around the world, through such iconic hotel brands as Ramada and Super 8, innovative brands like Microtel by Wyndham and Tryp by Wyndham, upscale brands like Dolce and our namesake Wyndham Hotels. Beyond hotels, Wyndham is home to the world’s largest vacation ownership portfolio with brands serving nearly 900,000 owners across the US, Mexico, Canada, the Caribbean, Brazil, Asia and the South Pacific. And, in capturing the increasing market for travelers seeking unique experiences, the company’s Destination Network offers industry-leading brands across vacation exchange, holiday parks, and private home rentals, including RCI, Novasol, Hoseasons, and Wyndham Vacation Rentals.

 

Since 2006, the company has continually added to this global portfolio in size, scale, and depth of options. From welcoming brands like Shell Vacations Club, Baymont, ResortQuest, and James Villas to adding new types of travel experiences like Margaritaville themed vacation ownership resorts, RCI offering the first vacation exchange travel to Cuba, and everything from castles to houseboats and treehouses through its European and US rental brands.

 

Tying this “house of brands” together is Wyndham Rewards, the company’s re-imagined loyalty program, which has achieved wide acclaim since its relaunch in 2015 which made the program simpler for members to earn and redeem points faster.

 

Doing What’s Right for Business by Doing What’s Right for Others

 

Fueling its decade of global growth that now encompasses unique places to stay across 100 countries, is the company’s focus on creating a unique culture that drives value for others and aspires to care for people, preserve the planet, and provide places to stay that are socially, environmentally, and economically responsible.

 

The company’s award-winning Corporate Social Responsibility programs and initiatives have resulted in Wyndham Worldwide being named the among DiversityInc’s Top 50 Companies for Diversity, FORTUNE World’s Most Admired Companies, World’s Most Ethical Companies by Ethisphere Magazine, the global industry leader on the Dow Jones Sustainability Index, and listed as one of the Top 100 Greenest Companies in the World by Newsweek.

 

“For the past decade, we have offered travelers something no other hospitality company could – the opportunity to have great travel experiences, no matter the location or type of accommodation, and we’ve done it in a way that delivers value for our shareholders, opportunity for our associates and partners, and support for those around us,” said Holmes. “As we look ahead, I see the next ten years creating even greater opportunities for a company like ours. The consumer landscape is changing, and we’re making bold moves to meet the needs of the future traveler. For wherever they want to go, and however they want to stay, Wyndham Worldwide is ready.”

 

ABOUT WYNDHAM WORLDWIDE

 

Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 120,000 places to stay across 100 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

ABOUT SAVE THE CHILDREN

 

Save the Children gives children in the United States and around the world a healthy start, the opportunity to learn and protection from harm. We invest in childhood — every day, in times of crisis and for our future. Follow us on TwitterandFacebook

 

 

Contact:

 

Michael Valentino

Vice President, Communications

Wyndham Worldwide

973-753-8372

michael.valentino@wyn.com

 

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Ranked among the top 100 greenest companies in the U.S. by Newsweek magazine (2011, 2012, 2014, 2016)

Wyndham Worldwide Ranked among the top 100 greenest companies in the U.S. by Newsweek magazine (2011, 2012, 2014, 2016)

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Wyndham Worldwide Reports First Quarter 2016 Results

PARSIPPANY, N.J. (April 26, 2016) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended March 31, 2016.

HIGHLIGHTS:

  • First quarter adjusted diluted earnings per share (EPS) was $1.12, an increase of 9% from $1.03 in the first quarter of 2015. Reported diluted EPS was $0.84, compared with $1.00 in the first quarter of 2015.
  • First quarter 2016 adjusted EBITDA increased 4%, or 6% on a currency neutral basis and excluding acquisitions compared with the first quarter of 2015.
  • The Company repurchased 2.5 million shares of its common stock for $175 million during the quarter.

"We're off to a good start this year," said Stephen P. Holmes, chairman and CEO. "We continue to execute and innovate across our businesses to drive growth, profitability and shareholder value. Our businesses are well positioned for long term growth and they are resilient, regardless of economic and industry cycle dynamics. Of course, disciplined capital allocation continues to be a hallmark and commitment of our company.”

FIRST QUARTER 2016 OPERATING RESULTS
First quarter revenues were $1.3 billion, an increase of 3% from the prior year period.

First quarter adjusted EBITDA was $291 million, compared with $279 million in the prior year period, an increase of 4%. Year-over-year adjusted EBITDA comparisons were adversely affected by foreign currency effects of $6 million in 2016. On a currency-neutral basis and excluding acquisitions, adjusted EBITDA increased 6%.

Adjusted net income was $127 million, or $1.12 per diluted share, compared with $126 million, or $1.03 per diluted share for the same period in 2015. Adjusted net income and earnings per share benefited from solid operating results, but were reduced by higher interest expense and higher depreciation and amortization. EPS also benefited from the Company’s share repurchase program.

Reported net income for the first quarter of 2016 was $96 million, or $0.84 per diluted share, compared with $122 million, or $1.00 per diluted share, for the first quarter of 2015. Reported net income in both periods reflects several items excluded from adjusted net income. The net result of these items unfavorably impacted first quarter 2016 net income by $31 million and unfavorably impacted first quarter 2015 net income by $4 million. Full reconciliations of adjusted net income to GAAP results appear in Table 8 of this press release.

Free cash flow was $218 million for the three months ended March 31, 2016, compared with $197 million for the same period in 2015. The increase reflects solid operating results and the timing of capital expenditures, partially offset by a $24 million unfavorable impact from the devaluation of the Venezuelan currency. For the three months ended March 31, 2016, net cash provided by operating activities was $261 million, compared with $253 million in the prior year period. The Company defines free cash flow as net cash provided by operating activities less capital expenditures.

FIRST QUARTER 2016 BUSINESS UNIT RESULTS

Hotel Group
Revenues were $295 million in the first quarter of 2016, a 1% increase compared with the first quarter 2015. Despite weaker RevPAR, adjusted EBITDA grew 6% to $84 million reflecting growth in our Wyndham Rewards credit card program, strong performance at our owned hotels and expense management.

First quarter domestic RevPAR was flat. In constant currency, total system-wide RevPAR declined 1.6% compared with the first quarter of 2015, which reflects continued weakness in domestic and Canadian oil markets and higher unit growth in lower RevPAR countries such as China.

As of March 31, 2016, the Company’s hotel system consisted of approximately 7,830 properties and approximately 679,100 rooms, a 1.8% net room increase compared with the first quarter of 2015. The development pipeline included over 1,000 hotels and over 124,000 rooms, of which 61% were international and 65% were new construction.

Destination Network (formerly Vacation Exchange and Rentals)
Revenues were $385 million in the first quarter of 2016, a 4% increase compared with the first quarter of 2015. In constant currency and excluding acquisitions, revenues increased 5%.

Exchange revenues were $182 million, down 2% compared with the first quarter of 2015. In constant currency, exchange revenues and exchange revenue per member were flat, as was the average number of members.

Vacation rental revenues were $183 million, a 10% increase compared with the first quarter of 2015. In constant currency and excluding the impact of acquisitions, vacation rental revenues were up 9%, reflecting a 7.0% increase in transaction volume and a 2.3% increase in average net price per vacation rental. Adjusted EBITDA for the first quarter of 2016 was $105 million, a 1% increase compared with the first quarter of 2015. On a currency-neutral basis and excluding the impact of acquisitions, adjusted EBITDA increased 3% compared with the prior year period.

Vacation Ownership
Revenues were $641 million in the first quarter of 2016, a 4% increase over the first quarter of 2015.

Gross VOI sales were $428 million in the first quarter of 2016, an increase of 10% compared with the first quarter of 2015. Volume per guest (VPG) for the quarter increased 3.8% in constant currency and tour flow increased 6.5%.

EBITDA for the first quarter of 2016 was $136 million, an increase of 5% compared with the first quarter of 2015, reflecting higher sales volume and stronger resort management and consumer finance results, partially offset by an increase in the provision for loan losses.

OTHER ITEMS

  • The Company repurchased 2.5 million shares of common stock for $175 million during the first quarter of 2016. From April 1 through April 25, 2016, the Company repurchased an additional 0.6 million shares for $45 million.
  • Reported net interest expense in the first quarter of 2016 was $31 million, compared with $23 million in the first quarter of 2015, reflecting the $350 million 5.10% bond issued in September 2015 and the absence of a fixed-to-floating interest rate swap terminated in 2015.
  • Depreciation and amortization in the first quarter of 2016 was $62 million, compared with $56 million in the first quarter of 2015, reflecting new projects that were placed into service.

Balance Sheet Information as March 31, 2016:

  • Cash and cash equivalents of $318 million, compared with $171 million at December 31, 2015
  • Vacation ownership contract receivables, net, of $2.7 billion, unchanged from December 31, 2015
  • Vacation ownership and other inventory of $1.3 billion, unchanged from December 31, 2015
  • Securitized vacation ownership debt of $2.1 billion, unchanged from December 31, 2015
  • Long-term debt of $3.3 billion, compared with $3.1 billion at December 31, 2015. The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1.1 billion as of March 31, 2016, compared with $1.4 billion at December 31, 2015.

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 reiterates the following guidance:

  • Revenues of approximately $5.800 - $5.950 billion.
  • Adjusted EBITDA of approximately $1.375 - $1.400 billion.

For the full year 2016, the Company updates the following guidance:

  • Adjusted diluted EPS of approximately $5.61 - $5.75 based on a diluted share count of 113 million, up from $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, April 26, 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 "WYNDHAM." Listeners are urged to call at least 10 minutes prior to the scheduled start time. An archive of this webcast will be available on the website for approximately 90 days beginning at 12:00pm ET on April 26, 2016. A telephone replay will be available for approximately 10 days beginning at 12:00pm ET on April 26, 2016 at 800-723-5154.

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
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 120,000 places to stay across 100 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management’s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to the Company’s revenues, earnings, cash flow and related financial and operating measures.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company’s Annual Report on Form 10-K, filed with the SEC on February 12, 2016. Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

###

Investor and Media contact:
Margo C. Happer
Senior Vice President, Investor Relations
Wyndham Worldwide Corporation
(973) 753-6472
margo.happer@wyn.com

Barry Goldschmidt
Vice President, Investor Relations
Wyndham Worldwide Corporation
(973) 753-7703
barry.goldschmidt@wyn.com

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Wyndham Worldwide Statement on Hurricane Irma 9/7/17

Hurricane Irma is already a storm of epic proportions in what is becoming an extreme hurricane season that requires us to remain vigilant when it comes to the safety of our guests and associates. Today, we are focused on our teams in the Caribbean as Irma continues through the region, while beginning evacuations as directed in southern Florida, and preparing across the Southeast as we monitor the storm’s projected paths.

 

At properties we directly manage, our teams are coordinating with local authorities, following evacuation and other emergency directives, and taking precautions to best prepare and respond to the storm. Our teams are also in communication with our many franchised and affiliated resort properties across the region.

 

Across our wide range of branded hotels, vacation ownership resorts, and vacation rentals, we are waiving cancellation fees in areas with expected impact and encourage all guests with expected travel in the region to call their resort or our customer care centers with any questions prior to traveling. 

 

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Wyndham Worldwide Celebrates One Million Trees Milestone with the Arbor Day Foundation

Parsippany, N.J. (October 4, 2016) – Wyndham Worldwide (NYSE: WYN) commemorated five years of sustainability leadership with a milestone tree planting ceremony through its partnership with the Arbor Day Foundation, the largest environmental nonprofit membership organization dedicated to planting trees. In an outdoor ceremony including Wyndham Worldwide executives and partners from the Arbor Day Foundation, the company celebrated the fulfillment of its goal to plant one million trees and reinforced the commitment to reducing its environmental footprint by 25 percent by the year 2025.

“At Wyndham Worldwide, we work every day to minimize the environmental impact of doing business,” said Faith Taylor, senior vice president, corporate social responsibility, Wyndham Worldwide. “Our success in planting one million trees was driven by the Wyndham Vacation Ownership team of associates and owners led by Sam Buckingham, vice president, resort renovation & design.”

Wyndham Worldwides’s partnership with the Arbor Day Foundation is part of the Wyndham Green sustainability program and embodies the company’s commitment to reducing its environmental footprint, preserving natural resources, and developing innovative solutions to manage climate change. Additionally, as a global hospitality leader, Wyndham Worldwide has been named for the fourth consecutive year to the North American Dow Jones Sustainability Index for operating in a socially, environmentally and economically responsible way.  Equally impressive, Wyndham Worldwide is the only hospitality company in North America to be named to this year’s list. 

“We applaud and congratulate Wyndham Vacation Ownership for their one million tree milestone,” said Matt Harris, Arbor Day Foundation chief executive. “Because of their stewardship, communities and forests across the nation are now able to enjoy the myriad of benefits that trees supply. It is our hope that Wyndham will serve as inspiration to others in helping in our mission to plant, nurture and celebrate trees.”

Since 2009, Wyndham has implemented several innovative sustainability programs in partnership with the Arbor Day Foundation, across more than 200 Wyndham Vacation Ownership (WVO) resorts and corporate offices. These initiatives have greatly contributed to the achievement of planting one million trees:

  • Rain Forest Rescue® Project: This project supports shade-grown coffee served in WVO resort units and corporate offices. Last year, this specialty coffee preserved 27,204,388 square feet of invaluable rain forest through the purchase of more than 264,120 lbs of coffee annually. This coffee also helps to provide coffee growers with access to fair wages, health care, better housing, and schooling for their children.
  • Carbon Offset Program: Owners and guests at WVO resorts can voluntarily offset their carbon emissions from their stay and plant a tree in one of the nation’s state or national forests. To date, 1,400 carbon-neutral room nights have been purchased by WVO owners to offset their vacations.
  • Lied Lodge & Conference Center Renovation: In 2014, WVO collaborated on a large-scale, multi-million dollar renewal of the Lied Lodge in Nebraska City, Nebraska. WVO donated more than $1.2 million in labor and purchased products to the project. With environmental programs that focus on trees, conservation and environmental stewardship, Lied Lodge & Conference Center serves as a resource for conservation-related organizations, businesses, educators, forestry professionals, and others from around the globe wishing to benefit from and enjoy the facility.

 

About Wyndham Worldwide:
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 120,000 places to stay across 100 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

About the Arbor Day Foundation:
The Arbor Day Foundation is a nonprofit conservation and education organization of one million members, with the mission to inspire people to plant, nurture and celebrate trees. More information on the Foundation and its programs can be found at arborday.org.

 

Contact:

Jane Danese
Public Relations Manager
Wyndham Worldwide
(973) 753-7577
Jane.Danese@wyn.com

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Named among New Jersey Best Places to Work (2010-2017)

Named among New Jersey Best Places to Work (2010-2017)

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Wyndham Worldwide Named One of the Best Places To Work in New Jersey

Parsippany, NJ - April 25, 2016 – Wyndham Worldwide (NYSE: WYN) has been named among the Best Places to Work in New Jersey by NJ Biz Magazine, marking the seventh consecutive year the Parsippany-based global hospitality company has been recognized. The annual list recognizes the top places of employment in New Jersey that benefit the state's economy, its workforce and businesses.

“Providing great experiences for our customers begins with providing great experiences for our associates,” said Mary Falvey, executive vice president and chief human resources officer, Wyndham Worldwide. “Based in our values, and driven by our mission to welcome people to experience travel the way they want, we aim to create an engaging and rewarding environment that attracts the best people to deliver the best for our customers, shareholders, and communities.”

One of the largest global hospitality companies, Wyndham Worldwide provides travelers with access to a collection of trusted hospitality brands and established market leaders in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals.  With a collective inventory of more than 120,000 places to stay across 100 countries on six continents, Wyndham Worldwide is represented in the Garden State with its global headquarters in Parsippany, the Wyndham Hamilton Park Hotel and Conference Center in Florham Park, Wyndham Skyline Towers in Atlantic City, Dolce Basking Ridge, Stockton Seaview Hotel & Golf Club in Galloway, as well as numerous independently owned and operated, franchised hotels. 

Associates are provided paid time-off each year to give back to volunteer in their community. The Company also offers career development opportunities, including continuing education reimbursement, professional development courses, and a wide range of associate business groups. In addition to comprehensive benefits, there are special recognition programs, regular on-site events and celebrations, associate discounts, and flexible work arrangements.  The Company also provides low and no-cost health and wellness programs, including in their Parsippany offices, a full-time nurse practitioner. Additional amenities include an on-site fitness center, weekly car wash, a credit union, dry cleaning, general store, coffee baristas, and an award-winning cafeteria featuring fresh, sustainable, locally-grown antibiotic and hormone free choices.  Additionally, its Parsippany-campus is home to a community garden, created and managed by associate volunteers, which harvested more than 150 pounds of fresh vegetables to local food pantries last year.

Produced by NJBIZ and managed by Best Companies Group (BCG), the survey included evaluating each nominated company's workplace policies, practices, philosophy, systems and demographics in addition to an associate survey to measure associate experience. The combined scores determined the top companies and the final ranking.

About Wyndham Worldwide

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.

Media Contact:

Alysia Lew

Director, Corporate Communications

Wyndham Worldwide

alysia.lew@wyn.com

973-753-7627

 

 

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Wyndham Worldwide Recognized in Europe and North America for Corporate Social Responsibility; Releases Annual CSR Report

Parsippany, N.J. (September 22, 2017) – In addition to a half decade of recognition in North America by the Dow Jones Sustainability Index, Wyndham Worldwide (NYSE: WYN) is for the first time being named a socially responsible leader in Europe through the FTSE4Good Index Series. FTSE4Good measures the performance of companies demonstrating strong environmental, social and governance practices.

Wyndham Worldwide has built Corporate Social Responsibility into its business to deliver great experiences for its customers, results for its shareholders, and service to its communities. Building on five consecutive years of recognition as a Dow Jones Sustainability Index hospitality leader in North America for its responsible business practices, the Company’s 2017 inclusion in the FTSE4Good Index series cements its global leadership. The continued improvements that form the basis for these recognitions are reflected in Wyndham Worldwide’s newly released 2016-2017 Corporate Social Responsibility (CSR) Report.

“Europe has long been a leader in environmental sustainability and other responsible business practices, so to be recognized by FTSE4Good means our initiatives are increasing the shared value of CSR beyond expectations,” said Faith Taylor, senior vice president, corporate social responsibility, Wyndham Worldwide. “Part of how companies achieve their CSR goals is through more effective measuring tools, and after more than five years of reporting, we’re now able to see how holding ourselves accountable translates to business success.”

The annual Wyndham Worldwide CSR report is prepared in accordance with the Global Reporting Initiative and aligned with the UN Sustainable Development Goals framework.

The recently released report highlights accomplishments in 2016-2017, across Wyndham Worldwide’s CSR focus areas: philanthropy, environmental sustainability, human rights and ethics, diversity and inclusion, and associate wellness:

  • Philanthropy: In 2016, Wyndham Worldwide established a global partnership with Save the Children to improve the lives of future generations around the world. The Company also launched the Associate Relief Fund to help employees in hardship and expanded the Wyndham Rewards point charitable donation program.

Reflecting Wyndham’s culture of giving and service, Wyndham Rewards members donated over 9.9 million loyalty points to charities; more than 5,800 associates participated in at least one full-day volunteer activity; and timeshare owners donated over 120,000 pounds of food to community food banks.

 

  • Environmental Sustainability: Efficiency projects and effective measurement enabled the Company to reduce carbon emissions intensity by 33% and water intensity by 20%. Wyndham Worldwide developed real and measureable targets to help address its impact on climate change, and the Company has set a new goal of reducing carbon intensity by 40% and water intensity by 25% from 2010-2025.

 

  • Human Rights & Ethics: Wyndham Worldwide is committed to combatting human trafficking and protecting human rights. In partnership with the Polaris Project and ECPAT-USA, Wyndham Worldwide provides owners and franchisees the tools to identify human trafficking through training and awareness campaigns. Wyndham has donated more than two million Wyndham Rewards points to victims of human trafficking to provide them safe places to stay.

In addition, Wyndham Worldwide has established a global network of Compliance Champions to provide guidance for associates on acceptable standards of business conduct, in addition to providing leadership development programs to embed compliant and ethical decision making into everyday business. As a result, the Company has been named one of the World’s Most Ethical Companies by Ethisphere.

 

  • Diversity & Inclusion: Diversity is at the heart of what Wyndham Worldwide does: travel enables people of varied nationalities and backgrounds to meet and experience different cultures, raising our collective understanding and appreciation for each other around the world. Wyndham Worldwide is a recognized leader in diversity and was named among the DiversityInc Top 25 Companies for Diversity in 2016, marking the fifth year in a row of the Company’s inclusion the Top 50. Continuing our commitment to diversity in our supply chain, we achieved a 13% diversity spend rate last year.

Wyndham Worldwide has also been recognized by the Human Rights Campaign as one of the “Best Places to Work for Lesbian, Gay, Bisexual and Transgender (LGBT) Equality,” as a Top 50 Company for Latinas by LATINA Style, and by the Hispanic Association on Corporate Responsibility.

 

  • Associate Wellness: Wyndham Worldwide’s signature Be Well program – recognized by the American Heart Association as a quality employee health program and by the U.S. Surgeon General for reducing health care disparities – supports the Company’s associates and their families’ physical, emotional and financial well-being.

 Wyndham Worldwide is committed to helping associates and their families achieve their health and wellness goals, and in 2017, 42% of Wyndham associates earned wellness credits by completing health assessments which in turn lowered their medical costs.

 

 As an integrated hospitality company, Wyndham Worldwide is consistently named among the industry’s best places to work, earning continued recognition as a global leader in all five of the Company’s CSR focus areas. The Company regularly evaluates the efficacy of its programs while deepening its connections to the communities in which it operates.

For more information on the Wyndham Worldwide 2016-2017 Corporate Social Responsibility Report, please visit: http://www.wyndhamworldwide.com/category/corporate-social-responsibility

About Wyndham Worldwide:
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across more than 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

Media Contact:

Jane Danese
Public Relations Manager
Wyndham Worldwide
(973) 753-7577
Jane.Danese@wyn.com

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Wyndham Worldwide Reports Third Quarter 2016 Results

PARSIPPANY, N.J. (October 26, 2016) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended September 30, 2016.

 

Third quarter revenues were $1.6 billion, up 1% compared with the prior year period. In constant currency and excluding acquisitions, revenues also increased 1%.  Full reconciliations of GAAP results to non-GAAP measures appear in the tables to this press release.

 

Net income for the third quarter of 2016 was $196 million, or $1.78 per diluted share, compared with $190 million, or $1.61 per diluted share, for the third quarter of 2015. Adjusted net income for the third quarter of 2016 was $207 million, or $1.89 per diluted share, compared with $210 million, or $1.78 per diluted share, for the third quarter of 2015. EPS benefited from the Company’s share repurchase program.      

 

Third quarter EBITDA was $402 million, compared with $382 million in the prior year period, an increase of 5%. Adjusted EBITDA, which excludes charges in both 2016 and 2015 as detailed in Table 8 of this press release, was $423 million, compared with $412 million in the prior year period, an increase of 3%. On a currency-neutral basis and excluding acquisitions, adjusted EBITDA increased 5%.

 

"Wyndham continues to deliver solid earnings and strong cash flow,” said Stephen P. Holmes, chairman and CEO.  “These results reflect successful execution of our strategy, a resilient portfolio of complementary, fee-based businesses, and disciplined capital allocation.”

 

For the nine months ended September 30, 2016, net cash provided by operating activities was $786 million, compared with $817 million in the prior year period. The decrease reflects unfavorable currency movements of $34 million, including a $24 million devaluation of the Venezuelan bolivar in the first quarter of 2016.


 

 

Free cash flow was $650 million for the nine months ended September 30, 2016, compared with $660 million for the same period in 2015, reflecting the currency movements referenced above partially offset by lower capital expenditures. The Company defines free cash flow as net cash provided by operating activities less capital expenditures. 

 

 

THIRD QUARTER 2016 BUSINESS UNIT RESULTS

 

Hotel Group

Revenues were $364 million in the third quarter of 2016, compared with $357 million in the third quarter of 2015. Revenues reflected higher royalties, growth in the Company’s Wyndham Rewards credit card program and fees associated with the Company’s global franchise conference, partially offset by lower reimbursable property management revenues.

 

EBITDA was $107 million in the third quarter compared with $83 million in the prior year quarter. Adjusted EBITDA, which excludes charges and benefits during both 2016 and 2015 as detailed in Table 8 of this press release, grew 8% to $117 million. This reflects higher royalties, growth in the Company’s Wyndham Rewards credit card program and expense management.

 

Third quarter domestic RevPAR increased 1.9%. In constant currency, total system-wide same store RevPAR increased 1.4% compared with the third quarter of 2015, which reflects ongoing pressure in domestic and Canadian oil markets and decelerating industry RevPAR trends. 

 

As of September 30, 2016, the Company’s hotel system consisted of approximately 7,930 properties and approximately 689,800 rooms, a 2.7% net room increase compared with the third quarter of 2015. The development pipeline included nearly 1,100 hotels and approximately 133,800 rooms, of which 60% were international and 66% were new construction.


 

Destination Network

Revenues were $486 million in the third quarter of 2016, compared with $476 million in the third quarter of 2015, an increase of 2%. In constant currency and excluding acquisitions, revenues increased 5%.

 

Exchange revenues were $159 million compared with $157 million in the prior year quarter. In constant currency, exchange revenues grew 2% as exchange revenue per member increased 1.4% and the average number of members increased 0.9%.

 

Vacation rental revenues were $304 million compared with $296 million in the prior year quarter. In constant currency and excluding the impact of acquisitions, vacation rental revenues were up 6%, reflecting an 8.0% increase in transaction volume, partially offset by a 1.7% decrease in average net price per vacation rental. Transaction growth benefited from our dynamic pricing initiative as well as capacity increases. Faster growth in our more moderately priced products decreased the average net price per rental.

              

EBITDA was $138 million during the third quarter compared with $134 million in the prior year quarter. Adjusted EBITDA, which excludes restructuring costs, was $142 million for the third quarter of 2016, a 4% increase compared with the prior year quarter. On a currency-neutral basis and excluding the impact of acquisitions, adjusted EBITDA increased 8% compared with the prior year period.

 

Vacation Ownership

Revenues were $744 million in the third quarter of 2016, compared with $750 million in the third quarter of 2015. 

 

Net VOI sales in the third quarter of 2016 declined 2% due to a higher provision for loan losses and flat Gross VOI sales. Results reflect tour flow growth of 1.3%, offset by a volume per guest (VPG) decline of 1.4%, reflecting proportionally higher sales to new owners. The number of new owners added increased 10% from the third quarter of 2015.

 

EBITDA was $189 million during the third quarter compared with $200 million in the prior year quarter. Adjusted EBITDA, which excludes restructuring costs, was $195 million for the third quarter of 2016, a decline of 3% compared with the prior year quarter. This reflects a higher loan loss provision and higher marketing costs, partially offset by higher property management fees, increased consumer financing income and expense management.


 

 

OTHER ITEMS

  • The Company repurchased 2.1 million shares of common stock for $150 million during the third quarter of 2016. From October 1 through October 25, 2016, the Company repurchased an additional 0.7 million shares for $50 million. 
  • Net interest expense in the third quarter of 2016 was $32 million, compared with $31 million in the third quarter of 2015.
  • Depreciation and amortization in the third quarter of 2016 was $63 million, compared with $59 million in the third quarter of 2015, reflecting new projects that were placed into service. 

 

Balance Sheet Information as of September 30, 2016:

  • Cash and cash equivalents of $332 million, compared with $171 million at December 31, 2015
  • Vacation ownership contract receivables, net, of $2.8 billion, compared with $2.7 billion at December 31, 2015
  • Vacation ownership and other inventory of $1.3 billion, unchanged from December 31, 2015 
  • Securitized vacation ownership debt of $2.1 billion, unchanged from December 31, 2015
  • Long-term debt of $3.4 billion, compared with $3.1 billion at December 31, 2015. The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1.1 billion as of September 30, 2016, compared with $1.4 billion at December 31, 2015.

 

A schedule of debt is included in Table 12, available via this link: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzU1Mjg1fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636130268484673024

 


 

OUTLOOK

 

Note to Editors: The guidance excludes possible future share repurchases, while analysts’ estimates often include share repurchases. This results in discrepancies between Company guidance and database consensus forecasts.

 

Full reconciliations of the outlook for adjusted net income, adjusted EBITDA and adjusted EPS to GAAP results appear in Table 10 of this press release.

 

The Company provides the following guidance for the full year 2016:

  • Revenues of approximately $5.650 billion.
  • Adjusted net income of approximately $630 million.
  • Adjusted EBITDA of approximately $1.375 billion.
  • Adjusted diluted EPS of approximately $5.68 - $5.71 based on a diluted share count of 111 million. 

 

The Company will post guidance information on its website following the conference call.

 

CONFERENCE CALL INFORMATION

Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company’s results, outlook and guidance on Wednesday, October 26, 2016 at 8:30 a.m. ET. Listeners can access the webcast live through the Company’s website at http://www.wyndhamworldwide.com/investors/.  The conference call may also be accessed by dialing 888-632-3384 and providing the pass code "WYNDHAM."  Listeners are urged to call at least 10 minutes prior to the scheduled start time.  An archive of this webcast will be available on the website for approximately 90 days beginning at 12:00pm ET on October 26, 2016.  A telephone replay will be available for approximately 10 days beginning at 12:00pm ET on October 26, 2016 at 800-388-6197.

 


 

PRESENTATION OF FINANCIAL INFORMATION

Financial information discussed in this press release includes non-GAAP measures, which include or exclude certain items.  These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period comparisons and are helpful to investors as an additional tool for further understanding and assessing the Company’s ongoing core operating performance.  Exclusion of items in the Company’s non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring.  A reconciliation of reported GAAP results to the comparable non-GAAP information appears in the financial tables section of the press release.  A reconciliation of forecasted adjusted net income, adjusted EBITDA and adjusted EPS to the most directly comparable GAAP measures is provided in Table 10 of this press release.

 

ABOUT WYNDHAM WORLDWIDE

Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 120,000 places to stay across 100 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management’s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements.  Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  The forward-looking statements contained in this press release include statements related to the Company’s revenues, earnings, cash flow and related financial and operating measures.

 

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company’s Annual Report on Form 10-K, filed with the SEC on February 12, 2016.  Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

 

Tables available via this link: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzU1Mjg1fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636130268484673024

 

Investor and Media Contacts:                                                  

Margo C. Happer                                                          

Senior Vice President, Investor Relations 

Wyndham Worldwide Corporation                                         

(973) 753-6472                                                              

margo.happer@wyn.com

 

Barry Goldschmidt

Vice President, Investor Relations

Wyndham Worldwide Corporation

(973) 753-7703

 

barry.goldschmidt@wyn.com

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Recognized by Hispanic Association on Corporate Responsibility for Demonstrating Leadership and Commitment to Equality (2009-2017)

Wyndham Worldwide Recognized by Hispanic Association on Corporate Responsibility for Demonstrating Leadership and Commitment to Equality (2009-2017)

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Wyndham Worldwide is Recognized as one of the DiversityInc Top 50 Companies for Diversity for Fourth Consecutive Year

Parsippany, NJ  April 20, 2016 –  For the fourth consecutive year, Wyndham Worldwide (NYSE: WYN) has been named among the DiversityInc Top 50 Companies for Diversity, and also among the Top Companies for Diversity Councils, Global Diversity and Supplier Diversity. The consistent recognition reflects the values and the overall mission of the global hospitality company and its 38,000 associates take in enabling more travelers to visit and experience more cultures and places than anyone else.

“When we started our company 10 years ago, we brought together some of the most iconic brands in hospitality and created a new company, guided by our core values and consistently aligning our business and financial performance with the responsible way we operate around the world,” says Stephen P. Holmes, chairman and chief executive officer, Wyndham Worldwide. “For us, that includes keeping Wyndham Worldwide open and inclusive to a wide range of backgrounds and perspectives in many different communities around the world. We view diversity as a competitive advantage in driving our global growth and providing great experiences for our customers, associates and our communities.” 

One of the largest and best performing global hospitality companies, Wyndham Worldwide provides travelers with access to a collection of trusted hospitality brands and established market leaders in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals.

“Diversity is at the heart of what we do,” adds Holmes. “Travel enables people of varied nationalities and backgrounds to meet and experience different cultures, raising our collective understanding and appreciation for each other around the world. For Wyndham Worldwide, diversity isn’t a program – it’s simply how we do business.”

Recognizing the value to its business growth in maintaining vibrantly diverse workforce, policies, and supply chain, Wyndham Worldwide has the support of its board of directors in advancing diversity as part of the Company’s overall business strategy, and implements the vision through a global diversity council, its dedicated diversity and inclusion team, as well as its growing number of associate business groups dedicated to women, Latinos, African Americans, LGBT and allies, veterans, and multi-generations.  

Recent diversity and inclusion-led initiatives have included a comprehensive disability assessment across the organization, a “total market” initiative focused on addressing the demographic needs of the future marketplace, an African American mentorship circle with Holmes and executive leadership, and the launch of a US-based national scholarship program for supporting minority and economically disadvantaged students. In addition, the Company partners with local organizations focused on at-risk youth and those faced with challenges to provide mentoring and guidance to the future workforce.

“With over 38,000 associates in hundreds of locations across the globe, we’ve learned there isn’t a ‘one-size-fits-all’ approach when it comes to nurturing a culture of diversity,” says Patricia A. Lee, senior vice president and chief diversity officer at Wyndham Worldwide. “As we grow and expand in markets around the world, we approach diversity at the local level. Whether its recruiting talent, ensuring all our associates feel included and empowered, or meeting the needs of all travelers – we appreciate everyone’s needs may be different and we measure our success one person and one community at a time.”

Wyndham Worldwide has also been recognized by the Hispanic Association on Corporate Responsibility, named a Top 50 Company for Latinas by LATINA Style, and among FORTUNE’s Most Admired Companies. Additionally, the Company maintains strong partnerships with organizations such as the National Diversity Council, Hispanic Association on Corporate Responsibility, National Society of Hispanic MBAs and National Association of Black, Hispanic, Asian and Women MBAs.

DiversityInc also announced a number of Specialty Lists. Wyndham Worldwide was named as one of the top 10 companies for Diversity Councils (#8), Supplier Diversity (#10), and Global Diversity (#11). DiversityInc’s annual survey – tracking the nation’s top companies when it comes to hiring, retaining and promoting women, minorities, people with disabilities, LGBT and veterans – is the most rigorous, data-driven survey of its kind, gauging detailed demographics based on race/ethnicity and gender at some of the largest U.S. employers.

About Wyndham Worldwide

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.

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Wyndham Worldwide’s Corporate Headquarters Building Earns Recognition of Excellence in Building Management

PARSIPPANY, N.J. (January 13, 2016) - Wyndham Worldwide (NYSE: WYN), one of the world’s largest hospitality companies, once again demonstrates its commitment to operating responsibly and at the highest standards of excellence. This commitment is reflected at its corporate campus in New Jersey as the Company’s newest building on the headquarters campus in Parsippany was recently designated a BOMA 360 Performance Building by the Building Owners and Managers Association (BOMA) International for excellence in management. 

“At Wyndham Worldwide, we’re committed to exploring and implementing an innovative workplace experience for our associates. We consider everything when it comes to associate productivity,” said Frank Campana, senior vice president, corporate real estate and facilities, Wyndham Worldwide. “Our associates deserve best-in-class service and a superbly managed building. The BOMA 360 Performance Program has given us a meaningful way to demonstrate our commitment to excellence and we are thrilled to receive this important recognition.”

The designation is given to commercial properties that continue to raise the bar and demonstrate best practices in building operations and management, and is based on building operations and management; life safety/security/risk management; training and education of building personnel; energy management; environmental/sustainability performance; and tenant relations and community involvement. 

The corporate office building located at 14 Sylvan Way is a single-tenant, premier office building, and is one of only 16 buildings in New Jersey to hold the BOMA 360 Performance designation.  It was also recently named one of New Jersey’s most energy efficient office buildings earning 99 out of 100 for the U.S. Environmental Protections Agency’s (EPA’s) ENERGY STAR rating. As a recognized leader in sustainability, the Wyndham Worldwide corporate campus has previously received gold and silver certification from the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program. Throughout the entire design and construction of the campus buildings, Wyndham Worldwide incorporated specific strategies and features that resulted in significant energy savings, and to further reduce its carbon footprint, the Company provides premier parking spots for employees who carpool and drive hybrid vehicles and offers mass transit options, including a free shuttle to/from the local train station. 

Additional on-site amenities include:

•employee health and wellness programs, 

•on-site, full-time nurse practitioner,

•a no-cost, on-site fitness center that is open 24/7, 

•on-site car wash/detailing, 

•a credit union, 

•a shoe shine service, 

•dry cleaning; 

•on-site general store; 

•barista serving Starbucks  Coffee,  and;

•a cafeteria featuring fresh, sustainable, locally-grown antibiotic and hormone free choices.  

“The workplace experience we provide associates, and the sustainable and energy efficient practices we have in place helps minimize our carbon footprint, keeps our operating costs low, and enables us attract and retain the best people to run our business,” said Carolyn Mesce, vice president, facilities and office services, Wyndham Worldwide.

The BOMA 360 Performance Program takes a holistic approach to evaluating a building’s operations and management and benchmarks a building’s performance against industry standards. 

About Wyndham Worldwide Corporation 

One of the world’s largest hospitality companies, Wyndham Worldwide (NYSE: WYN) provides a wide range of hospitality services and products through its global portfolio of world-renowned brands.  The world’s largest hotel company based on the number of properties, Wyndham Hotel Group is home to many of the world’s best-known hotel brands, with over 7,600 franchised hotels and approximately 661,000 hotel rooms worldwide. Wyndham Destination Network is the worldwide leader in vacation exchange and the world’s largest professional manager of vacation rentals, providing more than 5 million leisure-bound families annually with access to over 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 200 vacation ownership resorts serving approximately 904,000 owners throughout the United States, Canada, Mexico, the Caribbean, and the South Pacific. Based in Parsippany, NJ, Wyndham Worldwide employs over 34,000 associates globally. 

For more information, please visit www.wyndhamworldwide.com. 

About BOMA International 

The Building Owners and Managers Association (BOMA) International is a federation of 91 BOMA U.S. associations and 17 international affiliates. Founded in 1907, BOMA represents the owners and managers of all commercial property types including 10.4 billion square feet of U.S. office space that supports 1.8 million jobs and contributes $226.7 billion to the U.S. GDP. Its mission is to advance a vibrant commercial real estate industry through advocacy, influence and knowledge. Learn more at www.boma.org.

 

CONTACT:

Stacy Dixson

Manager, Public Relations

Wyndham Worldwide

973-753-7424

stacy.dixson@wyn.com

 

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Loyalty Leader Wyndham Rewards Unveils Industry-Defining Expansion; Redeem Free Nights at 25,000 Hotels, Condos and Homes Globally

Parsippany, N.J. (October 26, 2016) – Recognizing guests’ needs to travel differently from trip to trip, Wyndham Rewards today unveiled plans to expand its award-winning program across one of the world’s largest hospitality companies, Wyndham Worldwide, starting with the immediate addition of more than 17,000 condos and homes to the program’s already-impressive, nearly 8,000 hotel redemption portfolio.
 
The move is an industry-first both in terms of scale and global impact. With more than 120,000 properties across 100 countries spanning hotels, vacation ownership and professionally managed vacation rentals, Wyndham Worldwide offers travelers something no other provider can: the opportunity to experience travel the way they want regardless of location or type of accommodation. Now, Wyndham Rewards members can enjoy the unique and authentic vacation experience that comes from staying in a private accommodation - from a stone cottage nestled near Bordeaux & Toulouse in France; to a slope-side retreat in Park City, Utah; to an architectural dream home in Palm Springs, Calif.

Wyndham Rewards

“Hotel goers have long been rewarded for their loyalty, it’s time for guests of vacation ownership and vacation rentals to be rewarded too,” said Wyndham Rewards head of loyalty Noah Brodsky. “We’re changing the game and doing so with unprecedented scale. Wyndham Worldwide is like no other hospitality company in the world, and with this expansion, we’re complementing our hotel portfolio by giving members access to some of our most aspirational vacation ownership and vacation rental properties.”
 
Starting today, Wyndham Rewards members can choose from 25,000 hotels, condos and homes around the world to redeem their hard-earned points for a free night by visiting 

www.wyndhamrewards.com/redeem A free night at any Wyndham Rewards hotel can be redeemed for just 15,000 points, while a free night across the new 17,000 options in the portfolio can be redeemed for just 15,000 points per bedroom, per night.
 
Added Brodsky, “This is a monumental, industry-defining shift for Wyndham Rewards. We know our members stay longer and they spend more. And now, with more redemption options than five of our biggest competitors combined, we’re opening a world of new experiences for members, giving them the ability to travel where and how they want based on their individual needs. This is about unlocking the full potential of Wyndham Rewards while providing unparalleled value to our members, owners, and partners alike.”
 
Over the course of the next two years, Wyndham Rewards will continue adding properties from the Wyndham Worldwide portfolio while also incorporating the ability for members to earn points on condo and home stays. The ability to earn points on stays is expected to be available as early as summer of 2017 on the initial 17,000 condos and homes and new options will be gradually added as new properties come online. The program anticipates integration across the majority of Wyndham Worldwide’s hotel, vacation ownership and vacation rental portfolio by the end of 2018.
 

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About Wyndham Rewards
Named the #1 hotel rewards program by U.S. News & World Report and the most generous hotel rewards program by IdeaWorks, Wyndham Rewards is the award winning guest loyalty program of Wyndham Hotel Group that makes earning and redeeming generous rewards for travel both simple and attainable. The program eliminates confusing rewards categories and instead offers a flat, free night redemption rate - the first of its kind for a major loyalty program. Members earn a minimum 1,000 points for every qualified stay and for just 15,000 points, can a redeem a free night at any of nearly 8,000 Wyndham Rewards hotels across the globe, with no blackout dates. No tricks, just Wyndham Rewards magic. Because You've Earned This®. Join for free today at www.wyndhamrewards.com.
 
About Wyndham Worldwide
Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 120,000 places to stay across 100 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

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Corporate Responsibility Magazine’s 100 Best Corporate Citizen’s List (2014-2016)

Corporate Responsibility Magazine’s 100 Best Corporate Citizen’s List (2014-2016)

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Wyndham Worldwide Named to the FORTUNE World’s Most Admired Companies List 2016

February 19, 2016 (Parsippany, NJ) – With a focus on its core values, commitment to communities, and consistently delivering strong solid financial results, Wyndham Worldwide (NYSE: WYN) was recently named to the FORTUNE World’s Most Admired Companies 2016 list. This is the seventh time the global hospitality company made the list.

“As one of the largest and best performing hospitality companies in the world, we have developed a culture committed to innovation and doing business in a way that our associates, shareholders, guests and partners can be proud of, ” said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. “This recognition is a direct result of the dedication and hard work of our associates around the world who deliver great experiences for our guests and bottom-line results for our shareholders every day.”

Based on responses from thousands of survey participants, the compa­nies featured on the World’s Most Admired list represent the pinnacle of excellence in nine key performance areas including global competitiveness, corporate assets, investment value and social responsibility.   

Wyndham is dedicated to using its hospitality expertise, global footprint and talent to act as positive agents of change and is committed to aligning its growth, performance and innovation with a responsible approach to the communities where the Company operates. In 2015, Wyndham announced it met its goal to reduce carbon and energy usage by 20% by 2020 – six years ahead of schedule and has a new goal to reduce carbon and water usage by 25% by 2025.

In addition, last year, Wyndham Worldwide was named as a World’s Most Ethical Company by the Ethisphere Institute, recognized as one of the Top 50 Companies for Diversity by DiversityInc and named to the Hispanic Association on Corporate Equality’s Corporate Inclusion List for the fourth year.  The Company has also been named a Great Place to Work® by the Great Place to Work Institute in Ireland, Mexico, United Kingdom, and Uruguay, and has also been recognized as a Best Place to Work in New Jersey, Florida, Indiana, and Nevada.

About the FORTUNE Most Admired List

The Most Admired list is the definitive report card on corporate reputations. FORTUNE’S survey partners at Korn Ferry Hay Group started with approximately 1,500 companies: the Fortune 1,000—the 1,000 largest U.S. companies ranked by revenue—and non-U.S. companies in Fortune’s Global 500 database with revenues of $10 billion or more. Korn Ferry Hay Group then selected the 15 largest for each international industry and the 10 largest for each U.S. industry, surveying a total of 652 companies from 30 countries. To create the 54 industry lists, Korn Ferry Hay Group asked executives, directors, and analysts to rate companies in their own industry on nine criteria, from investment value to social responsibility. A company’s score must rank in the top half of its industry survey to be listed.

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.

Media Contact:

Alysia Lew

Wyndham Worldwide

973-753-7627

alysia.lew@wyn.com

Director, Corporate Communications

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Wyndham Worldwide Reports Third Quarter 2017 Results

PARSIPPANY, N.J. (Oct. 25, 2017) -- Wyndham Worldwide Corporation (NYSE: WYN) today announced results for the three months ended September 30, 2017.  The Company's results were in line with its prior expectations despite recent hurricanes negatively impacting the Company's operations.

THIRD QUARTER 2017 OPERATING RESULTS

Third quarter revenues were $1.6 billion, up 4% compared with the prior-year period. Full reconciliations of GAAP results to non-GAAP measures for all reported periods appear in the tables to this press release.

Net income in the third quarter of 2017 was $203 million compared with $196 million for the third quarter of 2016.  Diluted earnings per share (EPS) increased 11% to $1.97, versus $1.78 in the prior-year period. 

Adjusted net income for the third quarter of 2017 was $209 million or $2.03 per diluted share, compared with $207 million or $1.89 per diluted share in the third quarter of 2016.  Adjusted results exclude restructuring and separation costs and other items as detailed in Tables 7 and 8 of this press release.  Third quarter earnings benefited from the growth in revenues, partially offset by higher year-over-year interest, depreciation and variable compensation expenses along with the impact of Hurricanes Irma and Maria.  The increase in adjusted diluted EPS also reflects the benefit of the Company's share repurchase program.     

Third quarter EBITDA was $422 million, compared with $402 million in the prior-year period.  Adjusted EBITDA was $436 million, compared with $423 million in the third quarter of 2016.  Results primarily reflect the growth in revenues, partially offset by higher variable compensation expenses and the hurricane impacts.  

Weather events in the third quarter had an unusually pronounced effect on operating results.  In particular, the Company estimates that the third quarter hurricanes reduced revenues, net income and EBITDA by $13 million, $6 million, and $9 million, respectively.  The reductions primarily reflect the temporary closure of vacation ownership sales centers in the Caribbean and Florida, the closure of portions of the Company's Wyndham Rio Mar hotel in Puerto Rico, and reduced timeshare exchanges due to travel disruptions.  Two of the Company's vacation ownership sales centers in the Caribbean remain closed.

"Our team's sharp focus on executing against our strategic and operating plans allowed us to deliver solid growth in line with our prior projections," said Stephen P. Holmes, chairman and CEO.  "While the barrage of recent hurricanes negatively impacted our results, our efforts to drive revenue and control costs successfully mitigated their impact in the quarter.  I am especially proud of how our employees and affiliates in affected areas have served our guests throughout a difficult period.

"Despite the weather-related challenges in the quarter, we generated a strong increase in new timeshare owners and year-over-year growth in our earnings per share.  We have also strengthened our presence in the midscale hotel segment with the addition of the AmericInn brand and its 200 franchised hotels in October.  Furthermore, we have increased our share repurchase authorization to reflect our continued focus on returning cash to shareholders, and we are working tirelessly to execute our previously announced separation into two publicly-traded companies," Mr. Holmes added.

For the nine months ended September 30, 2017, net cash provided by operating activities was $666 million, compared with $786 million in the prior-year period. The decrease primarily reflects timing differences and additions to the Company's vacation ownership receivables portfolio.

Free cash flow was $541 million for the nine months ended September 30, 2017, compared with $650 million for the same period in 2016, primarily reflecting the changes in net cash provided by operating activities.  The Company defines free cash flow as net cash provided by operating activities less capital expenditures.

 

THIRD QUARTER 2017 BUSINESS UNIT RESULTS

Hotel Group

Revenues were $368 million in the third quarter of 2017, compared with $364 million in the third quarter of 2016.  Results reflect 9% higher royalties and franchise fees, as well as increased other revenue due to growth in the Wyndham Rewards credit card program.  In addition, results reflected the absence in 2017 of $13 million of global franchisee conference revenues, which are "pass-through" revenues that were fully offset by reduced expenses.

EBITDA was $121 million in the third quarter compared with $107 million in the prior-year quarter.  Adjusted EBITDA was $122 million compared with $117 million in the prior-year period, an increase of 4%, primarily reflecting the growth in revenues. 

Third quarter domestic same-store RevPAR increased 2.3% compared with third quarter 2016.  In constant currency, global same-store RevPAR increased 3.3%.

As of September 30, 2017, the Company's hotel system consisted of over 8,100 properties and over 708,500 rooms, a 3% increase compared with the third quarter of 2016.  The development pipeline increased to nearly 1,190 hotels and over 146,900 rooms, a 10% year-over-year room increase, of which 57% are international and 68% are new construction.  In addition, we are adding almost 12,000 rooms to our system with the acquisition of AmericInn that we completed in October.

 

Destination Network

Revenues were $511 million in the third quarter of 2017, compared with $486 million in the third quarter of 2016, an increase of 5%.  In constant currency and excluding acquisitions, revenues increased 2%.

Vacation rental revenues were $327 million compared with $304 million in the prior-year quarter.  In constant currency and excluding acquisitions, vacation rental revenues increased 3%, reflecting a 2% increase in transaction volume and a 1% increase in the average net price per rental.  

Exchange revenues were $158 million, a decline of 1% compared with the prior-year quarter, reflecting the adverse impact of the hurricanes.  Exchange revenue per member increased 1% and the average number of members declined 2%.

EBITDA was $154 million in the third quarter of 2017, compared with $138 million in the third quarter of 2016.  Adjusted EBITDA was $150 million compared with $142 million in the prior-year quarter, an increase of 6%, reflecting increased vacation rental volumes and favorable foreign currency movements, partially offset by the adverse impact of the hurricanes.

 

Vacation Ownership

Revenues were $773 million in the third quarter of 2017, compared with $744 million in the third quarter of 2016, an increase of 4%.  The increase reflects a 7% increase in gross VOI sales as well as higher consumer financing revenues, even though the third quarter hurricanes negatively impacted VOI sales.

Tour flow increased 7%, driven by increased tours to new owners.  Volume per guest (VPG) declined 1%, primarily reflecting a 16% increase in sales in North America to new owners, which produce a lower VPG.

EBITDA was $190 million in the third quarter of 2017 compared with $189 million in the prior-year quarter.  Adjusted EBITDA was $190 million compared with $195 million in the prior-year quarter, a decline of 3%.  Results reflect higher gross VOI sales and consumer financing revenue, offset by a higher provision for loan losses and increased variable compensation expenses.

 

OTHER ITEMS

  • The Company repurchased 1.5 million shares of common stock for $150 million during the third quarter of 2017 at an average price of $101.18.  From October 1 through October 24, 2017, the Company repurchased an additional 0.3 million shares for $34 million.
  • The Company's Board of Directors approved a $1.0 billion increase in the share repurchase authorization.  Including the increase, the Company's remaining share repurchase authorization totals $1.3 billion as of October 24, 2017.
  • Net interest expense in the third quarter of 2017 was $40 million compared with $32 million in the third quarter of 2016, reflecting higher corporate debt levels.
  • Depreciation and amortization in the third quarter of 2017 was $69 million, compared with $63 million in the third quarter of 2016, as additional long-term capital projects came into service, strengthening the Company's technology capabilities.
  • As previously announced, the Company plans to become two publicly-traded hospitality companies through the spin-off of the Company's Hotel Group to shareholders.  The process is proceeding as planned, and the Company expects to complete the separation in the second quarter of 2018, although there can be no assurance regarding the timing of the separation or that the separation will ultimately occur.  The Company is also continuing to explore strategic alternatives for its European vacation rentals business.
  • The Company completed the acquisition of AmericInn on October 2, adding 200 franchised properties with nearly 12,000 rooms to the Company's midscale hotel portfolio.  The net purchase price was $142 million, which included a simultaneous sale of ten owned hotels to an unrelated third party for $28 million.

 

Balance Sheet Information as of September 30, 2017:

  • Cash and cash equivalents were $289 million, compared with $185 million at December 31, 2016.
  • Vacation ownership contract receivables, net totaled $2.9 billion, compared with $2.8 billion at December 31, 2016.
  • Vacation ownership and other inventory was $1.3 billion, compared with $1.4 billion at December 31, 2016.
  • Securitized vacation ownership debt was $2.0 billion, compared with $2.1 billion at December 31, 2016.
  • Long-term debt totaled $3.9 billion, compared with $3.4 billion at December 31, 2016. The increase in debt reflects higher vacation ownership contract receivables, higher VOI inventory, lower securitized borrowings and an increase in the Company's cash balance. The remaining borrowing capacity under the Company's revolving credit facility, net of commercial paper borrowings, was $0.9 billion as of September 30, 2017, compared with $1.1 billion at December 31, 2016.

 

A schedule of debt is included in Table 12, available via this link: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzkxNzk1fENoa...

 

OUTLOOK

Note to Editors: The outlook below excludes possible future share repurchases, while analysts' estimates often include projected share repurchases. This results in discrepancies between the Company's projections and database consensus forecasts.

The Company has updated the following projections for the full year 2017 to reflect the financial effects of the recent weather events on both our third quarter and fourth quarter results:

  • Revenues of $5.80 billion to $5.85 billion.
  • Adjusted net income of $618 million to $628 million.
  • Adjusted EBITDA of $1.380 billion to $1.395 billion.
  • Adjusted diluted EPS to $5.95 to $6.05, based on a diluted share count of 103.9 million.

The third quarter weather events will affect the Company's fourth quarter results, particularly in its Vacation Ownership and Hotel Group segments.  The Company estimates the weather events will reduce fourth quarter revenues by $20 to $30 million, net income by $9 to $15 million, and EBITDA by $15 to $23 million.  For the full year, the Company estimates the weather events will reduce revenues by $33 to $43 million, net income by $15 to $21 million and EBITDA by $24 to $32 million.  While the Company's business interruption insurance may ultimately offset a portion of these effects, any such insurance recoveries are unlikely to be realized in 2017.

In determining adjusted net income, adjusted EBITDA and adjusted EPS, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measures. A description of the adjustments that have been applicable for the reported periods in determining adjusted net income, adjusted EBITDA and adjusted EPS are reflected in Tables 7 and 8 of this press release. The Company is providing an outlook for net income, EBITDA and EPS only on a non-GAAP basis because the Company is unable to predict with reasonable certainty the totality or ultimate outcome or occurrence of these adjustments or other potential adjustments that may arise in the future during the outlook period, which can be dependent on future events that may not be reliably predicted. See Table 10 for certain non-GAAP information concerning the outlook period.

The Company will post more detailed projections 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 and outlook on Wednesday, October 25, 2017 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 800-862-9098 and providing the passcode WYNDHAM.  Listeners are urged to call at least 10 minutes prior to the scheduled start time.  An archive of this webcast will be available on the website for approximately 90 days beginning at 12:00 p.m. ET on October 25, 2017.  A telephone replay will be available for approximately 10 days beginning at 12:00 p.m. ET on October 25, 2017 at 800-688-7036.

 

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 operating performance.  Exclusion of items in the Company's non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring.  Full reconciliations of GAAP results to the comparable non-GAAP measures for the reported periods appear in the financial tables section of the press release.

 

ABOUT WYNDHAM WORLDWIDE

Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of nearly 130,000 places to stay across more than 110 countries on six continents, Wyndham Worldwide and its 38,000 associates welcome people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company's re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements are those that convey management's expectations as to the future based on plans, estimates and projections at the time Wyndham Worldwide makes the statements and may be identified by terminology such as "will," "expect," believe," "plan," "anticipate," "goal," "future," "outlook," guidance," "target," "estimate" and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham Worldwide or the post-spin companies 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, related financial and operating measures and expectations with respect to the spin-off and related transactions, as well as the post-spin companies' future operating, financial and business performance.

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, uncertainties that may delay or negatively impact the spin-off or cause the spin-off to not occur at all, uncertainties related to the post-spin companies' ability to realize the anticipated benefits of the spin-off, uncertainties related to Wyndham Worldwide's ability to successfully complete the spin-off on a tax-free basis within the expected time frame or at all, unanticipated developments that delay or otherwise negatively affect the spin-off, uncertainties related to Wyndham Worldwide's ability to obtain financing for the two companies or the terms of such financing,  unanticipated developments related to the impact of the spin-off on our relationships with our customers, suppliers, employees and others with whom we have relationships, unanticipated developments resulting from possible disruption to our operations resulting from the proposed spin-off, the potential impact of the spin-off and related transactions on Wyndham Worldwide's credit rating, uncertainties relating to Wyndham Worldwide's exploration of strategic alternatives for its European rentals brands and the outcome and timing of that process, the timing and amount of future share repurchases, as well as those factors described in Wyndham Worldwide's Annual Report on Form 10-K, filed with the SEC on February 17, 2017, and in Wyndham Worldwide's subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Except for Wyndham Worldwide'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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Wyndham Worldwide Welcomes Louise Brady to Board of Directors

Parsippany, N.J. (November 8, 2016) – Wyndham Worldwide (NYSE: WYN) announced the appointment of Louise F. Brady to its board of directors. Managing partner and co-founder of Piedmont Capital Partners, LLC (PCP) which develops innovative technology companies, Brady also currently serves as president of Blue Current, Inc., Advanced Chemotherapy Technologies, Inc., and Faster, LLC. Prior to co-founding PCP, Brady served as vice president of Investments with Wells Fargo Advisors.

“Throughout her career leading investment strategy, Louise has leveraged her unique insights and keen understanding of global markets to build and enable companies to grow,” says Stephen P. Holmes, chairman and chief executive officer, Wyndham Worldwide. “In particular, her background in unlocking growth and value through emerging technologies perfectly aligns with our global expansion of innovative hospitality offerings, particularly in the peer-to-peer sharing economy.  We are excited to welcome Louise to the Wyndham family, and look forward to tapping into her tremendous background and passion.”

Brady has demonstrated a belief in giving back to her community with her service on the board of the Bryan Foundation and UNC-Chapel Hill Board of Visitors. Brady has previously served on the boards of Cone Health, Greenhill Center for North Carolina Art, and the Community Foundation of Greater Greensboro.

 

About Wyndham Worldwide

Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 120,000 places to stay across 100 countries on six continents, Wyndham Worldwide and its 38,000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company’s re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. For more information, please visit www.wyndhamworldwide.com.

 

 

Contact:

Jane Danese
Public Relations Manager
Wyndham Worldwide 
(973) 753-7577
Jane.Danese@wyn.com 

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