Exhibit 99.1
Wyndham Worldwide Reaches Agreement with IRS Settling Legacy Tax Issues
PARSIPPANY,
N.J. (July 21, 2010) — Wyndham Worldwide Corporation (NYSE:WYN) today announced that
it has reached an agreement, along with its former parent, Cendant Corporation (“Cendant”), with
the Internal Revenue Service (“IRS”) that resolves and pays certain contingent and deferred tax
liabilities relating to the audit of the federal income tax returns for Cendant’s taxable years
2003 through 2006, during which time Wyndham Worldwide was included in Cendant’s tax returns.
As of June 30, 2010, the Company’s accrual for outstanding Cendant contingent tax liabilities was
$274 million, of which $185 million (net of state, foreign and other deferred tax adjustments) was
related to the IRS audit. The Company expects to pay approximately $145 million during the third
quarter 2010, including estimated interest on taxes due, in connection with the settlement. As a
result of this agreement, in the third quarter 2010, Wyndham Worldwide will realize an approximate
$40 million benefit to its net income, reflecting reversals of previously recorded legacy
contingent tax liability accruals.
“We are pleased to have resolved this matter, which successfully concludes the IRS audit issues we
inherited upon our spin-off from Cendant four years ago. With this investor uncertainty behind us,
we will continue our focus on growing free cash flow and earnings,” said Tom Conforti, executive
vice president and chief financial officer of Wyndham Worldwide.
Wyndham Worldwide will exclude the net income benefit from adjusted results, to which the Company
refers when providing guidance and outlook to investors.
About Wyndham Worldwide Corporation
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses approximately 7,090 franchised hotels and approximately 593,300 hotel rooms worldwide. Wyndham Exchange and Rentals offers leisure travelers, including its 3.8 million members, access to over 65,000 vacation properties located in
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses approximately 7,090 franchised hotels and approximately 593,300 hotel rooms worldwide. Wyndham Exchange and Rentals offers leisure travelers, including its 3.8 million members, access to over 65,000 vacation properties located in
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