EXHIBIT 99.1
Wyndham Worldwide Reports Strong First Quarter 2011 Earnings
Results Exceed Expectations
Announces $500 Million Increase in Share Repurchase Program
Increases EPS Guidance
PARSIPPANY, N.J. (April 27, 2011) — Wyndham Worldwide Corporation (NYSE:WYN) today announced
results for the three months ended March 31, 2011.
Highlights:
| • |
|
First quarter 2011 adjusted diluted earnings per share (EPS) was $0.44, compared with $0.34
in the first quarter of 2010, an increase of 29%. First quarter 2011 reported diluted EPS was
$0.41, an increase of 52%, compared with the same period in 2010. |
| |
| • |
|
Free cash flow increased 11% to $185 million for the quarter ended March 31, 2011, compared
with $166 million during the same period in 2010. The Company defines free cash flow as net
cash provided by operating activities less capital expenditures, equity investments and
development advances. |
| |
| • |
|
Year-to-date, the Company repurchased approximately 8.2 million shares of its common stock at an average price of $31.01 for approximately $255 million. |
| |
| • |
|
The Company announced today that its Board of Directors approved a $500 million increase to the share
repurchase authorization. |
| |
| • |
|
The Company is increasing its full-year adjusted EPS guidance from a range of $2.05 — $2.15 to a
range of $2.15 — $2.25 based on a diluted share count of 173 million. |
“We are pleased to report that 2011 started as 2010 ended, with strong operating performance
and accelerating earnings per share growth,” said Stephen P. Holmes, chairman and CEO, Wyndham
Worldwide. “We delivered strong operating performance across all our businesses and are confident
in the sustainability of our growth and cash flow. Our confidence in growth and cash flow
generation is reflected in our substantial share repurchase activity so far this year, the
significant increase in our share repurchase program as well as the previously announced 25%
increase in our dividend for 2011.”
FIRST QUARTER 2011 OPERATING RESULTS
First quarter revenues increased 7.4% from the prior year period to $952 million. The revenue
growth reflects continued sales momentum across the Company’s three business units and incremental
contributions from acquisitions.
For the first quarter of 2011, adjusted net income increased by 23% to $79 million, or $0.44 per
diluted share compared with $64 million, or $0.34 per diluted share for the same period in 2010.
The increase reflects strong operational performance by the Company’s three business units.
Adjusted net income for the first quarter of 2011 excludes a $7 million after-tax charge related to
the repurchase of a portion of the Company’s convertible notes and an $8 million after-tax non-cash
impairment charge related to a write-down of an international joint venture in the Company’s hotel
business. These were partially offset by an $8 million after-tax benefit related to the resolution
of certain contingent liabilities and assets.
First quarter 2011 reported net income grew 44% to $72 million, or $0.41 per diluted share,
compared with net income of $50 million, or $0.27 per diluted share, for the first quarter of 2010.
Free cash flow increased 11% to $185 million for the quarter ended March 31, 2011, compared with
$166 million during the same period in 2010. The growth in free cash flow reflects higher cash
earnings and more efficient working capital utilization. For the quarter ended March 31, 2011, cash
provided by operating activities was $229 million, compared with $205 million in the prior year
period.
BUSINESS UNIT RESULTS
Lodging (Wyndham Hotel Group)
Revenues were $149 million in the first quarter of 2011, an increase of 3%, compared with the first
quarter of 2010, reflecting a RevPAR increase of 7.4%, or 6.4% in constant currency, and
incremental revenues related to the TRYP hotel brand.
First quarter 2011 adjusted EBITDA was $40 million, an increase of 21%, compared with the first
quarter of 2010, primarily as a result of the RevPAR improvement and lower costs. Adjusted EBITDA
excludes a $13 million impairment charge related to the write-down of an investment in an
international joint venture in the Company’s hotel business.
As of March 31, 2011, the Company’s hotel system consisted of approximately 7,190 properties and
609,600 rooms. The development pipeline included approximately 830 hotels and over 102,000 rooms,
of which 57% were new construction and 57% were international.
Vacation Exchange and Rentals (Wyndham Exchange & Rentals)
Revenues were $356 million in the first quarter of 2011, an increase of 19% compared with the first
quarter of 2010, reflecting overall strength in vacation rentals and incremental revenues from
acquisitions.
Exchange revenues were $194 million, an increase of 3%, compared with the first quarter of 2010. In
constant currency, exchange revenues increased 2%, reflecting a modest increase in both exchange
revenue per member and the average number of members.
Vacation rental revenues were $150 million, which included $25 million of incremental revenues
related to acquisitions, compared with $105 million in the first quarter of 2010. Excluding the
impact of the incremental revenues from acquisitions, net revenues generated from rental
transactions and related services increased 19%, reflecting strong performance in the German rental
market.
Excluding $4 million of acquisition costs in the first quarter of 2010, first quarter of 2011
EBITDA increased 11% compared with adjusted EBITDA of $84 million in the prior-year period,
reflecting increases in vacation rental volume and average net price per rental.
Vacation Ownership (Wyndham Vacation Ownership)
Gross Vacation Ownership Interest (VOI) sales were $319 million in the first quarter of 2011, up 4%
from the first quarter of 2010, reflecting an 11% increase in tour flow, partially offset by a 6% decrease in volume per guest. The changes in
tour flow and volume per guest reflect the Company’s focus on increasing sales to
new owners.
Total segment revenues were $450 million in the first quarter of 2011, compared with $444 million
in the first quarter of 2010, reflecting incremental commission revenues under the Wyndham Asset
Affiliation Model (WAAM) and a lower provision for loan losses.
Adjusted EBITDA for the first quarter of 2011 increased 17% to $96 million, compared with EBITDA of
$82 million in the first quarter of 2010. This EBITDA increase reflected growth in the property
management business and the lower provision for loan losses. Results were also impacted by lower
sales commission expenses and the absence of a litigation charge in the first quarter 2011 that was
incurred in the first quarter 2010.
Other Items
| |
• |
|
The Company repurchased approximately 5.7 million shares of its common stock during the
first quarter of 2011 at an average price of $30.62 and an additional 2.5 million shares
at an average price of $31.84 through April 26, 2011. |
| |
| |
• |
|
During the first quarter of 2011, the Company repurchased approximately 85% of its
outstanding convertible notes, principally resulting from the completion of a cash tender
offer. |
| |
• |
|
Net interest expense in the first quarter of 2011 was $42 million. Net interest includes
$12 million of costs associated with the repurchase of a portion of the Company’s
convertible notes, which is excluded from adjusted net income. |
Balance Sheet Information as of March 31, 2011:
| |
• |
|
Cash and cash equivalents of approximately $175 million, compared with approximately
$155 million from December 31, 2010. |
| |
| |
• |
|
Vacation ownership contract receivables, net, of $2.9 billion, compared with $3.0
billion at December 31, 2010. |
| |
| |
• |
|
Vacation ownership and other inventory of approximately $1.2 billion, unchanged from
December 31, 2010. |
| |
| |
• |
|
Securitized vacation ownership debt of $1.8 billion, compared with $1.7 billion at
December 31, 2010. |
| |
| |
• |
|
Other debt of $2.0 billion, compared with $2.1 billion at December 31, 2010. The
remaining borrowing capacity on the revolving credit facility was $962 million, compared
with $788 million as of December 31, 2010. |
A schedule of debt is included in the financial tables section of this press release.
Outlook
The Company is increasing full-year 2011 adjusted EPS guidance from
$2.05 — $2.15 to $2.15 — $2.25, based on a diluted share count of 173 million.
The Company reiterates full-year 2011 guidance:
| |
• |
|
Revenues of approximately $4.0 — $4.2 billion |
| |
| |
• |
|
Adjusted EBITDA of approximately $925 — $955 million |
The guidance reflects assumptions used for internal planning purposes. All guidance excludes legacy
items, restructuring costs, debt extinguishment, asset impairments, and acquisition costs, if any,
which may have a positive or negative impact on reported results. If economic conditions change
materially from current levels, these assumptions and our guidance may change materially. It is not
practicable to provide a reconciliation of forecasted adjusted EBITDA to the most directly
comparable GAAP measure because certain items cannot be reasonably estimated or predicted at this
time. Any such items could be significant to our financial results.
Conference Call Information
Wyndham Worldwide Corporation will hold a conference call with investors to discuss this news on
Wednesday, April 27, 2011 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 at the website for approximately 90 days beginning at noon EDT on April 27, 2011. The
conference call may also be accessed by dialing (800) 369-2052 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 27,
2011, at (866) 509-3896.
Presentation of Financial Information
Financial information discussed in this press release includes both GAAP and non-GAAP measures,
which include or exclude certain items. These non-GAAP measures differ from reported results and
are intended to illustrate what management believes are relevant period-over-period comparisons. A
complete reconciliation of reported GAAP results to the comparable non-GAAP information appears in
the financial tables section of the press release.
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 services and products across
various accommodation alternatives and price ranges through its premier portfolio of world-renowned
brands. Wyndham Worldwide encompasses approximately 7,360 franchised hotels and vacation ownership
resorts with approximately 630,300 rooms worldwide. Wyndham Exchange & Rentals offers leisure
travelers, including its 3.8 million members, access to approximately 97,000 vacation properties
located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells
vacation ownership interests and provides consumer financing to owners through its network of
vacation ownership resorts serving nearly 815,000 owners throughout North America, the Caribbean
and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately
26,000 employees globally.
For more information about Wyndham Worldwide, please visit the Company’s website at
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 22, 2011. 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
Table 1
Wyndham Worldwide Corporation
OPERATING RESULTS OF REPORTABLE SEGMENTS
(In millions)
In addition to other measures, management evaluates the operating results of each of its reportable segments based upon net revenues and “EBITDA,” which is defined as net income before depreciation and
amortization, interest expense (excluding consumer financing interest), interest income (excluding consumer financing interest) and income taxes, each of which is presented on the Company’s Consolidated Statements
of Income. The Company believes that EBITDA is a useful measure of performance for the Company’s industry segments which, when considered with GAAP measures, the Company believes gives a more complete
understanding of its operating performance. The Company’s presentation of EBITDA may not be comparable to similarly-titled measures used by other companies.
The following tables summarize net revenues and EBITDA for reportable segments, as well as reconcile EBITDA to net income for the three months ended March 31, 2011 and 2010:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended March 31, |
|
| |
|
2011 |
|
|
2010 |
|
| |
|
Net Revenues |
|
|
EBITDA |
|
|
Net Revenues |
|
|
EBITDA |
|
Lodging |
|
$ |
149 |
|
|
$ |
27 |
(c) |
|
$ |
144 |
|
|
$ |
33 |
|
Vacation Exchange and Rentals |
|
|
356 |
|
|
|
93 |
|
|
|
300 |
|
|
|
80 |
(f) |
Vacation Ownership |
|
|
450 |
|
|
|
97 |
(d) |
|
|
444 |
|
|
|
82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable Segments |
|
|
955 |
|
|
|
217 |
|
|
|
888 |
|
|
|
195 |
|
Corporate and Other (a) (b) |
|
|
(3 |
) |
|
|
(14 |
) |
|
|
(2 |
) |
|
|
(20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company |
|
$ |
952 |
|
|
$ |
203 |
|
|
$ |
886 |
|
|
$ |
175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA to Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
$ |
203 |
|
|
|
|
|
|
$ |
175 |
|
Depreciation and amortization |
|
|
|
|
|
|
45 |
|
|
|
|
|
|
|
44 |
|
Interest expense |
|
|
|
|
|
|
44 |
(e) |
|
|
|
|
|
|
50 |
(g) |
Interest income |
|
|
|
|
|
|
(2 |
) |
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
|
|
|
|
116 |
|
|
|
|
|
|
|
82 |
|
Provision for income taxes |
|
|
|
|
|
|
44 |
|
|
|
|
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
$ |
72 |
|
|
|
|
|
|
$ |
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
|
Includes the elimination of transactions between segments. |
| |
| (b) |
|
Includes $11 million of a net benefit and $2 million of a net expense during the three months ended March 31, 2011 and 2010, respectively, related to the resolution of and adjustment to
certain contingent liabilities and assets resulting from our separation. |
| |
| (c) |
|
Includes a non-cash impairment charge of $13 million to reduce the value of an international joint venture in the Company’s hotel business. |
| |
| (d) |
|
Includes a $1 million benefit for the reversal of costs incurred as a result of various strategic initiatives commenced by the Company during 2008. |
| |
| (e) |
|
Includes $12 million of costs incurred for the early repurchase of a portion of the Company’s 3.50% convertible notes during the first quarter of 2011. |
| |
| (f) |
|
Includes $4 million related to costs incurred in connection with the Company’s acquisition of Hoseasons during March 2010. |
| |
| (g) |
|
Includes $16 million of costs incurred for the early extinguishment of the Company’s revolving foreign credit facility and term loan facility during March 2010. |
The following tables summarize net revenues and Adjusted EBITDA for reportable segments for the three months ended March 31, 2011 and 2010 (for a description of adjustments by segment, see Table 7):
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended March 31, |
|
| |
|
2011 |
|
|
2010 |
|
| |
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
Adjusted |
|
| |
|
Net Revenues |
|
|
EBITDA |
|
|
Net Revenues |
|
|
EBITDA |
|
Lodging |
|
$ |
149 |
|
|
$ |
40 |
|
|
$ |
144 |
|
|
$ |
33 |
|
Vacation Exchange and Rentals |
|
|
356 |
|
|
|
93 |
|
|
|
300 |
|
|
|
84 |
|
Vacation Ownership |
|
|
450 |
|
|
|
96 |
|
|
|
444 |
|
|
|
82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable Segments |
|
|
955 |
|
|
|
229 |
|
|
|
888 |
|
|
|
199 |
|
Corporate and Other |
|
|
(3 |
) |
|
|
(25 |
) |
|
|
(2 |
) |
|
|
(18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company |
|
$ |
952 |
|
|
$ |
204 |
|
|
$ |
886 |
|
|
$ |
181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2
Wyndham Worldwide Corporation
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
March 31, |
|
| |
|
2011 |
|
|
2010 |
|
Net revenues |
|
|
|
|
|
|
|
|
Service and membership fees |
|
$ |
495 |
|
|
$ |
424 |
|
Vacation ownership interest sales |
|
|
222 |
|
|
|
217 |
|
Franchise fees |
|
|
101 |
|
|
|
92 |
|
Consumer financing |
|
|
102 |
|
|
|
105 |
|
Other |
|
|
32 |
|
|
|
48 |
|
|
|
|
|
|
|
|
Net revenues |
|
|
952 |
|
|
|
886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Operating |
|
|
411 |
|
|
|
381 |
(a) |
Cost of vacation ownership interests |
|
|
32 |
|
|
|
36 |
|
Consumer financing interest |
|
|
23 |
|
|
|
24 |
|
Marketing and reservation |
|
|
137 |
|
|
|
123 |
|
General and administrative (b) |
|
|
140 |
|
|
|
148 |
|
Asset impairment |
|
|
13 |
(c) |
|
|
— |
|
Restructuring |
|
|
(1 |
) (d) |
|
|
— |
|
Depreciation and amortization |
|
|
45 |
|
|
|
44 |
|
|
|
|
|
|
|
|
Total expenses |
|
|
800 |
|
|
|
756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
152 |
|
|
|
130 |
|
Other income, net |
|
|
(6 |
) (e) |
|
|
(1 |
) |
Interest expense |
|
|
44 |
(f) |
|
|
50 |
(g) |
Interest income |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
116 |
|
|
|
82 |
|
Provision for income taxes |
|
|
44 |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
72 |
|
|
$ |
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.42 |
|
|
$ |
0.28 |
|
Diluted |
|
|
0.41 |
|
|
|
0.27 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
173 |
|
|
|
179 |
|
Diluted |
|
|
179 |
|
|
|
186 |
|
|
|
|
| (a) |
|
Includes $4 million relating to costs incurred in connection with the Company’s acquisition of Hoseasons
during March 2010. |
| |
| (b) |
|
Includes $7 million of a net benefit and $2 million of a net expense during the three months ended March
31, 2011 and 2010, respectively, related to the resolution of and adjustment to certain contingent
liabilities and assets resulting from our separation. |
| |
| (c) |
|
Represents a non-cash impairment charge to reduce the value of an international joint venture in the
Company’s hotel business. |
| |
| (d) |
|
Reflects the reversal of costs incurred as a result of various strategic initiatives commenced by the
Company during 2008. |
| |
| (e) |
|
Includes $4 million of a gain related to the redemption of a preferred stock investment allocated to the
Company in connection with our separation. |
| |
| (f) |
|
Includes $12 million of costs incurred for the early repurchase of a portion of the Company’s 3.50%
convertible notes during the first quarter of 2011. |
| |
| (g) |
|
Includes $16 million of costs incurred for the early extinguishment of the Company’s term loan facility
and revolving foreign credit facility during March 2010. |
Table 3
(1 of 3)
Wyndham Worldwide Corporation
OPERATING STATISTICS
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year |
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Full Year |
|
| |
|
|
Lodging (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Rooms |
|
|
2011 |
|
|
|
609,600 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
|
593,300 |
|
|
|
606,800 |
|
|
|
605,700 |
|
|
|
612,700 |
|
|
|
N/A |
|
|
|
|
2009 |
|
|
|
588,500 |
|
|
|
590,200 |
|
|
|
590,900 |
|
|
|
597,700 |
|
|
|
N/A |
|
|
|
|
2008 |
|
|
|
551,100 |
|
|
|
551,500 |
|
|
|
583,400 |
|
|
|
592,900 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR |
|
|
2011 |
|
|
$ |
27.71 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
$ |
25.81 |
|
|
$ |
32.25 |
|
|
$ |
37.14 |
|
|
$ |
29.18 |
|
|
$ |
31.14 |
|
|
|
|
2009 |
|
|
$ |
27.69 |
|
|
$ |
32.38 |
|
|
$ |
34.81 |
|
|
$ |
26.47 |
|
|
$ |
30.34 |
|
|
|
|
2008 |
|
|
$ |
32.21 |
|
|
$ |
38.87 |
|
|
$ |
41.93 |
|
|
$ |
30.03 |
|
|
$ |
35.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Exchange and Rentals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of Members (in 000s) |
|
|
2011 |
|
|
|
3,766 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
|
3,746 |
|
|
|
3,741 |
|
|
|
3,766 |
|
|
|
3,759 |
|
|
|
3,753 |
|
|
|
|
2009 |
|
|
|
3,789 |
|
|
|
3,795 |
|
|
|
3,781 |
|
|
|
3,765 |
|
|
|
3,782 |
|
|
|
|
2008 |
|
|
|
3,632 |
|
|
|
3,682 |
|
|
|
3,673 |
|
|
|
3,693 |
|
|
|
3,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Revenue Per Member |
|
|
2011 |
|
|
$ |
205.64 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
$ |
201.93 |
|
|
$ |
172.20 |
|
|
$ |
173.44 |
|
|
$ |
162.59 |
|
|
$ |
177.53 |
|
|
|
|
2009 |
|
|
$ |
194.83 |
|
|
$ |
174.22 |
|
|
$ |
173.90 |
|
|
$ |
163.89 |
|
|
$ |
176.73 |
|
|
|
|
2008 |
|
|
$ |
234.05 |
|
|
$ |
201.04 |
|
|
$ |
193.39 |
|
|
$ |
165.99 |
|
|
$ |
198.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Rental Transactions (in 000s) (b) |
|
|
2011 |
|
|
|
398 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
|
291 |
|
|
|
297 |
|
|
|
322 |
|
|
|
253 |
|
|
|
1,163 |
|
|
|
|
2009 |
|
|
|
273 |
|
|
|
231 |
|
|
|
264 |
|
|
|
196 |
|
|
|
964 |
|
|
|
|
2008 |
|
|
|
269 |
|
|
|
220 |
|
|
|
255 |
|
|
|
191 |
|
|
|
936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Net Price Per Vacation Rental (b) |
|
|
2011 |
|
|
$ |
377.71 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
$ |
361.17 |
|
|
$ |
387.01 |
|
|
$ |
500.31 |
|
|
$ |
449.12 |
|
|
$ |
425.38 |
|
|
|
|
2009 |
|
|
$ |
353.15 |
|
|
$ |
471.74 |
|
|
$ |
594.34 |
|
|
$ |
499.66 |
|
|
$ |
477.38 |
|
|
|
|
2008 |
|
|
$ |
442.50 |
|
|
$ |
541.69 |
|
|
$ |
659.93 |
|
|
$ |
460.86 |
|
|
$ |
528.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Vacation Ownership Interest (VOI) Sales (in 000s) (c) |
|
|
2011 |
|
|
$ |
319,000 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
$ |
308,000 |
|
|
$ |
371,000 |
|
|
$ |
412,000 |
|
|
$ |
373,000 |
|
|
$ |
1,464,000 |
|
|
|
|
2009 |
|
|
$ |
280,000 |
|
|
$ |
327,000 |
|
|
$ |
366,000 |
|
|
$ |
343,000 |
|
|
$ |
1,315,000 |
|
|
|
|
2008 |
|
|
$ |
458,000 |
|
|
$ |
532,000 |
|
|
$ |
566,000 |
|
|
$ |
432,000 |
|
|
$ |
1,987,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tours (d) |
|
|
2011 |
|
|
|
137,000 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
|
123,000 |
|
|
|
163,000 |
|
|
|
187,000 |
|
|
|
160,000 |
|
|
|
634,000 |
|
|
|
|
2009 |
|
|
|
137,000 |
|
|
|
164,000 |
|
|
|
173,000 |
|
|
|
142,000 |
|
|
|
617,000 |
|
|
|
|
2008 |
|
|
|
255,000 |
|
|
|
314,000 |
|
|
|
334,000 |
|
|
|
240,000 |
|
|
|
1,143,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume Per Guest (VPG) (d) |
|
|
2011 |
|
|
$ |
2,192 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
$ |
2,334 |
|
|
$ |
2,156 |
|
|
$ |
2,081 |
|
|
$ |
2,214 |
|
|
$ |
2,183 |
|
|
|
|
2009 |
|
|
$ |
1,866 |
|
|
$ |
1,854 |
|
|
$ |
1,944 |
|
|
$ |
2,210 |
|
|
$ |
1,964 |
|
|
|
|
2008 |
|
|
$ |
1,668 |
|
|
$ |
1,583 |
|
|
$ |
1,550 |
|
|
$ |
1,630 |
|
|
$ |
1,602 |
|
|
|
|
| Note: |
|
Full year amounts may not foot across due to rounding.
|
| |
| (a) |
|
Includes the impact of the acquisitions of Microtel Inns & Suites and Hawthorn Suites (July 2008) and the Tryp hotel brand (June 2010) from the acquisition dates forward.
Therefore, the operating statistics are not presented on a comparable basis. |
| |
| (b) |
|
Includes the impact of the acquisitions of Hoseasons (March 2010), ResortQuest (September 2010) and James Villa Holidays (November 2010) from the acquisition dates forward.
Therefore, the operating statistics are not presented on a comparable basis. |
| |
| (c) |
|
Includes gross VOI sales under the Company’s Wyndham Asset Affiliate Model (WAAM) beginning in the first quarter of 2010 (see Table 9 for a reconciliation of gross VOI sales to
vacation ownership interest sales). |
| |
| (d) |
|
Includes the impact of WAAM related tours beginning in the first quarter of 2010. |
Table 3
(2 of 3)
Wyndham Worldwide Corporation
ADDITIONAL DATA
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year |
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Full Year |
|
| |
|
|
Lodging (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Properties |
|
|
2011 |
|
|
|
7,190 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
|
7,090 |
|
|
|
7,160 |
|
|
|
7,150 |
|
|
|
7,210 |
|
|
|
N/A |
|
|
|
|
2009 |
|
|
|
6,990 |
|
|
|
7,020 |
|
|
|
7,040 |
|
|
|
7,110 |
|
|
|
N/A |
|
|
|
|
2008 |
|
|
|
6,550 |
|
|
|
6,560 |
|
|
|
6,970 |
|
|
|
7,040 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Revenues (in 000s) (b) |
|
|
2011 |
|
|
$ |
— |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
2009 |
|
|
$ |
67,000 |
|
|
$ |
37,000 |
|
|
$ |
36,000 |
|
|
$ |
47,000 |
|
|
$ |
187,000 |
|
|
|
|
2008 |
|
|
$ |
(82,000 |
) |
|
$ |
(5,000 |
) |
|
$ |
(2,000 |
) |
|
$ |
14,000 |
|
|
$ |
(75,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan Losses (in 000s) (c) |
|
|
2011 |
|
|
$ |
79,000 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
$ |
86,000 |
|
|
$ |
87,000 |
|
|
$ |
85,000 |
|
|
$ |
82,000 |
|
|
$ |
340,000 |
|
|
|
|
2009 |
|
|
$ |
107,000 |
|
|
$ |
122,000 |
|
|
$ |
117,000 |
|
|
$ |
103,000 |
|
|
$ |
449,000 |
|
|
|
|
2008 |
|
|
$ |
82,000 |
|
|
$ |
113,000 |
|
|
$ |
119,000 |
|
|
$ |
136,000 |
|
|
$ |
450,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales under WAAM (in 000s) (d) |
|
|
2011 |
|
|
$ |
18,000 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
$ |
5,000 |
|
|
$ |
13,000 |
|
|
$ |
20,000 |
|
|
$ |
14,000 |
|
|
$ |
51,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WAAM Commission Revenues (in 000s) |
|
|
2011 |
|
|
$ |
10,000 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
2010 |
|
|
$ |
3,000 |
|
|
$ |
8,000 |
|
|
$ |
12,000 |
|
|
$ |
9,000 |
|
|
$ |
31,000 |
|
|
|
|
| Note: |
|
Full year amounts may not foot across due to rounding. |
| |
| (a) |
|
Includes the impact of the acquisitions of Microtel Inns & Suites and Hawthorn Suites (July 2008) and the Tryp hotel brand (June 2010)
from the acquisition dates forward. Therefore, the operating statistics are not presented on a comparable basis. |
| |
| (b) |
|
Represents the revenue that is deferred under the percentage of completion method of accounting. Under the percentage of completion
method of accounting, a portion of the total revenue from a vacation ownership contract sale is not recognized if the construction of
the vacation resort has not yet been fully completed. This revenue will be recognized in future periods in proportion to the costs
incurred as compared to the total expected costs for completion of construction of the vacation resort. Positive amounts represent the
recognition of previously deferred revenues. |
| |
| (c) |
|
Represents provision for estimated losses on vacation ownership contract receivables originated during the period, which is recorded as
a contra revenue to vacation ownership interest sales on the Consolidated Statements of Income. |
| |
| (d) |
|
Represents gross VOI sales under the Company’s WAAM for which the Company earns commission revenue (WAAM Commission Revenues). The
commission revenue earned on these sales is included in service fees and membership revenues on the Consolidated Statement of Income.
The Company implemented this sales model during the first quarter of 2010 and, as such, there is no historical data prior to 2010. |
Table 3
(3 of 3)
Wyndham Worldwide Corporation
OPERATING STATISTICS
GLOSSARY OF TERMS
Lodging
Number of Rooms: Represents the number of rooms at lodging properties at the end of the period which are either (i) under
franchise and/or management agreements, (ii) properties under affiliation agreements for which we receive a fee for reservation
and/or other services provided or (iii) properties managed under a joint venture.
Average Occupancy Rate: Represents the percentage of available rooms occupied during the period.
Average Daily Rate (ADR): Represents the average rate charged for renting a lodging room for one day.
RevPAR: Represents revenue per available room and is calculated by multiplying average occupancy rate by ADR. Comparable
RevPAR represents RevPAR of hotels which are included in both periods.
Vacation Exchange and Rentals
Average Number of Members: Represents members in our vacation exchange programs who pay annual membership dues. For additional
fees, such participants are entitled to exchange intervals for intervals at other properties affiliated with our vacation
exchange business. In addition, certain participants may exchange intervals for other leisure-related products and services.
Exchange Revenue Per Member: Represents total annualized revenues generated from fees associated with memberships, exchange
transactions, member-related rentals and other servicing for the period divided by the average number of vacation exchange
members during the period.
Vacation Rental Transactions: Represents the number of transactions that are generated in connection with customers booking
their vacation rental stays through us. One rental transaction is recorded each time a standard one-week rental is booked.
Average Net Price Per Vacation Rental: Represents the net rental price generated from renting vacation properties to customers
and other related rental servicing fees divided by the number of vacation rental transactions.
Vacation Ownership
Gross Vacation Ownership Interest Sales: Represents sales of vacation ownership interest (VOIs), including Wyndham Asset
Affiliation Model sales, before the net effect of percentage-of-completion accounting and loan loss provisions. See Table 9
for a reconciliation of Gross VOI sales to Vacation Ownership Interest Sales. We believe that Gross VOI sales provides an
enhanced understanding of the performance of our vacation ownership business because it directly measures the sales volume of
this business during a given reporting period.
Tours: Represents the number of tours taken by guests in our efforts to sell vacation ownership interests.
Volume per Guest (VPG): Represents gross VOI sales (excluding tele-sales upgrades, which are non-tour upgrade sales) divided by
the number of tours. We have excluded non-tour upgrade sales in the calculation of VPG because non-tour upgrade sales are
generated by a different marketing channel. See Table 9 for a detail of tele-sales upgrades for 2007-2010. We believe that
VPG provides an enhanced understanding of the performance of our vacation ownership business because it directly measures the
efficiency of this business’ tour selling efforts during a given reporting period.
General
Constant Currency: Represents a comparison eliminating the effects of foreign exchange rate fluctuations between periods.
Table 4
Wyndham Worldwide Corporation
REVENUE DETAIL BY REPORTABLE SEGMENT
(In millions)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2011 |
|
|
2010 |
|
| |
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Year |
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Year |
|
| |
|
|
|
|
|
|
Lodging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties and Franchise Fees |
|
$ |
58 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
$ |
52 |
|
|
$ |
69 |
|
|
$ |
82 |
|
|
$ |
62 |
|
|
$ |
265 |
|
Marketing, Reservation and Wyndham Rewards Revenues (a) |
|
|
54 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
50 |
|
|
|
65 |
|
|
|
76 |
|
|
|
60 |
|
|
|
251 |
|
Hotel Management Reimbursable Revenues (b) |
|
|
19 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
21 |
|
|
|
20 |
|
|
|
18 |
|
|
|
18 |
|
|
|
77 |
|
Ancillary Revenues (c) |
|
|
18 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
21 |
|
|
|
24 |
|
|
|
27 |
|
|
|
23 |
|
|
|
95 |
|
| |
|
|
|
|
|
|
Total Lodging |
|
|
149 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
144 |
|
|
|
178 |
|
|
|
203 |
|
|
|
163 |
|
|
|
688 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Exchange and Rentals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Revenues |
|
|
194 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
189 |
|
|
|
161 |
|
|
|
163 |
|
|
|
153 |
|
|
|
666 |
|
Rental Revenues |
|
|
150 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
105 |
|
|
|
115 |
|
|
|
161 |
|
|
|
114 |
|
|
|
495 |
|
Ancillary Revenues (d) |
|
|
12 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
6 |
|
|
|
5 |
|
|
|
6 |
|
|
|
15 |
|
|
|
32 |
|
| |
|
|
|
|
|
|
Total Vacation Exchange and Rentals |
|
|
356 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
300 |
|
|
|
281 |
|
|
|
330 |
|
|
|
282 |
|
|
|
1,193 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership Interest Sales |
|
|
222 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
217 |
|
|
|
271 |
|
|
|
308 |
|
|
|
276 |
|
|
|
1,072 |
|
Consumer Financing |
|
|
102 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
105 |
|
|
|
106 |
|
|
|
107 |
|
|
|
107 |
|
|
|
425 |
|
Property Management Fees |
|
|
110 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
100 |
|
|
|
100 |
|
|
|
104 |
|
|
|
101 |
|
|
|
405 |
|
WAAM Commissions |
|
|
10 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
3 |
|
|
|
8 |
|
|
|
12 |
|
|
|
8 |
|
|
|
31 |
|
Ancillary Revenues (e) |
|
|
6 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
19 |
|
|
|
20 |
|
|
|
2 |
|
|
|
5 |
|
|
|
46 |
|
| |
|
|
|
|
|
|
Total Vacation Ownership |
|
|
450 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
444 |
|
|
|
505 |
|
|
|
533 |
|
|
|
497 |
|
|
|
1,979 |
|
| |
|
|
|
|
|
|
Total Reportable Segments |
|
$ |
955 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
$ |
888 |
|
|
$ |
964 |
|
|
$ |
1,066 |
|
|
$ |
942 |
|
|
$ |
3,860 |
|
| |
|
|
|
|
|
|
| |
| |
|
2009 |
|
|
2008 |
|
| |
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Year |
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Year |
|
| |
|
|
|
|
|
|
Lodging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalties and Franchise Fees |
|
$ |
57 |
|
|
$ |
68 |
|
|
$ |
72 |
|
|
$ |
57 |
|
|
$ |
254 |
|
|
$ |
64 |
|
|
$ |
78 |
|
|
$ |
88 |
|
|
$ |
66 |
|
|
$ |
297 |
|
Marketing, Reservation and Wyndham Rewards Revenues (a) |
|
|
54 |
|
|
|
66 |
|
|
|
73 |
|
|
|
53 |
|
|
|
246 |
|
|
|
60 |
|
|
|
75 |
|
|
|
84 |
|
|
|
61 |
|
|
|
280 |
|
Hotel Management Reimbursable Revenues (b) |
|
|
22 |
|
|
|
23 |
|
|
|
21 |
|
|
|
19 |
|
|
|
85 |
|
|
|
27 |
|
|
|
26 |
|
|
|
25 |
|
|
|
21 |
|
|
|
100 |
|
Ancillary Revenues (c) |
|
|
21 |
|
|
|
17 |
|
|
|
17 |
|
|
|
20 |
|
|
|
75 |
|
|
|
19 |
|
|
|
21 |
|
|
|
16 |
|
|
|
22 |
|
|
|
76 |
|
| |
|
|
|
|
|
|
Total Lodging |
|
|
154 |
|
|
|
174 |
|
|
|
183 |
|
|
|
149 |
|
|
|
660 |
|
|
|
170 |
|
|
|
200 |
|
|
|
213 |
|
|
|
170 |
|
|
|
753 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Exchange and Rentals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange Revenues |
|
|
185 |
|
|
|
165 |
|
|
|
164 |
|
|
|
154 |
|
|
|
668 |
|
|
|
213 |
|
|
|
185 |
|
|
|
178 |
|
|
|
152 |
|
|
|
728 |
|
Rental Revenues |
|
|
96 |
|
|
|
109 |
|
|
|
157 |
|
|
|
98 |
|
|
|
460 |
|
|
|
119 |
|
|
|
119 |
|
|
|
169 |
|
|
|
88 |
|
|
|
495 |
|
Ancillary Revenues (d) |
|
|
6 |
|
|
|
6 |
|
|
|
6 |
|
|
|
6 |
|
|
|
24 |
|
|
|
9 |
|
|
|
10 |
|
|
|
7 |
|
|
|
10 |
|
|
|
36 |
|
| |
|
|
|
|
|
|
Total Vacation Exchange and Rentals |
|
|
287 |
|
|
|
280 |
|
|
|
327 |
|
|
|
258 |
|
|
|
1,152 |
|
|
|
341 |
|
|
|
314 |
|
|
|
354 |
|
|
|
250 |
|
|
|
1,259 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation Ownership Interest Sales |
|
|
239 |
|
|
|
242 |
|
|
|
285 |
|
|
|
287 |
|
|
|
1,053 |
|
|
|
294 |
|
|
|
414 |
|
|
|
446 |
|
|
|
309 |
|
|
|
1,463 |
|
Consumer Financing |
|
|
109 |
|
|
|
109 |
|
|
|
108 |
|
|
|
109 |
|
|
|
435 |
|
|
|
99 |
|
|
|
104 |
|
|
|
111 |
|
|
|
112 |
|
|
|
426 |
|
Property Management Fees |
|
|
91 |
|
|
|
94 |
|
|
|
96 |
|
|
|
95 |
|
|
|
376 |
|
|
|
85 |
|
|
|
84 |
|
|
|
89 |
|
|
|
89 |
|
|
|
346 |
|
Ancillary Revenues (e) |
|
|
23 |
|
|
|
22 |
|
|
|
19 |
|
|
|
17 |
|
|
|
81 |
|
|
|
26 |
|
|
|
19 |
|
|
|
15 |
|
|
|
(18 |
) |
|
|
43 |
|
| |
|
|
|
|
|
|
Total Vacation Ownership |
|
|
462 |
|
|
|
467 |
|
|
|
508 |
|
|
|
508 |
|
|
|
1,945 |
|
|
|
504 |
|
|
|
621 |
|
|
|
661 |
|
|
|
492 |
|
|
|
2,278 |
|
| |
|
|
|
|
|
|
Total Reportable Segments |
|
$ |
903 |
|
|
$ |
921 |
|
|
$ |
1,018 |
|
|
$ |
915 |
|
|
$ |
3,757 |
|
|
$ |
1,015 |
|
|
$ |
1,135 |
|
|
$ |
1,228 |
|
|
$ |
912 |
|
|
$ |
4,290 |
|
| |
|
|
|
|
|
|
|
|
|
| Note: |
|
Full year amounts may not foot across due to rounding. |
| |
| (a) |
|
Marketing and reservation revenues represent fees we receive from franchised and managed hotels that are to be expended for marketing purposes or the operation of a centralized, brand-specific reservation system. These fees are typically based on a percentage of the gross room
revenues of each hotel. Wyndham Rewards revenues represent fees we receive relating to our loyalty program. |
| |
| (b) |
|
Primarily represents payroll costs in our hotel management business that we pay on behalf of property owners and for which we are reimbursed by the property owners. |
| |
| (c) |
|
Primarily includes additional services provided to franchisees. |
| |
| (d) |
|
Primarily includes fees generated from programs with affiliated resorts. |
| |
| (e) |
|
Primarily includes revenues associated with bonus points/credits that are provided as purchase incentives on VOI sales and fees generated from other non-core businesses. |
Table 5
Wyndham Worldwide Corporation
SCHEDULE OF DEBT
(In millions)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
| |
|
2011 |
|
|
2010 |
|
|
2010 |
|
|
2010 |
|
|
2010 |
|
Securitized vacation ownership debt (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term notes |
|
$ |
1,666 |
|
|
$ |
1,498 |
|
|
$ |
1,400 |
|
|
$ |
1,255 |
|
|
$ |
1,258 |
|
Bank conduit facility (b) |
|
|
148 |
|
|
|
152 |
|
|
|
215 |
|
|
|
291 |
|
|
|
240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securitized vacation ownership debt (c) |
|
|
1,814 |
|
|
|
1,650 |
|
|
|
1,615 |
|
|
|
1,546 |
|
|
|
1,498 |
|
Less: Current portion of securitized vacation ownership debt |
|
|
216 |
|
|
|
223 |
|
|
|
187 |
|
|
|
248 |
|
|
|
220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term securitized vacation ownership debt |
|
$ |
1,598 |
|
|
$ |
1,427 |
|
|
$ |
1,428 |
|
|
$ |
1,298 |
|
|
$ |
1,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit facility (due October 2013) (d) |
|
$ |
5 |
|
|
$ |
154 |
|
|
$ |
26 |
|
|
$ |
— |
|
|
$ |
199 |
|
6.00% senior unsecured notes (due December 2016) (e) |
|
|
797 |
|
|
|
798 |
|
|
|
798 |
|
|
|
798 |
|
|
|
798 |
|
9.875% senior unsecured notes (due May 2014) (f) |
|
|
241 |
|
|
|
241 |
|
|
|
240 |
|
|
|
239 |
|
|
|
239 |
|
3.50% convertible notes (due May 2012) (g) |
|
|
41 |
|
|
|
266 |
|
|
|
289 |
|
|
|
362 |
|
|
|
448 |
|
7.375% senior unsecured notes (due March 2020) (h) |
|
|
247 |
|
|
|
247 |
|
|
|
247 |
|
|
|
247 |
|
|
|
247 |
|
5.75% senior unsecured notes (due February 2018) (i) |
|
|
247 |
|
|
|
247 |
|
|
|
247 |
|
|
|
— |
|
|
|
— |
|
5.625% senior unsecured notes (due March 2021) (j) |
|
|
245 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Vacation rentals capital leases |
|
|
120 |
|
|
|
115 |
|
|
|
120 |
|
|
|
110 |
|
|
|
123 |
|
Other |
|
|
28 |
|
|
|
26 |
|
|
|
34 |
|
|
|
36 |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt |
|
|
1,971 |
|
|
|
2,094 |
|
|
|
2,001 |
|
|
|
1,792 |
|
|
|
2,082 |
|
Less: Current portion of debt |
|
|
12 |
|
|
|
11 |
|
|
|
32 |
|
|
|
29 |
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
$ |
1,959 |
|
|
$ |
2,083 |
|
|
$ |
1,969 |
|
|
$ |
1,763 |
|
|
$ |
2,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
|
The Company’s vacation ownership contract receivables are securitized through bankruptcy-remote special purpose entities (“SPE”) that are consolidated with our financial statements. These
bankruptcy-remote SPEs are legally separate from the Company. The receivables held by the bankruptcy-remote SPEs are not available to the Company’s creditors and legally are not the Company’s
assets. Additionally, the creditors of these SPEs have no recourse to the Company for principal and interest. |
| |
| (b) |
|
Represents a 364-day, non-recourse vacation ownership bank conduit facility with a term through September 2011 and borrowing capacity of $600 million. As of March 31, 2011, our 364-day facility
has remaining borrowing capacity of $452 million. |
| |
| (c) |
|
This debt is collateralized by $2,778 million, $2,865 million, $2,874 million, $2,862 million and $2,712 million of underlying vacation ownership contract receivables and related assets as of
March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively. |
| |
| (d) |
|
During March 2010, the Company replaced its five-year $900 million revolving credit facility with a $950 million revolving credit facility that expires on October 1, 2013. During the fourth
quarter of 2010, the total capacity of this facility was increased to $970 million. During the first quarter of 2011, the total capacity was further increased to $980 million. As of March 31,
2011, the Company has $13 million of outstanding letters of credit and a remaining borrowing capacity of $962 million. |
| |
| (e) |
|
Represents senior unsecured notes issued by the Company during December 2006. The balance as of March 31, 2011 represents $800 million aggregate principal less $2 million of unamortized
discount and a $1 million fair value hedge derivative. |
| |
| (f) |
|
Represents senior unsecured notes issued by the Company during May 2009. The balance as of March 31, 2011 represents $250 million aggregate principal less $9 million of unamortized discount. |
| |
| (g) |
|
Represents convertible notes issued by the Company during May 2009, which includes debt principal, less unamortized discount, and a liability related to a bifurcated conversion feature. During
the third and fourth quarters of 2010, the Company repurchased a portion of its 3.50% convertible notes. During the first quarter of 2011, the Company repurchased a portion of its outstanding
3.50% convertible notes, primarily through the completion of a cash tender offer. The following table details the components of the convertible notes: |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
March 31,
2011 |
|
|
December 31,
2010 |
|
|
September 30,
2010 |
|
|
June 30,
2010 |
|
|
March 31,
2010 |
|
Debt principal |
|
$ |
17 |
|
|
$ |
116 |
|
|
$ |
138 |
|
|
$ |
230 |
|
|
$ |
230 |
|
Unamortized discount |
|
|
(1 |
) |
|
|
(12 |
) |
|
|
(17 |
) |
|
|
(31 |
) |
|
|
(35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt less discount |
|
|
16 |
|
|
|
104 |
|
|
|
121 |
|
|
|
199 |
|
|
|
195 |
|
Fair value of conversion feature (*) |
|
|
25 |
|
|
|
162 |
|
|
|
168 |
|
|
|
163 |
|
|
|
253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes |
|
$ |
41 |
|
|
$ |
266 |
|
|
$ |
289 |
|
|
$ |
362 |
|
|
$ |
448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(*) |
|
The Company also has an asset with a fair value equal to the conversion feature, which represents cash-settled call options that the Company purchased
concurrent with the issuance of the convertible notes. |
|
|
|
| |
| (h) |
|
Represents senior unsecured notes issued by the Company during February 2010. The balance as of March 31, 2011 represents $250 million aggregate principal less $3 million of unamortized
discount. |
| |
| (i) |
|
Represents senior unsecured notes issued by the Company during September 2010. The balance as of March 31, 2011 represents $250 million aggregate principal less $3 million of unamortized
discount. |
| |
| (j) |
|
Represents senior unsecured notes issued by the Company during March 2011. The balance as of March 31, 2011 represents $250 million aggregate principal less $5 million of unamortized discount. |
Table 6
Wyndham Worldwide Corporation
BRAND SYSTEM DETAILS
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As
of and For the Three Months Ended March 31, 2011 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Revenue
|
|
| Brand |
|
Number of
Properties |
|
|
Number of Rooms |
|
|
Average
Occupancy Rate |
|
|
Average Daily
Rate (ADR) |
|
|
Per Available
Room
(RevPAR) |
|
| |
|
Lodging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Hotels and Resorts |
|
|
94 |
|
|
|
25,521 |
|
|
|
53.3 |
% |
|
$ |
106.57 |
|
|
$ |
56.84 |
|
|
Tryp by Wyndham |
|
|
92 |
|
|
|
13,420 |
|
|
|
48.3 |
% |
|
$ |
111.27 |
|
|
$ |
53.75 |
|
|
Wingate by Wyndham |
|
|
165 |
|
|
|
15,134 |
|
|
|
55.8 |
% |
|
$ |
78.31 |
|
|
$ |
43.68 |
|
|
Hawthorn Suites by Wyndham |
|
|
75 |
|
|
|
7,028 |
|
|
|
57.6 |
% |
|
$ |
74.22 |
|
|
$ |
42.73 |
|
|
Ramada |
|
|
888 |
|
|
|
117,278 |
|
|
|
45.4 |
% |
|
$ |
73.37 |
|
|
$ |
33.30 |
|
|
Baymont |
|
|
261 |
|
|
|
21,886 |
|
|
|
41.2 |
% |
|
$ |
59.02 |
|
|
$ |
24.33 |
|
|
Days Inn |
|
|
1,877 |
|
|
|
150,214 |
|
|
|
40.5 |
% |
|
$ |
58.19 |
|
|
$ |
23.58 |
|
|
Super 8 |
|
|
2,185 |
|
|
|
137,260 |
|
|
|
43.9 |
% |
|
$ |
51.41 |
|
|
$ |
22.56 |
|
|
Howard Johnson |
|
|
464 |
|
|
|
46,080 |
|
|
|
41.1 |
% |
|
$ |
57.28 |
|
|
$ |
23.56 |
|
|
Travelodge |
|
|
434 |
|
|
|
31,920 |
|
|
|
40.8 |
% |
|
$ |
59.70 |
|
|
$ |
24.34 |
|
|
Microtel Inns & Suites |
|
|
316 |
|
|
|
22,528 |
|
|
|
46.3 |
% |
|
$ |
55.03 |
|
|
$ |
25.46 |
|
|
Knights Inn |
|
|
339 |
|
|
|
20,679 |
|
|
|
33.7 |
% |
|
$ |
40.75 |
|
|
$ |
13.74 |
|
|
Dream |
|
|
3 |
|
|
|
566 |
|
|
|
73.1 |
% |
|
$ |
177.95 |
|
|
$ |
130.02 |
|
|
Night |
|
|
1 |
|
|
|
72 |
|
|
|
93.8 |
% |
|
$ |
298.78 |
|
|
$ |
280.20 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Lodging |
|
|
7,194 |
|
|
|
609,586 |
|
|
|
43.5 |
% |
|
$ |
63.66 |
|
|
$ |
27.71 |
|
|
Vacation Ownership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Vacation Ownership resorts |
|
|
162 |
|
|
|
20,736 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wyndham Worldwide |
|
|
7,356 |
|
|
|
630,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
As of and For the Three Months Ended March 31, 2010 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Revenue |
|
| Brand |
|
Number of
Properties |
|
|
Number of Rooms |
|
|
Average
Occupancy Rate |
|
|
Average Daily
Rate (ADR) |
|
|
Per Available
Room
(RevPAR) |
|
| |
|
Lodging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Hotels and Resorts |
|
|
94 |
|
|
|
25,140 |
|
|
|
51.2 |
% |
|
$ |
112.88 |
|
|
$ |
57.74 |
|
|
Wingate by Wyndham |
|
|
164 |
|
|
|
15,020 |
|
|
|
51.8 |
% |
|
$ |
77.42 |
|
|
$ |
40.09 |
|
|
Hawthorn Suites by Wyndham |
|
|
87 |
|
|
|
8,106 |
|
|
|
49.2 |
% |
|
$ |
76.99 |
|
|
$ |
37.89 |
|
|
Ramada |
|
|
899 |
|
|
|
117,555 |
|
|
|
43.2 |
% |
|
$ |
72.76 |
|
|
$ |
31.42 |
|
|
Baymont |
|
|
242 |
|
|
|
20,529 |
|
|
|
41.3 |
% |
|
$ |
57.68 |
|
|
$ |
23.83 |
|
|
Days Inn |
|
|
1,860 |
|
|
|
149,770 |
|
|
|
38.7 |
% |
|
$ |
57.80 |
|
|
$ |
22.36 |
|
|
Super 8 |
|
|
2,134 |
|
|
|
132,910 |
|
|
|
41.1 |
% |
|
$ |
52.93 |
|
|
$ |
21.76 |
|
|
Howard Johnson |
|
|
489 |
|
|
|
46,588 |
|
|
|
38.8 |
% |
|
$ |
57.69 |
|
|
$ |
22.37 |
|
|
Travelodge |
|
|
452 |
|
|
|
33,604 |
|
|
|
38.1 |
% |
|
$ |
61.40 |
|
|
$ |
23.39 |
|
|
Microtel Inns & Suites |
|
|
317 |
|
|
|
22,550 |
|
|
|
43.5 |
% |
|
$ |
54.99 |
|
|
$ |
23.94 |
|
|
Knights Inn |
|
|
347 |
|
|
|
21,155 |
|
|
|
33.1 |
% |
|
$ |
38.94 |
|
|
$ |
12.89 |
|
|
Other |
|
|
2 |
|
|
|
404 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Lodging |
|
|
7,087 |
|
|
|
593,331 |
|
|
|
41.1 |
% |
|
$ |
62.78 |
|
|
$ |
25.81 |
|
|
Vacation Ownership |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyndham Vacation Ownership resorts |
|
|
159 |
|
|
|
20,559 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wyndham Worldwide |
|
|
7,246 |
|
|
|
613,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NOTE: |
|
A glossary of terms is included in Table 3 (3 of 3); RevPAR may not recalculate by multiplying average occupancy rate by ADR due to rounding.
|
Table 7
(1 of 2)
Wyndham Worldwide
NON-GAAP RECONCILIATION
(In millions)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Reported |
|
|
Legacy |
|
|
Asset |
|
|
Restructuring |
|
|
Adjusted |
|
| |
|
Net Revenues |
|
|
EBITDA |
|
|
Adjustments(b) |
|
|
Impairment(c) |
|
|
Costs(d) |
|
|
EBITDA |
|
| |
|
|
|
|
|
|
| Three months ended March 31, 2011 |
|
|
|
|
|
|
Lodging |
|
$ |
149 |
|
|
$ |
27 |
|
|
$ |
— |
|
|
$ |
13 |
|
|
$ |
— |
|
|
$ |
40 |
|
Vacation Exchange and Rentals |
|
|
356 |
|
|
|
93 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
93 |
|
Vacation Ownership |
|
|
450 |
|
|
|
97 |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
96 |
|
| |
|
|
|
|
|
Total Reportable Segments |
|
|
955 |
|
|
|
217 |
|
|
|
— |
|
|
|
13 |
|
|
|
(1 |
) |
|
|
229 |
|
Corporate and Other (a) |
|
|
(3 |
) |
|
|
(14 |
) |
|
|
(11 |
) |
|
|
— |
|
|
|
— |
|
|
|
(25 |
) |
| |
|
|
|
|
|
Total Company |
|
$ |
952 |
|
|
$ |
203 |
|
|
$ |
(11 |
) |
|
$ |
13 |
|
|
$ |
(1 |
) |
|
$ |
204 |
|
| |
|
|
|
|
|
|
|
|
| (a) |
|
Includes the elimination of transactions between segments. |
| |
| (b) |
|
Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation. |
| |
| (c) |
|
Relates to a non-cash impairment charge to reduce the value of an international joint venture in the Company’s hotel business. |
| |
| (d) |
|
Relates to the reversal of costs incurred as a result of various strategic initiatives commenced by the Company during 2008. |
Table 7
(2 of 2)
Wyndham Worldwide
NON-GAAP RECONCILIATIONS
(In millions)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
Reported |
|
|
Acquisition |
|
|
Legacy |
|
|
Restructuring |
|
|
Adjusted |
|
| |
|
Net Revenues |
|
|
EBITDA |
|
|
Costs(b) |
|
|
Adjustments(c) |
|
|
Costs(d) |
|
|
EBITDA |
|
| |
|
|
|
|
|
|
| Three months ended March 31, 2010 |
|
|
|
|
|
|
Lodging |
|
$ |
144 |
|
|
$ |
33 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
33 |
|
Vacation Exchange and Rentals |
|
|
300 |
|
|
|
80 |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
84 |
|
Vacation Ownership |
|
|
444 |
|
|
|
82 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
82 |
|
| |
|
|
|
|
|
Total Reportable Segments |
|
|
888 |
|
|
|
195 |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
199 |
|
Corporate and Other (a) |
|
|
(2 |
) |
|
|
(20 |
) |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
(18 |
) |
| |
|
|
|
|
|
Total Company |
|
$ |
886 |
|
|
$ |
175 |
|
|
$ |
4 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
181 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging |
|
$ |
178 |
|
|
$ |
49 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
50 |
|
Vacation Exchange and Rentals |
|
|
281 |
|
|
|
78 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
78 |
|
Vacation Ownership |
|
|
505 |
|
|
|
104 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
104 |
|
| |
|
|
|
|
|
Total Reportable Segments |
|
|
964 |
|
|
|
231 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
232 |
|
Corporate and Other (a) |
|
|
(1 |
) |
|
|
(14 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14 |
) |
| |
|
|
|
|
|
Total Company |
|
$ |
963 |
|
|
$ |
217 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
218 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging |
|
$ |
203 |
|
|
$ |
67 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
67 |
|
Vacation Exchange and Rentals |
|
|
330 |
|
|
|
103 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
104 |
|
Vacation Ownership |
|
|
533 |
|
|
|
123 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
123 |
|
| |
|
|
|
|
|
Total Reportable Segments |
|
|
1,066 |
|
|
|
293 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
294 |
|
Corporate and Other (a) |
|
|
(1 |
) |
|
|
30 |
|
|
|
— |
|
|
|
(52 |
) |
|
|
— |
|
|
|
(22 |
) |
| |
|
|
|
|
|
Total Company |
|
$ |
1,065 |
|
|
$ |
323 |
|
|
$ |
1 |
|
|
$ |
(52 |
) |
|
$ |
— |
|
|
$ |
272 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging |
|
$ |
163 |
|
|
$ |
40 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
40 |
|
Vacation Exchange and Rentals |
|
|
282 |
|
|
|
32 |
|
|
|
1 |
|
|
|
— |
|
|
|
9 |
|
|
|
42 |
|
Vacation Ownership |
|
|
497 |
|
|
|
131 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
131 |
|
| |
|
|
|
|
|
Total Reportable Segments |
|
|
942 |
|
|
|
203 |
|
|
|
1 |
|
|
|
— |
|
|
|
9 |
|
|
|
213 |
|
Corporate and Other (a) |
|
|
(5 |
) |
|
|
(20 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
(23 |
) |
| |
|
|
|
|
|
Total Company |
|
$ |
937 |
|
|
$ |
183 |
|
|
$ |
1 |
|
|
$ |
(3 |
) |
|
$ |
9 |
|
|
$ |
190 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended December 31, 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging |
|
$ |
688 |
|
|
$ |
189 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
190 |
|
Vacation Exchange and Rentals |
|
|
1,193 |
|
|
|
293 |
|
|
|
6 |
|
|
|
— |
|
|
|
9 |
|
|
|
308 |
|
Vacation Ownership |
|
|
1,979 |
|
|
|
440 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
440 |
|
| |
|
|
|
|
|
Total Reportable Segments |
|
|
3,860 |
|
|
|
922 |
|
|
|
7 |
|
|
|
— |
|
|
|
9 |
|
|
|
938 |
|
Corporate and Other (a) |
|
|
(9 |
) |
|
|
(24 |
) |
|
|
— |
|
|
|
(54 |
) |
|
|
— |
|
|
|
(78 |
) |
| |
|
|
|
|
|
Total Company |
|
$ |
3,851 |
|
|
$ |
898 |
|
|
$ |
7 |
|
|
$ |
(54 |
) |
|
$ |
9 |
|
|
$ |
860 |
|
| |
|
|
|
|
|
|
|
|
| Note: |
|
Amounts may not foot across due to rounding. |
| |
| (a) |
|
Includes the elimination of transactions between segments. |
| |
| (b) |
|
Relates to costs incurred in connection with the Company’s acquisitions of Hoseasons during March 2010, the Tryp hotel brand during June 2010, ResortQuest during September 2010 and James Villa
Holidays during November 2010. |
| |
| (c) |
|
Relates to the net expense/(benefit) from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation. |
| |
| (d) |
|
Relates to costs incurred as a result of a strategic initiative commenced by the Company during 2010. |
Table 8
(1 of 2)
Wyndham Worldwide Corporation
NON-GAAP FINANCIAL INFORMATION
(In millions, except per share data)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended March 31, 2011 |
|
| |
|
|
|
|
|
Early |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As Reported |
|
|
Extinguishment
of Debt |
|
|
Legacy
Adjustments |
|
|
Asset Impairment |
|
|
Restructuring
Costs |
|
|
As Adjusted |
|
Net revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and membership |
|
$ |
495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
495 |
|
Vacation ownership interest sales |
|
|
222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
222 |
|
Franchise fees |
|
|
101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101 |
|
Consumer financing |
|
|
102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102 |
|
Other |
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
|
952 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
411 |
|
Cost of vacation ownership interests |
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 |
|
Consumer financing interest |
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23 |
|
Marketing and reservation |
|
|
137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
137 |
|
General and administrative |
|
|
140 |
|
|
|
|
|
|
|
7 |
(b) |
|
|
|
|
|
|
|
|
|
|
147 |
|
Asset impairment |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
(13) |
(d) |
|
|
|
|
|
|
— |
|
Restructuring |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
(e) |
|
|
— |
|
Depreciation and amortization |
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
800 |
|
|
|
— |
|
|
|
7 |
|
|
|
(13 |
) |
|
|
1 |
|
|
|
795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
152 |
|
|
|
— |
|
|
|
(7 |
) |
|
|
13 |
|
|
|
(1 |
) |
|
|
157 |
|
Other income, net |
|
|
(6 |
) |
|
|
|
|
|
|
4 |
(c) |
|
|
|
|
|
|
|
|
|
|
(2 |
) |
Interest expense |
|
|
44 |
|
|
|
(12) |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 |
|
Interest income |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
116 |
|
|
|
12 |
|
|
|
(11 |
) |
|
|
13 |
|
|
|
(1 |
) |
|
|
129 |
|
Provision for income taxes |
|
|
44 |
|
|
|
5 |
(f) |
|
|
(3) |
(f) |
|
|
5 |
(f) |
|
|
(1 |
) (f) |
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
72 |
|
|
$ |
7 |
|
|
$ |
(8 |
) |
|
$ |
8 |
|
|
$ |
— |
|
|
$ |
79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.42 |
|
|
$ |
0.04 |
|
|
$ |
(0.04 |
) |
|
$ |
0.04 |
|
|
$ |
— |
|
|
$ |
0.46 |
|
Diluted |
|
|
0.41 |
|
|
|
0.04 |
|
|
|
(0.04 |
) |
|
|
0.04 |
|
|
|
— |
|
|
|
0.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
173 |
|
|
|
173 |
|
|
|
173 |
|
|
|
173 |
|
|
|
173 |
|
|
|
173 |
|
Diluted |
|
|
179 |
|
|
|
179 |
|
|
|
179 |
|
|
|
179 |
|
|
|
179 |
|
|
|
179 |
|
|
|
|
| Note: |
|
EPS amounts may not foot due to rounding. |
| |
| (a) |
|
Relates to costs incurred for the early repurchase of a portion of the Company’s 3.50% convertible notes during the first quarter of 2011. |
| |
| (b) |
|
Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation. |
| |
| (c) |
|
Relates to a gain on the redemption of a preferred stock investment allocated to the Company in connection with our separation. |
| |
| (d) |
|
Relates to a non-cash impairment charge to reduce the value of an international joint venture in the Company’s hotel business. |
| |
| (e) |
|
Relates to the reversal of costs incurred as a result of various strategic initiatives commenced by the Company during 2008. |
| |
| (f) |
|
Relates to the tax effect of the adjustments. |
Table 8
(2 of 2)
Wyndham Worldwide Corporation
NON-GAAP FINANCIAL INFORMATION
(In millions, except per share data)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended March 31, 2010 |
|
| |
|
|
|
|
|
Early |
|
|
|
|
|
|
|
|
|
|
| |
|
As Reported |
|
|
Extinguishment of
Debt |
|
|
Acquisition Costs |
|
|
Legacy
Adjustments |
|
|
As Adjusted |
|
Net revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees and membership |
|
$ |
424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
424 |
|
Vacation ownership interest sales |
|
|
217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
217 |
|
Franchise fees |
|
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92 |
|
Consumer financing |
|
|
105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105 |
|
Other |
|
|
48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
|
886 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
381 |
|
|
|
|
|
|
|
(4 |
) (b) |
|
|
|
|
|
|
377 |
|
Cost of vacation ownership interests |
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 |
|
Consumer financing interest |
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
Marketing and reservation |
|
|
123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
123 |
|
General and administrative |
|
|
148 |
|
|
|
|
|
|
|
|
|
|
|
(2 |
) (c) |
|
|
146 |
|
Depreciation and amortization |
|
|
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
756 |
|
|
|
— |
|
|
|
(4 |
) |
|
|
(2 |
) |
|
|
750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
130 |
|
|
|
— |
|
|
|
4 |
|
|
|
2 |
|
|
|
136 |
|
Other income, net |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Interest expense |
|
|
50 |
|
|
|
(16 |
) (a) |
|
|
|
|
|
|
|
|
|
|
34 |
|
Interest income |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
82 |
|
|
|
16 |
|
|
|
4 |
|
|
|
2 |
|
|
|
104 |
|
Provision for income taxes |
|
|
32 |
|
|
|
6 |
(d) |
|
|
1 |
(d) |
|
|
1 |
(d) |
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
50 |
|
|
$ |
10 |
|
|
$ |
3 |
|
|
$ |
1 |
|
|
$ |
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.28 |
|
|
$ |
0.05 |
|
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
0.36 |
|
Diluted |
|
|
0.27 |
|
|
|
0.05 |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
179 |
|
|
|
179 |
|
|
|
179 |
|
|
|
179 |
|
|
|
179 |
|
Diluted |
|
|
186 |
|
|
|
186 |
|
|
|
186 |
|
|
|
186 |
|
|
|
186 |
|
|
|
|
| Note: |
|
EPS amounts may not foot due to rounding. |
| |
| (a) |
|
Relates to costs incurred for the early extinguishment of the Company’s term loan facility and revolving foreign credit facility during March 2010. |
| |
| (b) |
|
Relates to costs incurred in connection with the Company’s acquisition of Hoseasons during March 2010. |
| |
| (c) |
|
Relates to the net expense from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation. |
| |
| (d) |
|
Relates to the tax effect of the adjustments. |
Table 9
Wyndham Worldwide Corporation
NON-GAAP RECONCILIATIONS AND FINANCIAL INFORMATION
(In millions)
FREE CASH FLOW
The Company defines free cash flow as net cash provided by operating activities minus capital expenditures, equity investments and development advances, excluding cash payments related to the Company’s
contingent tax liabilities that it assumed and is responsible for pursuant to its separation from Cendant. The Company considers free cash flow to be a liquidity measure that provides useful information to
management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, equity investments and hotel development advances, can be used for
strategic opportunities, including making acquisitions, paying dividends, repurchasing the Company’s common stock and strengthening the balance sheet. Analysis of free cash flow also facilitates
management’s comparisons of the Company’s operating results to its competitors’ operating results. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities
as a means for evaluating Wyndham Worldwide is that free cash flow does not represent the total increase or decrease in the cash balance from operations for the period.
The following table provides more details on the GAAP financial measure that is most directly comparable to the non-GAAP financial measure and the related reconciliation between these financial measures:
| |
|
|
|
|
|
|
|
|
| |
|
Three Months Ended March 31, |
|
| |
|
2011 |
|
|
2010 |
|
Net cash provided by operating activities |
|
$ |
229 |
|
|
$ |
205 |
|
Less: Property and equipment additions |
|
|
(41 |
) |
|
|
(36 |
) |
Less: Equity investments and development advances |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
|
|
|
|
|
Free cash flow |
|
$ |
185 |
|
|
$ |
166 |
|
|
|
|
|
|
|
|
GROSS VOI SALES
The following table provides a reconciliation of Gross VOI sales (see Table 3) to Vacation ownership interest sales (see Table 4):
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2011 |
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Full Year |
|
| |
|
|
Gross VOI sales |
|
$ |
319 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
Less: Sales under the WAAM |
|
|
(18 |
) |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
|
|
Gross VOI sales, net of WAAM sales |
|
|
302 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
Less: Loan loss provision |
|
|
(79 |
) |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
|
|
Vacation ownership interest sales |
|
$ |
222 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Gross VOI sales |
|
$ |
308 |
|
|
$ |
371 |
|
|
$ |
412 |
|
|
$ |
373 |
|
|
$ |
1,464 |
|
Less: Sales under the WAAM |
|
|
(5 |
) |
|
|
(13 |
) |
|
|
(20 |
) |
|
|
(14 |
) |
|
|
(51 |
) |
| |
|
|
Gross VOI sales, net of WAAM sales |
|
|
303 |
|
|
|
358 |
|
|
|
392 |
|
|
|
359 |
|
|
|
1,413 |
|
Less: Loan loss provision |
|
|
(86 |
) |
|
|
(87 |
) |
|
|
(85 |
) |
|
|
(82 |
) |
|
|
(340 |
) |
| |
|
|
Vacation ownership interest sales |
|
$ |
217 |
|
|
$ |
271 |
|
|
$ |
308 |
|
|
$ |
276 |
|
|
$ |
1,072 |
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross VOI sales |
|
$ |
280 |
|
|
$ |
327 |
|
|
$ |
366 |
|
|
$ |
343 |
|
|
$ |
1,315 |
|
Plus: Net effect of percentage-of-completion accounting |
|
|
67 |
|
|
|
37 |
|
|
|
36 |
|
|
|
47 |
|
|
|
187 |
|
Less: Loan loss provision |
|
|
(107 |
) |
|
|
(122 |
) |
|
|
(117 |
) |
|
|
(103 |
) |
|
|
(449 |
) |
| |
|
|
Vacation ownership interest sales |
|
$ |
239 |
|
|
$ |
242 |
|
|
$ |
285 |
|
|
$ |
287 |
|
|
$ |
1,053 |
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross VOI sales |
|
$ |
458 |
|
|
$ |
532 |
|
|
$ |
566 |
|
|
$ |
432 |
|
|
$ |
1,987 |
|
Plus/(less): Net effect of percentage-of-completion accounting |
|
|
(82 |
) |
|
|
(5 |
) |
|
|
(2 |
) |
|
|
14 |
|
|
|
(75 |
) |
Less: Loan loss provision |
|
|
(82 |
) |
|
|
(113 |
) |
|
|
(119 |
) |
|
|
(136 |
) |
|
|
(450 |
) |
| |
|
|
Vacation ownership interest sales |
|
$ |
294 |
|
|
$ |
414 |
|
|
$ |
446 |
|
|
$ |
309 |
|
|
$ |
1,463 |
|
| |
|
|
|
|
|
| |
|
Note: Amounts may not foot due to rounding. |
The following represents tele-sales upgrades, which are excluded from Gross VOI sales in the Company’s VPG calculation (see Table 3):
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Q1 |
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Full Year |
|
| |
|
|
2011 |
|
$ |
18 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
2010 |
|
$ |
20 |
|
|
$ |
20 |
|
|
$ |
23 |
|
|
$ |
17 |
|
|
$ |
80 |
|
2009 |
|
$ |
24 |
|
|
$ |
23 |
|
|
$ |
29 |
|
|
$ |
28 |
|
|
$ |
104 |
|
2008 |
|
$ |
33 |
|
|
$ |
35 |
|
|
$ |
49 |
|
|
$ |
40 |
|
|
$ |
156 |
|
|
|
|
| Note: |
|
Amounts may not foot across due to rounding. |
