EXHIBIT 99.1

 

LOGO

Wyndham Worldwide Reports Third Quarter 2013 Earnings

Third Quarter Adjusted EPS Up 25% Year-Over-Year

Raises Full Year EPS Guidance

Provides Preliminary 2014 Outlook

PARSIPPANY, N.J. (October 23, 2013) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended September 30, 2013.

Highlights:

 

  Third quarter adjusted diluted earnings per share (EPS) was $1.41, an increase of 25% from adjusted diluted EPS of $1.13 in the third quarter of 2012. Reported diluted EPS was $1.40 in the third quarter of 2013, compared with $1.11 during the same period in 2012.

 

  Adjusted net income increased 15% from the prior-year period.

 

  During the quarter, the Company repurchased 2.7 million shares of its common stock for $160 million.

“Results for the quarter were excellent, with adjusted EPS growth of 25% and strong performance in each of our business units,” said Stephen P. Holmes, chairman and CEO. “Wyndham Hotel Group continues to expand its international footprint, Wyndham Exchange & Rentals is benefiting from recent innovations, and Wyndham Vacation Ownership continues to transform the business to an asset-light model. Overall, we have great momentum across the company, which when combined with our disciplined capital allocation strategy, will continue to create value for shareholders.”

THIRD QUARTER 2013 OPERATING RESULTS

Third quarter revenues were $1.4 billion, an increase of 13% from the prior year period.

Adjusted net income was $187 million, or $1.41 per diluted share, compared with $162 million, or $1.13 per diluted share for the same period in 2012. The increases in revenues and adjusted net income reflect stronger operating results across all of the Company’s businesses. EPS 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 third quarter of 2013 was $187 million, or $1.40 per diluted share, compared with $159 million, or $1.11 per diluted share, for the third quarter of 2012. Full reconciliations of adjusted results to GAAP results appear in Table 8 of this press release.


Free cash flow was $705 million for the nine months ended September 30, 2013, compared with $685 million for the same period in 2012, a 3% increase. The growth of free cash flow largely reflects stronger operating performance partially offset by higher capital expenditures. The Company defines free cash flow as net cash provided by operating activities less capital expenditures. For the nine months ended September 30, 2013, net cash provided by operating activities was $858 million, compared with $808 million in the prior year period.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $297 million in the third quarter of 2013, a 19% increase over the third quarter of 2012. The increase reflects higher revenues from owned hotels, hotel franchise fees and management reimbursable fees as well as incremental global conference fees.

Domestic RevPAR increased 5.2% compared with the third quarter of 2012. Total system-wide RevPAR increased 3.4%, reflecting proportionally higher growth of lower RevPAR hotels in China.

EBITDA for the third quarter of 2013 was $95 million, a 10% increase compared with the third quarter of 2012. The increase was primarily due to higher RevPAR and the favorable timing of marketing expenditures.

As of September 30, 2013, the Company’s hotel system consisted of approximately 7,440 properties and over 638,300 rooms, a 3.3% room increase compared with the third quarter of 2012. The development pipeline included over 900 hotels and approximately 114,000 rooms, of which 60% were international and 66% were new construction.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

Revenues were $470 million in the third quarter of 2013, a 12% increase over the third quarter of 2012. In constant currency and excluding the impact of acquisitions, revenues increased 7%.

Exchange revenues were $158 million, flat compared with the third quarter of 2012. In constant currency, exchange revenues were up 1%, as the average number of members increased 1.0% and exchange revenue per member increased 0.4%.

Vacation rental revenues were $293 million, an 18% increase compared with the third quarter of 2012. In constant currency and excluding acquisitions, vacation rental revenues were up 10%, reflecting a 6.7% increase in the average net price per vacation rental and a 3.1% increase in transaction volume. Results benefited from an improved pricing strategy and increased rental unit supply in Europe.


EBITDA for the third quarter of 2013 was $141 million, a 15% increase over the third quarter of 2012. Excluding the impact of acquisitions and foreign currency, EBITDA increased 6%.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues were $677 million in the third quarter of 2013, an 11% increase over the third quarter of 2012. Excluding the impact of the Shell Vacations Club acquisition, revenues increased 6%, primarily reflecting higher gross VOI sales.

Gross VOI sales were $536 million in the third quarter of 2013, an increase of 7% over the third quarter of 2012, primarily reflecting an 8.7% increase in tour flow offset by a 1.6% decrease in volume per guest. Excluding Shell Vacations Club, volume per guest was flat.

Adjusted EBITDA for the third quarter of 2013 was $176 million, a 14% increase compared with the third quarter of 2012. Excluding the impact of the Shell Vacations Club acquisition, adjusted EBITDA increased 8%, primarily due to the revenue increases and a lower loan loss provision.

Other Items

 

    The Company repurchased 2.7 million shares of common stock for $160 million during the third quarter of 2013. From October 1 through October 22, 2013, the Company repurchased an additional 0.8 million shares for $50 million. The Company’s remaining share repurchase authorization totals $732 million as of October 22, 2013.

 

    Net interest expense in the third quarter of 2013 was $29 million, compared with $30 million in the third quarter of 2012, as lower rates associated with recent financings offset higher debt levels.

Balance Sheet Information as of September 30, 2013:

 

    Cash and cash equivalents of $269 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 September 30, 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 2013, the Company expects:

 

    Revenues of approximately $4.925 — $5.100 billion

 

    Adjusted EBITDA of approximately $1.140 — $1.165 billion

 

    Adjusted EPS of approximately $3.78 — $3.80 based on a diluted share count of 135 million, from $3.66 — $3.76 based on a diluted share count of 136 million

The Company’s preliminary guidance for the full-year 2014 is as follows:

 

    Revenues of approximately $5.250 — $5.350 billion

 

    Adjusted EBITDA of approximately $1.215 — $1.240 billion

 

    Adjusted EPS of approximately $4.12 — $4.22 based on a diluted share count of 133 million.

Conference Call Information

Wyndham Worldwide Corporation will hold a conference call with investors to discuss this news on Wednesday, October 23, 2013 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 October 23, 2013. 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 23, 2013, at 866-454-2130.

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 over 7,440 franchised hotels and over 638,300 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 106,000 vacation properties in 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 190 vacation ownership resorts serving approximately 915,000 owners throughout the United States, Canada, Mexico, the Caribbean, and the South Pacific. Based in Parsippany, NJ, Wyndham Worldwide employs approximately 32,500 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 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


Table 1

(1 of 2)

Wyndham Worldwide Corporation

OPERATING RESULTS OF REPORTABLE SEGMENTS

(In millions)

In addition to other measures, management evaluates the operating results of each of its reportable segments based upon net revenues and “EBITDA”, which is defined as net income before depreciation and amortization, interest expense (excluding consumer financing interest), early extinguishment of debt, interest income (excluding consumer financing interest) and income taxes, each of which is presented on the Company’s Consolidated Statements of Income. The Company believes that EBITDA is a useful measure of performance for the Company’s 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 Attributable to Wyndham shareholders for the three months ended September 30, 2013 and 2012:

 

     Three Months Ended September 30,  
     2013     2012  
     Net Revenues     EBITDA     Net Revenues     EBITDA  

Lodging

   $ 297      $ 95      $ 249      $ 86   

Vacation Exchange and Rentals

     470        141        420        123   

Vacation Ownership

     677        176        608        154  (c) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Reportable Segments

     1,444        412        1,277        363   

Corporate and Other (a)

     (17     (33 ) (b)      (12     (30 ) (b) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Company

   $ 1,427      $ 379      $ 1,265      $ 333   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of EBITDA to Net Income Attributable to Wyndham shareholders

 

  

           Three Months Ended September 30,  
           2013           2012  

EBITDA

     $ 379        $ 333   

Depreciation and amortization

       54          45   

Interest expense

       31          32   

Early extinguishment of debt

       —            2  (d) 

Interest income

       (2       (2
    

 

 

     

 

 

 

Income before income taxes

       296          256   

Provision for income taxes

       109          97   
    

 

 

     

 

 

 

Net income attributable to Wyndham shareholders

     $ 187        $ 159   
    

 

 

     

 

 

 

 

(a)  Includes the elimination of transactions between segments.
(b)  Includes $1 million of a net benefit and $1 million of a net expense during the three months ended September 30, 2013 and 2012, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(c)  Includes $1 million of costs incurred in connection with the Company’s acquisition of Shell Vacations during September 2012.
(d)  Represents costs incurred for the early repurchase of a portion of the Company’s 9.875% and 6.00% senior unsecured notes.

The following tables summarize net revenues and Adjusted EBITDA for reportable segments for the three months ended September 30, 2013 and 2012 (for a description of adjustments by segment, see Table 7):

 

     Three Months Ended September 30,  
     2013     2012  
     Net Revenues     Adjusted
EBITDA
    Net Revenues     Adjusted
EBITDA
 

Lodging

   $ 297      $ 95      $ 249      $ 86   

Vacation Exchange and Rentals

     470        141        420        123   

Vacation Ownership

     677        176        608        155   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Reportable Segments

     1,444        412        1,277        364   

Corporate and Other

     (17     (34     (12     (29
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Company

   $ 1,427      $ 378      $ 1,265      $ 335   
  

 

 

   

 

 

   

 

 

   

 

 

 


Table 1

(2 of 2)

Wyndham Worldwide Corporation

OPERATING RESULTS OF REPORTABLE SEGMENTS

(In millions)

The following tables summarize net revenues and EBITDA for reportable segments, as well as reconcile EBITDA to Net Income Attributable to Wyndham shareholders for the nine months ended September 30, 2013 and 2012:

 

     Nine Months Ended September 30,  
     2013     2012  
     Net Revenues     EBITDA     Net Revenues     EBITDA  

Lodging

   $ 782      $ 232      $ 667      $ 210  (e) 

Vacation Exchange and Rentals

     1,220        320        1,129        300  (f) 

Vacation Ownership

     1,856        447  (b)      1,679        407  (g) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Reportable Segments

     3,858        999        3,475        917   

Corporate and Other (a)

     (44     (89 ) (c)      (35     (76 ) (c) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Company

   $ 3,814      $ 910      $ 3,440      $ 841   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation of EBITDA to Net Income Attributable to Wyndham shareholders

 

  

           Nine Months Ended September 30,  
           2013           2012  

EBITDA

     $ 910        $ 841   

Depreciation and amortization

       160          136   

Interest expense

       97          98   

Early extinguishment of debt

       111  (d)        108  (h) 

Interest income

       (6       (7
    

 

 

     

 

 

 

Income before income taxes

       548          506   

Provision for income taxes

       201          187   
    

 

 

     

 

 

 

Net income

       347          319   

Net (income)/loss attributable to noncontrolling interest

       (1       1   
    

 

 

     

 

 

 

Net income attributable to Wyndham shareholders

     $ 346        $ 320   
    

 

 

     

 

 

 

 

(a)  Includes the elimination of transactions between segments.
(b)  Includes $2 million of costs incurred in connection with the acquisition of a WAAM 2.0 property (January 2013).
(c)  Includes $1 million of a net expense and $3 million of a net benefit during the nine months ended September 30, 2013 and 2012, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(d)  Represents costs incurred for the early repurchase of a portion of the Company’s 7.375%, 5.75% and 6.00% senior unsecured notes and the remaining portion of its 9.875% senior unsecured notes.
(e)  Includes a $1 million benefit from the recovery of a previously recorded impairment charge.
(f)  Includes a $2 million benefit related to the reversal of an allowance associated with a previously divested asset.
(g)  Includes $1 million of costs incurred in connection with the Company’s acquisition of Shell Vacations during September 2012.
(h)  Represents costs incurred for the early repurchase of a portion of the Company’s 9.875% and 6.00% senior unsecured notes.

The following tables summarize net revenues and Adjusted EBITDA for reportable segments for the nine months ended September 30, 2013 and 2012 (for a description of adjustments by segment, see Table 7):

 

     Nine Months Ended September 30,  
     2013     2012  
     Net Revenues     Adjusted
EBITDA
    Net Revenues     Adjusted
EBITDA
 

Lodging

   $ 782      $ 232      $ 667      $ 209   

Vacation Exchange and Rentals

     1,220        320        1,129        298   

Vacation Ownership

     1,856        449        1,679        408   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Reportable Segments

     3,858        1,001        3,475        915   

Corporate and Other

     (44     (88     (35     (79
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Company

   $ 3,814      $ 913      $ 3,440      $ 836   
  

 

 

   

 

 

   

 

 

   

 

 

 


Table 2

Wyndham Worldwide Corporation

CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2013     2012     2013     2012  

Net revenues

        

Service and membership fees

   $ 680      $ 566      $ 1,833      $ 1,558   

Vacation ownership interest sales

     384        373        995        987   

Franchise fees

     186        168        460        449   

Consumer financing

     107        106        318        311   

Other

     70        52        208        135   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net revenues

     1,427        1,265        3,814        3,440   
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses

        

Operating

     589        495  (b)      1,645  (d)      1,389  (b) 

Cost of vacation ownership interests

     43        45        107        115   

Consumer financing interest

     19        23        60        69   

Marketing and reservation

     213        197        570        554   

General and administrative (a)

     186        172        528        481   

Depreciation and amortization

     54        45        160        136   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     1,104        977        3,070        2,744   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     323        288        744        696   

Other income, net

     (2            (6     (9 ) (f) 

Interest expense

     31        32        97        98   

Early extinguishment of debt

            2  (c)      111  (e)      108  (c) 

Interest income

     (2     (2     (6     (7
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     296        256        548        506   

Provision for income taxes

     109        97        201        187   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     187        159        347        319   

Net (income)/loss attributable to noncontrolling interest

                   (1     1   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Wyndham shareholders

   $ 187      $ 159      $ 346      $ 320   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share

        

Basic

   $ 1.42      $ 1.13      $ 2.58      $ 2.20   

Diluted

     1.40        1.11        2.55        2.16   

Weighted average shares outstanding

        

Basic

     131        141        134        145   

Diluted

     133        144        136        148   

 

(a)  Includes $1 million of a net benefit and $1 million of a net expense during the three months ended September 30, 2013 and 2012, respectively, and $1 million of a net expense and $3 million of a net benefit during the nine months ended September 30, 2013 and 2012, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(b)  Includes $1 million of costs incurred in connection with the Company’s acquisition of Shell Vacations during September 2012.
(c)  Represents costs incurred for the early repurchase of a portion of the Company’s 9.875% and 6.00% senior unsecured notes.
(d)  Includes $2 million of costs incurred in connection with the acquisition of a WAAM 2.0 property (January 2013).
(e)  Represents costs incurred for the early repurchase of a portion of the Company’s 7.375%, 5.75% and 6.00% senior unsecured notes and the remaining portion of its 9.875% senior unsecured notes.
(f)  Includes a $2 million benefit related to the reversal of an allowance associated with a previously divested asset at the Company’s vacation exchange and rentals business and a $1 million benefit from the recovery of a previously recorded impairment charge at the Company’s lodging business.


Table 3

(1 of 3)

Wyndham Worldwide Corporation

OPERATING STATISTICS

The following operating statistics are the drivers of our revenues and therefore provide an enhanced understanding of our businesses:

 

    Year     Q1     Q2     Q3     Q4     Full Year  

Lodging (a)

           

Number of Rooms

    2013        631,800        635,100        638,300        N/A        N/A   
    2012        609,300        608,300        618,100        627,400        N/A   
    2011        609,600        612,900        611,200        613,100        N/A   
    2010        593,300        606,800        605,700        612,700        N/A   

RevPAR

    2013      $ 31.05      $ 38.00      $ 41.78        N/A        N/A   
    2012      $ 29.73      $ 37.23      $ 40.39      $ 31.86      $ 34.80   
    2011      $ 27.71      $ 35.38      $ 39.49      $ 30.65      $ 33.34   
    2010      $ 25.81      $ 32.25      $ 37.14      $ 29.18      $ 31.14   

Vacation Exchange and Rentals

           

Average Number of Members (in 000s)

    2013        3,668        3,686        3,711        N/A        N/A   
    2012        3,684        3,670        3,672        3,670        3,674   
    2011        3,766        3,755        3,744        3,734        3,750   
    2010        3,746        3,741        3,766        3,759        3,753   

Exchange Revenue Per Member

    2013      $ 210.96      $ 182.42      $ 169.95        N/A        N/A   
    2012      $ 204.56      $ 177.07      $ 171.14      $ 165.86      $ 179.68   
    2011      $ 205.64      $ 178.46      $ 172.38      $ 161.68      $ 179.59   
    2010      $ 201.93      $ 172.20      $ 173.44      $ 162.59      $ 177.53   

Vacation Rental Transactions (in 000s) (b)

    2013        423        355        433        N/A        N/A   
    2012        418        325        390        259        1,392   
    2011        398        328        370        250        1,347   
    2010        291        297        322        253        1,163   

Average Net Price Per Vacation Rental (b)

    2013      $ 392.64      $ 540.38      $ 677.81        N/A        N/A   
    2012      $ 379.40      $ 524.40      $ 635.44      $ 484.69      $ 504.55   
    2011      $ 377.71      $ 549.09      $ 701.81      $ 497.04      $ 530.78   
    2010      $ 361.17      $ 387.01      $ 500.31      $ 449.12      $ 425.38   

Vacation Ownership (c)

           

Gross Vacation Ownership Interest (VOI) Sales (in 000s) (d)

    2013      $ 384,000      $ 481,000      $ 536,000        N/A        N/A   
    2012      $ 384,000      $ 460,000      $ 502,000      $ 435,000      $ 1,781,000   
    2011      $ 319,000      $ 412,000      $ 455,000      $ 409,000      $ 1,595,000   
    2010      $ 308,000      $ 371,000      $ 412,000      $ 373,000      $ 1,464,000   

Tours (e)

    2013        163,000        206,000        225,000        N/A        N/A   
    2012        148,000        186,000        207,000        183,000        724,000   
    2011        137,000        177,000        197,000        173,000        685,000   
    2010        123,000        163,000        187,000        160,000        634,000   

Volume Per Guest (VPG) (e)

    2013      $ 2,211      $ 2,256      $ 2,278        N/A        N/A   
    2012      $ 2,414      $ 2,361      $ 2,315      $ 2,225      $ 2,324   
    2011      $ 2,192      $ 2,227      $ 2,197      $ 2,296      $ 2,229   
    2010      $ 2,334      $ 2,156      $ 2,081      $ 2,214      $ 2,183   

 

Note: Full year amounts may not add across due to rounding.

 

(a)  Includes the impact of the acquisition of the Tryp hotel brand (June 2010) from the acquisition date 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), James Villa Holidays (November 2010), Smoky Mountain Property Management Group (August 2012), Oceana Resorts (December 2012) and four other acquisitions (Q3 2011, Q4 2012 and Q1 2013) from their acquisition dates forward. Therefore, the operating statistics are not presented on a comparable basis.
(c)  Includes the impact of the acquisition of Shell Vacations (September 2012) from the acquisition date forward. Therefore, the operating statistics are not presented on a comparable basis.
(d)  Includes gross VOI sales under the Company’s Wyndham Asset Affiliate Model (WAAM) 2.0 beginning in the second quarter of 2012 (see Table 9 for a reconciliation of gross VOI sales to vacation ownership interest sales).
(e)  Includes the impact of WAAM 2.0 related tours beginning in the second quarter of 2012.


Table 3

(2 of 3)

Wyndham Worldwide Corporation

ADDITIONAL DATA

 

    Year     Q1     Q2     Q3     Q4     Full Year  

Lodging (a)

           

Number of Properties

    2013        7,380        7,410        7,440        N/A        N/A   
    2012        7,150        7,170        7,260        7,340        N/A   
    2011        7,190        7,220        7,190        7,210        N/A   
    2010        7,090        7,160        7,150        7,210        N/A   

Vacation Ownership

           

Provision for Loan Losses (in 000s) (b)

    2013      $ 84,000      $ 90,000      $ 102,000        N/A        N/A   
    2012      $ 96,000      $ 100,000      $ 124,000      $ 89,000      $ 409,000   
    2011      $ 79,000      $ 80,000      $ 96,000      $ 83,000      $ 339,000   
    2010      $ 86,000      $ 87,000      $ 85,000      $ 82,000      $ 340,000   

Sales under WAAM 1.0 (in 000s) (c)

    2013      $ 36,000      $ 44,000      $ 51,000        N/A        N/A   
    2012      $ 17,000      $ 18,000      $ 5,000      $ 10,000      $ 49,000   
    2011      $ 18,000      $ 19,000      $ 38,000      $ 31,000      $ 106,000   
    2010      $ 5,000      $ 13,000      $ 20,000      $ 14,000      $ 51,000   

WAAM 1.0 Commission Revenues (in 000s)

    2013      $ 24,000      $ 30,000      $ 33,000        N/A        N/A   
    2012      $ 12,000      $ 11,000      $ 4,000      $ 6,000      $ 33,000   
    2011      $ 10,000      $ 11,000      $ 23,000      $ 21,000      $ 65,000   
    2010      $ 3,000      $ 8,000      $ 12,000      $ 9,000      $ 31,000   

Sales under WAAM 2.0 (in 000s) (d)

    2013      $ 13,000      $ 1,000      $ —          N/A        N/A   
    2012      $ —        $ 12,000      $ 57,000      $ 30,000      $ 99,000   

 

Note: Full year amounts may not add across due to rounding.

 

(a)  Includes the impact of the acquisition of Tryp hotel brand (June 2010) from the acquisition date forward. Therefore, the operating statistics are not presented on a comparable basis.
(b)  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.
(c)  Represents gross VOI sales under the Company’s WAAM 1.0 for which the Company earns commission revenue (WAAM 1.0 Commission Revenues). The commission revenue earned on these sales is included in service fees and membership revenues on the Consolidated Statements of Income.
(d)  Represents gross VOI sales under the Company’s WAAM 2.0 which enables the Company to acquire and own completed timeshare units close to the timing of the sales of such units. This significantly reduces the period between the deployment of capital to acquire inventory and the subsequent return on investment which occurs at the time of its sale to a timeshare purchaser. The Company implemented this sales model during the second quarter of 2012 and as such, there is no historical data prior to 2012.


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, or company owned, (ii) properties under affiliation agreements for which we receive a fee for reservation and/or other services provided and (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 paid annual membership dues as of the end of the period or within the allowed grace period. 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 services and products.

Exchange Revenue Per Member: Represents total annualized revenues generated from fees associated with memberships, exchange transactions, member-related rentals and other servicing for the period divided by the average number of vacation exchange members during the period.

Vacation Rental Transactions: Represents the number of transactions that are generated during the period in connection with customers booking their vacation rental stays through us. One rental transaction is recorded for each standard one-week rental.

Average Net Price Per Vacation Rental: Represents the net rental price generated from renting vacation properties to customers and other related rental servicing fees during the period divided by the number of vacation rental transactions during the period.

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.

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 2010-2013.

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)

 

    2013     2012  
    Q1     Q2     Q3     Q4     Year     Q1     Q2     Q3     Q4     Year  

Lodging

                   

Royalties and Franchise Fees

  $ 64      $ 79      $ 91        N/A        N/A      $ 62      $ 80      $ 88      $ 71      $ 301   

Marketing, Reservation and Wyndham Rewards Revenues (a)

    73        92        118        N/A        N/A        68        99        98        80        345   

Hotel Management Reimbursable Revenues (b)

    25        38        37        N/A        N/A        21        22        25        23        91   

Inter-segment Trademark Fees

    8        10        11        N/A        N/A        8        9        9        8        34   

Owned Hotel Revenues

    26        20        18        N/A        N/A        8        8        7        18        41   

Ancillary Revenues (c)

    26        23        22        N/A        N/A        18        15        22        23        78   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Lodging

    222        262        297        N/A        N/A        185        233        249        223        890   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Vacation Exchange and Rentals

                   

Exchange Revenues

    193        168        158        N/A        N/A        188        162        157        153        660   

Rental Revenues

    166        192        293        N/A        N/A        159        170        248        125        702   

Ancillary Revenues (d)

    15        16        19        N/A        N/A        14        16        15        15        60   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Vacation Exchange and Rentals

    374        376        470        N/A        N/A        361        348        420        293        1,422   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Vacation Ownership

                   

Vacation Ownership Interest Sales

    263        347        384        N/A        N/A        271        342        373        337        1,323   

Consumer Financing

    105        106        107        N/A        N/A        103        102        106        110        421   

Property Management Fees

    146        141        143        N/A        N/A        110        108        117        125        460   

WAAM 1.0 Commissions

    24        30        33        N/A        N/A        12        11        4        6        33   

Ancillary Revenues (e)

    11        6        10        N/A        N/A        5        7        8        12        32   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Vacation Ownership

    549        630        677        N/A        N/A        501        570        608        590        2,269   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Reportable Segments

  $ 1,145      $ 1,268      $ 1,444        N/A        N/A      $ 1,047      $ 1,151      $ 1,277      $ 1,106      $ 4,581   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    2011     2010  
    Q1     Q2     Q3     Q4     Year     Q1     Q2     Q3     Q4     Year  

Lodging

                   

Royalties and Franchise Fees

  $ 58      $ 75      $ 85      $ 66      $ 284      $ 52      $ 69      $ 82      $ 62      $ 265   

Marketing, Reservation and Wyndham Rewards Revenues (a)

    54        75        94        76        299        50        65        76        60        251   

Hotel Management Reimbursable Revenues (b)

    19        19        21        20        79        21        20        18        18        77   

Inter-segment Trademark Fees (f)

    1        2        3        4        10        —          —          —          —          —     

Owned Hotel Revenues

    —          —          —          5        5        —          —          —          —          —     

Ancillary Revenues (c)

    17        19        19        17        72        21        24        27        23        95   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Lodging

    149        190        222        188        749        144        178        203        163        688   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Vacation Exchange and Rentals

                   

Exchange Revenues

    194        168        161        150        673        189        161        163        153        666   

Rental Revenues

    150        180        260        125        715        105        115        161        114        495   

Ancillary Revenues (d)

    12        13        15        16        56        6        5        6        15        32   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Vacation Exchange and Rentals

    356        361        436        291        1,444        300        281        330        282        1,193   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Vacation Ownership

                   

Vacation Ownership Interest Sales

    222        313        320        295        1,150        217        271        308        276        1,072   

Consumer Financing

    102        103        105        105        415        105        106        107        107        425   

Property Management Fees

    110        108        105        101        424        100        100        104        101        405   

WAAM 1.0 Commissions

    10        11        23        21        65        3        8        12        8        31   

Ancillary Revenues (e)

    6        6        6        5        23        19        20        2        5        46   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Vacation Ownership

    450        541        559        527        2,077        444        505        533        497        1,979   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Reportable Segments

  $ 955      $ 1,092      $ 1,217      $ 1,006      $ 4,270      $ 888      $ 964      $ 1,066      $ 942      $ 3,860   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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. During Q2 and Q3 2013, $1 million and $3 million, respectively, of reimbursable revenues, which eliminate in consolidation, were charged to our vacation ownership business.
(c)  Primarily includes additional services provided to franchisees.
(d)  Primarily includes fees generated from programs with affiliated resorts and homeowners.
(e)  Primarily includes revenues associated with bonus points/credits that are provided as purchase incentives on VOI sales and fees generated from other non-core operations.
(f)  During 2011, $3 million, $1 million and $2 million of inter-segment trademark fees were recorded as a reduction of expenses in Q1, Q2 and Q3, respectively. As such, total inter-segment trademark fees for 2011 were $16 million.


Table 5

Wyndham Worldwide Corporation

SCHEDULE OF DEBT

(In millions)

 

     September 30,
2013
     June 30,
2013
     March 31,
2013
     December 31,
2012
     September 30,
2012
 

Securitized vacation ownership debt (a)

              

Term notes

   $ 1,615       $ 1,569       $ 1,869       $ 1,770       $ 1,702   

Bank conduit facility (b)

     273         289         125         190         220   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Securitized vacation ownership debt (c)

     1,888         1,858         1,994         1,960         1,922   

Less: Current portion of securitized vacation ownership debt

     186         217         228         218         206   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Long-term securitized vacation ownership debt

   $ 1,702       $ 1,641       $ 1,766       $ 1,742       $ 1,716   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Debt:

              

Revolving credit facility (due July 2018) (d)

   $ 74       $ 41       $ 34       $ 85       $ 270   

Commercial paper (e)

     164         168         202         273         —     

9.875% senior unsecured notes (due May 2014) (f)

     —           —           —           42         42   

6.00% senior unsecured notes (due December 2016)

     318         319         319         361         361   

2.95% senior unsecured notes (due March 2017)

     298         298         298         298         298   

5.75% senior unsecured notes (due February 2018)

     14         14         14         248         248   

2.50% senior unsecured notes (due March 2018)

     447         447         447         —           —     

7.375% senior unsecured notes (due March 2020)

     40         40         40         248         248   

5.625% senior unsecured notes (due March 2021)

     246         246         246         246         246   

4.25% senior unsecured notes (due March 2022)

     644         644         644         644         644   

3.90% senior unsecured notes (due March 2023)

     396         397         397         —           —     

Capital leases

     185         184         187         105         104   

Other

     117         133         133         52         68   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total debt

     2,943         2,931         2,961         2,602         2,529   

Less: Current portion of debt

     55         52         254         326         64   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Long-term debt

   $ 2,888       $ 2,879       $ 2,707       $ 2,276       $ 2,465   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)  The Company’s vacation ownership contract receivables are securitized through bankruptcy-remote special purpose entities (“SPE”) that are consolidated within our financial statements. These bankruptcy-remote SPEs are legally separate from the Company. The receivables held by the bankruptcy-remote SPEs are not available to the Company’s creditors and legally are not the Company’s assets. Additionally, the creditors of these SPEs have no recourse to the Company for principal and interest.
(b)  Represents a non-recourse vacation ownership bank conduit facility with a term through August 2015 and borrowing capacity of $650 million. As of September 30, 2013, this facility had a remaining borrowing capacity of $377 million.
(c)  This debt is collateralized by $2,306 million, $2,414 million, $2,512 million, $2,543 million and $2,517 million of underlying vacation ownership contract receivables and related assets as of September 30, 2013, June 30, 2013, March 31, 2013, December 31, 2012 and September 30, 2012, respectively.
(d)  Represents a $1.5 billion revolving credit facility that expires on July 15, 2018. As of September 30, 2013, the Company had $9 million of outstanding letters of credit and a remaining borrowing capacity of $1.4 billion. After considering outstanding commercial paper borrowings of $164 million, the remaining borrowing capacity was $1.3 billion as of September 30, 2013.
(e)  Represents a $750 million commercial paper program which the Company commenced in October 2012. As of September 30, 2013, the program had a remaining borrowing capacity of $586 million.
(f)  Represents senior unsecured notes issued by the Company during May 2009 and repaid by the Company during March 2013.


Table 6

(1 of 2)

Wyndham Worldwide Corporation

BRAND SYSTEM DETAILS

 

     As of and For the Three Months Ended September 30, 2013

Brand

   Number of Properties    Number of Rooms    Average
Occupancy Rate
  Average Daily
Rate (ADR)
   Average Revenue
Per Available
Room (RevPAR)

Lodging

                       

Wyndham Hotels and Resorts

       144          33,748          60.3 %     $ 116.22        $ 70.08  

TRYP by Wyndham

       108          15,218          66.2 %     $ 94.58        $ 62.61  

Wingate by Wyndham

       158          14,491          65.6 %     $ 86.69        $ 56.88  

Hawthorn Suites by Wyndham

       91          9,126          64.7 %     $ 73.12        $ 47.31  

Ramada

       829          113,815          58.0 %     $ 80.70        $ 46.81  

Baymont

       323          26,636          57.9 %     $ 65.65        $ 38.00  

Days Inn

       1,828          147,891          56.4 %     $ 67.76        $ 38.25  

Super 8

       2,382          152,534          64.0 %     $ 56.34        $ 36.06  

Howard Johnson

       445          45,199          53.7 %     $ 64.43        $ 34.57  

Travelodge

       439          32,773          58.2 %     $ 73.66        $ 42.87  

Microtel Inns & Suites by Wyndham

       309          22,085          63.7 %     $ 67.61        $ 43.08  

Knights Inn

       377          23,174          47.1 %     $ 49.32        $ 23.21  

Dream

       5          990          75.3 %     $ 226.39        $ 170.40  

Night

       3          630          69.8 %     $ 143.58        $ 100.16  
    

 

 

      

 

 

               

Total Lodging

       7,441          638,310          59.2 %     $ 70.59        $ 41.78  

Vacation Ownership

                       

Wyndham Vacation Ownership resorts

       191          23,440          N/A         N/A          N/A  
    

 

 

      

 

 

               

Total Wyndham Worldwide

       7,632          661,750                
    

 

 

      

 

 

               
     As of and For the Three Months Ended September 30, 2012

Brand

   Number of Properties    Number of Rooms    Average
Occupancy Rate
  Average Daily
Rate (ADR)
   Average Revenue
Per Available
Room (RevPAR)

Lodging

                       

Wyndham Hotels and Resorts

       109          27,473          61.8 %     $ 107.95        $ 66.69  

TRYP by Wyndham

       90          12,955          68.0 %     $ 94.63        $ 64.38  

Wingate by Wyndham

       163          14,981          65.5 %     $ 85.56        $ 56.00  

Hawthorn Suites by Wyndham

       94          9,272          65.6 %     $ 73.49        $ 48.24  

Ramada

       843          114,227          57.1 %     $ 80.14        $ 45.72  

Baymont

       257          21,642          57.2 %     $ 66.12        $ 37.79  

Days Inn

       1,832          147,224          55.3 %     $ 66.81        $ 36.91  

Super 8

       2,312          147,054          62.6 %     $ 56.59        $ 35.44  

Howard Johnson

       445          45,072          52.4 %     $ 65.91        $ 34.55  

Travelodge

       438          32,225          56.5 %     $ 72.92        $ 41.17  

Microtel Inns & Suites by Wyndham

       309          22,085          61.1 %     $ 65.51        $ 40.06  

Knights Inn

       358          22,468          45.7 %     $ 46.47        $ 21.22  

Dream

       5          990          71.1 %     $ 210.71        $ 149.86  

Night

       2          422          43.4 %     $ 111.74        $ 48.49  
    

 

 

      

 

 

               

Total Lodging

       7,257          618,090          58.1 %     $ 69.53        $ 40.39  

Vacation Ownership

                       

Wyndham Vacation Ownership resorts

       184          23,152          N/A         N/A          N/A  
    

 

 

      

 

 

               

Total Wyndham Worldwide

       7,441          641,242                
    

 

 

      

 

 

               

 

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 6

(2 of 2)

Wyndham Worldwide Corporation

BRAND SYSTEM DETAILS

 

     As of and For the Nine Months Ended September 30, 2013

Brand

   Number of Properties    Number of Rooms    Average
Occupancy Rate
  Average Daily
Rate (ADR)
   Average Revenue
Per Available
Room (RevPAR)

Lodging

                       

Wyndham Hotels and Resorts

       144          33,748          60.2 %     $ 116.07        $ 69.90  

TRYP by Wyndham

       108          15,218          61.7 %     $ 95.72        $ 59.05  

Wingate by Wyndham

       158          14,491          62.6 %     $ 85.63        $ 53.56  

Hawthorn Suites by Wyndham

       91          9,126          63.7 %     $ 72.10        $ 45.90  

Ramada

       829          113,815          53.7 %     $ 79.99        $ 42.96  

Baymont

       323          26,636          53.1 %     $ 63.44        $ 33.70  

Days Inn

       1,828          147,891          50.4 %     $ 64.97        $ 32.73  

Super 8

       2,382          152,534          57.7 %     $ 53.25        $ 30.71  

Howard Johnson

       445          45,199          48.3 %     $ 62.76        $ 30.32  

Travelodge

       439          32,773          51.3 %     $ 68.24        $ 35.01  

Microtel Inns & Suites by Wyndham

       309          22,085          58.9 %     $ 64.70        $ 38.12  

Knights Inn

       377          23,174          42.7 %     $ 45.56        $ 19.44  

Dream

       5          990          70.8 %     $ 222.79        $ 157.74  

Night

       3          630          62.0 %     $ 145.14        $ 89.99  
    

 

 

      

 

 

               

Total Lodging

       7,441          638,310          54.0 %     $ 68.56        $ 37.00  

Vacation Ownership

                       

Wyndham Vacation Ownership resorts

       191          23,440          N/A         N/A          N/A  
    

 

 

      

 

 

               

Total Wyndham Worldwide

       7,632          661,750                
    

 

 

      

 

 

               
     As of and For the Nine Months Ended September 30, 2012

Brand

   Number of Properties    Number of Rooms    Average
Occupancy Rate
  Average Daily
Rate (ADR)
   Average Revenue
Per Available
Room (RevPAR)

Lodging

                       

Wyndham Hotels and Resorts

       109          27,473          60.2 %     $ 110.12        $ 66.34  

TRYP by Wyndham

       90          12,955          62.0 %     $ 97.75        $ 60.63  

Wingate by Wyndham

       163          14,981          62.9 %     $ 83.64        $ 52.64  

Hawthorn Suites by Wyndham

       94          9,272          63.6 %     $ 74.38        $ 47.30  

Ramada

       843          114,227          53.4 %     $ 78.57        $ 41.96  

Baymont

       257          21,642          52.3 %     $ 63.86        $ 33.42  

Days Inn

       1,832          147,224          49.7 %     $ 63.57        $ 31.60  

Super 8

       2,312          147,054          56.0 %     $ 53.72        $ 30.06  

Howard Johnson

       445          45,072          48.7 %     $ 62.61        $ 30.49  

Travelodge

       438          32,225          49.9 %     $ 67.37        $ 33.63  

Microtel Inns & Suites by Wyndham

       309          22,085          56.1 %     $ 62.35        $ 34.97  

Knights Inn

       358          22,468          41.6 %     $ 43.54        $ 18.11  

Dream

       5          990          73.1 %     $ 208.71        $ 152.63  

Night

       2          422          64.1 %     $ 173.99        $ 111.49  
    

 

 

      

 

 

               

Total Lodging

       7,257          618,090          53.1 %     $ 67.46        $ 35.80  

Vacation Ownership

                       

Wyndham Vacation Ownership resorts

       184          23,152          N/A         N/A          N/A  
    

 

 

      

 

 

               

Total Wyndham Worldwide

       7,441          641,242                
    

 

 

      

 

 

               

 

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 Corporation

NON-GAAP RECONCILIATION

(In millions)

 

Three months ended March 31, 2013    Net Revenues    

Reported

EBITDA

   

Legacy

Adjustments (b)

   

Acquisition

Costs (c)

     Adjusted
EBITDA
 
  

 

 

   

 

 

 

Lodging

   $ 222      $ 58      $ —        $ —         $ 58   

Vacation Exchange and Rentals

     374        94        —          —           94   

Vacation Ownership

     549        111        —          2         113   
  

 

 

   

 

 

 

Total Reportable Segments

     1,145        263        —          2         265   

Corporate and Other (a)

     (12     (29     —          —           (29
  

 

 

   

 

 

 

Total Company

   $ 1,133      $ 234      $ —        $ 2       $ 236   
  

 

 

   

 

 

 

Three months ended June 30, 2013

           

Lodging

   $ 262      $ 78      $ —        $ —         $ 78   

Vacation Exchange and Rentals

     376        85        —          —           85   

Vacation Ownership

     630        161        —          —           161   
  

 

 

   

 

 

 

Total Reportable Segments

     1,268        324        —          —           324   

Corporate and Other (a)

     (15     (27     —          —           (27
  

 

 

   

 

 

 

Total Company

   $ 1,253      $ 297      $ —        $ —         $ 297   
  

 

 

   

 

 

 

Three months ended September 30, 2013

           

Lodging

   $ 297      $ 95      $ —        $ —         $ 95   

Vacation Exchange and Rentals

     470        141        —          —           141   

Vacation Ownership

     677        176        —          —           176   
  

 

 

   

 

 

 

Total Reportable Segments

     1,444        412        —          —           412   

Corporate and Other (a)

     (17     (33     (1     —           (34
  

 

 

   

 

 

 

Total Company

   $ 1,427      $ 379      $ (1   $ —         $ 378   
  

 

 

   

 

 

 

 

Note: Adjusted EBITDA for the quarters may not add to year-to-date Adjusted EBITDA due to rounding.

 

(a)  Includes the elimination of transactions between segments.
(b)  Relates to a net benefit from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(c)  Relates to costs incurred in connection with the acquisition of a WAAM 2.0 property (January 2013).


Table 7

(2 of 2)

Wyndham Worldwide Corporation

NON-GAAP RECONCILIATION

(In millions)

 

   

Net

Revenues

   

Reported

EBITDA

   

Legacy

Adjustments (b)

    Impairment
Recovery (c)
   

Allowance

Reversal (d)

    Acquisition
Costs (e)
   

Asset

Impairment (f)

   

Restructuring

Costs (g)

   

Adjusted

EBITDA

 
 

 

 

   

 

 

 

Three months ended March 31, 2012

                 

Lodging

  $ 185      $ 49      $ —        $ —        $ —        $ —        $ —        $ —        $ 49   

Vacation Exchange and Rentals

    361        95        —          —          (2     —          —          —          93   

Vacation Ownership

    501        103        —          —          —          —          —          —          103   
 

 

 

   

 

 

 

Total Reportable Segments

    1,047        247        —          —          (2     —          —          —          245   

Corporate and Other (a)

    (11     (21     (4     —          —          —          —          —          (25
 

 

 

   

 

 

 

Total Company

  $ 1,036      $ 226      $ (4   $ —        $ (2   $ —        $ —        $ —        $ 220   
 

 

 

   

 

 

 

Three months ended June 30, 2012

                 

Lodging

  $ 233      $ 75      $ —        $ (1   $ —        $ —        $ —        $ —        $ 74   

Vacation Exchange and Rentals

    348        82        —          —          —          —          —          —          82   

Vacation Ownership

    570        150        —          —          —          —          —          —          150   
 

 

 

   

 

 

 

Total Reportable Segments

    1,151        307        —          (1     —          —          —          —          306   

Corporate and Other (a)

    (12     (25     —          —          —          —          —          —          (25
 

 

 

   

 

 

 

Total Company

  $ 1,139      $ 282      $ —        $ (1   $ —        $ —        $ —        $ —        $ 281   
 

 

 

   

 

 

 

Three months ended September 30, 2012

                 

Lodging

  $ 249      $ 86      $ —        $ —        $ —        $ —        $ —        $ —        $ 86   

Vacation Exchange and Rentals

    420        123        —          —          —          —          —          —          123   

Vacation Ownership

    608        154        —          —          —          1        —          —          155   
 

 

 

   

 

 

 

Total Reportable Segments

    1,277        363        —          —          —          1        —          —          364   

Corporate and Other (a)

    (12     (30     1        —          —          —          —          —          (29
 

 

 

   

 

 

 

Total Company

  $ 1,265      $ 333      $ 1      $ —        $ —        $ 1      $ —        $ —        $ 335   
 

 

 

   

 

 

 

Three months ended December 31, 2012

                 

Lodging

  $ 223      $ 62      $ —        $ —        $ —        $ —        $ —        $ —        $ 62   

Vacation Exchange and Rentals

    293        28        —          —          —          1        8        5        42   

Vacation Ownership

    590        142        —          —          —          —          —          2        144   
 

 

 

   

 

 

 

Total Reportable Segments

    1,106        232        —          —          —          1        8        7        248   

Corporate and Other (a)

    (12     (28     (2     —          —          —          —          —          (30
 

 

 

   

 

 

 

Total Company

  $ 1,094      $ 204      $ (2   $ —        $ —        $ 1      $ 8      $ 7      $ 218   
 

 

 

   

 

 

 

Twelve months ended December 31, 2012

                 

Lodging

  $ 890      $ 272      $ —        $ (1   $ —        $ —        $ —        $ —        $ 271   

Vacation Exchange and Rentals

    1,422        328        —          —          (2     1        8        5        340   

Vacation Ownership

    2,269        549        —          —          —          1        —          2        552   
 

 

 

   

 

 

 

Total Reportable Segments

    4,581        1,149        —          (1     (2     2        8        7        1,163   

Corporate and Other (a)

    (47     (104     (5     —          —          —          —          —          (109
 

 

 

   

 

 

 

Total Company

  $ 4,534      $ 1,045      $ (5   $ (1   $ (2   $ 2      $ 8      $ 7      $ 1,054   
 

 

 

   

 

 

 

 

(a)  Includes the elimination of transactions between segments.
(b)  Relates to the net expense/(benefit) from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(c)  Relates to the recovery of a previously recorded impairment charge.
(d)  Relates to a benefit from the reversal of an allowance associated with a previously divested asset.
(e)  Relates to costs incurred in connection with the Company’s acquisition of Shell Vacations Club (September 2012) and the acquisitions of several vacation rental businesses (December 2012).
(f)  Relates to a non-cash impairment charge for the write-down of the ResortQuest and Steamboat Resorts tradenames.
(g)  Relates to costs incurred as a result of organizational realignment initiatives commenced during 2012 at the Company’s vacation exchange and rentals business and restructuring associated with the Shell acquisition.


Table 8

(1 of 4)

Wyndham Worldwide Corporation

NON-GAAP FINANCIAL INFORMATION

(In millions, except per share data)

 

     Three Months Ended September 30, 2013  
     As Reported     Legacy
Adjustments
    As Adjusted
non-GAAP
 

Net revenues

      

Service and membership fees

   $ 680        $ 680   

Vacation ownership interest sales

     384          384   

Franchise fees

     186          186   

Consumer financing

     107          107   

Other

     70          70   
  

 

 

   

 

 

   

 

 

 

Net revenues

     1,427        —          1,427   
  

 

 

   

 

 

   

 

 

 

Expenses

      

Operating

     589          589   

Cost of vacation ownership interests

     43          43   

Consumer financing interest

     19          19   

Marketing and reservation

     213          213   

General and administrative

     186        1  (a)      187   

Depreciation and amortization

     54          54   
  

 

 

   

 

 

   

 

 

 

Total expenses

     1,104        1        1,105   
  

 

 

   

 

 

   

 

 

 

Operating income

     323        (1     322   

Other income, net

     (2       (2

Interest expense

     31          31   

Interest income

     (2       (2
  

 

 

   

 

 

   

 

 

 

Income before income taxes

     296        (1     295   

Provision for income taxes

     109        (1 ) (b)      108   
  

 

 

   

 

 

   

 

 

 

Net income attributable to Wyndham shareholders

   $ 187      $ —        $ 187   
  

 

 

   

 

 

   

 

 

 

Earnings per share

      

Basic

   $ 1.42      $ —        $ 1.42   

Diluted

     1.40        —          1.41   

Weighted average shares outstanding

      

Basic

     131        131        131   

Diluted

     133        133        133   

 

The above table reconciles certain non-GAAP financial measures. The presentation of these adjustments is intended to permit the comparison of particular adjustments as they appear in the line items of the income statement in order to assist investors’ understanding of the overall impact of such adjustments. This non-GAAP reconciliation table should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP.

Note: EPS amounts may not add due to rounding.

 

(a)  Relates to a net benefit from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(b)  Relates to a state tax accrual for legacy tax matters.


Table 8

(2 of 4)

Wyndham Worldwide Corporation

NON-GAAP FINANCIAL INFORMATION

(In millions, except per share data)

 

     Nine Months Ended September 30, 2013  
     As Reported     Legacy
Adjustments
    Acquisition
Costs (c)
    Early
Extinguishment
of Debt (e)
    As Adjusted
non-GAAP
 

Net revenues

          

Service and membership fees

   $ 1,833            $ 1,833   

Vacation ownership interest sales

     995              995   

Franchise fees

     460              460   

Consumer financing

     318              318   

Other

     208              208   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net revenues

     3,814        —          —          —          3,814   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses

          

Operating

     1,645          (2       1,643   

Cost of vacation ownership interests

     107              107   

Consumer financing interest

     60              60   

Marketing and reservation

     570              570   

General and administrative

     528        (1 ) (a)          527   

Depreciation and amortization

     160              160   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     3,070        (1     (2     —          3,067   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     744        1        2        —          747   

Other income, net

     (6           (6

Interest expense

     97              97   

Early extinguishment of debt

     111            (111     —     

Interest income

     (6           (6
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     548        1        2        111        662   

Provision for income taxes

     201        (2 ) (b)      1  (d)      42  (d)      242   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     347        3        1        69        420   

Net income attributable to noncontrolling interest

     (1     —          —          —          (1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Wyndham shareholders

   $ 346      $ 3      $ 1      $ 69      $ 419   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share

          

Basic

   $ 2.58      $ 0.02      $ 0.01      $ 0.51      $ 3.12   

Diluted

     2.55        0.02        0.01        0.50        3.09   

Weighted average shares outstanding

          

Basic

     134        134        134        134        134   

Diluted

     136        136        136        136        136   

 

The above table reconciles certain non-GAAP financial measures. The presentation of these adjustments is intended to permit the comparison of particular adjustments as they appear in the line items of the income statement in order to assist investors’ understanding of the overall impact of such adjustments. This non-GAAP reconciliation table should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP.

Note: EPS amounts may not add due to rounding.

 

(a)  Relates to a net expense from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(b)  Relates to a state tax accrual for legacy tax matters.
(c)  Relates to costs incurred in connection with the acquisition of a WAAM 2.0 property (January 2013).
(d)  Relates to the tax effect of the adjustment.
(e)  Represents costs incurred for the early repurchase of a portion of the Company’s 7.375%, 5.75% and 6.00% senior unsecured notes and the remaining portion of the 9.875% senior unsecured notes.


Table 8

(3 of 4)

Wyndham Worldwide Corporation

NON-GAAP FINANCIAL INFORMATION

(In millions, except per share data)

 

     Three Months Ended September 30, 2012  
     As Reported     Legacy
Adjustments (a)
    Acquisition
Costs (b)
    Early
Extinguishment
of Debt (c)
    As Adjusted
non-GAAP
 

Net revenues

          

Service fees and membership

   $ 566            $ 566   

Vacation ownership interest sales

     373              373   

Franchise fees

     168              168   

Consumer financing

     106              106   

Other

     52              52   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net revenues

     1,265        —          —          —          1,265   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses

          

Operating

     495          (1       494   

Cost of vacation ownership interests

     45              45   

Consumer financing interest

     23              23   

Marketing and reservation

     197              197   

General and administrative

     172        (1         171   

Depreciation and amortization

     45              45   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     977        (1     (1     —          975   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     288        1        1        —          290   

Interest expense

     32              32   

Early extinguishment of debt

     2            (2     —     

Interest income

     (2           (2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     256        1        1        2        260   

Provision for income taxes

     97        —          —          1  (d)      98   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Wyndham shareholders

   $ 159      $ 1      $ 1      $ 1      $ 162   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share

          

Basic

   $ 1.13      $ —        $ 0.01      $ 0.01      $ 1.15   

Diluted

     1.11        —          0.01        0.01        1.13   

Weighted average shares outstanding

          

Basic

     141        141        141        141        141   

Diluted

     144        144        144        144        144   

 

The above table reconciles certain non-GAAP financial measures. The presentation of these adjustments is intended to permit the comparison of particular adjustments as they appear in the line items of the income statement in order to assist investors’ understanding of the overall impact of such adjustments. This non-GAAP reconciliation table should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP.

Note: EPS amounts may not add due to rounding.

 

(a)  Relates to the net expense from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(b)  Relates to the costs incurred in connection with the Company’s acquisition of Shell Vacations (September 2012).
(c)  Represents costs incurred for the early repurchase of a portion of the Company’s 9.875% and 6.00% senior unsecured notes.
(d)  Relates to the tax effect of the adjustment.


Table 8

(4 of 4)

Wyndham Worldwide Corporation

NON-GAAP FINANCIAL INFORMATION

(In millions, except per share data)

 

     Nine Months Ended September 30, 2012  
     As Reported     Impairment
Recovery (a)
    Legacy
Adjustments (b)
    Allowance
Reversal (c)
    Acquisition
Costs (d)
    Early
Extinguishment
of Debt (e)
    As Adjusted
non-GAAP
 

Net revenues

              

Service fees and membership

   $ 1,558                $ 1,558   

Vacation ownership interest sales

     987                  987   

Franchise fees

     449                  449   

Consumer financing

     311                  311   

Other

     135                  135   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net revenues

     3,440        —          —          —          —          —          3,440   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses

              

Operating

     1,389              (1       1,388   

Cost of vacation ownership interests

     115                  115   

Consumer financing interest

     69                  69   

Marketing and reservation

     554                  554   

General and administrative

     481          3              484   

Depreciation and amortization

     136                  136   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     2,744        —          3        —          (1     —          2,746   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     696        —          (3     —          1        —          694   

Other income, net

     (9     1          2            (6

Interest expense

     98                  98   

Early extinguishment of debt

     108                (108     —     

Interest income

     (7               (7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     506        (1     (3     (2     1        108        609   

Provision for income taxes

     187        (1 (f)      —          —          —          44  (f)      230   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     319        —          (3     (2     1        64        379   

Net loss attributable to noncontrolling interest

     1        —          —          —          —          —          1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Wyndham shareholders

   $ 320      $ —        $ (3   $ (2   $ 1      $ 64      $ 380   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share

              

Basic

   $ 2.20      $ —        $ (0.01   $ (0.01   $ 0.01      $ 0.44      $ 2.62   

Diluted

     2.16        —          (0.01     (0.01     0.01        0.43        2.57   

Weighted average shares outstanding

              

Basic

     145        145        145        145        145        145        145   

Diluted

     148        148        148        148        148        148        148   

 

The above table reconciles certain non-GAAP financial measures. The presentation of these adjustments is intended to permit the comparison of particular adjustments as they appear in the line items of the income statement in order to assist investors’ understanding of the overall impact of such adjustments. This non-GAAP reconciliation table should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP.

Note: EPS amounts may not add due to rounding.

 

(a)  Relates to the recovery of a previously recorded impairment charge.
(b)  Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(c)  Relates to a benefit from the reversal of an allowance associated with a previously divested asset.
(d)  Represents costs incurred in connection with the Company’s acquisition of Shell Vacations (September 2012).
(e)  Represents costs incurred for the early repurchase of a portion of the Company’s 9.875% and 6.00% senior unsecured notes.
(f)  Relates to the tax effect of the adjustment.


Table 9

Wyndham Worldwide Corporation

NON-GAAP RECONCILIATIONS AND FINANCIAL INFORMATION

(In millions)

FREE CASH FLOW

The Company defines free cash flow to be net cash provided by operating activities less property and equipment additions which it also refers to as capital expenditures. Prior to the fourth quarter 2012, the Company had previously included development advances within its calculation of free cash flow.

We believe free cash flow to be a useful operating performance measure to evaluate the ability of our operations to generate cash for uses other than capital expenditures and, after debt service and other obligations, our ability to grow our business through acquisitions, development advances and equity investments, as well as our ability to return cash to shareholders through dividends and share repurchases. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities, net cash used in investing activities and net cash used in financing activities as a means for evaluating Wyndham Worldwide is that free cash flow does not represent the total cash movement for the period as detailed in the consolidated statement of cash flows.

The following table provides more details on the GAAP financial measure that is most directly comparable to the non-GAAP financial measure and the related reconciliation between these financial measures:

 

     Nine Months Ended September 30,  
     2013     2012  

Net cash provided by operating activities

   $ 858      $ 808   

Less: Property and equipment additions

     (153     (123
  

 

 

   

 

 

 

Free cash flow

   $ 705      $ 685   
  

 

 

   

 

 

 

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

                                     

2013

              Q1             Q2             Q3             Q4         Full Year  

Gross VOI sales (a)

                                    $ 384      $ 481      $ 536        N/A        N/A   

Less: Sales under WAAM 1.0

        (36     (44     (51     N/A        N/A   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross VOI sales, net of WAAM 1.0 sales

        347        437        486        N/A        N/A   

Less: Loan loss provision

        (84     (90     (102     N/A        N/A   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Vacation ownership interest sales (a)

      $ 263      $ 347      $ 384        N/A        N/A   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2012

                                     

Gross VOI sales (a)

      $ 384      $ 460      $ 502      $ 435      $ 1,781   

Less: Sales under WAAM 1.0

        (17     (18     (5     (10     (49
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross VOI sales, net of WAAM 1.0 sales

        367        442        497        426        1,732   

Less: Loan loss provision

        (96     (100     (124     (89     (409
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Vacation ownership interest sales (a)

      $ 271      $ 342      $ 373      $ 337      $ 1,323   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2011

                                     

Gross VOI sales

      $ 319      $ 412      $ 455      $ 409      $ 1,595   

Less: Sales under WAAM 1.0

        (18     (19     (38     (31     (106
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross VOI sales, net of WAAM 1.0 sales

        302        393        417        378        1,489   

Less: Loan loss provision

        (79     (80     (96     (83     (339
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Vacation ownership interest sales

      $ 222      $ 313      $ 320      $ 295      $ 1,150   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2010

                                     

Gross VOI sales

      $ 308      $ 371      $ 412      $ 373      $ 1,464   

Less: Sales under WAAM 1.0

        (5     (13     (20     (14     (51
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross VOI sales, net of WAAM 1.0 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   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Note: Amounts may not add due to rounding.

 

(a)  Includes VOI sales under WAAM 2.0 beginning in the second quarter of 2012.

The following includes primarily tele-sales upgrades and other non-tour revenues, which are excluded from Gross VOI sales in the Company’s VPG calculation (see Table 3):

 

                Q1              Q2              Q3              Q4          Full Year  

2013

                                    $ 24       $ 18       $ 22         N/A         N/A   

2012

      $ 27       $ 20       $ 22       $ 28       $ 97   

2011

      $ 18       $ 18       $ 21       $ 11       $ 68   

2010

      $ 20       $ 20       $ 23       $ 17       $ 80