第99.1展示文本
溫德姆酒店及度假村發佈強勁的第三季度業績報告
公司提高了2024年全年每股收益展望，並重申了其餘展望。
系統規模增長4%，開發管道增長5%
2024年10月23日，新澤西州帕西帕尼 - Wyndham酒店及度假村（紐交所：WH）今天宣佈了截至2024年9月30日的三個月的業績。亮點包括：
•系統範圍內的房間同比增長了4%。
•全球開放了超過17,000間客房，包括近7,000間在美國，同比增長15％，同時還有第二家溫德姆威斯漢雅園延時酒店。
•全球共獲得了197份發展合同，其中在美國獲得了95份合同，同比增長了10%。
•開發管道按順序增長1%，同比增長5%，創下紀錄的248,000間客房。
•全球貨幣RevPAR在恒定貨幣下增長1%。
•附屬收入比2023年第三季度增長了8%。
•攤薄後每股收益增長了7%，達到1.29美元，調整後的攤薄每股收益增長了6%，達到1.39美元，或在可比基礎上增長約10%。
•第三季度淨利潤爲10200萬美元，同比前一年同期下降1%; 調整後淨利潤爲11000萬美元，按可比基礎計算，與去年同期相比下降1%，或增長3%。
•調整後的EBITDA與去年同期相比增長了4％，達到20800萬美元，或在可比基礎上增長了7％。
•透過9700萬美元的股票回購和每股0.38美元的季度現金分紅向股東返還了1.26億美元。
我們全球團隊再次取得了出色的業績，執行了我們的長期增長策略，在可比調整後的EBITDA上實現了7%的增長，這得益於持續的系統擴張、更高的特許權使用費率以及輔助收入的增長，”首席執行官Geoff Ballotti表示。本季度我們在國內授予的特許經營契約多了10%，推動了我們開發管線的5%增長。穩定的RevPAR趨勢和持續改善的比較，再加上增加的基礎設施需求，預計將爲未來幾個季度的業績改善鋪平道路。我們一如既往地堅定執行我們的長期策略，旨在爲我們的客人、特許經營商和股東提供卓越的價值，截至目前，我們已通過股息和股份回購形式返還了近38000萬美元給股東。
系統規模和發展
| 客房 | ||||||||||||||||||||
| 2024年9月30日 | 2023年9月30日 | 同比變化（點子） | ||||||||||||||||||
| 美國 | 500,600 | 495,700 | 100 | |||||||||||||||||
| 國際 | 392,000 | 362,300 | 820 | |||||||||||||||||
| 全球 | 892,600 | 858,000 | 400 | |||||||||||||||||
公司的全球體系增長了4%，其中美國增長了1%，國際增長了8%。如預期的那樣，其中包括美國高級別RevPAR中檔和以上細分市場增長了3%，以及公司的歐洲、中東、非洲和拉丁美洲地區增長了11%。公司繼續提高客房保留率，並牢固地朝着實現2024年全年淨客房增長預期爲3%至4%的目標穩步前進。
2024年9月30日，公司的全球發展項目組合包括約2,100家酒店和248,000間客房，創下了另一個創紀錄的水平，同比增長5%。主要亮點包括：
•美國增長了7％，國際增長了3％
•17th 連續季度順序管道增長
•大約70%的管道位於中檔及以上市場，同比增長6%
•大約14%的管道代表了溫德姆旗下的ECHO Suites Extended Stay，自公司推出以來已經獲得了283份合同。
•大約58%的管道是國際的
•大約79%的管道是新的施工，其中約35%的項目已經動工
•2024年第三季度，公司簽署了197份新合同，其中包括美國的95份，同比增長10%。
RevPAR
第三 2024年第二季度 | 同比固定貨幣 % 變化 | |||||||||||||
| 美國 | $ | 57.98 | (1 | %) | ||||||||||
| 國際 | 38.60 | 7 | ||||||||||||
| 全球 | 49.33 | 1 | ||||||||||||
第三 季度全球RevPAR按不變貨幣計算增加1%，相比2023年略微下降1%的美國和7%的國際增長。
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在美國，該公司中檔及以上檔次的客房平均每間每晚收益（RevPAR）與去年持平，而經濟檔次的RevPAR下降了2%，這反映出與第二季度相比略有加快，順序改善了10個點子。此外，該公司在美國的經濟品牌繼續增強其地位，在第三季度，由石油和燃料幣市場表現帶動，市場份額增長了50個點子，而在五個基礎設施製造行業支出最高的州，市場份額集體增長了80個點子。美國的入住率保持穩定，突顯了精選服務空間的彈性和消費者對這些產品的需求。
在國際上，公司的歐洲、中東、非洲、拉丁美洲和加拿大地域板塊的RevPAR總體上增長了13%，這要歸功於持續的定價能力提升，ADR增長了11%，以及入住率增長了2%。由於入住率減少2%和ADR下降5%，公司的亞太地區RevPAR下降了7%。值得注意的是，亞太地區第三季度的RevPAR表現代表了500個點子的順序改善。
第三季度經營成果
•與2023年第三季度的40000萬元相比，收費相關和其他收入爲39400萬元，其中包括與公司2023年全球特許經營商年會相關的1800萬元的轉嫁收入，排除這部分後，收費相關和其他收入增長了3%。收費相關和其他收入的增長反映了版稅和特許權使用費以及附屬收入的增加。
•公司2023年第三季度的淨利潤爲10200萬美元，相比第三季度的10300萬美元有所下降。主要是由於更高的利息支出，部分抵消了更高的調整後的EBITDA。
•調整後的EBITDA同比增長4%，達到20800萬美元，而2023年第三季度爲2億美元。這一增長中包括來自市場基金波動的500萬美元不利影響，在排除了這一影響後，經調整的EBITDA同比增長7%，主要反映了較高的特許權和加盟費、增加的附帶收入以及邊際擴大。
•每股攤薄收益爲1.29美元，較2023年第三季度的1.21美元有所增加。這主要反映了由於股份回購活動而產生的股份數量較少的益處。
•調整後的攤薄後每股收益比2023年第三季度的1.31美元增長了6％至1.39美元。此增長包括預期營銷基金變動（經估計稅後）每股0.04美元的不利影響。在可比基礎上，調整後的攤薄後每股收益大約增長了10％，這反映了可比調整後的EBITDA增長和分拆回購活動所帶來的好處，部分抵消了更高的利息費用。
•在2024年第三季度，公司的營銷基金收入超過支出1200萬美元，符合預期；而在2023年第三季度，公司的營銷基金收入超過支出1700萬美元，導致500萬美元的營銷基金變動。公司繼續預計2024年整年的營銷基金收入將大致等於支出。
所有報告期間的GAAP結果與公司非GAAP調整措施的全面對賬調整均顯示在本新聞稿的表格中。
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資產負債表和流動性
公司在2024年第三季度淨經營活動現金流爲7900萬美元，調整後的自由現金流爲9600萬美元。公司季末現金結餘爲7200萬美元，總流動資金約爲75000萬美元。
公司的淨債務槓桿率在2024年9月30日達到了3.5倍，這是公司3至4倍目標區間的中間值。
2024年第三季度，公司在期限貸款b計劃上執行了35000萬美元的新利率互換，該互換將於2028年到期。新互換的固定利率爲3.3%。因此，公司截至第三季度末，大約80%的總負債是固定利率，20%是變量。
股票回購和分紅派息
在第三季度，該公司回購了約130萬股普通股，金額爲9700萬美元。截至9月30日，該公司今年迄今已回購了約380萬股普通股，金額爲28500萬美元。
公司在2024年第三季度支付了每股2900萬美元的普通股股利，每股38美分，並且截至目前爲止，每股9200萬美元，每股1.14美元。
2024年全年展望
公司正在調整其展望如下：
| 更新的展望 | 以前的展望 | |||||||||||||
| 同比客房增長 | 3 - 4% | 3 - 4% | ||||||||||||
| 全球RevPAR同比增長 | 大致持平 | 大致持平 | ||||||||||||
| 與費相關及其他收入 | $1.41 - $14.3億 | 1.41美元 - 14.3億美元 | ||||||||||||
| 調整後的EBITDA | 690美元 - 70000萬美元 | 690美元 - 70000萬美元 | ||||||||||||
| 調整後淨利潤 | 338美元 - 34800萬美元 | 338美元 - 34800萬美元 | ||||||||||||
| 調整後的攤薄每股收益 | $4.22 - $4.34 | $4.20 - $4.32 | ||||||||||||
| Adjusted free cash flow conversion rate | 約60％ | 約60％ | ||||||||||||
注：調整後的EBITDA，調整後的淨利潤，調整後的攤薄後每股收益和調整後的自由現金流轉化率的展望均不包括與公司對一次未成功的敵意收購嘗試進行的所有之前的2024年費用和現金支出。
由於截至2023年全年市場營銷基金收入超過支出900萬美元，遠高於公司在COVID期間向股東提供的4900萬美元支持，因此，調整後EBITDA、調整後淨利潤和調整後攤薄後每股收益的同比增長率不可比較。公司仍然預計2024年全年市場營銷基金收入將與支出相等，儘管季節性開支將影響全年的季度對比。
更詳細的預測數據請參閱本新聞稿的第8表。公司僅以非通用會計準則方式提供特定財務指標，因爲在不進行不切實際的努力的情況下，無法合理確定可能發生的全部調整或其他潛在調整的出現或金額。
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未來可能發生的問題可能取決於未來事件，這些事件可能無法可靠預測。根據過去報告的結果，在其中一個或多個這些項目適用的情況下，這些被排除的項目可能對報告的結果在單獨或合計上具有重要影響。
電話會議信息
溫德姆酒店將於2024年10月24日星期四上午8:30舉行投資者電話會議，討論公司的業績和展望。聽衆可以通過公司網站https://investor.wyndhamhotels.com實時收聽網絡研討會。也可以撥打800 579-2543，並提供通行碼「Wyndham」來接入電話會議。建議聽衆至少提前五分鐘致電。網絡研討會的存檔將於2024年10月24日中午ET開始在網站上提供。電話重播將於2024年10月24日中午ET開始提供，電話號碼爲800 695-0715，將持續約十天。
財務信息的呈現
本新聞稿中討論的財務信息包括非通用會計準則數據，這些數據包括或排除某些項目。這些非通用會計準則數據與報告的通用會計準則結果有所不同，旨在說明管理層認爲是相關的同期比較，並且對投資者有所幫助，作爲進一步理解和評估公司持續經營業績的附加工具。公司內部使用這些數據來評估其經營績效，無論是絕對還是與其他公司比較，並在日常經營決策中使用，包括評估某些薪酬決策。公司在非通用會計準則數據呈現中排除項目不應被視爲這些項目是飛凡、不經常或非經常發生的推斷。報告期間通用會計準則結果與相應非通用會計準則數據的全面對賬出現在本新聞稿的財務表部分。
溫德姆酒店及度假村簡介
Wyndham酒店及度假村（紐交所：WH）是全球擁有最多物業的酒店特許經營公司，遍佈全球95個國家的六大洲，擁有約9200家酒店。透過擁有約893,000間客房的網絡，吸引普通旅行者，Wyndham在住宿業的經濟和中檔市場中擁有領先地位。該公司經營25個酒店品牌，包括Super 8®、Days Inn®、Ramada®、Microtel®、La Quinta®、Baymont®、Wingate®、AmericInn®、Hawthorn Suites®、Trademark Collection®和Wyndham®。該公司屢獲殊榮的Wyndham Rewards忠誠計劃爲約11200萬名註冊會員提供在全球數千家酒店、度假俱樂部度假村和度假租賃處兌換積分的機會。欲知詳情，請訪問https://investor.wyndhamhotels.com。該公司可能使用其網站和社交媒體渠道披露重大非公開信息，以履行根據FD法規的披露義務。這類披露將包括在公司網站的投資者部分，目前可通過https://investor.wyndhamhotels.com訪問，或在公司的社交媒體渠道，包括公司的LinkedIn帳戶，目前可通過https://www.linkedin.com/company/wyndhamhotels訪問。因此，投資者應監控公司網站的這一部分以及公司的社交媒體渠道，除了關注公司的新聞稿、提交給證券交易委員會的文件以及任何公開電話會議或網絡研討會。
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前瞻性聲明
本新聞稿包含根據聯邦證券法"前瞻性聲明"，包括關於溫德姆目前對未來績效和運營的看法和預期，包括營收、收益、現金流和其他財務和經營指標、股票回購、分紅派息和重組費用。前瞻性聲明是指除歷史事實之外的任何聲明，包括傳達管理層根據計劃、估算和投影在溫德姆發表聲明時對未來的預期的那些聲明，並且可能通過諸如"將會"、"期望"、"相信"、"計劃"、"預期"、"預測"、"打算"、"目標"、"未來"、"前瞻"、"保持"、"展望"、"指導"、"目標"、"目標"、"估計"、"投影"和類似詞語或表達方式來識別，包括這些詞語和表達方式的否定形式。這樣的前瞻性聲明涉及已知和未知的風險、不確定性和其他因素，可能導致溫德姆的實際結果、績效或成就與任何未來結果、績效或成就在這些前瞻性聲明中明示或暗示的實際結果、績效或成就有重大差異。請注意，您被告知不要過分依賴這些前瞻性聲明，這些聲明僅截至本新聞稿發佈日有效。
導致實際結果與前瞻性聲明不符的因素可能包括但不限於一般經濟條件，包括通脹、較高的利率和潛在的經濟衰退壓力；全球或區域性健康危機或大流行，包括對溫德姆業務、經營、財務業績、現金流和流動性的影響，以及對其特許經營商、客人和團隊成員、酒店行業以及旅行需求以及旅行限制的影響；金融和信貸市場的表現；對酒店特許經營業務相關的運營風險；溫德姆與特許經營商的關係；戰爭、恐怖主義活動、政治動盪或政治衝突的影響，包括俄羅斯和烏克蘭之間持續的衝突以及中東的衝突；溫德姆履行其未償債務以及就其未償債務支付本金和利息和遵守其條款的能力；與溫德姆融資能力以及融資條款相關的風險，包括獲取流動性和資本的准入；以及溫德姆進行或支付、未來股票回購和/或分紅的計劃、時間和金額，以及在溫德姆的最近一份年度報告10-K和之後向證券交易委員會（SEC）提交的任何後續報告中描述的風險。溫德姆可能面臨的風險和不確定性不止這些，未來可能出現或成爲重要問題的附加風險。除法律規定外，溫德姆無義務公開更新或修改任何前瞻性聲明，無論是因爲新信息、隨後事件或其他原因。
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聯繫方式 投資者： Matt Capuzzi 投資者關係高級副總裁 973 753-6453 ir@wyndham.com | 媒體: Maire Griffin 高級副總裁，全球貨幣通信-半導體 973 753-6590 WyndhamHotelsNews@wyndham.com | ||||
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| 表1 | |||||||||||||||||||||||
| 溫德姆酒店及度假村 | |||||||||||||||||||||||
| 損益表 | |||||||||||||||||||||||
| （以百萬計，每股數據除外） | |||||||||||||||||||||||
| (未經審計) | |||||||||||||||||||||||
| 截至9月30日的三個月 | 截至9月30日的九個月 | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| 淨收入 | |||||||||||||||||||||||
| 特許權使用費和特許權加盟費 | $ | 159 | $ | 152 | $ | 419 | $ | 415 | |||||||||||||||
| 營銷、預訂和忠誠度 | 161 | 179 | 429 | 445 | |||||||||||||||||||
| 管理和其他費用 | 3 | 3 | 7 | 11 | |||||||||||||||||||
| 許可和其他費用 | 32 | 30 | 89 | 83 | |||||||||||||||||||
| 其他 | 39 | 36 | 119 | 110 | |||||||||||||||||||
| 與費相關及其他收入 | 394 | 400 | 1,063 | 1,064 | |||||||||||||||||||
| 費用報銷 | 2 | 2 | 4 | 12 | |||||||||||||||||||
| 淨收入 | 396 | 402 | 1,067 | 1,076 | |||||||||||||||||||
| 費用 | |||||||||||||||||||||||
| 營銷、預訂和忠誠度 | 149 | 162 | 435 | 446 | |||||||||||||||||||
| 操作 | 23 | 24 | 59 | 65 | |||||||||||||||||||
| ZSCALER, INC. | 30 | 31 | 91 | 93 | |||||||||||||||||||
| 費用報銷 | 2 | 2 | 4 | 12 | |||||||||||||||||||
| 折舊和攤銷 | 17 | 19 | 54 | 56 | |||||||||||||||||||
| 與交易相關 | 1 | 1 | 46 | 5 | |||||||||||||||||||
| 減值損失 | — | — | 12 | — | |||||||||||||||||||
| 重組 | 2 | — | 11 | — | |||||||||||||||||||
| 分離相關 | 1 | — | (11) | — | |||||||||||||||||||
| 總支出 | 225 | 239 | 701 | 677 | |||||||||||||||||||
| 營業利潤 | 171 | 163 | 366 | 399 | |||||||||||||||||||
| 利息費用，淨額 | 34 | 27 | 93 | 73 | |||||||||||||||||||
| 債務提前清償 | — | — | 3 | 3 | |||||||||||||||||||
| 稅前收入 | 137 | 136 | 270 | 323 | |||||||||||||||||||
| 所得稅費用 | 35 | 33 | 66 | 83 | |||||||||||||||||||
| 淨收入 | $ | 102 | $ | 103 | $ | 204 | $ | 240 | |||||||||||||||
| 每股收益 | |||||||||||||||||||||||
| 基本 | $ | 1.30 | $ | 1.22 | $ | 2.55 | $ | 2.81 | |||||||||||||||
| 稀釋的 | 1.29 | 1.21 | 2.54 | 2.79 | |||||||||||||||||||
| 加權平均股數 | |||||||||||||||||||||||
| 基本 | 78.8 | 84.0 | 80.1 | 85.2 | |||||||||||||||||||
| 稀釋的 | 79.2 | 84.5 | 80.5 | 85.7 | |||||||||||||||||||
| Table 2 | ||||||||||||||||||||||||||||||||
| WYNDHAM HOTELS & RESORTS | ||||||||||||||||||||||||||||||||
| HISTORICAL REVENUE AND ADJUSTED EBITDA BY SEGMENT | ||||||||||||||||||||||||||||||||
The reportable segment presented below represents our operating segment for which separate financial information is available and is utilized on a regular basis by our chief operating decision maker to assess performance and allocate resources. In identifying our reportable segment, we also consider the nature of services provided by our operating segment. Management evaluates the operating results of our reportable segment based upon net revenues and adjusted EBITDA. We believe that adjusted EBITDA is a useful measure of performance for our segment which, when considered with GAAP measures, allows a more complete understanding of our operating performance. We use this measure internally to assess operating performance, both absolutely and in comparison to other companies, and to make day to day operating decisions, including in the evaluation of selected compensation decisions. Our presentation of adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. | ||||||||||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||
| Hotel Franchising | ||||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||||
| 2024 | $ | 305 | $ | 367 | $ | 396 | n/a | n/a | ||||||||||||||||||||||||
| 2023 | 313 | 362 | 402 | $ | 321 | $ | 1,397 | |||||||||||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||||||||||
| 2024 | $ | 158 | $ | 195 | $ | 224 | n/a | n/a | ||||||||||||||||||||||||
| 2023 | 164 | 175 | 215 | $ | 173 | $ | 727 | |||||||||||||||||||||||||
| Corporate and Other | ||||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||||
| 2024 | $ | — | $ | — | $ | — | n/a | n/a | ||||||||||||||||||||||||
| 2023 | — | — | — | $ | — | $ | — | |||||||||||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||||||||||
| 2024 | $ | (17) | $ | (17) | $ | (16) | n/a | n/a | ||||||||||||||||||||||||
| 2023 | (17) | (17) | (15) | $ | (19) | $ | (68) | |||||||||||||||||||||||||
| Total Company | ||||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||||
| 2024 | $ | 305 | $ | 367 | $ | 396 | n/a | n/a | ||||||||||||||||||||||||
| 2023 | 313 | 362 | 402 | $ | 321 | $ | 1,397 | |||||||||||||||||||||||||
| Net income | ||||||||||||||||||||||||||||||||
| 2024 | $ | 16 | $ | 86 | $ | 102 | n/a | n/a | ||||||||||||||||||||||||
| 2023 | 67 | 70 | 103 | $ | 50 | $ | 289 | |||||||||||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||||||||||||||||||
| 2024 | $ | 141 | $ | 178 | $ | 208 | n/a | n/a | ||||||||||||||||||||||||
| 2023 | 147 | 158 | 200 | $ | 154 | $ | 659 | |||||||||||||||||||||||||
NOTE: Amounts may not add across due to rounding. See Table 7 for reconciliations of Total Company non-GAAP measures and Table 9 for definitions.
| Table 3 | |||||||||||
| WYNDHAM HOTELS & RESORTS | |||||||||||
| CONDENSED CASH FLOWS | |||||||||||
| (In millions) | |||||||||||
| (Unaudited) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Operating activities | |||||||||||
| Net income | $ | 204 | $ | 240 | |||||||
| Depreciation and amortization | 54 | 56 | |||||||||
| Payments related to hostile takeover defense | (47) | — | |||||||||
| Payments of development advance notes, net | (88) | (47) | |||||||||
| Working capital and other, net | 33 | 4 | |||||||||
| Net cash provided by operating activities | 156 | 253 | |||||||||
| Investing activities | |||||||||||
| Property and equipment additions | (24) | (28) | |||||||||
| Loan advances, net | (16) | (22) | |||||||||
| Net cash used in investing activities | (40) | (50) | |||||||||
| Financing activities | |||||||||||
| Proceeds from long-term debt | 1,802 | 1,308 | |||||||||
| Payments of long-term debt | (1,516) | (1,217) | |||||||||
| Dividends to shareholders | (92) | (90) | |||||||||
| Repurchases of common stock | (283) | (261) | |||||||||
| Other, net | (11) | (23) | |||||||||
| Net cash used in financing activities | (100) | (283) | |||||||||
| Effect of changes in exchange rates on cash, cash equivalents and restricted cash | — | (2) | |||||||||
| Net increase/(decrease) in cash, cash equivalents and restricted cash | 16 | (82) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 66 | 161 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 82 | $ | 79 | |||||||
| Free Cash Flow: | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net cash provided by operating activities | $ | 79 | $ | 77 | $ | 156 | $ | 253 | |||||||||||||||
| Less: Property and equipment additions | (8) | (10) | (24) | (28) | |||||||||||||||||||
| Plus: Payments of development advance notes, net | 24 | 16 | 88 | 47 | |||||||||||||||||||
| Free cash flow | 95 | 83 | 220 | 272 | |||||||||||||||||||
Plus: Adjusting items (a) | 1 | — | 47 | — | |||||||||||||||||||
| Adjusted free cash flow | $ | 96 | $ | 83 | $ | 267 | $ | 272 | |||||||||||||||
(a) Represents payments related to the Company's defense of an unsuccessful hostile takeover attempt.
| Table 4 | |||||||||||||||||
| WYNDHAM HOTELS & RESORTS | |||||||||||||||||
| BALANCE SHEET SUMMARY AND DEBT | |||||||||||||||||
| (In millions) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| As of September 30, 2024 | As of December 31, 2023 | ||||||||||||||||
| Assets | |||||||||||||||||
| Cash and cash equivalents | $ | 72 | $ | 66 | |||||||||||||
| Trade receivables, net | 286 | 241 | |||||||||||||||
| Property and equipment, net | 78 | 88 | |||||||||||||||
| Goodwill and intangible assets, net | 3,084 | 3,104 | |||||||||||||||
| Other current and non-current assets | 634 | 534 | |||||||||||||||
| Total assets | $ | 4,154 | $ | 4,033 | |||||||||||||
| Liabilities and stockholders' equity | |||||||||||||||||
| Total debt | $ | 2,487 | $ | 2,201 | |||||||||||||
| Other current liabilities | 412 | 422 | |||||||||||||||
| Deferred income tax liabilities | 314 | 325 | |||||||||||||||
| Other non-current liabilities | 358 | 339 | |||||||||||||||
| Total liabilities | 3,571 | 3,287 | |||||||||||||||
| Total stockholders' equity | 583 | 746 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 4,154 | $ | 4,033 | |||||||||||||
| Our outstanding debt was as follows: | |||||||||||||||||
Weighted Average Interest Rate (a) | As of September 30, 2024 | As of December 31, 2023 | |||||||||||||||
| $750 million revolving credit facility (due April 2027) | 7.2% | $ | 69 | $ | 160 | ||||||||||||
| $400 million term loan A (due April 2027) | 7.2% | 369 | 384 | ||||||||||||||
| $1.5 billion term loan B (due May 2030) | 4.7% | 1,518 | 1,123 | ||||||||||||||
| $500 million 4.375% senior unsecured notes (due August 2028) | 4.4% | 496 | 495 | ||||||||||||||
| Finance leases | 4.5% | 35 | 39 | ||||||||||||||
| Total debt | 5.1% | 2,487 | 2,201 | ||||||||||||||
| Cash and cash equivalents | 72 | 66 | |||||||||||||||
| Net debt | $ | 2,415 | $ | 2,135 | |||||||||||||
| Net debt leverage ratio | 3.5x | 3.2x | |||||||||||||||
(a) Represents weighted average interest rates for the third quarter 2024, including the effects of hedging.
| Our outstanding debt as of September 30, 2024 matures as follows: | |||||
| Amount | |||||
| Within 1 year | $ | 47 | |||
| Between 1 and 2 years | 52 | ||||
| Between 2 and 3 years | 406 | ||||
| Between 3 and 4 years | 519 | ||||
| Between 4 and 5 years | 23 | ||||
| Thereafter | 1,440 | ||||
| Total | $ | 2,487 | |||
| Table 5 | |||||||||||||||||||||||||||||
| WYNDHAM HOTELS & RESORTS | |||||||||||||||||||||||||||||
| REVENUE DRIVERS | |||||||||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||||||||
| 2024 | 2023 | Change | % Change | ||||||||||||||||||||||||||
| Beginning Room Count (January 1) | |||||||||||||||||||||||||||||
| United States | 497,600 | 493,800 | 3,800 | 1% | |||||||||||||||||||||||||
| International | 374,200 | 348,700 | 25,500 | 7 | |||||||||||||||||||||||||
| Global | 871,800 | 842,500 | 29,300 | 3 | |||||||||||||||||||||||||
| Additions | |||||||||||||||||||||||||||||
| United States | 21,300 | 18,500 | 2,800 | 15 | |||||||||||||||||||||||||
| International | 27,000 | 24,200 | 2,800 | 12 | |||||||||||||||||||||||||
| Global | 48,300 | 42,700 | 5,600 | 13 | |||||||||||||||||||||||||
| Deletions | |||||||||||||||||||||||||||||
| United States | (18,300) | (16,600) | (1,700) | (10) | |||||||||||||||||||||||||
| International | (9,200) | (10,600) | 1,400 | 13 | |||||||||||||||||||||||||
| Global | (27,500) | (27,200) | (300) | (1) | |||||||||||||||||||||||||
| Ending Room Count (September 30) | |||||||||||||||||||||||||||||
| United States | 500,600 | 495,700 | 4,900 | 1 | |||||||||||||||||||||||||
| International | 392,000 | 362,300 | 29,700 | 8 | |||||||||||||||||||||||||
| Global | 892,600 | 858,000 | 34,600 | 4% | |||||||||||||||||||||||||
| As of September 30, | FY 2023 Royalty Contribution | ||||||||||||||||||||||||||||
| 2024 | 2023 | Change | % Change | ||||||||||||||||||||||||||
| System Size | |||||||||||||||||||||||||||||
| United States | |||||||||||||||||||||||||||||
| Economy | 226,800 | 231,100 | (4,300) | (2%) | |||||||||||||||||||||||||
| Midscale and Above | 273,800 | 264,600 | 9,200 | 3 | |||||||||||||||||||||||||
| Total United States | 500,600 | 495,700 | 4,900 | 1% | 80% | ||||||||||||||||||||||||
| International | |||||||||||||||||||||||||||||
Greater China | 181,100 | 167,900 | 13,200 | 8% | 3 | ||||||||||||||||||||||||
| Rest of Asia Pacific | 37,400 | 34,000 | 3,400 | 10 | 2 | ||||||||||||||||||||||||
| Europe, the Middle East and Africa | 90,500 | 81,600 | 8,900 | 11 | 7 | ||||||||||||||||||||||||
| Canada | 39,600 | 39,600 | — | — | 5 | ||||||||||||||||||||||||
| Latin America | 43,400 | 39,200 | 4,200 | 11 | 3 | ||||||||||||||||||||||||
| Total International | 392,000 | 362,300 | 29,700 | 8% | 20 | ||||||||||||||||||||||||
| Global | 892,600 | 858,000 | 34,600 | 4% | 100% | ||||||||||||||||||||||||
| Table 5 (continued) | |||||||||||||||||
| WYNDHAM HOTELS & RESORTS | |||||||||||||||||
| REVENUE DRIVERS | |||||||||||||||||
| Three Months Ended September 30, 2024 | Constant Currency % Change (a) | ||||||||||||||||
| Regional RevPAR Growth | |||||||||||||||||
| United States | |||||||||||||||||
| Economy | $ | 48.88 | (2%) | ||||||||||||||
| Midscale and Upper Midscale | 64.31 | — | |||||||||||||||
| Upscale and Above | 101.25 | (2) | |||||||||||||||
| Total United States | $ | 57.98 | (1%) | ||||||||||||||
| International | |||||||||||||||||
| Greater China | $ | 16.55 | (10%) | ||||||||||||||
| Rest of Asia Pacific | 33.89 | (1) | |||||||||||||||
| Europe, the Middle East and Africa | 62.59 | 9 | |||||||||||||||
| Canada | 75.02 | 2 | |||||||||||||||
| Latin America | 51.60 | 52 | |||||||||||||||
| Total International | $ | 38.60 | 7% | ||||||||||||||
| Global | $ | 49.33 | 1% | ||||||||||||||
| Three Months Ended September 30, | |||||||||||||||||
| 2024 | 2023 | % Change (b) | |||||||||||||||
| Average Royalty Rate | |||||||||||||||||
| United States | 4.7% | 4.6% | 12 bps | ||||||||||||||
| International | 2.5% | 2.5% | 2 bps | ||||||||||||||
| Global | 4.0% | 3.9% | 4 bps | ||||||||||||||
| Nine Months Ended September 30, 2024 | Constant Currency % Change (a) | ||||||||||||||||
| Regional RevPAR Growth | |||||||||||||||||
| United States | |||||||||||||||||
| Economy | $ | 42.19 | (4%) | ||||||||||||||
| Midscale and Upper Midscale | 58.14 | (1) | |||||||||||||||
| Upscale and Above | 99.35 | — | |||||||||||||||
| Total United States | $ | 51.69 | (2%) | ||||||||||||||
| International | |||||||||||||||||
| Greater China | $ | 15.31 | (7%) | ||||||||||||||
| Rest of Asia Pacific | 32.00 | 2 | |||||||||||||||
| Europe, the Middle East and Africa | 54.11 | 11 | |||||||||||||||
| Canada | 57.94 | 2 | |||||||||||||||
| Latin America | 50.83 | 43 | |||||||||||||||
| Total International | $ | 34.08 | 9% | ||||||||||||||
| Global | $ | 43.89 | 1% | ||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||
| 2024 | 2023 | % Change (b) | |||||||||||||||
| Average Royalty Rate | |||||||||||||||||
| United States | 4.7% | 4.6% | 8 bps | ||||||||||||||
| International | 2.4% | 2.4% | 6 bps | ||||||||||||||
| Global | 3.9% | 3.9% | 2 bps | ||||||||||||||
(a) International and global exclude the impact of currency exchange movements.
(b) Amounts may not recalculate due to rounding.
| Table 6 | |||||||||||
| WYNDHAM HOTELS & RESORTS | |||||||||||
| HISTORICAL REVPAR AND ROOMS | |||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||||||||||||
| Total System | |||||||||||||||||||||||||||||||||||
| Global RevPAR | |||||||||||||||||||||||||||||||||||
| 2024 | $ | 36.28 | $ | 45.99 | $ | 49.33 | n/a | n/a | |||||||||||||||||||||||||||
| 2023 | $ | 37.20 | $ | 46.47 | $ | 49.71 | $ | 38.90 | $ | 43.10 | |||||||||||||||||||||||||
| U.S. RevPAR | |||||||||||||||||||||||||||||||||||
| 2024 | $ | 41.68 | $ | 55.44 | $ | 57.98 | n/a | n/a | |||||||||||||||||||||||||||
| 2023 | $ | 43.84 | $ | 55.26 | $ | 58.46 | $ | 44.06 | $ | 50.42 | |||||||||||||||||||||||||
| International RevPAR | |||||||||||||||||||||||||||||||||||
| 2024 | $ | 29.38 | $ | 34.11 | $ | 38.60 | n/a | n/a | |||||||||||||||||||||||||||
| 2023 | $ | 27.99 | $ | 34.44 | $ | 38.05 | $ | 32.12 | $ | 33.21 | |||||||||||||||||||||||||
| Global Rooms | |||||||||||||||||||||||||||||||||||
| 2024 | 876,300 | 884,900 | 892,600 | n/a | n/a | ||||||||||||||||||||||||||||||
| 2023 | 844,800 | 851,500 | 858,000 | 871,800 | 871,800 | ||||||||||||||||||||||||||||||
| U.S. Rooms | |||||||||||||||||||||||||||||||||||
| 2024 | 499,100 | 499,400 | 500,600 | n/a | n/a | ||||||||||||||||||||||||||||||
| 2023 | 494,400 | 495,100 | 495,700 | 497,600 | 497,600 | ||||||||||||||||||||||||||||||
| International Rooms | |||||||||||||||||||||||||||||||||||
| 2024 | 377,200 | 385,500 | 392,000 | n/a | n/a | ||||||||||||||||||||||||||||||
| 2023 | 350,400 | 356,400 | 362,300 | 374,200 | 374,200 | ||||||||||||||||||||||||||||||
| Table 7 | |||||||||||||||||||||||||||||
| WYNDHAM HOTELS & RESORTS | |||||||||||||||||||||||||||||
| NON-GAAP RECONCILIATIONS | |||||||||||||||||||||||||||||
| (In millions) | |||||||||||||||||||||||||||||
| The tables below reconcile certain non-GAAP financial measures. The presentation of these adjustments is intended to permit the comparison of particular adjustments as they appear in the income statement in order to assist investors’ understanding of the overall impact of such adjustments. We believe that adjusted EBITDA, adjusted net income and adjusted diluted EPS financial measures provide useful information to investors about us and our financial condition and results of operations because these measures are used by our management team to evaluate our operating performance and make day-to-day operating decisions and adjusted EBITDA is frequently used by securities analysts, investors and other interested parties as a common performance measure to compare results or estimate valuations across companies in our industry. These measures also assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods, by adjusting for certain items which may be recurring or non-recurring and which in our view do not necessarily reflect ongoing performance. We also internally use these measures to assess our operating performance, both absolutely and in comparison to other companies, and in evaluating or making selected compensation decisions. These supplemental disclosures are in addition to GAAP reported measures. These non-GAAP reconciliation tables should not be considered in isolation or as a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP and may not be comparable to similarly-titled measures used by other companies. | |||||||||||||||||||||||||||||
| Reconciliation of Net Income to Adjusted EBITDA: | |||||||||||||||||||||||||||||
| First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||||||
| 2024 | |||||||||||||||||||||||||||||
| Net income | $ | 16 | $ | 86 | $ | 102 | |||||||||||||||||||||||
| Provision for income taxes | 6 | 26 | 35 | ||||||||||||||||||||||||||
| Depreciation and amortization | 20 | 17 | 17 | ||||||||||||||||||||||||||
| Interest expense, net | 28 | 30 | 34 | ||||||||||||||||||||||||||
Early extinguishment of debt (a) | — | 3 | — | ||||||||||||||||||||||||||
| Stock-based compensation | 10 | 10 | 10 | ||||||||||||||||||||||||||
| Development advance notes amortization | 5 | 6 | 6 | ||||||||||||||||||||||||||
Transaction-related (b) | 41 | 5 | 1 | ||||||||||||||||||||||||||
Separation-related (c) | — | (12) | 1 | ||||||||||||||||||||||||||
Restructuring costs (d) | 3 | 7 | 2 | ||||||||||||||||||||||||||
Impairment (e) | 12 | — | — | ||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 141 | $ | 178 | $ | 208 | |||||||||||||||||||||||
| 2023 | |||||||||||||||||||||||||||||
| Net income | $ | 67 | $ | 70 | $ | 103 | $ | 50 | $ | 289 | |||||||||||||||||||
| Provision for income taxes | 24 | 26 | 33 | 25 | 109 | ||||||||||||||||||||||||
| Depreciation and amortization | 19 | 19 | 19 | 20 | 76 | ||||||||||||||||||||||||
| Interest expense, net | 22 | 24 | 27 | 29 | 102 | ||||||||||||||||||||||||
Early extinguishment of debt (a) | — | 3 | — | — | 3 | ||||||||||||||||||||||||
| Stock-based compensation | 9 | 9 | 10 | 11 | 39 | ||||||||||||||||||||||||
| Development advance notes amortization | 3 | 4 | 4 | 5 | 15 | ||||||||||||||||||||||||
Transaction-related (b) | — | 4 | 1 | 5 | 11 | ||||||||||||||||||||||||
Separation-related (c) | 2 | (2) | — | — | 1 | ||||||||||||||||||||||||
Foreign currency impact of highly inflationary countries (f) | 1 | 1 | 3 | 9 | 14 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 147 | $ | 158 | $ | 200 | $ | 154 | $ | 659 | |||||||||||||||||||
NOTE: Amounts may not add due to rounding.
(a) Amount in 2024 and 2023 relates to non-cash charges associated with the Company's refinancing of its term loan B.
(b) Represents costs related to corporate transactions, including the Company's defense of an unsuccessful hostile takeover attempt and the Company's repricing and upsizing of its term loan B.
(c) Represents costs (income) associated with the Company's spin-off from Wyndham Worldwide.
(d) Represents charges associated with the Company's 2024 restructuring plan consisting primarily of employee related costs.
(e) Primarily represents an impairment of development advance notes as a result of the Company’s evaluation of the recoverability of their carrying value.
(f) Relates to the foreign currency impact from hyper-inflation, primarily in Argentina, which is reflected in operating expenses on the income statement.
| Table 7 (continued) | |||||||||||||||||||||||
| WYNDHAM HOTELS & RESORTS | |||||||||||||||||||||||
| NON-GAAP RECONCILIATIONS | |||||||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||||||
| Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted Diluted EPS: | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Diluted EPS | $ | 1.29 | $ | 1.21 | $ | 2.54 | $ | 2.79 | |||||||||||||||
| Net income | $ | 102 | $ | 103 | $ | 204 | $ | 240 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Transaction-related | 1 | 1 | 46 | 5 | |||||||||||||||||||
Acquisition-related amortization expense (a) | 6 | 7 | 20 | 20 | |||||||||||||||||||
| Impairment | — | — | 12 | — | |||||||||||||||||||
| Restructuring costs | 2 | — | 11 | — | |||||||||||||||||||
| Early extinguishment of debt | — | — | 3 | 3 | |||||||||||||||||||
| Foreign currency impact of highly inflationary countries | — | 3 | 1 | 6 | |||||||||||||||||||
| Separation-related | 1 | — | (11) | — | |||||||||||||||||||
| Total adjustments before tax | 10 | 11 | 82 | 34 | |||||||||||||||||||
Income tax provision (b) | 2 | 3 | 21 | 8 | |||||||||||||||||||
| Total adjustments after tax | 8 | 8 | 61 | 26 | |||||||||||||||||||
| Adjusted net income | $ | 110 | $ | 111 | $ | 265 | $ | 266 | |||||||||||||||
| Adjustments - EPS impact | 0.10 | 0.10 | 0.75 | 0.31 | |||||||||||||||||||
| Adjusted diluted EPS | $ | 1.39 | $ | 1.31 | $ | 3.29 | $ | 3.10 | |||||||||||||||
| Diluted weighted average shares outstanding | 79.2 | 84.5 | 80.5 | 85.7 | |||||||||||||||||||
(a) Reflected in depreciation and amortization on the income statement.
(b) Reflects the estimated tax effects of the adjustments.
| Table 8 | ||||||||
| WYNDHAM HOTELS & RESORTS | ||||||||
| 2024 OUTLOOK | ||||||||
As of October 23, 2024 | ||||||||
| (In millions, except per share data) | ||||||||
2024 Outlook (a) | ||||||||
| Fee-related and other revenues | $ | 1,410 – 1,430 | ||||||
| Adjusted EBITDA | 690 – 700 | |||||||
Depreciation and amortization expense (b) | 45 – 47 | |||||||
| Development advance notes amortization expense | 23 – 25 | |||||||
| Stock-based compensation expense | 41 – 43 | |||||||
| Interest expense, net | 125 – 127 | |||||||
| Adjusted income before income taxes | 450 – 464 | |||||||
Income tax expense (c) | 113 – 116 | |||||||
| Adjusted net income | $ | 338 – 348 | ||||||
| Adjusted diluted EPS | $ | 4.22 – 4.34 | ||||||
Diluted shares (d) | 80.1 | |||||||
| Capital expenditures | Approx. $40 | |||||||
| Development advance notes | Approx. $110 | |||||||
| Adjusted free cash flow conversion rate | ~60% | |||||||
| Year-over-Year Growth | ||||||||
| Global RevPAR | Approx. flat | |||||||
| Number of rooms | 3% – 4% | |||||||
NOTE: Outlook for adjusted EBITDA, adjusted net income, adjusted diluted EPS and adjusted free cash flow conversion rate excludes all previous 2024 expenses and cash outlays associated with the Company's defense of an unsuccessful hostile takeover attempt.
(a) Year-over-year growth rates for adjusted EBITDA, adjusted net income and adjusted diluted EPS are not comparable due to full-year 2023 marketing fund revenues exceeding expenses by $9 million (before taxes), which substantially completed the recovery of the $49 million support the Company provided to its owners during COVID.
(b) Excludes amortization of acquisition-related intangible assets of approximately $27 million.
(c) Outlook assumes an effective tax rate of approximately 25%.
(d) Excludes the impact of any share repurchases after September 30, 2024.
In determining adjusted EBITDA, interest expense, net, adjusted income before income taxes, adjusted net income, adjusted diluted EPS and adjusted free cash flow conversion rate, we exclude certain items which are otherwise included in determining the comparable GAAP financial measures. We are providing these measures on a non-GAAP basis only because, without unreasonable efforts, we are unable to predict with reasonable certainty the occurrence or amount of all the adjustments or other potential adjustments that may arise in the future during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Based on past reported results, where one or more of these items have been applicable, such excluded items could be material, individually or in the aggregate, to the reported results.
| Table 9 | |||||||||||||||||||||||
| WYNDHAM HOTELS & RESORTS | |||||||||||||||||||||||
| DEFINITIONS | |||||||||||||||||||||||
Adjusted Net Income and Adjusted Diluted EPS: Represents net income and diluted earnings per share excluding acquisition-related amortization, impairment charges, restructuring and related charges, contract termination costs, separation-related items, transaction-related items (acquisition-, disposition-, or debt-related), (gain)/loss on asset sales and foreign currency impacts of highly inflationary countries. The Company calculates the income tax effect of the adjustments using an estimated effective tax rate applicable to each adjustment.
Adjusted EBITDA: Represents net income excluding net interest expense, depreciation and amortization, early extinguishment of debt charges, impairment charges, restructuring and related charges, contract termination costs, separation-related items, transaction-related items (acquisition-, disposition-, or debt-related), (gain)/loss on asset sales, foreign currency impacts of highly inflationary countries, stock-based compensation expense, income taxes and development advance notes amortization. Adjusted EBITDA is a financial measure that is not recognized under U.S. GAAP and should not be considered as an alternative to net income or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, the Company's definition of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Ancillary Revenues: Represents the summation of the license and other fees line item and other revenues line item per the income statement.
Average Daily Rate (ADR): Represents the average rate charged for renting a lodging room for one day.
Average Occupancy Rate: Represents the percentage of available rooms occupied during the period.
Comparable Basis: Represents a comparison eliminating the year-over-year variability of the Company's marketing funds.
Constant Currency: Represents a comparison eliminating the effects of foreign exchange rate fluctuations between periods (foreign currency translation) and the impact caused by any foreign exchange related activities (i.e., hedges, balance sheet remeasurements and/or adjustments).
Free Cash Flow: Reflects net cash provided by operating activities excluding development advances, less capital expenditures. The Company believes free cash flow to be a useful operating performance measure to it and investors. This measure helps the Company and investors evaluate its ability to generate cash beyond what is needed to fund capital expenditures, debt service and other obligations. Notwithstanding cash on hand and incremental borrowing capacity, free cash flow reflects the Company’s ability to grow its business through investments and acquisitions, as well as its ability to return cash to shareholders through dividends and share repurchases or even to delever. Free cash flow is not a representation of how the Company will use excess cash. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating Wyndham Hotels is that free cash flow does not represent the total cash movement for the period as detailed in the condensed consolidated statement of cash flows.
Adjusted Free Cash Flow: Represents free cash flow excluding payments related to the Company's defense of an unsuccessful hostile takeover attempt.
Adjusted Free Cash Flow Conversion Rate: Represents the percentage of adjusted EBITDA that is converted to adjusted free cash flow and provides insights into how efficiently the Company is able to turn profits into cash available for use, such as for investments (including development advance notes), debt reduction, dividends or share repurchases.
Net Debt Leverage Ratio: Calculated by dividing total debt less cash and cash equivalents by trailing twelve months adjusted EBITDA.
Number of Rooms: Represents the number of rooms at the end of the period which are (i) either under franchise and/or management agreements or Company-owned and (ii) properties under affiliation agreements for which the Company receives a fee for reservation and/or other services provided.
RevPAR: Represents revenue per available room and is calculated by multiplying average occupancy rate by ADR.
Royalty Rate: Represents the average royalty rate earned on the Company's franchised properties and is calculated by dividing total royalties, excluding the impact of amortization of development advance notes, by total room revenues.