Wyndham Motels & Resorts Stories Fourth Quarter 2023 Outcomes

Quantities could not foot as a result of rounding. Outcomes replicate the reclassification of rooms from the Lodge Administration phase to the Lodge Franchising phase associated to the CorePoint Lodging asset gross sales, together with roughly 19,000 rooms in first quarter 2022.

For 2023, the Lodge Franchising phase consists of the previous Lodge Administration phase, which is primarily comprised of the Firm’s remaining full-service administration enterprise.

Consists of 6,400 Vienna Home rooms acquired within the third quarter of 2022.

Wyndham Motels & Resorts (NYSE: WH) as we speak introduced outcomes for the three months and 12 months ended December 31, 2023. Highlights embrace:

System-wide rooms grew organically by 3.5% year-over-year, a file excessive.
Opened a file 66,000 natural rooms, representing a year-over-year improve of three%.
International retention charge – together with all terminations – improved one other 30 foundation factors to a file 95.6%.
Growth pipeline grew 1% sequentially and by 10% year-over-year to a file 240,000 rooms.
Grew ECHO Suites pipeline almost 60% year-over-year with 98 new contract signings.
Signed 766 contracts for legacy manufacturers, a rise of 8% year-over-year.
Fourth quarter diluted earnings per share of $0.60 and web revenue of $50 million; adjusted diluted EPS of $0.91, adjusted web revenue of $75 million and adjusted EBITDA of $154 million.
Full-year 2023 diluted EPS of $3.41 and web revenue of $289 million; adjusted diluted EPS of $4.01, adjusted web revenue of $341 million and adjusted EBITDA of $659 million.
Internet money supplied by working actions of $376 million and free money circulate of $339 million for the full-year.
Returned $515 million to shareholders for the full-year by $397 million of share repurchases and quarterly money dividends of $0.35 per share.
Board of Administrators just lately licensed a 9% improve within the quarterly money dividend to $0.38 per share starting with the dividend anticipated to be declared in first quarter 2024.

“We’re tremendously proud to report fourth quarter outcomes that show the continued success of our world technique and our accelerating momentum,” mentioned Geoff Ballotti, president and chief govt officer. “Regardless of the distraction, uncertainty and misperceptions brought on by Selection and their slanted and fixed communications to our franchisee base, room openings accelerated and our world improvement pipeline grew by 10% to an all-time excessive of 240,000 rooms. Our staff opened 27% extra rooms than final 12 months within the fourth quarter and we welcomed 500 new accommodations to our system in 2023. This, when mixed with our enhancing franchisee engagement and file retention charge, drove the perfect natural system progress we have ever achieved. We grew comparable adjusted EBITDA by 6% and returned over half a billion {dollars} to our shareholders by dividends and share repurchases. We’re assured within the continued effectiveness of our progress technique and see distinctive value-creation alternatives within the years forward.”

System Measurement and Growth

	Rooms
	December 31, 2023	December 31, 2022	YOY Change (bps)
United States	497,600	493,800	80
Worldwide	374,200	348,700	730
International	871,800	842,500	350

The Firm’s world system grew 3.5%, marking 12 consecutive quarters of natural progress and reflecting 1% progress within the U.S. and seven% internationally. As anticipated, these will increase included robust progress in each the upper RevPAR midscale and above segments within the U.S. and the direct franchising enterprise in China, which grew 3% and 13%, respectively. The Firm additionally elevated its retention charge, which incorporates all terminations, by one other 30 foundation factors year-over-year, ending the 12 months at a file 95.6%.

On December 31, 2023, the Firm’s world improvement pipeline consisted of over 1,950 accommodations and roughly 240,000 rooms, representing one other record-high degree and a ten% year-over-year improve. Key highlights embrace:

14^th consecutive quarter of sequential pipeline progress
8% progress within the U.S. and 11% internationally
Roughly 70% of the pipeline is within the midscale and above segments, which grew 6% year-over-year
Roughly 58% of the pipeline is worldwide
Roughly 79% of the pipeline is new development, of which roughly 34% has damaged floor
The Firm awarded 766 new contracts for its legacy manufacturers in full-year 2023, a rise of 8% in comparison with full-year 2022. Moreover, the Firm awarded 98 extra new contracts for its ECHO Suites model and, as of December 31, 2023, the Firm had awarded 268 contracts, or over 33,000 rooms, for the model.

RevPAR

	Fourth Quarter 2023	YOY Fixed Forex % Change	Full-12 months 2023	YOY Fixed Forex % Change
United States	$ 44.06	(4 %)	$ 50.42	(1 %)
Worldwide	32.12	7	33.21	21
International	38.90	(1)	43.10	5

Fourth quarter world RevPAR declined 1% in fixed forex in comparison with 2022 reflecting a 4% decline within the U.S. and progress of seven% internationally. For the complete 12 months, world RevPAR grew 5% in fixed forex in comparison with 2022 reflecting a 1% decline within the U.S. and progress of 21% internationally.

The Firm had achieved record-breaking RevPAR within the U.S. through the previous 12 months as a result of COVID-impacted journey patterns. Evaluating to 2019 to neutralize for COVID-impacted journey patterns, U.S. RevPAR grew 10% in fourth quarter – a 120 foundation level acceleration from third quarter 2023 progress – and 9% for the complete 12 months. Internationally, year-over-year RevPAR progress for each the fourth quarter and the full-year was primarily pushed by increased occupancy ranges. In comparison with 2019, worldwide RevPAR grew in fourth quarter and full-year by 44% and 36%, respectively, on a constant-currency foundation.

Working Outcomes

Fourth Quarter

Price-related and different revenues was $320 million in comparison with $310 million in fourth quarter 2022 reflecting world web room progress in addition to increased license and ancillary charges.
The Firm generated web revenue of $50 million in comparison with $56 million in fourth quarter 2022. The lower was reflective of a better efficient tax charge, increased curiosity expense, overseas forex influence from hyper-inflation in Argentina and transaction-related bills ensuing from the unsolicited provide by Selection Motels, partially offset by increased adjusted EBITDA.
Adjusted EBITDA grew 22% to $154 million from $126 million. This improve included a $21 million favorable influence from advertising and marketing fund variability, excluding which adjusted EBITDA grew 6% primarily reflecting increased fee-related and different revenues.
Diluted earnings per share was $0.60 in comparison with $0.63 in fourth quarter 2022. This lower displays decrease web revenue, partially offset by the good thing about a decrease share depend as a result of share repurchase exercise.
Adjusted diluted EPS grew 26% to $0.91 per share from $0.72 per share. This improve included $0.19 per share associated to the favorable advertising and marketing fund variability (after estimated taxes), excluding which adjusted diluted EPS was unchanged year-over-year as adjusted EBITDA progress and the profit from share repurchase exercise was considerably offset by increased curiosity expense.
Throughout fourth quarter 2023, the Firm’s advertising and marketing fund revenues exceeded bills by $9 million; whereas in fourth quarter 2022, the Firm’s advertising and marketing fund bills exceeded revenues by $12 million, leading to $21 million of selling fund variability.

Full 12 months

Price-related and different revenues was $1,384 million in comparison with $1,354 million in full-year 2022, which included $50 million from the Firm’s choose service administration enterprise and owned accommodations, which had been exited in 2022. On a comparable foundation, fee-related and different revenues elevated 6% year-over-year primarily reflecting world RevPAR and web room progress, increased license and ancillary charges and pass-through revenues related to the Firm’s world franchisee convention in September, which was held for the primary time since 2019.
The Firm generated web revenue of $289 million in comparison with $355 million in full-year 2022, which included $37 million from the select-service managed and owned accommodations. The lower was reflective of a better efficient tax charge, increased curiosity expense, overseas forex influence from hyper-inflation in Argentina and transaction-related bills ensuing from the unsolicited provide by Selection Motels, partially offset by increased adjusted EBITDA.
Adjusted EBITDA was $659 million in comparison with $650 million in full-year 2022, which included $18 million from the select-service managed and owned accommodations. The expansion in adjusted EBITDA was additional impacted by $11 million of unfavorable advertising and marketing fund variability. On a comparable foundation, adjusted EBITDA elevated 6% reflecting increased fee-related and different revenues.
Diluted earnings per share was $3.41 in comparison with $3.91 in full-year 2022, which included $0.40 per share from the select-service managed and owned accommodations. This lower displays the decrease web revenue, partially offset by the good thing about a decrease share depend as a result of share repurchase exercise.
Adjusted diluted EPS was $4.01 per share in comparison with $3.96 per share in full-year 2022, which included $0.15 per share from the select-service managed and owned accommodations. This progress in adjusted diluted EPS was additional impacted by $0.09 per share (after estimated taxes) of unfavorable advertising and marketing fund variability. On a comparable foundation, adjusted diluted EPS elevated 8% year-over-year reflecting the adjusted EBITDA progress and the profit from share repurchase exercise, partially offset by increased curiosity expense.
Throughout full-year 2023, the Firm’s advertising and marketing fund revenues exceeded bills by $9 million; whereas in 2022, the Firm’s advertising and marketing fund revenues exceeded bills by $20 million, leading to $11 million of selling fund variability.

Full reconciliations of GAAP outcomes to the Firm’s non-GAAP adjusted measures for all reported durations seem within the tables to this press launch.

Steadiness Sheet and Liquidity

The Firm generated $376 million of web money supplied by working actions and free money circulate of $339 million within the full-year 2023. The Firm ended the quarter with a money steadiness of $66 million and roughly $650 million in whole liquidity.

The Firm’s web debt leverage ratio was 3.2 occasions at December 31, 2023, throughout the decrease half of the Firm’s 3 to 4 occasions said goal vary.

Share Repurchases and Dividends

Throughout the fourth quarter, the Firm repurchased roughly 1.7 million shares of its frequent inventory for $127 million. For the full-year 2023, the Firm repurchased roughly 5.5 million shares of its frequent inventory for $397 million, at a median worth of $72.25, 8% decrease than buying and selling ranges as of February 13^th.

The Firm paid frequent inventory dividends of $28 million, or $0.35 per share, within the fourth quarter of 2023 for a complete of $118 million, or $1.40 per share, for the full-year 2023.

For the full-year 2023, the Firm returned $515 million to shareholders by share repurchases and quarterly money dividends.

The Firm’s Board of Administrators licensed a 9% improve within the quarterly money dividend to $0.38 per share, starting with the dividend anticipated to be declared in first quarter 2024.

Full-12 months 2024 Outlook

The Firm supplied the next outlook for full-year 2024:

		2024 Outlook
12 months-over-year rooms progress		3 – 4%
12 months-over-year world RevPAR progress		2 – 3%
Price-related and different revenues		$1.43 – $1.46 billion
Adjusted EBITDA		$690 – $700 million
Adjusted web revenue		$341 – $351 million
Adjusted diluted EPS		$4.11 – $4.23
Free money circulate conversion charge		~60%


NOTE:	Outlook for adjusted EBITDA, adjusted web revenue, adjusted diluted EPS and free money circulate conversion charge excludes all bills and money outlays related to the unsolicited provide by Selection Motels, that are at the moment anticipated to approximate $75 million earlier than taxes.

12 months-over-year progress charges for adjusted EBITDA, adjusted web revenue and adjusted diluted EPS will not be comparable as a result of full-year 2023 advertising and marketing fund revenues exceeding bills by $9 million, which considerably accomplished the restoration of the $49 million assist the Firm supplied to its house owners throughout COVID. The Firm expects advertising and marketing revenues to equal bills throughout full-year 2024 although seasonality of spend will have an effect on the quarterly comparisons all year long.

About Wyndham Motels & Resorts

Wyndham Motels & Resorts (NYSE: WH) is the world’s largest resort franchising firm by the variety of properties, with roughly 9,200 accommodations throughout over 95 international locations on six continents. By its community of roughly 872,000 rooms interesting to the on a regular basis traveler, Wyndham instructions a number one presence within the financial system and midscale segments of the lodging business.

Desk 1
WYNDHAM HOTELS & RESORTS
INCOME STATEMENT
(In hundreds of thousands, besides per share knowledge)
(Unaudited)

	Three Months Ended December 31,		12 months Ended December 31,
	2023	2022	2023	2022
Internet revenues
Royalties and franchise charges	$ 117	$ 118	$ 532	$ 512
Advertising and marketing, reservation and loyalty	133	128	578	544
Administration and different charges	3	3	14	57
License and different charges	29	26	112	100
Different	38	35	148	141
Price-related and different revenues	320	310	1,384	1,354
Value reimbursements	1	24	13	144
Internet revenues	321	334	1,397	1,498

Bills
Advertising and marketing, reservation and loyalty	124	140	569	524
Working	30	22	94	106
Basic and administrative	37	35	130	123
Value reimbursements	1	24	13	144
Depreciation and amortization	20	19	76	77
Transaction-related	5	—	11	—
Separation-related	—	1	1	1
Achieve on asset sale, web	—	—	—	(35)
Whole bills	217	241	894	940

Working revenue	104	93	503	558
Curiosity expense, web	29	21	102	80
Early extinguishment of debt	—	—	3	2

Revenue earlier than revenue taxes	75	72	398	476
Provision for revenue taxes	25	16	109	121
Internet revenue	$ 50	$ 56	$ 289	$ 355

Earnings per share
Fundamental	$ 0.61	$ 0.64	$ 3.43	$ 3.93
Diluted	0.60	0.63	3.41	3.91

Weighted common shares excellent
Fundamental	82.0	87.8	84.4	90.3
Diluted	82.6	88.3	84.9	90.8

Desk 2
WYNDHAM HOTELS & RESORTS
HISTORICAL REVENUE AND ADJUSTED EBITDA BY SEGMENT

The reportable segments offered beneath signify our working segments for which separate monetary info is on the market and is utilized regularly by our chief working choice maker to evaluate efficiency and allocate sources. In figuring out our reportable segments, we additionally contemplate the character of providers supplied by our working segments. Administration evaluates the working outcomes of every of our reportable segments based mostly upon web revenues and adjusted EBITDA. Throughout the first quarter of 2023, we modified the composition of our reportable segments to replicate the current adjustments in our Lodge Administration phase, together with the sale of our owned belongings, the exit of our select-service administration enterprise and the exit from considerably all of our U.S. full-service administration enterprise. The remaining resort administration enterprise, which is predominately the full-service worldwide managed enterprise, has been aggregated, on a potential foundation, inside our Lodge Franchising phase. We imagine that adjusted EBITDA is a helpful measure of efficiency for our segments which, when thought-about with GAAP measures, permits a extra full understanding of our working efficiency. We use this measure internally to evaluate working efficiency, each completely and compared to different firms, and to make everyday working choices, together with within the analysis of chosen compensation choices. Our presentation of adjusted EBITDA will not be similar to similarly-titled measures utilized by different firms.

		First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Full 12 months
*Lodge Franchising ^(a)*
	Internet revenues
	2023	$ 313	$ 362	$ 402	$ 321	$ 1,397
	2022	272	335	367	303	1,277
	2021	209	283	337	270	1,099
	Adjusted EBITDA
	2023	$ 164	$ 175	$ 215	$ 173	$ 727
	2022	155	185	201	138	679
	2021	105	166	193	128	592

*Lodge Administration*
	Internet revenues
	2023	n/a	n/a	n/a	n/a	n/a
	2022	$ 99	$ 51	$ 40	$ 31	$ 221
	2021	94	123	126	122	466
	Adjusted EBITDA
	2023	n/a	n/a	n/a	n/a	n/a
	2022	$ 20	$ 6	$ 7	$ 4	$ 37
	2021	5	16	16	19	57

*Company and Different*
	Internet revenues
	2023	$ —	$ —	$ —	$ —	$ —
	2022	—	—	—	—	—
	2021	—	—	—	—	—
	Adjusted EBITDA
	2023	$ (17)	$ (17)	$ (15)	$ (19)	$ (68)
	2022	(16)	(16)	(17)	(16)	(66)
	2021	(13)	(14)	(15)	(16)	(59)

*Whole Firm*
	Internet revenues
	2023	$ 313	$ 362	$ 402	$ 321	$ 1,397
	2022	371	386	407	334	1,498
	2021	303	406	463	392	1,565
	Internet revenue
	2023	$ 67	$ 70	$ 103	$ 50	$ 289
	2022	106	92	101	56	355
	2021	24	68	103	48	244
	Adjusted EBITDA
	2023	$ 147	$ 158	$ 200	$ 154	$ 659
	2022	159	175	191	126	650
	2021	97	168	194	131	590


NOTE:	Quantities embrace the outcomes of the Firm’s Wyndham Grand Bonnet Creek Resort and Wyndham Grand Rio Mar Resort, which had been bought in March 2022 and Might 2022, respectively, and its select-service administration enterprise, which was exited in March 2022, by their sale/exit dates. Quantities could not add throughout as a result of rounding. See Desk 7 for reconciliations of Whole Firm non-GAAP measures and Desk 9 for definitions.
^(a)	For 2023, the Lodge Franchising phase consists of the previous Lodge Administration phase, which is primarily comprised of the Firm’s remaining full-service administration enterprise.

Desk 3
WYNDHAM HOTELS & RESORTS
CONDENSED CASH FLOWS
(In hundreds of thousands)
(Unaudited)

	12 months Ended December 31,
	2023	2022
Working actions
Internet revenue	$ 289	$ 355
Depreciation and amortization	76	77
Deferred revenue taxes	(17)	(39)
Achieve on asset sale, web	—	(35)
Funds of improvement advance notes, web	(72)	(48)
Working capital and different, web	100	89
Internet money supplied by working actions	376	399
Investing actions
Property and tools additions	(37)	(39)
Proceeds from asset gross sales, web ^(a)	—	263
Acquisition of resort model	—	(44)
Different, web	(29)	(1)
Internet money (utilized in)/supplied by investing actions	(66)	179
Financing actions
Proceeds from long-term debt	1,378	400
Funds of long-term debt	(1,245)	(404)
Dividends to shareholders	(118)	(116)
Repurchases of frequent inventory	(393)	(448)
Different, web	(24)	(16)
Internet money utilized in financing actions	(402)	(584)
Impact of adjustments in change charges on money, money equivalents and restricted money	(3)	(4)
Internet lower in money, money equivalents and restricted money	(95)	(10)
Money, money equivalents and restricted money, starting of interval	161	171
Money, money equivalents and restricted money, finish of interval	$ 66	$ 161

Free Money Movement:

	12 months Ended December 31,
	2023	2022
Internet money supplied by working actions ^(b)	$ 376	$ 399
Much less: Property and tools additions	(37)	(39)
Free money circulate	$ 339	$ 360


^(a)	Consists of proceeds of $179 million, web of transaction prices, acquired from the Firm’s gross sales of the Wyndham Grand Bonnet Creek Resort and the Wyndham Grand Rio Mar Resort and $84 million of proceeds from CorePoint Lodging associated to the Firm’s exit of its select-service administration enterprise.
^(b)	The year-over-year comparability is impacted by the absence of $13 million as a result of exit of the select-service administration enterprise and owned accommodations. Excluding which, free money circulate decreased $8 million as increased money earnings had been offset by $24 million of incremental improvement advances and $22 million of upper curiosity expense.

Desk 4
WYNDHAM HOTELS & RESORTS
BALANCE SHEET SUMMARY AND DEBT
(In hundreds of thousands)
(Unaudited)

		As of December 31, 2023	As of December 31, 2022
Belongings
Money and money equivalents		$ 66	$ 161
Commerce receivables, web		241	234
Property and tools, web		88	99
Goodwill and intangible belongings, web		3,104	3,131
Different present and non-current belongings		534	498
Whole belongings		$ 4,033	$ 4,123

Liabilities and stockholders’ fairness
Whole debt		$ 2,201	$ 2,077
Different present liabilities		422	386
Deferred revenue tax liabilities		325	345
Different non-current liabilities		339	353
Whole liabilities		3,287	3,161
Whole stockholders’ fairness		746	962
Whole liabilities and stockholders’ fairness		$ 4,033	$ 4,123

Our excellent debt was as follows:
	Weighted Common Curiosity Fee ^(a)	As of December 31, 2023	As of December 31, 2022
	Weighted Common Curiosity Fee ^(a)	As of December 31, 2023	As of December 31, 2022
$750 million revolving credit score facility (due April 2027)	7.2 %	$ 160	$ —
$400 million time period mortgage A (due April 2027)	7.2 %	384	399
$1.6 billion time period mortgage B (due Might 2025)		—	1,139
$1.1 billion time period mortgage B (due Might 2030)	4.1 %	1,123	—
$500 million 4.375% senior unsecured notes (due August 2028)	4.4 %	495	494
Finance leases	4.5 %	39	45
Whole debt	4.9 %	2,201	2,077
Money and money equivalents		66	161
Internet debt		$ 2,135	$ 1,916
Internet debt leverage ratio		3.2x	2.9x


^(a)	Represents weighted common rates of interest for the fourth quarter 2023, together with the results from hedging.

Our excellent debt as of December 31, 2023 matures as follows:
			Quantity
Inside 1 12 months			$ 37
Between 1 and a couple of years			45
Between 2 and three years			48
Between 3 and 4 years			485
Between 4 and 5 years			514
Thereafter			1,072
Whole			$ 2,201

Desk 5
WYNDHAM HOTELS & RESORTS
REVENUE DRIVERS

	12 months Ended December 31,
	2023	2022	Change	% Change
Starting Room Rely (January 1)
United States	493,800	490,600	3,200	1 %
Worldwide	348,700	319,500	29,200	9
International	842,500	810,100	32,400	4

Additions
United States	26,700	26,700	—	—
Worldwide	39,300	43,700	(4,400)	(10)
International	66,000	70,400	(4,400)	(6)

Deletions
United States	(22,900)	(23,500)	600	3
Worldwide	(13,800)	(14,500)	700	5
International	(36,700)	(38,000)	1,300	3

Ending Room Rely (December 31)
United States	497,600	493,800	3,800	1
Worldwide	374,200	348,700	25,500	7
International	871,800	842,500	29,300	3 %

	As of December 31,				FY 2023 Royalty Contribution
	2023	2022	Change	% Change	FY 2023 Royalty Contribution
System Measurement
United States
Financial system	230,800	235,800	(5,000)	(2 %)
Midscale and Higher Midscale	247,600	239,000	8,600	4
Upscale and Above	19,200	19,000	200	1
Whole United States	497,600	493,800	3,800	1 %	80

Worldwide
Higher China	171,100	161,100	10,000	6 %	3
Remainder of Asia Pacific	34,600	30,400	4,200	14	2
Europe, the Center East and Africa	88,700	79,200	9,500	12	7
Canada	39,900	39,500	400	1	5
Latin America	39,900	38,500	1,400	4	3
Whole Worldwide	374,200	348,700	25,500	7 %	20

International	871,800	842,500	29,300	3 %	100 %

Desk 5 (continued)
WYNDHAM HOTELS & RESORTS
REVENUE DRIVERS

	Three Months Ended December 31, 2023	Fixed Forex % Change ^(a)
Regional RevPAR Development
United States
Financial system	$ 35.83	(7 %)
Midscale and Higher Midscale	49.47	(4)
Upscale and Above	89.85	5
Whole United States	$ 44.06	(4 %)

Worldwide
Higher China	$ 16.58	44 %
Remainder of Asia Pacific	33.28	2
Europe, the Center East and Africa	52.15	5
Canada	44.75	4
Latin America	43.91	(12)
Whole Worldwide	$ 32.12	7 %

International	$ 38.90	(1 %)

	Three Months Ended December 31,
	2023	2022	% Change
Common Royalty Fee
United States	4.6 %	4.6 %	—
Worldwide	2.3 %	2.0 %	30 bps
International	3.8 %	3.8 %	—

	12 months Ended December 31, 2023	Fixed Forex % Change ^(a)
Regional RevPAR Development
United States
Financial system	$ 41.76	(2 %)
Midscale and Higher Midscale	56.27	—
Upscale and Above	97.14	4
Whole United States	$ 50.42	(1 %)

Worldwide
Higher China	$ 16.76	33 %
Remainder of Asia Pacific	32.58	15
Europe, the Center East and Africa	52.02	21
Canada	54.35	12
Latin America	44.53	15
Whole Worldwide	$ 33.21	21 %

International	$ 43.10	5 %

	12 months Ended December 31,
	2023	2022	% Change
Common Royalty Fee
United States	4.6 %	4.6 %	—
Worldwide	2.4 %	2.1 %	30 bps
International	3.9 %	3.9 %	—


^(a)	Worldwide and world excludes the influence of forex change actions.

Desk 6
WYNDHAM HOTELS & RESORTS
HISTORICAL REVPAR AND ROOMS

		First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Full 12 months
*Lodge Franchising ^(a)*
	International RevPAR
	2023	$ 37.20	$ 46.47	$ 49.71	$ 38.90	$ 43.10
	2022	$ 33.08	$ 43.74	$ 48.61	$ 39.18	$ 41.23
	2021	$ 24.02	$ 35.69	$ 44.67	$ 34.77	$ 34.85
	U.S. RevPAR
	2023	$ 43.84	$ 55.26	$ 58.46	$ 44.06	$ 50.42
	2022	$ 41.01	$ 54.70	$ 58.45	$ 45.49	$ 50.00
	2021	$ 29.68	$ 46.99	$ 56.38	$ 42.45	$ 43.95
	Worldwide RevPAR
	2023	$ 27.99	$ 34.44	$ 38.05	$ 32.12	$ 33.21
	2022	$ 21.05	$ 26.80	$ 33.90	$ 30.16	$ 28.11
	2021	$ 15.26	$ 18.21	$ 26.62	$ 23.13	$ 20.86
	International Rooms ^(b)
	2023	844,800	851,500	858,000	871,800	871,800
	2022	793,200	799,200	816,300	827,100	827,100
	2021	748,700	752,500	758,600	769,400	769,400
	U.S. Rooms
	2023	494,400	495,100	495,700	497,600	497,600
	2022	486,600	487,600	488,100	493,500	493,500
	2021	452,500	454,200	458,000	465,100	465,100
	Worldwide Rooms ^(b)
	2023	350,400	356,400	362,300	374,200	374,200
	2022	306,600	311,600	328,200	333,600	333,600
	2021	296,200	298,300	300,600	304,300	304,300

*Lodge Administration*
	International RevPAR
	2023	n/a	n/a	n/a	n/a	n/a
	2022	$ 56.55	$ 65.13	$ 71.54	$ 68.04	$ 64.07
	2021	$ 38.17	$ 56.08	$ 64.63	$ 57.57	$ 53.81
	U.S. RevPAR
	2023	n/a	n/a	n/a	n/a	n/a
	2022	$ 69.92	$ 135.35	$ 126.34	$ 98.28	$ 92.66
	2021	$ 42.89	$ 67.42	$ 78.27	$ 66.77	$ 63.20
	Worldwide RevPAR
	2023	n/a	n/a	n/a	n/a	n/a
	2022	$ 40.26	$ 40.89	$ 53.57	$ 59.49	$ 48.61
	2021	$ 27.12	$ 31.20	$ 37.53	$ 40.96	$ 34.31
	International Rooms
	2023	n/a	n/a	n/a	n/a	n/a
	2022	20,100	19,700	19,700	15,400	15,400
	2021	48,500	45,500	44,000	40,700	40,700
	U.S. Rooms
	2023	n/a	n/a	n/a	n/a	n/a
	2022	5,300	4,800	4,800	300	300
	2021	33,500	30,600	28,800	25,500	25,500
	Worldwide Rooms
	2023	n/a	n/a	n/a	n/a	n/a
	2022	14,800	14,900	14,900	15,100	15,100
	2021	15,000	14,900	15,200	15,200	15,200

Desk 6 (continued)
WYNDHAM HOTELS & RESORTS
HISTORICAL REVPAR AND ROOMS

		First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Full 12 months
*Whole System*
	International RevPAR
	2023	$ 37.20	$ 46.47	$ 49.71	$ 38.90	$ 43.10
	2022	$ 34.06	$ 44.28	$ 49.17	$ 39.86	$ 41.88
	2021	$ 24.90	$ 36.92	$ 45.80	$ 35.99	$ 35.95
	U.S. RevPAR
	2023	$ 43.84	$ 55.26	$ 58.46	$ 44.06	$ 50.42
	2022	$ 42.11	$ 55.57	$ 59.15	$ 45.96	$ 50.72
	2021	$ 30.62	$ 48.37	$ 57.73	$ 43.84	$ 45.19
	Worldwide RevPAR
	2023	$ 27.99	$ 34.44	$ 38.05	$ 32.12	$ 33.21
	2022	$ 21.95	$ 27.46	$ 34.79	$ 31.44	$ 29.05
	2021	$ 15.83	$ 18.84	$ 27.15	$ 23.99	$ 21.52
	International Rooms ^(b)
	2023	844,800	851,500	858,000	871,800	871,800
	2022	813,300	818,900	836,000	842,500	842,500
	2021	797,200	798,000	802,600	810,100	810,100
	U.S. Rooms
	2023	494,400	495,100	495,700	497,600	497,600
	2022	491,900	492,400	492,900	493,800	493,800
	2021	486,000	484,800	486,800	490,600	490,600
	Worldwide Rooms ^(b)
	2023	350,400	356,400	362,300	374,200	374,200
	2022	321,400	326,500	343,100	348,700	348,700
	2021	311,200	313,200	315,800	319,500	319,500

Desk 7
WYNDHAM HOTELS & RESORTS
NON-GAAP RECONCILIATIONS
(In hundreds of thousands)

The tables beneath reconcile sure non-GAAP monetary measures. The presentation of those changes is meant to allow the comparability of specific changes as they seem within the revenue assertion with the intention to help buyers’ understanding of the general influence of such changes. We imagine that adjusted EBITDA, adjusted web revenue and adjusted EPS monetary measures present helpful info to buyers about us and our monetary situation and outcomes of operations as a result of these measures are utilized by our administration staff to judge our working efficiency and make day-to-day working choices and adjusted EBITDA is continuously utilized by securities analysts, buyers and different events as a standard efficiency measure to check outcomes or estimate valuations throughout firms in our business. These measures additionally help our buyers in evaluating our ongoing working efficiency for the present reporting interval and, the place supplied, over totally different reporting durations, by adjusting for sure objects which can be recurring or non-recurring and which in our view don’t essentially replicate ongoing efficiency. We additionally internally use these measures to evaluate our working efficiency, each completely and compared to different firms, and in evaluating or making chosen compensation choices. These supplemental disclosures are along with GAAP reported measures. These non-GAAP reconciliation tables shouldn’t be thought-about an alternative choice to, nor superior to, monetary outcomes and measures decided or calculated in accordance with GAAP.

Reconciliation of Internet Revenue to Adjusted EBITDA:

	First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Full 12 months
2023
Internet revenue	$ 67	$ 70	$ 103	$ 50	$ 289
Provision for revenue taxes	24	26	33	25	109
Depreciation and amortization	19	19	19	20	76
Curiosity expense, web	22	24	27	29	102
Early extinguishment of debt ^(a)	—	3	—	—	3
Inventory-based compensation	9	9	10	11	39
Growth advance notes amortization	3	4	4	5	15
Transaction-related ^(b)	—	4	1	5	11
Separation-related ^(c)	2	(2)	—	—	1
International forex influence of extremely inflationary international locations ^(d)	1	1	3	9	14
Adjusted EBITDA	$ 147	$ 158	$ 200	$ 154	$ 659

2022
Internet revenue	$ 106	$ 92	$ 101	$ 56	$ 355
Provision for revenue taxes	34	31	38	16	121
Depreciation and amortization	24	17	18	19	77
Curiosity expense, web	20	20	21	21	80
Early extinguishment of debt ^(a)	—	2	—	—	2
Inventory-based compensation	8	9	8	8	33
Growth advance notes amortization	3	3	3	3	12
(Achieve)/loss on asset sale, web ^(e)	(36)	1	—	—	(35)
Separation-related ^(c)	—	(1)	1	1	1
International forex influence of extremely inflationary international locations ^(d)	—	1	1	2	4
Adjusted EBITDA	$ 159	$ 175	$ 191	$ 126	$ 650

2021
Internet revenue	$ 24	$ 68	$ 103	$ 48	$ 244
Provision for revenue taxes	11	25	36	19	91
Depreciation and amortization	24	24	23	25	95
Curiosity expense, web	28	22	22	22	93
Early extinguishment of debt ^(a)	—	18	—	—	18
Inventory-based compensation	5	8	7	8	28
Growth advance notes amortization	2	2	3	3	11
Impairments, web^(f)	—	—	—	6	6
Separation-related ^(c)	2	1	—	—	3
International forex influence of extremely inflationary international locations ^(d)	1	—	—	—	1
Adjusted EBITDA	$ 97	$ 168	$ 194	$ 131	$ 590


NOTE:	Quantities could not add as a result of rounding.
^(a)	Quantity in 2023 pertains to non-cash prices related to the Firm’s refinancing of its time period mortgage B. Quantity in 2022 pertains to non-cash prices related to the Firm’s extension of its revolving credit score facility and the prepayment of $400 million of its time period mortgage B. Quantity in 2021 pertains to the redemption premium and non-cash bills related to the early redemption of the Firm’s 5.375% senior unsecured notes.
^(b)	Represents prices associated to company transactions, together with Selection Motels’ unsolicited provide.
^(c)	Represents prices related to the Firm’s spin-off from Wyndham Worldwide.
^(d)	Pertains to the overseas forex influence from hyper-inflation, primarily in Argentina, which is mirrored in working bills on the revenue assertion.
^(e)	Represents (achieve)/loss on gross sales of the Firm’s owned accommodations, the Wyndham Grand Bonnet Creek Resort and Wyndham Grand Rio Mar.
^(f)	Represents a non-cash cost to cut back the carrying values of the Firm’s owned accommodations long-lived belongings to their honest worth in reference to the Firm’s Board approval of a plan to promote these belongings in 2022.

Desk 7 (continued)
WYNDHAM HOTELS & RESORTS
NON-GAAP RECONCILIATIONS
(In hundreds of thousands, besides per share knowledge)

Reconciliation of Internet Revenue and Diluted EPS to Adjusted Internet Revenue and Adjusted Diluted EPS:

	Three Months Ended December 31,		12 months Ended December 31,
	2023	2022	2023	2022
Diluted earnings per share	$ 0.60	$ 0.63	$ 3.41	$ 3.91

Internet revenue	$ 50	$ 56	$ 289	$ 355

Changes:
Acquisition-related amortization expense^(a)	7	6	27	31
International forex influence of extremely inflationary international locations	9	2	14	4
Transaction-related	5	—	11	—
Early extinguishment of debt	—	—	3	2
Separation-related	—	1	1	1
Achieve on asset sale, web	—	—	—	(35)
Whole changes earlier than tax	21	9	56	3
Revenue tax provision/(profit) ^(b)	(4)	1	4	(2)
Whole changes after tax	25	8	52	5
Adjusted web revenue	$ 75	$ 64	$ 341	$ 360
Changes – EPS influence	0.31	0.09	0.60	0.05
Adjusted diluted EPS	$ 0.91	$ 0.72	$ 4.01	$ 3.96

Diluted weighted common shares excellent	82.6	88.3	84.9	90.8


^(a)	Mirrored in depreciation and amortization on the revenue assertion.
^(b)	Displays the estimated tax results of the changes. The 2023 quantities embrace a overseas tax evaluation impacting years 2017, 2018 and 2019.

Desk 8
WYNDHAM HOTELS & RESORTS
2024 OUTLOOK
As of February 14, 2024
(In hundreds of thousands, besides per share knowledge)

	2024 Outlook ^(a)
Price-related and different revenues	$	1,430 – 1,460
Adjusted EBITDA		690 – 700
Depreciation and amortization expense		46 – 48
Growth advance notes amortization expense		23 – 25
Inventory-based compensation expense		43 – 45
Curiosity expense, web		118 – 120
Adjusted revenue earlier than revenue taxes		454 – 468
Revenue tax expense ^(b)		114 – 117
Adjusted web revenue	$	341 – 351

Adjusted diluted EPS	$	4.11 – 4.23

Diluted shares ^(c)		83.0

Capital expenditures		Approx. $40
Growth advance notes		Approx. $90

Free money circulate conversion charge		~60%

12 months-over-12 months Development
International RevPAR		2% – 3%
Variety of rooms		3% – 4%


NOTE:	Outlook for adjusted EBITDA, adjusted web revenue, adjusted diluted EPS and free money circulate conversion charge excludes all bills and money outlays related to the unsolicited provide by Selection Motels, that are at the moment anticipated to approximate $75 million earlier than taxes.
^(a)	12 months-over-year progress charges for adjusted EBITDA, adjusted web revenue and adjusted diluted EPS will not be comparable as a result of full-year 2023 advertising and marketing fund revenues exceeding bills by $9 million (earlier than taxes), which considerably accomplished the restoration of the $49 million assist the Firm supplied to its house owners throughout COVID.
^(b)	Outlook assumes an efficient tax charge of roughly 25%.
^(c)	Excludes the influence of any share repurchases after December 31, 2023.

In figuring out adjusted EBITDA, curiosity expense, web, adjusted revenue earlier than revenue taxes, adjusted web revenue, adjusted diluted EPS and free money circulate conversion charge, we exclude sure objects that are in any other case included in figuring out the comparable GAAP monetary measures. We’re offering these measures on a non-GAAP foundation solely as a result of, with out unreasonable efforts, we’re unable to foretell with affordable certainty the prevalence or quantity of all of the changes or different potential changes which will come up sooner or later through the forward-looking interval, which may be depending on future occasions that will not be reliably predicted. Based mostly on previous reported outcomes, the place a number of of this stuff have been relevant, such excluded objects may very well be materials, individually or within the mixture, to the reported outcomes.

Desk 9

WYNDHAM HOTELS & RESORTS

DEFINITIONS

Adjusted Internet Revenue and Adjusted Diluted EPS: Represents web revenue/(loss) and diluted earnings/(loss) per share excluding acquisition-related amortization, impairment prices, restructuring and associated prices, contract termination prices, separation-related objects, transaction-related objects (acquisition-, disposition-, or debt-related), (achieve)/loss on asset gross sales and overseas forex impacts of extremely inflationary international locations. The Firm calculates the revenue tax impact of the changes utilizing an estimated efficient tax charge relevant to every adjustment.

Adjusted EBITDA: Represents web revenue/(loss) excluding web curiosity expense, depreciation and amortization, early extinguishment of debt prices, impairment prices, restructuring and associated prices, contract termination prices, separation-related objects, transaction-related objects (acquisition-, disposition-, or debt-related), (achieve)/loss on asset gross sales, overseas forex impacts of extremely inflationary international locations, stock-based compensation expense, revenue taxes and improvement advance notes amortization. Adjusted EBITDA is a monetary measure that isn’t acknowledged beneath U.S. GAAP and shouldn’t be thought-about as an alternative choice to web revenue/(loss) or different measures of monetary efficiency or liquidity derived in accordance with U.S. GAAP. As well as, the Firm’s definition of adjusted EBITDA will not be similar to equally titled measures of different firms.

Common Day by day Fee (ADR): Represents the typical charge charged for renting a lodging room for at some point.

Common Occupancy Fee: Represents the share of accessible rooms occupied through the interval.

Comparable Foundation: For 2023, represents a comparability eliminating the contribution from the Firm’s owned accommodations and select-service administration enterprise – each of which had been exited within the first half of 2022, in addition to the variability in its advertising and marketing funds as a result of restoration of the COVID assist that the Firm supplied to its house owners throughout 2020. For 2024, represents a comparability eliminating the year-over-year variability of the Firm’s advertising and marketing funds.

Fixed Forex: Represents a comparability eliminating the results of overseas change charge fluctuations between durations (overseas forex translation) and the influence brought on by any overseas change associated actions (i.e., hedges, steadiness sheet remeasurements and/or changes).

Free Money Movement: For 2023, represents web money supplied by working actions much less capital expenditures. For 2024, the Firm’s definition of free money circulate was modified to replicate the add again of improvement advances as such outflows signify capital deployment into the enterprise. The Firm believes free money circulate to be a helpful working efficiency measure to it and buyers. This measure helps the Firm and buyers consider its potential to generate money past what is required to fund capital expenditures, debt service and different obligations. However money available and incremental borrowing capability, free money circulate displays the Firm’s potential to develop its enterprise by investments and acquisitions, in addition to its potential to return money to shareholders by dividends and share repurchases and even to delever. Free money circulate will not be a illustration of how the Firm will use extra money. A limitation of utilizing free money circulate versus the GAAP measure of web money supplied by working actions as a way for evaluating Wyndham Motels is that free money circulate doesn’t signify the entire money motion for the interval as detailed within the condensed consolidated assertion of money flows.

Free Money Movement Conversion Fee: Represents the share of adjusted EBITDA that’s transformed to free money circulate and gives insights into how effectively the Firm is ready to flip earnings into money out there to be used, similar to for investments, debt discount, dividends or share repurchases.

Internet Debt Leverage Ratio: Calculated by dividing whole debt much less money and money equivalents by trailing twelve months adjusted EBITDA.

Variety of Rooms: Represents the variety of rooms on the finish of the interval that are (i) both beneath franchise and/or administration agreements or Firm-owned and (ii) properties beneath affiliation agreements for which we obtain a charge for reservation and/or different providers supplied.

RevPAR: Represents income per out there room and is calculated by multiplying common occupancy charge by ADR.

Royalty Fee: Represents the typical royalty charge earned on our franchised properties and is calculated by dividing whole royalties, excluding the influence of amortization of improvement advance notes, by whole room revenues.

SOURCE Wyndham Motels & Resorts