Wyndham Worldwide informa los resultados del segundo trimestre de 2016

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Increases Full Year EPS Guidance

PARSIPPANY, N.J. (July 27, 2016) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended June 30, 2016.

Second quarter revenues were $1,4 billion, flat compared with the prior year period. In constant currency and excluding acquisitions, revenues increased 1%.

Net income for the second quarter of 2016 was $156 million, or $1,39 per diluted share, compared with $159 million, or $1,33 per diluted share, for the second quarter of 2015. Adjusted net income for the second quarter of 2016 was $156 million, or $1,4 per diluted share, compared with $159 million, or $1,32 per diluted share, for the second quarter of 2015. Net income was impacted by higher interest expense and depreciation, as well as a higher tax rate, which offset growth in EBITDA. EPS benefited from the Company's share repurchase program. Full reconciliations of adjusted net income and adjusted EPS appear on table 7 of this press release.

Second quarter EBITDA was $340 million, compared with $332 million in the prior year period, an increase of 2%. On a currency-neutral basis and excluding acquisitions, adjusted EBITDA increased 3%. Full reconciliations of EBITDA to net income appear on Table 2 of this press release.

"In the second quarter, we continued to execute our strategy to drive growth and free cash flow while maintaining our disciplined capital allocation framework to enhance shareholder value," said Stephen P. Holmes, chairman and CEO. "We are looking ahead - making sure we continually innovate and invest for the future in order to ensure strong, continued growth in the years to come."

Para los seis meses finalizados el 30 de junio de 2016, el efectivo neto producido por actividades operativas fue de $706 millones, en comparación con los $737 millones correspondientes al período del año anterior.  The decrease reflects unfavorable currency movements of $35 million, including a $24 million devaluation of the Venezuelan bolivar in the first quarter of 2016. 

Free cash flow was $616 million for the six months ended June 30, 2016, compared with $625 million for the same period in 2015, reflecting the changes in net cash provided by operating activities highlighted above in addition to the favorable timing of capital expenditures.  The Company defines free cash flow as net cash provided by operating activities less capital expenditures as illustrated in Table 4 of this press release. 

 

SECOND QUARTER 2016 BUSINESS UNIT RESULTS

Hotel Group

Revenues were $334 million in the second quarter of 2016, flat compared with the second quarter 2015.  Revenues reflected growth in royalties and the Company’s Wyndham Rewards credit card program, offset by the absence of pass-through revenues associated with the Company’s franchisee conference in the second quarter of 2015. 

EBITDA grew 5% to $101 million, reflecting growth in royalties and the Company’s Wyndham Rewards credit card program, and expense management. 

Second quarter domestic RevPAR increased 2%.  In constant currency, total system-wide RevPAR declined by 0,6% compared with the second quarter of 2015, which reflects continued weakness in domestic and Canadian oil markets and higher unit growth in lower RevPAR countries such as China. 

As of June 30, 2016, the Company’s hotel system consisted of approximately 7.880 properties and over 683.300 rooms, a 2,2% net room increase compared with the second quarter of 2015.  The development pipeline included over 1.000 hotels and approximately 128.000 rooms, of which 61% were international and 66% were new construction.

 

Destination Network (formerly Vacation Exchange and Rentals)

Revenues were $384 million in the second quarter of 2016, flat compared with the second quarter of 2015. In constant currency and excluding acquisitions, revenues increased 1%.

Exchange revenues were $159 million. In constant currency, exchange revenues grew 1% as the average number of members increased 0,7% and exchange revenue per member increased 0,3%.

Vacation rental revenues were $202 million.  In constant currency and excluding the impact of acquisitions, vacation rental revenues were up 1%, reflecting a 4% increase in transaction volume, partially offset by a 3,3% decrease in average net price per vacation rental reflecting faster growth in our more moderate product offerings. 

EBITDA for the second quarter of 2016 was $85 million, a 1% increase compared with the second quarter of 2015.  On a currency-neutral basis and excluding the impact of acquisitions, EBITDA increased 2% compared with the prior year period, largely reflecting growth in rental transactions and exchange members.

 

Vacation Ownership

Los ingresos ascendieron a $705 millones en el segundo trimestre de 2016, un aumento del 1% sobre el segundo trimestre del 2015. 

Net VOI sales declined by 2%, as higher gross VOI sales volume was offset by an increase in the provision for loan losses, which was in line with the Company’s expectations.

Gross VOI sales were $518 million in the second quarter of 2016, an increase of 3% compared with the second quarter of 2015.  Results reflect tour flow growth of 3,4%, partially offset by a volume per guest (VPG) decline of 0,8% in constant currency, reflecting higher sales to new owners.  The number of new owners added increased 13% from the second quarter of 2015.

EBITDA for the second quarter of 2016 was $187 million, an increase of 3% compared with the second quarter of 2015, reflecting higher gross VOI sales, a lower cost of sales and higher management fees, partially offset by an increase in the provision for loan losses. 

 

OTROS RUBROS

  • La compañía recompró 2,1 millones de acciones ordinarias por $150 millones durante el segundo trimestre de 2016.  Desde el 1 de julio al 26 de julio de 2016, la compañía recompró un adicional de 0,6 millones de acciones por $42 millones. 
  • Reported net interest expense in the second quarter of 2016 was $32 million, compared with $28 million in the second quarter of 2015, reflecting increased debt levels including the $350 million 5,1% bond issued in September 2015 and the absence of a fixed-to-floating interest rate swap terminated in 2015.
  • Depreciation and amortization in the second quarter of 2016 was $63 million, compared with $58 million in the second quarter of 2015, reflecting new projects that were placed into service. 

 

Balance Sheet Information as June 30, 2016:

  • Cash and cash equivalents of $478 million, compared with $171 million at December 31, 2015, reflecting higher seasonal cash collections at the Company’s vacation rental businesses
  • Vacation ownership contract receivables, net, of $2,7 billion, unchanged from December 31, 2015
  • Propiedades vacacionales y otros bienes de cambio por $1,3 mil millones, sin cambios desde el 31 de diciembre de 2015 
  • Deuda por propiedades vacacionales garantizadas de $2 miles de millones, en comparación con los $2,1 miles de millones al 31 de diciembre de 2015
  • Deuda a largo plazo de $3,4 miles de millones, en comparación con los $3,1 miles de millones al 31 de diciembre de 2015 The remaining borrowing capacity on the revolving credit facility, net of commercial paper borrowings, was $1,1 billion as of June 30, 2016, compared with $1,4 billion at December 31, 2015.

 En el cuadro 12 de este comunicado de prensa se incluye un cronograma de deuda.

 

PERSPECTIVA

Nota a los editores: la guía no incluye las posibles recompras futuras de acciones, mientras las estimaciones de los analistas a menudo incluyen la recompra de acciones. Esto da como resultado discrepancias entre la guía de la compañía y las estimaciones de consenso de la base de datos.

Full reconciliations of the outlook for adjusted EBITDA, adjusted net income and adjusted EPS to GAAP results appear in Table 10 of this press release.

 

The Company provides the following guidance for the full year 2016:

  • Revenues of approximately $5,65 - $5,8 billion.
  • Adjusted net income of approximately $635 - $651 million.
  • Adjusted EBITDA of approximately $1,38 - $1,4 billion.
  • Adjusted diluted EPS of approximately $5,68 - $5,82 based on a diluted share count of 112 million. 

 

La compañía publicará la información de la guía en su sitio web a continuación de la llamada en conferencia.

 

INFORMACIÓN DE LA LLAMADA EN CONFERENCIA

Wyndham Worldwide Corporation will hold a conference call with investors to discuss the Company's results, outlook and guidance on Wednesday, July 27, 2016 at 8:30 a.m. ET. Listeners can access the webcast live through the Company's website at http://www.wyndhamworldwide.com/investors/.  The conference call may also be accessed by dialing 888-632-3384 and providing the pass code "WYNDHAM."  Se solicita a los interesados llamar por lo menos con 10 minutos de anticipación a la hora de inicio señalada.  An archive of this webcast will be available on the website for approximately 90 days beginning at 12:00pm ET on July 27, 2016.  A telephone replay will be available for approximately 10 days beginning at 12:00pm ET on July 27, 2016 at 800-723-0394.

 

PRESENTACIÓN DE LA INFORMACIÓN FINANCIERA

La información financiera a la que se refiere este comunicado de prensa incluye medidas que no son GAAP, las que incluyen o excluyen ciertos rubros.  Estas medidas que no son GAAP difieren de los resultados GAAP y están destinadas a ilustrar lo que la gerencia considera son comparaciones entre períodos relevantes y son de utilidad para los inversores como una herramienta adicional para un mejor entendimiento y evaluación del desempeño operativo central y constante de la compañía.  Exclusion of items in the Company’s non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring.  A reconciliation of reported GAAP results to the comparable non-GAAP information appears in the financial tables section of the press release.  A reconciliation of forecasted adjusted EBITDA and adjusted EPS to the most directly comparable GAAP measures is provided in Table 10 of this press release.

 

ACERCA DE WYNDHAM WORLDWIDE

Wyndham Worldwide (NYSE: WYN) is one of the largest global hospitality companies, providing travelers with access to a collection of trusted hospitality brands in hotels, vacation ownership, and unique accommodations including vacation exchange, holiday parks, and managed home rentals. With a collective inventory of more than 120.000 places to stay across 100 countries on six continents, Wyndham Worldwide and its 38.000 associates welcomes people to experience travel the way they want. This is enhanced by Wyndham Rewards®, the Company's re-imagined guest loyalty program across its businesses, which is making it simpler for members to earn more rewards and redeem their points faster. Para obtener más información, visite www.wyndhamworldwide.com.

 

DECLARACIONES FUTURAS

Este comunicado de prensa contiene "declaraciones futuras" en lo que se refiere a la Sección 21E de la ley reguladora del mercado de valores de 1934, y sus modificaciones, que conllevan las expectativas de la gerencia en cuanto al futuro en base a los planes, estimaciones y proyecciones al momento en que la compañía hace las declaraciones.  Las declaraciones futuras incluyen los riesgos conocidos y desconocidos, incertidumbres y otros factores, que provocan los resultados, el desempeño o los logros actuales de la compañía que pueden ser significativamente diferentes de los resultados, el desempeño y los logros futuros expresos o implícitos en dichas declaraciones futuras.  The forward-looking statements contained in this press release include statements related to the Company’s revenues, earnings, cash flow and related financial and operating measures.

 

Se alerta a los lectores a no confiar en forma desmedida en estas declaraciones futuras, las que incluyen consideraciones solo a la fecha de este comunicado de prensa.  Los factores que pueden provocar una diferencia en los resultados reales con respecto a los incluidos en las declaraciones futuras incluyen las condiciones económicas generales, el desempeño de los mercados financieros y crediticios, el ambiente económico de la industria hotelera, los efectos de posibles guerras, actividad terrorista o conflictos políticos, riesgos operativos asociados al hotel, al intercambio y alquileres vacacionales y a los negocios de propiedades vacacionales, al igual que aquellos descritos en la Memoria de la compañía en el formulario 10-K, presentado en la SEC el 12 de febrero de 2016.  Salvo por la obligación de la compañía de divulgar información importante según lo establecido por las leyes federales sobre valores, no implica obligación de publicar revisiones de declaraciones futuras, informar eventos o el acontecimiento de eventos no previstos.

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Contacto de medios e inversores:                                       

Margo C. Happer                                           

Vicepresidente senior, Relaciones con inversores      

Wyndham Worldwide Corporation                            

(973) 753-6472                                                          

margo.happer@wyn.com

 

Barry Goldschmidt

Vicepresidente, Relaciones con inversores

Wyndham Worldwide Corporation

(973) 753-7703

barry.goldschmidt@wyn.com