Wyndham Worldwide informa los resultados del tercer trimestre de 2016

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PARSIPPANY, N.J. (October 26, 2016) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended September 30, 2016.

 

Third quarter revenues were $1,6 billion, up 1% compared with the prior year period. In constant currency and excluding acquisitions, revenues also increased 1%. Full reconciliations of GAAP results to non-GAAP measures appear in the tables to this press release.

 

Net income for the third quarter of 2016 was $196 million, or $1,78 per diluted share, compared with $190 million, or $1,61 per diluted share, for the third quarter of 2015. Adjusted net income for the third quarter of 2016 was $207 million, or $1,89 per diluted share, compared with $210 million, or $1,78 per diluted share, for the third quarter of 2015. EPS benefited from the Company's share repurchase program.

 

Third quarter EBITDA was $402 million, compared with $382 million in the prior year period, an increase of 5%. Adjusted EBITDA, which excludes charges in both 2016 and 2015 as detailed in Table 8 of this press release, was $423 million, compared with $412 million in the prior year period, an increase of 3%. On a currency-neutral basis and excluding acquisitions, adjusted EBITDA increased 5%.

 

"Wyndham continues to deliver solid earnings and strong cash flow," said Stephen P. Holmes, chairman and CEO. "These results reflect successful execution of our strategy, a resilient portfolio of complementary, fee-based businesses, and disciplined capital allocation."

 

Para los nueve meses finalizados el 30 de septiembre de 2016, el efectivo neto producido por actividades operativas fue de $786 millones, en comparación con los $817 millones correspondientes al período del año anterior. The decrease reflects unfavorable currency movements of $34 million, including a $24 million devaluation of the Venezuelan bolivar in the first quarter of 2016.


 

 

Free cash flow was $650 million for the nine months ended September 30, 2016, compared with $660 million for the same period in 2015, reflecting the currency movements referenced above partially offset by lower capital expenditures. La compañía define el flujo libre de efectivo como el efectivo neto producido por actividades operativas menos los gastos de capital.

 

 

THIRD QUARTER 2016 BUSINESS UNIT RESULTS

 

Hotel Group

Revenues were $364 million in the third quarter of 2016, compared with $357 million in the third quarter of 2015. Revenues reflected higher royalties, growth in the Company's Wyndham Rewards credit card program and fees associated with the Company's global franchise conference, partially offset by lower reimbursable property management revenues.

 

EBITDA was $107 million in the third quarter compared with $83 million in the prior year quarter. Adjusted EBITDA, which excludes charges and benefits during both 2016 and 2015 as detailed in Table 8 of this press release, grew 8% to $117 million. This reflects higher royalties, growth in the Company's Wyndham Rewards credit card program and expense management.

 

Third quarter domestic RevPAR increased 1,9%. In constant currency, total system-wide same store RevPAR increased 1,4% compared with the third quarter of 2015, which reflects ongoing pressure in domestic and Canadian oil markets and decelerating industry RevPAR trends.

 

As of September 30, 2016, the Company's hotel system consisted of approximately 7.930 properties and approximately 689.800 rooms, a 2,7% net room increase compared with the third quarter of 2015. The development pipeline included nearly 1.100 hotels and approximately 133.800 rooms, of which 60% were international and 66% were new construction.


 

Destination Network

Revenues were $486 million in the third quarter of 2016, compared with $476 million in the third quarter of 2015, an increase of 2%. In constant currency and excluding acquisitions, revenues increased 5%.

 

Exchange revenues were $159 million compared with $157 million in the prior year quarter. In constant currency, exchange revenues grew 2% as exchange revenue per member increased 1,4% and the average number of members increased 0,9%.

 

Vacation rental revenues were $304 million compared with $296 million in the prior year quarter. In constant currency and excluding the impact of acquisitions, vacation rental revenues were up 6%, reflecting an 8% increase in transaction volume, partially offset by a 1,7% decrease in average net price per vacation rental. Transaction growth benefited from our dynamic pricing initiative as well as capacity increases. Faster growth in our more moderately priced products decreased the average net price per rental.

              

EBITDA was $138 million during the third quarter compared with $134 million in the prior year quarter. Adjusted EBITDA, which excludes restructuring costs, was $142 million for the third quarter of 2016, a 4% increase compared with the prior year quarter. On a currency-neutral basis and excluding the impact of acquisitions, adjusted EBITDA increased 8% compared with the prior year period.

 

Vacation Ownership

Revenues were $744 million in the third quarter of 2016, compared with $750 million in the third quarter of 2015. 

 

Net VOI sales in the third quarter of 2016 declined 2% due to a higher provision for loan losses and flat Gross VOI sales. Results reflect tour flow growth of 1,3%, offset by a volume per guest (VPG) decline of 1,4%, reflecting proportionally higher sales to new owners. The number of new owners added increased 10% from the third quarter of 2015.

 

EBITDA was $189 million during the third quarter compared with $200 million in the prior year quarter. Adjusted EBITDA, which excludes restructuring costs, was $195 million for the third quarter of 2016, a decline of 3% compared with the prior year quarter. This reflects a higher loan loss provision and higher marketing costs, partially offset by higher property management fees, increased consumer financing income and expense management.


 

 

OTROS RUBROS

  • La compañía recompró 2,1 millones de acciones ordinarias por $150 millones durante el tercer trimestre de 2016. Desde el 1 al 25 de octubre de 2016, la compañía recompró un adicional de 0,7 millones de acciones por $50 millones.
  • Net interest expense in the third quarter of 2016 was $32 million, compared with $31 million in the third quarter of 2015.
  • Depreciation and amortization in the third quarter of 2016 was $63 million, compared with $59 million in the third quarter of 2015, reflecting new projects that were placed into service. 

 

Balance Sheet Information as of September 30, 2016:

  • Efectivo y el equivalente de efectivo de $332 millones, en comparación con $171 millones al 31 de diciembre de 2015
  • Contratos por propiedades vacacionales a cobrar, neto, por $2,8 miles de millones, en comparación con los $2,7 miles de millones al 31 de diciembre de 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 $2,1 miles de millones, que no registra cambios desde 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 September 30, 2016, compared with $1,4 billion at December 31, 2015.

 

A schedule of debt is included in Table 12, available via this link: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzU1Mjg1fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636130268484673024

 


 

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 net income, adjusted EBITDA 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 billion.
  • Adjusted net income of approximately $630 million.
  • Adjusted EBITDA of approximately $1,38 billion.
  • Adjusted diluted EPS of approximately $5,68 - $5,71 based on a diluted share count of 111 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, October 26, 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 October 26, 2016.  A telephone replay will be available for approximately 10 days beginning at 12:00pm ET on October 26, 2016 at 800-388-6197.

 


 

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 net income, 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.

 

Tables available via this link: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzU1Mjg1fENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636130268484673024

 

Investor and Media Contacts:                                                  

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