Wyndham Destinations , Inc. (NYSE:WYND) is releasing preliminary working metrics for the fourth quarter of 2020:
- Gross trip possession curiosity (VOI) gross sales of $281 million (1)
- VOI gross sales have been impacted by elevated restrictions associated to COVID-19, notably in Hawaii and California the place resorts have been closed in December
- Fourth quarter gross VOI gross sales have been 51.8% decrease than the prior 12 months with excursions 63.8% decrease year-over-year, partially offset by a 23.8% enhance in VPG
- Excluding Hawaii, and California in December, fourth quarter gross VOI gross sales declined 48.5% and excursions declined 61.0% year-over-year
“We have been happy to complete the 12 months robust whereas adhering to necessary and vital security tips for the good thing about our house owners, members and associates,” commented Michael D. Brown, president and CEO of Wyndham Locations. “Restrictions in California and sure different markets curtailed the momentum we had popping out of the summer time. Nevertheless, the underlying power at our resorts that remained absolutely open help our expectation of a powerful return of leisure journey in 2021. Our bookings for the summer time of 2021 and past proceed to be robust.”
The Firm is reaffirming the next:
- Anticipate the mortgage loss provision related to fourth quarter gross VOI gross sales to stay under 20%
- Proceed to count on optimistic adjusted free money movement for the complete 12 months of 2020
The working metrics reported on this launch are preliminary and topic to vary because the Firm completes its monetary statements for the fourth quarter and full 12 months 2020.
(1) | Gross VOI gross sales, a non-GAAP measure, represents gross sales of trip possession pursuits (VOIs), together with gross sales beneath the fee-for-service program earlier than the impact of mortgage loss provisions. We imagine that Gross VOI gross sales present an enhanced understanding of the efficiency of our trip possession enterprise as a result of it immediately measures the gross sales quantity of this enterprise throughout a given reporting interval. This measure is introduced solely on a non-GAAP foundation as a result of not all the data vital for a quantitative reconciliation of this preliminary estimated non-GAAP monetary measure to probably the most immediately comparable GAAP monetary measure is offered with out unreasonable effort; primarily because of the ongoing calculation of the corporate’s mortgage loss provision. A full reconciliation of this non-GAAP metric will likely be included within the firm’s earnings launch reporting on its fourth quarter outcomes. |
About Wyndham Locations
Wyndham Destinations (NYSE:WYND), the world’s largest trip membership and change firm, is on a mission to place the world on trip. The corporate gives greater than 4 million members and proprietor households the chance to personal, change, or lease their trip expertise whereas having fun with high quality, flexibility, and nice worth from a trusted model. The corporate’s Wyndham Trip Golf equipment supply 230 resorts that present a recent tackle the timeshare mannequin by way of manufacturers Club Wyndham ®, Worldmark® by Wyndham , and Margaritaville Vacation Club® by Wyndham . With a world presence in 110 nations, the corporate’s membership journey enterprise – Panorama – consists of at this time’s main trip change, leisure journey, and know-how manufacturers, together with RCI , the worldwide chief in trip change that gives entry to 4,200+ affiliated resorts, and Extra Holidays , providing apartment holidays at resort costs. Yr after 12 months, our worldwide staff of associates delivers distinctive trip experiences to thousands and thousands of households as they make life’s favourite recollections. At Wyndham Locations, our world is your vacation spot.
In regards to the new Journey + Leisure Co.
As introduced within the Firm’s January 6, 2021 press launch, Wyndham Locations acquired the Journey + Leisure group from Meredith Company and can change its title to Journey + Leisure Co. In consequence, within the first quarter of 2021, Journey + Leisure Co. will develop into the world’s main membership and leisure journey firm, with a portfolio of practically 20 resort, journey membership and way of life journey manufacturers. The corporate gives excellent trip experiences and journey inspiration to thousands and thousands of homeowners, members, and subscribers yearly by way of its services: Wyndham Locations, the biggest trip possession firm with 230 trip membership resort areas throughout the globe; Panorama, the world’s foremost membership journey enterprise that features the biggest trip change firm, industry-leading journey know-how, and subscription journey manufacturers; and Journey + Leisure Group, that includes high on-line and print journey content material, on-line reserving platforms and journey golf equipment, and branded shopper merchandise. At Journey + Leisure Co., our international staff of associates brings hospitality to thousands and thousands, turning trip inspiration into distinctive journey experiences. We put the world on trip.
Ahead-Trying Statements
This press launch consists of “forward-looking statements” as that time period is outlined by the Securities and Trade Fee (“SEC”). Ahead-looking statements are any statements aside from statements of historic truth, together with statements concerning our expectations, beliefs, hopes, intentions or methods concerning the longer term. In some instances, forward-looking statements will be recognized by way of phrases corresponding to “could,” “will,” “expects,” “ought to,” “believes,” “plans,” “anticipates,” “estimates,” “predicts,” “potential,” “proceed,” “future,” “intends,” “tasks” or different phrases of comparable which means. Ahead trying statements are topic to dangers and uncertainties that might trigger precise outcomes of Wyndham Locations, Inc. (“Wyndham Locations”) to vary materially from these mentioned in, or implied by, the forward-looking statements. The forward-looking statements contained on this press launch embody statements associated to Wyndham Locations’ present views and expectations with respect to its future efficiency and operations, and different anticipated future occasions and expectations that aren’t historic details. You might be cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of the date of this press launch. Elements which may trigger such a distinction embody, however usually are not restricted to, dangers related to the acquisition of the Journey + Leisure model and all associated property from Meredith Company, together with unanticipated prices and/or delays, unfavorable response by clients, companions, staff, or suppliers, future revenues being decrease than anticipated, failure or incapacity to implement development or enlargement methods in a well timed method or in any respect, native and international political and financial situations; uncertainty with respect to the scope and period of the novel coronavirus international pandemic (COVID-19) and any resurgences and the tempo of restoration; the timing of the event and distribution of an efficient vaccine or therapy for COVID-19; the potential impression of the COVID-19 pandemic and governmental, enterprise and people’ actions in response to the pandemic and our associated contingency plans and price and funding reductions on our enterprise, trip possession curiosity (VOI) gross sales and tour movement, shopper demand and liquidity, our capability to adjust to monetary and restrictive covenants beneath our indebtedness and our capability to entry capital on cheap phrases, at an inexpensive price or in any respect, our and Wyndham Accommodations’ capability to take care of credit score scores, common financial situations and unemployment charges, the efficiency of the monetary and credit score markets, the competitors in and the financial setting for the timeshare {industry}; dangers related to staff working remotely or working with a diminished workforce; the impression of conflict, terrorist exercise, political strife, extreme climate occasions and different pure disasters, and pandemics (together with COVID-19) or threats of pandemics; working dangers related to the Wyndham Trip Golf equipment and Panorama segments; uncertainties associated to our capability to appreciate the anticipated advantages of the spin-off of the resort enterprise (“spin-off”) Wyndham Accommodations & Resorts, Inc. (“Wyndham Accommodations”) or the divestiture of our North American and European trip leases companies, or the acquisition of Alliance Reservations Community (“ARN”); unanticipated developments associated to the impression of the spin-off, the divestiture of our North American and European trip leases companies, the acquisition of ARN and associated transactions, together with any potential impression on {our relationships} with our clients, suppliers, staff and others with whom we have now relationships, and potential disruption to our operations; our capability to execute on our technique, the timing and quantity of future dividends and share repurchases, if any, and people different components disclosed as dangers beneath “Threat Elements” in paperwork we have now filed with the SEC, together with in Half I, Merchandise 1A of our Annual Report on Kind 10-Ok for the fiscal 12 months ended December 31, 2019, filed with the SEC on February 26, 2020 and Half II, Merchandise 1A of our Quarterly Report on Kind 10-Q for the fiscal quarter ended September 30, 2020, to be filed with the SEC on October 28, 2020. We warning readers that any such statements are based mostly on presently obtainable operational, monetary and aggressive data, and they need to not place undue reliance on these forward-looking statements, which replicate administration’s opinion solely as of the date on which they have been made. Besides as required by legislation, we undertake no obligation to evaluation or replace these forward-looking statements to replicate occasions or circumstances as they happen.
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Investor Contact:
Christopher Agnew
Senior Vice President, FP&A and Investor Relations
(407) 626-4050
Christopher.Agnew@wyn.com
Media Contact:
Steven Goldsmith
Public Relations
(407) 626-5882
Steven.Goldsmith@wyn.com
