Exhibit 99.1
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WYNDHAM HOTELS & RESORTS REPORTS FIRST QUARTER 2021 RESULTS
Company Updates 2021 Projections
PARSIPPANY, N.J., April 28, 2021 - Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended March 31, 2021. Highlights include:
Diluted earnings per share was $0.26, and adjusted diluted earnings per share was $0.36.
Net income was $24 million and adjusted net income was $33 million.
Adjusted EBITDA was $97 million.
Generated $64 million of net cash provided by operating activities and $59 million of free cash flow.
Global RevPAR declined 11% compared to first quarter 2020 and 31% compared to first quarter 2019 in constant currency.
Paid quarterly cash dividend of $0.16 per share.
Redeemed all $500 million aggregate principal amount of its outstanding 5.375% Senior Notes due 2026 on April 15, 2021.
Company updates its previous 2021 projections.
“Wyndham's select-service franchise business model delivered a strong start to 2021 as leisure customers hit the road at a pace not experienced since the pandemic started and demand from our everyday business travelers continued to accelerate,” said Geoffrey A. Ballotti, president and chief executive officer. “We were very pleased to see our development pipelines grow sequentially, both domestically and internationally, and our room openings and deletions improve year-over-year. We were also encouraged to see conversion room openings increase year-over-year, representing over 70% of total openings this quarter."
Revenues declined from $410 million in the first quarter of 2020 to $303 million in the first quarter of 2021. The decline includes lower pass-through cost-reimbursement revenues of $55 million in the Company's hotel management business, which have no impact on adjusted EBITDA. Excluding cost-reimbursement revenues, revenues declined $52 million primarily reflecting an 11% decline in constant-currency global RevPAR.
The Company generated net income of $24 million, or $0.26 per diluted share, compared to $22 million, or $0.23 per diluted share, in the first quarter of 2020. The increase of $2 million, or $0.03 per diluted share, was a result of the Company's COVID-19 cost mitigation plan implemented in April 2020, lower volume-related expenses and the absence of restructuring and transaction-related expenses, which were partially offset by the global RevPAR decline.



The following discussion of first quarter operating results focuses on the Company’s key drivers as well as revenue and adjusted EBITDA for each of the Company’s segments. Full reconciliations of GAAP results to the Company's non-GAAP adjusted measures for all reported periods appear in the tables to this press release.
System Size
March 31, 2021December 31, 2020YTD Change (bps)
United States486,000487,300(30)
International311,200308,60080 
Global797,200795,90020 

During the first quarter of 2021, the Company's global system grew 20 basis points reflecting strong growth in the Company's direct-franchising business in China, primarily offset by the impact from supply chain delays on new construction openings in the United States. As expected, terminations normalized in the first quarter and the Company remains solidly on track with its goal of achieving a 95% retention rate for the full year 2021.
RevPAR
First Quarter 2021First Quarter 2020First Quarter 2019YOY % Change% Change vs. 2019
United States$30.62 $33.45 $40.56 (8)(25)
International15.83 18.45 28.92 (14)(45)
Global24.90 27.68 36.21 (10)(31)
Global and International RevPAR began to lap the onset of the COVID-19 pandemic in January 2021 while the U.S. began to lap its onset in March 2021. As such, comparisons to 2019 (on a two-year basis) are more meaningful when evaluating trends. On this basis, global RevPAR declined 31% reflecting a 25% decline in the U.S. and a 45% decline internationally. The 25% decline in the U.S. represents continued sequential improvement compared to a decline of 31% in the fourth quarter of 2020. The 45% decline internationally is consistent with the fourth quarter 2020 performance.
Business Segment Results
RevenueAdjusted EBITDA
First Quarter 2021First Quarter 2020% ChangeFirst Quarter 2021First Quarter 2020% Change
Hotel Franchising$209 $243 (14)$105 $110 (5)
Hotel Management94 167 (44)17 (71)
Corporate and Other— — — (13)(18)28 
Total Company$303 $410 (26)$97 $109 (11)
Hotel Franchising revenues decreased $34 million year-over-year reflecting the global RevPAR decline, while adjusted EBITDA declined $5 million as the impact of the RevPAR decline was almost entirely offset by the Company's COVID-19 cost mitigation plan implemented in April 2020 and lower volume-related expenses.
Hotel Management revenues decreased $73 million year-over-year reflecting a $55 million reduction in cost-reimbursement revenues, which have no impact on adjusted EBITDA. Absent cost-reimbursements, Hotel

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Management revenues decreased $18 million due to the global RevPAR decline and lower termination fees. Adjusted EBITDA declined $12 million year-over-year reflecting the revenue decrease, partially offset by lower volume-related expenses.
Development
The Company awarded 112 new contracts this quarter compared to 115 in first quarter 2020 and 124 in first quarter 2019. At March 31, 2021, the Company's development pipeline consisted of approximately 1,400 hotels and approximately 187,000 rooms, growing sequentially by 120 basis points, 70 basis points domestically and 150 basis points internationally. Approximately 64% of the Company’s development pipeline is international and 75% is new construction. Approximately 34% of the new construction pipeline under development has broken ground.
Cash and Liquidity
The Company generated $64 million of net cash provided by operating activities in the first quarter of 2021 compared to $17 million in first quarter 2020. Free cash flow was $59 million in the first quarter of 2021 compared to $10 million (which included $15 million of special-item cash outlays) in first quarter 2020.
At March 31, 2021, the Company had $531 million of cash on its balance sheet and $1.3 billion in total liquidity. In April 2021, the Company redeemed all $500 million aggregate principal amount of its outstanding 5.375% senior notes due 2026, which also reduced the Company’s total liquidity to approximately $750 million. The Company expects this redemption to reduce its annual cash interest expense by approximately $27 million. Coupled with the issuance of 4.375% senior notes in August of 2020, this redemption effectively returns the Company to pre-pandemic debt and liquidity levels while extending $500 million of maturity by approximately 2.5 years at a 100 basis point (or 19%) lower interest rate.
Dividends
The Company paid common stock dividends of $15 million, or $0.16 per share, in the first quarter of 2021.

2021 Projections

The Company is not providing a complete outlook for full-year 2021 given the RevPAR uncertainties ahead; however, the Company is updating the projections provided in February:

Net rooms growth of 1% to 2%, consistent with February's projection.
Every point of RevPAR change versus 2020 is now expected to generate approximately $2.8 million of adjusted EBITDA change versus 2020 (increased from $2.5 million per point in February).
License fees are expected to be $70 million reflecting the minimum levels outlined in the underlying agreements, consistent with February's projection.
Marketing, reservation and loyalty expenses are not expected to exceed marketing, reservation and loyalty revenues, consistent with February's projection. As such, the Company expects no meaningful impact to full-year 2021 adjusted EBITDA from the marketing, reservation and loyalty funds.

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The Company does not expect any meaningful special-item cash outlays in 2021, consistent with February's projection.
More detailed projections are available in Table 8 of this press release. The Company is providing certain financial metrics only on a non-GAAP basis because, without unreasonable efforts, it is unable to predict with reasonable certainty the occurrence or amount of all of 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.

Conference Call Information
Wyndham Hotels will hold a conference call with investors to discuss the Company’s results and outlook on Thursday, April 29, 2021 at 8:30 a.m. ET. Listeners can access the webcast live through the Company’s website at www.investor.wyndhamhotels.com. The conference call may also be accessed by dialing 877 876-9174 and providing the passcode “Wyndham”. Listeners are urged to call at least five minutes prior to the scheduled start time. An archive of this webcast will be available on the website beginning at noon ET on April 29, 2021. A telephone replay will be available for approximately ten days beginning at noon ET on April 29, 2021 at 800 723-0549.
Presentation of Financial Information
Financial information discussed in this press release includes non-GAAP measures, which include or exclude certain items. These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period comparisons and are helpful to investors as an additional tool for further understanding and assessing the Company’s ongoing operating performance. The Company uses these measures internally to assess its 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. 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. Full reconciliations of GAAP results to the comparable non-GAAP measures for the reported periods appear in the financial tables section of this press release.
About Wyndham Hotels & Resorts
Wyndham Hotels & Resorts (NYSE: WH) is the world’s largest hotel franchising company by the number of properties, with over 8,900 hotels across nearly 95 countries on six continents. Through its network of over 797,000 rooms appealing to the everyday traveler, Wyndham commands a leading presence in the economy and midscale segments of the lodging industry. The Company operates a portfolio of 20 hotel brands, including Super 8®, Days Inn®, Ramada®, Microtel®, La Quinta®, Baymont®, Wingate®, AmericInn®, Hawthorn Suites®, Trademark Collection® and Wyndham®. Wyndham Hotels & Resorts is also a leading provider of hotel management services. The Company’s award-winning Wyndham Rewards loyalty program offers 87 million enrolled members the opportunity to redeem points at thousands of hotels, vacation club resorts and vacation rentals globally. For more information, visit www.wyndhamhotels.com. The Company may use its website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Disclosures of this nature will be included on the Company’s website in the Investors section, which can currently be accessed at www.investor.wyndhamhotels.com.

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Accordingly, investors should monitor this section of the Company’s website in addition to following the Company’s press releases, filings submitted with the Securities and Exchange Commission and any public conference calls or webcasts.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, including statements related to Wyndham Hotels’ current views and expectations with respect to its future performance and operations, including revenues, earnings, cash flow and other financial and operating measures and dividends, restructuring charges and statements related to the coronavirus pandemic ("COVID-19"). Forward-looking statements include those that convey management’s expectations as to the future based on plans, estimates and projections at the time Wyndham Hotels makes the statements and may be identified by words such as “will,” “expect,” “believe,” “plan,” “anticipate,” “intend,” “goal,” “future,” “outlook,” “guidance,” “target,” "objective," “estimate,” “projection” and similar words or expressions, including the negative version of such words and expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Wyndham Hotels to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, general economic conditions; the continuation or worsening of the effects from COVID-19, its scope, duration and impact on the Company’s business operations, financial results, cash flows and liquidity, as well as the impact on the Company’s franchisees and property owners, guests and team members, the hospitality industry and overall demand for travel; the success of the Company’s mitigation efforts in response to COVID-19; the Company’s performance in any recovery from COVID-19; the performance of the financial and credit markets; the economic environment for the hospitality industry; operating risks associated with the hotel franchising and management businesses; the Company’s relationships with franchisees and property owners; the impact of war, terrorist activity, political instability or political strife; concerns with or threats of pandemics, contagious diseases or health epidemics, including the effects of COVID-19 and any resurgence or mutations of the virus and actions governments, businesses and individuals take in response to the pandemic, including stay-in-place directives and other travel restrictions; risks related to restructuring or strategic initiatives; risks related to the Company’s relationship with CorePoint Lodging; the Company’s ability to satisfy obligations and agreements under its outstanding indebtedness, including the payment of principal and interest and compliance with the covenants thereunder; risks related to the Company’s ability to obtain financing and the terms of such financing, including access to liquidity and capital as a result of COVID-19; and the Company’s ability to make or pay, plans for, and the timing and amount of any future share repurchases and/or dividends, as well as the risks described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any subsequent reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise.
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Contacts
Investors:
Matt Capuzzi
Senior Vice President, Investor Relations
973 753-6453
ir@wyndham.com

Media: 
Dave DeCecco  
Group Vice President, Global Communications 
973 753-6590 
WyndhamHotelsNews@wyndham.com



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Table 1
WYNDHAM HOTELS & RESORTS
INCOME STATEMENT
(In millions, except per share data)
(Unaudited)
Three Months Ended March 31,
20212020
Net revenues
Royalties and franchise fees$78 $92 
Marketing, reservation and loyalty85 106 
Management and other fees19 32 
License and other fees20 21 
Cost reimbursements71 126 
Other30 33 
Net revenues303 410 
Expenses
Marketing, reservation and loyalty92 118 
Operating27 35 
General and administrative24 28 
Cost reimbursements71 126 
Depreciation and amortization24 25 
Separation-related
Restructuring— 13 
Transaction-related, net— 
Total expenses240 354 
Operating income63 56 
Interest expense, net28 25 
Income before income taxes35 31 
Provision for income taxes11 
Net income$24 $22 
Earnings per share
Basic$0.26 $0.23 
Diluted0.26 0.23 
Weighted average shares outstanding
Basic93.4 93.7 
Diluted93.8 93.9 




Table 2
WYNDHAM HOTELS & RESORTS
HISTORICAL REVENUE AND ADJUSTED EBITDA BY SEGMENT
The reportable segments presented below represent our operating segments 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 segments, we also consider the nature of services provided by our operating segments. Management evaluates the operating results of each of our reportable segments based upon net revenues and adjusted EBITDA. We believe that adjusted EBITDA is a useful measure of performance for our segments 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. During the first quarter of 2021, we modified the definition of adjusted EBITDA to exclude the amortization of development advance notes to reflect how our chief operating decision maker reviews operating performance beginning in 2021. We have applied the modified definition of adjusted EBITDA to all periods presented.
First QuarterSecond QuarterThird QuarterFourth QuarterFull Year
Hotel Franchising
Net revenues
2021$209 n/an/an/an/a
2020243 182 236 202 863 
2019269 331 379 300 1,279 
Adjusted EBITDA (a)
2021
$105 n/an/an/an/a
2020110 86 119 77 392 
2019115 164 197 153 629 
Hotel Management
Net revenues
2021$94 n/an/an/an/a
2020167 76 101 94 437 
2019197 201 180 190 768 
Adjusted EBITDA
2021$n/an/an/an/a
202017 (4)(1)13 
201916 16 13 21 66 
Corporate and Other
Net revenues
2021$— n/an/an/an/a
2020— — — — — 
2019
Adjusted EBITDA
2021$(13)n/an/an/an/a
2020(18)(16)(18)(18)(69)
2019(18)(19)(18)(19)(74)
Total Company
Net revenues
2021$303 n/an/an/an/a
2020410 258 337 296 1,300 
2019468 533 560 492 2,053 
Net income/(loss)
2021$24 n/an/an/an/a
202022 (174)27 (7)(132)
201921 26 45 64 157 
Adjusted EBITDA (a)
2021$97 n/an/an/an/a
2020109 66 103 58 336 
2019113 161 192 155 621 
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.
(a)    Adjusted EBITDA for 2020 and 2019 has been recast to exclude the amortization of development advance notes to be consistent with the current year presentation.



Table 3
WYNDHAM HOTELS & RESORTS
CONDENSED CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended March 31,
20212020
Operating activities
Net income$24 $22 
Depreciation and amortization24 25 
Trade receivables10 (17)
Accounts payable, accrued expenses and other current liabilities(24)(14)
Deferred revenues(2)
Other, net21 
Net cash provided by operating activities 64 17 
Investing activities
Property and equipment additions (5)(7)
Net cash used in investing activities (5)(7)
Financing activities
Proceeds from borrowings— 744 
Principal payments on long-term debt(4)(14)
Dividends to shareholders (15)(30)
Repurchases of common stock — (50)
Other, net(2)(3)
Net cash (used in)/provided by financing activities (21)647 
Effect of changes in exchange rates on cash, cash equivalents and restricted cash— (2)
Net increase in cash, cash equivalents and restricted cash38 655 
Cash, cash equivalents and restricted cash, beginning of period493 94 
Cash, cash equivalents and restricted cash, end of period$531 $749 
Free Cash Flow:
We define free cash flow to be net cash provided by operating activities less property and equipment additions, which we also refer to as capital expenditures. We believe free cash flow to be a useful operating performance measure to us and investors to evaluate the ability of our operations to generate cash for uses other than capital expenditures and, after debt service and other obligations, our ability to grow our business through acquisitions and investments, as well as our ability to return cash to shareholders through dividends and share repurchases, to the extent permitted. This non-GAAP measure is not necessarily a representation of how we 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.
Three Months Ended March 31,
20212020
Net cash provided by operating activities$64 $17 
Less: Property and equipment additions(5)(7)
Free cash flow$59 $10 
Adjusted free cash flow (a)
n/a$25 
(a)    Reflects the adjustment of $15 million for payments in connection with our acquisition of La Quinta, our spin-off from Wyndham Worldwide and our agreement with CorePoint Lodging for the three months ended March 31, 2020. There are no adjustments in the three months ended March 31, 2021.



Table 4
WYNDHAM HOTELS & RESORTS
BALANCE SHEET SUMMARY AND DEBT
(In millions)
(Unaudited)
As of
March 31, 2021
As of
December 31, 2020
Assets
Cash and cash equivalents531 $493 
Trade receivables, net274 295 
Property and equipment, net268 278 
Goodwill and intangible assets, net 3,230 3,240 
Other current and non-current assets337 338 
Total assets$4,640 $4,644 
Liabilities and stockholders' equity
Total debt$2,592 $2,597 
Other current liabilities308 325 
Deferred income tax liabilities364 359 
Other non-current liabilities385 400 
Total liabilities3,649 3,681 
Total stockholders' equity991 963 
Total liabilities and stockholders' equity$4,640 $4,644 
Our outstanding debt was as follows:
As of
March 31, 2021
As of
December 31, 2020
$750 million revolving credit facility (due May 2023)$— $— 
Term loan (due May 2025) 1,550 1,554 
5.375% senior unsecured notes (due April 2026) (a)
496 496 
4.375% senior unsecured notes (due August 2028)492 492 
Finance leases54 55 
Total debt 2,592 2,597 
Cash and cash equivalents531 493 
Net debt$2,061 $2,104 
Our outstanding debt as of March 31, 2021 matures as follows:
Amount
Within 1 year (b)
$516 
Between 1 and 2 years21 
Between 2 and 3 years22 
Between 3 and 4 years22 
Between 4 and 5 years1,493 
Thereafter518 
Total$2,592 
(a)    The Company redeemed these notes on April 15, 2021 primarily with available cash.
(b)    Includes 5.375% senior unsecured notes, which we redeemed on April 15, 2021.



Table 5
WYNDHAM HOTELS & RESORTS
REVENUE DRIVERS
Three Months Ended March 31,
20212020Change% Change
Beginning Room Count (January 1)
United States487,300 510,200 (22,900)(4%)
International308,600 320,800 (12,200)(4)
Global795,900 831,000 (35,100)(4)

Additions
United States3,500 2,900 600 21
International4,100 3,300 800 24
Global7,600 6,200 1,400 23

Deletions   
United States(4,800)(6,300)1,500 24
International(1,500)(2,600)1,100 42
Global(6,300)(8,900)2,600 29
Ending Room Count (March 31)   
United States486,000 506,800 (20,800)(4)
International311,200 321,500 (10,300)(3)
Global797,200 828,300 (31,100)(4%)
As of March 31,
FY 2019 Royalty Contribution (b)
20212020Change
% Change (a)
System Size
United States

Economy249,200 256,800 (7,600)(3%)
Midscale and Upper Midscale203,400 209,200 (5,800)(3)
Extended Stay/Lifestyle16,800 23,800 (7,000)(29)
Upscale16,600 17,000 (400)(2)
Total United States486,000 506,800 (20,800)(4)
   86%

International


Greater China
146,500 153,900 (7,400)(5)3
Rest of Asia Pacific27,900 28,600 (700)(2)1
Europe, the Middle East and Africa66,500 68,900 (2,400)(3)4
Canada40,500 40,800 (300)(1)5
Latin America29,800 29,300 500 21
Total International311,200 321,500 (10,300)(3)14

Global797,200 828,300 (31,100)(4%)
  100%
(a)     2021 includes the global impacts from the Company’s previously announced termination events in 2020 resulting in the deletion of approximately 26,700 rooms.
(b)     FY 2019 provided to illustrate pre-pandemic results.




Table 5 (continued)
WYNDHAM HOTELS & RESORTS
REVENUE DRIVERS
Three Months Ended March 31,
20212020% Change
Constant Currency %
  Change (a)
Two-Year Basis % Change (b)
Regional RevPAR Growth
United States
Economy$27.41 $26.74 3%(13%)
Midscale and Upper Midscale33.12 37.41 (11)(29)
Extended Stay/Lifestyle37.85 47.68 (21)(33)
Upscale43.89 74.28 (41)(52)
Total United States$30.62 $33.45 (8)(25)
International
Greater China$13.72 $5.34 157139%(25%)
Rest of Asia Pacific20.97 26.68 (21)(28)(46)
Europe, the Middle East and Africa15.66 34.01 (54)(54)(65)
Canada20.92 29.09 (28)(32)(42)
Latin America14.60 29.13 (50)(41)(43)
Total International$15.83 $18.45 (14)(17)(45)
Global$24.90 $27.68 (10%)(11%)(31%)
Average Royalty Rate
United States4.6%4.6%
International2.0%2.2%(20 bps)
Global4.0%4.0%
(a)     Excludes the impact of currency exchange movements.
(b)     Compares 2021 to 2019; international excludes the impact of currency exchange movements.



Table 6
WYNDHAM HOTELS & RESORTS
HISTORICAL REVPAR AND ROOMS
First QuarterSecond QuarterThird QuarterFourth QuarterFull Year
Hotel Franchising
Global RevPAR
2021$24.02 n/an/an/an/a
2020$25.90 $17.05 $28.83 $23.19 $23.74 
2019$33.76 $42.04 $45.23 $34.51 $38.91 
U.S. RevPAR
2021$29.68 n/an/an/an/a
2020$31.43 $23.19 $36.06 $27.28 $29.50 
2019$37.69 $48.65 $51.93 $37.96 $44.09 
International RevPAR
2021$15.26 n/an/an/an/a
2020$17.39 $7.66 $17.39 $16.71 $14.75 
2019$27.56 $31.59 $34.79 $29.15 $30.80 
Global Rooms
2021748,700n/an/an/an/a
2020769,000754,700748,200746,500746,500
2019745,300751,300758,400770,200770,200
U.S. Rooms
2021452,500n/an/an/an/a
2020463,900460,200459,600452,600452,600
2019454,900457,600460,100464,600464,600
International Rooms
2021296,200n/an/an/an/a
2020305,100294,500288,600293,900293,900
2019290,400293,700298,300305,600305,600
Hotel Management
Global RevPAR
2021$38.17 n/an/an/an/a
2020$50.00 $20.67 $34.34 $32.91 $34.67 
2019$63.25 $66.67 $66.65 $59.19 $64.01 
U.S. RevPAR
2021$42.89 n/an/an/an/a
2020$54.35 $23.21 $39.12 $34.14 $37.97 
2019$65.58 $71.61 $70.75 $60.89 $67.32 
International RevPAR
2021$27.12 n/an/an/an/a
2020$38.07 $13.78 $23.16 $29.86 $26.21 
2019$55.12 $49.53 $52.49 $53.67 $52.69 
Global Rooms
202148,500 n/an/an/an/a
202059,300 58,200 55,800 49,400 49,400 
201966,800 65,200 63,400 60,800 60,800 
U.S. Rooms
202133,500 n/an/an/an/a
202042,900 41,800 38,100 34,700 34,700 
201951,700 50,700 49,100 45,600 45,600 
International Rooms
202115,000 n/an/an/an/a
202016,400 16,400 17,700 14,700 14,700 
201915,100 14,500 14,300 15,200 15,200 



Table 6 (continued)
WYNDHAM HOTELS & RESORTS
HISTORICAL REVPAR AND ROOMS
First QuarterSecond QuarterThird QuarterFourth QuarterFull Year
Total System
Global RevPAR
2021$24.90 n/an/an/an/a
2020$27.68 $17.31 $29.23 $23.84 $24.51 
2019$36.21 $44.06 $46.94 $36.36 $40.92 
U.S. RevPAR
2021$30.62 n/an/an/an/a
2020$33.45 $23.19 $36.31 $27.80 $30.20 
2019$40.56 $50.98 $53.79 $40.09 $46.39 
International RevPAR
2021$15.83 n/an/an/an/a
2020$18.45 $7.96 $17.72 $17.37 $15.35 
2019$28.92 $32.47 $35.63 $30.29 $31.85 
Global Rooms
2021797,200 n/an/an/an/a
2020828,300 812,900 804,000 795,900 795,900 
2019812,100 816,600 821,800 831,000 831,000 
U.S. Rooms
2021486,000 n/an/an/an/a
2020506,800 502,000 497,700 487,300 487,300 
2019506,600 508,300 509,200 510,200 510,200 
International Rooms
2021311,200 n/an/an/an/a
2020321,500 310,900 306,300 308,600 308,600 
2019305,500 308,300 312,600 320,800 320,800 
NOTE: Amounts may not foot due to rounding. Results reflect the reclassification of rooms from the Hotel Management segment to
the Hotel Franchising segment related to the CorePoint Lodging asset sales.








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 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 a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP.
Reconciliation of Net Income (Loss) to Adjusted EBITDA:
First QuarterSecond QuarterThird QuarterFourth QuarterFull Year
2021
Net income$24 
Provision for income taxes11 
Depreciation and amortization24 
Interest expense, net28 
Stock-based compensation expense
Development advance notes amortization (a)
Separation-related expenses (b)
Foreign currency impact of highly inflationary countries (c)
Adjusted EBITDA$97 
2020
Net income/(loss)$22 $(174)$27 $(7)$(132)
Provision for/(benefit from) income taxes(48)15 (2)(26)
Depreciation and amortization25 25 24 24 98 
Interest expense, net25 28 29 30 112 
Stock-based compensation expense19 
Development advance notes amortization (a)
Impairments, net (d)
— 206 — — 206 
Restructuring costs (e)
13 16 — 34 
Transaction-related expenses, net (f)
— — 12 
Separation-related expenses (b)
— — 
Foreign currency impact of highly inflationary countries (c)
— — — 
Adjusted EBITDA$109 $66 $103 $58 $336 
2019
Net income$21 $26 $45 $64 $157 
Provision for income taxes10 21 14 50 
Depreciation and amortization29 27 26 28 109 
Interest expense, net24 26 25 25 100 
Stock-based compensation expense15 
Development advance notes amortization (a)
Impairment, net (g)
— 45 — — 45 
Contract termination costs (h)
— 34 (1)42 
Restructuring costs (i)
— — — 
Transaction-related expenses, net (f)
11 12 10 40 
Separation-related expenses (b)
21 — — 22 
Transaction-related item (j)
— — 20 — 20 
Foreign currency impact of highly inflationary countries (c)
— 
Adjusted EBITDA$113 $161 $192 $155 $621 



NOTE: Amounts may not add due to rounding.
(a)    Represents the non-cash amortization of development advance notes, which is now excluded from adjusted EBITDA to reflect how our chief operating decision maker reviews operating performance.
(b)    Represents costs associated with our spin-off from Wyndham Worldwide.
(c)    Relates to the foreign currency impact from hyper-inflation in Argentina, which is reflected in operating expenses on the income statement.
(d)    Represents a non-cash charge to reduce the carrying values of certain intangible assets to their fair values principally attributable to higher discount rates primarily resulting from increased share price volatility, partially offset by $3 million of cash proceeds from a previously impaired asset.
(e)    Represents charges associated with restructuring initiatives implemented in response to the effects on travel demand as a result of COVID-19.
(f)    Primarily relates to integration costs incurred in connection with our acquisition of La Quinta.
(g)    Represents a non-cash charge associated with the termination of certain hotel-management arrangements.
(h)    Represents costs associated with the termination of certain hotel-management arrangements.
(i)    Represents a charge focused on enhancing our organizational efficiency and rationalizing our operations.
(j)    Represents the one-time fee credit related to our agreement with CorePoint Lodging, which is reflected as a reduction to hotel management revenues on the income statement.

Reconciliation of Adjusted EBITDA Margin:
Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net revenues excluding cost reimbursements. The calculation of adjusted EBITDA margin excludes cost reimbursement revenues, which primarily represent payroll costs for operational employees at certain of the Company’s managed hotels. Although these costs are funded by hotel owners, accounting guidance requires the Company to report these costs on a gross basis as both revenues and expenses. As there are no resultant earnings from these revenues, the Company excludes these amounts from the adjusted EBITDA margin calculation.
Three Months Ended March 31,
20212019
Net revenues$303 $468 
Less: Cost reimbursements71 155 
Net revenues excluding cost reimbursements$232 $313 
Adjusted EBITDA (see table above)$97 $113 
Adjusted EBITDA margin42%36%



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 March 31,
20212020
Diluted EPS$0.26 $0.23 
Net income$24 $22 
Adjustments:
Separation-related expenses
Restructuring costs— 13 
Transaction-related expenses, net— 
Foreign currency impact of highly inflationary countries— 
Acquisition-related amortization expense (a)
10 
Total adjustments before tax12 32 
Income tax provision (b)
Total adjustments after tax25 
Adjusted net income$33 $47 
Adjustments - EPS impact0.10 0.27 
Adjusted diluted EPS$0.36 $0.50 
Diluted weighted average shares outstanding93.8 93.9 
(a)    Reflected in depreciation and amortization on the income statement.
(b)    Reflects the estimated tax effects of the adjustments.



Table 8
WYNDHAM HOTELS & RESORTS
2021 PROJECTIONS
As of April 28, 2021
(In millions)
Projections as of April 28, 2021Projections as of February 10, 2021
Adjusted EBITDA sensitivity to global RevPAR change (a)
$2.8 per point$2.5 per point
License fees (b)
$70$70
Marketing, reservation and loyalty fundsBreak evenBreak even
Depreciation and amortization expense (c)
$60 - 62$60 - 62
Stock-based compensation expense$27 - 29$27 - 29
Interest expense, net (d)
$94 - 96$113 - 115
Adjusted tax rate28%28%
Capital expenditures Approx. $40 Approx. $40
Development advance notesApprox. $40Approx. $40
Free cash flow conversion rate (e)
 Approx. 50%Approx. 50%
Diluted shares (f)
94.194.1
Year-over-Year Growth
Number of rooms1% - 2%1% - 2%
(a)    Excludes impacts from license fees and the marketing funds. Change from February reflects better-than-expected results at our two owned hotels and the removal of the conservatism embedded in February’s estimate.
(b)    Reflects the minimum levels outlined in the underlying agreements.
(c)    Excludes amortization of acquisition-related intangible assets of $36 - $38 million.
(d)    Change from February reflects the savings achieved in connection with the Company's redemption of the 5.375% senior unsecured notes. Excludes redemption premium and non-cash expenses associated with the early extinguishment of the notes.
(e)    Represents the percentage of adjusted EBITDA that is expected to produce free cash flow.
(f)    Excludes the impact of any share repurchases in 2021.

In determining adjusted EBITDA sensitivity to global RevPAR, interest expense, net, the adjusted tax rate and the 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 (loss) and diluted earnings (loss) per share excluding acquisition-related amortization, impairment charges, restructuring and related charges, contract termination costs, transaction-related items (acquisition-, disposition-, or separation-related) and foreign currency impacts of highly inflationary countries. We calculate the income tax effect of the adjustments using an estimated effective tax rate applicable to each adjustment.
Adjusted EBITDA: Represents net income (loss) excluding net interest expense, depreciation and amortization, impairment charges, restructuring and related charges, contract termination costs, transaction-related items (acquisition-, disposition-, or separation-related), 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 (loss) or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. In addition, our definition of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
During the first quarter of 2021, we modified the definition of adjusted EBITDA to exclude the amortization of development advance notes to reflect how our chief operating decision maker reviews operating performance beginning in 2021. We have applied the modified definition of adjusted EBITDA to all periods presented.
Adjusted Free Cash Flow: Adjusted free cash flow represents free cash flow excluding special-item cash outlays, which are related to our acquisition of La Quinta, our spin-off from Wyndham Worldwide and our agreement with CorePoint Lodging. We believe adjusted free cash flow to be a useful operating performance measure to us and investors to evaluate the ability of our operations to generate cash for uses other than capital expenditures and, after debt service and other obligations, our ability to grow our business through acquisitions and investments, as well as our ability to return cash to shareholders through dividends and share repurchases, to the extent permitted. This non-GAAP measure is not necessarily a representation of how we will use excess cash. A limitation of using adjusted free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating Wyndham Hotels is that adjusted free cash flow does not represent the total cash movement for the period as detailed in the consolidated statement of cash flows.
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.
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: See Table 3 for definition.
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 we receive 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 our franchised properties and is calculated by dividing total royalties, excluding the impact of amortization of development advance notes, by total room revenues.