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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from         to        
Commission File Number: 001-38432
wh-20220930_g1.jpg
Wyndham Hotels & Resorts, Inc.
(Exact name of registrant as specified in its charter)
Delaware
82-3356232
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
22 Sylvan Way
07054
Parsippany,
New Jersey
(Zip Code)
(Address of principal executive offices)
(973753-6000
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock
WHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ      No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ     No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date:
88,324,241 shares of common stock outstanding as of September 30, 2022.


Table of Contents
TABLE OF CONTENTS
Page
PART I
FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II
OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


Table of Contents
PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
Wyndham Hotels & Resorts, Inc.
Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of Wyndham Hotels & Resorts, Inc. and subsidiaries (the “Company”) as of September 30, 2022, the related condensed consolidated statements of income, comprehensive income, and equity for the three-month and nine-month periods ended September 30, 2022 and 2021, and of cash flows for the nine-month periods ended September 30, 2022 and 2021, and the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2021, and the related consolidated statements of income, comprehensive income, cash flows, and equity for the year then ended (not presented herein); and in our report dated February 16, 2022, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2021, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

The interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP
New York, New York
October 26, 2022



Table of Contents
WYNDHAM HOTELS & RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net revenues
Royalties and franchise fees$152 $144 $394 $344 
Marketing, reservation and loyalty159 149 416 353 
Management and other fees3 32 54 82 
License and other fees28 20 74 60 
Other
33 32 107 92 
Fee-related and other revenues375 377 1,045 931 
Cost reimbursements32 86 119 242 
Net revenues
407 463 1,164 1,173 
Expenses
Marketing, reservation and loyalty147 130 384 327 
Operating20 33 85 92 
General and administrative29 30 88 81 
Cost reimbursements32 86 119 242 
Depreciation and amortization18 23 58 70 
Gain on asset sale, net  (35) 
Separation-related1   3 
Total expenses
247 302 699 815 
Operating income160 161 465 358 
Interest expense, net
21 22 60 73 
Early extinguishment of debt  2 18 
Income before income taxes139 139 403 267 
Provision for income taxes
38 36 104 72 
Net income
$101 $103 $299 $195 
Earnings per share
Basic$1.13 $1.10 $3.28 $2.09 
Diluted1.13 1.09 3.26 2.08 

See Notes to Condensed Consolidated Financial Statements.
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WYNDHAM HOTELS & RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income$101 $103 $299 $195 
Other comprehensive income/(loss), net of tax
Foreign currency translation adjustments
(7)(1)(9) 
Unrealized gains on cash flow hedges
19 4 59 22 
Other comprehensive income, net of tax
12 3 50 22 
Comprehensive income
$113 $106 $349 $217 

See Notes to Condensed Consolidated Financial Statements.
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WYNDHAM HOTELS & RESORTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
(Unaudited)
September 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents
$286 $171 
Trade receivables, net
253 246 
Prepaid expenses
47 51 
Other current assets
54 98 
Assets held for sale 154 
Total current assets
640 720 
Property and equipment, net
102 106 
Goodwill
1,525 1,525 
Trademarks, net
1,229 1,202 
Franchise agreements and other intangibles, net
381 473 
Other non-current assets
333 243 
Total assets
$4,210 $4,269 
Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt
$15 $21 
Accounts payable
33 31 
Deferred revenues
82 70 
Accrued expenses and other current liabilities
270 258 
Liabilities held for sale 17 
Total current liabilities400 397 
Long-term debt2,063 2,063 
Deferred income taxes
347 366 
Deferred revenues
163 165 
Other non-current liabilities
181 189 
Total liabilities
3,154 3,180 
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding
  
Common stock, $0.01 par value, 101.6 and 101.3 issued at September 30, 2022 and December 31, 2021
1 1 
Treasury stock, at cost – 13.3 and 9.0 shares at September 30, 2022 and December 31, 2021
(831)(519)
Additional paid-in capital
1,561 1,543 
Retained earnings290 79 
Accumulated other comprehensive income/(loss)
35 (15)
Total stockholders’ equity
1,056 1,089 
Total liabilities and stockholders’ equity
$4,210 $4,269 

See Notes to Condensed Consolidated Financial Statements.
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WYNDHAM HOTELS & RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended September 30,
20222021
Operating activities
Net income$299 $195 
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization58 70 
(Recovery of)/provision for doubtful accounts(3)15 
Deferred income taxes
(37)4 
Stock-based compensation
25 20 
Gain on asset sale, net(35) 
Loss on early extinguishment of debt2 18 
Net change in assets and liabilities:
Trade receivables
(1)(10)
Prepaid expenses
6  
Other current assets
40 (6)
Accounts payable, accrued expenses and other current liabilities
4 18 
Deferred revenues20 14 
Payments of development advance notes, net(36)(25)
Other, net
7 14 
Net cash provided by operating activities
349 327 
Investing activities
Property and equipment additions
(28)(23)
Acquisition of hotel brand(44) 
Proceeds from loan repayments, net 3 
Proceeds from asset sales, net263  
Other, net
(1)(1)
Net cash provided by/(used in) investing activities
190 (21)
Financing activities
Proceeds from borrowings 400 45 
Principal payments on long-term debt
(404)(570)
Dividends to stockholders
(88)(53)
Repurchases of common stock
(313)(26)
Net share settlement of incentive equity awards
(11)(7)
Other, net
(4)5 
Net cash used in financing activities
(420)(606)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash
(4) 
Net increase/(decrease) in cash, cash equivalents and restricted cash115 (300)
Cash, cash equivalents and restricted cash, beginning of period
171 493 
Cash, cash equivalents and restricted cash, end of period
$286 $193 
See Notes to Condensed Consolidated Financial Statements.
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WYNDHAM HOTELS & RESORTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions)
(Unaudited)
Common Shares Outstanding
Common Stock
Treasury
Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income/(Loss)
Total Equity
Balance as of December 31, 202192 $1 $(519)$1,543 $79 $(15)$1,089 
Net income— — — — 106 — 106 
Other comprehensive income
— — — — — 31 31 
Dividends— — — — (30)— (30)
Repurchase of common stock— — (38)— — — (38)
Net share settlement of incentive equity awards
— — — (9)— — (9)
Change in deferred compensation
— — — 8 — — 8 
Exercise of stock options— — — 2 — — 2 
Balance as of March 31, 2022
92 1 (557)1,544 155 16 1,159 
Net income— — — — 92 — 92 
Other comprehensive income
— — — — — 7 7 
Dividends— — — — (29)— (29)
Repurchase of common stock(2)— (142)— — — (142)
Net share settlement of incentive equity awards
— — — (2)— — (2)
Change in deferred compensation
— — — 9 — — 9 
Exercise of stock options— — — 2 — — 2 
Balance as of June 30, 2022
90 1 (699)1,553 218 23 1,096 
Net income— — — — 101 — 101 
Other comprehensive income
— — — — — 12 12 
Dividends— — — — (29)— (29)
Repurchase of common stock(2)— (132)— — — (132)
Change in deferred compensation
— — — 8 — — 8 
Balance as of September 30, 2022
88 $1 $(831)$1,561 $290 $35 $1,056 
Common Shares Outstanding
Common Stock
Treasury
Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Equity
Balance as of December 31, 202093 $1 $(408)$1,504 $(82)$(52)$963 
Net income— — — — 24 — 24 
Other comprehensive income
— — — — — 14 14 
Dividends— — — — (15)— (15)
Net share settlement of incentive equity awards
— — — (5)— — (5)
Change in deferred compensation
— — — 5 — — 5 
Exercise of stock options— — — 4 — — 4 
Other— — — — 1 — 1 
Balance as of March 31, 2021
93 1 (408)1,508 (72)(38)991 
Net income— — — — 68 — 68 
Other comprehensive income
— — — — — 5 5 
Dividends— — — — (15)— (15)
Net share settlement of incentive equity awards
— — — (1)— — (1)
Change in deferred compensation
— — — 8 — — 8 
Exercise of stock options— — — 4 — — 4 
Issuance of shares for restricted stock units vesting1 — — — — —  
Balance as of June 30, 2021
94 1 (408)1,519 (19)(33)1,060 
Net income— — — — 103 — 103 
Other comprehensive income
— — — — — 3 
Dividends— — — — (23)— (23)
Repurchase of common stock(1)— (27)— — — (27)
Net share settlement of incentive equity awards
— — — (1)— — (1)
Change in deferred compensation
— — — 8 — — 8 
Other— — (1)1 — —  
Balance as of September 30, 2021
93 $1 $(436)$1,527 $61 $(30)$1,123 

See Notes to Condensed Consolidated Financial Statements.
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WYNDHAM HOTELS & RESORTS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise noted, all amounts are in millions, except share and per share amounts)
(Unaudited)

1. BASIS OF PRESENTATION
Wyndham Hotels & Resorts, Inc. (collectively with its consolidated subsidiaries, “Wyndham Hotels” or the “Company”) is a leading global hotel franchisor, licensing its renowned hotel brands to hotel owners in over 95 countries around the world.
The Condensed Consolidated Financial Statements have been prepared on a stand-alone basis. The Condensed Consolidated Financial Statements include the Company’s assets, liabilities, revenues, expenses and cash flows and all entities in which it has a controlling financial interest. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements.
In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2021 Consolidated Financial Statements included in its most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and any subsequent reports filed with the SEC.
Business Description
Wyndham Hotels operates in the following segments:
•    Hotel Franchising — licenses the Company’s lodging brands and provides related services to third-party hotel owners and others.
•    Hotel Management — provides hotel management services for full-service hotels.

2. NEW ACCOUNTING PRONOUNCEMENTS
There were no recently issued accounting pronouncements applicable to the Company during the nine months ended September 30, 2022.

3. REVENUE RECOGNITION
Deferred Revenues
Deferred revenues, or contract liabilities, generally represent payments or consideration received in advance for goods or services that the Company has not yet provided to the customer. Deferred revenues as of September 30, 2022 and December 31, 2021 are as follows:
September 30, 2022December 31, 2021
Deferred initial franchise fee revenues
$141 $145 
Deferred loyalty program revenues
86 76 
Deferred other revenues
18 14 
Total
$245 $235 

Deferred initial franchise fees represent payments received in advance from prospective franchisees upon the signing of a franchise agreement and are generally recognized to revenue within 13 years. Deferred loyalty revenues represent the portion of

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loyalty program fees charged to franchisees, net of redemption costs, that have been deferred and will be recognized over time based upon loyalty point redemption patterns.
Performance Obligations
A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. The consideration received from a customer is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied. The following table summarizes the Company’s remaining performance obligations for the twelve-month periods set forth below:
10/1/2022 - 9/30/202310/1/2023 - 9/30/202410/1/2024 - 9/30/2025

Thereafter

Total
Initial franchise fee revenues
$16 $8 $7 $110 $141 
Loyalty program revenues
54 21 9 2 86 
Other revenues
12 1 1 4 18 
Total
$82 $30 $17 $116 $245 
Disaggregation of Net Revenues
The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products for each of the Company’s segments:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Hotel Franchising
Royalties and franchise fees
$148 $137 $381 $327 
Marketing, reservation and loyalty
159 149 416 353 
License and other fees
28 20 74 60 
Other
32 31 103 89 
Total Hotel Franchising
367 337 974 829 
Hotel Management
Royalties and franchise fees
4 7 13 17 
Owned hotel revenues
 23 42 57 
Management fees
3 9 12 25 
Cost reimbursements
32 86 119 242 
Other
1 1 4 3 
Total Hotel Management
40 126 190 344 
Net revenues
$407 $463 $1,164 $1,173 
Capitalized Contract Costs
The Company incurs certain direct and incremental sales commissions costs in order to obtain hotel franchise and management contracts. Such costs are capitalized and subsequently amortized, beginning upon hotel opening, over the first non-cancellable period of the agreement. In the event an agreement is terminated prior to the end of the first non-cancellable period, any unamortized cost is immediately expensed. In addition, the Company also capitalizes costs associated with the sale and installation of property management systems to its franchisees, which are amortized over the remaining non-cancellable period of the franchise agreement. As of September 30, 2022 and December 31, 2021, capitalized contract costs were $32 million and $33 million, respectively, of which $4 million and $5 million, respectively, was included in other current assets and $28 million for both periods, was included in other non-current assets on its Condensed Consolidated Balance Sheets.

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4. EARNINGS PER SHARE
The computation of basic and diluted earnings per share (“EPS”) is based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares, respectively.
The following table sets forth the computation of basic and diluted EPS (in millions, except per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income$101 $103 $299 $195 
Basic weighted average shares outstanding89.593.691.293.5
Stock options and restricted stock units (“RSUs”)0.40.50.50.4
Diluted weighted average shares outstanding
89.994.191.793.9
Earnings per share:
Basic
$1.13 $1.10 $3.28 $2.09 
Diluted
1.13 1.09 3.26 2.08 
Dividends:
Cash dividends declared per share
$0.32 $0.24 $0.96 $0.56 
Aggregate dividends paid to stockholders
$29 $23 $88 $53 

Stock Repurchase Program
The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data):
SharesCostAverage Price Per Share
As of December 31, 2021
9.0 $519 $57.55 
For the nine months ended September 30, 2022
4.3 312 72.17 
As of September 30, 202213.3 $831 $62.29 

The Company had $169 million of remaining availability under its program as of September 30, 2022.

5. ACCOUNTS RECEIVABLE
Allowance for Doubtful Accounts
The following table sets forth the activity in the Company’s allowance for doubtful accounts on trade accounts receivables for the nine months ended:
20222021
Balance as of January 1,$81$72
(Recovery of)/provision for doubtful accounts(3)15
Bad debt write-offs(6)(8)
Balance as of September 30,$72$79

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6. HOTEL BRAND ACQUISITION
During September 2022, the Company completed the acquisition of the Vienna House hotel brand for a total purchase price of $44 million. Vienna House’s portfolio consisted of 41 franchised hotels across Europe, predominantly in Germany. This acquisition enables the Company to grow the Vienna House brand by leveraging its vast global scale and franchise expertise and is consistent with the Company’s strategy to expand its brand portfolio and total system size.
The purchase price was allocated based on the relative fair value, on a pro rata basis, of the indefinite lived trademark and the franchise agreements acquired, which were assigned a 20 year life. The following table summarizes the fair value of the assets acquired in connection with Wyndham's acquisition of Vienna House:
Amount
Franchise agreements$17 
Trademark27
Total assets acquired$44 

This acquisition was assigned to the Company’s Hotel Franchising segment. The results of operations of Vienna House have been included in the Consolidated Statements of Income since its date of acquisition. Such results were not material to the Company's results of operations for the three and nine months ended September 30, 2022.
7. ASSETS AND LIABILITIES HELD FOR SALE
During the fourth quarter of 2021, the Company’s Board approved a plan to sell its two owned hotels. In March and May 2022, the Company completed the sales of its Wyndham Grand Bonnet Creek Resort and Wyndham Grand Rio Mar Resort, respectively, resulting in no assets or liabilities left held for sale. See Note 16 - Other Expenses and Charges for more information on the sales.
The Company’s Condensed Consolidated Balance Sheets include the following with respect to assets and liabilities held for sale:
September 30, 2022December 31, 2021
Assets:
Trade receivables, net
$ $4 
Other current assets 4 
Property and equipment, net 146 
Total assets held for sale$ $154 
Liabilities:
Accrued expenses and other current liabilities$ $8 
Deferred revenues 6 
Other liabilities 3 
Total liabilities held for sale$ $17 

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8. INTANGIBLE ASSETS
Intangible assets consisted of the following:
September 30, 2022December 31, 2021
Gross
Carrying
Amount
(a)
Gross
Carrying
Amount
Accumulated
Impairment
Net
Carrying
Amount
Goodwill
$1,525 $1,539 $14 $1,525 
September 30, 2022December 31, 2021
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Unamortized intangible assets:
Trademarks$1,228 $1,201 
Amortized intangible assets:
Franchise agreements$912 $533 $379 $895 $513 $382 
Management agreements15 14 1 135 44 91 
Trademarks2 1 1 2 1 1 
Other
1  1 1 1  
$930 $548 $