wh-20220930

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

☐ 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

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)

(973) 753-6000

(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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	WH	New 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.	Condensed Consolidated Financial Statements (Unaudited).	1
	Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)	1
	Condensed Consolidated Statements of Income	2
	Condensed Consolidated Statements of Comprehensive Income	3
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Cash Flows	5
	Condensed Consolidated Statements of Equity	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	20
	Forward Looking Statements	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	31
Item 4.	Controls and Procedures.	32
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings.	33
Item 1A.	Risk Factors.	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	33
Item 3.	Defaults Upon Senior Securities.	33
Item 4.	Mine Safety Disclosures.	33
Item 5.	Other Information.	33
Item 6.	Exhibits.	33
	Signatures	34

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,
	2022		2021		2022		2021
Net revenues
Royalties and franchise fees	$	152	$	144	$	394	$	344
Marketing, reservation and loyalty	159		149		416		353
Management and other fees	3		32		54		82
License and other fees	28		20		74		60
Other	33		32		107		92
Fee-related and other revenues	375		377		1,045		931
Cost reimbursements	32		86		119		242
Net revenues	407		463		1,164		1,173
Expenses
Marketing, reservation and loyalty	147		130		384		327
Operating	20		33		85		92
General and administrative	29		30		88		81
Cost reimbursements	32		86		119		242
Depreciation and amortization	18		23		58		70
Gain on asset sale, net	—		—		(35)		—
Separation-related	1		—		—		3



Total expenses	247		302		699		815
Operating income	160		161		465		358
Interest expense, net	21		22		60		73
Early extinguishment of debt	—		—		2		18
Income before income taxes	139		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
Diluted	1.13		1.09		3.26		2.08

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

WYNDHAM HOTELS & RESORTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
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.

Table of Contents

WYNDHAM HOTELS & RESORTS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except per share amounts)

(Unaudited)


	September 30, 2022		December 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 liabilities	400		397
Long-term debt	2,063		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 earnings	290		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.

Table of Contents

WYNDHAM HOTELS & RESORTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)


	Nine Months Ended September 30,
	2022		2021
Operating activities
Net income	$	299	$	195
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	58		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 debt	2		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 revenues	20		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, net	263		—
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 cash	115		(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.

Table of Contents

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, 2021	92	$	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, 2020	93	$	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 vesting	1	—		—		—		—		—		—
Balance as of June 30, 2021	94	1		(408)		1,519		(19)		(33)		1,060
Net income	—	—		—		—		103		—		103
Other comprehensive income	—	—		—		—		—		3		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.

Table of Contents

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, 2022		December 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

Table of Contents

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 - 9/30/2023		10/1/2023 - 9/30/2024		10/1/2024 - 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,
	2022		2021		2022		2021
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.

Table of Contents


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,
	2022		2021		2022		2021
Net income	$	101	$	103	$	299	$	195

Basic weighted average shares outstanding	89.5		93.6		91.2		93.5
Stock options and restricted stock units (“RSUs”)	0.4		0.5		0.5		0.4
Diluted weighted average shares outstanding	89.9		94.1		91.7		93.9

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):


	Shares	Cost		Average 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, 2022	13.3	$	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:


	2022		2021
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

Table of Contents


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
Trademark	27
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, 2022		December 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

Table of Contents


8. INTANGIBLE ASSETS

Intangible assets consisted of the following:


	September 30, 2022						December 31, 2021
	Gross Carrying Amount (a)						Gross Carrying Amount		Accumulated Impairment		Net Carrying Amount
Goodwill	$	1,525					$	1,539	$	14	$	1,525

	September 30, 2022						December 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 agreements	15		14		1		135		44		91
Trademarks	2		1		1		2		1		1
Other	1		—		1		1		1		—
	$	930	$	548	$