Segment Information (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Segment Reporting [Abstract] |
|
| Summary of Net Revenues and Adjusted EBITDA by Segment |
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|
Hotel Franchising |
|
Hotel Management |
|
Corporate and Other (a)
|
|
Total |
Year Ended or as of December 31, 2019 |
|
|
|
|
|
|
|
Net revenues |
$ |
1,279 |
|
|
$ |
768 |
|
|
$ |
6 |
|
|
$ |
2,053 |
|
Adjusted EBITDA |
622 |
|
|
66 |
|
|
(75 |
) |
|
613 |
|
Depreciation and amortization |
72 |
|
|
26 |
|
|
11 |
|
|
109 |
|
Segment assets |
3,817 |
|
|
500 |
|
|
216 |
|
|
4,533 |
|
Capital expenditures |
35 |
|
|
8 |
|
|
7 |
|
|
50 |
|
|
|
|
|
|
|
|
|
Year Ended or as of December 31, 2018 |
|
|
|
|
|
|
|
Net revenues |
$ |
1,135 |
|
|
$ |
726 |
|
|
$ |
7 |
|
|
$ |
1,868 |
|
Adjusted EBITDA |
515 |
|
|
47 |
|
|
(55 |
) |
|
507 |
|
Depreciation and amortization |
72 |
|
|
21 |
|
|
6 |
|
|
99 |
|
Segment assets |
3,829 |
|
|
580 |
|
|
567 |
|
|
4,976 |
|
Capital expenditures |
43 |
|
|
27 |
|
|
3 |
|
|
73 |
|
|
|
|
|
|
|
|
|
Year Ended or as of December 31, 2017 |
|
|
|
|
|
|
|
Net revenues |
$ |
897 |
|
|
$ |
383 |
|
|
$ |
— |
|
|
$ |
1,280 |
|
Adjusted EBITDA |
402 |
|
|
21 |
|
|
(40 |
) |
|
383 |
|
Depreciation and amortization |
59 |
|
|
16 |
|
|
— |
|
|
75 |
|
Segment assets |
1,727 |
|
|
400 |
|
|
10 |
|
|
2,137 |
|
Capital expenditures |
35 |
|
|
11 |
|
|
— |
|
|
46 |
|
_____________________
(a)
Includes the elimination of transactions between segments.
|
| Reconciliation of Net Income to Adjusted EBITDA |
Provided below is a reconciliation of net income to adjusted EBITDA.
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|
|
|
|
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|
|
|
|
|
|
Year Ended December 31, |
|
2019 |
|
2018 |
|
2017 |
Net income |
$ |
157 |
|
|
$ |
162 |
|
|
$ |
230 |
|
Provision for income taxes |
50 |
|
|
61 |
|
|
13 |
|
Depreciation and amortization |
109 |
|
|
99 |
|
|
75 |
|
Interest expense, net |
100 |
|
|
60 |
|
|
6 |
|
Stock-based compensation expense |
15 |
|
|
9 |
|
|
11 |
|
Impairment, net |
45 |
|
|
— |
|
|
41 |
|
Contract termination costs |
42 |
|
|
— |
|
|
— |
|
Transaction-related expenses, net |
40 |
|
|
36 |
|
|
3 |
|
Separation-related expenses |
22 |
|
|
77 |
|
|
3 |
|
Transaction-related item |
20 |
|
|
— |
|
|
— |
|
Restructuring costs |
8 |
|
|
— |
|
|
1 |
|
Foreign currency impact of highly inflationary countries |
5 |
|
|
3 |
|
|
— |
|
Adjusted EBITDA |
$ |
613 |
|
|
$ |
507 |
|
|
$ |
383 |
|
|
| Revenue from External Customers by Geographic Areas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2019 |
|
2018 |
|
2017 |
Net income |
$ |
157 |
|
|
$ |
162 |
|
|
$ |
230 |
|
Provision for income taxes |
50 |
|
|
61 |
|
|
13 |
|
Depreciation and amortization |
109 |
|
|
99 |
|
|
75 |
|
Interest expense, net |
100 |
|
|
60 |
|
|
6 |
|
Stock-based compensation expense |
15 |
|
|
9 |
|
|
11 |
|
Impairment, net |
45 |
|
|
— |
|
|
41 |
|
Contract termination costs |
42 |
|
|
— |
|
|
— |
|
Transaction-related expenses, net |
40 |
|
|
36 |
|
|
3 |
|
Separation-related expenses |
22 |
|
|
77 |
|
|
3 |
|
Transaction-related item |
20 |
|
|
— |
|
|
— |
|
Restructuring costs |
8 |
|
|
— |
|
|
1 |
|
Foreign currency impact of highly inflationary countries |
5 |
|
|
3 |
|
|
— |
|
Adjusted EBITDA |
$ |
613 |
|
|
$ |
507 |
|
|
$ |
383 |
|
The geographic segment information provided below is classified based on the geographic location of Wyndham Hotels’ subsidiaries.
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|
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|
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|
|
|
|
|
|
|
|
United States |
|
All Other Countries (a)
|
|
Total |
Year Ended or As of December 31, 2019 |
|
|
|
|
|
Net revenues |
$ |
1,805 |
|
|
$ |
248 |
|
|
$ |
2,053 |
|
Net long-lived assets |
3,619 |
|
|
173 |
|
|
3,792 |
|
|
|
|
|
|
|
Year Ended or As of December 31, 2018 |
|
|
|
|
|
Net revenues |
$ |
1,641 |
|
|
$ |
227 |
|
|
$ |
1,868 |
|
Net long-lived assets |
3,681 |
|
|
179 |
|
|
3,860 |
|
|
|
|
|
|
|
Year Ended or As of December 31, 2017 |
|
|
|
|
|
Net revenues |
$ |
1,066 |
|
|
$ |
214 |
|
|
$ |
1,280 |
|
Net long-lived assets |
1,431 |
|
|
185 |
|
|
1,616 |
|
_____________________
(a)
Includes U.S. territories.
|
| Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2019 |
|
2018 |
|
2017 |
Net income |
$ |
157 |
|
|
$ |
162 |
|
|
$ |
230 |
|
Provision for income taxes |
50 |
|
|
61 |
|
|
13 |
|
Depreciation and amortization |
109 |
|
|
99 |
|
|
75 |
|
Interest expense, net |
100 |
|
|
60 |
|
|
6 |
|
Stock-based compensation expense |
15 |
|
|
9 |
|
|
11 |
|
Impairment, net |
45 |
|
|
— |
|
|
41 |
|
Contract termination costs |
42 |
|
|
— |
|
|
— |
|
Transaction-related expenses, net |
40 |
|
|
36 |
|
|
3 |
|
Separation-related expenses |
22 |
|
|
77 |
|
|
3 |
|
Transaction-related item |
20 |
|
|
— |
|
|
— |
|
Restructuring costs |
8 |
|
|
— |
|
|
1 |
|
Foreign currency impact of highly inflationary countries |
5 |
|
|
3 |
|
|
— |
|
Adjusted EBITDA |
$ |
613 |
|
|
$ |
507 |
|
|
$ |
383 |
|
The geographic segment information provided below is classified based on the geographic location of Wyndham Hotels’ subsidiaries.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
All Other Countries (a)
|
|
Total |
Year Ended or As of December 31, 2019 |
|
|
|
|
|
Net revenues |
$ |
1,805 |
|
|
$ |
248 |
|
|
$ |
2,053 |
|
Net long-lived assets |
3,619 |
|
|
173 |
|
|
3,792 |
|
|
|
|
|
|
|
Year Ended or As of December 31, 2018 |
|
|
|
|
|
Net revenues |
$ |
1,641 |
|
|
$ |
227 |
|
|
$ |
1,868 |
|
Net long-lived assets |
3,681 |
|
|
179 |
|
|
3,860 |
|
|
|
|
|
|
|
Year Ended or As of December 31, 2017 |
|
|
|
|
|
Net revenues |
$ |
1,066 |
|
|
$ |
214 |
|
|
$ |
1,280 |
|
Net long-lived assets |
1,431 |
|
|
185 |
|
|
1,616 |
|
_____________________
(a)
Includes U.S. territories.
|
| Long-lived Assets by Geographic Areas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2019 |
|
2018 |
|
2017 |
Net income |
$ |
157 |
|
|
$ |
162 |
|
|
$ |
230 |
|
Provision for income taxes |
50 |
|
|
61 |
|
|
13 |
|
Depreciation and amortization |
109 |
|
|
99 |
|
|
75 |
|
Interest expense, net |
100 |
|
|
60 |
|
|
6 |
|
Stock-based compensation expense |
15 |
|
|
9 |
|
|
11 |
|
Impairment, net |
45 |
|
|
— |
|
|
41 |
|
Contract termination costs |
42 |
|
|
— |
|
|
— |
|
Transaction-related expenses, net |
40 |
|
|
36 |
|
|
3 |
|
Separation-related expenses |
22 |
|
|
77 |
|
|
3 |
|
Transaction-related item |
20 |
|
|
— |
|
|
— |
|
Restructuring costs |
8 |
|
|
— |
|
|
1 |
|
Foreign currency impact of highly inflationary countries |
5 |
|
|
3 |
|
|
— |
|
Adjusted EBITDA |
$ |
613 |
|
|
$ |
507 |
|
|
$ |
383 |
|
The geographic segment information provided below is classified based on the geographic location of Wyndham Hotels’ subsidiaries.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
All Other Countries (a)
|
|
Total |
Year Ended or As of December 31, 2019 |
|
|
|
|
|
Net revenues |
$ |
1,805 |
|
|
$ |
248 |
|
|
$ |
2,053 |
|
Net long-lived assets |
3,619 |
|
|
173 |
|
|
3,792 |
|
|
|
|
|
|
|
Year Ended or As of December 31, 2018 |
|
|
|
|
|
Net revenues |
$ |
1,641 |
|
|
$ |
227 |
|
|
$ |
1,868 |
|
Net long-lived assets |
3,681 |
|
|
179 |
|
|
3,860 |
|
|
|
|
|
|
|
Year Ended or As of December 31, 2017 |
|
|
|
|
|
Net revenues |
$ |
1,066 |
|
|
$ |
214 |
|
|
$ |
1,280 |
|
Net long-lived assets |
1,431 |
|
|
185 |
|
|
1,616 |
|
_____________________
(a)
Includes U.S. territories.
|