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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, 2019
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 001-32876
WYNDHAM DESTINATIONS, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
 
20-0052541
(State or Other Jurisdiction
of Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
6277 Sea Harbor Drive
 
32821
Orlando,
Florida
 
(Zip Code)
(Address of Principal Executive Offices)
 
 
(407) 626-5200
(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
Name of each exchange on which registered
Common Stock
WYND
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      No 
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     No 
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the last practicable date:
90,704,218 shares of common stock outstanding as of September 30, 2019.



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.
 

1

Table of Contents


GLOSSARY OF TERMS
The following terms and acronyms appear in the text of this report and have the definitions indicated below:

Adjusted EBITDA
A non-GAAP measure, defined by the Company as Net income before Depreciation and amortization, Interest expense (excluding Consumer financing interest), Early extinguishment of debt, Interest income (excluding Consumer financing revenues) and Income taxes. Adjusted EBITDA also excludes stock-based compensation costs, separation and restructuring costs, transaction costs, impairments, and items that meet the conditions of unusual and/or infrequent.
AOCL
Accumulated Other Comprehensive Loss
ARN
Alliance Reservation Network
AUD
Australian Dollar
Board
Board of Directors
Buyer
Compass IV Limited, an affiliate of Platinum Equity, LLC
Company
Wyndham Destinations, Inc. and its subsidiaries
EBITDA
Earnings Before Interest, Income Taxes and Depreciation/Amortization
EPS
Earnings Per Share
Exchange Act
Securities Exchange Act of 1934
FASB
Financial Accounting Standards Board
FICO
Fair Isaac Corporation
GAAP
Generally Accepted Accounting Principles in the United States
La Quinta
La Quinta Holdings, Inc.
LIBOR
London Interbank Offered Rate
NQ
Non-Qualified stock options
NZD
New Zealand Dollar
PCAOB
Public Company Accounting Oversight Board
PSU
Performance-vested restricted Stock Units
RSU
Restricted Stock Unit
SEC
Securities and Exchange Commission
SPE
Special Purpose Entity
SOFR
Secured Overnight Financing Rate
Spin-off
Spin-off of Wyndham Hotels & Resorts, Inc.
SSAR
Stock-Settled Appreciation Rights
U.S.
United States of America
USD
United States of America Dollar
Vacasa
Vacasa LLC
VIE
Variable Interest Entity
VOI
Vacation Ownership Interest
VPG
Volume Per Guest
Wyndham Hotels
Wyndham Hotels & Resorts, Inc.
Wyndham Destinations
Wyndham Destinations, Inc.
Wyndham Worldwide
Wyndham Worldwide Corporation



2

Table of Contents


PART I — FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited).
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of
Wyndham Destinations, Inc.

Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of Wyndham Destinations, Inc. and subsidiaries (the "Company") as of September 30, 2019, the related condensed consolidated statements of income, comprehensive income and (deficit)/equity, for the three-month and nine-month periods ended September 30, 2019 and 2018, and of cash flows for the nine-month periods ended September 30, 2019 and 2018, 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, 2018, 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 26, 2019, 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, 2018, 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
Tampa, FL
October 30, 2019



3

Table of Contents
WYNDHAM DESTINATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net revenues
 
 
 
 
 
 
 
Vacation ownership interest sales
$
528

 
$
503

 
$
1,384

 
$
1,323

Service and membership fees
426

 
417

 
1,241

 
1,245

Consumer financing
132

 
126

 
385

 
363

Other
19

 
16

 
52

 
45

Net revenues
1,105

 
1,062

 
3,062

 
2,976

Expenses
 
 
 
 
 
 
 
Operating
450

 
431

 
1,269

 
1,252

Cost of vacation ownership interests
60

 
53

 
141

 
131

Consumer financing interest
26

 
23

 
78

 
62

Marketing
188

 
179

 
505

 
465

General and administrative
129

 
116

 
379

 
402

Separation and related costs
7

 
35

 
44

 
198

Asset impairments

 
(4
)
 

 
(4
)
Restructuring

 

 
4

 

Depreciation and amortization
31

 
32

 
90

 
105

Total expenses
891

 
865

 
2,510

 
2,611

Operating income
214

 
197

 
552

 
365

Other (income), net
(6
)
 
(22
)
 
(18
)
 
(33
)
Interest expense
40

 
37

 
122

 
129

Interest (income)
(1
)
 

 
(6
)
 
(3
)
Income before income taxes
181

 
182

 
454

 
272

Provision for income taxes
46

 
51

 
120

 
112

Net income from continuing operations
135

 
131

 
334

 
160

Loss from operations of discontinued businesses, net of income taxes

 
(3
)
 

 
(52
)
Gain on disposal of discontinued businesses, net of income taxes

 
20

 
5

 
452

Net income attributable to Wyndham Destinations shareholders
$
135

 
$
148

 
$
339

 
$
560

 
 
 
 
 
 
 
 
Basic earnings per share
 
 
 
 
 
 
 
Continuing operations
$
1.48

 
$
1.32

 
$
3.59

 
$
1.61

Discontinued operations

 
0.17

 
0.05

 
4.01

 
$
1.48

 
$
1.49

 
$
3.64

 
$
5.62

Diluted earnings per share
 
 
 
 
 
 
 
Continuing operations
$
1.47

 
$
1.31

 
$
3.58

 
$
1.60

Discontinued operations

 
0.18

 
0.06

 
4.00

 
$
1.47

 
$
1.49

 
$
3.64

 
$
5.60


See Notes to Condensed Consolidated Financial Statements.
4

Table of Contents
WYNDHAM DESTINATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net income attributable to Wyndham Destinations shareholders
$
135

 
$
148

 
$
339

 
$
560

Other comprehensive (loss), net of tax
 
 
 
 
 
 
 
Foreign currency translation adjustments
(26
)
 
(5
)
 
(25
)
 
(24
)
Defined benefit pension plans

 

 

 
4

Other comprehensive (loss), net of tax
(26
)
 
(5
)
 
(25
)
 
(20
)
Comprehensive income
$
109

 
$
143

 
$
314

 
$
540



See Notes to Condensed Consolidated Financial Statements.
5

Table of Contents
WYNDHAM DESTINATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)


 
September 30,
2019
 
December 31,
2018
Assets
 
 
 
Cash and cash equivalents
$
250

 
$
218

Restricted cash (VIE - $114 as of 2019 and $120 as of 2018)
148

 
155

Trade receivables, net
137

 
121

Vacation ownership contract receivables, net (VIE - $2,988 as of 2019 and $2,883 as of 2018)
3,118

 
3,037

Inventory
1,209

 
1,224

Prepaid expenses
198

 
153

Property and equipment, net
723

 
712

Goodwill
971

 
922

Other intangibles, net
137

 
109

Other assets
458

 
304

Assets of held-for-sale business
214

 
203

Total assets
$
7,563

 
$
7,158

Liabilities and (deficit)
 
 
 
Accounts payable
$
86

 
$
66

Accrued expenses and other liabilities
1,018

 
1,004

Deferred income
553

 
518

Non-recourse vacation ownership debt (VIE)
2,494

 
2,357

Debt
3,047

 
2,881

Deferred income taxes
772

 
736

Liabilities of held-for-sale business
163

 
165

Total liabilities
8,133

 
7,727

Commitments and contingencies (Note 17)

 

Stockholders' (deficit):
 
 
 
Preferred stock, $.01 par value, authorized 6,000,000 shares, none issued and outstanding

 

Common stock, $.01 par value, 600,000,000 shares authorized, 220,767,128 issued as of 2019 and 220,120,808 as of 2018
2

 
2

Treasury stock, at cost – 130,119,470 shares as of 2019 and 125,137,857 shares as of 2018
(6,258
)
 
(6,043
)
Additional paid-in capital
4,106

 
4,077

Retained earnings
1,651

 
1,442

Accumulated other comprehensive loss
(77
)
 
(52
)
Total stockholders’ (deficit)
(576
)
 
(574
)
Noncontrolling interest
6

 
5

Total (deficit)
(570
)
 
(569
)
Total liabilities and (deficit)
$
7,563

 
$
7,158


See Notes to Condensed Consolidated Financial Statements.
6

Table of Contents
WYNDHAM DESTINATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)


 
Nine Months Ended
 
September 30,
 
2019
 
2018
Operating activities
 
 
 
Net income
$
339

 
$
560

Loss from operations of discontinued businesses, net of income taxes

 
52

Gain on disposal of discontinued businesses, net of income taxes
(5
)
 
(452
)
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
90

 
105

Provision for loan losses
373

 
350

Deferred income taxes
36

 
84

Stock-based compensation
17

 
121

Asset impairments
12

 
6

Non-cash lease expense
24

 

Non-cash interest
16

 
13

Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
 
 
 
Trade receivables
(7
)
 
(21
)
Vacation ownership contract receivables
(464
)
 
(457
)
Inventory
(18
)
 
(48
)
Deferred income
18

 
12

Accounts payable, accrued expenses, prepaid expenses, other assets and other liabilities
(128
)
 
(122
)
Other, net
18

 
2

Net cash provided by operating activities - continuing operations
321

 
205

Net cash (used in)/provided by operating activities - discontinued operations
(1
)
 
150

Net cash provided by operating activities
320

 
355

Investing activities
 
 
 
Property and equipment additions
(75
)
 
(63
)
Acquisition of business, net of cash acquired
(51
)
 
(5
)
Proceeds from asset sales
6

 
11

Other, net
5

 
(7
)
Net cash used in investing activities - continuing operations
(115
)
 
(64
)
Net cash used in investing activities - discontinued operations
(22
)
 
(672
)
Net cash used in investing activities
(137
)
 
(736
)
Financing activities
 
 
 
Proceeds from non-recourse vacation ownership debt
1,671

 
1,821

Principal payments on non-recourse vacation ownership debt
(1,532
)
 
(1,727
)
Proceeds from debt
2,149

 
2,800

Principal payments on debt
(2,007
)
 
(3,018
)
Repayments of commercial paper, net

 
(147
)
Proceeds from notes issued and term loan

 
300

Repayment of notes
(2
)
 
(789
)
Repayments of vacation ownership inventory arrangement
(12
)
 
(12
)
Dividends to shareholders
(125
)
 
(154
)
Cash transferred to Wyndham Hotels related to spin-off
(69
)
 
(495
)
Proceeds from issuance of common stock
6

 

Repurchase of common stock
(215
)
 
(226
)
Debt issuance costs
(15
)
 
(13
)
Net share settlement of incentive equity awards
(4
)
 
(56
)
Other, net
(1
)
 
(2
)
Net cash used in financing activities - continuing operations
(156
)
 
(1,718
)
Net cash provided by financing activities - discontinued operations

 
2,066

Net cash (used in)/provided by financing activities
(156
)
 
348

Effect of changes in exchange rates on cash, cash equivalents and restricted cash
(4
)
 
(6
)
Net change in cash, cash equivalents and restricted cash
23

 
(39
)
Cash, cash equivalents and restricted cash, beginning of period
404

 
416

Cash, cash equivalents and restricted cash, end of period
427

 
377

Less: Restricted cash
148

 
213

Less: Cash and restricted cash included in assets of discontinued operations and held-for-sale business
29

 

Cash and cash equivalents
$
250

 
$
164


See Notes to Condensed Consolidated Financial Statements.
7


WYNDHAM DESTINATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF (DEFICIT)/EQUITY
(In millions)
(Unaudited)



 
Common Shares Outstanding
 
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive (Loss)/Income
 
Non-controlling Interest
 
Total (Deficit)
Balance as of December 31, 2018
95

 
$
2

 
$
(6,043
)
 
$
4,077

 
$
1,442

 
$
(52
)
 
$
5

 
$
(569
)
Net income

 

 

 

 
80

 

 

 
80

Other comprehensive income

 

 

 

 

 
2

 

 
2

Change in stock-based compensation

 

 

 
5

 

 

 

 
5

Repurchase of common stock
(1
)
 

 
(60
)
 

 

 

 

 
(60
)
Dividends ($0.45 per share)

 

 

 

 
(42
)
 

 

 
(42
)
Balance as of March 31, 2019
94

 
2

 
(6,103
)
 
4,082

 
1,480

 
(50
)
 
5

 
(584
)
Net income

 

 

 

 
124

 

 

 
124

Other comprehensive loss

 

 

 

 

 
(1
)
 

 
(1
)
Net share settlement of stock-based compensation

 

 

 
(1
)
 

 

 

 
(1
)
Employee stock purchase program issuances

 

 

 
6

 

 

 

 
6

Change in stock-based compensation

 

 

 
7

 

 

 

 
7

Repurchase of common stock
(2
)
 

 
(65
)
 

 

 

 

 
(65
)
Dividends ($0.45 per share)

 

 

 

 
(43
)
 

 

 
(43
)
Distribution for separation of Wyndham Hotels and adjustments related to discontinued business

 

 

 

 
(3
)
 

 

 
(3
)
Balance as of June 30, 2019
92

 
2

 
(6,168
)
 
4,094

 
1,558

 
(51
)
 
5

 
(560
)
Net income

 

 

 

 
135

 

 

 
135

Other comprehensive loss

 

 

 

 

 
(26
)
 

 
(26
)
Issuance of shares for RSU vesting
1

 

 

 

 

 

 

 

Net share settlement of stock-based compensation

 

 

 
(3
)
 

 

 

 
(3
)
Change in stock-based compensation

 

 

 
5

 

 

 

 
5

Repurchase of common stock
(2
)
 

 
(90
)
 

 

 

 

 
(90
)
Dividends ($0.45 per share)

 

 

 

 
(42
)