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Wyndham Hotels & Resorts Reports Fourth Quarter and Full Year 2023 Results

Wyndham Hotels & Resorts has announced its financial results for the fourth quarter and full year ended December 31, 2023. The company provided an overview of its performance, highlighting key metrics and strategic developments.

Fourth Quarter 2023 Performance

For the fourth quarter of 2023, Wyndham reported net income attributable to Wyndham shareholders of $268 million. This figure includes a significant one-time after-tax benefit of $210 million from the sale of Wyndham’s owned real estate portfolio. Excluding this benefit, adjusted net income was $58 million.

The company’s diluted earnings per share (EPS) for the fourth quarter were $1.55. On an adjusted basis, excluding the real estate sale benefit, diluted EPS was $0.33. This compares to adjusted diluted EPS of $0.60 in the fourth quarter of 2022.

Total revenue for the fourth quarter of 2023 decreased to $345 million from $368 million in the prior year’s quarter. The decrease in revenue was primarily attributed to the divestiture of the owned real estate portfolio.

Full Year 2023 Results

For the full year 2023, net income attributable to Wyndham shareholders was $644 million. This includes the $210 million after-tax benefit from the real estate sale. Adjusted net income for the full year was $434 million.

Diluted EPS for the full year was $3.69. Adjusted diluted EPS for the full year was $2.48, a decrease from $3.09 in 2022.

Full year total revenue was $1.49 billion in 2023, down from $1.54 billion in 2022, also impacted by the real estate divestiture.

Strategic Initiatives and Outlook

Wyndham’s results reflect ongoing strategic initiatives aimed at optimizing its brand portfolio and driving long-term growth. The divestiture of the owned real estate assets is part of this strategy to focus on the company’s core business of franchising and hotel management.

The company also provided an outlook for the first quarter of 2024. Wyndham anticipates adjusted EBITDA in the range of $145 million to $150 million and anticipates adjusted diluted earnings per share between $0.55 and $0.60.

Wyndham Hotels & Resorts continues to focus on its franchise-centric model, aiming to enhance shareholder value through disciplined capital allocation and strategic brand development.

Key Points

• Fourth quarter 2023 net income attributable to Wyndham shareholders: $268 million
• Fourth quarter 2023 one-time after-tax benefit from real estate sale: $210 million
• Fourth quarter 2023 adjusted net income: $58 million
• Fourth quarter 2023 diluted earnings per share (EPS): $1.55
• Fourth quarter 2023 adjusted diluted EPS: $0.33
• Fourth quarter 2023 total revenue: $345 million
• Full year 2023 net income attributable to Wyndham shareholders: $644 million
• Full year 2023 adjusted net income: $434 million
• Full year 2023 diluted EPS: $3.69
• Full year 2023 adjusted diluted EPS: $2.48
• Full year 2023 total revenue: $1.49 billion
• First quarter 2024 anticipated adjusted EBITDA: $145 million to $150 million
• First quarter 2024 anticipated adjusted diluted earnings per share: $0.55 to $0.60

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