ORLANDO, Fla., Dec. 1, 2020 /PRNewswire/ -- Wyndham
Destinations, Inc. (NYSE: WYND) is presenting today at the Barclays
Eat, Sleep, Play Conference. Michael D.
Brown, president and CEO, and Mike
Hug, CFO, will speak at 11:20 a.m.
ET.
A live audio webcast of the event will be available on the
investor relations section of the Company's website at
investor.wyndhamdestinations.com. A replay will be available for 30
days.
The Company is providing an update on recent operational
metrics:
- October and estimated November gross vacation ownership
interest (VOI) sales were $195
million; $110 million in
October and an estimated $85 million
in November.
- The trend in VOI sales improved sequentially from September to
October, with October North American tour-generated VOI sales
declining 46% year-over-year, an improvement from a 49%
year-over-year decline in September and 61% in the third quarter.
November North American
tour-generated VOI sales are estimated to be just under 50% lower
year-over-year.
- Vacation Clubs and Exchange cancellations have increased
modestly with rising daily COVID-19 cases. Recent cancellation
activity has been related to near-term travel with longer term
bookings remaining strong.
The Company is reaffirming the following outlook for the fourth
quarter of 2020:
- Expect tours to be down 60% year-over-year and gross VOI sales
to be 45% lower year-over-year
- Expect VPGs to remain at 30% above the prior year
- Expect the loan loss provision to remain below 20% of gross VOI
sales in the fourth quarter and adjusted EBITDA margins to be
similar to the third quarter
- Continue to expect positive adjusted free cash flow for the
full year
About Wyndham Destinations
Wyndham
Destinations (NYSE:WYND), the world's largest vacation club
and exchange company, is on a mission to put the world on vacation.
The company offers more than four million members and owner
families the opportunity to own, exchange or rent their vacation
experience while enjoying quality, flexibility and great value from
a trusted brand. The company's Wyndham Vacation Clubs offer 230
resorts that provide a contemporary take on the timeshare model
through brands Club Wyndham®, WorldMark®
by Wyndham, and Margaritaville Vacation Club® by
Wyndham. With a global presence in 110 countries, the company's
membership travel business -- Panorama -- includes today's
leading vacation exchange, leisure travel, and technology brands
including RCI, the world's leader in vacation exchange that
provides access to 4,200+ affiliated resorts around the world; and
Extra Holidays, offering condo vacations at hotel prices. Year
after year, our worldwide team of associates delivers exceptional
vacation experiences to families around the globe as they make
memories to last a lifetime. At Wyndham Destinations, our world is
your destination. Connect with us on Twitter, Facebook, Instagram,
YouTube and LinkedIn.
Forward-Looking Statements
This press release includes "forward-looking statements" as that
term is defined by the Securities and Exchange Commission ("SEC").
Forward-looking statements are any statements other than statements
of historical fact, including statements regarding our
expectations, beliefs, hopes, intentions or strategies regarding
the future. In some cases, forward-looking statements can be
identified by the use of words such as "may," "will," "expects,"
"should," "believes," "plans," "anticipates," "estimates,"
"predicts," "potential," "continue," "future," "intends,"
"projects" or other words of similar meaning. Forward- looking
statements are subject to risks and uncertainties that could cause
actual results of Wyndham Destinations, Inc. ("Wyndham
Destinations") to differ materially from those discussed in, or
implied by, the forward-looking statements. The forward-looking
statements contained in this press release include statements
related to Wyndham Destinations' current views and expectations
with respect to its future performance and operations, and other
anticipated future events and expectations that are not historical
facts. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Factors that might cause such a difference include,
but are not limited to, uncertainty with respect to the scope and
duration of the novel coronavirus global pandemic ("COVID-19") and
any resurgences and the pace of recovery; the timing of the
development and distribution of an effective vaccine or treatment
for COVID-19; the potential impact of the COVID-19 pandemic and
governmental, business and individuals' actions in response to the
pandemic and our related contingency plans and cost and investment
reductions on our business, vacation ownership interest sales and
tour flow, consumer demand and liquidity, our ability to comply
with financial and restrictive covenants under our indebtedness and
our ability to access capital on reasonable terms, at a reasonable
cost or at all, our and Wyndham Hotels & Resorts, Inc.'s
("Wyndham Hotels") ability to maintain credit ratings, general
economic conditions and unemployment rates, the performance of the
financial and credit markets, the competition in and the economic
environment for the timeshare industry; risks associated with
employees working remotely or operating with a reduced workforce;
the impact of war, terrorist activity, political strife, severe
weather events and other natural disasters, and pandemics
(including COVID-19) or threats of pandemics; operating risks
associated with the Wyndham Vacation Clubs and Panorama segments;
uncertainties related to our ability to realize the anticipated
benefits of the spin-off of the hotel business ("spin-off") Wyndham
Hotels or the divestiture of our North American and European
vacation rentals businesses, or the acquisition of Alliance
Reservations Network ("ARN"); unanticipated developments related to
the impact of the spin-off, the divestiture of our North American
and European vacation rentals businesses, the acquisition of ARN
and related transactions, including any potential impact on our
relationships with our customers, suppliers, employees and others
with whom we have relationships, and possible disruption to our
operations; our ability to execute on our strategy, the timing and
amount of future dividends and share repurchases, if any, and those
other factors disclosed as risks under "Risk Factors" in documents
we have filed with the SEC, including in Part I, Item 1A of our
Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on
February 26, 2020 and Part II, Item
1A of our Quarterly Report on Form 10-Q for the fiscal quarter
ended September 30, 2020, filed with
the SEC on October 28, 2020. We
caution readers that any such statements are based on currently
available operational, financial and competitive information, and
they should not place undue reliance on these forward-looking
statements, which reflect management's opinion only as of the date
on which they were made. Except as required by law, we undertake no
obligation to review or update these forward-looking statements to
reflect events or circumstances as they occur.
Web Resources:
Wyndham Destinations
Wyndham Destinations Investor Relations
Twitter: @WynDestinations
LinkedIn: @WyndhamDestinations
View original content to download
multimedia:http://www.prnewswire.com/news-releases/wyndham-destinations-presenting-today-at-the-barclays-eat-sleep-play-conference-provides-business-update-301182296.html
SOURCE Wyndham Destinations