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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 June 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:
92,225,966 shares of common stock outstanding as of June 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, each of which is presented on the Condensed Consolidated Statements of Income. 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
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
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
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 June 30, 2019, the related condensed consolidated statements of income, comprehensive income and (deficit)/equity, for the three-month and six-month periods ended June 30, 2019 and 2018, and of cash flows for the six-month periods ended June 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
July 30, 2019



3

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

 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Net revenues
 
 
 
 
 
 
 
Vacation ownership interest sales
$
481

 
$
462

 
$
856

 
$
820

Service and membership fees
409

 
409

 
815

 
828

Consumer financing
128

 
120

 
253

 
237

Other
21

 
16

 
33

 
29

Net revenues
1,039

 
1,007

 
1,957

 
1,914

Expenses
 
 
 
 
 
 
 
Operating
421

 
418

 
818

 
821

Cost of vacation ownership interests
50

 
47

 
81

 
78

Consumer financing interest
26

 
20

 
52

 
39

Marketing
170

 
155

 
317

 
286

General and administrative
123

 
133

 
251

 
286

Separation and related costs
22

 
133

 
36

 
163

Restructuring
1

 

 
4

 

Depreciation and amortization
28

 
36

 
59

 
73

Total expenses
841

 
942

 
1,618

 
1,746

Operating income
198

 
65

 
339

 
168

Other (income), net
(2
)
 
(5
)
 
(12
)
 
(11
)
Interest expense
40

 
46

 
82

 
91

Interest (income)
(2
)
 
(2
)
 
(4
)
 
(3
)
Income before income taxes
162

 
26

 
273

 
91

Provision for income taxes
44

 
38

 
74

 
62

Net income/(loss) from continuing operations
118

 
(12
)
 
199

 
29

Loss from operations of discontinued businesses, net of income taxes

 
(42
)
 

 
(49
)
Gain on disposal of discontinued businesses, net of income taxes
6

 
432

 
5

 
432

Net income attributable to Wyndham Destinations shareholders
$
124

 
$
378

 
$
204

 
$
412

 
 
 
 
 
 
 
 
Basic earnings per share
 
 
 
 
 
 
 
Continuing operations
$
1.27

 
$
(0.12
)
 
$
2.12

 
$
0.29

Discontinued operations
0.06

 
3.90

 
0.05

 
3.83

 
$
1.33

 
$
3.78

 
$
2.17

 
$
4.12

Diluted earnings per share
 
 
 
 
 
 
 
Continuing operations
$
1.26

 
$
(0.12
)
 
$
2.12

 
$
0.29

Discontinued operations
0.06

 
3.89

 
0.05

 
3.82

 
$
1.32

 
$
3.77

 
$
2.17

 
$
4.11


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
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Net income attributable to Wyndham Destinations shareholders
$
124

 
$
378

 
$
204

 
$
412

Other comprehensive income, net of tax
 
 
 
 
 
 
 
Foreign currency translation adjustments
(1
)
 
(33
)
 
1

 
(19
)
Unrealized gain on cash flow hedges

 
1

 

 

Defined benefit pension plans

 
3

 

 
4

Other comprehensive (loss)/income, net of tax
(1
)
 
(29
)
 
1

 
(15
)
Comprehensive income
$
123

 
$
349

 
$
205

 
$
397



See Notes to Condensed Consolidated Financial Statements.
5

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


 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
Cash and cash equivalents
$
257

 
$
218

Restricted cash (VIE - $118 as of 2019 and $120 as of 2018)
152

 
155

Trade receivables, net
140

 
121

Vacation ownership contract receivables, net (VIE - $2,916 as of 2019 and $2,883 as of 2018)
3,048

 
3,037

Inventory
1,216

 
1,224

Prepaid expenses
195

 
153

Property and equipment, net
715

 
712

Goodwill
922

 
922

Other intangibles, net
105

 
109

Other assets
444

 
304

Assets of held-for-sale business
272

 
203

Total assets
$
7,466

 
$
7,158

Liabilities and (deficit)
 
 
 
Accounts payable
$
81

 
$
66

Accrued expenses and other liabilities
949

 
1,004

Deferred income
554

 
518

Non-recourse vacation ownership debt (VIE)
2,374

 
2,357

Debt
3,058

 
2,881

Deferred income taxes
761

 
736

Liabilities of held-for-sale business
249

 
165

Total liabilities
8,026

 
7,727

Commitments and contingencies (Note 16)

 

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, 220,401,065 issued as of 2019 and 220,120,808 as of 2018
2

 
2

Treasury stock, at cost – 128,093,823 shares as of 2019 and 125,137,857 shares as of 2018
(6,168
)
 
(6,043
)
Additional paid-in capital
4,094

 
4,077

Retained earnings
1,558

 
1,442

Accumulated other comprehensive loss
(51
)
 
(52
)
Total stockholders’ (deficit)
(565
)
 
(574
)
Noncontrolling interest
5

 
5

Total (deficit)
(560
)
 
(569
)
Total liabilities and (deficit)
$
7,466

 
$
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)


 
Six Months Ended
 
June 30,
 
2019
 
2018
Operating activities
 
 
 
Net income
$
204

 
$
412

Loss from operations of discontinued businesses, net of income taxes

 
49

Gain on disposal of discontinued businesses, net of income taxes
(5
)
 
(432
)
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
59

 
73

Provision for loan losses
238

 
218

Deferred income taxes
27

 
74

Stock-based compensation
12

 
109

Asset impairments
10

 
9

Non-cash lease expense
15

 

Non-cash interest
10

 
8

Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
 
 
 
Trade receivables
(9
)
 
(28
)
Vacation ownership contract receivables
(251
)
 
(233
)
Inventory
(31
)
 
(64
)
Deferred income
28

 
42

Accounts payable, accrued expenses, prepaid expenses, other assets and other liabilities
(52
)
 
(145
)
Other, net
11

 
1

Net cash provided by operating activities - continuing operations
266

 
93

Net cash (used in)/provided by operating activities - discontinued operations
(1
)
 
212

Net cash provided by operating activities
265

 
305

Investing activities
 
 
 
Property and equipment additions
(50
)
 
(41
)
Net assets acquired, net of cash acquired, and acquisition-related payments

 
(5
)
Proceeds from asset sales
6

 

Other, net
(1
)
 
(6
)
Cash used in investing activities - continuing operations
(45
)
 
(52
)
Cash used in investing activities - discontinued operations
(22
)
 
(672
)
Net cash used in investing activities
(67
)
 
(724
)
Financing activities
 
 
 
Proceeds from non-recourse vacation ownership debt
913

 
924

Principal payments on non-recourse vacation ownership debt
(896
)
 
(931
)
Proceeds from debt
1,350

 
2,281

Principal payments on debt
(1,196
)
 
(2,491
)
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
(7
)
 
(7
)
Dividends to shareholders
(84
)
 
(114
)
Cash transferred to Wyndham Hotels related to spin-off
(69
)
 
(495
)
Proceeds from issuance of common stock
6

 

Repurchase of common stock
(125
)
 
(123
)
Debt issuance costs
(8
)
 
(9
)
Net share settlement of incentive equity awards
(1
)
 
(67
)
Other, net
(2
)
 
(2
)
Cash used in financing activities - continuing operations
(121
)
 
(1,670
)
Cash provided by financing activities - discontinued operations

 
2,066

Net cash (used in)/provided by financing activities
(121
)
 
396

Effect of changes in exchange rates on cash, cash equivalents and restricted cash
2

 
(6
)
Net change in cash, cash equivalents and restricted cash
79

 
(29
)
Cash, cash equivalents and restricted cash, beginning of period
404

 
416

Cash, cash equivalents and restricted cash, end of period
483

 
387

Less: Restricted cash
152

 
232

Less: Cash and restricted cash included in assets of discontinued operations and held-for-sale business
74

 

Cash and cash equivalents
$
257

 
$
155


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
)


See Notes to Condensed Consolidated Financial Statements.
8


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 Equity/(Deficit)
Balance as of December 31, 2017
100

 
$
2

 
$
(5,719
)
 
$
3,996

 
$
2,501

 
$
(11
)
 
$
5

 
$
774

Beginning balance adjustment due to change in accounting principle

 

 

 

 
(17
)
 

 

 
(17
)
Net income

 

 

 

 
34

 

 

 
34

Other comprehensive income

 

 

 

 

 
14

 

 
14

Issuance of shares for RSU vesting
1

 

 

 

 

 

 

 

Net share settlement of stock-based compensation

 

 

 
(32
)
 

 

 

 
(32
)
Change in stock-based compensation

 

 

 
21

 

 

 

 
21

Change in stock-based compensation for Board of Directors

 

 

 
1

 

 

 

 
1

Repurchase of common stock
(1
)