Wyndham Worldwide Reports First Quarter 2009 Results

PARSIPPANY, N.J., April 29 /PRNewswire-FirstCall/ -- Wyndham Worldwide
Corporation (NYSE: WYN) today announced results for the three months ended
March 31, 2009.

HIGHLIGHTS:

-- First quarter 2009 adjusted net income was $74 million, or $0.41
diluted
earnings per share (EPS), compared with adjusted net income of $62
million, or $0.35 diluted EPS, for the first quarter of 2008.

-- First quarter 2009 net cash from operating activities was
approximately
$210 million, compared with $87 million in the first quarter of 2008.
The remaining borrowing capacity on the Company's revolving credit
facility increased to approximately $355 million compared with
approximately $290 million as of December 31, 2008.

"Wyndham Worldwide delivered solid first quarter results despite strong
economic headwinds and a significant reduction in revenues due to the
realignment of our vacation ownership business," said Stephen P. Holmes,
Chairman and CEO, Wyndham Worldwide. "Adjusted EPS was up 17% from last year,
and the Company generated net cash from operating activities of approximately
$210 million. These results reflect the durability of our businesses and the
resilience of our fee-for-service business models, as well as strong execution
and continued cost discipline."

FIRST QUARTER 2009 OPERATING RESULTS

First quarter revenues of $901 million declined by 11% from the prior-year
period, due to adverse foreign currency effects resulting from the
strengthening U.S. dollar in the vacation exchange and rental business, the
previously announced initiative to reduce sales in the Company's vacation
ownership business as well as an increased loan loss provision. These items
were partially offset by the recognition of previously deferred vacation
ownership revenue. Under the percentage-of-completion (POC) method of
accounting for the sale of vacation ownership interests, the Company
recognized $67 million of previously deferred revenue during the first quarter
of 2009, while first quarter 2008 reported revenues were reduced by $82
million of deferred revenue.

Reported net income for the first quarter of 2009 was $45 million, or $0.25
diluted EPS, compared with net income of $42 million, or $0.24 diluted EPS,
for the first quarter of 2008.

Adjusted net income for the first quarter of 2009 was $74 million, or $0.41
per diluted EPS, an increase of 19%, or 17% per diluted EPS, as compared with
adjusted net income of $62 million, or $0.35 per diluted EPS, for the first
quarter of 2008. 2009 first quarter adjusted EPS excludes the after-tax
impact of $29 million in restructuring costs and legacy items. First quarter
2008 adjusted EPS excludes the after-tax impact of $20 million related to the
Company's rebranding initiative and legacy items.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $154 million in the first quarter of 2009, a decline of 9%
compared with the first quarter of 2008, primarily reflecting a decline in
worldwide revenue per available room (RevPAR) and lower property management
reimbursable revenues.

In constant currency, the first quarter of 2009 system-wide RevPAR decreased
11.3%, reflecting declines of 13.4% and 5.5% in domestic and international
RevPAR, respectively. Including the impact of foreign currency, system-wide
RevPAR declined 14.0% in the first quarter of 2009.

First quarter 2009 EBITDA was $35 million, a 24% decline from the first
quarter of 2008, primarily driven by the decline in worldwide RevPAR and $3
million of restructuring costs, partly offset by lower marketing expenses.
Excluding restructuring costs, first quarter 2009 adjusted EBITDA would have
been $38 million, a 17% decrease from the prior year.

As of March 31, 2009, the Company's hotel system consisted of approximately
7,000 properties and 588,500 rooms, of which 21% were international. The
development pipeline included approximately 1,000 hotels and 108,600 rooms, of
which 54% were new construction and 39% were international.

Vacation Exchange and Rentals (Group RCI)

Revenues were $287 million in the first quarter of 2009, a 16% decrease
compared with the first quarter of 2008, primarily related to the impact of a
stronger U.S. dollar. In constant currency, revenues decreased 5%, reflecting
lower rental and ancillary revenues.

Annual dues and exchange revenues were $127 million, a 7% decline from the
first quarter of 2008, or relatively flat in constant currency. The revenues
in constant currency reflect a 4% increase in the average number of members
and a 5% decline in revenue per member.

Vacation rental revenues were $130 million, a 19% decrease from the first
quarter of 2008. In constant currency, revenues generated from rental
transactions and related services decreased $5 million, or 3%. The revenues
in constant currency were driven by a 3% decrease in the average net price per
rental. Rental transaction volume was flat compared with the first quarter of
2008.

Other ancillary revenues were $30 million, a 32% decrease from the first
quarter of 2008. In constant currency, revenues decreased 25% due to lower
miscellaneous fees and our termination of a low margin travel service
contract.

First quarter 2009 EBITDA was $76 million, compared with $93 million in the
first quarter of 2008. Excluding $4 million of restructuring costs, first
quarter adjusted EBITDA was $80 million, a 14% decline from the prior year
period. Excluding the unfavorable net effect of foreign currency translations
of $12 million, adjusted EBITDA would have decreased $1 million, or 1%, from
the first quarter of 2008.

Vacation Ownership (Wyndham Vacation Ownership)

Gross Vacation Ownership Interest (VOI) sales were $280 million for the first
quarter of 2009, down 39% from the first quarter of 2008. This decrease was
driven by the previously announced initiative to reduce sales in response to
the disjointed capital markets that included a refocusing of the business'
sales and marketing efforts that resulted in fewer tours.

Total segment revenues were $462 million in the first quarter of 2009, down 8%
from the first quarter of 2008, reflecting the previously mentioned lower tour
flow and a higher provision for loan losses. This was partially offset by the
recognition of revenue that was previously deferred under the POC method of
accounting and a higher volume per guest (VPG), which increased 12% from the
first quarter of 2008.

EBITDA for the first quarter of 2009 was $44 million, compared with $7 million
in the first quarter of 2008, driven by a $70 million impact from the net
increase in the recognition of revenue previously deferred under the POC
method of accounting, offset by the net impact related to the planned
reduction of VOI sales volume as well as restructuring costs. Excluding $35
million of restructuring costs, first quarter 2009 adjusted EBITDA was $79
million, compared to adjusted EBITDA of $35 million in the first quarter of
2008, which excludes a $28 million non-cash impairment charge relating to the
Company's rebranding initiative.

Other Items

Interest expense in the first quarter of 2009 was $19 million, unchanged from
the first quarter of 2008. Depreciation and amortization declined $1 million
to $43 million.

Balance Sheet Information as of March 31, 2009:
-- Cash and cash equivalents of approximately $135 million, unchanged
from
December 31, 2008
-- Vacation ownership contract receivables, net, of $3.2 billion compared
with $3.3 billion at December 31, 2008
-- Vacation ownership and other inventory of approximately $1.3 billion,
unchanged from December 31, 2008
-- Securitized vacation ownership debt of $1.7 billion compared with $1.8
billion at December 31, 2008

-- Other debt of $1.9 billion, compared with $2.0 billion at December 31,
2008; remaining borrowing capacity on revolving credit facility was
approximately $355 million compared with approximately $290 million as
of December 31, 2008

A schedule of debt is included in the financial tables section of this press
release.

Outlook

For the second quarter of 2009, the Company expects adjusted EPS of $0.36 -
$0.41.

The Company reaffirms full-year 2009 guidance:
-- Revenues of $3.5 - $3.9 billion
-- Adjusted EBITDA of $760 - $810 million
-- Depreciation and amortization expense of $185- $195 million
-- Interest expense, net of $80 - $90 million
-- Effective tax rate of approximately 39%
-- Adjusted net income of $289 - $331 million

-- Adjusted EPS of $1.61 - $1.85 based on weighted average shares of
approximately 179 million

The guidance reflects assumptions used for internal planning purposes. All
guidance excludes legacy items and restructuring costs, if any, which may have
a positive or negative impact on reported results. If economic conditions
improve or deteriorate materially from current levels, these assumptions and
our guidance may change materially.

Conference Call Information

Wyndham Worldwide Corporation will hold a conference call with investors to
discuss this news on Wednesday, April 29, 2009 at 8:30 a.m. EDT. Listeners
may access the webcast live through the Company's website at
www.wyndhamworldwide.com/investors/. An archive of this webcast will be
available at the website for approximately 90 days beginning at noon EDT on
April 29, 2009. The conference call may also be accessed by dialing (888)
989-4394 and providing the passcode "Wyndham." Listeners are urged to call at
least 10 minutes prior to the scheduled start time. A telephone replay will
be available at (866) 359-3793 beginning at noon EDT on April 29, 2009 until 5
p.m. EDT on June 15, 2009; callers must provide the passcode "147852."

Presentation of Financial Information

Financial information discussed in this press release includes both GAAP and
non-GAAP measures, which include or exclude certain items. These non-GAAP
measures differ from reported results and are intended to illustrate what
management believes are relevant period-over-period comparisons. A complete
reconciliation of reported GAAP results to the comparable non-GAAP information
appears in the financial tables section of the press release.

About Wyndham Worldwide

As one of the world's largest hospitality companies, Wyndham Worldwide offers
individual consumers and business-to-business customers a broad suite of
hospitality products and services across various accommodation alternatives
and price ranges through its premier portfolio of world-renowned brands.
Wyndham Hotel Group encompasses almost 7,000 franchised hotels and
approximately 588,500 hotel rooms worldwide. Group RCI offers its 3.8 million
members access to more than 73,000 vacation properties located in
approximately 100 countries. Wyndham Vacation Ownership develops, markets and
sells vacation ownership interests and provides consumer financing to owners
through its network of over 150 vacation ownership resorts serving over
830,000 owners throughout North America, the Caribbean and the South Pacific.
Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately
25,500 employees globally.

For more information about Wyndham Worldwide, please visit the Company's web
site at www.wyndhamworldwide.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, conveying
management's expectations as to the future based on plans, estimates and
projections at the time the Company makes the statements. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. The
forward-looking statements contained in this press release include statements
related to the Company's revenues, earnings and related financial and
operating measures.

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 could cause actual results to differ materially from those in the
forward-looking statements include general economic conditions, the
performance of the financial and credit markets, the economic environment for
the hospitality industry, the impact of war and terrorist activity, operating
risks associated with the hotel, vacation exchange and rentals and vacation
ownership businesses, as well as those described in the Company's Annual
Report on Form 10-K, filed with the SEC on February 27, 2009. Except for the
Company's ongoing obligations to disclose material information under the
federal securities laws, it undertakes no obligation to release publicly any
revisions to any forward-looking statements, to report events or to report the
occurrence of unanticipated events.

Table 1
Wyndham Worldwide Corporation
OPERATING RESULTS OF REPORTABLE SEGMENTS
(In millions)

In addition to other measures, management evaluates the operating results
of each of its reportable segments based upon net revenues and "EBITDA,"
which is defined as net income before depreciation and amortization,
interest expense (excluding interest on securitized vacation ownership
debt), interest income and income taxes, each of which is presented on the
Company's Consolidated Statements of Income. The Company believes that
EBITDA is a useful measure of performance for the Company's industry
segments which, when considered with GAAP measures, the Company believes
gives a more complete understanding of the Company's operating
performance. The Company's presentation of EBITDA may not be comparable
to similarly-titled measures used by other companies.

The following tables summarize net revenues and EBITDA for reportable
segments, as well as reconcile EBITDA to net income for the three months
ended March 31, 2009 and 2008:

Three Months Ended March 31,
----------------------------
2009 2008
---- ----
Net Revenues EBITDA (c) Net Revenues EBITDA
------------ ------ ------------ ------
Lodging $154 $35 $170 $46
Vacation Exchange and
Rentals 287 76 341 93
Vacation Ownership 462 44 504 7 (d)
--- -- --- --
Total Reportable
Segments 903 155 1,015 146
Corporate and
Other (a)(b) (2) (21) (3) (16)
-- --- -- ---
Total Company $901 $134 $1,012 $130
==== ==== ====== ====

Reconciliation of EBITDA
to Net Income
------------------------

EBITDA $134 $130
Depreciation and amortization 43 44
Interest expense 19 19
Interest income (2) (3)
-- --
Income before income taxes 74 70
Provision for income taxes 29 28
-- --
Net income $45 $42
=== ===
-------------------------------------------------------------------------
(a) Includes the elimination of transactions between segments.
(b) Includes $4 million ($2 million, net of tax) and $3 million ($3
million, net of tax) of a net expense during the three months ended March
31, 2009 and 2008, respectively, related to the resolution of and
adjustment to certain contingent liabilities and assets.
(c) Includes restructuring costs of $3 million, $4 million, $35 million
and $1 million for Lodging, Vacation Exchange and Rentals, Vacation
Ownership and Corporate and Other, respectively, during the three months
ended March 31, 2009. The after-tax impact of such costs is $27 million.
(d) Includes a non-cash impairment charge of $28 million ($17 million, net
of tax) due to the Company's initiative to rebrand its vacation ownership
trademarks to the Wyndham brand.

Table 2
Wyndham Worldwide Corporation
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)

Three Months Ended
March 31,
-----------
2009 2008
---- ----
Net revenues
Service fees and membership $400 $453
Vacation ownership interest sales 239 294
Franchise fees 99 112
Consumer financing 109 99
Other 54 54
-- --
Net revenues 901 1,012
--- -----

Expenses
Operating 386 408
Cost of vacation ownership interests 49 60
Consumer financing interest (a) 32 33
Marketing and reservation 137 209
General and administrative (b) 122 145
Asset impairments - 28 (c)
Restructuring costs 43 (d) -
Depreciation and amortization 43 44
-- --
Total expenses 812 927
--- ---

Operating income 89 85
Other income, net (2) (1)
Interest expense 19 19
Interest income (2) (3)
-- --

Income before income taxes 74 70
Provision for income taxes 29 28
-- --

Net income $45 $42
=== ===

Earnings per share
Basic $0.25 $0.24
Diluted 0.25 0.24

Weighted average shares outstanding
Basic 178 177
Diluted 178 178

-------------------------------------------------------------------------
(a) Prior to periods ending September 30, 2008, such amounts were included
as a component of Operating Expenses.
(b) Includes $4 million ($2 million, net of tax) and $3 million ($3
million, net of tax) of a net expense during the three months ended March
31, 2009 and 2008, respectively, related to the resolution of and
adjustment to certain contingent liabilities and assets.
(c) Relates to a non-cash impairment charge of $28 million ($17 million,
net of tax) for Vacation Ownership due to the Company's initiative to
rebrand its vacation ownership trademarks to the Wyndham brand.
(d) Relates to costs incurred as a result of various strategic initiatives
commenced by the Company during 2008. Such amount, net of tax, was $27
million.

Table 3
(1 of 2)
Wyndham Worldwide Corporation
OPERATING STATISTICS

Year Q1 Q2 Q3 Q4 Full Year
---- -- -- -- -- ---------
Lodging (a)
Number of
Rooms (b) 2009 588,500 N/A N/A N/A N/A
2008 551,100 551,500 583,400 592,900 N/A
2007 539,300 541,700 540,900 550,600 N/A
2006 525,500 535,900 533,700 543,200 N/A

RevPAR 2009 $27.69 N/A N/A N/A N/A
2008 $32.21 $38.87 $41.93 $30.03 $35.74
2007 $31.35 $38.35 $43.10 $33.09 $36.48
2006 $30.45 $36.97 $40.82 $31.41 $34.95

Royalty, Marketing
and Reservation
Revenues (in
000s) 2009 $95,368 N/A N/A N/A N/A
2008 $104,162 $127,238 $145,502 $105,803 $482,709
2007 $105,426 $129,453 $146,290 $107,870 $489,041
2006 $102,741 $125,409 $138,383 $104,505 $471,039

Vacation Exchange and Rentals
Average Number
of Members
(in 000s) 2009 3,789 N/A N/A N/A N/A
2008 3,632 3,682 3,673 3,693 3,670
2007 3,474 3,506 3,538 3,588 3,526
2006 3,292 3,327 3,374 3,429 3,356

Annual Dues and
Exchange Revenue
Per Member 2009 $134.38 N/A N/A N/A N/A
2008 $150.84 $128.91 $124.51 $109.56 $128.37
2007 $155.60 $132.33 $131.38 $124.59 $135.85
2006 $152.10 $130.37 $132.31 $128.13 $135.62

Vacation Rental
Transactions
(in 000s) 2009 387 N/A N/A N/A N/A
2008 387 319 360 282 1,347
2007 398 326 360 293 1,376
2006 385 310 356 293 1,344

Average Net Price
Per Vacation
Rental 2009 $335.54 N/A N/A N/A N/A
2008 $412.74 $477.63 $553.69 $400.09 $463.10
2007 $349.73 $415.71 $506.78 $426.93 $422.83
2006 $312.51 $374.91 $442.75 $356.16 $370.93

Vacation Ownership
Gross Vacation
Ownership
Interest Sales
(in 000s) 2009 $280,000 N/A N/A N/A N/A
2008 $458,000 $532,000 $566,000 $432,000 $1,987,000
2007 $430,000 $523,000 $552,000 $488,000 $1,993,000
2006 $357,000 $434,000 $482,000 $469,000 $1,743,000

Tours 2009 137,000 N/A N/A N/A N/A
2008 255,000 314,000 334,000 240,000 1,143,000
2007 240,000 304,000 332,000 268,000 1,144,000
2006 208,000 273,000 312,000 254,000 1,046,000

Volume Per
Guest (VPG) 2009 $1,866 N/A N/A N/A N/A
2008 $1,668 $1,583 $1,550 $1,630 $1,602
2007 $1,607 $1,596 $1,545 $1,690 $1,606
2006 $1,475 $1,426 $1,434 $1,623 $1,486

-------------------------------------------------------------------------
Note: Full year amounts may not foot across due to rounding.
(a) Quarterly drivers in the Lodging segment include the acquisitions of
Microtel Inns & Suites and Hawthorn Suites (July 2008) and Baymont Inn &
Suites (April 2006) from their acquisition dates forward. Therefore, the
operating statistics are not presented on a comparable basis.
(b) Numbers include affiliated rooms from the fourth quarter of 2006
forward.

Table 3
(2 of 2)

Wyndham Worldwide Corporation
OPERATING STATISTICS

GLOSSARY OF TERMS
-----------------

Lodging

Number of Rooms:
----------------
Represents the number of rooms at lodging properties at the end of the
period which are either (i) under franchise and/or management agreements,
(ii) properties affiliated with Wyndham Hotels and Resorts brand for
which we receive a fee for reservation and/or other services provided or
(iii) properties managed under the CHI Limited joint venture.

Average Occupancy Rate:
-----------------------
Represents the percentage of available rooms occupied during the period.

Average Daily Rate (ADR):
-------------------------
Represents the average rate charged for renting a lodging room for one
day.

RevPAR:
-------
Represents revenue per available room and is calculated by multiplying
average occupancy rate by ADR. Comparable RevPAR represents RevPAR of
hotels which are included in both periods.

Royalty, Marketing and Reservation Revenues:
--------------------------------------------
Royalty, marketing and reservation revenues are typically based on a
percentage of the gross room revenues of each hotel. Royalty revenue is
generally a fee charged to each franchised or managed hotel for the use
of one of our trade names, while marketing and reservation revenues are
fees that we collect and are contractually obligated to spend to support
marketing and reservation activities. Marketing and reservation fees are
also included in Table 4 within Marketing, Reservation and Wyndham
Rewards Revenues.

Vacation Exchange and Rentals

Average Number of Members:
--------------------------
Represents members in our vacation exchange programs who pay annual
membership dues. For additional fees, such participants are entitled to
exchange intervals for intervals at other properties affiliated with our
vacation exchange business. In addition, certain participants may
exchange intervals for other leisure-related products and services.

Annual Dues and Exchange Revenue Per Member:
--------------------------------------------
Represents total revenues from annual membership dues and exchange fees
generated for the period divided by the average number of vacation
exchange members during the year.

Vacation Rental Transactions:
-----------------------------
Represents the number of transactions that are generated in connection
with customers booking their vacation rental stays through us. In our
European vacation rentals businesses, one rental transaction is recorded
each time a standard one-week rental is booked; however, in the United
States, one rental transaction is recorded each time a vacation rental
stay is booked, regardless of whether it is less than or more than one
week.

Average Net Price Per Vacation Rental:
--------------------------------------
Represents the net rental price generated from renting vacation
properties to customers divided by the number of rental transactions.

Vacation Ownership

Gross Vacation Ownership Interest Sales:
----------------------------------------
Represents gross sales of vacation ownership interests (including
tele-sales upgrades, which are a component of upgrade sales) before
deferred sales and loan loss provisions.

Tours:
------
Represents the number of tours taken by guests in our efforts to sell
vacation ownership interests.

Volume Per Guest (VPG):
-----------------------
Represents gross vacation ownership interest sales (excluding tele-sales
upgrades, which are a component of upgrade sales) divided by the number
of tours.

General

Constant Currency:
------------------
Represents comparison eliminating the effects of foreign exchange rate
fluctuations between periods.

Table 4

Wyndham Worldwide Corporation
ADDITIONAL DATA

Year Q1 Q2 Q3 Q4 Full Year
---- -- -- -- -- ---------
Lodging (a)
Number of
Properties (b) 2009 6,990 N/A N/A N/A N/A
2008 6,550 6,560 6,970 7,040 N/A
2007 6,450 6,460 6,460 6,540 N/A
2006 6,300 6,440 6,420 6,470 N/A

Marketing, Reservation
and Wyndham Rewards
Revenues (in
000s) (c) 2009 $53,915 N/A N/A N/A N/A
2008 $62,200 $76,507 $85,491 $62,608 $286,807
2007 $61,369 $74,575 $84,820 $65,208 $285,973
2006 $58,572 $70,931 $78,856 $61,135 $269,495

Property Management
Reimbursable
Revenues (in
000s) (d) 2009 $21,640 N/A N/A N/A N/A
2008 $27,128 $26,326 $24,973 $21,472 $99,899
2007 $15,624 $22,338 $25,612 $28,414 $91,987
2006 $15,732 $19,935 $17,210 $16,263 $69,142

Vacation Ownership
Deferred Revenues
(in 000s) (e) 2009 $66,516 N/A N/A N/A N/A
2008 $(81,716) $(5,240) $(2,023) $13,870 $(75,108)
2007 $3,906 $(4,908) $506 $(21,092) $(21,588)
2006 $12,708 $(221) $(23,491) $(10,675) $(21,679)

Provision for
Loan Losses
(in 000s) (f) 2009 $107,202 N/A N/A N/A N/A
2008 $82,344 $112,669 $118,609 $136,090 $449,712
2007 $60,869 $75,032 $85,762 $83,644 $305,307
2006 $61,242 $55,872 $63,213 $78,680 $259,007

-------------------------------------------------------------------------
Note: Full year amounts may not foot across due to rounding.

(a) Information includes the acquisitions of Microtel Inns & Suites and
Hawthorn Suites (July 2008) and Baymont Inn & Suites (April 2006) from
their acquisition dates forward. Therefore, the data is not presented on
a comparable basis.

(b) Numbers include affiliated hotels from the fourth quarter of 2006
forward.

(c) Marketing and reservation revenues represent fees we receive from
franchised and managed hotels that are to be expended for marketing
purposes or the operation of a centralized, brand-specific reservation
system. These fees are typically based on a percentage of the gross room
revenues of each hotel. Marketing and reservation fees are also included
in Table 3 (1 of 2) within Royalty, Marketing and Reservation Revenues.
Wyndham Rewards revenues represent fees we receive relating to our loyalty
program.

(d) Primarily represents payroll costs in our hotel management business
that we incur and pay on behalf of property owners and for which we are
reimbursed by the property owners.

(e) Represents the revenue that is deferred under the percentage of
completion method of accounting. Under the percentage of completion
method of accounting, a portion of the total revenue from a vacation
ownership contract sale is not recognized if the construction of the
vacation resort has not yet been fully completed. This revenue will be
recognized in future periods in proportion to the costs incurred as
compared to the total expected costs for completion of construction of the
vacation resort. Positive amounts represent the recognition of previously
deferred revenues.

(f) Represents provision for estimated losses on vacation ownership
contract receivables originated during the period, which is recorded as a
contra revenue to vacation ownership interest sales on the Consolidated
and Combined Statements of Income.

Table 5

Wyndham Worldwide Corporation
SCHEDULE OF DEBT
(In millions)

March December September June March
31, 31, 30, 30, 31,
2009 2008 2008 2008 2008
---- ---- ---- ---- ----

Securitized vacation ownership
debt:
Term notes $1,165 $1,252 $1,437 $1,727 $1,278
Bank conduit facilities (a) 569 558 647 354 841
--- --- --- --- ---
Securitized vacation ownership
debt (b) 1,734 1,810 2,084 2,081 2,119
Less: Current portion of
Securitized vacation
ownership debt 305 294 324 284 268
--- --- --- --- ---
Long-term securitized
vacation ownership debt $1,429 $1,516 $1,760 $1,797 $1,851
====== ====== ====== ====== ======

Debt:
6.00% Senior unsecured notes
(due December 2016) (c) $797 $797 $797 $797 $797
Term loan (due July 2011) 300 300 300 300 300
Revolving credit facility (due
July 2011) (d) 517 576 305 145 95
Vacation ownership bank
borrowings 156 159 172 196 181
Vacation rentals capital leases 130 139 143 162 165
Other 13 13 12 13 14
-- -- -- -- --
Total debt 1,913 1,984 1,729 1,613 1,552
Less: Current portion of debt 166 169 182 207 193
--- --- --- --- ---
Long-term debt $1,747 $1,815 $1,547 $1,406 $1,359
====== ====== ====== ====== ======

-------------------------------------------------------------------------
(a) Represents (i) a 364-day, non-recourse vacation ownership bank conduit
facility with a term through November 2009 and capacity of $943 million
and (ii) the outstanding balance of the Company's prior bank conduit
facility that ceased operating as a revolving facility as of October 29,
2008 and will amortize in accordance with its terms, which is expected to
be less than two years.
(b) This debt is collateralized by $2,981 million, $2,906 million, $2,721
million, $2,723 million and $2,667 million of underlying vacation
ownership contract receivables and related assets at March 31, 2009,
December 31, 2008, September 30, 2008, June 30, 2008 and March 31, 2008,
respectively.
(c) The balance at March 31, 2009 represents $800 million aggregate
principal less $3 million of unamortized discount.
(d) The Company's revolving credit facility has a borrowing capacity of
$900 million. At March 31, 2009, the Company has $29 million of
outstanding letters of credit and a remaining borrowing capacity of $354
million. The increase in balance from September 30, 2008 to December 31,
2008 was primarily due to the Company drawing $215 million on its
revolving credit facility in conjunction with the closing of the Company's
2008 bank conduit facility during November 2008. The increase in balance
from June 30, 2008 to September 30, 2008 primarily related to amounts
borrowed to fund the July 2008 acquisition of U.S. Franchise Systems, Inc.
and its Microtel Inns & Suites and Hawthorn Suites hotel brands.

Table 6

Wyndham Worldwide Corporation
HOTEL BRAND SYSTEMS DETAILS

As of and For the Three Months Ended March 31, 2009
---------------------------------------------------

Average
Revenue
Average Per
Average Daily Available
Number of Number of Occupancy Rate Room
Brand Properties Rooms Rate (ADR) (RevPAR)
----- ---------- ----- ---- ----- --------

Wyndham Hotels
and Resorts 82 21,650 51.6% $124.60 $64.27

Wingate Inn 166 15,195 50.7% $85.17 $43.15

Hawthorn Suites 90 8,448 50.6% $89.93 $45.53

Ramada 885 114,448 44.0% $74.44 $32.78

Baymont 225 18,914 43.8% $61.63 $26.97

Days Inn 1,851 150,319 41.4% $59.30 $24.57

Super 8 2,105 130,725 43.6% $54.67 $23.84

Howard Johnson 475 46,273 39.9% $60.02 $23.97

Travelodge 471 35,477 39.6% $57.07 $22.58

Microtel Inns
& Suites 313 22,476 45.5% $55.96 $25.48

Knights Inn 309 19,920 36.1% $41.08 $14.82

Unmanaged, Affiliated
and Managed, Non-
Proprietary
Hotels (*) 21 4,613 N/A N/A N/A
-- -----
Total 6,993 588,458 42.9% $64.48 $27.69
===== =======

As of and For the Three Months Ended March 31, 2008
---------------------------------------------------

Average
Revenue
Average Per
Average Daily Available
Number of Number of Occupancy Rate Room
Brand Properties Rooms Rate (ADR) (RevPAR)
----- ---------- ----- ---- ----- --------

Wyndham Hotels
and Resorts 83 22,763 61.8% $116.61 $72.04

Wingate Inn 155 14,172 58.1% $91.84 $53.39

Ramada 867 106,142 50.1% $79.69 $39.91

Baymont 201 17,373 46.0% $65.66 $30.23

Days Inn 1,881 153,323 45.9% $61.99 $28.43

Super 8 2,091 129,793 48.5% $56.78 $27.53

Howard Johnson 477 46,300 43.8% $63.11 $27.63

Travelodge 490 36,798 45.2% $67.68 $30.58

Knights Inn 272 18,657 37.9% $40.88 $15.51

Unmanaged, Affiliated
and Managed, Non-
Proprietary
Hotels (*) 35 5,736 N/A N/A N/A
-- -----

Total 6,552 551,057 47.7% $67.60 $32.21
===== =======

-------------------------------------------------------------------------
NOTE: A glossary of terms is included in Table 3 (2 of 2).
(*) Represents (i) affiliated properties for which we receive a fee for
reservation services provided, (ii) properties managed under the CHI
Limited joint venture and (iii) the remaining AmeriHost-branded
properties. The affiliated and managed properties are not branded and
there are only seven AmeriHost-branded properties remaining; as such,
certain operating statistics (such as average occupancy rate, ADR and
RevPAR) are not relevant.

Table 7

Wyndham Worldwide Corporation
NON-GAAP RECONCILIATIONS
(In millions, except per share data)

Three Months Ended
------------------
March 31, 2009 March 31, 2008
-------------- --------------

Reported EBITDA $134 $130
Asset impairments (a) - 28
Resolution of and adjustment to
contingent liabilities and assets (b) 4 3
Restructuring costs (c) 43 -
-- --

Adjusted EBITDA $181 $161
--------------- ---- ----

Reported PreTax Income $74 $70
Asset impairments (a) - 28
Resolution of and adjustment to
contingent liabilities and assets (b) 4 3
Restructuring costs (c) 43 -
-- --

Adjusted PreTax Income $121 $101
---------------------- ---- ----

Reported Tax Provision $(29) $(28)
Asset impairments (d) - (11)
Resolution of and adjustment to
contingent liabilities and assets (d) (2) -
Restructuring costs (d) (16) -
--- --

Adjusted Tax Provision $(47) $(39)
---------------------- ---- ----

Reported Net Income $45 $42
Asset impairments - 17
Resolution of and adjustment to
contingent liabilities and assets 2 3
Restructuring costs 27 -
-- --

Adjusted Net Income $74 $62
------------------- --- ---

Reported Diluted EPS $0.25 $0.24
Asset impairments - 0.10
Resolution of and adjustment to
contingent liabilities and assets 0.01 0.01
Restructuring costs 0.15 -
---- --

Adjusted Diluted EPS $0.41 $0.35
-------------------- ----- -----

Diluted Shares 178 178

------------------------------------------------------------------------
(a) Relates to a non-cash impairment charge due to the Company's
initiative to rebrand its vacation ownership trademarks to the Wyndham
brand.
(b) Relates to the net expense from the resolution of and adjustment to
certain contingent liabilities and assets.
(c) Relates to costs incurred as a result of various strategic initiatives
commenced by the Company during 2008.
(d) Relates to the tax effect of the adjustments.

Table 8
(1 of 2)

Wyndham Worldwide Corporation
NON-GAAP FINANCIAL INFORMATION
(In millions, except per share data)

Three Months Ended March 31, 2009

As Legacy Restructuring As
Reported Adjustments Costs Adjusted
--------- ----------- ----- --------
Net revenues
Service fees and
membership $400 $400
Vacation ownership
interest sales 239 239
Franchise fees 99 99
Consumer financing 109 109
Other 54 54
-- --- --- --
Net revenues 901 - - 901
--- --- --- ---

Expenses
Operating 386 386
Cost of vacation
Ownership interests 49 49
Consumer financing interest 32 32
Marketing and reservation 137 137
General and administrative 122 (4) (a) 118
Restructuring costs 43 (43) (b) -
Depreciation and
amortization 43 43
-- -- --- --
Total expenses 812 (4) (43) 765
--- -- --- ---

Operating income 89 4 43 136
Other income, net (2) (2)
Interest expense 19 19
Interest income (2) (2)
-- - -- --

Income before income taxes 74 4 43 121
Provision for income taxes 29 2 (c) 16 (c) 47
-- - -- --

Net income $45 $2 $27 $74
=== == === ===

Earnings per share $0.25 $0.01 $0.15 $0.41

Weighted average shares
outstanding 178 178 178 178

-------------------------------------------------------------------------
(a) Relates to the net expense from the resolution of and adjustment to
certain contingent liabilities and assets.
(b) Relates to costs incurred as a result of various strategic initiatives
commenced by the Company during 2008.
(c) Relates to the tax effect of the adjustment.

Table 8
(2 of 2)

Wyndham Worldwide Corporation
NON-GAAP FINANCIAL INFORMATION
(In millions, except per share data)

Three Months Ended March 31, 2008

As Asset Legacy As
Reported Impairments Adjustments Adjusted
--------- ----------- ----------- --------
Net revenues
Service fees and
membership $453 $453
Vacation ownership
interest sales 294 294
Franchise fees 112 112
Consumer financing 99 99
Other 54 54
-- --- --- --
Net revenues 1,012 - - 1,012
----- --- --- -----

Expenses
Operating 408 408
Cost of vacation
ownership interests 60 60
Consumer financing
interest 33 33
Marketing and reservation 209 209
General and administrative 145 (3) (b) 142
Asset impairments 28 (28) (a) -
Depreciation and
amortization 44 44
-- --- -- --
Total expenses 927 (28) (3) 896
--- --- -- ---

Operating income 85 28 3 116
Other income, net (1) (1)
Interest expense 19 19
Interest income (3) (3)
-- -- - --

Income before income taxes 70 28 3 101
Provision for income taxes 28 11 (c) - (c) 39
-- -- --- --

Net income $42 $17 $3 $62
=== === == ===

Earnings per share
Basic $0.24 $0.10 $0.01 $0.35
Diluted 0.24 0.10 0.01 0.35

Weighted average shares
outstanding
Basic 177 177 177 177
Diluted 178 178 178 178

-------------------------------------------------------------------------
(a) Represents a non-cash impairment charge due to the Company's
initiative to rebrand its vacation ownership trademarks to the Wyndham
brand.
(b) Relates to the net expense from the resolution of and adjustment to
certain contingent liabilities and assets.
(c) Relates to the tax effect of the adjustment.

SOURCE Wyndham Worldwide Corporation

Investors, Margo C. Happer, Senior Vice President, Investor Relations, Wyndham
Worldwide Corporation, +1-973-753-6472, Margo.Happer@wyndhamworldwide.com; or
Press, Julie Tenney, Vice President, Corporate Communications, Wyndham
Worldwide Corporation, +1-973-753-6212, Julie.Tenney@wyndhamworldwide.com