ORLANDO, Fla. - Wyndham Destinations, Inc. (NYSE:WYND), the world's largest vacation ownership and exchange company, today reported second quarter 2020 financial results for the three months ended June 30, 2020. Highlights include:

  • GAAP net loss from continuing operations of $164 million and diluted loss per share of $1.92 on net revenue of $343 million
  • Adjusted EBITDA of $16 million and adjusted diluted loss per share of $1.11
  • For the six months ended June 30, net cash provided by operating activities of $130 million (adjusted free cash flow of $88 million)
  • Cash and cash equivalents of $1.1 billion at the end of June
  • The Company expects to recommend a third quarter dividend of $0.30 per share for approval by the Company's Board of Directors in August
  • Issued $650 million senior secured notes due 2026
  • Amended senior secured credit facility financial covenants providing near-term covenant relief and flexibility through March 31, 2022

"Even though the second quarter was significantly impacted by the COVID-19 pandemic, we were pleased that our results exceeded the expectations we communicated in early May," commented Michael D. Brown, president and CEO of Wyndham Destinations. "Throughout June, we safely welcomed back owners to our resorts as we reopened in phases. By the end of the month, we had opened approximately 85% of our resorts and resumed VOI sales and marketing operations. Second quarter results reflect the transition of our business back to operations and June provided an early indication of the resiliency of our business model and demand from members and owners in the second half of the year."

"The third quarter started with three important announcements. We increased our financial flexibility with amendments to our senior secured credit facility and issued $650 million senior secured notes. We also announced the launch of Panorama, an umbrella business that will serve as the parent-brand for RCI and portfolio of exchange and other membership travel groups to set the stage for business expansion."

"We are well-situated for the second half of the year, giving us confidence that when leisure travel returns to normal, we will be positioned to take advantage of the strong demand for vacations," said Brown.

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About Wyndham Destinations 

Wyndham Destinations is the world's largest vacation ownership business operating more than 245 vacation club resorts around the world that offer a contemporary take on the timeshare model. The brand portfolio – featuring Club Wyndham®, WorldMark® by Wyndham, Margaritaville Vacation Club® by Wyndham, and Shell Vacations Club – offers travelers the chance to own their vacation and explore places they"ve never visited before, year after year. Nearly 870,000 owners enjoy stays in a home away from home, featuring spacious suites with separate bedrooms, fully-equipped kitchens, living and dining areas, as well as resort-style amenities and services. Learn more at WyndhamDestinations.com.

Steven Goldsmith
Public Relations Wyndham Destinations
+1 407 626 5882
Wyndham Destinations