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

  • Net income from continuing operations of $40 million and diluted earnings per share of $0.47 on net revenue of $614 million
  • Adjusted EBITDA of $139 million and adjusted diluted earnings per share of $0.83 (1)
  • Net cash provided by operating activities of $224 million and adjusted free cash flow of $120 million for the first nine months of 2020
  • Leverage ratio for covenant purposes of 4.1x at the end of September, well within covenant restriction of 6.5x
  • Cash and cash equivalents of $1.3 billion at the end of September; $1.5 billion of liquidity available in cash and cash equivalents and revolving credit facility
  • Company expects to recommend a fourth quarter dividend of $0.30 per share for approval by the Board of Directors

"We were very encouraged with our third quarter results. Our ability to recover quickly during this re-opening phase demonstrates the resiliency of our business," commented Michael D. Brown, president and CEO of Wyndham Destinations. "Early indications show buyer behavior remains unchanged, in fact VPG is 30% higher year-over-year at Wyndham Vacation Clubs. Our two business segments, Wyndham Vacation Clubs and Panorama, saw strong demand in net bookings improving throughout the quarter."

"Our focus on leisure travel, and our geographically diverse resort and sales and marketing footprint, gives us confidence for the fourth quarter and heading into 2021. We believe we are well-positioned to lead the broader travel industry in recovery," said Brown. "Our resilient business model means that we expect to be adjusted free cash flow positive for the full-year."

(1) This press release includes adjusted EBITDA, adjusted diluted EPS from continuing operations, adjusted free cash flow from continuing operations, gross VOI sales and adjusted net income/(loss) from continuing operations, which are metrics that are not calculated in accordance with Generally Accepted Accounting Principles in the U.S. ("GAAP"). See "Presentation of Financial Information" and the tables for the definitions and reconciliations of these non-GAAP measures in accordance with GAAP.

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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.