WYN YOUTUBE

In preparation for WYN's F1Q 2013 earnings release tomorrow, we’ve put together the recent pertinent forward looking company commentary.

YOUTUBE FROM 4Q CONFERENCE CALL

  • As we grow internationally, specifically in countries such as China, there will be a dilutive impact on global RevPAR.
  • [Wyndham Exchange and Rentals] Excluding FX movements and acquisitions, adjusted EBITDA would be up slightly for the  year reflecting the weak economic conditions in Europe and the continued challenges in the broader timeshare industry
  • WVO will have difficult year-over-year comparisons in the first quarter based on an exceptionally strong quarter one in 2012 and the timing of some expenses on the sales side.
  • In the Rental business, the four tuck-in acquisitions we completed since August 2012 will add to our growth and represent new markets for the organic growth of this business. We see some macro challenges in Europe during 2013 in the Rental business, but we believe we have  budgeted and planned for these challenges appropriately in our guidance.
  • The deal pipeline is about the same as it was last year. It was pretty strong last year. We got a couple of deals done. We're not looking at anything that is much different from what we've done in the past.  But when we talk about tuck-ins, tuck-ins can be larger than $80 million or $30 million or $20 million
  • We haven't changed our capital allocation policy… We will keep our leverage ratio around 3.2 the way that the agencies calculate it, or 3.3, and that will allow us to add on more debt as we increase our EBITDA, which we said we would do because we don't look to improve that rating, but we want to stay where we are right now in investment grade

2013 guidance

  • Revenues of $4.925 - $5.100 billion
  • EBITDA of $1.140 - $1.165 billion
  • EPS of $3.57 - $3.70
  • Weighted average diluted shares of 140 million