Wyndham Hotels & Resorts presented financial results for the first quarter
Global RevPAR grew 39% compared to the first quarter of 2021 in constant currency
Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended March 31, 2022. Highlights include:
Global RevPAR grew 39% compared to the first quarter of 2021 in constant currency.
System-wide rooms grew 200 basis points year over year, including 120 basis points of growth in the US and 330 basis points of growth internationally.
Diluted earnings per share of $1.14 compared to $0.26 in the first quarter of 2021; adjusted diluted earnings per share increased to $0.95 compared to $0.36 in the first quarter of 2021.
Net income of $106 million compared to $24 million in the first quarter of 2021; adjusted net income of $88 million compared to $33 million in the first quarter of 2021.
Adjusted EBITDA of $159 million compared to $97 million in the first quarter of 2021.
Net cash provided by operating activities of $135 million compared to $64 million in the first quarter of 2021; free cash flow of $125 million compared to $59 million in the first quarter of 2021.
Completed the exit of its select service management business.
Completed the sale of the Wyndham Grand Bonnet Creek Resort; the Wyndham Grand Rio Mar Resort is under contract and is expected to close in May 2022.
Returned $68 million to shareholders through a $38 million share buyback and a quarterly cash dividend of $0.32 per share.
"Our exemplary first quarter results demonstrate the power of our brands and the value we create for our owners, guests and shareholders," said Geoffrey A. Ballotti, Chairman and Chief Executive Officer. "Strong demand for daily business and leisure travel drove RevPAR 4% above 2019 levels nationally and we continue to streamline our operations by exiting our select service management business and selling one of our two assets. Our portfolio of development projects grew 9% to a record 204,000 rooms, including the first 50 deals for our new extended-stay product, and our room openings grew 50% more than last year".