ORLANDO, FL—Wyndham Destinations, Inc. reported net revenue of $614 million and net income of $40 for the third quarter of 2020.
“We were very encouraged with our third quarter results,” said Michael D. Brown, president/CEO, Wyndham Destinations. “Our ability to recover quickly during this re-opening phase demonstrates the resiliency of our business. 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.”
Other highlights for the quarter include:
- Adjusted EBITDA of $139 million and adjusted diluted earnings per share of $0.83
- Net cash provided by operating activities of $224 million and adjusted free cash flow of $120 million for the first nine months of 2020
- 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
“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,” said Brown. “We believe we are well-positioned to lead the broader travel industry in recovery. Our resilient business model means that we expect to be adjusted free cash flow positive for the full-year.”