Wyndham Destinations Provides Update On Hurricane Dorian Impact
Sep 26, 2019, 16:30 ET
ORLANDO, Fla., Sept. 26, 2019 /PRNewswire/ -- Wyndham Destinations, Inc. (NYSE: WYND), the world's largest vacation ownership and exchange company, today provided an update of the anticipated impact of Hurricane Dorian on its operations.
Twenty three of the company's vacation ownership resorts, as well as many RCI developer affiliates, across the Carolinas, Central Florida, South Florida and the Caribbean were either in the path of, or anticipated path of, Hurricane Dorian. Physical damage to our properties was minor, however, a combination of mandatory evacuations and the disruption of owner and guest travel in advance of, during and after, the storm caused the loss of approximately 5,000 vacation ownership tours in the third quarter. The disruption to travel led to cancelations in reservations, sales tours, rentals, exchanges and other services over the important Labor Day weekend and led to approximately $8 million to $10 million of Adjusted EBITDA impact in the third quarter of 2019. For the full year, the anticipated impact to vacation ownership tours and Adjusted EBITDA is expected to be approximately 6,000 tours and $10 million to $12 million, respectively.
About Wyndham Destinations
Wyndham Destinations (NYSE:WYND) believes in putting the world on vacation. As the world's largest vacation ownership and exchange company, Wyndham Destinations offers everyday travelers the opportunity to own, exchange or rent their vacation experience while enjoying the quality, flexibility and value that Wyndham delivers. The company's global presence in approximately 110 countries means more vacation choices for its four million members and owner families, with more than 220 resorts which offer a contemporary take on the timeshare model – including vacation club brands Club Wyndham®, WorldMark® by Wyndham, and Margaritaville Vacation Club® by Wyndham – 4,300+ affiliated resorts through RCI, the world's leader in vacation exchange, and 9,000 rental properties from coast to coast through Wyndham Vacation Rentals, a professional manager of vacation rental properties. Year after year, a worldwide team of 25,000 associates delivers exceptional vacation experiences to families around the globe as they make memories to last a lifetime. At Wyndham Destinations, our world is your destination. Learn more at WyndhamDestinations.com. Connect with us on Twitter: @WynDestinations; Facebook: @WyndhamDestinations; Instagram: @WyndhamDestinations; YouTube: @WyndhamDestinations; and LinkedIn: @WyndhamDestinations.
Forward-Looking Statements
This press release includes "forward-looking statements" as that term is defined by the Securities and Exchange Commission ("SEC"). Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as "may," "will," "expects," "should," "believes," "plans," "anticipates," "estimates," "predicts," "potential," "continue," "future" or other words of similar meaning. Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements contained in this press release include statements about the company's expectations with respect to the impact of Hurricane Dorian on the company's third quarter financial results among other things. These forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond management's control, that could cause actual results to differ materially from the forward-looking statements contained in this press release, including among others: (1) our revenues are highly dependent on the travel industry and declines in or disruptions to the travel industry such as those caused by economic conditions, terrorism, political strife, severe weather events and other natural disasters, war and pandemics or threats of pandemics may adversely affect us and (2) other risks, uncertainties and factors set forth in the section entitled "Risk Factors" in the company's most recently available Annual Report on Form 10-K, as such risks, uncertainties and factors may be updated in the company's periodic filings with the SEC. Although the company believes that these statements are based upon reasonable assumptions, it cannot guarantee future results and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this press release. Except as required by law, the company undertakes no obligation to update or revise forward-looking statements to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise.
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