Wyndham Hotels & Resorts (WH) Q4 FY2023 earnings: revenue $307 million, up 61.6% on the year

Wyndham Hotels & Resorts, Inc. (WH) reported revenue of $307 million for Q4 FY2023, the quarter ended 31 December 2023, up 61.6% on the same quarter a year earlier. Net income was $49 million, down 12.5% on the year, and diluted earnings per share $0.60. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue$307 millionup 61.6%

Net income$49 milliondown 12.5%

Diluted EPS$0.60

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	307	402	n/a	n/a
Operating income	104	163	n/a	n/a
Operating margin	33.9%	40.5%	n/a
Interest expense	29.0	27.0	n/a	n/a
Pre-tax income	75.0	136	n/a	n/a
Income tax	26.0	33.0	n/a	n/a
Effective tax rate	34.7%	24.3%	n/a
Net income	49.0	103	n/a	n/a
Net margin	16.0%	25.6%	n/a
Diluted EPS	$0.60	$1.21	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	123	77.0	n/a	n/a
Capital expenditure	9.0	10.0	n/a	n/a
Free cash flow	114	67.0	n/a	n/a
Free cash flow margin	37.1%	16.7%	n/a
Cash from investing	-16.0	-31.0	n/a	n/a
Cash from financing	-119	-29.0	n/a	n/a
Depreciation and amortisation	19.0	19.0	n/a	n/a
Share-based compensation	11.0	10.0	n/a	n/a
Buybacks	132	97.0	n/a	n/a
Dividends paid	28.0	29.0	n/a	n/a
Dividend per share	n/a	$0.35	n/a	n/a
Diluted shares, weighted	83m	84m	n/a	n/a
Shares outstanding at period end	102m	83m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	746	856	n/a	n/a
Debt	2,164	2,123	n/a	n/a
Operating lease liabilities	6.0	n/a	n/a	n/a
Finance lease liabilities	33.0	n/a	n/a	n/a
Other liabilities	1,084	1,121	n/a	n/a
Total liabilities and equity	4,033	4,100	n/a	n/a
Fixed assets	88.0	91.0	n/a	n/a
Goodwill	1,525	1,525	n/a	n/a
Intangible assets	347	353	n/a	n/a
Cash and equivalents	66.0	79.0	n/a	n/a
Receivables	241	272	n/a	n/a
Other assets	1,766	1,780	n/a	n/a
Total assets	4,033	4,100	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	402	307	305	367	396	340	316	397	382	334	327	375
Operating income	163	104	50.0	145	171	129	112	150	178	-38.0	114	174
Operating margin	41%	34%	16%	40%	43%	38%	35%	38%	47%	-11%	35%	46%
Interest expense	27.0	29.0	28.0	30.0	34.0	32.0	33.0	34.0	36.0	36.0	34.0	36.0
Pre-tax income	136	75.0	22.0	112	137	97.0	79.0	116	142	-74.0	80.0	138
Tax rate	24%	35%	27%	23%	26%	12%	23%	25%	26%	n/a	24%	26%
Net income	103	49.0	16.0	86.0	102	85.0	61.0	87.0	105	-60.0	61.0	102
Net margin	26%	16%	5%	23%	26%	25%	19%	22%	27%	-18%	19%	27%
Diluted EPS	$1.21	$0.60	$0.19	$1.07	$1.29	$1.08	$0.78	$1.13	$1.36	-$0.80	$0.80	$1.36
Operating cash flow	77.0	123	76.0	1.0	79.0	134	59.0	70.0	86.0	152	42.0	91.0
Capital expenditure	10.0	9.0	9.0	7.0	8.0	25.0	7.0	12.0	11.0	16.0	7.0	14.0
Free cash flow	67.0	114	67.0	-6.0	71.0	109	52.0	58.0	75.0	136	35.0	77.0
Buybacks	97.0	132	55.0	131	97.0	27.0	74.0	79.0	70.0	43.0	51.0	56.0
Dividends paid	29.0	28.0	32.0	31.0	29.0	30.0	33.0	32.0	31.0	31.0	34.0	32.0
Shares outstanding	83m	102m	81m	79m	78m	78m	77m	76m	76m	75m	75m	74m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 15 February 2024, accession 0001722684-24-000006: the filing on EDGAR. All of Wyndham Hotels & Resorts, Inc.'s filings: EDGAR company page.

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