WYNDHAM HOTELS & RESORTS, INC. (WH) [Rocket]

In millions, except per share items	Jun-30-23	Jun-30-22	Mar-31-22	Dec-31-21	Sep-30-21	Jun-30-21	Mar-31-21	Dec-31-20
	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K
Revenues:
Hotel Franchising	362	335	103	270	337	283	85	576
Hotel Management		32	99	122	86	123	3	7
Other		19	169		40		215
Total revenues	362	386	371	392	463	406	303	296
Revenue growth [+]	-6.2%	-4.9%	22.4%	32.4%	37.4%	57.4%	-26.1%	-39.8%
Hotel Franchising	8.1%	18.4%	21.2%	-53.1%	42.8%	379.7%	-65.0%	308.5%
Hotel Management		-74.0%	3200.0%	1642.9%	4.9%	86.4%	200.0%	16.7%
Cost of goods sold [+]	23	28	35	1,159	33	31	27	1,373
Other direct costs				40				27
Gross profit	339	358	336	-767	430	375	276	-1,077
Gross margin	93.6%	92.7%	90.6%	-195.7%	92.9%	92.4%	91.1%	-363.9%
Selling, general and administrative [+]	31	31	29	32	30	27	24	34
General and administrative	31	31	29	32	30	27	24	34
Other operating expenses	166	164	159	-918	216	191	165	-1,162
EBITDA [+]	142	162	148	119	184	157	87	51
EBITDA growth	-12.3%	3.2%	70.1%	133.3%	93.7%	201.9%	-8.4%	-63.0%
EBITDA margin	39.2%	42.0%	39.9%	30.4%	39.7%	38.7%	28.7%	17.2%
Depreciation and amortization	19	16	24	25	23	24	24	25
EBIT [+]	123	146	124	94	161	133	63	26
EBIT growth	-15.8%	9.8%	96.8%	261.5%	126.8%	375.0%	-10.0%	-76.4%
EBIT margin	34.0%	37.8%	33.4%	24.0%	34.8%	32.8%	20.8%	8.8%
Non-recurring items [+]		1	-36	6				5
Loss (gain) on sale of assets		1	-36
Interest expense	24	20	20	20	22	22	28	29
Interest expense	24	20	20	20	22	22	28	29
Other income (expense), net [+]	-3	-2				-18
Gain (loss) on debt retirement	-3	-2				-18
Pre-tax income	96	123	140	68	139	93	35	-8
Income taxes	26	31	34	19	36	25	11	-1
Tax rate	27.1%	25.2%	24.3%	27.9%	25.9%	26.9%	31.4%	12.5%
Net income	70	92	106	49	103	68	24	-7
Net margin	19.3%	23.8%	28.6%	12.5%	22.2%	16.7%	7.9%	-2.4%

Basic EPS [+]	$0.82	$1.00	$1.15	$0.52	$1.10	$0.73	$0.26	($0.07)
Growth	-18.3%	38.2%	346.0%	-800.0%	280.3%	-139.0%	9.4%	-111.3%
Diluted EPS [+]	$0.82	$1.00	$1.14	$0.52	$1.09	$0.72	$0.26	($0.07)
Growth	-18.2%	38.2%	344.5%	-796.3%	278.6%	-138.7%	9.2%	-111.3%

Dividends per share [+]	$0.35	$0.32	$0.32	$0.32	$0.24	$0.16	$0.16	$0.08
Growth	9.4%	100.0%	100.0%	300.0%	200.0%	100.0%	-50.0%	-72.4%

Shares outstanding (basic) [+]	85	92	93	93	94	94	93	93
Growth	-6.9%	-2.1%	-1.0%	0.0%	0.3%	0.3%	-0.3%	-3.2%
Shares outstanding (diluted) [+]	86	92	93	94	94	94	94	93
Growth	-6.9%	-2.1%	-0.6%	0.5%	0.7%	0.9%	-0.1%	-3.3%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.