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		1,045	993	975	1,281	1,180	956	1,114
Hotel Management		339	430	334	219	215	158	156
Other		228	209		-32		80
Total revenues		1,612	1,632	1,564	1,468	1,342	1,194	1,301
Revenue growth [+]		20.1%	36.7%	20.2%	-1.9%	-22.0%	-40.2%	-36.6%
Hotel Franchising		-11.4%	3.9%	-12.5%	88.7%	43.6%	6.0%	44.5%
Hotel Management		57.7%	172.2%	114.1%	41.3%	-8.1%	-57.2%	-72.4%
Cost of goods sold [+]		1,255	1,258	1,250	1,464	1,456	1,448	1,456
Other direct costs				131				110
Gross profit		357	374	314	4	-114	-254	-155
Gross margin		22.1%	22.9%	20.1%	0.3%	-8.5%	-21.3%	-11.9%
Selling, general and administrative [+]		122	118	113	115	113	112	116
General and administrative		122	118	113	115	113	112	116
Other operating expenses		-379	-352	-346	-590	-617	-652	-565
EBITDA [+]		613	608	547	479	390	285	293
EBITDA growth		57.2%	113.3%	86.7%	26.1%	-2.7%	-41.0%	-40.0%
EBITDA margin		38.0%	37.3%	35.0%	32.6%	29.1%	23.9%	22.5%
Depreciation and amortization		88	96	96	96	97	97	98
EBIT [+]		525	512	451	383	293	188	195
EBIT growth		79.2%	172.3%	131.3%	37.3%	-2.0%	-50.3%	-48.5%
EBIT margin		32.6%	31.4%	28.8%	26.1%	21.8%	15.7%	15.0%
Non-recurring items [+]		-29	-30	6				241
Loss (gain) on sale of assets		-35	-36
Interest expense		82	84	92	101	108	114	111
Interest expense		82	84	92	101	108	114	111
Other income (expense), net [+]		-2				-18
Gain (loss) on debt retirement		-2				-18
Pre-tax income		470	440	335	259	162	-153	-157
Income taxes		120	114	91	71	50	-23	-25
Tax rate		25.5%	25.9%	27.2%	27.4%	30.9%	15.0%	15.9%
Net income		350	326	244	188	112	-130	-132
Net margin		21.7%	20.0%	15.6%	12.8%	8.3%	-10.9%	-10.1%

Basic EPS [+]		$3.77	$3.50	$2.61	$2.01	$1.20	($1.39)	($1.41)
Growth		214.7%	-351.0%	-284.7%	-410.5%	-364.6%	-185.0%	-187.8%
Diluted EPS [+]		$3.75	$3.47	$2.60	$2.00	$1.20	($1.39)	($1.41)
Growth		213.7%	-349.8%	-283.9%	-409.7%	-364.2%	-185.1%	-187.9%

Dividends per share [+]	$0.00	$1.20	$1.04	$0.88	$0.64	$0.48	$0.40	$0.56
Growth	-100.0%	150.0%	160.0%	57.1%	-16.9%	-51.0%	-66.4%	-51.7%

Shares outstanding (basic) [+]		93	93	94	94	93	93	93
Growth		-0.7%	-0.1%	0.1%	-0.7%	-1.6%	-2.6%	-3.6%
Shares outstanding (diluted) [+]		93	94	94	94	94	93	94
Growth		-0.4%	0.4%	0.5%	-0.5%	-1.4%	-2.7%	-3.7%

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