Earnings Call Excerpt
Wyndham Worldwide Corporation (WYN)
Q4 2007 Earnings Call
February 12, 2008 8:30 am ET
Executives
Stephen P. Holmes - Chairman & CEO
Gina Wilson - Executive Vice President and CFO
Margo Happer – Senior Vice President, Investor Relations
Analysts
Steve Kent – Goldman Sachs
Joe Greff – Bear Stearns
William Truelove – UBS Research
Patrick Scholes – J.P. Morgan
Michael Millman – Millman Research
Jake Fuller – Thomas Weisel Partners
Chris Woronka – Deutsche Bank Equity Research
Presentation
Operator
Welcome to the Wyndham Worldwide Fourth Quarter Full Year 2007 Earnings Call. Throughout today’s presentation, all lines will remain in the listen-only mode.
Following today’s presentation, there will be a Question & Answer Session. Today’s conference is being recorded. If you have any objections, please disconnect at this time. I would now like to turn the call over to Ms. Margo Happer, Senior Vice President of Investor Relations of Wyndham Worldwide. You may begin.
Margo Happer
Good morning and welcome to the Fourth Quarter and Full Year 2007 Wyndham Worldwide Earnings Conference Call. Joining us today are Steve Holmes, our CEO, and Gina Wilson, our CFO.
Before we get started, I just want to remind you that our remarks today contain forward-looking information that is subject to a number of risk factors that may cause our actual results to differ materially than those expected or implied. These risk factors are discussed in detail in our Form 10K on March 7, 2007, with the SEC. We will also be referring to a number of non-GAAP measures. The information of these measures to a comparable GAAP result is divided to the play book in the press release which is available on the Investor Relations section of our website at www.wyndamworldwide.com. Steve?
Steve Holmes
Good morning and thanks for joining us. As you saw from the press release, we had another strong quarter delivering the results that we said we would with no surprises. Looking at the full year, we achieved double-digit, top and bottom, line growth and made significant progress against some of our strategic goals.
You will notice that our adjusted EPS for the fourth quarter of 2007 did not grow as rapidly as it did in the first three quarters of 2007 and I’d like to address that for a moment up front.
As we expected, this reflects some tough comparisons with the fourth quarter of 2006. In our timeshare business, as we had anticipated, we had an increase in deferred revenue at the end of 2007. We also had a phenomenal fourth quarter of 2006 as the timing of revenue related to the change in GAAP accounting for the timeshare rolled into the end of 2006.
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