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

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16
	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
UNITED STATES	1,366	1,159	1,805	1,641	1,066
Hotel Franchising	1,099	863	559	1,135	897
Hotel Management	466	350	15	726	9
Total revenues	1,565	1,300	2,053	1,868	1,280	1,269
Revenue growth [+]	20.4%	-36.7%	9.9%	45.9%	0.9%
UNITED STATES	17.9%	-35.8%	10.0%	53.9%
Hotel Franchising	27.3%	54.4%	-50.7%	26.5%
Hotel Management	33.1%	2233.3%	-97.9%	7966.7%
Non-US	41.1%	-43.1%	9.3%	6.1%
Cost of goods sold [+]	1,251	1,455	1,910	182	183	168
Maintenance and operations costs	1,119	1,346	1,746
Other direct costs	132	109	164
Gross profit	314	-155	143	1,686	1,097	1,101
Gross margin	20.1%	-11.9%	7.0%	90.3%	85.7%	86.8%
Selling, general and administrative [+]	113	116	130	119	88	83
General and administrative	113	116	130	119	88	83
Other operating expenses	-346	-563	-456	1,185	643	648
EBITDA [+]	547	292	469	382	366	370
EBITDA growth	87.3%	-37.7%	22.8%	4.4%	-1.1%
EBITDA margin	35.0%	22.5%	22.8%	20.4%	28.6%	29.2%
Depreciation	57	61	71	68	55	55
EBITA	490	231	398	314	311	315
EBITA margin	31.3%	17.8%	19.4%	16.8%	24.3%	24.8%
Amortization of intangibles	38	37	38	31	20	18
EBIT [+]	452	194	360	283	291	297
EBIT growth	133.0%	-46.1%	27.2%	-2.7%	-2.0%
EBIT margin	28.9%	14.9%	17.5%	15.1%	22.7%	23.4%
Non-recurring items [+]	6	240	53		42	2
Asset impairment	6	206	45		41
Interest expense, net [+]	92	110	96	53	5	1
Interest expense	93	112	100	60	6	1
Interest income	1	2	4	7	1
Other income (expense), net [+]	-19	-2	-4	-7	-1
Gain (loss) on debt retirement	-18
Pre-tax income	335	-158	207	223	243	294
Income taxes	91	-26	50	61	13	118
Tax rate	27.2%	16.5%	24.2%	27.4%	5.3%	40.1%
Net income	244	-132	157	162	230	176
Net margin	15.6%	-10.2%	7.6%	8.7%	18.0%	13.9%

Basic EPS [+]	$2.61	($1.41)	$1.63	$1.63	$2.30	$1.76
Growth	-284.8%	-186.9%	-0.1%	-29.4%	30.7%
Diluted EPS [+]	$2.60	($1.41)	$1.63	$1.62	$2.30	$1.76
Growth	-283.9%	-187.0%	0.1%	-29.6%	30.7%

Dividends per share [+]	$0.88	$0.56	$1.16	$0.75
Growth	57.1%	-51.7%	54.7%

Shares outstanding (basic) [+]	93	93	97	100	100	100
Growth	0.0%	-3.2%	-3.0%	-0.3%	0.0%
Shares outstanding (diluted) [+]	94	93	97	100	100	100
Growth	0.5%	-3.3%	-3.2%	0.0%	0.0%

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