Wyndham Hotels & Resorts — Oct 23, 2024 release

Table 8 WYNDHAM HOTELS & RESORTS 2024 OUTLOOK As o f October 23, 2024 (In millions, except per share data) 2024 Outlook (a) Fee-related and other revenues $ 1,410 – 1,430 Adjusted EBITDA 690 – 700 Depreciation and amortization expense (b) 45 – 47 Development advance notes amortization expense 23 – 25 Stock-based compensation expense 41 – 43 Interest expense, net 125 – 127 Adjusted income before income taxes 450 – 464 Income tax expense (c) 113 – 116 Adjusted net income $ 338 – 348 Adjusted diluted EPS $ 4.22 – 4.34 Diluted shares (d) 80.1 Capital expenditures Approx. $40 Development advance notes Approx. $110 Adjusted free cash flow conversion rate ~60% Year-over-Year Growth Global RevPAR Approx. flat Number of rooms 3% – 4% NOTE:     Outlook for adjusted EBITDA, adjusted net income, adjusted diluted EPS and adjusted free cash flow conversion rate excludes all previous 2024 expenses and cash outlays associated with the Company's defense of an unsuccessful hostile takeover attempt. (a)     Year-over-year growth rates for adjusted EBITDA, adjusted net income and adjusted diluted EPS are not comparable due to full-year 2023 marketing fund revenues exceeding expenses by $9 million (before taxes), which substantially completed the recovery of the $49 million support the Company provided to its owners during COVID. (b)     Excludes amortization of acquisition-related intangible assets of approximately $27 million. (c)     Outlook assumes an effective tax rate of approximately 25%. (d)     Excludes the impact of any share repurchases after September 30, 2024. In determining adjusted EBITDA, interest expense, net, adjusted income before income taxes, adjusted net income, adjusted diluted EPS and adjusted free cash flow conversion rate, we exclude certain items which are otherwise included in d