Wyndham Hotels & Resorts — Jul 23, 2025 release

2025 Outlook Fee-related and other revenues $ 1,445 – 1,485 Adjusted EBITDA 730 – 745 Depreciation and amortization expense (a) 37 – 39 Development advance notes amortization expense 32 – 34 Stock-based compensation expense 42 – 44 Interest expense, net 136 – 138 Adjusted income before income taxes 477 – 496 Income tax expense (b) 119 – 125 Adjusted net income $ 358 – 372 Adjusted diluted EPS $ 4.60 – 4.78 Diluted shares (c) 77.8 Capital expenditures $40 – 45 Development advance notes Approx. $110 Adjusted free cash flow conversion rate ~57% Year-over-Year Growth Global RevPAR (d) (2%) – 1% Number of rooms 4.0% – 4.6% (a)     Excludes amortization of acquisition-related intangible assets of approximately $27 million. (b)     Outlook assumes an effective tax rate of approximately 25%. (c)     Excludes the impact of any share repurchases after June 30, 2025. (d)     Represents constant currency basis; on a reported basis, which includes foreign currency impacts, would be (2%) - 1%. To assist with modeling, each 1% change in RevPAR equates to an approximate $10 million impact to fee-related and other revenues and $4 million to adjusted EBITDA. If a significant pullback in demand were to materialize beyond the Company's current assumptions, actual results could fall below these estimates. 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 determining the comparable GAAP financial measures. We are providing these measures on a no