Wyndham Hotels & Resorts, Inc. (NYSE:WH) Q1 2023 Earnings Conference Call April 27, 2023 8:30 AM ET
Company Participants
Matt Capuzzi – Senior Vice President of Investor Relations
Geoff Ballotti – Chief Executive Officer
Michele Allen – Chief Financial Officer
Conference Call Participants
Joe Greff – J.P. Morgan
Stephen Grambling – Morgan Stanley
Michael Bellisario – Baird
Dany Asad – Bank of America
Steve Pizzella – Deutsche Bank
David Katz – Jefferies
Brandt Montour – Barclays
Dan Wasiolek – Morningstar
Operator
Good day, and welcome to the Wyndham Hotels & Resorts First Quarter 2023 Earnings Conference Call. At this time all participants have been placed on a listen-only mode and the floor will be opened for your questions following the presentation. [Operator Instructions]
I would now like to turn the call over to Matt Capuzzi, Senior Vice President of Investor Relations.
Matt Capuzzi
Thank you, operator. Good morning and thank you for joining us. With me today are Geoff Ballotti, our CEO; and Michele Allen, our CFO. Before we get started, I want to remind you that our remarks today will contain forward-looking statements. These statements are subject to risk factors that may cause our actual results to differ materially from those expressed or implied. These risk factors are discussed in detail in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission and any subsequent reports filed with the SEC. We’ll also be referring to a number of non-GAAP measures. Corresponding GAAP measures and a reconciliation of non-GAAP measures to GAAP metrics are provided in our earnings release, which is available on our Investor Relations website at investor.wyndhamhotels.com.
We are providing certain measures discussing future impact on a non-GAAP basis only because without unreasonable efforts, we are unable to provide comparable GAAP metric. In addition, last evening, we posted an investor presentation containing supplemental information on our Investor Relations website. We may continue to provide supplemental information on our website in the future. Accordingly, we encourage investors to monitor our website in addition to our press releases, filings submitted with the SEC and any public conference calls or webcast.
With that, I will turn the call over to Geoff.
Geoff Ballotti
Thanks, Matt, and thanks everyone for joining us this morning. As expected, our brands delivered record levels of domestic RevPAR for our owners in the first quarter with 4% growth versus prior year, and our international regions continued their recovery growing RevPAR by 37%. Globally, net rooms increased 4%, and we grew our development pipeline by 11% and by another 3% sequentially. Adjusted EBITDA, which increased 10% on a comparable basis was ahead of our expectations. This over performance is reflected in our new outlook that Michele will walk you through in a moment.