Wyndham Hotels & Resorts, Inc.

Please stand by. Your program is about to begin. If you need assistance on today's program, please press star zero. Welcome to the Wyndham Hotels and Resorts Third Quarter 2023 Earnings Conference Call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star one on your telephone keypad, If at any point your question has been answered, you may remove yourself from the queue by pressing star 2. Lastly, if you should require operator assistance, please press star 0. I would now like to turn the call over to Matt Capuzzi, Senior Vice President of Investor Relations.

Thank you, Operator. Good morning, and thank you for joining us. With me today are Steve Holmes, our Chairman, Jeff Pilotti, our CEO, and Michelle Allen, our CFO. Before we get started, I want to remind you that her 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 will 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 and investor presentation, which will be available on our investor relations website at investor.windomhotels.com. We are providing certain measures discussing future impact on a non-GAAP basis only, because without unreasonable efforts, we are unable to provide the comparable gap metric. In addition, this morning, we posted an investor presentation containing information with respect to our board's rejection of CHOICES unsolicited offer. 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, filing submitted with the SEC, and any public conference calls or webcasts. With that, I will turn the call over to Steve.

Thanks, Matt. As all of you are aware, last week Choice Hotels announced that they made unsolicited overtures to acquire our business. With no organic growth, a less vibrant loyalty program, and virtually no international capabilities in Choice's platform, we are frankly not surprised. Our business offers a medicine cabinet full of remedies. Our board has taken its fiduciary duties very seriously with respect to shareholders and other stakeholders, including franchisees, employees, and guests. We strongly believe that Wyndham's standalone plan and multiple levers of growth provide a more compelling proposition compared to Choice's offer. Our board is also highly confident in our management team's capability to execute on the plan and create significant value for our stakeholders. We have received multiple input from key constituents over the past week, providing us with further confidence in our decision to reject the offer. The team will be providing further insight into our decision-making rationale after we review our strong third quarter performance.