WYNDHAM HOTELS & RESORTS, INC. Management report and analysis of the financial situation and operating results. (Unless otherwise indicated, all amounts are in millions except per share and per share amounts) (Form 10-K)

References herein to "Wyndham Hotels," the "Company," "we," "our" and "us" refer
to both (i) Wyndham Hotels & Resorts, Inc. and its consolidated subsidiaries for
time periods following the consummation of the spin-off and (ii) the Wyndham
Hotels & Resorts businesses for time periods prior to the consummation of our
spin-off from Wyndham Worldwide ("former Parent"), now known as Travel + Leisure
Co.

                             BUSINESS AND OVERVIEW

The company is one of the world’s leading hotel franchisors, licensing its renowned hotel brands to hotel owners in approximately 95 countries around the world.

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The Company operates in the following segments:

Hotel franchise – licenses our lodging brands and provides related services to third party hotel owners and others.

Hotel Management - provides hotel management services for full-service and
limited-service hotels as well as two hotels that are owned by us. Upon sale of
the CorePoint management business to Highgate, the Company will no longer
provide hotel management services to limited-service hotels.

The Consolidated Financial Statements presented herein have been prepared on a
stand-alone basis. The Consolidated Financial Statements include the Company's
assets, liabilities, revenues, expenses and cash flows and all entities in which
it has a controlling financial interest.

                             RESULTS OF OPERATIONS


Discussed below are our key operating statistics, consolidated results of
operations and the results of operations for each of our reportable segments.
The reportable segments presented below represent our operating segments for
which discrete financial information is available and used on a regular basis by
our chief operating decision maker to assess performance and to allocate
resources. In identifying our reportable segments, we also consider the nature
of services provided by our operating segments. Management evaluates the
operating results of each of our reportable segments based upon net revenues and
adjusted EBITDA. Adjusted EBITDA is defined as net income/(loss) excluding net
interest expense, depreciation and amortization, early extinguishment of debt
charges, impairment charges, restructuring and related charges, contract
termination costs, transaction-related items (acquisition-, disposition- or
separation-related), foreign currency impacts of highly inflationary countries,
stock-based compensation expense, income taxes and development advance notes
amortization. We believe that adjusted EBITDA is a useful measure of performance
for our segments and, when considered with U.S. Generally Accepted Accounting
Principles ("GAAP") measures, gives a more complete understanding of our
operating performance. We use this measure internally to assess operating
performance, both absolutely and in comparison to other companies, and to make
day to day operating decisions, including in the evaluation of selected
compensation decisions. Adjusted EBITDA is not a recognized term under U.S. GAAP
and should not be considered as an alternative to net income or other measures
of financial performance or liquidity derived in accordance with U.S. GAAP. Our
presentation of adjusted EBITDA may not be comparable to similarly-titled
measures used by other companies. During the first quarter of 2021, we modified
the definition of adjusted EBITDA to exclude the amortization of development
advance notes to reflect how our chief operating decision maker reviews
operating performance beginning in 2021. We have applied the modified definition
of adjusted EBITDA to all periods presented.

We generate royalties and franchise fees, management fees and other revenues
from hotel franchising and hotel management activities, as well as fees from
licensing our "Wyndham" trademark, certain other trademarks and intellectual
property. In addition, pursuant to our franchise and management contracts with
third-party hotel owners, we generate marketing, reservation and loyalty fee
revenues and cost-reimbursement revenues that over time are offset,
respectively, by the marketing, reservation and loyalty costs and property
operating costs that we incur.

COVID-19[female[feminine

During 2020, the hotel industry experienced a sharp decline in travel demand due
to COVID-19 and the related government preventative and protective actions to
slow the spread of the virus, including travel restrictions. We and the entire
industry experienced significant revenue losses in 2020 as a result of steep
RevPAR declines. Yet, the impact on our business was mitigated by
characteristics unique to our business model. With approximately 70% of bookings
at our hotels being leisure-oriented, our hotel owners are less reliant on
business travel, which only makes up approximately 30% of bookings. Within this
business segment, corporate transient and group bookings are the smallest
component, where less than 5% of our bookings come from this segment. Our
business customers are substantially comprised of truckers, contractors,
construction workers, utility crews and others whose office is the road and who
do not have the ability to conduct their work remotely. These customers provide
a steady state of business for the majority of our hotel owners and, in fact,
our infrastructure accounts, which represent 70% of the domestic business demand
that our brands drive, contributed 10% more revenue to our U.S. hotels during
the second half of 2021 than the same period in 2019, a trend that we see
continuing given the passage of President Biden's infrastructure bill late last
year. In addition, nearly 90% of hotels within our U.S. system are located along
highways and in suburban and small metro areas, on the way to or near outdoor
destinations such as national parks and beach communities. Our hotels are in
locations that travelers felt safe visiting and we invested in sales and
marketing efforts to reach travel seekers and instill confidence that our hotels
were clean, safe and welcoming guests. Finally, over 95% of our U.S. business is
originated domestically. As a result, our platform was naturally set up to
capture returning demand throughout the pandemic and the recovery and our
business was able to substantially recover from COVID's impact during 2021.
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Our economy and midscale brands in the U.S. have outperformed the industry's
higher-end chain scales consistently since the onset of the pandemic and have
led the industry's recovery in 2021. Our RevPAR recovered to 97% of 2019 levels
in the U.S. International recovery has trailed the U.S. due to a heavier
reliance on cross boarder travel and localized travel restrictions at various
points throughout the year. However, we have experienced significant improvement
over the last few quarters and international RevPAR, on a constant currency
basis, has recovered to 78% of its pre-pandemic levels during the second half of
2021 compared to 56% in the first half of this year. Our 2021 adjusted EBITDA
recovered to 95% of pre-pandemic 2019 levels.

The Company does not anticipate the pandemic to further materially impact the
results from operations, however should there be a resurgence of COVID-19, our
results of operations may be negatively impacted and certain intangible assets,
such as our trademarks, and our franchised and managed goodwill may be exposed
to impairments. For further discussion on the effect of COVID-19 on our
financial condition and liquidity, see the section below Financial Condition,
Liquidity and Capital Resources.

                      OPERATING STATISTICS - 2021 VS. 2020


The table below presents our operating statistics for the years ended December
31, 2021 and 2020. "Rooms" represent the number of hotel rooms at the end of the
period which are either under franchise and/or management agreements, or are
Company-owned, and properties under affiliation agreements for which we receive
a fee for reservation and/or other services provided. "RevPAR" represents
revenue per available room and is calculated by multiplying average occupancy
rate by average daily rate. "Average royalty rate" represents the average
royalty rate earned on our franchised properties and is calculated by dividing
total royalties, excluding the impact of amortization of development advance
notes, by total room revenues. These operating statistics are drivers of our
revenues and therefore provide an enhanced understanding of our business. Refer
to the section below for a discussion as to how these operating statistics
affected our business for the periods presented.

                                           Year Ended December 31,
                                   2021                   2020         % Change
Rooms
United States                     490,600               487,300             1  %
International                     319,500               308,600             4  %
Total rooms                       810,100               795,900             2  %
RevPAR
United States                 $     45.19              $  30.20            50  %
International (a)                   21.52                 15.35            40  %
Global RevPAR (a)                   35.95                 24.51            47  %
Average Royalty Rate
United States                         4.6  %                4.5  %          2  %
International                         2.1  %                2.1  %          -  %
Global average royalty rate           4.1  %                4.0  %          3  %


______________________

(a) Excluding currency effects, international RevPAR increased by 36% and global RevPAR by 46%.

Rooms as of December 31, 2021 increased 2% compared to the prior year. As
expected, we experienced strong growth in the higher RevPAR midscale and above
chain scales in the U.S., increasing system size by 5%, as well as strong growth
in the direct franchising business in China, which grew 15%.

Global RevPAR for the year ended December 31, 2021 increased 47% to $35.95,
compared to the prior year due to the ongoing recovery in travel demand. Global
RevPAR recovered to 88% of 2019 levels on an annual and constant currency basis,
including domestic and international RevPAR at 97% and 67%, respectively, of
2019 levels.

Worldwide average royalty rate for the year ended December 31, 2021 increased from 3% to 4.1% compared to the previous year.

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FINISHED EXERCISE DECEMBER 31, 2021 vs. FINISHED EXERCISE DECEMBER 31, 2020

                                                           Year Ended December 31,
                                                  2021           2020       Change      % Change
Revenues
Fee-related and other revenues               $   1,245         $  950      $  295          31  %
Cost reimbursement revenues                        320            350         (30)         (9  %)
Net revenues                                     1,565          1,300         265          20  %
Expenses
Marketing, reservation and loyalty expense         450            419          31           7  %
Cost reimbursement expense                         320            350         (30)         (9  %)
Other expenses                                     349            577        (228)        (40  %)
Total expenses                                   1,119          1,346        (227)        (17  %)
Operating income/(loss)                            446            (46)        492             n/a
Interest expense, net                               93            112         (19)        (17  %)
Early extinguishment of debt                        18              -          18             n/a
Income/(loss) before income taxes                  335           (158)        493             n/a
Provision for/(benefit from) income taxes           91            (26)        117             n/a
Net income/(loss)                            $     244         $ (132)     $  376             n/a


Net income in 2021 increased $265 millionor 20%, compared to the previous year, mainly thanks to:

•$133 million of higher royalty and franchise fees reflecting a 47% increase in
global RevPAR due to the ongoing recovery in travel demand and a 2% increase in
system size;

• $98 million in higher marketing, reservation and loyalty expenses primarily due to increased RevPAR;

•$53 million increase in management and other expenses due to the continued recovery in travel demand; partially offset by

• $30 million of lower cost reimbursement revenue in our hotel management business due to the sale of CorePoint Lodging assets.

Total spending in 2021, down $227 millionor 17%, compared to the previous year, mainly thanks to:

$200 million of lower impairment charges, driven by the absence of $206
million of impairment charges during 2020, partially offset by a $6 million
impairment charge in 2021 resulting from our Board's approval of a plan to sell
our two owned hotels;

• $34 million lower restructuring charges due to the lack of cost reduction initiatives implemented in 2020 in response to COVID-19;

• $30 million of lower cost reimbursement expenses, consistent with the revenue decline discussed above;

• $12 million lower transaction-related expenses; partially offset by

•$31 million of higher marketing, booking and loyalty spending primarily due to the continued recovery in travel demand; and

•Higher operating expenses of $23 million primarily associated with the recovery in travel demand at our owned hotels.

Interest expense, net during 2021 decreased $19 million, or 17%, compared to the
prior year and early extinguishment of debt was $18 million in 2021 as a result
of the redemption of our $500 million 5.375% senior notes in April 2021.

Our effective tax rate increased to 27.2% on pre-tax income from 16.5% on
pre-tax loss during 2021 and 2020, respectively. The change was primarily
related to valuation allowances for certain tax attributes and impact of foreign
taxes, including withholding taxes on international operations. In 2020, we had
goodwill impairment charges that were nondeductible for tax purposes which
decreased the effective tax rate.

Due to these items, net income for 2021 increased $376 million
compared to the previous year.

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A reconciliation of net income/(loss) to adjusted EBITDA is represented below:

                                                                          Year Ended December 31,
                                                                         2021                2020 (a)
Net income/(loss)                                                  $         244          $       (132)
Provision for/(benefit from) income taxes                                     91                   (26)
Depreciation and amortization                                                 95                    98
Interest expense, net                                                         93                   112
Early extinguishment of debt                                                  18                     -
Stock-based compensation expense                                              28                    19
Development advance notes amortization                                        11                     9
Impairments, net                                                               6                   206
Separation-related expenses                                                    3                     2
Restructuring costs                                                            -                    34
Transaction-related expenses, net                                              -                    12
Foreign currency impact of highly inflationary countries                       1                     2
Adjusted EBITDA                                                    $         590          $        336


______________________

(a) Adjusted EBITDA for 2020 has been restated to conform to the current year presentation.

Here is a discussion of the results for each of our segments and Corporate and Other for 2021 compared to 2020:

                                  Net Revenues                             

Adjusted EBITDA

                        2021         2020        % Change         2021         2020 (a)       % Change
Hotel Franchising     $ 1,099      $   863           27  %    $   592         $     392          51  %
Hotel Management          466          437            7  %         57                13         338  %
Corporate and Other         -            -             n/a        (59)              (69)        (14  %)
Total Company         $ 1,565      $ 1,300           20  %    $   590         $     336          76  %

______________________

(a)Adjusted EBITDA for 2020 has been recasted to conform with the current year
presentation.

Hotel Franchising

                                 Year Ended December 31,
                             2021                2020        % Change
Rooms
United States            465,100               452,600            3  %
International            304,300               293,900            4  %
Total rooms              769,400               746,500            3  %
RevPAR
United States       $      43.95              $  29.50           49  %
International (a)          20.86                 14.75           41  %
Global RevPAR (a)          34.85                 23.74           47  %


______________________

(a) Excluding currency effects, international RevPAR increased by 37% and global RevPAR by 46%.

Net income in 2021 increased $236 millioni.e. 27% compared to the previous year, mainly thanks to:

• $127 million in higher royalties and franchise fees due to the continued recovery in travel demand, its impact on global RevPAR and the increase in the size of our system; and

•$98 million in increased marketing, booking and loyalty revenue, driven by the continued recovery in travel demand.

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Adjusted EBITDA during 2021 increased $200 million, or 51%, compared to the
prior year, driven by revenue increases discussed above, partially offset by $36
million of higher expenses primarily due to higher marketing, reservation and
loyalty expense and other volume-related expenses.

Hotel Management

                                Year Ended December 31,
                            2021              2020        % Change
Rooms
United States            25,500              34,700         (27  %)
International            15,200              14,700           3  %
Total rooms              40,700              49,400         (18  %)
RevPAR
United States       $     63.20             $ 37.97          66  %
International (a)         34.31               26.21          31  %
Global RevPAR (a)         53.81               34.67          55  %

______________________

(a) Excluding currency effects, international RevPAR increased by 30% and global RevPAR by 55%.

Net income in 2021 increased $29 millionor 7%, compared to the previous year, mainly thanks to:

• $45 million increase in owned hotel revenue due to continued recovery in travel demand;

•$8 million higher operating expenses due to the continued recovery in travel demand; and

•$4 million in higher termination fees primarily related to CorePoint asset sales; partially offset by

• $30 million of lower cost reimbursement revenue, as noted above, which has no impact on adjusted EBITDA.

Adjusted EBITDA in 2021 increased $44 millionor 338%, compared to the prior year, primarily due to higher revenue from owned hotels discussed above, partially offset by higher volume-related expenses primarily related to our owned hotels.

Businesses and others

Adjusted EBITDA in 2021 was favorable by $10 million compared to the previous year, mainly due to lower general and administrative expenses.

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                      OPERATING STATISTICS - 2020 VS. 2019


The table below presents our operating statistics for the years ended December
31, 2020 and 2019. "Rooms" represent the number of hotel rooms at the end of the
period which are either under franchise and/or management agreements, or are
Company-owned, and properties under affiliation agreements for which we receive
a fee for reservation and/or other services provided. "RevPAR" represents
revenue per available room and is calculated by multiplying average occupancy
rate by average daily rate. "Average royalty rate" represents the average
royalty rate earned on our franchised properties and is calculated by dividing
total royalties, excluding the impact of amortization of development advance
notes, by total room revenues. These operating statistics are drivers of our
revenues and therefore provide an enhanced understanding of our business. Refer
to the section below for a discussion as to how these operating statistics
affected our business for the periods presented.

                                          Year Ended December 31,
                                   2020                 2019         % Change
Rooms
United States                    487,300              510,200           (4  %)
International                    308,600              320,800           (4  %)
Total rooms                      795,900              831,000           (4  %)
RevPAR
United States                 $    30.20             $  46.39          (35  %)
International (a)                  15.35                31.85          (52  %)
Global RevPAR (a)                  24.51                40.92          (40  %)
Average Royalty Rate
United States                        4.5  %               4.5  %         -  %
International                        2.1  %               2.0  %         5  %
Global average royalty rate          4.0  %               3.8  %         5  %


______________________

(a) Excluding currency effects, international RevPAR fell by 51% and global RevPAR by 40%.

Rooms as of December 31, 2020 decreased 4% compared to the prior year reflecting
our previously announced strategic termination plan as well as the unforeseen
sale of certain hotels by a strategic partner which triggered the termination of
that underlying license agreement. As a result of these unusual termination
events, we removed approximately 26,700 hotel rooms during 2020, which adversely
impacted net room growth by 300 basis points.

Overall RevPAR for the year ended December 31, 2020 decreased by 40% to $24.51compared to the previous year due to COVID-19 and its impact on travel demand.

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FINISHED EXERCISE DECEMBER 31, 2020 vs. FINISHED EXERCISE DECEMBER 31, 2019

                                                          Year Ended December 31,
                                                2020         2019        Change      % Change
Revenues
Fee-related and other revenues               $    950      $ 1,430      $ (480)        (34  %)
Cost reimbursement revenues                       350          623        (273)        (44  %)
Net revenues                                    1,300        2,053        (753)        (37  %)
Expenses
Marketing, reservation and loyalty expense        419          563        (144)        (26  %)
Cost reimbursement expense                        350          623        (273)        (44  %)
Other expenses                                    577          560          17           3  %
Total expenses                                  1,346        1,746        (400)        (23  %)
Operating (loss)/income                           (46)         307        (353)       (115  %)
Interest expense, net                             112          100          12          12  %
(Loss)/income before income taxes                (158)         207        (365)       (176  %)
(Benefit from)/provision for income taxes         (26)          50         (76)       (152  %)
Net (loss)/income                            $   (132)     $   157      $ (289)       (184  %)

Net income in 2020 decreased $753 millionor 37%, compared to the previous year, mainly thanks to:

•$273 million of lower cost-reimbursement revenues in our hotel management
business as a result of CorePoint Lodging asset sales and the termination of
unprofitable hotel-management agreements during 2019;

• $152 million in lower royalties and franchise fees, reflecting a 40% decline in RevPAR due to lower travel demand due to COVID-19;

•$192 million of lower marketing, reservation and loyalty fees (inclusive of a
$13 million benefit in loyalty revenues from a change in our member redemption
assumption) due to the RevPAR decline;

•$61 million of lower management and other fees due to a (i) $52 million
reduction in owned hotel revenues and (ii) $29 million of lower management fees
resulting from a decline in RevPAR primarily due to lower travel demand from
COVID-19, partially offset by the absence of a $20 million fee credit for past
services with a customer in 2019; and

• $47 million in lower licensing and other fees due to lower travel demand resulting from COVID-19.

Total spending in 2020, down $400 millionor 23%, compared to the previous year, mainly thanks to:

$273 million lower cost reimbursement expenses, compatible with the drop in revenue mentioned above;

• $144 million in lower marketing, reservations and loyalty expenses, primarily due to cost reductions in response to COVID-19;

•$69 million lower operating, general and administrative expenses, primarily due to cost containment efforts in response to COVID-19;

•$48 million in lower separation and transaction fees;

•$42 million lower contract termination costs; partially offset by

•$161 million of higher impairment charges, driven by the $206 million of
impairment charges during 2020, primarily related to certain of our trademarks,
principally La Quinta, as well as goodwill for our owned hotel reporting unit,
partially offset by the absence of a $45 million impairment charge in 2019. The
2020 trademark impairments were primarily due to a higher discount rate as a
result of increased share price volatility, consistent with the lodging sector
and broader equity markets; and

$26 million higher restructuring charges due to cost reduction initiatives implemented in response to COVID-19.

Our effective tax rate decreased to 16.5% on pre-tax loss from 24.2% on pre-tax
income during 2020 and 2019, respectively. The effective tax rate in 2020 was
lower primarily due to valuation allowances established for certain tax
attributes. In 2019, the Company had higher foreign taxes on international
operations, which was partially offset by a one-time state tax benefit resulting
from a change in the Company's state income tax filing position due to its
spin-off from former Parent.
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Due to these items, net profit in 2020 decreased $289 million
compared to the previous year.

A reconciliation of net income/(loss) to adjusted EBITDA is represented below:

                                                                         Year Ended December 31,
                                                                        2020                   2019
Net (loss)/income                                                 $         (132)         $       157
(Benefit from)/provision for income taxes                                    (26)                  50
Depreciation and amortization                                                 98                  109
Interest expense, net                                                        112                  100
Stock-based compensation expense                                              19                   15
Development advance notes amortization                                         9                    8
Impairments, net                                                             206                   45
Restructuring costs                                                           34                    8
Transaction-related expenses, net                                             12                   40
Separation-related expenses                                                    2                   22
Contract termination costs                                                     -                   42
Transaction-related item                                                       -                   20
Foreign currency impact of highly inflationary countries                       2                    5
Adjusted EBITDA (a)                                               $          336          $       621


______________________

(a) Adjusted EBITDA for 2020 and 2019 has been restated to conform to the current year presentation.

Here is an analysis of the results of each of our segments and Corporate and other for 2020 compared to 2019:

                                  Net Revenues                            

Adjusted EBITDA (a)

                        2020         2019        % Change            2020            2019       % Change
Hotel Franchising     $   863      $ 1,279         (33  %)    $     392             $ 629         (38  %)
Hotel Management          437          768         (43  %)           13                66         (80  %)
Corporate and Other         -            6             n/a          (69)              (74)          7  %
Total Company         $ 1,300      $ 2,053         (37  %)    $     336             $ 621         (46  %)

______________________

(a)Adjusted EBITDA for 2020 and 2019 has been recasted to conform with the
current year presentation.

Hotel Franchising

                                Year Ended December 31,
                            2020               2019        % Change
Rooms
United States           452,600              464,600          (3  %)
International           293,900              305,600          (4  %)
Total rooms             746,500              770,200          (3  %)
RevPAR
United States       $     29.50             $  44.09         (33  %)
International (a)         14.75                30.80         (52  %)
Global RevPAR (a)         23.74                38.91         (39  %)

______________________

(a) Excluding currency effects, international RevPAR decreased by 52% and global RevPAR by 39%.

Net income in 2020 decreased $416 millionor 33% compared to the previous year, mainly thanks to:

•$190 million of lower marketing, reservation and loyalty revenues (inclusive of
a $13 million benefit in loyalty revenues from a change in our member redemption
assumption) due primarily to a 39% decline in RevPAR due to lower travel demand
as a result of COVID-19;

•$156 million in lower royalties and franchise fees due to lower RevPAR; and

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• $47 million in lower licensing and other fees due to lower travel demand due to COVID-19.

Adjusted EBITDA in 2020 decreased $237 millionor 38%, compared to the previous year, mainly due to the variations in net revenues described above, partially offset by:

• $145 million in lower marketing, reservations and loyalty expenses, primarily due to cost reductions in response to COVID-19; and

$34 million lower operating, general and administrative expenses primarily due to cost containment efforts in response to COVID-19.

Hotel Management

                                Year Ended December 31,
                            2020              2019        % Change
Rooms
United States            34,700              45,600         (24  %)
International            14,700              15,200          (3  %)
Total rooms              49,400              60,800         (19  %)
RevPAR
United States       $     37.97             $ 67.32         (44  %)
International (a)         26.21               52.69         (50  %)
Global RevPAR (a)         34.67               64.01         (46  %)

______________________

(a) Excluding currency effects, international RevPAR decreased by 49% and global RevPAR by 45%.

Net income in 2020 decreased $331 millionor 43%, compared to the previous year, mainly due to:

• $273 million of lower cost reimbursement revenue, as noted above, which had no impact on adjusted EBITDA;

•$61 million of lower management and other fees due to a (i) $52 million
reduction in owned hotel revenues and (ii) $29 million of lower management fees
resulting from a decline in RevPAR primarily due to lower travel demand from
COVID-19, partially offset by the absence of a $20 million fee credit for past
services with a customer in 2019; partially offset by

• $6 million in higher termination fees related to CorePoint Lodging asset sales.

Adjusted EBITDA during 2020 decreased $53 million, or 80%, compared to the prior
year, primarily driven by the revenue decreases discussed above, excluding the
absence of a $20 million fee credit for past services with a customer in 2019
which had no impact on adjusted EBITDA, partially offset by $28 million in lower
operating expenses primarily due to cost containment efforts in response to
COVID-19.

Businesses and others

Corporate and Other revenues decreased $6 million during 2020 compared to 2019,
due to the completion of transition services previously in place following our
separation from former Parent.

Adjusted EBITDA during 2020 increased $5 million compared to the prior year,
primarily due to $10 million in lower operating and general and administrative
costs primarily due to cost containment efforts in response to COVID-19,
partially offset by the $6 million decrease in net revenues discussed above.

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