Choice Hotels International Inc (CHH) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Choice Hotels International's third quarter 2024 earnings call. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎參加精品國際酒店集團 2024 年第三季財報電話會議。（操作員說明）

I will now turn the conference over to Allie Summers, Investor Relations Senior Director for Choice Hotels.

我現在將會議交給精選酒店 (Choice Hotels) 投資者關係高級總監艾莉·薩默斯 (Allie Summers)。

Good morning, and thank you for joining us today. Before we begin, we'd like to remind you that during this conference call, certain predictive or forward-looking statements will be used to assist you in understanding the company and its results. Actual results may differ materially from those indicated in forward-looking statements, and you should consult the company's Form s 10-Q, 10-K and other SEC filings for information about important risk factors affecting the company that you should consider.

早安，感謝您今天加入我們。在開始之前，我們想提醒您，在本次電話會議中，某些預測性或前瞻性陳述將用於幫助您了解本公司及其績效。實際結果可能與前瞻性陳述中所示的結果有重大差異，您應查閱公司的 10-Q、10-K 表格和其他 SEC 文件，以了解您應考慮的影響公司的重要風險因素的資訊。

These forward-looking statements speak as of today's date, and we undertake no obligation to publicly update them to reflect subsequent events or circumstances. You can find a reconciliation of our non-GAAP financial measures referred to in our remarks as part of our first quarter 2024 earnings press release, which is posted on our website at choicehotels.com under the Investor Relations section.

這些前瞻性聲明截至今天為止，我們沒有義務公開更新它們以反映隨後的事件或情況。您可以在我們的評論中找到我們的非 GAAP 財務指標的調整表，作為我們 2024 年第一季財報新聞稿的一部分，該新聞稿發佈在我們網站 choicehotels.com 的投資者關係部分。

This morning, Pat Pacious, President and Chief Executive Officer, will speak to our third quarter operating results; while Scott Oaksmith, Chief Financial Officer, will discuss our financial performance and 2024 outlook. Following our prepared remarks, we'll be glad to answer your questions.

今天早上，總裁兼執行長 Pat Pacious 將談論我們第三季的營運業績；財務長 Scott Oaksmith 將討論我們的財務表現和 2024 年展望。在我們準備好的發言之後，我們很樂意回答您的問題。

And with that, I'll turn the call over to Pat.

然後，我會將電話轉給帕特。

Thank you, Allie, and good morning, everyone. We appreciate you taking the time to join us. Choice Hotels delivered yet another quarter of strong earnings results. We drove our adjusted EBITDA 14% higher our adjusted EPS, 23% higher year over year and raised our full year adjusted net income and EPS guidance.

謝謝你，艾莉，大家早安。我們感謝您抽空加入我們。精品國際酒店集團 (Choice Hotels) 又一個季度實現了強勁的盈利業績。我們將調整後 EBITDA 提高了 14%，調整後每股收益同比增長了 23%，並提高了全年調整後淨利潤和每股收益指引。

This strong performance resulted in raising of the midpoint of our adjusted EBITDA range by $5 million to an expected 10% year-over-year growth. Through the successful execution of our strategy, we've expanded the versatility of our business model, which, combined with our projected continued unit growth acceleration and our ability to drive better-than-expected RevPAR performance provides us confidence in our new growth outlook.

這一強勁的業績使我們調整後的 EBITDA 範圍中點提高了 500 萬美元，達到預期的 10% 年成長。透過成功執行我們的策略，我們擴展了業務模式的多功能性，再加上我們預期的單位數量持續加速成長以及我們推動超預期 RevPAR 業績的能力，使我們對新的成長前景充滿信心。

Our global hotel pipeline of over 110,000 rooms set a record for the third quarter, an 11% increase year over year. Importantly, 99% of rooms in our global pipeline are in our more revenue intense brands, which means that the pipeline represents a meaningful RevPAR premium compared to our existing portfolio.

我們的全球飯店儲備超過 11 萬間客房，第三季創下歷史新高，年增 11%。重要的是，我們全球管道中 99% 的客房屬於收入密集型品牌，這意味著與我們現有的產品組合相比，管道中的每間客房收入具有顯著的溢價。

We also accelerated our global unit growth, both domestic and international, as we increase the velocity of moving hotels from our pipeline to open hotels, opening 75% more hotels globally in the third quarter compared to the prior year. Notably, we realized a 1.8% year-over-year net increase in global rooms across our more revenue intense brands, including a 4% net increase for our international room portfolio.

我們也加快了全球國內和國際單位的成長，加快了將飯店從籌建飯店轉移到開幕飯店的速度，第三季全球新開飯店數量比去年同期增加了 75%。值得注意的是，我們收入密集型品牌的全球客房年增 1.8%，其中國際客房組合淨增長 4%。

A key addition to this growth story is the performance of the Radisson Americas brands. The significant improvement in digital traffic and booking conversion rates since the integration are attracting new hotel development commitments, which in the third quarter led to a 10% year-over-year increase in the number of rooms in the pipeline across the global Radisson Americas portfolio, including a 53% increase in new construction rooms.

這一成長故事的關鍵補充是麗笙美洲品牌的表現。整合以來數位流量和預訂轉換率的顯著改善吸引了新的酒店開發承諾，第三季度導致全球麗笙美洲酒店組合的在建客房數量同比增長 10% ，其中新建房間增加了 53%。

We are also pleased to be expanding our lead in the cycle resilient extended-stay segment. For five consecutive quarters, we have grown our extended-stay unit size by over 10% year over year. And with over 350 extended-stay hotels in the pipeline, we are on track to achieve a long-term average annual unit growth rate of 15%.

我們也很高興能夠擴大我們在循環彈性長住細分市場的領先地位。我們的長住單位規模已連續五季年增超過 10%。我們正在籌建超過 350 家長住酒店，預計將實現 15% 的長期平均年增長率。

Just two weeks ago, we celebrated a key milestone of 500 open domestic extended-stay hotels with the opening of our sixth new construction, Everhome Suites, in the Greater Phoenix area. The property will serve the local booming infrastructure projects and industries, providing much needed longer-term lodging options.

就在兩週前，我們在大鳳凰城地區開設了第六座新建築 Everhome Suites，慶祝了 500 家國內長住酒店開幕的重要里程碑。該物業將為當地蓬勃發展的基礎設施項目和工業服務，提供急需的長期住宿選擇。

The Everhome Suites brand continues to see strong traction with 66 domestic projects in the pipeline, including over 20 under construction. Our strategic focus on more revenue-intense hotels means that the pipeline continues to be of significantly higher value than the current hotel portfolio. This higher revenue contribution is driven by a few factors.

Everhome Suites 品牌持續保持強勁勢頭，有 66 個國內項目在籌建中，其中 20 多個在建項目。我們的策略重點是收入密集型酒店，這意味著新酒店的價值仍顯著高於當前酒店組合。這種較高的收入貢獻是由幾個因素所推動的。

One, the hotels in our domestic pipeline represent a RevPAR premium of over 30% compared to our existing portfolio. Two, they have higher average effective royalty rates, driven by our strengthened value proposition to franchisees. And three, they have, on average, over 40% higher room count per hotel than our current domestic system.

第一，與我們現有的投資組合相比，我們國內管道中的飯店的 RevPAR 溢價超過 30%。第二，在我們加強對加盟商的價值主張的推動下，他們擁有更高的平均有效特許權使用費。第三，他們每家飯店的客房數量平均比我們目前的國內系統多 40% 以上。

Importantly, our best-in-class hotel conversion capability moves projects rapidly through the pipeline and is a key differentiator for winning new franchise agreements. In fact, of the domestic franchise agreements, we executed for conversion hotels over the trailing 12 months, we opened 141 during the same period, a 17% increase over the same period of the prior year.

重要的是，我們一流的飯店改造能力可快速推進項目，是贏得新特許經營協議的關鍵差異化因素。事實上，在過去 12 個月內，我們為改建飯店執行的國內特許經營協議中，同期開設了 141 家，比去年同期成長了 17%。

As of the end of September, we grew our domestic rooms pipeline for conversion hotels by 68% year over year. And we expect our hotel conversion core competency to continue to be a key growth driver throughout the remainder of this year.

截至 9 月底，我們轉換飯店的國內客房儲備量年增 68%。我們預計我們的酒店轉換核心能力將繼續成為今年剩餘時間的關鍵成長動力。

Turning to RevPAR. Our domestic RevPAR in the third quarter was ahead of our prior expectations. In addition to the continued positive trends in leisure travel, we are seeing renewed strength in our corporate transient business travel, particularly in the transportation and government verticals.

轉向每間可用收入。我們第三季的國內 RevPAR 超出了我們先前的預期。除了休閒旅行持續呈現正面趨勢外，我們還看到企業短期商務旅行的新勢頭，特別是在交通和政府垂直領域。

And we are now driving an acceleration in the growth in group travel year over year, both of which are further signs of the normalization of travel patterns we discussed on our prior call. As a result of the incremental demand we are delivering to our hotels and exceeding our third quarter and October expectations, we are raising our outlook for the full year and we now anticipate returning to positive RevPAR growth in the fourth quarter.

我們現在正推動團體旅行逐年加速成長，這都是我們在先前的電話會議中討論的旅行模式正常化的進一步跡象。由於我們向酒店提供的需求不斷增加，並且超出了第三季度和 10 月份的預期，因此我們上調了全年預期，現在預計第四季度的 RevPAR 將恢復正增長。

I'd like to turn now to our international business, where we expanded our rooms portfolio by 3.8% year over year, highlighted by a threefold increase in openings. And with a pipeline that has increased by over 20% compared to the prior year, we continue to see a significant opportunity to further gain international market share in the coming years.

我現在想談談我們的國際業務，我們的客房組合同比增長了 3.8%，其中空缺數量增加了三倍。與前一年相比，管道數量增加了 20% 以上，我們繼續看到未來幾年進一步獲得國際市場份額的重大機會。

In our key strategic region of EMEA, we delivered a 9% increase in RevPAR performance year over year, and we are attracting strong franchisee interest. Our EMEA team just recently executed our first direct franchising agreement in Spain, where we are adding over 700 rooms to our portfolio with most to be onboarded by year end.

在歐洲、中東和非洲這一關鍵策略區域，我們的每間可用收入 (RevPAR) 業績年增了 9%，並吸引了加盟商的濃厚興趣。我們的歐洲、中東和非洲團隊最近剛在西班牙簽署了第一份直接特許經營協議，我們將在我們的投資組合中增加 700 多間客房，其中大部分客房將於年底入住。

And in France, we've already onboarded approximately 2,000 rooms through our recently awarded direct franchising agreement with Zenitude Residential Hotels. Strengthening the value proposition we provide to our franchise owners by investing in our best-in-class franchisee success system continues to fuel our success.

在法國，透過最近與 Zenitude Residential Hotels 簽訂的直接特許經營協議，我們已經提供了大約 2,000 間客房。透過投資一流的特許經營商成功系統，加強我們為特許經營者提供的價值主張，繼續推動我們的成功。

The state-of-the-art tools we provide for our franchisees to run their businesses efficiently help them maximize their profitability. For example, last month, we began deploying a mobile-friendly one-stop platform for our franchisees to successfully manage all of their properties from wherever they are and in turn, help further reduce their operating costs.

我們為特許經營商提供最先進的工具，幫助他們有效地經營業務，幫助他們最大限度地提高盈利能力。例如，上個月，我們開始為我們的加盟商部署一個適合行動裝置的一站式平台，無論他們身在何處，都可以成功管理他們的所有財產，進而幫助進一步降低他們的營運成本。

Relentlessly enhancing the value we bring to our owners is among the reasons why our existing owners choose to expand their hotel portfolio with Choice Hotels, and contributes to our industry-leading voluntary franchisee retention rate. Our franchisees are deeply connected with their local communities, and we have always been at the forefront of relief efforts when these communities are impacted by natural disasters.

不斷提高我們為業主帶來的價值是我們現有業主選擇透過精品國際酒店集團擴大其酒店組合的原因之一，並有助於我們行業領先的自願加盟商保留率。我們的加盟商與當地社區有著深厚的聯繫，當這些社區受到天災影響時，我們始終站在救援工作的最前線。

I want to express our concern for everyone affected by the recent hurricanes. And I'm proud that the Choice Hotels family once again came together to support our owners and guests in the recovery efforts.

我想向最近遭受颶風影響的每個人表達我們的關切。我感到自豪的是，精品國際酒店集團再次齊心協力支持我們的業主和客人的復原工作。

We have partnered with FEMA and are working closely with franchisees in impacted areas to help them accommodate emergency workers, repair crews and displaced families. We were also the first lodging company to launch a matching campaign for our rewards members to donate their points to our signature partner, the American Red Cross.

我們與聯邦緊急管理局合作，並與受影響地區的特許經營商密切合作，協助他們安置緊急應變人員、維修人員和流離失所的家庭。我們也是第一家推出配對活動的飯店公司，讓我們的獎勵會員將積分捐贈給我們的標誌合作夥伴美國紅十字會。

Turning now to our customer base. At quarter end, we further expanded our rewards program, Choice Privileges, to 68 million members, an 8% increase compared to the prior year. This growth is the direct result of us creating a more compelling program, including adding exciting new experiences, such as music and sporting event redemption options and adding new aspirational hotels.

現在轉向我們的客戶群。季度末，我們進一步將獎勵計劃「選擇特權」擴大到 6,800 萬名會員，比前一年增加 8%。這種成長是我們創建更具吸引力的計劃的直接結果，包括添加令人興奮的新體驗，例如音樂和體育賽事兌換選項以及添加新的理想酒店。

Our 68 million rewards members now have access to over 1,000 upscale, upper upscale and luxury hotels around the world. Our continued expansion into more revenue intense segments has also resulted in us strengthening our business delivery to both the group and business transient segments.

我們的 6800 萬獎勵會員現在可以入住全球 1,000 多家高檔、超高檔和豪華酒店。我們不斷向收入密集型細分市場擴張，也導致我們加強了對集團和業務瞬態細分市場的業務交付。

In the third quarter, we drove an over 5% year-over-year increase in revenues from group accounts, driven by our strength with the SMERF business. At the same time, we increased our business transient revenue supported by our strengthened upper midscale portfolio, where revenues were up by more than 9% year over year in the third quarter.

在 SMERF 業務的推動下，第三季我們的集團帳戶營收年增了 5% 以上。同時，在我們加強的中高階產品組合的支持下，我們增加了業務瞬時收入，第三季營收年增超過 9%。

I'm also proud that we were recently named to Time Magazine's World's Best Companies list of 2024. This achievement is a testament to our strong company culture, where we prioritize our people, drive innovation and seek to deliver long-term value for all of our stakeholders.

我還感到自豪的是，我們最近被《時代》雜誌評為 2024 年全球最佳公司名單。這項成就證明了我們強大的公司文化，我們優先考慮員工、推動創新並尋求為所有利害關係人提供長期價值。

In closing, the positive momentum we've created, along with our proactive strategic investments and more versatile model have meaningfully enhanced our company's growth profile. We believe we've positioned Choice to deliver sustained earnings growth and created long-term value even in the current domestic RevPAR environment.

最後，我們創造的正面勢頭，加上我們積極的策略投資和更多樣化的模式，大大提高了我們公司的成長前景。我們相信，即使在當前的國內 RevPAR 環境下，Choice 也能實現持續的獲利成長並創造長期價值。

We continue to generate attractive free cash flow annually. And our priority use of this capital is to reinvest in our organic growth, particularly in initiatives tied directly to driving the revenue intense growth of our brand portfolio while returning excess cash to shareholders.

我們每年繼續產生有吸引力的自由現金流。我們對這筆資金的優先用途是對我們的有機成長進行再投資，特別是與推動我們品牌組合的收入快速增長直接相關的舉措，同時將多餘的現金返還給股東。

I will now turn the call over to our Chief Financial Officer. Scott?

我現在將把電話轉給我們的財務長。史考特？

Thanks, Pat, and good morning, everyone. Today, I will discuss our third quarter results, update you on our balance sheet and allocation of capital and comment on our outlook for the remainder of 2024.

謝謝帕特，大家早安。今天，我將討論我們第三季的業績，向您介紹我們的資產負債表和資本配置的最新情況，並對我們對 2024 年剩餘時間的展望發表評論。

For third quarter 2024, revenues, excluding reimbursable revenue from franchised and managed properties increased 17% to over $256 million, and our adjusted EBITDA grew 14% and to a record $178 million year over year. This was driven by a combination of global rooms growth in more revenue intense segments and markets, strong effective royalty rate growth, and the robust performance of our non-RevPAR dependent programs.

2024 年第三季度，營收（不包括特許經營和管理物業的可報銷收入）成長了 17%，達到超過 2.56 億美元，調整後的 EBITDA 年成長 14%，達到創紀錄的 1.78 億美元。這是由收入密集型細分市場和市場的全球客房增長、有效特許權使用費率強勁增長以及我們的非 RevPAR 依賴計劃的強勁表現共同推動的。

Our third quarter adjusted earnings per share also reached a record, reporting $2.23 per share, a 23% increase year over year. Let me first discuss our key levers for franchise fee growth, which include our unit growth, RevPAR performance and royalty rate.

我們第三季調整後每股盈餘也創下歷史新高，每股收益為 2.23 美元，年增 23%。讓我先討論我們特許經營費成長的關鍵槓桿，其中包括我們的單位成長、每間客房收入績效和特許權使用費率。

For the third quarter, our domestic unit growth improved sequentially and increased by 1.3% year over year across our more revenue intense, upscale, extended-stay and midscale portfolio, supported by our expanded domestic pipeline, which has increased 10% year over year. We expect to see an acceleration of our growth for the remainder of the year and continue to anticipate achieving our full year growth target of approximately 2%.

第三季度，我們的國內客房數量環比增長，在收入密集型、高檔、長住和中檔投資組合中同比增長 1.3%，這得益於我們擴大的國內渠道（同比增長 10%）。我們預計今年剩餘時間我們的成長將加速，並繼續預計實現約 2% 的全年成長目標。

We opened 190 new hotels year to date through September, a 19% increase in domestic openings year over year, our best performance since 2019. We are pleased to see our new hotel construction starts in the third quarter are on track, and we have seen an increase in new construction hotel openings over the prior year.

今年截至 9 月，我們新開了 190 家飯店，國內新開幕飯店數量年增 19%，是 2019 年以來的最佳表現。我們很高興看到第三季的新飯店動工已步入正軌，而且新開飯店數量比前一年增加。

Our deliberate decisions and strategic investments in our franchisee tools, brand portfolio and platform capabilities are delivering results across all our brand segments, which is evident in our third quarter performance. First, we continue to strengthen our presence in the upscale segment, nearly doubling our upscale domestic rooms pipeline year over year.

我們對特許經營工具、品牌組合和平台能力的深思熟慮的決策和策略投資正在為我們所有品牌細分市場帶來成果，這在我們第三季度的業績中顯而易見。首先，我們持續加強在高檔細分市場的影響力，我們的高檔國內客房儲備量比去年同期幾乎翻了一番。

Second, we grew our domestic extended-stay unit system size by over 11% year over year. And I am pleased that Choice has the fastest-growing domestic extended-stay portfolio in the industry with two-thirds of all domestic economy extended-stay rooms under construction being Choice Hotel brands. And third, we expanded our domestic midscale rooms portfolio to approximately 335,000 rooms highlighted by a 70% increase in hotel openings year over year.

其次，我們的國內長住房型體系規模較去年同期成長超過11%。我很高興選擇國際酒店集團擁有業內增長最快的國內長住酒店組合，在建的所有國內經濟型長住客房中有三分之二是國際精選酒店品牌。第三，我們將國內中檔客房組合擴大至約 335,000 間客房，飯店開幕數量較去年同期成長 70%。

Turning now to our RevPAR performance. Our third quarter domestic RevPAR exceeded our prior expectations as we drove better-than-expected performance from our Radisson Americas portfolio and extended-stay segment.

現在談談我們的 RevPAR 表現。我們第三季的國內每間可用客房收入超出了我們先前的預期，因為我們的麗笙美洲酒店組合和長住細分市場的業績好於預期。

Importantly, domestic occupancy levels for the third quarter improved quarter over quarter by 80 basis points. Furthermore, we have seen an acceleration of our domestic RevPAR performance headed into the fourth quarter with October RevPAR growing approximately 5% year over year.

重要的是，第三季國內入住率較上季提高了 80 個基點。此外，我們還發現，進入第四季度，國內每間可用營收表現加速，10 月每間可用收入年增約 5%。

We are driving increasing demand in multiple regions of the country. and our global and local sales capabilities are allowing us to capture incremental demand generated by the recent hurricanes. While domestic RevPAR was down 2.5% year over year, much of it was driven in part by the calendar shifts in the third quarter compared to the prior year, a negative impact of Hurricane Debby in early August and ongoing normalizing travel trends.

我們正在推動該國多個地區不斷增長的需求。我們的全球和本地銷售能力使我們能夠抓住最近颶風產生的增量需求。雖然國內每間可用客房收入年減 2.5%，但很大程度上是由於第三季與去年同期相比的日曆變化、8 月初颶風黛比的負面影響以及持續正常化的旅行趨勢造成的。

For the third quarter, our overall domestic upscale portfolio delivered RevPAR growth led by our Radisson upscale brand, which increased 4.2% year over year. Notably, our Radisson upscale brand outperformed STR's upscale segment by nearly 3 percentage points and achieved RevPAR index share gains versus competitors.

第三季度，我們的整體國內高檔產品組合實現了以麗笙高檔品牌為主導的每間可用房收入增長，同比增長 4.2%。值得注意的是，我們的 Radisson 高檔品牌的表現比 STR 的高檔品牌高出近 3 個百分點，並且與競爭對手相比，RevPAR 指數份額有所增長。

Given the better-than-expected third quarter and October results, we are raising our full year US RevPAR guidance and now expect the range to be between negative 2% and negative 1% compared to our prior expectation of between negative 3.5% and negative 1.5%.

鑑於第三季和 10 月的業績優於預期，我們正在上調全年美國 RevPAR 指導，目前預計範圍將在負 2% 到負 1% 之間，而我們之前的預期為負 3.5% 到負 1.5% %。

Turning to our third revenue lever. Our effective royalty rate also continues to be a significant source of revenue growth. Our domestic system effective royalty rate for third quarter 2024 accelerated sequentially and increased 6 basis points to over 5% year over year, representing approximately $6 million of incremental royalties on an annual basis.

轉向我們的第三個收入槓桿。我們的有效特許權使用費率也仍然是收入成長的重要來源。2024 年第三季度，我們的國內系統有效特許權使用費率環比加速，年增 6 個基點，達到 5% 以上，相當於每年約 600 萬美元的增量特許權使用費。

We continue to expect our full year effective royalty rate to increase in the midsingle digits driving significant growth in our overall adjusted EBITDA. This performance demonstrates the positive impact of our strategy to drive the growth of our revenue intense brand portfolio and our enhanced value proposition to franchise owners.

我們繼續預期全年有效特許權使用費率將成長至個位數，從而推動整體調整後 EBITDA 顯著成長。這項業績證明了我們推動收入密集型品牌組合成長的策略以及我們對特許經營權所有者增強的價值主張的正面影響。

We are optimistic about the continued upward trajectory of our effective royalty rate for years to come, given that the contracts in our domestic pipeline have on average a 70 basis point higher effective royalty rate than those in our current portfolio of open hotels. We continue to build on the strong momentum of our platform business.

鑑於我們國內管道中的合約的有效特許權使用費率比我們目前開放酒店組合中的合約平均高出 70 個基點，我們對未來幾年有效特許權使用費率的持續上升趨勢持樂觀態度。我們持續鞏固平台業務的強勁勢頭。

Our ancillary fees benefit from expanded offerings to our franchisees and guests, increased transaction volume with our qualified vendors and the broader reach of our initiatives. These fees more than doubled year over year in the third quarter, particularly our co-branded credit card program has been yielding impressive results.

我們的輔助費用得益於向特許經營商和客人提供的產品範圍的擴大、與合格供應商的交易量的增加以及我們計劃的更廣泛的影響範圍。第三季這些費用年增了一倍多，特別是我們的聯名信用卡計畫取得了令人印象深刻的成果。

In fact, in the third quarter, credit card revenues grew 9% year over year. Continuing to expand our platform business and increase the number of products and services we offer is one of our key initiatives. And we believe that we can drive this strong revenue growth in the years ahead.

事實上，第三季信用卡營收年增 9%。繼續擴大我們的平台業務並增加我們提供的產品和服務的數量是我們的關鍵舉措之一。我們相信，我們能夠在未來幾年推動營收的強勁成長。

During the nine months ended September 30, 2024, we generated approximately $240 million, including $123 million in the third quarter, an operating cash flow net of franchise agreement acquisition costs. Our business continues to produce strong cash flow, which, coupled with our well-positioned balance sheet, allows us to execute on our capital allocation priorities, including investing in our growth, while also returning significant capital to shareholders.

截至 2024 年 9 月 30 日的九個月內，我們產生了約 2.4 億美元的收入，其中第三季的營業現金流量為 1.23 億美元，扣除特許經營協議收購成本。我們的業務持續產生強勁的現金流，再加上我們狀況良好的資產負債表，使我們能夠執行我們的資本配置優先事項，包括投資於我們的成長，同時也向股東返還大量資本。

Year to date through October, we returned $408 million to shareholders, including $56 million in cash dividends and $364 million in share repurchases. We repurchased 2.9 million shares, representing over 6% of our outstanding share count, and we had approximately 3.9 million shares remaining in our authorization as of the end of October.

今年截至 10 月份，我們向股東返還了 4.08 億美元，其中包括 5,600 萬美元的現金股利和 3.64 億美元的股票回購。我們回購了 290 萬股，佔已發行股數的 6% 以上，截至 10 月底，我們的授權中剩餘約 390 萬股。

With a strong cash position and total available liquidity of $676 million at the end of the third quarter, our capital allocation priorities remain unchanged. We intend to build on our long track record of delivering outsized value by accretively investing to further expand our business.

憑藉強勁的現金狀況和第三季末 6.76 億美元的可用流動性總額，我們的資本配置優先事項保持不變。我們打算透過不斷投資進一步擴大我們的業務，以創造超額價值的長期記錄為基礎。

I'd like to now turn to our expectations for the remainder of the year. We are raising the bottom end of our adjusted EBITDA guidance, primarily reflecting the improvement of our full year RevPAR outlook, which we have increased by 100 basis points at the midpoint.

我現在想談談我們對今年剩餘時間的期望。我們上調了調整後 EBITDA 指引的下限，主要反映了我們全年 RevPAR 前景的改善，我們將其中點上調了 100 個基點。

We now expect our adjusted EBITDA to be between $590 million and $600 million, reflecting a 10% year-over-year increase at the midpoint compared to the prior expectation of between $580 million and $600 million. In addition, we are increasing our adjusted earnings per share guidance to now range between $6.70 and $6.87 per share, which is an 11% year-over-year growth at the midpoint due to the higher adjusted EBITDA and lower-than-expected interest expense.

我們現在預計調整後的 EBITDA 將在 5.9 億美元至 6 億美元之間，與先前預期的 5.8 億美元至 6 億美元之間相比，中間值年增 10%。此外，由於調整後 EBITDA 較高且利息支出低於預期，我們將調整後每股盈餘指引提高至每股 6.70 美元至 6.87 美元之間，中間值年增 11% 。

Our ability to continue to deliver attractive earnings growth in light of the normalizing RevPAR environment demonstrates the increased versatility of our model. This outlook does not account for any M&A, repurchase of the company's stock after October 31 or other capital markets activity.

鑑於 RevPAR 環境正常化，我們能夠繼續實現有吸引力的獲利成長，這表明我們模型的多功能性不斷增強。該展望未考慮任何併購、10 月 31 日後回購公司股票或其他資本市場活動。

In conclusion, we remain confident in our ability to create value for all of our stakeholders over time, as we continue to deliver organic growth across more revenue-intense hotels and markets, realized robust effective royalty rate growth, drive co-brand credit card revenues expand our international business and maximize revenue-generating opportunities from our expanded scale and versatile business model.

總而言之，我們對隨著時間的推移為所有利益相關者創造價值的能力充滿信心，因為我們將繼續在收入密集型酒店和市場中實現有機增長，實現強勁的有效特許權使用費率增長，推動聯合品牌信用卡收入擴大我們的國際業務，並透過我們擴大的規模和多樣化的商業模式來最大化創收機會。

At this time, Pat and I will be happy to answer any of your questions. Operator?

此時，帕特和我將很樂意回答您的任何問題。操作員？

(Operator Instructions) Shaun Kelley, Bank of America.

（操作員指示）Shaun Kelley，美國銀行。

Pat or Scott, just can we start with what's going on with sort of the net reimbursable side, I think we're getting a number of questions on this, but on the net reimbursable revenues, they accelerated pretty meaningfully this quarter. Can you just help us think about that?

帕特或斯科特，我們可以從淨可報銷方面的情況開始嗎？你能幫我們想一下嗎？

How much of that may be either timing or what's a good run rate to think about? And then -- more importantly, I think, Scott, as we lap the Radisson deal and some reclassification kicks in here, can you remind us of the timing of that and how to think about this piece as we move into 2025?

其中有多少可能是時機問題，或者需要考慮的良好運行率是多少？然後 - 我認為更重要的是，斯科特，當我們在這裡完成麗笙交易和一些重新分類時，您能否提醒我們這件事的時機以及在我們進入 2025 年時如何考慮這件事？

Thanks, Shaun. Yes. As we've talked about in the prior calls, really, we're able to integrate fully the Choice and Radisson platforms at the beginning of last year at Q4 2023. So since then, we had that opportunity to unlock some more ancillary incremental revenue streams.

謝謝，肖恩。是的。正如我們在之前的電話會議中談到的那樣，我們確實能夠在去年初的 2023 年第四季完全整合 Choice 和 Radisson 平台。因此，從那時起，我們就有機會釋放更多輔助增量收入流。

So for the first couple of quarters of this year, we were around that $10 million to $12 million in incremental EBITDA from those programs, was a little bit higher in the third quarter of around about $15 million. Really, that is a reflection more of the seasonality of some of the programs that we have given that third quarter is one of our largest quarters in terms of our guest traffic through our hotels.

因此，今年前幾個季度，這些計劃帶來的 EBITDA 增量約為 1,000 萬至 1,200 萬美元，第三季略高一些，約 1,500 萬美元。事實上，這更反映了我們提供的一些計劃的季節性，就我們酒店的客人流量而言，第三季度是我們最大的季度之一。

So through the first three quarters of the year, we're about around $35 million of incremental revenue. As we discussed before, we will lap those comparisons beginning in for Q4. Last year, that was around between $8 million and $10 million in revenues in the fourth quarter.

因此，今年前三個季度，我們的增量收入約為 3,500 萬美元。正如我們之前討論的，我們將從第四季度開始進行這些比較。去年第四季的營收約為 800 萬至 1,000 萬美元。

So you should think about these going forward being kind of outside of the Q3, we're a little bit higher between $10 million and $15 million of quarterly incremental EBITDA, which as we go forward should grow in kind of concert with the size of the system as well as other opportunities we'll have to continue to have further penetration to grow those revenue streams.

因此，您應該考慮這些未來的情況是在第三季度之外，我們的季度增量EBITDA 略高一些，在1000 萬美元到1500 萬美元之間，隨著我們的前進，這些增長應該與業務規模一致成長。

Great, Scott. Just to clarify, it moves out of the add-back piece beginning in Q4 as you lap it? Or does that not start until calendar year 2025?

太棒了，斯科特。只是為了澄清一下，當你跑一圈時，它會從第四季開始的回加部分移出嗎？還是要到 2025 年才開始？

Yes, we'll reclass those revenues beginning in Q1 of 2025 when we have full year comparability. But for Q4, they'll still be sitting in the same reimbursable line item.

是的，我們將從 2025 年第一季開始重新分類這些收入，屆時我們將具有全年可比性。但對於第四季度，他們仍將位於同一個可報銷訂單項目中。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Just first question for me, just on your own hotels and CapEx, and thanks for splitting those lines in the cash flow statement. I think that's helpful. Can you just remind us how many 100% owned hotels are on your balance sheet today? How many are under construction?

這是我的第一個問題，關於您自己的飯店和資本支出，感謝您在現金流量表中分割這些行。我認為這很有幫助。您能否提醒我們今天您的資產負債表上有多少家 100% 擁有的飯店？有多少在建？

Maybe what do you expect to start next year and beyond? And then if you have those same numbers for the JVs, too, I think that will be helpful to provide some context on the capital spending front for owned hotels.

也許您期望明年及以後開始做什麼？然後，如果合資企業也有相同的數字，我認為這將有助於提供有關自營酒店資本支出的一些背景資訊。

Sure, Michael. So we have 10 hotels that are open and operating at this point in time with a handful of other ones under construction. So as we've talked in the past, our capital support programs are primarily related to growing our Cambria and Everhome brands.

當然，邁克爾。目前，我們有 10 家酒店已開業並正在運營，還有幾家酒店正在建設中。正如我們過去所說，我們的資本支持計劃主要與發展我們的 Cambria 和 Everhome 品牌有關。

Really, those thought processes is to use our balance sheet to accelerate the growth of newer introduced brands to prove out the performance of those brands and then to recycle that capital. So if you think about this program, we've been at it a little bit longer for Cambria. And we've put out about $800 million around the Cambria brand, but we've recycled about $300 million of that.

實際上，這些思考過程是利用我們的資產負債表來加速新推出品牌的成長，以證明這些品牌的業績，然後回收這些資本。因此，如果您考慮一下這個計劃，您會發現我們在 Cambria 上花費的時間更長一些。我們圍繞 Cambria 品牌投入了約 8 億美元，但我們已經回收了其中約 3 億美元。

So constantly, we're in the process of launching these new hotels and then selling them. So as that opportunity awaits us, we will continue to look for those recycling opportunities. So today, we have just a handful of hotels under construction on the Cambria and Everhome brands and maybe five to seven JVs that are currently under construction.

因此，我們不斷推出這些新酒店，然後將其出售。因此，當這個機會等待著我們時，我們將繼續尋找這些回收機會。因此，今天，我們只有少數幾家 Cambria 和 Everhome 品牌的酒店正在建造，也許還有五到七家合資企業正在建設中。

Got it. That's helpful. And then just switching gears on your RevPAR commentary. Can you maybe quantify the hurricane benefit that you saw in October? And then you mentioned a pretty big step-up in group and business transient. What percentage of your total room nights are group and business transient?

知道了。這很有幫助。然後只需切換您的 RevPAR 評論。您能否量化一下您在 10 月看到的颶風帶來的好處？然後你提到了團體和業務瞬態方面的一個相當大的進步。團體和商務短期住宿佔您總間夜的比例是多少？

Yes. Thanks, Michael. I think when you just step back, October was up basically 5% in RevPAR, some of that was hurricane related, but we want to make sure investors understand it was not primarily a hurricane-driven event. We're seeing strength in a variety of areas outside of the impacted regions.

是的。謝謝，麥可。我認為，當你退一步看時，10 月的 RevPAR 基本上上漲了 5%，其中一些與颶風有關，但我們希望確保投資者了解這主要不是颶風驅動的事件。我們看到受影響地區以外的各個領域都表現強勁。

So if you look at Texas, Louisiana and New England, those states, which are sort of outside of the impact area, those also saw a pretty significant outperformance for us regarding our expectations. I think the broader RevPAR story is really, you look at the Radisson brand family performance as a whole, that was up 1%.

因此，如果你看看德克薩斯州、路易斯安那州和新英格蘭地區，這些州（有點在影響區域之外），對於我們的預期來說，這些州的表現也相當顯著超出我們的預期。我認為更廣泛的 RevPAR 故事實際上是，你看看麗笙品牌家族的整體表現，成長了 1%。

The upscale segment, Scott mentioned at Radisson, itself was up 4.3%. The Cambria brand was up 3.3%. So the upscale segment outperformed our expectations. And then the third element is the extended-stay segment, which has continued to be a really strong performer for us.

史考特在 Radisson 提到，高檔細分市場本身上漲了 4.3%。Cambria品牌上漲3.3%。因此，高檔細分市場的表現超出了我們的預期。第三個要素是長住細分市場，它對我們來說仍然是一個真正強勁的表現者。

When you look at the -- your second question around the business transient piece, these are primarily a -- in the quarter, it's kind of hard to sort of designate how much is sort of the normal expectation. But it's basically back to almost the 2019 levels, which speaks to this theme we're seeing, which is kind of a return to the normalization of what it looked like back in 2019 prior to the pandemic impact.

當你看到關於業務瞬態部分的第二個問題時，這些主要是在本季度，很難指定多少是正常預期。但它基本上回到了 2019 年的水平，這說明了我們所看到的主題，即回到了 2019 年大流行影響之前的正常化狀態。

So the growth in both business transient and in group is pretty impressive. It's interesting because the business versus leisure mix in the quarter for us was 65% leisure and 35% business, which is really a reflection, which is pretty high for us on the business transient side, pretty high.

因此，短期業務和團體業務的成長都非常令人印象深刻。這很有趣，因為本季我們的商務與休閒組合為 65% 休閒和 35% 商務，這確實是一個反映，對於我們的商務瞬態方面來說，這是相當高的。

Given now that we have the Radisson brands as a component of our total hotel inventory, we're able to drive more business travel as a percentage of the overall rooms count. So it is expected for us to be a key driver for us as we move forward.

鑑於現在我們將麗笙品牌作為酒店總庫存的一部分，我們能夠推動商務旅行佔總客房數的比例增加。因此，預計我們將成為我們前進的關鍵驅動力。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

I just wanted to touch on expenses a little bit. How would you be generally thinking about inflation, SG&A or just overall SG&A expense growth as we think about 2025 and beyond?

我只是想談談費用。當我們考慮 2025 年及以後時，您通常會如何考慮通貨膨脹、SG&A 或整體 SG&A 費用成長？

Yes. So on the SG&A front, we're pretty pleased with our ability to manage the SG&A this year in the quarter. Our adjusted SG&A was up just about 4%. We're around mid-single digits for the full year, about 6%. So given that we are a scale business, it is something that we think we can continue to maintain our SG&A growth in that mid-single digits. And so we've been pretty successful over time.

是的。因此，在 SG&A 方面，我們對今年本季管理 SG&A 的能力感到非常滿意。我們調整後的 SG&A 僅成長了 4% 左右。我們全年的成長率約為 6% 左右。因此，考慮到我們是一家規模化企業，我們認為我們可以繼續將 SG&A 成長保持在中個位數。因此，隨著時間的推移，我們取得了相當成功。

And then I guess a follow-up on free cash flow. A couple of questions have touched on this a little bit, but I guess how should we be thinking about free cash flow conversion heading into next year? Is there -- have you front-loaded any of the capital spend into some of this growth and that should ease off? Or are you anticipating that things are going to continue into next year?

然後我猜想是自由現金流的後續行動。有幾個問題稍微涉及到這一點，但我想我們應該如何考慮明年的自由現金流轉換？您是否已將任何資本支出預先投入到這種增長中，並且這種增長應該會有所緩解？或者您預計這種情況會持續到明年嗎？

Yes. In terms of free cash flow as the year ends -- as you know, we're a seasonal business. So year to date, our cash -- our free cash flow is about [62%], we expect to be around that number for the full year. And I would expect a similar free cash flow conversion into 2025 percentage.

是的。就年底的自由現金流而言，如您所知，我們是一家季節性企業。因此，今年迄今為止，我們的現金——我們的自由現金流約為 [62%]，我們預計全年都在這個數字左右。我預計 2025 年的自由現金流百分比也會有類似的轉換。

Just as a reminder, that excludes the recyclable capital that we've talked about where we're investing and growing our brands. At the end of the day, those are being invested in hotels that are open that we have the ability to recycle.

提醒一下，這不包括我們所討論的投資和發展品牌的可回收資本。最終，這些資金將被投資到我們有能力回收的開放酒店。

Through this year through the year to date, we've spent about $135 million, and we've had some recycling opportunities already in the fourth quarter. So we expect that to be a similar pace, about $135 million for the full year on our recyclable capital.

從今年到今年迄今為止，我們已經花費了約 1.35 億美元，我們在第四季已經有了一些回收機會。因此，我們預計全年的可回收資本將保持類似的速度，約 1.35 億美元。

We're still working through our 2025 planning process, but we would expect probably a similar level of that into 2025. And then 2026 and beyond, we should start seeing some more meaningful recycling of that capital.

我們仍在製定 2025 年規劃流程，但我們預計 2025 年可能會達到類似水準。到 2026 年及以後，我們應該開始看到對這些資本進行更有意義的回收。

So just to be clear, another $135 million, I guess, investment into next year, net outflow?

所以要澄清的是，我猜明年還有 1.35 億美元的投資，是淨流出嗎？

Yes. Roughly, it should be about the same as this year.

是的。粗略來說，應該跟今年差不多。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

I apologize if I missed this, but I wanted to sort of talk about the overspend/underspend in the marketing funds. I know that there can be timing differences as we move through the year, but we usually think about kind of getting to the end of the year approximately flat. Is that an expectation that we should change? Or any color there would be helpful.

如果我錯過了這一點，我深表歉意，但我想談談行銷資金的超支/不足。我知道，隨著一年的推移，可能會存在時間差異，但我們通常會考慮到年底大致持平。這是我們應該改變的期望嗎？或任何顏色都會有幫助。

Yes. Thanks for the question, David. For our marketing reservation, we obviously operate these over a very long-term period and our contractual obligation to our franchisees is to ensure that we break even over the long term.

是的。謝謝你的提問，大衛。對於我們的行銷保留，我們顯然是在很長一段時間內經營這些，我們對特許經營商的合約義務是確保我們長期收支平衡。

But if you go back and take a look at our history, we've had more of an investment in the repayment cycles versus operating these every year around breakeven. So if you were to go back the last couple of years, we ran some pretty hefty surpluses, especially through the pandemic when some of the marketing with more elevated leisure travel wasn't needed.

但如果你回顧我們的歷史，你會發現我們在還款週期上的投資比每年在收支平衡時的投資要多。因此，如果你回顧過去幾年，我們有一些相當大的盈餘，特別是在大流行期間，當時不需要一些更高水平的休閒旅行的營銷。

And so we've come into this year with a pretty hefty cumulative surplus. So this year, we're expected to be in a deficit of just under $40 million, but we're still in a net surplus for that fund, we should end the year somewhere between $25 million and $30 million surplus.

因此，今年我們的累計盈餘相當可觀。因此，今年，我們預計將出現略低於 4,000 萬美元的赤字，但該基金仍處於淨盈餘狀態，年底時我們應該會出現 2,500 萬至 3,000 萬美元的盈餘。

So over time, as we look for areas of investment, which makes sense to continue to drive our value proposition capabilities, we may overspend that going forward. But that's something we take usually 5-year viewpoints and outlooks on how to manage that to ensure that we're balancing in your investments with really continuing to grow long-term abilities for us to provide value to our franchisees.

因此，隨著時間的推移，當我們尋找對繼續推動我們的價值主張能力有意義的投資領域時，我們可能會在未來超支。但我們通常會採取 5 年的觀點和前景來管理這一點，以確保我們在您的投資與真正持續成長的長期能力之間取得平衡，為我們的特許經營商提供價值。

Understood, five years. And if I can -- just as my follow-up, we're noting some increasing focus incrementally on group. And intuitively, that seems as though it's commensurate with moving upscale or up the RevPAR scale. Is that the right way to think about that? Or is there some sort of focused strategy to that, that we should consider also?

明白了，五年。如果可以的話——正如我的後續行動一樣，我們注意到人們越來越關注團體。從直覺上看，這似乎與升級或提高每間可用房屋收入規模相稱。這是正確的思考方式嗎？或者是否有某種我們也應該考慮的重點策略？

Yes, David, it's actually more broad-based than that. If you think about the extended-stay segment, the ability to drive group business that's focused on a particular project, it might be a commercial customer that's bringing together a team for three weeks to work on a specific project, and they need long-stay accommodations.

是的，大衛，它實際上比這更廣泛。如果您考慮長期住宿細分市場，即推動專注於特定項目的集團業務的能力，那麼可能是商業客戶將團隊聚集在一起三週來致力於特定項目，並且他們需要長住住宿。

It's certainly true, as you mentioned, in the upscale segment, larger meeting spaces in the hotels. The hotels are located in more urban markets as well. So that's a key driver. But the real highlight, and where our largest footprint is in that sort of midscale and upper midscale segments, and we did see a pretty significant pickup in group travel there.

正如您所提到的，在高檔市場，飯店的會議空間更大，這確實是事實。這些飯店也位於更多的城市市場。所以這是一個關鍵驅動因素。但真正的亮點，我們最大的足跡是在中檔和中高檔細分市場，我們確實看到那裡的團體旅行有相當大的成長。

I mentioned the SMERF business, the social, military, education, religious and fraternal. So those are small groups, but still a good driver of business, and those tend to stay in our sort of upper midscale and midscale hotels. So it's more broad-based than just upscale, and it impacts a significant amount of our total portfolio. Thanks very much.

我提到了SMERF業務、社會、軍事、教育、宗教和兄弟會。因此，這些人雖然規模較小，但仍然是業務的良好推動力，而且他們往往會住在我們的中高檔和中檔酒店中。因此，它的基礎更廣泛，而不僅僅是高檔產品，它影響了我們整個投資組合的很大一部分。非常感謝。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Just going back to your commentary about Q4 RevPAR being positive. Some others are calling out November being kind of a weak month because of the election period.

回到您對第四季度 RevPAR 積極的評論。其他一些人則指出，由於選舉期間，11 月是一個疲軟的月份。

So just understanding that your October came in strongly, how much visibility do you have through kind of second half of November and into December and maybe extended-stay business gives you more visibility. But just maybe compared to others being cautious about November.

因此，只需了解您的 10 月份表現強勁，您在 11 月下半月到 12 月份的可見度有多少，也許長期住宿業務可以為您提供更多的可見度。但也許只是與其他人對 11 月持謹慎態度相比。

Yes. So I think just, Rob, when you start and look at the macro, we're seeing trends that are correlated with the broader macro trends. And so if I look at the macro, consumer confidence is high. It's actually the highest it's been in a number of months. GDP growth, which correlates very highly to RevPAR has been 3% the last two quarters.

是的。所以我認為，羅布，當你開始觀察宏觀時，我們會看到與更廣泛的宏觀趨勢相關的趨勢。因此，如果我從宏觀角度來看，消費者信心很高。這實際上是幾個月來的最高水平。過去兩季 GDP 成長率為 3%，與 RevPAR 高度相關。

Labor force participation rate, which is back to almost 2019 levels. When people have a job, they travel. And then you're not seeing that sort of new supply growth coming in. It's expected to be muted kind of less than 1%. So the broader macro trends are pretty positive for our segments and our type of traveler.

勞動參與率回到了接近 2019 年的水準。當人們有工作時，他們就會旅行。然後你就看不到那種新的供應成長。預計下降幅度將低於 1%。因此，更廣泛的宏觀趨勢對我們的細分市場和旅行者類型來說非常積極。

Regarding November, when we look at what we're seeing on the books for November, it is higher than it was at this point last year, which is giving us more confidence that what we saw trend-wise in October will continue into the month of November as well.

關於 11 月，當我們查看 11 月賬簿上看到的數據時，它高於去年的此時水平，這讓我們更有信心，我們在 10 月看到的趨勢將持續到本月十一月也是如此。

Okay. Great. And then also, I don't know if you said when you were talking about investing in new growth. What percent of your new growth additions involve key money?

好的。偉大的。另外，我不知道你在談論投資新成長時是否說過。新增加的員工涉及禮金的比例是多少？

In terms of key money, each deal we look at, it's predominantly in new constructions where we're the primary heavier users of key money. And really, that's to help the cost of construction to make sure that deals get done. But then we do selectively use those as part of our revenue intense strategy to bring higher rated units into our system.

就禮金而言，我們關注的每筆交易主要是在新建築中，我們是禮金的主要重度使用者。實際上，這是為了降低建設成本，以確保交易完成。但隨後我們確實有選擇地使用這些作為我們收入密集型策略的一部分，將更高評級的單位引入我們的系統。

So we haven't disclosed the exact amount of key money we use per project, but it's typically in our midscale and above hotels where we use it as a customer acquisition tactic that helps bring on more higher revenue intense hotels at a faster pace.

因此，我們尚未透露每個項目使用的關鍵資金的確切金額，但通常是在我們的中檔及以上酒店中，我們將其用作客戶獲取策略，有助於以更快的速度帶來更多更高收入的酒店。

Would you say kind of as a percent of total units, you're talking about growth that is growing compared to previous levels, in other words, not so much the dollar amount of key money per deal, but just total percent of deals in which you invest on kind of key money, has that generally trended up a little bit?

您是否會說佔總單位數的百分比，您談論的是與以前的水平相比正在增長的增長，換句話說，與其說是每筆交易的關鍵資金的美元金額，而只是其中交易的總百分比您投資某種關鍵資金，整體趨勢是否有上升？

Yes, there has been -- just given the competitive environment and the tougher new construction environment, there has been an increase in the use of key money. You can see that in our dollars. Most of that is around the revenue intensity of our hotels.

是的，只是考慮到競爭環境和更嚴峻的新建築環境，禮金的使用增加。你可以從我們的美元中看到這一點。其中大部分與我們酒店的收入強度有關。

Obviously, usually key money is sized based on the revenue that those projects will bring to Choice. So we have seen an elevation of our key money just simply because we've moved more up the chain scales, but there has been an increased need to use key money on more deals maybe that we previously had experienced.

顯然，通常關鍵資金的大小取決於這些項目將為 Choice 帶來的收入。因此，我們看到我們的禮金增加，只是因為我們在連鎖規模上有了更多的提升，但在更多交易上使用禮金的需求也越來越大，這可能是我們以前經歷過的。

But we think that's really more of a cycle where we are, just given the muted supply growth, we would expect long term that to be back to where it has been historically.

但我們認為，這實際上更像是一個週期，鑑於供應成長乏力，我們預計長期來看將回到歷史水平。

Lizzie Dove, Goldman Sachs.

莉齊·多夫，高盛。

I guess, bigger picture question, looking into 2025. I think there's been several benefits this year in terms the Radisson synergies and some of the underspend and I think some early termination fees.

我想，這是一個更大的問題，展望 2025 年。我認為今年在麗笙酒店的協同效應和一些支出不足方面有一些好處，我認為還有一些提前終止費用。

High level, I know you've talked longer term in the past about kind of high single-digit EBITDA growth. I'm curious with those kind of different factors that I talked about that's been a benefit this year, how you do think about kind of that outlook, especially for 2025 going forward?

高層，我知道您過去曾長期談論過高單位數 EBITDA 增長。我很好奇我談到的那些今年帶來好處的不同因素，您如何看待這種前景，尤其是 2025 年的前景？

Yes. Thanks, Lizzie. We'll give our 2025 outlook in February as our normal practice. And I think when you look at kind of what's next for the company, it's really kind of three key areas. It's the realization of the pipeline we spoke about, 30% RevPAR premium of hotels that are sitting in that pipeline and the realization of that.

是的。謝謝，莉齊。作為我們的慣例，我們將在 2 月發布 2025 年展望。我認為，當你審視公司的下一步發展時，你會發現這其實是三個關鍵領域。這是我們談到的管道的實現，即該頻道中酒店的 RevPAR 溢價 30% 以及這一目標的實現。

Second is the growth of our international business, which we've doubled that EBITDA from that business, and we had a really strong international growth in the third quarter. And then finally, continuing to grow our ancillary revenue business. Scott mentioned the co-brand credit card, some of our partnerships and the like.

其次是我們國際業務的成長，我們將該業務的 EBITDA 翻了一番，而且我們在第三季的國際成長非常強勁。最後，繼續發展我們的輔助收入業務。史考特提到了聯名信用卡、我們的一些合作關係等。

These are things that are growing outside of that sort of RevPAR -- domestic RevPAR environment. And I do think those are things that will be key drivers of growth for us in the coming years.

這些都是在 RevPAR（國內 RevPAR 環境）之外發展起來的。我確實認為這些將成為我們未來幾年成長的關鍵驅動力。

Got it. That makes sense. And then I just wanted to follow up, especially on the kind of extended-tay side of things, given that we've seen Hilton, StudioRes going more in that area, is there anything you've been seeing in terms of competitive pressures there?

知道了。這是有道理的。然後我只是想跟進，特別是在長期住宿方面，考慮到我們已經看到希爾頓、StudioRes 在該領域投入更多，您在該領域是否看到了競爭壓力？

No, I think when you look at our four brands in those segments, we have both new construction and conversion. The conversion opportunities for both MainStay and Suburban are significant. I think we crested the 100 open suburbans recently. And we are seeing on our new construct brands, if you look at the WoodSpring brand, and investors looking for a proven prototype, a proven operating model and a proven exit.

不，我認為當你看看我們在這些領域的四個品牌時，我們既有新建的建築，也有改造的建築。MainStay 和 Suburban 的轉型機會都很大。我想我們最近已經登上了 100 個開放郊區的頂峰。如果你看看 WoodSpring 品牌，我們會看到我們的新建品牌，以及尋求經過驗證的原型、經過驗證的營運模式和經過驗證的退出的投資者。

And we've been able to demonstrate that in very significant and robust ways for the WoodSpring brand. The WoodSpring brand is actually two-thirds of all economy extended-stay new construction projects that are going on in the country right now. So we're actually seeing more interest in our brands and the ability of our company to stay on top of that and stay in front is something that's a key focus for all of our teams.

我們已經能夠以非常重要且強大的方式為 WoodSpring 品牌證明這一點。WoodSpring 品牌實際上佔該國目前正在進行的所有經濟型長住新建項目的三分之二。因此，我們實際上看到人們對我們的品牌越來越感興趣，而我們公司保持領先地位的能力是我們所有團隊關注的重點。

Joseph Greff, JPMorgan.

約瑟夫‧格雷夫，摩根大通。

I have a question that has been similarly asked and you answered it in different ways. But if we think about your longer-term growth drivers and longer-term growth algorithm, and we think about it before, any kind of consequence of net reimbursable excesses or deficits, how closely do your fee or EBITDA stream match the compounding of RevPAR growth and net rooms growth?

我有一個類似的問題，你以不同的方式回答了它。但是，如果我們考慮您的長期增長驅動因素和長期增長演算法，並且我們之前考慮過，淨可報銷超額或赤字的任何後果，您的費用或 EBITDA 流與 RevPAR 增長的複合程度有多接近和淨房間成長？

So I think in terms of kind of -- speaking to the algorithm, Joe?

所以我認為就演算法而言，喬？

Longer term, right, not necessarily if you want to be more specific. But if we were to look at beyond this year, if we were to look at RevPAR growth of X, net growth of Y, G&A growth of Z, and we kind of put them in the blender, how closely does EBITDA fee growth match those three drivers before the consequences making adjustments for the reimbursable stuff?

長遠來看，對吧，如果你想更具體的話就不一定了。但如果我們著眼於今年以後，如果我們著眼於 X 的 RevPAR 增長、Y 的淨增長、Z 的 G&A 增長，並且我們將它們放入混合器中，那麼 EBITDA 費用增長與這些增長的匹配程度如何三、司機在後果發生前做出調整，換取可報銷的東西嗎？

Yes. So obviously, the royalties is still the lion's share of our revenue. So that algorithm of rooms growth, royalty rate and RevPAR will still drive a significant lift to our EBITDA. But as we become a more versatile business over the last several years and particularly since the Radisson acquisition, our ancillary fees are allowing us to grow our top line revenues even in all different types of RevPAR environments.

是的。顯然，版稅仍然是我們收入的最大份額。因此，客房成長、特許權使用費和每間可用客房收入的演算法仍將顯著提升我們的 EBITDA。但隨著我們在過去幾年中成為一家更加多元化的企業，特別是自收購麗笙以來，即使在所有不同類型的每間可用房收入環境中，我們的輔助費用也使我們能夠增加收入。

So certainly, the size of the system will still be important in terms of the more rooms you have, the more opportunities you have to leverage that for those ancillary revenues. But that metric of RevPAR royalty rate and room still remains intact.

因此，當然，系統的規模仍然很重要，因為您擁有的房間越多，您利用其獲得輔助收入的機會就越多。但 RevPAR 特許權使用費和房間的指標仍保持不變。

The other thing I'll just remind you is as we move more upstream, there is a multiplier effect as the hotels we're bringing into the system are 20% more valuable than the ones that are exiting. So as you get that growth in the higher-rated chain scale segments, there should be an accelerator on the royalty side. But I still think if you look at the building blocks for Choice this year, you can still kind of build through those levers.

我要提醒您的另一件事是，隨著我們向上游移動，會產生乘數效應，因為我們引入系統的酒店比退出的酒店價值高出 20%。因此，當您在評級較高的連鎖規模細分市場中獲得成長時，特許權使用費方面應該有一個加速器。但我仍然認為，如果你看看今年選擇的建造模組，你仍然可以透過這些槓桿進行建造。

Yes, Joe, I think you look at that unit growth and effective royalty rate, this quarter effectively offset the RevPAR decline that we saw. Then you add to that, international being up about 4% platform and procurement was up.

是的，喬，我想你看看單位增長和有效特許權使用費率，本季度有效抵消了我們看到的 RevPAR 下降。除此之外，國際平台上漲了約 4%，採購也增加。

Co-brand in particular, as Scott mentioned, was up 9%. And then I think the real focus here is that the Radisson revenue synergy opportunity is continuing to be realized, and we do expect that, as Scott said, those units are now going to flow through some of the procurement partnership and co-brand opportunities that we have.

正如斯科特所提到的，聯合品牌尤其上漲了 9%。然後我認為這裡真正的重點是麗笙收入協同機會正在繼續實現，我們確實預計，正如斯科特所說，這些單位現在將通過一些採購合作夥伴關係和聯合品牌機會流動我們有。

So it is a -- it's a factor that I think is going to help sort of flow through from RevPAR unit growth ultimately into those ancillary revenue streams. And then you add to that the international component.

因此，我認為這是一個有助於從可售房收入單位成長最終流入輔助收入流的因素。然後加入國際成分。

Meredith Jensen, HSBC.

梅雷迪思·詹森，匯豐銀行。

I was hoping you might sort of look out five years or so. And if you could give us an idea of what your, in ideal world, the chain scale might look like versus, say, the end of last year or whatever point makes sense and sort of the breakout in chain scale and also how it may look in leisure and business and international, just as things play out towards your more revenue-intense strategy.

我希望你能多留意五年左右。如果您能讓我們了解一下，在理想的世界中，連鎖規模可能會是什麼樣子，例如去年年底或任何有意義的時間點，連鎖規模的突破以及它可能會是什麼樣子在休閒、商務和國際領域，正如事情朝著您的收入密集型策略發展一樣。

Yes, Meredith, we look at the long-range trends that are going to impact our business and the segments where we operate. Let's start with retirements. 35% of wealth in the country is held by people 55 and older and a number of the trend towards retirement by the end of this decade, one in five Americans will be retired.

是的，梅雷迪思，我們著眼於將影響我們的業務和我們經營的細分市場的長期趨勢。讓我們從退休開始。該國35%的財富由55歲及以上的人持有，並且出現了一些退休趨勢，到本十年末，五分之一的美國人將退休。

So that traveler has a lot of net worth, that traveler has a lot of discretionary time. And they're spending that and prioritizing travel over other things. We're seeing in the research we're doing the increase in people traveling for sporting events and for music events and for a variety of other sightseeing things.

因此，該旅行者有很多淨資產，該旅行者有很多可自由支配的時間。他們將這筆錢花在旅行上，並將旅行置於其他事情之上。我們在研究中發現，參與體育賽事、音樂活動以及各種其他觀光活動的人數增加。

Road trips is our second one that we see continuing to be a key driver for the brands that we operate in, particularly our midscale brands. About 5,000 of our hotels are within a mile of a highway exit. So being where travelers want to go and being the stop along the way, we do see road trips continue to be a long-term driver.

公路旅行是我們的第二個目標，我們認為它仍然是我們經營的品牌（尤其是中端品牌）的關鍵驅動力。我們約有 5,000 家飯店位於高速公路出口一英里範圍內。因此，作為旅行者想去的地方和沿途的停靠站，我們確實看到公路旅行仍然是一個長期的驅動力。

I look at remote work, while it's not as robust as it was two, three years ago. There are a number of jobs that have moved to that type of status. And so people have flexibility in the day of week when they can travel. So we are expecting that to be a long-term driver of growth for us as well.

我關注遠距工作，雖然它不像兩三年前那麼強大。有許多工作已經轉變為這種狀態。因此，人們可以靈活選擇一周中哪一天可以出行。因此，我們預計這也將成為我們成長的長期驅動力。

And then finally, when you look at our extended-stay segment, we do expect to continue to see the rebuilding of American manufacturing plus the infrastructure investments that are going on in the country to be a key driver of that segment.

最後，當你看到我們的長期細分市場時，我們確實希望繼續看到美國製造業的重建以及該國正在進行的基礎設施投資成為該細分市場的關鍵驅動力。

And if you look at that segment alone, we have 500 extended-stay hotels today, 350 -- over 350 in the pipeline. So to your point, as you look out in five years, we feel like our portfolio is very well positioned to take advantage of some of these pretty significant macro tailwinds that will drive lodging demand in the next five years.

如果你單獨看一下這個細分市場，我們現在有 500 家長住飯店，還有 350 家——超過 350 家正在籌建中。因此，就您的觀點而言，當您展望未來五年時，我們認為我們的投資組合處於非常有利的位置，可以利用其中一些相當重要的宏觀順風，這些逆風將推動未來五年的住宿需求。

And one quick follow-up on international and the growth you're seeing there and outside of potentially Radisson into Asia and other areas, what kind of the fee structure should we think about for those international pipeline adds in the business in general?

關於國際市場以及您在亞洲和其他地區可能看到的麗笙酒店以外的增長的快速跟進，我們應該考慮為這些國際管道增加到一般業務中的費用結構？

Yes. It really depends on the market and the type of franchise agreement we have in place. So as you're well aware, some of our markets are master franchise agreements. So if you look at Japan, the Nordic countries, Brazil in particular, India, those are master franchise agreements.

是的。這實際上取決於市場和我們現有的特許經營協議的類型。如您所知，我們的一些市場是主特許經營協議。因此，如果你看看日本、北歐國家，特別是巴西和印度，這些都是主特許經營協議。

Where we're doing direct franchising though is where we usually get higher effective royalty rate. And so what we're seeing on that front is, as we mentioned, EMEA continues to grow for us. We've added new hotels in France and in Spain.

不過，我們進行直接特許經營的地方通常會獲得更高的有效特許權使用費。因此，正如我們所提到的，我們在這方面看到的是，歐洲、中東和非洲地區繼續為我們成長。我們在法國和西班牙新增了飯店。

And then here in the Americas, there's excitement around the Park Inn brand by Radisson in Canada. There's interest in our Radisson kind of green sign and above brands in the Latin American and Caribbean market.

而在美洲，加拿大的麗笙公園飯店 (Park Inn) 品牌也令人興奮不已。拉丁美洲和加勒比海市場對我們的麗笙綠色標誌及以上品牌很感興趣。

And what's exciting about those hotels is they're generally larger hotels than we might see domestically. So from a unit perspective, the revenue intensity of those units generally tends to be higher than what we see domestically.

這些酒店令人興奮的是它們通常比我們在國內看到的酒店更大。因此，從單位角度來看，這些單位的收入強度通常會高於我們在國內看到的水平。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯 (Patrick Scholes)，Truist 證券公司。

When we think about your raised guidance for the rest of the year, certainly sounds there's something organic in there and then there's some hurricane positive demand tailwinds. When you break out that point -- that extra point of RevPAR for the full year, which certainly will be greater for the fourth quarter, how would you break that down between that point hurricane impact versus sort of the organic improvement you've mentioned?

當我們考慮您對今年剩餘時間的指導時，聽起來肯定有一些有機的東西，然後還有一些颶風的積極需求順風。當你分解這一點時——全年每間可用收入的額外點，第四季度肯定會更大，你會如何在颶風影響與你提到的有機改進之間進行分解？

Yes. I think, Patrick, the thing we've really looked at in Q3, that's a really positive, and that's a broad-based increase we're seeing in occupancy quarter over quarter, up 1%. So as everybody knows, occupancy sort of leads rate. So when occupancy is going higher, the franchisees have an opportunity to follow that with rate with muted supply growth.

是的。帕特里克，我認為我們在第三季度真正關注的事情是非常積極的，我們看到入住率逐季度大幅增長，增長了 1%。眾所周知，入住率在某種程度上領先於率。因此，當入住率上升時，特許經營商有機會在供應增長緩慢的情況下跟隨入住率上升。

We do expect that, that's going to continue to be a key driver for RevPAR as we move into the fourth quarter. I think when you try to break out the hurricane impact, it's not that easy to do. It is certainly impacting the length of stay as families need to relocate for renovations and the like.

我們確實預計，隨著進入第四季度，這將繼續成為 RevPAR 的關鍵驅動因素。我認為當你試圖擺脫颶風的影響時，這並不是那麼容易做到的。這肯定會影響居住時間，因為家庭需要搬遷進行裝修等。

But I think when we sort of bake it into our numbers, the full year hurricane impact will probably be about 40, maybe 50 basis points of impact. And so if you take a look at that and you look at the overall pickup that we are guiding to, we're seeing strength outside of that region.

但我認為，當我們將其納入我們的數據時，全年颶風影響可能約為 40，也許 50 個基點。因此，如果你看看這一點，看看我們指導的整體回升，我們就會看到該地區之外的力量。

We're seeing strength outside of the segments that normally get impacted by the hurricane. So this is not just a hurricane impact story. We are seeing the trending moving in the right direction, which gave us confidence to move the RevPAR guidance in a positive direction.

我們看到通常受到颶風影響的領域之外的力量。所以這不僅僅是一個颶風影響的故事。我們看到趨勢朝著正確的方向發展，這讓我們有信心將 RevPAR 導向朝著正面的方向發展。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

I just want to circle back to the $15 million in the third quarter, the ancillary unlock. Can you break that out between Radisson and legacy Choice?

我只想回到第三季的 1500 萬美元，即輔助解鎖。您能區分一下 Radisson 和 Legacy Choice 之間的差異嗎？

Yes. It's a mix of both, Brandt. So as we talked about, part of it was the realignment of our contracts as well as the Radisson bringing that in. So it's probably 75% Choice, 25% Radisson if you did the allocation there. Where we've really seen an opportunity is not only unlocking that, but obviously to sell more services across a larger portfolio.

是的。這是兩者的混合體，布蘭特。正如我們所討論的，部分原因是我們合約的重新調整以及麗笙酒店的引入。所以如果你在那裡進行分配的話，可能是 75% Choice，25% Radisson。我們真正看到的機會不僅是釋放它，而且顯然是在更大的產品組合中銷售更多服務。

For instance, one of those revenue streams are our property management system. We've been able to roll that out not only to the Radisson properties that we've acquired, but also expanded into additional segments for Choice. So for now, all of our extended-stay brands are now using our Choice Advantage proprietary management system, which they had not previously.

例如，這些收入來源之一就是我們的物業管理系統。我們不僅能夠將其推廣到我們收購的麗笙酒店，還擴展到精選酒店的其他細分市場。因此，目前，我們所有的長住品牌現在都在使用我們的 Choice Advantage 專有管理系統，這是他們以前沒有的。

So it's a little bit of a mix of both. But we're excited not only that we were able to realign the contracts but to find additional ways to grow those revenue streams through our broader-based system.

所以它有點混合了兩者。但我們感到興奮的不僅是我們能夠重新調整合同，而且還找到了其他方法來透過我們更廣泛的系統來增加這些收入流。

Great. And then just a follow-up question on RevPAR. Looking at the RevPAR that you guys report for midscale and upper midscale, it looks like it was down about 300 basis points year over year. The STR for those segments was flat. And so I'm curious if that -- if there's a reason why you saw underperformance in those two segments.

偉大的。接下來是關於 RevPAR 的後續問題。看看你們報告的中檔和中高檔的 RevPAR，看起來比去年同期下降了約 300 個基點。這些細分市場的 STR 持平。所以我很好奇這是否有原因導致這兩個細分市場表現不佳。

And then I know that things got better for you sequentially. So did anything slip from the third quarter into the fourth quarter and why that might not be the case or if you're still sort of seeing that -- seeing some sort of relative drag versus what STR would be seeing?

然後我知道你的情況逐漸好轉。那麼，從第三季到第四季是否有任何情況下滑？

No. Brandt, it's really a factor of where our midscale hotels are located and the regions they're located in. If you break out the STR numbers by region, where we have a significant amount of our inventory, those regions did not perform as well as regions where we under index. So it's primarily a regional story as to what drove that.

不。Brandt，這確實是我們中型酒店所在位置及其所在地區的一個因素。如果您按地區（我們擁有大量庫存）細分 STR 數字，這些地區的表現不如我們索引的地區。因此，這主要是一個地區性的故事，說明是什麼推動了這一點。

Dan Wasiolek, Morningstar.

丹‧瓦西奧萊克，晨星公司。

So just wanted to dig a little bit more into the Infrastructure Act. You referenced that you have 5,000 hotels within a mile of interstate. Just kind of -- I believe some of the states have begun to allocate funds here.

所以只是想進一步深入了解《基礎建設法案》。您提到州際公路一英里範圍內有 5,000 家酒店。只是——我相信一些州已經開始在這裡分配資金。

And I'm wondering in those states and those locations for the whole hotels that you have, if you've seen any incremental room night benefit coming from infrastructure stays? And if so, if you can maybe offer some quantification just kind of wondering how to think about this over the next few years. Thanks, Dan.

我想知道在這些州和那些地點的整個酒店中，您是否看到基礎設施住宿帶來的任何增量間夜效益？如果是這樣，您是否可以提供一些量化，只是想知道在未來幾年如何思考這個問題。謝謝，丹。

Thanks, Dan. As you mentioned, I mean, the infrastructure bill is certainly starting to roll out. Our opinion will be kind of a more phased rollout throughout the country as different states are more advanced and how quickly they can allocate that into projects.

謝謝，丹。正如您所提到的，我的意思是，基礎設施法案肯定已經開始推出。我們的意見將是在全國範圍內分階段推出，因為不同的州更加先進，以及他們能夠以多快的速度將其分配到項目中。

What we've seen is overall construction spending is up about 4% year over year across the country. But really, there's really some top 10 states that have received most of the infrastructure dollars today. And about 38% of our hotels are actually located in those top 10 states.

我們看到，全國整體建築支出較去年同期成長約 4%。但實際上，今天確實有一些排名前十的州獲得了大部分基礎設施資金。我們大約 38% 的飯店實際上位於這 10 個州。

So we are starting to see that come through in particular into our extended-stay product. We've also seen some good increased business in the oil markets, where we've got a decent share there. So we are starting to see that infrastructure.

因此，我們開始看到這一點特別體現在我們的長期住宿產品中。我們也看到石油市場的業務出現了一些良好的成長，我們在那裡佔據了相當大的份額。所以我們開始看到這種基礎設施。

It won't be -- because it's rolling out so much regionally, it will be more of a regional play as we see that come through. But certainly, we are well positioned to capture that increased demand that, that spending will drive.

不會的——因為它在地區範圍內推廣得太多，正如我們所看到的那樣，這將更像是地區性的遊戲。但當然，我們處於有利位置，可以抓住支出所推動的需求成長。

Okay. And so is -- should we think about kind of the 500 extended-stay hotels currently that you have as being the main beneficiaries versus kind of maybe the broader portfolio that's near the interstate or is it kind of a combination of both?

好的。那麼，我們是否應該考慮目前擁有的 500 家長住酒店作為主要受益者，而不是靠近州際公路的更廣泛的酒店組合，還是兩者的結合？

Yes, it will really be a combination of both. As we've stated many times, while the extended-stay product is perfect for that type of stay occasion, it's definitely an undersupplied segment. So there's two times the demand than the supply. So as there aren't extended-stay products located next to all these projects, we certainly see that in our economy and midscale hotels, which are net beneficiaries of those travel occasions.

是的，這確實是兩者的結合。正如我們多次指出的，雖然長期住宿產品非常適合此類住宿場合，但它絕對是一個供不應求的細分市場。所以需求是供給的兩倍。因此，由於所有這些項目旁邊都沒有長期住宿產品，我們當然在我們的經濟型和中型酒店中看到了這一點，它們是這些旅行場合的淨受益者。

And Dan, I would say while the work crews may be staying in the extended-stay product, the project managers and the architects and design folks and the engineers, there's a variety of other incremental room night occasions that occur that might not be on site full time, but come in every couple of weeks. And those tend to benefit our more transient-oriented hotels.

丹，我想說，雖然工作人員可能會留在長期住宿產品中，但專案經理、建築師、設計人員和工程師可能會留在長期住宿產品中，但還有其他各種可能不在現場的增量客房夜間活動。這些往往有利於我們那些以短期為導向的酒店。

Christopher Stathoulopoulos, Susquehanna.

克里斯托弗·斯塔索洛普洛斯，薩斯奎哈納。

Just want to make sure I have this right and start to go back to this again here, 40 to 50 bps impact from the hurricanes on full year RevPAR, did you quantify or size up so far as election impact and the calendar shift, which I think you alluded to in the prepared remarks?

只是想確保我的說法正確，並開始再次回到這個主題，颶風對全年RevPAR 產生了40 到50 個基點的影響，您是否量化或衡量了選舉影響和日曆變化，我對此進行了量化或評估。

Yes. I think the calendar shift, I mean, I think in Q2, we had -- sorry, Q3, we had two less weekends. So that's a factor that impacted us by about a 90 basis point drag, Christopher. So calendar shifts do have a meaningful impact on the quarter. And obviously, you make it up on the -- in the full year.

是的。我認為日曆的轉變，我的意思是，我認為在第二季度，我們——對不起，第三季度，我們少了兩個週末。克里斯多福，這個因素對我們造成了約 90 個基點的拖累。因此，日曆變化確實對該季度產生了有意義的影響。顯然，你會在全年中彌補這一點。

When you look at the election, we actually have seen pickup in markets like Wisconsin, Minnesota, so those are -- hopefully, the election will be over tomorrow. But when these elections drag on, that does drive a tailwind business as well. So we have seen some of that as well.

當你觀察選舉時，我們實際上看到威斯康辛州、明尼蘇達州等市場有所回升，所以希望選舉明天就能結束。但當這些選舉拖延下去時，這確實也會推動業務的發展。所以我們也看到了其中的一些。

I think the other thing that we're seeing broad-based is I mentioned people are traveling for sporting events. The realignment of college football is driving a significant amount of fan bases traveling to the markets they normally had not to travel before.

我認為我們廣泛看到的另一件事是我提到人們正在旅行觀看體育賽事。大學橄欖球的重新調整正在推動大量球迷前往他們以前不會去的市場。

So Texas and Georgia and Austin, that occurred at the same time around the F1 race. And so a market like Austin really picks up business. When Oregon goes to Michigan and Ann Arbor to play, those fan bases travel, and they're not the local fan bases.

德克薩斯州、喬治亞州和奧斯汀，這一切在 F1 比賽期間同時發生。因此，像奧斯汀這樣的市場確實生意興隆。當俄勒岡州去密西根州和安娜堡打球時，這些球迷群會旅行，但他們不是當地的球迷群。

So we are expecting that, that's going to continue to be a driver at that sort of local market level of the sporting events and music as well. When Taylor Swift goes to Miami, you do see a pickup in business.

因此，我們預計，這將繼續成為體育賽事和音樂的當地市場水平的驅動力。當泰勒絲去邁阿密時，你確實會看到生意的改善。

So that is a trend that we do think is going to continue more of the sporting and music event-driven travel. We're seeing it in the consumer research, and we're seeing it in the actual numbers as well.

因此，我們確實認為這一趨勢將繼續推動更多由體育和音樂活動驅動的旅行。我們在消費者研究中看到了這一點，也在實際數字中看到了這一點。

Okay. And as a follow-up, if you could just put a finer point, I realize you're still in your planning process for '25. But generally speaking, as we think about leisure business, group transient, domestic, international, high-level thoughts, it sounds like on the business side, transient grinding higher.

好的。作為後續行動，如果你能提出更具體的觀點，我意識到你仍然處於 25 年的規劃過程中。但整體來說，當我們思考休閒商務、群體瞬態、國內、國際、高層的想法時，聽起來像是在商務方面，瞬態磨得更高。

We do have a updates to RTO policies, group solid. Is there a reason on the leisure piece domestic that we should expect anything at this point beyond seasonally in line with perhaps a downside bias to that? Anything -- just some color here as we're thinking about the segments, if you will, for '25.

我們確實對 RTO 政策進行了更新，集團實力雄厚。對於國內休閒產品，我們是否有理由認為，除了季節性因素之外，目前應該預期任何可能出現下行傾向的因素？任何東西——只是這裡的一些顏色，因為我們正在考慮25年的細分市場，如果你願意的話。

Yes. I think if you just step back and look at the macro, the RevPAR in the US generally grows between 2% and 3%. And if you look at our RevPAR going all the way back to 2019, we're up -- I think it's 9%, Scott, right, in the quarter. So that if you're looking at the long-term trends, that's a normal sort of growth rate for a normal year. We'll give our guidance when we get to February.

是的。我認為，如果你退一步看宏觀，美國的 RevPAR 一般會成長 2% 到 3% 之間。如果你看看我們的 RevPAR 一直追溯到 2019 年，我們就上升了——我認為這個季度上升了 9%，斯科特，對吧。因此，如果您關注長期趨勢，那麼這是正常年份的正常成長率。我們將在二月時提供指導。

But I step back and as I mentioned, I look at the macro that generally correlates well and that RevPAR to GDP correlation usually has a lag effect. So when GDP grows, you see the RevPAR pickup, not immediately, but in the coming months. And so the fact that the last two quarters for GDP have grown is important because the economy is growing. That means business travel is going to grow.

但我退後一步，正如我所提到的，我觀察了總體上相關性良好的宏觀經濟，並且 RevPAR 與 GDP 的相關性通常具有滯後效應。因此，當 GDP 成長時，您會看到 RevPAR 上升，但不是立即上升，而是在未來幾個月內上升。因此，過去兩個季度 GDP 成長這一事實很重要，因為經濟正在成長。這意味著商務旅行將會成長。

We mentioned some of the other key drivers, the infrastructure bill, this reshoring of American manufacturing, which is continuing to drive both construction projects and then ultimately long-term business in certain markets. That's really helping the extended-stay segment, and I do think it's going to be a long-term demand driver for that as well.

我們提到了其他一些關鍵驅動因素，例如基礎設施法案、美國製造業的回流，這些因素正在繼續推動建築項目，並最終推動某些市場的長期業務。這確實對長住市場有幫助，而且我確實認為這也將成為長期需求的驅動力。

So those are the macro things we look at that tend to correlate well with RevPAR. And as I said, we'll give our guidance for 2025 in February.

因此，這些是我們關注的宏觀因素，它們往往與 RevPAR 密切相關。正如我所說，我們將在 2 月給予 2025 年的指導。

We have no further questions. I will turn the call back over to Pat Pacious for closing comments.

我們沒有其他問題了。我會將電話轉回帕特·帕西斯 (Pat Pacious) 以徵求結束意見。

Great. Thank you, operator. Thanks, everyone, again, for your time this morning. We will talk to you again in February when we announce our fourth quarter and our full year 2024 results. Have a great rest of your day.

偉大的。謝謝你，接線生。再次感謝大家今天早上抽出時間。我們將在 2 月宣布第四季和 2024 年全年業績時再次與您交談。祝您有個愉快的一天。

Ladies and gentlemen, this concludes your conference for today. We thank you for participating, and we ask that you please disconnect your lines.

女士們、先生們，今天的會議到此結束。我們感謝您的參與，並請您斷開線路。