Choice Hotels International Inc (CHH) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Choice Hotels International's fourth-quarter and full year 2024 earnings call. I will now turn the conference over to Allie Summers, Investor Relations, Senior Director for Choice Hotels.

女士們、先生們，感謝你們的支持。歡迎參加精選國際飯店集團 2024 年第四季和全年財報電話會議。現在，我將會議交給精選國際酒店集團投資者關係高級總監 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.

早安，感謝您今天加入我們。在我們開始之前，我們想提醒您，在本次電話會議中，我們將使用某些預測性或前瞻性的陳述來幫助您了解公司及其業績。

Actual results may differ materially from those in indicated in forward-looking statements, and you should consult the company's Forms 10-Q, 10-K and other SEC filings for information about important risk factors affecting the company that you should consider. Each forward-looking statements speak as of today's date, and we undertake no obligation to publicly update them to reflect subsequent events or circumstances.

實際結果可能與前瞻性陳述中所示的結果有重大差異，您應該查閱公司的 10-Q、10-K 表格和其他 SEC 文件，以獲取有關您應該考慮的影響公司的重要風險因素的資訊。每項前瞻性陳述均截至今日有效，我們不承擔公開更新這些陳述以反映後續事件或情況的義務。

You can find a reconciliation of our non-GAAP financial measures referred to in our remarks as part of our fourth-quarter and full year 2024 earnings press release and investor presentation, which is posted on our website at choicehotels.com under the Investor Relations section.

您可以在我們 2024 年第四季和全年財報新聞稿和投資者介紹中找到我們在評論中提到的非 GAAP 財務指標的對帳表，該對帳表發佈在我們的網站 choicehotels.com 的「投資者關係」部分下。

This morning, Pat Pacious, President and Chief Executive Officer will speak to our fourth-quarter operating results, whilst Scott Oaksmith, Chief Financial Officer, will discuss our financial performance and 2025 outlook. Following our prepared remarks, we'll be glad to answer your questions.

今天上午，總裁兼執行長 Pat Pacious 將介紹我們的第四季度經營業績，而財務長 Scott Oaksmith 將討論我們的財務業績和 2025 年展望。根據我們準備好的發言，我們將很高興回答您的問題。

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

說完這些，我將把電話轉給帕特。

Thank you, Allie, and good morning, everyone. We appreciate your taking the time to join us. Choice Hotel has delivered yet another year of strong results in 2024. We exceeded the top end of our guidance with a 12% year-over-year increase in adjusted EBITDA and a 13% year-over-year increase in adjusted earnings per share. In 2024, we realized a 3.3% year-over-year net increase in global rooms, including a 4.3% net increase for our more revenue intense domestic routes.

謝謝你，艾莉，大家早安。感謝您抽空加入我們。2024 年，精選飯店 (Choice Hotel) 再次取得了強勁的業績。我們的調整後 EBITDA 年成長 12%，調整後每股盈餘較去年同期成長 13%，超出了預期上限。2024年，我們實現全球客房淨成長3.3%，其中收入密集的國內航線淨成長4.3%。

We also continued to increase the velocity of moving hotels from our pipeline to open hotels and opened 21% more hotels worldwide in 2024 compared to the prior year. As we look to our future, long-term growth is expected to continue to be strong because 98% of the rooms in our global pipeline are now within our more revenue intense brands.

我們也持續加快將飯店從籌備轉移到已開業飯店的速度，到 2024 年，全球新開幕飯店數量將比前一年增加 21%。展望未來，我們預計長期成長將繼續保持強勁，因為我們全球 98% 的客房目前都屬於我們收益更高的品牌。

This means that our pipeline is set to generate significantly higher revenue compared to our existing portfolio, driven by a substantial RevPAR premium, a higher average effective royalty rate and a larger room count per hotel. These results demonstrate that our strategy continues to deliver. 2024 was the year in which we continue to realize the earnings growth from our past investments, both to meaningfully expand the scale of our business and to reposition the company into more revenue intense segment.

這意味著，受每間可用客房收入 (RevPAR) 大幅溢價、平均有效特許權使用費率更高以及每家酒店客房數量增加的推動，我們即將開業的酒店將比現有酒店產生更高的收入。這些結果表明我們的策略繼續發揮作用。 2024年是我們繼續實現過去投資獲利成長的一年，這不僅顯著擴大了我們的業務規模，還將公司重新定位到收入更密集的領域。

During the past year, we relaunched for brands adding exciting new brand growth opportunities for our franchisees. We opened our 515 extended stay hotel, continuing our leadership position in that sought after sector. We meaningfully expanded our partnerships business. We significantly increased our international footprint. We achieved record organic growth in our rewards program, and we unlocked new value through our Radisson Americas acquisition.

在過去的一年裡，我們重新推出了品牌，為我們的特許經營商增加了令人興奮的新品牌成長機會。我們開設了 515 家長住酒店，並繼續在這一熱門領域保持領先地位。我們大力拓展了合作夥伴業務。我們顯著擴大了我們的國際影響力。我們的獎勵計劃實現了創紀錄的有機成長，並透過收購麗笙美洲酒店釋放了新的價值。

All of these important successes have further strengthened our network, enhance both the guest and franchisee experience and created additional ancillary revenue opportunities. We are also excelling at what we do best delivering for our franchisees.

所有這些重要的成功都進一步加強了我們的網絡，增強了客人和特許經營商的體驗，並創造了額外的輔助收入機會。我們也在為我們的加盟商提供最優質服務方面表現出色。

In the fourth quarter, we outperformed the industry by 90 basis points in domestic RevPAR performance and achieved RevPAR index share gains versus competitors, with RevPAR increasing 4.5% year-over-year. We are capturing demand across multiple regions of the country, and our robust sales infrastructure and capabilities are allowing us to secure incremental demand generated by the recent natural disasters.

第四季度，我們的國內 RevPAR 業績超出行業 90 個基點，且 RevPAR 指數份額相對於競爭對手有所增長，RevPAR 同比增長 4.5%。我們正在捕捉全國多個地區的需求，我們強大的銷售基礎設施和能力使我們能夠確保最近自然災害產生的增量需求。

In addition to the positive trends in leisure travel, we are seeing improving strength in our business travel. In 2024, business travel represented approximately 40% of our overall mix, reflecting the success of our revenue intense strategy. In fact, our business transient segment grew 14% year-over-year in the fourth quarter.

除了休閒旅遊的正面趨勢外，我們還看到商務旅遊的勢頭正在增強。2024 年，商務旅行約占我們整體旅行的 40%，這反映了我們收入密集策略的成功。事實上，我們的商務臨時部門在第四季年增了 14%。

Traction in the technology vertical is particularly encouraging, and we believe we have a meaningful long-term opportunity to capture growing demand for both the technology and energy-related sectors, driven in part by the significant infrastructure investments required by GenAI, and we are also driving a year-over-year acceleration in the growth of our group travel business, where we are capturing demand from small corporate and leisure groups.

科技垂直領域的牽引力尤其令人鼓舞，我們相信，我們有一個有意義的長期機會來抓住技術和能源相關領域日益增長的需求，部分原因是 GenAI 所需的大量基礎設施投資，而且我們還在推動團體旅遊業務的同比增長加速，我們正在抓住小型企業和休閒團體的需求。

So far in the first quarter of 2025, our business travel is trending up fueled by both group and business transient travel as we are seeing a pickup in locally negotiated business and year-over-year revenue growth through our digital channel that delivers midweek and corporate managed business.

截至目前，在 2025 年第一季度，我們的商務旅行呈上升趨勢，這得益於團體旅行和商務臨時旅行，因為我們透過提供周中和公司管理業務的數位管道看到本地協商業務的回升和收入同比增長。

At the same time, we launched exciting new rewards program, features that provide our Choice Privileges members with even more options to maximize their rewards and enhance their overall experience, including an extended booking window for points redemption and the ability to redeem points for upgraded rooms.

同時，我們推出了令人興奮的新獎勵計劃，這些功能為我們的 Choice Privileges 會員提供了更多選擇，以最大化他們的獎勵並增強他們的整體體驗，包括延長積分兌換的預訂窗口以及兌換積分升級客房的能力。

In just one month since the launch, these enhancements have already led to a significant year-over-year increase in reward redemptions and extended booking windows, which drive occupancy for our properties further out. This positive momentum in both business and leisure travel, driven by the significant investments made last year gives us increased confidence in our 2025 outlook.

自推出以來僅一個月，這些改進措施就已導致獎勵兌換量同比大幅增長，預訂窗口也延長，從而進一步提高了我們酒店的入住率。受去年大量投資的推動，商務和休閒旅遊均呈現正面勢頭，這讓我們對 2025 年的前景更有信心。

It is important to know what is enabling the positive results from these investments, and that is our scale. Today with 22 hotel brands, our scale is significantly larger than it was just three years ago, and the benefits of that scale now extend to all of our hotels. We have created a step function change the company's positioning, which is not only created additional business development opportunities for franchisees but also enabled us to generate more value for them.

重要的是要知道是什麼使得這些投資能夠產生積極成果，那就是我們的規模。如今，我們擁有 22 個酒店品牌，規模比三年前有了顯著擴大，而且規模帶來的優勢現已擴展到我們所有的酒店。我們逐步改變了公司的定位，這不僅為加盟商創造了額外的業務發展機會，也使我們能夠為他們創造更多價值。

Relentlessly enhancing the value we bring to our franchisees is one of the key reasons our existing owners choose to expand their hotel portfolio with Choice Hotels and contributes to our industry-leading voluntary franchisee retention rate. As we grow, we are continuing to invest and enhance our value proposition for franchisees, which we believe will result in expanding our business and taking additional market share.

不斷提升我們為特許經營商帶來的價值是我們現有業主選擇與精選國際酒店集團一起擴大其酒店組合的關鍵原因之一，並有助於我們實現行業領先的自願特許經營商保留率。隨著我們的成長，我們將繼續投資並增強我們對特許經營商的價值主張，我們相信這將擴大我們的業務並佔據更多的市場份額。

2024 was the year we began to realize the benefits of our larger scale, which enabled us to make additional investments given our significantly enhanced growth profile. I'm pleased to report that we are already starting to see a positive impact from some of those recent investments.

2024 年是我們開始意識到規模擴大帶來的好處的一年，這使我們能夠在顯著增強的成長前景下進行額外投資。我很高興地報告，我們已經開始看到最近的一些投資的正面影響。

First, we've invested in capturing more group business and business transient demand, leveraging our evolution to a more upscale portfolio. In 2024, we redesigned and augmented our group sales team, resulting in an impressive year-over-year revenue increase of over 45% from group accounts in the fourth quarter, primarily driven by meetings and events related travel.

首先，我們投資於捕捉更多的團體業務和業務瞬時需求，並利用我們向更高端的投資組合的轉變。2024 年，我們重新設計並擴充了團體銷售團隊，導致第四季度團體帳戶收入年增超過 45%，這主要得益於會議和活動相關的旅行。

At the same time, we increased our business transient revenue, supported by our strengthened the upper mid-scale portfolio, where revenues were up by 20% year-over-year in the fourth quarter. The larger scale has also allowed us to invest more in franchisee facing technology. Specifically, we are excited about our recently relaunched choicehotels.com website and mobile app.

同時，在加強的中高端產品組合的支持下，我們的業務瞬時收入有所增加，第四季度該業務的收入同比增長了 20%。規模的擴大也使我們能夠在特許經營商的技術上投入更多。具體來說，我們對最近重新推出的 choicehotels.com 網站和行動應用程式感到非常興奮。

This new digital experience has already led to a year-over-year increase in booking conversion rate, including a double digit increase for our upscale properties. Last quarter, we also successfully deployed a mobile friendly one-stop platform for our franchisees to efficiently manage all of their properties from any location, which in turn helps further reduce their operating costs and allow them to focus on providing an outstanding guest experience.

這種新的數位體驗已經導致預訂轉換率同比增長，其中高檔酒店的預訂轉換率實現了兩位數的增長。上個季度，我們還成功部署了一個行動友善的一站式平台，以便我們的特許經營商可以從任何位置有效地管理他們的所有房產，這反過來有助於進一步降低他們的營運成本，並使他們能夠專注於提供卓越的客戶體驗。

With a strong foundation and a clear direction for our repositioned company, we are focused on continuing to invest in key areas that offer the greatest opportunity to further enhance our value proposition and accelerate our growth in the coming years. In 2025, we will concentrate our investments on improving franchisees' profitability, developing better tools for small and medium-sized business customers and strengthening our rewards program.

憑藉堅實的基礎和重新定位後的公司的明確方向，我們專注於繼續投資於關鍵領域，這些領域提供了最大的機會，可以進一步提升我們的價值主張並加速我們未來幾年的成長。2025年，我們將專注於提高加盟商的獲利能力、為中小型企業客戶開發更好的工具以及加強我們的獎勵計劃。

We are confident that these investments will significantly increase our future growth opportunities. In addition to our traditional strength in the upper mid-scale and mid-scale segments, the company has well-established brands with significant growth potential in the two segments with the highest developer and guest demand, extended stay and upscale limited service.

我們相信，這些投資將大大增加我們未來的成長機會。除了我們在中高檔和中檔酒店領域的傳統優勢外，該公司還在開發商和客人需求最高的兩個領域，即長住酒店和高檔有限服務酒店領域擁有成熟且具有巨大增長潛力的品牌。

These segments are more accretive to our earnings, and they have been and will continue to be a key driver of our earnings algorithm and future growth. We are pleased to be expanding our lead in the cycle resilient extended stay segment by adding more than 4,500 extended stay rooms in 2024.

這些部分對我們的獲利具有更大的增值作用，它們已經並將繼續成為我們獲利演算法和未來成長的關鍵驅動力。我們很高興能夠在 2024 年增加 4,500 多間長住客房，從而擴大我們在周期彈性長住領域的領先地位。

For six consecutive quarters, we have grown our domestic extended-stay room system size by 10% year-over-year, and we expect the higher than industry average growth to continue. With over 70% of all domestic economy extended stay rooms under construction, being Choice Hotels brands, and nearly 43,000 extended savers and our pipeline, we are well positioned for future growth.

連續六個季度，我們的國內長住客房系統規模年增 10%，我們預計高於行業平均的成長將持續下去。目前，我們國內 70% 以上的經濟型長住客房均在建設中，均為精選酒店品牌，此外還有近 43,000 名長住優惠顧客和我們的預訂客戶，這為我們未來的增長做好了準備。

In the Upscale segment, we continue to expand our presence, increasing the global room system size by 44% year-over-year to over 110,000 upscale and above rooms, representing 17% of our overall system. Almost 2 times our economy portfolio. Importantly, our rewards program members now enjoy access to over 180,000 upscale, upper upscale and luxury hotel rooms worldwide.

在高檔飯店領域，我們持續擴大業務範圍，全球客房系統規模年增 44%，達到 110,000 間高檔及以上客房，占我們整體系統的 17%。幾乎是我們經濟投資組合的兩倍。重要的是，我們的獎勵計劃會員現在可以享受全球超過 180,000 間高檔、超高檔和豪華酒店客房。

With 17% of our CP members annual household income exceeding $200,000 and with nearly 25,000 more upscale and above global rooms in the pipeline, we will be provided them even more aspirational locations to visit well into the future. Fueling that growth is the momentum we are seeing in the Upscale segment.

我們的 CP 會員中有 17% 的家庭年收入超過 200,000 美元，並且我們正在籌備近 25,000 間高檔及以上的全球客房，我們將為他們提供更多令人嚮往的旅遊勝地。我們在高端市場看到的勢頭推動了這一成長。

In 2024, we achieved strong development growth with a 36% year-over-year increase in the number of domestic upscale franchise agreements awarded. We also continued to strengthen our core brand portfolio. In addition to the success we are seeing with our newest brand, Park Inn by Radisson, our Country Inn & Suites by Radisson brand outperformed [STRs] upper midscale segment by nearly 3 percentage points in the fourth quarter.

2024年，我們實現了強勁的發展成長，授予的國內高檔特許經營協議數量年增36%。我們也持續加強我們的核心品牌組合。除了我們最新品牌 Park Inn by Radisson 取得成功之外，我們的 Country Inn & Suites by Radisson 品牌在第四季度的表現也比 [STRs] 中高檔酒店市場高出近 3 個百分點。

At the same time, we expanded the iconic quality and brand portfolio in nearly 150,000 global rooms, highlighted by 49 global hotel openings, a 29% year-over-year increase in a year when the brand celebrated its 85th anniversary. A key addition to our growth story is the performance of the Radisson Americas brands. The significant improvements in digital traffic and booking conversion rates since the integration of driven those brands' RevPAR index gains, which has led to new hotel development commitments.

同時，我們擴大了標誌性的品質和品牌組合，在全球擁有近 150,000 間客房，其中全球新開了 49 家酒店，在品牌慶祝成立 85 週年的這一年，同比增長 29%。我們成長故事的一個重要補充是麗笙美洲品牌的表現。自整合以來，數位流量和預訂轉換率的顯著提高推動了這些品牌的 RevPAR 指數上漲，從而帶來了新的飯店開發承諾。

Notably, in 2024, we executed twice as many domestic franchise agreements for the Radisson Americas brands as we did in 2023. we expect the positive momentum for the Radisson Americas brands to continue. And as of yearend, we had 13% more rooms in the pipeline across the domestic Radisson Americas portfolio compared to the prior year.

值得注意的是，2024 年我們為麗笙美洲品牌簽署的國內特許經營協議數量是 2023 年的兩倍。我們預計麗笙美洲品牌的正面動能將持續下去。截至年底，我們國內麗笙美洲酒店集團的在建客房數量與前一年相比增加了 13%。

A key differentiator for winning new franchise agreements continues to be our best-in-class hotel conversion capability, which moves projects rapidly through the pipeline. In fact, of the domestic franchise agreements we executed for conversion hotels in 2024, we opened 164 within that timeframe, a 22% increase compared to 2023.

贏得新特許經營協議的一個關鍵區別因素仍然是我們一流的酒店轉換能力，這可以快速推進項目。事實上，在我們於 2024 年簽署的改建酒店國內特許經營協議中，我們在此期間開設了 164 家酒店，與 2023 年相比增長了 22%。

Over the past two years, we have accelerated our opening speed by nearly 25%. We are encouraged by the continued traction for our conversion brands. In the fourth quarter, we increased the number of domestic franchise agreements executed for conversion hotels by 7% year-over-year, and we expect our hotel conversion core competency to be a key growth driver this year.

過去兩年，我們的開放速度加快了近25%。我們的轉換品牌持續受到歡迎，這令我們感到鼓舞。第四季度，我們簽訂的國內轉製飯店特許經營協議數量年增7%，我們預期飯店轉製核心競爭力將成為今年的主要成長動力。

I'd now like to turn to our international business. We're in the fourth quarter. We increased our adjusted EBITDA by 50% and expanded our rooms portfolio by 4.4% year-over-year, highlighted by 58% increase in hotel openings. And with a new construction rooms pipeline that has increased by 14% compared to the prior year, we continue to see a significant opportunity to further gain international market share in the coming years.

現在我想談談我們的國際業務。我們正處於第四季。我們的調整後 EBITDA 年成長 50%，客房數量較去年同期成長 4.4%，其中飯店開業數量成長 58%。與前一年相比，新建客房數量增加了 14%，我們繼續看到未來幾年進一步獲得國際市場份額的巨大機會。

In our key strategic region of EMEA, we delivered a 5% increase in RevPAR performance year over year and are attracting strong franchisee interest. Last quarter, our India team executed our first direct franchising agreement in Spain, adding more than 700 rooms. We have already onboarded over 500 rooms to our portfolio and expect the remainder to be open in 2025.

在我們的關鍵策略區域 EMEA，我們的 RevPAR 業績年增了 5%，並吸引了大量特許經營商的興趣。上個季度，我們的印度團隊在西班牙執行了第一份直接特許經營協議，增加了 700 多間客房。我們已經擁有超過 500 間客房，預計剩餘客房將於 2025 年開放。

In France, under our direct franchising agreement with Zenitude Residential Hotels, we've already onboarded more than 2,600 rooms and anticipate the remaining 1,600-plus rooms to join the system throughout 2025.

在法國，根據我們與 Zenitude Residential Hotels 簽訂的直接特許經營協議，我們已經擁有超過 2,600 間客房，預計剩餘的 1,600 多間客房將於 2025 年加入該系統。

Turning now to our customer base. In 2024, we expanded our rewards program to 69 million members, an 8% increase compared to the prior year, which marks the highest number of organic enrollment in a single year. This growth is a direct result of us creating a more compelling program, including adding exciting new experiences such as music, racing and college sports event redemption options and introducing new aspirational hotels.

現在轉向我們的客戶群。2024 年，我們的獎勵計畫會員人數擴大至 6,900 萬，較前一年增長 8%，創下單年自然註冊人數的最高紀錄。這一增長直接得益於我們創建了一個更具吸引力的計劃，包括增加令人興奮的新體驗，如音樂、賽車和大學體育賽事兌換選項，以及推出新的理想酒店。

Another exciting development benefiting our customers is the new strategic partnership with Westgate Resorts, the industry's premier resort operator. This arrangement added more than 14,000 rooms to our domestic portfolio in 2024 and further enhance Choice Hotels rewards program by allowing our members to earn and redeem points at these resort properties.

另一個令我們的客戶受益的令人興奮的發展是與業內首屈一指的度假村營運商 Westgate Resorts 建立新的策略合作夥伴關係。這項安排使我們在 2024 年的國內酒店組合增加了超過 14,000 間客房，並允許我們的會員在這些度假村酒店賺取和兌換積分，從而進一步增強了精選酒店獎勵計劃。

In closing, by successfully executing our strategy, we've repositioned the company and established a strong foundation for future growth. Our proactive investments and more versatile model have meaningfully enhanced our company's growth profile, and we believe we have positioned toys to deliver sustained earnings growth.

最後，透過成功執行我們的策略，我們重新定位了公司並為未來的發展奠定了堅實的基礎。我們的積極投資和更靈活的模式顯著提升了公司的成長前景，我們相信，我們已經將玩具定位為實現持續獲利成長。

We continue to grow our significant free cash flow annually, and our priority use of this capital remain focused on enhancing our value proposition and driving organic growth while returning excess cash to shareholders.

我們每年的自由現金流都在持續成長，而我們對這筆資本的優先使用仍然集中在增強我們的價值主張和推動有機成長，同時將多餘的現金回饋給股東。

I will now turn the call over to our CFO. Scott?

現在我將把電話轉給我們的財務長。史考特？

Thanks, Pat, and good morning, everyone.

謝謝，帕特，大家早安。

Today, I will discuss our fourth-quarter and full-year results, update you on our balance sheet and capital allocation and share our outlook for the full year 2025. For full year 2024, a combination of global rooms growth, strong effective royalty rate growth and the robust performance of our non-RevPAR dependent programs drove adjusted EBITDA to $604.1 million, representing a 12% year-over-year increase and exceeding the top end of our guidance.

今天，我將討論我們的第四季和全年業績，向您介紹我們的資產負債表和資本配置，並分享我們對 2025 年全年的展望。就 2024 年全年而言，全球客房增長、有效特許權使用費率的強勁增長以及我們非 RevPAR 依賴計劃的強勁表現推動調整後的 EBITDA 達到 6.041 億美元，同比增長 12%，並超過了我們預期的最高水平。

Our full year 2024 adjusted earnings per share also exceeded our guidance, reaching $6.88 per share, a 13% increase year-over-year. For fourth quarter 2024 compared to the same period in 2023, revenues, excluding reimbursable revenue from franchised and managed properties increased 7% to $229 million.

我們 2024 年全年調整後每股盈餘也超過了我們的預期，達到每股 6.88 美元，年增 13%。2024 年第四季與 2023 年同期相比，不包括特許經營和管理物業的可報銷收入的收入增長 7%，達到 2.29 億美元。

Our adjusted EBITDA grew 12% to $140 million, and our adjusted earnings per share were $1.55 per share, an 8% increase.

我們的調整後 EBITDA 成長 12%，達到 1.4 億美元，調整後每股收益為 1.55 美元，成長 8%。

So let me first discuss our key drivers of franchise fee growth, which include unit growth, RevPAR performance and our royalty rate.

因此，首先讓我來討論特許經營費成長的關鍵驅動因素，其中包括單位成長、RevPAR 表現和我們的特許費率。

In the fourth quarter, our domestic rooms growth with improved sequentially and increased by 4.3% year-over-year across our more revenue intense upscale, extended-stay and mid-scale portfolio. This growth represented a 1.5% year-over-year increase in the number of units.

第四季度，我們的國內客房成長較上季改善，收入密集的高檔飯店、長住飯店和中檔飯店組合的客房成長較去年同期成長 4.3%。這一增長意味著單位數量同比增長了 1.5%。

We opened 305 new domestic hotels in 2024, a 16% year-over-year increase, our highest number since before the pandemic. We are particularly pleased to see our new hotel construction starts in the fourth quarter exceeded our expectations, and we saw an 8% year-over-year increase in the number of new construction hotels opened even as we faced a challenging hotel development environment.

2024 年，我們新開設了 305 家國內飯店，年增 16%，創下疫情爆發前的最高紀錄。我們特別高興地看到，第四季度新酒店開工數量超出了我們的預期，儘管我們面臨充滿挑戰的酒店開發環境，但新建酒店數量同比增長了 8%。

We believe this illustrates our commitment to franchisee profitability and providing brands that deliver compelling returns on investments even during times of elevated costs. For growth in our year-over-year openings with fueled by our robust pipeline which included over 20 hotels and 14,000 rooms from our partnership with Westgate that moved from our pipeline to open hotels in the fourth quarter. We continue to focus on building a strong pipeline of hotels and are pleased with our ongoing progress.

我們相信，這體現了我們對特許經營商獲利能力的承諾，以及即使在成本高漲的時期也能為品牌帶來豐厚的投資回報。我們的開業酒店數量同比增長，得益於我們強大的籌備能力，其中包括與 Westgate 合作的 20 多家酒店和 14,000 間客房，這些酒店和客房已從我們的籌備能力轉移到第四季度的開業酒店。我們將繼續致力於打造強大的酒店管道，並對我們的持續進展感到滿意。

In fact, when excluding the impact of opening, the Westgate Hotels under our Ascend Hotel Collection in the fourth quarter from our domestic pipeline increased sequentially by 3% quarter-over-quarter. Our deliberate decisions and strategic investments in our franchisee tools, brand portfolio and platform capabilities are delivering results across all our brand segments.

事實上，排除開幕的影響後，第四季我們 Ascend Hotel Collection 旗下的 Westgate 飯店數量比去年同期成長了 3%。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的品牌領域帶來成果。

First, we are continuing to strengthen our presence in the upscale segment with a 12% increase in global openings and an 8% increase in domestic franchise agreements awarded compared to the fourth quarter of 2023. In fact, our Ascend Hotel Collection, a leading global soft brand reported a 43% year-over-year increase in openings worldwide.

首先，我們繼續加強在高端酒店領域的影響力，與 2023 年第四季相比，全球開業酒店數量增加了 12%，國內特許經營協議數量增加了 8%。事實上，我們的 Ascend Hotel Collection（全球領先的軟品牌）報告稱其全球開幕酒店數量比去年同期增長了 43%。

Second, we grew our domestic extended stay rooms size by 10% year-over-year, highlighted by record openings for both our WoodSpring Suites and Everhome Suites brands. The Everhome Suites brand is seeing strong traction with 7 hotels now open and 64 domestic projects in the pipeline, including 22 under construction as of today.

其次，我們的國內長住客房規模年增了 10%，其中 WoodSpring Suites 和 Everhome Suites 品牌的開幕數量均創歷史新高。Everhome Suites 品牌發展勢頭強勁，目前已開業 7 家酒店，另有 64 個國內項目正在籌備中，其中截至目前有 22 個項目正在建設中。

And third, we expanded our global mid-scale rooms portfolio to approximately 422,000 rooms, highlighted by a 51% increase in global hotel openings compared to the prior year. At the same time, we saw a 10% increase in mid-scale domestic franchise agreements executed year-over-year.

第三，我們將全球中檔客房組合擴大到約 422,000 間，全球飯店開幕數量與上年相比增加了 51%。同時，我們發現國內中型特許經營協議的簽訂量年增了 10%。

Turning now to our RevPAR performance. Our fourth quarter domestic RevPAR outperformed our chain scales by 30 basis points, increasing 4.5% year-over-year. This was driven by 80 basis point improvement in occupancy levels and a 3.1% year-over-year increase in average daily rates. Our performance exceeded our forecasted expectations, and we can continue this positive momentum into the first quarter of 2025.

現在來談談我們的 RevPAR 表現。我們第四季的國內 RevPAR 比同連鎖飯店高出 30 個基點，較去年同期成長 4.5%。這是由於入住率提高了 80 個基點，且平均每日房價年增 3.1%。我們的業績超出了預期，我們可以將這種積極勢頭延續到 2025 年第一季。

Our domestic extended stay segment performed exceptionally well, achieving fourth-quarter RevPAR growth of 5.9% over the prior year. Impressively, for the full year 2024, our Radisson upscale brand outperformed STRs upscale segment over 4 percentage points and achieved RevPAR index share gains of nearly 3 percentage points.

我們的國內長住飯店業務表現非常出色，第四季的 RevPAR 比去年同期成長了 5.9%。令人印象深刻的是，2024 年全年，我們的麗笙高檔品牌的表現比 STR 高檔品牌高出 4 個百分點以上，RevPAR 指數份額增長了近 3 個百分點。

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 full year increased 7 basis points year-over-year, representing approximately $7 million of incremental royalties. 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.

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持續成為營收成長的重要來源。我們全年的國內系統有效特許權使用費率比去年同期增加了 7 個基點，相當於增加了約 700 萬美元的特許權使用費。這項業績證明了我們的策略對推動高收入品牌組合的成長以及向特許經營業主提供增強的價值主張產生了積極影響。

We are optimistic about the ongoing upward trajectory of our effective royalty rate for years to come as the contracts in our domestic pipeline has significantly 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. Our ancillary fees benefit from expand offerings to our franchisees and guests, increased transaction volume with our qualified vendors and the broader reach of our initiatives.

我們對未來幾年有效特許權使用費率的持續上升趨勢感到樂觀，因為我們國內合約中的有效特許權使用費率明顯高於我們目前開放酒店組合中的合約。我們將繼續鞏固平台業務的強勁發展勢頭。我們的附加費用受益於我們向特許經營商和客人提供的服務的擴大、與合格供應商的交易量的增加以及我們計劃的廣泛影響。

These fees increased 8% year-over-year in the fourth quarter and increased by more than 50% for full year 2024 compared to 2023. Particularly our co-branded credit card program has been yielding impressive results, delivering 20% year-over-year growth in credit card revenues over the last year.

這些費用在第四季度同比增長 8%，2024 年全年較 2023 年增長 50% 以上。特別是我們的聯名信用卡計畫取得了令人矚目的成績，去年信用卡營收年增了 20%。

Continue to expand our platform business and increase the products and services we offer is one of our key initiatives and we believe that we can drive strong revenue growth in the years ahead. Last year, we generated over $390 million in adjusted free cash flows, a 13% year-over-year increase. And our operating cash flows, net of franchise agreement acquisition costs increased 8% to $319 million.

繼續擴大我們的平台業務並增加我們提供的產品和服務是我們的主要舉措之一，我們相信我們能夠在未來幾年推動強勁的收入成長。去年，我們產生的調整後自由現金流超過 3.9 億美元，年增 13%。我們的經營現金流扣除特許經營協議收購成本後成長了 8%，達到 3.19 億美元。

Our business continues to produce strong cash flow, which coupled with our well-positioned balance sheet, allows us to execute our capital allocation priorities, including investing in the growth initiative Pat highlighted while also returning significant capital to shareholders.

我們的業務繼續產生強勁的現金流，再加上我們良好的資產負債表，使我們能夠執行資本配置優先事項，包括投資帕特強調的成長計劃，同時向股東返還大量資本。

In 2024, we returned over $435 million to shareholders, including approximately $56 million in cash dividends and over $380 million in share repurchases. We repurchased over 3 million shares, representing over 6% of our outstanding share count, and we had 3.8 million shares remaining in authorization as of the end of December.

2024 年，我們向股東返還了超過 4.35 億美元，其中包括約 5,600 萬美元的現金股利和超過 3.8 億美元的股票回購。我們回購了超過 300 萬股，占我們流通股數量的 6% 以上，截至 12 月底，我們仍有 380 萬股授權股票。

I'm also pleased to report that we made progress executing on our capital recycling strategy, recycling over $45 million in 2024. With a strong cash position, leverage levels at the low end of our targeted range and total available liquidity of approximately $700 million at the end of 2024, our capital allocation priorities remain unchanged.

我還很高興地報告，我們在執行資本回收策略方面取得了進展，到 2024 年回收了超過 4,500 萬美元。由於現金狀況強勁、槓桿水準處於目標範圍的低端以及 2024 年底總可用流動資金約為 7 億美元，我們的資本配置重點保持不變。

We intend to build on our long record of delivering outsized value by accretively investing to further expand our business. Before opening up for questions, I'd like to discuss our expectations for 2025. As we look ahead to this year, we expect to generate adjusted EBITDA in the range of $625 million and $640 million.

我們打算透過增值投資進一步擴大我們的業務，從而延續我們長期以來創造巨大價值的記錄。在回答問題之前，我想先討論一下我們對 2025 年的期望。展望今年，我們預計調整後的 EBITDA 將在 6.25 億美元至 6.4 億美元之間。

We anticipate this growth to be driven by organic growth across more revenue in [hotels] and markets, robust effective royalty rate growth, continued growth from our ancillary revenue streams, strong international business and incremental revenue generating opportunities from our expanded scale.

我們預計，這一成長將由酒店和市場收入的增加、有效特許權使用費率的強勁增長、輔助收入流的持續增長、強勁的國際業務以及規模擴大帶來的增量收入機會所推動。

We expect our full year 2025 adjusted diluted earnings per share to range between $6.98 and $7.24 per share. This outlook does not account for any additional M&A, repurchase of the company's stock or other capital markets activity.

我們預計 2025 年全年調整後每股攤薄收益將在 6.98 美元至 7.24 美元之間。此前景並未考慮任何額外的併購、公司股票回購或其他資本市場活動。

Underlying our outlook or the following assumptions for full year 2025. We expect our net global units and room system size to grow approximately 1% year-over-year. We project our domestic RevPAR to range between 1% to 2% year-over-year, and we anticipate our full year 2025 effective royalty rate to grow in the mid-single digits year over year.

我們對 2025 年全年的展望或假設如下。我們預計我們的全球淨單位和客房系統規模將年增約 1%。我們預計國內 RevPAR 將年增 1% 至 2%，我們預計 2025 年全年有效特許權使用費率將年增至中個位數。

Finally, we expect adjusted SG&A to grow in the low to mid-single digits from the 2024 base of $276 million. I would also like to highlight that we are providing additional detail of our ancillary programs, including our reimbursable revenue and expenses when page 7 of our Investor Day, which can be found under the Investor Relations section of our website.

最後，我們預期調整後的銷售、一般及行政費用將以 2024 年 2.76 億美元為基數，成長低至個位數。我還想強調的是，我們在投資者日第 7 頁提供了輔助計劃的更多詳細信息，包括可報銷的收入和支出，您可以在我們網站的投資者關係部分找到。

For full year 2025, we expect our platform, procurement and ancillary revenues, which include all the revenues outside of our royalty and licensing fees, system fees, owned hotels and certain other revenues to grow in the mid-single digits from the 2024 base of $231 million.

對於 2025 年全年，我們預計我們的平台、採購和輔助收入（包括除特許權使用費和許可費、系統費、自有酒店和某些其他收入之外的所有收入）將在 2024 年 2.31 億美元的基礎上實現中等個位數增長。

Today's results are a testament that our strategy is working and that we are benefiting from our expanded scale and versatile business model. We intend to keep investing in those areas of our business that will generate the highest return on our capital.

今天的成果證明我們的策略是有效的，並且我們正在從擴大的規模和多樣化的商業模式中受益。我們打算繼續投資那些能夠產生最高資本回報的業務領域。

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

此時，帕特和我很樂意回答您的任何問題。操作員？

(Operator Instructions)

（操作員指示）

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Good morning. Thanks for taking my question. I was hoping we could just spend just a little more time on one of the line items that we've been getting some questions on it and kind of going through ourselves and it's really were then on the other revenues from franchise and managed properties, right, which first sort of moving around there.

早安.感謝您回答我的問題。我希望我們可以花更多的時間討論我們收到的一些問題，然後我們自己研究一下，然後我們討論的是來自特許經營和管理物業的其他收入，對吧，這是首先圍繞這一點展開的。

My understanding is that piece, which is an entirely reimbursable and then there are some other items in there. Scott, can you help us just unpack those line items, backward looking and forward looking if you can. Thanks.

我的理解是，那部分是完全可以報銷的，裡面還有一些其他物品。史考特，如果可以的話，你能幫我們解讀這些項目，回顧過去並展望未來嗎？謝謝。

So, David, thanks for the question. We actually did on post in our investor presentation today, a reconciliation of that line item to help them help investors understand that.

所以，大衛，謝謝你的提問。實際上，我們在今天的投資者演示中對該項目進行了核對，以幫助投資者理解這一點。

So I will refer you to that or that. Will hopefully give you some clarity. But during the quarter we did recognize in that line item there was about $161 million of reimbursable revenues and just under $40 million in non-reimbursables, which the non-reimbursable is when you apply the expenses against you generated, about $14.5 million, which is up was up about 16% year-over-year.

因此我將向您推薦這個或那個。希望能夠給你一些清晰的解釋。但在本季度，我們確實在該項目中確認了約 1.61 億美元的可報銷收入和近 4000 萬美元的不可報銷收入，當您將費用用於您產生的不可報銷收入時，約為 1450 萬美元，同比增長約 16%。

If you remember, we realigned our franchise agreement starting in the fourth quarter of 2023. So of the quarter is now an apples to apples, and that reflects that 16%, the growth of those programs.

如果您還記得的話，我們從 2023 年第四季開始重新調整了特許經營協議。因此，本季現在是蘋果與蘋果的比較，這反映了這些項目的 16% 的成長。

In terms of the overall full year, it added about $63 million of EBITDA for us for the full year on those upon non-reimbursable line items. And when the reimbursable side, we ran a deficit of about $18 million, which was favorable to the $35 million that we had originally guided to. And that's really a timing element. And you'll see some of that shift into 2025.

就全年整體而言，它為我們全年增加了約 6,300 萬美元的 EBITDA（這些是不可報銷的項目）。在可償還方面，我們的赤字約為 1800 萬美元，這比我們最初指導的 3500 萬美元要好。這確實是一個時間因素。到 2025 年你會看到這種改變。

Right. But I get most of that, but what is driving the earnings and are just having a good understanding of sort of what makes those continue to grow or not grow in the future, I think is part of what we'd like a little more insight on.

正確的。但我了解其中的大部分內容，但推動獲利成長的因素以及是什麼讓獲利在未來繼續成長或不成長，我想這是我們想要了解更多見解的一部分。

Sure. Those revenues, or ancillary revenues of fees that we collect from our franchisees. So one example I'll give you is our property management system, which is Choice Advantage. So we have a proprietary property management system that is our connectivity to our central reservation systems and allows the inventory management, I saw hotels use that.

當然。這些收入或我們從特許經營商收取的費用的附加收入。我舉的一個例子就是我們的物業管理系統，也就是 Choice Advantage。因此，我們擁有一個專有的物業管理系統，它可以連接到我們的中央預訂系統並允許庫存管理，我看到酒店都在使用該系統。

During the year, we did see some nice growth in those revenues as we rolled that system out to the Radisson properties that we acquired as well as we have recently enhanced the capabilities to be able to handle our extended stay brands. So that rolled out during the year and contributed to the increase in revenues.

今年，隨著我們將該系統推廣到我們收購的麗笙酒店集團，我們確實看到了這些收入的一些良好增長，而且我們最近還增強了處理我們的長期住宿品牌的能力。因此，該計劃在今年內得以實施，並促進了收入的增加。

Going forward, there's our services like that, that we continue to deliver to our franchisees that are more of a fee for service, and they should also grow in line with our rooms growth domestically and internationally.

展望未來，我們將繼續向我們的特許經營商提供類似的服務，這些服務更多的是收取服務費，而且這些服務也應該隨著我們在國內和國際的客房數量的增長而增長。

Okay, helpful. Congrats on the quarter. Thank you.

好的，很有幫助。恭喜本季取得佳績。謝謝。

Dany Asad, Bank of America.

丹尼·阿薩德，美國銀行。

Thank you. Good morning, Pat and Scott. Are we able to quantify the benefit to Q4 that we got from Hurricane and that 4.5% RevPAR that you posted in the quarter?

謝謝。早上好，帕特和斯科特。我們能否量化颶風為我們第四季帶來的收益以及本季公佈的 4.5% 的 RevPAR？

Yeah. So we certainly saw some benefit from the hurricane in the fourth quarter. When we think about just in Q4, we talked about you in Q3, we did see an inflection point in our RevPAR performance saw back in August when we started to see trends improve with increasing demand in multiple regions of the country. We did see those trends continued into Q4 which you saw in our overall results of an increase in 4.5.

是的。因此，我們確實看到了第四季颶風帶來的一些好處。當我們考慮第四季度時，我們在第三季度討論了您，我們確實看到了 8 月份 RevPAR 表現的一個拐點，當時我們開始看到趨勢有所改善，全國多個地區的需求不斷增加。我們確實看到這些趨勢持續到了第四季度，您可以從我們的整體業績中看到，成長了 4.5。

It was really a multitude of reasons. We saw strength in our business transient revenue, which was up 14% in the quarter and particularly solve our verticals of technology, energy, transportation and construction all up.

這確實有很多原因。我們的業務瞬時收入表現強勁，本季成長了 14%，特別是解決了我們的技術、能源、運輸和建築等垂直領域的問題。

We also saw our groups, which really remained strong, reflecting some of the investments we've made in those capabilities earlier in the year, and we saw a 45% increase in business from our managed accounts, primarily from meetings and events. And we also saw some good data on government spending up 5%.

我們也看到我們的團隊仍然保持強勁，這反映了我們今年早些時候在這些能力上所做的一些投資，並且我們的託管帳戶業務增長了 45％，主要來自會議和活動。我們也看到了政府支出成長5%的一些好數據。

In terms of other things, including the Hurricane, we saw a pickup in some of our oil markets as we've seen increased activity one that. And then when you look at kind of specifically the business that was delivered from our female accounts and Red Cross business, as well as that is related to increased spending from the restoration crews, we estimate that that was about 125 basis points of lift in the in the fourth quarter, which translates to roughly about 30 basis points for the full year.

就其他因素而言，包括颶風，我們看到一些石油市場出現回暖，因為我們看到其中一項活動的增加。然後，當您具體查看由我們的女性帳戶和紅十字會業務帶來的業務，以及與恢復人員增加的支出相關的業務時，我們估計第四季度的增幅約為 125 個基點，相當於全年增幅約為 30 個基點。

Understood. Thank you, Scott. And on for my follow-up, a little bit unrelated, but how should we be thinking about investment spending levels in 2025 compared to '24? And in what buckets does that look like?

明白了。謝謝你，斯科特。接下來是我的後續問題，雖然有點不相關，但與 24 年相比，我們該如何看待 2025 年的投資支出水準？那它在哪些桶子裡看起來像什麼？

Well, I guess, Dan, just when we look at the continued investments, when you look at kind of our capital allocation strategy and how we think about the business, the first item that we invest in is our value prop. So we talked a lot about investments we made in 2024. That's now resulting in the increase we're seeing in the group and transient sector into the investments we made in the website, mobile apps.

嗯，我想，丹，當我們考慮持續投資時，當你考慮我們的資本配置策略以及我們如何看待業務時，我們投資的第一項就是我們的價值主張。我們討論了很多有關 2024 年的投資。這導致我們在團體和臨時部門對網站和行動應用程式的投資增加。

We have a significant amount of investments this year in 2025 that's really designed to help our franchisees manage their rate inventory and their rate structure. So we're really leaning into that dynamic pricing capabilities that are becoming more and more commonplace in the industry. So a lot of the key investment in the core enterprise is really around the value prop.

我們今年在 2025 年進行了大量投資，旨在幫助我們的特許經營商管理他們的費率庫存和費率結構。因此，我們確實傾向於在業界越來越普遍的動態定價功能。因此，核心企業的許多關鍵投資其實都是圍繞著價值主張進行的。

And it's really three things. It's driving top line revenue, reducing costs and making it easier for our franchisees to do business with us. Those are the three hallmarks for all the investments that we're making on that front.

事實上，它涉及三件事。它推動了營業收入的成長、降低了成本並使我們的特許經營商更容易與我們開展業務。這是我們在該領域進行的所有投資的三個標誌。

As you're aware, most of that comes from the System Fund efforts that we're doing, but all of those are really designed to really take advantage of those trends that Scott talked about that are really going to drive the RevPAR performance that we expect to see in 2025.

如您所知，其中大部分來自我們正在進行的系統基金努力，但所有這些努力實際上都是為了真正利用斯科特談到的那些趨勢，這些趨勢將真正推動我們預計在 2025 年看到的 RevPAR 表現。

Got it. Thank you very much.

知道了。非常感謝。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Thanks. Good morning, guys. And just -- my question is going to focus on net unit growth. So the 1% guides or maybe feels low, given all the momentum that you just highlighted. I guess a couple of parts. What are you assuming for US in that global guide? What are you assuming for international growth? And then also what's embedded in there for the Bluegreen rooms? How should we be thinking about that now that the Westgate portfolio is now part of your system?

謝謝。大家早安。我的問題集中在淨單位成長。因此，考慮到您剛才強調的所有勢頭，1% 的指導性或可能感覺較低。我猜有幾個部分。在該全球指南中您對美國有何假設？您對國際成長有何預期？那麼 Bluegreen 房間內還嵌入了什麼呢？既然 Westgate 投資組合現在已成為您系統的一部分，我們該如何考慮這個問題？

Yeah, Mike, I think one thing that's important to remember is we're effectively in a world that we're about 80% of the openings are coming from conversion hotels. It's why in our remarks, we keep referencing the focus we've had on moving hotels rapidly through our pipeline. And over the past two years, we've seen a 25% improvement for that.

是的，麥克，我認為需要記住的一件重要事情是，我們實際上處於一個大約 80% 的開業酒店都來自轉換酒店的世界。這就是為什麼我們在評論中不斷提到我們一直致力於透過我們的管道快速推進酒店業務。在過去兩年中，我們已經看到了 25% 的改善。

So what does that mean for the pipeline? It means that we may have a hotel that enters and opens within three months, so you don't even see it in the pipeline during a quarter. And because we've been able to increase the velocity and the pace of that. We're not really just focused on the aggregate amount in the pipeline, we're actually focused on how do we get these conversion hotels that are looking to join our system from an application to a cash flowing hotel on our system more rapidly.

那麼這對管道來說意味著什麼？這意味著我們可能會有一家酒店在三個月內開業，所以你甚至在一個季度內都看不到它在籌備中。因為我們已經能夠提高其速度和步伐。我們實際上並不只關注通路中的總量，我們實際上關注的是如何讓這些希望加入我們系統的轉換酒店更快地從申請酒店轉變為我們系統上的現金流酒店。

And we've had a lot of success on that front. So that's kind of first thing. A lot of what's in our pipeline today reflects that conversion. And it really shows up in the openings. When you look at -- I think about 80% of our openings in 2024 were conversion hotels. So that's a key piece of that.

我們在這方面取得了很大成功。這是第一件事。我們今天正在籌備的許多專案都體現了這種轉變。並且它確實在開場時顯現出來。如果你看一下——我認為我們 2024 年開業的酒店中約有 80% 都是改建酒店。這是其中的關鍵部分。

I think your question regarding Bluegreen, we expect that unit count to remain the same kind of going forward. And that's a reflection of the agreement that was in place prior to the transition and control. So that is going to continue to sort of a similar contribution to us going forward.

我認為您的問題是關於 Bluegreen 的，我們預計單位數量在未來將保持不變。這體現了過渡和控制之前達成的協議。因此，這將繼續為我們今後帶來類似的貢獻。

Westgate is a complementary complement to that. Both of those partnerships, we expect to grow over time, and they are going to coexist together, and it's really a nice opportunity for us to provide a lot more rewards redemption points and earning a places for our CP members who are really excited to sort of go and stay at those aspirational locations.

Westgate 是對此的補充。我們預計這兩種合作關係都會隨著時間的推移而發展，並且它們將共存，這對我們來說真的是一個很好的機會，可以為我們的 CP 會員提供更多的獎勵兌換積分並賺取名額，他們真的很興奮能夠前往併入住這些理想的地方。

Yeah, Michael. In terms of just to break down, we're expecting to grow our international rooms slightly above 3%. Domestic will be slightly positive. We've stopped the guidance from in terms of our revenue intense strategy, just to give a bigger picture of what the global room growth is as we as we penetrate more internationally.

是的，邁克爾。具體來說，我們預計國際客房數量將增加 3% 以上。國內會稍微積極一點。我們已經停止了有關收入密集型策略的指導，只是為了在我們進一步滲透國際市場的同時，更全面地了解全球客房成長情況。

But you should expect kind of the revenue intense units to be similar to what they were in 2024. So given that the international still a relatively smaller part of our business, the over overall unit volume growth will be around 1%. It's a mix of a little over 3% international and slightly above positive in domestic.

但你應該預期收入密集型單位的數量將與 2024 年的水平相似。因此，考慮到國際業務仍占我們業務的較小份額，整體單位銷售成長率將在 1% 左右。其中國際市場略高於 3%，國內市場略高於正值。

Got it. That's helpful. And then just two follow-ups there. How many Bluegreen rooms do you have today within the Ascend Collection? And then for the Westgate deal, is it fair to assume what sort of a pay-to-play agreement where you're getting fees for a choice toward contribution? I'm just trying to think about the fee per room contribution given how many rooms came on into the system in the fourth quarter. And that's all for me. Thank you.

知道了。這很有幫助。接下來還有兩個後續問題。目前 Ascend Collection 內有多少間 Bluegreen 客房？那麼對於 Westgate 交易，是否可以公平地假設這是一種付費協議，即您可以透過選擇貢獻來獲得費用？我只是在考慮第四季度有多少間客房進入系統，併計算每間客房的費用貢獻。對我來說這就是全部了。謝謝。

Yeah. Bluegreen, we have a roughly around about 3,000 rooms in the system as Ascend Hotel Collection. Obviously, we have a much larger our partnership with them on in terms of the timeshare business they have. I know we're really excited about the Westgate opportunity.

是的。Bluegreen，我們的 Ascend Hotel Collection 系統共有約 3,000 間客房。顯然，就他們的分時度假業務而言，我們與他們的合作關係更為廣泛。我知道我們對 Westgate 的機會感到非常興奮。

It's really gives us opportunity to bring an exciting array of properties to our guests in terms of for locations, they have the travel experiences they can give on the accommodation types, which typically have larger rooms, which can be great for families when they can stay and more about a two room suites versus a one room hotel.

這確實讓我們有機會為客人提供一系列令人興奮的酒店，從地點、旅行體驗到住宿類型，這些酒店通常有更大的房間，非常適合家庭入住，更多的是兩房套房而不是一室酒店。

And it really opens up, you know, our upscale experiences to our 68 million loyalty program members as well as the other Choice guests. It is a distribution agreement where we are paid for the reservations delivered. Because it's a distribution agreement has a much higher fees, for reservations delivered than a typical franchise agreement on. So we're excited about that partnership and already seeing the engagement with our loyal guest these opportunities to stay in the Westgate partnerships.

它確實向我們的 6800 萬忠誠度計劃會員以及其他 Choice 客人開放了我們的高檔體驗。這是一份分銷協議，我們根據已交付的預訂獲得報酬。因為它是一種分銷協議，所以對於預訂的交付，它的費用比典型的特許經營協議要高得多。因此，我們對這種合作關係感到非常興奮，並且已經看到了與忠實客人的互動，這些機會讓我們能夠繼續保持與 Westgate 的合作關係。

Very helpful. Thank you.

非常有幫助。謝謝。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great. I just wanted to clarify a little bit more about the economics from the Westgate deal since they're not typical franchisees? How should we think about sort of the equivalent? Is it more or like the equivalent of kind of the 1% franchisee versus the 5% fee, kind of how should we think about that equivalent? And then I kind of have a quick follow up question on that as well.

偉大的。我只是想進一步澄清 Westgate 交易的經濟狀況，因為他們不是典型的特許經營商？我們該如何思考這種等價關係？它是否更像是 1% 特許經營權與 5% 費用之間的等價關係，我們應該如何看待這種等價關係？然後我對此也有一個快速的後續問題。

It's hard to do a direct correlation there are Robin. Think about it more as a much higher than our average royalty fees are 5%. So these are significantly ahead of that, but it will be based on the reservations we deliver to those rooms. So the blended rate, will be somewhere in the probably a little south of the royalty rate, but we don't have an exact number to give you at this time.

很難與羅賓建立直接的聯繫。想想看，這比我們的平均版稅費用 5% 高得多。因此，這些數字明顯高於這個數字，但這將基於我們交付給這些房間的預訂情況。因此，混合稅率可能會略低於特許權使用費率，但目前我們還沒有確切的數字可以提供給您。

Is your guidance for '25 full year effective royalty rate? Is that some kind of the same story? In other words, does that does that include the impact of the -- or actually you would be counting the royalty fee paying a higher than 5% contractually, even if the effective rate that you can as lower, included in your guidance constant that nominal north of 5%, not the effective rate?

您對 25 年全年有效特許權使用費率的指引是？這是同一個故事嗎？換句話說，這是否包括了——或者實際上你會計算合約中支付的高於 5% 的特許權使用費，即使你可以降低實際利率，包括在你的指導常數中，名義利率高於 5%，而不是實際利率？

The effective rate includes all of our franchise agreements. So it is -- so our growth is not being muted by the Westgate partnership that we have. We certainly are seeing growth across all of our franchise agreements. As we've talked about, is how much more revenue intense today, giving a high RevPAR, higher room count and higher effective royalty rates as we continue to improve our value proposition for the over the last decade.

有效費率包括我們所有的特許經營協議。確實如此——我們的成長不會因與 Westgate 的合作關係而受到阻礙。我們確實看到所有特許經營協議都在增長。正如我們所討論的，隨著我們在過去十年中不斷改進價值主張，今天的收入密集程度如何，提供了更高的 RevPAR、更高的客房數量和更高的有效特許權使用費率。

And then just one final question if I can. Is there any pushback from owners in your system that are kind of paying you the full units while all of the line to franchisees that there may be sort of competing within your owners that aren't paying you as many levels the fee revenues?

如果可以的話，我只想問最後一個問題。您的系統中是否存在業主的反對意見，他們向您支付了全部單位的費用，而所有特許經營商都面臨這樣的問題：您的業主之間可能存在競爭，他們沒有向您支付那麼多級別的費用收入？

I'm not sure I understand your question, Robin. But the way we look at the effective royalty rates mean that is commensurate with the value that we're continuing to drive to our franchisees. And those fees are something we talk to them about consistently throughout the year as we meet with them in our owners councils.

我不確定我是否理解了你的問題，羅賓。但我們看待有效特許費率的方式意味著，這與我們繼續為特許經營商帶來的價值相稱。我們在業主委員會會議期間全年都會與他們討論這些費用。

When you look at a year like we just had where we're delivering a lot more direct business, the investments we made in the website, the business travel, that group travel, all of that is improving the business delivery capabilities of the company. And that's then reflected in their willingness to A, stay with us. When you have a 97%, 98% voluntary retention rates when they renew their contracts, they're seeing the value.

回顧過去的一年，我們開展了更多直接業務，我們在網站、商務旅行、團體旅行方面的投資都在提高公司的業務交付能力。這也反映在他們願意與我們在一起的意願上。當他們續約時，自願保留率達到 97% 或 98%，他們就看到了價值。

And as a result of that, the ability for us to achieve a higher effective royalty rates with them is consistent with that continued improvement in the value proposition.

因此，我們能夠與他們達成更高的有效特許權使用費率，這與價值主張的持續改進相一致。

So we are don't have that -- I'm not sure I understand your question about competition between those not paying the royalties versus those that are. Everybody is sort of paying them. It's really a reflection of some different royalty rates really dependent more on what segment you're in. You may have entered the system within a year and you're ramping up to a royalty rate.

所以我們沒有這種情況——我不確定我是否理解了你關於不支付版稅的人和支付版稅的人之間的競爭的問題。每個人都在付錢給他們。這實際上反映了一些不同的版稅率，這實際上更多地取決於你所處的特定領域。您可能在一年內就進入了該系統，並且正在逐步提高版稅率。

So all of those or just things that are more consistent with how the industry operates, but we don't get pushback from franchisees on that front.

因此，所有這些或只是與行業運作方式更加一致的事情，但我們在這方面並沒有受到特許經營商的反對。

I think I'll add to that is really I think we're very deliberate and thinking about these partnerships that we have and that there are additive to our portfolio. So typically, there either or type of staycation or end markets for we don't have a lot of product and where guests are looking for a different experience.

我想補充一點，我認為我們確實非常慎重地考慮我們現有的這些合作夥伴關係，並認為這些合作夥伴關係可以補充我們的投資組合。因此，通常情況下，我們要么針對居家度假類型，要么針對終端市場，因為我們沒有太多產品，而客人正在尋找不同的體驗。

So we feel like when we bring these partnerships on that are added into our portfolio, bringing new guests on the into the Choice ecosystem versus taking guests from those who might have been staying at, say, a comfort inn or quality inn or one of our other properties.

因此，我們覺得，當我們將這些合作夥伴關係添加到我們的產品組合中時，會將新客人帶入 Choice 生態系統，而不是從那些可能住在舒適型酒店、優質型酒店或我們的其他酒店的客人中吸引客人。

So if you look at kind of what we've done on those partnerships of Bluegreen, Westgate, Penn Gaming, they're really around staycation where we don't have the ability to deliver -- product for our guests to stay in. And we know they're looking for those type of staycations.

因此，如果你看看我們與 Bluegreen、Westgate、Penn Gaming 等公司合作的情況，你會發現，他們實際上都是圍繞著居家度假展開的，而我們沒有能力為客人提供住宿產品。我們知道他們正在尋找這種類型的居家度假。

Great. Thank you.

偉大的。謝謝。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Hey, thanks. Was hoping to dig into the home recyclable capital and key money a little bit. Do you anticipate that the recyclable cash will be a source for use in 2025? And can you just remind us perhaps of the book value of the recycle capital deployed so far and perhaps into total EBITDA associate with those investments to look like in 2025?

嘿，謝謝。希望能稍微挖掘一下家裡的可回收資金和禮金。您是否預期可回收現金將成為 2025 年的使用來源？您能否提醒我們，迄今為止部署的回收資本的帳面價值是多少，以及到 2025 年與這些投資相關的總 EBITDA 是多少？

Yeah. As we've talked over the past, we used recycle capital really to launch brands. We primarily use that in our Cambria and Everhome brands. And we've been very, very excited for what it's done for the Cambria brand. It's over 75 units now on reaching critical scale and really becoming a great contributor now to our overall portfolio and the halo effect that that gives the rest of our portfolio.

是的。正如我們過去所談到的，我們確實利用回收資本來推出品牌。我們主要在 Cambria 和 Everhome 品牌中使用它。我們對它為 Cambria 品牌帶來的變化感到非常興奮。現在，它已擁有超過 75 個單位，達到了臨界規模，並真正成為我們整體投資組合的重要貢獻者，並為我們投資組合的其他部分帶來了光環效應。

I would say we're at towards the tail end, our investments in the Cambria brand, and we should be kind of reaching a peak investment on that and starting to see recycling starting in '26, '27 for that brand. With Everhome, we've had some similar successes with getting that brand off the ground or do you have seven open another 20-plus under construction.

我想說，我們對 Cambria 品牌的投資已經接近尾聲，我們應該會達到投資高峰，並開始看到品牌在 26、27 年開始回收。就 Everhome 而言，我們在讓品牌起步方面取得了類似的成功，或者你們是否已經開設了 7 家門店，另外還有 20 多家門市正在建設中。

So those capital programs have really helped us a jumpstart brand launches that have been that we think are going to be really big contributors to our growth in the future. IN 2024, our net outlays around those programs were about $150 million. We would expect that to be slightly lower than that this year, probably more than $115 million to $120 million in '25 with then seeing more of our recycling opportunities starting in 2026 and beyond.

因此，這些資本計畫確實幫助我們啟動了品牌發布，我們認為這些品牌將對我們未來的成長做出巨大的貢獻。2024年，我們在這些項目上的淨支出約為1.5億美元。我們預計今年的回收額會略低一些，2025 年可能超過 1.15 億至 1.2 億美元，2026 年及以後我們將看到更多的回收機會。

On the balance sheet today around those programs, we've got about $600 million outstanding. So that sets the pool of investments that we should see some new peaking here in the next year or two. And then starting to get into a net recycler position. In terms of the of the owned hotels and the growth, we will have a couple of new hotels opening in 2025 more towards the later half of the year. But we would expect that growth of kind of same store sales to be in that mid-single digits on the EBITDA contribution from those.

在今天的資產負債表上，圍繞著這些項目，我們有大約 6 億美元的未償債務。因此，我們應該在未來一兩年內看到投資組合出現新的高峰。然後開始進入淨回收者的地位。就自有酒店數量和增長而言，我們將在 2025 年下半年開設幾家新酒店。但我們預期同店銷售額的成長將達到 EBITDA 貢獻的中等個位數。

And that, that EBITDA contribution, though, that from the owned, I mean that I imagine some of that recycle capital maybe and JV's or others, is that contribution on the P&L, the total? Is there other kind of EBITDA that's off the P&L within some sort of a JV line or something like that that we should think about when you're trying to -- when you go to sell that $600 million to fund the balance sheet?

但是，EBITDA 貢獻來自自有資本，我的意思是，我想像其中一些回收資本可能是合資企業或其他資本，這對損益表的貢獻是總額嗎？當您試圖出售這 6 億美元來為資產負債表提供資金時，我們是否應該考慮在合資公司或類似項目中損益表中還有其他類型的 EBITDA？

Yeah. We look at the components of it. Its own hotels, its joint ventures and lending on both the joint venture in lending on are not included in our EBITDA, so they're below the line. So they would not view the contributors to EBITDA adjusts the owned assets.

是的。讓我們來看看它的組成部分。其自己的酒店、合資企業以及合資企業的貸款均未包含在我們的 EBITDA 中，因此它們低於標準線。因此他們不會認為 EBITDA 的貢獻者會調整自有資產。

Got it. And you can you give us a sense for what that the EBITDA from those assets would be just as we think about kind of the multiple you get to sell that down?

知道了。當我們考慮出售這些資產的倍數時，您能否告訴我們這些資產的 EBITDA 是多少？

Yeah. If you take a look at the face of our income statement, you can see we actually do break out the owned hotels. So it was about $113 million of revenue during the year. Which generated an EBITDA of roughly around $30 million.

是的。如果您看一下我們的損益表，您會發現我們確實將自有酒店分列了出來。因此，今年的收入約為 1.13 億美元。其產生的 EBITDA 約為 3000 萬美元。

Got it. I'll follow-up of the other one. Thank you.

知道了。我會跟進另一個。謝謝。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯（Patrick Scholes），Truist Securities。

Great. Thank you, operator, and good morning, everyone. I have a question on M&A and also a follow-up question that first question is over the past year, you had talked about our telegraph high single digit EBITDA growth is sort of the way to think about the long-term trajectory as they look at the guidance closer to mid-single digits. Should we think about a mid-single digits going forward as that long-term growth rate?

偉大的。謝謝接線員，大家早安。我有一個關於併購的問題，還有一個後續問題，第一個問題是，在過去的一年裡，您談到了我們的電報高個位數 EBITDA 增長，這是一種思考長期軌蹟的方式，因為他們將指導值看得更接近中等個位數。我們是否應該將中等個位數的成長視為長期成長率？

And what would you attribute some of the mid-single-digit guide this year versus sort of what you had telegraphed in the high single digit previously? Thank you.

您認為今年的中位數個位數指引與您先前預測的高個位數指引相比有何不同？謝謝。

Yeah, Patrick, I mean, I think it's really a function of really two things. One very interest rates are, you know, with interest rates as high as they are new construction across the industry is muted. And maybe you just look at the total supply growth for the whole industry in the US has been less than 1%, as expected to be less than 1% again this year.

是的，帕特里克，我的意思是，我認為這實際上是兩件事的函數。你知道，利率非常高，整個產業的新建築都處於低迷狀態。也許你只看一下美國整個產業的總供應量成長率就發現不到 1%，預計今年還會再低於 1%。

And a lot of what that additional growth that would get you back into the high single digits could be helped by is the new construction environment picking back up. We have a significant amount of new construction projects that are ready to go with owners and just sort of waiting for interest rates to come down slightly more for that to really be an added element to it.

而新建築環境的回升將在很大程度上推動這一額外成長，使經濟成長重新回到個位數的高點。我們有大量的新建築項目已準備好交付給業主，只是在等待利率稍微下降，以便真正為其增添一些因素。

I think on the RevPAR side of the house, I mean, if you look at our guide, we just guided to sort of domestic RevPAR, but the international ramp a difficult area for us to provide a forecast around. But when we look at the comments we made in our remarks and we look at how the year is setting itself up, we're pretty confident that what we're seeing in the early days here is going to probably, you know, pushes towards the higher end, but it's early days and we're sort of six weeks into the year here.

我認為，就 RevPAR 方面而言，如果您查看我們的指南，您會發現我們只是針對國內 RevPAR 進行指導，但國際成長是我們難以提供預測的領域。但是，當我們回顧我們在發言中所做的評論，並回顧今年的情況時，我們非常有信心，我們在早期看到的情況可能會推向更高的水平，但現在還為時過早，今年才剛剛過去六週。

But you know, if you look at the macro backdrop, GDP of 0.3% in the fourth quarter, consumer spending up over 4%. Labor force participation rate remained strong. And as I mentioned, supply growth will be muted. That's really setting itself up for a nice, healthy environment domestically. Favorable backdrop for the industry.

但你知道，如果你看一下宏觀背景，第四季GDP成長0.3%，消費者支出成長超過4%。勞動參與率維持強。正如我所提到的，供應成長將會放緩。這確實為國內營造了一個良好、健康的環境。有利於該產業的背景。

And then you look at the areas that we're making, our investments and they're showing up in business and group travel. That's adding to the top end of that, we talked about the impressive results we're seeing in the oil and gas markets, the tech sector or the energy sector really feeding into those corporate account, it's that are participating in the hyperscaler growth around, hey, I there's a ton of data centers and EV battery plants getting built around the country and our product is in the right places for those.

然後你看看我們正在做的領域，我們的投資，它們都體現在商務和團體旅行上。除此之外，我們還談到了我們在石油和天然氣市場、科技行業或能源行業看到的令人印象深刻的成果，這些成果確實為這些企業帳戶提供了支持，它們正在參與超大規模的增長，嘿，我在全國各地建造了大量的數據中心和電動汽車電池廠，我們的產品正適合這些工廠。

So those are all possible upsides for us, but it's just at this six weeks into the year for area that we're kind of waiting to see the traction. So that continues to pick up. But we're just as I said, we're seeing some positive signs on that. So if you get into rates back down where new construction ads and the, um, the RevPAR environment improves more, you could see more of the top end of our range that we provided this morning.

所以這些對我們來說都是可能的好處，但是對於該地區來說，今年已經過去六週了，我們還在等待看到進展。因此，這一數字還在持續上升。但正如我所說，我們看到了一些積極的跡象。因此，如果您將利率調低，新建築廣告和 RevPAR 環境將進一步改善，您可能會看到我們今天早上提供的更多最高範圍。

Okay. Thank you for the clarity on that. And then a second question here. Have you heard anything from your franchisees, your owners. Have you seen any impact from the immigration deportation and price and everything that's going on around that? Any impact on their ability to maintain employees are hiring or labor situation, et cetera? Thank you.

好的。感謝您對此作出澄清。這裡還有第二個問題。您是否聽過來自您的加盟商、您的業主的任何消息？您是否看到移民驅逐出境和價格以及與之相關的一切影響？招募或勞工狀況等是否對他們維持員工的能力產生影響？謝謝。

Yeah, we have not and we've had meetings already this year with our franchisees that has not been a topic that's been brought up.

是的，我們沒有，今年我們已經與我們的特許經營商舉行過會議，但會議中並沒有提及這個主題。

Okay, thank you. I'm all set now.

好的，謝謝。我現在一切就緒了。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Hi, good morning, everybody. Thanks for taking my question. I'm curious, back to David's first question about the marketing fund, when we look into the bottom of your release, you're adding back $50 million net reimbursable deficit, right, in the, I just, and I'm just curious. I mean, I remember Scott, you, telling us that we, you were going to move the services fund, EBITDA from the services fund to the P&L, this year, and I'm not sure if that happened.

大家好，早安。感謝您回答我的問題。我很好奇，回到大衛關於行銷基金的第一個問題，當我們查看您發布的底部時，您會添加 5000 萬美元的淨可償還赤字，對吧，我只是，我只是好奇。我的意思是，我記得史考特，你告訴我們，今年我們要將服務基金、EBITDA 從服務基金轉移到損益表，但我不確定這是否發生了。

And this is a marketing fund adjustment because you're going to overspend on the marketing program or if you didn't move it elsewhere in the accounting and you're keeping it down here and you're essentially saying $60 million is going to $50 million this year on the services fund, can you kind of clarify that for us?

這是行銷基金調整，因為您將在行銷計劃上超支，或者如果您沒有將其轉移到會計的其他地方，而是將其保留在這裡，並且您基本上是說今年服務基金中的 6000 萬美元將變為 5000 萬美元，您能為我們澄清一下嗎？

Sure, Brent, what we're talked about is we'll recast our financial statements to make this clear starting in the first quarter. What we did do is provide a reconciliation in our investor presentation that really breaks out the amounts that are in our corporate EBITDA. When you see the page 7 of the investor deck, you'll see a column called non-reimbursable. That's the EBITDA generating portion of that line item. I think what you're referring to is of the port, the portion that is reimbursable, so that's our historic marketing and reservation system activities which we operate over the long term at a break-even basis, which you'll see for a full year 202 we operated that around an $18 million deficit.

當然，布倫特，我們正在談論的是，我們將從第一季開始重新制定財務報表以明確這一點。我們所做的是在投資者報告中提供對帳表，真正列出我們公司 EBITDA 中的金額。當您看到投資者簡報的第 7 頁時，您會看到一個名為「不可報銷」的欄位。這是該專案的 EBITDA 生成部分。我認為您指的是港口，即可報銷的部分，這就是我們的歷史營銷和預訂系統活動，我們長期以收支平衡的方式運營，您會看到，202 年全年我們的運營赤字約為 1800 萬美元。

If you recall, I think I mentioned on previous calls, we came into the year of 2024 with about a little over a $60 million dollars lifetime surplus where we had underspent collections, and we had a multi-year plan to spend that down back to the break even with some investments that we're doing to continue to improve the value proposition to our franchisees.

如果您還記得的話，我記得我在之前的電話會議上提到過，進入 2024 年時，我們的終生盈餘約為 6000 萬美元，而我們的收款尚未用完，我們制定了一項多年計劃，通過一些投資將盈虧平衡點降至最低，以繼續提高我們對特許經營商的價值主張。

Our 2024 expectation was to spend a deficit of around $35 million due to timing, that was only $18 million and We are now pushing some of that into 2025. So the $50 million will be, when you see the statements going forward, that historical line item that we have that's just going to be, the system fund activities for franchise and managed properties. Over time we will break even. So really think about an $18 million dollar deficit that goes to $50 million that we add back, but the non-reimbursable revenues will show up probably most likely in that platform procurement and ancillary revenue line item going forward.

我們預計 2024 年的支出赤字約為 3,500 萬美元，但由於時間原因，實際上只有 1,800 萬美元，我們現在將其中一部分推遲到 2025 年。因此，當您看到未來的報表時，這 5000 萬美元將是我們的歷史項目，即特許經營和管理物業的系統基金活動。隨著時間的推移，我們將實現收支平衡。因此，真正考慮一下 1800 萬美元的赤字，我們將其加回 5000 萬美元，但不可報銷的收入很可能會在未來的平台採購和輔助收入項目中出現。

Okay, I think I get that. That's helpful. And then just a bigger picture, longer term question and when we look back to 2019, your business has grown adjusted but that substantially. I have it up, 65%, from '19 to '24, but you didn't get the same list in the operating cash flow line, something like a total of 20%, but I know that that includes key money. And I know key money can move around from OCF to below the OCF line the investment section. So can you kind of try and cleanse that for us and give us a bridge of why like the OCF line hasn't grown and how you look at it on like a free cash flow or just a free cash flow basis and what that would look like versus EBITDA index '19.

好的，我想我明白了。這很有幫助。然後是一個更大、更長期的問題，當我們回顧 2019 年時，您的業務已經進行了調整，但幅度很大。從 19 年到 24 年，我已經把它提高了 65%，但你在經營現金流中沒有得到相同的清單，總共只有 20% 左右，但我知道其中包括了押金。我知道關鍵資金可以從 OCF 轉移到 OCF 線以下的投資部分。那麼，您能否嘗試為我們理清這一點，並向我們解釋為什麼 OCF 線沒有增長，以及您如何從自由現金流或僅僅是自由現金流的基礎上看待它，以及它與 EBITDA 指數 '19 相比是什麼樣子。

Yeah, so in terms of key money, we have seen an increase in key money, but when you look at the '23 to '24 increase, it really was commiserate with openings. So you know key money increased from about $98 million to $112 million, but our openings, were up, over 21%. And so you can see that the key money's not growing as quickly as the openings, and when you look at how we look at it on a free cash flow basis, we're about 65% free cash flow conversion ratio, and that's been fairly steady, '23 to '24 and even 2022, and we expect that free cash flow conversion to remain around that mid-60%, 65%-ish in 2025.

是的，就禮金而言，我們看到禮金有所增加，但當你看看 23 年至 24 年的增長時，你會發現它確實與開業數量相當。所以你知道關鍵資金從大約 9,800 萬美元增加到 1.12 億美元，但我們的開業率卻增加了 21% 以上。因此，您可以看到關鍵資金的增長速度不如開業資金增長得快，當您從自由現金流的角度來看時，我們的自由現金流轉換率約為 65％，而且從 2023 年到 2024 年甚至到 2022 年，這一水平一直相當穩定，我們預計到 2025 年，自由現金流轉換率將保持在 650 左右。

Okay, great. I'm assuming that was consistent back to 2019 as well on your on your algorithm.

好的，太好了。我假設這與 2019 年的演算法一致。

Yeah, I would say that there has been an increase in the use of key money across the industry since 2019, so that has been a little bit of a of a use of cash that wasn't as prevalent back in 2019. I think that's really a reflection of a couple of different things. One is we've been launching brands which typically use a little bit more key money, particularly our Cambria and Everhome brands, to get those launched to scale. And then we are in a little bit more competitive environment and a tougher interest rate and construction costs environment.

是的，我想說，自 2019 年以來，整個行業的押金使用量有所增加，所以這種現金的使用在 2019 年並不那麼普遍。我認為這實際上反映了一些不同的事情。一是我們一直在推出一些品牌，這些品牌通常需要多一點的關鍵資金，特別是我們的 Cambria 和 Everhome 品牌，以擴大這些品牌的推出規模。然後，我們處於競爭更加激烈的環境以及更嚴峻的利率和建築成本環境。

I think of those as kind of temporary. You tend to see in times when, construction costs rise and where interest rates are up, where it puts a little bit of pressure on developer returns, and at times, hotel companies will use key money to bridge that GAAP to make sure that the development is moving through the pipeline. When we look at that, it's a pretty accretive use of capital for us to get a long-term franchise agreement, but that'll ebb and flow in terms of the supply environment.

我認為這些都是暫時的。您往往會看到，當建築成本上升且利率上升時，開發商的回報就會受到一些壓力，有時，飯店公司會使用關鍵資金來彌補 GAAP 的不足，以確保開發案順利進行。當我們考慮這一點時，我們會發現獲得長期特許經營協議對我們來說是一種相當增值的資本使用方式，但就供應環境而言，這會有所起伏。

Great, thanks everybody.

太好了，謝謝大家。

Meredith Jensen, HSBC.

匯豐銀行的梅瑞迪絲‧詹森。

Yeah, thank you. Two quick questions. One, I just wanted to follow up quickly on Stephen's question on the owned hotels, and I think in the past you mentioned you had something like 12 and I heard you were just going to open some more

是的，謝謝。兩個簡單的問題。第一，我只是想快速跟進一下 Stephen 關於自有酒店的問題，我記得你之前提到過你們有 12 家酒店，我聽說你們打算再開一些

I was wondering if you might let us know which, formats the new openings will be. Will those be all in the Everhome, or Cambria. And one, adjacent question, if you might speak to sort of the management strategy. Management of a owned hotels versus contracting out as you, have a delay until you potentially recycle some of these hotels. I'm just kind of curious. I know you contract out and when you decide potentially to manage those yourself. Thank you.

我想知道您是否可以告訴我們新的開幕式將採用哪種形式。這些都會在 Everhome 或 Cambria 嗎？還有一個相鄰的問題是，您是否可以談談管理策略。管理自有酒店與承包酒店相比，需要等待一段時間才能回收其中一些酒店。我只是有點好奇。我知道您已經將這些外包出去，並且可能決定自己管理這些。謝謝。

Yeah. Meredith, let me start with the management and Scott can follow up on the owned hotel opening piece of it. When we actually entered the management company business as a result of the Radisson acquisition, so effectively 14 management contracts were part of that, and we actually have benefited significantly from actually being on both the franchise and management side in a very small way. But management as a line of business for us is not an area that we are looking to grow.

是的。梅雷迪斯，讓我先談談管理方面的問題，斯科特可以跟進一下自有酒店開業的部分。當我們透過收購麗笙酒店集團而真正進入管理公司業務時，實際上簽訂了 14 份管理合同，而我們實際上從特許經營和管理兩個方面獲得了巨大的利益。但對我們來說，管理作為一項業務並不是我們希望發展的領域。

As we have taken some of the owned assets, we have not been managing our self-owned assets to any significant degree. I think we have one hotel that we took on similar because it was in the same market where we were already managing for a third party. So the owned and the managed are usually two separate groupings of hotels.

由於我們已收回部分自有資產，因此我們並未對自有資產進行任何重大管理。我認為我們接手了一家類似的酒店，因為它與我們已經為第三方管理的酒店處於同一市場。因此，自有酒店和管理酒店通常是兩個獨立的酒店群。

Our strategy over the long run has always been to use third-party management companies, particularly for upscale brands and for extend. The importance of having the right management company is critical to the performance of the hotel, and also to using the tools that Choice Hotels provides to the franchisees. So that's not an area that we would expect to grow organically. And as we over time recycle the owned hotels out, it's likely going to stay the same because most of the hotels we're managing are for a single third-party operator.

我們的長期策略一直是使用第三方管理公司，特別是針對高檔品牌和擴展品牌。擁有合適的管理公司對於飯店的業績至關重要，同時也能充分利用精選飯店為特許經營商提供的工具。因此，我們預計這不是一個能夠自然成長的領域。隨著我們逐漸回收自有酒店，情況可能會保持不變，因為我們管理的大多數酒店都是為單一第三方運營商經營的。

Yeah. In terms of the own portfolio, today we have 12 owned assets. We have three Radissons that we acquired -- that we got during the acquisition of Radisson. We own eight Cambrias that are open and one Everhome. For the year, and as I mentioned earlier, most of these are open kind of towards the latter half of the year, we would expect to open two additional Everhomes and two additional Cambrias this year.

是的。就自有投資組合而言，今天我們擁有 12 項自有資產。我們在收購麗笙酒店時獲得了三家麗笙酒店。我們擁有八家營業的 Cambria 和一家 Everhome。就今年而言，正如我之前提到的，其中大部分將在下半年開業，我們預計今年將再開設兩家 Everhomes 和兩家 Cambrias。

Great, thank you. One additional, very quick one. I know you've mentioned in the past, Scott, about cyclicality and sort of seasonality of the business, sort of having a first and fourth quarter different from other quarters. And since you've spoken about the business growing corporate groups sort of expanding and taking a bigger part of your overall room nights. Would you see any change in that or is there anything we should watch out for and sort of how we look at the quarters sequentially? Thank you.

太好了，謝謝。還有一個，非常快。斯科特，我知道您以前曾提到過業務的周期性和季節性，第一季和第四季度與其他季度有所不同。既然您談到了業務成長，那麼企業集團的擴張和占您整體客房晚數的比重就會越來越大。您認為這方面會有什麼改變嗎？或者我們應該注意什麼？我們如何連續看待各季度的情況？謝謝。

It's a great question, Meredith. I would say over time as we do get more business travel, you will see that even out. I mean, typically the second and third quarters have been our largest given our predominance of leisure travel. So Q1 and Q4 have a little bit more business travel, but even I would say probably Q4 is a little bit more of a heavier business travel, cooler than Q1.

這是一個很好的問題，梅雷迪斯。我想說，隨著時間的推移，我們的商務旅行會越來越多，你會看到這種情況趨於平衡。我的意思是，由於我們以休閒旅遊為主，通常第二季和第三季是我們業務量最大的季度。因此，第一季和第四季的商務旅行略多一些，但即便如此，我還是會說，第四季的商務旅行可能會比第一季更加繁忙，氣氛也會更加冷淡。

Q1 tends to be rather slow, so I would not expect any different modeling assumptions for 2025, but over time as that mix continues to move, that you could see a shift of a little bit more business in Q1 and Q4 than historical. And as that happens, we'll certainly update you if there's any major changes in the modeling assumptions.

Q1 往往比較緩慢，因此我預計 2025 年不會有任何不同的建模假設，但隨著時間的推移，隨著這種組合的不斷變化，您可能會看到 Q1 和 Q4 的業務變化比歷史略多。當這種情況發生時，如果模型假設有任何重大變化，我們一定會及時通知您。

Great. Thanks a lot. Appreciate it.

偉大的。多謝。非常感謝。

Alex Brignall, Redburn Atlantic.

雷德伯恩大西洋公司的亞歷克斯·布里格納爾 (Alex Brignall)。

Hi. Thank you very much. Just back to the growth question, obviously the worst governments came very late in the year. So really, they we can think of them in the in the now this year. So if I add that sort of the RevPAR guide and your comments that you've given on the royalty rate, I got a meanly higher number than the work you've guided in the middle so I wonder if you can just reconcile that with one of the answers that you gave earlier around underlying royalty rate progression because it doesn't really seem that there's any financial contribution within that so. The Westgate MSM, misjudging it. And then could you just talk a little bit about your retention rates in 2024 where that came in relative to prior and what you think that might do going forward. Thank you.

你好。非常感謝。回到成長問題，顯然最糟糕的政府上台的時間很晚。所以實際上，我們今年現在可以考慮他們了。因此，如果我添加那種 RevPAR 指南和您對特許權使用費率的評論，我得到的數字會比您在中間指導的工作高得多，所以我想知道您是否可以將其與您之前給出的有關基本特許權使用費率進展的答案之一相協調，因為其中似乎並沒有任何財務貢獻。Westgate MSM 對此做出了錯誤的判斷。然後，您能否簡單談談 2024 年的保留率與先前的保留率相比如何，以及您認為這可能會對未來產生什麼影響。謝謝。

Yeah. I'll start with the retention rate. It's effectively been consistent, we look at, the overall turn of the business has been usually around 3% to 4%. Our voluntary retention rate, which is those hotels that we want the owner to stay, has consistently been around 97% to 98%. So that's effectively when an owner comes up on a window in their contract to leave, they are generally, that 97% 98% rate sticking with us. But we have also been continuing to move underperforming product or owners that are not willing to stay with the brand standards out of the brand or out of the system altogether.

是的。我先從保留率開始。我們觀察到，它實際上一直保持一致，業務的整體營業額通常在 3% 到 4% 左右。我們的自願保留率（即我們希望業主入住的飯店）一直保持在 97% 到 98% 左右。因此，實際上，當業主在合約中約定離開時，他們一般有 97% 或 98% 的幾率會繼續留在我們這裡。但我們也一直在繼續將表現不佳的產品或不願意遵守品牌標準的所有者從品牌中剔除，甚至從系統中剔除。

So we haven't sort of had to do these sort of large cleanups or those types of things, brands because we've been fairly diligent in moving underperforming product or owners who are no longer willing to make investments out of the system. But I think as you look forward, and you look at what's in our pipeline growth in the areas where our retention is even higher, our retention is even higher in those upscale and extended segments, which are a significant component of our core business today, but also what's coming in the pipeline. So I would expect that that voluntary retention rate could actually increase even further as we continue to deliver for those two particular segments.

因此，我們不必對品牌進行這種大規模清理或類似的事情，因為我們一直非常勤勉地將表現不佳的產品或不再願意投資的所有者從系統中移除。但我認為，當你展望未來，看看我們在保留率更高的領域的產品線成長情況，我們在高端和擴展領域的保留率甚至更高，這些是我們目前核心業務的重要組成部分，也是我們即將推出的產品線。因此，我預計，隨著我們繼續為這兩個特定領域提供服務，自願留任率實際上可能會進一步提高。

In terms of the building blocks for our 2025 guidance, the way I would think about it is if you look at our domestic rev levers and the guidance we gave for RevPAR, that unique net room growth and effective royalty rate, that that I'll add about, roughly 2.5% to our EBITDA. Our owned and international business should add another 1%.

就我們 2025 年指引的基礎而言，我會這樣想：如果你看一下我們的國內收入槓桿和我們為 RevPAR 提供的指引，即獨特的淨客房增長和有效特許權使用費率，我會將大約 2.5% 添加到我們的 EBITDA 中。我們的自有業務和國際業務應再增加 1%。

Our platform and ancillary revenues continued growth, including the co-brand credit card, should add about 2%. And then we're guiding to SG&A in the low single digits, so that'll reduce that growth by about 1%. So that gets you to roughly the midpoint of our guidance, as Pat mentioned earlier. If we're better on the RevPAR and the net unit growth as we're optimistic about, that would be where it would push us closer to the top end of our range.

我們的平台和輔助收入持續成長，包括聯名信用卡，應該會增加約 2%。然後，我們將銷售、一般及行政費用 (SG&A) 控制在較低的個位數，因此這將使成長率降低約 1%。正如 Pat 之前提到的，這大致達到了我們指導的中間點。如果我們對每間可用客房收入 (RevPAR) 和淨單位成長率持樂觀態度，那麼我們就能更接近最高水準。

Thank you. Just on the retention rate. In the last couple of years has it been within that 96% to 97% retention rate on overall basis?

謝謝。僅關注保留率。過去幾年，整體保留率是否在 96% 至 97% 之間？

Yes.

是的。

Thank you very much, indeed.

確實非常感謝。

There are no further questions at this time. I'd like to turn the call over to Patrick Pacious for closing remarks. Sir, please go ahead.

目前沒有其他問題。我想將電話轉給帕特里克·帕修斯 (Patrick Pacious) 做最後發言。先生，請繼續。

Thank you, operator. Thanks again everyone for your time this morning. We will talk to you again in May when we will announce our first quarter 2025 results. Have a great day.

謝謝您，接線生。再次感謝大家今天早上抽出時間。我們將於 5 月再次與您溝通，屆時我們將公佈 2025 年第一季業績。祝你有美好的一天。

This concludes today's conference call. Thank you very much for your participation. You may now disconnect.

今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。