Choice Hotels International Inc (CHH) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Choice Hotels International's first quarter 2025 earnings call. (Operator instructions)

女士們，先生們，感謝各位的支持。歡迎參加精選國際飯店集團2025年第一季業績電話會議。 （接線生指示）

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

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 would 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，感謝您今天的參與。在開始之前，我們想提醒您，在本次電話會議中，我們將使用一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 indicated in the forward-looking statements, and you should consult the company's Form 10-Q, 10-K and other SEC filings for information about important factors affecting the company that you should consider. 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.

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因素的資訊。這些前瞻性陳述僅代表今日的觀點，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 first quarter 2025 earnings press release, which is posted on our website at choicehotels.com under the Investor Relations section.

您可以在我們 2025 年第一季財報新聞稿中找到我們在評論中提到的非 GAAP 財務指標的對帳表，該新聞稿發佈在我們的網站 choicehotels.com 的「投資者關係」部分下。

This morning, Pat Pacious, President and Chief Executive Officer, will speak to our first quarter operating results and update on our strategic priorities. While Scott Oaksmith, Chief Financial Officer, will discuss our financial performance and outlook for the remainder of the year. Following our prepared remarks, we'll be glad to answer your questions.

今天上午，總裁兼執行長 Pat Pacious 將介紹我們的第一季營運業績並更新我們的策略重點。財務長 Scott Oaksmith 將討論我們今年剩餘時間的財務表現和前景。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 will 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 you taking the time to join us. It has been a successful start to the year as the momentum we've created from our strategic investments has carried forward into the first quarter, driving our adjusted EBITDA 4% higher and our adjusted earnings per share 5% higher year-over-year.

謝謝你，艾莉，大家早安。感謝您抽空加入我們。今年開局不錯，我們透過策略投資創造的勢頭延續到了第一季度，推動調整後的 EBITDA 年成長 4%，調整後每股盈餘年增 5%。

The investments in our business delivery engine have increased the attractiveness of our brands, resulting in a 3% year-over-year net increase in global rooms in the first quarter, including a 4% net increase for our more revenue-intense rooms.

我們對業務交付引擎的投資提高了品牌的吸引力，導致第一季全球客房數量年增 3%，其中收入密集型客房淨增長 4%。

We also continue to excel at what we do best: delivering guests to our franchisees. In the first quarter, we outperformed our chain scales in domestic RevPAR performance, captured demand across multiple regions of the country and achieved RevPAR index share gains versus competitors.

我們也將繼續在我們最擅長的領域精益求精：為我們的特許經營商提供客人。在第一季度，我們的國內 RevPAR 表現超越了同連鎖飯店集團，抓住了全國多個地區的需求，並且相對於競爭對手，RevPAR 指數份額有所增長。

These results reflect the improved mix of guests that we are now delivering. Today, approximately 40% of our overall mix is business travelers, which we believe is well balanced between business and leisure travel. Importantly, Choice's business travelers have a relatively resilient profile. These are guests whose job cannot be accomplished without traveling.

這些結果反映了我們目前所接待的客人組合的改善。如今，我們整體旅客結構中約有 40% 是商務旅客，我們認為商務旅行和休閒旅行之間實現了良好的平衡。重要的是，精選的商務旅客具有相對彈性的形象。這些客人如果不旅行就無法完成他們的工作。

They comprise key categories such as construction, regional sales, utilities and medical staffing, and we are now capturing additional longer-term opportunities from companies involved in the substantial infrastructure investments required by genAI and the push towards the reshoring of American manufacturing.

它們包括建築、區域銷售、公用事業和醫療人員等關鍵類別，我們現在正在從參與 genAI 所需的大量基礎設施投資和推動美國製造業回流的公司中捕捉更多長期機會。

We anticipate these trends will continue to accelerate. And through our deliberate strategic positioning of our portfolio, Choice is poised to capture this demand. Our business travel segment grew 10% year-over-year in the first quarter, driven by both group and business transient travel and supported by our expanding, upscale and extended-stay portfolio of hotels.

我們預計這些趨勢將持續加速。透過我們對產品組合進行深思熟慮的策略定位，Choice 已準備好滿足這項需求。我們的商務旅行部門在第一季同比增長了 10%，這得益於團體旅行和商務短期旅行的推動，以及我們不斷擴大的高檔和長住酒店組合的支持。

Notably, we achieved an impressive year-over-year revenue increase of over 50% from group travel business in the first quarter. We delivered these strong results despite increased macro uncertainty, demonstrating that our strategy continues to succeed and reinforcing our confidence in our long-term outlook and ability to create value through our strategic investments.

值得注意的是，第一季我們團體旅遊業務收入年增超過50%，增幅驚人。儘管宏觀不確定性增加，我們仍然取得了這些強勁的業績，表明我們的策略繼續取得成功，並增強了我們對長期前景和透過策略投資創造價值的能力的信心。

As we look to the future, our global pipeline provides a strong platform for long-term growth with 98% of the rooms within our more revenue-intense brands. This means that our pipeline should 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.

展望未來，我們的全球酒店陣容為長期成長提供了強大的平台，其中 98% 的客房均屬於我們收入密集型品牌。這意味著，我們的新酒店項目將比現有酒店項目產生更高的收入，這得益於大幅的 RevPAR 溢價、更高的平均有效特許權使用費率以及每家酒店更多的客房數量。

The versatile business model we have built has allowed us to deliver stable returns and provide diversified avenues of growth throughout different economic cycles. Historically, in periods of economic uncertainty, our differentiated positioning has enabled us to outperform our peers, gain market share and emerge stronger.

我們建立的多功能商業模式使我們能夠在不同的經濟週期中提供穩定的回報並提供多樣化的成長途徑。從歷史上看，在經濟不確定時期，我們的差異化定位使我們能夠超越同行，獲得市場份額並變得更強大。

Choice has an increasingly diverse portfolio of well-segmented brands across a wide variety of price points to suit the needs of a broad array of consumers and hotel developers. We have made tremendous progress since we embarked on our distinct strategy to strengthen the company's position in more revenue-intense segments and markets.

Choice 擁有日益多樣化的品牌組合，涵蓋各種價位，能夠滿足廣大消費者和飯店開發商的需求。自從我們實施獨特的策略來加強公司在收入密集型領域和市場中的地位以來，我們取得了巨大的進步。

We have added brands in our strategic growth segments over the past several years and have expanded our domestic mix of more revenue-generating rooms by 11-percentage-points to 88% of our system over that period. Notably, the revenue generated by an average hotel in our portfolio has increased 17% over that period.

在過去幾年裡，我們在策略成長領域增加了更多品牌，並將國內創收客房的比例提高了 11 個百分點，達到我們系統的 88%。值得注意的是，我們投資組合中每家酒店的平均收入在此期間增長了 17%。

The addition of these new brands expands our opportunities to grow our hotel franchise system in all market conditions as they offer both new construction and conversion opportunities for developers to grow their portfolio with us depending on their needs.

這些新品牌的加入擴大了我們在所有市場條件下發展酒店特許經營體系的機會，因為它們為開發商提供了新建和改建的機會，使他們能夠根據自己的需求與我們一起擴大投資組合。

In addition, all of our hotels realize the benefits of our increased scale, including our technology investments, more valuable rewards program and expanded partnerships. Diversification has also made our business more resilient, particularly with our continued growth in the cycle-resilient extended-stay segment.

此外，我們所有的酒店都實現了規模擴大帶來的好處，包括我們的技術投資、更有價值的獎勵計劃和擴大的合作夥伴關係。多元化也使我們的業務更具彈性，特別是隨著我們在週期性彈性長住領域的持續成長。

We have increased the size of our extended-stay portfolio by 19% over the past years to approximately 53,000 rooms with the segment's pipeline now representing half of the total domestic rooms pipeline. An increased extended-stay footprint gives us even more confidence in the resilience of our business because in times of uncertainty, we have historically seen demand remain relatively strong for our extended-stay hotels.

在過去幾年中，我們的長住酒店組合規模增加了 19%，達到約 53,000 間客房，該板塊的在建客房數量目前佔國內客房總數的一半。延長住宿足跡的增加使我們對業務的彈性更有信心，因為在不確定的時期，我們的長期住宿酒店的需求歷來保持相對強勁。

We have also strengthened the entire business by attracting higher-income, more resilient customers who have the means to keep spending and traveling through economic cycles. And that means we're delivering customers of our customers now have annual household incomes exceeding $100,000, which means they are more than 24% higher than the median national household income, and nearly 20% surpass $200,000.

我們也透過吸引收入更高、適應力更強、有能力在經濟週期中繼續消費和旅行的客戶來增強整個業務。這意味著，在我們服務的客戶中，現在的家庭年收入超過 10 萬美元，比全國家庭收入中位數高出 24% 以上，近 20% 的家庭年收入超過 20 萬美元。

At the same time, we expanded our rewards program to over 70 million members, an 8% year-over-year increase as of the end of the first quarter. These loyal customers are 6 times more likely to book direct through Choice channels and stay an average of 90% more room nights per year than our nonrewards members.

同時，我們將獎勵計劃擴大到 7,000 多萬會員，截至第一季末年增 8%。這些忠實客戶透過 Choice 管道直接預訂的可能性比非獎勵會員高出 6 倍，並且每年平均入住晚數比非獎勵會員高出 90%。

Growth in our membership is the direct result of us creating a more compelling program, including interesting new aspirational hotels and exciting new experiences such as music, racing and college sport event redemption options, as well as adding new rewards program features.

我們會員數量的增長直接源於我們創建了更具吸引力的計劃，其中包括有趣的全新理想酒店和令人興奮的新體驗，如音樂、賽車和大學體育賽事兌換選項，以及增加新的獎勵計劃功能。

We are seeing the results with a more engaged customer base, as demonstrated by a 28% year-over-year increase in the number of global reward night redemptions during the first quarter. With gas prices trending lower and approximately 90% of our domestic portfolio within one mile of a highway, we provide value-seeking travelers the opportunity to travel and take vacations in a more affordable way closer to home.

我們看到了客戶群參與度更高的成果，第一季全球獎勵住宿兌換數量年增 28% 就證明了這一點。隨著油價趨於下降，且我們約 90% 的國內酒店都位於高速公路一英里範圍內，我們為追求價值的旅行者提供了以更實惠的方式在家附近旅行和度假的機會。

This is particularly compelling for our customer base, which is comprised primarily of domestic travelers. Additionally, our strong portfolio of midscale hotels offers an affordable high-quality option for travelers who might be seeking to trade down.

對於我們主要由國內遊客組成的客戶群來說，這尤其具有吸引力。此外，我們強大的中檔飯店組合為尋求低檔住宿的旅客提供了價格實惠的高品質選擇。

Likewise, we see attractive tailwinds coming from one of our core customer segments, Baby Boomers. Over 4 million people are expected to reach retirement age this year in the US, and they have more time and disposable income to travel for leisure and seek brands like ours that provide value for their money.

同樣，我們看到來自我們的核心客戶群之一——嬰兒潮一代的有吸引力的順風。預計今年美國將有超過 400 萬人達到退休年齡，他們有更多的時間和可支配收入去休閒旅行，並尋找像我們一樣物有所值的品牌。

And the pool of these retired travelers continues to expand with more than one in five Americans expected to be 65 years old or over by 2030. Just last week, we hosted our 69th annual convention. The level of enthusiasm and support we heard from our thousands of franchisees about the ways we are driving growth and the future of our brands was remarkable.

這些退休旅行者的數量還在增加，預計到 2030 年，五分之一的美國人將達到或超過 65 歲。就在上週，我們舉辦了第 69 屆年會。我們從數千家加盟商那裡聽到了他們對我們推動品牌成長和未來發展的方式所展現的熱情和支持，這令人驚嘆。

The convention is also a significant business development opportunity for us to sign new franchise agreements. During the event, we highlighted some of our recent investments, specifically our new Choice Hotels website and mobile apps, which have helped drive improved performance through strong year-over-year increases in booking conversion rates across all of our chain scales, including double-digit increases for our upscale properties.

此次大會也是我們簽署新的特許經營協議的重要業務發展機會。活動期間，我們重點介紹了我們最近的一些投資，特別是我們新的精選酒店網站和行動應用程序，這些投資幫助我們提升了業績，使我們所有連鎖酒店的預訂轉換率同比強勁增長，其中高檔酒店的預訂轉化率實現了兩位數的增長。

Our targeted hotel profitability tools, which continue to drive potential cost savings of up to 20% on the franchisee level, and our recently launched one-stop owners platform, which makes it even easier for our franchisees to access actionable intelligence to run their businesses.

我們有針對性的酒店盈利工具，可繼續推動特許經營商層面節省高達 20% 的潛在成本，而我們最近推出的一站式業主平台，可讓我們的特許經營商更輕鬆地獲取可操作的情報來運營他們的業務。

Our larger scale has allowed us to invest more in technology to enhance the guest experience and the value we bring to our franchisees. This 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.

我們的規模更大，因此我們能夠在技術上投入更多，以提升客戶體驗和我們為特許經營商帶來的價值。這是我們現有業主選擇與精選國際酒店集團合作擴大其酒店組合的主要原因之一，並有助於我們實現行業領先的自願特許經營商保留率。

As we look to grow our brand portfolio, we remain very well positioned. In addition to our proven strength in the midscale segment, 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.

當我們尋求擴大我們的品牌組合時，我們仍然處於非常有利的地位。除了我們在中檔酒店領域的公認實力外，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 continue to be a key driver of our future growth. Continuing to innovate has contributed to us further expanding our lead in the extended-stay segment as we added more than 5,000 extended stay rooms domestically in the first quarter.

這些部門對我們的獲利有更大的增值作用，並將繼續成為我們未來成長的主要驅動力。持續創新使我們進一步擴大了在長期住宿領域的領先地位，第一季我們在國內增加了 5,000 多間長住客房。

For seven consecutive quarters, we have grown our domestic extended-stay room system size by double digits year-over-year, and we expect this higher-than-industry average growth to continue. With nearly half of the economy and midscale extended-stay segment rooms currently under construction being Choice Hotels' brands, we are well positioned for future growth.

連續七個季度，我們的國內長住客房系統規模同比增長兩位數，我們預計這種高於行業平均水平的增長將持續下去。目前正在建造的經濟型和中檔長住酒店客房中，近一半都是精選國際酒店的品牌，這為我們未來的成長做好了準備。

We also continue to strengthen our core brand portfolio, which outperformed overall midscale RevPAR chain scale and attracted strong development growth in the first quarter. Importantly, we recently introduced new value-engineered prototypes for the Comfort brand family and the Country Inn and Suites by Radisson brand that provide more revenue-driving spaces for owners and achieve a 10% to 15% reduction in construction costs.

我們也持續加強核心品牌組合，品牌組合的表現優於整體中檔飯店RevPAR連鎖規模，並在第一季度實現了強勁的發展成長。重要的是，我們最近為 Comfort 品牌系列和 Country Inn and Suites by Radisson 品牌推出了新的價值工程原型，為業主提供更多創收空間，並將建築成本降低 10% 至 15%。

We are already realizing returns from these investments. In fact, during the first quarter, our Country Inn and Suites by Radisson brands' RevPAR outperformed the upper midscale segment by nearly 2-percentage-points.

我們已經從這些投資中獲得了回報。事實上，在第一季度，我們的 Country Inn and Suites by Radisson 品牌的 RevPAR 比中高檔飯店市場高出近 2 個百分點。

In the upscale segment, we continue to expand our presence, increasing the global room system size by 16% year-over-year to over 110,000 rooms now representing 17% of our overall system. With nearly 27,000 more upscale global rooms in the pipeline, an 8% increase over the prior quarter, we will be providing our guests even more aspirational locations to visit.

在高端領域，我們持續擴大業務，全球客房系統規模年增 16%，達到 11 萬餘間客房，占我們整個系統的 17%。我們在全球擁有近 27,000 間高檔客房，比上一季成長 8%，將為客人提供更多令人嚮往的旅遊勝地。

We've often spoken about a key differentiator for our business, the velocity with which we move hotels through our pipeline. I'm pleased to say that velocity in the first quarter accelerated versus the prior quarter. Of the domestic franchise agreements we executed for conversion hotels for the 12 months ending March 31, we opened 170 within that time frame, a 26% increase compared to the same period of the prior year.

我們經常談論我們業務的一個關鍵差異化因素，即我們透過管道轉移酒店的速度。我很高興地說，第一季的速度比上一季加快。在截至 3 月 31 日的 12 個月內，我們為改建酒店簽署了國內特許經營協議，在此期間我們開設了 170 家酒店，比去年同期增長了 26%。

This conversion capability benefits Choice as we capture royalties in the system faster, and it benefits our franchise owners who can quickly join our distribution platform and start generating revenues. We are encouraged by the continued traction for our conversion brands, and we expect this hotel conversion core competency to be a key growth driver this year.

這種轉換能力使 Choice 受益，因為我們可以更快地在系統中獲取版稅，並且使我們的特許經營業主受益，他們可以快速加入我們的分銷平台並開始創造收入。我們對我們的轉換品牌的持續吸引力感到鼓舞，我們預計酒店轉換核心競爭力將成為今年的主要成長動力。

I'd now like to turn to another growth area, our international business, where in the first quarter, we expanded our rooms portfolio by over 4% year-over-year. And with a rooms pipeline that has increased by 13% compared to the prior quarter, we continue to see a significant opportunity to further gain international market share in the coming years.

現在我想談談另一個成長領域，即我們的國際業務，在第一季度，我們的客房組合比去年同期成長了 4％ 以上。與上一季相比，客房數量增加了 13%，我們繼續看到未來幾年進一步贏得國際市場份額的巨大機會。

In closing, by successfully executing our strategy, we have transformed the company to be future-ready and have established a strong foundation for near-term stability and long-term growth. Our proactive investments and a versatile asset-light fee-based model have meaningfully enhanced our company's growth profile and allow us to generate multiple avenues of growth throughout various economic cycles.

最後，透過成功執行我們的策略，我們已經將公司轉變為面向未來的公司，並為近期穩定和長期成長奠定了堅實的基礎。我們的積極投資和靈活的輕資產收費模式顯著增強了公司的成長前景，並使我們能夠在各個經濟週期中創造多種成長途徑。

We continue to grow our significant free cash flow annually, and our priority use of this capital is to create long-term value as we 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用途是創造長期價值，因為我們將繼續專注於提升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. Today, I will discuss our first quarter results, update you on our balance sheet and capital allocation and comment on our outlook for the remainder of 2025.

謝謝，帕特，大家早安。今天，我將討論我們的第一季業績，向您介紹我們的資產負債表和資本配置，並對 2025 年剩餘時間的展望進行評論。

We are pleased with the first quarter results we delivered, which were in line with our expectations despite a weaker-than-anticipated macroeconomic environment. We drove adjusted EBITDA to a first quarter record of $129.6 million, representing a 4% year-over-year increase, highlighted by a combination of global rooms growth, strong RevPAR, robust effective royalty rate growth and the impressive performance of fees from our partnership programs.

我們對第一季的業績感到滿意，儘管宏觀經濟環境弱於預期，但業績符合我們的預期。我們推動調整後的 EBITDA 達到第一季創紀錄的 1.296 億美元，比去年同期增長 4%，這得益於全球客房增長、RevPAR 強勁、有效特許權使用費率強勁增長以及合作夥伴計劃費用的出色表現。

Our first quarter adjusted earnings per share also reached a first quarter record of $1.34 per share, a 5% increase year-over-year. Let me first discuss our key drivers of royalty fee growth, and our royalty rate. In the first quarter, our global rooms grew 3.9% year-over-year across our more revenue-intense, upscale, extended-stay and midscale portfolio.

我們第一季調整後的每股盈餘也創下了第一季的最高紀錄，達到每股 1.34 美元，年增 5%。首先，讓我討論一下特許權使用費成長的關鍵驅動因素以及特許權使用費率。第一季度，我們全球收入密集、高檔、長住和中檔飯店的客房數量年增 3.9%。

We continue to see strong developer interest in our brand portfolio with particular demand for our extended-stay and midscale segments. We also recently announced a partnership with the innovative Bridge platform, which helps optimize the loan search process, providing access to a wider range of affordable financing solution for hotel owners and developers.

我們繼續看到開發商對我們的品牌組合表現出濃厚的興趣，尤其是對我們的長住和中檔酒店市場的需求。我們最近也宣布與創新的 Bridge 平台建立合作夥伴關係，該平台有助於優化貸款搜尋流程，為飯店業主和開發商提供更廣泛的經濟實惠的融資解決方案。

We believe this new partnership will expand access to capital sources and accelerate the time line to secure financing that will support the development of both new construction and the conversion of hotels into our franchise system.

我們相信，這項新的合作關係將擴大資本來源管道，加快獲得融資的時間，以支持新建築的發展以及酒店轉變為我們的特許經營體系。

Our deliberate decisions and strategic investments in our franchisee tools, brand portfolio and partnerships are delivering results across all our brand segments. First, we grew our domestic extended-stay room system size by 11% year-over-year, highlighted by a 14% increase in domestic openings.

我們對特許經營工具、品牌組合和合作夥伴關係的深思熟慮的決定和策略投資正在為我們所有的品牌領域帶來成果。首先，我們的國內長住客房系統規模年增 11%，其中國內開業客房數量增加了 14%。

At the same time, we saw a 14% increase in domestic franchise agreements awarded year-over-year. The Everhome Suites brand is gaining strong traction with 11 hotels now open and 62 domestic projects in the pipeline, including 18 under construction as of today.

同時，我們看到國內特許經營協議授予數量同比增長了14%。Everhome Suites 品牌發展勢頭強勁，目前已開業 11 家酒店，另有 62 個國內項目正在籌備中，其中截至目前有 18 個項目正在建設中。

Second, we further strengthened our presence in the midscale segment, highlighted by a 10% increase in midscale domestic franchise agreements executed year-over-year. Our flexible and low-cost conversion Clarion Pointe brand portfolio continues to grow with a 10% increase in global rooms in the first quarter compared to the prior year.

其次，我們進一步加強了在中檔酒店領域的影響力，其中，國內中檔酒店特許經營協議簽訂量同比增長10%。我們靈活且低成本轉換的 Clarion Pointe 品牌組合持續成長，第一季全球客房數量與去年同期相比增加了 10%。

And third, we are continuing to expand our upscale portfolio, with a 16% increase in global rooms year-over-year. Specifically, our Ascend Hotel Collection, our leading global soft brand, reported a 13% year-over-year increase, reaching nearly 59,000 rooms worldwide.

第三，我們持續擴大高端飯店組合，全球客房數量較去年同期成長 16%。具體來說，我們領先的全球軟品牌 Ascend Hotel Collection 報告年增 13%，全球客房數量達到近 59,000 間。

Turning now to our RevPAR performance. Our first quarter domestic RevPAR outperformed our chain scales by 60 basis points, increasing 2.3% year-over-year. This was driven by a 30 basis point improvement in occupancy levels and a 1.7% year-over-year increase in average daily rates.

現在來談談我們的 RevPAR 表現。我們第一季的國內 RevPAR 比同連鎖飯店高出 60 個基點，較去年同期成長 2.3%。這是由於入住率提高了 30 個基點，且平均每日房價年增了 1.7%。

Our domestic extended-stay segment performed exceptionally well, achieving first quarter RevPAR growth of 6.8% over the prior year and outperformed the industry by over 4-percentage-points. At the same time, our domestic overall midscale segment achieved first quarter RevPAR growth of 1.7% over the prior year, outperforming its chain scale by 30 basis points.

我們的國內長住飯店業務表現非常出色，第一季 RevPAR 比上年同期成長 6.8%，比業界平均高出 4 個百分點。同時，我們國內整體中檔飯店第一季的 RevPAR 較上年同期成長 1.7%，比同連鎖飯店高出 30 個基點。

While our domestic economy segment achieved first quarter RevPAR growth of 7.1% over the prior year, outperforming its chain scale by over 4-percentage-points.

而我們的國內經濟艙第一季的每間可用客房收入 (RevPAR) 較上年同期增長 7.1%，比同連鎖酒店集團的增速高出 4 個百分點以上。

Turning to our third royalty growth lever. Our effective royalty rate also continues to be a significant source of revenue growth. Our domestic system effective royalty rate for the first quarter increased 8 basis points year-over-year. 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.

轉向我們的第三個特許權使用費成長槓桿。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。我們第一季的國內系統有效特許權使用費率較去年同期增加了8個基點。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對特許經營業主增強的價值主張的正面影響。

We are optimistic about the ongoing upward trajectory of our effective royalty rate for years to come as the contracts in our domestic pipeline have a significantly higher effective royalty rate than those in our current portfolio of open hotels.

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的酒店組合中的合約。

We continue to build on the strong momentum of our partnership business. Our partnership services and fees encompass revenues from our strategic partners and vendors, including licensing and co-brand credit card fees. These revenues increased 28% year-over-year in the first quarter and benefited from both an increase in revenues from our qualified vendors and co-brand credit card fees.

我們將繼續鞏固合作業務的強勁勢頭。我們的合作服務和費用包括來自我們的策略夥伴和供應商的收入，包括授權和聯名品牌信用卡費用。這些收入在第一季同比增長了 28%，這得益於我們合格供應商的收入和聯名信用卡費用的增長。

Continuing to expand our partnership services and fees as one of our key initiatives, and we believe that we can drive strong revenue growth in the years ahead. In the three months ended March 31, 2025, we generated $36 million in adjusted free cash flows, a 30% year-over-year increase. Our business continues to produce strong cash flow which, coupled with our well-positioned balance sheet, allows us to execute our capital allocation priorities, year-to-date through April, we've returned $115 million to shareholders, including $27 million in cash dividends and $88 million in share repurchases.

繼續擴大我們的合作夥伴服務和費用作為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。在截至 2025 年 3 月 31 日的三個月中，我們產生了 3,600 萬美元的調整後自由現金流，年增 30%。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，使我們能夠執行我們的資本配置優先事項，截至今年 4 月，我們已向股東返還 1.15 億美元，其中包括 2700 萬美元的現金股息和 8800 萬美元的股票回購。

We had 3.2 million shares remaining in our authorization as of the end of April. We remain well positioned with a strong cash position, leverage levels at the low end of our targeted range and total available liquidity of $594 million as of March 31, 2025.

截至 4 月底，我們的授權股數還剩下 320 萬股。我們仍處於有利地位，擁有強大的現金狀況、處於目標範圍低端的槓桿水平以及截至 2025 年 3 月 31 日的總可用流動資金為 5.94 億美元。

Before discussing our outlook, I want to note a few changes we made to our income statement. During the first quarter, we reclassified select items to classify revenue and expenses based on the nature of the underlying activities and also reclassified corresponding prior year amounts for comparability. These reclassifications have no effect on previously reported total revenues, expenses or net income amounts.

在討論我們的前景之前，我想指出我們對損益表所做的幾項更改。在第一季度，我們根據基礎活動的性質對選定的項目進行了重新分類，以對收入和支出進行分類，並且還對相應的上一年金額進行了重新分類，以便進行比較。這些重新分類對先前報告的總收入、支出或淨收入金額沒有影響。

For additional information on these reclassifications, please see our earnings release and Form 10-Q. Finally, I'd like to discuss our expectations for the remainder of the year. Reflecting the more uncertain macroeconomic backdrop, which is impacting the lodging industry, we are updating our full year 2025 outlook.

有關這些重新分類的更多信息，請參閱我們的收益報告和 10-Q 表。最後，我想討論一下我們對今年剩餘時間的期望。鑑於影響住宿業的更不確定的宏觀經濟背景，我們正在更新 2025 年全年展望。

While January and February domestic RevPAR performed in line with our expectations, we started to observe a softening in late March when a broader macro uncertainty intensified. As a reminder, April saw the significant impact of the Easter shift and a tougher comparison as we benefited from eclipse-related travel in 2024.

雖然 1 月和 2 月國內 RevPAR 表現符合我們的預期，但隨著更廣泛的宏觀不確定性加劇，我們開始觀察到 3 月下旬出現疲軟現象。提醒一下，四月受到了復活節轉變的重大影響，而且由於我們受益於 2024 年與日食相關的旅行，因此比較起來更加困難。

When normalizing for these impacts and accounting for the hurricane benefit, April RevPAR performance was down approximately 1% year-over-year. Given these recent trends, we are adjusting our domestic RevPAR expectations to negative 1% to positive 1%.

將這些影響標準化併計入颶風帶來的好處後，4 月 RevPAR 業績年減約 1%。鑑於最近的趨勢，我們將國內 RevPAR 預期調整為負 1% 至正 1%。

The high end of our range assumes our RevPAR performance for the remainder of the year is largely in line with the outlook we provided in February. The midpoint of this range assumes that the current trends we have seen from late March through April continue for the remainder of the year, and the low end implies that conditions softened modestly.

我們預期的高端數據是假設我們今年剩餘時間的 RevPAR 表現與我們 2 月給出的預測基本一致。該範圍的中點假設我們從 3 月下旬到 4 月看到的當前趨勢將持續到今年剩餘時間，而低端則意味著情況略有緩和。

For the full year 2025, we now expect our adjusted EBITDA to be in the range of $615 million and $635 million and adjusted diluted earnings per share to be in the range of $6.90 and $7.22. This guidance adjustment reflects a more moderate domestic RevPAR growth expectation, offset by effective cost management.

我們目前預計，2025年全年調整後EBITDA將在6.15億美元至6.35億美元之間，調整後稀釋每股盈餘將在6.90美元至7.22美元之間。此項指引調整反映了較為溫和的國內RevPAR成長預期，但有效的成本管理將抵銷此影響。

We now anticipate our guidance for full year adjusted SG&A to be at the lower end of our growth range of low to mid-single digits from the 2024 base of $276 million. Additionally, to align with the revenue reclassifications that I discussed, we are now providing guidance for these reclassified line items. For full year 2025, we expect our partnership services and fees to grow in the mid-single digits from the 2024 base of $99 million.

我們現在預計，全年調整後的銷售、一般及行政費用指導值將處於增長範圍的低端，即以 2024 年 2.76 億美元為基數的低至中等個位數增長。此外，為了與我討論過的收入重新分類保持一致，我們現在為這些重新分類的項目提供指導。到 2025 年全年，我們預計我們的合作服務和費用將以 2024 年 9,900 萬美元為基數，實現中等個位數成長。

While we recognize the broad macro uncertainty, we remain confident in the resilience of our portfolio, the versatility of our model and the strength of our fee-based business. We anticipate growth will be driven by organic growth across more revenue-intense hotels and markets, robust effective royalty rate growth, growth from our partnership revenue streams, strong international business and incremental revenue-generating opportunities from our expanded scale.

儘管我們認識到宏觀經濟的普遍不確定性，但我們仍然對我們的投資組合的彈性、我們模型的多功能性以及我們收費業務的實力充滿信心。我們預計，成長將由更多收入密集型酒店和市場的有機成長、強勁的有效特許權使用費率成長、合作夥伴收入流的成長、強勁的國際業務以及擴大規模帶來的增量創收機會所推動。

This outlook does not account for any additional M&A, repurchase of the company's stock after April 30 or other capital markets activity. Today's results are a testament that our strategy is working and that we are benefiting from our expanded scale and versatile business model.

這項展望並未考慮 4 月 30 日之後的任何額外併購、公司股票回購或其他資本市場活動。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。

We intend to keep investing in those areas of our business that will generate the highest return on our capital.

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）

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hi, good morning, everybody. Thank you for taking my question. Pat or Scott, maybe we could just start with your big picture on the consumer and the macro. Pat, you talked a little bit about how you're well positioned for trade down. But what's sort of unique as we moved through earnings season here is we've seen the softness primarily in leisure and lower-end chain scales relative to the industry, and the high-end has been hanging in a little bit better.

大家好，早安。感謝您回答我的問題。帕特或斯科特，也許我們可以從你們對消費者和宏觀的整體看法開始。派特，你稍微談了一下你如何做好降價交易的準備。但隨著我們進入收益季，我們發現一個獨特現象：相對於整個行業而言，休閒和低端連鎖店的規模主要表現疲軟，而高端連鎖店的規模則略有好轉。

So kind of when or how do you expect to see a little bit of that trade down? And why do you think that the softness we've seen so far have been so acute in kind of the lower-end travel segment right now?

那麼您預計何時或如何看到這種交易量有所下降呢？您認為，為什麼​​我們目前看到的低端旅遊市場的疲軟現像如此嚴重？

Yeah. so let me start, Shaun, with the -- just over the macro. I mean, if you look at our Q1 results, it really demonstrates that our strategy is continuing to deliver. You look at our 3% to 4% net rooms growth, record EBITDA, RevPAR outperforming our chain scales, RPI increases. We've got an increased international footprint.

是的。那麼，肖恩，讓我先從宏觀開始。我的意思是，如果你看看我們的第一季業績，它確實表明我們的策略正在繼續發揮作用。您可以看到我們的淨客房成長率為 3% 至 4%，EBITDA 創歷史新高，RevPAR 超越了我們的連鎖規模，RPI 有所成長。我們的國際影響力不斷擴大。

Scott talked about our extended -- or expanded partnership streams, and most importantly probably is our rewards program growth. So what we really wanted to make sure everybody understands in our remarks is the change in the consumer profile that we now have in our business. You look at the diversified places where our consumers are coming from now.

斯科特談到了我們擴展的或擴大的合作夥伴關係，最重要的可能是我們的獎勵計劃的成長。因此，我們真正想確保每個人都理解我們業務中當前消費者狀況的變化。現在，我們的消費者來自世界各地。

We've got a higher-income consumer today than we've had in the past. That average consumer is reporting that they've got 24% higher national median household income than the US average, and 20% are over $200,000. So we've got a stronger consumer in our business. We talked about we've got more business travelers, 40% of our business in Q1 is now business travel.

我們今天的消費者收入比過去更高。該普通消費者報告稱，他們的全國家庭收入中位數比美國平均高出 24%，其中 20% 的家庭收入超過 20 萬美元。因此我們的業務擁有更強大的消費者。我們談到我們擁有更多的商務旅客，目前我們第一季 40% 的業務是商務旅行。

And I think when you look at trade down -- what we're not seeing is a trade down in our system. We are seeing though market share gains in our system. And I want to particularly point to our economy segment, which was up 7%, which is 4% higher than the chain scale, and extended-stay, which was also up 7%, which is 4% higher than the chain scale did.

我認為，當你觀察降級交易時——我們沒有看到我們的系統中出現降級交易。我們看到我們的系統市場份額正在成長。我想特別指出的是，我們的經濟型飯店價格上漲了 7%，比連鎖飯店高出 4%；長住型飯店價格也上漲了 7%，比連鎖飯店高出 4%。

So we are taking share. That's clearly what we saw in the early part of the quarter here -- or the early part of the year that is. And then I would just say with what we're seeing through April and then even into looking at last week, we again saw RevPAR index gains primarily in occupancy, which is really, really a positive signal for us.

因此我們正在分享。這顯然是我們在本季初（或今年初）看到的情況。然後我想說的是，根據我們 4 月以及上週的觀察，我們再次看到 RevPAR 指數主要在入住率方面有所增長，這對我們來說確實是一個積極的信號。

So when you look at this sentiment out there that leisure is softening, we're not actually being impacted in a meaningful way by that because I think what's happening is -- which happens in these times when things get softer, we are taking share. And that has historically happened. So while we're in the early days of this sort of softening cycle, we're pretty optimistic that the way we've repositioned our brands, the way our consumer has gotten that much more resilient from an income perspective and then the diversification between business and leisure travel, I think, is really going to benefit us as we move throughout the rest of the year.

因此，當你看到外界認為休閒正在減弱的情緒時，我們實際上並沒有受到太大的影響，因為我認為正在發生的事情是——在休閒變得疲軟的時代，我們正在佔據市場份額。從歷史上看，這樣的情況確實發生過。因此，雖然我們正處於這種疲軟週期的初期，但我們非常樂觀地認為，我們重新定位品牌的方式、我們的消費者從收入角度變得更具彈性的方式以及商務和休閒旅行之間的多樣化，將真正使我們在今年剩餘時間受益。

Great. And then just as a follow-up on the net unit growth side of the equation. Can we just talk about sort of ex Westgate, your organic growth expectations as we move through the balance of the year. Is the implication that net rooms accelerates? And sort of why would we see a pattern there relative to kind of what you saw in the first quarter?

偉大的。然後只是對等式的淨單位增長方面進行後續跟進。我們能否談談除 Westgate 之外，您對今年剩餘時間的有機成長預期？這是否意味著淨室數量正在加速成長？那麼，為什麼我們會看到與第一季類似的模式呢？

Yeah. I think let me just start. I mean, we're really confident in our guidance of about 1% worldwide rooms growth. International continues to be a key driver of that growth. International is now expected to be in that kind of high single digits.

是的。我想讓我先開始吧。我的意思是，我們對全球客房數量增加約 1% 的預期非常有信心。國際化仍然是推動這一成長的主要動力。目前預計國際銷售額將達到這種高個位數。

And then I think the second piece of it is our historical competency around conversions. The real focus, as we mentioned in our remarks, is the velocity with which we're able to move projects from pipeline into our system.

然後我認為第二點是我們在轉換方面的歷史能力。正如我們在評論中提到的那樣，真正的重點是我們將項目從管道轉移到系統的速度。

As we mentioned, we opened 170 hotels within that last 12-month time frame, which is actually a 26% increase. So we're seeing the velocity improving. And we're in a world right now where 73% in Q1 of our openings were from conversion hotels.

正如我們所提到的，我們在過去的 12 個月內開設了 170 家酒店，實際上增長了 26%。所以我們看到速度正在提高。目前，我們第一季開幕的飯店中有 73% 都是轉換型飯店。

And so I'd also just point out, if you think about it, historically, our first quarter has been more of a higher of a termination rate for us. But as the year goes on, those tend to go down. It's just the timing in the cycle of when our contracts are executed when we make our portfolio management decisions.

因此，我還要指出的是，如果你仔細想想，從歷史上看，我們第一季的終止率更高。但隨著時間的推移，這些數字趨於下降。這只是我們在製定投資組合管理決策時執行合約的周期時間。

But as Pat said, great news, our brands remain in high demand and still seeing great activity on the executed contract front with people wanting to affiliate with our strong brands, especially in times of uncertainty.

但正如帕特所說，好消息是，我們的品牌仍然需求旺盛，並且在執行合約方面仍然看到很大的活躍度，人們希望與我們強大的品牌建立聯繫，尤其是在不確定的時期。

Thank you both.

謝謝你們兩位。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Thanks. Good morning everyone. Got a question for you just on guidance. Just trying to walk through the math there, right. If RevPAR is roughly flat, unit growth is one, you get a little bit from a royalty rate growth, you called that 2% fee growth. I think you're saying ancillary fees are going to be plus 5%. Is that spread, call it, 3-percentage-points? Is -- one, is that the right math? And then sort of for how long do you think that ancillary fee growth can outpace sort of the organic growth rates, call it, plus or minus 3% or more going forward?

謝謝。大家早安。我只是想向您請教一個指導性的問題。只是想了解那裡的數學，對吧。如果 RevPAR 基本上持平，單位成長率為 1，那麼您可以從特許權使用費率成長中獲得一點點，您稱之為 2% 的費用成長。我認為您說的是附加費將增加 5%。這個差距是不是可以叫做 3 個百分點？是——一，這是正確的數學嗎？那麼，您認為附加費用成長率在未來多久內能夠超過有機成長率，也就是正負 3% 或更多？

Yeah. Sure. Thanks, Michael. As we previously discussed, the versatility of our business model really provides us a lot of multiple drivers to grow our business. When you think about our guidance, our domestic royalty rate growth is expected to contribute about 1% to 2% growth to our EBITDA.

是的。當然。謝謝，麥可。正如我們之前所討論的，我們商業模式的多功能性確實為我們的業務成長提供了多種驅動力。當您考慮我們的指引時，我們國內的特許權使用費率成長預計將為我們的 EBITDA 貢獻約 1% 至 2% 的成長。

That's despite a flat RevPAR environment because we are growing our revenue-intense brands as well as continuing to grow the effective royalty rate at that mid-single digits. Our partnership service and fees and our franchisee platform ancillary services, which include things like our co-brand credit card, continues to be accretive to our EBITDA and is expected to be about a 2% growth to our EBITDA for 2025.

儘管 RevPAR 環境持平，但還是取得了這樣的成績，因為我們正在發展我們的收入密集型品牌，同時繼續以中等個位數的速度提高有效特許權使用費率。我們的合作服務和費用以及我們的特許經營平台輔助服務（包括我們的聯名信用卡等）將繼續增加我們的 EBITDA，預計到 2025 年我們的 EBITDA 將成長約 2%。

And then we have our international business and owned hotel portfolio, which we think will add about 1% growth to the EBITDA results. And this will be slightly offset by very small increases in our SG&A. So that's how you get to kind of the midpoint of our guidance. In terms of our ability to grow those ancillary revenues. For us, we really think that's a huge opportunity for us.

然後我們有國際業務和自有酒店組合，我們認為這將為 EBITDA 結果帶來約 1% 的增長。而這將被我們的銷售、一般及行政費用 (SG&A) 的小幅增加所稍微抵銷。這就是我們得到指導中點的方式。就我們增加輔助收入的能力而言。對我們來說，我們確實認為這是一個巨大的機會。

They are not dependent on RevPAR. It certainly can be accelerated by the growth of our franchise system. But we've got a lot of different avenues to monetize our franchise system, whether that's through selling value-added services to our franchisees to help drive the performance of their hotel, whether it's connecting third-party partners with the vast amount of guests and our loyalty members that come through our channels.

它們並不依賴 RevPAR。我們的特許經營體系的發展肯定可以加速這一進程。但是，我們有很多不同的途徑來實現特許經營體系的盈利，無論是透過向我們的特許經營商銷售增值服務來幫助提高他們的酒店業績，還是將第三方合作夥伴與透過我們的管道而來的大量客人和忠誠會員聯繫起來。

So we believe that, that can continue to grow at an accelerated pace for the long term, even potentially at a higher rate than the core franchising royalty fees.

因此，我們相信，從長遠來看，這一數字將繼續加速成長，甚至可能高於核心特許經營特許權使用費的成長速度。

Okay. That's helpful. And then just as my follow-up, just on the topic of development. Pat, any commentary that you could share maybe from franchisees either recently or from your convention last week? Just maybe what they're seeing, and are they asking for anything differently today? And that's all for me.

好的。這很有幫助。然後作為我的後續話題，我們繼續討論發展問題。帕特，您可以分享一些來自特許經營商最近的評論或上周大會的評論嗎？也許只是他們所看到的，而他們今天要求的是什麼不同嗎？對我來說這就是全部了。

Yeah. No, it's great. We literally last week spent about four days with between 5,000 and 6,000 of our franchisees and our vendors as well. So we got a really good take on sort of what the inputs to development look like as well. But let me just start with the franchisees.

是的。不，很棒。上週，我們與 5,000 至 6,000 名特許經營商和供應商一起度過了大約四天的時間。因此，我們對開發的投入情況也有了很好的了解。但我先從特許經營商開始吧。

I would say we were really happy with how optimistic they were relative to everything that you're reading in the headlines. So that was a key positive. And what they were telling us is what we saw in Q1, which is their hotels are doing better than their peers in the market, which I think reflects the investments we made in the back half of 2024, things like our loyalty program, our website and our revenue optimization service.

我想說，我們真的很高興看到他們對頭條新聞中所讀到的一切都如此樂觀。所以這是一個關鍵的正面因素。他們告訴我們的是我們在第一季看到的情況，即他們的酒店表現優於市場上的同行，我認為這反映了我們在 2024 年下半年所做的投資，例如我們的忠誠度計劃、我們的網站和我們的收入優化服務。

Those three things in particular, they're really responding to. And so that's flowing then into development. Clearly, extended-stay continues to be a very sought-after segment for us. When you look at the brands that we have there, you have a proven prototype, you have a proven operating model and you have a proven exit.

他們尤其對這三件事做出了積極的回應。然後它就會流入開發。顯然，長期住宿對我們來說仍然是一個非常受歡迎的領域。當你看到我們在那裡擁有的品牌時，你就擁有了一個經過驗證的原型、一個經過驗證的營運模式和一個經過驗證的退出方式。

And that segment continues to be very attractive to owners. I think it's also interesting to note because when times get uncertain, people want certain brands, and that's really where Choice has excelled over the years. We have brands with very high brand awareness and a long history and track record of success.

這一領域對業主來說仍然非常有吸引力。我認為這一點也值得注意，因為當時代變得不確定時，人們會想要某些品牌，而這正是 Choice 多年來一直擅長的。我們的品牌知名度很高，並且擁有悠久的歷史和成功的記錄。

So we have a lot of owners who are -- I say when it starts to rain, people who are independent hotels or maybe in a different brand, we tend to attract more hotels during times of uncertainty because we have those proven brands. And so we had a lot of interest, I think, in our soft brand and upscale. We've got a lot of interest, obviously, in our core enterprise, which is primarily conversion brands.

因此，我們有很多業主——我說當開始下雨時，他們是獨立酒店或其他品牌的業主，我們往往會在不確定的時期吸引更多的酒店，因為我們擁有那些經過驗證的品牌。因此我認為，我們對我們的軟品牌和高端產品非常感興趣。顯然，我們對我們的核心業務，主要是轉換品牌，非常感興趣。

So the development team was pretty optimistic coming out of our convention. And so I think from that standpoint, owners are -- particularly our ownership base, many of them have been with us for decades. They know that in a period where we're in right now, where supply really hasn't grown much over the last three years, it's been sub-1%. And you see this really strong consumer.

因此，開發團隊對我們的會議感到非常樂觀。因此我認為從這個角度來看，所有者——特別是我們的所有者基礎，其中許多人已經與我們在一起幾十年了。他們知道，在我們現在所處的時期，過去三年供應量實際上並沒有成長太多，一直低於 1%。你會看到這個消費者確實很強大。

That's a really healthy environment to start developing hotels in so that by the time you do open your hotel, you're into a significant uptick in RevPAR. So I would say we were pretty pleased by the optimism that our owners were showing.

這是一個非常健康的飯店開發環境，當您的飯店開業時，您的每間可用客房收入 (RevPAR) 就會顯著上升。所以我想說，我們對業主所表現出的樂觀態度感到非常高興。

Just on the trade show side of the house, it was also very interesting to talk to our vendors. Many of them have gotten ahead of the whole tariff impact by bringing inventory here sooner. And then secondly, many of them told us they have figured out ways not to pass that cost on to the owners.

就在貿易展覽會上，與我們的供應商交談也非常有趣。其中許多公司透過提前將庫存運送到這裡，已經提前避開了關稅帶來的影響。其次，他們中的許多人告訴我們，他們已經找到了不將成本轉嫁給業主的方法。

So anybody who was talking about a price increase, it was usually 10%, that seemed to be the number we were hearing, which is very absorbable in the way our franchisees are thinking about development moving forward.

因此，任何人談論價格上漲時，通常都是 10%，這似乎就是我們聽到的數字，這非常適合我們的特許經營商思考未來的發展。

Patrick Scholes, Truist Securities.

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

Great. Thank you. Good morning, everyone. On the economy and midscale significant outperformance versus the average in the Smith Travel results, I hear what you said, certainly taking market share. Was there anything else above and beyond market share such as your -- where your locations are concentrated, such as anything such as a hurricane tailwind helping you in the quarter? Thank you. And then I have a follow-up.

偉大的。謝謝。大家早安。關於經濟型和中型酒店的表現明顯優於史密斯旅遊公司的平均水平，我聽到了您所說的，肯定會佔領市場份額。除了市場佔有率之外，還有其他因素嗎？例如您的地點集中在哪裡？例如颶風順風在本季對您有幫助嗎？謝謝。然後我有一個後續問題。

Yeah. I think, Patrick, in the short term, it's the things that we've been talking about for quite some time, things like road trips. Gas prices are the lowest they've been in three years. So we are seeing those hotels that are in more drive to locations performing well. What's interesting is we have the ability today to pulse our travelers.

是的。派崔克，我認為，短期內，這些就是我們已經談論了很長時間的事情，例如公路旅行。汽油價格處於三年來的最低水平。因此，我們看到那些地理位置優越的飯店表現良好。有趣的是，今天我們有能力為旅行者帶來靈感。

So we did a survey as this whole sort of economic uncertainty began to develop in late March and April. And 90% of them told us they were going to travel as much or more than they did last year. And they said that they see prices arising, but they said they're going to find ways to cut back by basically driving instead of flying, taking vacations in more affordable places and traveling domestically as opposed to internationally.

因此，當整個經濟不確定性在三月底和四月開始發展時，我們進行了調查。其中 90% 的人告訴我們，他們今年的旅行次數將與去年一樣多，甚至更多。他們表示，他們看到價格上漲，但他們表示將想辦法削減開支，例如開車而不是搭飛機，去更便宜的地方度假，以及在國內旅行而不是國際旅行。

So that's our customer. It's not industry surveys. These are our abilities to actually talk to our existing customer base, and that's what they're telling us. And then I think the long-term trends we've been talking about as well, the reshoring of American manufacturing, those are the things that are driving more extended-stay and midscale stayers. And so we are beginning to see some of that as well.

這就是我們的客戶。這不是行業調查。這些都是我們與現有客戶群實際交談的能力，而這也是他們告訴我們的。然後我認為我們一直在談論的長期趨勢，即美國製造業的回流，這些是推動更多長期住宿和中檔住宿者到來的因素。因此我們也開始看到一些這樣的情況。

And then we've also talked about the retirees, 4 million additional people reaching retirement age this year. Our brands are well positioned for those who are traveling and looking for an affordable option where they're no longer working and they're living on more of a limited income. So those are all areas that, I think, as we've looked into what's driving our Q1 performance and why we're taking share, those are some of the key drivers.

然後我們也討論了退休人員的問題，今年還有另外 400 萬人達到退休年齡。我們的品牌非常適合那些正在旅行並尋找經濟實惠的選擇的人，他們不再工作並且生活收入有限。所以我認為，這些都是我們研究過的一些關鍵驅動因素，包括推動我們第一季業績的因素以及我們為何能獲得市場份額。

Yeah. The only thing I'll add to that, Patrick, is just when you look at our business travel, Pat mentioned earlier in our remarks that it's up to 40% of our mix. And we saw really strong growth in our business travel, which was up 10%. And I think what's great about our business travel, it's really business travelers where their job can't be accomplished without traveling.

是的。派崔克，我唯一要補充的是，當你查看我們的商務旅行時，派特在我們之前的評論中提到過，商務旅行占我們業務組合的 40％。我們的商務旅行成長非常強勁，成長了 10%。我認為我們的商務旅行的優點在於，真正的商務旅行者如果不旅行就無法完成工作。

So we've been making investments in our capabilities to drive more business travel with an expanded sales force going after new segments and verticals and really improving the effectiveness of our sales tools. So really saw that come to fruition here, I mean, starting last -- in the fourth quarter and carrying into the first quarter. So I would point to that as another reason for our outperformance.

因此，我們一直在投資我們的能力，以推動更多的商務旅行，擴大銷售隊伍，開拓新的細分市場和垂直市場，並真正提高我們銷售工具的有效性。所以我真的看到這一點在這裡取得了成果，我的意思是，從去年第四季開始，一直延續到第一季。所以我想指出這是我們表現優異的另一個原因。

Okay, yeah, thank you. Okay. Now my final question, I do have to ask why certainly excelled in the midscale economy. When I look at the upscale and above RevPAR, that did seem to be significantly lower than what would be implied in the Smith Travel. Can you give a little bit of color on that? Is there something idiosyncratic on that, how we should think about upscale and above? Thank you.

好的，是的，謝謝你。好的。現在我的最後一個問題是，我必須問為什麼它在中端經濟中表現出色。當我查看高檔及以上級別的 RevPAR 時，它確實似乎明顯低於 Smith Travel 所暗示的水平。您能對此做一點解釋嗎？這其中是否存在一些特殊之處，我們該如何看待高檔以上？謝謝。

Yeah, really for that, we report our RevPAR results on a full system basis. So it's not a same-store sales basis. So really, the decline was due to a few properties leaving as well as some newer properties ramping. So when we look at it on a same-store sales basis, actually our upscale was slightly positive for the quarter. So a little bit of noise in just some of the shift of the portfolio that will even out here as the year goes on.

是的，我們確實會根據整個系統報告我們的 RevPAR 結果。所以這不是同店銷售的基礎。因此，實際上，下降是由於一些酒店離開以及一些新酒店開業所致。因此，當我們從同店銷售額的角度來看時，實際上我們本季的高檔銷售額略有成長。因此，投資組合轉變中出現的一些噪音會隨著時間的推移而逐漸消失。

And then just quickly a follow-up. On the same-store basis for your outperforming, is that apples-to-apples as well with that outperformance?

然後快速進行後續跟進。就您的優異表現而言，同店銷售是否也具有同等的競爭力？

Apples to apples with regard --

就蘋果而言--

Apples-to-apples, just how the upscale underperformance wasn't really an underperformance. Is the outperformance in your economy, midscale, is that an apples-to-apples outperformance?

就蘋果和蘋果而言，高階產品的表現不佳其實並不是表現不佳。您所在經濟體的中階市場表現優異嗎？這是否是一種同類產品中的優異表現？

Yeah, I understand. Yeah, it is. With upscale, it's just a little bit of a smaller portfolio. So a few hotels can move the numbers a little bit more than our broader portfolio.

是的，我明白。是的。對於高檔產品來說，它只是一個小一點的投資組合。因此，與我們更廣泛的飯店組合相比，少數飯店的營收成長幅度會更大一些。

Great, thank you for the clarification. I'm all set.

太好了，謝謝你的澄清。我已準備好了。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great, thank you. Just looking at the rooms in your pipeline at the end of the quarter, It seems like it ticked down each quarter for the last four quarters. Is the unit growth that you're looking for, is that mostly that there's an acceleration in conversions or something that -- so it may not be showing up in the pipeline? But -- or just how should we think about that sort of tick down? Thank you.

太好了，謝謝。只需查看季度末管道中的房間數量，似乎過去四個季度中每個季度的數量都在下降。您所尋求的單位增長是否主要是轉換速度的加速，或者其他什麼——所以它可能不會出現在管道中？但是——或者我們應該如何看待這種下降趨勢？謝謝。

Yeah, Robin. I mean, if you look at our global pipeline, it's about 83% is domestic, about 17% is international. And then when you tease out new construct versus conversion, it's like two-thirds new construct, one-third conversion. But as we talked about, it's the velocity of the hotels on the conversion side that moved through very quickly. On average, it's like three months.

是的，羅賓。我的意思是，如果你看看我們的全球管道，大約 83％ 是國內的，大約 17％ 是國際的。然後，當您梳理出新構造與轉換時，您會發現三分之二是新構造，三分之一是轉換。但正如我們所說的，酒店在轉換方面的速度非常快。平均來說，大約三個月。

So in many cases, we have hotels that just don't sit in our pipeline. As we look across the industry, a lot of these pipelines are getting bigger and bigger but they're not resulting in actually open hotels. And so what we saw in the first quarter actually was a significant amount of openings kind of getting through that pipeline as well.

因此，在許多情況下，我們的酒店還沒有進入我們的計劃。放眼整個行業，許多這樣的項目正在變得越來越大，但並沒有真正帶來酒店的開業。因此，我們在第一季實際上看到的是，大量的空缺職位也透過該管道獲得批准。

And I think as Scott may have mentioned earlier, Q1 is a period where we generally do some pipeline cleanup as well. It doesn't make sense for us to have a proposed hotel coming into a market when we have another owner who's ready to develop in that market. So that's really, I think, a reflect of what you're seeing there.

我認為正如斯科特之前提到的，第一季也是我們通常進行一些管道清理的時期。當我們有另一個業主準備在某個市場進行開發時，我們再讓一家擬建的酒店進入該市場是沒有意義的。所以我認為這確實反映了你所看到的情況。

And when you talk about the two-thirds new construction, one-third conversions, is that -- did I hear that right in terms of your pipeline?

當您談到三分之二的新建築、三分之一的改建時，就您的管道而言，我聽到的對嗎？

Yeah, that's what's in the pipeline. That's really a reflection of the fact that a new construction hotel will be in your pipeline longer, just given the longer time from contract execution to actually construction and opening the hotel. So as Pat mentioned, that velocity of our conversions in the pipeline, even though that's 73% of our openings during the first quarter conversions, we open a hotel within the three- to six-month period if it's a conversion.

是的，這就是正在籌劃的事情。這實際上反映出一個事實，即新建酒店將在你的籌備過程中等待更長時間，因為從合約執行到實際建造和開業酒店的時間更長。正如帕特所提到的，我們的轉換速度很快，儘管第一季的轉換率佔開業酒店的 73%，但如果是轉換的話，我們會在三到六個月內開設一家酒店。

So they don't sit in our pipeline very long and we even have instances where something could be sold and opened in the same quarter. So historically, while our openings have been more two-thirds conversion, one-third new construction, the pipeline actually is the inverse of that, just given the time to open.

因此它們不會在我們的頻道中停留很長時間，甚至會出現在同一季度售出和開通的情況。因此，從歷史上看，雖然我們的開業數量有三分之二是改建，三分之一是新建，但實際上，通路情況與此相反，只是開業時間不同。

And do you have that mix sort of compared to 12 months ago that two-thirds new construction, one-third conversion? That's my last one.

與 12 個月前相比，你們的建築結構是否呈現出三分之二為新建築、三分之一為改建建築的格局？這是我的最後一個。

It's probably the same, Robin. I mean, that's been a pretty consistent mix for us for quite some time.

可能也是一樣，羅賓。我的意思是，在相當長的時間內，這對我們來說一直是一個非常一致的組合。

Okay, thank you.

好的，謝謝。

Meredith Jensen, HSBC.

匯豐銀行的梅瑞迪絲‧詹森。

Yes, thanks. Good morning. I was wondering, given you were speaking about the strong business demand and also how that might feed into length of stay because business may stay shorter, then you offset that with extended-stay having longer. So I was wondering if you might speak to kind of the trends and length of stay and how some of those segments are booking in terms of also the booking window, that would be great.

是的，謝謝。早安.我想知道，鑑於您談到了強勁的商業需求，以及這種需求如何影響停留時間，因為商業停留時間可能會較短，那麼您能透過延長停留時間來抵消這一影響嗎？所以我想知道您是否可以談論趨勢和停留時間，以及其中一些部分在預訂窗口方面的預訂情況，那就太好了。

Yeah. Just briefly on the booking window. I think in what we've seen is the window has contracted somewhat. And that's a reflection of this sort of uncertain environment because that contraction was within the last 6 weeks or so. That being said, the business is showing up.

是的。只是簡單介紹一下預訂視窗。我認為我們看到的是窗口已經有所收縮。這反映了這種不確定的環境，因為這種收縮發生在過去六週左右。話雖如此，業務還是出現了。

As I mentioned last week, our year-over-year pace actually increased. So the people are not booking as far out in advance, but they are ending up, at the end of the day, traveling.

正如我上週提到的，我們的同比增速實際上有所加快。因此，人們不會提前那麼久預訂，但最終他們還是會出行。

I think when you look at our business mix within the segments, and then maybe Scott can speak to length of stay, extended-stay, the business travel and group business was up 7% in the quarter, upper midscale was up 4%, upscale was up 22%. So we're seeing a lot more group and business travel in our segments. When you look at extended-stay, the length of stay is actually much longer. So it's not actually a shorter business trip.

我認為，當您查看我們各個細分市場的業務組合時，斯科特也許可以談談住宿時間長短、長期住宿、商務旅行和團體業務在本季度增長了 7%，中高端酒店業務增長了 4%，高檔酒店業務增長了 22%。因此，我們看到我們的細分市場中團體旅行和商務旅行越來越多。當您考慮延長住宿時，住宿時間實際上要長得多。所以這其實不是一次較短的商務旅行。

And I would say that likely that the business travelers that we're getting today, given the types of industry verticals we're pulling from, construction, logistics, medical staffing, these are more longer length of stay than our traditional leisure travelers.

我想說的是，考慮到我們今天接待的商務旅客來自建築、物流、醫療等垂直行業，他們的停留時間可能比傳統的休閒旅客更長。

Yeah, I think, I'll add, obviously, the length of stay is really driven by our focus on extended-stay. We are the market leaders now in extended-stay. We've been growing that segment, our rooms growth by over 10% for the last couple of years, and we really believe we can continue to grow that for the next several years, if not longer. And really, so you're seeing the mix of our length of stay increase given our focus on extended-stay as well as what I mentioned earlier is our focus on that business traveler.

是的，我想補充一點，顯然，住院時間的長短其實是由我們對長期住院的關注所決定的。我們目前是長期居住市場的領導者。我們一直在擴大這個細分市場，過去幾年我們的客房數量增加了 10% 以上，我們堅信，未來幾年甚至更長時間，我們仍能繼續保持這一增長勢頭。事實上，由於我們對長期住宿的關注以及我之前提到的對商務旅客的關注，您會看到我們的住宿時間組合增加。

So really the two nicely dovetailed together. So we actually saw about quarter over -- Q1 versus Q1 of last year, about a 5-percentage-point increase in our average length of stay of nights that are over 14-plus nights. So really, really good acceleration kind of the type of business we're going after and the increase in our portfolio of size and extended-stay.

所以這兩者確實完美地結合在一起。因此，我們實際上看到，與去年第一季相比，本季平均住宿晚數（超過 14 晚）增加了約 5 個百分點。因此，對於我們所追求的業務類型以及我們的規模和長期投資組合的成長而言，這確實是一個非常好的加速。

No, that's super helpful because I tend to think of the business demand staying in the upper upscale, but understandably they're staying in the extended-stay for your area, so that would make it longer. Very quickly, if you wouldn't mind touching upon international, and how sort of you look at expansion opportunities there, conversion, consolidation M&A. Any kind of color there would be great. Thank you very much.

不，這非常有幫助，因為我傾向於認為商務需求停留在高檔市場，但可以理解的是，他們會停留在您所在地區的長期住宿市場，因此這會使時間更長。很快，如果您不介意談論國際問題，以及您如何看待那裡的擴張機會、轉換、合併和併購。任何顏色都很棒。非常感謝。

I think our international opportunity is really pretty exciting. We've been talking about that's a key growth area for us. And if you look at our kind of recent performance results, it's an area that we're improving both in development and openings perspective as well. So I think we feel pretty good about the opportunities we have. The Radisson acquisition really opened up and kind of created a new focus for us on the international segment.

我認為我們的國際機會確實非常令人興奮。我們一直在談論這是我們的一個關鍵成長領域。如果你看一下我們最近的業績結果，你會發現我們在發展和開放兩方面都在不斷改進。所以我認為我們對我們所擁有的機會感到非常滿意。收購麗笙酒店確實為我們打開了國際市場的大門，並為我們帶來了新的焦點。

We're making significant progress in what we call [CALA], the Caribbean and Latin America. Particularly the Radisson brands themselves, they have a much -- very high brand awareness down there. And I think now being attached to our business delivery engine, we're getting a lot of really significant interest there.

我們在所謂的[CALA]，即加勒比地區和拉丁美洲取得了重大進展。特別是麗笙品牌本身，在那裡擁有非常高的品牌知名度。我認為現在透過與我們的業務交付引擎的合作，我們得到了很多真正重要的興趣。

I was just up in Canada on Monday, Tuesday at the Canadian Hotel Investment Conference up there. And we've been in that market for 70 years. So we have very well-established brands there. We have about 362 hotels. But that is another area that is really ripe for extended-stay growth.

我週一、週二剛到加拿大參加那裡的加拿大飯店投資會議。我們已經在這個市場經營了 70 年。因此我們在那裡擁有非常成熟的品牌。我們有大約 362 家飯店。但這是另一個真正適合長期住宿成長的領域。

And with our presence there, a long history of operating performance, we do see opportunity there. And Canada has got very similar sort of supply and demand characteristics as here in the US. So there's a lot of real interesting opportunity for us from a growth perspective on the international front.

憑藉我們在那裡的業務和長期的經營業績，我們確實看到了那裡的機會。加拿大的供需特徵與美國非常相似。因此，從國際成長角度來看，我們面臨許多真正有趣的機會。

Thanks so much.

非常感謝。

Dan Wasiolek, Morningstar.

丹‧瓦西奧萊克（Dan Wasiolek），晨星公司。

Good morning, guys. Thanks for taking the question. Maybe just one. With the April normalized RevPAR being down 1%, wondering if you can maybe talk about how leisure group business performed in that month relative to kind of March and then how those three groups are kind of being viewed in your updated RevPAR guidance.

大家早安。感謝您回答這個問題。也許只有一個。由於 4 月標準化 RevPAR 下降了 1%，我想知道您是否可以談談該月休閒團體業務相對於 3 月的表現如何，以及在您更新的 RevPAR 指南中對這三個團體的看法如何。

Thank you.

謝謝。

Yeah, Dan. I think the challenge with April was the Easter shift and the eclipse. And we had a number of hotels that are right in the line of the eclipse, and they were Econo Lodges in the middle of the country were going for $700 a night in room.

是的，丹。我認為四月的挑戰是復活節的變化和日食。我們住的多家飯店都位於日食發生地點附近，這些飯店都是位於美國中部的經濟型旅館，每晚的房費為 700 美元。

So the April has been really hard to sort of tease out, can you see any specific patterns with regard to leisure travel. And then obviously, the Easter, shift which we deal with on a continuous basis every year, made it a little bit more challenging.

因此，四月的情況真的很難梳理，你能看到休閒旅遊方面有什麼具體的模式嗎？顯然，我們每年都要應對的復活節轉變讓事情變得更具挑戰性。

So I'm not sure if there's anything in specific we could read through on leisure in the month of April that is indicative. So we've really kind of looked more at the long term. We've looked at the reasons for our optimism for the summer are really the key reasons that have always driven our business, which is employment remains high, gas prices are low and consumers appear to be saying they're going to drive to as opposed to fly.

因此，我不確定我們是否可以閱讀有關四月份休閒活動的具體內容以作為參考。所以我們確實更重視長遠目標。我們已經研究過對夏季持樂觀態度的原因，這些原因實際上是一直推動我們業務發展的關鍵原因，即就業率仍然很高，汽油價格很低，而且消費者似乎表示他們會開車出行而不是乘飛機出行。

And so that generally does really well for our hotels that are right next to the highway, 1,500 hotels near the national parks. Like these are the things that consumers dial back on their spend but not on their travel, they tend to go to these types of locations.

因此，這對於我們緊鄰高速公路的酒店以及國家公園附近的 1,500 家酒店來說總體來說非常好。就像這些都是消費者在支出上減少但在旅行上減少的事情一樣，他們傾向於去這些類型的地方。

So that's really when we look at -- when we surveyed our customers, when we look at talking to our franchisees last week who are in some of those markets, that's what gives us sort of the optimism around being able to perform at the top or at the upper end of our range.

所以，當我們調查我們的客戶時，當我們上週與一些市場的加盟商交談時，我們確實看到了這一點，這讓我們對能夠達到我們產品範圍的頂端或上限抱有樂觀的態度。

Okay. Fair enough. And then just a clarification question on the business being 40% of your business. Is that revenue? Is that room nights? Does that include group? Or would group be separate?

好的。很公平。然後我再問一個關於業務佔您業務的 40% 的澄清問題。那是收入嗎？那是房間夜數嗎？包括團體嗎？或是小組會分開嗎？

It's revenue and group is a mix of both business and leisure. So group overall is about 10% of our total delivery in the quarter. So yeah, business is -- it's a revenue number.

它的收入和團體是商務和休閒的混合。因此，集團整體約佔本季總交付量的 10%。是的，業務就是──收入數字。

Okay, perfect. Thank you.

好的，完美。謝謝。

There are no further questions. Please continue.

沒有其他問題了。請繼續。

Well, thank you, operator, and thanks, everyone, again for your time this morning. We will talk to you again in August when we announce our second quarter of 2025 results. Have a great rest of your day.

好的，謝謝接線員，也再次感謝大家今天早上抽出時間。我們將於 8 月公佈 2025 年第二季業績時再次與您交談。祝您今天剩餘的時間過得愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。