Hyatt Hotels Corp (H) 2022 Q3 法說會逐字稿

Good morning, and welcome to the Hyatt Third Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded.

早上好，歡迎來到凱悅 2022 年第三季度財報電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。

I would now like to turn the call over to Noah Hoppe, Senior Vice President, Investor Relations. Thank you. Please go ahead.

我現在想把電話轉給投資者關係高級副總裁 Noah Hoppe。謝謝你。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for Hyatt's Third Quarter 2022 Earnings Conference Call. Joining me on today's call are Mark Hoplamazian, Hyatt's President and Chief Executive Officer; and Joan Bottarini, Hyatt's Chief Financial Officer.

謝謝你，運營商。大家早上好，感謝您加入我們參加凱悅 2022 年第三季度收益電話會議。和我一起參加今天電話會議的還有凱悅總裁兼首席執行官 Mark Hoplamazian；和凱悅首席財務官 Joan Bottarini。

Before we get started, I would like to remind everyone that our comments today will include forward-looking statements under federal securities laws.

在我們開始之前，我想提醒大家，我們今天的評論將包括聯邦證券法下的前瞻性陳述。

These statements are subject to numerous risks and uncertainties as described in our annual report on Form 10-K, quarterly reports on Form 10-Q and other SEC filings. These risks could cause our actual results to differ materially from those expressed in or implied by our comments.

正如我們的 10-K 表格年度報告、10-Q 表格季度報告和其他美國證券交易委員會備案文件中所述，這些聲明受到許多風險和不確定性的影響。這些風險可能導致我們的實際結果與我們的評論中表達或暗示的結果存在重大差異。

Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold.

我們今天發布的收益報告中的前瞻性陳述以及對此次電話會議的評論僅在今天發表，不會隨著實際事件的展開而更新。

In addition, you can find a reconciliation of non-GAAP financial measures referred to in today's remarks on our website at hyatt.com under the Financial Reporting section of our Investor Relations link and in this morning's earnings release. An archive of this call will be available on our website for 90 days.

此外，您可以在我們網站 hyatt.com 的“投資者關係”鏈接的“財務報告”部分下以及今天上午的收益發布中找到今天評論中提到的非 GAAP 財務措施的對賬。此通話的存檔將在我們的網站上提供 90 天。

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

有了這個，我會把電話轉給馬克。

Thank you, Noah. Good morning, everyone, and welcome to Hyatt's Third Quarter 2022 Earnings Call.

謝謝你，諾亞。各位早上好，歡迎來到凱悅 2022 年第三季度財報電話會議。

Before we begin, I would like to address Hurricanes Ian and Fiona. Guided by our purpose of care, the Hyatt family came together to support impacted colleagues and communities in both Florida and the Dominican Republic, including funds provided by Hyatt, a colleague created fund and a donation by the Hyatt Hotels Foundation to the American Red Cross relief efforts.

在我們開始之前，我想談談颶風伊恩和菲奧娜。在我們的關懷宗旨的指導下，凱悅大家庭齊心協力支持佛羅里達州和多米尼加共和國受影響的同事和社區，包括凱悅提供的資金、一位同事創建的基金以及凱悅酒店基金會向美國紅十字會救濟提供的捐款努力。

To all of our colleagues who continue to show unbelievable generosity and care, thank you. And to all of our colleagues who continue to require assistance, the Hyatt family is here for you.

感謝我們所有繼續表現出難以置信的慷慨和關懷的同事。對於繼續需要幫助的所有同事，凱悅大家庭隨時為您服務。

As we dive into our results, I'd like to first acknowledge an important milestone in the history of Hyatt that was reached during the quarter, our 65th anniversary since Hyatt's founding by the Pritzker family.

在我們深入研究我們的結果時，我想首先承認凱悅歷史上在本季度達到的一個重要里程碑，即普利茲克家族創立凱悅酒店 65 週年。

From opening of the first hotel in 1957 to opening our 1,200th hotel this past quarter, we were reminded of our incredible transformation over this time and our results in this quarter reflect the impressive momentum we are building.

從 1957 年開設第一家酒店到上個季度開設我們的第 1,200 家酒店，我們想起了這段時間我們令人難以置信的轉型，我們在本季度的業績反映了我們正在建立的令人印象深刻的勢頭。

It is a point of pride for the entire Hyatt family that we honor this anniversary with the strongest third quarter in the company's history, building upon the record performance that we delivered last quarter.

我們以公司歷史上最強勁的第三季度來紀念這個週年紀念日，這是整個凱悅家族的驕傲，建立在我們上個季度創紀錄的業績基礎之上。

The significant growth in our core business and the contribution from ALG continue to fuel our record results. Through the first 9 months of this year, we have already generated $676 million of adjusted EBITDA plus $66 million of net deferrals and $48 million of net finance contracts.

我們核心業務的顯著增長和 ALG 的貢獻繼續推動我們創紀錄的業績。今年前 9 個月，我們已經產生了 6.76 億美元的調整後 EBITDA 加上 6600 萬美元的淨遞延和 4800 萬美元的淨融資合同。

To put the magnitude of our growth into perspective, the sum of these 3 numbers is more than 40% above the $563 million of adjusted EBITDA we generated during the first 9 months of 2019.

從我們的增長幅度來看，這三個數字的總和比我們在 2019 年前 9 個月產生的調整後 EBITDA 的 5.63 億美元高出 40% 以上。

The combination of the aggregate financial results, the significant shift in our mix of earnings and the increasing levels of conversion of earnings into cash flow, all demonstrate the success of our transformation towards an asset-lighter business model and reflect excellent execution of our leaders and our teams globally.

綜合財務業績、盈利結構的重大轉變以及盈利轉化為現金流的水平不斷提高，所有這些都證明了我們向輕資產業務模式轉型的成功，並反映了我們的領導者的出色執行力和我們在全球的團隊。

In addition to ALG continuing to perform well ahead of expectations, our legacy Hyatt business is also generating adjusted EBITDA at record levels when adjusting for the net impact of asset dispositions.

除了 ALG 的表現繼續好於預期之外，我們的傳統凱悅業務在調整資產處置的淨影響時也產生了創紀錄水平的調整後 EBITDA。

And it's notable that these strong results have been achieved while group, business transient and cross-border travel were in a state of limited recovery during the first half of this year with system-wide RevPAR 14% below 2019 levels over that time frame. However, as the third quarter demonstrates all segments are rapidly improving.

值得注意的是，這些強勁的業績是在今年上半年團體旅行、商務旅行和跨境旅行處於有限復甦狀態的情況下取得的，在此期間全系統 RevPAR 比 2019 年水平低 14%。然而，正如第三季度所示，所有細分市場都在迅速改善。

Meetings are back in full force. Corporate customers are traveling once again, and the vast majority of the world is now reopened to cross-border travel. Additionally, serving as a backdrop for our continued optimism, the sustained strength of demand from our leisure guests shows no signs of softening.

會議全面恢復。企業客戶再次旅行，世界上絕大多數地區現在都重新開放跨境旅行。此外，作為我們持續樂觀的背景，我們的休閒客人的需求持續強勁，沒有任何減弱的跡象。

It's clear that people are prioritizing experiences and connection as we see in the upcoming festive season where our resorts are pacing 30% ahead of 2019, or the amount of group business being booked into 2023 at our Americas full service managed properties, which is 30% higher than 2019 levels.

很明顯，人們正在優先考慮體驗和聯繫，正如我們在即將到來的節日季看到的那樣，我們的度假村比 2019 年提前 30%，或者我們的美洲全方位服務管理酒店預訂到 2023 年的集團業務量為 30%高於 2019 年的水平。

There's ample room for further growth of travel spend as the underlying behavioral drivers of travel demand are powerful and durable and will, in our opinion, propel travel back to its pre-pandemic share of wallet relative to the broader economy.

由於旅行需求的潛在行為驅動力強大而持久，並且在我們看來，將推動旅行相對於更廣泛的經濟回到大流行前的錢包份額，因此旅行支出有進一步增長的充足空間。

Our performance this quarter reaffirms the earnings power of Hyatt's unique positioning with our focus on the higher-end customer, our industry-leading growth and our concentration of revenue derived from leisure and group segments, all amplified by the positive operating leverage in our business.

我們本季度的業績再次證明了凱悅獨特定位的盈利能力，我們專注於高端客戶，我們行業領先的增長以及我們來自休閒和團體部門的收入集中，所有這些都因我們業務的積極運營槓桿而得到放大。

The result is a model that is producing significant growth in earnings and free cash flow, allowing us to invest opportunistically to grow our fee business and at the same time, buyback approximately $290 million worth of shares through the first 10 months of this year at attractive prices.

其結果是一個在收益和自由現金流方面產生顯著增長的模型，使我們能夠進行機會性投資以發展我們的收費業務，同時在今年前 10 個月以具有吸引力的價格回購價值約 2.9 億美元的股票價格。

In addition, the meaningful progress we have achieved towards our asset-light disposition goal has provided liquidity to reduce our outstanding debt by $836 million year-to-date through October, demonstrating our ongoing commitment to our investment-grade profile.

此外，我們在實現輕資產處置目標方面取得的重大進展提供了流動性，使我們截至 10 月份的未償債務減少了 8.36 億美元，表明我們對投資級形象的持續承諾。

In summary, we are operating from a position of strength as we continue to extend our efforts to scale care for each of our stakeholders as we rapidly transform Hyatt in a way that we believe is truly differentiated from other players in the industry.

總而言之，隨著我們以一種我們認為真正有別於業內其他參與者的方式快速轉型凱悅，我們繼續努力擴大對每個利益相關者的護理規模，我們的運營處於有利地位。

Our momentum remains extremely strong. Since our last earnings call, we announced 3 strategic deals that further transform Hyatt. And as a result of these announcements and with special reference to Lindner Hotels, we are raising our full year 2022 net rooms growth guidance to approximately 6.5%.

我們的勢頭仍然非常強勁。自上次財報電話會議以來，我們宣布了 3 項戰略交易，進一步改變了凱悅。由於這些公告，特別是 Lindner Hotels，我們將 2022 年全年淨客房增長預期上調至約 6.5%。

Let me take a moment to highlight these asset-light deals that broaden our representation in key markets and service platforms for growth into the future and create compelling experiences for our guests.

讓我花點時間強調這些輕資產交易，這些交易擴大了我們在主要市場和服務平台的代表性，以實現未來的增長，並為我們的客人創造了引人入勝的體驗。

First, our agreement with Lindner Hotels, which is a family-run German hospitality business. This agreement will significantly increase the number of franchise properties in Europe, bringing a collection of more than 30 vibrant hotels and 5,500 rooms into the JdV by Hyatt brand, with the majority of these hotels expected to join our system by the end of this year.

首先，我們與 Lindner Hotels 達成協議，這是一家家族經營的德國酒店企業。該協議將顯著增加歐洲特許經營酒店的數量，將 30 多家充滿活力的酒店和 5,500 間客房納入 JdV by Hyatt 品牌，其中大部分酒店預計將在今年年底加入我們的系統。

Representing the next phase of our growth story in Europe, this deal expands our brand footprint into 15 new markets and meaningfully grows our scale across Germany, a key source market that will strengthen our network effect throughout Europe.

代表我們在歐洲增長故事的下一階段，這筆交易將我們的品牌足跡擴展到 15 個新市場，並有意義地擴大我們在德國的規模，德國是一個重要的客源市場，將加強我們在整個歐洲的網絡效應。

With the inclusion of Lindner, we will have grown our room count in Europe by nearly 25,000 rooms and will have tripled in size over the past 4 years and we are just getting started.

隨著 Lindner 的加入，我們在歐洲的客房數量將增加近 25,000 間，在過去 4 年中規模將增加兩倍，而我們才剛剛起步。

Second is our joint venture with Kiraku to launch Atona, a new luxury hospitality brand of modern style hot springs Ryokans in Japan. This joint venture increases Hyatt's luxury footprint and fills a unique opportunity to be the first international company to enter the Ryokan space.

其次是我們與 Kiraku 合資推出 Atona，這是日本現代風格溫泉日式旅館的全新豪華酒店品牌。這家合資企業增加了凱悅的奢華足跡，並為成為第一家進入日式旅館領域的國際公司提供了獨特的機會。

We are doing so through a scalable platform that will provide a deeply unique set of experiences for our guests. Development plans are underway, and we expect to open the first Atona-branded Ryokans by 2025.

我們通過一個可擴展的平台來實現這一目標，該平台將為我們的客人提供一套非常獨特的體驗。開發計劃正在進行中，我們預計到 2025 年將開設第一家 Atona 品牌日式旅館。

Third is the addition of 5 all-inclusive resorts in Bulgaria, further strengthening our leadership position in the all-inclusive category as we grow in new markets in Europe.

第三是在保加利亞增加了 5 個全包式度假村，隨著我們在歐洲新市場的發展，進一步加強了我們在全包式類別中的領導地位。

This announcement with a pre-existing Hyatt property owner marks the planned entry of our all-inclusive resorts all under ALG brands into a third European country joining locations in Spain and Greece and enables us to attract a diverse group of travelers seeking immersive all-inclusive resort experiences. We expect the majority of the resorts to open under our brands in 2023.

與現有凱悅業主的這一公告標誌著我們所有 ALG 品牌下的全包式度假村計劃進入第三個歐洲國家，加入西班牙和希臘的位置，並使我們能夠吸引尋求身臨其境的全包式服務的多元化旅客群體度假體驗。我們預計大多數度假村將在 2023 年以我們的品牌開業。

We will share the common thread of driving asset-light growth and enriching the breadth of experiences for our guests. The third parties in these deals have chosen to work with us because of our expertise and proven track record in lifestyle and all-inclusive brands.

我們將分享推動輕資產增長和豐富賓客體驗的共同點。這些交易中的第三方之所以選擇與我們合作，是因為我們在生活方式和包羅萬象的品牌方面擁有專業知識和良好業績。

We're cultivating a unique portfolio that drives deepening loyalty, leading to stronger connectivity and engagement with our members. This is further evident when looking at the World of Hyatt program, where membership has increased by 20% in the past 12 months alone.

我們正在培養獨特的產品組合，以推動加深忠誠度，從而加強與我們會員的聯繫和參與。看看 World of Hyatt 計劃，這一點就更加明顯了，僅在過去 12 個月，該計劃的會員人數就增加了 20%。

It's not just our guests who are taking notice, the World of Hyatt program was recently named the World's #1 Best Hotel Rewards Program by U.S. News & World Report.

注意到這一點的不僅僅是我們的客人，凱悅天地計劃最近被美國新聞與世界報導評為全球最佳酒店獎勵計劃第一名。

Looking ahead, we're pursuing other asset-light platform opportunities beyond our ongoing organic growth through individual development deals.

展望未來，除了通過個人開發交易進行持續的有機增長之外，我們還在尋求其他輕資產平台機會。

The unique nature of these opportunities is driven by both the positive attributes of our network that I just described and the realization by many owner operators that the financial commitment and complexity to successfully scale a brand and management platform are increasingly formidable.

這些機會的獨特性既受到我剛才描述的我們網絡的積極屬性的推動，也受到許多業主經營者的認識，即成功擴大品牌和管理平台的財務承諾和復雜性越來越艱鉅。

As always, we'll stay highly disciplined, both in terms of quality and economic value creation and look forward to keeping you informed of our progress in this area.

一如既往，我們將在質量和經濟價值創造方面保持高度紀律，並期待讓您了解我們在這一領域的進展。

Moving to our latest business trends. Comparable system-wide RevPAR for our legacy high business was up 2% in the third quarter compared to 2019 or up 5% when excluding Greater China. The strength and breadth of our recovery has been remarkable.

轉向我們最新的業務趨勢。與 2019 年相比，我們傳統高業務的可比全系統 RevPAR 在第三季度增長了 2%，如果不包括大中華區，則增長了 5%。我們復甦的力度和廣度都非常出色。

On a comparable system-wide basis, our managed and franchised hotels generated 40% more in rooms, and food and beverage revenue in the third quarter as compared to the first quarter of this year.

在可比的全系統基礎上，與今年第一季度相比，我們的管理和特許經營酒店在第三季度的客房和餐飲收入增加了 40%。

RevPAR has strengthened across the world with nearly all of our major geographic areas outside of Asia Pacific now trending well ahead of 2019 levels.

RevPAR 在全球範圍內都有所增強，我們在亞太地區以外的幾乎所有主要地理區域現在的趨勢都遠遠超過 2019 年的水平。

In the third quarter, we experienced extraordinary growth in Europe, South Asia, Latin America and the Caribbean, all of which were more than 20% ahead of 2019 levels. The United States continued to strengthen with RevPAR growth of 3% in the third quarter versus 2019.

第三季度，我們在歐洲、南亞、拉丁美洲和加勒比地區實現了非凡的增長，均比 2019 年水平高出 20% 以上。美國繼續走強，第三季度 RevPAR 與 2019 年相比增長了 3%。

Asia Pacific was the only region that continues to lag in the recovery though we remain encouraged.

儘管我們仍然感到鼓舞，但亞太地區是唯一一個在復蘇中繼續滯後的地區。

From a segmentation perspective, we experienced another record quarter of leisure transient revenue, which was up 20% to 2019 levels on a comparable system-wide basis.

從細分的角度來看，我們經歷了另一個創紀錄的季度休閒短暫收入，在可比的全系統範圍內增長了 20% 至 2019 年的水平。

Outsized leisure demand has continued into the fall and we see no meaningful shifts in booking behavior to suggest that this is changing. Leisure transient revenue is pacing more than 20% ahead of 2019 for the remainder of 2022 and into the first quarter of 2023.

大量的休閒需求一直持續到秋季，我們沒有看到預訂行為發生任何有意義的變化，表明這種情況正在發生變化。在 2022 年剩餘時間和 2023 年第一季度，休閒短暫收入在 2019 年之前增長了 20% 以上。

Group room revenue also experienced momentum during the third quarter, finishing approximately 3% below 2019 levels with very strong bookings during the quarter for future periods. We anticipate that October, typically our busiest [fruit] box of the year, will finish ahead of 2019 levels.

團體客房收入在第三季度也呈現增長勢頭，比 2019 年的水平低約 3%，本季度未來期間的預訂量非常強勁。我們預計 10 月，通常是我們一年中最繁忙的 [水果] 箱，將比 2019 年的水平提前完成。

Further, bookings into 2023 have been robust. In the third quarter, we booked 30% more in group business into 2023 for our Americas full service managed properties as compared to the same booking period in 2019 and the rates at which we are booking business are more than 17% higher.

此外，到 2023 年的預訂量一直很強勁。在第三季度，與 2019 年同期相比，到 2023 年，我們為美洲全方位服務管理物業預訂的團體業務增加了 30%，我們預訂業務的比率高出 17% 以上。

In addition, adding to our optimism is the recent experience of our sales leaders at IMAX, a top meeting planner conference. The tone from the top 1,500 U.S. meeting planners was enthusiastic and optimistic and we've seen continued strength in near-term demand. There is strong pent-up demand, and we expect to see a continued acceleration in group business.

此外，我們的銷售負責人最近在頂級會議策劃者會議 IMAX 上的經歷也讓我們更加樂觀。美國 1,500 名頂級會議策劃者的基調熱情而樂觀，我們看到近期需求持續強勁。被壓抑的需求強勁，我們預計集團業務將繼續加速發展。

As for business transient, we've been pleased to see a notable acceleration in demand with revenue trending at approximately 80% of 2019 levels in the post Labor Day period in September with further improvement into October.

至於業務瞬態，我們很高興看到需求顯著加速增長，9 月份勞動節後的收入趨勢約為 2019 年水平的 80%，並在 10 月份進一步改善。

We're seeing strong recovery in certain sectors that have previously lagged such as tech, manufacturing and entertainment. Given our conversations with customers and executives, we expect business transient to continue this positive trajectory in the months ahead.

我們看到某些先前落後的行業出現強勁復甦，例如科技、製造和娛樂。鑑於我們與客戶和高管的對話，我們預計業務瞬變將在未來幾個月繼續保持這種積極的軌跡。

Turning to ALG. I'd like to take a moment to recognize the 1-year anniversary of our acquisition, which established Hyatt as having the largest portfolio of luxury all-inclusive resorts in the world and accelerated our asset-light transformation and net rooms growth.

轉向 ALG。我想花點時間紀念我們收購一周年，這使凱悅成為擁有世界上最大的豪華全包式度假村組合，並加速了我們的輕資產轉型和淨客房增長。

This quarter, ALG performed exceptionally well with net package RevPAR for all-inclusive properties managed by ALG in the Americas, up 29% in the third quarter compared to 2019.

本季度，ALG 在美洲由 ALG 管理的全包式物業的淨包 RevPAR 表現異常出色，第三季度與 2019 年相比增長了 29%。

Looking ahead, gross package revenue, which typically has a longer booking window, is pacing approximately 30% ahead of 2019 for the remainder of the year and as we look into the first quarter of 2023. It's very encouraging to see pace more than 16% ahead of 2022, suggesting continued strength across the ALG portfolio next year.

展望未來，通常具有較長預訂窗口的套餐總收入在今年剩餘時間和我們展望 2023 年第一季度時比 2019 年增長約 30%。看到超過 16% 的增長速度非常令人鼓舞2022 年之前，表明 ALG 產品組合明年將繼續走強。

In summary, as we assess overall business trends, we maintain our optimistic outlook. Future bookings remain strong and the performance of our hotels post Labor Day has exceeded our expectations with group and business transient showing encouraging momentum.

總而言之，在我們評估整體業務趨勢時，我們對前景保持樂觀。未來的預訂量依然強勁，我們的酒店在勞動節後的表現超出了我們的預期，團體和商務旅行顯示出令人鼓舞的勢頭。

Conversations with corporate customers continue to suggest further recoveries ahead for group and business transient, and leisure transient shows no sign of slowing, as evidenced by the strong bookings at our resorts through the first quarter of 2023.

與企業客戶的對話繼續表明團體和商務瞬態未來將進一步復甦，而休閒瞬態沒有放緩的跡象，我們的度假村到 2023 年第一季度的強勁預訂就證明了這一點。

Moving to real estate transactions. In October, we sold the Hyatt Regency Greenwich in Connecticut, resulting in gross proceeds of $40 million. And as we have consistently done in the sale of our hotel assets, we entered into a long-term agreement to maintain our brand, in this case, with Hyatt continuing to manage the hotel.

轉向房地產交易。 10 月，我們出售了康涅狄格州格林威治凱悅酒店，總收益為 4000 萬美元。正如我們在出售酒店資產時一貫所做的那樣，我們簽訂了一項長期協議來維護我們的品牌，在這種情況下，凱悅將繼續管理酒店。

In addition, we sold the entity that was the lessee of the Hyatt Regency Mainz in Germany and entered into a long-term franchise agreement.

此外，我們出售了作為德國美因茨凱悅酒店承租人的實體，並簽訂了長期特許經營協議。

With these transactions, we've realized $721 million in proceeds from asset sales at an average multiple of 15x towards our $2 billion sell-down commitment, net of the $135 million acquisition of Hotel Irvine we announced last quarter.

通過這些交易，我們已經實現了 7.21 億美元的資產出售收益，平均是我們 20 億美元出售承諾的 15 倍，扣除我們上季度宣布的 1.35 億美元收購歐文酒店。

We continue to pursue the sale of one existing small asset and we've launched the marketing process for the sale of one additional hotel.

我們繼續尋求出售一項現有的小資產，並啟動了出售另一家酒店的營銷流程。

We continue to be very focused on realizing the most attractive valuations and securing durable long-term management or franchise agreements and we remain highly confident in achieving our sell-down commitment. To be very clear, our sell-down commitment is net of any acquisition activity.

我們繼續非常專注於實現最具吸引力的估值並確保持久的長期管理或特許經營協議，並且我們對實現我們的減持承諾充滿信心。需要明確的是，我們的減持承諾不包括任何收購活動。

In closing, it was another tremendous quarter, both in terms of our financial results and progress towards our strategic goals. The asset-light deals we announced will materially expand our presence in high barrier to entry markets and are expected to provide platforms for future growth for years to come.

最後，無論是在我們的財務業績還是在實現我們的戰略目標方面取得的進展，這又是一個了不起的季度。我們宣布的輕資產交易將顯著擴大我們在高門檻進入市場的影響力，並有望為未來幾年的增長提供平台。

Lastly, despite an uncertain macroeconomic backdrop, we continue to see demand accelerating with no signs of slowing as our guests and our business customers prioritize experiences and connection. We remain very optimistic and are thrilled with the transformation that is underway.

最後，儘管宏觀經濟背景不確定，但我們繼續看到需求在加速增長，而且沒有放緩的跡象，因為我們的客人和商業客戶優先考慮體驗和聯繫。我們仍然非常樂觀，並對正在進行的轉型感到興奮。

I'll now turn it over to Joan to provide additional details on our operating results. Joan, over to you.

我現在將其轉交給 Joan，以提供有關我們運營結果的更多詳細信息。瓊，交給你了。

Thank you, Mark, and good morning, everyone. My commentary today will cover consolidated financial results, key drivers of our strong performance, capital allocation execution and expectations I can share for the remainder of 2022.

謝謝馬克，大家早上好。我今天的評論將涵蓋綜合財務業績、我們強勁業績的主要驅動因素、資本配置執行以及我可以分享的 2022 年剩餘時間的預期。

This morning, we reported third quarter net income attributable to Hyatt of $28 million and diluted earnings per share of $0.25. As Mark mentioned, this was a record third quarter with adjusted EBITDA of $252 million, including ALG's contribution of $78 million.

今天上午，我們報告了歸屬於凱悅的第三季度淨收入為 2800 萬美元，攤薄後每股收益為 0.25 美元。正如馬克所提到的，這是創紀錄的第三季度，調整後的 EBITDA 為 2.52 億美元，其中包括 ALG 貢獻的 7800 萬美元。

Additionally, net deferrals were $17 million and net finance contracts were $26 million. The strength of our results was largely driven by our outsized growth in fee revenue.

此外，淨延期付款為 1700 萬美元，淨融資合同為 2600 萬美元。我們的業績表現強勁主要是由於我們的費用收入大幅增長。

Total management franchise and other fees were $224 million, an increase of 50% from the third quarter of 2019, driven by the significant fee contribution from ALG and our industry-leading organic net rooms growth over the past 5 years.

管理特許經營費和其他費用總額為 2.24 億美元，比 2019 年第三季度增長 50%，這得益於 ALG 的重大費用貢獻以及我們在過去 5 年中行業領先的有機房間淨增長。

As a result of our expansion in fee revenue, the mix of our fee-based earnings relative to real estate earnings was in excess of 70% for the quarter, illustrating how we are quickly transforming our earnings model.

由於我們的收費收入增加，本季度收費收入佔房地產收入的比例超過 70%，這說明我們正在迅速轉變我們的收入模式。

If you also include ALG vacations, which is inherently asset-light, given its revenue is primarily derived from commissions and the level of capital investment required is minimal, our total mix of asset-light earnings relative to real estate earnings is even higher.

如果您還包括本質上是輕資產的 ALG 假期，鑑於其收入主要來自佣金並且所需的資本投資水平最低，我們的輕資產收益相對於房地產收益的總組合甚至更高。

Turning to our Legacy Hyatt results. Adjusted EBITDA was $174 million for the quarter, which is approximately 31% higher than 2019, adjusted for currency and the net impact of transactions.

轉向我們的 Legacy Hyatt 結果。本季度調整後的 EBITDA 為 1.74 億美元，比 2019 年高出約 31%，並根據貨幣和交易的淨影響進行了調整。

Our management and franchising business benefited from our larger system size and a more fully recovered RevPAR environment. As Mark mentioned, system-wide RevPAR was 2% above 2019 with the growth all driven by our Americas and EAME and Southwest Asia segment. These 2 segments reported adjusted EBITDA greater than 2019 by approximately 30%.

我們的管理和特許經營業務受益於我們更大的系統規模和更充分恢復的 RevPAR 環境。正如 Mark 所提到的，全系統的 RevPAR 比 2019 年高出 2%，增長全部由我們的美洲和 EAME 以及西南亞部分推動。這兩個部門報告的調整後 EBITDA 比 2019 年高出約 30%。

Additionally, our owned and leased segment generated $66 million in adjusted EBITDA for the quarter, down 10% to 2019 on a reported basis while being up 41% to 2019 when adjusted for the net impact of transactions.

此外，我們自有和租賃部門在本季度產生了 6600 萬美元的調整後 EBITDA，按報告基礎下降 10% 至 2019 年，而在針對交易的淨影響進行調整後，較 2019 年增長 41%。

Comparable owned and leased margins improved to 24.1% in the quarter, up 720 basis points to 2019 levels for the same set of properties, reflecting an increase in average daily rate of 17% versus 2019 and another quarter of strong operational execution.

本季度可比自有和租賃利潤率提高至 24.1%，與 2019 年同一組物業的水平相比上升 720 個基點，反映出與 2019 年相比平均每日利率增長 17% 以及另一個季度強勁的運營執行力。

International comparable owned and leased properties accounted for over half of the adjusted EBITDA growth to 2019, and we continue to see outperformance in our properties in the United States.

截至 2019 年，國際可比自有和租賃物業佔調整後 EBITDA 增長的一半以上，我們繼續看到我們在美國的物業表現出色。

As we look ahead to the fourth quarter, we're seeing a continuation of these positive trends, driven by a strong recovery in group revenue, steadily improving business transient demand and sustained strength from leisure.

展望第四季度，在集團收入強勁復甦、業務瞬時需求穩步改善和休閒持續強勁的推動下，我們將看到這些積極趨勢的延續。

Turning to ALG. The performance of the segment once again exceeded our expectations, driven by continued strength in net package RevPAR and guest departures in the third quarter. Adjusted EBITDA was $78 million.

轉向 ALG。在第三季度淨套餐 RevPAR 和客人離店率持續走強的推動下，該部門的表現再次超出了我們的預期。調整後的 EBITDA 為 7800 萬美元。

Net deferrals were $17 million. And net finance contracts were $26 million. As we noted in the past, when assessing ALG performance, it's critical to include net deferrals and net finance contracts due to the timing of the recognition of GAAP revenue and expense of unlimited vacation club memberships.

淨延期為 1700 萬美元。淨融資合同為 2600 萬美元。正如我們過去指出的那樣，在評估 ALG 績效時，由於確認 GAAP 收入和無限制度假俱樂部會員資格支出的時間，將淨延期和淨財務合同包括在內至關重要。

To further illustrate how net deferrals and net finance contracts tracked to cash flow generation and represent value creation of the business, we have included a new enhanced disclosure in schedule A-3 of our earnings release. This free cash flow generation of an ALG continues to be strong and 3 key areas drove ALG financial results.

為了進一步說明淨遞延和淨融資合同如何跟踪現金流量產生並代表企業的價值創造，我們在收益發布的附表 A-3 中包含了新的增強披露。 ALG 產生的自由現金流繼續強勁，3 個關鍵領域推動了 ALG 的財務業績。

First, net package RevPAR for the same set of properties managed by ALG in the Americas was up 29% to 2019, reflecting strong net package ADR growth of 25%. Total net package revenue was up 91% to 2019, reflecting the significant net rooms growth since 2019, primarily due to ALG's expansion in Europe and organic growth in the Americas.

首先，ALG 在美洲管理的同一套物業的淨包 RevPAR 到 2019 年增長了 29%，反映出 25% 的強勁淨包 ADR 增長。到 2019 年，總淨套餐收入增長了 91%，反映了自 2019 年以來客房淨增長的顯著增長，這主要是由於 ALG 在歐洲的擴張和美洲的有機增長。

Second, approximately 9,200 membership contracts were signed for ALG's Unlimited Vacation Club in the quarter, exceeding 2019 levels by 32%. Third, ALG vacations had approximately 682,000 guest departures and realized strong unit pricing.

其次，本季度 ALG 的 Unlimited Vacation Club 簽訂了約 9,200 份會員合同，超過 2019 年水平 32%。第三，ALG假期約有682,000人次出發，並實現了強勁的單價。

The improvements to the operating model and ongoing optimization of the mix of revenue, coupled with strong demand, continues to produce very strong levels of earnings. And during the third quarter, ALG vacations also benefited from certain airline refunds resulting in a onetime positive impact of $4 million.

運營模式的改進和收入組合的持續優化，加上強勁的需求，繼續產生非常強勁的收益水平。在第三季度，ALG 假期還受益於某些航空公司的退款，從而產生了 400 萬美元的一次性積極影響。

In summary, ALG posted another quarter of very strong financial results. We're optimistic about the fourth quarter for several reasons, including the expected continued strength of leisure travel demand, favorable pricing environment, an airlift that remains above 2019 levels for key Americas destinations.

總之，ALG 公佈了又一個季度非常強勁的財務業績。我們對第四季度持樂觀態度，原因有幾個，包括休閒旅遊需求的預期持續強勁、有利的定價環境、美洲主要目的地的空運量仍高於 2019 年的水平。

I'd also like to provide an update on our strong cash and liquidity position. As of September 30, our total liquidity of $2.9 billion included $1.4 billion of cash, cash equivalents and short-term investments and approximately $1.5 billion in borrowing capacity on our revolving credit facility.

我還想提供有關我們強大的現金和流動性狀況的最新信息。截至 9 月 30 日，我們的總流動資金為 29 億美元，包括 14 億美元的現金、現金等價物和短期投資，以及約 15 億美元的循環信貸額度借貸能力。

Our total liquidity as of September 30 excludes approximately $300 million of restricted cash to redeem floating rate senior notes. In October, we used this restricted cash to redeem approximately $302 million of floating rate senior notes, inclusive of interest.

截至 9 月 30 日，我們的總流動資金不包括約 3 億美元的受限制現金，用於贖回浮動利率優先票據。 10 月，我們使用這筆受限現金贖回了約 3.02 億美元的浮動利率優先票據，包括利息。

And also in October, we used cash on hand to redeem approximately $353 million of senior notes at par and inclusive of interest in advance of their July 2023 maturity, realizing a significant savings in future interest expense.

同樣在 10 月，我們使用手頭現金在 2023 年 7 月到期之前按面值贖回了約 3.53 億美元的優先票據，其中包括利息，從而顯著節省了未來的利息支出。

As a result of these transactions, the total outstanding principal on our senior notes was $3.1 billion as of October 31. These actions are a direct result of our strong realization of asset sale proceeds thus far this year and demonstrate our ongoing commitment to our investment-grade profile.

由於這些交易，截至 10 月 31 日，我們優先票據的未償還本金總額為 31 億美元。這些行動是我們今年迄今為止強勁實現資產出售收益的直接結果，並表明我們對投資的持續承諾-等級概況。

Record operating performance and asset-light growth is contributing to our strengthening free cash flow. During the third quarter, we repurchased $162 million of Class A common shares. And during the month of October, we repurchased an additional $27 million of Class A common shares. And as of October 31, we now have approximately $638 million remaining under our share repurchase authorization.

創紀錄的經營業績和輕資產增長有助於我們加強自由現金流。第三季度，我們回購了 1.62 億美元的 A 類普通股。在 10 月份，我們又回購了價值 2700 萬美元的 A 類普通股。截至 10 月 31 日，我們的股票回購授權目前剩餘約 6.38 億美元。

Finally, I'd like to make a few additional comments regarding our 2022 outlook. As a result of the strong operating trends Mark covered earlier, we now expect full year 2022 system-wide RevPAR to grow between 60% and 65% to 2021 and to be down between 7% and 4% to 2019.

最後，我想就我們的 2022 年展望發表一些額外的評論。由於 Mark 之前提到的強勁運營趨勢，我們現在預計 2022 年全年全系統 RevPAR 到 2021 年將增長 60% 到 65%，到 2019 年將下降 7% 到 4%。

Additionally, consistent with our communication in the second quarter, we continue to expect adjusted SG&A to be in the approximate range of $460 million to $465 million, excluding any bad debt expense.

此外，根據我們在第二季度的溝通，我們繼續預計調整後的 SG&A 約為 4.6 億美元至 4.65 億美元，不包括任何壞賬費用。

We expect ALG adjusted SG&A will be approximately $20 million lower than the outlook provided last quarter, offset by Legacy Hyatt adjusted SG&A that will be approximately $20 million higher.

我們預計 ALG 調整後的 SG&A 將比上一季度提供的前景低約 2000 萬美元，但被 Legacy Hyatt 調整後的 SG&A 高出約 2000 萬美元所抵消。

These updates reflect payroll savings and a delay in certain investment spend for ALG with the savings largely offset by an increase in incentive compensation expense and other onetime costs in our Legacy Hyatt business.

這些更新反映了 ALG 的工資節省和某些投資支出的延遲，節省的資金在很大程度上被我們 Legacy Hyatt 業務中激勵補償費用和其他一次性成本的增加所抵消。

We continue to expect capital expenditures for 2022 to be approximately $210 million, which includes Legacy Hyatt of $185 million and $25 million for ALG.

我們繼續預計 2022 年的資本支出約為 2.1 億美元，其中包括 1.85 億美元的 Legacy Hyatt 和 ALG 的 2500 萬美元。

Lastly, turning to net rooms growth. As Mark mentioned, with our continued transformation and recently announced strategic deals, we are raising our full year 2022 net rooms growth guidance to approximately 6.5%.

最後，轉向淨客房增長。正如馬克所提到的，隨著我們的持續轉型和最近宣布的戰略交易，我們將 2022 年全年淨客房增長目標提高至約 6.5%。

I will conclude my prepared remarks by saying we are very pleased with our third quarter results, which demonstrate our unique positioning and differentiated model.

在結束我準備好的發言時，我會說我們對第三季度的業績感到非常滿意，這展示了我們獨特的定位和差異化的模式。

The strong positive operating leverage in our business model and the value creation ALG has brought to Hyatt 1 year after acquisition is fueling record earnings and free cash flow.

我們業務模式中強大的積極經營槓桿和 ALG 在收購後 1 年為凱悅帶來的價值創造正在推動創紀錄的收益和自由現金流。

We're proud of the accomplishments we've achieved to advance our long-term strategy and are excited for the recently announced deals, accelerating our asset-light growth, while at the same time, reducing leverage and returning capital to shareholders.

我們為我們在推進長期戰略方面取得的成就感到自豪，並對最近宣布的交易感到興奮，加速我們的輕資產增長，同時降低杠桿率並向股東返還資本。

Thank you. And with that, I'll turn it back to our operator for Q&A.

謝謝你。有了這個，我會把它轉回給我們的接線員進行問答。

(Operator Instructions) the first question comes from the line of Shaun Kelley from Bank of America.

（操作員說明）第一個問題來自美國銀行的 Shaun Kelley。

Mark or Joan, I'm curious to get a little bit more color just on what's implied by kind of where you are outlook -- with the fourth quarter outlook? I know there's a variety of different ways to disclose this as we're kind of looking both year-on-year and versus 2019.

Mark 或 Joan，我很想知道您對第四季度前景的看法所暗示的內容有更多色彩嗎？我知道有多種不同的方式來披露這一點，因為我們有點像看同比和 2019 年。

But the way we're kind of thinking about it is, is the core trend here a little bit better in the fourth quarter versus what you saw in the third quarter? Third quarter was up 2% global.

但我們考慮的方式是，第四季度的核心趨勢是否比第三季度好一些？第三季度全球增長 2%。

Is what's implied by your guidance in the fourth quarter a little bit better than that? And maybe just walk us through some of the puts and takes that might be driving that, if that's the case?

您在第四季度的指導所暗示的是否比這好一點？如果是這樣的話，也許只是讓我們了解一些可能推動這種情況的看跌期權和看跌期權？

Yes. Thank you, Shaun. I'll start and then maybe Mark wants to add on a bit too. I would say for the fourth quarter, our guidance range that we increased about 1 point at the midpoint of the range reflects about the same to a little bit better for the fourth quarter.

是的。謝謝你，肖恩。我會開始，然後也許 Mark 也想補充一點。我想說的是，對於第四季度，我們在範圍中點增加了約 1 個百分點的指導範圍反映了第四季度大致相同或略好一些。

As we look at, we are building confidence here in the forward-looking bookings that we're seeing that we are experiencing both on the group side with -- in the quarter, for the quarter, third quarter group bookings up 20% in the fourth -- for the fourth quarter. And the festive period that we have extending now between November and December, up 30% for the AMR properties.

正如我們所看到的，我們正在建立對前瞻性預訂的信心，我們看到我們在集團方面都經歷過 - 在本季度，本季度，第三季度集團預訂增長了 20％第四——第四季度。我們現在將節日期間延長至 11 月至 12 月，AMR 物業的價格上漲了 30%。

So some of these longer out bookings that we're seeing in the fourth quarter are giving us confidence that we'll be at or above those -- those levels compared to 2019. And that's what's embedded in our guidance numbers.

因此，我們在第四季度看到的一些更長時間的預訂讓我們有信心，我們將達到或超過這些水平——與 2019 年相比的水平。這就是我們指導數字中的內容。

Yes. I think -- what Joan said, I agree with what Joan said. We finished October ahead of 2019 by 5 points if you exclude Greater China. In group, we were up sequentially September to October 18% in actualized business.

是的。我認為——瓊所說的，我同意瓊所說的。如果排除大中華區，我們在 10 月份結束時比 2019 年提前 5 個百分點。在集團中，我們的實際業務在 9 月至 10 月連續增長了 18%。

And the near-term booking and state momentum is just palpable. It's very, very clear to us. And when we think about the dynamics, the shortening booking curve. I'll just give you one example that will really, I think, illustrate this very well.

近期預訂和狀態勢頭是顯而易見的。這對我們來說非常非常清楚。當我們考慮動態時，縮短的預訂曲線。我只是給你舉一個例子，我認為它真的可以很好地說明這一點。

6 months ago, we were minus 7% pace-wise. For October of this year, we finished October 6% above. So you can just see what the impact of that shortened booking curve is and corporate demand continues to significantly sustain.

6 個月前，我們的步伐是負 7%。今年 10 月，我們完成了 6% 以上。所以你可以看到縮短的預訂曲線的影響是什麼，企業需求繼續顯著維持。

Total transient. We don't have a good breakout yet. We just closed the month. Total transient revenue for -- sorry, for October was 4% above September. So we go into the quarter not sort of holding on by our fingertips, but actually walking firmly with confidence into the fourth quarter.

總瞬態。我們還沒有很好的突破。我們剛剛結束了這個月。總的短暫收入——抱歉，10 月份比 9 月份高 4%。所以我們進入這個季度並不是指尖緊握，而是堅定地自信地走進第四節。

And just maybe as a quick follow-up. One of the things we've noticed is just as we think about the broader, call it, EBITDA cadence or contribution for Hyatt across the business line.

也許只是作為快速跟進。我們注意到的一件事就是我們考慮更廣泛的，稱之為 EBITDA 節奏或凱悅在整個業務線的貢獻。

It seems like seasonality in 3Q relative to 2Q was a little bit lower than what we've seen in the past. I know there's a lot going on with sequential recovery dynamics and group and leisure. Just the different channels are off.

似乎第三季度相對於第二季度的季節性比我們過去看到的要低一些。我知道在順序恢復動態以及團隊和休閒方面有很多事情要做。只是不同的頻道關閉了。

But if we think about that pattern, is that actually the case? I mean, is the business a little bit more stable quarter-to-quarter as we look forward and just think about kind of how to think about these broader trends, just given both the contribution from ALG and then just broader maybe the broader portfolio around some of the changes in the owned and lease mix?

但是，如果我們考慮這種模式，事實真的是這樣嗎？我的意思是，隨著我們展望未來，考慮到 ALG 的貢獻以及更廣泛的可能更廣泛的投資組合，我們正在考慮如何看待這些更廣泛的趨勢，業務是否每個季度都更加穩定自有和租賃組合的一些變化？

Yes. I think the answer is that the seasonality, I think, is going to end up reflecting a change -- a more fundamental change. For example, some of the volumes that we saw that were a welcome surprise from ALG Vacations filled in some gaps that they typically would have seen in years past in late September into October because of bookings that leisure sustained.

是的。我認為答案是季節性，我認為，最終會反映出一種變化——一種更根本的變化。例如，我們看到的一些數量是 ALG Vacations 令人驚喜的驚喜，填補了他們通常會在過去幾年的 9 月下旬到 10 月看到的一些空白，因為休閒持續的預訂。

And so I think the -- but apart from ALG, which continues to post obviously, very strong numbers and the fact that we've got an expanded leisure component overall, what happened in post Labor Day group was very significant. And we -- in business transient as well.

所以我認為 - 但除了 ALG 之外，它繼續發布明顯非常強勁的數字以及我們總體上有一個擴大的休閒部分這一事實，勞動節後集團發生的事情非常重要。而我們——在商業上也是短暫的。

When we look at post Labor Day, September, we saw -- we improved our total business transient to minus 20% compared to 2019 levels, which is a significant improvement from the minus 38% comparison in Q2 of this year.

當我們回顧 9 月勞動節後的情況時，我們看到——與 2019 年的水平相比，我們的總業務瞬變率提高到負 20%，與今年第二季度的負 38% 相比有了顯著改善。

And so I would say that we -- and there's a blurring of course between the commercial activity in transient versus group as well as between business travel and leisure.

因此，我想說的是，我們 - 在短暫與團體的商業活動之間以及商務旅行與休閒之間當然存在模糊。

So I think that the typical seasonality, if you went back to like 2017 and '18 and '19 and said, what is the seasonal patterns there. I think third quarter is going to end up evening out a little bit relative to those historical trends because of some of these dynamics.

所以我認為典型的季節性，如果你回到 2017 年、18 年和 19 年，然後說那裡的季節性模式是什麼。由於其中一些動態，我認為相對於那些歷史趨勢，第三季度將結束一些。

Our next question comes from Joe Greff from JPMorgan.

我們的下一個問題來自摩根大通的 Joe Greff。

Given the momentum in growing the ALG footprint, which we obviously seen in the last 2 quarters, as well as some of the things you discussed earlier, Mark, do you think that 6.5% net rooms growth rate is sustainable through 2023 based on what you know now about the pipeline?

考慮到我們在過去兩個季度明顯看到的 ALG 足跡增長的勢頭，以及您之前討論的一些事情，馬克，您認為根據您的情況，到 2023 年 6.5% 的淨客房增長率是否可持續？現在知道管道了嗎？

Yes. I think the fact is that we've made a lot of modifications in terms of how we've gone to market this year. We are experiencing the expected lull in openings for select service hotels in the United States and also the China openings have really taken a hit, primarily because of the inability to get contractors and workers on to job sites and to get materials to job sites.

是的。我認為事實是，我們在今年的上市方式方面做了很多修改。我們正在經歷美國精選服務酒店開業的預期停滯，而中國的開業也確實受到了打擊，主要是因為無法讓承包商和工人前往工地，也無法將材料運到工地。

So these serial lockdowns have really cost us significantly. But we're also seeing now on the other side of that, some really significant improvements. And so we've opened a couple of really important hotels in China at the beginning of October.

所以這些連續的封鎖確實讓我們付出了巨大的代價。但我們現在也看到了另一方面，一些非常重要的改進。因此，我們在 10 月初在中國開設了幾家非常重要的酒店。

Just to give you some sense for this. So -- let me give you a little context. Right now, I think our expectation is or our belief is that we're going to open something around 10,000 rooms in the fourth quarter.

只是為了讓你對此有所了解。所以 - 讓我給你一點背景。現在，我認為我們的期望或信念是我們將在第四季度開設大約 10,000 間客房。

And that's -- you might say, "Wow, that's a huge amount booked into the very last quarter of the year." Half of that is Lindner hotels, and we are well along in finalizing all of the arrangements to close that transaction. And the other half is across the rest of the portfolio. We opened more than 3,000 rooms in October against that other 5,000 rooms.

那就是 - 你可能會說，“哇，這是今年最後一個季度的大量預訂。”其中一半是林德納酒店，我們正在順利完成完成該交易的所有安排。另一半是投資組合的其餘部分。與其他 5,000 間客房相比，我們在 10 月份新開了 3,000 多間客房。

So we're seeing -- even though things got delayed. And I can tell you that a lot of those 3,000 rooms that we opened in October were lagged, we were -- we expected to open them earlier, but everything is now -- you've got to be ready to pivot and recognize that we've got slippage in many, many different places.

所以我們看到了——即使事情被推遲了。我可以告訴你，我們在 10 月份開放的 3,000 間客房中有很多都滯後了，我們本來希望早點開放，但現在一切都已完成——你必須做好調整的準備，並認識到我們在很多很多不同的地方都有滑點。

So, well, my point to you is that things are firming and we have actual openings to point to in the near term. And we've got other portfolio deals on which we're working, which give us great confidence that we're going to sustain this net rooms growth into next year.

所以，好吧，我想告訴你的是，事情正在穩固，我們在短期內有實際的空缺可指出。我們還有其他正在進行的投資組合交易，這讓我們充滿信心，我們將在明年維持這種淨客房增長。

Our next question comes from Richard Clarke from Bernstein.

我們的下一個問題來自伯恩斯坦的理查德克拉克。

Just a little bit of a clarification question maybe on the NUG guidance there. So you're saying that Lindner is included. I thought Lindner at about 17%. So did you know about Lindner Hotels in Q2? And it's just got a little bit bigger. Maybe you can just help me understand because otherwise, it looks like you've gone backwards on that guidance ex the Lindner deal?

可能只是關於那裡的 NUG 指南的一些澄清問題。所以你是說 Lindner 包括在內。我認為林德納的比例約為 17%。那麼你知道第二季度的 Lindner Hotels 嗎？它只是變大了一點。也許你可以幫助我理解，否則，看起來你在 Lindner 交易之前的指導上倒退了？

No. We had visibility to Lindner. We had confidence that we could get it done. What we didn't know for sure is how much of the portfolio would come across in the final negotiation. .

不，我們對 Lindner 有可見性。我們有信心能夠完成它。我們不確定的是在最終談判中會涉及多少投資組合。 .

We finalized that and announced it in early November in Munich. So that's when we -- do I mean that early October is what I meant to say, I apologize, early October. And so yes, we knew about. No, we didn't know precisely how many hotels and rooms would come across.

我們最終確定並於 11 月初在慕尼黑宣布了它。所以那時我們 - 我的意思是十月初是我想說的，我很抱歉，十月初。所以是的，我們知道。不，我們不確切知道會遇到多少酒店和房間。

And the reason why we had enough confidence to embed it in our modified outlook was because we -- this is not the first deal we've done with the Lindner family.

我們之所以有足夠的信心將其嵌入我們修改後的前景中，是因為我們——這不是我們與林德納家族達成的第一筆交易。

We have 2 now -- actually, as of this coming week, 3 other hotels that we will have opened with them, including a Destination by Hyatt in Ibiza under the 7Pines brand which is the -- which was rated the best resort hotel in Ibiza recently.

我們現在有 2 家——實際上，從下週開始，我們將與他們一起開設 3 家其他酒店，包括 7Pines 品牌下的伊維薩島凱悅目的地——它被評為伊維薩島最佳度假酒店最近。

So the performance in these hotels with respect to direct channel and with respect to World of Hyatt penetration have been phenomenal.

因此，這些酒店在直接渠道和 World of Hyatt 滲透率方面的表現非常出色。

And I spoke with the family members who lead the group yesterday. And he noted to me that the reason why we've been able to do what we did in such quick succession is because of our experience in working together before.

昨天我與領導該小組的家庭成員進行了交談。他對我說，我們之所以能夠如此迅速地連續完成我們所做的事情，是因為我們之前有過合作的經驗。

So this is the nature of what I think this is the shape of things to come in terms of our activity base. It's a very important network move because Germany is the #1 feeder market for the Balearic Islands and the #2 feeder market for the Canary Islands, where we have significant all-inclusive resort presence.

所以這就是我認為就我們的活動基礎而言即將發生的事情的性質。這是一項非常重要的網絡舉措，因為德國是巴利阿里群島的第一大支線市場和加那利群島的第二大支線市場，我們在這些地方擁有重要的全包度假村。

So there's an intentionality to what we're trying to do. It's not just a representation play for Germany and for Europe. It's also to extend and bring millions of additional customers into the World of Hyatt and expose them to now our much bigger resort portfolio in Europe.

因此，我們正在嘗試做的事情是有目的的。這不僅僅是德國和歐洲的代表作。它還將擴展和吸引數百萬額外的客戶進入凱悅世界，並讓他們接觸到我們現在在歐洲更大的度假村組合。

Maybe just a follow-up on that topic. I mean, how many of these portfolio deals are they -- out there? Are there other deals you could sign with groups where you bring many thousands of rooms all at once?

也許只是對該主題的跟進。我的意思是，這些投資組合交易中有多少 - 在那裡？您是否可以與團體簽訂其他協議，讓您同時帶來數千個房間？

And maybe guessing your answer to that question might be quite optimistic. If that's the case, why are you talking about maybe doing more M&A? Why do you need to do M&A if that -- these organic opportunities are out there?

也許猜測您對該問題的回答可能相當樂觀。如果是這樣，你為什麼要談論可能進行更多的併購？如果那樣的話你為什麼需要進行併購——這些有機機會就在那裡？

We've never considered to be a trade-off. Our view -- if I look back and I see the performance of what we've done for -- towards hospitality, for example, we have -- we are trending dramatically ahead in our total fee revenue and our total fees per [T] relative to our underwriting for that transaction, and we have grown the pipeline significantly since we bought that group.

我們從未考慮過權衡取捨。我們的觀點——如果我回顧過去，我會看到我們所做工作的表現——例如，我們在酒店業方面的表現——我們的總費用收入和每 [T] 的總費用呈顯著趨勢相對於我們對該交易的承銷，自從我們收購該集團以來，我們已經顯著增加了管道。

ALG, I think, speaks for itself. If you have any questions, I'm happy to go into detail across any dimension of ALG. And Miraval now has 3 high-performing resorts. And we are signing asset-light deals to manage third-party constructed or third-party developed Miravals globally in the U.S., in the Middle East and in Europe. And we are also working on deals in Asia.

ALG，我認為，不言自明。如果您有任何問題，我很樂意詳細介紹 ALG 的任何方面。 Miraval 現在擁有 3 個高績效度假村。我們正在簽署輕資產交易，以在美國、中東和歐洲全球範圍內管理第三方建造或第三方開發的 Miravals。我們也在致力於亞洲的交易。

So I guess what I would tell you is if the deals that we had done historically proved to be really unsatisfactory or not productive as growth platforms that this is -- these are brands that -- this is the gift that keeps on giving year after year after year, especially if you perform.

所以我想我會告訴你的是，如果我們過去所做的交易被證明作為增長平台真的不令人滿意或沒有成效，那麼這是 - 這些品牌 - 這是年復一年不斷贈送的禮物一年後，尤其是當你表演的時候。

And our concentration in lifestyle and luxury and leisure has paid off, allowing us to focus, I would say, then we shouldn't do them. But we have -- it would be all evidence to the contrary notwithstanding, if that's the decision we made.

我們對生活方式、奢侈和休閒的關注得到了回報，讓我們能夠集中精力，我想說，我們不應該做這些事情。但我們已經——儘管如此，如果我們做出了這樣的決定，那將是所有相反的證據。

And maybe just the visibility on the portfolio deals? Are there any more of those out there?

也許只是投資組合交易的可見性？還有更多嗎？

The fact is, I'm not going to go into any detail whatsoever because of competitive dynamic issues. You can imagine that some of those transactions are competitive in their nature.

事實上，由於競爭激烈的問題，我不會詳細介紹任何細節。你可以想像其中一些交易在本質上是競爭性的。

What I will say is that we -- as a result of our long-time presence in a lot of markets and the addition of AMR hotels and some of the people at AMR who have decades-long relationships with families in Europe that have portfolios, we feel very, very well positioned to both understand exactly what's going on in the marketplace, and we have a -- we are the largest player, the largest managed brand portfolio of luxury and all-inclusive resorts in the world.

我要說的是，由於我們在許多市場的長期存在以及 AMR 酒店的加入以及 AMR 的一些人與擁有投資組合的歐洲家庭有著數十年的關係，我們感覺非常非常有能力準確地了解市場上正在發生的事情，而且我們擁有 - 我們是世界上最大的參與者，最大的豪華和全包度假村管理品牌組合。

So we have a unique position from which to seek these kinds of transactions out.

所以我們有一個獨特的位置來尋求這些類型的交易。

Our next question comes from Patrick Scholes from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Patrick Scholes。

Sorry, if I missed this earlier. Can you give us a little bit of color about your net unit growth trends, specifically for the ALG group in Europe and in the Caribbean, how that trended in the quarter? And if any type of color or expectations that you can give on that for next year?

抱歉，如果我之前錯過了這個。您能否給我們一些關於您的淨單位增長趨勢的顏色，特別是歐洲和加勒比地區的 ALG 集團，該季度的趨勢如何？如果明年你可以給出任何類型的顏色或期望？

Yes. So we're up 10% year-to-date in terms of growth in the portfolio. We've got a number of openings that we did expect in 2022. .

是的。因此，就投資組合的增長而言，我們今年迄今增長了 10%。我們在 2022 年確實有一些空缺職位。

When we looked at the pipeline when we first bought the company, we thought that 2023 would be lighter than '22 and then '24 and '25 would be much heavier just by virtue of the timing of the construction of assets.

當我們第一次收購該公司時看管線時，我們認為 2023 年會比 22 年輕，然後 24 年和 25 年僅憑資產建設的時間會重得多。

What I can say is that unlike some of the challenges that we have seen in the United States in getting hotels built and opened, we've not seen really those challenges in continuing a pace -- the construction pace in Mexico, the Caribbean and in Europe.

我能說的是，與我們在美國看到的在建造和開業酒店方面遇到的一些挑戰不同，我們並沒有真正看到那些在繼續步伐方面的挑戰——墨西哥、加勒比地區和美國的建設步伐歐洲。

So our confidence that we're going to be able to continue to maintain, our momentum is relatively strong. And a reminder, the answer to my prior -- the prior question was about portfolio deals. Those apply not just to Hyatt, but to ALG as well. So I would say that we feel very, very good about continued growth and our 2022 performance is at or above our going-in expectations.

因此，我們對能夠繼續保持的信心，我們的勢頭相對強勁。提醒一下，我之前的回答——之前的問題是關於投資組合交易的。這些不僅適用於 Hyatt，也適用於 ALG。所以我想說我們對持續增長感覺非常非常好，我們 2022 年的表現達到或超過了我們的預期。

Okay. Can I ask a follow-up question?

好的。我可以問一個後續問題嗎？

Sure.

當然。

I suspect I know the answer, but I'd like to hear it from you. Certainly, we've seen very strong price -- room rate pricing growth in the Caribbean and for all-inclusive. Are you starting to see any pushback from customers on that -- on those room rates?

我想我知道答案，但我想听聽您的意見。當然，我們已經看到非常強勁的價格——加勒比地區和全包式房價的定價增長。您是否開始看到客戶對此有任何反對 - 在那些房價上？

No. We're not. I would tell you that with respect to our bookings, Q4 pacing in the ALG portfolio is plus 30% to 2019, Q1 2023 pacing is up in the mid-teens to 2022.

沒有，我們沒有。我會告訴你，就我們的預訂而言，ALG 投資組合中的第四季度到 2019 年增長了 30%，到 2022 年，2023 年第一季度的增長在十幾歲左右。

So year-over-year, it's up in the mid-teens. And the vast majority of that is rate. So we see no abatement of that. And I'll tell you that there's a fundamental human behavioral aspect that's at work here.

所以年復一年，它在十幾歲左右。其中絕大多數是利率。所以我們看不到這種情況的減少。我會告訴你，這裡有一個基本的人類行為方面在起作用。

There -- what used to be COVID stress that was driving travel demand to a certain extent and maybe the urgency, what do they call it, revenge travel or pent-up demand, whatever you want to call it.

那裡 - 曾經是 COVID 壓力在一定程度上推動了旅行需求，也許是緊迫性，他們怎麼稱呼它，報復旅行或被壓抑的需求，無論你想怎麼稱呼它。

What that's turning into now is there's nebulousness about the macro outlook. Of course, the issue isn't that people have certainty that we're going to have a problem. The problem is that there's uncertainty and people just don't know.

現在變成的是宏觀前景的模糊性。當然，問題不在於人們確定我們會遇到問題。問題是存在不確定性，人們就是不知道。

So that sort of financial stress or concern is something that people are looking to manage. And so all-inclusive turns out to be a wonderful anecdote to that because it's a one-stop shop. You pay an amount that you are certain of, you don't walk into a vacation and have no idea how much it's going to end up costing you. You know exactly what it's going to cost you.

因此，人們希望管理這種財務壓力或擔憂。因此，包羅萬象的事實證明這是一個很好的軼事，因為它是一站式商店。您支付的金額是您確定的，您不會去度假並且不知道最終要花多少錢。你確切地知道它會花費你什麼。

And once you get on a property, you can truly relax. And we've got an ever-growing number of experiences that we provide our guests. So I believe that we're going to see a continued strengthening of demand for all-inclusive vacations during this period of time when people need respite and some renewal at a time when other things in their lives may be less certain.

一旦您入住一處房產，您就可以真正放鬆。我們為客人提供的體驗越來越多。所以我相信，在這段時間裡，當人們需要喘息和恢復活力的時候，我們會看到對全包假期的需求持續增強，而他們生活中的其他事情可能不太確定。

Our next question comes from Dori Kesten from Wells Fargo.

我們的下一個問題來自富國銀行的 Dori Kesten。

What would you need to see, whether it's the economy bookings or booking window to make you feel comfortable returning to providing the annual EBITDA guidance?

您需要查看什麼，無論是經濟艙預訂還是預訂窗口，才能讓您放心地返回提供年度 EBITDA 指南？

It's a great question. I think we were -- we're still learning consumer behaviors and how they're evolving. I think the third quarter is evidence of that, where the vacations performance -- the ALG vacations performance was outsized.

這是一個很好的問題。我認為我們 - 我們仍在學習消費者行為及其演變方式。我認為第三季度證明了這一點，假期表現——ALG 假期表現非常出色。

Now we also had some help in the EBITDA performance in the quarter because they got some rebates from air travel for prior periods, but that wasn't a huge portion of their quarter. But -- so we got a little help there.

現在，我們在本季度的 EBITDA 表現方面也得到了一些幫助，因為他們從前幾個時期的航空旅行中獲得了一些回扣，但這並不是他們本季度的很大一部分。但是——所以我們在那裡得到了一點幫助。

But I think just generally speaking, the volumes have been remarkably strong. And I would say that we're in learning mode.

但我認為一般來說，銷量非常強勁。我會說我們正處於學習模式。

I think we believe that because we're going to be handling over 2.6 million passengers and over $3 billion of gross travel booked across that portfolio -- that platform rather, it gives us amazing visibility.

我認為我們相信，因為我們將處理超過 260 萬名乘客和超過 30 億美元的總旅行預訂量——而不是那個平台，它給了我們驚人的知名度。

But what we are seeing is it doesn't give us much predictor value because consumer behaviors continue to evolve at this point. So I would say that we're seriously thinking about the question that you just asked, and we've been discussing it actively.

但我們看到的是，它並沒有給我們太多的預測價值，因為消費者行為在這一點上繼續發展。所以我想說我們正在認真考慮你剛才提出的問題，我們一直在積極討論它。

As in years past, our practice is to provide whatever guidance we are going to for the -- for the coming year in our February call. And we're going to be talking a lot about this topic between now and then.

與過去幾年一樣，我們的做法是在 2 月的電話會議中為來年提供任何指導。我們會時不時地就這個話題進行大量討論。

And I hope we can provide some more visibility, but it's really going to depend on our discussions and how things evolve between now and then.

我希望我們能夠提供更多的可見性，但這實際上取決於我們的討論以及事情現在和以後的發展情況。

Okay. This may be a stretch then, but Marriott just said on their call that they expect RevPAR to increase quarterly year-over-year in '23. Would you share those expectations when you just consider the headwinds and tailwinds that we know today?

好的。這可能有點牽強，但萬豪剛剛在他們的電話會議上表示，他們預計 RevPAR 將在 23 年實現季度同比增長。當您只考慮我們今天所知道的逆風和順風時，您會分享這些期望嗎？

Yes. I think -- let me just -- let me take a step up or back. I think that there are several reasons to believe. So let me tell you why I believe.

是的。我想——讓我——讓我向前或向後邁出一步。我認為有幾個理由相信。所以讓我告訴你我為什麼相信。

The first is that we're going to be lapping Omicron. We were down 25% in the first quarter to 2020 -- to 2019 -- sorry, first quarter of 2022 relative to 2019, and we were down 5% to 2019 in the second quarter. So we're lapping a period of much more hindered demand levels.

首先是我們要研磨 Omicron。到 2020 年第一季度 - 到 2019 年 - 抱歉，2022 年第一季度相對於 2019 年下降了 25%，第二季度我們下降了 5% 到 2019 年。因此，我們正在經歷一段需求水平受阻更多的時期。

Second, supply growth has slowed, period, end of story. And usually, in a simplistic way, when demand exceeds supply, you have sustained pricing. And I do believe that demand will continue to outshine supply.

其次，供應增長放緩，期間，故事結束。通常，以一種簡單的方式，當需求超過供應時，你就有了持續的定價。我確實相信需求將繼續超過供應。

Third, China has been on its back in a very volatile roller coaster over the course of the entire year. Any stability in China is a massive improvement year-over-year. Fourth, we have 4 or 5 going on 6 years industry-leading net rooms growth. And those new rooms are producing significant increases in our in our fee base.

第三，在過去的一年裡，中國一直處於動盪不安的過山車之中。中國的任何穩定都是同比的巨大進步。第四，我們有 4 或 5 年持續 6 年行業領先的淨客房增長。這些新房間顯著增加了我們的收費基礎。

And if you need a couple more to fill out that list of 4, those of you my top 4. First, we believe it's still too early to say 1 month is not a trend make, that we may have peaked out with respect to wage rate inflation.

如果你還需要更多來填寫 4 人的名單，你們中的那些人是我的前 4 人。首先，我們認為現在說 1 個月不是趨勢還為時過早，我們可能已經在工資方面達到頂峰通貨膨脹率。

It feels like we are headed to something that is starting to feel more stable. I would describe that as part hope and part data. So check in with me in a few months, and we'll talk more about that topic.

感覺我們正朝著開始變得更加穩定的方向發展。我會將其描述為部分希望和部分數據。所以幾個月後與我聯繫，我們將更多地討論這個話題。

Another one is that we have room to grow. We still have -- we're still running occupancy that is 800 basis points lower than it was in 2019. Admittedly, a big chunk of that is driven by China. So I don't want to overdo that.

另一個是我們有成長的空間。我們仍然 - 我們的入住率仍然比 2019 年低 800 個基點。誠然，其中很大一部分是由中國推動的。所以我不想做得太過分。

The final reason to believe is what I said in answer to the prior question, which is this need for stress relief fits perfectly into our strategy, which is we've got an expanded well-being offering set that we are rolling out.

相信的最後一個理由是我在回答前面的問題時所說的，即緩解壓力的需求完全符合我們的戰略，即我們正在推出一套擴展的福利產品。

We just relaunched our FIND platform. If you don't know what FIND is, please go to hyatt.com and seek it out. And it's a number of well-being practices that we make available to our World of Hyatt guests and the benefits of all-inclusive.

我們剛剛重新啟動了我們的 FIND 平台。如果您不知道 FIND 是什麼，請訪問 hyatt.com 進行查找。這是我們為凱悅天地賓客提供的一系列健康實踐和全包式禮遇。

So those top 4 though are structural. And while there is a lot of opacity with respect to how China is going to evolve this year, let's just face it. China had a very, very, very difficult year this year.

所以那些前 4 名雖然是結構性的。儘管關於中國今年將如何發展存在很多不透明，但讓我們面對現實吧。今年中國度過了非常、非常、非常艱難的一年。

So any improvement is going to -- tend to make improvements. So those are a number of reasons why we believe we're heading into another strong year.

所以任何改進都會——傾向於做出改進。因此，這就是為什麼我們相信我們將進入又一個強勁的一年的原因。

Our next question comes from Duane Pfennigwerth from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

Nice to speak with you. Just on the dispositions or asset sales, does success on the fee front basically reduce your appetite for asset sales? And can you just speak to kind of the current tone of conversations?

很高興和你說話。就處置或資產出售而言，費用方面的成功是否基本上降低了您對資產出售的興趣？你能說說當前的談話語氣嗎？

Yes. Look, we are very experienced in this market. We've sold over $4 billion worth of real estate in the last 5 years. So to say that we've been active, if not a significant player is an understatement.

是的。看，我們在這個市場上非常有經驗。在過去 5 年中，我們出售了價值超過 40 億美元的房地產。所以說我們一直很活躍，即使不是一個重要的參與者，也是輕描淡寫。

So we track this very carefully. There are several things going on right now. The first is not -- they are different -- we always look at who's active -- where is the money and who's active?

所以我們非常仔細地跟踪這個。現在有幾件事正在發生。第一個不是——它們是不同的——我們總是看誰在活躍——錢在哪裡，誰在活躍？

So there's an unprecedented level of equity in private equity and opportunity funds, but they're actually not in the market right now because their underwriting process includes a precise calculation about advance rates and cost of debt, which are not favorable at the moment.

因此，私募股權和機會基金的股本水平達到了前所未有的水平，但實際上它們現在不在市場上，因為它們的承銷過程包括對預付利率和債務成本的精確計算，這在目前是不利的。

What you are seeing is REITs. REITs are in the market. And private REITs are somewhere in between at this point. So we are constantly evaluating the -- where the demand for new properties is going to be and how robust that demand looks like and how that trades off.

你看到的是房地產投資信託基金。房地產投資信託基金在市場上。在這一點上，私人房地產投資信託基金介於兩者之間。因此，我們一直在評估——對新物業的需求將會在哪裡，需求看起來有多強勁，以及如何權衡取捨。

We've been extraordinarily disciplined about what we sell for what price. We have outperformed our own expectations and dramatically outperformed any sum of the parts valuations that we've seen in analyst reports.

我們對以什麼價格出售什麼產品一直非常嚴格。我們的表現超出了我們自己的預期，並且大大超過了我們在分析師報告中看到的任何零件估值總和。

So we've sustained -- as far as I'm concerned, we don't even need to discuss this any longer.

所以我們一直堅持——就我而言，我們甚至不需要再討論這個了。

We've got so much evidence that we have a very valuable real estate portfolio and the value of the remaining portfolio that we've got is at least as high as -- meaning at least as strong in terms of the quality of the assets. I'm not saying it's equally large as the portfolio that we've already sold.

我們有很多證據表明我們擁有非常有價值的房地產投資組合，而我們所擁有的剩餘投資組合的價值至少與 - 這意味著至少在資產質量方面同樣強大。我並不是說它與我們已經出售的投資組合一樣大。

So what do we see? We see that the deal market is not dead. We see that there's a very significant bias towards resorts and luxury at this moment in time. What we also see is remarkable booking strength and pace strength into future periods.

那麼我們看到了什麼？我們看到交易市場並沒有死。我們發現此時此刻對度假村和奢侈品有非常明顯的偏見。我們還看到了顯著的預訂強度和未來時期的步伐強度。

So in many ways, we feel like if we end up hitting a relatively drier period with respect to deal activity and really being able to realize excellent values and securing excellent long-term contracts, we're getting paid very well to wait.

因此，在很多方面，我們覺得如果我們最終在交易活動方面遇到一個相對乾燥的時期，並且真正能夠實現卓越的價值並獲得優秀的長期合同，那麼我們等待的報酬會很高。

So we've already exceeded 70% of our total mix in fees relative to owned assets. If you include ALG vacations in that mix, it's even higher. But I think the fact is that -- which is inherently an asset-light platform.

因此，我們已經超過了與自有資產相關的費用總額的 70%。如果您將 ALG 假期包括在內，它甚至會更高。但我認為事實是——它本質上是一個輕資產平台。

But the fact is that we're getting paid very, very well. Our own portfolio on a FX adjusted and net transaction adjusted basis, EBITDA was 40% higher in the third quarter of 2022 versus 2019, 40%.

但事實是我們的報酬非常非常好。我們自己的投資組合在外匯調整和淨交易調整的基礎上，2022 年第三季度的 EBITDA 比 2019 年的 40% 高出 40%。

So our work to operate efficiently and effectively and drive margin expansion of over 700 basis points means that where we've got in one hand, fantastic returns and great cash flow and in the other hand, possible and opportunistic sale activity -- disposition activity.

因此，我們高效運營並推動利潤率增長超過 700 個基點的工作意味著我們一方面獲得了豐厚的回報和巨大的現金流，另一方面，可能和機會主義的銷售活動——處置活動。

I do believe that most of these conditions are short term in nature and that by the second half of next year, you're going to see a lot more fluidity in the marketplace. And we have zero concern, none whatsoever about meeting our $2 billion net sell-down by the end of '24. So that's how I would describe it to you.

我確實相信，這些條件中的大多數本質上都是短期的，到明年下半年，你會看到市場流動性更大。我們對在 24 年底實現 20 億美元的淨拋售持零擔憂態度。這就是我要向你描述的方式。

Julian, we'll take our last question, please.

朱利安，我們將回答最後一個問題。

Our last question comes from Smedes Rose from Citi.

我們的最後一個問題來自花旗銀行的 Smedes Rose。

I just wanted to ask you a little bit about the Vacation Club membership sales. You mentioned they were up over 30% versus the third quarter of '19 to over 9,000 contracts. Is that a function of more sort of venues that are selling the contracts?

我只是想問你一些關於度假俱樂部會員銷售的問題。你提到他們與 19 年第三季度相比增長了 30% 以上，達到 9,000 多份合約。這是更多出售合同的場所的功能嗎？

Or I'm just trying to think about how we should sort of think about growth in that contract line going forward because it's certainly higher than what we were forecasting?

或者我只是想考慮我們應該如何考慮未來合同線的增長，因為它肯定高於我們的預測？

Smedes, this is a great result coming from the sales of the Unlimited Vacation Club contracts. And what we've seen through the network effect of ALG is that with the net rooms growth that we've experienced in the portfolio, that provides more opportunities to sell the contracts.

Smedes，這是 Unlimited Vacation Club 合同銷售的一個很好的結果。我們通過 ALG 的網絡效應看到的是，隨著我們在投資組合中經歷的淨客房增長，這提供了更多出售合同的機會。

We have done some work on the program itself and creating different tiers. And we found that some of the higher tiers are also very popular with new members.

我們已經對程序本身做了一些工作，並創建了不同的層級。而且我們發現，一些較高級別的會員也很受新會員歡迎。

So -- and incorporating World of Hyatt into the AMR portfolio and working to actually integrates the World of Hyatt benefits with the UVC benefits has also proven to strengthen and provide more benefits for the UVC program.

所以——將凱悅世界納入 AMR 產品組合，並努力將凱悅世界福利與 UVC 福利實際整合，也證明可以加強 UVC 計劃並為其提供更多福利。

So all of these things are helping to fuel greater interest in the unlimited Vacation Club. And we're also -- just also want to point out that we're seeing a lot of durability with respect to those contracts that we're signing. Our rates of any type of uncollectibility are extremely low.

因此，所有這些都有助於激發人們對無限制度假俱樂部的更大興趣。而且我們也 - 只是還想指出，我們正在簽署的那些合同方面看到了很多持久性。我們的任何類型的無法回收率都非常低。

So I'd like to just point out again the disclosure that we provided in the earnings release, which I think we will find useful to just give some more context between the drivers of cash in the net deferrals and net finance contracts that is helping to explain what's behind those 2 items that we're including in our economic value results for ALG.

因此，我想再次指出我們在收益發布中提供的披露，我認為我們會發現它有助於在淨延期現金驅動因素和有助於解釋我們在 ALG 的經濟價值結果中包含的這兩個項目背後的原因。

So hopefully, that explains the drivers behind the growth and also further give some context into those numbers on the earnings release that we provided this morning.

因此，希望這能解釋增長背後的驅動因素，並進一步為我們今天早上提供的收益發布中的這些數字提供一些背景信息。

And this will conclude today's conference call. Thank you for participating, and have a wonderful day. You may now disconnect.

這將結束今天的電話會議。感謝您的參與，祝您有美好的一天。您現在可以斷開連接。