Hyatt Hotels Corp (H) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Hyatt Second Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Joan Bottarini, Chief Financial Officer. Thank you. Please go ahead.

早上好，歡迎參加凱悅 2023 年第二季度財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。我現在想將電話轉給首席財務官 Joan Bottarini。謝謝。請繼續。

Thank you, and good morning. Welcome to Hyatt's Second Quarter 2023 Earnings Call. Before we begin, I'd like to take the opportunity to welcome Adam Rohman who is now leading our Investor Relations and Global Financial Planning and Analysis teams. Adam has been with Hyatt for 19 years and has deep knowledge of the company, most recently overseeing Hyatt's global asset management team. I'd also like to recognize Noah Hoppe who over the past 3 years, has been instrumental leading Hyatt's Investor Relations and global FP&A teams. I'm excited to share that Noah has transitioned to a new role joining our transactions team and supporting our growth strategy.

謝謝你，早上好。歡迎參加凱悅 2023 年第二季度財報電話會議。在我們開始之前，我想藉此機會歡迎 Adam Rohman，他現在領導我們的投資者關係以及全球財務規劃和分析團隊。 Adam 已在凱悅酒店工作了 19 年，對公司有著深入的了解，最近負責監督凱悅酒店的全球資產管理團隊。我還要感謝諾亞·霍普 (Noah Hoppe)，他在過去 3 年裡在領導凱悅投資者關係和全球 FP&A 團隊方面發揮了重要作用。我很高興與大家分享，諾亞已轉任新角色，加入我們的交易團隊並支持我們的增長戰略。

With that, I'll turn the call over to Adam.

這樣，我會將電話轉給 Adam。

Thank you for the warm welcome, Joan. Joining me on today's call are Mark Hoplamazian, Hyatt's President and Chief Executive Officer; and Joan Bottarini, Hyatt's Chief Financial Officer. Before we get started, I would like to remind everyone that our comments today will include forward-looking statements under federal securities laws. 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.

謝謝你的熱情歡迎，瓊。參加今天電話會議的還有凱悅酒店總裁兼首席執行官馬克·霍普拉馬齊安 (Mark Hoplamazian)；和凱悅首席財務官 Joan Bottarini。在開始之前，我想提醒大家，我們今天的評論將包括聯邦證券法規定的前瞻性陳述。這些聲明面臨眾多風險和不確定性，如我們的 10-K 表年度報告、10-Q 表季度報告和其他 SEC 文件中所述。

These risks could cause our actual results to differ materially from those expressed in or implied by our comments. 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. 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.

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。我們今天發布的收益報告中的前瞻性陳述以及對本次電話會議的評論僅截至今天，不會隨著實際事件的發生而更新。此外，您還可以在我們網站 hyatt.com 投資者關係鏈接的財務報告部分以及今天上午的收益發布中找到今天評論中提到的非公認會計準則財務指標的調節表。本次通話的存檔將在我們的網站上保留 90 天。

With that, I'll turn it over to Mark.

有了這個，我會把它交給馬克。

Thanks, Adam, and it's great to have you in your new role.

謝謝，亞當，很高興您擔任新角色。

Thank you.

謝謝。

Good morning, everyone. For the fifth consecutive quarter, we posted record results, demonstrating our unique positioning and continued momentum. In the second quarter, adjusted EBITDA plus net deferrals and net finance contracts was up [7%] compared to the second quarter of 2022 and up 48% compared to the second quarter of 2019. This is an especially notable achievement when you consider that we've sold $2.3 billion in real estate net of acquisitions since the beginning of 2019.

大家，早安。我們連續第五個季度公佈了創紀錄的業績，展示了我們獨特的定位和持續的動力。第二季度，調整後的 EBITDA 加上淨遞延和淨融資合同與 2022 年第二季度相比增長了 [7%]，與 2019 年第二季度相比增長了 48%。當你考慮到我們自2019 年初以來，扣除收購後，已出售價值23 億美元的房地產。

Our ongoing transformation has significant momentum, and the second quarter results continue to reinforce our confidence in executing the strategy we outlined at our Investor Day in May. During our Investor Day, we highlighted Hyatt's transformation, positioning the company as the preferred brand for high-end guests in each segment that we serve, while creating significant value for shareholders.

我們正在進行的轉型勢頭強勁，第二季度的業績繼續增強了我們執行我們在五月份投資者日概述的戰略的信心。在投資者日期間，我們重點介紹了凱悅酒店的轉型，將公司定位為我們所服務的各個細分市場中高端客人的首選品牌，同時為股東創造了巨大的價值。

Since the beginning of 2017, we've driven shareholder value by realizing proceeds of $3.8 billion from the sale of owned hotel real estate, net of acquisitions at a multiple greater than 16 times, acquired $3.7 billion of asset-light and fee-based platforms at a multiple of approximately 8x and returned over $2 billion to shareholders through common stock repurchases and dividends.

自 2017 年初以來，我們通過出售自有酒店房地產實現了 38 億美元的收益（扣除超過 16 倍的收購），收購了 37 億美元的輕資產和收費平台，從而推動了股東價值大約是8 倍的倍數，並通過普通股回購和股息向股東返還超過20 億美元。

We've experienced meaningful growth, doubling our luxury rooms, tripling our resort rooms and quadrupling our lifestyle rooms. As a result, today, we are more fee-based and asset-light with a much higher conversion of reported earnings to cash flow. We anticipate that substantial free cash flow from our increased asset-light earnings mix. In addition, the proceeds from asset dispositions will enable us to invest in growth, return capital to shareholders and maintain our investment-grade profile.

我們經歷了有意義的增長，我們的豪華客房數量增加了一倍，我們的度假村客房數量增加了兩倍，我們的休閒客房數量增加了四倍。因此，今天，我們更加註重費用和輕資產，報告收益向現金流的轉換率更高。我們預計，我們增加的輕資產盈利組合將帶來大量自由現金流。此外，資產處置所得收益將使我們能夠投資於增長、向股東返還資本並維持我們的投資級形象。

Through the disciplined execution of our strategy, we have outlined a path where we expect to achieve $750 million in free cash flow and an 80% asset-light earnings mix by 2025.

通過嚴格執行我們的戰略，我們制定了一條路線，預計到 2025 年實現 7.5 億美元的自由現金流和 80% 的輕資產盈利組合。

Our asset-light, fee-driven model, combined with industry-leading net rooms growth demonstrates our earnings strength and durability. We also expect to significantly reduce our capital expenditures to a run rate of approximately $100 million by 2025. The journey to transform our earnings profile is well underway, and we are confident in our ability to execute the strategy and achieve the long-term projections that we outlined at our Investor Day. The successful execution of our strategy has led to a significant growth of the World of Hyatt program, which added 7 million new members in the past 12 months, an increase of 20%. And we continue to see strong enrollments at our ALG properties that have signed up over 650,000 new loyalty members since the launch in May of 2022.

我們的輕資產、收費驅動的模式，加上行業領先的淨客房增長，證明了我們的盈利實力和持久性。我們還預計到 2025 年將資本支出大幅減少至約 1 億美元。我們的盈利狀況轉型之旅正在順利進行，我們對執行戰略和實現長期預測的能力充滿信心。我們在投資者日概述了這一點。我們戰略的成功執行帶動了凱悅天地計劃的顯著增長，在過去 12 個月內新增了 700 萬會員，增長了 20%。我們繼續看到 ALG 酒店的註冊人數強勁，自 2022 年 5 月推出以來，已有超過 650,000 名新忠誠會員註冊。

Additionally, Legacy Hyatt system-wide rolled of Hyatt room penetration increased 140 basis points in the first half of 2023 compared to the same period in 2022. To further deepen loyalty with our existing World of Hyatt members and attract new members, we announced several key initiatives this quarter. First, the announcement of Hyatt Studios, our first Upper midscale brand in the Americas has been well received by our ownership community.

此外，與2022 年同期相比，2023 年上半年凱悅全系統範圍內的傳統凱悅客房滲透率增加了140 個基點。為了進一步加深對現有凱悅天地會員的忠誠度並吸引新會員，我們宣布了幾項關鍵舉措本季度的舉措。首先，我們在美洲的第一個中高檔品牌凱悅開放式公寓的推出受到了業主群體的好評。

Letters of interest for over 100 hotels have begun converting to signed contracts, and we expect the first property to open in the second half of 2024. Second, we completed the acquisition of Mr. and Mrs. Smith, a global travel platform that enhances our luxury offerings and provides access to a collection of more than 1,500 boutique and luxury properties across the globe with the concentration in Western Europe.

超過100 家酒店的意向書已開始轉化為已簽署的合同，我們預計第一家酒店將於2024 年下半年開業。其次，我們完成了對Mr. and Mrs. Smith 的收購，這是一個全球旅遊平台，增強了我們的實力。豪華產品，並提供全球 1,500 多家精品和豪華酒店的選擇，其中集中在西歐。

We have seen the power of leveraging an effective distribution platform in a complementary segment with ALG vacations, and we plan to enhance the value proposition for the owners of hotels represented on the Mr. and Mrs. Smith platform while also expanding the choices for our members and guests.

我們已經看到了在 ALG 假期的互補細分市場中利用有效分銷平台的力量，我們計劃增強史密斯夫婦平台上所代表的酒店業主的價值主張，同時擴大我們會員的選擇和客人。

Third, we successfully integrated Lindner Hotels in Europe and Dream Hotel Group into the World of Hyatt loyalty programs, strengthening our lifestyle portfolio. The speed of integration of these 2 platforms enables us to deliver value quickly for our owners and guests. These strategic initiatives demonstrate our commitment to deliver unique experiences, expand our global presence and strengthen our role of Hyatt loyalty program.

第三，我們成功地將歐洲的 Lindner Hotels 和 Dream Hotel Group 納入凱悅天地忠誠度計劃，強化了我們的生活方式組合。這兩個平台的集成速度使我們能夠快速為業主和客人提供價值。這些戰略舉措表明我們致力於提供獨特的體驗、擴大我們的全球影響力並加強我們在凱悅忠誠度計劃中的作用。

Moving to our latest business trends. I'm pleased to share the comparable, system-wide RevPAR for the second quarter increased 15% compared to the second quarter of 2022 and 8% compared to the same period in 2019 for the same set of comparable properties. Average rates increased 5% compared to a very robust second quarter of 2022 and are 15% higher compared to the second quarter of 2019 for the same set of comparable hotels on a constant currency basis, respectively.

轉向我們最新的業務趨勢。我很高興與大家分享，第二季度的可比全系統 RevPAR 與 2022 年第二季度相比增長了 15%，與 2019 年同期相比增長了 8%。與 2022 年第二季度非常強勁的情況相比，按固定匯率計算的同一批可比酒店的平均房價分別上漲了 5%，與 2019 年第二季度相比，平均房價上漲了 15%。

Additionally, occupancy contributed meaningfully to RevPAR growth in the second quarter, increasing 660 basis points compared to the same period last year. The second quarter reached a post-pandemic record with absolute occupancy of 72%, which is below 2019 levels by 450 basis points. Average daily rates remain strong, and we believe occupancy gains will continue to drive future growth.

此外，入住率對第二季度 RevPAR 的增長做出了重大貢獻，與去年同期相比增加了 660 個基點。第二季度絕對入住率達到 72%，創下疫情后新高，比 2019 年水平低 450 個基點。日均房價依然強勁，我們相信入住率增長將繼續推動未來的增長。

Turning to our customers. Leisure transient revenue growth sustained in the second quarter increasing 7% compared to the second quarter of last year. These results are particularly impressive considering the pent-up demand that drove very strong results in the second and third quarter of 2022 due to Omicron's impact. While the year-over-year growth has moderated compared with the first quarter of this year, overall results in the second quarter continue to be very strong as we anticipated.

轉向我們的客戶。第二季度休閒短暫收入持續增長，較去年第二季度增長 7%。考慮到由於 Omicron 的影響，被壓抑的需求在 2022 年第二季度和第三季度推動了非常強勁的業績，這些結果尤其令人印象深刻。儘管與今年第一季度相比，同比增長有所放緩，但第二季度的總體業績仍如我們預期的那樣強勁。

Compared to the second quarter of 2019, leisure transient revenue increased by 26% in the second quarter, a 200 basis point improvement from the growth that we realized in the first quarter of this year compared to the first quarter of 2019, a clear sign that leisure guests continue to prioritize travel .we're also pleased to see the recovery in business transient revenue continuing to gain momentum, up 36% compared to the second quarter of 2022 and 86% recovered to the second quarter of 2019.

與 2019 年第二季度相比，第二季度休閒短暫收入增長了 26%，與我們今年第一季度實現的增長相比 2019 年第一季度提高了 200 個基點，這清楚地表明休閒旅客繼續優先考慮旅行。我們還很高興地看到商務短暫收入的複蘇勢頭繼續增強，與2022 年第二季度相比增長了36%，與2019 年第二季度相比恢復了86%。

Led by large corporate accounts in the Americas, the recovery accelerated during the quarter with May and June 90% recovered when compared to the same months in 2019. Group revenue in the quarter was up 14% compared to the second quarter of 2022 and fully recovered compared to the second quarter of 2019, even though room night demand was down 12%. From a geographic perspective, we continue to see recovery momentum in Asia Pacific and strong results in the rest of the world.

在美洲大型企業客戶的帶動下，本季度復甦加速，5 月和 6 月與 2019 年同月相比恢復了 90%。本季度集團收入較 2022 年第二季度增長 14%，全面恢復與2019 年第二季度相比，儘管間夜需求下降了12%。從地理角度來看，我們繼續看到亞太地區的複蘇勢頭和世界其他地區的強勁業績。

Greater China RevPAR surpassed pre-pandemic levels for the first time, up 6% in the second quarter. Markets traditionally dependent on international inbound travel integrator China, like Shanghai and Shenzhen were below second quarter 2019 levels, but have shown meaningful improvement compared to the first quarter of this year. Outside of Greater China performance in Europe was outstanding as RevPAR increased 23% compared to the second quarter of 2022 and was up 30% compared to the same period in 2019.

大中華區每間可用客房平均收入 (RevPAR) 首次超過疫情前水平，第二季度增長 6%。傳統上依賴國際入境旅遊集成商中國的市場，如上海和深圳，雖然低於 2019 年第二季度的水平，但與今年第一季度相比已出現顯著改善。除大中華區外，歐洲的表現也十分出色，每間可用客房收入較 2022 年第二季度增長 23%，較 2019 年同期增長 30%。

Finally, RevPAR in the United States remains resilient increasing 4% compared to the second quarter of 2022 and remains above 2019 levels. Turning to ALG. Comparable net package RevPAR increased 8% compared to the second quarter of 2022 and was up 18% in the first half of 2023. This quarter marks the 1-year anniversary of the introduction of the World of Hyatt at ALG Resorts in the Americas, and we are thrilled to see strong adoption by our world of Hyatt members. In the Americas, World of Hyatt members accounted for approximately 22% of room nights at ALG Resorts during the first half of the year.

最後，美國的 RevPAR 仍保持彈性，與 2022 年第二季度相比增長了 4%，並仍高於 2019 年的水平。轉向 ALG。與 2022 年第二季度相比，可比淨套餐 RevPAR 增長了 8%，2023 年上半年增長了 18%。本季度是美洲 ALG 度假村推出凱悅天地一周年，我們很高興看到我們的凱悅會員世界大力採用該技術。在美洲，今年上半年，凱悅天地會員約佔 ALG 度假村間夜數的 22%。

As we look to the rest of 2023, we expect net package RevPAR growth to moderate in the second half of the year relative to the second quarter as a result of lapping extremely strong results in the second half of 2022 due to the condensed leisure travel season last year. Gross package revenue for the second half of 2023 is pacing 8% ahead of 2022. Turning to Group Pace for the Americas full service managed properties. Group revenue was up 31% in the first half of 2023, and Pace for the second half of 2023 is up 8%, compared to the same periods in 2022.

展望 2023 年剩餘時間，我們預計今年下半年的淨套餐 RevPAR 增長將較第二季度放緩，原因是休閒旅遊季節密集，2022 年下半年業績極其強勁去年。 2023 年下半年的總收入將比 2022 年增長 8%。轉向美洲全方位服務管理物業的 Group Pace。與 2022 年同期相比，集團 2023 年上半年收入增長 31%，2023 年下半年收入增長 8%。

We had an extremely strong quarter, booking nearly $500 million in the Group business for all future periods, an increase of 36% to the second quarter of 2022, and this was the highest Group production quarter since the first quarter of 2019. We're seeing the booking window lengthening with approximately 2/3 of group production booked for dates beyond 2023, setting us up for strong opportunities to yield rates into the future.

我們度過了一個極其強勁的季度，在未來所有時期的集團業務中預訂了近5 億美元，到2022 年第二季度增長了36%，這是自2019 年第一季度以來集團產量最高的季度。看到預訂窗口延長，大約 2/3 的集團產量預訂到 2023 年以後的日期，這為我們在未來提高收益率奠定了良好的機會。

For 2024, specifically, specifically, group pace is up 10% with average rates and room nights each up approximately 5%, and I'm extremely excited about the future as group room night demand continues to recover back to 2019 levels. The combination of group production trends and 2024 Group Pace reinforces our confidence to achieve the illustrative RevPAR growth range that we provided during our Investor Day in May.

具體而言，具體而言，到2024 年，團體住宿進度將增長10%，平均房價和間夜數均增長約5%，隨著團體間夜需求繼續恢復至2019 年的水平，我對未來感到非常興奮。集團生產趨勢和 2024 年集團步伐的結合增強了我們實現 5 月份投資者日期間提供的說明性 RevPAR 增長范圍的信心。

In summary, we continue to see positive business trends and maintain an optimistic outlook. We're benefiting from the tailwinds from Greater China, sustained demand for leisure travel, recovery of business transient travel and strong sustained demand for groups and events. We believe the combination of our commercial platforms and best-in-class hotel teams is driving higher loyalty preference, hotel profits and as a result, increasing owner preference. The growth in our footprint and pipeline is the direct outcome of owners preferring our brands.

總而言之，我們繼續看到積極的業務趨勢並保持樂觀的前景。我們受益於大中華區的順風車、對休閒旅行的持續需求、商務短暫旅行的複蘇以及對團體和活動的強勁持續需求。我們相信，我們的商業平台和一流酒店團隊的結合正在推動更高的忠誠度偏好、酒店利潤，從而提高業主偏好。我們的足跡和管道的增長是業主更喜歡我們品牌的直接結果。

During the second quarter, we achieved an impressive 6.9% net rooms growth over the trailing 12-month period. Notably, conversion opportunities remained a significant contributor to our net rooms growth this quarter. We introduced the Impression by Secrets brand to the inclusive collection this quarter, an ultra luxury brand that further solidifies our position as the largest manager of luxury, all-inclusive resorts in the world, including the newly opened Impression Isla Mujeres by Secrets in Mexico.

第二季度，我們在過去 12 個月內實現了 6.9% 的淨客房增長，令人印象深刻。值得注意的是，轉換機會仍然是本季度淨客房增長的重要貢獻者。本季度，我們將Impression by Secrets 品牌引入了全包系列，這是一個超豪華品牌，進一步鞏固了我們作為全球最大的豪華全包式度假村管理者的地位，其中包括在墨西哥新開業的Impression Isla Mujeres by Secrets。

For our Legacy Hyatt portfolio, we expanded our presence in key cities like London and Mexico City, while also adding luxury offerings with the openings of Andaz Nanjing Hexi in China, and the Grand Hyatt La Manga Club Golf & Spa in Spain. Our pipeline reached a new record of 119,000 rooms, representing a 5% increase year-over-year and up sequentially from the first quarter, with new signings outpacing new openings.

對於我們的傳統凱悅酒店組合，我們擴大了在倫敦和墨西哥城等主要城市的業務，同時還通過在中國開設南京河西安達仕酒店和在西班牙開設君悅拉曼加俱樂部高爾夫水療中心來增加豪華產品。我們的客房儲備量達到 119,000 間客房，同比增長 5%，環比增長 5%，新簽約客房數量超過新開業客房數量。

I want to provide an update on our real estate transactions. We continue to make progress on 2 assets that we currently have on the market for sale and We expect to be under contract for 1 asset and select a buyer for the other asset soon. We remain focused on realizing the most attractive valuations and securing durable long-term management or franchise agreements, and we continue to remain highly confident in our ability to achieve our $2 billion sell-down commitment by the end of 2024. Lastly, I'm pleased to report continued progress on World of Care, which drives alignment across Hyatt and how we advance care for the planet, people and responsible business to support thriving destinations around the world.

我想提供我們房地產交易的最新情況。我們繼續在目前市場上出售的 2 項資產上取得進展，我們預計將簽訂 1 項資產的合同，並很快為另一項資產選擇買家。我們仍然專注於實現最具吸引力的估值並獲得持久的長期管理或特許經營協議，並且我們仍然對到 2024 年底實現 20 億美元的拋售承諾的能力充滿信心。最後，我我們很高興地報告“關愛世界”的持續進展，該項目推動了凱悅集團內部的協調一致，以及我們如何推進對地球、人類和負責任企業的關愛，以支持世界各地蓬勃發展的目的地。

We just published our 2022 World of Care report this week, and our global teams are advancing care for the planet through continued actions towards our 2030 environmental goals that address carbon reduction, water conservation and responsible sourcing. Our hotel teams are bringing innovative solutions to meet these goals, such as our 2022 food waste reduction pilot program and adoption of 100% renewable electricity in U.S. Hyatt-owned hotels.

我們本周剛剛發布了 2022 年關愛世界報告，我們的全球團隊正在通過持續採取行動來實現我們的 2030 年環境目標，即減少碳排放、節約用水和負責任的採購，從而推進對地球的關愛。我們的酒店團隊正在推出創新解決方案來實現這些目標，例如我們的 2022 年食物浪費試點計劃以及美國凱悅旗下酒店採用 100% 可再生電力。

In connection with advancing care for people, we believe that our teams should reflect the diversity and experiences of the communities in which Hyatt operates hotels. And we continue to support that diversity in leadership positions across our workforce. We have also exceeded our 2025 goal for expansion of our spend with diverse suppliers and identified new opportunities to support businesses in underinvested communities through efforts like holding deposits at minority-owned banks and helping to expand suppliers, businesses in several markets.

在推進對人的關懷方面，我們認為我們的團隊應該反映凱悅經營酒店所在社區的多樣性和經驗。我們將繼續支持員工隊伍中領導職位的多樣性。我們還超額完成了2025 年擴大多元化供應商支出的目標，並發現了新的機會，通過在少數族裔銀行持有存款以及幫助擴大多個市場的供應商和業務等措施來支持投資不足社區的企業。

The creativity and passion of our teams is powering our success in meeting our environmental and social sustainability goals and is one of the main reasons why institutional investor recognized World of Care as a top 3 ESG program in 2023 in the mid-cap gaming and lodging category. In closing, I'm very pleased with another quarter of record results. I want to extend my gratitude to the entire Hyatt family for their dedication in executing our strategy and positioning Hyatt as the preferred brand for colleagues, guests, customers and owners. Our asset-light earnings mix is yielding strong free cash flow, and we remain confident in our ability to drive exceptional results for all our stakeholders.

我們團隊的創造力和熱情推動我們成功實現環境和社會可持續發展目標，這也是機構投資者將 World of Care 評為 2023 年中型遊戲和住宿類別前 3 大 ESG 計劃的主要原因之一。最後，我對又一個季度創紀錄的業績感到非常滿意。我要向整個凱悅大家庭表示感謝，感謝他們致力於執行我們的戰略，並將凱悅打造成同事、客人、客戶和業主的首選品牌。我們的輕資產盈利組合正在產生強勁的自由現金流，我們仍然相信我們有能力為所有利益相關者帶來卓越的業績。

Joan will now provide more details on our operating results. Joan, over to you.

瓊現在將提供有關我們經營業績的更多詳細信息。瓊，交給你了。

Thank you, Mark. This morning, we reported second quarter net income attributable to Hyatt of $68 million and diluted earnings per share of $0.63. As Mark mentioned, this was a record second quarter with adjusted EBITDA of $273 million, net deferrals of $28 million and net finance contracts of $14 million. Excluding the impact of transactions, results were up 11% compared to the second quarter of 2022. In the quarter, we generated a company record of total management franchise license and other fees in the quarter of $248 million, an increase of 21% from the second quarter of 2022 driven by the continued success of our asset-light transformation and the continued global recovery we've experienced in the quarter.

謝謝你，馬克。今天早上，我們報告了第二季度凱悅歸屬淨利潤為 6800 萬美元，攤薄後每股收益為 0.63 美元。正如 Mark 提到的，這是創紀錄的第二季度，調整後 EBITDA 為 2.73 億美元，淨遞延額為 2800 萬美元，淨融資合同為 1400 萬美元。排除交易的影響，業績較 2022 年第二季度增長 11%。本季度，我們創下了該季度管理特許經營許可和其他費用總額 2.48 億美元的公司記錄，較上一季度增長 21%。受我們輕資產轉型持續成功以及本季度經歷的全球持續復甦的推動，我們將在2022 年第二季度實現這一目標。

As a result of our expansion in fee revenue, our asset-light earnings mix relative to real estate earnings was 76% for the quarter. Turning to our legacy Hyatt results. Adjusted EBITDA was $224 million for the quarter, which is approximately 17% higher than the second quarter of 2022, adjusted for currency and the net impact of transactions.

由於我們費用收入的擴大，本季度我們的輕資產盈利組合相對於房地產盈利為 76%。轉向我們遺留的凱悅業績。該季度調整後 EBITDA 為 2.24 億美元，按匯率和交易淨影響進行調整後，比 2022 年第二季度高出約 17%。

Our management and franchising businesses benefited from our larger system size and more fully recovered RevPAR environment. As Mark mentioned, our system-wide RevPAR in the second quarter was up 15% compared to the same period in 2022 or up 8% compared to the second quarter of 2019, fueled by strong rates and meaningful occupancy growth. And we are thrilled to see fully recovered RevPAR in the Asia Pacific region relative to the second quarter of 2019. Notably, the region nearly doubled fee revenue to $42 million for the quarter compared to the same period last year, with Greater China accounting for over 40% of the region's fees in the quarter.

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全面恢復的RevPAR環境。正如Mark 提到的，在強勁的利率和顯著的入住率增長的推動下，我們第二季度的全系統RevPAR 與2022 年同期相比增長了15%，與2019 年第二季度相比增長了8%。我們很高興看到亞太地區的RevPAR 較2019 年第二季度完全恢復。值得注意的是，與去年同期相比，該地區本季度的費用收入幾乎翻了一番，達到4200 萬美元，其中大中華區佔比超過該季度該地區費用的 40%。

We're encouraged by the momentum in the region and believe it will continue to serve as a tailwind as international and regional flight capacity increases in the second half of the year. Our Americas and EMEA regions continued their momentum with strong adjusted EBITDA in the quarter relative to 2022. The strength in these segments is driven by a powerful combination of the sustained demand of leisure travel momentum from business transient travel and strong performance from group business.

我們對該地區的發展勢頭感到鼓舞，並相信隨著下半年國際和地區航班運力的增加，它將繼續發揮推動作用。我們的美洲和歐洲、中東和非洲地區繼續保持增長勢頭，本季度調整後EBITDA 較2022 年強勁。這些細分市場的實力是由商務短暫旅行對休閒旅行動力的持續需求和集團業務的強勁業績的強大結合推動的。

Moving to our owned and leased segment. When adjusted for the net impact of transactions, adjusted EBITDA for the second quarter decreased 2% when compared to the second quarter of 2022 and increased 15% when compared to the second quarter of 2019. The recovery in group and business transient travel coupled with sustained demand for leisure travel led to impressive RevPAR growth of 10% compared to the second quarter of 2022.

轉向我們擁有和租賃的部分。根據交易的淨影響進行調整後，第二季度調整後 EBITDA 較 2022 年第二季度下降 2%，較 2019 年第二季度增長 15%。團體和商務短暫旅行的複蘇，加上持續的增長與2022年第二季度相比，休閒旅行的需求導致每間可用房收入(RevPAR) 增長了10%。

Our operational and commercial teams continue to do an excellent job driving strong top line results with rates exceeding 4% compared to 2022. It's notable that second quarter comparable owned and leased margins remained strong at 27%, up nearly 300 basis points from the second quarter of 2019 for the same set of properties.

我們的運營和商業團隊繼續出色地推動了強勁的營收業績，與2022 年相比，增長率超過了4%。值得注意的是，第二季度可比自有和租賃利潤率仍然強勁，達到27 %，比第二季度增長了近300 個基點2019 年的同一組房產。

Turning to ALG. Adjusted EBITDA was $49 million. Net deferrals were $28 million and net finance contracts were $14 million. Excluding the impact of foreign currency and onetime strategic investments, ALG's results increased 7% compared to the second quarter of 2022. 3 key areas drove financial results. First, ALG comparable net package RevPAR increased 8% in the quarter relative to the second quarter of 2022. Total fees remained flat at $36 million for the quarter due to headwinds from the Mexican peso, which strengthened 17% against the U.S. dollar in the last 12 months.

轉向 ALG。調整後 EBITDA 為 4900 萬美元。遞延淨額為 2800 萬美元，融資合同淨額為 1400 萬美元。排除外彙和一次性戰略投資的影響，ALG 的業績較 2022 年第二季度增長 7%。 3 個關鍵領域推動了財務業績。首先，與 2022 年第二季度相比，本季度 ALG 可比淨套餐 RevPAR 增長了 8%。由於墨西哥比索的不利影響，本季度總費用保持在 3600 萬美元，去年墨西哥比索兌美元匯率上漲 17% 12個月。

It's important to note that ALG's hotel revenues are booked and paid in U.S. dollars with no FX impact on base management fees. However, most property expenses are denominated in Mexican pesos and are affected by FX fluctuations impacting hotel gross operating profits and the related incentive fees we earn. Excluding foreign exchange impact on incentive fees, total fees increased 7% in the quarter. Second, approximately 9,000 membership contracts were signed for ALG's Unlimited Vacation Club in the quarter, exceeding second quarter 2022 levels by 6% with an increase in the average contract price sold.

值得注意的是，ALG 的酒店收入以美元預訂和支付，基本管理費不受匯率影響。然而，大多數物業費用以墨西哥比索計價，並受到外匯波動的影響，從而影響酒店毛營業利潤和我們賺取的相關獎勵費用。不包括外匯對獎勵費用的影響，本季度總費用增加了 7%。其次，本季度 ALG 的 Unlimited Vacation Club 簽訂了約 9,000 份會員合同，比 2022 年第二季度的水平增長了 6%，平均銷售合同價格也有所增加。

UVC now has approximately 140,000 active members as it continues to expand at an impressive pace. Third, ALG Vacations continues to generate solid results driven by a transformed business model and strong unit pricing, leading to revenue growth of 7%. In the quarter, there were approximately 740,000 guest departures and the business realized a margin of approximately 18%, consistent with full year stabilized margin expectations we've previously shared. As we look at the second half of 2023, while we recognize the Mexican peso could continue to be a headwind on operating costs and incentive fees, we're optimistic about the future, given sustained strength of leisure travel demand and a favorable pricing environment.

UVC 目前擁有約 140,000 名活躍會員，並且繼續以令人印象深刻的速度擴張。第三，在業務模式轉型和強勁的單位定價的推動下，ALG Vacations 繼續取得穩健的業績，收入增長了 7%。本季度，約有 740,000 名客人離開，該業務實現了約 18% 的利潤率，與我們之前分享的全年穩定利潤率預期一致。展望 2023 年下半年，雖然我們認識到墨西哥比索可能繼續對運營成本和獎勵費用構成阻力，但鑑於休閒旅遊需求的持續強勁和有利的定價環境，我們對未來持樂觀態度。

I'd also like to provide an update on our strong cash and liquidity position. As of June 30, 2023, our total liquidity of approximately $2.4 billion included $906 million of cash, cash equivalents and short-term investments and approximately $1.5 billion in borrowing capacity on our revolving credit facility. At the end of the quarter, we reported approximately $3.1 billion of debt outstanding. The only near-term debt maturity is the 1.3% notes due on October 1, 2023, in the amount of $638 million.

我還想提供有關我們強勁的現金和流動性狀況的最新信息。截至 2023 年 6 月 30 日，我們的總流動資金約為 24 億美元，其中包括 9.06 億美元的現金、現金等價物和短期投資，以及我們循環信貸額度的約 15 億美元的借款能力。截至本季度末，我們報告的未償債務約為 31 億美元。唯一的近期到期債務是 2023 年 10 月 1 日到期的 1.3% 票據，金額為 6.38 億美元。

On July 6, we issued $600 million in notes due in 2027, the proceeds of which will be used together with cash on hand to repay the 2023 notes by maturity. Record operating performance and asset-light growth are contributing to our strong free cash flow. In the second quarter, we repurchased $108 million of Class A common shares, and we have approximately $1.4 billion remaining under our share repurchase authorization.

7月6日，我們發行了6億美元2027年到期票據，所得款項將與手頭現金一起用於到期償還2023年票據。創紀錄的經營業績和輕資產增長為我們強勁的自由現金流做出了貢獻。第二季度，我們回購了 1.08 億美元的 A 類普通股，我們的股票回購授權剩餘約 14 億美元。

We remain committed to an investment-grade profile and our balance sheet is strong. Finally, I'd like to share some additional insights into our full year 2023 outlook and capital returns to shareholders. We are updating our full year 2023 system-wide RevPAR growth expectations to a range of 14% to 16% compared to 2022 on a constant currency basis, driven by the recovery in Asia Pacific and improving demand in group and business transient, we continue to anticipate RevPAR growth will be in the mid- to high single digits in the back half of the year. We are reaffirming our expectations of net rooms growth of approximately 6% for the full year of 2023, driven by our strong pipeline and our ability to execute on conversion opportunities. We are updating our net income to approximately $215 million. And consistent with our estimates from Investor Day, we maintain our guidance of adjusted EBITDA plus net deferrals and net finance contracts in the range of $1.2 billion to $1.25 billion with $1.225 billion at the midpoint.

我們仍然致力於投資級的形象，並且我們的資產負債表強勁。最後，我想分享一些關於我們 2023 年全年展望和股東資本回報的額外見解。在亞太地區復蘇以及集團和業務瞬態需求改善的推動下，我們將 2023 年全年全系統 RevPAR 增長預期更新至 2022 年（按固定匯率計算）14% 至 16% 的範圍，我們將繼續預計今年下半年的RevPAR 增長將達到中高個位數。我們重申，在我們強大的渠道和執行轉換機會的能力的推動下，2023 年全年淨客房增長約 6% 的預期。我們將淨利潤更新為約 2.15 億美元。與我們對投資者日的預測一致，我們維持調整後 EBITDA 加上淨遞延和淨融資合同的指引在 12 億美元至 12.5 億美元之間，中間值為 12.25 億美元。

Additionally, we are reaffirming free cash flow of approximately $550 million for full year 2023, showing meaningful expected growth compared to 2022. We expect our adjusted SG&A to be in the approximate range of $485 million to $495 million in 2023, inclusive of approximately $20 million of onetime integration expenses associated with carryover projects from 2022 for ALG and the acquisition of Dream Hotel Group and Mr & Mrs Smith. We continue to expect capital expenditures to be approximately $200 million, including investments in ALG and the transformative investment in the Hyatt Regency Irvine renovation, which accounts for nearly 1/4 of 2023 capital expenditures.

此外，我們重申2023 年全年自由現金流約為5.5 億美元，與2022 年相比顯示出有意義的預期增長。我們預計2023 年調整後的SG&A 約為4.85 億美元至4.95 億美元，其中包括約2000 萬美元與 ALG 2022 年結轉項目以及收購 Dream Hotel Group 和 Mr & Mrs Smith 相關的一次性整合費用。我們繼續預計資本支出約為 2 億美元，包括對 ALG 的投資以及對爾灣凱悅酒店翻修的變革性投資，佔 2023 年資本支出的近 1/4。

As a reminder, the Hyatt Regency Irvine will reopen this month, and we will have fully renovated rooms and food and beverage offerings coming online through the rest of 2023, and we're excited for a full grant opening in early 2024. And finally, our full year outlook for capital returns to shareholders is approximately $500 million, inclusive of share repurchases and dividends.

謹此提醒，爾灣凱悅酒店將於本月重新開業，我們將在 2023 年剩餘時間內提供全面翻修的客房以及餐飲服務，我們很高興能在 2024 年初獲得全面撥款。最後，我們預計全年股東資本回報約為5 億美元，其中包括股票回購和股息。

In closing, our second quarter results demonstrate the effectiveness of our strategy, underscores the strength of our brands and highlights the performance of our talented colleagues around the world. We drove record total fee revenue through strong system-wide RevPAR growth and continued our industry-leading net rooms growth. Looking ahead, our optimism is fueled by several factors. Further recovery in Asia, continued strength of leisure travel, forward bookings for group business and a record pipeline. We are excited for the future growth opportunities that build upon our successful transformation, unlock value through the sale of our real estate and continue to deliver shareholder value through an expansion of our asset-light earnings mix and free cash flow.

最後，我們第二季度的業績證明了我們戰略的有效性，強調了我們品牌的實力，並凸顯了我們世界各地才華橫溢的同事的表現。我們通過全系統可出租客房收入的強勁增長推動了創紀錄的總費用收入，並繼續保持行業領先的淨客房增長。展望未來，我們的樂觀情緒受到多種因素的推動。亞洲的進一步復甦、休閒旅遊的持續強勁、團體業務的遠期預訂以及創紀錄的增長。我們對未來的增長機會感到興奮，這些機會建立在我們成功轉型的基礎上，通過出售我們的房地產釋放價值，並通過擴大我們的輕資產盈利組合和自由現金流繼續為股東創造價值。

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

謝謝。然後，我會將其轉回給我們的運營商進行問答。

(Operator Instructions) Our first question comes from Joseph Greff from JPMorgan.

（操作員指令）我們的第一個問題來自摩根大通的 Joseph Greff。

Joe you there. You maybe on mute.

喬你在那兒。你可能處於靜音狀態。

Can you hear me now?

你能聽到我嗎？

We got you now joe . Thank you

我們現在找到你了，喬。謝謝

Mark, you had mentioned that the World of Hyatt accounted for 22% of room nights in the first half of this year for ALG. What you sort of benchmark that against medium term in terms of percentage of occupancy at the ALG portfolio?

Mark，您曾提到今年上半年凱悅天地佔 ALG 間夜數的 22%。就 ALG 投資組合的入住率而言，您對中期的基準是什麼？

Yes. I think there's significant room for expansion. I think in the foreseeable future, we see the potential to increase that by about 1,000 basis points. And the reference point that we've got is other all-inclusive resorts that we've operated for a longer period of time. The one thing that I think hasn't been realized in its fullest potential yet is MICE business or sorry, group business that we can pull into more of these properties. There are considerations, I would say, with occasional concerns around safety and security, but the more exposure that we get for meeting planners, travel advisers, into our properties in Riviera Maya, Cancun, especially, the more comfortable that we see people are getting, especially on the transient side. And I think Group will follow.

是的。我認為還有很大的擴展空間。我認為在可預見的未來，我們看到有可能增加約 1,000 個基點。我們的參考點是我們經營時間較長的其他全包式度假村。我認為尚未充分發揮其潛力的一件事是會展業務，或者抱歉，我們可以將其納入更多此類酒店的團體業務。我想說，有一些考慮因素，偶爾會擔心安全和安保問題，但會議策劃者、旅行顧問對我們位於坎昆里維埃拉瑪雅的酒店的了解越多，我們看到人們就越感到舒服，特別是在瞬態方面。我認為集團也會緊隨其後。

Great. And then just a follow-up on the real estate transaction environment and we heard you loudly and clearly on the progress made on the 2 assets. How are you thinking about other assets being market and being brought to the market? And maybe how has that evolved just given the current conditions in the transaction financing environment?

偉大的。然後是關於房地產交易環境的後續行動，我們大聲而清晰地聽到了您在這兩項資產上取得的進展。您如何看待其他資產進入市場並進入市場？考慮到交易融資環境的當前狀況，這種情況可能是如何演變的？

Yes. Honestly, we've not been aggressively pursuing marketing efforts for other assets at this point. We do have a couple of discussions underway with respect to reverse inquiries on specific assets that we own. And we will continue those conversations. I think at least in one or 2 cases, these are relatively bigger hotels and/or maybe more unique hotels that sometimes take some time to put to assemble a deal because they involve other development opportunities on site and the like.

是的。老實說，我們目前還沒有積極開展其他資產的營銷工作。我們確實正在進行一些關於對我們擁有的特定資產進行反向查詢的討論。我們將繼續這些對話。我認為至少在一兩種情況下，這些是相對較大的酒店和/或可能更獨特的酒店，有時需要一些時間來完成交易，因為它們涉及現場的其他開發機會等。

So we've got a, I would say, a constant dialogue underway, but it's just not the -- in the context of an active marketing initiative. And the principal reason we've decided to wait is -- well, reasons there are 2. The first is it's a bit -- it's a more challenging environment right now, primarily because of financing.

因此，我想說，我們正在進行持續的對話，但這並不是在積極的營銷計劃的背景下進行的。我們決定等待的主要原因是——嗯，原因有兩個。第一個是——現在的環境更具挑戰性，主要是因為融資。

I would say that's more -- much more acute in the United States than it is elsewhere because debt availability and pricing of debt in Europe is still quite reasonable and relative to historic levels. And the second reason is because we're getting paid a lot to wait. Our own and lease results continue to be very strong. I think our -- the pace of growth given how extraordinary our recovery was in the second and third quarter of last year has come down.

我想說，這種情況在美國比在其他地方更為嚴重，因為歐洲的債務可用性和債務定價仍然相當合理，並且相對於歷史水平而言。第二個原因是我們等待的報酬很高。我們自己的業績和租賃業績仍然非常強勁。我認為，鑑於去年第二季度和第三季度我們的複蘇有多麼出色，我們的增長速度已經放緩。

But we have every confidence that we will end the year. We, as you know, have predicted that we will end up being able to sustain 100 to 300 basis point increase in margins, and we think we'll end this year at the top end of that range. So we feel really good about the progression of earnings and margin expansion. And so in many ways, I don't think even with higher cap rates in the U.S., the value expectations that we've got in terms of dollars and cents associated with sales of hotels is not going to -- we don't think we're going to realize any degradation in that. It might be the result of higher earnings and lower cap rates -- or sorry, higher cap rates, lower multiples. But it's really hard. And I'm certainly the last one who's going to ever predict the direction of interest rates, so I'm not going to go there.

但我們完全有信心今年會結束。如您所知，我們預測我們最終將能夠維持利潤率 100 到 300 個基點的增長，並且我們認為今年年底我們將達到該範圍的上限。因此，我們對盈利和利潤率擴張的進展感到非常滿意。因此，在很多方面，我認為即使美國的資本化率較高，我們對與酒店銷售相關的美元和美分的價值預期也不會 - 我們認為我們將會意識到這方面的任何退化。這可能是由於較高的收益和較低的資本化率的結果——或者抱歉，較高的資本化率，較低的市盈率。但這真的很難。我當然是最後一個預測利率走向的人，所以我不會去那裡。

Great. And then 1 final question, maybe this is for Joan. When you think about your implied second half EBITDA, adjusted EBITDA, adjusted economic EBITDA guidance, how do you think about the cadence in 3Q and 4Q, just consensus estimates or at least reasonably aligned with how you're viewing 3Q and 4Q?

偉大的。最後一個問題，也許是問瓊的。當您考慮下半年的隱含EBITDA、調整後EBITDA、調整後經濟EBITDA 指導時，您如何看待第三季度和第四季度的節奏，只是共識估計或至少與您對第三季度和第四季度的看法合理一致？

Sure, Joe, maybe I'll just start with our guidance at the midpoint, the $1.225 billion that we provided at the midpoint. And through the first half of the year, we've generated a little bit above 50% of that amount. As you look at the second half of the year, I just would probably break down what would be helpful is between Hyatt legacy and ALG. And on the legacy business, we've seen seasonality typically be where Hyatt legacy results are strongest in the second quarter and the fourth quarter.

當然，喬，也許我會從我們的中點指導開始，即我們在中點提供的 12.25 億美元。今年上半年，我們的收益略高於該金額的 50%。當你回顧今年下半年時，我可能會分解一下凱悅傳統和 ALG 之間有什麼幫助。在傳統業務方面，我們發現季節性通常是凱悅傳統業務在第二季度和第四季度表現最為強勁的地方。

So that's what we've seen from the business. Some of that is driven by group activity in those quarters. And in the ALG business, we have been, as you know, we have been now talking about experiencing more normalized demand patterns in the ALG business. So as we look at that segment, and we look at the normalized pattern of seasonality, the first quarter is typically the strongest quarter, and we had very strong results in the first quarter with exceptional pricing and flow-through. In the second quarter, we saw some normalized demand patterns, but still very strong top line.

這就是我們從業務中看到的情況。其中一些是由這些季度的團體活動推動的。在 ALG 業務中，如您所知，我們現在一直在談論在 ALG 業務中經歷更加規範化的需求模式。因此，當我們審視該細分市場並審視季節性的標準化模式時，第一季度通常是最強勁的季度，我們在第一季度取得了非常強勁的業績，具有出色的定價和流通量。在第二季度，我們看到了一些正常化的需求模式，但營收仍然非常強勁。

And as I noted in my prepared remarks, results increased 7%, excluding some FX headwinds and some investments that we made. So as we look at ALG then for second half, what I mentioned earlier is this normalization into Q3 and Q4 where Q1 is typically the strongest. And as we look at the subsequent quarters after the first quarter, the normalization of demand has been what we've experienced on a historical basis before these sort of disrupted periods through Omicron post our acquisition.

正如我在準備好的發言中指出的那樣，不包括一些外匯不利因素和我們所做的一些投資，結果增長了 7%。因此，當我們看下半年的 ALG 時，我之前提到的是 Q3 和 Q4 的標準化，其中 Q1 通常是最強的。當我們回顧第一季度之後的後續幾個季度時，我們在歷史上經歷過需求正常化，之前我們收購了 Omicron 後出現了此類混亂時期。

So for the full year, we expect the ALG segment to be normalizing even further quarter-over-quarter. So that's a summary of kind of how we see the seasonality between the 2 segments. And as we look at -- we've reaffirmed our midpoint because we feel really good about the rest of the year given the sustained leisure travel demand that we're seeing and the group business that Mark had mentioned earlier, really being strong into the second half of the year.

因此，就全年而言，我們預計 ALG 業務季度環比將進一步正常化。這是我們如何看待這兩個細分市場之間的季節性的總結。正如我們所看到的那樣，我們重申了我們的中點，因為考慮到我們所看到的持續的休閒旅行需求以及馬克之前提到的團體業務，我們對今年剩餘時間感到非常好，在這一領域確實表現強勁下半年。

There are 2 things that I would just add to that in terms of the ALG second half. Last year, we reported in our third quarter earnings call how extraordinary September turned out to be because typically, there's a break point after Labor Day where you see a significant falloff in business, we saw none of that last year. It was completely sustained through the end of the quarter.

關於 ALG 下半場，我想補充兩點。去年，我們在第三季度財報電話會議上報告了9 月份的表現是多麼不尋常，因為通常情況下，勞動節之後會出現一個斷點，您會看到業務大幅下滑，但去年我們沒有看到這種情況。這種情況完全持續到本季度末。

We do expect as Joan described the normalization of that seasonality and a drop off after Labor Day for ALG. And then the second point that I would make is that we had onetime credits that were released from -- travel credits that were released last year, $4 million in the third quarter and $24 million or $25 million in the fourth quarter. So those are -- if you just look at year-over-year comparisons and don't adjust for that, it will appear that we are down more significantly. But sequentially, I think that we'll see a third quarter that is under more pressured by virtue of the normalization of seasonality and a fourth quarter that is really more of our -- sorry, to borrow a term from the cruise business, but the wave period where we're booking into the first quarter of the following year and actualized demand is really concentrated around holiday periods at the very end of the year.

正如 Joan 所描述的那樣，我們確實預計 ALG 的季節性會正常化，並在勞動節後出現下降。我要說的第二點是，我們有一次性積分，去年發放的旅行積分，第三季度為 400 萬美元，第四季度為 2400 萬美元或 2500 萬美元。所以，如果你只看同比比較而不對此進行調整，那麼我們的下降似乎會更嚴重。但接下來，我認為，由於季節性正常化，我們將看到第三季度面臨更大的壓力，而第四季度實際上更多的是——抱歉，借用遊輪業務的術語，但在波浪期，我們預訂到下一年第一季度，實際需求實際上集中在年底的假期期間。

Our next question comes from Patrick Scholes from Truist Securities.

我們的下一個問題來自 Truist Securities 的帕特里克·斯科爾斯 (Patrick Scholes)。

On your guidance, it looks like you took the midpoint of RevPAR up a bit, but kept the EBITDA guidance range unchanged. Anything to read into that? Any higher cost expectations that might not completely have that RevPAR flow through? That's my first question.

根據您的指導，您似乎將 RevPAR 的中點提高了一點，但 EBITDA 指導範圍保持不變。有什麼值得讀的嗎？任何更高的成本預期可能無法完全滿足 RevPAR 的要求？這是我的第一個問題。

Sure, Patrick. I'll start with the RevPAR guidance. So our confidence in moving that range and tightening the midpoint of that range is driven by the fact that we have achieved in the first half of the year, 26.5% RevPAR growth. So we had mentioned when we had provided guidance on the first quarter that we thought we'd be in the mid-20s. So we're right there, a little bit higher.

當然，帕特里克。我將從 RevPAR 指南開始。因此，我們對調整該範圍並收緊該範圍中點的信心是由於我們在今年上半年實現了 26.5% 的 RevPAR 增長。因此，當我們為第一季度提供指導時，我們曾提到我們認為我們將處於 20 多歲的水平。所以我們就在那裡，稍微高一點。

And as we look at the second half of the year, we still expect to be in the mid- to upper single digits for RevPAR growth in the second half of the year. So that confidence is coming from the increased group that I just mentioned and also the sustained leisure travel we're seeing and some building momentum on the business transient side. So for the EBITDA guidance that we reaffirmed, I would say -- the one thing that's impacting the lack of raising that is the FX headwinds that we're seeing in the Mexican peso that I mentioned in my prepared remarks. So that's one area that is impacting us relative to expectations that puts us really in line with what we said previously, and we feel good about the range.

展望今年下半年，我們仍然預計下半年 RevPAR 的增長將保持在中上個位數。因此，這種信心來自於我剛才提到的不斷增加的群體，以及我們看到的持續休閒旅行以及商務短暫方面的一些勢頭。因此，對於我們重申的 EBITDA 指引，我想說的是，影響缺乏融資的一件事是我在準備好的講話中提到的墨西哥比索的外匯逆風。因此，這是一個相對於預期影響我們的領域，這使我們與我們之前所說的非常一致，並且我們對這一範圍感到滿意。

The other thing I would note is that we did increase our integration expense estimate for the year by $5 million. That is entirely associated with Mr & Mrs Smith acquisition. So that's also taken into account in providing the guidance.

我要指出的另一件事是，我們確實將今年的整合費用預估增加了 500 萬美元。這完全與史密斯夫婦的收購有關。因此，在提供指導時也考慮到了這一點。

Okay. And then follow-up question. Mark, you had touched briefly on the financing environment. I wonder if you could just give us your latest thoughts on that as it relates to different geographic regions? And also especially as it relates to your average new franchisee typically under $50 million of borrowing, your latest thoughts around that?

好的。然後是後續問題。馬克，您簡要談到了融資環境。我想知道您是否可以向我們提供您對此的最新想法，因為它涉及不同的地理區域？而且特別是因為它與您的平均新特許經營商的借款通常低於 5000 萬美元有關，您對此有何最新想法？

Yes. Look, I think the first half of the year, first quarter especially was disrupted in the local and regional bank market by virtue of some of the failures that we saw right off of that in the first quarter and that did have some ripple effect. But honestly, our first Hyatt Studios is expected to break ground in the next 60 days. And we see starts for other mostly SOFR service hotels that are newbuilds in the United States and virtually all of that capital is coming from local banks.

是的。看，我認為今年上半年，尤其是第一季度，由於我們在第一季度看到的一些失敗，當地和區域銀行市場尤其受到了乾擾，這確實產生了一些連鎖反應。但老實說，我們的第一家凱悅開放式公寓預計將在未來 60 天內破土動工。我們看到其他主要是 SOFR 服務的酒店在美國新建，幾乎所有資金都來自當地銀行。

So in terms of sourcing, the money center banks are basically out of the market still. Pricing is relatively high if you compare it to historic -- well, I should be careful. If you compare it to the last 5 to 6 years, it's significantly higher. Gone are the days of free money. But if you look at it over a very long period of time, it's actually not that far off, maybe a couple of hundred basis points in real terms, higher than you would see on long-term averages.

所以在資金來源方面，貨幣中心銀行基本上還處於退出市場的狀態。如果與歷史相比，定價相對較高——嗯，我應該小心。如果與過去 5 至 6 年進行比較，就會發現明顯更高。免費賺錢的日子已經一去不復返了。但如果你從很長一段時間內來看，它實際上並沒有那麼遙遠，按實際價值計算可能會高出幾百個基點，比你在長期平均水平上看到的要高。

So if you look at SOFR levels, people are borrowing at 7%, 8%, maybe 8% or 9%, depending on the situation. The borrowing rates -- advance rates are reasonable in Europe and the borrowing rates are between 4% and 5%, closer to 4%. But in the United States, there's no question it's affecting new starts. People are still trying to structure deals in which they have short-term commitments that they think that they can refinance at lower rates in the future. The good news is local banks are still there for the best developers. And so we do see capital formation. The biggest change in our under construction -- the proportion of our pipeline that's under construction has been openings. So we've opened a lot of the rooms that were under construction, and they're not getting refilled at the same rate that they were before and that is almost entirely in the programmatic upscale and upper mid-scale areas.

因此，如果你看一下 SOFR 水平，人們的借貸率為 7%、8%，也許是 8% 或 9%，具體取決於具體情況。歐洲的借款利率——預付利率是合理的，借款利率在4%到5%之間，接近4%。但在美國，毫無疑問它正在影響新的開始。人們仍在嘗試構建具有短期承諾的交易，他們認為未來可以以較低的利率進行再融資。好消息是當地銀行仍然在尋找最好的開發商。所以我們確實看到了資本的形成。我們在建管道中最大的變化——在建管道的比例是開口。因此，我們開放了許多正在建設中的房間，但它們的重新填充速度並沒有像以前一樣，而且幾乎完全位於高檔和中上檔區域。

Next question comes from Duane Pfennigwerth from Evercore ISI.

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

As you think about your expectation for September normalizing how much visibility do you typically have into that at this point in early August. So as we sit here in early August, of last year, did you know that September was going to be sort of way off the charts? Or is there a chance to maybe close in tracks a little bit better than you expect?

當您考慮對 9 月的預期時，您通常在 8 月初的這個時候對此有多少可見度。去年 8 月初，當我們坐在這裡時，您是否知道 9 月將會有點超出預期？或者是否有機會比你預期的更好一些？

Yes, we actually have reasonably good visibility in relation to ALG. There's been a dichotomy between U.S. resorts and the -- and our all-inclusive resorts in Mexico and the Caribbean. The U.S. resorts have underperformed our all-inclusive hotels. And the all-inclusive hotels have a longer booking window. So we have a better handle on that now with a significant measure of our business from the third quarter already on the books.

是的，我們實際上對 ALG 有相當好的了解。美國度假村與墨西哥和加勒比地區的全包式度假村之間存在著分歧。美國度假村的表現不如我們的全包式酒店。而且全包式酒店的預訂窗口更長。因此，我們現在可以更好地處理這個問題，第三季度我們的業務的重要衡量指標已經記錄在案。

So we have a pretty good handle on the profile. There's another dynamic that I'll just mention in passing, and that is the Cancun dynamic, I'll call it, U.S. employments or visitation to Cancun and Riviera Maya have come down. They're actually negative year-over-year. And that's -- that has been picked up in 2 -- 3 other ways. First, we've seen a 19% increase -- sorry, a 16% increase in the Dominican Republic that's visitation to the Dominican Republic and an 11% increase to Jamaica. But we've also seen a 600 basis point increase in U.S. outbound travel to Europe.

所以我們對個人資料有了很好的把握。我順便提一下另一個動態，那就是坎昆動態，我稱之為，美國的就業機會或對坎昆和里維埃拉瑪雅的訪問量下降了。實際上，它們逐年呈負值。這已經通過另外 2 到 3 種方式得到了體現。首先，我們看到了 19% 的增長——抱歉，多米尼加共和國的訪問量增長了 16%，牙買加的訪問量增長了 11%。但我們也看到美國前往歐洲的出境游增加了 600 個基點。

So our hotels in Europe now have a 27% market -- guest composition from the U.S., up from 21% last year. So we're seeing Americans broaden where they're going. Cancun was the place to go for '21 and '22. It was considered to be convenient of tremendous variety, great value for money and wonderful in what you can do the experiences you can have. I think people are now evolving and they're evolving to some other markets. The good news is with respect to our inclusive hotels, we cover Jamaica, Dominican Republic, the West Coast of Mexico.

因此，我們在歐洲的酒店現在擁有 27% 的市場——來自美國的客人，高於去年的 21%。所以我們看到美國人正在拓寬他們的發展方向。坎昆是 '21 和 '22 的去處。人們認為它非常方便，種類繁多，物超所值，而且您可以做的事情和體驗都很棒。我認為人們現在正在進化，他們正在進化到其他一些市場。好消息是我們的包容性酒店覆蓋牙買加、多米尼加共和國、墨西哥西海岸。

And Europe, has been on fire across the board. Europe has been leading both business transient and leisure for the last couple of quarters. So we continue to have a very positive outlook with respect to that. But back to your specific question about September, we have reasonable visibility to it. There are last minute bookings, and I think we had a higher proportion of that in 2022 than we expected. So we were pleasantly surprised by just how strong the -- within 4-week bookings turned out to be for the second half of September, just absolutely stunning occupancies and rate realizations there. But right now, we have pretty good visibility on the third quarter.

而歐洲，則全線火力全開。過去幾個季度，歐洲在商務旅行和休閒方面一直處於領先地位。因此，我們對此仍然抱有非常積極的前景。但回到你關於九月的具體問題，我們對此有合理的了解。有最後一刻的預訂，我認為 2022 年我們的比例比我們預期的要高。因此，我們對 9 月下半月 4 週內的預訂量如此強勁感到驚喜，那裡的入住率和房價實現絕對令人驚嘆。但現在，我們對第三季度的前景有很好的了解。

That's helpful. And then just a quick reminder for my follow-up. What is a point-of-sale U.S. for ALG?

這很有幫助。然後快速提醒我的後續行動。 ALG 在美國的銷售點是什麼？

It's a majority of the total occupancy. I don't have a specific number for you. The remainder would be Canadian and European. Canadian this year has actually increased significantly. One of the biggest -- I'm sorry -- About 70% is U.S. sourced. Canada has increased in the second quarter. That's been one of the biggest alternative markets that filled in, some decline in U.S. sourced travelers into Cancun, especially and Europe is the remainder.

佔總入住率的大部分。我沒有具體的號碼給你。其餘的將是加拿大人和歐洲人。加拿大人今年實際上增加了很多。其中最大的一個——抱歉——大約 70% 是美國採購的。加拿大第二季度有所增長。這是最大的替代市場之一，前往坎昆的美國遊客數量有所下降，尤其是歐洲。

But honestly, right now, we're seeing a higher incidence of European staying in Europe for their holidays still increased year-over-year -- significantly increased year-over-year employments into Cancun airport from Europe. But in our hotels at least, we're seeing significant incidence of European staying in market.

但老實說，目前，我們看到歐洲人留在歐洲度假的比例仍然逐年增加——從歐洲進入坎昆機場的就業人數逐年顯著增加。但至少在我們的酒店，我們看到歐洲人在市場上住宿的比例很高。

Our next question comes from Chad Beynon from Macquarie.

我們的下一個問題來自麥格理的查德·貝農。

I wanted to ask about China or I guess Asia just in general. I know pre-pandemic, food and beverage was a huge component of that market and the fees that you would derive from that portfolio. Mark, you talked about China kind of being back to prepandemic levels without the international inbound. Wondering if you could talk about that food and beverage component, if that has come back. And then secondly, on the international, the inbound into China side, what do you think the big catalyst or when do you think we'll start to see that business come in?

我想問一下中國的情況，或者我想大概是亞洲的情況。我知道大流行前，食品和飲料是該市場的重要組成部分，也是您從該投資組合中獲得的費用。馬克，你談到中國在沒有國際入境的情況下回到了大流行前的水平。想知道你是否可以談談食品和飲料的成分，如果它已經回來了。其次，在國際方面，在中國入境方面，您認為最大的催化劑是什麼，或者您認為我們什麼時候會開始看到業務進入？

Yes. So it's interesting. We've seen an evolution of food and beverage demand over the last 1.5 years. Food and beverage actually led our revenue composition in '21 and '22 because staycations were really the only thing that many people could do during lockdowns. And then during the worst parts of 2022, people didn't do that anymore because they weren't even allowed to leave their apartments in major cities that is. In this year, we've seen improvements across the board, across the entire week. So business transient is actually about flat to 2019 levels.

是的。所以這很有趣。過去 1.5 年來，我們見證了食品和飲料需求的演變。實際上，食品和飲料在 21 年和 22 年佔據了我們的收入構成，因為在家度假實際上是許多人在封鎖期間唯一可以做的事情。然後在 2022 年最糟糕的時期，人們不再這樣做，因為他們甚至不被允許離開大城市的公寓。今年，我們整個星期都看到了全面的改進。因此，業務瞬態實際上與 2019 年的水平持平。

Group is fully recovered in (inaudible) and leisure transient is up. Having said that, the international inbound still remains depressed or lower then 2019. It's about 40% lower than 2019. I think it was actually like 41% or something like that in the second quarter. But that's an improvement from the first quarter. And those inbound international clients are a key driver of outlet sales that is restaurant and bar and club sales, entertainment venues. And so overall, F&B revenues in total are slightly down relative to 2019 even as rooms are basically fully recovered. And that's really -- it's a customer mix issue that's driving that at this point.

小組已完全恢復（聽不清），閒暇時間也已結束。話雖如此，國際入境人數仍然低於 2019 年。比 2019 年下降了約 40%。我認為第二季度實際上是 41% 左右。但這比第一季度有所改善。這些入境國際客戶是餐廳、酒吧和俱樂部銷售以及娛樂場所銷售的主要推動力。因此，總體而言，儘管客房基本完全恢復，但餐飲總收入較 2019 年略有下降。這實際上是客戶組合問題造成的。

Yes. And I would just add that about 30% of our business in 2019 was coming from international. So that being down 40% in the second quarter, and the progression that you described, Mark, it was 60% in the first quarter. So there's a significant upside there. And in the quarter, our fees doubled over last year. So when you think about the runway with respect to that international inbound coming from flight capacities, it's a big tailwind for us going into the future.

是的。我想補充一點，2019 年我們約 30% 的業務來自國際。因此，第二季度下降了 40%，馬克，你所描述的進展是，第一季度下降了 60%。所以這有一個顯著的優勢。在本季度，我們的費用比去年翻了一番。因此，當你考慮跑道與來自航班容量的國際入境航班相比，這對我們未來的發展來說是一個巨大的推動力。

Yes. And the outlook for flight capacity is actually quite good. And there's a lot of talk about like what the health of the consumer is. And what's super interesting is that retail sales are up about 7% and foodservice sales, restaurants and nightlife, double-digit growth in the first half of '23. The stuff that's a little bit lagging is clothing, apparel and durable goods.

是的。航班運力的前景其實相當不錯。關於消費者的健康是什麼，有很多討論。非常有趣的是，2023 年上半年零售額增長了約 7%，而餐飲服務銷售額、餐館和夜生活則實現了兩位數增長。稍微滯後的是服裝、服飾和耐用品。

I would only add that one thing that we are keeping very close tabs on is the real estate, the residential real estate activity, which has seen a significant decline in activity over the last quarter. That matters in terms of how people think about their net worth. Having said that, consistently, all of the surveys that have been done and our engagement with our members tells us that, in fact, 68% of the respondents. So they plan to splurge on themselves and travel and restaurants are at the top of the list and have consistently been at the top of the list over the last year. So we see a prioritization of travel and entertainment, call that F&B and entertainment despite the fact that there are some potential headwinds with respect to the residential real estate market in China.

我只想補充一點，我們正在密切關注的一件事是房地產、住宅房地產活動，上個季度的活動大幅下降。這對於人們如何看待自己的淨資產來說很重要。話雖如此，所有已完成的調查以及我們與會員的互動都告訴我們，事實上，68% 的受訪者表示同意。因此，他們計劃在自己身上揮霍，旅行和餐館位居榜首，並且在去年一直位居榜首。因此，儘管中國的住宅房地產市場存在一些潛在的不利因素，但我們仍看到旅遊和娛樂的優先地位，即餐飲和娛樂。

Great. And then a quick follow-up. Could you just remind us your mix of business transient between large corporates and SMEs.

偉大的。然後快速跟進。您能否提醒我們一下您在大企業和中小企業之間的業務組合。

It's a majority of large corporates. My guess is that it's about a 60-40 split between large corporate and SME. Large corporate, I would say it's really a tale of many different dynamics. So if you look by segment, banking has been the one that's been off the most, and that had to do mostly with the shock of the bank failures in the first quarter that had a carryover. Not every single one of our bank clients is down. In fact, our largest single bank and financial institution customer is up.

這是大多數大企業。我的猜測是，大型企業和中小企業之間的比例約為 60 比 40。我想說，對於大公司來說，這確實是一個包含許多不同動態的故事。因此，如果按細分市場來看，銀行業是表現最差的行業，這主要與第一季度銀行倒閉帶來的衝擊有關。並非我們的每一位銀行客戶都陷入困境。事實上，我們最大的單一銀行和金融機構客戶有所增加。

But the overall sector is down, manufacturing is looking slightly better. Professional services, expecting continued significant travel volumes, so consultancy and the like. Same with professional -- sorry, same with tech. Actually, tech is looking at increases. The layoff impact has moderated. So we think that's behind us and the meeting planners and travel managers for tech are suggesting that they're going to see an increase over the remainder of the year and pharma about flat. The only other thing I would note is that corporate -- in terms of the mix of corporate and association on the group side, corporate in terms of our bookings is looking like 42% corporate and 32% association. This is full pattern bookings in the second quarter, which were a record -- not quite a record, but the second highest since the first quarter of 2019 at $500 million.

但整體行業正在下滑，製造業看起來略有好轉。專業服務，預計持續大量旅行，諮詢等。專業人士也是如此——抱歉，技術也是如此。事實上，科技正在尋求增長。裁員影響有所緩和。因此，我們認為這已經過去了，科技行業的會議策劃者和差旅經理表示，他們將在今年剩餘時間內看到增長，而製藥行業則持平。我要指出的唯一一件事是，就集團方面的企業和協會組合而言，企業預訂方面，企業佔 42%，協會佔 32%。這是第二季度的全型號預訂量，創下了紀錄——雖不完全是紀錄，但卻是自 2019 年第一季度 5 億美元以來的第二高紀錄。

So we're still weighted towards corporate, and we're seeing sustained corporate demand on the group side. So really, really encouraged to see that and think that that's going to persist in the foreseeable future. Now if you look into future years, about 1/3 of the total full pattern bookings that were made in the second quarter, about 34% was in the year -- for the year, 66% was into future years. Half of that 66% was into '24 and then the remainder was into the plus 2, plus 3 and plus 4 plus year periods. So what we're seeing is, and we still have some reasonable patterns left to book in '23 second half. And although they're dwindling and '24, and that's creating a lot of back pressure for associations. So we're going to see -- we predict that we will see an increase in the proportion of association bookings through the second half of this year because they really need to secure their dates.

因此，我們仍然偏重企業，並且我們看到集團方面的企業需求持續增長。看到這一點真的非常令人鼓舞，並認為這種情況將在可預見的未來持續存在。現在，如果你看看未來幾年，第二季度的全航線預訂總數中約有 1/3（約 34%）是在今年進行的，而今年則有 66% 是在未來幾年進行的。其中 66% 的一半進入了 24 年，其餘的則進入了+2、+3 和+4+ 年期間。所以我們看到的是，我們仍然有一些合理的模式可以在 23 年下半年預訂。儘管他們正在減少，24 歲了，但這給協會帶來了很大的反壓力。因此，我們預計今年下半年協會預訂的比例將會增加，因為他們確實需要確保日期。

And comes from Stephen Grambling from Morgan Stanley.

來自摩根士丹利的史蒂芬·格蘭布林 (Stephen Grambling)。

Just wanted to stick with ALG a little bit. Specifically, within the distribution and Destination Management business, what is the sensitivity of this segment to things like revenue per departure versus departures. Should we see a pullback in leisure spending expand? And is there any impact from completing the integration of the broader ALG business with Hyatt that could also impact this segment?

只是想堅持使用 ALG 一點。具體來說，在分銷和目的地管理業務中，該細分市場對每次出發收入與出發次數等因素的敏感性如何。我們是否應該看到休閒支出進一步縮減？完成更廣泛的 ALG 業務與凱悅的整合是否會對該細分市場產生影響？

Yes. I mean, vacations is going gangbusters. Departures were about flat to last year. That's the result of the normalization of seasonality but we had unit net revenue growth of 10% because pricing is really strong and our mix is very weighted towards 5-Star versus 4-Star. In fact, I did mention the Cancun dynamics versus cascading into other markets.

是的。我的意思是，假期正在如火如荼地進行。出發人數與去年持平。這是季節性正常化的結果，但我們的單位淨收入增長了 10%，因為定價非常強勁，而且我們的產品組合非常偏重 5 星級和 4 星級。事實上，我確實提到了坎昆的動態與級聯進入其他市場的情況。

The one thing that remains true in the Cancun Riviera Maya market is that 5-Star hotels are outperforming 4-Star hotels by 10 points. So even though employments and arrivals from U.S. customers, which are the highest-rated customers, is dropping because they're cascading into other markets, that is not true with respect to 5 -- Star hotels. So our experience is going to look a bit different than the overall segment, AI segment in Cancun at large. The average unit price on the books for the second half for ALGV bookings is up 5%. And so we have more destinations on sale because we've added inventory that we're selling through the platform.

坎昆里維埃拉瑪雅市場中仍然存在的一件事是，五星級酒店的表現比四星級酒店高 10 個百分點。因此，儘管美國客戶（評價最高的客戶）的就業和入境人數因湧入其他市場而下降，但五星級酒店的情況卻並非如此。因此，我們的體驗將與整個坎昆的人工智能部分有所不同。下半年 ALGV 預訂的平均單價上漲了 5%。因此，我們有更多的待售目的地，因為我們增加了通過平台銷售的庫存。

But pricing is maintaining. And concurrently, the one other thing I did not mention is that the package prices are actually moderating by virtue of airfare coming down, in some cases quite significantly because a lot of capacity got added into Cancun, you can't snap your fingers and change your segments and your system. And so airlines have dropped rates into Cancun to try to induce demand. That's helped to sustain some demand but it's also made the overall pricing capability of the hotel sector solid.

但定價維持不變。與此同時，我沒有提到的另一件事是，隨著機票價格的下降，套餐價格實際上正在下降，在某些情況下，由於坎昆增加了很多運力，所以價格下降幅度相當大，你無法打響指並改變價格。您的細分市場和您的系統。因此，航空公司降低了飛往坎昆的票價，以試圖刺激需求。這有助於維持一些需求，但也使酒店業的整體定價能力變得穩固。

With respect to Unlimited Vacation Club, membership is up 10% year-over-year and about 25% of the contracts signed have been from existing members upgrading to higher tiers, and that's reflected in the higher price per contract, which is up 6%. So we're really encouraged by what we're seeing. And by the way, if you remember from Investor Day, we did this magnificent -- I liked it because I'm in the math, but the regression analysis was a perfect fit between member growth and size of system growth.

至於 Unlimited Vacation Club，會員數量同比增長 10%，簽訂的合同中約有 25% 來自升級到更高級別的現有會員，這反映在每份合同的價格上漲了 6% 。所以我們對所看到的感到非常鼓舞。順便說一句，如果你還記得投資者日的話，我們做了這件偉大的事——我喜歡它，因為我在數學方面，但回歸分析是會員增長和系統增長規模之間的完美契合。

And we have just in this past quarter added another data point to tighten that curve even further. Although there's not much tightening left, it was a 99% R-squared. Finally, margins . Margins last year in the ALGV, ALG vacations business were stratospheric. First of all, by way of reminder, this business before we bought ALG was running in the low single-digit margin level. Last year, we were breaking through to mid-20s. And so we said that we thought a more normalized level would be sort of in the 15% to 18% range.

我們剛剛在上個季度添加了另一個數據點，以進一步收緊該曲線。雖然剩下的緊縮政策不多了，但 R 平方已經達到了 99%。最後是邊距。去年，ALGV、ALG 度假業務的利潤率非常高。首先，提醒一下，在我們收購 ALG 之前，這項業務的利潤率處於較低的個位數水平。去年，我們已經突破到20多歲了。所以我們說我們認為更正常化的水平應該在 15% 到 18% 的範圍內。

And that's exactly, we expect to end the year in the range of, probably in the higher end of that range for this business. So our expectations -- the business is performing exactly as we expected it to. I think it's more resilient actually than I might have thought as there were so many shifts and the reason is because they're super agile. And they can cascade really quickly. So anyway, as between those 2 businesses, nothing but good news.

正是如此，我們預計今年結束時的範圍可能是該業務範圍的高端。所以我們的期望是——業務的表現完全符合我們的預期。我認為它實際上比我想像的更有彈性，因為有很多輪班，原因是他們超級敏捷。而且它們可以非常快速地級聯。所以無論如何，對於這兩家企業來說，除了好消息之外什麼也沒有。

There is some higher direct expenses in UVC due to, first, about 37% of their total expense base is in pesos. So we had some FX headwinds. And secondly, we did have more promotional activity in the second quarter heading into the third and fourth for UVC members. And finally, we had a higher level of free nights that are part of the packages, actually realized in the second quarter for which we made payment. So those are the few factors that affected direct expenses, but that's leaving the FX aside, that's not a run rate issue for us. So we feel really good about both of these businesses.

UVC 的直接費用較高，因為首先，其總費用基數中約 37% 是比索。所以我們遇到了一些外匯阻力。其次，我們在第二季度、第三季度和第四季度確實針對 UVC 會員開展了更多促銷活動。最後，我們獲得了更高水平的免費住宿，這是套餐的一部分，實際上是在我們付款的第二季度實現的。這些是影響直接費用的少數因素，但撇開外匯不談，這對我們來說不是運行率問題。所以我們對這兩項業務都感覺非常好。

Our last question will come from Shaun Kelley from Bank of America.

我們的最後一個問題將來自美國銀行的肖恩·凱利。

Mark, one high-level one and then kind of wanted to probably beat the dead horse on ALG a little bit. But so on the high level, just wanted to kind of get your thoughts on some other companies out there provide a little bit of color on 2024 expectations for net unit growth. And you've obviously given lot of detail just coming out of the Analyst Day.

馬克，一個高水平的人，然後有點想在 ALG 上擊敗那匹死馬。但從總體上看，我只是想了解一下您對其他一些公司的看法，為 2024 年淨單位增長的預期提供一些信息。顯然，您剛剛在分析師日上提供了很多細節。

So my question is just kind of how do you feel about that at this point in time? And just can you remind us of some of the your pros and cons to that build as it relates to things like conversions, Hyatt Studios launch? Just anything that would -- any movement or any things that have sort of kind of updated your thinking as it would relate to kind of how you're expecting '24 to look like? I know you've already addressed the financing environment. You don't need to hit that twice.

所以我的問題是你現在對此有何感受？您能否提醒我們該建築的一些優點和缺點，因為它與轉換、凱悅開放式公寓的推出等相關？任何會——任何運動或任何事情，都會更新你的想法，因為它會與你期望的“24”是什麼樣子有關？我知道您已經解決了融資環境問題。你不需要擊中兩次。

Okay. Thanks. So for everyone's edification, what we said at Investor Day is that we saw a 6% to 7% compounding net rooms growth into the future. And we feel really, really good about that. Excellent I mean first of all, yes, we've seen openings of a number of hotels that were under construction and then new starts have slowed down. So that is a bit of headwind. Based on our dialogue with a bunch of developers for whom we're moving from LOIs to signed contracts for Hyatt Studios, we see a very high incidence of developers moving to construction pretty quickly.

好的。謝謝。因此，為了大家的啟發，我們在投資者日所說的是，我們看到未來淨房間複合增長率為 6% 至 7%。我們對此感覺非常非常好。非常好，我的意思是，首先，是的，我們看到許多正在建設中的酒店開業，然後新開工速度放緩。所以這有點逆風。根據我們與一批開發商的對話，我們正在為他們從意向書轉向簽署凱悅工作室合同，我們發現開發商很快轉向施工的比例非常高。

We're going to open our first Hyatt Studios before the end of next year. And so we really feel great about the fact that we're finding that really good developers are great partners are actually finding access to capital. But it is also true that we just continue to find more and more conversion opportunities. And we see it coming from many different sources.

我們將於明年年底前開設第一家凱悅開放式公寓。因此，我們真的感到很高興，因為我們發現真正優秀的開發商是偉大的合作夥伴，他們實際上正在尋找獲得資本的機會。但我們確實在不斷尋找越來越多的轉換機會。我們看到它來自許多不同的來源。

One significant dynamic that's underway right now is that a number of portfolios of hotels, many of which are self-managed are owned by families and a lot of European families, some Mexican families, and there have been generational changes, either because of the prior generation dying and leaving the business to their kids or a change in circumstance in terms of the family holdings and those are opening up significant opportunities because they are relatively larger. It usually involve multiple properties.

目前正在發生的一個重要動態是，許多酒店組合（其中許多是自我管理的）由家庭和許多歐洲家庭、一些墨西哥家庭擁有，並且出現了代際變化，要么是因為之前的一代人去世並將企業留給孩子，或者家庭持股情況發生變化，這些都帶來了重要的機會，因為它們規模相對較大。它通常涉及多個屬性。

And in most cases, we've been able to unlock ways in which we can uniquely structure how we assist these families to achieve their goals. In many cases, they want to continue to hold the real estate. So we are signing up management relationships for a number of hotels. The incidence of that is increased. And so we're getting more and more confident that we've got a pipeline on to itself that will continue to provide a baseline against which we then will see a recovery in new starts as the capital markets start to normalize over the course of the coming year. So I would say extremely confident in short.

在大多數情況下，我們已經能夠找到獨特的方式來幫助這些家庭實現他們的目標。在許多情況下，他們希望繼續持有房地產。因此，我們正在與多家酒店簽訂管理關係。這種情況的發生率有所增加。因此，我們越來越有信心，我們已經擁有了一條管道，它將繼續提供一個基線，隨著資本市場在整個過程中開始正常化，我們將看到新開工的複蘇。來年。簡而言之，我想說非常有信心。

Really helpful. And then the follow-up, and again, I really apologize if we've kind of covered this in a way that I didn't totally detect. But just as it relates to ALG and the outlook there and this is specifically on the package RevPAR side, I believe in the quarter, package RevPAR was up something like 9.5%. And I think you said that pace and I'm not sure if this was for the second half, but I think you said second half pace was up 8%. So I kind of wanted to both validate, are those apples-to-apples? And is that kind of decel the sort of what's embedded in the outlook? Or are you embedding a more dramatic deceleration specifically on the packaged RevPAR side, just given, again, some of the seasonal normalization. And again, I know you've talked about that a lot.

真的很有幫助。然後是後續行動，如果我們以一種我沒有完全發現的方式報導了這一點，我真的很抱歉。但正如它與 ALG 和前景相關，特別是在整套 RevPAR 方面，我相信在本季度，整套 RevPAR 上漲了 9.5% 左右。我想你說過這個速度，我不確定這是否是下半場的，但我想你說下半場的速度提高了 8%。所以我有點想驗證一下，這些是同類的嗎？這種減速是嵌入在前景中的嗎？或者，您是否在打包的 RevPAR 方面專門嵌入了更顯著的減速，再次考慮了一些季節性正常化。再說一次，我知道你已經談論過很多次了。

It is apples-to-apples. The 8% is on the books business. So it doesn't include tentatives and stuff like that. That's not the way we provide data. And rates are higher in the second half. And yes, it is one of the drivers of our outlook with respect to continued normalization over the back half of the year. And just in the vein of completeness, I just want to remind everybody that we did have $30 million of release of travel credits and $4 million in the third quarter and $24 million or $25 million in the fourth quarter. So you have to take that out as a means of doing a comparison.

這是同類的。 8%用於圖書業務。所以它不包括暫定之類的東西。這不是我們提供數據的方式。下半年的利率會更高。是的，這是我們對今年下半年持續正常化前景的推動因素之一。為了完整起見，我只想提醒大家，我們確實釋放了 3000 萬美元的旅行積分，第三季度釋放了 400 萬美元，第四季度釋放了 2400 萬美元或 2500 萬美元。所以你必須把它拿出來作為進行比較的一種手段。

But I would say we are diving in deeply right now on how we go to market and how we're organized with respect to commercial services in ALG. We kicked off a pretty comprehensive review of that. And I do think that, that will yield benefits over the course of the remainder of the year, but they'll be most realized next year. By the way, everything I'm talking about, including -- so the other thing I don't think came up is that we had $4 million of investments in a specific technology platform capacity for ALGV and Trisept in the second quarter, which are not recurring. So we said that we were going to be investing further behind the platform. We have and we will continue those investments into the year. 100% of what I just covered is included in our full year guidance and outlook.

但我想說的是，我們現在正在深入研究如何進入市場以及如何組織 ALG 的商業服務。我們對此展開了相當全面的審查。我確實認為，這將在今年剩餘時間內產生效益，但它們將在明年得到最大程度的實現。順便說一句，我所說的一切，包括——所以我認為沒有提到的另一件事是，我們在第二季度為 ALGV 和 Trisept 的特定技術平台能力投資了 400 萬美元，這些投資是不重複出現。所以我們說我們將進一步投資該平台。我們已經並將在今年繼續進行這些投資。我剛才介紹的內容 100% 包含在我們的全年指導和展望中。

This concludes today's conference call. Thank you for participating, and have a wonderful day. You may now disconnect.

今天的電話會議到此結束。感謝您的參與，祝您度過美好的一天。您現在可以斷開連接。