Hilton Grand Vacations Inc (HGV) 2025 Q1 法說會逐字稿

Good morning and welcome to the Hilton Grand Vacations first quarter 2025 earnings conference call.

早安，歡迎參加希爾頓分時度假俱樂部 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Mark Melnyk, Senior Vice President of Investor Relations.

現在我想將電話轉給投資者關係高級副總裁馬克‧梅爾尼克 (Mark Melnyk)。

Please go ahead, sir.

先生，請繼續。

Thank you, operator, and welcome to the Hilton Grand Vacation's first quarter 2025 earnings call. As a reminder, our discussions this morning will include forward-looking statements. Actual results could differ materially from those indicated by these forward-looking statements. The statements are effective only as of today. We undertake no obligation to publicly update or revise the statements.

謝謝接線員，歡迎參加希爾頓分時度假飯店 2025 年第一季財報電話會議。提醒一下，我們今天上午的討論將包括前瞻性陳述。實際結果可能與這些前瞻性陳述所示的結果有重大差異。本聲明僅自今日起有效。我們不承擔公開更新或修改聲明的義務。

For a discussion of some of the factors that could cause actual results to differ, please see the risk factor section of our SEC filings. Also be referring to certain non-GAAP financial measures. You can find definitions and components of such non-GAAP numbers, as well as reconciliations of non-GAAP and GAAP financial measures discussed today in our earnings press release and on our website at investors.hgv.com.

有關可能導致實際結果不同的一些因素的討論，請參閱我們向美國證券交易委員會提交的文件的風險因素部分。也參考某些非 GAAP 財務指標。您可以在我們的收益新聞稿和我們的網站 investors.hgv.com 上找到此類非 GAAP 數字的定義和組成部分，以及今天討論的非 GAAP 和 GAAP 財務指標的對帳。

Our reported results for all periods reflect the accounting rules under ASC 606, which we adopted in 2018. Under ASC 606, we're required to defer certain revenues and expenses related to sales made in the period when a project is under construction and then hold off on recognizing those revenues and expenses until the period when construction is completed.

我們報告的所有期間的結果均反映了我們於 2018 年採用的 ASC 606 下的會計規則。根據 ASC 606，我們需要推遲與項目建設期間的銷售相關的某些收入和費用，然後推遲確認這些收入和費用，直到建設完成為止。

For ease of comparability and a simplify our discussion today, our comments on adjusted EBITDA on our real estate results were refer to results excluding the net impact of construction-related deferrals and recognitions for all reporting periods.

為了便於比較並簡化我們今天的討論，我們對房地產業績調整後 EBITDA 的評論是指不包括所有報告期間與建築相關的遞延和確認的淨影響的結果。

To help you make more meaningful peer to peer comparisons, you can find details of our current and historical deferrals and recognitions in Table T1 of our earnings relief, and a complete accounting of our historical deferral and recognition activity can also be found in Excel format on the financial reporting section of our investor relations website. With that, let me turn the call over to our CEO, Mark Wang.

為了幫助您進行更有意義的同行比較，您可以在我們的收益減免表 T1 中找到我們當前和歷史遞延和確認的詳細信息，並且您還可以在我們投資者關係網站的財務報告部分以 Excel 格式找到我們歷史遞延和確認活動的完整會計。說完這些，讓我把電話轉給我們的執行長馬克王 (Mark Wang)。

Good morning, everyone, and welcome to our first quarter earnings call. I'm happy to report another solid quarter of results today, driven by the team's hard work, in addition to the structural process improvements we carried out over the past several quarters. Those efforts have yielded positive results, producing an acceleration in transactions, VPG growth, and sales growth in the quarter.

大家早安，歡迎參加我們的第一季財報電話會議。今天，我很高興地報告我們又取得了穩健的季度業績，這得益於團隊的辛勤工作，以及我們在過去幾個季度進行的結構流程改進。這些努力已取得積極成果，推動本季交易量、VPG 成長和銷售成長加速。

I'm also pleased that we carried that momentum through April. On the book arrival trends and cancellation rates are generally consistent with the past several quarters, and vacation package sales have remained strong.

我也很高興我們在四月保持了這一勢頭。預訂到達趨勢和取消率與過去幾季基本一致，度假套餐銷售依然強勁。

But while we've generated positive performance thanks in large part to our initiatives, we also recognize that the macroeconomic environment has recently become more volatile and unpredictable. And although we have limited exposure to many of the recent policy announcements, such as tariffs, They have potential to create additional consumer uncertainty to which we're not immune.

然而，儘管我們在很大程度上得益於我們的舉措而取得了積極的業績，但我們也認識到宏觀經濟環境最近變得更加動盪和難以預測。儘管我們對近期發布的許多政策（例如關稅）的了解有限，但它們有可能為消費者帶來額外的不確定性，而我們對此也未能倖免。

So, while it's still too early to know the impact of these policies and when that impact may be felt, we're taking deliberate actions in areas that we can control in order to insulate our business from this macroeconomic volatility.

因此，雖然現在還無法知道這些政策的影響以及何時會感受到這種影響，但我們正在我們能夠控制的領域採取慎重的行動，以使我們的業務免受宏觀經濟波動的影響。

To that end, along with maintaining our discipline approach to process and execution, we've redoubled our efforts on implementing additional programs that are visible, impactful, and readily achievable this year. While these actions are designed to produce results in the near term, they'll also serve as ongoing drivers that will benefit our business over the long term.

為此，除了保持我們對流程和執行的紀律性之外，我們還加倍努力實施今年更多可見、有影響力且易於實現的計劃。雖然這些行動旨在產生短期成果，但它們也將成為長期有利於我們業務的持續驅動力。

In addition, our business model has several fundamental advantages that provide a buffer against macro volatility. Our direct marketing approach means that we create our own demand. We have the most diversified business in the industry with a variety of brands, price points, product types, and vacation destinations in both fly-to and drive-to markets.

此外，我們的商業模式具有幾個基本優勢，可以緩衝宏觀波動。我們的直接行銷方式意味著我們創造自己的需求。我們的業務在業界最為多元化，涵蓋航空和自駕市場的各種品牌、價格點、產品類型和度假目的地。

We have a dedicated member base who have pre-paid their vacations, having paid their annual dues for the year, making them more likely to travel.

我們擁有一群忠實的會員，他們已經預付了假期費用，繳納了年度會費，因此更有可能去旅行。

In addition, we have a natural hedge from our highly variable cost structure, and we've demonstrated the ability to make further adjustments to our cost structure if the environment demands it.

此外，我們對高度可變的成本結構具有自然對沖能力，我們已證明有能力根據環境需求進一步調整我們的成本結構。

More than half of our EBITDA is contractually reoccurring in nature, and we convert 55% to 65% of our EBITDA into free cash flow, providing additional financial flexibility.

我們的 EBITDA 中有一半以上是合約性質的重複性收入，我們將 55% 到 65% 的 EBITDA 轉換為自由現金流，從而提供額外的財務靈活性。

These traits reinforce the strongest value proposition we've ever had with the benefit of HGV Max and the quality and scale of our portfolio backed by the power of the Hilton brand.

這些特點強化了我們迄今為止最強大的價值主張，憑藉 HGV Max 的優勢以及希爾頓品牌實力支撐的投資組合的品質和規模。

So, I'm pleased with our results for the quarter and with the momentum that we've carried into Q2. We're maintaining our even bit of guidance for the year, which Dan will take you through shortly.

因此，我對本季的業績以及我們進入第二季的勢頭感到滿意。我們將維持今年的均衡指導，丹很快就會向大家介紹。

While it's certainly harder today to predict the future than it has been in the past, our focus is on being proactive with the initiatives we've identified and continuing to control what we can control to navigate to any potential uncertainty.

雖然今天預測未來比過去更加困難，但我們的重點是積極主動地實施我們已經確定的舉措，並繼續控制我們能夠控制的事情，以應對任何潛在的不確定性。

Looking at our results for the quarter, reported contract sales were up 10% to $721 million and adjusted EBITDA was $248 million with margins excluding reimbursements of 22%. As we've seen in prior quarters, tour growth was impacted due to our efficiency programs as we continue to utilize our scoring models to maximize the quality of the tours we bring in.

查看我們本季的業績，報告的合約銷售額成長 10% 至 7.21 億美元，調整後的 EBITDA 為 2.48 億美元，不包括報銷的利潤率為 22%。正如我們在前幾個季度所看到的那樣，由於我們繼續利用評分模型來最大限度地提高我們帶來的旅遊質量，我們的效率計劃影響了旅遊成長。

Notably, our efficiency efforts are helping to drive improved close rates, transactions, and VPG.

值得注意的是，我們的效率努力有助於提高成交率、交易量和 VPG。

VPG grew 15% to more than $4100 with growth in both our owners and new buyer channels.

隨著業主和新買家管道的成長，VPG 成長了 15%，達到 4,100 多美元。

Owner of VPGs were particularly strong in the quarter, as they also benefited from the continued success of Ka Haku sales and the launch of HGV Max to Bluegreen members.

VPG 所有者在本季度表現尤為強勁，因為他們也受益於 Ka Haku 銷售的持續成功以及向 Bluegreen 會員推出的 HGV Max。

Looking at our demand indicators, occupancy in the quarter, which includes Bluegreen in both periods, was flat at 77%. Consolidated rivals in the second quarter remain ahead of the prior year, and they're in line with the prior year when looking at the next six months.

從我們的需求指標來看，本季（包括兩個時期的 Bluegreen）的入住率持平於 77%。第二季合併後的競爭對手仍領先上年，展望未來六個月，它們將與去年持平。

And our rental channels continue to indicate solid booking growth over the next several quarters, reflecting continued demand from independent leisure travellers. Our industry-leading marketing package pipeline remains robust at over 725,000 packages, and our package sales trends have remained healthy.

我們的租賃管道在未來幾季將繼續呈現穩健的預訂成長，反映出獨立休閒旅客的持續需求。我們業界領先的行銷套餐通路依然強勁，擁有超過 725,000 個套餐，而且我們的套餐銷售趨勢仍然健康。

In addition, the portion of our pipeline with confirmed travel dates was up nicely from the fourth quarter to its highest level in a year. So, as I mentioned earlier, while we're cognizant of the broader environment and news flow, we haven't yet seen any material shifts in our forward demand indicators.

此外，我們已確認旅行日期的旅遊路線比例較第四季大幅上升，達到一年來的最高水準。因此，正如我之前提到的，雖然我們了解更廣泛的環境和新聞流，但我們尚未看到遠期需求指標發生任何實質變化。

Turning to our other business units, our member count was 725,000 at the end of the quarter, with NOG of just under 1%.

談到我們的其他業務部門，本季末我們的會員數量為 725,000 人，NOG 略低於 1%。

HGV Max growth continues to outperform as members appreciate the benefits that max membership brings. And our research shows that our Max members have our highest satisfaction scores across every ownership tenure.

由於會員意識到最大會員資格帶來的好處，HGV Max 的成長持續表現出色。我們的研究表明，我們的 Max 會員在各個所有權期限內都擁有最高的滿意度分數。

We're now over 215,000 Max members, with Bluegreen contributing nearly 13,000 members to that total and only a handful of months since the launch. Our rental business has continued to show consistent top-line growth, and while trends have remained consistent, we're monitoring them closely for any signs of deterioration.

目前，我們的 Max 會員已超過 215,000 名，其中 Bluegreen 貢獻了近 13,000 名會員，而自推出以來僅用了幾個月的時間。我們的租賃業務繼續呈現穩定的收入成長，雖然趨勢保持一致，但我們正在密切監視任何惡化的跡象。

In our financing business, optimization continues to benefit our cash flow, enabling us to repurchase $150 million worth of stock during the quarter.

在我們的融資業務中，優化繼續有利於我們的現金流，使我們能夠在本季回購價值 1.5 億美元的股票。

Turning next to our update on our initiatives and integration progress, over the last few quarters, we've spoken about several key efforts, mainly optimizing our staffing levels in our sales centres and evolving our scoring models to help identify and prioritize tours with a higher likelihood of closing.

接下來談談我們對我們的舉措和整合進展的更新，在過去的幾個季度中，我們談到了幾項關鍵工作，主要是優化我們銷售中心的人員配備水平，並改進我們的評分模型，以幫助識別和優先考慮更有可能完成的旅遊。

When combined with our introduction of HGV Max into the Bluegreen system and the launch of Ka Haku, these programs have helped produce positive results since implementation, supporting strong transaction, VPG growth, and contract sales.

這些計劃與我們將 HGV Max 引入 Bluegreen 系統以及推出 Ka Haku 相結合，自實施以來已產生積極成果，支持了強勁的交易、VPG 成長和合約銷售。

Building upon that success, we're implementing additional initiatives that we bucketed into three main categories. The first is enhanced lead generation. This includes directing more resources toward package sales and activations, along with introducing new marketing campaigns, particularly for owners and guests that have previously toured with us before.

在此成功的基礎上，我們正​​在實施其他舉措，並將其分為三大類。首先是增強潛在客戶的產生。這包括將更多資源用於套餐銷售和激活，以及推出新的行銷活動，特別是針對之前與我們一起旅遊的業主和客人。

And we're also accelerating our digital marketing integration efforts with our partners.

我們也正在加快與合作夥伴的數位行銷整合工作。

The second bucket is execution-related. This includes further refinement of our scoring models, along with new pre-tour qualifying to ensure that we're touring our highest propensitygas. In addition, we'll be offering more flexible financing options to allow members to enter and stay within the HGV system.

第二個部分與執行有關。這包括進一步完善我們的評分模型，以及新的巡迴賽前資格賽，以確保我們巡迴賽的傾向性最高。此外，我們將提供更靈活的融資選擇，以允許會員進入並留在 HGV 系統內。

And the last bucket is product enhancement. Which includes a previously mentioned enhancements to our Max products slated for later this year. And we're adding additional features aimed at driving incremental engagement and encouraging additional member stays at our property.

最後一個方面是產品增強。其中包括前面提到的計劃於今年稍後推出的 Max 產品的增強功能。我們正在添加額外的功能，旨在推動增量參與並鼓勵更多會員入住我們的酒店。

Collectively, we believe these initiatives can support our EBITDA and cash flow goals regardless of their macro environment. And over the long term, they'll continue to generate a positive impact by improving the efficiency of the business, strengthening our value proposition, and improving member engagement.

總的來說，我們相信，無論宏觀環境如何，這些措施都能支持我們的 EBITDA 和現金流目標。從長遠來看，它們將透過提高業務效率、加強我們的價值主張和提高會員參與度繼續產生積極影響。

Turning to the Bluegreen integration, we've reached $89 million of cost synergies and are confident in achieving our target of $100 million this year.

談到 Bluegreen 整合，我們已經實現了 8,900 萬美元的成本協同效應，並有信心今年實現 1 億美元的目標。

And we're just ahead of launching Bluegreen Property rebrand program with the expectation that we'll complete 10 to 12 rebrands in each of the next three years. On the partnership front, we added nine new Great Wolf locations and rebranded 79 Bass Pro locations, and we opened a number of sales centres dedicated to servicing our choice customers.

我們即將啟動 Bluegreen Property 品牌重塑計劃，預計未來三年內每年將完成 10 到 12 個品牌重塑。在合作方面，我們增加了 9 家新的 Great Wolf 門市，並更名了 79 家 Bass Pro 門市，並且我們開設了多個銷售中心，專門為我們的精選客戶提供服務。

So, to sum up, we've had another strong quarter, and that momentum has continued into Q2. The combination of our new offerings and our efficiency initiatives enabled us to drive an acceleration in transactions, VPG growth, and contract sales.

總而言之，我們又度過了一個強勁的季度，而這種勢頭一直延續到第二季​​度。我們的新產品和效率舉措相結合使我們能夠加速交易、VPG 成長和合約銷售。

While market volatility and uncertainty have increased in recent weeks, we continue to take a proactive approach with additional initiatives to ensure we sustain our momentum. We're focused on controlling the things that we can control.

儘管最近幾週市場波動性和不確定性有所增加，但我們仍繼續採取積極主動的方式並採取額外舉措，以確保我們保持發展勢頭。我們專注於控制我們能夠控制的事情。

But will continue to adapt as needed to protect and grow the long-term value of the business. So, with that, I'd like to extend a warm welcome back to Dan, who will take you through the numbers. Dan.

但將繼續根據需要進行調整，以保護和增加業務的長期價值。因此，我要熱烈歡迎丹回來，他將向大家介紹這些數字。擔。

Thank you, Mark, and good morning, everyone. Before we start, note that our reported results for this quarter included $126 million of sales deferrals, which reduced reported GAAP revenue and were related to pre-sales of our newest project, Ka Haku.

謝謝你，馬克，大家早安。在我們開始之前，請注意，我們本季報告的結果包括 1.26 億美元的銷售遞延，這減少了報告的 GAAP 收入，並與我們最新項目 Ka Haku 的預售有關。

We also recorded $58 million of associated direct expense deferrals. Adjusting for these two items would increase the adjusted EBITDA reported in our press release by a net $68 million to $248 million.

我們也記錄了 5,800 萬美元的相關直接費用遞延。調整這兩項將使我們的新聞稿中報告的調整後 EBITDA 淨額增加 6800 萬美元，達到 2.48 億美元。

In my prepared remarks, I'll only refer to metrics excluding net deferrals which more accurately reflects the cash flow dynamics of our financial performance during the period.

在我準備好的發言中，我將只參考不包括淨遞延的指標，這些指標更準確地反映了我們在此期間財務表現的現金流動態。

As Mark discussed, Q1 was characterized by strong operating performance driven by a focus on core efficiency combined with the continuation of HGV Max being offered to the Bluegreen member base and the continued success of Ka Haku. These items helped drive a 15% increase in pro forma VPGs, resulting in contract sales growing 10% year over year on a pro forma basis.

正如馬克所討論的，第一季的特點是營運業績強勁，這得益於對核心效率的關注，以及繼續向 Bluegreen 會員提供 HGV Max 和 Ka Haku 的持續成功。這些項目幫助推動了備考 VPG 成長 15%，從而使合約銷售額在備考基礎上同比增長 10%。

In addition to strong operating performance made significant strides in advancing the optimization of our financing business, with approximately 70% of our current receivables securitized at the end of the quarter.

除了強勁的營運業績外，我們在推進融資業務優化方面也取得了重大進展，本季末我們約 70% 的當期應收帳款實現了證券化。

This is within our target of securitizing 70% to 80% of current receivables on a steady state basis. The higher securitized position helped drive our adjusted free cash flow conversion rate of 75% of our adjusted EBITDA for Q1 2025. We anticipate being in the ABS markets this coming summer as we seek to term out our receivable securitized through the warehouse at quarter end.

這符合我們在穩定狀態下將 70% 至 80% 的當前應收帳款證券化的目標。更高的證券化部位有助於推動我們的調整後自由現金流轉換率達到 2025 年第一季調整後 EBITDA 的 75%。我們預計將於今年夏天進入 ABS 市場，因為我們尋求在季度末透過倉庫終止我們的應收帳款證券化。

Early in the quarter, we also successfully recast our $1 billion revolver and reprice all of our outstanding term loans, resulting in reduced pricing spreads and expanded covenants. Maturities for these facilities and our senior notes have now been extended to 2028 through 2032.

本季度初，我們還成功重組了 10 億美元的循環信貸並重新定價了所有未償還的定期貸款，從而縮小了價差並擴大了契約範圍。這些貸款和我們的優先票據的期限現已延長至 2028 年至 2032 年。

Turning to our results for the quarter, total revenue, excluding cost reimbursements in the quarter grew 11% to $1.1 billion and adjusted EBITDA was $248 million with margins excluding reimbursements of 22%.

談到本季的業績，本季不包括成本補償的總收入成長 11% 至 11 億美元，調整後的 EBITDA 為 2.48 億美元，不包括補償的利潤率為 22%。

EBITDA included approximately $23 million of Bluegreen cost energies recognized during the quarter or a run rate of $91 million annualized, leaving us well on track to achieve our target of $100 million in cost energies by the end of 2025.

EBITDA 包括本季確認的約 2,300 萬美元的 Bluegreen 成本能源或年化運行率為 9,100 萬美元，這讓我們預計在 2025 年底前實現 1 億美元成本能源的目標。

Within our real estate business, contract sales were $721 million, up 10% on a pro forma year over year basis, assuming a full quarter of Bluegreen ownership in both periods.

在我們的房地產業務中，合約銷售額為 7.21 億美元，按備考年度計算同比增長 10%，假設 Bluegreen 在兩個時期內均擁有整個季度的所有權。

Consistent with the fourth quarter, our new buyer Max in the quarter remained at 25% owing to the continued strength of our owner channel after the launch of HGV Max, our Bluegreen members along with the launch of Ka Haku the last fall.

與第四季度一致，本季我們的新買家 Max 仍保持在 25%，這得益於 HGV Max 推出後我們的車主管道、我們的 Bluegreen 會員以及去年秋季 Ka Haku 推出後的持續強勁增長。

Tours were down 4% to 175,000, primarily reflecting the tour efficiency initiatives that Mark mentioned earlier, along with ongoing sales centre closures related to the hurricanes this past fall. These initiatives improved close rates and were reflected in VPG which grew 15% to more than $4100.

旅遊人數下降了 4%，至 175,000 人次，主要反映了馬克之前提到的旅遊效率舉措，以及去年秋天颶風導致的銷售中心持續關閉。這些舉措提高了成交率，並反映在 VPG 上，VPG 成長了 15%，達到 4,100 多美元。

We saw growth in both our owner and new buyer channels with particular strength in our owner channel, which grew 21% year over year. That growth was driven by a combination of our recent initiatives along with the continued contribution from HGV Max and Ka Haku.

我們的業主通路和新買家管道均實現了成長，其中業主通路尤其強勁，較去年同期成長 21%。這一增長是由我們最近的舉措以及 HGV Max 和 Ka Haku 的持續貢獻共同推動的。

The cost of product was 12% of net VOI sales for the quarter, up 100 basis points from the prior year, and our provision for bad debt was roughly in line with the prior year at 12% of owned contract sales.

本季產品成本佔淨 VOI 銷售額的 12%，比前一年增加 100 個基點，我們的壞帳準備金與去年大致持平，為自有合約銷售額的 12%。

Real estate sales and marketing expense was $372 million for the quarter or 52% of contract sales. Real estate profit for the quarter was $138 million with margins of 24%, down 200 basis points, with half of that coming from the uptick in cost of product, and the other half coming from sales and marketing cost.

本季房地產銷售和行銷費用為 3.72 億美元，佔合約銷售額的 52%。本季房地產利潤為 1.38 億美元，利潤率為 24%，下降 200 個基點，其中一半來自產品成本的上漲，另一半來自銷售和行銷成本。

In our financing business, first quarter revenue was $125 million and segment profit was $70 million with margins of 56%. It is important to highlight that the provisions statistics do not include $7 million of additional reserves related to our acquired portfolios.

在我們的融資業務中，第一季營收為 1.25 億美元，分部利潤為 7,000 萬美元，利潤率為 56%。值得強調的是，撥備統計數據不包括與我們收購的投資組合相關的 700 萬美元額外儲備金。

Due to the fact that the reserve was related to our acquired portfolios rather than our underwritten portfolios, it is booked in our financing expense rather than the real estate provision and accounted for the majority of the year over year decrease in our financing business margin in the quarter.

由於該準備金與我們收購的投資組合有關，而非與我們承銷的投資組合有關，因此它計入我們的融資費用而非房地產準備金，並佔本季度我們融資業務利潤率同比下降的大部分。

Looking at our portfolio metrics, our originated weighted average interest rate was 15%. Combined gross receivables for the quarter were $4 billion or $3 billion net of allowance. Our total allowance for bad debt was $1.1 billion on that $4 billion receivable balance, or 27% of the portfolio.

從我們的投資組合指標來看，我們的原始加權平均利率為 15%。本季合併應收帳款總額為 40 億美元，扣除備抵金後為 30 億美元。對於這 40 億美元的應收帳款餘額，我們的壞帳準備總額為 11 億美元，佔投資組合的 27%。

Our annualized default rate for our consolidated portfolio stood at 10.2% for the quarter. A slight decrease from the fourth quarter's levels of 10.8%. Our originated portfolio dealing with these continue to outperform a much more seasonal acquired portfolio, which is a testament to the strength of the HGV brand, increased value proposition from HGV Max, and continued rollout of the best-in-class sales and underwriting practices.

本季度，我們合併投資組合的年化違約率為 10.2%。與第四季的10.8%相比略有下降。我們針對這些問題發起的投資組合的表現繼續優於更具季節性的收購投資組合，這證明了 HGV 品牌的實力、HGV Max 增加的價值主張以及持續推出一流的銷售和承保實踐。

We continue to believe that we are adequately reserved when considering the recent volatility in credit in equity markets. Notably, delinquency rates for HGV and Legacy DRI portfolios are running below last year. And while we expect the provision rate to build throughout the year, given the current operating environment and seasonal trends, we still expect all land provision to be in the mid-teens for the full year.

考慮到近期股市信貸的波動，我們仍然認為我們已經足夠保守。值得注意的是，HGV 和 Legacy DRI 投資組合的拖欠率低於去年。儘管我們預計全年供應率將會上升，但考慮到當前的營運環境和季節性趨勢，我們仍然預計全年所有土地供應率將達到十五六成左右。

We also monitor our 31day to 60day delinquency trends very closely as an early indicator, and we haven't seen any signs of increased stress within our portfolio in recent weeks but continue to monitor the situation closely.

我們也密切監控 31 天至 60 天的拖欠趨勢，將其作為早期指標，最近幾週我們沒有看到投資組合壓力增加的任何跡象，但仍在繼續密切監控情況。

In our resort and club business, our consolidated member account was approximately $725,000 and our NOG was just under 1% at the end of the quarter. Revenues grew 10% to $183 million for the quarter owing to our increased member count and solid member activity during the quarter. Segment profit was $129 million with margins of 71% as we maintain good expense controls.

在我們的度假村和俱樂部業務中，我們的合併會員帳戶在本季末約為 725,000 美元，而我們的 NOG 略低於 1%。由於本季會員數量增加且會員活動活躍，本季營收成長 10%，達到 1.83 億美元。由於我們保持了良好的費用控制，分部利潤為 1.29 億美元，利潤率為 71%。

Rental and ancillary revenues were $187 million in the quarter with segment loss of $19 million. Revenue growth was driven by increased occupancy, resulting in slight improvement in our [revAR].

本季租賃和輔助收入為 1.87 億美元，部門虧損 1,900 萬美元。收入成長是由入住率的提高所推動的，導致我們的[修訂版]。

Consistent with the fourth quarter, our expenses remain elevated due to higher developer maintenance fees, along with higher expenses from point conversions for stays at Great Wolf as we continue to see great traction with our new partnership program.

與第四季度一致，由於開發商維護費用增加，我們的費用仍然較高，而且由於我們的新合作夥伴計劃繼續受到廣泛關注，Great Wolf 住宿積分轉換費用也隨之增加。

Bridging the GAAP between segment adjusted EBITDA and total adjusted EBITDA, [HGV] EBITDA was $5 million corporate GNA was $37 million license fees were $49 million and EBITDA attributable to non-controlling interest was $5 million.

根據 GAAP，將分部調整後的 EBITDA 與總調整後的 EBITDA 聯繫起來，[HGV] EBITDA 為 500 萬美元，企業 GNA 為 3700 萬美元，許可費為 4900 萬美元，歸屬於非控股權益的 EBITDA 為 500 萬美元。

Our adjusted free cash flow in the quarter was $185 million which included inventory spending of $110 million. Our cash flow conversion of 75% was elevated owing to the timing of non-recourse activity under our financing business optimization, but for the full year, we still anticipate that the conversion rate of adjusted EBITDA into adjusted free cash flow will be in the range of 65% to 70%.

本季調整後的自由現金流為 1.85 億美元，其中包括 1.1 億美元的庫存支出。由於我們融資業務優化下無追索權活動的時間安排，我們的現金流量轉換率提高了 75%，但就全年而言，我們仍然預計調整後的 EBITDA 轉換為調整後的自由現金流的轉換率將在 65% 至 70% 之間。

During the quarter, the company repurchased 3.9 million shares of stock for $150 million. From April first through April 24, we repurchased an additional 1.8 million shares for $60 million. Here to date, 2025, we have repurchased 5.7 million or 6% of our shares outstanding for $210 million for an average of approximately $37.

本季度，該公司以 1.5 億美元回購了 390 萬股股票。從 4 月 1 日到 4 月 24 日，我們又以 6,000 萬美元回購了 180 萬股。截至 2025 年，我們已以 2.1 億美元回購了 570 萬股或 6% 的流通股，平均價格約為 37 美元。

We remain committed to capital returns as the primary use of our free cash flow and believe our shares continue to represent a compelling value at current prices.

我們仍然致力於將資本回報作為我們自由現金流的主要用途，並相信我們的股票在當前價格下仍然具有引人注目的價值。

We believe that our strong balance sheet provides us with the financial flexibility necessary to allow us to navigate the current macroeconomic volatility. Accordingly, we remain committed to our target of repurchasing on average of $150 million per quarter, assuming the current macro environment. We currently have $218 million of remaining availability under our purchase plan.

我們相信，強勁的資產負債表為我們提供了必要的財務靈活性，使我們能夠應對當前的宏觀經濟波動。因此，在當前宏觀環境下，我們仍致力於實現平均每季回購 1.5 億美元的目標。我們的購買計劃目前剩餘可用資金為 2.18 億美元。

Turning to our outlook, we are maintaining our 2025 adjusted EBITDA guidance to be in the range of $1.125 billion to $1.165 billion which assumes the environment remains consistent with what we see today.

談到我們的展望，我們維持 2025 年調整後 EBITDA 指引在 11.25 億美元至 11.65 億美元之間，假設環境與我們今天看到的保持一致。

As Mark mentioned, we had a solid quarter that was in line with our expectations, and that momentum carried into April. That said, while our direct exposure to tariffs is minimal, the volatility of the past few weeks has nevertheless made it made the consumer environment more uncertain, and it's something that we continue to monitor very closely.

正如馬克所提到的，我們本季的業績表現穩健，符合我們的預期，而且這種勢頭一直延續到了四月份。儘管如此，雖然我們直接受到的關稅影響很小，但過去幾週的波動仍然使消費環境變得更加不確定，我們將繼續密切關注這一點。

Moving on to our liquidity, as of March 31, our liquidity position consisted of $259 million of unrestricted cash and $870 million of availability under a revolving credit facility. Our debt balance at quarter end was comprised of corporate debt of $4.5 billion and a non-recourse debt balance of approximately $2.4 billion. At Quarter end we had $100 million of remaining capacity in our warehouse facility.

談到我們的流動性，截至 3 月 31 日，我們的流動性狀況包括 2.59 億美元的非限制性現金和 8.7 億美元的循環信貸額度下的可用現金。我們季末的債務餘額包括 45 億美元的公司債務和約 24 億美元的無追索權債務餘額。截至季末，我們的倉儲設施剩餘容量為 1 億美元。

We also had $951 million of notes that were current on payments, but un-securitized. Of that figure, approximately $519 million will be monetized through either warehouse borrowings or securitization, while another $210 million of mortgage notes anticipate being eligible following certain customary milestones such as first payment, deeding, and recording.

我們還擁有價值 9.51 億美元的可按時支付但未證券化的票據。其中約 5.19 億美元將透過倉庫借款或證券化實現貨幣化，另外 2.1 億美元的抵押票據預計在達到首付款、契約和記錄等某些慣例里程碑後才有資格兌現。

Fight market volatility, ABS markets remain open and functioning. This fact, coupled with our $850 million dollar warehouse gave us confidence we can execute on our previously discussed finance optimization strategy.

應對市場波動，ABS 市場保持開放和正常運作。這一事實，加上我們價值 8.5 億美元的倉庫，讓我們有信心執行先前討論過的財務優化策略。

Turning to our credit metrics at the end of Q1, inclusive of all anticipated cost energies, the company's total net leverage on the TTM basis was 3.9 times.

回顧我們第一季末的信用指標，包括所有預期成本能量，該公司的 TTM 總淨槓桿率為 3.9 倍。

We will turn the call over now to the operator and look forward to your questions, operator.

我們現在將電話轉給接線員，期待您的提問，接線生。

Brandt Montour, Barclays

巴克萊銀行的布蘭特·蒙圖爾

Good morning everybody. Thanks for taking my question. So, maybe Mark, if we could just start talking about the consumer, the commentary, I don't want to put words in your mouth, the commentary seems like you're not seeing any changes across preview package sales as well as for bookings for rentals, things that we would think would.

大家早安。感謝您回答我的問題。所以，馬克，如果我們可以開始談論消費者，評論，我不想把話塞到你的嘴裡，評論似乎你沒有看到預覽包銷售以及租賃預訂有任何變化，而我們認為這些變化會發生。

You'd start to see a little bit of choppiness; we've heard from most other leisure facing businesses that that there's that there's some leisure choppiness and forward bookings. Can you just maybe talk about why you think you're sort of define that trend? Is it the geographical exposure? Is it the consumer? What do you think it is?

你會開始看到一些波動；我們從大多數其他休閒企業聽說，存在一些休閒波動和提前預訂的情況。您能否談談為什麼您認為您定義了這種趨勢？是地理暴露嗎？是消費者嗎？你認為它是什麼？

Yeah, no, good question, and I think you know from a leading indicator standpoint we do have a distinct advantage, and I think it's underappreciated, around line of sight when you think about it, Brandt. 50% of our occupancy is from our owners, right? Another 15% to 20% is our marketing packages and so that's a population we have data, and we understand how we can activate on it right.

是的，不，好問題，而且我認為從領先指標的角度來看，我們確實具有明顯的優勢，而且我認為它被低估了，當你考慮這一點時，布蘭特。我們 50％ 的入住率來自我們的業主，對嗎？另外 15% 到 20% 是我們的行銷套餐，因此這是我們擁有數據的人群，我們了解如何正確啟動它。

From a rental perspective, your booking window is around 40 days for an owner it's 177 days at least this year it's 177 days. Last year was 178 days, so it's come down one day so no material changes at all for marketing its 95 days out, right?

從租賃的角度來看，對於業主來說，預訂窗口期約為 40 天，今年至少為 177 天，為 177 天。去年是 178 天，所以今年減少了一天，因此對於 95 天的行銷來說沒有任何實質性的變化，對嗎？

So, we have a distinct advantage of understanding who is going to be arriving at our properties well before your traditional leisure travel it's booked on. Hilton.com or through an OTA which typically averages 40 days. So the other thing is, our owners have paid, right? They've prepaid for this and our package pipeline, those customers are prepaid too.

因此，我們有一個明顯的優勢，那就是在您預訂傳統休閒旅行之前，就能了解哪些人會抵達我們的酒店。Hilton.com 或透過 OTA 預訂，平均需要 40 天。所以另一件事是，我們的業主已經付款了，對嗎？他們已經為此預付了款，並且為我們的套餐管道預付了款，那些客戶也預付了款。

So, I think those give us line of sight and a distinct advantage over, traditional demand that would come in through neurologic.

因此，我認為這些為我們提供了視線和明顯的優勢，超越了透過神經系統實現的傳統需求。

That's really helpful thanks for that. The second question I have is around new owner mix versus owned mix you know you guys did I think 85% owned mix in the first quarter the full year I believe runs a little bit below that and the summertime I think is seasonally a little bit higher for new owner sales and so you know as we look at the first quarters VPG, which was, a monster result, for you guys.

這真的很有幫助，謝謝。我的第二個問題是關於新業主組合與自有組合，你們知道嗎？我認為第一季的自有組合為 85%，而我認為全年的自有組合略低於這個數字，夏季新業主銷售額的季節性增長略高，所以你知道，當我們看第一季度的 VPG 時，這對你們來說是一個驚人的結果。

Does that, do you, is it harder to maintain the strong VPGs as you move into a more new owner sales intensive season that being the summer or is that sort of a lever that's in your control and that's something you plan to pull?

當你們進入夏季這個新車主銷售更密集的季節時，維持強勁的 VPG 是否會變得更加困難，或者這是一種你們可以控制的槓桿，並且你們計劃採取這種措施？

Yeah, look, it is a lever that we can control, but first I'd say that the number is closer to for new buyers is closer to 25% to 30% so, it's not 15%. So, the other thing that's in a way skewing that number is the outperformance on the owner side is really material, now we had VPG growth both from owners and new buyers, right?

是的，看，這是我們可以控制的槓桿，但首先我想說的是，對於新買家來說，這個數字更接近 25% 到 30%，而不是 15%。因此，另一個在某種程度上扭曲這個數字的因素是業主方面的優異表現確實很重要，現在我們的業主和新買家的 VPG 都實現了成長，對嗎？

From a new buyer standpoint, that VPG growth was really driven by average transaction price going up 5%. From an owner perspective, if you look at the owner side we saw great improvements, almost 500 bits of improvement and close rates.

從新買家的角度來看，VPG 的成長實際上是由平均交易價格上漲 5% 推動的。從業主的角度來看，如果你看一下業主方面，我們看到了巨大的進步，幾乎有 500 位的改進和成交率。

So, part of the mix there is driven by outsize owners and then still ramping up on new buyers, so we were really pleased to see the results the teams did a great job executing. I think we're up 15% or just under 15% of VPG so you know as we go through the balance of the year the mix is going to be somewhat similar, so you know our expectations are that we'll continue to see a strong performance and strong execution.

因此，部分組合是由超大業主推動的，然後仍在增加新買家，因此我們很高興看到團隊出色地完成了任務。我認為我們的 VPG 成長了 15% 或略低於 15%，所以你知道，隨著我們度過今年的剩餘時間，組合將有些相似，所以你知道我們的期望是我們將繼續看到強勁的表現和強大的執行力。

That being said, I think we've made plenty of disclosures out there, that, the narrative out there hasn't been positive around the consumer and its confidence, but again we haven't yet seen that in our numbers.

話雖如此，我認為我們已經做出了大量的揭露，關於​​消費者及其信心的敘述並不積極，但我們還沒有在我們的數據中看到這一點。

Great, thanks for all the colour nice quarter.

太好了，感謝你們為我帶來如此美麗的色彩。

Thank you.

謝謝。

Ben Chaiken, Mizuho Securities.

瑞穗證券的 Ben Chaiken。

Hey, thanks for taking my questions, Dan, nice to have you back, regarding the balance sheet optimization, you gave some colour on the prepared remarks and also in the press release regarding the 951 of notes that were, current on payments and there's the 519 that could be monetized, then there's the 210 of additional notes that still leaves kind of a balance of, something around 200 I guess for a three part question.

嘿，丹，謝謝你回答我的問題，很高興你回來，關於資產負債表優化，你對準備好的評論以及新聞稿中關於 951 張票據進行了闡述，這些票據是當前支付的，有 519 張可以貨幣化，然後還有 210 張額外的票據，仍然留有餘額，我猜對於三部分問題來說，大約有三部分問題。

Number one, where does that remaining 220 or so sit? Part two, do you view all of the 951 as receivables you could securitize in the near term, or is there a portion you would leave in the balance sheet for some reason or another?

第一，剩下的 220 左右在哪裡？第二部分，您是否認為所有 951 項債務都是可以在短期內證券化的應收帳款，或者是否有一部分由於某種原因而留在資產負債表中？

And then part three, I think the warehouse is full, is the plan to securitize those working in the warehouse down and then use that 850 to capacity to take down the 950. Hopefully that all make sense, I can circle back if those two convoluted thanks.

第三部分，我認為倉庫已經滿了，計劃是對倉庫工作人員進行證券化，然後使用 850 人的容量來減少 950 人的容量。希望這一切都有意義，如果這兩個令人費解的話我可以回頭感謝謝。

Hey Ben, thanks, and it's good to be back. With regards to your questions, don't know where to begin. I think the last one, you effectively answered, but let's jump back to the $200 million. The $200 million is a part of the current unsecuritized receivables. It really pertains to loans that either have no FICO scores for one reason or another or their loan balance heavy for another reason, I just for lack of a better term, they're not immediately securitizable.

嘿，本，謝謝，回來真好。關於您的問題，不知道從哪裡開始。我認為最後一個問題你已經回答得很有效了，但讓我們回到 2 億美元這個問題。這 2 億美元是目前非證券化應收帳款的一部分。它實際上適用於那些由於某種原因而沒有 FICO 分數或由於其他原因而貸款餘額過高的貸款，我只是缺乏更好的術語，它們不能立即證券化。

That doesn't mean there's not a path; there is a path. This is more of your scratch and dent of nature, so there is a path to do that. We wouldn't focus on that. We haven't focused that on the in the past just given the advance rate that's typically associated with the scratch and dent, issuance, so that's out there.

這並不意味著沒有路；有路。這更多的是大自然給你造成的刮痕和凹痕，所以有一種方法可以做到這一點。我們不會關注這一點。我們過去並沒有關注這一點，只是考慮到通常與刮痕和凹痕、發行相關的預付率，所以這是存在的。

The other thing that takes into consideration is all these metrics are a point in time, right? So to your point, the warehouse is drawn effectively, not completely drawn at this point in time, but majority drawn. What we will look to do is to term that out by going to the ABS markets most likely as we approach the summer months

另一件需要考慮的事情是所有這些指標都是一個時間點，對嗎？所以就你的觀點而言，倉庫是有效提取的，目前還沒有完全提取，但大部分已經提取。我們最有可能在夏季來臨之際進入 ABS 市場，以此來解決這個問題

As you've seen while the markets have been very choppy, the ABS markets are definitely open we a competitor went to the market recently and was successful we anticipate going to the market in the short term we would and just given today again I pause because there's a lot of noise out there.

如您所見，儘管市場波動很大，但 ABS 市場絕對是開放的，我們的競爭對手最近進入了市場並取得了成功，我們預計短期內也會進入市場，只是今天我再次暫停，因為那裡有很多噪音。

But if we were to go out today, I would anticipate pricing in the range of five to five and a half, obviously that'll move with the macro, but that's where we would see it today let's see, I think I answered two of your three which one did I not answer completely?

但如果我們今天出去，我預計價格會在 5 到 5.5 之間，顯然這會隨著宏觀而變化，但這就是我們今天會看到的，讓我們看看，我想我回答了你的三個問題中的兩個，哪一個我沒有完全回答？

Just overall you think about the, just as you think about the total balance of the 951, is there any force can we think about that as being all securittizable in the near to medium term, or is there a portion that you would want to leave on the balance sheet for some reason or another?

總的來說，就像您考慮 951 的總餘額一樣，我們是否可以認為在中短期內可以將其全部證券化，或者您是否希望將其中一部分留在資產負債表上，出於某種原因？

The vast majority we would look to securitize, but again this is getting back to the point in time concept because there's a certain amount that we would retain to make sure that we have, notes available for replacements in the existing deals, etc. So, there's some level that we wouldn't actively go out and securitize.

我們希望將絕大多數資產證券化，但這又回到了時間點的概念，因為我們會保留一定數量的資產，以確保我們擁有可用於現有交易中替換的票據等。所以，在某種程度上，我們不會主動出去證券化。

Okay, that's very helpful. And then, on VPG, definitely stronger than expected. It sounds like partially, Bluegreen, HGV Max success, which makes sense. Are there any statistics you can share or anecdotal comments regarding the success of upgrading Bluegreen customers?

好的，這非常有幫助。然後，就 VPG 而言，肯定比預期的要強。這聽起來像是 Bluegreen 和 HGV Max 的部分成功，這是有道理的。您能否分享一些有關 Bluegreen 客戶升級成功情況的統計數據或軼事評論？

I know you gave the overall close rate on existing owners a moment ago, which was very helpful. I don't know if maybe you have that for Bluegreen customers if you feel comfortable sharing that. And then is there any Bluegreen sales centres that you're still maybe upgrading or rebranding thanks.

我知道您剛才給出了現有業主的整體成交率，這非常有幫助。如果您願意分享的話，我不知道您是否可以為 Bluegreen 客戶做到這一點。那麼，您是否還有正在升級或重塑品牌的 Bluegreen 銷售中心？謝謝。

Yeah, I know, yeah, good question. So, what I would say is, first of all, VPGs were strong across the legacy business and, in particular Bluegreen owners and so if you look at VPG growth, in the Legacy-HGV-DRI world, owners and new buyers are up 8%, right?

是的，我知道，是的，好問題。所以，我想說的是，首先，VPG 在整個傳統業務中表現強勁，特別是 Bluegreen 所有者，所以如果你看看 VPG 的增長，在 Legacy-HGV-DRI 領域，所有者和新買家增長了 8%，對嗎？

So, you can see that Bluegreen owners really outperformed and the growth there was pretty material. It was, over 40% growth in VPG, so 2 times what we saw in overall owner VPG so good performance across the entire company and entire brands, but really strong outperformance on the Bluegreen side.

因此，您可以看到 Bluegreen 業主確實表現出色，並且增長相當可觀。VPG 的成長超過 40%，是整體所有者 VPG 成長的 2 倍，因此整個公司和整個品牌的表現都很好，但 Bluegreen 方面的表現確實非常強勁。

Thanks a lot, appreciate it.

非常感謝，感激不盡。

Patrick Scholes, Truist Securities.

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

Great, thank you. Good morning. Mark, on the previous earnings calls you had given some outlines on several KPIs, specifically from my notes, last time you had talked about low to mid-single digit for the year to load to mid-single digit margin approximately 50 basis points. I could give us update on those expectations. Thank you.

太好了，謝謝。早安.馬克，在之前的收益電話會議上，您已經對幾個 KPI 進行了概述，具體來說，從我的筆記來看，上次您談到了今年的低到中等個位數利潤率，以加載到中等個位數利潤率約 50 個基點。我可以向我們提供有關這些期望的最新情況。謝謝。

Yeah, Patrick, broke up a little bit there, but I think I caught the Essence of the question and so you know when you think about you know the cadence for the rest of the year you know we came out we we're down on tour flow for Q1 but we still expect to have tour flow growth, for the remainder of the year, part of the contraction on the tour flow side was really related to a number of the initiatives we're doing around.

是的，帕特里克，我的話有點打斷你，但我認為我抓住了問題的本質，所以你知道，當你考慮今年剩餘時間的節奏時，你知道我們第一季度的旅遊流量下降了，但我們仍然預計今年剩餘時間的旅遊流量會增長，旅遊流量方面的部分收縮實際上與我們正在採取的一些舉措有關。

Improving the quality of the tours and so you know we're using and continue to tighten up our qualifications, focusing on higher quality customers and we refined our modelling we're trying to identify higher propensity buyers and those that have the ability to pay so that's part of it.

提高旅遊質量，所以你知道我們正在使用並繼續加強我們的資格，專注於更高品質的客戶，我們改進了我們的模型，我們試圖識別更高傾向的購買者和那些有支付能力的人，所以這是其中的一部分。

The other part of it is, unfortunately, a number of the Bluegreen sales centres that were impacted by. The hurricane has been going to take longer to reopen than we initially expected and so and there's a lot of work that's going on with the teams around that to get those properties reopened but you're dealing with insurance companies and so you know some of that timing is not necessarily in our control.

不幸的是，另一部分是許多 Bluegreen 銷售中心受到了影響。颶風過後，重新開放所需的時間比我們最初預期的要長，因此，相關團隊正在做大量工作，以讓這些房產重新開放，但您需要與保險公司打交道，因此您知道，其中一些時間並不一定在我們的控制範圍內。

When I say around the VPG, front is, we performed much better than we expected, in the first quarter. Now, we've talked a lot about, acknowledging, that, you know there's a lot of noise around the consumer out there and you know assuming you know the market conditions continue to be what they are today you know our expectations are that continue we will have that mid to higher single digit VPG growth for the rest of the year.

當我談到 VPG 時，首先要說的是，我們在第一季的表現比我們預期的要好得多。現在，我們已經談了很多，承認這一點，你知道，消費者周圍有很多噪音，你知道假設你知道市場狀況繼續保持今天的樣子，你知道我們的預期是，在今年剩餘時間內，我們將繼續保持中等到較高的個位數 VPG 增長。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Hey thanks welcome back Dan. Just to dig into a couple things in the opening remarks from you, Mark, I think that you gave a couple of these strategic initiatives, and two of them, one was more flexible financing, one I think you said new features to drive engagement.

嘿，謝謝，歡迎回來丹。馬克，我只想深入探討您在開場白中的幾個問題，我認為您提出了幾個戰略舉措，其中兩個，一個是更靈活的融資，一個是我認為您說的推動參與的新功能。

I was hoping you could just maybe expand on each of those on the flexible financing is that effectively improving the rate is improving the amount down and then on the features to drive engagement maybe if you can just elaborate on maybe the cadence of what you're doing and then the cadence of when we'll start to see that.

我希望您能夠詳細說明靈活融資的各個方面，即有效提高利率就是降低金額，然後是推動參與的功能，也許您可以詳細說明您正在做的事情的節奏，然後是何時我們開始看到這一點的節奏。

Yeah, no, a great question. So, on the financing side and then you can jump in here, we have, essentially what we're doing is we're standardizing our financing, program across the company.

是的，不，這是一個很好的問題。因此，在融資方面，然後您可以跳到這裡，我們基本上正在做的是在整個公司範圍內標準化我們的融資計劃。

Bluegreen had their financing program, our legacy business had their financing program, and one of the things that I have to say, over the years it's gotten very complex, around, our financing grids and so one of the things we've tried to do is just simplify it and create a financing grid that I think was attractive to new customers coming in and really focus on generating additional cash right at point of sale and so that's a big driver of it

Bluegreen 有他們的融資計劃，我們的傳統業務也有他們的融資計劃，而我要說的一件事是，多年來，我們的融資網絡變得非常複雜，因此，我們嘗試做的事情之一就是簡化它並創建一個融資網絡，我認為這對新客戶很有吸引力，並且真正專注於在銷售點產生額外的現金，所以這是一個很大的驅動力

And then intensifying our customers around what product type, they're acquiring, and you know we've got a lot of inventory we're a really good inventory position and obviously looking to move as much and balance out our inventory and utilizing our finance grid to focus you know buyers into certain types of inventories.

然後加強我們的客戶對他們所購買的產品類型的了解，你知道我們有很多庫存，我們的庫存狀況非常好，顯然我們希望盡可能多地轉移和平衡我們的庫存，並利用我們的融資網絡將買家集中到某些類型的庫存上。

As far as initiatives go, you know it has been really focused around, the tour quality and also the value proposition and so the tour quality I think I talked about just a few minutes ago, on the value proposition, it's around what we can do to deliver even a better, value proposition than we have today and so there's really no silver bullet here.

就舉措而言，您知道它真正關注的是旅遊質量和價值主張，所以我認為我幾分鐘前談到了旅遊質量，關於價值主張，它圍繞著我們可以做些什麼來提供比現在更好的價值主張，所以這裡真的沒有靈丹妙藥。

It's really a stacking of a number of initiatives that we're focused on and, part of it is also driving investing in marketing up front, to drive additional revenue going forward, we're, I don't see a demand shock out there I think you know our urgency, and our sense of urgency right now given this environment to continue driving new buyers as well as is driving the value proposition up for our owners.

這實際上是我們關注的一系列舉措的疊加，其中一部分也是推動前期行銷投資，以推動未來的額外收入，我們沒有看到需求衝擊，我想你知道我們的緊迫性，以及在這種環境下我們目前的緊迫感，即繼續吸引新買家，並為我們的業主提高價值主張。

Those are super important and as we think about the benefits of those, we're seeing the scoring benefits today. A number of the other initiatives we see to benefit us in the back half of the year and taken together we believe all of these things will help us insulate our business from any potential macro, disruption out there.

這些都非常重要，當我們思考這些好處時，我們今天就看到了得分的好處。我們認為其他一些舉措將使我們在今年下半年受益，綜合起來，我們相信所有這些舉措將幫助我們保護業務免受任何潛在的宏觀幹擾。

Yeah, Mark and I think I just add to that. I mean Stephen to Mark's point on the financing front, it is really about making the messaging and the conversation at the sales table a lot cleaner, a lot less friction.

是的，馬克和我認為我只是補充了這一點。我的意思是，史蒂芬和馬克在融資方面的觀點是，這實際上是為了讓銷售桌上的訊息傳遞和對話更加清晰，減少摩擦。

We're also unifying the underwriting to Mark's point Bluegreen; I think we mentioned this a couple times last year Bluegreen, which, and this is not unusual for the industry, but Bluegreen was offering, the ability to upgrade with no additional cash down, things like that, which we are unifying with what the underwriting process with HGV and Legacy diamond portfolio.

我們還將承保統一到 Mark 的觀點 Bluegreen；我想我們去年在 Bluegreen 上提到過幾次，這在行業中並不罕見，但 Bluegreen 提供了無需額外現金即可升級的能力，諸如此類的事情，我們正在將其與 HGV 和 Legacy 鑽石投資組合的承保流程統一起來。

Where we require additional skin in the game to you know make people, make sure people are motivated to one stay engaged with their mortgage, but two, and more importantly stay engaged with the product itself. So, the combination of those two we're very optimistic will help drive portfolio performance as we go throughout this year and into future years.

我們需要在遊戲中投入額外的精力來激勵人們，確保人們有動力繼續參與抵押貸款，但更重要的是，繼續專注於產品本身。因此，我們非常樂觀地認為，這兩者相結合將有助於推動今年乃至未來幾年的投資組合表現。

Great thank you.

非常感謝。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Hi there, thanks for taking the question. Just to kind of zoom in a bit on the consumer, I'm curious if you've seen any kind of divergence between, different geographies within the US, a particular strength in areas versus others or any signs of a kind of trade down between different products, just any other colour that would be helpful.

您好，感謝您提出這個問題。為了稍微放大一下消費者的情況，我很好奇您是否看到過美國不同地區之間存在任何差異，某個地區相對於其他地區的特定優勢，或者不同產品之間存在任何降價的跡象，任何其他顏色都會有所幫助。

You know, it's interesting because, as, preparing for today's call I was really looking at market results, right, and you know we had outstanding performance in a number of markets and it's not really geographically focused and when I look at, for instance, Hawaii.

你知道，這很有趣，因為在準備今天的電話會議時，我真正關注的是市場結果，對吧，你知道我們在許多市場都有出色的表現，而且並不是真正集中在地理位置上，例如，當我看夏威夷時。

Hawaii teams again delivered, very strong. [Maui] grew 40%. We are now back to pre-fire, numbers in [Maui]. We saw our [Oahu] domestic and Japan teams outperform as well as our Big Island teams in Waikoloa.

夏威夷團隊再次表現出色，表現強勁。 [毛伊島]成長了40%。我們現在回到火災前，數字[毛伊島]。我們看到，我們（瓦胡島）國內和日本的團隊以及位於威可洛亞的大島團隊表現出色。

So, very strong there. New York was extremely strong and DC. In fact, our East teams did a fantastic job, and Orlando was a really good story for us, improved execution. And then when you look at the kind of the mid to smaller markets, our JV with Bass Pro up in Big Cedar did well, the Carolinas were strong. Arizona was strong and Texas was strong, so I'd say around the consumer.

所以，那裡非常強大。紐約和華盛頓特區都表現得非常強勁。事實上，我們東部的球隊表現非常出色，而奧蘭多對我們來說也是一個很好的故事，他們的執行力得到了提升。然後，當您查看中型到小型市場時，我們與 Bass Pro 在 Big Cedar 的合資企業表現良好，卡羅來納州表現強勁。亞利桑那州很強大，德克薩斯州也很強大，所以我認為圍繞著消費者。

And you know we actually started signalling this in the middle of last year, mainly around the bottom third of our, new buyer wealth cohorts. That has stabilized but it still hasn't improved, right?

你知道，我們實際上在去年年中就開始發出這種訊號，主要針對我們新買家財富群體中的底層三分之一。已經穩定了但是還是沒有改善，對嗎？

So, our focus, Lizzie has been to manoeuvre around it, right? Why continue to focus on those customers when they're having a tough time dealing with this cumulative inflation that's going out, going on, over the last couple of years and the uncertainty out there. So, our focus has really been what can we control we can tighten up our qualifications, right?

那麼，我們的重點，Lizzie 一直都是圍繞著它進行操作，對嗎？當這些客戶正艱難應對過去幾年不斷累積的通貨膨脹和各種不確定性時，為什麼還要繼續關注他們？所以，我們的重點其實是我們能夠控制什麼，我們可以加強我們的資格，對嗎？

And so that's what we've been doing and at the end of the day. It was really great to see how well our owners and members continued to perform and it was nice to see VPG growth from our new buyers and you know it wasn't, double digit growth for new buyers, but we did see a little growth. So, I think all the work we're doing around our initiatives is starting to pay off.

這就是我們一直在做的事情，最終也做到了。看到我們的業主和會員繼續表現如此出色真是太好了，而且很高興看到新買家的 VPG 增長，你知道，新買家的增長不是兩位數，但我們確實看到了一點增長。所以，我認為我們圍繞我們的計劃所做的所有工作都開始獲得回報。

Got it, thank you.

知道了，謝謝。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

Hey, good morning, guys, thanks for taking the question, Mark, just for a moment returning the kind of a downside scenario in the economy that we're still thinking about.

嘿，大家早安，感謝馬克回答這個問題，我們只是想簡單回顧一下我們仍在思考的經濟下行情景。

I know in prior cycles, none of which are exactly alike but you know there was some discounting by the resort sector and you know I think there's a perception that happens, it upends your value proposition a little bit in terms of, getting folks on tour so any thoughts there any, contingency plans, anything you're seeing in any markets yet that, gives you pause for concern on that.

我知道在之前的周期中，沒有一個是完全相同的，但你知道度假村行業有一些折扣，你知道我認為人們會有一種看法，它會在吸引人們旅遊方面稍微顛覆你的價值主張，所以有什麼想法嗎？有什麼應急計劃嗎？你在任何市場上看到的任何東西，都會讓你對此感到擔憂。

I'd have to say, we haven't seen any our package pipeline, which I think is a great indicator. And I actually think our package of value proposition because you remember the way our model works, we're subsidizing these guests to come visit our properties and go through a sales presentation and in this environment this value proposition even stands out even greater right, especially in a in a high-rate environment

我必須說，我們還沒有看到任何包裝管道，我認為這是一個很好的指標。事實上，我認為我們的價值主張組合，因為你還記得我們的模式是如何運作的，我們補貼這些客人來參觀我們的房產，並參加銷售演示，在這種環境下，這種價值主張甚至更加突出，特別是在高利率環境中

And so, I would say you know we continue to see really strong execution there. In fact, our dated packages and dated means those that have agreed to a date and are planning to travel actually went up 22% from Q4 to Q1.

所以我想說，我們繼續看到那裡真正強勁的執行力。事實上，我們的指定日期套餐和指定日期意味著那些已經同意日期併計劃旅行的人實際上從第四季度到第一季度增加了 22%。

Now as far as a downturn scenario, I think we've got, we're in a really good position, right, today our business is in better position than it was before because of some of the built-in advantages. 50% of our EBITDA is recurring.

現在就經濟低迷的情況而言，我認為我們處於一個非常好的位置，對吧，今天我們的業務比以前更好，因為有一些內在的優勢。我們的 50% 的 EBITDA 是經常性的。

We have a strong balance sheet, great brand, strong value proposition, our partners. Having a partner like Hilton, a partner like Bass Pro, Choice, it's helped us build the largest pipeline of potential new buyers in the industry, right? And then you think about how loyal our members are.

我們擁有強大的資產負債表、優秀的品牌、強大的價值主張和合作夥伴。擁有像希爾頓、Bass Pro、Choice這樣的合作夥伴，幫助我們建立了業內最大的潛在新買家管道，對嗎？然後你想想我們的會員有多忠誠。

We have tens of thousands of our owners who've been staying with us for multiple decades and 70% of them have paid off their mortgage. 90% live within a four-hour drive to one of our resorts. So, I think we, we're prepared for a wide range of outcomes, but, at the end of the day, the one benefit we have in our business, and we talked about it before is we go out and create the demand we're not waiting for people to show up.

我們擁有數以萬計的業主，他們已與我們一起居住了數十年，其中 70％ 已還清抵押貸款。 90％ 的業主居住在距離我們的度假村四小時車程以內的地方。所以，我認為我們已經為各種各樣的結果做好了準備，但歸根結底，我們的業務有一個好處，我們之前也討論過，那就是我們走出去創造需求，而不是等待人們出現。

We're out there reaching out, connecting, creating relationships with customers to drive that demand going forward. So look. It's hard to tell right now, and I'd say it's just too early to understand the full impact of what could occur with, the policy changes out there, but you know I'm a big believer that, the shift to moving to experiences away from goods, it's going to continue and it could even accelerate in an environment like this.

我們正在與客戶接觸、聯繫、建立關係，以推動未來的需求。所以看看吧。現在很難說，我想說現在了解政策變化可能帶來的全部影響還為時過早，但你知道，我堅信，從商品轉向體驗的轉變將會持續下去，甚至可能在這樣的環境下加速。

So, as you can tell I'm very optimistic that being said, anything could happen there's a lot of zig-zagging going on right now and you know the policy talks right now and quite frankly, every day I wake up I'm I kind of wonder what's news going to be like today. But all we can do is focus on what we can control and that's what we're doing and Chris.

所以，正如你所看到的，我非常樂觀，任何事情都可能發生，現在有很多曲折的事情發生，你知道現在的政策談判，坦白說，每天我醒來我都在想今天的新聞會是什麼樣的。但我們所能做的就是專注於我們能夠控制的事情，這就是我們正在做的事情，克里斯。

I think the only thing I'd add to that, I mean Mark obviously covered a lot of value additions that we've had to. Well, we offer our product offering over the past few years, but even if you go back to 2019 before hotels had these substantial increases in ADRs, we had a great value proposition back then. And when you think about the average transaction price that we enjoyed increasing over the past few years.

我認為我唯一要補充的是，馬克顯然涵蓋了我們必須增加的許多價值。嗯，我們在過去幾年裡一直在提供我們的產品，但即使回到 2019 年，在酒店的 ADR 大幅增加之前，我們當時也有一個很有價值的主張。當您想到過去幾年我們享受的平均交易價格上漲時。

It is more or less in line with the rate of inflation versus the outsized growth in ADR. So, there's not only are the elements of the product materially better.

它與通貨膨脹率和 ADR 的超額成長基本一致。因此，產品的元素不僅在實質上有所改進。

But just from a financial perspective we still hold a great deal of value to the end consumer. So, there would have to be a substantial decrease in, what you see the hotels. So, their [FIT] at, the dent into what we believe is, a great value for them [customer.]

但僅從財務角度來看，我們仍然對最終消費者俱有很大的價值。因此，酒店數量必然會大幅減少。因此，他們的[FIT]在我們認為對他們來說具有巨大價值的方面[顧客。 ]

Okay, yeah, fair enough, thanks guys. Appreciate it.

好的，是的，夠公平，謝謝大家。非常感謝。

Thank you. There are no further questions at this time.

謝謝。目前沒有其他問題。

Before we end, I would like to turn the call back over to Mark Wang for any closing comments.

在我們結束之前，我想將電話轉回給馬克王 (Mark Wang)，請他發表任何結束語。

Well thanks everyone for joining us today and I want to thank all of our team members for going above and beyond to meet our owners' needs and deliver outstanding vacation experiences, and I also want to thank our owners who make vacation a priority and entrust us with creating those memorable experiences for themselves and their families. Have a great day.

非常感謝大家今天的到來，我要感謝我們團隊的所有成員竭盡全力滿足業主的需求並提供出色的度假體驗，我還要感謝我們的業主將度假放在首位並委託我們為他們自己和家人創造難忘的體驗。祝你有美好的一天。

Thank you.

謝謝。

This concludes today's conference. You may disconnect your lines at this time.

今天的會議到此結束。現在您可以斷開線路。

Thank you for your participation.

感謝您的參與。