Hilton Grand Vacations Inc (HGV) 2025 Q3 法說會逐字稿

Good morning and welcome to Hilton Grand Vacations 3rd quarter 2025 earnings conference call. A telephone replay will be available for seven days following the call.

早安，歡迎參加希爾頓度假俱樂部2025年第三季財報電話會議。電話錄音重播將在通話結束後七天內提供。

The dial-in number is 844-512-2921 and enter PIN number 13,751,068.

撥入號碼為 844-512-2921，輸入 PIN 碼 13,751,068。

At this time, all participants have been placed in a listen-only mode, and the floor will be open for your questions following the presentation.

目前，所有參與者都已進入唯讀模式，演講結束後將開放提問環節。

If you would like to ask a question, please press 1 on your touchtone phone to enter the queue.

如果您有任何疑問，請按按鍵式電話上的 1 進入佇列。

If at any point your question 0.

如果您在任何時候提出問題 0。

If using a speakerphone, please lift your handset to allow the signal to reach our equipment. Please limit yourself to one question and one follow-up to allow the opportunity for everyone to ask questions.

如果使用免持通話，請拿起聽筒，以便訊號能夠到達我們的裝置。請每人只提一個問題，並可提出一個後續問題，以便讓每個人都有機會提問。

You may then reenter the queue to ask additional questions.

然後您可以重新排隊詢問其他問題。

I would now like to turn the call over to Mark Melnick, senior Vice President.

現在我將把電話交給高級副總裁馬克·梅爾尼克。

Welcome to the Hilton Grand Vacation 3rd quarter 2025 earnings call. As a reminder, our discussion this morning will include forward-looking statements. Actual results could differ materially from those indicated by these forward-looking statements, and these statements are effective only as of today. We undertake no obligation to publicly update or revise these statements. 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. We'll 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.h.com.

歡迎參加希爾頓度假俱樂部2025年第三季財報電話會議。再次提醒，我們今天上午的討論將包含前瞻性陳述。實際結果可能與這些前瞻性聲明所指出的結果有重大差異，而這些聲明僅截至今日有效。我們不承擔公開更新或修改這些聲明的義務。有關可能導致實際結果出現差異的一些因素的討論，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。我們也會參考一些非GAAP財務指標。您可以在我們的獲利新聞稿和網站 investors.h.com 上找到此類非 GAAP 財務指標的定義和組成部分，以及今天討論的非 GAAP 和 GAAP 財務指標的調整表。

Our reported results for all periods reflect accounting rules under ASC 606, which we adopted in 2018.

我們報告的所有期間的業績均反映了我們於 2018 年採用的 ASC 606 會計準則。

Under AC 606, we're required to defer certain revenues and expenses related to sales made in a period when a project is under construction and then hold off on recognizing those revenues and expenses until the period when construction is completed.

根據 AC 606 的規定，我們需要將項目建設期間的某些銷售收入和支出遞延，然後等到建設完成時再確認這些收入和支出。

For ease of comparability and the simplify our discussion today, our comments on adjusted EADA and our real estate results will refer to results excluding the net impact of construction-related referrals and recognitions for all reporting periods. To help you make more meaningful period to period comparisons, you can find details of our current and historical deferrals and recognitions on Table T1 of our earnings release, and the complete accounting of our historical deferral recognition activity can also be found in Excel format on the financial reporting section on our investor relations website. With that, let me turn the call over to our CEO Mark Wang. Mark.

為了便於比較，也為了簡化我們今天的討論，我們對調整後的 EADA 和房地產業績的評論將是指不包括所有報告期內與建築相關的推薦和確認的淨影響的業績。為了幫助您進行更有意義的期間比較，您可以在我們的盈利報告表 T1 中找到我們當前和歷史遞延和確認的詳細信息，您也可以在我們投資者關係網站的財務報告部分找到 Excel 格式的歷史遞延確認活動的完整會計記錄。接下來，我將把電話交給我們的執行長馬克·王。標記。

Morning everyone, and welcome to our 3rd quarter earnings call. We have strong operational and financial execution this quarter with 17% growth in our contract sales driving material improvements in our real estate business profitability versus the prior year. Those results enabled a near double-digit growth in our e-bita for the period, along with maintaining our commitment to returning substantial cash back to shareholders.

各位早安，歡迎參加我們的第三季財報電話會議。本季我們的營運和財務執行力強勁，合約銷售額成長了 17%，推動了房地產業務獲利能力較上年同期顯著提高。這些成果使我們在該期間的電子利潤實現了近兩位數的成長，同時我們也保持了向股東返還大量現金的承諾。

I was particularly pleased with how broad-based our sales performance was. We grew our tour flow and BPG in both owner and new buyer channels. All of our domestic geographic regions produced double-digit gains of BPG, and we delivered mid-teens contract sales growth at both our legacy and blue green businesses. Our teams have been working hard on executing against our strategic initiatives to grow our lead flow, improve our execution, and enhance our value proposition. And those efforts are continuing to produce results.

我對我們銷售業績的廣泛性尤其感到滿意。我們提高了業主和新買家管道的參觀量和 BPG。我們所有國內地理區域的 BPG 均實現了兩位數的成長，我們的傳統業務和藍綠業務的合約銷售額均實現了兩位數中段的成長。我們的團隊一直在努力執行我們的策略性舉措，以增加潛在客戶數量、提高執行力並增強我們的價值主張。這些努力正在持續取得成效。

The consumer environment has remained stable overall, and travel demand continues to be healthy when looking at forward indicators and member surveys.

整體而言，消費環境保持穩定，從前瞻指標和會員調查來看，旅遊需求依然健康。

While recent events have highlighted the continued volatility in the policy landscape, our focus on our strategic priorities has not changed. We're controlling the things we can control by executing against identified initiatives and highlighting our value proposition in the short-term while continuing to invest in building our capabilities for the long-term.

儘管近期發生的事件凸顯了政策環境的持續波動，但我們對策略重點的關注並未改變。我們正在掌控我們能夠掌控的事情，透過執行已確定的計劃，並在短期內突出我們的價值主張，同時繼續投資建立我們的長期能力。

We still have work to do around growing our new buyer mix and improving our cost efficiencies, but our results reinforce my confidence that we're making progress toward achieving those objectives and that the investments we're making today will drive sustainable value creation in the business.

我們仍需努力拓展新的客戶群並提高成本效益，但我們的成果增強了我的信心，即我們正在朝著實現這些目標取得進展，並且我們今天所做的投資將推動業務的可持續價值創造。

Looking ahead, we're carrying good momentum into the year end, and we're reiterating our existing even of guidance for the year along with our expectation of achieving high single-digit contract sales growth.

展望未來，我們帶著良好的勢頭進入年底，我們重申我們現有的年度業績指引，並期望實現高個位數的合約銷售成長。

Turning to the results for the quarter, recorded contract sales were up 17% to $907 million which was a record for the business on a pro forma basis. Adjusted EBITDA was $302 million with margins excluding reimbursements of 24%.

再來看本季業績，記錄在案的合約銷售額成長了 17%，達到 9.07 億美元，以備考基準計算，這是該公司創紀錄的業績。調整後 EBITDA 為 3.02 億美元，不計報銷的利潤率為 24%。

And as I mentioned, I'm encouraged by the composition of our sales in the quarter.

正如我之前提到的，我對本季的銷售組成感到鼓舞。

Consolidated tour growth at 2% continued the consistent trend of improvement we've seen this year, with both owner and new buyer channels contributing to the growth.

今年以來，旅遊市場整體成長了 2%，延續了持續成長的趨勢，業主和新買家管道都為此成長做出了貢獻。

We grew new buyer tours at our legacy and blue green businesses, and we achieved that growth while executing on our tour efficiency initiatives and improving the overall quality of the tour pipeline.

我們在傳統業務和藍綠業務中增加了新的買家參觀，並且透過執行參觀效率提升計劃和提高參觀流程的整體質量，實現了這一增長。

BPG was up 15% against the prior year with our performance also reflecting broad strength.

BPG 較上年成長 15%，我們的業績也反映了整體強勁的勢頭。

Both owners and new buyers contributed to the growth. The gains were also relatively well balanced between our legacy and blue green businesses, and geographically we saw double-digit growth across every one of our mainland regions.

業主和新買家都為成長做出了貢獻。我們的傳統業務和藍綠業務之間的成長也相對均衡，而且從地理上看，我們在大陸的每個地區都實現了兩位數的成長。

Looking at our forward demand indicators, which also remain healthy, occupancy in the quarter was equal to the prior year at 83%. Consolidated arrivals in the fourth quarter are ahead of the prior year, and our marketing and rental arrivals continue to be our strongest channels. Our package sales initiatives also continue to be successful with another quarter of double-digit package sales growth and a pipeline that remains near 750,000 packages.

從我們依然保持良好動能的預期需求指標來看，本季入住率與去年同期持平，為 83%。第四季綜合入住量超過去年同期，我們的行銷和租賃入住量仍然是我們最強勁的管道。我們的包裹銷售計畫也持續取得成功，包裹銷售額連續第二季實現兩位數成長，目前仍有近 75 萬件包裝待出貨。

Moving on to our other business units, our member count was nearly 722,000 at the end of the quarter and reflected the increased rate of recapture we discussed last quarter, which will support both embedded value creation and improved long-term cash flow generation.

接下來看看我們的其他業務部門，截至本季度末，我們的會員數量接近 722,000 人，這反映了我們上個季度討論的回收率的提高，這將有助於創造內在價值並改善長期現金流。

Our HUV Max members are our most engaged and active members, and we're maintaining a very steady pace of Max additions with both new buyers and owner upgrades. We added 70,000 members to HUV Max over the past 12 months, and in doing so, we achieved an important milestone, surpassing a 2,500 HUV Max members, including nearly 30,000 legacy Blue Green members now enrolled in the program.

我們的 HUV Max 會員是我們參與度最高、最活躍的會員，我們透過新買家和車主升級，保持著 Max 會員數量穩定成長的勢頭。在過去的 12 個月裡，我們為 HUV Max 增加了 70,000 名會員，並在此過程中實現了一個重要的里程碑，HUV Max 會員人數超過了 2,500 人，其中包括近 30,000 名已加入該計劃的藍綠計劃原會員。

So we continue to see robust demand for the Max program and the compelling value proposition it offers.

因此，我們持續看到市場對 Max 計劃的強勁需求及其極具吸引力的價值主張。

In our rental business, continued travel demand supported growth in much of our portfolio.

在我們的租賃業務中，持續的旅行需求支撐了我們大部分業務組合的成長。

While the Las Vegas FIT rental market remains slow due to visitations and competitive dynamics.

儘管由於遊客數量和競爭格局的影響，拉斯維加斯的自由行租賃市場仍然低迷。

Our Vegas sales teams did a tremendous job in our sales centers during the quarter, driving near double-digit contract sales growth despite market challenges.

本季度，儘管面臨市場挑戰，我們拉斯維加斯銷售團隊在銷售中心表現出色，實現了接近兩位數的合約銷售成長。

And in our financing business, we continue to execute on our business optimization program that will enhance our cash flow over the long-term. During the quarter we've repurchased 3.3 million shares of stock for $150 million.

在融資業務方面，我們將繼續執行業務優化計劃，以從長遠角度提高我們的現金流。本季我們以 1.5 億美元的價格回購了 330 萬股股票。

We're on track to hit our goal of returning $600 million to shareholders through our repurchase this year, and we remain committed to returning excess capital to shareholders.

我們預計將實現今年透過股票回購向股東返還 6 億美元的目標，我們將繼續致力於向股東返還剩餘資本。

Turning next to an update on our initiatives and integration.

接下來，我們將介紹我們的各項措施和整合工作的最新進展。

We continue to make progress with our lead generation initiatives to drive package sales and activations.

我們在潛在客戶開發方面持續取得進展，以推動產品銷售和活化。

The packages we sold in the 1st 6 months of the year are starting to convert into tours, and we're a key contributor to our return to positive new buyer tours growth this past quarter.

今年上半年我們售出的旅遊套裝開始轉化為實際的旅遊團，而我們也是上個季度新買家旅遊團數量恢復成長的關鍵貢獻者。

We also generated double-digit growth in the number of packages sold in Q3, exceeding our internal forecast for the second quarter in a row.

第三季度，我們的包裹銷售也實現了兩位數的成長，連續第二季超過了我們的內部預測。

Those packages will in turn help us to build out our tour pipeline into 2026.

這些項目反過來又將幫助我們建構到 2026 年的巡迴計劃。

So while stronger than expected performance resulted in proportionately elevated marketing spend in the period and weighed on our flow through.

因此，雖然業績好於預期，導致該期間的行銷支出相應增加，並對我們的利潤率造成了影響。

We view this investment as an important driver of future growth.

我們認為這項投資是未來成長的重要驅動力。

As those packages convert into tours and ultimately into contract sales, we'll see the benefit of new buyers entering the system and adding additional lifetime value.

隨著這些套餐轉化為旅遊產品，並最終轉化為合約銷售，我們將看到新買家進入系統並增加終身價值的好處。

Regarding our product enhancement initiatives, HCV and HVC Resorts began receiving max members from Bluegreen this month, with those members now able to easily use their points for stays at our resorts across all of our brands.

關於我們的產品提升計劃，HCV 和 HVC Resorts 本月開始從 Bluegreen 接收 max 會員，這些會員現在可以輕鬆地使用他們的積分在我們所有品牌的度假村享受住宿。

And we plan to launch additional Hilton benefits for our newest Mac members from from Bluere along with access to travel concierge service to help with the planning and making the most out of their next getaway.

我們計劃透過 Bluere 為我們最新的 Mac 會員推出額外的希爾頓福利，以及旅遊禮賓服務，以幫助他們規劃和充分利用下一次度假之旅。

Turning to the blue-green integration, we continue to make good progress.

在藍綠融合方面，我們持續取得良好進展。

We reached $94 million in our run rate costs introduced this quarter and remain on track with the targeted $100 million in savings.

本季我們已實現9,400萬美元的營運成本節約，並預期實現1億美元的節省目標。

We fully rebranded our blue green sales centers and rolled out our envisioned sales technology in each of them.

我們對藍綠色銷售中心進行了全面品牌重塑，並在每個銷售中心推出了我們設想的銷售技術。

And with the recent completion of our Bass Pro kiosk rebrands, we have great brand synergy across our marketing channels highlighting Hilton Brand vacation's quality of product and service backed by the Hilton brand.

隨著我們最近完成 Bass Pro 攤位的品牌重塑，我們在各個行銷管道中實現了強大的品牌協同效應，突顯了希爾頓品牌度假產品和服務的質量，以及希爾頓品牌的支持。

On the property front, we've rebranded our 1st 7 blue-green properties with the goal of having our targeted rebrands completed over the next 3 years.

在物業方面，我們已經對前 7 個藍綠色物業進行了品牌重塑，目標是在未來 3 年內完成所有目標物業的品牌重塑。

Our technology teams also continue to make great progress on our digital transformation path, rolling out additional tools to our teams, while also introducing new enhancements to improve our member experience. This quarter we've upgraded our proprietary My Explorer chatbox to provide our members a personalized AI powered tool tailored to their membership profile to help them with their booking and vacation needs.

我們的技術團隊也在數位轉型道路上持續取得巨大進展，為團隊推出更多工具，同時引入新的增強功能以改善會員體驗。本季度，我們升級了專有的「我的探索者」聊天框，為會員提供個人化的人工智慧工具，該工具根據會員資料量身定制，以幫助他們滿足預訂和度假需求。

From a partnership perspective, we've been focused on executing and deepening our existing relationships through strategic alliances with Hilton, Bass Pro Choice, and Gray Wolf.

從合作關係的角度來看，我們一直致力於透過與希爾頓、Bass Pro Choice 和 Gray Wolf 的策略聯盟來執行和深化我們現有的合作關係。

We reach a broad, diverse, and growing audience, and we're constantly working with those partners to test new marketing programs and increase the efficiency of our funnel to convert leads to new member transactions and drive lifetime value.

我們擁有廣泛、多元且不斷成長的受眾群體，我們不斷與這些合作夥伴合作，測試新的行銷計劃，提高銷售漏斗的效率，將潛在客戶轉化為新會員交易，並提升終身價值。

So to sum it up, I'm proud of our performance this quarter, and I'm especially pleased with how broad-based our performance was across our KPIs, channels, and geographies.

總而言之，我對我們本季的業績感到自豪，尤其令我高興的是，我們在關鍵績效指標、管道和地理方面都取得了廣泛的成功。

Our teams have done a great job executing against the initiatives we laid out, and their hard work is producing results. We're focused on further improving our cost structure and flow through along with driving additional new buyer growth. And I believe that the investments we're making in the business are setting us up for long-term value creation.

我們的團隊在執行我們所製定的各項計劃方面做得非常出色，他們的辛勤工作正在取得成果。我們致力於進一步改善成本結構和流程，同時推動新買家的成長。我相信，我們對業務的投資正在為我們創造長期價值奠定基礎。

So with that, I'll turn it over to Dan for more details on the numbers. Dan.

那麼，接下來我將把麥克風交給丹，讓他來詳細介紹一下這些數字。擔。

Thank you, Mark, and good morning everyone. Before we start, note that our reported results for this quarter include 99 million of sales deferrals, which reduced reported GAAP revenue, and were related to pre-sales of our Kahakku and Kyoto projects.

謝謝你，馬克，大家早安。在開始之前，請注意，我們本季報告的業績包括 9,900 萬的銷售遞延，這減少了報告的 GAAP 收入，並且與我們的 Kahakku 和 Kyoto 專案的預售有關。

We also recorded $42 million of associated direct expenses deferrals. Adjusting for these two items would increase the adjusted EDOt to shareholders reported in our press release by a net $57 million to $302 million.

我們也記錄了 4,200 萬美元的相關直接費用遞延。在調整這兩個因素後，我們在新聞稿中報告的調整後股東權益淨額將增加 5,700 萬美元，達到 3.02 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.

在我的發言稿中，我只會提及不包括淨遞延的指標，這些指標能更準確地反映我們在這段期間的財務績效現金流動態。

We had a strong sales performance this quarter reflected across our channels, KPIs, and geographies, leading leading to contract sales growth of 17%. That fueled an acceleration in both our top-line and EEA growth which strengthen our real estate financing and club and resort businesses.

本季我們在各個通路、關鍵績效指標和地區都取得了強勁的銷售業績，最終合約銷售額成長了 17%。這推動了我們營收和歐洲經濟區業務的加速成長，從而加強了我們的房地產融資以及俱樂部和度假村業務。

Real estate margins had their second consecutive quarter of meaningful expansion, and our recurring finance and club and resort businesses continue to demonstrate consistent growth.

房地產利潤率連續第二季實現顯著成長，我們的經常性融資、俱樂部和度假村業務也持續保持持續成長。

While we still have work to do on the rental business and our overall cost efficiency, I think we made solid progress in the quarter overall. We finished the quarter with 69% of our current receivables securitized as we continue to execute against our financing business optimization.

雖然我們在租賃業務和整體成本效益方面仍需努力，但我認為本季整體上取得了穩定進展。本季末，我們已將 69% 的現有應收帳款證券化，我們將繼續推進融資業務優化。

While our cash generation was lower this quarter due to the timing of securitization activity, we remain confident in our 65 to 70% cash flow conversion target for the year.

雖然由於證券化活動的時機，我們本季的現金產生量有所下降，但我們仍然對今年 65% 至 70% 的現金流轉換目標充滿信心。

Year-to-date we've produced $342 million in adjusted free cash flow and we're expecting to generate a material amount of cash in the fourth quarter along with our final securitization deal of the year.

今年迄今為止，我們已產生 3.42 億美元的調整後自由現金流，預計第四季將產生大量現金，同時也將完成今年的最後一筆證券化交易。

Turning to the results for the quarter, total revenue before cost reimbursement in the quarter grew 12% to $1.3 billion and adjusted even other shareholders was $302 million with margins excluding reimbursements of 24%, roughly in line with the prior year.

再來看本季業績，本季未扣除成本補償的總收入成長了 12%，達到 13 億美元，即使扣除其他股東的調整後收入為 3.02 億美元，不計補償的利潤率為 24%，與上年大致持平。

We've recognized $94 million of run rate cost energies from our blue green acquisition and are within sight of our goal of $100 million of run rate savings. Within our real estate business, contract sales were a record $907 million up 17% versus the prior year. As Mark mentioned, the composition of our sales performance was encouraging with gains in both our owner and new buyer channels. New buyer mix remained steady at 27% of contract sales during the quarter.

我們從藍綠能源收購中已經實現了 9,400 萬美元的年度成本節約，距離實現 1 億美元的年度成本節約目標越來越近了。在我們的房地產業務中，合約銷售額創下 9.07 億美元的紀錄，比前一年增長了 17%。正如馬克所提到的，我們的銷售業績組成令人鼓舞，在現有客戶管道和新客戶管道均取得了成長。本季新買家佔合約銷售額的比例保持穩定，為 27%。

Tours were up 2% year over year to 232,000 with growth in owner and new buyer channels. We expect to see an acceleration in our fourth quarter tour growth supported in part by our package sales performance in the first half of the year.

旅遊團數量年增 2%，達到 232,000 人次，其中業主和新買家管道均有所增長。我們預期第四季巡迴業務成長將加速，部分原因是上半年套餐銷售業績良好。

Turning to VPG, our tour efficiency initiatives, HGV Max and Kahaku launches underpinned in acceleration and growth to $3900 up 15% year over year.

再來看 VPG，我們的旅遊效率提升計畫、HGV Max 和 Kahaku 的推出，都得益於加速成長，最終達到 3900 美元，年成長 15%。

As was the case with tours, both our owner and new buyer channel saw a step up in growth from the second quarter rate.

與旅遊業務的情況類似，我們的業主和新買家管道的成長速度都比第二季有所提升。

The costs of product was 12% of net VOI sales in the quarter in line with the prior year.

本季產品成本佔淨 VOI 銷售額的 12%，與去年同期持平。

Real estate sales and marketing expense was 46% of contract sales, a 300 basis point improvement from the prior year.

房地產銷售和行銷費用佔合約銷售額的 46%，比前一年改善了 300 個基點。

Similar to last quarter, we outperformed our package sales estimates, which will help support future tour growth.

與上個季度類似，我們的旅遊套餐銷售額超過了預期，這將有助於支持未來的旅遊業務成長。

Due to the nature of timeshare marketing, the expenses related to that outperformance are realized up front, and we'll convert to EBITDA as we tour those package guests in the coming quarters. In Q3, the additional marketing expense was roughly $7 million.

由於分時度假行銷的性質，與這種超額收益相關的費用將提前確認，我們將在接下來的幾個季度裡，隨著我們接待這些套餐客人，將這些費用轉換為 EBITDA。第三季度，額外的行銷費用約為 700 萬美元。

Despite the additional expense, however, real estate profit was $178 million in the quarter with margins of 27%, up 300 basis points over the prior year.

儘管支出增加，但該季度房地產利潤仍達到 1.78 億美元，利潤率為 27%，比上年同期增長 300 個基點。

In our financing business, 3rd quarter revenue was $128 million and profit was $75 million with margins of 59%.

在我們的融資業務中，第三季營收為 1.28 億美元，利潤為 7,500 萬美元，利潤率為 59%。

Excluding the amortization items associated with our acquired receivable portfolios, financing margins were 62%.

剔除與我們收購的應收帳款組合相關的攤銷項目後，融資利潤率為 62%。

Looking at our portfolio metrics, our originated weighted average interest rate was 14.7%. Combined gross receivables for the quarter were $4.2 billion or 3.1 billion net of allowance. Our total allowance for bad debt was $1.1 billion on that $4.2 billion receivable balance, or 27% of the portfolio.

從我們的投資組合指標來看，我們新增貸款的加權平均利率為 14.7%。本季合併應收帳款總額為 42 億美元，扣除撥備後淨額為 31 億美元。在 42 億美元的應收帳款餘額中，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 the consolidated portfolios was 10.1% for the quarter, slightly better than our second quarter level.

本季綜合投資組合的年化違約率為 10.1%，略優於第二季水準。

Our 3rd quarter provision was 17% of own contract sales in the quarter, 100 basis points improvement from the prior year.

第三季撥備佔當季自有合約銷售額的 17%，比去年同期改善了 100 個基點。

Delinquency rates across all portfolios are trending at or below last year.

所有投資組合的違約率均呈現與去年持平或低於去年的趨勢。

We continue to monitor our 31 to 60 day delinquency trends very closely as an early indicator and have not seen any signs of increased stress within our portfolio in recent weeks.

我們繼續密切關注 31 至 60 天逾期率趨勢，將其作為早期指標，最近幾週我們沒有看到投資組合中出現任何壓力增加的跡象。

In our resort and club business, our consolidated member count was nearly 722,000, reflecting recapture activity during the quarter, and as Mark mentioned, we crossed over 250,000 members in HCD Max, which is a great milestone.

在我們的度假村和俱樂部業務中，我們的合併會員人數接近 722,000 人，反映了本季度的會員回收活動，正如 Mark 所提到的，我們在 HCD Max 的會員人數突破了 250,000 人，這是一個重要的里程碑。

Revenue grew 8% to $193 million for the quarter due to fee increases and stable member activity rates, and segment profit was $135 million with margins of roughly 70%.

由於費用增加和會員活躍度穩定，本季營收成長 8% 至 1.93 億美元，該部門利潤為 1.35 億美元，利潤率約為 70%。

Rental and ancillary revenues were up 2% versus the prior year to $186 million with a loss of $4 million driven by developer maintenance fees.

租賃和輔助收入比上年增長 2%，達到 1.86 億美元，但由於開發商維護費，虧損 400 萬美元。

Revenue growth in the period was driven by higher available room nights and relative stability and rev car across the portfolio as a whole. The Las Vegas rental market continues to remain soft, although recent trends have shown signs of stabilization.

該期間的收入成長得益於更高的可用客房夜數以及整個投資組合的相對穩定性和收入成長。拉斯維加斯的租賃市場依然疲軟，儘管最近的趨勢顯示出穩定的跡象。

We'll continue to leverage our ability to reallocate room nights between marketing and rental in Vegas to adjust to rental demand dynamics.

我們將繼續利用我們在拉斯維加斯重新分配行銷和租賃房間晚數的能力，以適應租賃需求的變化。

And as Mark mentioned, our team did a great job in that market driving strong contract sales with mintes growth in our Vegas VPGs.

正如馬克所提到的那樣，我們的團隊在該市場表現出色，推動了強勁的合約銷售，並在拉斯維加斯虛擬遊戲小組 (VPG) 中實現了顯著成長。

Bridging the GAAP between segment adjusted EBEDA and total adjusted EBITDA, JV EBEDA was $5 million license fees were $56 million and EBITDA attributable to non-controlling interest was $4 million.

根據 GAAP 準則，分部調整後的 EBEDA 與總調整後的 EBITDA 之間存在差異，合資企業 EBEDA 為 500 萬美元，許可費為 5,600 萬美元，歸屬於非控股權益的 EBITDA 為 400 萬美元。

Corporate G&A was $43 million or 3% of pre-reimbursement revenue, roughly in line with Q2 and last year.

公司一般及行政費用為 4,300 萬美元，佔報銷前收入的 3%，與第二季及去年同期基本持平。

Our adjusted free cash flow in the quarter was $23 million which included inventory spending of $77 million. Our cash flow was lower this year owing to the timing of our ABS deals. For the full year, we still anticipate that our conversion rate of adjusted to EBITDA into adjusted free cash flow will be in the range of 65 to 70%, which would imply a material amount of adjusted free cash flow generation in the fourth quarter and a conversion rate that will be in excess of 100%.

本季調整後的自由現金流為 2,300 萬美元，其中包括 7,700 萬美元的庫存支出。由於我們的資產支持證券交易時機所限，今年的現金流有所下降。全年來看，我們仍然預計調整後 EBITDA 轉化為調整後自由現金流的轉換率將在 65% 至 70% 之間，這意味著第四季度將產生大量的調整後自由現金流，轉換率將超過 100%。

Using our third quarter ending share count of just under 87 million shares, this implies we'll generate 8 to $9 of adjusted free cash flow per share for the year and we will continue to return the majority of that cash flow to shareholders.

根據我們第三季末的近 8,700 萬股股份計算，這意味著我們全年每股將產生 8 至 9 美元的調整後自由現金流，我們將繼續把大部分現金流返還給股東。

During the quarter, the company repurchased 3.3 million shares of common stocks for $150 million.

本季度，該公司斥資 1.5 億美元回購了 330 萬股普通股。

From October 1st through October 23rd, we repurchased an additional 1.1 million shares for $47 million.

從 10 月 1 日至 10 月 23 日，我們以 4,700 萬美元的價格回購了 110 萬股股票。

Including these shares, we've repurchased a total of 12.4 million shares year-to-date for $497 million representing nearly 18% of our public float coming into the year.

包括這些股份在內，我們今年迄今已回購了總計 1,240 萬股，耗資 4.97 億美元，約佔年初公眾持股的 18%。

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

我們始終致力於將自由現金流的主要用途——資本回報，並相信我們的股票仍然具有極高的價值。

As of October 23rd, we had 531 million of remaining availability under our current share repurchase plan.

截至 10 月 23 日，我們目前的股票回購計畫下還有 5.31 億股可供使用。

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

根據我們的展望，我們維持 2025 年經調整的 EDA 指導值在 11.25 億美元至 11.65 億美元之間，前提是環境與我們今天看到的情況保持一致。

Moving on to our liquidity, as of September 30th, our liquidity position consisted of $215 million of unrestricted cash and $632 million of availability under a revolving credit facility. Our debt balance at quarter end was comprised of corporate debt of $4.7 billion and a non-recourse debt balance of approximately $2.5 billion. At quarter end, we had $300 million of remaining capacity in our warehouse facility. We also had 1.1 billion of notes that were current on payments but unsecuritized. Of that figure, approximately cou586 millionld be monetized through a combination of our warehouse borrowing and securitization.

接下來談談我們的流動性，截至 9 月 30 日，我們的流動性狀況包括 2.15 億美元的非限制性現金和 6.32 億美元的循環信貸額度。截至季末，我們的債務餘額包括 47 億美元的公司債務和約 25 億美元的無追索權債務餘額。季度末，我們的倉庫設施還有 3 億美元的剩餘產能。我們還有 11 億張按時支付但未進行證券化的票據。其中約有 5.86 億可以透過我們的倉儲借貸和證券化相結合的方式變現。

But we anticipate another 358 million will become available following certain customary milestones such as first payment, deeding, and recording.

但我們預計，在完成某些慣例性里程碑（例如首次付款、產權過戶和登記）後，還將有 3.58 億可供使用。

Despite volatility in some portions of the credit market, our ABS market remains open and functioning. This fact, coupled with our $850 million dollar warehouse, gives us confidence we can execute on a previously discussed finance optimization strategy.

儘管信貸市場某些部分出現波動，但我們的資產支持證券市場仍然開放並正常運作。這一事實，再加上我們價值 8.5 億美元的倉庫，使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 Q3 and inclusive of all anticipated cost energies, the company's total net leverage on a TTM basis was 4.0 times.

截至第三季末，根據我們的信用指標，併計入所有預期成本，公司過去12個月的總淨槓桿率為4.0倍。

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

現在我們將把通話轉交給接線員，期待您的提問，接線生。

Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue.

謝謝。接下來我們將進行問答環節。如果您有任何疑問，請按下電話鍵盤上的 1。確認音表示您的線路已進入排隊佇列。如果您想從佇列中移除您的問題，可以按 2。

Again, please limit yourself to one question and one follow-up question.

再次提醒，請您只提一個問題，並可提出一個後續問題。

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

對於使用揚聲器裝置的參與者，可能需要在按下星形鍵之前拿起聽筒。

And our first question comes from Patrick Schos with Truest Securities.

我們的第一個問題來自 Truest Securities 的 Patrick Schos。

Hi, good morning, everyone.

大家早安。

I wonder if it's possible you could give us some initial high level expectations or thoughts for 2026 and then specifically within that talk about expectations for financing profits. Certainly we've seen in the last couple of years, given the Unfavorable direction of interest rates and the net spreads where that margin has been squeezed, given that that seems to be going the other way, I'd like to hear just sort of high level for financing as well.

我想知道您是否可以給我們一些關於 2026 年的初步高階預期或想法，然後具體談談您對利潤融資的預期。當然，在過去幾年裡，我們已經看到利率走向不利，淨利差被壓縮，鑑於這種情況似乎正在朝著相反的方向發展，我也想聽聽融資方面的高水準情況。

Thank you if you can.

如果可以的話，非常感謝。

Sure, yeah, Patrick, thanks. Of course we want, we're very focused on finishing the year strong so that's first and foremost, but, and as usual, we'll provide guidance on our our first call next year, but at a high level.

當然，謝謝帕特里克。當然，我們希望，我們非常專注於以強勁的勢頭結束今年，這是首要任務，但是，像往常一樣，我們將在明年的第一次電話會議上提供指導，但只是高層次的指導。

I think we're really well set up with momentum heading into 206 and expect to get to the growth a bit differently than we did this year from a top-line standpoint.

我認為我們已經為 2006 年的發展勢頭做好了充分準備，預計從營收角度來看，今年的成長方式將與今年有所不同。

We're continuing to see solid demand for leisure travel despite some of the noise out there, and we expect good tour flow growth next year, resulting from the investments we made during the year and which is going to be the primary driver for contract sales growth next year. You have to remember we're lapping, the Max launch with bluegre and and the Kahaku property that we we opened up or launched in launch sales in Hawaii. So and then of course the new new buyer to flow growth is is going to weigh a little bit on our BPG, so it'll be less of a driver on contract sales growth next year, but we're going to be, we're going to stay very focused on leverage in our fixed cost and Expect some operational cost improvements.

儘管外界存在一些幹擾因素，但我們仍然看到休閒旅遊需求強勁，預計明年旅遊客流量將實現良好增長，這得益於我們今年進行的投資，並將成為明年合約銷售增長的主要驅動力。你必須記住，我們正在超越 Max 與 bluegre 的合作推出，以及我們在夏威夷開設或推出的 Kahaku 物業。當然，新買家的湧入會對我們的 BPG 造成一定壓力，因此明年它對合約銷售成長的推動作用會減弱，但我們將繼續專注於提高固定成本的槓桿作用，並期待營運成本有所改善。

All of that said, we believe we're going to be able to continue to drive strong free cash flow and we're still very committed to returning capital to our shareholders. So we look forward to sharing more details on our next call. I think I'll let Dan jump in and talk about the financing profitability that that you ask on the second part of that question.

綜上所述，我們相信我們能夠繼續保持強勁的自由現金流，並且我們仍然致力於向股東返還資本。我們期待在下次電話會議上分享更多細節。我想讓丹來談談你提出的第二個問題——融資獲利能力。

Thanks Mark and Patrick, yeah, absolutely. I mean, as Mark underscored, I think we're well positioned for 2026. When it comes to the financing business, one element that we will see in 2026 is some headwinds on that front just as we continue to maximize our finance business op optimization program, as you recall. We expected that to take about 18 months, so that will run into next year. Now that'll be slightly offset by a growing portfolio. And as you recall last quarter we announced the first securitization in the Japanese market. We'll be looking to attack that market again next year too. So hopefully with the combination of all those things you'll see margin hold despite the headwind and.

謝謝馬克和派崔克，是的，當然。我的意思是，正如馬克所強調的那樣，我認為我們已經為 2026 年做好了充分準備。就融資業務而言，如您所知，我們將在 2026 年看到一些不利因素，同時，我們將繼續最大限度地提高我們的融資業務營運優化計劃。我們預計這需要大約 18 個月的時間，所以會持續到明年。不過，不斷增長的投資組合將在一定程度上抵消這一影響。正如您上個季度所記得的，我們宣布了日本市場上的首例證券化項目。明年我們還會繼續開拓這個市場。所以，希望綜合以上因素，即使面臨不利因素，利潤率也能維持穩定。

Potentially grow seeing how rates play out, but you can expect us to take full advantage of all those opportunities.

成長潛力取決於利率走勢，但您可以期待我們充分利用所有這些機會。

Okay, and if I could ask just a follow-up question here, actually has to do with the BPG, the very strong BPG results in 3Q, up 15%. Certainly, I follow a lot of travel and leisure companies and we don't see much of anything growing.

好的，如果我可以問一個後續問題的話，實際上與 BPG 有關，BPG 第三季業績非常強勁，成長了 15%。當然，我關注了很多旅遊休閒公司，但我們並沒有看到太多成長的跡象。

At the moment, if you had to, you kind of do this in your prepared marks, but just boil it down and summarize how you're doing, something that's growing 15% versus sort of the rest of the travel world not growing much of anything. What, boil it down for me.

目前，如果你非要這麼做的話，你會在準備好的分數中做到這一點，但只需概括總結一下你的表現，比如你的業務增長了 15%，而旅遊業的其他領域幾乎沒有任何增長。什麼？給我總結一下。

Thank you.

謝謝。

Yeah, so, first of all, I'd say, our teams did a great job, great execution, and when you look at where and how we accomplished this, it's really a similar story from a geographic perspective. East, west, mid-Atlantic, South, Vegas was even up, 10% in a market that's.

是的，首先，我想說我們的團隊做得非常出色，執行力很強。從地理角度來看，我們在哪些方面以及如何實現這個目標，情況其實很相似。東部、西部、中大西洋地區、南部，甚至拉斯維加斯也上漲了 10%，而市場整體而言…

Struggling from a, FIT standpoint, Orlando, New York, Hawaii, all double-digit gains across the business and so why do we think we're seeing this, I think it's really is a testament to, the new club that we launched, we innovated and and launched a brand new club and.

從健身產業的角度來看，奧蘭多、紐約、夏威夷的業務都實現了兩位數的成長，那麼我們認為為什麼我們會看到這種情況呢？我認為這確實證明了我們推出的新俱樂部的成功，我們進行了創新，並推出了一個全新的俱樂部。

It was a reinvention of what we've done, and Max is performing extremely well and it's been a catalyst for both owners and new buyers, we reached 250,000 members in just over 4 years.

這是對我們以往做法的重新詮釋，Max 的表現非常出色，它對現有用戶和新用戶都起到了催化劑的作用，我們在短短 4 年多的時間裡就達到了 25 萬會員。

If you go back and you look at HEV Legacy Club, it took us 25 years to reach that mark, right?

回顧HEV Legacy Club的發展歷程，我們花了25年才達到那個里程碑，對吧？

So, and what's happening is, and most importantly is our mac owners are reporting higher satisfaction rates and engagement scores, and our sales advisors continue to deliver on great vacation solutions. So owners are upgrading earlier and more frequent than we have in the past and driving record DPGs. So, and we're seeing that from our legacy club members upgrading into the Macs and we're also seeing existing Mac members who've joined over the last 3 to 4 years upgrade and in fact, I talked about the 250,000 max members. We actually have 360,000 transactions in max. So I really attribute a lot of the performance to. The great work our teams did rolling out this new membership program, it really has improved our value proposition. We've added a lot more Hilton benefits to connect our members to the broader Hilton ecosystem.

所以，最重要的是，我們的 Mac 用戶報告的滿意度和參與度得分都在提高，我們的銷售顧問也繼續提供出色的度假解決方案。因此，車主們升級換代的時間比以往更早、更頻繁，駕駛記錄顯示為柴油動力車。所以，我們看到，我們的老會員正在升級到 Mac，我們也看到，過去 3 到 4 年加入的現有 Mac 會員也在升級，事實上，我之前也提到過 25 萬會員的上限。實際上，我們最多有 36 萬筆交易。所以，我真的把很大一部分成績歸功於…我們的團隊在推廣這項新的會員計劃方面做得非常出色，它確實提高了我們的價值主張。我們增加了更多希爾頓會員權益，以便將我們的會員與更廣泛的希爾頓生態系統聯繫起來。

And when you look at our our base and members in macs.

當你查看我們的用戶群和使用Mac的用戶群。

Just above 50% of our max members have a tenure in our system of less than 5 years. So what does that mean? That means that those members that are in our system for less than 5 years have 90% of their lifetime value sitting ahead of them, and then nearly 70% of our max members have a tenure of less than 10 years in our system. So those members have 50% of their lifetime value sitting ahead of them. So. Anyways, the rapid growth in Mac space really bodes well for our business and just great execution.

在我們最高等級會員中，超過 50% 的人在我們系統中的會齡不到 5 年。那這意味著什麼？這意味著，在我們系統中任職時間不足 5 年的會員，其終身價值的 90% 尚未實現；而我們最高級別會員中，近 70% 的會員在我們系統中的任職時間不足 10 年。所以這些會員還有相當於其終身價值 50% 的收益尚未實現。所以。總之，Mac市場的快速成長對我們的業務來說確實是個好兆頭，而且執行得非常好。

Our next question comes from Ben Chaikin with Mizuho Securities.

下一個問題來自瑞穗證券的Ben Chaikin。

Hey, good morning. I'd love to touch on flow through. You kind of touched on in the prepared remarks, but I want to dig in a little further. So Top-line was strong, but it just feels like there's a couple things working against you. You mentioned the higher tour packages. I think you said this was worth $7 million. So essentially just to confirm, these are expenses incurred in the quarter of which you get revenue in the future, and the $7 million would be the amount above the normal course of business. I guess is that fair? And then it also looks like you had higher rescission and reportability and other adjustments, just anything you would flag in the P&L and then to the extent you could quantify it, that'd be great. Thanks.

嘿，早安。我想談談流通性問題。你在準備好的發言稿中已經略有提及，但我想更深入地探討一下。所以總業績很強勁，但感覺還是有一些不利因素在起作用。您提到了價格更高的旅遊套裝。我想你說過這東西價值700萬美元。所以，我再確認一下，這些是未來會有收入的季度內發生的費用，而 700 萬美元則是超出正常業務範圍的金額。這樣公平嗎？此外，看起來你們的撤銷和報告要求以及其他調整也更高，任何需要在損益表中標記的內容，如果能量化就更好了。謝謝。

Yeah, I, let me touch on some of that, and then I'll let Dan jump into some more detail here, but you know there there's always a level of investment in the business for growth, right? And we continue.

是的，我先簡單談談這方面，然後讓丹詳細說說。你知道，企業發展總是需要一定程度的投資，對吧？我們繼續。

To invest in high tech and high touch solutions really to to reach a bigger audience and and you know 25 has been a year above average investment in the future customer acquisition and that was by design, on the high tech side we've got great partners, right? We added 41 new marketing sites across Hilton, Great Wolf, and Bass Pro this year.

投資高科技和高觸達解決方案，是為了真正觸及更廣泛的受眾。你知道，25 年是未來客戶獲取方面高於平均水準的一年，這是我們有意為之的。在高科技方面，我們有優秀的合作夥伴，對吧？今年我們在希爾頓酒店、Great Wolf 和 Bass Pro 新增了 41 個行銷站點。

And we continue to invest in our digital channels. So, these initiatives require upfront investment in staffing, technology, so the results have been great. 10% year over year package sales growth for two consecutive quarters. Now, as you alluded to that growth is still only partially reflected on our tour flow as it takes sometimes 9 to 12 months. On average for a package holder to actually travel to one of our properties, and we're going to start seeing that that growth in Q4 and beyond. So, anyways, we expect, the upfront investment will bring us some steady level growth in the future and, most more importantly as we move more forward out and we go into next year. We want to get on a more consistent cadence between our package sales and tour flow, and our expectations next year is that the level of investment will be more closely matched to the revenue.

我們將繼續加大對數位管道的投入。因此，這些舉措需要前期在人員配備和技術方面進行投資，但結果非常顯著。連續兩季包裝銷售額較去年同期成長10%。正如您所提到的，這種增長目前僅部分反映在我們的巡迴流程中，因為這有時需要 9 到 12 個月的時間。平均而言，套餐持有者實際入住我們旗下酒店的比例將會上升，我們將在第四季度及以後看到這種增長。總之，我們預計，前期投資將在未來為我們帶來穩定的成長，更重要的是，隨著我們不斷向前發展，進入明年，這種成長勢頭將更加強勁。我們希望在我們的旅遊套餐銷售和旅遊流量之間保持更穩定的節奏，我們預計明年的投資水準將與收入更加緊密地匹配。

And then Dan, I think there's probably a couple.

然後是丹，我想可能還有幾個人。

Other, yeah, I know, definitely Ben just to address some of your specific questions to your point, the marketing packages activity that $6 or $7 million it rounds of $7 million.

是的，我知道，當然，本，為了回答你的一些具體問題，關於你的觀點，行銷套餐活動價值 600 萬或 700 萬美元，大約是 700 萬美元。

Is above the ordinary course of business as you'll recall those are packages that will be traveling in the future. That's when we'll recognize the package revenue, but the cost is up front and obviously as they come to the properties they're tour and we will recognize contract sales to the extent we sell them. So that's a piece of it to your question on reportability. There is a piece associated with reportability.

這超出了正常的業務範圍，您應該還記得，這些包裹將來要運往各地。那時我們才能確認套餐收入，但成本是預付的，顯然，當他們來到房產參觀時，我們會根據實際售出的金額確認合約銷售額。所以，這算是對你關於報告問題的一部分回答。這其中涉及到報告問題。

It's actually not a bad story. It's a good story. So during the last 10 days, if you look year over year just from a rescission perspective, we sold more contract sales the last 10 days of this year compared to last year. That's roughly 8 million, so that's really effectively timing just getting past that rescission period that. Consumers have and then in addition to that, and this is, part of the investment as well from an FDI perspective we have rolled out some of the higher cost FDI's to the entire system.

其實這故事還不錯。這是一個好故事。因此，如果僅從撤銷的角度來看，在過去的 10 天裡，我們今年最後 10 天的合約銷售額比去年同期要多。那大約是 800 萬美元，所以這實際上只是在把握時機，趕在撤銷期過去之後而已。消費者擁有，此外，從外國直接投資的角度來看，這也是投資的一部分，我們已經向整個系統推出了一些成本較高的外國直接投資。

That yielded an elevated level of FDIs in Q3, as it's one of the tools we use to close a transaction, and it's a bit of a balancing act, but I would tell you that this quarter was elevated on an FDI perspective by probably point to point.5. So all of those things yielded, some compression on the flow through.

這使得第三季的外國直接投資水準有所提高，因為這是我們完成交易的工具之一，這需要一些平衡，但我可以告訴你，從外國直接投資的角度來看，本季可能提高了 0.5 個百分點。因此，所有這些因素都導致了流通流量的壓縮。

Got it. That's helpful. And then the rescission that 8 million that basically dropped straight to EBITDA. Is that fair or how do we think about that 8 in the fall With It?

知道了。那很有幫助。然後，撤銷了那 800 萬美元的支出，這筆錢基本上直接計入了 EBITDA。這樣公平嗎？或者我們該如何看待秋季的8號？

There's some deferral, but we'll recognize all that as we flow into Q4.

雖然有些事情會推遲，但我們會在進入第四季度時考慮到所有這些因素。

Got it. And 1 to 2 points on the FDI, sorry, is that 1 to 2 million or when you say points, I didn't call that.

知道了。外國直接投資增加 1 到 2 個百分點？抱歉，您說的是 100 萬到 200 萬嗎？還是您說的「點數」？我沒猜對。

So that FDI is a percentage of contract sales or sales call it between 9 and on the higher end $15 million for the quarter.

因此，外國直接投資佔合約銷售額或銷售額的百分比，該季度在 900 萬美元到 1500 萬美元之間（較高者）。

Okay.

好的。

That's meaningful.

這很有意義。

Okay, got it. And then switching gears a little bit as we think about free cash flow conversion in 206, can you help us think about the puts and takes? I think we've talked about in the past maybe reducing some inventory spend, which obviously is a good guy for a free cash flow conversion, and then I'm not sure if you have any, big beautiful bill benefits, but just again as a percentage of EBITDA, so EBITDA free cash flow conversion at 26, what's kind of like is there a good ballpark for.

好的，明白了。然後，當我們思考 206 年的自由現金流轉換時，稍微轉換主題，您能幫我們思考一下賣出和賣出的問題嗎？我想我們之前討論過或許可以減少一些庫存支出，這顯然有利於自由現金流的轉化，然後我不確定你是否有任何重大的賬單收益，但同樣以 EBITDA 的百分比來衡量，所以 EBITDA 自由現金流轉化率為 26，大概是多少？有沒有一個比較合理的範圍？

Look, I'll start with the taxes, obviously like every other operator operator out there, we're trying to take full advantage of what's in the big beautiful bill, but I think generally speaking I would look for cash taxes to be roughly in that mid-teens level as a percentage of you would call it, 13% to 16% somewhere in that realm, to the degree we can take advantage, we will.

聽著，我先說說稅務問題。顯然，和其他業者一樣，我們也想充分利用這項巨額稅收政策。但總的來說，我認為現金稅收的百分比應該在15%左右，也就是13%到16%之間。我們會盡一切可能利用這項政策。

From a cash flow and an investment perspective on inventory.

從現金流和投資角度來看庫存問題。

Last time I think we talked about this, it's worth highlighting again, right after the blue-green acquisition we expected to be in a position where we would need to invest between $350 and $450 million in inventory on an annualized basis.

上次我們談到這件事的時候，值得再次強調的是，在完成藍綠收購後，我們預計每年需要投資 3.5 億至 4.5 億美元用於庫存。

Since then we're obviously capitalizing to a great degree on recaptured. And that's going to allow us to lower that that long-term level investment from 350 to 450 down to roughly 300 million. Now we've been talking about this for a few years because we did push off inventory investments during COVID, so we're still wrapping up some of those larger investments, most notably Kahakku and Maui and Hawaii. So this year we will spend 4 just under $400 million. That will be a similar level next year and then you'll get to that average run rate of roughly $300 million on an annual basis, which includes, new projects as well as recaptured inventory.

從那以後，我們顯然在很大程度上利用了重新奪回的資源。這將使我們能夠將長期投資從 3.5 億至 4.5 億降低到約 3 億。幾年來我們一直在討論這個問題，因為我們在新冠疫情期間推遲了庫存投資，所以我們仍在完成一些較大的投資，最值得一提的是卡哈庫、毛伊島和夏威夷。所以今年我們將花費略低於 4 億美元。明年將維持在類似水平，然後每年將達到約 3 億美元的平均運行率，其中包括新項目和回收的庫存。

And moving on to our next question, Chris Waronka with Deutsche Bank.

接下來，我們來回答下一個問題，請德意志銀行的克里斯沃隆卡 (Chris Waronka) 回答。

Hey guys.

嘿，大家好。

Good morning.

早安.

I was hoping we could maybe talk for a minute about your first time buyers and not sure if you want to maybe segment them across the different brands or some other way but just how they're I know you said that all the metrics are up for for first timers, but is there any difference you see between maybe a you know a blue green source first time. Buyer and HTV, depending on how you source them just thinking about in terms of close rate or BPG or things like that, is there any way to segment any kind of trends for first time buyer versus an existing buyer? Thanks.

我希望我們能花一點時間談談你們的首次購房者，我不確定你們是否想按不同品牌或其他方式對他們進行細分，但我想了解一下他們的狀況。我知道您說過所有指標都適用於首次購屋者，但您是否發現不同品牌（例如藍綠色品牌）的首次購屋者之間有任何差異？買家和 HTV，取決於你如何獲取他們的信息，僅僅考慮成交率或 BPG 之類的因素，有沒有辦法對首次購房者和現有購房者進行任何趨勢細分？謝謝。

Yeah, so I've got a few data points here I'll share with you that, we're, as we're fully committed to new buyers, right, and really pleased with the progress the teams are making.

是的，我這裡有一些數據點要跟你們分享，我們完全致力於吸引新買家，對吧？而且我們對團隊的進展感到非常滿意。

On an absolute basis we're sourcing more new buyer tours to our sales centers and driving more transactions than anybody in our sector, and that's that's really been the case for the last 15 years.

從絕對數量上看，我們為銷售中心帶來的新買家參觀次數比業內任何其他公司都多，而且在過去的 15 年裡，情況一直如此。

So we continue to be very focused and we talk about, the investment. I talked earlier about the investments we've made this year to even bolster that going into 26 and so. What I'd say is number one on the BPG front, new buyer close rate reached its highest level since Q2 of 23, and we're really pleased to see that that movement there from a generational standpoint, Gen X, Millennials and Gen Z made up 70% of our tour flow and close rate improved across all of those generations and then. When you look at it from an income tier standpoint, close rates were steady in the low net worth tier, and they increased in the middle and high tier net worth customers. So you know we're seeing it right now, the consumer is stable and we're very focused on execution, executing on all the things that we can control.

所以我們繼續非常專注於投資，並討論投資問題。我之前談到了我們今年進行的投資，以進一步加強我們在 2026 年及以後的發展。在 BPG 方面，我認為最重要的一點是，新買家成交率達到了 2023 年第二季度以來的最高水平，我們非常高興地看到，從代際角度來看，X 世代、千禧世代和 Z 世代占我們看房量的 70%，而且所有這些世代的成交率都有所提高。從收入階層的角度來看，低淨值階層的成交率保持穩定，而中等和高淨值階層的成交率則有所上升。所以你知道，我們現在看到的是，消費者很穩定，我們非常專注於執行，執行所有我們能夠控制的事情。

Okay, thanks, Mark, very helpful. And then follow-up question, how should we think about kind of getting that rental rental business back to zeroo from a or or better from a, even our standpoint? I know some of the challenges and unsold inventory, maybe you could give us a little bit of a walkthrough in terms of, what has to happen and timing and how we should think about that for the next couple of years it's a step function or more of a grind. Thanks.

好的，謝謝你，馬克，很有幫助。那麼，接下來的問題是，從我們的角度來看，我們應該如何考慮才能讓租賃業務恢復到零點甚至更好？我知道一些挑戰和未售出的庫存，也許您可以給我們簡單介紹一下，接下來幾年需要做什麼、時間安排以及我們應該如何看待這個問題，是會一蹴而就還是會循序漸進。謝謝。

Yeah, no, absolutely. So a lot of the, a lot of the momentum that we need to do is really driven off of contract sales. So as we sell more and we get through the recapture bubble that will allow us to lower the developer maintenance fee that will contribute heavily to improvement on. Rental side now we talked about this last quarter to some degree, from from a recaptured inventory standpoint that is going to yield, lower net owner growth over the next 2040, even 36 months as you saw this quarter, it's relatively flat and it will go negative.

是的，沒錯，絕對是這樣。因此，我們需要的許多動力實際上都來自於合約銷售。因此，隨著我們銷售增加，並且度過了回收泡沫期，這將使我們能夠降低開發商維護費，這將極大地促進改善。租賃方面，我們上個季度已經在某種程度上討論過這個問題，從回收庫存的角度來看，未來 2040 年甚至 36 個月內，淨業主增長率將會降低，正如你在本季度看到的那樣，增長率相對平穩，甚至會轉為負值。

But that's a big component of it. The other component that should help drive margin improvement, holding all else equal, which I know is a big assumption, especially when you think about ADR rates, but it's converting properties over to the Hilton. A brand we do realize ADR benefits from that standpoint and we also realize cost benefits from an OTA perspective, but it's really a combination of all those components and it is a long-term process to get there.

但這是其中一個重要的組成部分。在其他條件不變的情況下，另一個有助於提高利潤率的因素是將飯店轉為希爾頓飯店。我知道這是一個很大的假設，尤其是在考慮平均房價時。從這個角度來看，我們確實意識到 ADR 品牌的優勢，從 OTA 的角度來看，我們也意識到了成本優勢，但這實際上是所有這些因素的結合，而且這是一個長期的過程才能實現。

Yeah, and then I just add on to that that you know I think our teams have done a really thorough job this year.

是的，我還要補充一點，我認為我們的團隊今年做得非常好。

In the resort operation side really looking for improved efficiencies in our operations and I think we're going to see our members are going to see that.

在度假村營運方面，我們確實在尋求提高營運效率，我認為我們的會員將會看到這一點。

The increases that we're looking for next year are, by, excuse me, by average standards are going to be below what we've historically seen and then.

按照平均標準來看，我們明年預期的成長將低於我們歷史上所看到的水平。

And then I'd also say look, we picked up a lot of good inventory in the acquisition, but we do have some of that inventory that's non-branded and quite frankly it's just not a investment case of putting the dollars in to get them. To the standard we want and so there may be some inorganic options here and what I mean by that, where we have, maybe oversupply or product that doesn't really fit the portfolio where in the future we can figure out a way to move that inventory off our balance sheet and and move it along to somebody else that can better utilize it.

然後我還想說，你看，我們在收購中獲得了許多優質庫存，但其中一些庫存沒有品牌，坦白說，投資購買這些庫存並不划算。為了達到我們想要的標準，這裡可能有一些非有機成長的選擇。我的意思是，我們可能存在供應過剩或產品不太適合產品組合的情況，未來我們可以想辦法將這些庫存從資產負債表中移除，並將其轉移給其他能夠更好地利用它們的人。

And moving next to Brandt Montour with Barclays.

接下來是布蘭特·蒙圖爾在巴克萊銀行的工作。

Good morning, everybody. Thanks for taking my question. So you know there's been a lot of talk across consumer land this earning season as well as in travel, right, about the high end versus low end, and you're seeing it on the strip and you're seeing it elsewhere in different verticals, Mark, you gave some great stats and you kind of cut it up a bunch of different ways. It doesn't sound like you're seeing anything. But if you just look at close rates for new owner sales across your properties and you look at the smaller properties, a lot of those were legacy diamond versus maybe some of the bigger ones in Orlando or other markets, do you see any divergence based that that would sort of track that theme at all?

大家早安。謝謝您回答我的問題。所以你知道，在這個財報季，消費領域以及旅遊業都在熱議高端與低端市場，對吧？你在拉斯維加斯大道上看到了這一點，在其他地方的不同垂直領域也看到了這一點。馬克，你提供了一些很棒的數據，並且從許多不同的角度進行了分析。聽起來你好像什麼都沒看見。但是，如果您只看您旗下所有物業的新業主銷售成交率，並且您查看較小的物業，其中許多都是歷史悠久的鑽石級物業，而奧蘭多或其他市場的一些大型物業則不然，您是否發現任何差異，從而與上述主題有任何關聯？

Well, I think, Brandt, I think that divergence really is more.

嗯，我認為，布蘭特，我認為這種分歧確實更大。

Execution than it is from a consumer standpoint. Like I said, our new buyer close rate reaches its highest, amounts or highest rate since the quarter, second quarter of 23. So and, I talked about it a number of quarters ago around the low network tier customers that tier is really stabilized. It really hasn't come back to the historical levels, but What we've seen, Brand is that middle to higher network tier really improve. So, and we have spent a lot of time this year on optimizing our tour and we continue to evolve, how we use our data and analytics and our marketing to drive new buyers and really sharpening our qualifications. And the discovery process to just gather better information early on. So at the end of the day, we're we're trying to be much more effective in sourcing our customers and so, we're really focused on, trying to steer our our trying to to put our money and our focus to that mid to higher tier.

從消費者的角度來看，執行方面比這更重要。正如我所說，我們的新買家成交率達到了自 2023 年第二季以來的最高水準。所以，我幾個季度前就談到過低網路等級客戶的問題，那個等級的客戶現在已經非常穩定了。雖然還沒有完全恢復到歷史水平，但我們已經看到，中高端網路營運商的狀況確實有所改善。所以，今年我們花了很多時間來優化我們的巡迴演出，並且我們不斷發展，改進我們如何利用數據、分析和行銷來吸引新買家，並真正提高我們的資格。以及儘早收集更準確資訊的探索過程。所以歸根結底，我們正在努力提高客戶來源的效率，因此，我們真正專注於將資金和精力投入中高端市場。

Network customer than the lower tier right now and like I said they've stabilized but they really haven't recovered to the levels we've historically seen so.

目前網路客戶比低階客戶好，就像我說的，他們的業務已經穩定下來，但還沒有真正恢復到我們過去看到的水平。

And you know the only thing I'd add to that just from a performance standpoint is when we look at our portfolio, as you can imagine, one of the things we look at on a almost daily basis is delinquency rates between 31 and 60 days is a leading indicator from a performance standpoint. And you know we dice that data to the nth degree, but just to oversimplify it to some extent, if we look at those withICO scores greater than 650 versus those with lower than 650, what I can tell you is sequentially and generally speaking, It's been trending actually positive, greater than 650, and below 650 has been very stable. So even on that front we see positive trends in totality.

你知道，從業績角度來看，我唯一要補充的是，當我們查看我們的投資組合時，正如你所想，我們幾乎每天都會關注的一件事就是 31 到 60 天的拖欠率，這是業績方面的一個領先指標。你知道，我們對這些數據進行了無數次的分析，但為了簡化說明，如果我們比較ICO得分高於650分和低於650分的人群，我可以告訴你，從順序和總體上來看，高於650分的人群趨勢實際上是積極的，而低於650分的人群則非常穩定。所以即使在這一方面，我們也看到了整體上的積極趨勢。

Okay, thank you very Much David Katz with Jeffriess has our next question.

好的，非常感謝。傑弗里斯的戴維·卡茨將提出我們的下一個問題。

Hi everybody, thanks for taking my question.

大家好，感謝大家回答我的問題。

I appreciate all the detail around, some of the momentary or pedestrian investments and growth, as well as some of the timing issues, that seem a bit more momentary also.

我很欣賞其中的細節，包括一些暫時的或普通的投資和成長，以及一些時機問題，這些問題似乎也更具暫時性。

How do we think about in a general sense, 2026, right? Are is that an investment year to some degree also, or, should we think about, modeling this as kind of a year to reap what you've invested here?

我們從整體上如何看待2026年呢？這算不算某種程度上的投資年？或者，我們應該把這年看成是收穫投資成果的一年嗎？

Yeah, David, I think, as I mentioned just a few minutes ago, I think what you're going to see, next year is we're.

是的，大衛，我想，就像我幾分鐘前提到的那樣，我認為明年你會看到的是，我們將…

The big lift in investment, for, really broadening and building out our new buyer, marketing channels and and on the digital side, there'll be some investment there, but it won't be at the same level, and that we we put into this year and and so our expectations are next year we're going to be looking at tour flow growth that. Exceeds what we had this year and you know we're we're looking more in that kind of low to mid.

投資大幅增加，真正是為了拓寬和發展我們的新買家、行銷管道，在數位方面也會有一些投資，但不會達到我們今年投入的水平，因此我們預計明年我們將關注巡迴流量的成長。超過了我們今年的水平，你知道，我們更關注的是中低。

A single-digit tour flow growth and and with a little bit more moderated BPG next year and so the investments on the package side is going to we're going to get into a cadence where the growth on the package side is going to align much better to the growth on the tour flow side so we start seeing the revenue generation more closely matched up to the expense side. And so that's our expectation next year and our goal, for next year is our goal is to see, is to be able to exceed bottom line growth rate or grow the bottom line at a faster rate than our top-line.

預計明年旅遊客流量將實現個位數增長，BPG（每千人次旅遊）增速也將略有放緩，因此，在旅遊套餐方面的投資將會進入一個節奏，使得旅遊套餐方面的增長與旅遊客流量方面的增長更加協調一致，從而實現收入與支出更加緊密的匹配。所以這就是我們對明年的期望和目標，我們明年的目標是實現淨利潤成長率超過營收成長率，或者說淨利的成長速度要快於營收的成長速度。

Yeah, I mean, another way to think about it is just, from 25 to 26, it's kind of bridging to that long-term algorithm that we've historically talked about low single-digit to flow growth, low single-digit growth in VPG to mid translating into mid.

是的，我的意思是，另一種思考方式是，從 25 到 26，它有點像是過渡到我們過去一直談論的那個長期演算法，即從低個位數增長到流量增長，從 VPG 的低個位數增長到中等水平，最終轉化為中等水平。

A single growth in contract sales and then a focus on leveraging cost to drive.

合約銷售額實現單一成長，然後重點利用成本優勢推動成長。

Hopefully higher even at Very helpful.

希望更高，甚至更有幫助。

Thank you.

謝謝。

Our next question comes from Stephen Grambling with Morgan Stanley.

下一個問題來自摩根士丹利的史蒂芬‧格林布林。

Hey thanks just wanted to to follow-up on some of the.

嘿，謝謝，我只是想跟進一些事情。

Inventory and sales details and specifically maybe digging into Hawaii and some of that that inventory specifically I guess how would you compare and contrast the mix of, the inventory that's left to kind of sell specifically in Hawaii and and when you think you'd be kind of sold through that over the rest of, as we think about next year and even maybe beyond.

庫存和銷售詳情，特別是深入研究夏威夷的庫存情況，我想請您比較和對比一下剩餘庫存的組合，特別是夏威夷的庫存，以及您認為在明年甚至更長時間內，這些庫存何時能夠售罄。

Thank you.

謝謝。

Yeah, Steve, no, we're, as far as a mixed standpoint, we have been we, we've been doing this for a long time and it's really we're very focused on a balanced mix and so, we're, I think when we think about it, we're we're very much on track to be able to utilize the benefit of Kahakku for a number of years and and I'd say the same thing around Maui and also on the Big Island, we, we're still converting. Parts of that hotel and into units. So we're in a really good position from a deed standpoint, ideally on a long-term basis we want to be in about 2.5 years of deed inventory and right now we're running a little bit over that, so we're we're in a good position there, in the long run, our goal is to to bring our COP down and bring our balances down and. As Dan alluded to earlier, that'll benefit our rental segments. So all in all I think we're in a really good position from an inventory standpoint, and especially that high end inventory that has a lot of demand across the whole network. We're very measured in how we release that inventory to make sure it's it's balanced over a number of years.

是的，史蒂夫，不，就混合比例而言，我們一直以來都是這樣做的，我們非常注重平衡比例，所以，我認為當我們思考這個問題時，我們完全有能力在未來幾年內利用卡哈庫的優勢，而且在毛伊島和大島上也是如此，我們仍在進行轉換。將飯店的部分區域分割成單元房。所以從產權的角度來看，我們處於非常有利的位置。理想情況下，從長遠來看，我們希望產權庫存能維持大約 2.5 年，而目前我們已經略微超過了這個目標，所以從長遠來看，我們處於一個有利的位置。我們的目標是降低我們的 COP 和餘額。正如丹之前提到的那樣，這將有利於我們的租賃業務。總而言之，我認為從庫存角度來看，我們處於非常有利的地位，尤其是高端庫存，這些庫存在整個網路中需求很大。我們在發布庫存時非常謹慎，以確保庫存能在數年內保持平衡。

That's great. That's it for me.

那太棒了。就這些了。

Thank you.

謝謝。

Moving on to Danny Assad with Bank of America.

接下來是來自美國銀行的丹尼·阿薩德。

Hey, good morning guys. Dan, and I think it was to Brant's question you you called out where you mentioned that the delinquencies when it comes to, the FICOs that are below 650 have been stable.

嘿，各位早安。丹，我想你是在回答布蘭特的問題時提到的，你提到，信用評分低於 650 的違約情況一直很穩定。

Look, at the same time we're reading about, subprime auto delinquencies ratcheting up and like Brans to to Brant's point, other pockets of the consumer struggling, so I guess how do you square. Specifically how like, the sub 650 bands of, timeshare loans are stable here and there's no from a delinquency standpoint and then, other places where it's it's kind of not.

你看，與此同時，我們看到次貸汽車貸款違約率不斷上升，就像布蘭斯說的那樣，其他消費者群體也在苦苦掙扎，所以我想你該如何調和這一切呢？具體來說，例如低於 650 美元的分時度假貸款在這裡很穩定，從拖欠率的角度來看沒有問題，但在其他地方情況並非如此。

Yeah, no, look, that's a great question. I think there's a twofold answer there. First and foremost I would say, we are very focused on. When it comes to the consumer's mindset on the maximizing their desire to pay, right, and that comes down to how we interact with them from the starting point at the sales table, actually from selling them a package to the sales table and the experience they receive at that property. So there is a certain, emotional attachment to timeshare and vacationing. So I think that element holds strong and then. To be, quite blunt, the subprime FICOs are not our core either, so we probably have just to a degree lesser exposure than some of the, some of our counterparties who are having a larger problem with it, but sequentially we've held up well, and the trending is positive on that below 650 and then even when I think about annualized default rates again in total, but annualized default rates sequentially have improved from even last quarter and year over year they've actually improved more than they improved sequentially. So we're seeing as we sit here today, we're seeing everything holds stable to positive.

是啊，沒錯，這確實是個好問題。我認為這個問題有兩個答案。首先，我想說，我們非常關注…說到消費者如何最大限度地提高他們的支付意願，沒錯，這歸根結底取決於我們從銷售桌開始與他們互動的方式，實際上是從向他們推銷套餐到他們在酒店獲得的體驗。所以人們對分時度假和度假有一定的感情依戀。所以我認為這個因素依然很強。坦白說，次級貸款的FICO信用評分也不是我們的核心業務，所以我們可能比一些在這方面面臨更大問題的交易對手的風險敞口要小一些，但從環比來看，我們表現良好，而且低於650的趨勢是積極的。即使我再考慮年度違約率，總體而言，年度違約率環比甚至比上個季度有所改善，而且同比改善幅度實際上比環比改善幅度更大。所以，就我們今天所看到的，一切都保持穩定或向好。

Yeah Danny, I just had to, I think, yeah, and and I think Dan touched on this a little bit and I mentioned it earlier. Look, our mac owners are reporting much higher satisfaction rates and engagement scores and I think it, it's a testament to our club team and and all of those that are touching our customers across the network, not just the upfront sales process and. And as I mentioned, I gave some stats on, the tenure within the Mac program, and it's pretty impressive how how young a base we have in the Mac program, and I think you can't, you can't, I can't underestimate or over state the fact that high satisfaction and engagement scores are super important in people's willingness to want to pay.

是的，丹尼，我必須說，我想，是的，而且我想丹也稍微提到了這一點，我之前也提到過。你看，我們的 Mac 用戶回饋滿意度和參與度得分都高得多，我認為這證明了我們俱樂部團隊以及整個網路中所有與客戶接觸的人員的出色工作，而不僅僅是前期銷售流程。正如我之前提到的，我給了一些關於Mac專案使用者任期的統計數據，Mac專案使用者群體的年輕程度令人印象深刻。我認為，無論你、我、我都不能低估或高估高滿意度和參與度評分對於人們付費意願的重要性。

Got it. And just as a follow-up, in the past you've talked about, a mid-teens expectation for loan loss provisions based on kind of what you're looking at and those trends, is that still where we're trending right now for either like Q4 or or 2026?

知道了。還有一個後續問題，您之前提到過，根據您目前觀察到的情況和趨勢，貸款損失準備金預計在十幾個百分點左右，那麼對於第四季度或 2026 年來說，我們目前的趨勢是否仍然如此？

Yeah, no, I think that's accurate, and I think we're effectively there at this point.

是的，沒錯，我認為這個說法很準確，而且我認為我們目前實際上已經達到了這個目標。

Got it.

知道了。

Thank you very much.

非常感謝。

And that does conclude our question-and-answer session. Before we end, I will turn the call back over to Mark Wang for any closing remarks. Mr. Wang.

我們的問答環節到此結束。在結束前，我將把電話轉回給馬克·王，請他作總結發言。先生。王。

All right, thank you, Carrie, and thanks everyone for joining us today. I want to thank all of our team members.

好的，謝謝你，凱莉，也謝謝今天所有收看節目的朋友。我要感謝我們團隊的所有成員。

But a special shout out to our resort operations teams at our 200 resorts for delivering heartfelt hospitality and elevated experiences to our members and guests and to our members for trusting HEV with what matters most moments with friends and family and experiences designed to inspire and connect you to the world. Thank you everyone.

但特別要感謝我們遍佈200家度假村的營運團隊，感謝他們為我們的會員和賓客提供真摯的款待和卓越的體驗；也要感謝我們的會員，感謝他們將與親朋好友共度的美好時光以及旨在啟發靈感、連接世界的精彩體驗託付給HEV。謝謝大家！

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路，祝您有美好的一天。