Hilton Grand Vacations Inc. (HGV) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Hilton Grand Vacations first quarter 2026 earnings conference call. (Operator Instructions) I would now like to turn the call over to Mark Melnyk, Senior Vice President of Investor Relations. Please go ahead, sir.

早安，歡迎參加希爾頓分時度假（Hilton Grand Vacations）2026 年第一季財報電話會議。(接線員指示) 現在我想把電話交給投資人關係資深副總裁 Mark Melnyk。先生，請開始。

Thank you, operator, and welcome to the Hilton Grand Vacations first quarter 2026 earnings call. Our discussion 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 these statements.

謝謝，接線員，也歡迎各位參加希爾頓分時度假 2026 年第一季財報電話會議。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陳述所示存在重大差異。這些陳述僅於今日有效。我們不承擔公開更新或修訂這些陳述的任何義務。

For a discussion of some of the factors that could cause actual results to differ, please see the Risk Factors section of our SEC filings. Our reported results for all periods reflect accounting rules under ASC 606, which we adopted in 2018.

關於可能導致實際結果出現差異的部分因素之討論，請參閱我們向美國證券交易委員會（SEC）提交文件中的「風險因素」章節。我們各期間的已報告結果均反映 ASC 606 之會計規則（我們於 2018 年採用）。

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. The aggregate of these potentially overlapping deferrals and recognitions from various projects in any given period are known as net deferrals.

依 ASC 606 規定，當專案仍在施工期間，我們必須遞延與當期銷售相關的部分收入與費用，並在施工完成的期間才確認該等收入與費用。在任何特定期間內，來自不同專案、可能相互重疊的遞延與認列之合計，稱為淨遞延（net deferrals）。

Please note that in our prepared remarks today, we'll only be referring to metrics that remove the impact of net deferrals, which more accurately reflects the cash flow dynamics of our financial performance during the period.

請注意，在我們今天的事先準備講稿中，我們僅會提及已剔除淨遞延影響的指標，因其更能準確反映本期間我們財務表現的現金流動態。

To simplify our discussion today, we've uploaded slides to our Investor Relations site showing these metrics, which we'll be referring to on today's call. I'd urge you to view these slides on our website at investors.hgv.com.

為簡化今天的討論，我們已在投資人關係網站上傳投影片，展示這些指標；我們將在今天的電話會議中引用。建議各位至 investors.hgv.com 瀏覽這些投影片。

On Slide 2 of these materials, you can see the deferral adjusted metrics that we'll be referring to on today's call. Reported results for the quarter do not reflect $25 million of net contract sales deferrals under ASC 606, which had the effect of reducing reported GAAP revenue and were related to presales of our Ka Haku project, partially offset by a recognition associated with our Kyoto project, which opened in March. Also on Slide 2, we defer a net $7 million of direct expenses associated with these revenues.

在資料的第 2 頁投影片上，各位可以看到我們今天電話會議將引用的、經遞延調整後的指標。本季已報告結果未反映依 ASC 606 所產生的 2,500 萬美元淨合約銷售遞延；該遞延使已報告的 GAAP 收入降低，主要與我們 Ka Haku 專案的預售有關，並部分被與我們京都專案（於 3 月開幕）相關的認列所抵銷。同樣在第 2 頁投影片上，我們亦遞延與上述收入相關的 700 萬美元淨直接費用。

Adjusting for both these items would increase the adjusted EBITDA to shareholders reported in our press release by a net of $18 million to $267 million.

同時調整這兩項因素後，將使我們新聞稿中所報告的股東應占調整後 EBITDA 淨增加 1,800 萬美元至 2.67 億美元。

With that, let me turn the call over to our CEO, Mark Wang. Mark?

接下來，讓我把電話交給我們的執行長 Mark Wang。Mark？

Good morning, everyone, and welcome to our first quarter earnings call. We're off to a strong start this year. And overall, we're pleased with how the quarter came together. The results we delivered in Q1 reflect disciplined execution by our teams across the business and a consistent focus on our strategic initiatives. Contract sales met the expectations we laid out on our prior call and adjusted EBITDA exceeded expectations, growing 8% versus the prior year with 130 basis points of margin expansion.

各位早安，歡迎參加我們第一季財報電話會議。今年我們有個強勁的開局。整體而言，我們對本季的表現感到滿意。我們在第一季交出的成果，反映出各業務團隊的紀律執行，以及對策略性計畫的持續聚焦。合約銷售符合我們在上次電話會議所提出的預期，而調整後 EBITDA 超出預期，較去年成長 8%，並帶來 130 個基點的利潤率擴張。

In addition, we drove great new buyer growth, along with cost efficiencies that supported healthy EBITDA flow-through. These results reinforce our confidence that we're on track to achieve our long-term algorithm of consistent growth in sales and EBITDA, and strong free cash generation, along with a commitment to returning capital to our shareholders.

此外，我們推動了亮眼的新買家成長，同時透過成本效率提升，支持健康的 EBITDA 流量轉換。這些成果強化了我們的信心：我們正按計畫達成長期的「演算法」目標——銷售與 EBITDA 的穩健成長，以及強勁的自由現金流創造，同時承諾向股東回饋資本。

We repurchased an additional $150 million of stock during the quarter, bringing the total to nearly $2.3 billion we've returned since becoming a standalone public company. Next, taking a look at our consumer environment. Leisure travel demand among our members remained healthy.

本季我們額外回購了 1.5 億美元股票，使我們自成為獨立上市公司以來回饋的總額接近 23 億美元。接著，來看我們的消費者環境。我們會員的休閒旅遊需求仍維持健康。

Arrivals were strong in the first quarter, and we see trends improving through the fall. And March was our strongest sales month of the quarter with momentum carrying into April. At the same time, we're carefully monitoring the impact of the conflict in the Middle East and the potential broader effects on the leisure travel landscape.

第一季到訪人次表現強勁，我們也看到趨勢一路改善至秋季。而 3 月是本季最強的銷售月份，動能延續到 4 月。同時，我們也在密切關注中東衝突的影響，以及其對休閒旅遊市場可能帶來的更廣泛效應。

But our business model carries several advantages that should help us to navigate the environment. Our members have prepaid their vacations for the year, making them less sensitive to travel costs and new buyers are attracted by the value proposition of our marketing package offerings.

不過，我們的商業模式具備多項優勢，有助於我們因應當前環境。我們的會員已預先支付今年的度假費用，因此對旅遊成本的敏感度較低；而新買家則被我們行銷套裝方案所提供的價值主張所吸引。

In addition, the efficiency initiatives that we already have underway, combined with the variable nature of our cost structure, leaves us well positioned. So while we keep a close eye on the external risks, our focus remains on executing our strategic initiatives and controlling what we can control.

此外，我們已在推進中的效率提升計畫，加上我們成本結構的可變性，使我們處於有利位置。因此，儘管我們會密切留意外部風險，我們的重點仍是落實策略性計畫，並掌控我們能掌控的事項。

Given the results of the first quarter and our purchase of the remainder of the Elara JV to take full control of the project, which I'll cover shortly, I'm pleased to report that we're raising our adjusted EBITDA guidance for the full year.

基於第一季的表現，以及我們收購 Elara 合資企業（JV）剩餘權益、以取得專案完全控制權（我稍後會說明），我很高興宣布，我們將上調全年調整後 EBITDA 指引。

More broadly, the quarter and guidance reinforced the progress we're making as an integrated business and the consistency of our execution against our strategic priorities, which are operational excellence, attracting new customers, product evolution and innovation, and enhancing member lifetime value. Operational excellence drove strong execution in the quarter.

更廣泛而言，本季表現與指引強化了我們作為一體化企業所取得的進展，以及我們在策略優先事項上的執行一致性；這些優先事項包括營運卓越、吸引新客戶、產品演進與創新，以及提升會員終身價值。營運卓越推動了本季的強勁執行。

While tours outpaced VPG and we saw a higher mix of new owners, our teams effectively managed costs to drive improved EBITDA contribution, and we remain confident in our guidance to grow EBITDA for the full year. We also did a great job of adding new buyers. The investments we made in our marketing pipeline last year supported high single-digit new buyer tour growth in Q1, maintaining the strong pace that we saw in the fourth quarter.

儘管導覽（tours）成長超過 VPG，且新業主占比提高，我們的團隊仍有效管理成本，帶動 EBITDA 貢獻改善；我們也仍對全年 EBITDA 成長指引充滿信心。我們在新增買家方面也做得非常出色。我們去年在行銷漏斗所做的投資，支持第一季新買家導覽量達到高個位數成長，延續我們在第四季看到的強勁步調。

In addition, solid conversion of those tours led to the highest level of first quarter new buyer transactions since 2023, up 8% versus the prior year, which is key to driving improved efficiency as well as growing our embedded value. Those new buyers helped to support 29% growth in our HGV Max member base over the prior year to 277,000 members.

此外，這些導覽的穩健轉換率，使第一季新買家交易量達到自 2023 年以來的最高水準，較去年成長 8%；這對提升效率以及擴大我們的內嵌價值（embedded value）至關重要。這些新買家也推動我們 HGV Max 會員基數較去年成長 29%，達到 277,000 名會員。

On the product front, I'm happy to announce that we reached an agreement to purchase the development rights of Elara, our flagship resort in Las Vegas, allowing us to take full control of the project by moving it from a fee-for-service JV to an owned property. As part of the natural progression with our fee-for-service projects, it provides us several significant benefits, including receiving the full economics of the real estate business as well as assuming the existing and future financing business associated with the project, along with providing additional inventory flexibility.

在產品方面，我很高興宣布，我們已達成協議，收購位於拉斯維加斯、作為我們旗艦度假村的 Elara 之開發權利；此舉使我們能將該專案從按服務收費的合資（fee-for-service JV）轉為自有資產，從而取得完全控制權。作為我們按服務收費專案自然演進的一部分，這將為我們帶來數項重大效益，包括取得房地產業務的完整經濟利益，以及承接與該專案相關的既有與未來融資業務，同時也提供額外的庫存彈性。

Elara has always been very popular with new buyers. But this transaction also unlocks our ability to better sell the project across our entire sales distribution network outside of Las Vegas, enabling owners to upgrade out of the project while simultaneously allowing any of our members to upgrade into Elara. We're also making great progress with our inventory optimization initiative.

Elara 一直深受新買家歡迎。但這筆交易也釋放了我們的能力，使我們能在拉斯維加斯以外、透過整體銷售通路網路更有效地銷售該專案，讓業主得以從該專案升級轉出，同時也讓任何會員都能升級轉入 Elara。我們在庫存最佳化計畫方面也取得了很大進展。

We've identified a set of eight properties that no longer fit with our portfolio. And we recently entered into an agreement with a third party for the disposition of our interest in these assets. At high level, dispositions allow us to proactively manage aging and noncore inventory, reduce long-term carry risk and ensure capital is continually recycled into higher-performing opportunities.

我們已辨識出一組八項不再符合我們投資組合的資產。我們近期也已與第三方達成協議，處分我們在這些資產中的權益。從高層次來看，資產處分使我們能主動管理老化及非核心庫存，降低長期持有風險，並確保資本持續回收並再投入至表現更佳的機會。

This discipline helps us to balance between growth, flexibility and profitability. From a strategic standpoint, dispositions support our broader goals by improving the mix and quality of inventory over time, creating capacity to reinvest into priority markets, products and experiences, and reinforcing a proactive rather than reactive approach to inventory management.

這項紀律有助於我們在成長、彈性與獲利能力之間取得平衡。從策略角度而言，資產處分透過隨時間改善庫存的組合與品質、創造再投資於優先市場、產品與體驗的能力，並強化主動而非被動的庫存管理方式，以支持我們更廣泛的目標。

Taken together with the financial benefits Dan will outline, these dispositions help us to optimize the portfolio and position the business for sustained growth. Turning to the embedded value. We're continuing to expand our industry-leading HGV Max and HGV Ultimate Access offerings to enhance our value proposition and drive member engagement. We recently introduced additional enhancements to Hilton Honor points conversions within the MAX program to complement the suite of benefits that have proven so popular with our Max members. Lastly, our Ultimate Access teams continue to expand our best-in-class experiential platform.

結合 Dan 將說明的財務效益，這些資產處分有助於我們最佳化投資組合，並使業務具備持續成長的定位。接著談嵌入式價值。我們持續擴展業界領先的 HGV Max 與 HGV Ultimate Access 方案，以強化我們的價值主張並提升會員參與度。我們近期在 MAX 計畫中推出 Hilton Honors 點數兌換的額外強化功能，以補足一系列已深受 Max 會員歡迎的福利。最後，我們的 Ultimate Access 團隊持續擴展我們同級最佳的體驗式平台。

In just the past few months alone, our members have enjoyed private concerts with #1 billboard artist Ella Langley, the legendary Beach Boys, and Grammy Award winner Kelly Clarkson. Our partnership with the LPGA provided members in-person access to our tournament and champions to see this year's winner, Nelly Korda, which was televised on NBC and the Golf Channel.

僅在過去幾個月內，我們的會員就享受了與告示牌（Billboard）冠軍藝人 Ella Langley、傳奇樂團 Beach Boys，以及葛萊美獎得主 Kelly Clarkson 的私人演唱會。我們與 LPGA 的合作，讓會員能親臨賽事並接觸冠軍，觀賞今年冠軍 Nelly Korda 的奪冠時刻；該賽事由 NBC 與 Golf Channel 轉播。

HGV will also continue as an official event partner of Formula first Heineken Las Vegas Grand Prix, where members have access to exclusive trackside HGV Clubhouse suites and entertainment at Elara. So HGV Ultimate Access is already the biggest and most comprehensive program of its kind, and this year will be even bigger and better.

HGV 也將繼續擔任一級方程式 Heineken 拉斯維加斯大獎賽的官方活動合作夥伴，會員可在 Elara 享有賽道旁專屬的 HGV Clubhouse 套房與娛樂體驗。因此，HGV Ultimate Access 已是同類型中規模最大且最全面的計畫，而今年將更盛大、更精彩。

We've got new events planned for new members, including FIFA World Cup events, NASCAR and expanded summer concert series lineup and we'll also be announcing additional exciting programming to further enhance member experiences throughout the year.

我們已為新會員規劃新活動，包括 FIFA 世界盃活動、NASCAR，以及擴大的夏季演唱會系列陣容；我們也將宣布更多令人振奮的節目安排，以在全年進一步提升會員體驗。

So to sum it up, I'm happy with the performance at the start of the year. Owners and new buyers continue to respond well to our value proposition. We delivered on our target that we laid out, which allowed us to increase our full year EBITDA guidance.

總結來說，我對年初的表現感到滿意。業主與新買家持續對我們的價值主張有良好反應。我們達成先前提出的目標，因而得以上調全年 EBITDA 指引。

We're continuing to make incremental progress in our evolution as an integrated entity, and we're focused on consistent execution against our strategic priorities as we move through the rest of the year. None of this would be possible without the dedication of our team members and leadership who have built such a strong, innovative and people-first culture.

我們在作為整合後實體的演進上持續取得循序進展，並在接下來的年度期間，專注於針對策略優先事項的穩定執行。若沒有團隊成員與領導階層的投入與奉獻，打造出如此強大、創新且以人為本的文化，這一切都不可能實現。

With that, I'll turn it to Dan for more details on the numbers. Dan?

接下來我把時間交給 Dan，請他提供更多數字方面的細節。Dan？

Thank you, Mark, and good morning, everyone. We had great results in the quarter, achieving our contract sales forecast while also exceeding our expectations for EBITDA growth through cost controls that drove margin expansion. As Mark mentioned, the strong performance, along with the momentum that we're carrying into the second quarter, gave us the confidence to raise our full year adjusted EBITDA guidance. Turning to our results for the quarter. Total revenue before cost reimbursements in the quarter grew 2% to $1.2 billion.

謝謝你，Mark，各位早安。本季我們取得優異成果，在達成合約銷售預測的同時，也透過成本控管帶動利潤率擴張，使 EBITDA 成長超出我們的預期。如 Mark 所提到，強勁表現加上我們延續至第二季的動能，讓我們有信心上調全年調整後 EBITDA 指引。接著看本季的營運結果。本季在扣除成本補償前的總營收成長 2%，達 12 億美元。

Adjusted EBITDA to shareholders grew 8% to $267 million with margins, excluding reimbursements of 23%, up 130 basis points over the prior year. Within our real estate business, contract sales of $719 million were down slightly, performing in line with the expectations we laid out on our prior call.

歸屬股東的調整後 EBITDA 成長 8%，達 2.67 億美元；在不含補償款的情況下，利潤率為 23%，較去年同期提升 130 個基點。在我們的不動產業務中，合約銷售額為 7.19 億美元，略有下滑，表現符合我們在上次電話會議中提出的預期。

The decline was the result of tough comparisons for our Bluegreen business as it normalized against a strong HGV Max launch period last year. New buyer contract sales were over 26% of the total for the quarter, an increase of approximately 160 basis points from the prior year, as we benefited from continued strength in new buyer tours, along with solid execution from our sales teams that drove new buyer transactions to their best first quarter performance since 2023.

下滑主要是因 Bluegreen 業務面臨較高的比較基期，去年 HGV Max 強勁上市期間過後回歸常態。本季新買家合約銷售占總額逾 26%，較去年同期提高約 160 個基點；我們受惠於新買家導覽（tour）持續強勁，以及銷售團隊穩健執行，帶動新買家交易量創下自 2023 年以來最佳的第一季表現。

Tours grew 8.5% during the quarter to more than 189,000 with growth coming from both our new buyer and owner channels. Conversion of the package pipeline we built over the past year fueled new buyer growth, while the strong value proposition of HGV Max continues to drive owner to demand. VPG was nearly $3,800 for the quarter, declining 8% and in line with the expectations of a high single-digit decline we discussed last quarter.

本季導覽（tour）量成長 8.5%，超過 189,000 次，成長來自新買家與業主兩個通路。我們過去一年建立的套裝行程（package）管線之轉換，推動了新買家成長；同時，HGV Max 的強勁價值主張持續帶動業主需求。本季每位來訪客戶的銷售額（VPG）接近 3,800 美元，下滑 8%，符合我們上季所討論的高個位數下滑預期。

As we indicated, the decline was driven by the normalization of owner close rates at Bluegreen due to the lapping of the record HGV Max launch period comparisons, along with higher mix of new buyer sales in the quarter, which carry lower VPGs. Cost of products in the period was 10%, which benefited from higher-than-expected sales mix of lower cost inventory during the quarter. Real estate sales and marketing expense for the quarter was $352 million or 49% of contract sales, 260 basis points lower than the prior year.

如我們所指出，下滑主要來自 Bluegreen 的業主成交率回歸常態，原因是去年創紀錄的 HGV Max 上市期間比較基期已過；此外，本季新買家銷售占比提高，而新買家通常帶來較低的 VPG。本期產品成本為 10%，受惠於本季低成本庫存的銷售組合高於預期。本季不動產銷售與行銷費用為 3.52 億美元，占合約銷售額 49%，較去年同期降低 260 個基點。

The strong margin performance was primarily the result of our efficiency initiatives, which the team did a great job executing against. Real estate profit for the quarter was $152 million with margins of 28%, up 350 basis points versus the prior year.

強勁的利潤率表現主要來自我們的效率提升措施，團隊在執行上做得非常出色。本季不動產利潤為 1.52 億美元，利潤率為 28%，較去年同期提升 350 個基點。

Overall, I'm very pleased with our performance this quarter as our focus on efficiency was able to more than offset the margin dilutive effect of lower VPG and higher new buyer mix. In our financing business, first quarter revenue was $138 million and profit was $87 million. Excluding the amortization items associated with our acquired receivables portfolio, financing margins were 65%, up 510 basis points from the prior year.

整體而言，我對本季表現非常滿意，因為我們對效率的專注足以抵銷 VPG 較低與新買家占比較高所帶來的利潤率稀釋影響。在融資業務方面，第一季營收為 1.38 億美元，利潤為 8,700 萬美元。若排除與我們收購之應收帳款投資組合相關的攤銷項目，融資利潤率為 65%，較去年同期提升 510 個基點。

Looking at our portfolio metrics, our weighted average interest rate for originated loans was 14.5%. Combined gross receivables for the quarter were $4.4 billion. Our total allowance for bad debt was $1.3 billion on that $4.4 billion receivable balance or 29% of the portfolio. The portfolio remains in great shape overall. Our annualized default rate for our consolidated portfolios was 10.1% for the quarter, reflecting a slight improvement against the first quarter of the prior year.

就投資組合指標而言，我們新發放貸款的加權平均利率為 14.5%。本季合併總應收帳款為 44 億美元。我們的呆帳準備總額為 13 億美元，係以 44 億美元的應收帳款餘額計算，約占投資組合的 29%。整體而言，投資組合仍維持在非常良好的狀態。本季合併投資組合的年化違約率為 10.1%，較去年第一季略有改善。

And as of quarter end, our 31 day to 60-day delinquencies expressed as a percentage of the total portfolio remains broadly unchanged relative to the prior year at 1.48% compared with 1.49% a year ago. When measured as a percentage of the total portfolio net of fully reserved loans, delinquency performance reflects a similar trend at 1.7% versus 1.72% in the prior year.

截至季末，我們 31 天至 60 天逾期款項占總投資組合的比例，與去年同期相比大致持平，為 1.48%，去年同期為 1.49%。若以扣除已全額提列準備之貸款後的總投資組合為基礎衡量，逾期表現呈現相近趨勢，為 1.7%，去年同期為 1.72%。

Our provision in the first quarter declined sequentially to 14.9%, in line with the expectation we laid out on our prior call, and we continue to feel confident in our expectation of provision remaining in the mid-teens for the full year. In our resort and club business, our consolidated member count was just over 720,000, reflecting strong new buyer additions offset by continued recaptured activity in the period. Revenue grew 1% to $185 million for the quarter and profit was $126 million with margins of 68%.

我們第一季的提列率較前一季下降至 14.9%，符合我們在上次電話會議中所提出的預期；我們仍對全年提列率維持在 10% 中段（mid-teens）的預期充滿信心。在我們的度假村與俱樂部業務方面，合併會員數略高於 72 萬人，反映強勁的新買家加入，但被本期持續的回收（recaptured）活動所部分抵銷。本季營收成長 1% 至 1.85 億美元，利潤為 1.26 億美元，利潤率為 68%。

Our expenses were slightly elevated owing to program-related headcount additions, which reduced our margins when combined with our seasonally lower Q1 revenue. However, we expect those effects to diminish as we move into our seasonally stronger quarters of the year. Rental and ancillary revenues were up 5% versus the prior year to $197 million.

由於與計畫相關的人力增補，我們的費用略為偏高；再加上第一季季節性較低的營收，使得我們的利潤率受到壓抑。不過，隨著我們進入一年中季節性更強的季度，我們預期這些影響將會減弱。租賃及附屬收入較去年同期成長 5% 至 1.97 億美元。

Revenue growth in the period was driven by higher available room nights and a slight increase in our overall portfolio RevPAR, reflecting continued healthy trends for our rental business. Developer maintenance fees remain the largest driver of our rental and ancillary business profitability trends and were responsible for the $19 million loss in the period.

本期營收成長主要由可供出租的房晚數增加，以及我們整體投資組合 RevPAR（每可供出租客房收入）小幅上升所帶動，反映我們租賃業務持續健康的趨勢。開發商維護費仍是影響我們租賃及附屬業務獲利趨勢的最大因素，並造成本期 1,900 萬美元的虧損。

Reducing the burden of developer maintenance fees is a key objective that we'll achieve through both consistent sales growth as well as our inventory optimization initiatives. As Mark mentioned, regarding our inventory optimization, we have signed an agreement with a third party to begin the process for a set of properties that we've selected for disposition.

降低開發商維護費負擔是我們的關鍵目標；我們將透過持續的銷售成長以及庫存最佳化措施來達成。如 Mark 所提到，關於庫存最佳化，我們已與第三方簽署協議，將就我們選定擬處分的一組物業啟動相關流程。

Broadly speaking, we will trade off several revenue streams we currently receive from property HOAs and owners in exchange for savings on the associated carrying cost of the inventory with the net result being a positive contribution to adjusted EBITDA.

整體而言，我們將以放棄目前自物業 HOA（屋主協會）及業主取得的若干收入來源，換取節省該等庫存相關的持有成本；淨效果將對調整後 EBITDA 產生正向貢獻。

There are minimum sales generated at these resorts and by transferring that torque flow to other sites within our sales distribution network, we don't expect to sacrifice any sales revenue. We will lose property management fees from the resorts, along with the associated rental income from inventory available for monetization.

這些度假村的銷售有最低產出；透過將該等客流（torque flow）轉移至我們銷售通路網絡中的其他據點，我們預期不會犧牲任何銷售收入。我們將失去來自這些度假村的物業管理費，以及可供變現之庫存所帶來的相關租賃收入。

However, more than offsetting that revenue loss will be a reduction in our developer maintenance fee expense that we are currently paying on unsold inventory at these properties. Our initial estimate for the net of these items is that on a run rate basis, they will benefit our adjusted EBITDA by $10 million to $12 million on an annual basis.

然而，這些收入損失將被我們目前就這些物業未售庫存所支付的開發商維護費支出下降所大幅抵銷，且抵銷幅度更大。我們對上述項目淨額的初步估計為：以年化運行率（run rate）計算，將使我們的調整後 EBITDA 每年增加 1,000 萬至 1,200 萬美元。

I'd note that the agreement is subject to customary closing conditions, and there remains work to be done to get to closing. Therefore, our 2026 adjusted EBITDA guidance does not currently include any contribution from these dispositions. This is subject to change as we move through the process.

我想指出，該協議仍須符合慣常的交割條件，且距離完成交割仍有工作要做。因此，我們目前的 2026 年調整後 EBITDA 指引尚未納入任何來自這些處分的貢獻。隨著流程推進，這一點可能會有所變動。

And in the coming months, we look forward to providing additional financial and timing-related details as they are finalized. Bridging the gap between segment adjusted EBITDA and total adjusted EBITDA, JV EBITDA was $5 million, license fees were $53 million and EBITDA attributable to noncontrolling interest was $2 million.

在未來幾個月，待相關事項定案後，我們也期待提供更多財務與時程方面的細節。在分部調整後 EBITDA 與總調整後 EBITDA 之間的調節項目方面，合資企業（JV）EBITDA 為 500 萬美元，授權費為 5,300 萬美元，歸屬於非控制性權益的 EBITDA 為 200 萬美元。

Corporate G&A was $40 million or 3% of pre-reimbursement revenue, in line with our run rate over the past year. Our adjusted free cash flow in the quarter was a use of $37 million, including inventory spending of $71 million, reflecting the timing of our ABS deal activity in the year. We continue to expect our conversion rate for this year will remain in the lower half of our long-term range of 55% to 65%.

公司一般及行政費用（Corporate G&A）為 4,000 萬美元，約占扣除報銷前營收（pre-reimbursement revenue）的 3%，與過去一年的運行水準一致。本季調整後自由現金流為淨流出 3,700 萬美元，其中包含 7,100 萬美元的庫存支出，反映我們今年 ABS 交易活動時點的影響。我們仍預期今年的轉換率將維持在我們長期區間 55% 至 65% 的較低半部。

During the quarter, the company repurchased 3.3 million shares of common stock for $150 million. From April 1 through April 23, we repurchased an additional 904,000 shares for $41 million. And as of April 23, we had $237 million of remaining availability under our current share repurchase plan.

本季公司以 1.5 億美元回購 330 萬股普通股。自 4 月 1 日至 4 月 23 日，我們另以 4,100 萬美元回購 904,000 股。截至 4 月 23 日，我們在現行股票回購計畫下仍有 2.37 億美元的可用額度。

We remain committed to capital returns as a primary use of our free cash flow in 2026, and we remain on track to continue repurchasing our shares at a pace of approximately $150 million per quarter, subject to the repurchase activity not increasing our net leverage for the full year. Turning to our Elara transaction.

我們仍致力於在 2026 年將資本回饋作為自由現金流的主要用途，並仍按計畫以每季約 1.5 億美元的速度持續回購股份；前提是回購活動不會使我們全年淨槓桿上升。接著談談我們的 Elara 交易。

As Mark mentioned, we entered into an agreement to purchase the inventory tail of our Elara JV. This agreement is effective as of today. Given the scale of our Elara project versus prior tail purchases, I think it's important to lay out the effects on our financials in Q2 and beyond. We have been a 25% owner of the JV, and thus, historically, we haven't consolidated their financials into ours. Rather, we reported our share of the JV's income through our EBITDA from unconsolidated affiliates line in our financial statements.

如 Mark 所提到，我們已達成協議，收購我們 Elara 合資企業（JV）的尾端庫存（inventory tail）。該協議自今日起生效。鑑於 Elara 專案規模相較以往的尾端收購更大，我認為有必要說明其對我們第二季及之後財務表現的影響。我們一直持有該合資企業 25% 的權益，因此過去並未將其財務報表併入我們的合併報表。相反地，我們是透過財報中的「來自未合併關聯企業的 EBITDA」項目，認列我們應占的合資企業收益。

In addition, from a revenue perspective, we recognized fee-for-service commission package sales and other fees on our consolidated income statement. And on a KPI basis, contract sales from the project were classified as fee-for-service sales in our real estate business.

此外，從營收角度，我們在合併損益表中認列按服務收費（fee-for-service）的佣金套裝銷售及其他費用。而在 KPI 指標上，該專案的合約銷售被歸類為我們房地產業務中的按服務收費銷售（fee-for-service sales）。

Given the transaction, as we fully consolidate Elara and recognize the project as owned in Q2 and beyond, you'll notice a reduction in each of those line items, which will be offset by additional sales of VOI, along with the benefits of a new stream of portfolio income in our financing business. Our total initial outflow for the remaining 75% of the entity is approximately $130 million.

基於此交易，自第二季起我們將 Elara 全面併表，並將該專案視為自有（owned）認列；屆時你會注意到上述各項目將出現下降，但將由額外的 VOI（度假所有權權益）銷售，以及我們融資業務中新增加的一股投資組合收益來源所帶來的效益加以抵銷。我們為取得該實體剩餘 75% 權益的總初始現金流出約為 1.3 億美元。

The acquisition included approximately $85 million from the combination of unpledged eligible ABS collateral and short-term working capital, which we will monetize and will ultimately result in a net cash use of $45 million.

本次收購包含約 8,500 萬美元，來源為未質押且符合資格的 ABS 擔保品（unpledged eligible ABS collateral）與短期營運資金的組合；我們將其變現，最終將使淨現金使用額為 4,500 萬美元。

This will be a deleveraging transaction and should slightly reduce our corporate net leverage level. We currently expect Elara to contribute approximately $20 million for the remainder of the year, which was not included in our prior 2026 guidance.

這將是一筆去槓桿（deleveraging）交易，並應會使我們公司層級的淨槓桿水準略為下降。我們目前預期 Elara 在今年剩餘期間將貢獻約 2,000 萬美元，這並未納入我們先前的 2026 年指引。

As Mark mentioned, Elara has been one of the marquee projects for many years and having full control of the asset will be a positive for HGV on a go-forward basis. Turning to our outlook. For the quarter, we outperformed our prior guidance for Q1 adjusted EBITDA growth to be flat to down slightly by approximately $20 million.

如 Mark 所提到，Elara 多年來一直是旗艦（marquee）專案之一；未來能完全掌控該資產，將對 HGV 的後續發展帶來正面效益。接著談談我們的展望。就本季而言，我們的表現優於先前指引：原先預期第一季調整後 EBITDA 成長為持平至小幅下滑，約減少 2,000 萬美元。

Due to our strong performance this quarter, along with the additional contribution of Elara, I'm pleased to announce that we're increasing our 2026 guidance for adjusted EBITDA before deferrals to be $1.225 billion and $1.265 billion from the prior $1.185 billion to $1.225 billion for an increase of $40 million at the midpoint.

由於本季表現強勁，加上 Elara 的額外貢獻，我很高興宣布：我們將 2026 年「遞延前」（before deferrals）的調整後 EBITDA 指引上調至 12.25 億至 12.65 億美元，較先前的 11.85 億至 12.25 億美元提高；以中位數計增加 4,000 萬美元。

To be more specific, outside of the contribution of Elara's EBITDA, our performance and adjusted EBITDA assumptions in the second, third and fourth quarters remain the same as what was embedded in our initial guidance for the year.

更具體而言，若不計 Elara 的 EBITDA 貢獻，我們對第二、第三與第四季的營運表現與調整後 EBITDA 假設，仍與年初指引中所隱含的假設一致。

From a sales perspective, our prior full year 2026 top line targets remain in place. As a reminder, those include low single-digit contract sales growth with low to mid-single-digit tour growth and VPG down slightly. On a quarterly basis, our expectation for VPG growth for the remainder of the year remain unchanged.

從銷售角度來看，我們先前對2026年全年營收（top line）目標仍維持不變。提醒一下，這些目標包括：合約銷售額低個位數成長、導覽（tour）量低至中個位數成長，以及VPG小幅下降。以季度來看，我們對今年剩餘期間VPG成長的預期也維持不變。

We continue to expect VPG to be down slightly for the full year with Q2 and Q3 seeing low to mid-single-digit declines and returning to solid growth in the fourth quarter as we fully lap the Bluegreen Max launch period.

我們仍預期全年VPG將小幅下降，其中第二季與第三季將出現低至中個位數的下滑，並在第四季隨著我們完全度過（lap）Bluegreen Max上市期間後，恢復穩健成長。

In addition, we continue to expect that our 2026 conversion rate will be in the lower half of our target 55% to 65% range as we wrap up spending on Ka Haku projects ahead of its anticipated opening later this year. In addition, despite Q1 outperformance, we still expect that our adjusted EBITDA on a dollar basis will increase sequentially each quarter. For the second quarter specifically, we expect to grow our adjusted EBITDA in the low to mid-single-digit range versus the prior year, which includes approximately $3 million contribution from Elara. Moving on to our liquidity.

此外，隨著我們在預計於今年稍晚開幕前完成Ka Haku專案的支出，我們仍預期2026年的轉換率將落在目標區間55%至65%的下半部。另外，儘管第一季表現優於預期，我們仍預期調整後EBITDA（以金額計）將在每一季逐季增加。就第二季而言，我們預期調整後EBITDA將較去年同期成長低至中個位數，其中包含Elara約300萬美元的貢獻。接下來談我們的流動性。

As of March 31, our liquidity position was $852 million, consisting of $261 million of unrestricted cash and $591 million of availability under our revolving credit facility. Our debt balance at quarter end was comprised of corporate debt of $4.8 billion, and a nonrecourse debt balance of approximately $2.6 billion.

截至3月31日，我們的流動性部位為8.52億美元，其中包括2.61億美元的非受限現金，以及循環信用額度下可動用額度5.91億美元。季末的債務餘額由48億美元的公司債務，以及約26億美元的無追索權債務餘額所構成。

At quarter end, we had $150 million of remaining capacity in our warehouse facility. We also had $929 million of notes that were current on payments but unsecuritized. Of that figure, approximately $370 million could be monetized through a combination of warehouse borrowings and securitization, while we anticipate another $367 million will become available following certain customary milestones such as first payments, dating and recording.

在季末，我們的倉儲融資（warehouse facility）尚有1.5億美元的剩餘額度。我們也有9.29億美元的票據（notes）目前按期付款但尚未證券化。在該金額中，約3.70億美元可透過倉儲借款與證券化的組合進行變現；同時，我們預期另有3.67億美元將在達成若干慣常里程碑（例如首次付款、日期確認與登記）後可供動用。

Turning to our credit metrics. At the end of the quarter, the company's total net leverage on a TTM basis was 3.9 times. As you may have seen, just after the end of the first quarter, we also completed our first securitization of the year, an oversubscribed $500 million deal, upsized from $400 million as a result of stronger investor demand.

接著談我們的信用指標。在本季末，公司以過去十二個月（TTM）計算的總淨槓桿倍數為3.9倍。如各位可能已看到的，在第一季結束後不久，我們也完成了今年第一筆證券化交易：一筆5億美元、超額認購的交易，因投資人需求更強而由4億美元上調規模。

The deal priced with an advance rate of 98% and an average coupon rate of 5.13%, which included a tranche. So despite some of the geopolitical noise, the securitization markets remain open and healthy, and we look forward to completing several more deals later this year.

該交易的預支率（advance rate）為98%，平均票息率為5.13%，其中包含一個分券（tranche）。因此，儘管有一些地緣政治雜音，證券化市場仍然開放且健康，我們也期待在今年稍晚完成數筆更多交易。

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

接下來我們把電話交給接線員，並期待各位的提問。接線員？

(Operator Instructions)

（接線員指示）

Patrick Scholes, Truist Securities.

Patrick Scholes，Truist Securities。

Hi. Good morning. Thank you, everyone. Dan, I think you made it pretty clear regarding trends in the loan loss provision and propensity to pay really no instability or whatever I think your (inaudible). Any additional color you'd like to provide of what you've seen with the new issuances?

嗨。早安。謝謝各位。Dan，我想你已相當清楚地說明了貸款損失準備與付款傾向的趨勢，基本上沒有不穩定或其他情況，我想你們的（聽不清楚）。對於你們看到的新發行（new issuances），還有沒有想補充的細節？

And then secondly, a follow-up. If you can give us a little color on expectations compare and contrast tour growth versus VPG for 2Q and/or the rest of the year.

第二個問題，作為追問。你能否就第二季及／或今年剩餘期間，導覽（tour）成長相較於VPG的預期，提供一些補充說明與對比？

Yes. No, absolutely. So I'll jump in on the portfolio, and then I'm sure Mark has some thoughts on VPG and tour trends. But with regards to portfolio, we're really pleased with the performance. I mean, we have a very consistently strong performing portfolio.

是的。當然可以。我先談投資組合（portfolio），然後我相信Mark也會對VPG與導覽趨勢有一些看法。就投資組合而言，我們對其表現非常滿意。我的意思是，我們的投資組合一直維持非常穩健且一致的表現。

And if you think about the balance of the portfolio, it's increased year-over-year by almost 8%. The annualized default rates have decreased by about 10 basis points. And as we talked about in our prepared remarks, the early-stage delinquencies are stable to improving. Specifically, even post quarter close, when we look at our early-stage delinquency rates by portfolio, HGV is performing even better. It's down 7% from a delinquency perspective.

如果你看投資組合的餘額，年增接近8%。年化違約率下降約10個基點。而且如我們在事先準備的講稿中提到的，早期逾期（early-stage delinquencies）維持穩定至改善。具體而言，即使在季末結帳之後，當我們按投資組合檢視早期逾期率時，HGV的表現更好。從逾期角度來看下降了7%。

Diamond is down 10%. Bluegreen is stable and their early, early-stage delinquencies, that 0 to 30-day mark, is actually at a four year low and has improved 11% subsequent even quarter end. So that's with all the geopolitical noise, which is very encouraging. And as you probably recall, mid-year last year, we changed the underwriting process for Bluegreen to allow for an enhancement in equity being put down initially. So the actual Bluegreen equity at the table is up 50% compared to 2024 levels.

Diamond下降10%。Bluegreen維持穩定，而其最早期的逾期（0到30天區間）實際上處於四年低點，且在季末之後又改善了11%。因此，即便有各種地緣政治雜音，這仍非常令人鼓舞。而且你可能還記得，去年年中我們調整了Bluegreen的承作（underwriting）流程，允許在一開始投入更多自有資金（equity）作為首付。因此，Bluegreen在簽約桌上的實際自有資金（equity at the table）相較2024年水準提高了50%。

So really pleased with all that performance. So when we look at the provision, sequentially, we dropped from 18% to just under 15%, right in line with our expectations. We're right in that mid-teens level where we expect it to be. So we're really pleased with how that's all coming together.

所以我們對這些表現都非常滿意。因此，當我們看提列（provision）時，按季來看，我們從18%降到略低於15%，完全符合我們的預期。我們正處於我們預期的中段十幾％水準。所以我們對整體進展非常滿意。

Yes. And Patrick, on the VPG front, say, first of all, the teams are -- I think they're doing a great job and really in the right direction on the demand front. As we called out on the last call, we expected -- and we saw our VPG headwinds as we lap Max for Bluegreen. So any -- pretty much all of the VPG pressure was related to the Max and Bluegreen launch. So -- but importantly, the teams drove nice growth in new buyer sales and transactions through tour flow.

是的。Patrick，就VPG而言，首先我想說，團隊——我認為他們做得很好，而且在需求面確實朝正確方向前進。如同我們在上次電話會議提到的，我們預期——也確實看到——在我們度過（lap）Bluegreen的Max後，VPG會面臨逆風。因此，幾乎所有VPG的壓力都與Max與Bluegreen的上市有關。不過——重要的是——團隊透過導覽流量推動了新客銷售與交易量的良好成長。

We were up 8% year-over-year on new buyer transactions. So anyways, VPG headwinds were offset by that healthy offset with the foot traffic. So -- and importantly, what we saw is margin expansion, which is really encouraging, especially in a quarter where some of the real estate KPIs would have suggested margin deterioration.

新客交易量年增8%。所以不管怎麼說，VPG的逆風被人流（foot traffic）的健康表現所抵銷。而且重要的是，我們看到毛利率擴張，這非常令人鼓舞，尤其是在某些房地產KPI可能暗示毛利率惡化的季度。

So as we focus for Q2 and beyond, our focus is really balancing healthy tour growth with sustainable VPG growth over time, and we expect that balance to improve as we move through the year with headwinds really until we lap the tough comps at the end of Q3. So all in all, pleased with how the teams have managed through the expected headwinds that we anticipated on our VPGs.

因此，展望第二季及之後，我們的重點是：在時間推移下，平衡健康的導覽成長與可持續的VPG成長；我們預期隨著年度推進，這種平衡會改善，而逆風大致會持續到我們在第三季末度過（lap）較具挑戰性的比較基期（tough comps）為止。總體而言，我們對團隊在我們預期的VPG逆風下的應對表現感到滿意。

Ben Chaiken, Mizuho.

Ben Chaiken，Mizuho。

This is Rita Chen going in for Ben. Could you please elaborate on the inventory optimization initiatives? And do you see more opportunities beyond the 8 resorts that's currently identified? And then as our follow-up, could you also elaborate on Elara, which adds $20 million to the '26 guide? And we would have thought there's a longer term inventory play from -- just benefiting from the mix of own inventory from fee-for-service. Any color there would be helpful.

我是代替Ben提問的Rita Chen。能否請你更詳細說明庫存最佳化（inventory optimization）措施？除了目前已識別的8個度假村之外，你們是否看到更多機會？接著作為追問，也請你更詳細說明Elara，該項目使你們2026年指引增加2,000萬美元。我們原本以為從長期來看，庫存策略會——主要是受益於自有庫存與按服務收費（fee-for-service）之間的組合變化。若能提供一些相關補充會很有幫助。

Okay. Yes, definitely didn't sound like Ben, so thanks for introducing yourself. Look, very -- we're in a really strong inventory position following a decade of building quality and scale into our portfolio. And as we've talked about in the past, we picked up a lot of really good inventory in acquisitions in a lot of great markets. And the optimization that we laid out today and what we'll talk through today is really driven by financial considerations.

好的。是的，確實聽起來不像 Ben，所以謝謝你先自我介紹。你看，我們在庫存方面的部位非常強勁，這得益於過去十年我們持續在投資組合中打造品質與規模。而且如同我們過去談到的，我們透過收購在許多優質市場取得了大量非常好的庫存。我們今天提出、並將在今天進一步說明的最佳化方案，主要是由財務考量所驅動。

It's driven by the rebranding, the ability to rebrand these properties, the investments required there that didn't make sense and market overlap. So consistent with what we said in the past, we knew that some of the acquired inventory in these acquisitions wouldn't fit. From a deal standpoint, we've mentioned we entered an agreement on the disposition of the eight properties.

它是由品牌重塑所驅動的——也就是重塑這些物業品牌的能力、所需投入的資本（在某些情況下並不划算），以及市場重疊等因素。因此，與我們過去所說一致，我們早就知道這些收購案中取得的部分庫存並不適合我們。就交易面而言，我們也提到已就處置這八項物業達成協議。

And there's a number of closing conditions, but we're confident that we'll get that achieved in Q3. The economic benefits really is about transferring the ongoing developer maintenance obligation, and Dan covered off on that $10 million to $12 million being run rate and net EBITDA benefit once completed.

目前仍有若干交割條件，但我們有信心能在第三季完成。經濟效益主要在於把持續性的開發商維護義務移轉出去；Dan 也已說明，一旦完成後，這將帶來每年約 1,000 萬到 1,200 萬美元的常態化（run-rate）且為淨 EBITDA 的效益。

So that's -- again, that's run rate, and these deals won't be -- we won't get this finalized until probably sometime in the third quarter. So yes, all in all, pleased with this. As far as talking about any future opportunities, we're really focused on executing this transaction, which will have a significant benefit for us. And we're going to continue to be very deliberate in our steps to optimize our portfolio. And this is not about shrinking.

所以那——再次強調，那是常態化的效益，而這些交易大概要到第三季某個時間點才會最終完成。因此，是的，整體而言我們對此感到滿意。至於未來是否還有其他機會，我們目前的重點是把這筆交易執行到位，這將為我們帶來顯著效益。我們也會持續以非常審慎的步伐來最佳化我們的投資組合。而這並不是在縮小規模。

It's about upgrading the portfolio. We're monetizing lower quality inventory well, improving the margin and cash flow. So on the Elara front, and I'll let Dan touch on the numbers here. But Elara is -- it's our flagship property in Las Vegas. And we have 38,000 owners and we operate and it's been super productive for us in a very productive and strategic market for us.

而是在升級投資組合。我們正在把較低品質的庫存以良好價格變現，同時改善利潤率與現金流。至於 Elara，我先讓 Dan 補充數字細節。不過 Elara 是——它是我們在拉斯維加斯的旗艦物業。我們有 38,000 名業主，我們負責營運；在對我們非常高產且具策略性的市場中，它一直為我們帶來很好的成果。

And Las Vegas has been a core growth engine for the company for multiple decades. And we're excited about this. This is a classic tail acquisition at the right point in the asset's life cycle. And it strategically aligns tightly with our owner-centric and new buyer strategies. So -- and Elara has been very popular with new buyers.

而拉斯維加斯數十年來一直是公司核心的成長引擎。我們對此感到非常興奮。這是一筆典型的「尾端收購」（tail acquisition），而且切入點正好在資產生命週期的合適階段。它在策略上也與我們以業主為中心以及新買家策略高度一致。此外，Elara 一直很受新買家歡迎。

And importantly, when you think about what this does, okay, this transaction allows us to unlock all those owners that are sitting within the Elara ownership base. And now they have the potential to upgrade out of that project because historically, over the last 15 years, they've been upgrading within the Elara project. Now they can upgrade outside of it. And simultaneously, it allows our members to upgrade into Elara. So anyways, super excited about this one.

更重要的是，當你思考這會帶來什麼影響時——這筆交易讓我們能夠解鎖 Elara 業主基礎中的所有那些業主。而他們現在有機會從該專案升級到其他專案，因為過去 15 年來，他們一直是在 Elara 專案內部進行升級。現在他們可以在專案之外升級。同時，這也讓我們的會員能夠升級進入 Elara。總之，對這一筆我們非常興奮。

And Dan, I don't know if you want to touch on any of the details on the numbers.

Dan，我不確定你是否想補充一些數字方面的細節。

Yes. No, I can definitely add some color on that. I mean we talked about the benefit for the year being close to $20 million. But when you think about the transaction in general, we're also picking up from -- included in that $20 million, clearly, but we're also picking up a consumer note portfolio net of impaired that's north of $400 million. So a material increase to the portfolio balance.

是的。當然，我可以補充一些背景說明。我們談到今年的效益接近 2,000 萬美元。但從整體交易來看，這 2,000 萬美元當然已包含在內；此外，我們也會取得一個消費者票據（consumer note）投資組合（扣除已減損部分後）規模超過 4 億美元。因此，這會使投資組合餘額出現實質性的增加。

When you think about other projects that are out there, we -- this is not our only fee-for-service transaction. But to Mark's earlier point, this is a single site transaction. We do have a partner that we've been working with for over a decade at this point in South Carolina with a series of resorts in Myrtle Beach, Charleston, South Carolina, even one here in Orlando. It's a different environment, though. So we're not close to acquiring the tail on that.

再談到外部其他專案——這並不是我們唯一的代營運（fee-for-service）交易。但呼應 Mark 先前的重點，這是一筆單一據點的交易。我們確實有一個合作夥伴，至今已合作超過十年，位於南卡羅來納州，涵蓋 Myrtle Beach、Charleston（南卡羅來納州）的一系列度假村，甚至在奧蘭多也有一個。不過那是不同的環境。因此我們目前並不接近收購那邊的尾端資產。

That's probably anywhere from 4 to 7 years out, just depending on how that runs through. But it will change our fee-for-service percentage. We were in the mid-teens, and it will bring us below 10% with us closing on Elara.

那大概還要 4 到 7 年，取決於後續進展如何。但這會改變我們代營運（fee-for-service）的占比。我們原本在十幾個百分點的中段，而在完成 Elara 交割後，將把占比拉低到 10% 以下。

Great. Thank you both.

很好。謝謝你們兩位。

David Katz, Jefferies.

David Katz，Jefferies。

Hi, good morning. Thanks for taking my question.

嗨，早安。謝謝讓我提問。

Recognizing that sometimes the press reports can overstate these things, but there definitely was some weather late in 1Q and early 2Q in Hawaii. How -- what are you seeing and/or hearing? Is some of that overstated? Is there some impact that we should be noting?

我知道有時候媒體報導可能會誇大，但夏威夷在第一季末與第二季初確實有一些天氣狀況。你們看到和／或聽到的是什麼？是否有些被誇大了？是否有任何影響是我們需要留意的？

Yes. Look, definitely some unusual weather in the quarter for Hawaii. And look, I lived in Hawaii for 27 years. It's called the Kona Low, and you get these type of storms about every 20 years. But I can tell you, our teams did a really good job managing through the challenges to minimize the impact.

是的。你看，這一季夏威夷確實出現一些不尋常的天氣。而且我在夏威夷住了 27 年。這叫做 Kona Low（科納低壓），大約每 20 年會出現一次這類風暴。但我可以告訴你，我們的團隊在管理這些挑戰上做得非常好，把影響降到最低。

The impact was larger on arrivals than it was for sales. And for instance, if you look at Maui, Maui, which got hit pretty hard, was actually one of our strongest performing sales markets this quarter. So again, the teams did a really good job.

影響在入境人次（arrivals）上的程度大於對銷售的影響。例如，如果你看茂宜島（Maui），茂宜島受衝擊相當大，但它實際上是我們本季表現最強的銷售市場之一。所以再次強調，團隊做得非常好。

But if you look at overall, the weather impact between the ice storms in the Northeast, some of the colder temperatures in Florida and Hawaii, the impact was about $5 million of revenue with the majority of that being contract sales and the balance in rentals. So -- yes, so I'd say not material for us, but I think the teams did a good job managing through it.

但如果整體來看，包含東北部的冰風暴、佛羅里達較低的氣溫，以及夏威夷的天氣，整體天氣影響約為 500 萬美元的營收，其中大部分來自合約銷售，其餘來自租賃。所以——是的，我會說對我們而言並不重大，但我認為團隊在應對上做得很好。

And just following that up, I assume that's -- that minimal impact is reflected in whatever guidance and you're not preparing for anything further or anything ongoing, it was a onetime thing?

再追問一下，我想這——這個輕微影響已反映在你們的指引之中，而且你們不預期還會有進一步或持續性的影響；這是一次性的事件，對嗎？

That's correct. Yeah.

沒錯。是的。

Yes. Okay. Perfect. Thank you.

是的。好的。非常好。謝謝。

Trey Bowers, Wells Fargo.

Trey Bowers，Wells Fargo。

This is Nick Weichel on for Trey. I just had a really strong new owner performance in the quarter. I was kind of just curious what's driving that? What are you guys doing that's resonating with your owner base, new buyers?

我是代替 Trey 的 Nick Weichel。你們本季新業主表現非常強勁。我有點好奇是什麼在驅動這個表現？你們做了哪些事情，能夠引起你們的業主基礎與新買家的共鳴？

And with this and the inventory optimization program and the rebranding cycle you're going through, do you think you're approaching a period where maybe you could put up like sustained positive NOG? Any detail would be great.

再加上您正在推動的庫存最佳化計畫以及品牌重塑週期，您是否認為公司正接近一個可能可以實現持續正向 NOG 的階段？任何細節都會很有幫助。

Yes. No. Well, first of all, really pleased with how the new buyer trends have been playing out. And we have consistently talked about that being a key focus of ours, and it's critical to the long-term health of the business. And so the trends we saw having 8% increase in transactions and our mix moving up 3 percentage points are all very, very positive.

是的。不是。嗯，首先，我們對新買方趨勢的發展感到非常滿意。而且我們一直在談這是我們的關鍵重點之一，這對業務的長期健康至關重要。因此，我們看到交易量增加 8%，以及我們的組合上升 3 個百分點，這些都非常、非常正面。

And then we've also talked about just absolute new buyers coming in the system. Over the course of the last 4 years, it has been pretty impressive on a relative basis when you look across the industry. One of the things that we've really been striving on and the teams have been doing a good job is around tour quality. And on the other side, the value proposition. And so all in all, I feel really good about that.

接著我們也談到系統中新增買方的絕對數量。在過去 4 年的過程中，若放在整個產業中相對比較，表現相當亮眼。我們一直努力、而團隊也做得很好的其中一件事，是提升導覽（tour）品質。另一方面則是價值主張。總體而言，我對此感覺非常好。

I think on NOG, NOG in the near term is more a mechanical outcome of recapture. And ultimately, that's going to improve our cash flow and returns. And what matters for us is EBITDA and lifetime value creation and both of which we continue to grow. So we'll get back to positive NOG at some point, but some of this recapture is healthy, but the trend on new buyers is -- we're pleased with.

我認為就 NOG 而言，短期內的 NOG 更像是回收（recapture）的機械性結果。而最終，這將改善我們的現金流與報酬。對我們而言重要的是 EBITDA 與全生命週期價值的創造，而這兩者我們都持續成長。所以我們會在某個時間點回到正向 NOG，但其中一部分回收是健康的；而新買方的趨勢——我們對此感到滿意。

Stephen Grambling , Morgan Stanley.

Stephen Grambling，摩根士丹利。

Hey, thank you. Just wanted to go back to the -- effectively the disposition or the optimization of the clubs. Is this something that we should be thinking about more consistently going forward? Or is this more of a one-off?

嗨，謝謝。我想回到——基本上是會所的處置或最佳化這件事。這是否是我們未來應該更持續性地看待的事情？還是這比較像一次性的？

And when you were looking at these clubs, was the reason to think about the dispositions mainly because of changes in the individual market? Or is there something when you just think through the structural dynamic of the way these are set up where the HOAs just won't kind of cover the maintenance CapEx over time?

另外，當你們檢視這些會所時，考慮處置的原因主要是因為個別市場的變化嗎？還是說，從這些架構的結構性動態來看，HOA（業主協會）長期下來就是無法負擔維護性資本支出（maintenance CapEx）？

Yes. Look, there's a lot of considerations, a lot of analysis that goes into this, Stephen. And I'd say, first of all, the average age of these properties are 38 years old, right? And that in itself doesn't drive the decision. But when you look at the overlap, 4 of the 8 are in Orlando.

是的。Stephen，你看，這裡面有很多考量、很多分析。我會先說，這些物業的平均屋齡是 38 年，對吧？而這本身並不會驅動決策。但當你看重疊度時，8 個裡有 4 個在奧蘭多。

And we have 19 properties in Orlando and some of those were picked up through the acquisitions. And so these are, I would say, are the smaller properties and the older properties that when you look from a rebranding perspective, just did not financially make sense.

而我們在奧蘭多有 19 個物業，其中一些是透過併購取得的。所以我會說，這些是較小、也較老的物業，從品牌重塑的角度來看，財務上並不划算。

And so -- and then when you look at just kind of the makeup of the inventory or the base of owners in here, the mass majority of the owners were in the trust. So they remain in the trust. So there is not a lot of legacy owners.

此外，當你看這裡的庫存結構或業主基礎時，絕大多數的業主都在信託（trust）裡。所以他們仍然留在信託中。因此並沒有太多的既有（legacy）業主。

There's less than 300 legacy owners in these properties. And we're going to be offering them. It's a compelling opportunity to remain into the club, but -- or join the club that these are legacy members and are not part of the club today. So really not a lot of work that had to be done to get past that. I don't know, Dan, if you have anything to add.

這些物業的既有業主不到 300 位。而我們將向他們提供——這是一個很有吸引力的機會——可以繼續留在會所中，但——或者加入會所；因為這些是既有會員，而目前並不是會所的一部分。

Yes. I mean I think the only thing I'd add is very similar to Mark's earlier comments. We always viewed a number of resorts that were not going to be rebranded. So when you think about this, hey, is this a one-off or is this something that we're consistently going to be doing? I'd say it's somewhere in between in the sense that this is an initial set of properties that we've identified.

是的。我的意思是，我唯一要補充的是，這和 Mark 先前的評論非常類似。我們一直認為有一些度假村是不會進行品牌重塑的。所以當你思考這件事：這是一次性，還是我們會持續做？我會說介於兩者之間，因為這是一組我們已經辨識出的初始物業。

But it's not something that you'll hear from us every single quarter on. Will there be more? Yes. Probably at some point in the next 12 months or 24 months, there'll be more. But it's not something that you'll see us do on an annual basis consistently going forward.

但這不是你們每一季都會聽到我們談的事情。未來還會有更多嗎？會的。可能在接下來 12 個月或 24 個月的某個時間點，還會有更多。但這不是你會看到我們未來每年都持續、固定去做的事情。

Yes. And just to maybe finish up on this particular question. I think we're in a very good inventory position. We're above our long-term targets, which will support a lot of strong free cash flow going forward. But importantly, when you look at our brand stack and the way we're structured now, when you go from luxury, which with our Hilton Club brands, if you look at the property that we're selling right now in Ka Haku, we're getting $175,000 average per week.

是的。再補充一下，作為對這個問題的收尾。我認為我們的庫存狀況非常好。我們高於長期目標，這將支持未來強勁的自由現金流。但更重要的是，當你看我們的品牌梯隊（brand stack）以及我們現在的架構，從奢華端來看——以我們的 Hilton Club 品牌而言——如果你看我們目前正在出售的 Ka Haku 物業，我們每週的平均售價是 175,000 美元。

Now you go down to the other side of it, and that is really being sold to a much more mature customer, I'd say, bloomers, portions of the Gen X. These are people that have higher net worth. And then we have the Bluegreen acquisition really gives us a really good product where we are attracting a lot of new younger buyers into the system. So we like our branding position. We like our inventory position.

接著你往另一端看，那些產品主要是賣給更成熟的客群，我會說是嬰兒潮世代（boomers）以及部分 X 世代；這些人淨資產更高。而 Bluegreen 的併購則為我們帶來非常好的產品，使我們能吸引許多更年輕的新買方進入系統。所以我們喜歡我們的品牌定位。我們也喜歡我們的庫存狀況。

This is really -- as I mentioned before, it's not about cleaning. It's not about shrinking. It's about upgrading the overall portfolio to better fit on our strategy.

這真的——如我先前提到的——不是為了清理。也不是為了縮小規模。而是為了升級整體投資組合，使其更符合我們的策略。

Got it. So maybe one quick follow-up just to make sure I understand. So if we think about the club and resort management side then, do you generally expect that segment to grow going forward over the long term?

了解。那我再快速追問一下，確認我理解正確。所以如果我們從會所與度假村管理這一端來看，長期而言你們一般預期該部門會持續成長嗎？

Because I guess this is always a segment that I think was touted as kind of, I don't want say bulletproof, but effectively a perpetuity because you just kind of have inflationary growth every single year. Is any of that changing? Or should we think that this as static?

因為我想這一直是一個被形容為某種——我不想說是刀槍不入——但基本上是近乎永久性的業務板塊，因為你每年都會有通膨式的成長。這其中有任何改變嗎？還是我們應該把它視為靜態？

No, I don't think you should think of this as static. This is going to be a segment that will continue to grow over time. I think we had a couple of onetime things this first quarter.

不，我不認為你應該把它視為靜態。這將是一個會隨時間持續成長的部門。我認為第一季我們有幾個一次性的因素。

But I don't know, Dan, if you want to jump into any of that. But we're expecting to grow this segment, and it's a high-margin part of our business.And so -- and we're very pleased with the way the teams that are managing that business for us.

但我不知道，Dan，你是否想補充其中一些。不過我們預期這個部門會成長，而且它是我們業務中高毛利的一部分。而且——我們對負責管理這項業務的團隊表現非常滿意。

Yes. No, I think that's right, Mark. I mean -- we don't look at this being static. We look at growth opportunities. The net result of this impacting resort club and rental is clearly a positive from a cash flow basis, and it's making the organization not only from a portfolio's perspective, but also from an owner's perspective, healthier and stronger position.

是的。不，我想你說得對，Mark。我的意思是——我們不會把這看成是靜態不變的。我們會看成是成長機會。這對度假俱樂部與租賃業務的影響，從現金流角度來看顯然是正面的，並且讓組織不僅從投資組合的角度，也從業主的角度，處於更健康、更強健的位置。

Chris Woronka, Deutsche Bank.

Chris Woronka，德意志銀行。

I was hoping we could maybe zoom in for a minute on some of the issues that will impact your margins, which I think were maybe a little bit better than you expected in Q1. And really talk about kind of staffing levels and marketing.

我希望我們可以花一點時間聚焦在一些會影響你們利潤率的議題上；我認為你們第一季的利潤率可能比你們原先預期的還要好一些。並且想更深入談談人員編制水位與行銷。

And maybe if you can just give us a few words on each of those? Are you satisfied with where the budgets are? Is there anything that you -- concerns you with staff attrition or turnover or is marketing in line with where you thought based on demand levels. And then I have a follow-up.

也許你可以就這兩點各說幾句？你們對目前的預算配置滿意嗎？在人員流失或離職率方面，有沒有任何讓你們擔心的地方？或者行銷支出是否符合你們基於需求水準所做的預期？然後我還有一個追問。

Sure. No, I mean when -- I think when you think about Q1 and you think about the outperformance and the margin expansion, there was some element of timing of certain expenses, but we had really strong performance, both in sales and marketing expense as well as the financing business. So some of that trending does carry forward into Q2, Q3 and Q4. What I would say is you also have -- there is a bit of a mix. So things are going to come in like we originally expected, just in a different way.

當然。不，我的意思是——我想當你回顧第一季，看到超預期表現與利潤率擴張時，其中有一部分是某些費用認列時點的因素，但我們在銷售與行銷費用以及融資業務兩方面的表現都非常強勁。因此，部分趨勢確實會延續到第二季、第三季與第四季。我想說的是，你也會看到——組合上會有一些變化。所以整體結果會與我們原先預期相符，只是呈現方式會有些不同。

Clearly, on the financing side, I think everyone would readily recognize that when we gave guidance, we did not anticipate the conflict that we currently see in Iran and its impact on interest rates. So that clearly is priced into our ABS deals going forward, a little bit higher than we originally anticipated this year. But we feel we're in a good strong position there. And from a personnel perspective, I also feel that we're in a good spot.

很明顯地，在融資端，我想大家都會很容易理解：當我們給出指引時，並沒有預期到目前在伊朗所看到的衝突及其對利率的影響。因此，這些因素顯然已反映在我們後續ABS交易的定價上，利率會比我們今年原先預期的略高一些。但我們認為我們在那方面處於良好且穩健的位置。而從人員配置的角度來看，我也覺得我們目前狀況不錯。

Okay. Perfect. And then maybe if we could just circle back for a moment to some of the LLP. I know you've answered a lot of questions on it. I think it all makes sense.But is there any way to maybe if we drill down a little bit to get more granularity on, are you seeing any change in trends, whether it's legacy Bluegreen or legacy Diamond, legacy HGV, are you seeing any trends with demographics or geographic areas.

好的。完美。接著也許我們可以再回到LLP的一些問題上。我知道你們已經回答了很多相關問題。我覺得整體都說得通。但如果我們再往下鑽一點、取得更細的資訊：你們是否看到任何趨勢變化？不論是舊Bluegreen、舊Diamond、舊HGV，你們是否看到在人口結構或地理區域方面的任何趨勢？

Just curious as to whether we can maybe put to bed some of these concerns about things that are concerns that are out there that haven't yet materialized or any trends you would call out on a more granular level?

只是好奇，我們是否能更徹底地釐清一些外界的疑慮——那些目前還沒有真正發生的擔憂——或者你們在更細的層級上有沒有任何值得指出的趨勢？

Yes. I mean, look, I think there's two things worth highlighting here. One, it wouldn't be timeshare if it wasn't a little bit complicated. So when you think about our loan loss provision, it's always going to be dependent upon -- if you ignore macro for a second, for us and specifically, it's going to be dependent upon the mix of the product that we sell. So the more trust we sell, the higher the actual provision will be because that's our entry-level product, and that bears a higher provision.

是的。我的意思是，聽著，我認為這裡有兩點值得強調。第一，如果不是分時度假（timeshare），就不會有點複雜。所以當你思考我們的貸款損失準備（loan loss provision）時，它永遠會取決於——先暫時不談總體環境，對我們而言、特別是——它會取決於我們所銷售產品的組合。因此，我們賣得越多信託（trust）產品，實際提列的準備就會越高，因為那是我們的入門級產品，而其準備率較高。

The more deed we sell, the lower the provision will be. In this particular quarter, we had a higher mix of trust being sold, which led to a slightly higher provision especially if you look year-over-year. Sequentially, directionally and absolutely, it landed right in line where we expected it to be. So that always has a little give and take. Now you get a little benefit because the more trust we sell, it has a lower cost of product.

我們賣得越多權狀（deed）產品，準備就會越低。在本季，我們銷售的信託產品占比較高，導致準備略高，尤其是若你看年對年。但若以季對季來看，無論方向性或絕對值，都落在我們預期的水準。所以這之間總會有一些此消彼長。另外你也會得到一些好處，因為我們賣越多信託產品，其產品成本較低。

So you'll see that we had a lower cost of product in Q1 year-over-year as well. So there's that dynamic. But when you think about trending and the overall stats that we're seeing in the new originations as well as our historical originations, like I said, we are very -- our portfolio is performing extremely well. No deterioration. It's solid performance.

因此你會看到，我們第一季的產品成本年對年也更低。所以有這樣的動態。但當你看我們在新承作（new originations）以及歷史承作上的趨勢與整體統計數據時，如我所說，我們的投資組合表現非常——非常好。沒有惡化。表現穩健。

And I think that is also well received in the ABS markets. The deal that we closed just a few weeks ago happened to be on one of the days that Trump was saying X, Y and Z, and we still increased the actual offering from $400 million to $500 million and had strong investor demand. Even with the D tranche, we priced just at [$5.13] million in that kind of environment. So that is all, in our minds, extremely encouraging.

我認為這在ABS市場也獲得良好回應。我們幾週前完成的那筆交易，剛好是在川普發表X、Y、Z言論的其中一天，但我們仍把實際發行規模從4億美元提高到5億美元，且投資人需求強勁。即使是D級分券（D tranche），在那樣的環境下我們也以約[$5.13]百萬的水準完成定價。所以在我們看來，這一切都非常令人鼓舞。

This concludes the question-and-answer session. Before we end, I will turn the call back over to Mark Wang for any closing remarks. Mr. Wang.

問答環節到此結束。在結束之前，我將把電話交回給Mark Wang，請他做結語。Wang先生。

All right. Well, thank you again for joining the call today. To our members and team members around the globe, thank you for making HGV a part of your story. We look forward to updating you on our Q2 call. Have a great day.

好的。那麼，再次感謝各位今天加入本次電話會議。致我們全球各地的會員與團隊成員，感謝你們讓HGV成為你們故事的一部分。我們期待在第二季電話會議上向各位更新近況。祝各位有美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。