希爾頓酒店 (HLT) 2021 Q4 法說會逐字稿

Good morning, and welcome to the Hilton Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎來到希爾頓 2021 年第四季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Jill Slattery, Senior Vice President, Investor Relations and Corporate Development. You may begin.

我現在想把會議轉交給負責投資者關係和企業發展的高級副總裁 Jill Slattery。你可以開始了。

Thank you, Chad. Welcome to Hilton's Fourth Quarter and Full Year 2021 Earnings Call. Before we begin, we would like to remind you that our discussions this morning will include forward-looking statements. Actual results could differ materially from those indicated in forward-looking statements, and forward-looking statements made today speak only to expectations as of today. We undertake no obligation to update or revise these statements. For a discussion of some of the factors that could cause actual results to differ, please see the Risk Factors section of our most recently filed Form 10-K.

謝謝你，乍得。歡迎來到希爾頓 2021 年第四季度和全年收益電話會議。在我們開始之前，我們想提醒您，我們今天上午的討論將包括前瞻性陳述。實際結果可能與前瞻性陳述中的結果存在重大差異，而今天做出的前瞻性陳述僅代表截至今天的預期。我們不承擔更新或修改這些聲明的義務。有關可能導致實際結果不同的一些因素的討論，請參閱我們最近提交的 10-K 表格的風險因素部分。

In addition, we will refer to certain non-GAAP financial measures on this call. You can find reconciliations of non-GAAP to GAAP financial measures discussed in today's call in our earnings press release and on our website at ir.hilton.com.

此外，我們將在本次電話會議上提及某些非 GAAP 財務指標。您可以在我們的收益新聞稿和我們的網站 ir.hilton.com 上找到今天電話會議中討論的非 GAAP 與 GAAP 財務指標的調節。

This morning, Chris Nassetta, our President and Chief Executive Officer, will provide an overview of the current operating environment. Kevin Jacobs, our Chief Financial Officer and President, Global Development, will then review our fourth quarter and full year results. Following their remarks, we will be happy to take your questions.

今天上午，我們的總裁兼首席執行官 Chris Nassetta 將概述當前的運營環境。我們的首席財務官兼全球發展總裁 Kevin Jacobs 隨後將審查我們的第四季度和全年業績。根據他們的發言，我們很樂意回答您的問題。

With that, I'm pleased to turn the call over to Chris.

有了這個，我很高興把電話轉給克里斯。

Thank you, Jill. Good morning, everyone, and thanks for joining us today. As our results show, we made significant progress in our recovery throughout 2021. We saw a meaningful increase in demand for travel and tourism, and our team members around the world were there to welcome guests with our signature hospitality as they look to reconnect and create new memories. We continued to demonstrate our resiliency by remaining laser-focused on providing reliable and friendly service to our guests and by launching several new industry-leading offerings to provide them even more choice and control.

謝謝你，吉爾。大家早上好，感謝今天加入我們。正如我們的結果所示，我們在整個 2021 年的複蘇中取得了重大進展。我們看到旅行和旅遊需求顯著增加，我們在世界各地的團隊成員在那里以我們標誌性的款待歡迎客人，因為他們希望重新聯繫和創造新的回憶。我們通過繼續專注於為客人提供可靠和友好的服務，並通過推出幾項行業領先的新產品為他們提供更多選擇和控制，繼續展示我們的彈性。

We also continued to expand our global footprint, adding even more exciting destinations to our portfolio and achieving a record year of room openings. All of this, together with our resilient business model, translated into solid results. For the full year, we grew RevPAR 60% and adjusted EBITDA 93%. Both RevPAR and adjusted EBITDA were approximately 30% below 2019 peak levels. More importantly, our margins were 500 basis points above 2019 peak levels, reaching roughly 66% for the full year. While some costs will come back in as we continue to recover, we remain extremely focused on cost discipline. Given our asset-light business model and the actions we took during the pandemic to further streamline our operations, we expect permanent margin improvement versus prior peak levels in the range of 400 to 600 basis points over the next few years.

我們還繼續擴大我們的全球足跡，在我們的產品組合中增加了更多令人興奮的目的地，並實現了創紀錄的客房開放年。所有這一切，連同我們富有彈性的商業模式，轉化為穩固的成果。全年，我們的 RevPAR 增長了 60%，調整後的 EBITDA 增長了 93%。 RevPAR 和調整後的 EBITDA 均比 2019 年的峰值水平低約 30%。更重要的是，我們的利潤率比 2019 年的峰值水平高出 500 個基點，全年達到約 66%。雖然隨著我們繼續復甦，一些成本會回來，但我們仍然非常關注成本紀律。鑑於我們的輕資產業務模式以及我們在大流行期間為進一步精簡運營而採取的行動，我們預計未來幾年利潤率將比之前的峰值水平提高 400 至 600 個基點。

Turning to results for the quarter. RevPAR increased 104% year-over-year and adjusted EBITDA was up 151%. RevPAR was roughly 87% of 2019 levels with ADR nearly back to prior peaks. Compared to 2019, occupancy improved versus the third quarter with higher demand across all segments. Strong leisure over the holiday season drove U.S. RevPAR to more than 98% of 2019 levels for December. Business travel also improved sequentially versus the third quarter, with solid demand in October and November before the Omicron variant weighed on recovery in December.

轉向本季度的結果。 RevPAR 同比增長 104%，調整後的 EBITDA 增長 151%。 RevPAR 約為 2019 年水平的 87%，ADR 幾乎回到之前的峰值。與 2019 年相比，入住率比第三季度有所提高，所有細分市場的需求都在增加。假期旺季的休閒活動推動美國 RevPAR 在 12 月份達到 2019 年水平的 98% 以上。與第三季度相比，商務旅行也有所改善，10 月和 11 月需求強勁，然後 Omicron 變體在 12 月對複蘇造成壓力。

For the quarter, business transient room nights were approximately 80% of 2019 levels. Group RevPAR improved 11 percentage points over the third quarter to roughly 70% of 2019 levels. Performance was largely driven by strong social business, while recovery in company meetings and larger groups continued to lag. As we kicked off the new year, seasonally softer leisure demand, coupled with incremental COVID impacts due to the Omicron variant, tempered the positive momentum we saw through much of the fourth quarter. For January, system-wide RevPAR was approximately 75% of 2019 levels.

本季度，商務短暫間夜量約為 2019 年水平的 80%。集團 RevPAR 在第三季度提高了 11 個百分點，達到 2019 年水平的大約 70%。業績主要由強勁的社交業務推動，而公司會議和大型團體的複蘇繼續滯後。隨著我們開始新的一年，季節性疲軟的休閒需求，加上 Omicron 變體對 COVID 的影響，削弱了我們在第四季度大部分時間看到的積極勢頭。 1 月份，全系統 RevPAR 約為 2019 年水平的 75%。

Despite some near-term choppiness, we remain optimistic about accelerated recovery across all segments throughout 2022. We anticipate strong leisure trends to continue again this year, driven by pent-up demand and nearly $2.5 trillion of excess consumer savings. Our revenue position for Presidents' weekend is 7 percentage points ahead of 2019 levels. And our position for weekends generally is up significantly for the year, both indicating continued strength in leisure travel.

儘管近期會出現一些動盪，但我們仍然對整個 2022 年所有細分市場的加速復蘇持樂觀態度。我們預計，在被壓抑的需求和近 2.5 萬億美元的過剩消費者儲蓄的推動下，強勁的休閒趨勢今年將再次延續。我們總統週末的收入比 2019 年高出 7 個百分點。我們在周末的位置在這一年里普遍顯著上升，這都表明休閒旅遊持續強勁。

Similarly, we expect growth in GDP and nonresidential fixed investment, coupled with more flexible travel policies across large corporate customers to fuel increasing business transient trends. As a positive indication of business transient recovery, at the beginning of January, midweek U.S. transient bookings for all future periods were down 13% from 2019 levels and improved to just down 4% by the end of the month. Additionally, STR projects U.S. business transient demand will return to 92% of pre-pandemic levels in 2022.

同樣，我們預計 GDP 和非住宅固定投資的增長，再加上針對大型企業客戶的更靈活的差旅政策，將推動日益增長的商業瞬態趨勢。作為業務短暫復甦的積極跡象，1 月初，美國所有未來期間的周中短暫預訂較 2019 年水平下降了 13%，到月底改善至僅下降 4%。此外，STR 預計美國企業的瞬時需求將在 2022 年恢復到大流行前水平的 92%。

On the group side, our position for the year is to remain steady as Omicron-related disruption was largely contained to the first quarter of 2022 with most events rescheduled for later in the year. We continue to expect meaningful acceleration in group business in the back half of the year as underlying group demand remains strong. Compared to 2019, our tentative booking revenue was up more than 25%. Additionally, meeting planners are increasingly more optimistic with forward bookings trending up week over week since early January.

在集團方面，我們今年的立場是保持穩定，因為與 Omicron 相關的中斷主要控制在 2022 年第一季度，大多數事件重新安排在今年晚些時候。由於潛在的集團需求依然強勁，我們繼續預計今年下半年集團業務將出現顯著加速。與 2019 年相比，我們的暫定預訂收入增長了 25% 以上。此外，會議策劃者對自 1 月初以來的提前預訂量逐週上升趨勢越來越樂觀。

Overall, we remain very confident in the broader recovery and our ability to keep driving value on top of that. This should allow us to generate strong free cash flow growth, and our expectation is to reinstate our quarterly dividend and begin buying back stock in the second quarter.

總體而言，我們對更廣泛的複蘇以及我們在此基礎上保持推動價值的能力仍然充滿信心。這將使我們能夠產生強勁的自由現金流增長，我們的預期是恢復季度股息並在第二季度開始回購股票。

Turning to development. We opened more than a hotel a day in 2021, totaling 414 properties and a record 67,000 rooms. Conversions represented roughly 20% of openings. We achieved net unit growth of 5.6% for the year, above the high end of our guidance, and added approximately 55,000 net rooms globally, exceeding all major branded competitors. Our outperformance reflects the power of our commercial engines, the strength of our brands and our disciplined and diversified growth strategy.

轉向發展。 2021 年，我們每天新開超過一家酒店，共有 414 家酒店和創紀錄的 67,000 間客房。轉化率約佔職位空缺的 20%。我們今年實現了 5.6% 的淨單位增長，高於我們指引的上限，並在全球範圍內增加了約 55,000 間淨客房，超過了所有主要品牌競爭對手。我們的優異表現反映了我們商業引擎的力量、我們品牌的實力以及我們嚴謹和多元化的增長戰略。

Fourth quarter openings totaled more than 16,000 rooms, driven largely by the Americas and Asia Pacific regions. In the quarter, we celebrated the opening of our 400th hotel in China and our first Home2 Suites in the country. This positive momentum continued into the new year with the highly anticipated opening of the Conrad Shanghai just last month, marking the brand's debut in one of the world's busiest and most exciting markets. During the quarter, we also continued the expansion of our luxury and resort portfolios with the opening of the Conrad Tulum and the new all-inclusive Hilton Cancun. With more than 400 luxury and resort hotels around the world and hundreds more in the pipeline, we remain focused on growing in these very important categories.

第四季度新開客房總數超過 16,000 間，主要受美洲和亞太地區的推動。本季度，我們慶祝了我們在中國的第 400 家酒店和我們在中國的第一家 Home2 Suites 的開業。這種積極的勢頭一直持續到新的一年，上海康萊德酒店於上個月備受期待地開業，標誌著該品牌首次亮相世界上最繁忙、最令人興奮的市場之一。在本季度，我們還繼續擴大我們的豪華和度假村組合，開設了 Conrad Tulum 和全新的全包式希爾頓坎昆酒店。我們在全球擁有 400 多家豪華和度假酒店，還有數百家正在籌備中，我們將繼續專注於在這些非常重要的類別中實現增長。

We were also thrilled to welcome guests to the Motto New York City Chelsea, a major milestone for this quickly growing brand and a perfect addition to Hilton's expanding lifestyle category. This hotel exemplifies what it means to be a lifestyle property. It incorporates unique and modern design elements and provides guests with authentic and locally minded experiences. We also celebrated the first lifestyle property in Chicago with the opening of the Canopy Chicago Central Loop and debuted the brand in the U.K. with the opening of the Canopy London City. These spectacular properties joined recently opened Canopy hotels in Paris, Madrid and São Paulo.

我們也很高興地歡迎客人光臨 Motto New York City Chelsea，這是這個快速發展的品牌的一個重要里程碑，也是希爾頓不斷擴大的生活方式類別的完美補充。這家酒店體現了生活方式酒店的意義。它融合了獨特而現代的設計元素，為客人提供地道且具有當地特色的體驗。我們還通過 Canopy Chicago Central Loop 的開業慶祝了芝加哥的第一家生活方式物業，並通過 Canopy London City 的開業在英國首次亮相該品牌。這些壯觀的酒店加入了最近在巴黎、馬德里和聖保羅開設的 Canopy 酒店。

In 2021, we grew our Canopy portfolio by more than 1/3 year-over-year, opening hotels across all major regions. We ended the year with 408,000 rooms in our development pipeline, up 3% year-over-year, even after a record year of openings. Our pipeline represents an industry-leading 38% of our existing supply, giving us confidence in our ability to deliver mid-single-digit net unit growth for the next couple of years and eventually return to our prior 6% to 7% growth range. For this year, we expect net unit growth to be approximately 5%.

2021 年，我們的 Canopy 投資組合同比增長超過 1/3，在所有主要地區開設酒店。年底，我們的開發管道中有 408,000 間客房，同比增長 3%，即使是在創紀錄的一年之後。我們的產品線占我們現有供應量的 38%，處於行業領先地位，這讓我們相信我們有能力在未來幾年實現單位數中位數的淨增長，並最終恢復到之前的 6% 至 7% 的增長范圍。今年，我們預計單位淨增長率約為 5%。

As our guests' travel needs continue to evolve, we again introduced innovative ways to enhance the guest experience. In the quarter, we announced the launch of Digital Key Share, which allows more than 1 guest to have access to their room's digital key via the Hilton Honors app. To further reward our most loyal Hilton Honors members, we introduced automated complimentary room upgrades, notifying eligible members of upgrades 72 hours prior to arrival. With our guests at the heart of everything we do, we've been thrilled to hear that the early feedback for both industry-leading features has been overwhelmingly positive.

隨著客人旅行需求的不斷發展，我們再次推出創新方式來提升客人體驗。在本季度，我們宣布推出數字鑰匙共享，允許超過 1 位客人通過希爾頓榮譽客會應用程序訪問他們房間的數字鑰匙。為了進一步獎勵我們最忠誠的希爾頓榮譽客會會員，我們推出了自動免費客房升級，並在抵達前 72 小時通知符合條件的會員升級。我們所做的一切都以客人為中心，我們很高興聽到對這兩個行業領先功能的早期反饋非常積極。

In the quarter, Hilton Honors membership grew 13% year-over-year to more than 128 million members. Honors members accounted for 61% of occupancy in the quarter, just a few points below 2019 levels, and engagement continued to increase across members of all tiers.

本季度，希爾頓榮譽客會會員人數同比增長 13%，超過 1.28 億。榮譽會員佔本季度入住率的 61%，僅比 2019 年的水平低幾個百分點，而且所有等級會員的參與度都在持續增加。

We work hard to ensure that our hospitality continues to have a positive impact on the communities we serve. For that reason, we're incredibly proud to be recognized for our global leadership in sustainability. For the fifth consecutive year, we were included on both the World and North America Dow Jones Sustainability Indices, the most prestigious ranking for corporate sustainability performance.

我們努力確保我們的熱情好客繼續對我們所服務的社區產生積極影響。出於這個原因，我們為在可持續發展方面的全球領導地位得到認可而感到無比自豪。我們連續第五年入選世界和北美道瓊斯可持續發展指數，這是企業可持續發展績效最負盛名的排名。

Overall, I'm extremely pleased with the progress we've made over the last year, and I'm very confident that Hilton is better positioned than ever to lead the industry as we enter a new era of travel. With that, I'll turn the call over to Kevin to give you more details on the quarter.

總的來說，我對我們在過去一年中取得的進展感到非常高興，並且我非常有信心希爾頓比以往任何時候都更有能力在我們進入旅遊新時代時引領行業。有了這個，我會把電話轉給凱文，給你更多關於這個季度的細節。

Thanks, Chris, and good morning, everyone. During the quarter, system-wide RevPAR grew 104.2% versus the prior year on a comparable and currency-neutral basis. System-wide RevPAR was down 13.5% compared to 2019 as the recovery continued to accelerate across all segments and regions, driven by border reopenings and strong holiday travel demand. Performance was driven by both occupancy and rate growth.

謝謝，克里斯，大家早上好。本季度，在可比和貨幣中性的基礎上，全系統 RevPAR 比上一年增長 104.2%。與 2019 年相比，全系統 RevPAR 下降了 13.5%，因為在邊境重新開放和強勁的假期旅行需求的推動下，所有細分市場和地區的複蘇繼續加速。業績受到入住率和房價增長的推動。

Adjusted EBITDA was $512 million for the fourth quarter, up 151% year-over-year. Results reflect the continued recovery in travel demand. Management and franchise fees grew 91%, driven by strong RevPAR improvement and license fees. Additionally, results were helped by continued cost control at both the corporate and property levels. Our ownership portfolio posted a loss for the quarter due to the challenging operating environment and fixed rent payments at some of our leased properties. Continued cost discipline mitigated segment losses. For the quarter, diluted earnings per share adjusted for special items was $0.72.

第四季度調整後的 EBITDA 為 5.12 億美元，同比增長 151%。結果反映了旅遊需求的持續復甦。管理和特許經營費用增長了 91%，這主要得益於強勁的 RevPAR 改善和許可費用。此外，公司和物業層面的持續成本控制也對業績有所幫助。由於具有挑戰性的經營環境和我們一些租賃物業的固定租金支付，我們的所有權組合在本季度出現虧損。持續的成本控制減輕了分部虧損。本季度，針對特殊項目調整後的每股攤薄收益為 0.72 美元。

Turning to our regional performance. Fourth quarter comparable U.S. RevPAR grew 110% year-over-year and was down 11% versus 2019. The U.S. benefited from strong leisure demand over the holidays, with transient RevPAR 1% above 2019 levels and transient rate nearly 5% higher than 2019 for the quarter. Group business also continued to strengthen throughout the quarter, with December room nights just 12% off of 2019 levels. In the Americas outside of the U.S., fourth quarter RevPAR increased 150% year-over-year and was down 17% versus 2019. Continued easing restrictions and holiday leisure demand drove improving trends throughout the quarter. Canada continued to see steady improvement as borders remained open to vaccinated international travelers.

轉向我們的區域表現。第四季度美國可比 RevPAR 同比增長 110%，與 2019 年相比下降 11%。美國受益於假期期間強勁的休閒需求，瞬態 RevPAR 比 2019 年水平高出 1%，瞬態利率比 2019 年高出近 5%季度。集團業務在整個季度也繼續走強，12 月間夜量僅比 2019 年水平低 12%。在美國以外的美洲，第四季度 RevPAR 同比增長 150%，與 2019 年相比下降 17%。持續放鬆的限制和假期休閒需求推動了整個季度的改善趨勢。加拿大繼續看到穩步改善，因為邊境仍然對接種疫苗的國際旅行者開放。

In Europe, RevPAR grew 306% year-over-year and was down 25% versus 2019. Travel demand recovered steadily through November but stalled in December as a rise in COVID cases led to reimposed restrictions across the region. In the Middle East and Africa region, RevPAR increased 124% year-over-year and was up 7% versus 2019. Performance benefited from strong domestic leisure demand and the continued recovery of international inbound travel as restrictions eased.

在歐洲，RevPAR 同比增長 306%，與 2019 年相比下降了 25%。旅行需求在整個 11 月穩步復甦，但在 12 月停滯不前，因為 COVID 病例的增加導致該地區重新實施限制。在中東和非洲地區，RevPAR 同比增長 124%，比 2019 年增長 7%。業績得益於強勁的國內休閒需求以及限制放寬後國際入境旅遊的持續復甦。

In the Asia Pacific region, fourth quarter RevPAR fell 1% year-over-year and was down 34% versus 2019. RevPAR in China was down 24% as compared to 2019 as travel restrictions and lockdowns remained in place. However, occupancy in the country held steady versus the third quarter as summer leisure travel was replaced with local corporate and meetings business. The rest of the Asia Pacific region benefited from relaxed COVID restrictions and the introduction of vaccinated travel lanes in several key markets.

在亞太地區，第四季度 RevPAR 同比下降 1%，與 2019 年相比下降了 34%。由於旅行限制和封鎖仍然存在，中國的 RevPAR 與 2019 年相比下降了 24%。然而，隨著夏季休閒旅遊被當地公司和會議業務所取代，該國的入住率與第三季度持平。亞太地區其他地區受益於放寬的 COVID 限制和在幾個主要市場引入疫苗接種通道。

Turning to development. As Chris mentioned, for the full year, we grew net units 5.6%. Our pipeline grew sequentially and year-over-year, totaling 408,000 rooms at the end of the quarter, with 61% of pipeline rooms located outside the U.S. and roughly half under construction. Demand for Hilton-branded properties remains robust and, along with our high-quality pipeline, we are positioned to emerge from the pandemic stronger than ever.

轉向發展。正如克里斯提到的那樣，全年我們的淨銷量增長了 5.6%。我們的在建客房環比和同比增長，截至本季度末共有 408,000 個房間，其中 61% 的在建客房位於美國境外，大約一半在建。對希爾頓品牌酒店的需求依然強勁，再加上我們高質量的產品線，我們有能力以比以往任何時候都更強大的方式從大流行中走出來。

Turning to the balance sheet. We ended the year with $8.9 billion of long-term debt and $1.5 billion in total cash and cash equivalents. We're proud of the financial flexibility we demonstrated through the pandemic and remain confident in our ability to continue to be an engine of opportunity and growth as we look to reinstate our capital return program. Further details on our fourth quarter and full year results can be found in the earnings release we issued this morning.

轉向資產負債表。我們以 89 億美元的長期債務和 15 億美元的現金及現金等價物總額結束了這一年。我們為我們在大流行期間表現出的財務靈活性感到自豪，並且在我們尋求恢復我們的資本回報計劃時，對我們繼續成為機會和增長引擎的能力充滿信心。有關我們第四季度和全年業績的更多詳細信息，請參閱我們今天上午發布的收益報告。

This completes our prepared remarks. We would now like to open the line for any questions you may have. (Operator Instructions) Chad, can we have our first question, please?

這就完成了我們準備好的評論。我們現在想為您可能有的任何問題打開熱線。 （操作員說明）乍得，我們可以問第一個問題嗎？

(Operator Instructions)

（操作員說明）

The first question will be from Shaun Kelley with Bank of America.

第一個問題將來自美國銀行的 Shaun Kelley。

I wanted to dig in a little bit. I thought the margin commentary you gave was interesting, Chris. I mean in general, we don't think of -- I think we think of hotels being more about recovery beneficiaries than we do it thinking through the pandemic and some of the opportunities that may have presented on the cost side. So could you just give us a little bit more color on what some of the key buckets are that have changed in your overall operating model that are driving that improvement? And then secondarily, just help us think through how that might trend over the next couple of years as you kind of ramp up towards that 500 basis point margin target that you mentioned.

我想深入一點。克里斯，我認為你給出的頁邊評論很有趣。我的意思是，總的來說，我們沒有想到——我認為我們認為酒店更多地是關於復甦的受益者，而不是我們通過大流行病和成本方面可能出現的一些機會來思考。那麼，您能否就您的整體運營模式中哪些關鍵因素發生了變化，推動這種改進，給我們更多的顏色？其次，請幫助我們思考未來幾年隨著您朝著您提到的 500 個基點保證金目標邁進的趨勢。

Yes, I'm happy to do it. We put it in the comments because the truth is it's, I would argue, very important. I don't think it's had a lot of focus and it has an intense amount of focus inside this company amongst the management team and, for that matter, with our Board of Directors because the idea was, as you would want to do in any crisis, is take advantage of opportunity. And as we went into the crisis, we saw things that we thought we've not only needed to do to address the crisis but we could do to make the business stronger.

是的，我很樂意這樣做。我們將它放在評論中，因為事實是，我認為，它非常重要。我不認為它有太多的關注點，它在公司內部的管理團隊中有很大的關注點，就此而言，我們的董事會也很關注，因為這個想法是，就像你想在任何地方做的那樣危機，是乘機。當我們陷入危機時，我們看到了我們認為我們不僅需要做的事情來解決危機，而且我們可以做的事情來使業務更強大。

And so we didn't obviously have a lot to worry about liquidity. We had a lot to worry about but our balance sheet is great. We didn't have a lot of liquidity issues. So we very quickly, not to pat us on the back, but it's true. Like in March, April of 2020, we were focused on recovery, how do we get to the other side, what are the things that we can do to make this business faster growing, better, stronger and higher margin. And we've been at it ever since and we'll never stop because we think there are opportunities.

因此，我們顯然沒有太多擔心流動性。我們有很多擔心，但我們的資產負債表很好。我們沒有太多的流動性問題。所以我們很快，不是拍我們的背，但這是真的。就像在 2020 年 3 月、4 月，我們專注於復蘇，我們如何到達另一端，我們可以做些什麼來使這項業務增長更快、更好、更強和更高的利潤率。從那以後我們就一直在努力，我們永遠不會停止，因為我們認為有機會。

I think if you did the math, it sort of comes in 3 categories that gets you there. Number one, we're bigger. So you have units that have been added at 5-plus percent a year through COVID that haven't been, during COVID, that productive that are, over the next few years, going to become productive contributors to earnings. We've had great success in our sort of license arrangements and sort of our non-RevPAR-related fee segment of the business. So think our HGV business, think our Amex co-brand business generally where we -- it's a very, very high-margin business and it has performed very well. If you look at the numbers carefully, 2021, we were already over peak levels for those fees -- peak '19 -- 2019 levels, and we think there's still meaningful growth to come from that.

我認為，如果您進行了數學計算，它可以分為 3 個類別，讓您到達那裡。第一，我們更大。因此，在 COVID 期間，你的單位每年以 5% 以上的速度增加，但在 COVID 期間，這些單位的生產率在未來幾年內將成為收益的生產性貢獻者。我們在許可安排和與 RevPAR 無關的業務費用部分方面取得了巨大成功。所以想想我們的 HGV 業務，想想我們的 Amex 聯合品牌業務——這是一項利潤非常非常高的業務，而且表現非常好。如果你仔細看一下這些數字，2021 年，我們已經超過了這些費用的峰值水平——19 年的峰值——2019 年的水平，我們認為仍然會有有意義的增長。

And then last but not least and importantly, cost structure. We, like everybody, every business that was dramatically impacted by COVID, had to think about cutting costs in hotels and in corporate and we did that. But again, not patting us on the back, but reality, we said, like, we don't want to just take cost out. We want to sort of reengineer the way we run the business to be able to -- where we think there might be longer-term efficiencies, realize those and during COVID sort of get -- build it into the DNA of the company.

最後但同樣重要的是，成本結構。我們和每個人一樣，每個受到 COVID 嚴重影響的企業都必須考慮削減酒店和企業的成本，我們做到了。但同樣，不是拍我們的背，而是現實，我們說，就像，我們不想只降低成本。我們希望重新設計我們經營業務的方式，以便能夠——我們認為可能存在長期效率，意識到這些，並在 COVID 期間——將其融入公司的 DNA。

And so we were able to take out a bunch of costs that helped during COVID but that we think we will be able to keep out. When you put all that together, as we said, we think it's 400 to 600 basis points of sort of a real run rate margin improvement. We delivered pretty well against, I thought, last year when we had RevPAR and EBITDA that was 30% off of peak levels and delivering 500 basis point margin levels was pretty compelling as a down payment on what we're saying.

因此，我們能夠剔除在 COVID 期間有所幫助但我們認為我們將能夠避免的大量成本。正如我們所說，當你把所有這些放在一起時，我們認為實際運行率利潤率提高了 400 到 600 個基點。我認為，去年我們的 RevPAR 和 EBITDA 比峰值水平低 30%，並且提供 500 個基點的保證金水平作為我們所說的預付款非常有吸引力。

Now it won't be a perfectly straight road, meaning there are -- last year, we probably underspent in some areas because it's been hard to hire and all that, corporately. This year, we'll catch up a little bit with that. So it won't be a completely straight line. But as you look out to like '23 and '24, I think we're in those target ranges, hopefully at the midpoint or beyond those, at least as we model it.

現在它不會是一條完美的直路，這意味著 - 去年，我們可能在某些領域的支出不足，因為公司很難招聘等等。今年，我們會趕上一點。所以它不會是一條完全直線。但是當你看起來像'23 和'24 時，我認為我們處於這些目標範圍內，希望處於中點或超過這些目標範圍，至少在我們建模時是這樣。

And as I said, it's not by happenstance, it's not by luck. It's been a huge focus and I think shareholders should feel comfortable that it will remain an intense focus of the enterprise because we know we can. And if we can, we should because ultimately, and I won't finish this because I'm sure others have questions that we want to have answered ultimately. Obviously, we're a free -- when we -- in a normal time, we're a free cash flow machine. The higher the margins, the higher the free cash flow and having 500 basis point higher margins allows us to drive a lot more free cash flow that allows us to return a lot more capital over time. And as I said in my prepared comments, we intend to start returning capital in the second quarter. That is the second quarter of this year, that is 6 weeks from now.

正如我所說，這不是偶然，不是運氣。這是一個巨大的關注點，我認為股東應該感到放心，因為我們知道我們可以做到，這將繼續成為企業的重點關注點。如果可以的話，我們應該這樣做，因為最終，我不會完成這個，因為我確信其他人有我們希望最終得到回答的問題。顯然，我們是免費的——當我們——在正常情況下，我們是一個自由的現金流機器。利潤率越高，自由現金流就越高，利潤率提高 500 個基點可以讓我們推動更多的自由現金流，從而讓我們隨著時間的推移能夠返還更多的資本。正如我在準備好的評論中所說，我們打算在第二季度開始返還資本。那是今年第二季度，也就是從現在起 6 週。

And the next question will come from Joe Greff with JPMorgan.

下一個問題將來自摩根大通的 Joe Greff。

I have a 2-part question on development. One, it's hard not to notice that the managed footprint has caught up at least relative to the growth rate into 2019. How do you see the footprint growth between managed and franchised growing in 2022? I know you talked about 5% this year, longer term 6% to 7%. And then can you also just talk about what's going on development-wise in China currently?

我有一個關於開發的兩部分問題。第一，很難不注意到託管足跡至少相對於 2019 年的增長率已經趕上。您如何看待 2022 年託管和特許經營增長之間的足跡增長？我知道你今年談到了 5%，長期來看是 6% 到 7%。那麼您能否也談談目前中國在發展方面的情況？

Yes. Sure, Joe. I'll take this one. I think it's interesting. I'm not exactly sure what numbers you're looking at. I think our split between managed and franchised, as the pipeline plays out, has been pretty consistent, right? Our existing supply is 75% franchised led by the U.S. and the Americas, of course. But more and more, our pipeline today is 40% franchised outside -- in -- sorry, 40% franchised in EMEA and nearly half franchised in APAC as our franchisee business grows in those regions.

是的。當然，喬。我要這個。我覺得很有趣。我不太確定你在看什麼數字。我認為我們在管理和特許經營之間的分歧，隨著管道的發展，一直非常一致，對吧？當然，我們現有的供應有 75% 是由美國和美洲主導的特許經營。但越來越多的是，隨著我們的特許經營業務在這些地區的增長，我們今天的管道有 40% 的特許經營權在外面——在——抱歉，40% 在 EMEA 特許經營，近一半在亞太地區特許經營。

And so over time, what had been happening is growing outside the U.S., more of those deals had been managed and that was sort of skewing us back towards managed. And now I'd say we're on a trajectory overall. We'll still add a bunch of managed rooms as we grow outside the U.S., but more and more, we're doing franchising outside of the U.S. And so maybe I'm missing something in your question and I'm happy to do a follow-up, but I think that's been pretty consistent and not really moving around that much.

因此，隨著時間的推移，在美國以外發生的事情越來越多，更多的交易得到了管理，這有點讓我們轉向管理。現在我想說我們總體上正處於軌道上。隨著我們在美國以外的地區發展，我們仍然會增加一些管理房間，但越來越多的，我們在美國以外的地方進行特許經營，所以也許我在你的問題中遺漏了一些東西，我很樂意做一個跟進，但我認為這是非常一致的，並沒有真正移動那麼多。

And then interestingly -- and so feel free to follow up. But to get to China, it's interesting. Most of the development trends, and I think we've said this on prior calls, have been following the trend of the virus. So meaning, as the world's been opening up in those regions, you see a pretty direct correlation to signing activity and approval activity in those regions, so led by the U.S. Europe had sort of a slow start this year but then really came on towards the end of the year as things start to open up.

然後有趣的是——所以請隨時跟進。但是去中國，這很有趣。大多數發展趨勢，我想我們在之前的電話會議上已經說過，一直在跟隨病毒的趨勢。所以意思是，隨著世界在這些地區的開放，你會看到這些地區的簽署活動和批准活動非常直接相關，所以由美國領導。歐洲今年起步緩慢，但隨後真正走向了年底，事情開始開放。

China has been kind of the exception to that rule, meaning even with lockdowns and people not moving around and you would think not being able to travel across the country, would slow the pace of activity, but that just hasn't been the case. So for us, we -- our approvals for 2021 were up 45% for the year and our openings were up 30% over the year. And we think our openings will be up something similar to that over the course of 2022.

中國一直是該規則的例外，這意味著即使在封鎖和人們不四處走動的情況下，你會認為無法在全國范圍內旅行，也會減緩活動的步伐，但事實並非如此。因此，對我們來說，我們 - 我們 2021 年的批准量同比增長了 45%，我們的開業同比增長了 30%。我們認為我們的職位空缺數量將與 2022 年類似。

So China has really been strong, led by our Plateno-Hampton JV. We've now launched Home2 with Country Garden. We've now launched on our own -- an individual franchising program for Hilton Garden Inn, with still a bunch of, Chris mentioned a little bit in our prepared remarks, still a bunch of really great full-service and luxury signings along the way. So China has been a little bit of the exception to the rule with COVID where even in the face of lockdowns, we've had a lot of activity.

因此，在我們的 Plateno-Hampton JV 的領導下，中國真的很強大。我們現在已經與碧桂園一起推出了 Home2。我們現在已經推出了我們自己的 - 希爾頓花園酒店的個人特許經營計劃，克里斯在我們準備好的評論中提到了一些，仍然有很多非常棒的全方位服務和豪華簽約.因此，中國是 COVID 規則的一個例外，即使面對封鎖，我們也有很多活動。

And the next question will come from Thomas Allen with Morgan Stanley.

下一個問題將來自摩根士丹利的 Thomas Allen。

Just a follow-up to Shaun's question, maybe a clarification. As I look at 2024 consensus for you, The Street is looking for $3.1 billion of EBITDA and 70% margin. Your comments earlier, Chris, was we're going to gain 400 to 600 basis points of margin versus 2019, which ties you in that 65%, 66% range. Do you think -- what do you think The Street's modeling -- mismodeling?

只是對 Shaun 問題的跟進，也許是澄清。當我為您展望 2024 年的共識時，華爾街正在尋找 31 億美元的 EBITDA 和 70% 的利潤率。克里斯，你之前的評論是我們將比 2019 年獲得 400 到 600 個基點的利潤率，這將你聯繫在 65%、66% 的範圍內。你認為 - 你如何看待華爾街的建模 - 錯誤建模？

I have no earthly idea. As you know, we haven't been giving guidance for any period of time, let alone for 2024. So Thomas, I think the best thing to do is let my comments stand as they were. We're confident that on a run rate basis, it will sort of be in that range. We're very proud of that, of being able to accomplish that. Obviously, we're always looking to under-promise and over-deliver. So that will never change, but not much to add at this point.

我沒有世俗的想法。如您所知，我們在任何時期都沒有提供指導，更不用說 2024 年了。所以 Thomas，我認為最好的辦法是讓我的評論保持原樣。我們有信心，在運行率的基礎上，它將在某種程度上處於該範圍內。我們為此感到非常自豪，能夠做到這一點。顯然，我們一直在尋求承諾不足和交付過多的情況。所以這永遠不會改變，但在這一點上沒有太多要補充的。

All right. Chris, just -- I mean, I guess asked another way, 2 things I was thinking of when you said it: one, there's obviously going to be a mix shift of the lower-margin owned business coming back. And then secondly, when we look at your margins historically, they increased every single year. So I guess the point I'm making is, I think your commentary around margins is more your confidence around resetting margins higher versus commentary that your expense base will grow significantly and you're kind of -- you're stuck at the margin level. Is that the right way to think about it?

好的。克里斯，只是 - 我的意思是，我想問的是另一種方式，當你說這件事時我在想兩件事：一個，顯然低利潤率的自有業務將出現混合轉變。其次，當我們從歷史上看你的利潤率時，它們每年都在增加。所以我想我要表達的意思是，我認為你對利潤率的評論更多的是你對重置更高利潤率的信心，而不是你的費用基數將顯著增長並且你有點 - 你被困在利潤率水平的評論.這是正確的思考方式嗎？

I'm not sure I understand, but I think so. Yes. I mean we have confidence -- said another way, just to be clear, we have confidence that the structural changes we have made to the company on a like-for-like basis are going to drive higher margins. So if you think that margins were going to continue to grow organically under the prior setup, then we agree with that, and we think that there's an incremental piece to it that is a result of structural changes that we've made that we'll maintain.

我不確定我是否理解，但我認為是這樣。是的。我的意思是我們有信心 - 換句話說，為了清楚起見，我們有信心我們在類似的基礎上對公司進行的結構性改變將推動更高的利潤率。因此，如果您認為利潤率將在先前的設置下繼續有機增長，那麼我們同意這一點，並且我們認為它有一個增量部分，這是我們所做的結構變化的結果，我們將維持。

Yes. I'd probably just add to that quickly on the real estate is like you're making a comment about the mix of business, but you should remember that the real estate has been shrinking over time. And even though you've had -- you've got different rates of recovery in COVID and different mix, over time, that is going to continue to be a smaller part of the business as we continue to grow the managed and franchised business and continue to work our way out of the risk.

是的。我可能只是想快速補充一點，就像你在評論業務組合一樣，但你應該記住，隨著時間的推移，房地產一直在萎縮。即使你已經 - 你有不同的 COVID 恢復率和不同的組合，隨著時間的推移，隨著我們繼續發展託管和特許經營業務，這將繼續成為業務的一小部分繼續努力擺脫風險。

Yes. And not to beat a dead horse but just throw something slightly more on top of the real estate. The real estate, you're right, is a lower-margin business by definition. We have baked that into what we -- what our guidance -- what my summary was of what our expectation is over the next few years. So that was taken into account.

是的。並不是為了打敗一匹死馬，而只是在房地產之上多扔點東西。房地產，你是對的，從定義上講是一種利潤率較低的業務。我們已經將其融入我們的指導中——我對未來幾年我們的期望的總結。所以考慮到了這一點。

It also, from an EBITDA growth point of view, will be tremendously helpful because it was so beat up, given the structure of how much of it is held that from an EBITDA growth rate point of view over the next few years, real estate is going to be very, very helpful, very high growth.

從 EBITDA 增長的角度來看，它也將非常有幫助，因為考慮到它持有的結構，從未來幾年的 EBITDA 增長率的角度來看，房地產是將非常非常有幫助，非常高的增長。

And the next question will come from Smedes Rose with Citigroup.

下一個問題將來自花旗集團的 Smedes Rose。

I wanted to ask a little bit more about your thoughts on China. And maybe you could just give us a reminder of what the kind of contribution China made to fees in '19, and maybe kind of how far that fell off in '21, just because it seems like there's an opportunity for some significant rebounding. Maybe it sounds like it's running behind kind of the rest of the world. And if you have any kind of thoughts on maybe how China addresses its policy around COVID going forward or if they keep the kind of zero tolerance in place indefinitely.

我想多問一點你對中國的看法。也許你可以提醒我們中國在 19 年對收費做出了什麼樣的貢獻，也許在 21 年下降了多少，只是因為似乎有機會出現一些重大反彈。也許這聽起來像是落後於世界其他地方。如果你對中國未來如何處理其圍繞 COVID 的政策或者他們是否無限期地保持零容忍有任何想法。

Yes. I think China, I'm doing this from memory, I think China '19 was like 5 points of EBITDA overall. And I would guess at this point, it is less than half of that. So I'm looking at Jill. It's probably 2% or something like that. So I think you're right. There's a significant -- I mean, by the way, that's true for the entire international estate when you think about it. Our Asia Pacific business, our Europe business, they've all been slower to return.

是的。我認為中國，我是憑記憶做的，我認為中國 19 年的 EBITDA 總體上是 5 個百分點。我猜在這一點上，還不到一半。所以我在看吉爾。它可能是 2% 或類似的東西。所以我認為你是對的。有一個重要的 - 我的意思是，順便說一句，當你考慮它時，這對整個國際地產來說都是如此。我們的亞太業務、我們的歐洲業務，它們的恢復速度都比較慢。

And so our EBITDA, if you look at '20 and '21, was crazy disproportionately U.S.-based, and those numbers aren't fully back to where they were. I mean we were like 73% U.S. I think in 2020, we were like 94% or 95%, and last year, we were like 83% or something. So it's coming back and will ultimately return to a more normalized kind of environment, which means not just China but the whole world. The whole world outside of the U.S. has some significant growth potential as we get to a more normalized environment.

因此，如果你看看 20 和 21 年，我們的 EBITDA 以美國為基礎的比例過高，而且這些數字並沒有完全回到原來的水平。我的意思是我們大約有 73% 美國。我認為在 2020 年，我們大約有 94% 或 95%，而去年，我們大約有 83% 左右。所以它正在回歸，最終將回歸到一種更加正常化的環境，這不僅意味著中國，也意味著整個世界。隨著我們進入一個更加正常的環境，美國以外的整個世界都有一些顯著的增長潛力。

In terms of the regions generally and I'll end on China and maybe use this as an opportunity to just talk about sort of the rhythms of what's going on, most of which I think is pretty well known because you guys have a lot of data. But if you look at what's going on in the world, the Middle East, which is not a huge part of our business, is sort of leading the world. I mean you saw our numbers for the fourth quarter. Middle East is already meaningfully above 2019 levels, so they're sort of ahead in recovery. We think that will continue.

就區域而言，我將以中國結束，也許以此為契機，談談正在發生的事情的節奏，我認為其中大部分是眾所周知的，因為你們有很多數據.但如果你看看世界上正在發生的事情，中東雖然不是我們業務的重要組成部分，但卻在某種程度上引領著世界。我的意思是你看到了我們第四季度的數字。中東已經明顯高於 2019 年的水平，因此他們在復蘇方面處於領先地位。我們認為這將繼續下去。

The U.S., I would say, is sort of next and we can -- maybe I'll leave it to another question. Our belief is you will see, in the second quarter, a transition and then very rapid recovery, all our earlier prepared comments, in the second half of the year. I think Europe will be quick to follow in the sense that it's more complicated because you have more countries, the restrictions aren't just one set of restrictions, but you can start to see it sort of sweeping through Europe opening, sweeping through Europe.

美國，我想說，是下一個，我們可以——也許我會把它留給另一個問題。我們相信，在第二季度，您將看到一個過渡，然後是非常快速的複蘇，我們之前準備的所有評論都是在今年下半年。我認為歐洲會很快跟進，因為它更複雜，因為你有更多的國家，限制不僅僅是一組限制，但你可以開始看到它席捲歐洲開放，席捲歐洲。

Now Asia Pacific, I think, will lag in large part because of China and the policies they've had. My own view, and that's all it is. It's not because of insider knowledge is that as the rest of the world opens and as you get, which I think we are rapidly approaching to an endemic stage of COVID, I think there'll be a lot of pressure economically, culturally and otherwise for China to open up much like the rest of the world. So I think it will be -- it will lag but I think it will be -- I think Europe and then Asia will be a fast follow.

我認為，現在亞太地區將在很大程度上落後，因為中國和他們的政策。我自己的看法，僅此而已。這不是因為內部知識，而是隨著世界其他地區的開放和你所得到的，我認為我們正在迅速接近 COVID 的流行階段，我認為經濟、文化和其他方面都會面臨很大壓力中國要像世界其他地方一樣開放。所以我認為它會——它會滯後，但我認為它會——我認為歐洲和亞洲將緊隨其後。

And as I think we -- as we -- my own view as we get to the second half of the year, I think you're in an entirely different environment across the globe. And in the first half of the year, you're going to see things evolving at a slightly different pace. But I think when you get to the second half of the year, every -- the whole world broadly is going to be a lot more open than anything we've seen in 2 years.

正如我認為我們 - 作為我們 - 我對今年下半年的看法，我認為你在全球範圍內處於一個完全不同的環境中。在今年上半年，你會看到事情的發展速度略有不同。但我認為，當你進入今年下半年時，整個世界將比我們兩年來看到的任何事物都更加開放。

The next question is from Stephen Grambling with Goldman Sachs.

下一個問題來自高盛的 Stephen Grambling。

I'd like to come at margins from maybe the perspective of your owners, which is always key to driving that overall flywheel. How are you thinking owner margins will progress versus pre pandemic? And could you tie in how you envision the hotel experience will structurally change, whether it's longer stays, charging or opt-in for cleaning or reducing nonconsumer-facing labor? And where do you see the greatest opportunity for investing back into your owners to improve the experience amidst some of these shifting preferences?

我想從您的所有者的角度來看利潤，這始終是驅動整個飛輪的關鍵。與大流行前相比，您認為所有者利潤率將如何發展？您能否結合您對酒店體驗的結構性變化的設想，無論是入住時間更長、收費還是選擇清潔或減少非面向消費者的勞動力？在這些不斷變化的偏好中，您在哪裡看到投資回饋給您的所有者以改善體驗的最佳機會？

Yes. Good question, Steve, and a little bit to unpack there but I'll sort of try to go in order. I think if you'd take a step back to the beginning of the pandemic, I think we've done a really good job leading -- we did a really good job in the pandemic leading the way with starting out early on, advocating for our owners, whether that was for government assistance or otherwise, being really flexible with standards as the business sort of fell apart a little bit.

是的。問得好，史蒂夫，還有一點要解壓，但我會盡量按順序進行。我想如果你退後一步回到大流行的開始，我認為我們在領導方面做得非常好——我們在大流行中做得非常好，我們很早就開始了，倡導我們的所有者，無論是為了政府援助還是其他原因，在業務有點崩潰時對標準非常靈活。

And through recovery, sort of similar to what Chris has been talking about of really taking the opportunity of COVID to drive improvement through our enterprise, we've been doing the same thing at the property level, right? So it's certain big things you mentioned by being innovative with reengineering our food and beverage and particularly, breakfast offerings, looking at housekeeping and opt-in there and then a bunch of little things across line item by line item sort of literally grinding through the P&Ls and standards with our owners to help them -- help the properties be more profitable through COVID and using that opportunity to make sure that, that profitability and those efficiencies stand going forward.

通過恢復，有點類似於克里斯一直在談論的真正利用 COVID 的機會來推動我們企業的改進，我們一直在財產層面做同樣的事情，對吧？因此，您提到的某些大事是通過創新重新設計我們的食品和飲料，特別是早餐供應，查看客房服務並在那裡選擇加入，然後是一系列逐項逐項的小事情，實際上是通過損益表進行磨削和我們的業主一起制定標準來幫助他們——通過 COVID 幫助房產獲得更多利潤，並利用這個機會確保盈利能力和效率能夠持續向前發展。

Now people talk about we do need service recovery, right? It has been hard to hire labor. We do need to bring some of those service standards back. Obviously, everybody knows what's going on with inflation and wage inflation. But of course, the flip side of that on inflation is that helps on the revenue line, right? We reprice the rooms every night. If inflation is a headwind, on the cost side, it's going to be a tailwind on the revenue side, and the revenue base is obviously bigger than the expense base. And so that ought to lead to higher margins coming out the other side.

現在人們談論我們確實需要服務恢復，對嗎？很難僱用勞動力。我們確實需要恢復其中一些服務標準。顯然，每個人都知道通貨膨脹和工資上漲是怎麼回事。但當然，通貨膨脹的另一面是有助於收入，對吧？我們每晚都會重新給房間定價。如果通貨膨脹是成本方面的逆風，那麼它將是收入方面的順風，而且收入基數顯然大於支出基數。因此，這應該會導致另一方出現更高的利潤率。

So when you put that all together, we think we can do a better job for customers, give them what they want, take away what they don't want and what they won't pay for and use driving revenue through an inflationary environment to get our owners to be higher-margin businesses coming out the other side.

因此，當你把所有這些放在一起時，我們認為我們可以為客戶做得更好，給他們他們想要的，拿走他們不想要的和他們不願支付的，並通過通貨膨脹環境來推動收入讓我們的所有者成為利潤更高的企業。

The next question is from Patrick Scholes with Truist Securities.

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

When I try to think about some things that have perhaps permanently changed or at least changed from 2019, I'm wondering what your thoughts are on the degree of key money that you're giving today for new hotels under your brand, number one. And how have the franchise contracts changed? Are they more flexible today versus pre COVID, less flexible? I'd just like to hear your thoughts on those.

當我試著思考一些可能已經永久改變或至少從 2019 年開始改變的事情時，我想知道你對你今天為你品牌下的新酒店提供的禮金程度有何看法，第一。特許經營合同有何變化？與 COVID 之前相比，它們今天更靈活、更不靈活嗎？我只是想听聽你對這些的看法。

Yes. I think I'll start with the second part. I mean really, there's nothing different about our franchise agreements now versus pre COVID. It's a very well -- it's a business that's been around for a long time. The protocols are established, the franchise documents, you can read them, they're public. They haven't really changed over time. I think when it comes to key money, I mean, you could see in our numbers this year that it's been sort of higher than it had been in the past. I think that's a function of a little bit of -- I don't think it's COVID versus pre COVID. It's a competitive environment out there so there's definitely competition. We're leading the way in growth and our competitors are trying to catch up to us. So that makes for competition.

是的。我想我將從第二部分開始。我的意思是說真的，我們現在的特許經營協議與 COVID 之前沒有什麼不同。這是一口井——這是一項已經存在很長時間的業務。協議已經制定，特許經營文件，你可以閱讀，它們是公開的。隨著時間的推移，它們並沒有真正改變。我認為在關鍵資金方面，我的意思是，你可以在我們今年的數字中看到，它比過去要高一些。我認為這是一點點的函數——我不認為這是 COVID 與 COVID 之前的對比。這是一個競爭激烈的環境，所以肯定會有競爭。我們在增長方面處於領先地位，而我們的競爭對手正在努力追趕我們。這樣就形成了競爭。

But the reality is, is our number of deals that have key money associated with them is about 10%. That's what it was pre COVID. That's what it is today. So that's been pretty consistent. And we've just been fortunate, over the last particularly a year or so, we've signed some really high-profile deals. I think about the Waldorf Astoria Monarch Beach in California. I think about Resorts World in Las Vegas, the deal we did in Cancun and Tulum, those have been deals that we've been working on for a really long time. They're very strategic. They happen to be a little bit higher key money associated with them than we're used to, and so we've been a little bit higher.

但現實情況是，我們有關鍵資金的交易數量約為 10%。這就是 COVID 之前的情況。這就是今天的情況。所以這是非常一致的。我們很幸運，在過去特別是一年左右的時間裡，我們簽署了一些非常引人注目的交易。我想到了加州的華爾道夫帝王海灘。我想到了拉斯維加斯的名勝世界，我們在坎昆和圖盧姆所做的交易，這些交易我們已經進行了很長時間。他們很有戰略眼光。他們恰好是與他們相關的關鍵資金比我們習慣的要高一點，所以我們已經高了一點。

And that trend maybe continues for a little while longer. We have some strategic things in the hopper at the moment that I think might keep that number a little bit elevated over the course of 2022 and maybe even for a little while beyond that. But what I'd say sort of in closing, and hopefully, that sort of covers it and Chris may want to add to this a little bit, is relative to our peers, I think we stack up really favorably in terms of what we've been deploying for capital to get to our level of growth, I think, has been exemplary.

而且這種趨勢可能會持續一段時間。目前我們在料斗中有一些戰略性的東西，我認為這可能會使這個數字在 2022 年期間略有上升，甚至可能會持續一段時間。但我最後要說的是，希望這能涵蓋它，Chris 可能想補充一點，是相對於我們的同行而言，我認為我們在我們的方面非常有利我認為，我們一直在部署資本以達到我們的增長水平，堪稱典範。

And the next question will come from Rich Hightower with Evercore.

下一個問題將來自 Evercore 的 Rich Hightower。

So I want to go back to a portion of the prepared comments. And Chris, I think you mentioned it was STR's forecast. I know this is not a Hilton forecast, but for business transient demand, I think you get to the low 90s as a percentage of pre-COVID levels this year. So again, not your forecast but I am wondering if you could take me through the building blocks in your mind as to perhaps how we might get to that level by the end of this year, especially in the context of hybrid workforces, work from home and so forth.

所以我想回到準備好的評論的一部分。克里斯，我想你提到這是 STR 的預測。我知道這不是希爾頓的預測，但對於商業瞬態需求，我認為你今年佔 COVID 前水平的百分比將達到 90 年代的低點。再說一次，不是你的預測，而是我想知道你是否可以帶我了解你腦海中的基石，也許我們如何在今年年底之前達到那個水平，特別是在混合勞動力的背景下，在家工作等等。

Yes. I -- yes, it is in our forecast but I do buy into it. And I think actually, it might be even better than that personally, my own opinion. I think there's a really good chance, on a run rate basis, that we will end up back at or above where we were in 2019 before the year is out. So why do I think that? One, there's a lot of pent-up demand. That obviously helps, and Omicron created more pent-up demand because a lot of people didn't do trips.

是的。我 - 是的，它在我們的預測中，但我確實相信它。我認為實際上，這可能比我個人認為的更好。我認為，在運行率的基礎上，我們很有可能在年底前回到 2019 年或高於 2019 年的水平。那我為什麼這麼想呢？第一，有很多被壓抑的需求。這顯然有幫助，而且 Omicron 創造了更多被壓抑的需求，因為很多人沒有旅行。

But I can't speak for the industry. I can speak for us. We're out talking to customers all the time, sort of large, medium, small. And what you find is like heretofore during the crisis, the largest corporate customers have been way off on travel. So they've been like 80 -- well, I'd say through the third and fourth quarter, they were 70% or 80% off still. But what happened is that SME, small, medium enterprises were out traveling like crazy. I've given these stats before on calls. Pre COVID, 80% of our business transient was SMEs. 20% of it or 10% of the overall business was large corporate.

但我不能代表這個行業。我可以為我們說話。我們一直在外面與客戶交談，有大的、中的、小的。你會發現，在危機期間，最大的企業客戶一直在外出旅行。所以他們就像 80 - 好吧，我想說到第三和第四季度，他們仍然減少了 70% 或 80%。但是發生的事情是中小企業，中小型企業瘋狂地外出旅行。我之前在電話中已經給出了這些統計數據。在 COVID 之前，我們 80% 的業務瞬態是中小企業。其中 20% 或整體業務的 10% 是大型企業。

So it's not that we don't love them and we don't want them but we were never ultimately that dependent on that. So what happened in COVID for us is, again, I'm back to what I said in my earlier comments, we were, in March or April of 2020, saying like, "All right, what do we do? Where do we pivot? How do we retool our sales force, forgetting whatever business is out there?" And what we found, not surprisingly, is the large corporates disappeared but the SMEs were still out there, maybe not like they are now but they were out there more than others.

所以並不是我們不愛他們，我們不想要他們，但我們從來沒有最終依賴於他們。所以 COVID 對我們來說發生的事情是，我又回到了我之前的評論中所說的，我們在 2020 年 3 月或 4 月說，“好吧，我們該做什麼？我們將轉向哪裡? 我們如何重組我們的銷售隊伍，忘記外面的業務？毫不奇怪，我們發現大型企業消失了，但中小企業仍然存在，也許不像現在這樣，但它們比其他企業更多。

Why? Because they're small and medium, they had to. Like, they'd die if they -- their business requires it and so they have to be out there. And so we pivoted a whole bunch of our infrastructure and sort of like retooled our entire sales force to make sure that we didn't abandon the large corporates and those relationships. We kept our entire sales team on payroll during the whole crisis, which is unlike, I think, a bunch of our competitors.

為什麼？因為他們是中小型企業，所以他們不得不這樣做。就像，如果他們 - 他們的業務需要它，他們就會死，所以他們必須在那裡。因此，我們調整了一大堆基礎設施，有點像重組了我們的整個銷售隊伍，以確保我們不會放棄大公司和那些關係。在整個危機期間，我們讓整個銷售團隊都在工資單上，我認為這與我們的一群競爭對手不同。

But we did say we need to like reorient how we're focusing our time. And we've done -- with all -- again, I feel like I'm patting us on the back, we've done a really good job. And so we have replaced, we think, probably already half of what that corporate business was that went away. And I think the corporate business is going to come back. You don't have to believe it's all going to come back, but the idea is 1 plus 1, I think, can equal 3, right? Meaning pivoting even harder to have a larger demand base to put in the top of the funnel of SMEs, along with corporates coming back gradually, is just going to give us an opportunity to price demand in a way that I think will be superior to what we could price it before.

但我們確實說過，我們需要重新調整我們的時間重點。我們已經完成了——所有——再次，我覺得我在拍我們的背，我們做得非常好。因此，我們認為，我們已經取代了可能已經消失的公司業務的一半。我認為公司業務將會捲土重來。你不必相信一切都會回來，但這個想法是 1 加 1，我認為，可以等於 3，對吧？這意味著更加努力地轉向以擁有更大的需求基礎以將其置於中小企業漏斗的頂端，以及企業逐漸回歸，這只會讓我們有機會以一種我認為優於什麼的方式來定價需求我們之前可以給它定價。

Last comment I'd make is that people think about SMEs versus the big corporates, and no offense to all the big corporates that are on this call, but the reality is you guys pay less. So the SMEs, I mean, if you look at the rate structure of SMEs, it's like 15%-plus on average higher because the big corporates beat us up more, they beat everybody up and we discount more. So the reality is not only is there more of it that's been out there and we've retooled to go after more of it, but the reality is it's at a higher price, too.

我最後要說的是，人們考慮的是中小企業與大公司，並沒有冒犯所有參與此次電話會議的大公司，但事實是你們支付的費用更少。所以中小企業，我的意思是，如果你看看中小企業的利率結構，平均高出 15% 以上，因為大公司打敗了我們更多，他們打敗了所有人，我們打折更多。所以現實是，不僅有更多的東西在那裡，我們已經重組以追求更多的東西，而且現實是它的價格也更高。

And so that's why I believe in what STR is saying, we're better is because I do think throughout this year, as you release pent-up demand, given our access to SMEs that have been very robust and we have more of them. Corporates are definitely starting to come back, talk to every travel manager in the country, which we do, and they're coming back. When you put all those pieces together, I think it's pretty easy to believe. As you get to the -- particularly the second half of the year, you're going to be in a very different and a very positive environment.

所以這就是為什麼我相信 STR 所說的，我們更好是因為我確實認為在今年全年，當你釋放被壓抑的需求時，考慮到我們對非常強大的中小企業的訪問，我們有更多的中小企業。公司肯定會開始回來，與國內的每一位差旅經理交談，我們就是這樣做的，他們正在回來。當您將所有這些部分放在一起時，我認為這很容易讓人相信。當你進入 - 特別是今年下半年時，你將處於一個非常不同且非常積極的環境中。

The next question is from Richard Clarke with Bernstein.

下一個問題來自伯恩斯坦的理查德克拉克。

I just want to ask a question about the kind of construction environment. I noticed your percentage of pipeline that's under construction has dropped below 50% for the first time in quite a while. Is that just phasing? And does that feed into this year's guide on unit growth? Or does that mean we maybe can't expect a recovery in 2023 to return to the normal 6% to 7% takes a little bit longer?

我只想問一個關於建設環境的問題。我注意到你們在建管道的百分比在很長一段時間內首次降至 50% 以下。那隻是階段性的嗎？這是否會納入今年的單位增長指南？或者這是否意味著我們可能不能期望 2023 年恢復到正常的 6% 到 7% 需要更長的時間？

Yes. Richard, I think, look, that's a slight decrease, almost a rounding error in terms of our amount under construction. It really sort of rounded to half before it rounds to half now. If you look at the industry data per STR, it's down actually a lot more than that. And so we're doing a really good job of both getting and keeping things under construction.

是的。理查德，我想，看，這是一個輕微的減少，就我們在建的數量而言幾乎是一個舍入誤差。在它現在四捨五入到一半之前，它確實有點四捨五入到一半。如果你看一下每個 STR 的行業數據，它實際上下降了很多。因此，我們在建設和保持建設方面做得非常好。

And I'd say the way to think about the trajectory is we actually think we'll start more rooms this year than we started last year. Now in the U.S., which is our largest market, we think we have 1 more year where it's going to decline slightly and 2022 is probably the bottom. And that does play into our forward-looking forecast. And of course, that's just a function of largely input cost, right? If construction costs overall are sort of up year-over-year at the moment in the mid-teens, raw material cost and labor cost inflation is not something that should surprise anybody on this call, that sort of a thing going on globally, especially in the U.S. And so that does all play into our outlook.

我想說的是，考慮軌蹟的方式是我們實際上認為今年我們將比去年開始更多的房間。現在在我們最大的市場美國，我們認為我們還有一年的時間會略有下降，而 2022 年可能會觸底。這確實影響了我們的前瞻性預測。當然，這只是主要投入成本的函數，對吧？如果目前整體建築成本在十幾歲左右同比上漲，那麼原材料成本和勞動力成本通脹不會讓任何人感到驚訝，這種事情在全球範圍內發生，尤其是在美國所以這一切都影響了我們的前景。

And so we've actually never said publicly when we think we'll get back to our prior 6% to 7% level. But given what's going on now, it probably takes 2 or 3 years to get back to that level, we think. Again, this year we'll be -- 2021 was the bottom globally for starts. This year, 2022 in the U.S., we think we'll recover from there. You've got to start them to deliver them, right? So we have to start to recover to be able to get back to that prior level of net unit growth. And so you are seeing that sort of affect our outlook both for this year and beyond.

因此，當我們認為我們會回到之前的 6% 到 7% 的水平時，我們實際上從未公開說過。但考慮到現在的情況，我們認為可能需要 2 或 3 年才能回到那個水平。同樣，今年我們將 - 2021 年是全球開工率最低的一年。今年，在美國是 2022 年，我們認為我們會從那裡恢復過來。您必須啟動它們才能交付它們，對嗎？因此，我們必須開始恢復才能回到之前的淨單位增長水平。所以你會看到這種影響我們今年及以後的前景。

And then I guess the last thing I'd say on that is, even with everything that's been going on in the world, for now, a 2-year pandemic with the world blowing sky high, we're still delivering 5-plus percent net unit growth. We still think we'll deliver at that rate through this development lag that's going to come from the pandemic and then we'll recover from there. We think that's actually pretty good evidence of the resiliency of the business and the resiliency of our ability to grow.

然後我想我要說的最後一件事是，即使世界上正在發生的一切，現在，一場為期 2 年的大流行病，全世界都在飛速發展，我們仍然交付了 5% 以上淨單位增長。我們仍然認為，我們將以這種速度交付，度過大流行帶來的發展滯後，然後我們將從那裡恢復。我們認為這實際上很好地證明了業務的彈性和我們增長能力的彈性。

The next question is from David Katz with Jefferies.

下一個問題來自 Jefferies 的 David Katz。

I appreciate all of the detail so far. I wanted to ask about the aspect of the fees, which is non-RevPAR-driven, like your royalties and credit card fees, et cetera. Is there any sort of insights or help that you can offer us as we think about modeling out the next year or 2 as to what those might grow and any puts and takes?

到目前為止，我很欣賞所有的細節。我想問一下非 RevPAR 驅動的費用方面，例如您的版稅和信用卡費用等。當我們考慮在明年或兩年內就這些可能增長的內容以及任何投入和投入進行建模時，您是否有任何見解或幫助可以提供給我們？

Yes, David, I think we've talked about this in the past. We get that it's a little bit hard to model sort of specifically what's going on. Our non-RevPAR-driven fees cover a bunch of different things, obviously, our co-brand credit card and our license fees from HGV being the largest part of that, but we have other things in there like residential development fees and the like.

是的，大衛，我想我們過去已經討論過這個問題。我們知道要對正在發生的事情進行建模有點困難。我們的非 RevPAR 驅動的費用涵蓋了很多不同的東西，顯然，我們的聯合品牌信用卡和 HGV 的許可費是其中最大的一部分，但我們還有其他東西，比如住宅開發費等。

And we've said this before, that's been less volatile, right? So it declined less than RevPAR declined during COVID. And now at this point, it's growing less than RevPAR. I think for 2021, it grew about 2/3 of the rate of RevPAR and that's probably a decent way to think about it going forward. It's hard to say, right? It depends on how those things perform and what goes on. But I think it's going to continue to be a decent growth rate and additive to our fees.

我們之前已經說過，波動較小，對吧？因此，它的下降幅度低於 COVID 期間的 RevPAR 下降幅度。而現在，它的增長低於 RevPAR。我認為到 2021 年，它的增長率約為 RevPAR 的 2/3，這可能是考慮未來的一個不錯的方式。很難說，對吧？這取決於這些事情的表現和發生的事情。但我認為這將繼續保持良好的增長率並增加我們的費用。

For 2021, it was actually higher, our non-RevPAR fees or I think Chris, you might have said this earlier so sorry if I'm repeating it, but our non-RevPAR fees were higher than they were in 2019. And our credit card program is performing quite nicely. I think just a few stats to give you some color. Our account acquisitions were up 45% last year. Our spend was up about 1/3 year-over-year. And so really strong performance, but again, at a lower rate than overall RevPAR because RevPAR is growing at a really high rate in recovery. So hopefully...

對於 2021 年，我們的非 RevPAR 費用實際上更高，或者我想克里斯，你可能早些時候說過這個，如果我重複一遍，很抱歉，但我們的非 RevPAR 費用比 2019 年要高。我們的信用卡程序運行良好。我認為只有一些統計數據可以給你一些顏色。去年，我們的客戶收購量增長了 45%。我們的支出同比增長約 1/3。如此強勁的表現，但再次低於整體 RevPAR，因為 RevPAR 在恢復方面以非常高的速度增長。所以希望...

So growth but at a lesser rate?

所以增長但速度較慢？

At the moment.

在這一刻。

The next question is from Robin Farley with UBS.

下一個問題來自瑞銀的 Robin Farley。

Originally, my question was going to be to clarify the comments, the opening remarks about transient midweek nights for all future periods down only 4% because that seemed like that number was sort of too strong a recovery. But I guess really based on -- you really already commented already on the growth in the small and medium. So I don't know if you have anything else to add on that, only being down 4%. I would think just even the booking window being shorter would make that hard to be at that good of a number. So I'm thinking...

最初，我的問題是澄清評論，關於所有未來時期的短暫周中夜晚僅下降 4% 的開場白，因為這個數字似乎是一種過於強勁的複蘇。但我想真的是基於——你真的已經對中小型企業的增長發表了評論。所以我不知道你是否還有什麼要補充的，只下降了 4%。我認為即使是更短的預訂窗口也會讓人很難達到這個數字。所以我在想...

No, I don't. I don't, Robin, I don't have anything to add other than, yes, it's short. The very nature of advanced bookings and transient only gives you a window so far out in time. It's a relatively short window. But those are the stats. And I gave them to you because I think it is indicative not only of the strength that's building in that environment but the change from literally the beginning of the year when Omicron was a very big thing to a world where Omicron is becoming a lot less of a thing and we're getting to more endemic stages of COVID-19.

不，我不知道。我沒有，羅賓，我沒有什麼要補充的，除了，是的，它很短。提前預訂和短暫性的本質只會給你一個時間窗口。這是一個相對較短的窗口。但這些都是統計數據。我把它們交給你們是因為我認為這不僅表明了在那個環境中正在建立的力量，而且還表明了從年初 Omicron 非常重要到 Omicron 變得越來越不重要的世界的變化一件事，我們正在進入 COVID-19 的更多流行階段。

And then just for a follow-up, if you could put a little more color around -- you mentioned reinstating the dividend in Q2 and returning to share repurchase in Q2. Can you talk about, will you sort of start at a dividend payout or dividend level probably lower than pre pandemic initially? Or just sort of give us some thoughts around how you're thinking about that balance as you restart that return to shareholders.

然後只是為了跟進，如果你能多加一點顏色——你提到恢復第二季度的股息並在第二季度恢復股票回購。你能談談，你會從股息支付或股息水平開始嗎？最初可能低於大流行前的水平？或者只是給我們一些關於您在重新開始向股東回報時如何考慮這種平衡的想法。

Yes. As I've said a couple of times, we're intending to do it in Q2. We have not formally declared a dividend so we haven't made a final decision. But I think the way to think about it and our intention at this point is to reinstate the dividend at the exact same level we had it before, same $0.15 a share, which is where we were before to go back to where we were and then use the bulk of our free cash flow and otherwise to re-implement our share repurchase program.

是的。正如我已經說過幾次，我們打算在第二季度進行。我們還沒有正式宣布派息，所以我們還沒有做出最終決定。但我認為考慮的方式和我們目前的意圖是將股息恢復到與之前完全相同的水平，同樣是每股 0.15 美元，這是我們之前的水平，然後回到我們原來的水平使用我們的大部分自由現金流和其他方式重新實施我們的股票回購計劃。

I know there are different views in the world about this. Our view, my view has always been that having some modest dividend is helpful. It does open the universe of investors up a bit to us, and we proved that pre COVID and we've talked to a lot of shareholders and I think still have that view. But the way to drive the best long-term returns for all of us that are shareholders is to have the bulk of our program be in the form of share buybacks.

我知道世界上對此有不同的看法。我們的觀點，我的觀點一直是，有一些適度的紅利是有幫助的。它確實為我們打開了投資者的視野，我們證明了 COVID 之前的情況，我們已經與很多股東進行了交談，我認為仍然持有這種觀點。但是，為我們所有股東帶來最佳長期回報的方法是讓我們的大部分計劃採用股票回購的形式。

And so that's what we thought pre COVID. We did a whole bunch of work to see, is there anything going on? Jill's nodding her head because she did a lot of it. Is there anything that's changed in the world or with our shareholder base currently that would lead us to a different conclusion? And we have not. We do not believe there is. So that's what we'll do. We'll get started.

這就是我們在 COVID 之前的想法。我們做了很多工作來查看，有什麼事情發生了嗎？吉爾點了點頭，因為她做了很多。目前世界或我們的股東基礎是否有任何變化會導致我們得出不同的結論？我們沒有。我們不相信有。這就是我們要做的。我們開始吧。

I think the way to think -- we obviously haven't given guidance generally, but I think the way to think about it is we'll start out at least thinking about it at a minimum being the free cash flow that we're going to produce this year. And the way to think about that, I think, directionally is back to my margin point, while we're not back fully recovered by a pretty decent margin yet to 2019, certainly as you look at the full year 2022, because we have -- the business is performing better, we've done these structural things that I described to drive higher margins, our free cash flow is actually pretty much back this year, we think, to 2019 levels. So we'll start at a minimum with that and go from there.

我認為思考的方式——我們顯然沒有給出一般性的指導，但我認為思考的方式是我們至少會開始考慮它，至少是我們要進行的自由現金流今年生產。我認為，從方向上考慮這一點的方式是回到我的保證金點，雖然到 2019 年我們還沒有以相當可觀的利潤率完全恢復，當然當你看 2022 年全年時，因為我們有 - -業務表現更好，我們已經完成了我描述的這些結構性工作以提高利潤率，我們認為今年我們的自由現金流實際上已經回到了 2019 年的水平。因此，我們將至少從那裡開始，然後從那裡開始。

The next question is from Chad Beynon with Macquarie.

下一個問題來自 Chad Beynon 和 Macquarie。

I believe your conversion NUG component of total growth has been in the 20% range. Can you help update us on this in terms of where it was for 2021? And then for 2022 against your NUG guide, how should we think about converts and what that will be as a percentage being slightly offset by higher, I guess, ground-up growth?

我相信您的 NUG 轉化率佔總增長的比例在 20% 左右。您能否幫助我們更新 2021 年的情況？然後根據您的 NUG 指南，對於 2022 年，我們應該如何考慮轉化率以及這個百分比將被更高的（我猜）地面增長略微抵消？

Yes. Thanks, Chad. Look, I think it will be -- I mean, the short answer, the crisp answer is I think it will be consistent, right? It's been about 20%. We're actually doing more conversions. We've given you some of the stats but our approvals, our openings for the full year were up 13% year-over-year. Actually, our approvals for full year last year were up 42% in conversion. So we're having nice growth in conversions, and we're doing more but we're also doing more ground-up development, right?

是的。謝謝，乍得。看，我認為它會——我的意思是，簡短的回答，明確的回答是我認為它會是一致的，對吧？大約是20%。我們實際上正在做更多的轉換。我們已經給了你一些統計數據，但我們的批准，我們全年的空缺數量同比增長了 13%。實際上，我們去年全年的批准轉化率提高了 42%。因此，我們在轉化方面取得了不錯的增長，而且我們做得更多，但我們也在做更多的基礎開發，對吧？

And so the denominator in that equation is growing as well. And so will it be slightly higher going for the next couple of years? It could be, depends a little bit on how a couple of big deals break that can move that percentage a little bit here or there. But I would think about it sort of as being pretty consistent around 20% or the low 20s of deliveries. And I think it's actually a good news story across the board. I mean we -- in the Americas, for 2021, we signed almost half of the conversion deals that were done in the Americas. And so we're doing a lot of conversions. But the reason it's not sort of spiking from 20% to 30% is we're delivering a lot of new development as well.

因此，該等式中的分母也在增長。那麼未來幾年會略高嗎？可能是，這在一定程度上取決於幾筆大交易如何打破，從而使這個百分比在這里或那裡稍微移動一點。但我認為它在 20% 左右或 20% 左右的交付量中相當穩定。我認為這實際上是一個全面的好消息。我的意思是我們 - 在美洲，到 2021 年，我們簽署了幾乎一半在美洲完成的轉換交易。所以我們正在做很多轉換。但它沒有從 20% 飆升到 30% 的原因是我們也提供了很多新的開發。

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back to Chris Nassetta for any additional or closing remarks.

女士們，先生們，我們的問答環節到此結束。我想將會議轉回 Chris Nassetta 以聽取任何補充或結束語。

Thanks very much, everybody, for joining today. Obviously, continuing on with recovery. I think we are, as I've said a couple of times, hopefully, getting through the Omicron variant and very rapidly to an endemic stage of this. We're obviously optimistic as we look to the second quarter and the second half of the year and overall, beyond that. And so thanks for the time. We'll look forward to updating you on trends that, I think, will be a lot better the next time we talk. So thanks, and have a great day.

非常感謝大家今天的加入。顯然，繼續恢復。正如我已經說過幾次的那樣，我認為我們有希望通過 Omicron 變體並非常迅速地進入這種流行階段。我們顯然對第二季度和下半年以及之後的整體持樂觀態度。非常感謝抽出時間。我們期待為您更新趨勢，我認為下次我們談話時會好很多。所以謝謝，祝你有美好的一天。

And thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝你，先生。會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。