希爾頓酒店 (HLT) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Hilton First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加希爾頓 2024 年第一季財報電話會議。 （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 Chapman, Senior Vice President, Investor Relations and Corporate Development. You may begin.

我現在想將會議交給投資者關係和企業發展高級副總裁吉爾·查普曼 (Jill Chapman)。你可以開始了。

Thank you, MJ. Welcome to Hilton's First Quarter 2024 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 the forward-looking statements, and forward-looking statements made today speak only to our expectations as of today. We undertake no obligation to update or revise these statements. For a discussion of some of the risk 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，喬丹。歡迎參加希爾頓 2024 年第一季財報電話會議。在開始之前，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聲明中所示的結果有重大差異，今天發表的前瞻性聲明僅代表我們截至目前為止的預期。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風險因素的討論，請參閱我們最近提交的表格 10-K 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公認會計準則財務指標。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 財務指標的調整表。

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

今天早上，我們的總裁兼執行長 Chris Nassetta 將概述當前的營運環境和公司的前景。我們的財務長兼全球發展總裁 Kevin Jacobs 隨後將回顧我們第一季的業績並討論我們對今年的預期。在他們的發言之後，我們將很樂意回答您的問題。

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

至此，我很高興將電話轉給克里斯。

Thanks, Jill. Good morning, everyone, and thanks for joining us today. We are pleased to report strong first quarter results, which continue to demonstrate the power of our business model and the strength of our development story, both adjusted EBITDA and adjusted EPS meaningfully exceeded the high end of our guidance even with RevPAR growth at the low end of our expected range. We also announced several new partnerships and additions to our brand portfolio, which will enable us to build even more loyalty with customers and help accelerate growth.

謝謝，吉爾。大家早安，感謝您今天加入我們。我們很高興報告強勁的第一季業績，這繼續證明了我們業務模式的力量和我們發展故事的實力，調整後的EBITDA 和調整後的每股收益都顯著超過了我們指導的高端，即使每間客房收入成長處於低端我們的預期範圍。我們還宣布了一些新的合作夥伴關係以及我們品牌組合的新內容，這將使我們能夠與客戶建立更高的忠誠度並幫助加速成長。

Turning results for the quarter, system-wide RevPAR increased 2% year-over-year, which was at the low end of our guidance range as renovations, inclement weather and unfavorable holiday shifts weighed on results more than we anticipated. Leisure transient RevPAR exceeded our expectations even with tough year-over-year comparisons given continued strength in international markets and holiday shifts, business transient recovery remained steady with RevPAR across large corporates, up more than 3%, driven by strong demand in consulting and government contracting. Group RevPAR rose nearly 5% year-over-year, led by strong convention and social demand. Additionally, corporate groups continue to grow as a percentage of booking mix and booking windows continue to lengthen.

從本季度的業績來看，全系統的 RevPAR 同比增長 2%，處於我們指導範圍的低端，因為裝修、惡劣天氣和不利的假期班次對業績的影響超出了我們的預期。鑑於國際市場的持續走強和假日的變化，休閒瞬間每間可用收入仍超出了我們的預期，在諮詢和政府需求強勁的推動下，大型企業的每間可用收入增長了3% 以上，商業瞬態復甦保持穩定承包。在強勁的會議和社會需求的帶動下，集團每間可出租客房收入較去年同期成長近 5%。此外，企業團體在預訂組合中所佔的比例持續成長，且預訂窗口持續延長。

As we look to the rest of the year, we continue to expect system-wide RevPAR growth of 2% to 4%, with the U.S. towards the low end of the range and continued strength in international markets. We expect positive RevPAR growth across all major segments, led by group performance at or above the high end of the range, business transient around the midpoint and leisure transient towards the lower end of the range. For the full year, group position is up 13% versus last year.

展望今年剩餘時間，我們繼續預期全系統 RevPAR 將成長 2% 至 4%，其中美國接近該區間的低端，而國際市場將持續走強。我們預計所有主要細分市場的每間可用客房收入將實現正增長，其中集團業績處於或高於該範圍的高端，業務瞬態位於中點附近，休閒瞬態接近該範圍的下端。全年來看，集團排名比去年上升了 13%。

Turning to development. We started the year off strong, building on the positive momentum from 2023. In the quarter, we opened more than 100 hotels totaling approximately 17,000 rooms and achieved net unit growth of 5.6%. Hotel openings span nearly all brands, demonstrating the strength and breadth of our industry-leading brand portfolio. Conversions accounted for 30% of openings, largely driven by DoubleTree and Spark. In the quarter, we celebrated the addition of a number of new luxury and lifestyle properties, including the debut of LXR in Hawaii, the introduction of the Waldorf and Canopy brands to the Seychelles and the highly anticipated opening of the Conrad Orlando.

轉向發展。我們以 2023 年以來的積極勢頭為基礎，開局強勁。新開業的酒店幾乎涵蓋所有品牌，展示了我們行業領先的品牌組合的實力和廣度。轉換率佔空缺職位的 30%，這主要是由 DoubleTree 和 Spark 推動的。本季度，我們慶祝了許多新的豪華和生活方式酒店的開業，包括LXR 在夏威夷的首次亮相、將華爾道夫(Waldorf) 和Canopy 品牌引入塞席爾，以及備受期待的奧蘭多康萊德酒店(Conrad Orlando) 開幕。

Located within the newly developed Evermore Orlando Resort complex, the Conrad Orlando features 5 distinct dining venues, an 8-acre lagoon and expansive pool complex, a world-class spa and extensive meeting and event space. We also achieved several milestones in the quarter, including the opening of our 800th hotel in Asia Pacific, our 225th hotel in the CALA region and reached 25,000 true rooms globally. Additionally, Hampton opened its 3,000th property worldwide. Since its launch 40 years ago, the Hampton brand has been a category leader with the largest global pipeline of any focused service brand and the recently announced new North American prototype. Hampton continues to demonstrate the strength of our legacy brands and the power of our innovative approach to brand evolution, we are confident that the best is yet to come for this iconic brand.

奧蘭多康萊德酒店位於新開發的 Evermore Orlando Resort 度假村內，擁有 5 個獨特的餐飲場所、佔地 8 英畝的潟湖和廣闊的泳池綜合體、世界一流的水療中心以及寬敞的會議和活動空間。我們還在本季度實現了多個里程碑，包括在亞太地區開設第 800 家酒店、在 CALA 地區開設第 225 家酒店，以及全球真實客房數達到 25,000 間。此外，漢普頓在全球開設了第 3,000 家酒店。自 40 年前推出以來，漢普頓品牌一直是該類別的領導者，擁有所有專注服務品牌中最大的全球管道和最近宣布的新北美原型。漢普頓繼續展示我們傳統品牌的實力以及我們品牌發展創新方法的力量，我們相信這個標誌性品牌的最好的未來尚未到來。

In the quarter, we signed 30,000 rooms, increasing our pipeline to a record 472,000 rooms, up 2% from last quarter and up 10% year-over-year. Signings meaningfully outperformed our expectations driven by strength in international markets. In Asia Pacific, we signed agreements for 4 new Conrad properties, further strengthening our luxury pipeline. Globally, an interest in Hilton Garden Inn remained particularly strong with the brand achieving the highest quarter of signings in its history. System-wide construction starts also outperformed expectations, up roughly 45% versus last year, with all major regions meaningfully higher. Approximately half of our pipeline is under construction and we continue to have more rooms under construction than any other hotel company, accounting for more than 20% of industry share and nearly 4x our share of existing supply.

本季度，我們簽署了 30,000 間客房，將待售客房數量增加到創紀錄的 472,000 間客房，比上季度增長 2%，同比增長 10%。在國際市場實力的推動下，簽約量明顯超出了我們的預期。在亞太地區，我們簽署了 4 家新康萊德酒店的協議，進一步加強了我們的豪華酒店產品線。在全球範圍內，人們對希爾頓花園酒店的興趣仍然特別濃厚，該品牌實現了其歷史上最高的季度簽約量。全系統開工率也超出預期，比去年增長約 45%，所有主要地區均大幅成長。我們大約有一半的在建客房正在建設中，而且我們的在建客房數量比任何其他酒店公司都多，佔行業份額的 20% 以上，是我們現有供應份額的近 4 倍。

We also recently announced several exciting partnerships and tuck-in acquisitions, further accelerating our expansion into the fast-growing lifestyle and experiences categories. Earlier this month, we acquired a controlling interest in Sydell Group to expand the NoMad brand from its existing London flagship location to high-end markets all around the world. Our development teams are fully engaged and we have a great pipeline building. Additionally, we announced an agreement with AJ Capital to acquire the Graduate Hotels brand, a collection of over 30 lifestyle hotels in university anchored towns, each Graduate Hotel, steeped in local history charm and nostalgia and designed to reflect the unique character of its local university, offering the perfect setting for game-based graduations, reunions and campus visits.

我們最近也宣布了幾項令人興奮的合作夥伴關係和收購，進一步加速我們向快速成長的生活方式和體驗類別的擴張。本月早些時候，我們收購了 Sydell Group 的控股權，將 NoMad 品牌從現有的倫敦旗艦店擴展到全球高端市場。我們的開發團隊全力投入，我們擁有出色的管道建設。此外，我們也宣布與AJ Capital達成協議，收購Graduate Hotels品牌，該品牌由位於大學城的30多家生活風格飯店組成，每家Graduate Hotel都充滿當地歷史魅力和懷舊氣息，旨在反映當地大學的獨特個性，為基於遊戲的畢業典禮、聚會和校園參觀提供完美的環境。

Graduate presents a unique opportunity to serve more guests, especially in markets where we're not present today. With thousands of colleges and universities around the world, we believe the addressable market for the brand is 400 to 500 hotels globally. For the rapidly increasing number of travelers looking to prioritize exploration and adventure, we recently announced an exclusive partnership with the premier outdoor hospitality company, AutoCamp. Stays will be bookable on Hilton's direct channels in the coming months, and we will offer our guests an experience that blends the spirit of an outdoor adventure with the hospitality and design forward nicking of a boutique hotel.

畢業生提供了一個為更多客人提供服務的獨特機會，特別是在我們目前尚未涉足的市場。該品牌在全球擁有數千所學院和大學，我們相信該品牌的目標市場是全球 400 至 500 家酒店。對於越來越多希望優先考慮探索和冒險的旅行者，我們最近宣布與頂級戶外酒店公司 AutoCamp 建立獨家合作夥伴關係。未來幾個月內，客人將可以透過希爾頓的直接管道預訂住宿，我們將為客人提供將戶外探險精神與精品酒店的熱情好客和設計前沿融為一體的體驗。

Hilton Honors members will be able to earn and redeem points on stays and enjoy exclusive membership benefits while experiencing sought-after locations around the United States, including several properties adjacent to popular national parks. Along with our previously announced exclusive partnership with small luxury hotels of the world, these offerings provide incredible opportunities to further accelerate our growth and enhance our network effect by broadening and deepening our customer offerings in some of the industry's fastest-growing markets and segments. As a result of our strong pipeline and all the great progress we've seen to date for the full year, we expect net unit growth of 6% to 6.5%, excluding the planned addition of Graduate.

希爾頓榮譽客會會員將能夠在住宿中賺取和兌換積分，並享受專屬會員福利，同時體驗美國各地廣受歡迎的地點，包括毗鄰熱門國家公園的幾家酒店。加上我們之前宣布的與世界各地的小型豪華酒店的獨家合作夥伴關係，這些產品提供了難以置信的機會，透過在一些行業中增長最快的市場和細分市場擴大和深化我們的客戶服務，進一步加速我們的成長並增強我們的網路效應。由於我們強大的產品線和全年取得的巨大進展，我們預計單位淨增長為 6% 至 6.5%（不包括計劃增加的畢業生）。

To provide even more personalized experiences for our guests, we continue to leverage our industry-leading technology platforms from a digitally enabled concierge for our luxury brands, to the ability to choose your room from a floor plan and control your in-room entertainment from your mobile device. We continue to fully integrate the digital experience. Additionally, recent initiatives like add-ons Hilton for Business and improved search functionality are driving even greater conversion and higher revenue.

To provide even more personalized experiences for our guests, we continue to leverage our industry-leading technology platforms from a digitally enabled concierge for our luxury brands, to the ability to choose your room from a floor plan and control your in-room entertainment from your行動裝置.我們持續全面整合數位體驗。此外，希爾頓商務附加服務和改進的搜尋功能等近期措施正在推動更高的轉換率和更高的收入。

We also continue to be recognized for our incredible workplace culture, Fortune and Great Place to Work recently named Hilton, the #1 on the list of best companies to work for in the United States, marking our ninth consecutive year on the list, and our sixth consecutive year in the top 10. In total, we won 20 Great Place to Work awards around the world with 5 #1 wins. These recognitions follow our ranking as the #1 world's best workplace and make Hilton the only hospitality company to have earned the top spot on these prestigious lists.

我們也繼續因其令人難以置信的工作場所文化、《財富》雜誌和《最佳工作場所》而獲得認可，最近被《財富》雜誌和《最佳工作場所》雜誌評為“美國最佳工作公司」名單中排名第一的希爾頓酒店，這標誌著我們連續第九年上榜。連續第六年躋身前10 名。我們總共贏得了全球20 項最佳工作場所獎，其中5 項排名第一。這些認可遵循我們作為全球最佳工作場所第一名的排名，並使希爾頓成為唯一一家在這些享有盛譽的榜單上名列前茅的酒店公司。

Overall, we're very pleased with our first quarter results, and we expect our industry-leading brands, strong development story and powerful business model to continue to drive growth. Now I'm going to turn the call over to Kevin for a few more details on our results for the quarter and our expectations for the full year.

總的來說，我們對第一季的業績非常滿意，我們預計我們行業領先的品牌、強大的發展故事和強大的商業模式將繼續推動成長。現在我將把電話轉給凱文，以了解有關我們本季業績和全年預期的更多詳細資訊。

Thanks, Chris, and good morning, everyone. During the quarter, system-wide RevPAR grew 2% versus the prior year on a comparable and currency-neutral basis. Growth was largely driven by strong international performance and continued recovery in group.

謝謝克里斯，大家早安。本季度，在可比較和貨幣中性的基礎上，全系統的 RevPAR 與前一年相比成長了 2%。成長主要得益於強勁的國際業績和集團的持續復甦。

Adjusted EBITDA was $750 million in the first quarter, up 17% year-over-year and exceeding the high end of our guidance range. Our performance was driven by better-than-expected fee growth largely due to better-than-expected international RevPAR performance, license fee growth and timing items. Management and franchise fees grew 14% year-over-year. For the quarter, diluted earnings per share adjusted for special items was $1.53.

第一季調整後 EBITDA 為 7.5 億美元，年成長 17%，超出了我們指引範圍的上限。我們的業績是由好於預期的費用成長所推動的，這主要是由於好於預期的國際 RevPAR 表現、授權費成長和計時專案。管理費和特許經營費年增 14%。本季度，經特殊項目調整後的攤薄每股收益為 1.53 美元。

Turning to our regional performance. First quarter comparable U.S. RevPAR was down 40 basis points year-over-year as renovations, holiday shifts and weather impacts dampened transient trends. Group performance remains strong. In the Americas outside the U.S., first quarter RevPAR increased 7% year-over-year with strong transient demand driving RevPAR growth of 10% in urban markets. In Europe, RevPAR grew 10% year-over-year with solid performance across all segments. A number of large events in the region drove strong group performance across several key cities. In the Middle East and Africa region, RevPAR increased 15% year-over-year, led by both rate and occupancy growth. Several prominent events, including the Asian Cup in Qatar and holidays in Saudi Arabia contributed to strong performance in the region.

轉向我們的區域表現。由於裝修、假期變化和天氣影響抑制了短暫趨勢，第一季美國可比 RevPAR 較去年同期下降 40 個基點。集團業績依然強勁。在美國以外的美洲地區，第一季的 RevPAR 年增 7%，強勁的瞬態需求推動城市市場的 RevPAR 成長 10%。在歐洲，每間可用客房收入年增 10%，所有細分市場均表現穩健。該地區的一系列大型活動推動了幾個主要城市的強勁集團表現。在中東和非洲地區，在房價和入住率成長的帶動下，每間可用客房收入較去年同期成長 15%。卡達亞洲盃和沙烏地阿拉伯假期等多項重大賽事為該地區的強勁表現做出了貢獻。

In the Asia Pacific region, first quarter RevPAR was up 8% year-over-year, led by rate growth in Japan and Korea. China RevPAR was flat in the quarter with strong results in January and February, offset by difficult year-over-year comparisons in March. RevPAR in China's top cities increased 6% in the quarter, but an uptick in outbound travel pressured demand in secondary and tertiary markets, which benefited early in recovery from strong domestic travel.

在亞太地區，第一季的 RevPAR 年增 8%，其中日本和韓國的房價成長帶動了成長。中國每間可出租客房收入本季持平，1 月和 2 月業績強勁，但被 3 月份艱難的同比比較所抵消。本季度，中國一線城市的每間可用客房收入增長了6%，但出境遊的增加對二、三級市場的需求帶來壓力，而二、三級市場的需求早早受益於國內旅遊的強勁復甦。

Turning to development. We ended the quarter with more than 472,000 rooms in our pipeline, up 10% year-over-year with approximately 60% of those rooms located outside the U.S. and nearly half of them under construction. Looking to the year ahead, we expect net unit growth of 6% to 6.5%, excluding the planned acquisition of Graduate Hotels.

轉向發展。截至本季末，我們的籌建客房數量超過 472,000 間，年增 10%，其中約 60% 的客房位於美國境外，其中近一半正在興建中。展望未來一年，我們預期淨單位成長率為 6% 至 6.5%，不包括計畫收購的 Grader Hotels。

Moving to guidance. For the second quarter, we expect system-wide RevPAR growth of 2% to 4% year-over-year. We expect adjusted EBITDA of between $890 million and $910 million and diluted EPS adjusted for special items to be between $1.80 and $1.86. For full year 2024, we expect RevPAR growth of 2% to 4%. We forecast adjusted EBITDA between $3.375 billion and $3.425 billion. We forecast diluted EPS adjusted for special items of between $6.89 and $7.03. Please note that our guidance ranges do not incorporate future share repurchases or any contribution from Graduate Hotels which we expect to close in the second quarter.

轉向指導。對於第二季度，我們預計全系統 RevPAR 將年增 2% 至 4%。我們預計調整後的 EBITDA 為 8.9 億至 9.1 億美元，特殊項目調整後的稀釋每股收益為 1.80 至 1.86 美元。 2024 年全年，我們預計 RevPAR 將成長 2% 至 4%。我們預計調整後 EBITDA 介於 33.75 億美元至 34.25 億美元之間。我們預計特殊項目調整後的攤薄每股收益在 6.89 美元至 7.03 美元之間。請注意，我們的指導範圍不包括未來的股票回購或我們預計在第二季完成的Graduate Hotels 的任何貢獻。

Moving on to capital return. We paid a cash dividend of $0.15 per share during the first quarter for a total of $39 million. Our Board also authorized a quarterly dividend of $0.15 per share in the second quarter. Year-to-date, we have returned more than $900 million to shareholders in the form of buybacks and dividends. And for the full year, we expect to return approximately $3 billion. Further details on our first quarter results can be found in the earnings results we issued earlier this morning. This completes our prepared remarks.

轉向資本回報。第一季我們支付了每股 0.15 美元的現金股息，總計 3,900 萬美元。我們的董事會也批准第二季派發每股 0.15 美元的季度股息。今年迄今為止，我們已以回購和股利的形式向股東返還超過 9 億美元。我們預計全年回報約 30 億美元。有關我們第一季業績的更多詳細信息，請參閱我們今天早上早些時候發布的收益結果。我們準備好的演講到此結束。

We would now like to open the line for any questions you may have. We would like to speak with as many of you as possible, so we ask that you limit yourself to one question. MJ, can we have our first question, please?

我們現在願意為您解答任何問題。我們希望與盡可能多的人交談，因此我們要求您只回答一個問題。 MJ，我們可以問第一個問題嗎？

Of course, the first question today comes from Stephen Grambling with Morgan Stanley.

當然，今天的第一個問題來自摩根士丹利的史蒂芬‧格蘭布林。

I just touch on the guidance in the first quarter. It seems like, clearly, some positive commentary in there. I just want to make sure I'm clear. I guess, when you put it all in the blender, if you will, what's really change in your mind as you look at the back half of the year and take into account what you've seen in the first quarter, both as it relates to development versus some of the deals you've made and then also what you're seeing on RevPAR.

我只是談談第一季的指導。顯然，其中似乎有一些正面的評論。我只是想確保我說清楚了。我想，當你把所有這些都放入攪拌機時，如果你願意的話，當你回顧今年下半年並考慮到你在第一季度所看到的情況時，你的想法真正發生了什麼變化，兩者都相關開發與您所做的一些交易以及您在 RevPAR 上看到的情況。

Sure. Happy to cover that. That's a broad array of topic so really -- really artful questions, Stephen. I would say when you flush it all out, obviously, and Kevin covered it in his prepared comments, the first quarter from a RevPAR point of view is a little bit lighter than we thought, but sort of easily explained on the basis of what Kevin already talked about. We had a lot more under construction than we had anticipated, which is a good thing, but not enough rooms out of inventory in a lot of those assets, particularly in our limited service brands to take it out of the comp set. So that weighed on is weather, definitely, we didn't anticipate what was going on -- what happened in the Northeast at the beginning of the year.

當然。很高興能報道這一點。這是一個廣泛的話題，所以真的是非常巧妙的問題，史蒂芬。我想說的是，當你把它全部列出來時，顯然，凱文在他準備好的評論中對此進行了介紹，從RevPAR 的角度來看，第一季度比我們想像的要輕一些，但根據凱文的內容很容易解釋已經談過了。我們正在建造的資產比我們預期的要多得多，這是一件好事，但許多資產的庫存不足，特別是我們的有限服務品牌，無法將其從競爭集中剔除。所以，影響因素是天氣，當然，我們沒有預料到會發生什麼事——今年年初東北部發生的事情。

And then while we certainly knew about the holiday shift of Easter moving in. It was a little more impactful and spring break sort of ended up being like a rolling 4 weeks of spring break. And so we underestimated that. As we think about the full year, the way to think -- the way I think about our outlook is the way I think most people are thinking about the broader economy, and that is the broader economy is reasonably strong. It seems to be very resilient. Obviously, employment numbers are quite good. Corporate profits, it depends on the industry, are still quite strong. And so as we sort of factor for that for the rest of the year and we think about the various segments, it leads us to feel about the way we did when we talked to you last time. Meaning if we look at the big segments, the group business is still incredibly strong. The demand is great. Every month that goes by, it's very strong.

然後，雖然我們當然知道復活節假期的到來。所以我們低估了這一點。當我們思考全年時，我思考我們前景的方式就是我認為大多數人思考更廣泛經濟的方式，那就是更廣泛的經濟相當強勁。看起來很有彈性。顯然，就業數據相當不錯。企業利潤，這取決於產業，還是相當強勁的。因此，當我們在今年剩餘時間考慮這一點並考慮各個部分時，它會讓我們感受到上次與您交談時我們所做的方式。這意味著，如果我們專注於大型的細分市場，集團業務仍然非常強勁。需求量很大。每個月過去，它都非常強大。

While the first quarter was certainly choppy because of the movement of the holiday and all that. When you talk to customers, which we do all the time and I do, I think you get a very positive view about there are people traveling more for business transient. And because the economy has been resilient and employment has been strong, I think it helps with the underpinning, while leisure certainly is normalizing from super high levels. It gives you, I think, a reasonable amount of confidence that it's still going to be relatively strong, modest growth, mostly in the form of rate because we continue to have a decent amount of pricing power. And so when you sort of like put that all in the gonculator and spit it out at the end of the day, from a RevPAR from a top line point of view, that's why we maintained our guidance. First quarter, a little bit more choppy, but the reality is some of that reverses because of the holiday shift, we'll get the benefit in the second quarter, and we feel about the same based on a pretty consistent consensus view that the economy is going to maintain relative strength.

由於假期等因素的影響，第一季肯定會出現波動。當你與客戶交談時（我們一直這樣做，我也這樣做），我認為你會得到一個非常積極的看法，即人們更多地進行商務旅行。由於經濟一直具有彈性，就業也很強勁，我認為這有助於支撐基礎，而休閒肯定正在從超高水平正常化。我認為，這給了你一定的信心，即經濟仍將保持相對強勁、溫度和的成長，主要以利率的形式出現，因為我們仍然擁有相當大的定價權。因此，當你把所有這些都放在 gonculator 中並在一天結束時從收入的角度將 RevPAR 吐出來時，這就是我們維持指導的原因。第一季度，有點波動，但現實情況是，由於假期的轉變，情況發生了一些逆轉，我們將在第二季度受益，基於對經濟的一致共識，我們也有同樣的感覺將保持相對實力。

On the development side, between Kevin's and my comments, you heard, I mean, we feel like we have a lot of momentum. I said it on the last call, that I think we were on the slope up. And I said -- and we said it at our Investor Day that over the next few years, we think we'll be at 6% to 7% in NUG, that's where we think we're going to be and the reality is we had strong expectations carrying over momentum from the end of the year, but it was better in terms of signings and starts and openings, frankly, that a little bit than we thought. And so as we look at the year and we look around the world and work with our development teams. I mean the reality is we think we're going to sign more deals than we've ever signed, and we're going to start more deals and more hotels under construction than we're going to sign. That obviously is helped by conversions, but it's also new development. I mean if you look at the new development versus conversions, they're both up in sort of the low teens.

在開發方面，在凱文和我的評論之間，你聽到了，我的意思是，我們感覺我們有很大的動力。我在上次通話中說過，我認為我們正處於上升階段。我說過——我們在投資者日說過，在接下來的幾年裡，我們認為 NUG 的份額將達到 6% 到 7%，這就是我們認為我們將會達到的水平，而現實是我們人們對年底的勢頭抱有強烈的期望，但在引援、首發和空缺方面，坦白說，比我們想像的要好一些。因此，當我們回顧這一年時，我們環顧世界並與我們的開發團隊合作。我的意思是，現實情況是，我們認為我們將簽署比以往簽署的更多的交易，而且我們將開始比我們簽署的更多的交易和正在建造的酒店。這顯然得益於轉換，但這也是新的發展。我的意思是，如果你看看新開發案與改造項目，你會發現它們都在十幾歲以下。

So there's a lot of momentum. What's driving that? Of course, we think people have a lot of interest in our brands because of their best-performing brands. But if you look at the broader system because of the relative strength of this economy and many other economies around the world, people are largely very profitable. And as a result of being very profitable in their existing portfolio, their desire is to continue to expand their businesses. And so we feel very, very good about what's going on. The financing environment. I'll leave some other things for maybe other questions I can keep going. But that's sort of both from a revenue top line point of view and a little bit of color on both and unit growth to give you a sense of how we think about the outlook for the year.

所以有很大的動力。是什麼推動了這一點？當然，我們認為人們對我們的品牌很感興趣，因為他們的品牌表現最好。但如果你看看更廣泛的體系，因為這個經濟體和世界上許多其他經濟體的相對實力，人們基本上是非常有利可圖的。由於現有投資組合利潤豐厚，他們希望繼續擴大業務。所以我們對正在發生的事情感覺非常非常好。融資環境。我會留下一些其他的事情來回答也許我可以繼續討論的其他問題。但這既是從營收頂線的角度來看，也是從單位成長的角度來看，讓您了解我們如何看待今年的前景。

The next question comes from Joe Greff with JPMorgan.

下一個問題來自摩根大通的喬·格雷夫。

Chris, just kind of going back to your comments on how you're viewing the balance of this year. You mentioned all 3 major segments you would expect to be degrees of up year-over-year from a RevPAR growth perspective. If you were to bifurcate it between the full-service chain scale segments and the select service chain scale segments, would you expect the lower-end chain scale segments to be positive year-over-year?

克里斯，回到你對今年剩餘時間的看法。您提到從 RevPAR 成長的角度來看，您預計所有 3 個主要細分市場都將比去年同期有所上升。如果您將其分為全服務連鎖規模細分市場和精選服務連鎖規模細分市場，您是否預期低端連鎖規模細分市場將年增？

Yes, modestly. I mean we think they will be lower in performance, but we think our forecasting and outlook is they will be positive but modestly so. And those were impacted in the first quarter by the things -- more dramatically by the things that I described. And by the way, comparability because the first -- if you look broadly in the first quarter over the last year, from the standpoint of how we perform relative to the industry overall, we had a much better performance than the industry, and that was really driven by the select service brands. And so they have lapped in the first quarter over very, very difficult comps. That gets easier, pretty difficult comps in Q2 for the record as well, but we think that gets much easier in the second half of the year from a comp issue. And so our expectation is they would be positive but lower than other higher chain scales.

是的，謙虛。我的意思是，我們認為他們的表現會較低，但我們認為我們的預測和前景是他們將是正面的，但幅度不大。這些在第一季受到了這些事情的影響——更嚴重的是我所描述的事情。順便說一句，可比性是因為，如果你廣泛觀察去年第一季的情況，從我們相對於整個行業的表現來看，我們的表現比整個行業要好得多，那就是真正由精選服務品牌驅動。因此，他們在第一季就在非常非常困難的比賽中落後了。從記錄來看，第二季的比賽也變得更容易，也相當困難，但我們認為，由於比賽問題，今年下半年這會變得容易得多。因此，我們的預期是，它們將是正面的，但低於其他更高的連鎖規模。

The next question comes from Robin Farley with UBS.

下一個問題來自瑞銀集團的羅賓法利。

Great. I wonder if you could kind of remind us where we are. You talked about the Group being up -- position up 13% year-over-year, but where we are with Group and business transient relative to 2019? And then I kind of have a part 2 of the question, which is just when we look at the broader FTR trends and occupancy in the U.S. has been down for -- depending on how you measure a month there from sort of 7 to 12 months with all the RevPAR coming from rate increase. And just wondering in your long experience looking at trends over the years, does that worry you at all that occupancy is down even with, I think, not getting back to 2019 levels yet and kind of what that might mean for rate and RevPAR later in the year?

偉大的。我想知道你能否提醒我們我們在哪裡。您談到集團正在上升——排名同比增長 13%，但相對於 2019 年，我們的集團和業務瞬態狀況如何？然後我有問題的第二部分，這就是當我們看到更廣泛的 FTR 趨勢時，美國的入住率已經下降了——這取決於你如何衡量那裡的一個月，從 7 到 12 個月不等所有RevPAR 均來自費率上漲。只是想知道，根據您多年來觀察趨勢的長期經驗，您是否擔心入住率下降，即使我認為尚未恢復到 2019 年的水平，這對以後的房價和 RevPAR 可能意味著什麼那一年？

Yes. Taking one at a time. In terms of Group and BT versus '19, they are both eclipsing from a revenue point of view, but from a demand occupancy point of view, they're both below business transient modestly, pretty minor. Group a little bit more so, I think, like 500 basis points or something like that is from memory. They can, in fact, check me. And that has -- so let me cover in reverse order business transient is, I mean Group is just a function of gestation period for this to ramp up. I think by the time you get to the second half of the year, and certainly, by the end of the year, Group demand will be finally back to where -- just based on the underlying strength in that space.

是的。一次服用一顆。就 Group 和 BT 而言，與 19 相比，從收入的角度來看，它們都黯然失色，但從需求佔用的角度來看，它們都略低於業務瞬態，相當輕微。我想，根據記憶，再分組一點，例如 500 個基點或類似的東西。事實上，他們可以檢查我。那麼，讓我以相反的順序來介紹業務瞬態，我的意思是，集團只是醞釀期的一個功能，以便其加速發展。我認為，到今年下半年，當然，到年底，集團需求將最終回到原來的水平——這只是基於該領域的潛在實力。

Business transient, as I said, is a little bit off. If you break it down between small, medium businesses versus the big corporates, the small, medium businesses are already demand-wise over, and the big corporates are under. But as you saw, we had pretty big growth relative to a quarter that wasn't a lot of -- was more leisure-oriented because of the holiday shift in big corporates, and that's what we're hearing from our big corporate customers as they're traveling more. So that is coming back. Their balance sheets are strong. Earnings are still -- maybe they're going up at a lower rate or whatever, but they're still relatively strong.

正如我所說，業務瞬態有點偏離。如果你將其分為中小型企業與大企業，那麼中小型企業的需求已經超出了需求，而大企業則處於需求不足的狀態。但正如您所看到的，相對於不是很多的季度，我們的增長相當大 - 由於大企業的假期轉變，我們更加以休閒為導向，這就是我們從大企業客戶那裡聽到的他們旅行的次數更多了。所以這又回來了。他們的資產負債表很強勁。盈利仍然是——也許它們會以較低的速度增長或其他什麼，但它們仍然相對強勁。

And so our expectation is by the end of the year from a demand point of view, we think there's an awfully good chance that BT will get there, too, just with continued growth in the big corporates in very resilient SMB business. And that's sort of how we've baked our outlook. In terms of occupancy and rate, that sort of answers the question then because we think you are continuing to build occupancy through the rest of the year. I think you got to be really careful in the first quarter. The first quarter is super messy with the things that we've talked about going on. It's really hard to like glean much from that.

因此，從需求的角度來看，我們的預期是到今年年底，我們認為英國電信也很有可能實現這一目標，只要大型企業在極具彈性的中小企業業務中持續成長。這就是我們制定前景的方式。就入住率和入住率而言，這可以回答問題，因為我們認為今年剩餘時間您將繼續增加入住率。我認為第一季你必須非常小心。第一季我們討論過的事情非常混亂。真的很難喜歡從中收集太多資訊。

But if you look at the Group trends, they are really strong, as I said, and that provides a tremendous platform to yield manage that we really haven't had in the way that we're starting to have. And if you agree with the sort of the underpinnings of business transient and occupancies are not raging up but are sort of grinding up. Again, that gives you a pretty good setup for some modest occupancy gains. Those are going to come in BT and Group, not in Leisure. In fact, you could have slight occupancy declines in Leisure, but I think in the core of the more days of the week than not, you're building more pricing power, which I think allows you to continue to have the ability to push rate.

但如果你看看集團的趨勢，正如我所說，它們確實很強勁，這為收益管理提供了一個巨大的平台，而我們確實沒有以我們開始擁有的方式擁有這種平台。如果你同意這種商業短暫性的基礎，那麼入住率並沒有急劇上升，而是不斷惡化。同樣，這為您提供了一個非常好的設置，可以實現一些適度的入住率成長。這些將出現在 BT 和 Group 中，而不是 Leisure 中。事實上，休閒飯店的入住率可能會略有下降，但我認為，在一周中的更多天中，您正在建立更多的定價能力，我認為這使您能夠繼續有能力推高房價。

The next question is from Shaun Kelley with Bank of America.

下一個問題來自美國銀行的 Shaun Kelley。

Chris, just hoping we could get a little bit more color on sort of the regions. You gave some in the prepared remarks, but specifically, to dig in U.S. at the lower end of the range. So I think we've talked a little bit about what could get that coming. But anything you're seeing on April there in terms of some of the shift back from Easter. And then I think more importantly, you called out some strength elsewhere, Europe, Japan. Could you dig in a little bit there? And specifically on China, just flattish, the exit rate wasn't that great. What needs to happen there one way or another to impact Hilton?

克里斯，只是希望我們能在某些地區獲得更多的色彩。您在準備好的評論中給出了一些內容，但具體來說，是在美國的範圍較低的一端進行挖掘。所以我認為我們已經討論瞭如何實現這一目標。但你在四月看到的一切都是從復活節回來的。然後我認為更重要的是，你在歐洲、日本等其他地方呼籲了一些力量。你能在那裡挖一點嗎？特別是在中國，退出率並不高。需要採取什麼措施來影響希爾頓？

Yes. Thanks. I'm going to ask Kevin to take that.

是的。謝謝。我要請凱文接受。

Yes, Shaun, I'll take this one. I think, yes, in the U.S., we're seeing so far is in line with our expectations, right? The Easter calendar shift is flipping back the way we thought April is in line with what we thought. And so if you think about our 2% to 4% guide for the whole company, I think the U.S. will be at the lower end of that range, but I think you'll see the U.S. go back to positive I think around the rest of the world, I said it in my prepared remarks, but Europe remains really resilient, up 10% in the quarter. There's a lot of noise in the economy in various European economies and war and whatever else is going on, it still seems to push through, and we still seem to get pretty good performance. APAC, the same thing.

是的，肖恩，我要這個。我認為，是的，在美國，我們到目前為止看到的情況符合我們的預期，對吧？復活節日曆的轉變正在向我們想像的方向翻轉，四月與我們的想法一致。因此，如果你考慮我們對整個公司的 2% 到 4% 的指導，我認為美國將處於該範圍的下限，但我認為你會看到美國恢復到積極的水平，我認為其他地區我在準備好的發言中說過，歐洲仍然是世界上最有彈性的國家，本季成長了10%。歐洲各個經濟體的經濟中有很多噪音，戰爭以及其他任何事情都在發生，但它似乎仍在繼續，我們似乎仍然獲得了相當不錯的表現。亞太地區，同樣的事情。

Now China we said was flattish for the quarter. We think it will be about the same for the year. And what's happening there is what we said in our prepared remarks is that you had a lot of resilience coming out of the pandemic with domestic travel really fueling strong demand growth there. And now people are starting to move outside of the country because they can. And the urban markets in China are performing really well. The secondary tertiary markets are feeling the effects a little bit of people leaving the country and we think that will continue for the balance of the year. And I think you asked what you need to have that change is you need to have more inbound into China, particularly from other parts of Asia Pacific and then you need to see people from other parts of the world starting to come inbound to China to create that incremental demand that will enable us to yield rate and have that start to grow again.

現在我們說中國本季表現持平。我們認為今年的情況將大致相同。我們在準備好的發言中表示，正在發生的事情是，疫情過後，國內旅行確實推動了需求的強勁增長，因此具有很大的韌性。現在人們開始移居國外，因為他們可以。中國的城市市場表現非常好。第二、第三市場正在感受到一些人離開該國的影響，我們認為這種情況將持續到今年剩餘時間。我認為你問過你需要什麼改變，你需要有更多的人進入中國，特別是來自亞太地區其他地區，然後你需要看到世界其他地區的人們開始進入中國創造增量需求將使我們能夠提高收益率並開始再次成長。

Yes. The other thing -- I think that's all perfect, I would add on relative to China is we are also, while people aren't coming into China, we are starting to see that shift. There are a lot more flights that are going to start in the second and third quarter that are going to be going from major destinations, including the United States into China, which is going to help. But we are also seeing is the Chinese customer and as much as we think will sort of be flattish this year because there was a huge surge in Chinese were staying in China and traveling all over China, and now they're leaving. We are a net beneficiary of that and other parts of Asia.

是的。另一件事——我認為這一切都很完美，我想補充一點，相對於中國來說，我們也是如此，雖然人們沒有進入中國，但我們開始看到這種轉變。第二季和第三季將有更多航班從美國等主要目的地飛往中國，這將有所幫助。但我們也看到中國客戶，儘管我們認為今年會持平，因為留在中國並在中國各地旅行的中國人大幅增加，但現在他們正在離開。我們是該地區和亞洲其他地區的淨受益者。

So if you look at our Southeast Asia business, our Japanese business, I mean, they are largely predominantly staying into Asia at the moment. I think that's going to change as more flights open up. And so we're getting -- well, China is not surging in the sense we talk about, we are seeing other markets, particularly Southeast Asia and Japan that are huge beneficiaries of that migration.

因此，如果你看看我們的東南亞業務和日本業務，我的意思是，他們目前主要留在亞洲。我認為隨著更多航班的開通，這種情況將會改變。因此，我們發現——嗯，中國並不是我們所說的那種激增，我們看到其他市場，特別是東南亞和日本，是這種移民的巨大受益者。

The next question comes from Carlo Santarelli with Deutsche Bank.

下一個問題來自德意志銀行的卡洛桑塔雷利 (Carlo Santarelli)。

Kevin, I know you touched on it in your prepared remarks a little bit, but specifically on the base and other fees, I think they were up about 32% year-over-year, a dramatic acceleration. In terms of the things you mentioned, I would assume some of that is international, but any way you could provide a little bit more color on the drivers there?

凱文，我知道您在準備好的發言中稍微提到了這一點，但特別是在基本費用和其他費用方面，我認為它們同比增長了約 32%，這是一個巨大的加速。就您提到的事情而言，我認為其中一些是國際性的，但是您可以為那裡的車手提供更多的色彩嗎？

Yes, sure. I mean, part of it is, as you said, it's a mix. I mean, in parts of the world where we have more managed hotels is driving more management fees and incentive management fees. We had good performance in license fees, as we mentioned, were up ahead of the broader business. And then our purchasing business has been really strong as it continues to grow. And that you see showing up in other -- that business has continued to take share even outside of our system, it continues to take rate, and it's performing really well. So that's been a positive driver there as well.

是的，當然。我的意思是，正如你所說，其中一部分是混合的。我的意思是，在世界上擁有更多管理酒店的地區，管理費和激勵管理費也隨之增加。正如我們所提到的，我們在許可費方面表現良好，並領先於更廣泛的業務。然後我們的採購業務隨著持續成長而變得非常強勁。您會看到其他業務也出現了這種情況，即使在我們的系統之外，該業務也繼續佔據份額，它繼續佔據份額，而且表現得非常好。所以這也是一個正面的推動因素。

The next question comes from David Katz with Jefferies.

下一個問題來自傑弗里斯的大衛·卡茨。

With respect to net unit growth, I know you said previously that the acquired entities may add 25 or 50 basis points. Can you just sort of paint us a longer-term picture of how the addition of those should roll into your NUG. Is that sort of included Chris, when you say 6% plus. How should we think about those brands in the context of that?

關於淨單位成長，我知道您之前說過，被收購的實體可能會增加 25 或 50 個基點。您能否為我們描繪一幅長期的圖景，說明如何將這些添加到您的 NUG 中。當你說 6% 以上時，這是否包括克里斯在內？在此背景下我們該如何看待這些品牌？

Yes. I mean we did say last time that we were going to incorporate SLH into it, and that is incorporated into our 6% to 6.5%. We ultimately will add in Graduate, but just we think the better convention is to add both the EBITDA and earnings impact and the net NUG impact once closed so that is not in that. I think the way to think about it going forward is the SLH is going to be probably coming into our system over the next couple of years. It's early days, but so far, we really like what we're seeing. We're getting a very, very high percentage of existing SLH members in the markets that we have been out and with SLH marketing to sign up and want to come into the system. And we have no reason to believe that won't continue, getting the technology and all that done, which is people are working on both sides very, very diligently on. We'll start to get us to the other side and incorporating assets and the ability for our customers to book through our channels and honors, earn and burn and all of that, sometime probably middle or late summer so I mean, it's a little bit of a moving feast.

是的。我的意思是，我們上次確實說過，我們要將 SLH 納入其中，這已納入我們的 6% 至 6.5% 中。我們最終將添加“畢業生”，但我們認為更好的慣例是添加 EBITDA 和收益影響以及關閉後的淨 NUG 影響，因此不在其中。我認為未來考慮的方式是 SLH 可能會在未來幾年內進入我們的系統。現在還處於早期階段，但到目前為止，我們真的很喜歡我們所看到的。在我們已經退出的市場中，透過 SLH 行銷，我們獲得了非常非常高比例的現有 SLH 會員註冊並希望進入該系統。我們沒有理由相信這種情況不會繼續下去，技術和所有工作都已完成，雙方都非常非常努力地工作。我們將開始把我們帶到另一邊，整合資產和能力，讓我們的客戶透過我們的管道和榮譽預訂，賺取和燃燒等等，有時可能是夏中或夏末，所以我的意思是，這有點一場動人的盛宴。

But the 6% to 6.5% does incorporate what we said last time. It's probably 1/4 to 0.5 point is the way to think about that consistent with what we said last time. And there'll be more next year built into that. And my guess is as we grow that business with them, it will continue to contribute probably at a lesser degree just because we'll get the bulk of the system in over this year and next. Graduate will be kind of a onetime thing. And as we said at our Investor Day, we believe -- and we don't have -- I said there, we had one other thing we were working on. We announced one thing since then. We don't -- I don't think you should expect that you're going to see any additions to NUG in that arena.

但6%到6.5%確實包含了我們上次說的內容。大概是 1/4 到 0.5 分，這個思考方式和我們上次說的一致。明年還會有更多內容加入其中。我的猜測是，隨著我們與他們一起發展業務，它可能會繼續做出較小程度的貢獻，因為我們將在今年和明年獲得大部分系統。畢業將是一次性的事。正如我們在投資者日所說，我們相信——但我們沒有——我在那裡說過，我們正在做另一件事。從那時起我們宣布了一件事。我們不——我認為您不應該期望在該領域看到 NUG 的任何新增內容。

Now I'm going to say because I always do, never say never. I've been saying that for the many years I've been running the company, but we don't have any other of those sorts of tricks up our sleeve anytime soon. So I think the way to think about our guidance of 6% to 7% over the next few years is there'll be a onetime sort of thing for Graduate, but it's otherwise organic in the way it's always been.

現在我要說的是，因為我總是這樣做，所以永遠不要說永遠。我一直在說，多年來我一直在經營這家公司，但短期內我們並沒有其他類似的伎倆。因此，我認為考慮未來幾年 6% 至 7% 的指導的方式是，對於研究生來說，將會有一些一次性的事情，但它在其他方面還是一如既往的有機的。

The next question comes from Smedes Rose with Citi.

下一個問題來自花旗銀行的 Smedes Rose。

I just noticed that the percent of the pipeline under construction just ticked up a little bit from fourth quarter and first quarter. I was just wondering, is that concentrated in the U.S. and could you just maybe talk a little bit about what developers are seeing in terms of getting properties out of the ground on the financing front or getting the supplies of the workers they need. Just any color along there?

我剛剛注意到，在建管道的百分比比第四季度和第一季略有上升。我只是想知道，這是否集中在美國，您能否談談開發商在融資方面的房地產開發或獲得所需工人的供應方面所看到的情況。那裡只有任何顏色嗎？

Yes, sure. I mean I think the percentage under construction is from both. I don't have the breakdown right in front of me, but it's definitely from both and then somewhat driven by slightly higher. We've been talking about a slightly higher percentage of conversions. So those go under construction more quickly. And so as you do those, it moves the percentage of the pipeline that's under construction a little bit. I think in terms of the atmospherics, I think, look, you hear -- we all hear from a lot of developers, you probably talk to developers. It's still challenging the labor cost side of it and the raw materials cost side of it, those dramatic increases that we saw during COVID have leveled off. So that's a good news story.

是的，當然。我的意思是，我認為在建造百分比來自兩者。我沒有看到眼前的崩潰，但它肯定是來自兩者，然後在某種程度上受到略高的推動。我們一直在討論略高的轉換百分比。因此，這些項目的建設速度會更快。因此，當您執行這些操作時，正在建造的管道的百分比會略有變化。我認為就氣氛而言，我認為，看，你聽到 - 我們都聽到很多開發人員的聲音，你可能會與開發人員交談。勞動成本和原料成本仍面臨挑戰，我們在新冠疫情期間看到的急劇成長已經趨於平穩。這是一個好消息。

Capital remains more expensive, although I think important to note that it's a little bit less expensive than it would have been sort of end of last year or over the course of last year. So I think you're still seeing better developers and the better projects are getting financed. It's a good new story broadly across the industry, fewer things are coming out of the ground, but we're taking share. So we have higher quality brands that are more easily financeable. So more of our projects are getting done and coming out of the ground. It's just sort of at a slightly slower rate. But like as we said in our prepared remarks, and Chris mentioned in some of the Q&A, we think our starts are going to eclipse prior peaks this year, they're going to be obviously up year-over-year. And so we're getting enough done to keep momentum, but it's still a little bit tough out there in terms of financing.

資本仍然更加昂貴，儘管我認為重要的是要注意它比去年年底或去年同期便宜一些。所以我認為你仍然會看到更好的開發商，更好的專案正在獲得融資。這是整個行業的一個很好的新故事，從地下誕生的東西越來越少，但我們正在搶佔份額。因此，我們擁有更優質、更容易融資的品牌。因此，我們的更多項目正在完成並落地。只是速度稍微慢一點而已。但正如我們在準備好的發言中所說的以及克里斯在一些問答中提到的那樣，我們認為我們今年的開局將超越之前的峰值，它們將明顯同比上升。因此，我們已經做了足夠的工作來保持勢頭，但在融資方面仍然有點困難。

The next question comes from Brandt Montour with Barclays.

下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

And maybe for Kevin. Kevin, you mentioned timing items. If you could just elaborate on that and sort of what and where and when we should expect any of that to reverse, please?

也許對於凱文來說。凱文，你提到了計時項目。您能否詳細說明我們應該期待什麼、何時何地逆轉，好嗎？

Yes. I mean timing will be -- it will largely reverse in the second quarter. It's not huge. It's sort of $5 million to $10 million of timing items in the first quarter. And then to sort of just finish the story at the risk of doing modeling live on the call. But we did increase our guidance at the midpoint by $45 million, but that has a headwind -- an incremental headwind in and of about $10 million to $15 million, closer to $15 million of FX over the course of the year. So we did, in fact, carry through a little bit more than the beat in terms of our outlook for the year.

是的。我的意思是，時間將在第二季大幅逆轉。它並不大。第一季的計時項目價值為 500 萬至 1,000 萬美元。然後冒著在電話中現場建模的風險來完成這個故事。但我們確實將中點指引提高了 4500 萬美元，但這存在阻力——增量阻力約為 1000 萬至 1500 萬美元，全年外匯匯率接近 1500 萬美元。因此，事實上，我們對今年的展望確實超出了預期。

The next question comes from Chad Beynon with Macquarie.

下一個問題來自麥格理的查德貝農 (Chad Beynon)。

Wanted to ask about Group beyond '24. Is this continuing to build in terms of multiyear commitments? Maybe just kind of a stat in terms of what you're seeing on the books for '25 at this point versus what you historically have seen during these periods?

想問 24 年後的集團情況。就多年承諾而言，這種情況是否會繼續發展？也許這只是你在 25 年書本上看到的內容與你在這些時期歷史上看到的內容的統計數據？

Yes. I don't have the data point in my head, but I do know this. Yes, it's building for '25, '26. I believe both years are sort of high single, low double-digit increases relative to where we've been in the past. So yes, I mean, they're putting the data in front of me. So my memory is right, 13% and 15% up in '25 and '26.

是的。我腦子裡沒有數據點，但我確實知道這一點。是的，它正在為 25、26 年建造。我相信，與過去相比，這兩年的增幅都是較高的個位數成長和較低的兩位數成長。所以是的，我的意思是，他們把數據放在我面前。所以我的記憶是正確的，25 年和 26 年分別增加了 13% 和 15%。

The next question comes from Patrick Scholes with Truist.

下一個問題來自帕特里克·斯科爾斯和 Truist。

On the NoMad news, that's a pretty small change at the moment. What are your plans for that? Where do you see that brand going in the next 5 years?

在 NoMad 新聞中，目前這只是一個很小的變化。你對此有何計劃？您認為品牌在未來 5 年內會走向何方？

Yes. Look, we think it will -- it is a very strong brand. There's a reason why we wanted to partner with them/controlling interest in that company. It is small today, but it's been a little bit bigger over time, such a well-known brand in the community. And we think that brand will compete really effectively combined with our engines and the strength of our system, compete really effectively with the other luxury lifestyle brands that are out there, and we think it can be upwards of 100 hotels over time. And so most of those will be -- there'll be some conversions, but a lot of them will be new build. So it will be a little bit longer burn, and it's a little bit smaller segment than some of our other scale brands, but we think it will fit in nicely and contribute positively to our NUG over time.

是的。看，我們認為它會——這是一個非常強大的品牌。我們想與他們合作/控制該公司是有原因的。今天它很小，但隨著時間的推移，它已經大了一些，在社區中是一個家喻戶曉的品牌。我們認為，結合我們的引擎和系統的實力，該品牌將真正有效地競爭，與現有的其他豪華生活方式品牌真正有效地競爭，我們認為隨著時間的推移，它可能會超過 100 家酒店。因此，其中大部分將進行一些改造，但其中許多將是新建的。因此，它的燃燒時間會更長一些，而且它的細分市場比我們的一些其他規模品牌要小一些，但我們認為它會很好地適應並隨著時間的推移為我們的NUG 做出積極貢獻。

And what we really love about it is we did as I've talked about, it seems like time and eternity, luxury lifestyle. We did a huge amount of work because one of the options was to do this on our own, which you know we are pretty good at and like to do historically. And as we did the work over the last bunch of years, sort of like because this is always benefit in the skunk works, and I'm not exaggerating, this is sort of the ethos of what Andrew Zobler and his team have created a sort of bull's-eye for what we think is modern luxury lifestyle today and going forward in terms of what customers are looking for.

我們真正喜歡它的是我們所做的，正如我所說的，這似乎是時間和永恆，奢華的生活方式。我們做了大量的工作，因為選擇之一就是我們自己做這件事，你知道我們非常擅長並且喜歡在歷史上這樣做。正如我們在過去幾年所做的工作一樣，有點像因為這在臭鼬作品中總是有好處，我並不誇張，這就是安德魯·佐布勒和他的團隊創造的一種精神。的現代奢華生活方式以及未來客戶所尋求的東西都是我們的靶心。

And so it was a very efficient way for us to get in the space, accelerate our entry in the space, meaning take -- let's be honest, multiple years because they already have a pipeline, let alone what we're adding to it. And importantly, with Andrew and his team be able to effectively acquire a really talented team of people that are very steeped in the luxury lifestyle space. So we think it was sort of the trifecta. It hit every button for us in terms of making sense. But yes, it's very small. But hey, the good news is it's very small, we didn't pay a whole lot for it, and that means great organic growth going forward.

因此，這對我們來說是進入該領域的一種非常有效的方式，加速我們進入該領域的速度，這意味著——說實話，需要多年的時間，因為他們已經有了一條管道，更不用說我們正在添加什麼了。重要的是，安德魯和他的團隊能夠有效地獲得一支真正有才華的團隊，他們非常專注於奢華生活方式領域。所以我們認為這是三重奏。它為我們敲響了每一個按鈕，讓我們覺得有意義。但是，是的，它非常小。但是，嘿，好消息是它非常小，我們沒有為此付出太多，這意味著未來將會有巨大的有機成長。

The next question is from Duane Pfennigwerth with Evercore ISI.

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

I appreciate it. Just coming back to the fee rate growth, if we just look at fees as a percentage of total room rev. Can you speak to what drives seasonality, if anything, on this percentage. And in terms of the year-over-year improvement, you showed nice improvement here in the first quarter. Can we hold on to that as we progress through the year? Or is it lumpy?

我很感激。回到費用率成長，如果我們只看費用佔客房總收入的百分比。您能否談談這個百分比的季節性驅動因素（如果有的話）。就同​​比改善而言，您在第一季表現出了良好的改善。隨著這一年的進展，我們能否堅持下去？還是塊狀的？

Sorry, Duane, I didn't quite catch the first part of your question.

抱歉，杜安，我沒聽清楚你問題的第一部分。

Just the fee rate growth, which you showed nice improvement on year-over-year total fees as a percentage of room rev, is there seasonality on that percentage? And if so, what drives it? In other words, you made nice progress here in the first quarter. It's one of the concepts you talked about in your Investor Day is sort of raising royalty fees, et cetera. Is there anything specific to the first quarter that's kind of nonrecurring? Or can we hold on to that improvement as we progress through the year?

只是費用率的增長，您在總費用佔客房收入的百分比方面表現出了很好的改善，該百分比是否存在季節性？如果是這樣，是什麼推動了它？換句話說，你們在第一季取得了不錯的進步。您在投資者日討論的概念之一是提高特許權使用費等等。第一季有什麼特定的非經常性的事情嗎？或者我們能否在這一年的進步中保持這種進步？

Yes, I think it's a bit of both without getting into too much detail. There was a touch of the timing was in fees, but a lot of it is strength. And like I said earlier in one of my answers, in the parts of the world where our managed business is bigger and the segments in the U.S. with urban hotels where our managed business is bigger, we think incentive management fees will continue to be a strong contributor over the course of the year, and that's sort of all baked into our guidance. So no anomalies in there.

是的，我認為兩者兼而有之，但沒有涉及太多細節。費用方面有一定的時機，但更多的是實力。正如我之前在一個答案中所說，在我們管理業務規模較大的世界地區以及我們管理業務規模較大的美國城市酒店細分市場，我們認為激勵管理費將繼續成為一個強勁的因素一年來的貢獻者，這都已納入我們的指導中。所以裡面沒有任何異常。

The next question comes from Michael Bellisario with Baird.

下一個問題來自邁克爾·貝利薩裡奧和貝爾德。

Two parts for you on loyalty. Just first, what was Honors occupancy in the quarter? And then bigger picture. Just aside from offering customers more options, how are you driving how are you thinking about incremental engagement? I know you're still having to educate travelers about loyalty and the benefit of loyalty, especially compared to all the book direct and marketing campaigns you had to do pre-pandemic?

關於忠誠度的兩部分內容。首先，本季榮譽入住率是多少？然後是更大的圖景。除了為客戶提供更多選擇之外，您如何推動增量參與？我知道您仍然需要向旅客宣傳忠誠度和忠誠度的好處，特別是與您在大流行前必須進行的所有直接預訂和行銷活動相比？

Yes. Honors occupancy was, I think, at our historical high 64% and change up like 300 to something -- a little over 300 basis points year-over-year. And so Honors is working. Our customers are engaged more than I think any other program that is out in the industry. We do have a bunch of things that we are doing. Some of them you've seen that are -- what we're doing with SLH, what we're doing with AutoCamp, you should expect to see more not like Graduate type things, but more partnerships particularly in the experiential area. I think I talked about it on the last call so more AutoCamps, I think areas like safaris and yachts and other riverboat cruises and other things because we know that our customers -- those are adjunct sort of travel experiences that connect to our business that gives our base of customers, incremental things to engage with us that they want to do and is not in conflict in any way with our business, but we think is synergistic.

是的。我認為，榮譽入住率達到了 64% 的歷史最高點，並且上升了 300 左右，比去年同期略高於 300 個基點。所以榮譽正在發揮作用。我認為我們的客戶參與度比業內任何其他計劃都要高。我們確實有很多正在做的事情。其中一些你已經看到了——我們在SLH 上所做的事情，我們在AutoCamp 上所做的事情，你應該期望看到更多不是研究生類型的事情，而是更多的合作夥伴關係，特別是在體驗領域。我想我在上次電話中談到了更多的汽車露營，我認為像狩獵和遊艇以及其他內河遊船和其他事情這樣的領域，因為我們知道我們的客戶- 這些是與我們的業務相關的輔助旅行體驗我們的客戶群，他們想做的與我們互動的增量事情，與我們的業務沒有任何衝突，但我們認為是協同的。

And so there are a bunch of other things that we're doing that. But in reality, our expectation, while we, I think, to lead the industry, I know we do at 64%. We have aspirations as we talked about at Investor Day, to be really at 75%, maybe over time, even higher. And that's a very -- I'm not going to get into the details of it for a whole bunch of competitive reasons. But that is that is not 1 or 2 things. That's a series of strategies broadly for Honors, some of which I just talked about, further opportunities to keep customers engaged in other ways that are new and different and appealing to them.

我們正在做很多其他事情。但實際上，我們的期望是，雖然我認為我們會引領產業，但我知道我們確實做到了 64%。正如我們在投資者日談到的那樣，我們的願望是真正達到 75%，也許隨著時間的推移，甚至更高。出於一大堆競爭原因，我不會深入討論它的細節。但這不是一兩件事。這是一系列廣泛的榮譽策略，其中一些我剛剛談到，進一步有機會讓客戶以其他新穎、不同且對他們有吸引力的方式參與其中。

But it's also a significant amount of work that creates a more bespoke offering in certain major regions of the world, I think Asia Pacific, particularly China and other parts of the world where loyalty is a big deal, but what appeals to that customer base may be a little bit different than what might appeal to a customer base here in the United States. And so there's -- again, there are a whole bunch of different things that we are going to do. So I think you should have an expectation you'll continue to see that Honors occupancy go up as a result of greater engagement. Obviously, that is our lowest cost distribution channel. And so that's good for us and very good for our owners that it helps drive incremental market share gains and does it on a very cost-efficient basis. But I'm not going to get into granular strategies within Honors in this format or any format for that matter other than with our customers.

但在世界某些主要地區（我認為亞太地區，特別是中國和世界其他地區，忠誠度很重要）創建更客製化的產品也需要大量工作，但吸引該客戶群的因素可能是與可能吸引美國客戶群的內容略有不同。因此，我們將要做很多不同的事情。因此，我認為您應該期望您會繼續看到榮譽學位的入住率因參與度的提高而上升。顯然，這是我們成本最低的通路。因此，這對我們有好處，對我們的所有者也有好處，因為它有助於推動市場份額的增量增長，並且是在非常具有成本效益的基礎上實現的。但除了我們的客戶之外，我不會以這種形式或任何形式討論榮譽獎中的細粒度策略。

The next question is from Bill Crow with Raymond James.

下一個問題是比爾·克勞和雷蒙德·詹姆斯提出的。

Two parter here, Chris. First, how much risk do you think exists? Or are you seeing any signs that the weaker demand we're seeing at the low end of the chain scale could migrate upward as the Feds hire for longer stance persists? And the second part is simply third quarter, how much impact do you anticipate from the Olympics, if any, on overall results?

這裡有兩個人，克里斯。首先，您認為有多少風險？或者您看到任何跡象表明，隨著聯準會持續僱用長期職位，我們在鏈條低端看到的需求疲軟可能會向上遷移？第二部分只是第三季度，您預計奧運會對整體業績有多大影響（如果有的話）？

Yes. I mean we do think the Olympics will be a nice positive for Europe broadly and obviously, for Paris and France. I mean our -- it's not going to dramatically impact our numbers just because Europe is a pretty big part of our portfolio. But if you look at France, while we're present in a lot of markets in France. We're not -- it's not a large portion of our portfolio. So it will be great, and it will help, but it's not going to help as much as if it was in New York City or summer where we had a huge density hotels.

是的。我的意思是，我們確實認為奧運對整個歐洲、對巴黎和法國來說顯然都是一個正面的正面影響。我的意思是我們的——它不會僅僅因為歐洲是我們投資組合中相當大的一部分而對我們的數字產生巨大影響。但如果你看看法國，我們在法國的許多市場都有業務。我們不是——這不是我們投資組合的很大一部分。所以這會很棒，也會有所幫助，但它不會像在紐約市或夏天我們擁有大量密度酒店那樣有幫助。

In terms of the first question, which I think is a really good question. And I think, listen, it deserves a good answer, and I'll give you the best I got. The best I got is who said it George H. W. Bush, it's the economy, stupid, I think. I'm not calling you stupid Bill, for the record. But it has everything to do with the economy. I mean the reality is, as I said in my comments, our outlook is based on a pretty -- not just consensus view, but a strong consensus view that the economy is going to be growing at a decent rate and employment is going to stay pretty strong.

對於第一個問題，我認為這是一個非常好的問題。我想，聽著，這值得一個好的答案，我會給你我所能得到的最好的答案。我得到的最好的消息是誰說的，喬治·H·W·布什，我想這就是經濟，愚蠢的。鄭重聲明，我不會稱呼你為愚蠢的比爾。但這與經濟息息相關。我的意思是，現實是，正如我在評論中所說，我們的前景是基於一個漂亮的——不僅僅是共識觀點，而是一個強烈的共識觀點，即經濟將以體面的速度增長，就業將保持不變相當強。

Obviously, higher for longer is the Fed's way of trying to like tamp things down. But there's no question in my mind, you can have your own view. Everybody can that the Fed is trying to orchestrate a soft landing. So far, it feels like they have been able to do it.

顯然，聯準會試圖抑制局勢的方式是持續較長時間的走高。但我心裡沒有疑問，你可以有自己的看法。每個人都知道聯準會正在努力策劃軟著陸。到目前為止，感覺他們已經能夠做到了。

Our outlook with the U.S. being at the low end of our guidance ranges sort of anticipate that consensus view, which is a soft landing, which means the economy is more resilient than people thought but broadly as the year goes on, softening because that's what the Fed is trying to do. And we have tried to sort of factor for all of that in our guidance. And so whether it's the upper end, lower end or wherever it is, I think it has everything to do with a broader economy. The good news for us is the median income of our core customer, like our lower member is high, it's $150,000 median income where the Fed where you look at the data out of the credit card companies and the retailers, it's like $100,000 and below is where you see people stretched and credit card balances, bank accounts running out and credit card balances going up. When you get up into the $150,000, the data still looks really good in terms of people have a lot of money in the bank and they have enough disposable income.

我們對美國的前景處於指導範圍的低端，這在某種程度上預示了共識觀點，即軟著陸，這意味著經濟比人們想像的更有彈性，但隨著時間的推移，總體而言，經濟會疲軟，因為這就是經濟的軟著陸。我們試圖在我們的指導中考慮所有這些因素。因此，無論是高端、低端或任何地方，我認為這都與更廣泛的經濟有關。對我們來說，好消息是我們核心客戶的中位數收入，就像我們的低階會員很高，中位數收入是15 萬美元，而聯準會從信用卡公司和零售商那裡查看的數據，大約是10 萬美元及以下。當你達到 15 萬美元時，數據看起來仍然非常好，因為人們在銀行裡有很多錢，而且他們有足夠的可支配收入。

And as I said, businesses, company, corporate America is still relatively strong. So I think of the economy, if they -- I think this range and outcome that we've given and sort of where the U.S. we think will flush out is based on the consensus view that we will have some slowing but a soft landing and positive economic growth.

正如我所說，美國的企業、公司、企業仍然相對強大。因此，我認為經濟，如果他們 - 我認為我們給出的這個範圍和結果以及我們認為美國將出現的情況是基於共識，即我們將出現一些放緩但軟著陸，並且經濟積極增長。

The next question comes from Richard Clarke with Bernstein.

下一個問題來自理查德·克拉克和伯恩斯坦。

In the quarter versus 2019, it looks like U.S. occupancy is still 450 basis points where you were pre-COVID. Obviously, there's some seasonality in there but that doesn't seem to get you anywhere near that. Is it just now a matter of time to get that occupancy back or can we now think that maybe there has been some structural shift in travel that means kind of...

與 2019 年相比，本季美國的入住率仍為新冠疫情爆發前的 450 個基點。顯然，其中存在一些季節性，但這似乎並沒有讓你接近這一點。現在恢復佔用率只是時間問題還是我們現在可以認為旅遊業可能發生了一些結構性轉變，這意味著...

I think you answered it, large. That has more to do with seasonality than anything. And the calendar shift because remember, Leisure is sort of 25% or 30% of our business and because of the calendar -- because of the holiday shift, it ended up being a big leisure quarter, which meant Leisure was good, but the reality is then 70%, 75% of the business was not. And so I think it's a seasonal plus the compounding impact of the movement of the holiday. So I do think -- I mean, listen, we sort of got -- we got pretty close in December. So I mean, by the fourth quarter of last year, we were pretty tight on 2019 levels.

我想你已經回答了，大。這與季節性的關係更大。日曆的變化是因為請記住，休閒占我們業務的 25% 或 30%，並且由於日曆 - 由於假期變化，它最終成為一個大型休閒區，這意味著休閒很好，但現實那麼是70%， 75%的業務就沒有了。所以我認為這是季節性因素加上假期變動的複合影響。所以我確實認為——我的意思是，聽著，我們在 12 月已經非常接近了。所以我的意思是，到去年第四季度，我們對 2019 年的水平相當緊張。

The next question is from Conor Cunningham with Melius Research.

下一個問題來自 Melius Research 的 Conor Cunningham。

Could you just talk a little bit about the competition for conversions? Where things are most intense and where regions or areas that you're having more success? You obviously did really well in the first quarter, I think you said 30% of your makeup of the new development was there. Just any thoughts there on competition?

能簡單談談轉化競爭嗎？哪裡的事情最激烈，哪裡的地區或領域你取得了更大的成功？顯然你們在第一季做得非常好，我想你們說過新開發案的 30% 都在那裡。關於競爭有什麼想法嗎？

Yes, Conor. It sort of depends on -- it's sort of a little bit deal dependent, right? Sometimes it often depends on which flags are available in that particular market. It depends on where you are at the upper end in luxury, there's a lot more competition because there's just more brands. And then when you get into the sort of the middle tiers and below, there's us and a couple of others that -- not to be competitive that sort of maybe fight for second place when we're not available. So yes, we do really well. I think for the full year last year, in the U.S., we did 40% of all conversion deals that were done in the U.S.

是的，康納。這有點取決於——有點取決於交易，對吧？有時，這通常取決於該特定市場上有哪些標誌可用。這取決於你在奢侈品行業的高端地位，因為品牌更多，所以競爭更激烈。然後，當你進入中層及以下的組織時，我們和其他一些人——不具有競爭力，當我們不在時，可能會爭奪第二名。所以，是的，我們做得很好。我認為去年全年，我們在美國完成的轉換交易占美國所有轉換交易的 40%。

So we take a lot of share. We're doing really well. We've talked about Spark is going to be really disruptive in terms of your bringing a brand to a segment that we haven't been in before. So you're combining the strength of our engines with a brand that's sort of new and innovative and can be really disruptive in that space. But that's not the only place we're being successful. We're being successful all over the world. I think we mentioned DoubleTree in our prepared remarks. Our soft brands are gaining momentum, Curio, Tapestry, LXR, so it really -- I'm rambling a little bit. It really does depend on the deal in terms of who shows up and we're competitive with. But I think the good news is when our flags are available, if you can mine our engines with the quality of our brands, we're always right there at the top of the list for developers.

所以我們拿了很多份。我們做得很好。我們已經討論過 Spark 將具有真正的顛覆性，將一個品牌帶入我們以前從未涉足過的細分市場。因此，您將我們引擎的優勢與一個新穎且創新的品牌相結合，並且在該領域可能具有真正的顛覆性。但這並不是我們唯一成功的地方。我們在世界各地都取得了成功。我想我們在準備好的演講中提到了逸林酒店。我們的軟品牌正在蓄勢待發，Curio、Tapestry、LXR，所以我確實有點胡言亂語。這確實取決於交易的參與者以及我們的競爭者。但我認為好消息是，當我們的標誌可用時，如果您可以用我們品牌的品質來挖掘我們的引擎，那麼我們始終位於開發者名單的首位。

The next question is from Dan Politzer with Wells Fargo.

下一個問題來自富國銀行的 Dan Politzer。

Europe seems like it's certainly a bright spot within your portfolio. Can you maybe even outside the Olympics for the rest of the year, could you maybe frame where you're seeing that demand? Is it on the business or leisure side? Is it kind of the higher chain scales or middle tier? Any additional detail there would be helpful.

歐洲似乎肯定是您投資組合中的一個亮點。您是否可以在今年剩餘的時間裡遠離奧運會？是商務還是休閒？是較高規模的連鎖店還是中型的連鎖店？任何額外的細節都會有幫助。

Yes. I think it's really across the board. They're seeing the same dynamics. The Group demand is strong, business, Leisure, particularly with the strength of the dollar that sort of buys more for leisure travelers going over there, it's really been across the board.

是的。我認為這確實是全面的。他們看到了同樣的動態。該集團的商務、休閒需求強勁，尤其是美元走強，為前往那裡的休閒旅客購買了更多商品，這確實是全面的。

The next question is from Ben Chaiken with Mizuho.

下一個問題是 Ben Chaiken 和 Mizuho 提出的。

Great flow-through on revenue to EBITDA in 1Q. That's in the context of what sounds like some calendar headwinds. Anything you would call out as a tailwind or a comp dynamic or just good blocking and tackling. If I heard correctly, I believe you mentioned there was a $10 million good guy in 1Q that I believe reverses in 2Q? Just anything you could call out as we progress through the year?

第一季 EBITDA 的營收流動良好。這是在聽起來有些日曆逆風的背景下進行的。任何你認為是順風或動態或只是良好的阻擋和鏟斷的東西。如果我沒聽錯的話，我相信你提到第一季有一個 1000 萬美元的好人，我相信第二季會逆轉？隨著這一年的進展，您有什麼可以提出的嗎？

A little bit, but I think it's good blocking and tackling. And we -- our flow-through of revenue to EBITDA, we think, is consistent with what we've been saying and outlining 50 -- low 50s and what we described at Investor Day. So Q1 is, I think, a good demonstration of great discipline in running the business even when top line was a little bit lighter than what we had hoped for.

有一點，但我認為攔網和搶斷都很好。我們認為，我們的 EBITDA 收入流量與我們一直在說和概述的 50 低 50 以及我們在投資者日所描述的一致。因此，我認為，第一季很好地體現了經營業務的嚴格紀律，即使營收比我們希望的要少一些。

Yes. And again, I think I said this before, but when it comes from fees, right, I mean, that's obviously our highest margin business. And so an incremental dollar of fees and IMF drops straight to the bottom line. So when the strength comes from the fee segment, which probably will continue to because that's our largest segment and our fastest-growing segment, you're going to continue to see better flow-through and margin growth.

是的。再說一次，我想我之前說過這一點，但當涉及到費用時，對，我的意思是，這顯然是我們利潤率最高的業務。因此，費用和國際貨幣基金組織的增量美元直接下降到底線。因此，當力量來自收費部門時（這可能會繼續下去，因為這是我們最大的部門和成長最快的部門），您將繼續看到更好的流量和利潤成長。

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

女士們先生們，我們的問答環節到此結束。我現在想將電話轉回給克里斯·納塞塔，請其發表任何補充的結束語。

Thanks, everybody. As always, we appreciate you dedicating this much time as we've described. We feel good about the business, good about momentum, good about where broadly economies are to deliver the results that we've talked about and super good about the momentum we have on the development side. And we will look forward to talking to you this summer after we complete Q2. Thanks again and talk soon.

謝謝大家。一如既往，我們感謝您投入我們所描述的這麼多時間。我們對業務感覺良好，對勢頭良好，對整體經濟將在何處實現我們所討論的結果感到滿意，並對我們在發展方面的勢頭感到非常滿意。我們期待在今年夏天完成第二季後與您交談。再次感謝並儘快交談。

The conference has now concluded. Thank you for your participation. You may now disconnect your lines.

會議現已結束。感謝您的參與。現在您可以斷開線路。