LuxUrban Hotels Inc (LUXH) 2023 Q3 法說會逐字稿

Greetings, and welcome to LuxUrban Hotel's third-quarter 2023 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 LuxUrban Hotel 2023 年第三季財務業績電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Devin Sullivan, Managing Director of The Equity Group. Please go ahead.

現在我想將會議轉交給主持人，The Equity Group 董事總經理 Devin Sullivan。請繼續。

Thank you for joining us for LuxUrban Hotel's 2023 third-quarter financial results conference call. Our speakers for today will be Brian Ferdinand, Chairman and Co-CEO; and Shanoop Kothari, the company's Co-CEO and Chief Financial Officer.

感謝您參加 LuxUrban Hotel 2023 年第三季財務業績電話會議。今天的演講者是董事長兼聯合執行長布萊恩費迪南德 (Brian Ferdinand)；以及該公司聯合執行長兼財務長 Shanoop Kothari。

Before we begin, I'd like to remind everyone that this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 set forth in Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Statements that are not purely historical are forward-looking statements. Forward-looking statements include but are not limited to statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Generally, the words anticipates, believes, continues, could, estimates, expects, intends, may, might, plans, possible, potential, predicts, projects should, would, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

在開始之前，我想提醒大家，本次電話會議可能包含經修訂的 1933 年《證券法》第 27A 條和《1995 年私人證券訴訟改革法》第 21E 條所規定的前瞻性陳述。 1934 年證券交易法。非純粹歷史性的陳述屬於前瞻性陳述。前瞻性陳述包括但不限於有關未來的期望、希望、信念、意圖或策略的陳述。此外，任何涉及未來事件或情況的預測、預測或其他特徵的陳述，包括任何基本假設，均為前瞻性陳述。一般來說，預期、相信、繼續、能夠、估計、期望、打算、可能、可能、計劃、可能、潛力、預測、項目應該、將會和類似的表達方式可能會識別前瞻性陳述，但缺乏這些言語並不意味著聲明不具前瞻性。

Forward-looking statements may include statements with respect to financial and operational guidance, the success of the company's collaboration with Wyndham Hotels & Resorts, scheduled property openings, expected closings of noted lease transactions, the company's ability to continue closing on additional leases for properties in the pipeline, as well as its anticipated ability to commercialize efficiently and profitably the properties it leases and will lease in the future.

前瞻性陳述可能包括有關財務和營運指導、公司與溫德姆酒店及度假村合作的成功、預定的物業開業、已知租賃交易的預期結束、公司繼續完成額外物業租賃的能力的陳述。其將其租賃和未來將租賃的房產高效且有利地商業化的預期能力。

Forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects on the company, and there can be no assurances of these future developments will have been anticipated. These forward-looking statements are subject to a number of risks and uncertainties, some of which are beyond the company's control or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including those set forth under the caption risk factors in our public filings with the SEC, including in Item 1A of our 10-K for the year ended December 31, 2022, and any updates to those factors set forth in subsequent quarterly reports on Form 10-Q or other public filings.

前瞻性陳述是基於目前對未來發展及其對公司潛在影響的預期和信念，不能保證這些未來發展將被預期。這些前瞻性陳述受到許多風險和不確定性的影響，其中一些風險和不確定性超出了公司的控制範圍或其他假設，可能導致實際結果或業績與這些前瞻性陳述明示或暗示的結果或業績存在重大差異，包括我們向SEC 公開提交的文件（包括截至2022 年12 月31 日的年度10-K 第1A 項中）中風險因素標題下列出的那些因素，以及後續表格10 季度報告中列出的這些因素的任何更新- Q 或其他公開文件。

Forward-looking information and forward-looking statements are made as of the date of this presentation, and the company does not undertake any forward-looking information and/or forward looking statements that are contained or reference herein, except in accordance with applicable securities laws. Management will also be discussing non-GAAP financial metrics, and a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found in the Company's press release, which we issued yesterday afternoon.

前瞻性資訊和前瞻性聲明截至本簡報發布之日作出，本公司不承擔本文包含或引用的任何前瞻性資訊和/或前瞻性陳述，除非根據適用的證券法。管理層還將討論非公認會計原則財務指標，這些非公認會計原則財務指標與最具可比性的公認會計原則指標的調節可以在我們昨天下午發布的公司新聞稿中找到。

With that said, I'd now like to turn the call over to Brian Ferdinand. Brian, please go ahead.

話雖如此，我現在想把電話轉給布萊恩費迪南。布萊恩，請繼續。

Thank you, Devin. Good morning, and thank you for joining us today, everyone. We continue to be very pleased with the trajectory of our growth, the consistency of our execution, and the depth and breadth of the opportunities that we are pursuing. We continue to evolve as a company and management team.

謝謝你，德文。早安，謝謝大家今天加入我們。我們仍然對我們的成長軌跡、執行的一致性以及我們所追求的機會的深度和廣度感到非常滿意。我們作為一個公司和管理團隊不斷發展。

As validated by our results, we are successfully leveraging our first-mover status, asset-light approach, and focus on turnkey properties to identify and lease dislocated hotel properties in destination locations across the US.

正如我們的結果所驗證的那樣，我們正在成功地利用我們的先發地位、輕資產方法，並專注於交鑰匙物業來識別和租賃美國各地目的地位置的錯位酒店物業。

In the third quarter of 2023, we generated record net rental revenue, EBITDA, our first GAAP net-income quarter since coming public. In prior quarters, we had incurred a variety of costs and charges associated with our now retired long-term debt that served to mask our inherent profitability. These expenses are now behind us, which we believe will result in a cleaner, less complicated P&L in future quarters.

2023 年第三季度，我們創造了創紀錄的淨租金收入 EBITDA，這是我們上市以來的第一個 GAAP 淨收入季度。在前幾季度，我們產生了與現已退休的長期債務相關的各種成本和費用，這些成本和費用掩蓋了我們固有的獲利能力。這些費用現在已經成為過去，我們相信這將在未來幾季帶來更乾淨、更簡單的損益表。

We remain true to our commitment to grow the business via non-dilutive funding. To that end, we closed our Series A preferred stock offering in late October and generated gross proceeds of $7 million, which we will deploy to further expand our portfolio. The results of the offering reflect our focus on raising capital that can be immediately utilized to expand our footprint and enhance our operations. We want to avoid raising expensive capital in the future that we cannot deploy in a quick and efficient manner to the benefit of our stakeholders in a non-dilutive fashion.

我們仍然恪守透過非稀釋資金發展業務的承諾。為此，我們於 10 月底完成了 A 系列優先股發行，並產生了 700 萬美元的總收益，我們將利用這些資金進一步擴大我們的投資組合。此次發行的結果反映了我們對籌集資金的關注，這些資金可以立即用於擴大我們的業務範圍並增強我們的營運。我們希望避免在未來籌集昂貴的資金，因為我們無法以非稀釋的方式快速有效地部署這些資金，以造福我們的利害關係人。

Our relationship with Wyndham Hotels & Resorts continues to transform our business and help drive our growth. We have successfully on-boarded the 17 initial properties under the Wyndham agreement in the process of integrating additional hotels for the Wyndham brand family and operating platform.

我們與溫德姆酒店及度假村的關係不斷改變我們的業務並幫助推動我們的成長。在為溫德姆品牌系列和營運平台整合更多酒店的過程中，我們已成功納入溫德姆協議下的 17 家初始酒店。

We remain very optimistic about our future. Our pipeline of opportunities continues to expand and our asset-light triple net lease alternative is becoming an increasingly attractive solution for property owners against the backdrop of rapidly rising interest rates and its related impact to upcoming asset refinancings.

我們對未來仍然非常樂觀。在利率迅速上升及其對即將到來的資產再融資的相關影響的背景下，我們的機會管道不斷擴大，我們的輕資產三重淨租賃替代方案正在成為對業主越來越有吸引力的解決方案。

With that, I'll turn it over to Shanoop Kothari, our Co-CEO and Chief Financial Officer, for a review of our financials.

接下來，我會將其交給我們的聯合執行長兼財務長 Shanoop Kothari，以審查我們的財務狀況。

Thank you, Brian, and thank you for joining us today. As Brian noted, we are very proud of our third-quarter results and have put us in an excellent condition to finish the year strong. Our balance sheet is much improved, and our business model is expected to allow us to realize the continuing growth throughout 2024.

謝謝你，布萊恩，也謝謝你今天加入我們。正如布萊恩所指出的，我們對第三季的業績感到非常自豪，並讓我們處於良好的狀態，以強勁的勢頭結束這一年。我們的資產負債表得到了很大改善，我們的業務模式預計將使我們能夠在 2024 年實現持續成長。

I would like to also remind everyone that our press release issued yesterday afternoon and our Form 10-Q filed with the SEC both contain a good amount of detail on our operating results. With that in mind, I'll focus my remarks on selected highlights and key items.

我還想提醒大家，我們昨天下午發布的新聞稿和向 SEC 提交的 10-Q 表格都包含有關我們經營業績的大量詳細資訊。考慮到這一點，我將重點討論選定的亮點和關鍵項目。

Net rental revenue nearly tripled to $31.2 million from last year's third quarter, driven primarily by an increase in average units available to rent to 1,423 from 571, as well as improved revenue per available room, or RevPAR, during the period. Year-to-date RevPAR rose to 274 from 191 in the same period in 2022 and from 247 at December 31, 2022. Occupancies for the first nine months of 2023 was 81%.

淨租金收入比去年第三季度增長了近兩倍，達到3,120 萬美元，這主要是由於平均可供出租的單位從571 個增加到1,423 個，以及在此期間每間可用房間收入(RevPAR) 的提高。年初至今，每間可用客房收入從 2022 年同期的 191 和 2022 年 12 月 31 日的 247 升至 274。2023 年前 9 個月的入住率為 81%。

Q3 2023 total cash rent expense was $7.8 million, or 25% of net rental revenue, compared to $2.8 million, or 24% of net rental revenue, in the same period last year. Non-cash rent expense amortization was $2 million in Q3 2022.

2023 年第三季現金租金支出總額為 780 萬美元，佔淨租金收入的 25%，去年同期為 280 萬美元，佔淨租金收入的 24%。 2022 年第三季非現金租金費用攤提為 200 萬美元。

Gross profit rose to $7.8 million, or 25% of net rental revenue, from $4.9 million, or 42% of net rental revenue in Q3 2022. Gross profit in 2023 third quarter included other expenses totaling $13.6 million as compared to $3.9 million in last year's third quarter. Last year's expense numbers are not comparable based on the accounting for certain expenses below gross margin under the apartment rental business model, which we exited in 2022.

毛利從2022 年第三季的490 萬美元（佔淨租金收入的42%）增加至780 萬美元（佔淨租金收入的25%）。美元，而去年同期為390 萬美元第三季。根據我們於 2022 年退出的公寓租賃業務模式下對低於毛利率的某些費用的核算，去年的費用數字不具有可比性。

General and administrative expenses declined to $2.0 million from 6.4 -- or 6.4% of net rental revenue from $5.0 million, or 42.8% of net rental revenue. The decline as with gross profit was driven primarily by one-time charges incurred in 2022 related to our exit from our apartment rental business.

一般及管理費用從 6.4 美元（佔淨租金收入的 6.4%）下降至 200 萬美元，從 500 萬美元（佔淨租金收入的 42.8%）下降至 200 萬美元。毛利下降的主要原因是 2022 年與我們退出公寓租賃業務相關的一次性費用。

Income from operations improved to $5.1 million from an operating loss of $400,000. Income before the provision of income taxes improved to $2.9 million from a loss of $4 million. Net income improved to $4.9 million, or $0.11 per share, from a net loss of $3.2 million, or negative $0.13 per share.

營運收入從 40 萬美元的營運虧損增至 510 萬美元。所得稅前收入從虧損 400 萬美元增至 290 萬美元。淨利潤從 320 萬美元（即每股負 0.13 美元）的淨虧損增至 490 萬美元（即每股 0.11 美元）。

Adjusted net income -- adjusted cash net income rose to $5.7 million compared to $900,000 in Q3 2022. For the quarter ended September 30, 2023, our EBITDA and EBITDA margin increased to $8.4 million or 27%, respectively, up from $2.4 million or 20% in Q3 2022. Q3 2023 margin results were slightly ahead of our goals of 20%-plus percent EBITDA margins in the short term and 25%-plus percent EBITDA margins in the long term.

調整後淨利－調整後現金淨利從2022 年第三季的90 萬美元增至570 萬美元。 20% 增至840 萬美元或27%。

Moving to the balance sheet. At September 30, 2023, cash and cash equivalents totaled $4.8 million, a $3.7 million improvement from December 31, 2022. Restricted cash was unchanged at $1.1 million.

轉向資產負債表。截至 2023 年 9 月 30 日，現金及現金等價物總額為 480 萬美元，比 2022 年 12 月 31 日增加了 370 萬美元。 限制性現金維持在 110 萬美元不變。

Our balance sheet at quarter end did not include proceeds from our October closing of an underwritten public offering of the company's 13% Series A cumulative redeemable preferred stock that generated gross proceeds of $7 million. The offering was non-dilutive, and we believe our ability to go to market with this new security reflects the growing strength of our financial position and promising outlook. I'd like to also add that senior management participated in this offering.

我們季度末的資產負債表不包括我們 10 月完成的公司 13% A 系列累積可贖回優先股承銷公開發行的收益，該股票產生了 700 萬美元的總收益。此次發行是非稀釋性的，我們相信，我們以這種新證券上市的能力反映了我們財務狀況不斷增強的實力和光明的前景。我還想補充一點，高階管理層參與了此次發行。

Total debt at the quarter end declined to $5.2 million from $14 million at December 31, 2022. And net debt in the quarter was around $400,000, down from $4.9 million at the end of 2022.

本季末的總債務從 2022 年 12 月 31 日的 1,400 萬美元下降至 520 萬美元。

Staying with the balance sheet, we continue to work on our payables and working capital and made strides in the quarter. Our working capital position improved to $6.6 million from a negative $2.4 million at June 30, 2023, and from a negative $13.9 million in December 31, 2022. As we have stated previously, we continue to make efforts to improve free cash flow, liquidity and working capital, and look to improve these metrics in the coming quarters.

在保持資產負債表的基礎上，我們繼續處理應付帳款和營運資金，並在本季度取得了長足進步。我們的營運資本狀況從2023 年6 月30 日的負240 萬美元和2022 年12 月31 日的負1,390 萬美元改善至660 萬美元。性和營運資本，並希望在未來幾季改善這些指標。

During the quarter, we added four properties, a total of 360 units all in New York City. Looking at our portfolio, as of September 30, 2023, the company leased 16 properties with 1,446 units available for rent. As of November 8, 2023, the company leased 18 properties with 1,599 units available for rent. And as of November 8, 2023, we leased 21 properties with 2,032 units, and these includes properties under lease but not yet available for rent.

本季度，我們新增了 4 處房產，總計 360 套，全部位於紐約市。從我們的投資組合來看，截至 2023 年 9 月 30 日，該公司租賃了 16 處房產，其中 1,446 套可供出租。截至2023年11月8日，該公司租賃了18處房產，共有1,599個單位可供出租。截至 2023 年 11 月 8 日，我們租賃了 21 處房產，共 2,032 個單位，其中包括已出租但尚未出租的房產。

Regarding guidance, we have increased our net rental revenue and EBITDA guidance for 2023 and 2024, reflecting the expected addition of new rooms to our portfolio and the associated operating synergies we expect to realize from our Wyndham relationship. We expect that all-in RevPAR for 2023 will be between $250 and $280 per room, while achieving over the year, a target of quarterly gross margins of 30%-plus percent, both in 2023 and 2024.

關於指導，我們提高了 2023 年和 2024 年的淨租金收入和 EBITDA 指導，反映了我們預計將在我們的投資組合中增加新客房以及我們期望從溫德姆關係中實現的相關營運協同效應。我們預計 2023 年每間客房的總 RevPAR 將在 250 至 280 美元之間，同時實現 2023 年和 2024 年季度毛利率均超過 30% 的目標。

We expect G&A, including -- excluding non-cash items, will approximate 10% to 12% during the year. And we believe that that would result in EBITDA margins of 20% in the short term and 25%-plus in the long term. We expect to end the year operating at approximately 2,500 to 3,000 units.

我們預計今年的一般行政費用（包括非現金項目）將約為 10% 至 12%。我們相信，這將使 EBITDA 利潤率在短期內達到 20%，從長期來看達到 25% 以上。我們預計年底營運量約為 2,500 至 3,000 輛。

As always, the timing of reaching our goals may positively impact our revenue guidance. As a result of a partnership with Wyndham, we're pursuing larger, higher-quality properties than previously -- than we did previously. Although this has elongated our close cycle to 45 to 90 days, our pipeline of opportunities has never been larger.

像往常一樣，實現我們目標的時間可能會對我們的收入指導產生積極影響。透過與溫德姆合作，我們正在追求比以前更大、更高品質的酒店。儘管這將我們的封閉週期延長至 45 至 90 天，但我們的機會管道從未如此之大。

Regarding a couple of operational initiatives and accomplishments over the quarter, as Brian mentioned, we completed the onboarding process with Wyndham. All the initial properties are now co-branded under the -- by LuxUrban Trademark Collection by Wyndham brand.

正如布萊恩所提到的，關於本季的一些營運舉措和成就，我們完成了與溫德姆的入職流程。所有原始的酒店現在均以“LuxUrban Trademark Collection by Wyndham”品牌聯合命名。

Second, we reduced corporate staffing by more than 10% without sacrificing client service organizational health. This included adding Matt Ulmann to our senior executive team as General Counsel effective the end of this month. We promoted two general managers to oversee operations in New York and Miami with the goal to improve operations and share best practices in areas we have meaningful unit density.

其次，我們在不犧牲客戶服務組織健康的情況下將公司人員減少了 10% 以上。其中包括將 Matt Ulmann 加入我們的高階管理團隊中，擔任總法律顧問，並於本月底生效。我們提拔了兩位總經理來監督紐約和邁阿密的運營，目標是改善營運並在我們擁有有意義的單位密度的領域分享最佳實踐。

And as we continue to grow and evolve as a company, we expect to focus on two new initiatives over the next few quarters. One, improve occupancy in seasonal markets, which we will -- we believe will result in much higher RevPARs. And the second, with the business well over $100 million run rate, formally focus on ancillary revenue and co-branding opportunities. We believe that over the next two to four quarters, we can add 5%-plus percent top-line revenues and 3% to 5% margin improvement pursuing these new revenue streams.

隨著我們作為一家公司的不斷成長和發展，我們預計在接下來的幾季將重點放在兩項新舉措。第一，提高季節性市場的入住率，我們相信這將帶來更高的 RevPAR。第二，隨著業務運作率遠超過 1 億美元，正式專注於輔助收入和聯合品牌機會。我們相信，在接下來的兩到四個季度中，我們可以透過追求這些新的收入來源增加 5% 以上的頂線收入和 3% 到 5% 的利潤率改善。

I'll now turn the conversation back over to Brian.

我現在將談話轉回給布萊恩。

Thanks, Shanoop, and thanks to each of you for joining us today. I'll now ask the operator to open the call to questions.

謝謝沙努普，也謝謝你們今天加入我們。我現在請接線生開始提問。

(Operator Instructions) Allen Klee, Maxim Group.

（操作員說明）Allen Klee，Maxim Group。

Good morning. Congratulations on the strong results. First question is on Webinar. You don't reply to this, but it looks like it did drop. It's a very strong RBI, but I think third quarter was down a little from second quarter. My question now is, is that mix related, or is it -- anything to do with apples to apples? And to what extent does the fact that you're not -- you rebranded so many properties to Wyndham, whether those are temporary (technical difficulty) and that could imply once that's fix? Thank you.

早安.祝賀取得了優異的成績。第一個問題是關於網路研討會的。你沒有回覆這個，但看起來它確實下降了。這是一個非常強勁的印度儲備銀行，但我認為第三季比第二季略有下降。我現在的問題是，這是否與混合有關，或者是否與蘋果與蘋果有關？您將如此多的酒店重新命名為溫德姆酒店，這在多大程度上是事實，無論這些酒店是暫時的（技術困難），還是意味著一旦問題得到解決？謝謝。

Thanks, Allen. So I'll take that and then turn it over to the Shanoop for additional follow-up. So really a combination of three things. First is some seasonality in the portfolio. The second piece is we did transition the entire portfolio, all 17 hotels, and there were periods of time where sales and distribution dropped during the quarter as we made that transition. So there was some -- a little bit of degradation there in terms of sales pick up for the quarter. Obviously, that's come back online, and we're seeing the pickup there.

謝謝，艾倫。所以我會把它交給 Shanoop 進行額外的後續工作。所以其實是三件事的結合。首先是投資組合中的一些季節性。第二件事是，我們確實對整個投資組合（所有 17 家酒店）進行了轉型，在我們進行轉型的過程中，本季度的銷售和分銷在某些時期出現了下降。因此，就本季的銷售回升而言，存在一些下降。顯然，它已經恢復在線，我們正在看到那裡的回升。

And then a slight softening, given the overall economic environment. And one thing I will say is a lot of questions around on our business is could we withstand the softening in RevPAR. And as you can see the leverage in the business, we did see a softening in RevPAR through those combination of factors, and the business still performed very well -- really well.

然後考慮到整體經濟環境，略有疲軟。我要說的一件事是，圍繞我們業務的許多問題是我們能否承受每間可用房屋收入的疲軟。正如您所看到的業務槓桿一樣，透過這些因素的組合，我們確實看到每間可用房收入（RevPAR）有所疲軟，而且業務仍然表現得非常好——非常好。

So I think that should answer some questions in terms of the ability for RevPAR to create -- higher RevPARs to create additional margin expansion. And then if we do get a softening RevPAR for a variety of reasons, including a softer economy, the business really still performs. Shanoop?

因此，我認為這應該回答一些有關 RevPAR 創造能力的問題——更高的 RevPAR 可以創造額外的利潤成長。然後，如果我們確實因各種原因（包括經濟疲軟）而導致每間可用房收入（RevPAR）疲軟，那麼該業務實際上仍然表現良好。沙努普？

Yeah. So Allen, the front part of Brian's response, a lot of the second-quarter bookings that drove RevPAR we're made in the early part of the year, right? We don't recognize that revenue until the stay occurs. So that's just the nature of -- coming still out of COVID, summer travel pent up. And so that was part of the Q2 increase versus Q3.

是的。艾倫，布萊恩回應的前面部分，我們在今年年初做出的推動 RevPAR 的第二季度預訂的很多，對嗎？在中止發生之前，我們不會確認該收入。這就是疫情的本質，夏季旅行仍被壓抑。這是第二季相對第三季成長的一部分。

So the softening is light. We're not seeing the softening in the New York market. Personally experienced where full occupancy were actually, in some cases, overbooked and operationally we're figuring out how not to turn away guests because it's a bad experience. But really, it's based on the front end of -- the block of reservations booked at a frothy time and then a little bit of the transition to Wyndham where we were down a little bit transitioning over.

所以軟化是輕的。我們沒有看到紐約市場疲軟。個人經歷過，在某些情況下，客滿的情況實際上已經被超額預訂，並且在操作上，我們正​​在研究如何不因為這是一次糟糕的體驗而拒絕客人。但實際上，它是基於前端的——在泡沫時期預訂的預訂區塊，然後過渡到溫德姆，我們在那裡有點過渡。

Thank you. I had two more questions. One was you have guidance of 2,500 to 3,000 rooms under MLAs by the end of this year. I'm not sure if that actually means that many there are operational. Is there a way to think -- I don't know if you can provide this of a framework of maybe how many might be operational by the end of the year.

謝謝。我還有兩個問題。其中之一是，到今年年底，MLA 下的客房數量將達到 2,500 至 3,000 間。我不確定這是否真的意味著許多都可以運行。有沒有一種思考的方法——我不知道你是否可以提供一個框架，大概有多少個框架可能會在今年年底前投入運作。

Yeah, I would -- go ahead, Brian.

是的，我會－－繼續，布萊恩。

Go ahead, Shanoop. I'll let you take that.

繼續吧，沙努普。我會讓你接受的。

Okay. So I mean, we have 2,032 units under MLA, of which 600 are operating. The bulk of that will be operating, I would say, 1,800-plus units shortly maybe in the next week or two, actively discussing that on the operational level.

好的。所以我的意思是，我們在 MLA 下有 2,032 個單位，其中 600 個單位正在運作。我想說，其中大部分將在接下來的一兩週內運作 1,800 多個單位，並在營運層面上積極討論這個問題。

So my thought on this is the cycles, in some cases, are longer just based on the process that we're going through. But I would say between 2,000 to 2,500 would be what is operational. So maybe somewhere in the middle of that, with the balance being under MLA. So we'll enter 2024 somewhere in between 2,500 to 3,000, maybe on the higher end.

所以我的想法是，在某些情況下，週期會更長，這只是基於我們正在經歷的過程。但我想說 2,000 到 2,500 之間才是可操作的。所以也許在中間的某個地方，平衡在 MLA 之下。因此，到 2024 年，我們的數量將在 2,500 到 3,000 之間，也許會更高。

One single property can get us well over the range. There's a number of assets in the pipeline that are 200, 300 keys that could easily get us over that. So it just depends on when the chips dropped. But from a revenue guidance perspective, we're very comfortable as we've always been with our guidance.

單一的財產可以讓我們遠遠超出這個範圍。管道中的許多資產有 200、300 個密鑰，可以輕鬆幫助我們解決這個問題。所以這只取決於籌碼何時掉落。但從收入指導的角度來看，我們非常滿意，因為我們一直堅持我們的指導。

That's great. My last question has -- this is more just so I can understand your deal with Wyndham. Were they put up roughly half of your upfront costs for a property that you're -- or for the master leases that you're putting on the units?

那太棒了。我的最後一個問題是——這更公正，以便我能夠理解您與溫德姆的交易。他們是否為您所擁有的房產或您為這些單位提供的主租賃支付了大約一半的前期成本？

Related to that, how does it work in terms of you have to put up the cash up front and then they reimburse you is -- can I understand kind of the timing of that? And I'm really asking that just to understand like your working capital to be able to fund the future projects. Thank you.

與此相關的是，它是如何運作的，你必須預先存入現金，然後他們報銷你——我能理解這種時間安排嗎？我真正要求的只是為了了解您的營運資金是否能夠為未來的專案提供資金。謝謝。

Sure. So our strategy -- so the Wyndham financing works is they provide key money or down money, development, and enhancement notes or incentive notes for each property that we bring onto the platform. So they provide key money in the form of development -- enhancement note, which amortizes over the life of the franchise agreement.

當然。因此，我們的策略—溫德姆融資的運作方式是，他們為我們帶到平台上的每個房產提供禮金或首付、開發和增強票據或激勵票據。因此，他們以開發增強票據的形式提供關鍵資金，該票據在特許經營協議的有效期內攤銷。

So that capital, as it gets redeployed to us for the initial portfolio, which was substantial capital into the business, can then get redeployed into the business for new acquisitions, working capital at the property level, et cetera. So we do put out the capital and then we get reimbursed on opening for the property that's going live.

因此，當這些資本被重新部署到我們的初始投資組合時，這些資本是企業的大量資本，然後可以重新部署到新的收購、房地產層面的營運資本等業務中。因此，我們確實投入了資金，然後在開業時獲得即將投入使用的資產的補償。

So when you're doing this in large scale, which was the purpose of the preferred offering, was to get a larger scale cycle going of about 1,000 keys per quarter, and then we get reimbursed that capital and then redeploy capital into additional units.

因此，當您大規模執行此操作時，首選產品的目的是獲得每季約 1,000 個金鑰的更大規模週期，然後我們會得到該資本的補償，然後將資本重新部署到其他單位。

That's great. Thank you so much, and congrats again.

那太棒了。非常感謝，並再次恭喜。

Thanks, Allen.

謝謝，艾倫。

Matthew Erdner, JonesTrading.

馬修‧艾德納，瓊斯交易公司。

Hey, guys, good morning. Congrats on a good quarter. So can you just talk about the opportunities that you guys have right now? And then on top of that, the seven new properties that you brought on the three and four star? And then I guess how Wyndham has played into the role of the developmental above just the pipeline itself. Thanks.

嘿，夥計們，早安。恭喜季度表現良好。那麼您能談談您現在擁有的機會嗎？除此之外，您在三星級和四星級酒店上帶來的七個新酒店？然後我猜想溫德姆如何在管道本身之上發揮發展作用。謝謝。

Sure. So currently, we have approximately 5,000 high-quality keys with the heavy concentration in New York, New Orleans, Boston, and London under a binding LOI or LOI that we're moving into our M&A cycle, larger scale, higher-quality properties, some are even five-star properties. So very, very robust.

當然。因此，目前，我們擁有大約5,000 個優質鑰匙，主要集中在紐約、新奧爾良、波士頓和倫敦，根據具有約束力的意向書或意向書，我們正在進入我們的併購週期，規模更大、質量更高的房產，有些甚至是五星級飯店。非常非常強大。

Wyndham has been very helpful, both in on sourcing of properties under MLA, as well as each property that we bring onto the LuxUrban platform that would be branded through trademark, or one of their variety of brands goes through underwriting through Wyndham. We work very closely with our business development teams. And we -- obviously, when we onboard the property, both operationally and from sales and distribution perspective, it's done in a joint process.

溫德姆在 MLA 採購房產方面提供了很大的幫助，而且我們將每個房產帶入 LuxUrban 平台，透過商標進行品牌化，或透過溫德姆承保其各種品牌之一。我們與業務開發團隊密切合作。顯然，當我們加入該物業時，無論是從營運角度還是從銷售和分銷角度來看，都是透過聯合流程完成的。

Yeah, that's helpful. And then as a follow-up, you talked about occupancy in seasonal markets. Is there any insight that you can give into 4Q occupancy numbers? And then if you could, could you expand on I guess what you're going to be doing to try and increase the occupancy in some of those markets?

是的，這很有幫助。然後，作為後續行動，您談到了季節性市場的入住率。您對第四季入住率有何見解？然後，如果可以的話，您能否詳細說明您將採取哪些措施來嘗試增加其中一些市場的入住率？

Sure. I'll let Shanoop take that.

當然。我會讓沙諾普接手。

Yeah. So occupancy -- so again, New York continues to stay very robust. So it's combination of overall dynamics of the city, as well as the way we approach perishable inventory.

是的。紐約的入住率再次保持強勁。因此，它是城市整體動態以及我們處理易腐爛庫存的方式的結合。

The other markets, New Orleans does very well. LA's improving just based on us getting more traction and understanding of that market. As well as I believe we opened -- not we, but there was a restaurant opened within the property at the ground floor that will help there.

其他市場，新奧爾良表現也很好。洛杉磯的進步只是基於我們對這個市場的更多關注和了解。我相信我們開業了——不是我們，而是酒店底層開設了一家餐廳，可以提供幫助。

Miami continues to say seasonal. So as we enter into the colder months in the Northeast, we should see a pickup there. Initiatives-wise, we're looking to do a bunch of things at the property level, improve overall offerings in terms of grab-and-go breakfast, coffee, focus on -- one of our really, I would say, higher-quality properties is slightly lower than our expected with regard to occupancy. So I think that's a function of not as many reviews on that property.

邁阿密繼續說季節性。因此，當我們進入東北地區較冷的月份時，​​我們應該會看到那裡的情況有所改善。就舉措而言，我們希望在酒店層面做很多事情，改善外帶早餐、咖啡等整體產品，重點關注——我想說的是，我們真正的更高質量的服務之一物業的入住率略低於我們的預期。所以我認為這是因為對該房產的評論較少。

Think about reviews, typically they're negatively slanted, people don't give out a voice when they have great stage. They usually put a review down when they're unhappy. So we got to focused on getting the high-quality reviews in there to improve occupancy. So there's a number of factors.

想想評論，通常都是負面的，當人們擁有偉大的舞台時，他們不會發出聲音。當他們不滿意時，他們通常會寫下評論。因此，我們必須集中精力獲得高品質的評論，以提高入住率。所以有很多因素。

As a management team, we're talking about it now weekly on certain markets as to how to improve, especially where it's seasonal, where we have to work much harder to get the occupancy up. But look, just as a management team, as the underlying comment, we collapsed some of the team as a function of really getting our hands more deeper involved in the business and focusing on the operations, which is occupancy. And then I mentioned as well ancillary revenue.

作為管理團隊，我們現在每週都會在某些市場討論如何改進，特別是在季節性市場，我們必須更加努力地提高入住率。但是看，就像一個管理團隊一樣，作為基本評論，我們解散了一些團隊，因為我們真正更深入地參與業務並專注於運營，即入住率。然後我還提到了輔助收入。

So these are two things that are extremely low-hanging fruit. We can't guarantee that will happen next quarter, but we can definitely say that we're going put full effort into it. In the next couple of quarters, you're going to see a material impact.

因此，這是兩件非常容易實現的事情。我們不能保證下個季度會發生這種情況，但我們可以肯定地說我們將全力以赴。在接下來的幾個季度中，您將看到重大影響。

Awesome. Thank you, guys.

驚人的。感謝你們。

Thank you, Matt.

謝謝你，馬特。

Kris Tuttle, Caterpillar investments.

克里斯‧塔特爾 (Kris Tuttle)，卡特彼勒投資公司。

All right. Thanks very much, and congratulations to Shanoop for a well-earned promotion there. I think I can speak for everyone when you might want to just point us to a link to understand the Safe Harbor rules in future calls. But I've got a few questions. And I wanted to know behind your 2024 guide, what's your RevPAR assumptions of looking at next year?

好的。非常感謝，並祝賀沙努普在那裡當之無愧的晉升。當您可能只想向我們指出一個連結以在將來的通話中了解安全港規則時，我想我可以代表每個人。但我有幾個問題。我想知道您的 2024 年指南背後，您明年的 RevPAR 假設是什麼？

Yeah. So RevPAR next year, we haven't adjusted that, and we're being conservative based on a couple of factors, right? So one is economic overhang, which I think from the hospitality perspective, has been overdone. If you followed other companies that have reported, they haven't really seen much of an impact yet. I think it's sort of one of the bright spots where there's overhang with economic uncertainty.

是的。那麼明年的 RevPAR，我們還沒有調整，而且基於幾個因素，我們是保守的，對吧？其中一個是經濟過剩，我認為從酒店業的角度來看，這已經有些過頭了。如果您關注其他已報告的公司，您會發現他們還沒有真正看到太大的影響。我認為這是經濟不確定性突出的亮點之一。

The second is RevPAR is heavily weighted on what type of properties we acquire. So four stars is going to be on the higher end; three stars is going to be on the lower end. Markets also matter. New Orleans is much lower than New York. The equal star comparison.

第二個是 RevPAR 在很大程度上取決於我們購買的房產類型。所以四星是比較高端的；三顆星將處於較低端。市場也很重要。新奧爾良比紐約低得多。同等星級比較。

So we don't have a crystal ball in which are the best opportunities that we're going to be putting online in March, April, May, June. We have strong visibility into what we think's coming online over the next three to four months, but after that, sort of depends.

因此，我們沒有水晶球來預測三月、四月、五月、六月的最佳機會。我們對未來三到四個月內上線的內容有很強的了解，但在那之後，就看情況了。

So for example, in Brian's world, he'll reject a property, and then they'll come back because they're not quite at the refinancing deadline. They'll try to garner a better alternative. But they'll come back to the table potentially in three or four months. And so, even though we may have passed on a property that's a four star, it may come back into the pipeline.

例如，在布萊恩的世界中，他會拒絕一處房產，然後他們會回來，因為他們還沒有到再融資截止日期。他們會嘗試尋找更好的選擇。但他們可能會在三、四個月後回到談判桌前。因此，即使我們可能已經放棄了四星級的房產，它也可能會重新回到管道中。

So there's a number of factors. I think we're being conservative. We've always been conservative. We have initiatives here. Obviously, ancillary revenue and occupancy will drive RevPAR up. But we want to make sure that we provide guidance that's achievable, and we'll manage through that.

所以有很多因素。我認為我們很保守。我們一直很保守。我們在這裡有一些舉措。顯然，輔助收入和入住率將推動 RevPAR 上升。但我們希望確保提供可實現的指導，並且我們將設法解決這個問題。

Okay. I can read into that. Can you talk a little more about your -- you talked about your two initiatives, and one of them was the ancillary revenue, or partnership, for example. Could you just provide a little color on what types of things that involves before I ask a follow-up question on that?

好的。我可以讀到這一點。你能多談談你的——你談到了你的兩項舉措，其中之一是輔助收入，例如合作夥伴關係。在我提出後續問題之前，您能否簡單介紹一下涉及哪些類型的事情？

Yeah. So early check-in, late check-out, providing at the higher-end properties more of a -- I wouldn't call it resort fee because that's not well received at this point, but more of a bundled service offering. Sundry Bar, we've got something that we're talking to which is a large digital assistant platform.

是的。因此，提前入住、延遲退房，在高端酒店提供更多的服務——我不會稱之為度假費，因為目前這還沒有得到很好的接受，而更多的是一種捆綁服務。 Sundry Bar，我們正在談論的是一個大型數位助理平台。

So there's a number of things that we get approached on. As we continue to grow the portfolio, we become much more of a sought-after candidate to continue to enhance the guest experience through third-party co-branding and obviously adds revenue to us. So a variety of aspects.

因此，我們就很多事情進行了接觸。隨著我們不斷擴大產品組合，我們變得越來越受歡迎，可以透過第三方聯合品牌繼續增強賓客體驗，並大幅增加我們的收入。所以是多方面的。

We've been so focused on really coming out of the gates of the IPO, executing on the business model, proving the business model, which I think, in some cases, there's some skepticism associated to are the economics really that good? And now that we have an adequate portfolio and good operational team, we're going to start focusing on that.

我們一直如此專注於真正走出首次公開發行的大門，執行商業模式，證明商業模式，我認為，在某些情況下，有人懷疑經濟真的那麼好嗎？現在我們擁有足夠的產品組合和良好的營運團隊，我們將開始關注這一點。

One additional thought -- one additional item there is we've recently signed an agreement with Amazon Hospitality pilot program in a number of our hotels, and that'll be rolling out. We'll give more details on that coming soon.

另外一個想法——還有一個額外的事項是，我們最近與亞馬遜酒店集團在我們的多家酒店簽署了一項試點計劃協議，該計劃即將推出。我們將很快提供更多詳細資訊。

I can read into that. Can you on can you talk a little bit about a little more about your you talked about your two initiatives and one of them was the ancillary revenue or partnership example. Could you just provide a little color on what types of things and that involves before asking a follow-up question on.

我可以讀到這一點。您能否多談談您的兩項舉措，其中之一是輔助收入或合作夥伴關係的範例。在提出後續問題之前，您能否先介紹一下涉及哪些類型的事情以及其中涉及的內容。

That sounds interesting. Just a couple more. So now that you -- so as you acquire and bring these properties online, they're one-offs each of them with their individual contracts for the Wi-Fi, credit card processing, whatever.

聽起來很有趣。還有幾個。所以現在你——當你購買這些資產並將其放到網上時，它們都是一次性的，並且都有各自的 Wi-Fi、信用卡處理等合約。

My question is, as you guys get more scale, are you able to go to a payment processor like a Shift4 or a national communications company like an AT&T or something could get a better and more manageable deal on things like communication services and payment processing? I mean, is that -- how important is that when it comes to being part of the model, part of the opportunity you have in the near to medium term, I guess?

我的問題是，隨著你們規模的擴大，你們是否能夠使用像Shift4 這樣的支付處理商或像AT&T 這樣的國家通訊公司，或者其他可以在通訊服務和支付處理等方面獲得更好、更易於管理的交易的公司？我的意思是，我想，當談到成為模型的一部分、成為你在中短期內擁有的機會的一部分時，這有多重要？

Kris, could you just repeat that? I just -- I want to make sure I fully understood the question.

克里斯，你能重複一遍嗎？我只是——我想確保我完全理解這個問題。

Yeah, I'm sorry. I'll try to simplify it. As you get more scale and have more properties, can you negotiate a more comprehensive deal with someone like Shift4 for payment processing or AT&T for all the WiFi and hotel communications that gives you better price performance, basically?

是的，對不起。我會盡力簡化它。隨著您的規模不斷擴大並擁有更多房產，您能否與Shift4 等公司進行支付處理或與AT&T 等公司協商達成更全面的協議，以提供所有WiFi 和酒店通信服務，從而為您提供更好的性價比？

Yeah, absolutely. As we get scale, there's leverage across multiple pieces of the business, obviously driving commissions down, payment processing, which is a large cost inherent in the business. 98% of the transactions, or 99% are credit card processing. Lower rates there have pure incremental margin expansion, supply, ordering.

是的，絕對是。隨著我們規模的擴大，業務的多個部分都具有槓桿作用，顯然會降低佣金和支付處理，這是業務固有的巨大成本。 98% 的交易，即 99% 是信用卡處理。較低的利率有純粹的增量利潤擴張、供應、訂購。

Wyndham, we're leveraging Wyndham system for a number of things in terms of what we call supplies. And then in addition, we're working on a number of partnerships. When Shanoop talks about ancillary revenue, it's not just property level ancillary revenue. It's potential partnerships, which we're working on with large scale, soap and beauty companies, product placement companies.

溫德姆，我們利用溫德姆系統來處理我們所說的供應方面的許多事情。此外，我們正在建立一些合作夥伴關係。當沙努普談論輔助收入時，它不僅僅是財產層面的輔助收入。這是潛在的合作關係，我們正在與大型肥皂和美容公司、植入式廣告公司合作。

Again, I mentioned the Amazon Hospitality. Details will be coming on that. That's something similar where you're not only creating a better guest experience, the ability to upcharge for services, but also a lot of the product pumps for free. So it's pure incremental margin. And they're looking to place product even down to certain pillows, mattresses. As you get scale, there's a lot of incremental ability to generate revenue across the portfolio.

我再次提到了亞馬遜的熱情好客。詳細資訊將會公佈。與此類似，您不僅可以創造更好的賓客體驗、提高服務收費的能力，還可以免費提供許多產品幫浦。所以這是純粹的增量利潤。他們甚至希望將產品放置在某些枕頭、床墊上。隨著規模的擴大，整個投資組合產生收入的能力就會不斷增強。

Okay. All right. Thanks. I can appreciate that. And let's see, I had one last question then I'll get off, is where are we in the transition or the uptake of -- you guys talk about the -- you pay the CTA fees or the OTA fees, I should say rather, and then as you're on the Windham platform, you'll have the opportunity to enjoy more bookings through that platform with a lower percentage. Where are we on that? What inning are we in in terms of that transition? Are you able to do that yet? How long will that take?

好的。好的。謝謝。我很欣賞這一點。讓我們看看，我有最後一個問題，然後我要說的是，我們處於過渡或接受階段——你們談論的是——我應該說，你們支付 CTA 費用或 OTA 費用，然後當你們進入Windham 平台時，您將有機會透過該平台以較低的百分比享受更多預訂。我們在這方面的進展如何？就這一轉變而言，我們正處於哪一局？你能做到嗎？多久才能做到？

Currently, 100% of the hotels that were from the prior portfolio, those previous [cumulative] signings are on the Wyndham platform. We're working through that process now with them. So we are live on Wyndham rewards, on their OTA commission rates currently, and we're working on technology requirements as we scale the portfolio and optimizing that.

目前，100% 的飯店來自先前的投資組合，之前[累積]簽約的飯店都在溫德姆平台上。我們現在正在與他們一起完成這個過程。因此，我們目前依靠溫德姆獎勵和 OTA 佣金率，並且在擴大投資組合併對其進行優化時，正在研究技術要求。

Okay. All right. Thanks, guys. I'll let the next person jump in.

好的。好的。多謝你們。我會讓下一個人跳進去。

Tom Keer, Zacks Investment Research.

湯姆·科爾，Zacks 投資研究。

Good morning, guys. I think all my questions have been covered. Just one quick one on the taxes. That $2 million benefit tax, is that just a timing issue? And then how do we look at tax rates for the fourth quarter and maybe even into 2024? Thanks.

早上好傢伙。我想我所有的問題都已經被解答了。簡單介紹一下稅金。 200萬美元的福利稅，這只是一個時間問題嗎？那我們如何看待第四季甚至 2024 年的稅率？謝謝。

Yeah. So the tax benefit was related to -- upon further inspection, when you think about the way tax provisions are done, you make an estimate at each quarter for what you think the year is going to be. The estimate is based on where you think the year is going to be, as well as the deductibility of certain expenses.

是的。因此，稅收優惠與 - 經過進一步檢查，當您考慮稅收規定的完成方式時，您會在每個季度對您認為的一年進行估計。該估算是根據您對這一年的預期以及某些費用的扣除額。

So in the preparation of our 2022, I'm probably going a little too complex, but in the preparation of our 2022 tax return, you got to remember 2022 is the first year we were a C-corp. The ability to deduct the large charge from last year was determined, which we thought there was a limitation to that. So that's the -- hence the big benefit. And so we have a large benefit associated to the rev share agreement that we entered into.

因此，在準備 2022 年的過程中，我可能有點過於複雜，但在準備 2022 年的報稅表時，您必須記住 2022 年是我們成為 C 型企業的第一年。扣除去年大額費用的能力已確定，我們認為這是有限制的。這就是巨大的好處。因此，我們簽訂的收益分成協議為我們帶來了巨大的好處。

So going forward, next few quarters, I'd expect a very low tax rate with the benefit of that deductibility. And then as we probably approach maybe second quarter onwards next year about 30% would be -- it's kind of where we've penciled in all in, with the state and federal taxes.

因此，展望未來，在接下來的幾個季度，我預計稅率會非常低，並且有扣除額的好處。然後，隨著我們可能從明年第二季開始，大約 30% 將會是——這就是我們已經將州稅和聯邦稅全部納入其中的地方。

Okay. So there will be normalized tax rate at some point in 2024 and beyond?

好的。那麼 2024 年及以後的某個時候稅率會正常化嗎？

Yeah. If you think about 2024 with the first half being low and the back half being normalized, so maybe in the teens or 20s, but then normalized from that point forward. Again, it's based on the large deductible nature of the rev share accounting we did last quarter.

是的。如果你考慮 2024 年，上半年較低，下半年正常化，所以可能是十幾歲或二十幾歲，但從那時起就正常化了。同樣，它是基於我們上季度所做的收益份額會計的大可扣除性質。

Yeah. I think that's all I have. Everything else has been covered. Thanks. Appreciate it.

是的。我想這就是我所擁有的一切。其他一切都已涵蓋。謝謝。欣賞它。

Okay, thank you.

好的謝謝。

Leo Carpio, Joseph Gunnar.

裡奧·卡皮奧，約瑟夫·岡納爾。

Good morning, gentlemen. Most of my questions have been answered, but I actually have two follow-up questions. First, on the Wyndham relationship. Can you provide some more insights in terms of how they help you with improving your RevPAR and especially on the occupancy in the slow seasons?

早安，先生們。我的大部分問題已經得到解答，但實際上我還有兩個後續問題。首先，關於溫德姆的關係。您能否提供更多有關它們如何幫助您提高 RevPAR（尤其是淡季入住率）的見解？

And then secondly, can you comment on the pipeline of deals that you're having right now in terms of -- are distressed property vendors coming to -- hotel properties coming to you in increasing volumes or the same volume as you're gaining more recognition in the market? Thanks.

其次，您能否評論一下您現在正在進行的交易管道，即陷入困境的房地產供應商正在向您提供酒店物業，數量不斷增加，或者數量與您獲得的數量相同市場認可度如何？謝謝。

Great. Thanks, Leo. So first question, Wyndham has the largest rewards program in the world, approximately 110 million members worldwide, 9,000 hotel footprints, 500,000 to 600,000 keys, et cetera. So very, very large footprint, high volume through Windham's both rewards and direct booking channels. So leveraging that as a main point of distribution across the LuxUrban portfolio drives additional volume, should result in increased RevPAR.

偉大的。謝謝，利奧。第一個問題，溫德姆擁有世界上最大的獎勵計劃，全球約有 1.1 億會員、9,000 家酒店、500,000 至 600,000 把鑰匙等等。透過溫德姆的獎勵和直接預訂管道，足跡非常非常大，銷量很高。因此，利用這一點作為 LuxUrban 產品組合的主要分銷點可推動銷量增加，從而提高每間可用房收入 (RevPAR)。

We're seeing some good traction there in early days. Been on for maybe 30, 45 days and seeing good velocity of bookings there. So that's a main point of distribution.

我們在早期看到了一些良好的牽引力。已經上線了大概 30、45 天，看到那裡的預訂速度很快。這就是分佈的要點。

And then in addition to that, Wyndham gives us the ability to leverage lower commission rates across the OTAs to drive bottom-line margin expansion, so lowers our costs versus us doing it independently. So those two points in terms of sales and distribution, as well as Wyndham is a globally recognized hospitality brand.

除此之外，溫德姆使我們能夠利用 OTA 較低的佣金率來推動底線利潤率的擴張，因此與我們獨立進行相比，降低了我們的成本。所以從銷售和分銷這兩點來看，溫德姆也是全球公認的飯店品牌。

LuxUrban as a new entrant into hospitality, a couple of years old, leveraging, co-branding by LuxUrban Trademark Collection by Wyndham, enhances the property value. It also helps in terms of pipeline acquisition. Owners are obviously more comfortable with Wyndham's name attached to the hotel. They ensure a higher standard both operating, employee training at the property level, property inspections, and just a higher brand standard than typical boutique hotels. So good quality control around employee interaction, customer service functions, and also property level upkeep. So helping there.

LuxUrban 作為酒店業的新進者，已有幾年曆史，利用 LuxUrban Trademark Collection by Wyndham 的聯合品牌，提高了物業價值。它還有助於管道獲取。屋主顯然更願意將溫德姆的名字貼在飯店上。與典型的精品酒店相比，他們確保更高的營運標準、物業層面的員工培訓、物業檢查以及更高的品牌標準。因此，圍繞員工互動、客戶服務職能以及物業維護進行了良好的品質控制。所以在那裡幫忙。

And then in terms of the pipeline, we're seeing just about every deal come through in the market currently, very, very difficult refinancing and financing market for hotel owners, probably historically the most challenging ever. And we're seeing higher-quality assets, higher velocity of hotels in terms of amount of deals coming to us. It's very, very, very robust.

然後就管道而言，我們看到目前市場上幾乎所有交易都完成了，對於酒店業主來說，再融資和融資市場非常非常困難，這可能是歷史上最具挑戰性的市場。我們看到資產品質更高，飯店的交易速度更快。它非常非常非常強大。

All right, thank you.

好吧。

Matt Scullen, Ancora.

馬特·斯卡倫，安科拉。

Yeah. Hi, gentlemen. I want to follow up on the funding arrangement between you and Wyndham. You mentioned that after reimbursement, it amortizes over the life of the franchise agreement. Does that mean that you're actually repaying the reimbursement that Wyndham provides to you and over what time period?

是的。嗨，先生們。我想跟進一下您和溫德姆之間的資金安排。您提到報銷後，它會在特許經營協議的有效期內攤銷。這是否意味著您實際上正在償還溫德姆向您提供的報銷以及在多長時間內償還？

Yeah. So the way we account for it -- the spirit of the agreement is it's roughly -- they're done asset by asset, but roughly 20-year agreement. If we perform on the agreement, there's no repayment. So it's amortized from our financial. So it's a liability amortized to a reduction of expenses over the 20-year course.

是的。因此，我們的解釋方式——協議的精神是粗略的——它們是逐個資產完成的，但協議期限大約為 20 年。如果我們履行協議，則無需償還。所以它是從我們的財務中攤銷的。因此，這是一項在 20 年過程中透過減少費用來攤銷的負債。

If we don't perform on the agreement, there's a liquidated damages provision that's about 18 months of fees that they would receive for that key money on the front end. So again, the spirit of it is it's not really a liability. It's booked as a liability. You've got to put it somewhere in the balance sheet, and then it's brought down off the balance sheet over the term of the agreement.

如果我們不履行協議，則有一項違約賠償金條款，即他們將在前端收到這筆禮金的大約 18 個月的費用。再說一次，它的精神是它並不是真正的責任。它被記為負債。你必須把它放在資產負債表的某個地方，然後在協議期限內將其從資產負債表上劃掉。

Okay, that brings me to my next question, which I've made an assumption but I haven't actually seen it spelled out. How is Windham getting paid for all of these benefits that they're providing to LuxUrban? What is that going to look like on the income statement?

好的，這引出了我的下一個問題，我已經做出了假設，但實際上我還沒有看到它的詳細說明。 Windham 如何為 LuxUrban 提供的所有這些福利獲得報酬？損益表上會是什麼樣子？

Yeah. So it's going to be in cost of revenues. There's a slew of fees, but on a very, very high-level basis, the combination of the fees booked with a booking fee included, right? So if it's booked off of their platform, so if a guest directly books off of their platform, it's a reduction of overall operating expenses by the magnitude of, call it 3%, 4, 5% than what we had previously. If we book -- if the guest books off of a third-party platform, they have negotiated rates off the third-party platform that were better than what we had before the agreement, but it is an incremental cost increase.

是的。所以這將會計入收入成本。有很多費用，但在非常非常高的水平上，預訂費用與預訂費用相結合，對吧？因此，如果是從他們的平台預訂，如果客人直接從他們的平台預訂，那麼整體營運費用就會比我們之前減少 3%、4%、5%。如果我們預訂——如果客人透過第三方平台預訂，他們已經協商了第三方平台的價格，該價格比我們協議之前的價格要好，但這是增量成本的增加。

So look, initially day zero and day one, as traffic goes towards their site, we would incur greater expenses, and then over time we'd expect to achieve 70%, 80-plus percent of bookings off the Wyndham platform, which is an overall margin savings for us. So in the magnitude of a few percent, which is thinking about run rate business beyond $100 million going to $200 million, meaningful dollars.

所以看，最初的第0 天和第1 天，隨著流量流向他們的網站，我們將承擔更大的費用，然後隨著時間的推移，我們預計將實現70%、80% 以上的預訂來自Wyndham平台，這是一個為我們節省了總體利潤。因此，在幾個百分點的幅度內，考慮運行率業務超過 1 億美元，達到 2 億美元，這是有意義的美元。

Okay. So despite the fact that you're paying them some fee or royalty off the top, you actually expect this to be accretive to maybe the margin profile that you put out in the past. Is that accurate to say?

好的。因此，儘管您實際上向他們支付了一些費用或特許權使用費，但您實際上預計這可能會增加您過去提供的利潤狀況。這麼說準確嗎？

Yeah. We'll see 3% to 4% minimum margin improvement [net of Wyndham well inclusive].

是的。我們將看到最低利潤率提高 3% 至 4% [扣除溫德姆包容性因素]。

Okay, great. And then OTA receivables are a growing line item on your balance sheet. What do you expect the collection period or DSOs to be on that?

好的，太好了。然後，OTA 應收帳款是您資產負債表上不斷增長的項目。您預計收集期限或 DSO 是多少？

Sure. So those receivables are made up of -- we took over -- so the OTA receivables are pretty consistent with last Q. We took over two properties that had receivables due from New York City that we turned over. So that is the bulk of the increase this Q. So they're sitting in New York receivables for programs really one time. As we took over possession of two properties, there was receivables through the quarter.

當然。因此，這些應收帳款由我們接管的組成，因此 OTA 應收帳款與上一季非常一致。因此，這是本季增加的大部分。當我們接管兩處房產時，整個季度都有應收帳款。

OTA receivables were about $5 million or $6 million, consistent with last Q, should stay static around there. That was really a one-time turnover on the two particular hotels that we took over this Q.

OTA 應收帳款約 500 萬美元或 600 萬美元，與上一季一致，應保持穩定。這實際上是我們本季接管的兩家特定酒店的一次性營運額。

Okay. So as you continue to grow, that would not be a normal -- it would not normally be as large as that or might go away entirely?

好的。那麼，當你繼續成長時，這將是不正常的——它通常不會那麼大，或者可能完全消失？

That's correct.

這是正確的。

Okay.

好的。

Yeah, I would say 10% to 15% of the Q revenue.

是的，我想說 Q 收入的 10% 到 15%。

Okay, that's helpful. And then last one for me, I think you mentioned 5,000 properties under LOI with the new Wyndham partnership. And you've put out some numbers of 6,000 MLAs by June and up to 12,000 by year end. I guess what gives you the confidence to put out some big numbers like that? And how confident are you in those conversions of those LOIs, and over what timeframe will they occur?

好的，這很有幫助。最後一個問題是，我想您提到了與新的溫德姆合作夥伴簽訂意向書的 5,000 處房產。到 6 月份，您已發布了 6,000 個 MLA，到年底則達到了 12,000 個。我想是什麼讓你有信心說出這樣的大數字？您對這些意向書的轉化有多大信心？

Yeah, sure. Highly confident, but we wouldn't have put it out. Historically, we have met or exceeded guidance both in earnings and in the unit count. High conviction, deep in the process on both lease negotiations and/or signing of leases on those -- the process with Wyndham underwriting on those in terms of key money, brand standards, PIP reports on a lot of those assets have been run. So they're very far along in the process and they're highly achievable.

好，當然。非常有信心，但我們不會把它說出來。從歷史上看，我們在收益和單位數量方面都達到或超過了指導。高度確信，深入參與租賃談判和/或簽署租約的過程——溫德姆在關鍵資金、品牌標準、許多資產的 PIP 報告方面承保的過程已經運行。因此，他們在這個過程中已經取得了很大進展，並且非常有可能實現。

Okay, great. Thanks. That's all for me, guys.

好的，太好了。謝謝。這就是我的全部了，夥計們。

Adam Waldo, Lismore Partners.

亞當沃爾多，利斯莫爾合夥人。

Yes, good day, gentlemen. Thank you very much for taking my question. One more on the balance sheet following the prior questioners inquiry about the OTA and channel retained funds receivable.

是的，美好的一天，先生們。非常感謝您回答我的問題。繼先前的提問者詢問 OTA 和通路保留的應收資金之後，資產負債表上又出現了一份內容。

The processor retained funds I think relates obviously to payment processor, and I think if I recall you all put out a press release late in '22, early in '23 around the switch in payment processor resulting in freeing up that working capital to be able to reinvest in growth. Am I right in my recollection there? And if so, how should we think about the process of retained funds balance developing as we go forward at the rate of growth you're seeing?

我認為處理器保留的資金顯然與支付處理器有關，我想如果我記得你們都在 22 年末、23 年初發布了一份新聞稿，圍繞支付處理器的轉換，從而釋放營運資金，以便能夠對增長進行再投資。我的記憶對嗎？如果是這樣，當我們以您所看到的成長率前進時，我們應該如何考慮保留資金餘額發展的過程？

Yeah, great. So if you see it's -- so it's no longer increasing. If you see, I think it went down about $1.1 million Q-over-Q, right? So we did get some release there. I think it went from [six and changed down into the fives.] So we got a release of about over $1 million that came into working capital over the Q, which was deployed into the business.

很好。所以如果你看到它 - 那麼它不再增加。如果您看到的話，我認為季度環比下降了約 110 萬美元，對嗎？所以我們確實在那裡得到了一些釋放。我認為它從[六個變成了五個]。

So I think over the next two or three Q's, you should see that come down to a negligible number. It certainly will not increase, and it will come down to the balance of the next few quarters as we get those funds released working with those processors.

所以我認為在接下來的兩三個問題中，你應該會看到這個數字可以忽略不計。它肯定不會增加，並且隨著我們與這些處理器一起釋放這些資金，它將歸結為未來幾季的餘額。

So Brian, does that become - oh, I'm sorry.

那麼布萊恩，這會變成 - 哦，對不起。

But thinking about it from when that balance peaked at the end of last year, the revenues are almost, not quite, but 2.5 times. So the percentage of revenues has gone down considerably, right? And so it's really meant for protection of holdbacks and so forth. But so as a percentage, it's plummeted and they've also started releasing capital.

但從去年年底餘額達到高峰時算起，收入幾乎是（不完全是）2.5 倍。那麼收入的百分比已經大幅下降，對嗎？因此，它實際上是為了保護阻礙等。但從百分比來看，它大幅下降，而且他們也開始釋放資本。

No, absolutely, but I guess where I was going because there's -- now that you're obviously, payment processing almost entirely through the Wyndham platform. Do that go down to just a few million dollars over the next few quarters? Brian's comments seem to suggest maybe that does and becomes a source of growth capital. And no follow-up after that. Thank you.

不，絕對，但我猜我要去哪裡，因為現在很明顯，付款處理幾乎完全透過溫德姆平台進行。在接下來的幾個季度裡，這會減少到只有幾百萬美元嗎？布萊恩的評論似乎表明，這可能確實並成為成長資本的來源。並且之後就沒有後續了。謝謝。

It does. It should eventually go to zero, because there's no more holdbacks given the strength of the business on current payment processing. It's historic payment processors that we're working with that we're holding back given the balance sheet of the company historically. And as it's improved, we don't have a requirement for holdbacks any longer on any payment processing.

確實如此。它最終應該為零，因為考慮到目前支付處理業務的實力，不再有任何阻礙。考慮到該公司歷史上的資產負債表，我們正在與歷史悠久的支付處理商合作。隨著它的改進，我們不再要求對任何付款處理進行扣留。

So as we work over the time periods of those contracts, the money gets released. So we'll provide working capital. And it should get to zero over the next three to four quarters.

因此，當我們在這些合約的期限內工作時，資金就會被釋放。所以我們將提供營運資金。在接下來的三到四個季度內，這一數字應該會降至零。

Tremendously helpful. Thanks very much, and good luck on continued strong performance.

非常有幫助。非常感謝，祝您好運，繼續保持強勁的表現。

Thank you very much.

非常感謝。

There are no additional questions at this time. I would like to turn the call back to Brian Ferdinand for closing remarks.

目前沒有其他問題。我想將電話轉回給布萊恩·費迪南德（Brian Ferdinand），讓其致閉幕詞。

Great. Appreciate everyone joining, and thank you very much.

偉大的。感謝大家的加入，非常感謝。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。