萬豪國際 (MAR) 2022 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Marriott International's first quarter 2022 earnings. (Operator Instructions) Please note that this call may be recorded. (Operator Instructions)

大家好，歡迎參加萬豪國際集團2022年第一季財報電話會議。 （操作說明）請注意，本次電話會議可能會被錄音。 （操作說明）

It is now my pleasure to turn the conference over to Leeny Oberg, Chief Financial Officer and Executive Vice President of Business Operations.

現在我很高興將會議交給財務長兼業務營運執行副總裁 Leeny Oberg。

Thank you, operator. Before we begin, I wanted to take a moment to remember Laura Paugh, a trusted and valued friend and colleague to many of us on this call. As most of you know, Laura tragically passed away after a car accident a few weeks ago. Laura was smart, helpful, witty and unfailingly honest to all who knew are. We'll miss her incredible spirit and are committed to honor her legacy at Marriott. Laura's family was her greatest achievement, and we're holding them in our thoughts and prayers.

謝謝接線生。在會議開始之前，我想花一點時間緬懷勞拉·帕夫，她是我們在座各位許多人信賴和珍惜的朋友和同事。如大家所知，勞拉幾週前不幸遭遇車禍過世。勞拉聰明、樂於助人、風趣幽默，對所有認識她的人都始終坦誠相告。我們將永遠懷念她那令人敬佩的精神，並致力於在萬豪酒店傳承她的遺志。勞拉最大的成就是她的家庭，我們衷心為他們祈禱。

And now I'll turn the call over to Jackie.

現在我把電話交給傑基。

Thank you, Leeny. Good morning, everyone, and welcome to Marriott's First Quarter 2022 Earnings Call.

謝謝Leeny。大家早安，歡迎參加萬豪酒店集團2022年第一季財報電話會議。

On the call with me today are Tony Capuano, our Chief Executive Officer; Leeny Oberg, our Chief Financial Officer and Executive Vice President, Business Operations; and Betsy Dahm, our Vice President of Investor Relations.

今天與我一起參加電話會議的有：我們的執行長 Tony Capuano；我們的財務長兼業務營運執行副總裁 Leeny Oberg；以及我們的投資者關係副總裁 Betsy Dahm。

I will remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our SEC filings, which could cause future results to differ materially from those expressed in or implied by our comments.

我在此提醒各位，我們今天所作的許多評論並非歷史事實，而是聯邦證券法所界定的前瞻性陳述。這些陳述受到許多風險和不確定因素的影響，具體內容已在提交給美國證券交易委員會（SEC）的文件中闡述，這些風險和不確定因素可能導致未來的實際結果與我們評論中明示或暗示的結果存在重大差異。

Statements in our comments and the press release we issued earlier today are effective only today and will not be updated as actual events unfold. Please also note that unless otherwise stated, our RevPAR occupancy and average daily rate comments reflect system-wide constant currency results for comparable hotels and include hotels temporarily closed due to COVID-19. RevPAR occupancy and ADR comparisons between 2022 and 2019 reflect properties that are defined as comparable as of March 31, 2022, even if they were not opened and operating for the full year 2019 or they did not meet all the other criteria for comparable in 2019.

我們今天早些時候發布的聲明和新聞稿中的表述僅於今日有效，不會隨著實際情況的發展而更新。另請注意，除非另有說明，我們的每間可供出租客房收入 (RevPAR) 入住率和平均每日房價 (ADR) 數據反映的是系統範圍內可比酒店的固定匯率結果，其中包括因新冠疫情而暫時關閉的酒店。 2022 年與 2019 年的 RevPAR 入住率和 ADR 對比數據反映的是截至 2022 年 3 月 31 日被定義為可比較的酒店，即使這些酒店在 2019 年並未全年營業，或者在 2019 年不符合所有其他可比酒店的標準。

Additionally, unless otherwise stated, all comparisons to pre-pandemic for 2019 are comparing the same time period in each year. You can find our earnings release and reconciliations of all non-GAAP financial measures referred to in our remarks today on our Investor Relations website.

此外，除非另有說明，所有與2019年疫情前數據的比較均指每年同一時期的數據。您可以在我們的投資者關係網站上找到我們的獲利報告以及今天發言中提及的所有非GAAP財務指標的調節表。

And now I will turn the call over to Tony.

現在我將把電話交給東尼。

Thanks, Jackie, and thank you all for joining us this morning. Global demand rebounded strongly and swiftly during the first quarter after a brief Omicron-related slowdown early in the year. In March, worldwide RevPAR was just 9% below 2019. Occupancy rose to 64%, with ADR an impressive 5% above March of 2019.

謝謝Jackie，也謝謝各位今天早上參與我們的節目。年初受Omicron計畫影響，全球需求曾短暫放緩，但在第一季迅速強勁反彈。 3月份，全球每間可供出租客房收入（RevPAR）僅比2019年同期下降9%。入住率升至64%，平均房價（ADR）較2019年3月成長了5%，表現令人矚目。

COVID-19 is still impacting our business to varying degrees around the world, but as global vaccination rates increase, case counts decline and new COVID variants are tending to be less severe. Many countries have started to cautiously adopt a live with COVID policy, leading to a rise in demand for all types of travel.

新冠疫情仍在不同程度上影響我們在全球的業務，但隨著全球疫苗接種率的提高、病例數的下降以及新出現的病毒變種毒性趨於減弱，許多國家已開始謹慎地採取「與新冠共存」的政策，這導致各類旅行需求上升。

Leisure demand, which had already fully recovered during 2021, has further strengthened this year, with first quarter global leisure transient room nights more than 10% above 2019. Recovery of business transient and group demand is still lagging leisure, but as greater numbers of employees return to the office, demand has been rapidly improving.

休閒旅遊需求在2021年已經全面復甦，今年進一步走強，第一季全球休閒旅遊客房夜數比2019年成長超過10%。商務旅行和團體旅遊需求的復甦仍然落後於休閒旅遊，但隨著越來越多的員工返回辦公室，需求正在迅速改善。

Additionally, day of the week trends continue to show that trips that blend leisure and business are on the rise. In March, in the U.S. and Canada, while Monday through Wednesday occupancy was down in the mid-teens, occupancy during the shoulder days, Thursday and Sunday, was down in the single digits and occupancy on Fridays and Saturdays was nearly in line with March of 2019.

此外，一週中不同日期的入住率趨勢持續顯示，休閒商務混合型旅行呈現上升趨勢。 3月份，美國和加拿大週一至週三的入住率下降了十幾個百分點，週四和週日（淡季）的入住率下降了個位數，而週五和週六的入住率則與2019年3月基本持平。

While still below pre-pandemic room nights, cross-border travel demand is growing slowly as more countries around the world reopen their borders and lift travel restrictions. Cross-border guests accounted for 14% of global room nights in the first quarter, a gain of around 100 basis points compared to a quarter ago, but well below the 2019 share of 19%.

儘管跨境旅遊客房夜數仍低於疫情前水平，但隨著全球更多國家重新開放邊境並解除旅遊限制，跨境旅遊需求正在緩慢增長。第一季度，跨國遊客佔全球客房夜數的14%，較上一季成長約100個基點，但遠低於2019年19%的份額。

In the U.S. and Canada, March RevPAR was within 4% of 2019. Occupancy topped 68% during the month and ADR accelerated to 6% over pre-pandemic levels. While the extent of RevPAR recovery still varies widely from city to city, overall, progress during the quarter was widespread across all chain scales as well as market types, that is primary, secondary and tertiary markets, RevPAR recovery saw a meaningful improvement in March versus the fourth quarter.

在美國和加拿大，3月的每間可供出租客房收入（RevPAR）與2019年同期相比僅相差4%。當月入住率超過68%，平均房價（ADR）較疫情前水準上漲6%。儘管各城市的RevPAR復甦程度仍存在較大差異，但總體而言，本季度所有規模的連鎖酒店以及各類市場（包括一級、二級和三級市場）的RevPAR均有所改善，與第四季度相比，3月份的RevPAR復甦情況顯著提升。

Luxury was the standout in the quarter, with ADR a remarkable 27% above pre-pandemic rates. Group demand in the U.S. and Canada accelerated sharply during the first quarter. In March, group RevPAR was 16% below 2019 compared to down more than 30% in the fourth quarter of last year.

本季，豪華飯店表現尤為突出，平均房價較疫情前水準高出驚人的27%。美國和加拿大的團體需求在第一季大幅增加。 3月份，團體每間可供出租客房收入（RevPAR）較2019年同期下降16%，去年第四季則下降超過30%。

Growth in new bookings has contributed to a meaningful improvement in group pace for the remainder of the year. As of March 31, group revenue pays for the remainder of 2022 was down in the high single-digit range compared to 2019. We also expect additional short-term bookings to further boost group revenues. April was the eighth month in a row where in the year for the year group bookings exceeded 2019 levels.

新預訂量的成長顯著提升了今年剩餘時間的團體收入成長速度。截至3月31日，2022年剩餘時間的團體收入與2019年相比下降了近10%。我們預計短期預訂量的增加將進一步提振團體收入。 4月份是團體預約量連續第八個月超過2019年同期水準。

Importantly, our sales teams remain focused on driving ADR, which has continued to rise for new bookings. ADR for managed hotel bookings made in January was 3% above 2019 levels, while ADR for bookings made in March had risen to 12% above pre-pandemic levels.

重要的是，我們的銷售團隊始終專注於提昇平均房價（ADR），新預訂的平均房價持續上漲。 1月飯店預訂的平均房價比2019年同期水準高出3%，而3月份的平均房價則比疫情前水準高出12%。

Business transient demand in the U.S. also gained momentum during the quarter. Recovery in March improved notably compared to the fourth quarter, with business transient room nights down 10% to 15%. Special corporate accounts, which tend to be larger companies, have recovered more slowly than smaller-sized businesses, which have now fully recovered. Special corporate new bookings strengthened in March and further advanced in April.

本季美國商務散客需求也呈現成長動能。與第四季相比，3月的復甦情況顯著改善，商務散客客房夜數下降了10%至15%。特殊企業客戶（通常是規模較大的公司）的復甦速度慢於小型企業，後者目前已完全恢復。特殊企業客戶的新預訂量在3月有所成長，並在4月進一步增加。

Internationally, all regions, except for Greater China, experienced additional RevPAR recovery in March compared to the fourth quarter recovery. In the Middle East and Africa, where borders have been opened since late last year, first quarter performance was stellar, with RevPAR surpassing 2019 for the second quarter in a row. This was led by strength in the UAE from the World Expo in Dubai that ran from October of 2021 through March of this year.

在全球範圍內，除大中華區外，所有地區3月份的每間可供出租客房收入（RevPAR）均較第四季有所回升。中東和非洲地區自去年底開放邊境以來，第一季業績表現尤為亮眼，RevPAR連續第二季超過2019年同期水準。這主要得益於阿聯酋的強勁表現，杜拜世博會從2021年10月持續到今年3月。

At the other end of the spectrum, in Greater China, where restrictions have been the most severe, RevPAR dropped significantly with the lockdown of several major cities, including Shanghai, late in the quarter. We are keeping a close eye on trends in Europe, but outside of Russia, the war in Ukraine has not yet impacted demand. Cancellations have been minimal. And as all countries in the region have removed or reduced travel restrictions, bookings across the rest of Europe have accelerated for spring and the summer high season.

另一方面，在疫情限制最嚴格的大中華區，隨著包括上海在內的多個主要城市在本季末封城，每間可供出租客房收入（RevPAR）大幅下降。我們正密切關注歐洲的趨勢，但除俄羅斯外，烏克蘭戰爭尚未對需求造成影響。取消預訂的情況極少。隨著該地區所有國家都已取消或放寬旅行限制，歐洲其他地區的春季和夏季旺季預訂量也隨之加速成長。

In Russia, we've closed our corporate offices and paused all future hotel development and new hotel openings. There are currently 23 properties opened in the country, though occupancies are modest. We continue to evaluate our operations in Russia, which represented well under 1% of our global fees in 2019.

在俄羅斯，我們已關閉所有公司辦公室，並暫停所有未來的酒店開發和新酒店開業計劃。目前我們在俄羅斯共有23家飯店，但入住率不高。我們將繼續評估在俄羅斯的業務，該業務在2019年僅占我們全球收入的不到1%。

We are watching the horrific humanitarian crisis in Ukraine and neighboring countries with deep concern. And we're doing what we can to help those impacted in the region. I'm very proud of our teams that have been mobilizing to help those in need in numerous ways, including working with relief partners and housing refugees at Marriott properties in neighboring countries.

我們正密切關注烏克蘭及其鄰國發生的駭人聽聞的人道危機，並深表關切。我們正在盡一切努力幫助受災民眾。我為我們的團隊感到非常自豪，他們積極行動起來，以各種方式幫助有需要的人，包括與救援夥伴合作，以及在鄰國的萬豪酒店安置難民。

The power of Marriott Bonvoy was, again, evident in the quarter, as we remain focused on strengthening our loyalty platform for our 164 million members. Of course, member engagement has risen as travel demand comes back, but there has also been a significant increase in members earning and using points outside of our hotels. Our Bonvoy members are interacting with us more through everyday spending, thanks to our collaborations with companies like Uber.

本季度，萬豪旅享家的強大實力再次充分展現，我們將持續致力於強化面向1.64億會員的忠誠度平台。當然，隨著旅遊需求的復甦，會員參與度有所提升，但會員在飯店以外賺取和使用積分的次數也顯著增加。由於我們與優步等公司的合作，萬豪旅享家會員透過日常消費與我們互動更加頻繁。

We have also seen incredible global interest in and engagement with our Bonvoy co-brand cards, with new card acquisitions and card spend both up meaningfully year-over-year.

我們也看到全球對我們的萬豪旅享家聯名卡表現出極大的興趣和參與度，新卡發行量和卡片消費額均同比增長顯著。

The first quarter also marked our best quarter ever for direct digital bookings, which helped drive owner and franchisee profitability. Digital bookings were up 14% compared to the first quarter of 2019, partially driven by meaningfully higher downloads of our redesigned Bonvoy app, which were 70% above pre-pandemic levels.

第一季也是我們直接數位預訂量創歷史新高的季度，這大大提升了業主和加盟商的獲利能力。與2019年第一季相比，數位預訂量增加了14%，部分原因是重新設計的萬豪旅享家應用程式的下載量顯著增加，比疫情前水準高出70%。

Turning to development. The number of deals presented at our monthly development committee meetings has continued to increase. We signed 124 deals globally through March of this year, a new first quarter record. Conversion activity remains a bright spot, given the breadth of our roster of conversion-friendly brands across chain scales and the meaningful top and bottom line benefits associated with being part of our system.

再來看發展方面。我們每月發展委員會會議上提出的交易數量持續增長。截至今年3月，我們已在全球簽署了124筆交易，創下第一季新紀錄。鑑於我們旗下擁有眾多易於轉換的連鎖品牌，且這些品牌規模各異，再加上加入我們體系所帶來的顯著營收和利潤成長，轉換率依然保持強勁勢頭。

Conversions accounted for 22% of room additions in the quarter. Despite construction time lines having lengthened a bit so far this year due to supply chain disruptions and labor shortages, we expect openings to ramp up each quarter in 2022. Average construction time lines are currently just over 2 years for limited service properties and remain longer for full-service properties.

本季新增客房中，改建客房佔22%。儘管今年以來，由於供應鏈中斷和勞動力短缺，施工週期略有延長，但我們預計2022年每季的新房開業數量將逐步增加。目前，有限服務型飯店的平均施工週期略超過兩年，而全服務型飯店則較長。

Looking ahead, we still expect full year gross rooms growth to approach 5% and deletions of 1% to 1.5%, leading to anticipated net rooms growth of 3.5% to 4%. While signing activity has been picking up nicely, 2022 gross room additions are expected to be impacted by the diminished construction starts the industry has experienced throughout the pandemic, particularly here in the U.S.

展望未來，我們仍預期全年客房總數成長將接近 5%，客房減少量為 1% 至 1.5%，預計淨客房成長率為 3.5% 至 4%。雖然簽約活動已呈現良好勢頭，但預計 2022 年新增客房總數將受到疫情期間酒店業開工量減少的影響，尤其是在美國。

With financing starting to ease a bit, the industry has seen a notable ramp-up in new construction starts in the first quarter, but they are still well below 2019 levels. However, we remain confident that over the next several years, we will return to our pre-pandemic mid-single-digit net rooms growth rate given the improving global environment, the attractiveness of our brands, our strong development activity, our momentum around conversions and the largest pipeline in the industry.

隨著融資壓力略有緩解，酒店業第一季新開工量顯著回升，但仍遠低於2019年的水平。然而，鑑於全球環境的改善、我們品牌的吸引力、強勁的開發活動、改造項目的良好勢頭以及業內最大的在建項目儲備，我們仍然有信心在未來幾年內恢復到疫情前的中個位數淨客房增長率。

In closing, I feel extremely optimistic about our future. With our unparalleled portfolio of 30 global brands and over 8,000 properties worldwide, our invaluable Marriott Bonvoy loyalty program, our numerous growth opportunities and the best associates in the business, I believe Marriott is uniquely positioned to benefit from the continued recovery ahead.

最後，我對我們的未來充滿信心。憑藉我們無與倫比的30個全球品牌和遍布全球的8000多家酒店，我們寶貴的萬豪旅享家忠誠計劃，眾多增長機會以及業內最優秀的員工，我相信萬豪擁有得天獨厚的優勢，能夠從未來的持續復甦中獲益。

I will now turn the call over to Leeny to discuss our financial results in more detail.

現在我將把電話交給李尼，讓他更詳細地討論我們的財務表現。

Thank you, Tony. Our first quarter results came in ahead of our expectations, with global RevPAR down 19% compared to 2019. Gross fee revenues totaled $815 million in the quarter, almost doubling from a year ago, driven overwhelmingly by higher RevPAR. Our non-RevPAR-related franchise fees, once again, showed meaningful growth, totaling a $170 million in the first quarter, up 21% year-over-year, primarily due to significantly higher year-over-year credit card fees.

謝謝托尼。我們第一季的業績超乎預期，全球每間可供出租客房收入（RevPAR）較2019年下降了19%。本季總費用收入達8.15億美元，幾乎是去年同期的兩倍，主要得益於RevPAR的成長。與RevPAR無關的特許經營費收入再次實現顯著增長，第一季總額達1.7億美元，年增21%，主要歸功於信用卡手續費收入的大幅增長。

Incentive management fees, or IMF, are rebounding nicely and reached $102 million in the quarter. They comprise 13% of total gross fees, an acceleration from 7% in the year ago quarter, driven in part by strong performance at our U.S. and Canada hotels. Over 55% of our IMFs were earned at our industry-leading luxury properties. IMFs from our comp luxury hotels were 10% above the first quarter of 2019, while IMFs from our comp luxury resorts were up more than 60% over the same time frame. Roughly 60% of IMFs were earned at our international properties during the quarter.

激勵管理費（IMF）呈現強勁反彈勢頭，本季達到1.02億美元。該費用佔總費用的13%，較去年同期的7%有所增長，部分原因是得益於我們美國和加拿大酒店的出色表現。超過55%的IMF來自我們行業領先的豪華酒店。來自同業豪華飯店的IMF較2019年第一季成長10%，而來自同業豪華度假村的IMF則較同期成長超過60%。本季度，約60%的IMF來自我們的國際飯店。

Our owned and leased portfolio, again, generated positive profits, totaling $44 million in the quarter due to international government subsidies and improved results at hotels in the U.S., the Caribbean and Latin America and Europe. G&A and other expense totaled $208 million in the first quarter due to timing and lower travel costs as a result of the Omicron variant. Adjusted EBITDA totaled $759 million, down only 8% compared to the first quarter of 2019.

由於國際政府補貼以及美國、加勒比海地區、拉丁美洲和歐洲酒店業績的改善，我們自有和租賃的投資組合再次實現盈利，本季總計獲利4,400萬美元。由於Omicron變體帶來的時間安排和差旅成本降低，第一季一般及行政費用和其他費用總計2.08億美元。調整後EBITDA總計7.59億美元，僅比2019年第一季下降8%。

We remain focused on working closely with our owners and franchisees to deliver superior customer service, while also containing operating costs. Our U.S. managed hotels profit margins were nearly back to 2019 levels in the first quarter, despite RevPAR down 16% compared to 2019. While industry staffing challenges persist, primarily in certain U.S. markets, we've made great progress since last summer in successfully hiring for open positions. As always, we're keeping a close eye on wage and benefit inflation, but we're optimistic that our cost reduction efforts could mitigate inflation in future years.

我們始終致力於與業主和加盟商緊密合作，在提供卓越客戶服務的同時，有效控制營運成本。儘管第一季每間可供出租客房收入（RevPAR）較2019年下降了16%，但我們美國直營酒店的利潤率已基本恢復至2019年水準。雖然產業人員配備挑戰依然存在，尤其是在部分美國市場，但自去年夏季以來，我們在成功招募職缺方面取得了顯著進展。我們將一如既往地密切關注工資和福利的上漲趨勢，但我們樂觀地認為，我們的成本削減措施能夠在未來幾年有效抑制通膨。

As we look ahead to the rest of 2022, we're very pleased with the positive momentum and demand we're seeing across customer segments in the vast majority of markets around the world. With the recent widespread easing of travel restrictions in many regions, employees returning to the office in greater numbers, increasingly positive travel sentiment and our team's focus on ADR, we're even more optimistic than we were a quarter ago that we'll see meaningful additional global RevPAR recovery this year, assuming no major change in the global economic environment or the behavior of the virus.

展望2022年下半年，我們對全球絕大多數市場各客戶群展現出的正面動能與需求感到非常滿意。隨著近期許多地區旅行限制的逐步放寬、更多員工重返辦公室、旅行信心日益增強，以及我們團隊對平均房價（ADR）的持續關注，我們比一個季度前更加樂觀地認為，在假設全球經濟環境和疫情發展沒有重大變化的情況下，今年全球每間可供出租客房收入（RevPAR）將實現顯著復甦。

There's still too much volatility given uncertainty around travel restrictions in countries like China and a high reliance on cross-border guests across our international markets to give global RevPAR or specific earnings guidance. But we do have more visibility in our largest market, the U.S. and Canada, which is almost entirely dependent on domestic travelers.

鑑於中國等國家旅行限制的不確定性，以及我們在國際市場對跨境遊客的高度依賴，目前市場波動性仍然過大，因此無法給出全球每間可供出租客房收入（RevPAR）或具體的盈利預測。但我們最大的市場——美國和加拿大——的情況則更為明朗，因為這兩個市場幾乎完全依賴國內遊客。

In the U.S. and Canada, occupancy and ADR continued to improve in April, and we estimate that RevPAR fully recovered to 2019 levels for the month. We're extremely pleased to reach this milestone roughly 2 years after the pandemic began.

在美國和加拿大，4月份入住率和平均房價持續改善，我們預計當月每間可供出租客房收入（RevPAR）已完全恢復至2019年的水平。在疫情爆發近兩年後，我們非常高興能夠達到這個里程碑。

While demand still varies considerably across hotel types and markets, given current booking and ADR trends, we expect RevPAR in the U.S. and Canada to be roughly flat to 2019 in the remaining quarters of 2022. Internationally, we expect continued RevPAR recovery across markets that have not yet fully recovered, though the levels of progress will vary widely across regions.

儘管不同類型飯店和市場的需求仍有顯著差異，但鑑於目前的預訂量和平均房價趨勢，我們預計2022年剩餘幾季美國和加拿大的每間可供出租客房收入（RevPAR）將與2019年基本持平。在國際市場上，我們預計尚未完全復甦的市場將持續復甦，但不同地區的復甦程度將有很大差異。

To further help with your modeling, let me share some additional color. At current RevPAR levels, we still expect the sensitivity of a 1% change in full year 2022 RevPAR versus full year 2021 could be around $25 million to $30 million of fees. As we've seen, the relationship is not linear given the variability of IMF and the inclusion of non-RevPAR-related franchise fees.

為了進一步幫助您進行建模，我再補充一些資訊。在目前的每間可供出租客房收入（RevPAR）水準下，我們預期2022年全年RevPAR較2021年全年變動1%可能導致約2,500萬至3,000萬美元的費用損失。如我們所見，考慮到國際貨幣基金組織（IMF）的波動以及非RevPAR相關特許經營費的納入，這種關係並非線性關係。

For the full year, interest expense net is still anticipated to be roughly $350 million, and our core tax rate is now expected to be around 24%. G&A and other expenses are still anticipated to be $860 million to $880 million, well below 2019. We still anticipate full year investment spending of $600 million to $700 million, which includes roughly $250 million for maintenance capital in our new headquarters.

全年淨利息支出預計仍約為3.5億美元，核心稅率預計約為24%。一般及行政費用及其他支出預計仍為8.6億美元至8.8億美元，遠低於2019年水準。我們預計全年投資支出為6億美元至7億美元，其中包括約2.5億美元用於新總部的維護性資本支出。

We could now see loyalty be a slight use of cash for the full year before factoring in the reduced payments received from the credit card companies. With the meaningful pickup in demand, we've seen an increase in redemption activity and expect this trend to persist.

現在看來，在未計入信用卡公司減少的付款額之前，忠誠度計劃可能會使全年現金支出略有增加。隨著需求的顯著回升，我們看到兌換活動增加，並預期這一趨勢將持續下去。

We've made meaningful progress in driving cash flow, managing expenses and improving our credit profile. Given this progress as well as the strength of our business and our confidence and our outlook improving further, we're very pleased to be resuming capital returns to shareholders sooner than we had anticipated. With leverage close to our target ratio of between 3x and 3.5x adjusted net debt to adjusted EBITDA, we're resuming our dividend at $0.30 a share in the second quarter, the first dividend in 2 years.

我們在提升現金流、控制支出和改善信用狀況方面取得了顯著進展。鑑於這些進展，以及我們業務的穩健發展和信心的增強，我們對前景的進一步改善感到非常高興，因此我們非常高興能夠比預期更早地恢復向股東派發股息。由於槓桿比率接近我們設定的目標值（調整後淨債務與調整後EBITDA之比為3倍至3.5倍），我們將在第二季度恢復派發每股0.30美元的股息，這也是兩年來的首次派息。

We remain committed to our investment-grade rating, investing in growth that increases shareholder value and then returning excess capital to shareholders through a combination of a modest cash dividend and share repurchases. Assuming the global demand environment continues to improve and that we are within our target leverage ratio range, we expect to resume share repurchases this year.

我們始終致力於維持投資級評級，投資於能夠提升股東價值的成長項目，並透過適度派發現金股息和股票回購的方式將盈餘資本返還給股東。假設全球需求環境持續改善，且我們的槓桿率保持在目標範圍內，我們預計今年將恢復股票回購。

Our business model has demonstrated terrific resilience, and I want to thank our teams all over the world for helping us navigate the challenges over the past 2 years. It's thrilling to see so many hotels full of guests again, and we're very optimistic about the future of travel and the future of Marriott International.

我們的商業模式展現了強烈的韌性，我要感謝過去兩年全球各地的團隊，感謝他們幫助我們克服了重重挑戰。看到這麼多酒店再次客滿，我們感到非常振奮，我們對旅遊業的未來以及萬豪國際集團的未來都充滿信心。

Tony and I are now happy to take your questions. Operator?

托尼和我現在很樂意回答您的問題。接線生？

(Operator Instructions) Our first question will come from Stephen Grambling with Goldman Sachs.

（操作員說明）我們的第一個問題將來自高盛的史蒂芬·格蘭布林。

I just want to extend my condolences to everyone on the line as well as echo your thoughts, Leeny, on Laura. Absolutely.

我只想向所有線上的聽眾表示慰問，同時我也完全同意你對勞拉的看法，莉妮。的確如此。

To start things off, I guess, on the development environment, particularly in China, its lockdowns, how might will you be thinking through any impact there as you think about net unit growth or net room growth? How might conversions or other properties not explicitly in the pipeline impact additions for the year?

首先，我想談談開發環境，特別是中國的封鎖措施，您在考慮淨單元成長或淨客房成長時，會如何考慮這些因素的影響？未明確列入計畫的改建​​項目或其他物業會對今年的新增數量產生怎樣的影響？

Great question. I'll answer it a few ways. As you know, many of the development projects that we entertain in Greater China come to us when they are well under construction. And so one of the metrics we use to evaluate growth pace is intake of MOUs or LOIs, and we've seen pretty steady pace of MOU intake even during the impact of the zero COVID policy across China.

問得好。我會從幾個方面來回答。如您所知，我們在大中華區考察的許多開發項目都是在建設進行到相當深入階段後才聯繫我們的。因此，我們用來評估成長速度的指標之一就是諒解備忘錄或意向書的簽署數量，即使在中國實施新冠疫情零感染政策的影響下，我們也看到諒解備忘錄的簽署速度相當穩定。

We have seen some construction interruption as we've seen here in the U.S. But for the first time, we're starting to see some real traction on the conversion side, which has not historically been particularly active source of rooms growth across Greater China.

正如我們在美國看到的那樣，我們也看到了一些建築施工中斷的情況。但這一次，我們開始看到酒店改造方面出現了一些真正的增長勢頭，而酒店改造在歷史上並不是大中華區客房增長的特別活躍的來源。

That's helpful. And then maybe one follow-up on just the guidance and some of the comments that you made, Leeny. What are the guardrails that we should be thinking about as it relates to credit card fees and the trajectory there as well as any concrete impact to working capital, given the confluence of earning and burning points versus the point pull forward?

這很有幫助。 Leeny，關於您之前的指導和一些評論，我還有一個後續問題。考慮到積分的賺取和消耗與積分提前提取之間的相互作用，我們應該考慮哪些與信用卡費用相關的保障措施，以及這些措施對營運資金的具體影響？

Sure. So I think, generally, as we've talked about the credit cards, it's been a tremendously resilient and steady force in our fees over the past few years. And as you probably heard us say, we actually saw credit card fees in Q1 '22, up 26% compared to '19. So they really and obviously up a whole lot over last year as well.

當然。總的來說，正如我們之前討論的信用卡業務，過去幾年它一直是我們費用收入中非常穩定且具有韌性的一部分。您可能也聽到了我們的說法，2022年第一季信用卡費用比2019年同期成長了26%。顯然，與去年相比，信用卡費用也大幅上漲。

So it's a combination of 2 things, Stephen. One is that we continue to see overall credit card spend increase and then our new card acquisition growth has also been impressive. So I think as you continue to see that moving forward, that's a strength.

所以，史蒂芬，這是兩方面因素共同作用的結果。一是信用卡整體消費持續成長，二是新卡獲客量的成長也十分顯著。我認為，隨著這些趨勢的持續發展，這將是我們的優勢所在。

The other thing is, obviously, we are a card that tends to be logged by people who love to travel. So there, again, as you see people returning to travel, I think that's also great incentive with all the Bonvoy points that they earned. So I think you'll continue to see that be a strong force in the growth in our fees this year.

另一方面，很顯然，我們的信用卡用戶大多是熱愛旅行的人。因此，隨著人們開始恢復旅行，我認為他們累積的萬豪旅享家積分也是一個很大的激勵因素。所以我認為，這將繼續成為今年我們手續費成長的強勁動力。

And as you think about the cash flow, there are 2 points that I'd make on working capital. One is that, generally speaking, as you remember, we are a negative working capital business overall. And as the company recovery continues. I think that trend will continue to show itself from the standpoint that our fees get paid so quickly, while it's not always the case that our payables have to be paid quite as quickly. So that will continue to help us on the working capital side.

在您考慮現金流時，關於營運資本，我想提兩點。首先，如您所知，我們整體而言是一家營運資本為負的企業。隨著公司持續復甦，我認為這一趨勢還會繼續保持，因為我們的費用支付速度很快，而應付帳款的支付速度則不一定那麼快。因此，這將繼續有助於改善我們的營運資本狀況。

And as you pointed out, on loyalty, we have moved from where we thought it was a slight source of cash to a slight use of cash as a result of higher redemptions. I think you should expect as the year moves on that, that will continue, but that is our current forecast for the year that ties into these RevPAR numbers that we've talked about in the U.S.

正如您所指出的，關於忠誠度計劃，由於兌換率的提高，我們之前認為它只是少量現金來源，但現在看來它已成為少量現金支出。我認為隨著時間的推移，這種情況還會持續下去，但這只是我們目前對今年的預測，與我們之前在美國討論過的每間可供出租客房收入（RevPAR）數據密切相關。

Our next question will come from Shaun Kelley with Bank of America.

下一個問題將來自美國銀行的肖恩凱利。

I'd also like to extend my thoughts and prayers for Laura.

我也想向勞拉表達我的慰問和祈禱。

Thank you, Shaun.

謝謝你，肖恩。

Thank you.

謝謝。

Tony or Leeny, just as we look at the outlook provided and appreciate, we're still -- there's still enough volatility out there that you didn't want to extend yourselves too far yet. But if we think about some of your comments around the U.S., could you maybe just help us think through your puts and takes around sort of that outlook for flat for the -- relative to 2019 levels for the remainder of the year?

Tony 或 Leeny，正如我們審視所提供的展望並表示讚賞的那樣，我們仍然——目前市場波動性仍然很大，所以你們不想過早地做出過大的決定。但是，如果我們考慮一下你們之前對美國市場的一些評論，你們能否幫我們分析一下你們對今年剩餘時間裡美國經濟相對於 2019 年水平持平的展望的看法？

Why not -- what would be holding you back from maybe seeing a bit more improvement as the year goes on? And we see group and business travel fill in, is there some give back over the summer as it might relate to luxury and mix? Or is there just some conservatism in that outlook?

為什麼不呢？是什麼阻礙了您期待今年稍後情況有所改善？我們看到團體和商務旅行逐漸恢復，那麼夏季期間，豪華和混合型旅遊市場是否會回升？或者說，這種預期只是出於保守考量？

Yes, I think there's a bit of conservatism in that outlook, but that conservatism is driven by what we've seen in terms of the booking windows. So we have much less visibility into Q3 and Q4, because the booking windows have been shortening generally, and then the trend towards shorter group bookings is even more acute.

是的，我認為這種觀點略顯保守，但這種保守源於我們觀察到的預訂窗口情況。由於預訂窗口普遍縮短，我們對第三季和第四季的預測更加難以掌握，而團體預訂時間縮短的趨勢則更為明顯。

And so we've shared with you the continued strength in leisure. We've talked to you a bit about the fact that we saw really strong group numbers at the end of the first quarter. We're feeling good about the last 3 quarters. But again, we're dealing with quite short booking windows. And the same is true with business transient. I think it's that murkiness of visibility in the back half of the year that's causing us not to be more bullish in terms of forecasting.

因此，我們已經和大家分享了休閒旅遊市場的持續強勁表現。我們也提到，第一季末的團體預訂量非常可觀。我們對接下來三個季度的前景也持樂觀態度。但是，我們仍然面臨預訂窗口期較短的問題。商務散客市場的情況也類似。我認為，正是由於下半年市場前景不明朗，才導致我們對未來的預測不夠樂觀。

Yes, Shaun, just to add one point to that. Q2, obviously, there's a meaningful improvement in RevPAR, obviously, to get to this roughly flat kind of guidance that we've given. And to Tony's point, it's really when you start looking further out that while we have seen tremendous in the quarter for the quarter in the year for the year group bookings, we're really giving you what we see today.

是的，肖恩，我再補充一點。第二季度，RevPAR（每間可供出租客房收入）顯然有了顯著改善，才能達到我們先前給出的大致持平的預期。正如托尼所說，當我們展望更長遠的未來時，雖然我們看到季度、季度和年度整體預訂量都大幅增長，但我們目前所看到的只是我們今天所看到的。

So from that standpoint, the variability that we've seen, we would agree that hopefully, that add some positivity as we move through the year, but we're really talking about what we see today.

所以從這個角度來看，我們看到的這種變化，我們一致認為，希望這能在今年帶來一些正面影響，但我們現在真正討論的是我們今天看到的情況。

And maybe just to illustrate that even a little further, Shaun, we look at the group activity in the U.S. and Canada in April. April is the eighth straight month where in the year for the year bookings were ahead of where we were in '19. So great news for our business, but creates a bit more challenges into looking into Q3 and Q4.

肖恩，為了更進一步說明這一點，我們來看看4月份美國和加拿大的團體業務活動。 4月份是連續第八個月，今年的預訂量超過了2019年同期水準。這對我們的業務來說是個好消息，但也為第三季和第四季的展望帶來了一些挑戰。

Understood. And then as just my follow-up, could you just give a little bit more color on the large corporate activity you did give some in the prepared remarks. And I think you said it improved in April as well. But I think that's an important driver, particularly from Marriott, particularly some of the larger format and urban hotels. So maybe talk about how much you think that could reach by the balance or the end of the year? Just kind of give us a sense of magnitude of improvement in that channel would be super helpful.

明白了。我還有一個後續問題，能否請您更詳細地介紹一下您在準備的發言稿中提到的大型企業活動？我記得您說過，4月情況有所改善。我認為這是一個非常重要的驅動因素，尤其是來自萬豪酒店集團，特別是一些大型酒店和城市酒店。所以，您能否談談您認為到年底或年底，這一增長幅度能達到多少？如果您能大致說明一下這一管道的成長幅度，那就太好了。

Of course. So in the U.S. and Canada, business transient room nights were down, as we said in the prepared remarks, between 10% and 15% in March. That's obviously a very meaningful improvement over what we saw in the fourth quarter, where business transient room nights were down about 30%.

當然。正如我們在事先準備好的發言稿中所說，3月份美國和加拿大的商務散客客房入住量下降了10%到15%。這顯然比第四季的情況有了顯著改善，當時商務散客客房入住量下降了約30%。

As you might expect, the volume coming out of small and medium-sized companies has effectively fully recovered, while the demand from larger companies still has a bit of hill to climb to get back to where we were pre-pandemic. But we continue to see that improvement just more slowly than what we've seen from the small and medium-sized companies.

正如您所預料的，中小企業的銷售量已基本完全恢復，而大型企業的需求要恢復到疫情前的水平仍需一段時間。但我們持續看到大型企業的需求改善，但速度比中小企業的改善速度慢一些。

Our next question will come from Joe Greff with JPMorgan.

下一個問題將來自摩根大通的喬·格雷夫。

I, too, would like to extend my condolences. Laura was a very special person. She'll be missed.

我也想表達我的哀悼。勞拉是一個非常特別的人，我們會想念她的。

Thank you.

謝謝。

Good morning, Joe.

早安，喬。

Tony, how much or if any of new development signings is related to developers? Maybe it's not the right way to describe it, but pulling forward projects in front of, and anticipating higher development and financing costs for new projects?

托尼，新開發案的簽約中有多少與開發商有關？或者說，有多少與開發商有關？也許這樣描述不太準確，但是指提前完成項目，以應對新項目更高的開發和融資成本嗎？

I'm not sure I understand exactly your question, but let me give it a shot. The -- as we've talked about in the past, our developer and owner and franchisee community, they tend to be long-term investors in the sector. They don't, as a general rule, try to time construction starts or opening in a given month or a given quarter based on what they're seeing.

我不太確定我是否完全理解您的問題，但我可以嘗試回答。正如我們之前討論過的，我們的開發商、業主和加盟商群體，他們通常都是這個行業的長期投資者。一般來說，他們不會根據當前的市場行情來決定在某個月份或某個季度開工或開業。

I do think, as we talked about last quarter, the availability of debt financing has likely been the single biggest impediment to an acceleration of new construction, particularly in the U.S. and Canada. And as that flow of debt capital starts to free up a little bit, that's why I think we're seeing a parallel increase in construction starts.

我認為，正如我們上個季度討論的那樣，債務融資的可近性可能是加速新建築建設的最大障礙，尤其是在美國和加拿大。隨著債務資本流動開始逐漸恢復，我認為這就是我們看到新建築開工量同步成長的原因。

It could actually be some pent-up demand because they're starting to believe based on the statistics that the recovery really has momentum and it's inspiring a bit more confidence in that development community to start putting shovels in the ground.

實際上，這可能是被壓抑的需求釋放出來，因為他們根據統計數據開始相信經濟復甦確實勢頭強勁，這激發了開發界的更多信心，促使他們開始動工。

Great. That's a helpful way of answering that question. And then, Leeny, I mean, I know you're not going to talk about the non-RevPAR fees within that franchising and other fee line. When you look at the composition of that line, I mean, it's 34% of the -- this quarter's franchise and other fees relates to the non-RevPAR fees. It was a similar percentage in the fourth quarter.

太好了。這確實是回答這個問題的好方法。還有，Leeny，我知道你不會談到特許經營和其他費用中的非RevPAR費用。但如果你看一下這部分費用的組成，你會發現本季特許經營和其他費用中有34%是非RevPAR費用。第四季的比例也差不多。

When you think about it, when you're coming out of this year going into next year, how do you look at that percentage? Or how do you kind of look at the trajectory of credit card fees and then non-franchise fees there?

仔細想想，展望明年，你會如何看待這個百分比？或者說，你會如何看待信用卡手續費和非特許經營費的發展趨勢？

So yes, obviously, it's too soon to be talking about how we're really looking at credit card spend for 2023. But I think one thing to remember is that the residential is lumpy. So just as a reminder, last year, for example, we had $67 million in fees in 2021 for residential and the year before that, it was well under half of that. So just remember, that's a terrifically strong business for us, and we love what we see in terms of signings and performance. But it is based on the pace of those sales of those residences. And so it does vary up and down.

所以，顯然現在談論2023年信用卡支出還為時過早。但有一點要記住，住宅業務波動較大。例如，去年我們2021年的住宅業務手續費收入為6,700萬美元，而前一年則遠低於這個數字的一半。所以請記住，住宅業務對我們來說非常強勁，我們對簽約量和業績都非常滿意。但這都取決於住宅銷售的速度，因此會受到市場波動的影響。

But on the credit card part, which is, as you know, well over half of the total number of, for example, 170 in the first quarter. I think steady as she goes, I'm not willing to give a particular growth percentage, but I think it is really both the combination of strength of the consumer. So we're assuming that there's not a big change in the macroeconomic picture.

但就信用卡部分而言，正如您所知，它佔總數的一半以上，例如第一季就達到了170筆。我認為它會保持穩定成長，我不打算給出具體的成長率，但我認為這確實是消費者強勁消費能力的體現。所以我們假設宏觀經濟情勢不會發生太大變化。

And then number two is the connection to Bonvoy and to our overall system. And I think that, that has definitely been part of what you're seeing in the growth. Just to remind you where we were pre-COVID is that the credit card growth was in the high single digits pre-COVID. Now obviously, we've seen better numbers than that as we're coming out of it.

其次，與萬豪旅享家以及我們整個系統的連結也至關重要。我認為這無疑是您目前所見增長的部分原因。提醒您一下，在新冠疫情爆發前，我們的信用卡成長率僅為個位數。顯然，隨著疫情的逐步緩解，我們的成長速度已經遠超以往。

Our next question will come from Patrick Scholes with Truist Securities.

下一個問題將來自 Truist Securities 的 Patrick Scholes。

I'm also reiterating, I'm also very sorry to hear about Laura, very tragic. And certainly, she will be very much missed.

我再次重申，聽到勞拉去世的消息，我也感到非常難過，這真是太悲慘了。當然，我們會非常想念她。

Thank you.

謝謝。

Thank you.

謝謝。

I have 2 questions. The first one is when you talk about your forecast for development growth, 3.5% to 4%, can you tell us what those percentages are by global region, specifically China, Europe, et cetera, North America?

我有兩個問題。第一個問題是，您預測發展成長率為 3.5% 至 4%，您能否告訴我們這些百分比按全球區域劃分是多少，特別是中國、歐洲等地以及北美？

Yes. I'll have Jackie and Betsy give you the specific statistics. What I can tell you is several quarters ago, the composition of the pipeline pivoted towards a higher percentage of international. We're in -- the low 60% of the total pipeline is outside the U.S. And in terms of the relative pace of growth, international versus domestic, we see international growing roughly twice as rapidly as our domestic rooms growth.

是的。我會讓Jackie和Betsy提供具體的統計數據。我可以告訴你們的是，幾個季度前，我們的客源結構發生了轉變，國際客源的比例顯著提高。目前，我們客源總量的60%左右來自美國以外地區。就成長速度而言，國際客源的成長速度大約是國內客源成長速度的兩倍。

The other thing, just when you look at the pipeline, which is one of the kind of the interesting ways to look at it, Asia Pacific is basically roughly double the existing penetration of 17% split fairly evenly between China and APAC.

另外，從管道建設的角度來看（這是看待管道建設的一種有趣方式），亞太地區的滲透率基本上是現有 17% 的兩倍左右，中國和亞太地區之間的滲透率相當平均。

And then I would say, for CALA and Europe, the pipeline is fairly similar relative to current proportions of the existing portfolio. Though I will remind you, we had a very large conversion deal in CALA last year, where they -- the conversions entered the pipeline quickly and then actually opened. So it can vary.

然後我想說，就CALA和歐洲而言，目前的專案儲備與現有投資組合的比例相當接近。不過我要提醒各位，去年我們在CALA有一筆規模非常大的轉換交易，這些轉換項目很快就進入了儲備流程，並最終投入營運。所以情況可能會有所不同。

The other kind of disproportionate pipeline area is Middle East Africa, where it's currently about 4% of our rooms, but it's about 9% of our pipeline. And then obviously, in the U.S., as we've talked about before, it's a bit lower relative to our existing make up because of the strength in international.

另一個專案儲備比例失衡的地區是中東和非洲，目前該地區的飯店客房數量約占我們總客房數量的4%，但其專案儲備卻佔了我們總儲備的9%左右。當然，正如我們之前討論過的，由於國際市場的強勁表現，美國本土的酒店客房數量相對於我們現有的酒店客房數量而言略低。

And that's a great point on Middle East, Leeny. In fact, if you look back pre-pandemic, Middle East rooms grew at about 6.5%. Last year, they grew closer to 8%. And this year, they could grow in the mid-teens.

莉尼，你說的中東市場那部分非常重要。事實上，回顧疫情前，中東地區的客房成長率約為6.5%。去年，成長率接近8%。而今年，成長率可能會達到15%左右。

Okay. Very good color. And then my follow-up question, you had talked earlier in the prepared remarks, I believe, about uptick in loyalty redemption in 1Q and perhaps April. How should we think about -- what -- as quantified as a sort of a percentage of fees, what is loyalty redemption as a percentage of fees?

好的。顏色很好。接下來我想問的是，您在之前的發言稿中提到過，第一季以及四月份的會員積分兌換量有所增長。我們該如何看待──如果用費用百分比來量化的話──會員積分兌換量佔費用的百分比是多少？

So the best way to think about it, I think, is in terms of night, and redemption nights are in the ballpark of 5% to 6% of our total overall nights. So just when you think about that, that obviously can be someone going to see somebody where it's -- at a hotel that is not very full. And so then the redemption rate that is paid to that hotel is actually lower than RevPAR or it can be at a high redemption hotel where it is obviously more like typical average daily rate. But I think overall, the best way to think about it is roughly 5% of total rooms.

所以，我認為最好的理解方式是以晚數來衡量，兌換晚數大約占我們總晚數的5%到6%。仔細想想，這可能意味著客人入住的酒店入住率不高，那麼他們支付給該酒店的兌換價格實際上低於每間可供出租客房收入（RevPAR）；也可能意味著客人入住的酒店兌換率很高，那麼他們的兌換價格就更接近典型的平均每日房價。但總的來說，我認為最好的理解方式是將其視為總客房數的5%左右。

Our next question will come from Smedes Rose with Citi.

下一個問題將來自花旗銀行的斯梅德斯·羅斯。

Like everyone else on the call, I just want to say how sorry I was to hear about Laura.

和電話會議中的其他人一樣，我對勞拉的遭遇深感悲痛。

Thank you Smedes.

謝謝你，斯梅德斯。

Lucky to have got to know her. I really wanted to just ask you a little bit more about what you're seeing and hearing from owners around wage pressure and kind of where that stands, if people are seeing any sort of let up in that?

很榮幸能認識她。我真的很想再問你，你從老闆那裡了解到的關於工資壓力的情況，以及目前的情況如何，是否有任何緩解的跡象？

And then just, Tony, in general, as I'm sure you have the risks or the fears around recession have been heightened significantly as if that goes through this tightening phase. I'm just wondering if you have any kind of feedback from the corporates or whomever that you're speaking with around heightened concerns on that front?

東尼，總的來說，我相信你也知道，隨著經濟衰退進入緊縮階段，人們對經濟衰退的風險或擔憂已經顯著加劇。我想知道你是否從你接觸過的企業或其他人士那裡得到任何回饋，了解他們在這方面的擔憂？

So I'll start on the wage pressures, and then we'll kind of tag team as we go through those Smedes. There's no doubt, if you remember, in the U.S., for us, the average hourly salary from January '21 to December of '21 was about a 10% increase.

所以我先從薪資壓力說起，然後我們再一起探討斯梅德斯提出的那些問題。毫無疑問，如果你還記得的話，在美國，從2021年1月到2021年12月，我們的平均時薪增加了大約10%。

So I mean, there's no doubt that in certain markets, in certain hotels, places that to get the hiring done really did require some meaningful work. And what we are finding now that as frankly, the world returns to a bit more normal pace of everything from availability of child care to the government subsidies winding down to, frankly, people feeling more comfortable about being in the workplace, that we have had an easier time getting positions filled. And we're basically back to a position of being relatively consistent with pre-pandemic levels of open positions. I'm really talking about the U.S. here.

所以我的意思是，毫無疑問，在某些市場、某些飯店，招募確實需要付出大量努力。而現在，隨著世界各方面逐漸恢復正常，從托兒服務的可及性到政府補貼的逐步減少，再到人們對重返職場感到更加安心，我們發現招聘工作變得更加容易了。基本上，我們的職缺數量已經恢復到與疫情前水準相當的程度。我這裡主要指的是美國的情況。

No, I think certainly, as you've described, we do expect to continue to have strong pressures on the wage and benefit front. We've worked incredibly hard on scheduling and productivity measures to make sure that we're managing the hotels the best way we can with also providing great service to the guests.

不，我認為正如您所說，我們確實預計在工資和福利方面會繼續面臨巨大壓力。我們已經在排班和提高生產力方面下了很大功夫，以確保我們能夠以最佳方式管理酒店，同時為客人提供優質服務。

And so right now, we've been thrilled to see that even with RevPAR in our managed hotels that, that RevPAR is meaningfully down compared to '19, that our managed margins are similar. And we do expect to continue to see gains in occupancy as we move forward, which will be helpful.

因此，目前我們欣喜地看到，即使我們管理的酒店的每間可供出租客房收入（RevPAR）較2019年顯著下降，但我們的管理利潤率仍然保持穩定。我們預期隨著業務的推進，入住率將持續提升，這將對我們大有裨益。

So we will keep some of these productivity gains, maybe 200 basis points-ish around the world to help us offset inflation. But we're really glad that we repriced our rooms every night in terms of ADR because there's no doubt that that's been a big help in managing these margins.

因此，我們將保留部分生產力提升帶來的收益，大概在全球提高200個基點左右，以幫助我們抵銷通貨膨脹的影響。但我們非常高興我們每晚都根據平均房價重新定價，因為毫無疑問，這對於控制利潤率起到了很大的幫助。

And on the recession front, I guess I would point out 2 things. Number one, even though we saw a pretty tough GDP number come out recently, I think the factors behind it really point to actually a pretty strong economy. You've got really strong job additions in the U.S. You've got generally 2 jobs available for every person that's looking for a job. You've seen greater participation rates in chunks of the population. You've also seen that consumer spending continues to be really strong.

關於經濟衰退，我想指出兩點。第一，儘管最近公佈的GDP數據相當糟糕，但我認為背後的因素實際上表明美國經濟相當強勁。美國的就業成長非常顯著，平均每個求職者都有兩個工作機會。部分人口的勞動參與率也有所提高。此外，消費者支出也持續保持強勁勢頭。

And while the export markets for us were tough, I think in many respects, because of COVID in other parts of the world, they're really -- I think there's good reason to think that the U.S. economy will continue to march along. Now as we see what the Fed could do, that obviously could have a slowing impact. But we think there is still pent-up demand, and we believe that we'll continue to see strong demand for our hotels.

雖然我們的出口市場情況嚴峻，但我認為在許多方面，由於新冠疫情在世界其他地區的蔓延，我們有充分的理由相信美國經濟將繼續穩定成長。當然，聯準會的政策可能會對經濟成長產生一定的放緩作用。但我們認為市場仍然存在被壓抑的需求，我們相信酒店的需求將繼續保持強勁。

And then I think you said the second part of your question was really around big multinationals and attitudinally how they're thinking about travel going forward. I'll speak both anecdotally and then statistically, whether it's meeting with big multinationals here domestically, I was in Europe last week and met with about 30 travel managers for multinationals across Europe.

然後，我想您提到問題的第二部分實際上是關於大型跨國公司以及他們對未來差旅的看法。我會結合一些軼事和統計數據來談談我的看法，無論是在國內與大型跨國公司會面，還是上週我在歐洲與大約30位來自歐洲各地的跨國公司差旅經理會面。

There's a bit of a tug of war right now, I think, between managing travel costs and being mindful of carbon footprint, and that's being pulled by the absolute desire to collaborate with colleagues, meet with customers, immerse new employees into corporate cultures. And the statistics, particularly that improvement to down 10% to 15% in business transient, would suggest that, that appetite for the benefits of in-person interaction are starting to win that tug of war a bit.

我認為，目前在控制差旅成本和關注碳足跡之間存在著一種拉鋸戰，而這種拉鋸戰的根源在於人們迫切希望與同事合作、會見客戶、讓新員工融入企業文化。統計數據，尤其是商務旅行量下降10%至15%這一改善，顯示人們對面對面交流益處的渴望正在逐漸贏得這場拉鋸戰。

Just one other data point that I think you find interesting is that, in Q1, the average group size for all new group bookings is actually up relative to Q1 2019. And one of the main factors is the length of stay. The length of stay is up 26% compared to 2019.

還有一點數據我覺得您會感興趣，那就是，今年第一季所有新團體預訂的平均規模實際上比2019年第一季有所增加。其中一個主要因素是入住時長。與2019年相比，入住時長增加了26%。

So to Tony's point, I think there is a strong compelling view that people being together to collaborate and to kind of have these meetings and be traveling, seeing your customers, is still an important component of their business.

所以，正如托尼所說，我認為有一種強有力的觀點認為，人們聚在一起合作，開會，出差，見客戶，仍然是他們業務的重要組成部分。

Our next question will come from Richard Clarke with Bernstein.

下一個問題將由伯恩斯坦的理查德·克拉克提出。

I would like to share my condolences to yourselves and also to Laura's family as well for the event. Very sad to hear about that.

我謹向你們以及勞拉的家人表達我的慰問。聽到這個消息我感到非常難過。

In terms of first question, I just want to ask the sort of U.S. North America guidance question in a slightly different way. Is there anything particular in April that pushed April performance sort of disproportionately higher, like the timing of Easter or passover or anything that pushed that higher? And how would you think about the rest of the shape of Q2, where you say you've got a reasonable amount of visibility coming out of April?

關於第一個問題，我想換個角度問一下關於美國北美地區業績指引的問題。 4月份是否有任何特殊因素導致業績大幅成長，例如復活節或逾越節的時間安排，或其他什麼因素？您如何看待第二季剩餘時間的業績走勢？您說4月之後的業績已經比較明朗了。

Yes, nothing particularly -- particular in terms of the calendar. Not yet. We didn't see any particular impact from the timing of Easter. I think our view is, generally, it's just continued pace of demand recovery acceleration.

是的，就日曆而言，目前還沒有什麼特別的影響。我們沒有看到復活節的日期對市場有任何特別的影響。我認為，總的來說，這只是需求復甦加速的持續跡象。

Okay. That's helpful. And then I just noted in the release, you mentioned the $33 million of government support that you received in the quarter. Just any color on where is that written support still being received? And can we expect more of that to come through the rest of the year?

好的，這很有幫助。我剛才在新聞稿中註意到，您提到本季收到了3,300萬美元的政府資助。請問這些書面資助目前還在哪些方面到位？我們能否期待在今年餘下的時間裡收到更多？

Thank you very much. No, I think this is kind of the tail end of some of the government subsidies. These were specifically in Europe. And similar to some other places that we've seen during COVID, it required immense amounts of data submissions and applications put in that then needed some time to be processed by the various governments. So these are all related to '20 and '21 sorts of expenses on the parts of the hotels, because much of this relates to our owned and leased portfolio support of the associates there that then the government supported.

非常感謝。不，我認為這算是政府補助的尾聲。這些補貼主要集中在歐洲。和我們在新冠疫情期間看到的其他一些情況類似，這需要提交大量的數據和申請，然後各國政府需要一些時間來處理。所以這些都與酒店在2020年和2021年的支出有關，因為其中很大一部分都與我們為當地合作夥伴提供的自有和租賃物業組合支持有關，而這些支持當時都得到了政府的資助。

So -- we -- you may remember that we had about $18 million of these subsidies in 2021. Then we have $33 million that we've talked about here today, and I would not expect additional subsidies going forward.

所以——你們可能還記得，我們​​在2021年獲得了大約1800萬美元的這類補貼。然後，我們今天在這裡談到了3300萬美元，我預計未來不會再有額外的補貼。

Our next question will come from David Katz with Jefferies.

下一個問題將來自傑富瑞集團的戴維·卡茨。

I'd to share my condolences for literally everyone's loss.

我謹向所有失去親人的人表示慰問。

Thank you.

謝謝。

Thank you, David.

謝謝你，大衛。

Leeny, I wanted to just start with a capital returns perspective. I think when we sat down to model for the last quarter, I guess it was early March, we weren't really -- you weren't really having us put much in this year, and now we are. How could we sort of think about that the dividend rolling through this year and potentially its ability to grow? And more importantly, the stock buybacks, what you're kind of looking for, what data points, et cetera? Because we obviously can't wait for you to tell us we have to sort of assert on our own.

Leeny，我想先從資本回報的角度來談談。我記得我們上次做上個季度的模型預測時，大概是三月初吧，當時你並沒有讓我們今年投入太多資金，但現在情況不同了。我們該如何考慮今年的股息發放情況以及它的潛在成長能力？更重要的是，關於股票回購，你具體關注哪些數據點等等？因為我們顯然不能等你告訴我們，我們必須自己分析。

Yes. No, absolutely. A couple of things as a reminder. This is a fairly similar pattern to how we did it coming out of the Great Recession, which is to give ourselves time to see how the recovery is moving forward.

是的。沒錯，絕對正確。有幾點需要提醒。這和我們走出大衰退時的做法非常相似，都是要給自己時間觀察復甦的進展。

So assuming that we continue to see the strength that we are seeing and that our bookings are showing, I would expect that we will obviously continue the dividend and fairly -- in fairly short order, get it back to the kind of payout levels that we had prior to the pandemic.

因此，假設我們繼續看到目前的強勁勢頭和預訂情況，我預計我們顯然會繼續派發股息，並且很快就會恢復到疫情前的派息水平。

Share repurchase is obviously the much more flexible part of our capital return strategy. And so there, we've got some gatekeepers. We really want to absolutely feel comfortable about the positioning in our 3x to 3.5x adjusted net debt to adjusted EBITDA range. That's an important part.

股票回購顯然是我們資本報酬策略中更靈活的部分。因此，我們在這方面設定了一些把關環節。我們希望將調整後淨負債與調整後EBITDA的比率控制在3倍至3.5倍的範圍內，以確保我們的投資策略穩健。這一點至關重要。

And as I talked about in my comments, we're very close to that. And we will -- with the kind of cash generation that our business model has, we'll get there very quickly. But we do want to be squarely in that range and feel comfortable that with possible volatility, that we're in good shape to stay there.

正如我在評論中提到的，我們離目標非常接近。憑藉我們商業模式的現金流生成能力，我們很快就會實現目標。但我們確實希望穩定在這個範圍內，並且有信心在可能的波動中保持這一水平。

So I think you will see, as we've talked about, that assuming things continue as they are, I would expect that you will see both the dividend continue as well as the share repurchase. The timing of when we may have a dividend increase, David, is really all around the pace of acceleration, whether this pace of acceleration continues, whether it's different. I just think we need a little bit more time to feel comfortable because the one thing you know, once we raise that dividend, we want to make sure that we're comfortable to keep it there. We're very comfortable with the $0.30, and we'll be looking at it literally every single month as we move forward.

所以，正如我們之前討論過的，我認為，假設一切照舊，我預計股息和股票回購都會繼續進行。至於何時可能提高股息，David，這完全取決於成長速度，取決於這種成長速度是否會持續，或者是否會改變。我認為我們需要更多時間來確認，因為你知道，一旦我們提高股息，我們希望確保能夠維持在這個水平。我們對每股0.30美元的股息非常滿意，並且在接下來的每個月都會密切關注它。

Understood. I appreciate it. If I can follow up just quickly on another direction. We've clearly seen an acceleration in business travel and group, and one that's expected to keep accelerating. Can you share some data points on what you're seeing in terms of midweek and where it is relative to weekend? I assume that BT and group are more of a midweek question rather than sort of weekend? Some of that would be helpful as well.

明白了，謝謝。我再補充一點。我們明顯看到商務旅行和團體旅行的成長速度加快，而且預計這種成長勢頭還會繼續。您能否分享一些關於周中旅行量以及與週末旅行量比較的數據？我猜想商務旅行和團體旅行更多是與周中有關，而不是週末？如果能提供一些相關資訊就更好了。

Sure. Absolutely. So interestingly, Fridays and Saturdays, we definitely -- we're seeing in March that they were right around pre-pandemic levels. The shoulder days of Thursday and Sunday were down a bit, mid-single-digit compared to 2019. Monday through Wednesday, they were down more in the mid-teens. So that's where you classically can see what Tony talked about earlier is that some of the special corporate negotiated business, you would classically think are the Monday through Wednesday nights, they are probably the last to come back in terms of comparison to 2019. But again, improving nicely as we moved from January to February to March.

當然。絕對的。有趣的是，週五和週六的客流量，我們在三月確實看到，已經恢復到疫情前的水平。週四和週日這兩個淡季的客流量略有下降，與2019年相比，降幅約在個位數。週一到週三的降幅更大，約十幾個百分點。所以，正如托尼之前提到的，一些企業特約的、通常被認為是周一到週三晚上的客流量，可能是最後恢復到2019年水平的。但隨著我們從一月到二月再到三月，客流量確實在穩定回升。

And then I think given that pattern, David, you also see it manifest itself a little bit in terms of rate. ADR on the weekends was about 4% higher than it was on weekdays in the quarter.

我認為，鑑於這種模式，David，你也會在房價方面看到一些體現。本季週末的平均房價比平日高出約4%。

Our next question will come from Chad Beynon with Macquarie Group.

下一個問題將來自麥格理集團的查德·貝農。

Thoughts and prayers from myself, for Laura's friends and families as well. Wanted to maybe ask kind of a pretty pointed question on IMFs, Leeny. I know you've given us some sensitivity just around the model.

我本人以及勞拉的朋友和家人都深表哀悼和祈禱。莉妮，我想問你一個關於國際貨幣基金組織（IMF）的比較尖銳的問題。我知道你對這個模型非常了解。

But as we think about the recovery for IMFs, particularly domestically, is there a level of growth -- of RevPAR growth we need to see versus pre-pandemic levels to get that domestic IMF level kind of back to where it was kind of factoring in for real expenses that we've seen for the past couple of years? And any CapEx investments from your partners?

但當我們思考國際貨幣基金組織（IMF）的復甦，尤其是在國內市場時，我們需要看到怎樣的增長水平——即每間可供出租客房收入（RevPAR）的增長，才能使國內IMF水平恢復到過去幾年我們所看到的、能夠反映實際支出水平的程度？你們的合作夥伴是否有任何資本支出投資？

Yes, sure. So 2 things there. I would say a couple of facts for you, just to give you perspective. I think, again, we were really pleased with the IMFs in Q1. They were, again, roughly 40% coming from the U.S. and Canada. And frankly, that's only down -- so call that $40 million, that's only down from the high 50s millions in 2019, while RevPAR is obviously still down in the mid-teens for those hotels in the U.S. So it's a really impressive performance.

是的，當然。所以有兩點要說明。我想先跟您說幾個事實，讓您有個更全面的了解。我認為，我們對第一季的國際貨幣基金組織（IMF）收入非常滿意。其中約40%來自美國和加拿大。坦白說，這個數字只是略有下降——姑且算4000萬美元吧——相比2019年的5000多萬美元，而美國酒店的每間可供出租客房收入（RevPAR）顯然仍然只有十幾萬美元。所以，這確實是一個非常亮眼的業績。

In Q1 of 2019, 56% of the U.S. hotels paid in IMF. While, in Q1 this year, we're at 12%. So to your point, there is a way to go, and it obviously is -- they're much stronger in the luxury and resort hotels. It's a bit of a step function, where so many hotels have this jump from an owner's priority in the U.S. to then where they actually earned.

2019年第一季度，56%的美國飯店以國際貨幣基金組織（IMF）繳費。而今年第一季，這一比例僅12%。正如您所說，還有很長的路要走，而且很明顯，豪華酒店和度假酒店的繳費情況要好得多。這有點像是階躍過程，許多飯店在美國經歷了從業主優先繳費到真正開始獲利的轉變。

And there's not -- I can't point to one particular kind of demarcation point that will tell you that we can jump. In the international, it is much more aligned with what happens with base fees because as you know there, with every dollar of profit, we get a percentage with -- without an owner's priority in many of the hotels.

而且，我無法指出一個具體的界限來告訴你我們可以跳過這一步。在國際市場上，情況與基本費用更為密切相關，因為正如你所知，在國際市場上，每賺取一美元利潤，我們都會獲得一定比例的分成——而且在很多酒店，業主並沒有優先權。

So in the U.S., obviously, the big weakness right now is still on the occupancy side, and that will help us, particularly in the large cities as we continue to see gains in the premium hotels in the big cities. But there's unfortunately not one particular place that says if we get to ADR of whatever it is or RevPAR that that's going to clinch it.

所以，在美國，顯然目前最大的弱點仍然是入住率，這對我們有利，尤其是在大城市，因為我們看到大城市的高端飯店入住率持續上升。但遺憾的是，沒有任何一個指標能夠說明，如果我們達到某個特定的平均房價或每間可供出租客房收入，就能確保成功。

But again, one of the points that, that I made during my comments, we're really pleased to see the margins being similar to 2019 levels. And we're hopeful that, that will continue for the rest of the year. That we're able to, to hold on to this kind of margin performance for the full year for these manageable service hotels in the U.S., and that will obviously get us more IMFs.

但再次強調，正如我在演講中提到的，我們很高興看到利潤率與2019年的水平相近。我們希望這種情況能在今年餘下的時間裡持續下去。我們希望能夠全年保持美國這些可管理型服務酒店的這種利潤率表現，這顯然會為我們贏得更多國際貨幣基金組織（IMF）的認可。

If you remember, you can only recognize IMFs, as you look at your full year forecast. So that's one of the other things as we continue to move through the year. We'll have more visibility about the full year forecast for these hotels, which will also be helpful.

如果您還記得，只有在查看全年預測時才能識別出國際貨幣基金組織（IMF）的表現。所以，隨著我們今年工作的推進，這也是需要關注的事情之一。我們將更清楚地了解這些酒店的全年預測，這將對我們有所幫助。

Okay. Great. And then just a high level on the strength of the growing consumer demand in premium and luxury properties and resort areas. In the past couple of years, you've made inroads, I guess, from a same-store basis, with Elegant, with Homes & Villas, do you think you kind of have the right offerings? Or are there more opportunities for you organically or inorganically to expand in these markets?

好的，太好了。接下來，我想從宏觀層面談談消費者對高端和豪華房產以及度假區日益增長的需求。過去幾年，你們透過Elegant和Homes & Villas等品牌，在原有市場取得了一些進展。您認為您目前提供的產品和服務是否足夠完善？或者說，你們是否還有更多機會透過自身發展或外部擴張的方式拓展這些市場？

Yes and yes, is the short answer. I think, Chad, the -- even pre-pandemic, whether it be because of what we were hearing from our customers, what we thought would act as an accelerant to the appeal of the Bonvoy platform, we have been very focused on continuing to accelerate the growth of our resort portfolio.

簡而言之，答案是肯定的。查德，我認為，即使在疫情之前，無論是出於我們從客戶那裡聽到的反饋，還是出於我們認為能夠加速提升萬豪旅享家平台吸引力的考慮，我們一直都非常注重繼續加速我們度假村組合的增長。

Similarly, we saw, both from a development perspective and a guest perspective, tremendous appetite for all-inclusive experiences in certain markets and whole home rentals for certain trip types. I think you will continue to see us look at organic growth in all of those areas. And as has always been the case, continue to look at portfolio deals like what we did with Sunwing last year in the all-inclusive space.

同樣，無論從開發角度還是從賓客角度來看，我們都看到某些市場對全包式體驗和某些類型旅行的整棟房屋租賃有著巨大的需求。我認為我們將繼續在所有這些領域尋求自然成長。同時，我們也一如既往地關注投資組合交易，例如我們去年在全包式度假領域與Sunwing達成的合作。

Our next question will come from Robin Farley with UBS.

下一個問題將來自瑞銀集團的 Robin Farley。

Great. Let me add my condolences on the terrible loss of Laura.

太好了。請容許我向勞拉的離世表示深切哀悼。

Thank you, Robin.

謝謝你，羅賓。

Thank you.

謝謝。

My -- two questions. One is, I know you gave great color on group accelerating in the year for the year. I don't know if I -- if you said where 2023 is booked relative to pre-pandemic? Just kind of wondering if the kind of further out group demand is coming back, maybe with a little more certainty than the closer in? And then also, Leeny, I just wanted to make sure I understood your comment about how is the loyalty program impacting your RevPAR guidance? I just want to make sure I understood that.

我有兩個問題。第一，我知道您詳細闡述了今年團體預訂加速成長的情況。我不知道您是否提到2023年的預訂情況與疫情前相比如何？我只是想知道，較遠期的團體預訂需求是否會恢復，也許比近期預訂更有把握？另外，Leeny，我想確認一下我是否理解了您關於會員計劃如何影響RevPAR（每間可供出租客房收入）預測的說法。我只是想確認一下我的理解是否正確。

Great. I'll take the first one, Robin. So as we talked about 2022, we talked about the first quarter being down about 30%. The remaining 3 quarters being down high single digits, which give us confidence that will end up down 15-ish for '22, although that could improve meaningfully given the short-term bookings -- short-term booking window that we've seen.

好的，羅賓，我選第一個。我們之前討論2022年的時候，提到第一季會下降大約30%。剩下的三個季度降幅都在個位數以上，這讓我們有信心2022年全年降幅在15%左右，不過考慮到我們看到的短期預訂情況，這個數字可能會有顯著改善。

As we look into '23, looking at what's on the books today, we're down about 15% relative to '19. But take my comment about booking window, we think there is massive opportunity to close that gap between now and the beginning of '23.

展望2023年，就目前的預訂情況來看，與2019年相比下降了約15%。但正如我之前提到的預訂窗口期，我們認為從現在到2023年初，有很大的機會可以縮小這一差距。

And Robin, it's worth noting that the rate for '23 has improved relative to a quarter ago when we look at the rates on the group pace for '23. And as Tony said, we would continue to expect to see in the year for the year bookings.

羅賓，值得注意的是，從2023年整體預訂速度來看，預訂率較上一季增加。正如托尼所說，我們預計今年的預訂量將繼續增長。

When we talked to you last quarter, Robin, about group 2023, ADR was pacing up about 4%. As we sit here today, we're up about 6.5%.

羅賓，上個季度我們跟你談到2023年集團業績時，ADR預計會上漲約4%。而今天，漲幅已達約6.5%。

And on your question about loyalty, no meaningful impact. So loyalty redemptions have been about 5% of our room nights pre-pandemic and are now -- so they kind of fit in with the overall scheme of how the hotels are doing, depending on what market and what tier they are. So no particular impact that's any different from when we normally look at our RevPAR performance.

關於您提到的會員忠誠度問題，沒有顯著影響。疫情前，會員積分兌換約占我們客房夜數的5%，現在也差不多是這個比例——所以，這其實與酒店的整體運營狀況相符，具體取決於酒店所在的市場和級別。因此，與我們通常關注的每間可供出租客房收入（RevPAR）表現相比，並沒有特別大的影響。

Our next question will come from Vince Ciepiel with Cleveland Research.

下一個問題將來自克利夫蘭研究公司的文斯·西皮爾。

I also want to express my condolences for Laura.

我也想對勞拉表示慰問。

Thank you.

謝謝。

A question on profitability. You mentioned managed hotels being back. I know in the past, you have discussed finding a balance between owner profitability and guest expectations. And I'm curious how you think you're doing there year-to-date, specifically around where you're at with housekeeping and food and beverage and reintroducing those in a manner that's meeting guest expectations?

關於盈利能力的問題。您提到飯店管理模式正在復甦。我知道您之前討論過如何在業主盈利和賓客期望之間找到平衡。我很想知道您今年迄今為止在這方面做得如何，特別是客房服務和餐飲方面，以及您如何以符合賓客期望的方式重新推出這些服務？

So I'll try to answer that qualitatively, and Leeny may provide a little color in terms of margins. I would say we are making good progress trying to strike that right balance. We will be landing on our housekeeping solution and announcing that probably towards the end of the second quarter.

所以我盡量從定性的角度來回答這個問題，Leeny可能會從利潤率的角度提供一些細節資訊。我認為我們在努力尋求合適的平衡點方面取得了不錯的進展。我們將會在第二季末確定內部管理方案並公佈。

I think in the markets where demand has recovered most quickly, I think we're doing a particularly strong job of striking that right balance. In some of the urban markets, where demand has been a bit more slow to recover. I think we are on the right path, but we still have some work to do in front of us.

我認為在需求復甦最快的市場，我們做得尤其出色，很好地平衡了供需關係。在一些需求復甦稍慢的城市市場，我認為我們走在正確的道路上，但仍有一些工作要做。

Great. And then second unrelated, came up earlier on the home-sharing business. Travel [peer] -- in that space just printed 1Q results that were almost double their 2019 levels. So I'm curious how your Homes & Villas by Marriott business has been performing? And how you think about the level of investment that you've made in that space and kind of where you go for -- from here?

好的。另外，還有一個無關的問題，之前也提到過民宿業務。旅遊業（同業）剛剛公佈了第一季的業績，幾乎是2019年同期水準的兩倍。所以我很好奇貴公司的萬豪民宿及別墅業務表現如何？您如何看待在該領域的投資規模，以及未來的發展方向？

Sure. So I think we talked last quarter, the growth of the platform itself in terms of listings has been pretty remarkable. Pre-pandemic, we had 2,000 to 3,000 listings. We find ourselves today with about 57,000 listings at the end of the first quarter. Still tiny relative to some of the peers in that space.

當然。我想我們上個季度也討論過，平臺本身的房源數量成長非常顯著。疫情前，我們只有2000到3000個房源。而到了第一季末，我們已經擁有大約57,000個房源。不過，與同領域的其他一些公司相比，這個數字仍然很小。

But again, I think, distinguished a bit because the composition of our portfolio is 100% multi-bedroom full homes. These are not spare rooms or couches or anything else. These are full multi-bedroom homes. As you would expect, with that sort of exponential growth and the sheer volume of listings, we've seen a very meaningful uptick in the revenue coming through that platform.

但我認為，我們略有不同之處在於，我們的房源全部都是多臥室的完整住宅。這些不是空房間、沙發或其他任何東西。這些都是完整的多臥室住宅。正如您所預期的，隨著這種指數級增長和房源數量的激增，我們透過該平台獲得的收入也顯著增長。

And I'll turn it on the financial side. It's just a reminder that this is extremely small relative to kind of the overall size of Marriott from a financial standpoint, really across the spectrum of both investment as well as profitability.

接下來我將從財務角度來談談。需要提醒大家的是，從財務角度來看，無論從投資或獲利能力來看，這筆投資相對於萬豪酒店集團的整體規模而言都微不足道。

And from that perspective, I would expect to see it the same way moving forward. This has been a really important part of our overall ecosystem. And when we think about it, 90% of the bookings in HVMI or from Bonvoy members, and that is just great recognition of the extra strength that it gives our overall system. But from an overall perspective to Marriott, I would not expect for you to see it be a meaningful part of our earnings stream in the near term.

從這個角度來看，我預計未來情況也會如此。這一直是我們整體生態系統中非常重要的一部分。想想看，HVMI（萬豪國際酒店集團）90%的預訂都來自萬豪旅享家會員，這充分體現了它為我們整體系統帶來的額外優勢。但就萬豪整體而言，我預期短期內它不會成為我們收入的重要來源。

It appears we have no further questions at this time. I would like to turn the call back over to Tony Capuano for any additional or closing remarks.

目前看來我們沒有其他問題了。我將把電話轉回給托尼·卡普阿諾，請他作補充或總結發言。

Thank you, operator. First, let me thank you all for your heartfelt condolences. I know how special Laura was to you, both as a friend and a colleague. So thank you for those kind words.

謝謝接線生。首先，請容許我感謝大家真摯的慰問。我知道勞拉對你們來說有多特別，她既是朋友又是同事。所以，謝謝你們的慰問。

Thanks for your interest and participation today, and we look forward to seeing you on the road in the coming weeks and months. Have a great day. Thank you.

感謝您今天的關注和參與，我們期待在接下來的幾週和幾個月與您在路上再次相遇。祝您今天愉快。謝謝。

Thank you, ladies and gentlemen. This concludes today's event. You may now disconnect.

謝謝各位，今天的活動到此結束，您可以斷開連接了。