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，歡迎收看今天的萬豪國際集團 2022 年第一季度財報。 （操作員說明）請注意，此呼叫可能會被錄音。 （操作員說明）

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轉交給首席財務官兼業務運營執行副總裁 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.

謝謝你，接線員。在我們開始之前，我想花點時間記住 Laura Paugh，她是我們許多人在這次電話會議中值得信賴和重視的朋友和同事。你們大多數人都知道，勞拉在幾週前的一場車禍後不幸去世了。勞拉很聰明，樂於助人，機智，對所有知道的人都誠實。我們會懷念她令人難以置信的精神，並致力於紀念她在萬豪留下的遺產。勞拉的家庭是她最大的成就，我們將他們銘記在心，為他們祈禱。

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

現在我將把電話轉給傑基。

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

謝謝你，李尼。大家早上好，歡迎參加萬豪 2022 年第一季度財報電話會議。

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.

今天與我通話的是我們的首席執行官 Tony Capuano； Leeny Oberg，我們的首席財務官兼業務運營執行副總裁；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.

我要提醒大家，我們今天的許多評論都不是歷史事實，根據聯邦證券法被視為前瞻性陳述。這些陳述受我們提交給美國證券交易委員會的文件中所述的眾多風險和不確定性的影響，這可能導致未來的結果與我們的評論中表達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評論和新聞稿中的聲明僅在今天有效，不會隨著實際事件的發展而更新。另請注意，除非另有說明，否則我們的 RevPAR 入住率和平均每日房價評論反映了可比酒店的全系統不變貨幣結果，包括因 COVID-19 暫時關閉的酒店。 2022 年和 2019 年的 RevPAR 入住率和 ADR 比較反映了截至 2022 年 3 月 31 日定義為可比的房產，即使它們在 2019 年全年沒有開業和運營，或者它們不符合 2019 年的所有其他可比標準。

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 年大流行前的比較都是在每年的同一時間段進行比較。您可以在我們的投資者關係網站上找到我們今天的評論中提到的所有非公認會計原則財務指標的收益發布和對賬。

And now I will turn the call over to Tony.

現在我將把電話轉給托尼。

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，傑基，感謝大家今天早上加入我們。在年初與 Omicron 相關的短暫放緩之後，全球需求在第一季度強勁而迅速地反彈。 3 月，全球 RevPAR 僅比 2019 年低 9%。入住率上升至 64%，ADR 比 2019 年 3 月高出 5%，令人印象深刻。

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.

COVID-19 仍在不同程度地影響著我們在世界各地的業務，但隨著全球疫苗接種率的提高，病例數下降，新的 COVID 變種往往不太嚴重。許多國家已經開始謹慎地採用與 COVID 一起生活的政策，導致對所有類型的旅行的需求增加。

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.

2021年已全面恢復的休閒需求今年進一步走強，一季度全球休閒瞬態間夜數較2019年增加10%以上。商務瞬態和團體需求的恢復仍滯後於休閒需求，但隨著員工數量的增加回到辦公室，需求得到迅速改善。

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，一周中的某一天趨勢繼續表明，融合休閒和商務的旅行正在增加。 3 月，在美國和加拿大，週一至週三的入住率在 10 多歲左右下降，而在肩天、週四和周日的入住率下降了個位數，週五和周六的入住率幾乎與 3 月持平2019 年。

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%.

儘管仍低於大流行前的房晚，但隨著世界上更多國家重新開放邊境並取消旅行限制，跨境旅行需求正在緩慢增長。第一季度跨境客人佔全球房晚的 14%，較上一季度增長約 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 月份的 RevPAR 在 2019 年的 4% 以內。當月入住率超過 68%，ADR 比大流行前水平加速至 6%。雖然各個城市的 RevPAR 恢復程度仍然存在很大差異，但總體而言，本季度的進展在所有連鎖規模和市場類型（即一級、二級和三級市場）中普遍存在，但與第四季度。

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.

奢侈品是本季度的佼佼者，ADR 比大流行前高出 27%。美國和加拿大的集團需求在第一季度急劇加速。 3 月份，集團 RevPAR 比 2019 年下降 16%，而去年第四季度下降了 30% 以上。

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.

新預訂量的增長有助於在今年剩餘時間內顯著改善團隊步伐。截至 3 月 31 日，與 2019 年相比，2022 年剩餘時間的團體收入在高個位數範圍內下降。我們還預計額外的短期預訂將進一步提高團體收入。 4 月是連續第八個月全年團體預訂量超過 2019 年的水平。

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，我們的銷售團隊仍然專注於推動 ADR，新預訂量持續上升。 1 月份管理酒店預訂的 ADR 比 2019 年水平高 3%，而 3 月份預訂的 ADR 比大流行前水平上升 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.

美國的商業短暫需求在本季度也獲得了增長。與第四季度相比，3 月份的複蘇顯著改善，商務瞬態間夜下降 10% 至 15%。特別公司賬戶往往是大公司，其恢復速度比現在已完全恢復的小型企業慢。特殊企業新預訂在 3 月有所加強，並在 4 月進一步推進。

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.

在國際上，除大中華區外，與第四季度相比，3 月份所有地區的 RevPAR 均出現了額外的複蘇。在自去年年底開放邊界的中東和非洲，第一季度表現出色，RevPAR 連續第二季度超過 2019 年。這得益於 2021 年 10 月至今年 3 月在迪拜舉行的世博會在阿聯酋的實力。

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，在限制最嚴格的大中華區，隨著包括上海在內的幾個主要城市在本季度末封鎖，RevPAR 顯著下降。我們正在密切關注歐洲的趨勢，但在俄羅斯以外，烏克蘭的戰爭尚未影響需求。取消的次數很少。由於該地區所有國家/地區都取消或減少了旅行限制，歐洲其他地區的春季和夏季旺季預訂量有所增加。

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，我們關閉了公司辦公室，並暫停了所有未來的酒店開發和新酒店開業。該國目前有 23 家酒店開業，但入住率並不高。我們將繼續評估我們在俄羅斯的業務，該業務占我們 2019 年全球費用的 1% 以下。

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.

我們深為關切地註視著烏克蘭和鄰國發生的可怕人道主義危機。我們正在盡我們所能幫助該地區受影響的人。我為我們的團隊一直在動員起來以多種方式幫助有需要的人感到非常自豪，包括與救濟夥伴合作，並在鄰近國家的萬豪酒店為難民提供住房。

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.

萬豪旅享家的力量在本季度再次顯現，因為我們仍然專注於加強我們為 1.64 億會員提供的忠誠度平台。當然，隨著旅行需求的回升，會員參與度有所提高，但在我們酒店之外賺取和使用積分的會員也顯著增加。由於我們與優步等公司的合作，我們的 Bonvoy 成員通過日常消費與我們進行了更多的互動。

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.

我們還看到全球對我們的 Bonvoy 聯名卡產生了令人難以置信的興趣和參與度，新卡的購買量和卡支出同比均顯著增加。

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.

第一季度也是我們有史以來最好的直接數字預訂季度，這有助於推動業主和加盟商的盈利能力。與 2019 年第一季度相比，數字預訂量增長了 14%，部分原因是我們重新設計的 Bonvoy 應用程序的下載量顯著增加，比大流行前水平高出 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.

轉向發展。在我們每月的發展委員會會議上提交的交易數量繼續增加。截至今年 3 月，我們在全球簽署了 124 筆交易，創下第一季度的新紀錄。鑑於我們跨鏈規模的轉換友好品牌名單的廣度以及與成為我們系統的一部分相關的有意義的頂線和底線收益，轉換活動仍然是一個亮點。

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.

轉換佔本季度新增客房的 22%。儘管由於供應鏈中斷和勞動力短缺，今年迄今為止的建設時間線有所延長，但我們預計 2022 年每個季度的開業時間都會增加。目前，有限服務物業的平均建設時間線剛剛超過 2 年，並且在全方位服務的物業。

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，我們仍預計全年客房總增長將接近 5%，取消 1% 至 1.5%，導致預計淨客房增長 3.5% 至 4%。儘管簽約活動一直在積極回升，但預計 2022 年的總房間增加量將受到整個大流行期間該行業所經歷的建築開工減少的影響，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.

隨著融資開始有所緩解，該行業第一季度的新開工量顯著增加，但仍遠低於 2019 年的水平。然而，我們仍然相信，鑑於全球環境的改善、我們品牌的吸引力、我們強勁的發展活動、我們圍繞轉換的勢頭，我們將在未來幾年恢復到大流行前的中個位數淨客房增長率和業內最大的管道。

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，我對我們的未來感到非常樂觀。憑藉我們無與倫比的 30 個全球品牌和全球 8,000 多家酒店的投資組合、我們寶貴的萬豪旅享家忠誠度計劃、我們眾多的增長機會和業內最優秀的合作夥伴，我相信万豪擁有獨特的優勢，可以從未來的持續復甦中受益。

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

我現在將把電話轉給 Leeny，以更詳細地討論我們的財務業績。

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.

謝謝你，托尼。我們第一季度的業績超出了我們的預期，與 2019 年相比，全球 RevPAR 下降了 19%。本季度總費用收入總計 8.15 億美元，幾乎比一年前翻了一番，這主要是由於 RevPAR 較高。我們與 RevPAR 無關的特許經營費再次顯示出有意義的增長，第一季度總計 1.7 億美元，同比增長 21%，這主要是由於信用卡費用同比顯著增加。

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.

激勵管理費或 IMF 正在強勁反彈，並在本季度達到 1.02 億美元。它們佔總費用的 13%，比去年同期的 7% 有所增加，部分原因是我們在美國和加拿大酒店的強勁表現。我們超過 55% 的 IMF 是在我們行業領先的豪宅中賺取的。我們的豪華酒店的 IMF 比 2019 年第一季度高出 10%，而我們的豪華度假村的 IMF 同期增長超過 60%。本季度，大約 60% 的 IMF 是在我們的國際物業中賺取的。

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、加勒比地區、拉丁美洲和歐洲的酒店業績改善，我們擁有和租賃的投資組合再次產生了正利潤，本季度總計 4400 萬美元。由於 Omicron 變體帶來的時間安排和較低的差旅成本，第一季度的 G&A 和其他費用總計 2.08 億美元。調整後的 EBITDA 總額為 7.59 億美元，與 2019 年第一季度相比僅下降 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.

我們仍然專注於與我們的所有者和特許經營商密切合作，以提供卓越的客戶服務，同時控制運營成本。儘管 RevPAR 與 2019 年相比下降了 16%，但我們在美國管理的酒店的利潤率在第一季度幾乎回到了 2019 年的水平。雖然行業人員配備挑戰依然存在，主要是在某些美國市場，但自去年夏天以來，我們在成功招聘方面取得了很大進展對於空缺職位。與往常一樣，我們密切關注工資和福利通脹，但我們樂觀地認為，我們降低成本的努力可以在未來幾年緩解通脹。

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 年剩餘時間，我們對在全球絕大多數市場的客戶群中看到的積極勢頭和需求感到非常高興。隨著最近許多地區普遍放寬旅行限制、更多員工返回辦公室、越來越積極的旅行情緒以及我們團隊對 ADR 的關注，我們比一個季度前更加樂觀，我們將看到有意義的假設全球經濟環境或病毒行為沒有發生重大變化，今年全球 RevPAR 將進一步復甦。

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國際市場對跨境客人的高度依賴來提供全球 RevPAR 或具體的收益指導，波動性仍然太大。但我們在最大的市場美國和加拿大確實有更多的知名度，這幾乎完全依賴國內旅客。

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 月份的入住率和 ADR 繼續改善，我們估計該月 RevPAR 完全恢復到 2019 年的水平。我們非常高興在大流行開始大約 2 年後達到這一里程碑。

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.

儘管不同酒店類型和市場的需求仍然存在很大差異，但鑑於當前的預訂和 ADR 趨勢，我們預計 2022 年剩餘季度美國和加拿大的 RevPAR 將與 2019 年大致持平。在國際上，我們預計各個市場的 RevPAR 將持續復甦尚未完全恢復，儘管各地區的進展水平會有很大差異。

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.

為了進一步幫助您的建模，讓我分享一些額外的顏色。在目前的 RevPAR 水平上，我們仍然預計 2022 年全年 RevPAR 相對於 2021 年全年 1% 變化的敏感性可能約為 2500 萬至 3000 萬美元的費用。正如我們所見，考慮到 IMF 的可變性以及與 RevPAR 無關的特許經營費，這種關係不是線性的。

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，淨利息支出仍預計約為 3.5 億美元，我們的核心稅率現在預計約為 24%。 G&A 和其他費用預計仍為 8.6 億美元至 8.8 億美元，遠低於 2019 年。我們仍預計全年投資支出為 6 億美元至 7 億美元，其中包括大約 2.5 億美元用於我們新總部的維護資本。

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.

在考慮從信用卡公司收到的減少付款之前，我們現在可以看到忠誠度是全年輕微使用現金。隨著需求的顯著回升，我們看到贖回活動有所增加，並預計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.

我們在推動現金流、管理費用和改善信用狀況方面取得了有意義的進展。鑑於這一進展以及我們業務的實力以及我們的信心和我們的前景進一步改善，我們很高興能夠比我們預期的更快地恢復股東的資本回報。由於槓桿率接近我們調整後淨債務與調整後 EBITDA 的 3 倍至 3.5 倍的目標比率，我們將在第二季度恢復每股 0.30 美元的股息，這是兩年來的第一次股息。

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.

我們仍然致力於我們的投資級評級，投資於增加股東價值的增長，然後通過適度的現金股息和股票回購相結合的方式向股東返還多餘的資本。假設全球需求環境繼續改善並且我們在我們的目標槓桿率範圍內，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.

我們的商業模式表現出極強的韌性，我要感謝我們在世界各地的團隊在過去 2 年中幫助我們應對挑戰。再次看到這麼多酒店客滿，真是令人激動，我們對旅遊的未來和萬豪國際的未來都非常看好。

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

托尼和我現在很高興回答你的問題。操作員？

(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 Stephen Grambling。

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

我只想向在線的每個人表示哀悼，並回應你對勞拉的想法，Leeny。絕對地。

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?

我想，首先，關於發展環境，特別是在中國，它的封鎖，當你考慮淨單位增長或淨房間增長時，你會如何考慮那裡的任何影響？轉換或其他未明確包含在管道中的屬性如何影響當年的增加？

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.

好問題。我會從幾個方面回答。如您所知，我們在大中華區開展的許多開發項目都是在建設良好的時候來找我們的。因此，我們用來評估增長速度的指標之一是諒解備忘錄或意向書的攝入量，即使在中國零 COVID 政策的影響下，我們也看到諒解備忘錄的攝入量相當穩定。

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，我們已經看到了一些建築中斷。但我們第一次開始在轉換方面看到一些真正的牽引力，這在歷史上並不是大中華區客房增長特別活躍的來源。

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。然後，Leeny 可能只是對指導和您所做的一些評論進行跟進。考慮到收入和燃燒點的匯合與點的推進，我們應該考慮哪些護欄，因為它與信用卡費用和那裡的軌跡以及對營運資金的任何具體影響有關？

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。所以我認為，總的來說，正如我們談到信用卡一樣，在過去的幾年裡，它一直是我們收費方面的一股巨大的彈性和穩定的力量。正如您可能聽到我們所說，我們實際上在 22 年第一季度看到信用卡費用，與 19 年相比增長了 26%。因此，與去年相比，他們確實也明顯上漲了很多。

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.

所以這是兩件事的結合，斯蒂芬。一是我們繼續看到整體信用卡支出增加，然後我們的新卡獲取增長也令人印象深刻。所以我認為，當你繼續看到這一點時，這是一種力量。

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.

另一件事是，顯然，我們是一張傾向於被喜歡旅行的人記錄的卡片。因此，再次，當您看到人們返回旅行時，我認為這也是他們獲得的所有 Bonvoy 積分的巨大激勵。因此，我認為您將繼續看到這是我們今年費用增長的強大力量。

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.

當您考慮現金流時，我會就營運資金提出兩點。一是，一般來說，正如您所記得的，我們總體上是一家負營運資金業務。隨著公司復甦的繼續。我認為從我們的費用支付如此之快的角度來看，這種趨勢將繼續表現出來，而我們的應付賬款並不總是必須盡快支付。因此，這將繼續在營運資金方面幫助我們。

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，在忠誠度方面，由於更高的贖回率，我們已經從我們認為它是少量現金來源的地方轉變為少量使用現金。我認為你應該期待隨著時間的推移，這種情況將繼續下去，但這是我們目前對這一年的預測，與我們在美國討論過的這些 RevPAR 數據相關。

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

我們的下一個問題將來自美國銀行的 Shaun Kelley。

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

我也想為勞拉表達我的想法和祈禱。

Thank you, Shaun.

謝謝你，肖恩。

Thank you.

謝謝你。

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，正如我們看到所提供的前景並欣賞一樣，我們仍然 - 仍然存在足夠的波動性，您還不想將自己擴展得太遠。但是，如果我們考慮一下您在美國的一些評論，您是否可以幫助我們考慮一下您的看跌期權，並在今年剩餘時間相對於 2019 年的水平持平？

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——隨著時間的推移，什麼會阻礙你看到更多的進步？我們看到團體和商務旅行的加入，夏天是否有一些回饋，因為它可能與奢華和混合有關？還是這種觀點只是有些保守？

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，我認為這種前景有點保守，但這種保守主義是由我們在預訂窗口方面看到的情況驅動的。所以我們對第三季度和第四季度的可見性要低得多，因為預訂窗口普遍在縮短，然後團體預訂時間縮短的趨勢更加尖銳。

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，我們與您分享了休閒領域的持續力量。我們已經與您談了一些事實，即我們在第一季度末看到了非常強勁的團體人數。我們對過去三個季度感覺良好。但同樣，我們正在處理相當短的預訂窗口。業務瞬態也是如此。我認為，正是下半年可見度的模糊性導致我們在預測方面不更加樂觀。

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，只是為了補充一點。第二季度，顯然，RevPAR 有了有意義的改進，以達到我們給出的這種大致持平的指導。就托尼而言，當您開始進一步觀察時，雖然我們在本季度看到了年度團體預訂量的巨大增長，但我們確實為您提供了我們今天所看到的。

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.

因此，從這個角度來看，我們所看到的可變性，我們會同意，希望這會在我們度過這一年時增加一些積極性，但我們實際上是在談論我們今天所看到的。

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.

也許只是為了進一步說明，肖恩，我們看看四月份在美國和加拿大的團體活動。 4 月是連續第八個月，全年的預訂量超過了 19 年的水平。這對我們的業務來說是個好消息，但在研究第三季度和第四季度時帶來了更多挑戰。

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。然後作為我的後續行動，您能否對您在準備好的評論中提供的大型企業活動多加一點色彩。我想你說它在四月份也有所改善。但我認為這是一個重要的驅動力，尤其是萬豪，尤其是一些大型和城市酒店。所以也許談談你認為到餘額或年底可以達到多少？只是讓我們感覺到該渠道的改進幅度會非常有幫助。

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。因此，正如我們在準備好的評論中所說，在美國和加拿大，3 月份的商務臨時房間夜數下降了 10% 至 15%。與我們在第四季度看到的情況相比，這顯然是一個非常有意義的改進，第四季度的商務臨時房間夜數下降了約 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.

正如您所料，來自中小型公司的銷量已經有效地完全恢復，而來自大公司的需求仍然需要爬山才能回到大流行前的水平。但我們繼續看到這種改善比我們從中小型公司看到的要慢。

Our next question will come from Joe Greff with JPMorgan.

我們的下一個問題將來自摩根大通的 Joe Greff。

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。她會被想念的。

Thank you.

謝謝你。

Good morning, Joe.

早上好，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，有多少或是否有任何新的開發簽約與開發人員有關？或許這不是正確的描述方式，而是將項目拉在前面，並預計新項目的開發和融資成本會更高？

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.

我不確定我是否完全理解你的問題，但讓我試一試。 - 正如我們過去所說，我們的開發商、所有者和特許經營商社區，他們往往是該行業的長期投資者。作為一般規則，他們不會嘗試根據他們所看到的情況來確定在給定月份或給定季度的建設開始或開放時間。

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.

我確實認為，正如我們上個季度所討論的那樣，債務融資的可用性可能是加速新建築的最大障礙，尤其是在美國和加拿大。隨著債務資本的流動開始有所釋放，這就是為什麼我認為我們看到開工建設平行增加。

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，這可能是一些被壓抑的需求，因為他們開始根據統計數據相信復甦確實有動力，並且這激發了該發展社區對開始將鐵鍬投入地下的信心。

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.

偉大的。這是回答這個問題的有用方法。然後，Leeny，我的意思是，我知道您不會談論特許經營和其他費用線中的非 RevPAR 費用。當您查看該線的構成時，我的意思是，它佔本季度特許經營權和其他費用的 34% 與非 RevPAR 費用有關。第四季度的百分比相似。

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?

當您考慮它時，當您從今年進入明年時，您如何看待這個百分比？或者你如何看待信用卡費用的軌跡，然後是那裡的非特許經營費用？

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，是的，很明顯，現在談論我們如何真正看待 2023 年的信用卡支出還為時過早。但我認為要記住的一件事是住宅是塊狀的。因此，提醒一下，例如，去年，我們在 2021 年的住宅費用為 6700 萬美元，而在此之前的一年，還不到一半。所以請記住，這對我們來說是一項非常強大的業務，我們喜歡我們在簽約和表現方面所看到的。但這是基於這些住宅的銷售速度。所以它確實會上下變化。

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.

但在信用卡部分，如您所知，這遠遠超過總數的一半，例如第一季度的 170 個。我覺得她走穩了，我不願意給出一個特定的增長百分比，但我認為這確實是消費者實力的結合。因此，我們假設宏觀經濟形勢沒有太大變化。

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.

第二是與 Bonvoy 和我們整個系統的連接。我認為，這絕對是您在增長中看到的一部分。只是提醒您，我們在 COVID 之前所處的位置是信用卡增長處於 COVID 之前的高個位數。現在很明顯，當我們走出困境時，我們已經看到了比這更好的數字。

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

我們的下一個問題將來自 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.

我也在重申，我也很遺憾聽到關於勞拉的事，很悲慘。當然，她會非常想念。

Thank you.

謝謝你。

Thank you.

謝謝你。

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 2 個問題。第一個是當你談到你對發展增長的預測時，3.5% 到 4%，你能告訴我們這些百分比是多少全球地區，特別是中國、歐洲等等，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 給你具體的統計數據。我可以告訴你的是幾個季度前，管道的構成轉向更高比例的國際化。我們在 - 總管道的低 60% 在美國以外。就國際與國內的相對增長速度而言，我們看到國際增長的速度大約是我們國內客房增長的兩倍。

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.

另一件事，就在你看管道時，這是一種有趣的看待它的方式，亞太地區基本上是現有滲透率的兩倍，中國和亞太地區相當平均地分配了 17%。

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.

然後我會說，對於 CALA 和歐洲，相對於現有投資組合的當前比例，該管道非常相似。雖然我會提醒你，去年我們在 CALA 進行了一筆非常大的轉換交易，在那裡他們 - 轉換迅速進入管道，然後實際打開。所以它可以變化。

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.

另一種不成比例的管道區域是中東非洲，目前約占我們房間的 4%，但約占我們管道的 9%。然後很明顯，在美國，正如我們之前談到的那樣，由於國際實力，它相對於我們現有的構成要低一些。

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.

這對中東來說是一個很好的觀點，Leeny。事實上，如果你回顧大流行前，中東房間的增長率約為 6.5%。去年，它們增長了接近 8%。而今年，他們可能會在十幾歲時成長。

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。非常好的顏色。然後是我的後續問題，我相信您之前在準備好的評論中談到了第一季度甚至四月忠誠度兌換的增加。我們應該如何考慮 - 什麼 - 量化為某種費用百分比，忠誠度兌換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.

因此，我認為，考慮它的最佳方式是就晚數而言，而兌換晚數大約占我們總晚數的 5% 到 6%。因此，當您考慮到這一點時，顯然有人會去見某人所在的地方-在一家不是很滿的酒店。因此，支付給該酒店的兌換率實際上低於 RevPAR，或者它可能是在一個高兌換率酒店，這顯然更像是典型的平均每日房價。但我認為總體而言，考慮它的最佳方式是大約佔總房間的 5%。

Our next question will come from Smedes Rose with Citi.

我們的下一個問題將來自 Smedes Rose 和 Citi。

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

和電話中的其他人一樣，我只想說聽到有關勞拉的消息我感到非常抱歉。

Thank you Smedes.

謝謝斯梅德斯。

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?

幸好認識了她。我真的很想問你更多關於你從業主那裡看到和聽到的關於工資壓力的情況以及這種情況的情況，如果人們看到任何形式的放鬆？

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?

然後，托尼，總的來說，我確信你對衰退的風險或恐懼已經大大加劇，就好像經歷了這個緊縮階段一樣。我只是想知道您是否從公司或與您交談的任何人那裡獲得了任何關於這方面的高度關注的反饋？

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.

所以我會從工資壓力開始，然後我們會在經歷那些 Smedes 時打成一片。如果你還記得的話，毫無疑問，在美國，對我們來說，從 21 年 1 月到 21 年 12 月的平均時薪大約增加了 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、某些酒店，要完成招聘工作確實需要一些有意義的工作。我們現在發現，坦率地說，從提供托兒服務到政府補貼逐漸減少，坦率地說，人們對在工作場所感到更自在，這一切都恢復了正常的步伐。更容易獲得職位。而且我們基本上回到了與大流行前未平倉頭寸水平相對一致的位置。我這裡說的是美國。

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，我認為當然，正如你所描述的，我們確實預計工資和福利方面將繼續面臨巨大壓力。我們在日程安排和生產力措施方面付出了極大的努力，以確保我們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.

所以現在，我們很高興看到即使在我們管理的酒店中的 RevPAR 與 19 年相比，RevPAR 顯著下降，我們的管理利潤率也相似。我們確實希望在我們前進的過程中繼續看到入住率的增長，這將是有幫助的。

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，我們將在全球範圍內保留其中一些生產力收益，也許是 200 個基點左右，以幫助我們抵消通貨膨脹。但我們真的很高興我們每晚都根據 ADR 重新定價我們的房間，因為毫無疑問，這對管理這些利潤有很大幫助。

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.

在經濟衰退方面，我想我會指出兩件事。第一，儘管我們最近看到了一個相當艱難的 GDP 數據，但我認為其背後的因素確實表明經濟實際上相當強勁。在美國，您的工作增加量非常大。您通常為每個正在尋找工作的人提供 2 個工作。您已經看到大部分人口的參與率更高。您還看到消費者支出仍然非常強勁。

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很艱難，但我認為在許多方面，由於世界其他地區的 COVID，它們真的 - 我認為有充分的理由認為美國經濟將繼續前進。現在我們看到美聯儲可以做什麼，這顯然可能會產生放緩的影響。但我們認為仍有被壓抑的需求，我們相信我們將繼續看到對我們酒店的強勁需求。

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.

然後我想你說你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旅行的看法。我會先講軼事，然後講統計，無論是在國內與大型跨國公司會面，我上週在歐洲會見了大約 30 位歐洲跨國公司的旅行經理。

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，現在在管理差旅成本和注意碳足蹟之間存在著一場拉鋸戰，這是由與同事合作、與客戶會面、讓新員工融入企業文化的絕對願望所推動的。統計數據，特別是業務瞬態下降 10% 到 15% 的數據表明，對面對面互動好處的興趣開始贏得這場拉鋸戰。

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.

我認為您覺得有趣的另一個數據點是，在第一季度，所有新團體預訂的平均團體人數實際上比 2019 年第一季度有所增加。主要因素之一是逗留時間。與 2019 年相比，逗留時間增加了 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.

因此，就托尼的觀點而言，我認為有一種強烈的令人信服的觀點，即人們聚在一起進行協作、開會、旅行、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.

我們的下一個問題將來自 Richard Clarke 和 Bernstein。

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.

我想對你們自己以及勞拉的家人以及這次活動表示哀悼。聽到這個消息非常難過。

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，我只是想以稍微不同的方式問那種美國北美指導問題。 4 月份有什麼特別的事情推動了 4 月份的表現不成比例地走高，比如復活節或逾越節的時間或任何推高的事情？您如何看待 Q2 的其餘部分，您說您在 4 月份獲得了合理的可見度？

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，沒有什麼特別的——特別是在日曆方面。還沒有。我們沒有看到復活節的時間有任何特別的影響。我認為我們的觀點是，總的來說，這只是需求恢復加速的持續步伐。

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。然後我剛剛在新聞稿中提到，您提到了您在本季度獲得的 3300 萬美元的政府支持。在哪裡仍然收到書面支持的任何顏色？我們可以期待在今年剩下的時間裡會有更多這樣的事情發生嗎？

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.

非常感謝你。不，我認為這是一些政府補貼的尾端。這些是專門在歐洲的。與我們在 COVID 期間看到的其他一些地方類似，它需要大量的數據提交和應用程序，然後需要一些時間來由各個政府處理。因此，這些都與酒店部分的 '20 和 '21 類型的費用有關，因為這在很大程度上與我們當時政府支持的員工的自有和租賃投資組合支持有關。

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——我們——你可能還記得，我們在 2021 年獲得了大約 1800 萬美元的這些補貼。然後我們今天在這裡談到了 3300 萬美元，我預計不會再有額外的補貼。

Our next question will come from David Katz with Jefferies.

我們的下一個問題將來自 Jefferies 的 David Katz。

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

我要對每個人的損失表示哀悼。

Thank you.

謝謝你。

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，我想從資本回報的角度開始。我想當我們坐下來為最後一個季度做模特時，我猜那是 3 月初，我們並不是真的 - 今年你並沒有真正讓我們投入太多，現在我們做到了。我們如何看待今年的股息以及潛在的增長能力？更重要的是，股票回購、你在尋找什麼、什麼數據點等等？因為我們顯然等不及你告訴我們我們必須自己斷言。

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。不，絕對。有幾件事作為提醒。這與我們從大蕭條中走出來的模式非常相似，這是為了給自己時間來看看復甦是如何向前發展的。

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，假設我們繼續看到我們所看到的實力並且我們的預訂正在顯示，我希望我們顯然會繼續分紅並公平 - 在相當短的時間內，將其恢復到我們的那種支付水平大流行之前就有了。

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回報策略中靈活得多的部分。所以在那裡，我們有一些看門人。我們真的希望對調整後的 3 倍至 3.5 倍的調整後淨債務與調整後 EBITDA 範圍內的定位感到絕對放心。這是一個重要的部分。

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.

正如我在評論中所說，我們非常接近這一點。我們將——憑藉我們的商業模式所擁有的那種現金產生，我們將很快實現目標。但我們確實希望完全處於該範圍內，並且對可能的波動感到滿意，我們處於良好狀態，可以留在那裡。

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.

所以我想你會看到，正如我們已經談到的，假設事情繼續這樣下去，我希望你會看到股息和股票回購都在繼續。大衛，我們何時可能增加股息的時機實際上是圍繞加速的步伐，這種加速的步伐是否繼續，是否有所不同。我只是認為我們需要更多的時間來感到舒服，因為你知道的一件事，一旦我們提高了股息，我們想確保我們能舒服地保持在那裡。我們對 0.30 美元感到非常滿意，並且在我們前進的過程中，我們將逐月查看它。

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。我很感激。如果我能快速跟進另一個方向。我們清楚地看到了商務旅行和團體旅行的加速發展，而且預計還會繼續加速。你能分享一些關於你在周中看到的數據點以及它相對於週末的位置嗎？我認為 BT 和小組更像是一個周中的問題，而不是周末？其中一些也會有所幫助。

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。絕對地。如此有趣的是，週五和周六，我們絕對 - 我們在 3 月份看到它們正好處於大流行前的水平。與 2019 年相比，週四和周日的肩膀天數略有下降，處於中個位數。週一至週三，他們在十幾歲時下降得更多。所以這就是你經典地可以看到托尼早些時候談到的是一些特殊的公司談判業務，你經典地認為是周一到週三晚上，與 2019 年相比，它們可能是最後一個回來的。但又一次，隨著我們從 1 月到 2 月再到 3 月，改善得很好。

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.

然後我認為鑑於這種模式，大衛，你也看到它在速率方面表現出來了一點。本季度週末的 ADR 比工作日高出約 4%。

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

我們的下一個問題將來自麥格理集團的 Chad Beynon。

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.

我自己的想法和祈禱，也為勞拉的朋友和家人。想問一個關於 IMF 的非常尖銳的問題，Leeny。我知道你在模型周圍給了我們一些敏感性。

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?

但是，當我們考慮國際貨幣基金組織的複蘇時，尤其是在國內，是否存在一定程度的增長——我們需要看到與大流行前水平相比的 RevPAR 增長，以使國內國際貨幣基金組織的水平回到它所考慮的水平過去幾年我們看到的實際費用？您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。所以有兩件事。我會為你說幾個事實，只是為了給你一個觀點。我認為，我們對第一季度的國際貨幣基金組織感到非常滿意。同樣，大約 40% 來自美國和加拿大。坦率地說，這只是下降了——所以稱之為 4000 萬美元，這僅低於 2019 年的 50 億美元，而對於美國的這些酒店來說，RevPAR 顯然仍處於十幾歲的水平，所以這是一個非常令人印象深刻的表現。

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% 的美國酒店向 IMF 付款。而在今年第一季度，我們為 12%。所以就你的觀點而言，還有一條路要走，而且很明顯——它們在豪華和度假酒店中要強大得多。這有點像階梯函數，許多酒店從美國業主的優先級躍升到他們實際賺取的位置。

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.

而且沒有——我不能指出一種特定的分界點會告訴你我們可以跳躍。在國際上，它與基本費用的情況更加一致，因為正如你所知，每一美元的利潤，我們都會得到一個百分比 - 在許多酒店中沒有業主的優先權。

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.

因此，在美國，很明顯，目前最大的弱點仍然是入住率，這將有助於我們，尤其是在大城市，因為我們繼續看到大城市的高檔酒店有所增長。但不幸的是，沒有一個特定的地方說如果我們達到任何 ADR 或 RevPAR，那將會成功。

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.

但同樣，我在評論中提出的一點是，我們真的很高興看到利潤率與 2019 年的水平相似。我們希望，這將在今年剩下的時間裡繼續下去。對於美國這些可管理的服務酒店，我們能夠在全年保持這種利潤率表現，這顯然會讓我們獲得更多的 IMF。

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.

如果你還記得的話，當你查看你的全年預測時，你只能認出 IMF。所以這是我們在這一年繼續前進的另一件事。我們將對這些酒店的全年預測有更多的了解，這也將有所幫助。

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。偉大的。然後只是高端和豪華物業和度假區不斷增長的消費者需求的高水平。在過去的幾年裡，我猜你已經從同店的基礎上取得了進展，包括優雅、住宅和別墅，你認為你有合適的產品嗎？或者您是否有更多有機或無機的機會在這些市場進行擴張？

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.

是的，是的，這是簡短的回答。我認為，乍得，即使是在大流行之前，無論是因為我們從客戶那裡聽到的消息，還是我們認為會促進 Bonvoy 平台吸引力的因素，我們一直非常專注於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，我們從發展的角度和客人的角度都看到，某些市場對全包式體驗和某些旅行類型的全屋租賃有著巨大的需求。我認為您將繼續看到我們關注所有這些領域的有機增長。一如既往，繼續關注投資組合交易，就像我們去年在全包領域對 Sunwing 所做的那樣。

Our next question will come from Robin Farley with UBS.

我們的下一個問題將來自瑞銀的 Robin Farley。

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

偉大的。讓我對 Laura 的慘死表示哀悼。

Thank you, Robin.

謝謝你，羅賓。

Thank you.

謝謝你。

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.

我的 - 兩個問題。一個是，我知道你在這一年的年度加速中給了很好的色彩。我不知道我是否——如果你說 2023 年相對於大流行前的預訂位置？只是想知道這種更遠的群體需求是否會回來，也許比更近的群體更確定？然後，Leeny，我只是想確保我理解您關於忠誠度計劃如何影響您的 RevPAR 指導的評論？我只是想確保我明白這一點。

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.

偉大的。我會拿第一個，羅賓。因此，當我們談到 2022 年時，我們談到第一季度下降了約 30%。剩下的 3 個季度下降了個位數，這讓我們有信心在 22 年最終會下降 15-ish，儘管考慮到短期預訂——我們已經看到的短期預訂窗口，這可能會顯著改善。

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.

當我們回顧 23 年時，看看今天的書籍，相對於 19 年，我們下降了約 15%。但請聽我對預訂窗口的評論，我們認為從現在到 23 年初之間存在巨大的機會來縮小這一差距。

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.

和羅賓，值得注意的是，當我們查看 23 年的團體節奏率時，相對於一個季度前，23 年的比率有所提高。正如托尼所說，我們將繼續期待今年的預訂量。

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%.

當我們上個季度與你交談時，羅賓，關於 2023 組，ADR 的增長速度約為 4%。當我們今天坐在這裡時，我們上漲了約 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.

關於你關於忠誠度的問題，沒有有意義的影響。因此，在大流行前和現在，忠誠度兌換約占我們房晚的 5%，因此它們與酒店的整體運作方式相吻合，具體取決於酒店所在的市場和級別。因此，與我們通常查看 RevPAR 表現時沒有任何不同的特別影響。

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

我們的下一個問題將來自 Cleveland Research 的 Vince Ciepiel。

I also want to express my condolences for Laura.

我也想對勞拉表示哀悼。

Thank you.

謝謝你。

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。你提到託管酒店回來了。我知道過去，您曾討論過在業主盈利能力和客人期望之間找到平衡點。我很好奇你認為今年迄今為止你在那裡做的如何，特別是在你的家政、食品和飲料方面，並以滿足客人期望的方式重新引入這些方面？

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.

所以我會嘗試定性地回答這個問題，Leeny 可能會在邊距方面提供一點顏色。我想說的是，我們在努力實現正確的平衡方面取得了很好的進展。我們將登陸我們的管家解決方案，並可能在第二季度末宣布。

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.

我認為在需求恢復最快的市場中，我認為我們在實現正確平衡方面做得特別出色。在一些城市市場，需求的恢復速度有點慢。我認為我們走在正確的道路上，但我們還有一些工作要做。

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?

偉大的。然後第二個無關的，較早出現在家庭共享業務上。 Travel [peer]——在那個領域剛剛發布的第一季度業績幾乎是 2019 年水平的兩倍。所以我很好奇您的萬豪之家和別墅業務的表現如何？您如何看待您在該領域的投資水平以及您的目標——從這裡開始？

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。所以我認為我們上個季度談到了平臺本身在列表方面的增長非常顯著。大流行前，我們有 2,000 到 3,000 個房源。我們今天發現自己在第一季度末有大約 57,000 個房源。相對於該領域的一些同行來說仍然很小。

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，再次突出一點是因為我們的投資組合是 100% 的多臥室完整住宅。這些不是備用房間或沙發或其他任何東西。這些是完整的多臥室住宅。正如您所期望的那樣，隨著這種指數級增長和大量上市，我們已經看到通過該平台獲得的收入出現了非常有意義的增長。

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.

我會把它轉向財務方面。這只是一個提醒，從財務角度來看，相對於萬豪的整體規模而言，這非常小，實際上涵蓋了投資和盈利能力。

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，我希望看到它以同樣的方式向前發展。這是我們整個生態系統中非常重要的一部分。當我們考慮到這一點時，HVMI 或 Bonvoy 成員的預訂中有 90%，這只是對它為我們的整體系統帶來的額外力量的極大認可。但從萬豪的整體角度來看，我不希望你看到它在短期內成為我們收入流中有意義的一部分。

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.

看來我們目前沒有進一步的問題。我想將電話轉回給 Tony Capuano，以獲取任何補充或結束語。

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.

謝謝你，接線員。首先，我要感謝大家的衷心慰問。我知道勞拉對你來說有多特別，無論是作為朋友還是同事。所以謝謝你的好話。

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周和幾個月裡在路上見到您。祝你有美好的一天。謝謝你。

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

謝謝你們，女士們，先生們。今天的活動到此結束。您現在可以斷開連接。