萬豪國際 (MAR) 2017 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Marriott International's Fourth Quarter 2017 Earnings Conference Call. (Operator Instructions)

女士們、先生們，感謝各位的耐心等待，歡迎參加萬豪國際集團2017年第四季財報電話會議。（操作說明）

I will now turn the conference over to Mr. Arne Sorenson. Please go ahead.

現在我將把會議交給阿恩·索倫森先生。請繼續。

Good morning. Welcome to our fourth quarter 2017 earnings conference call. Joining me today are Leeny Oberg, Executive Vice President and Chief Financial Officer; Laura Paugh, Senior Vice President, Investor Relations; and Betsy Dahm, Senior Director, Investor Relations.

早安.歡迎參加我們2017年第四季財報電話會議。今天與我一同出席的有：執行副總裁兼財務長 Leeny Oberg；投資者關係資深副總裁 Laura Paugh；以及投資者關係高級總監 Betsy Dahm。

Let me 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. Forward-looking statements in the press release that we issued yesterday, along with our comments today, are effective only today and will not be updated as actual events unfold.

我想提醒大家，我們今天發表的許多評論並非歷史事實，而是聯邦證券法意義上的前瞻性陳述。這些聲明受到許多風險和不確定因素的影響，正如我們在提交給美國證券交易委員會的文件中所述，這些風險和不確定因素可能導致未來的結果與我們在評論中明示或暗示的結果有重大差異。我們昨天發布的新聞稿中的前瞻性聲明以及我們今天的評論僅在今天有效，不會隨著實際情況的發展而更新。

This quarter, we have provided a set of slides to assist with today's discussion. You can find them on our website at www.marriott.com/investor. In our discussion, we will talk about 2017 results excluding merger-related costs, the gain from the sale of Avendra and the provisional charge associated with tax reform. These results will be compared to 2016 combined adjusted results, which also exclude merger-related costs and assume Marriott's acquisition of Starwood and Starwood's sale of its timeshare businesses were completed on January 1, 2015.

本季度，我們提供了一套幻燈片，以輔助今天的討論。您可以在我們的網站 www.marriott.com/investor 上找到它們。在我們的討論中，我們將討論 2017 年的業績，但不包括與合併相關的成本、出售 Avendra 的收益以及與稅收改革相關的暫定費用。這些結果將與 2016 年合併調整後的結果進行比較，該結果還不包括與合併相關的成本，並假設萬豪收購喜達屋以及喜達屋出售其分時度假業務已於 2015 年 1 月 1 日完成。

Of course, comparisons to our prior year reported GAAP results are in the press release, which you can find along with a reconciliation of non-GAAP financial measures on our website. There are a number of moving pieces in both our fourth quarter 2017 results and our 2018 outlook. In our remarks today, we will try to clarify those items to reveal the underlying business trends.

當然，與我們上一年公佈的 GAAP 業績的比較結果已在新聞稿中列出，您可以在我們的網站上找到該新聞稿以及非 GAAP 財務指標的調整表。2017 年第四季業績和 2018 年展望都存在諸多變數。在今天的演講中，我們將嘗試闡明這些問題，以揭示其背後的商業趨勢。

Simply put, the fourth quarter was the icing on the cake to a terrific year in 2017 for Marriott. Compared to combined adjusted amounts in the prior year, 2017 fee revenue increased 8% to $3.3 billion, adjusted EBITDA rose 8% to $3.2 billion and adjusted EPS rose 32% to $4.36.

簡而言之，2017 年第四季是萬豪酒店集團輝煌一年的錦上添花。與前一年的合併調整金額相比，2017 年費用收入成長 8% 至 33 億美元，調整後 EBITDA 成長 8% 至 32 億美元，調整後每股盈餘成長 32% 至 4.36 美元。

As 2017 demonstrated, the global travel industry has never been more exciting nor offered a better opportunity. Occupancy is at record levels, with young travelers seeking adventure, retirees exploring exciting places, expanding numbers of international vacationers and, for business travelers, making the connections that drive success.

正如 2017 年所展現的那樣，全球旅遊業從未像現在這樣充滿活力，也從未像現在這樣提供如此好的機會。入住率創歷史新高，年輕的旅客尋求冒險，退休人士探索令人興奮的地方，越來越多的國際度假者，以及商務旅客建立推動成功的關鍵聯繫。

Technology is making travel easier to book and strengthening economic climates are fueling the wanderlust. Marriott is using this opportunity. Our more than 6,500 properties and 30 brands provide a broad choice of aspirational destinations. Our leading loyalty programs leverage our distribution, driving guest preference and significant RevPAR index premiums. Our tremendous worldwide distribution and diverse brand portfolio enables our sales and marketing channels to be highly effective and efficient. And with our operating know-how, our team executes well against very high guest expectations while driving hotel profitability for our owners and franchisees.

科技讓旅行預訂變得更加容易，而不斷改善的經濟環境也助長了人們的旅行慾望。萬豪酒店正在利用這個機會。我們擁有超過 6500 家酒店和 30 個品牌，提供多種令人嚮往的旅遊目的地選擇。我們領先的忠誠度計畫利用我們的分銷管道，提升顧客偏好度，並帶來顯著的RevPAR指數溢價。我們龐大的全球分銷網絡和多元化的品牌組合使我們的銷售和行銷管道高效運作。憑藉我們的營運經驗，我們的團隊能夠很好地滿足客人極高的期望，同時為我們的業主和加盟商提高酒店盈利能力。

Owners recognize this market opportunity and continue to seek out projects in attractive locations with our brands and platforms. In 2017, we opened 76,000 new rooms, yielding a worldwide net system growth of 5.6%. We also signed nearly 125,000 new rooms worldwide during the year, including 15,000 rooms that were conversions from other brands. Construction delays persist in many markets due to shortages of skilled tradesmen, contractors and subcontractors. Despite this, in 2018, we expect we will grow our worldwide rooms by roughly 7% gross and 5.5% to 6% net.

業主們認識到這一市場機遇，並繼續利用我們的品牌和平台在優越地段尋找專案。2017 年，我們新增了 76,000 間客房，實現了全球淨系統成長 5.6%。今年我們也在全球新增了近 125,000 間客房，其中包括 15,000 間由其他品牌改造而來的客房。由於熟練技工、承包商和分包商短缺，許多市場的建築工程延誤問題仍然存在。儘管如此，我們預計 2018 年全球客房總數將成長約 7%，淨成長約 5.5% 至 6%。

For 25 years, our powerful brands have enabled us to pursue an asset-light strategy that delivers both meaningful unit growth and high-value management and franchise agreements for our shareholders. But the lodging business is changing. It's not enough today to have outstanding operating skill and well-known brands. Today, hotel operators need scale to leverage technology, loyalty programs and booking engines, all of which are needed to meet ever-increasing customer and hotel owner expectations.

25 年來，我們強大的品牌使我們能夠推行輕資產策略，從而為股東帶來有意義的業務成長和高價值的管理及特許經營協議。但住宿業正在改變。如今，僅僅擁有出色的營運技能和知名品牌是不夠的。如今，酒店經營者需要規模優勢才能利用技術、忠誠度計劃和預訂引擎，所有這些都是為了滿足不斷增長的客戶和酒店業主的期望。

In 2017, we added mobile check-in and checkout to 1,600 hotels and are now offering mobile service at nearly 6,000 hotels worldwide. During the year, we rolled out Guest Voice, our guest satisfaction system, across our entire portfolio and launched Marriott Moments that allows guests to shop for and book unique experiences. And we formed a joint venture with Alibaba that we believe will drive engagement and loyalty of Chinese travelers.

2017 年，我們為 1600 家酒店增加了行動入住和退房服務，目前已在全球近 6000 家酒店提供行動服務。年內，我們在旗下所有飯店推出了賓客滿意度系統 Guest Voice，並推出了 Marriott Moments，讓賓客可以選購和預訂獨特的體驗。我們與阿里巴巴成立了一家合資企業，我們相信這將提高中國遊客的參與和忠誠度。

For company-operated hotels, worldwide house profit margins improved by 80 basis points on company-operated worldwide RevPAR growth of 3.8%. In addition to the RevPAR improvement, our higher margins reflect continued terrific productivity savings by our operating teams and integration-related cost savings in procurement, OTA commissions and loyalty programs. Our loyalty programs reached just shy of 110 million members at year-end, and those members accounted for over half of our occupied rooms in 2017. We lowered our loyalty programs charge-out rate to owners in 2017 and again in January 2018, and we expect to further reduce charge-out rates as we harmonize our loyalty programs later this year.

該公司自營酒店的全球房屋利潤率提高了 80 個基點，公司自營酒店的全球每間可供出租客房收入增長了 3.8%。除了RevPAR的提升，我們更高的利潤率也反映了營運團隊持續取得的巨大生產力提升，以及採購、OTA佣金和忠誠度計劃的整合相關成本節約。截至年底，我們的會員忠誠度計畫會員人數接近 1.1 億，這些會員在 2017 年入住的客房數量占我們總入住客房數量的一半以上。我們在 2017 年和 2018 年 1 月降低了會員忠誠度計畫的收費率，我們預計在今年稍後統一會員忠誠度計畫時，會進一步降低收費率。

As we expected, our recently renegotiated cobranded credit card agreements are allowing us to bring more value to our customers and hotel owners as well as our shareholders. We expect new cards will launch later this year. As part of the credit card agreements, hotel owners will also benefit from lower credit card processing fees beginning in 2018. Leeny will talk about our branding fees associated with these credit card agreements in a few moments.

正如我們所預期的，我們最近重新談判的聯名信用卡協議使我們能夠為我們的客戶、酒店業主以及股東帶來更多價值。我們預計新卡將於今年稍後推出。作為信用卡協議的一部分，酒店業主也將從 2018 年開始享受更低的信用卡手續費。Leeny 稍後會談到與這些信用卡協議相關的品牌推廣費用。

Our hotel owners can expect more cost savings in 2018. We recently announced a reduction in North America group intermediary commissions and separately have introduced a new revenue management approach that seeks to book the most profitable business, not just the highest RevPAR business. We also expect to achieve additional synergies in procurement, loyalty and benchmarking in 2018.

我們的酒店業主預計在 2018 年將節省更多成本。我們最近宣布降低北美集團中介佣金，並單獨推出了一種新的收益管理方法，旨在爭取最賺錢的業務，而不僅僅是RevPAR最高的業務。我們也期望在 2018 年在採購、客戶忠誠度和標竿管理方面實現更多綜效。

Let's talk about RevPAR. In the fourth quarter, Marriott systemwide -- Marriott's worldwide systemwide comparable RevPAR increased 4.6% on a constant dollar basis. In North America, fourth quarter RevPAR increased 3.9%, with roughly 1.5 percentage points of the improvement due to the shifting Jewish holidays and hurricane recovery demand.

我們來聊聊每間可供出租客房收入（RevPAR）。第四季度，萬豪系統整體－萬豪全球系統整體可比RevPAR以固定美元計算成長4.6%。在北美，第四季度每間可供出租客房收入增長了 3.9%，其中約 1.5 個百分點的增長是由於猶太節日的調整和颶風災後重建需求所致。

In the fourth quarter, RevPAR growth was stronger than we anticipated in North America, also related to lingering hurricane demand as well as better-than-expected leisure demand in Orlando, Miami, New Orleans and Los Angeles. For the full year 2018, we expect North America systemwide RevPAR will increase 1% to 2%, consistent with recent trends. While we are hopeful we will see a pickup in U.S. economic growth, and we've narrowed the range of our North America RevPAR outlook a bit, we think it unwise to move expectations up broadly this early in the year.

第四季度，北美地區的每間可供出租客房收入 (RevPAR) 成長強於預期，這也與持續的颶風需求以及奧蘭多、邁阿密、新奧爾良和洛杉磯的休閒需求好於預期有關。預計 2018 年全年北美系統平均每間可供出租客房收入 (RevPAR) 將成長 1% 至 2%，與近期的趨勢一致。雖然我們希望看到美國經濟成長回升，並且我們已經稍微縮小了北美每間可供出租客房收入 (RevPAR) 的預期範圍，但我們認為在今年年初就大幅度上調預期是不明智的。

As a reminder, year-over-year comps are tough following 2017's inauguration and the strong 2017 fourth quarter. Booking pace at the end of January for full -- for systemwide full-service hotels is up 2% for 2018. While we haven't completed all special corporate rate negotiations, where negotiations are complete, price increases for the comparable special corporate customers are averaging at a low single-digit rate.

需要提醒的是，由於 2017 年的就職典禮和 2017 年第四季的強勁表現，年比數據比較困難。截至 1 月底，全服務飯店的預訂速度比 2018 年同期成長了 2%。雖然我們還沒有完成所有特殊企業價格談判，但談判已經完成的，同等特殊企業客戶的價格上漲幅度平均為個位數。

RevPAR in the Caribbean and Latin America region increased 5.6% in the fourth quarter compared to last year, also better than our expectations. We saw strong demand in Argentina and signs of economic improvement in Brazil while Mexico was weak following September's earthquake and the peso's appreciation.

與去年同期相比，加勒比海和拉丁美洲地區的每間可供出租客房收入（RevPAR）在第四季度增長了5.6%，也比我們的預期好。我們看到阿根廷需求強勁，巴西經濟出現好轉跡象，而墨西哥在9月份地震和比索升值後經濟疲軟。

In the Caribbean alone, many hotels across the lodging industry remain out of service. This has created significant demand compression for our 45 open properties in the region, driving our comparable Caribbean RevPAR up 24% in the quarter. For the entire Caribbean and Latin America region, we expect RevPAR will increase at a low single-digit rate in the full year 2018.

僅在加勒比地區，住宿業的許多酒店仍然處於關閉狀態。這導致我們在該地區的 45 家已開業酒店的需求大幅下降，推動我們加勒比地區的可比 RevPAR 在本季度增長了 24%。我們預計 2018 年全年加勒比海和拉丁美洲地區的每間可供出租客房收入 (RevPAR) 將以較低的個位數成長率成長。

In the Middle East and Africa, fourth quarter RevPAR increased 5.7%. We saw a strong performance in Saudi Arabia, while at the same time, continued sanctions on Qatar and oversupply in Dubai dampened RevPAR growth in those markets. In Africa, our hotels in Egypt experienced much stronger occupancy, particularly our Red Sea resorts, following that country's currency devaluation. With tougher comps in Africa and a continued challenging political climate in the Middle East, we expect RevPAR in the total region will be flattish for the full year 2018.

在中東和非洲，第四季每間可供出租客房收入成長了5.7%。我們在沙烏地阿拉伯市場看到了強勁的業績，但與此同時，對卡達的持續制裁以及杜拜的供應過剩抑制了這些市場的每間可供出租客房收入 (RevPAR) 成長。在非洲，埃及貨幣貶值後，我們在埃及的飯店入住率大幅提高，尤其是紅海度假村。由於非洲市場競爭更加激烈，加上中東地區政治環境持續充滿挑戰，我們預計 2018 年全年該地區的每間可供出租客房收入 (RevPAR) 將保持穩定。

In the Asia Pacific region, constant dollar systemwide RevPAR rose more than 7% in the fourth quarter, exceeding our expectations, with strong leisure demand in China, Thailand and Japan. Comparable hotel RevPAR in Greater China increased over 9%, driven by robust growth in Hong Kong, Macau and in Shenzhen.

在亞太地區，第四季以固定美元計算的系統平均每間可供出租客房收入成長超過 7%，超出我們的預期，這主要得益於中國、泰國和日本強勁的休閒旅遊需求。大中華區同店每間可供出租客房收入成長超過 9%，主要得益於香港、澳門和深圳的強勁成長。

For the full year 2018, we expect RevPAR in the Asia Pacific region will grow at a mid-single-digit rate, reflecting strength in China and India, but more modest growth in Indonesia due to the active volcano in Bali.

預計 2018 年全年亞太地區的每間可供出租客房收入 (RevPAR) 將以中等個位數的速度增長，這反映了中國和印度的強勁增長，但由於巴厘島的活火山，印度尼西亞的增長較為溫和。

In Europe, fourth quarter RevPAR rose more than 5%, with impressive performance in Paris, Brussels and Istanbul. While RevPAR across most of Europe was strong, demand in Barcelona and London weakened. We expect RevPAR in Europe will grow at a mid-single-digit rate in the full year 2018. For the full year, we expect constant dollar RevPAR will increase 3% to 5% outside North America and 1% to 3% worldwide.

在歐洲，第四季每間可供出租客房收入成長超過 5%，其中巴黎、布魯塞爾和伊斯坦堡的表現特別出色。儘管歐洲大部分地區的每間可供出租客房收入 (RevPAR) 表現強勁，但巴塞隆納和倫敦的需求有所減弱。我們預計 2018 年全年歐洲的每間可供出租客房收入 (RevPAR) 將以中等個位數的速度成長。預計全年以固定美元計算，北美以外地區的每間可供出租客房收入 (RevPAR) 將成長 3% 至 5%，全球將成長 1% 至 3%。

In a few minutes, Leeny will talk about the significant positive impact on 2018 earnings and cash flow from the Tax Cuts and Jobs Act of 2017. The takeaway is that our effective tax rate should drop by approximately 8 points, to roughly 22%, and hopefully, we will see a stronger economic climate in the United States.

幾分鐘後，Leeny 將談到 2017 年《減稅與就業法案》對 2018 年收益和現金流的重大正面影響。由此可見，我們的實際稅率應該會下降約 8 個百分點，降至約 22%，希望美國的經濟環境能更強勁。

As we considered how we might leverage this good news, we considered our long-term cultural maxim that in the hospitality business, strong guest loyalty and economic results are derived from high associate satisfaction and engagement. To put it plainly, at Marriott, we try to take care of our associates, our associates take care of our guests and our guests keep coming back.

在考慮如何利用這一好消息時，我們想到了我們長期的文化準則，即在酒店業，強大的客戶忠誠度和經濟效益源於員工的高度滿意度和敬業度。簡單來說，在萬豪酒店，我們努力照顧我們的員工，我們的員工照顧我們的客人，我們的客人才會不斷光顧。

Attracting and keeping the best talent is critical for us, so we plan to invest roughly $140 million for 2018 in our most important people -- our most important asset, our people, with about $70 million of the cost funded by Marriott and the remainder funded by the Avendra proceeds. We expect to do this by increasing our retirement savings match of associate contributions by up to $1,000 for eligible associates in the U.S. We also plan to invest in other associate-support programs during the year.

吸引和留住最優秀的人才對我們至關重要，因此我們計劃在 2018 年投資約 1.4 億美元用於我們最重要的員工——我們最重要的資產，即我們的員工，其中約 7000 萬美元由萬豪酒店集團出資，其餘部分由 Avendra 的收益支付。我們計劃透過將美國符合資格的員工的退休儲蓄匹配繳款額提高至多 1000 美元來實現這一目標。我們也計劃在年內投資其他員工支援計劃。

We are bullish about our future. No other hotel company offers our comprehensive range of destinations. No other company has loyalty programs of the breadth and depth we do. And none offer the meaningful scale that drives both guest satisfaction and owner returns. But our most powerful advantage is our culture. It is a deep commitment to people, treating each other with dignity and respect, offering everyone opportunities for learning and growth and working together as a team. Given the outstanding results demonstrated in 2017, I'd like to say thank you to all of the Marriott associates who made it possible.

我們對未來充滿信心。沒有其他飯店公司能提供我們如此全面的目的地選擇。沒有其他公司擁有像我們這樣全面深入的會員忠誠度計劃。而且，它們都無法提供能夠同時提升賓客滿意度和業主回報的有效規模。但我們最大的優勢是我們的文化。這是對人的深切承諾，以尊嚴和尊重對待彼此，為每個人提供學習和成長的機會，並作為一個團隊共同努力。鑑於 2017 年取得的優異成績，我要感謝所有為此付出努力的萬豪員工。

To tell you more about the quarter, I'd like to turn the call over to Leeny Oberg. Leeny?

為了更詳細地向大家介紹本季的情況，我想把電話交給 Leeny Oberg。莉妮？

Thank you, Arne. Welcome, everyone. As Arne said, there are a lot of moving pieces to discuss, so starting with Slide 9, let's review 2 adjustments we made to results in the fourth quarter of '17.

謝謝你，阿恩。歡迎各位。正如 Arne 所說，有很多變動因素需要討論，所以從第 9 張投影片開始，讓我們回顧一下我們在 2017 年第四季對業績所做的 2 項調整。

Aramark purchased Avendra for $1.35 billion in December of 2017. After deducting company debt, transaction costs and other expenses, net proceeds were $1.2 billion, of which Marriott's proceeds and gain were $659 million. This quarter's tax provision included $259 million on the gain. As we've explained in the past, the proceeds from the transaction will be reinvested in our system. Under GAAP, we recognized the gain in the fourth quarter. Going forward, we plan to incur expenses as the funds are invested in the system and expect to similarly back out such expenses in calculating adjusted results.

2017 年 12 月，Aramark 以 13.5 億美元收購了 Avendra。扣除公司債務、交易成本和其他費用後，淨收益為 12 億美元，其中萬豪的收益和利潤為 6.59 億美元。本季稅收準備金包括 2.59 億美元的收益。正如我們之前解釋過的，交易所得收益將重新投資於我們的系統。根據美國通用會計準則，我們在第四季度確認了該收益。展望未來，我們計劃在將資金投入系統的過程中產生費用，並期望在計算調整後的結果時同樣地將這些費用扣除。

Our fourth quarter GAAP results also reflect the impact of U.S. tax reform passed in 2017. The fourth quarter included a $745 million provisional transition tax on Marriott's accumulated foreign earnings, $159 million favorable revaluation of our deferred tax liabilities and a favorable $19 million of other tax impact. In total, the Avendra transaction in 2017 tax legislation reduced our fourth quarter GAAP net income by $167 million and diluted EPS by $0.45.

我們的第四季 GAAP 業績也反映了 2017 年通過的美國稅制改革的影響。第四季包括萬豪累計海外收益的 7.45 億美元暫定過渡稅、遞延所得稅負債的 1.59 億美元有利重估以及 1,900 萬美元的其他有利稅收影響。2017 年稅法中的 Avendra 交易總共使我們第四季度 GAAP 淨收入減少了 1.67 億美元，稀釋後每股收益減少了 0.45 美元。

On Slide 10, you can see 2017 fourth quarter total fee revenue increased 12%. Fees increased due to unit growth, RevPAR growth and higher nonproperty fees, largely credit card branding fees. Nonproperty fees, including application fees, relicensing fees and fees from our timeshare, credit card and residential businesses together totaled $122 million in the quarter, 27% higher than the prior year.

從第 10 張投影片可以看出，2017 年第四季總費用收入成長了 12%。費用增加的原因是單位數量增長、每間可供出租客房收入增長以及非物業費用（主要是信用卡品牌費）增加。本季非房產費用（包括申請費、重新許可費以及分時度假、信用卡和住宅業務的費用）總計 1.22 億美元，比上年同期增長 27%。

Incentive fees increased 14% in the quarter, largely due to strong results at full-service hotels in North America and the Asia Pacific regions.

本季獎勵費用成長了 14%，主要原因是北美和亞太地區全方位服務酒店的強勁業績。

Owned, leased and other revenue, net of expenses, totaled $95 million in the 2017 quarter. We benefited from stronger results at a few North America owned and leased hotels, but overall owned, leased results decline due to hotel dispositions.

2017 年第一季度，自有資產、租賃資產和其他收入（扣除支出後）總計 9,500 萬美元。我們受益於北美幾家自有和租賃酒店的強勁業績，但由於酒店處置，整體自有和租賃業績下降。

Since the beginning of the 2016 fourth quarter through 2017 year-end, we've sold 4 properties, in each case retaining a long-term management agreement. These properties contributed $3 million in profits on the owned, leased line in the 2017 fourth quarter compared to $21 million in the fourth quarter of 2016.

從 2016 年第四季初到 2017 年年底，我們已售出 4 處房產，每處房產都保留了長期管理協議。這些物業在 2017 年第四季自有租賃業務項下貢獻了 300 萬美元利潤，而 2016 年第四季則貢獻了 2,100 萬美元利潤。

General and administrative expenses totaled $259 million in the 2017 fourth quarter, $25 million worse than the prior year, reflecting $7 million of litigation reserves in the 2017 quarter, higher incentive compensation and an $8 million benefit from a favorable legal settlement in the prior year.

2017 年第四季一般及行政費用總計 2.59 億美元，比去年同期增加 2,500 萬美元，這反映了 2017 年第四季 700 萬美元的訴訟準備金、更高的激勵性薪酬以及上年同期有利的法律​​和解帶來的 800 萬美元收益。

Turning to Slide 11. Our fourth quarter results were much better than we expected. Adjusted diluted earnings per share totaled $1.12, roughly $0.13 ahead of the midpoint of our EPS guidance of $0.98 to $1.

翻到第11張幻燈片。我們第四季的業績遠超預期。經調整後的稀釋每股收益總計為 1.12 美元，比我們先前預測的每股收益 0.98 美元至 1 美元的中點高出約 0.13 美元。

On the fee line, we picked up about $0.06 of outperformance due to stronger-than-expected RevPAR and margin growth and better-than-expected branding fees. The owned, leased and other line gave us about $0.01 due to better-than-expected results at hotels in New York, Atlanta and Anaheim. G&A was about $0.03 worse due to unexpected litigation reserves and development expenses.

在費用方面，由於RevPAR和利潤率成長強於預期，以及品牌推廣費好於預期，我們獲得了約0.06美元的超額收益。由於紐約、亞特蘭大和阿納海姆的酒店業績好於預期，自有、租賃和其他業務線為我們帶來了約 0.01 美元的收益。由於意外的訴訟準備金和開發費用，一般及行政費用增加了約 0.03 美元。

Net interest in the equity and earnings line each contributed about $0.01 of outperformance. The provision for taxes helped by $0.07, including $0.03 of tax benefit related to stock compensation, $0.03 from a favorable mix of business and $0.01 from discrete tax items.

權益和淨收益分別貢獻了約 0.01 美元的超額收益。稅收準備金為 0.07 美元，其中包括與股票補償相關的 0.03 美元稅收優惠、有利的業務組合帶來的 0.03 美元以及來自特定稅收項目的 0.01 美元。

As you know, effective January 1, 2018, our results will reflect FASB's new revenue recognition rules. I want to emphasize that while these changes will result in some geography and timing changes in our reported results, our cash flow won't be impacted. We discussed these changes in our third quarter 10-Q, and there'll be additional discussion in our 10-K.

如您所知，自 2018 年 1 月 1 日起，我們的業績將反映 FASB 的新收入確認規則。我想強調的是，雖然這些變化會導致我們公佈的業績在地域和時間上發生一些變化，但我們的現金流量不會受到影響。我們在第三季 10-Q 報告中討論了這些變化，並將在 10-K 報告中進行進一步討論。

I'd like to bring your attention to the third point on Slide 12 regarding incentive fees. Compared to our past practice, the new accounting standard may shift recognition of some incentive fees from one quarter to another quarter, with the most significant impact on seasonal resorts. The rule change only impacts quarterly timing. It will not change our incentive fee recognition for the full year nor alter the quarterly cash receipt of incentive fees.

我想請大家注意第 12 頁投影片上的第三點，關於激勵費用。與我們過去的做法相比，新的會計準則可能會將一些激勵費用的確認從一個季度轉移到另一個季度，對季節性度假村的影響最為顯著。規則變更僅影響季度時間。這不會改變我們全年的激勵費用確認，也不會改變季度激勵費用的現金收入。

We expect the overall impact of the first 5 changes shown in Slide 12 will reduce 2018 adjusted EBITDA by roughly $60 million and operating profit by roughly $50 million, but will not change our annual or quarterly net cash flow. We will not adjust our results for these changes in non-GAAP reconciliations going forward.

我們預計投影片 12 所示的前 5 項變更的整體影響將使 2018 年調整後的 EBITDA 減少約 6,000 萬美元，營業利潤減少約 5,000 萬美元，但不會改變我們的年度或季度淨現金流。今後，我們將不會因這些非GAAP調整項目的變化而調整我們的績效。

Moving to #6 on Slide 12. The new rules also impact the treatment of costs for centralized programs and services like sales and marketing, loyalty and reservations, the cost of which are reimbursed to us by owners.

轉到第 12 張投影片上的第 6 點。新規也影響集中式專案和服務（如銷售和行銷、忠誠度和預訂）的成本處理，這些成本由業主向我們報銷。

In 2017, we had roughly $18 billion of total annual reimbursed revenue and cost reimbursement expenses. Roughly 30% of these reimbursements are associated with centralized programs and services. We operate these programs on a breakeven basis, although there can be cash differences in the timing of revenue and expenses.

2017 年，我們的年度報銷收入和成本報銷支出總額約為 180 億美元。這些報銷款項中約有 30% 與集中式項目和服務有關。我們以收支平衡的方式經營這些項目，儘管收入和支出的時間可能會有現金差異。

Prior to the new revenue recognition rules, such revenue and expenses netted to 0 on our financial statements, and we reflected the cash impact of any timing difference on our balance sheet. However, under the new rules, timing differences of these owner payments and system expenses will flow through our GAAP reported net income instead. We expect to adjust these timing differences of centralized programs and services in our calculation of adjusted EPS and adjusted EBITDA going forward and do not expect to include such timing differences in our earnings guidance. Here again, this change in accounting does not change our annual or quarterly net cash flow.

在新的收入確認規則實施之前，此類收入和支出在我們的財務報表中淨額為 0，我們將任何時間性差異的現金影響反映在我們的資產負債表上。然而，根據新規，這些業主付款和系統費用的時差將反映在我們按 GAAP 報告的淨收入中。我們預計在未來計算調整後每股盈餘和調整後 EBITDA 時，將調整集中式專案和服務的這些時間差異，並且預計不會將這些時間差異納入我們的獲利預期。同樣，會計方法的這種變化不會改變我們年度或季度的淨現金流。

We appreciate your patience. Given the complicated impact of the new accounting rules on incentive fees for seasonal hotels, we don't yet have a detailed first quarter P&L forecast. Our budget spreads are also delayed as we transition to a unified financial reporting platform. We expect to provide investors with 2017 quarterly results under the new revenue standard in the second quarter. We remain committed to transparency and expect we will resume fulsome quarterly guidance on our next earnings call.

感謝您的耐心等待。鑑於新會計準則對季節性飯店的獎勵費用產生了複雜的影響，我們目前還沒有詳細的第一季損益預測。由於我們正在過渡到統一的財務報告平台，我們的預算編制工作也因此有所延遲。我們預計將在第二季向投資者提供根據新收入標準計算的 2017 年季度業績。我們將繼續致力於保持透明度，並預計在下次財報電話會議上恢復提供完整的季度業績指引。

I'd like to take a moment to express my sincere thanks to our finance and accounting team for expertly managing purchase accounting, new revenue recognition rules and combining ledgers all at the same time.

我想藉此機會向我們的財務和會計團隊表達我由衷的感謝，感謝他們同時出色地完成了採購會計、新的收入確認規則和合併賬簿等工作。

Of course, there are a few observations we can make about the first quarter. With tough comparisons to last year's inauguration and Women's March and the unfavorable timing of Easter, North America RevPAR is likely to be flat to up 2% in the 2018 first quarter. International RevPAR is likely to go 3% to 5%, with continued strength in the Europe and Asia Pacific regions. And worldwide systemwide RevPAR should increase 1% to 3% in the first quarter. Unit grades should remain strong, and credit card branding fees should move higher. In the first quarter of 2017, we recognized about $20 million of earnings from owned hotels that have since been sold.

當然，關於第一季度，我們可以提出一些看法。由於與去年的就職典禮和婦女遊行相比，以及復活節的不利時機，北美 2018 年第一季的每間可供出租客房收入 (RevPAR) 可能持平或增長 2%。國際每間可供出租客房收入 (RevPAR) 可能成長 3% 至 5%，歐洲和亞太地區將持續保持強勁勢頭。第一季度，全球系統平均每間可供出租客房收入（RevPAR）預計將成長 1% 至 3%。單位評級應保持強勁，信用卡品牌推廣費應會上漲。2017 年第一季度，我們確認了來自已售出自有酒店的約 2,000 萬美元收益。

For the full year 2018, we can be more helpful. The table on Page 13 of the press release and Slide 14 in our slide deck show our 2018 full year outlook. Our guidance is on the left column and reflects the new revenue standard. While we will be reporting 2018 results including the impact of the new revenue standard, for those of you who wish to compare our 2018 outlook with 2017 actuals excluding the accounting change, we've provided the data for your use in the column on the right.

2018 年全年，我們可以提供更多協助。新聞稿第 13 頁的表格和我們幻燈片中的第 14 頁展示了我們 2018 年全年展望。我們的指導意見在左側欄，反映了新的收入標準。雖然我們將報告 2018 年的業績，其中包括新收入準則的影響，但對於那些希望將我們 2018 年的展望與 2017 年的實際業績（不包括會計變更）進行比較的人，我們已在右側的列中提供了數據供您使用。

With 1% to 3% global RevPAR growth and 5.5% to 6% net unit growth, we expect gross fee revenue will total $3.535 billion to $3.620 billion, and we expect incentive fees will increase at a low single-digit rate in 2018. Contract cost amortization should total $55 million.

預計全球每間可供出租客房收入 (RevPAR) 將成長 1% 至 3%，淨單位數將成長 5.5% 至 6%，總費用收入將達到 35.35 億美元至 36.2 億美元，預計 2018 年激勵費用將以較低的個位數成長率成長。合約成本攤銷總額應為 5500 萬美元。

Our fee revenue estimate includes meaningful improvement from credit card branding fees. Such fees increased from $173 million in 2016 to $242 million in 2017 as we harmonized terms of the Marriott and Starwood credit card programs and realized higher cardmember spend. In 2018, with the renegotiation of our credit card agreements and the launch of new credit cards, credit card branding fees could total $360 million to $380 million.

我們的費用收入預測包括信用卡品牌推廣費帶來的顯著成長。隨著我們協調萬豪和喜達屋信用卡計畫的條款，以及持卡會員消費額的提高，此類費用從 2016 年的 1.73 億美元增加到 2017 年的 2.42 億美元。2018 年，隨著信用卡協議的重新談判和新信用卡的推出，信用卡品牌推廣費總額可能達到 3.6 億至 3.8 億美元。

In 2018, owned, leased and other revenue, net of direct expenses, should total $285 million to $295 million and do not reflect any additional asset sales. Earnings on this line from hotels that were sold in 2017 or early 2018 totaled $55 million in 2017.

2018 年，自有、租賃和其他收入（扣除直接費用後）總計應為 2.85 億美元至 2.95 億美元，且未反映任何額外的資產出售。2017 年，該業務線從 2017 年或 2018 年初出售的飯店中獲得的收益總計 5,500 萬美元。

We estimate depreciation and amortization in 2018 will total roughly $230 million, reflecting the reclassification of $55 million of contract amortization to the revenue line -- fee revenue line due to the new revenue standard. We estimate G&A will total $935 million to $945 million, including the $70 million onetime investment in our associates in 2018. Excluding this amount, we would expect 2018 G&A to be lower than 2017, consistent with our targeted $250 million of long-term G&A savings from the Starwood acquisition.

我們估計 2018 年的折舊和攤銷總額約為 2.3 億美元，這反映了由於新的收入標準，5500 萬美元的合約攤銷被重新分類到收入項目——費用收入項目。我們預計一般及行政費用總額將達到 9.35 億美元至 9.45 億美元，其中包括 2018 年對我們員工的 7,000 萬美元一次性投資。除去這筆款項，我們預計 2018 年的 G&A 費用將低於 2017 年，這與我們透過收購喜達屋實現的 2.5 億美元的長期 G&A 費用節省目標相符。

In January 2018, we completed the sale of the Buenos Aires Sheraton and Park Tower properties for approximately $105 million. We estimate the gain from this transaction will be roughly $45 million and will be recognized in the first quarter.

2018 年 1 月，我們完成了布宜諾斯艾利斯喜來登酒店和公園塔樓的出售，售價約為 1.05 億美元。我們預計此交易的收益約為 4,500 萬美元，並將於第一季確認。

Our outlook assumes a 2018 effective tax rate of roughly 22%. We expect the provisional transition tax that we booked in the fourth quarter of 2017, less any available tax credits, will be paid out in cash over 8 years. We expect our cash tax rate in 2018 will be noticeably higher at roughly 36%, reflecting a negative 11-point impact from cash taxes associated with the sale of Avendra and a negative 3-point impact from the 2018 installment of cash taxes associated with the transition tax.

我們的預測假設 2018 年的實際稅率約為 22%。我們預計，在 2017 年第四季計入的過渡期臨時稅款，扣除任何可用的稅收抵免後，將在 8 年內以現金支付。我們預計 2018 年的現金稅率將顯著上升至約 36%，這反映了與出售 Avendra 相關的現金稅帶來的 11 個百分點的負面影響，以及與過渡稅相關的 2018 年現金稅帶來的 3 個百分點的負面影響。

For the full year 2018, we expect fee revenue will total $3.54 billion to $3.62 billion, a 6% to 9% increase despite the estimated $25 million negative impact of the new revenue standard. We expect adjusted diluted EPS will total $5.11 to $5.34, a 17% to 22% increase over adjusted diluted EPS in 2017 despite the estimated $0.11 negative impact of the new revenue standard and the roughly $0.15 onetime negative impact from our estimated investment in our associates.

預計 2018 年全年費用收入將達到 35.4 億美元至 36.2 億美元，儘管新的收入標準預計將帶來 2,500 萬美元的負面影響，但仍將成長 6% 至 9%。我們預計調整後的稀釋每股收益將達到 5.11 美元至 5.34 美元，比 2017 年調整後的稀釋每股收益增長 17% 至 22%，儘管新的收入標準預計會帶來 0.11 美元的負面影響，並且我們對員工的預計投資也會帶來約 0.15 美元的一次性負面影響。

We expect 2018 adjusted EBITDA will total $3.32 billion to $3.42 billion, a 3% to 6% increase over 2017 adjusted EBITDA, despite the estimated $60 million negative impact of the new revenue standard, the $70 million onetime negative impact from our expected investment in our associates and the negative impact of $55 million of lower owned, leased profits due to sold hotels.

我們預計 2018 年調整後 EBITDA 將達到 33.2 億美元至 34.2 億美元，比 2017 年調整後 EBITDA 增長 3% 至 6%，儘管新的收入標準預計會帶來 6000 萬美元的負面影響，我們預計對員工的投資將帶來 7000 萬美元的折扣

There are a few things not reflected in our 2018 guidance. First, we expect to spend the net proceeds from the Avendra sale for the benefit of our owners, franchisees and our system over the next few years, including $70 million for the onetime additional profit sharing contribution funded by Avendra proceeds. While Avendra reinvestment will be included as an expense in our GAAP results, we expect to adjust for any such expense in our calculation of adjusted EPS and adjusted EBITDA and do not expect to include such expenses in our earnings guidance.

我們的 2018 年指導方針中並沒有反映出一些情況。首先，我們預計在未來幾年內，將 Avendra 出售所得的淨收益用於造福我們的所有者、加盟商和我們的系統，其中包括用 Avendra 收益支付的 7000 萬美元一次性額外利潤分享貢獻金。雖然 Avendra 的再投資將作為一項費用計入我們的 GAAP 結果中，但我們預計會在計算調整後每股收益和調整後 EBITDA 時對任何此類費用進行調整，並且預計不會將此類費用計入我們的盈利預期中。

Similarly, our guidance does not include merger-related costs or the timing impact of centralized programs and services. Here again, we expect to adjust for such costs in our diluted EPS and adjusted EBITDA.

同樣，我們的指導意見不包括與合併相關的成本或集中式項目和服務的時效性影響。同樣，我們預計會在稀釋後的每股盈餘和調整後的 EBITDA 中對這些成本進行調整。

Investment spending, including contract costs and loan activity, totaled $612 million in 2017. We expect investment spending will total $600 million to $700 million in 2018, including $225 million in maintenance spending as we expect to renovate several leased hotels in 2018. We have already recycled $1.3 billion of assets to date since closing the Starwood acquisition. While we remain confident of our ability to reach our post-acquisition $1.5 billion target by year-end 2018, our 2018 earnings and cash flow guidance assumes no further asset sales.

2017 年投資支出（包括合約成本和貸款活動）總計 6.12 億美元。我們預計 2018 年的投資支出總額將達到 6 億至 7 億美元，其中包括 2.25 億美元的維護支出，因為我們預計將在 2018 年翻新幾家租賃的酒店。自從完成對喜達屋的收購以來，我們迄今已回收了價值 13 億美元的資產。儘管我們仍有信心在 2018 年底前實現收購後 15 億美元的目標，但我們 2018 年的收益和現金流量預期假設不會再出售任何資產。

In 2017, we returned $3.5 billion to shareholders through dividends and share repurchases, reflecting our success with asset recycling, the return of foreign cash and strong operating cash flow during the year. Assuming no asset sales beyond those already completed, we could return roughly $2.5 billion to shareholders in 2018.

2017 年，我們透過股利和股票回購向股東返還了 35 億美元，這反映了我們在資產回收、海外現金回流和強勁的經營現金流方面的成功。假設除了已經完成的資產出售之外沒有其他資產出售，我們2018年可以向股東返還約25億美元。

Our balance sheet is in great shape. On December 31, our debt ratio was at the low end of our targeted credit standard of 3 to 3.25x adjusted debt to combined adjusted EBITDAR. There is a lot of excitement at Marriott today. We're embracing change as never before while remaining true to our culture and commitment to excellence to the benefit of our guests, owners, associates and shareholders. Thank you for your interest in joining us on this journey. (Operator Instructions)

我們的資產負債表狀況良好。截至 12 月 31 日，我們的債務比率處於目標信貸標準 3 至 3.25 倍調整後債務與合併調整後 EBITDAR 比率的低端。今天萬豪酒店裡一片歡騰。我們以前所未有的熱情擁抱變革，同時堅持我們的文化和對卓越的承諾，以造福我們的顧客、業主、員工和股東。感謝您有興趣加入我們這段旅程。（操作說明）

We'll take your questions now.

現在開始回答您的問題。

(Operator Instructions) Our first question comes from the line of Robin Farley with UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的 Robin Farley。

I wonder if you could give a little more color around the fee growth guidance. In that 7% to 10% range, just given that it looks like maybe 3 percentage points of that is from higher credit card branding fees, when you combine your unit growth and your RevPAR growth, it seems like all those pieces added should maybe get to a higher range than the 7% to 10%. So, I wonder if you could just give a little bit of color if there are other moving pieces there.

我想請您再詳細解釋一下費用成長預期。在 7% 到 10% 的範圍內，考慮到其中可能 3 個百分點來自更高的信用卡品牌費用，當你把單位增長和每間可供出租客房收入 (RevPAR) 增長結合起來時，所有這些因素加起來似乎應該會超過 7% 到 10%。所以，我想知道，如果還有其他因素在起作用，您能否稍微補充一些細節？

Sure, absolutely. So let's, first of all, talk a little bit about the other parts of fees that are part of the non-hotel-related fees, and that is when you think about timeshare fees and residential branding fees and things like that, which make up a solid maybe 40% of those non-hotel-related fees. They are actually -- when you consider what's going on with the rev rec, they are actually going down year-over-year. So that takes your growth in the credit card fees that is, obviously when you see our number, something like 50%. That brings that overall growth number of the non-hotel fees down meaningfully. Then on top of that, you've got incentive fees, which as we've talked about before, are in the low single digits. And that is really a function of the RevPAR guidance that we've given. There's a couple other oddballs like we actually recognized $6 million of deferred incentive fees in 2017, which, obviously, we won't have again in '18. And when you think about -- we had great margin performance in 2017, but with clearly a bit stronger RevPAR than our current forecast for 2018 implies. And so when you put that together, that also is a reason for the overall fee growth to be lower. And then last but not least is the reality that as we're adding hotels, there is some fee ramp. And when you think about the proportion of limited-service hotels that we're adding, you have some drag as our hotels get up to stabilized fees. And this is something that, quite frankly, is something the whole industry experiences. And if you look at our '16 to '17 performance and you back out the growth that we had in these areas, you'll see the same trend there as well. The -- I think the point I would emphasize is these are all hotels that are coming on board, they're ramping up nicely and the growth in the future for the fees is there.

當然可以。首先，讓我們來談談非飯店相關費用的其他部分，例如分時度假費、住宅品牌推廣費等等，這些費用可能佔非飯店相關費用的 40%。實際上——考慮到收入成長情況，它們實際上是逐年下降的。所以，信用卡手續費的成長，顯然，正如你所看到的，大約是 50%。這樣一來，非飯店費用的整體成長率就顯著下降了。除此之外，還有激勵費用，正如我們之前討論過的，這些費用只有個位數。這實際上取決於我們提供的每間可供出租客房收入 (RevPAR) 指導方針。還有一些其他的奇怪之處，例如我們在 2017 年確認了 600 萬美元的遞延激勵費用，顯然，我們在 2018 年不會再有這種情況了。仔細想想——我們在 2017 年的利潤率表現非常出色，但顯然 2018 年的每間可供出租客房收入 (RevPAR) 比我們目前的預測要高一些。因此，綜合以上因素，這也是整體費用成長放緩的原因之一。最後但同樣重要的是，隨著酒店數量的增加，費用也會相應增加。考慮到我們新增的有限服務酒店的比例，當我們的酒店達到穩定收費標準時，就會出現一些阻力。坦白說，這是整個產業都會遇到的問題。如果你看我們 2016 年到 2017 年的業績，並扣除我們在這些領域的成長，你也會看到同樣的趨勢。我想強調的是，這些都是即將加入的飯店，它們正在穩步發展，未來費用也會有成長空間。

Okay, that's helpful. Maybe just as my follow-up just on the incentive management fees. Just looking at North America, the percent in 2017 was unchanged from 2016. It was the same 70% paying fees. But just given the RevPAR increase last year and then the increase in operating margins at those North America managed properties, is that -- and maybe it's what you were mentioning that the limited-service hotels are being added but -- or did it surprise you that there wasn't an increase in the percent of properties paying incentive management fees?

好的，這很有幫助。或許我只是想就激勵管理費的問題做個後續跟進。單看北美地區，2017 年的百分比與 2016 年相比沒有變化。繳納費用的比例仍是70%。但考慮到去年的每間可供出租客房收入 (RevPAR) 增長，以及北美管理物業的營運利潤率增長，這是否——也許這就是您提到的有限服務酒店數量增加的原因——或者，您是否對支付激勵管理費的物業比例沒有增加感到驚訝？

Yes, no, not at all. That's really -- we have a number of limited-service managed hotels that are in large portfolios. And we actually were very pleased with the performance of our North American hotels. Margins were only up 40 basis points for the year in 2017 in North America, which is not going to move the needle that much in percentage of hotels achieving IMF.

是，不，完全不是。確實如此——我們擁有許多規模龐大的有限服務型酒店。事實上，我們對北美飯店的業績非常滿意。2017 年北美地區的利潤率僅提高了 40 個基點，這不會對達到 IMF 標準的飯店百分比產生太大影響。

Our next question comes from the line of David Beckel with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究公司的戴維‧貝克爾。

I'm curious, you mentioned from Q4 particular strength in leisure. Are you also seeing an acceleration at all in terms of corporate spending or corporate group booking activity? And to what extent, if you do, do you expect that to carry through to the remainder of the year?

我很好奇，您提到第四季休閒娛樂領域表現特別強勁。您是否也觀察到企業支出或企業團體預約活動加速成長的趨勢？如果確實如此，你預計這種趨勢會持續到今年剩餘的時間嗎？

One of the things that was interesting in Q4 was the transient business was up about 4.1%. This is a U.S. figure. And transient, of course, includes corporate negotiated rates, includes retail rates, includes leisure, it includes some contract rates, all of which are contributing to that. But the corporate RevPAR was 4.1% too. It was essentially right on with the average, which we take on balance to be a fairly encouraging sign. I think if you look back over the last year or so, you would see that the corporate traveler was a bit weaker than the leisure traveler in the sort of average performance of transient. I think the second thing which we take a little comfort in is that group bookings, while we can -- and undoubtedly, there'll be more questions about this, we can look at bookings for '18 or bookings for all future periods, what-have-you. But groups, too, we broadly split between corporate, association and government. And corporate bookings in Q4 showed a bit of a sign of life, not overwhelmingly different than in prior periods but stronger than in prior periods. So all of that is at least a hint of something to be optimistic about.

第四季比較有趣的一點是，短期業務成長了約 4.1%。這是美國的數據。當然，臨時住宿包括公司協商價格、零售價格、休閒住宿價格以及一些合約價格，所有這些都促成了這種情況。但企業RevPAR也只有4.1%。基本上與平均水平相符，我們認為這總體上是一個相當令人鼓舞的跡象。我認為，如果你回顧過去一年左右的情況，你會發現，商務旅客在平均客流量方面比休閒旅客略遜一籌。我認為第二件讓我們稍微欣慰的事情是，團體預訂方面，雖然我們可以——而且毫無疑問，關於這一點還會有更多問題——我們可以查看 2018 年的預訂或未來所有時期的預訂等等。但就群體而言，我們大致可以分為企業、協會和政府。第四季的企業預訂量出現了一些復甦跡象，雖然與前幾季相比沒有太大變化，但比前幾季要強勁一些。所以，這一切至少暗示著一些值得樂觀的跡象。

And as a quick follow-up, just from your conversations with corporate leaders out there that spend a lot traveling with your properties, what is the sense that you get of their willingness or desire to increase business travel spend?

最後，我想快速問一下，根據您與那些經常出差、入住您旗下酒店的企業領導人的交流，您覺得他們是否有意願或渴望增加商務旅行支出？

It is -- I mean, I think that on the positive side, I've been struck by how broad the optimism is among U.S. corporate CEOs, really dramatically improving post tax reform. But the tone, for example, in many of the conversations I've had with folks is really quite bullish. That doesn't, sadly, immediately translate into somebody saying, "Therefore, I'm going to have our team out there spending more money on hotels." I think in a sense, that's a detail, if you will, from at least most CEOs' perspectives. But I think if that optimism translates into better corporate profits, if it translates into more investing activity by companies, I think inevitably, we'll see that, that is positive for corporate demand for our industry.

我的意思是，從正面的方面來看，我驚訝地發現美國企業執行長們普遍抱持樂觀態度，稅制改革後情況確實有了顯著改善。但例如，在我與許多人進行的對話中，語氣都非常樂觀。遺憾的是，這並不意味著有人會說：「因此，我要讓我們的團隊在外面花更多的錢住在飯店。」我認為，從某種意義上說，至少從大多數執行長的角度來看，這只是一個細節。但我認為，如果這種樂觀情緒轉化為更好的企業利潤，轉化為企業更多的投資活動，那麼我們必然會看到，這對我們行業的企業需求是正面的。

Our next question comes from the line of Smedes Rose with Citi.

我們的下一個問題來自 Smedes Rose 與花旗銀行的合作計畫。

You mentioned some delays in the construction delivery, which I think you talked about last quarter as well. But I wanted to ask you too, it looks like the Sheraton room system has come down about 2% since your acquisition. How do you think about that going forward in terms of the room counts? And is there any kind of update you can provide on how the RevPAR index is trending for that brand?

您提到施工進度有所延誤，我想您上個季度也談到這個問題。但我還想問您，自從您收購以來，喜來登酒店的客房系統似乎下降了約 2%。您認為未來房間數量方面會有什麼變化？您能否提供一下該品牌的RevPAR指數的最新趨勢？

We're doing the early work with Sheraton. I think it's going quite well, as we've talked about in prior quarters and in other contexts. It's a multiyear task and -- but a huge part of the preparatory work is pulling in owners of existing Sheraton hotels, making sure they understand the standards that will be applied to those hotels, giving them the opportunity to meet those standards. And that you can't necessarily publish standards and say, you've got only a week to do that. That's not fair to the kind of partnerships we have with these hotel owners. But that work is well under way. We're deeply engaged with the ownership community and, I think, making great progress on standard-setting. At the same time, the early ones to fix are the worst ones. And we have, even while we've waited for the total development, if you will, of the standards, we know that there are a number of these hotels that are not going to meet those standards, whatever the details are. And so we've been accelerating our work with those to try and move as quickly as we can to get properties moving forward, hopefully, towards renovation to meet standards. But if not, to have them lose the system. And I think we have culled, what, 5,000 rooms last year, I think, in the Sheraton portfolio. Our expectations is we will cull a bit less than that in 2018. Obviously, we don't know for certain how that will go. But those are decisions that, on balance, we feel really good about because it's the kind of work that needs to be done in order to get the brand where we want it to be.

我們正在與喜來登酒店進行前期合作。我認為進展相當順利，正如我們在前幾個季度和其他場合討論過的那樣。這是一項需要多年才能完成的任務，但準備工作中很大一部分是讓現有喜來登酒店的業主參與進來，確保他們了解將適用於這些酒店的標準，並讓他們有機會達到這些標準。而且你不能隨意發布標準，然後說，你只有一周時間來完成這項工作。這對我們與這些飯店業主之間的合作關係是不公平的。但這項工作正在順利進行中。我們與業主群體進行了深入的交流，我認為我們在標準制定方面取得了巨大進展。同時，那些最先需要修復的問題往往是最棘手的。即使我們仍在等待標準的全面製定，我們也知道，無論細節如何，有很多酒店都無法達到這些標準。因此，我們一直在加快與這些專案的合作，力求盡快推進專案進展，希望能夠順利完成翻新，達到標準。否則，就會讓他們失去這個系統。我認為去年我們在喜來登酒店集團旗下精簡了大約 5000 間客房。我們預計 2018 年的淘汰數量會比這更少。顯然，我們無法確定結果會是如何。但總的來說，我們對這些決定感到非常滿意，因為這是為了讓品牌達到我們想要的目標而必須做的工作。

And then, Leeny, I just wanted to ask you on the calculation of leverage as the ratings agencies look at it. I assume that they're going to use the new sort of definition of EBITDA as they think about that. And also -- well, if you could confirm that. But also the tax liability that you mentioned related to repatriation of profits. Do you think the agencies will look at that as -- in their calculation of debt? I think it's like $700 million or something.

然後，Leeny，我只想問你評級機構是如何計算槓桿率的。我估計他們在考慮這個問題時會採用 EBITDA 的新定義。還有——如果您能確認一下就好了。但還有您提到的與利潤匯回相關的稅務責任。你認為監管機構在計算債務時會考慮這一點嗎？我想大概是7億美元左右吧。

Yes, sure. Thanks, Smedes. Yes, I would expect that in debt to EBITDAR that they would assume that it's done based on the new rev rec standard. However, as you know, many of them actually look at 2 statistics: one is a FFO to debt so a cash flow to debt ratio as well as the debt to EBITDAR. And obviously, from the cash flow one, that will not be impacted. And then the other part is that on the liability that's included in the debt, they actually use a discounted amount that is actually more like $450 million because they're using the true cash that we expect, which is not the full $745 million because we've got some tax credits. So that comes down and then it's paid over time. And so you get the benefit of being able to discount that. So it's not the full $745 million that's going to go on to your debt calculation, but we would expect that, that goes into the debt to EBITDAR.

當然可以。謝謝你，斯梅德斯。是的，我預計在EBITDAR的債務計算中，他們會假設這是根據新的收入確認標準完成的。但是，正如您所知，他們中的許多人實際上會查看兩個統計數據：一個是 FFO 與債務的比率，即現金流與債務的比率，以及債務與 EBITDAR 的比率。顯然，現金流方面不會受到影響。另一方面，對於債務中包含的負債，他們實際上使用了一個折現金額，實際上更接近 4.5 億美元，因為他們使用的是我們預期的真實現金，而不是全部的 7.45 億美元，因為我們有一些稅收抵免。所以這筆錢會先降下來，然後再分期支付。因此，您可以享受折扣帶來的好處。所以，不會把全部 7.45 億美元都計入你的債務計算中，但我們預計這部分會計入債務與 EBITDAR 的比率。

Okay. So just sort of net-net, it sounds like if you're running the company at like 3.1 or 3.2x debt to EBITDAR, that capacity comes down slightly on those new debt or new standards?

好的。所以總的來說，聽起來如果公司的債務與EBITDAR之比為3.1或3.2倍，那麼新增債務或新標準會略微降低公司的償債能力？

Yes, it does. If you remember for us, it's called 10 basis points is roughly $350 million so that does take us down about a tick. But again, part of this is about working through with the rating agencies the issue that this is not affecting our cash flow and that you would argue actually with the tax reform that our cash turnover is actually going to be higher. And so as we look at what's there, it's part of what we've talked to you in our $2.5 billion capital return to shareholders today. And frankly, as you know, Smedes, we work in this range of 3 to 3.25x, so I don't expect it to have a meaningful impact.

是的，確實如此。如果你還記得的話，對我們來說，10 個基點大約是 3.5 億美元，所以這會讓我們下降大約一小點。但話說回來，這其中一部分原因在於要與評級機構溝通，讓他們明白這不會影響我們的現金流，而且你還可以辯稱，稅收改革實際上會使我們的現金週轉率更高。因此，當我們審視現有資源時，它與我們今天向股東返還的 25 億美元資本計劃的一部分內容相符。坦白說，斯梅德斯，你也知道，我們的工作範圍是 3 到 3.25 倍，所以我並不認為它會產生實質的影響。

Our next question comes from the line of Felicia Hendrix with Barclays.

我們的下一個問題來自巴克萊銀行的 Felicia Hendrix 的生產線。

So, first, Arne, I just wanted to commend management and the board on your decision to return cash to your employees. That was very refreshing to see.

首先，Arne，我只想讚揚管理層和董事會決定向員工返還現金。看到這一幕真是令人耳目一新。

Thank you.

謝謝。

And so, Leeny, on the credit card, I have a question there on the incremental fees. So if you kind of take your guidance of the $360 million to $380 million this year and then you back out the $240-ish million that you did last year, you get an incremental, call it, $118 million to $138 million of credit card fees this year. So I was just wondering, how much of that is coming just from the underlying growth of the program versus the new contract. And I was just hoping that you could walk us through the various buckets of how the incremental fees got broken down between the program, the owners and then to corporate. I know you're not going to be specific, but just if you could kind of walk us through how the, call it, $120 million to $140-ish million kind of came to Marriott.

所以，Leeny，關於信用卡，我有一個關於附加費用的問題。所以，如果你按照你今年 3.6 億美元到 3.8 億美元的指導價計算，然後減去去年大約 2.4 億美元，你就會得到今年信用卡手續費的增量，姑且稱之為 1.18 億美元到 1.38 億美元。所以我想知道，其中有多少是來自專案本身的成長，又有多少是來自新合約。我只是希望您能為我們詳細介紹一下，專案、所有者和公司之間是如何細分各項費用的。我知道你不會透露具體細節，但如果你能大致解釋一下，萬豪酒店是如何獲得那大約 1.2 億至 1.4 億美元的投資的就好了。

Sure, absolutely. So, let's talk about -- let's kind of go first things first. Overwhelmingly, the growth that we've talked about in these fees to get to the $360 million to $380 million over the $242 million that we had in 2017, that is overwhelmingly reflecting the improved economics of the new deal. There is perhaps the normal amount of kind of new cards and credit card spends. But overwhelmingly, the increase is from the new terms. So, nothing kind of unusual besides that. So, kind of when you asked the broader question, we're clearly very pleased with the results of the credit card deal. And I would say that there again, the overwhelming amount, clearly well more than half of the increased proceeds that we're getting from the credit card companies coming to the company, is going to benefit the consumer and the owners and franchisees. And as an example, we reduced the loyalty charge-out rate to owners in '17. And now as we've got the new credit card deal, we've already reduced the charge-out rate to the owners by another 10 basis points starting January 1 in '18. And we actually expect additional loyalty charge-out reductions for our owners later this year as we harmonize the program. So similarly as we are excited about what we're going to do with the harmonization of the loyalty program, we've got a bunch of things that we're doing for the consumers that also will be valuable. So kind of in the broadest context, I would say that well over half of the increased benefit is going not to the company, not to our shareholders, but that we do believe the split is fair amongst all the constituencies.

當然可以。那麼，我們來談談──我們先從最基本的事情開始。總的來說，我們之前討論過的這些費用增長，從 2017 年的 2.42 億美元增長到 3.6 億美元至 3.8 億美元，這主要反映了新協議帶來的經濟效益的改善。新卡發行量和信用卡消費額可能與往常一樣。但絕大多數成長來自新條款。除此之外，沒什麼特別的。所以，正如你問到的更廣泛的問題，我們顯然對信用卡交易的結果非常滿意。我還要再次強調，從信用卡公司到公司增加的收入中，絕大部分（顯然超過一半）將使消費者、業主和加盟商受益。例如，我們在 2017 年降低了對車主的忠誠度收費率。現在，隨著新的信用卡協議的達成，我們從 2018 年 1 月 1 日起將持卡人的收費率降低了 10 個基點。我們預計，隨著該計劃的協調，今年晚些時候，我們的會員忠誠度費用將進一步降低。同樣，正如我們對即將開展的忠誠度計劃協調工作感到興奮一樣，我們也為消費者做了很多有價值的事情。所以從最廣泛的意義上講，我認為超過一半的新增收益並沒有流向公司，也沒有流向我們的股東，但我們相信這種分配在所有利害關係人之間是公平的。

Yes, let me -- I want to jump in on this, too. The -- we threw out a couple of statistics in our prepared remarks with roughly 110 million loyalty members and in excess of half of our rooms' revenue coming from those loyalty members who are disproportionately booking direct with us. We believe that the loyalty program is the name of the game for the future. And we've been impressed by SPG from the moment we acquired Starwood, about the passion and loyalty that they have in their program. A big part of that is the value that's been available to those travelers both through their credit card and through the elite benefits, particularly that Starwood offered them. And we've got -- we will be announcing these new cards as the year goes along. We will be announcing the plans with respect to harmonization of benefits for the 2 loyalty programs. And we're making great progress having virtually eliminated all of the restrictions to merging these programs towards a single unified program hopefully later this year. And when we roll that out, we will see that we've got extraordinary benefits to our cardholders and to our hotel guests. We will have a materially more cost-effective program for our hotel owners, and we're going to do great, too. And of course, all we're giving this morning is our best guess on 2018. We haven't even launched these new cards yet, and we believe that in the years to come, we're going to see that this program continues to grow in terms of number of members, continues to grow in terms of contribution to our hotels and continues to grow in terms of the contribution of Marriott's own P&L.

是的，我也想參與其中。我們在準備好的發言稿中提到了一些統計數據，例如我們擁有大約 1.1 億忠誠會員，超過一半的客房收入來自這些忠誠會員，而他們絕大多數都是直接透過我們預訂的。我們相信，會員忠誠度計畫是未來發展的關鍵。從我們收購喜達屋的那一刻起，SPG 就給我們留下了深刻的印象，他們對會員計畫的熱情和忠誠度令人讚嘆。其中很大一部分原因是這些旅客透過信用卡和菁英會員權益（特別是喜達屋提供的權益）所獲得的價值。我們將在今年陸續公佈這些新卡。我們將公佈有關協調兩個會員計劃福利的方案。我們取得了巨大進展，幾乎消除了所有限制，預計在今年稍後將這些項目合併成一個統一的項目。當我們推出這項服務時，我們將看到它為我們的持卡人和酒店客人帶來了非凡的利益。我們將為飯店業主提供一個更具成本效益的方案，而且我們也會取得非常好的成績。當然，今天早上我們只能給出我們對 ​​2018 年的最佳預測。我們甚至還沒有推出這些新卡，但我們相信，在未來的幾年裡，該計劃的會員數量將持續增長，對我們酒店的貢獻將持續增長，對萬豪自身損益表的貢獻也將持續增長。

And just to understand, is there an incremental step-up for maybe the terms in 2019? Or is this kind of a onetime increase? I mean, obviously, I know it's going to grow as members grow, but is there another kind of leg up?

為了理解，2019 年的條款是否有逐步提升？或者這只是一次性的成長？我的意思是，很顯然，我知道隨著成員數量的增長，它也會增長，但還有其他類型的加速手段嗎？

So, of course, it's too soon to make any predictions about 2019. A couple comments I would make. As you heard Arne talking about, we are really excited about what we see for the potential for our cardholders.

所以，當然現在對 2019 年做出任何預測都為時過早。我有幾點要補充。正如你從 Arne 那裡聽到的，我們對持卡人所擁有的潛力感到非常興奮。

And so, we absolutely would like to think there will be more. But at this point, we don't know the exact timing of harmonization and exactly how it will all roll out into cards. So it's too early to give you any predictions, but I sure would like to think it'll be higher.

所以，我們當然希望會有更多這樣的機會。但目前我們還不清楚協調工作的確切時間安排，以及最終將如何落實到卡牌上。現在做出任何預測還為時過早，但我真誠地希望它會更高。

Okay. And just a housekeeping on SG&A. So, you came in about $55 million higher than our estimates. And in the release, you called out some of that but not all of it. And what I'm just wondering is, is the delta just that it might be a little bit longer timing in terms of getting to your synergy or was there -- synergies? Or is there something else in there?

好的。還有一點關於銷售、管理及行政費用的說明。所以，你們的最終結果比我們的預估高出了大約5500萬美元。在新聞稿中，你提到了其中一些問題，但並非全部。我只是想知道，這種差異是否僅僅意味著達到協同效應所需的時間可能會稍長一些，還是說存在協同效應？還是裡面還有其他東西？

You're talking about 2018?

你指的是2018年嗎？

For 2017, I'm sorry, for the fourth quarter results.

對於 2017 年第四季的業績，我深感抱歉。

Well, for -- so let me go back. For 2017, we would say we have not hit the $250 million in 2017 but getting close. Over -- I would call it over 80% achievement in 2017, if you're comparing back to the last time you had the 2 companies with full-throated G&A. If you remember last year in the fourth quarter, you had -- kind of in 2016 compared to 2017, you had quite an unusual situation with lots of people leaving Starwood. And as we pointed out, you had onetimers in 2017 fourth quarter. But again, in 2018, when you take the midpoint of the $940 million that we've talked about, back out the $70 million onetime contribution from the company, you get to $870 million, which is 3% lower G&A than our printed number in 2017 and a clear demonstration of achievement of the $250 million.

好吧，那我就回去吧。2017年，我們雖然還沒有達到2.5億美元的目標，但已經非常接近了。如果與上一次兩家公司全力投入 G&A 時相比，我會說 2017 年的成就超過了 80%。如果你還記得去年第四季的情況，2016 年與 2017 年相比，當時的情況相當不尋常，很多人都離開了喜達屋酒店集團。正如我們指出的那樣，你們在 2017 年第四季有過一次性得分。但是，再說，在 2018 年，當我們從我們討論過的 9.4 億美元中減去公司一次性貢獻的 7000 萬美元時，就得到了 8.7 億美元，這比我們 2017 年公佈的數字減少了 3%，清楚地表明了 2.5 億美元的目標已經實現。

Our next question comes from the line of Harry Curtis with Nomura Instinet.

我們的下一個問題來自野村證券的 Harry Curtis。

A quick question on asset sales. It seems like the -- based on prior guidance, you're in the late innings, yet you still have a reasonable number of owned hotels yet to sell. And I -- it'd be useful to get an update on what's left to sell and where you are in the process of selling. And I think you've mentioned that, yet there are no -- in your $2.5 billion, there are no assumptions on asset sales.

關於資產出售，請問一個簡單的問題。根據先前的指導，你們似乎已經進入後期階段，但你們仍然有相當數量的自有酒店尚未出售。另外，我很想知道還有哪些商品待售，以及你們的銷售進度如何。我想您也提到過這一點，但是您的 25 億美元計劃中並沒有關於資產出售的任何假設。

That's right. Sure, we've got 17 hotels left that we own, 10 of which are part of the original Starwood portfolio. Of the 10 that we've got of the original Legacy-Starwood portfolio, you got 2 in Canada, 2 in Asia Pacific, 3 in CALA and 3 in the U.S. And as I talked about before, we continue to absolutely methodically work our way. And they have a variety of kind of situations, whether it's a ground lease, odd ground lease language with one. But as I said before, we are confident there will be additional asset sales this year that gets us to our $1.5 billion. As we've talked about before, Harry, you've always got a few. And frankly, in Marriott's portfolio too, you've got a couple that are in markets that the timing may just really not be right, whether it is Rio or a market that's got a certain pressure related to oil prices, et cetera. But again, we're really pleased with how it's marching along. The Buenos Aires sale that was done for over $100 million in January was terrific, great PIP that we're going to get out of that deal as well as the long-term management agreement. And we're excited about how they continue to move along.

這是正確的。當然，我們目前還擁有 17 家酒店，其中 10 家是喜達屋酒店集團最初的成員。在我們擁有的原 Legacy-Starwood 旗下 10 家酒店中，有 2 家在加拿大，2 家在亞太地區，3 家在中美洲和拉丁美洲，3 家在美國。正如我之前所說，我們將繼續有條不紊地推進各項工作。他們遇到的情況多種多樣，例如土地租賃，以及一份措辭古怪的土地租賃合約。但正如我之前所說，我們有信心今年還會有更多資產出售，讓我們達到 15 億美元的目標。哈里，我們之前就討論過，你總是會有一些這樣的人。坦白說，萬豪酒店集團旗下也有幾家酒店位於一些市場，但時機可能真的不太合適，無論是裡約熱內盧，還是其他一些受到油價等因素影響的市場。但話說回來，我們對它目前的進展非常滿意。1 月以超過 1 億美元的價格完成的布宜諾斯艾利斯出售交易非常棒，我們將從這筆交易中獲得巨大的利潤分成，以及長期管理協議。我們對他們的持續發展感到興奮。

Very good. And my second question is in reference to the mix of your direct bookings relative to your OTA mix. Can you give us a sense over the last several years of how those have moved in opposite directions? And in a softer demand environment, do you think that what you've done to increase the mix of your direct bookings, that you're positioned to continue to outperform?

非常好。我的第二個問題是關於您的直接預訂與OTA預訂的比例。您能否簡單介紹一下過去幾年裡，這些因素是如何朝相反方向發展的？在需求疲軟的環境下，您認為您為提高直接預訂比例所做的努力，是否能讓您繼續取得優異的業績？

So I'll start with a couple numbers and then have Arne fill in on the strategy side. Just from the numbers standpoint, direct bookings continue to be around 70% for the company, with property really being where you see it being a little bit less over time, coming down 1% or 2%. Digital is now a full 26% of total res as part of that 70%. The OTAs in '17 were 12%, which was up 1 percentage point penetration over the year before. But again, we don't see it growing any more quickly than before. And as Arne talked about, with our revenue management system, we're excited about the things that we're doing that's allowing properties to choose more profitable business. So overall, the trends haven't changed dramatically. The mobile -- obviously, mobile, which is terrific for us, the mobile is doing really well in terms of year-over-year increases in res.

所以我先給幾個數字，然後讓 Arne 補充策略方面的內容。僅從數位角度來看，公司的直接預訂量仍占到 70% 左右，而房產預訂量則隨著時間的推移略有下降，下降了 1% 或 2%。數位媒體目前佔總資源的 26%，佔總資源的 70%。2017 年 OTA 的普及率為 12%，比前一年提高了 1 個百分點。但我們再次看到，它的成長速度並沒有比以前更快。正如 Arne 所說，透過我們的收益管理系統，我們感到非常興奮，因為我們正在做的事情可以讓飯店選擇更有利可圖的業務。所以整體而言，趨勢並沒有顯著變化。行動端－顯然，行動端對我們來說非常棒，行動端在同比播放量成長方面表現非常出色。

Okay. And I'm sorry. Arne, you were going to give your thoughts on how these trends should play out should there be a softer demand environment maybe in the next 3 or 4 years.

好的。我很抱歉。Arne，你原本打算談談如果未來三、四年需求環境疲軟，這些趨勢應該如何發展。

Yes, well, time will tell, obviously, on this. I don't -- Leeny's description of the statistics, I think, is quite good. We have, obviously, within the direct bookings space, seen a massive shift towards online bookings and away from voice, as an example. And that's been steady over the course of the last number of years, including in 2017 where voice has been down mid-single digits and our online bookings has been strengthened. Another observation is, obviously, this is driven, to some extent, by the kind of business in a hotel. It tends to be the more leisure hotels' demand base, the higher the third-party contributions are to that hotel. That could be wholesalers or it could be OTAs. In part because of that, the Starwood portfolio had a higher reliance on third-party bookings than the Marriott portfolio did. I think some of that we can address internally with sort of a different approach to some of those platforms. And I think as the loyalty program gets stronger and as the clarity of the benefits to loyalty members becomes clearer, we feel really good about our ability to drive direct bookings in -- throughout the cycle. Obviously, in -- if you're positing a deep recessionary environment, which we don't anticipate any time soon, we'll fight our way through that. But it's interesting, we've seen great shift towards direct channels in the last few years even with fairly anemic demand growth. And I think, if anything, our tools are going to get stronger here as we pull this loyalty program together and do what we're doing in the technology space. So we feel pretty good about this.

是的，很顯然，時間會證明一切。我不這麼認為——我覺得利尼對這些統計數據的描述相當不錯。顯然，在直接預訂領域，我們已經看到預訂方式發生了巨大的轉變，從語音預訂轉向線上預訂。過去幾年，這種情況一直保持穩定，包括 2017 年，當時語音通話量下降了個位數，而我們的線上預訂量則有所增加。另一個顯而易見的觀察結果是，這在某種程度上是由酒店的經營類型決定的。休閒飯店的需求基礎越廣，第三方對該飯店的貢獻越高。可能是批發商，也可能是OTA（線上旅行社）。部分原因在於此，喜達屋酒店集團對第三方預訂的依賴程度高於萬豪酒店集團。我認為其中一些問題我們可以透過對某些平台採取不同的方法在內部解決。我認為，隨著忠誠度計畫的不斷完善，以及忠誠會員所享有的權益越來越清晰，我們對在整個週期內推動直接預訂的能力感到非常滿意。顯然，如果你假設的是一個嚴重的經濟衰退環境（我們預計這種情況不會很快發生），我們會努力渡過難關。但有趣的是，儘管需求成長相當疲軟，但在過去幾年裡，我們已經看到向直接管道的巨大轉變。而且我認為，隨著我們整合這個忠誠度計劃並在技術領域開展工作，我們的工具只會變得更強大。所以我們對此感覺相當不錯。

Our next question comes from the line of Shaun Kelley with Bank of America.

我們的下一個問題來自美國銀行的肖恩凱利。

Maybe just stick with that same theme, Arne, in the prepared remarks, and I think, Leeny, you just referred to this as well, but you talked about some tools or some things you may be doing to try and help owners focus on the most profitable business, not just the highest RevPAR business. Could you just elaborate a little bit on what specifically you're doing and maybe what's available today or what's coming with some of the property management system rollouts that you're doing?

Arne，或許你可以在準備好的發言稿中繼續圍繞這個主題。 Leeny，我想你剛才也提到了這一點，你談到了一些工具或一些你正在嘗試做的事情，以幫助業主專注於最賺錢的業務，而不僅僅是RevPAR最高的業務。您能否詳細說明您正在進行的具體工作，以及目前有哪些功能可用，或者隨著您正在進行的物業管理系統推廣，未來會有哪些功能推出？

Yes, it's hard to give you much more than that general comment, in part because the details are so many and they're varied across the platform. But RevPAR has been, for better or worse, the principal measure that a hotel can look at to assess its performance against competing hotels in the market. It's the way you look at us compared to our competitors as brand platforms and companies. And everything seems to flow from that. And it's understandable because RevPAR is the simplest measure of all the measures that might be available from a hotel P&L. But it doesn't really tell the whole story. If you're driving RevPAR on the backs of enormously expensive third-party business that could be charging you, not just teens percentages of room revenues but sometimes in the 20s or above, you're actually driving revenue at the expense of profitability of the hotels. And of course, our tools have continued to evolve. We have always been focused on profitable contribution. But we want to make sure that the tools -- the technology tools that our teams can use make that simple to see and the first measure they look at as opposed to the second measure they look at. And so we've been essentially evolving our revenue management systems to look not just at RevPAR from various pieces of business but to look really at the profit contribution that comes from it. And in a sense, there's a little bit of risk in that because it's harder for us to come out and say, "Yes, we might have given up a little bit in RevPAR but we gained in profitability." And necessarily have you say, "Okay, bravo to that," because that RevPAR measure is still going to be the one which is easiest to see." But long term, the name of the game here is to obviously continue to drive great associate satisfaction and guest satisfaction but make sure we are delivering industry-leading profitability to our hotel-owning partners, which we are absolutely confident we're doing, and we think we've got tools to drive it even farther.

是的，很難給出比這更詳細的評論，部分原因是細節太多，而且不同平台上的情況也不盡相同。但無論好壞，RevPAR 一直是飯店用來評估其在市場競爭中表現的主要指標。這是您如何看待我們與競爭對手作為品牌平台和公司的差異。一切似乎都由此而來。這不難理解，因為在飯店損益表中，RevPAR 是所有可用指標中最簡單的衡量標準。但這並沒有講述全部真相。如果你依靠極其昂貴的第三方業務來提高每間可供出租客房收入 (RevPAR)，而這些業務可能不僅會向你收取客房收入的百分之十幾，有時甚至高達百分之二十幾或更高，那麼你實際上是在以犧牲酒店盈利能力為代價來提高收入。當然，我們的工具也在不斷發展。我們一直專注於創造盈利。但我們希望確保我們的團隊可以使用的技術工具能夠讓這一點變得簡單易懂，並且讓他們首先關注的是這些指標，而不是第二個指標。因此，我們一直在不斷改進我們的收入管理系統，不僅專注於各個業務的每間可供出租客房收入 (RevPAR)，而且真正關注由此產生的利潤貢獻。從某種意義上說，這其中確實存在一些風險，因為我們很難公開承認：“是的，我們的每間可供出租客房收入（RevPAR）可能略有下降，但我們的盈利能力有所提升。” 而您也未必會說：“好的，這很棒！” 因為RevPAR仍然是最容易衡量的指標。但從長遠來看，關鍵在於持續提升員工和賓客的滿意度，同時確保我們為飯店業主合作夥伴帶來業界領先的獲利能力。我們對此充滿信心，並認為我們擁有進一步提升獲利能力的工具。

And then maybe to stay on the same line just as the follow-up would be, I think that your next large OTA renegotiation is up sometime maybe towards the latter part of this year. But could you just give us sort of an update or thought around that negotiation? And is this the first time -- I think you were able to move Starwood onto your rate because it's the first time you're going to renegotiate completely as a combined entity, or how does that work?

然後，為了保持想法一致，後續跟進應該會是這樣的：我認為你們下一次大型OTA重新談判可能會在今年下半年舉行。您能否就那次談判提供一些最新進展或想法？這是你們第一次——我認為你們能夠將喜達屋納入你們的費率，是因為這是你們第一次作為一個合併實體進行完全重新談判，還是另有其他原因？

As usual, you understand it very well. It is the first negotiation we will have had since closing the Starwood acquisition. We did put the Starwood portfolio on the Marriott terms roughly the first of '17. It took about a quarter in order to get that done after we closed just because of systems issues and the like and delivered good savings to those hotels as a result. It -- you're right also that our first round of negotiations takes place -- or the contract, I guess, expires -- existing contract expires late in '18. Negotiations won't start at that precise date but, obviously, will precede it, and we'll see where we end up. You have every basis to know what our aims will be in that process and every basis to know what the OTA's aims will be in that process, and we'll see if we can work it out.

你一如既往地理解得很好。這是自完成對喜達屋的收購以來，我們進行的首次談判。2017 年年初，我們確實將喜達屋酒店集團旗下的品牌組合納入了萬豪酒店的條款之下。由於系統問題等原因，我們在關門後花了大約四分之一的時間才完成這項工作，結果為這些酒店節省了不少錢。你說得對，我們的第一輪談判將會進行——或者合約到期——現有合約將於 2018 年底到期。談判不會在那個確切日期開始，但顯然會在那之前開始，我們拭目以待最終結果。您完全有理由知道我們在這個過程中的目標是什麼，也完全有理由知道OTA在過程中的目標是什麼，我們看看能不能解決這個問題。

Our next question comes from the line of Patrick Scholes with SunTrust.

我們的下一個問題來自 SunTrust 銀行的 Patrick Scholes。

Just a question on group pace. I noted yesterday that Hilton or that they stated on their earnings call that booking pace in the fourth quarter was up in -- for all future periods, up in the mid-teens. I'm wondering how you folks fared in the fourth quarter, higher or lower than mid-teens?

關於小組訓練進度，我有個問題。我昨天注意到希爾頓酒店在財報電話會議上表示，第四季度的預訂速度有所上升——未來所有時期的預訂速度都將達到15%左右。我想知道你們第四季的業績如何，高於還是低於十幾個百分點？

Yes. We saw that statistic too and actually, in truth, wonder where it comes from. The -- let me give you a couple of numbers here, which I think are interesting. Our group bookings for 2018 compared to the same time last year for 2017 for comp hotels are up about 2%. If you did a measure, which is looking at total number of hotels, including noncomp, it's about double than that but -- double that at about 4% or mid-single digits. I don't think that's a fair measure, in truth, because you're getting the benefit there in adding hotels, which really were not in the base a year ago. The second point that I think is pretty profound, in 4 years ago, when we looked at the group booking window, we saw that business booked in the year for the year or booked for the next year represented 71% of all group bookings. In 2017, that is down 21 full points. So, only 50% of the bookings that we are making now are for the next 24 months, in effect. And what that shows you is obvious and that is that as group businesses come back as we've come out of the recession, we've seen hotels that are fuller and fuller, and therefore, near-term bookings have tended to be growing at a lower rate and longer-term bookings have been growing at a faster rate. When we look at Q4, what we see is that bookings in Q4 for 2018 were down. Bookings in Q4 for 2019 and 2020 were up. And that's really consistent with that booking window pace. To be fair, our bookings for all future periods in Q4 are nothing like up mid-teens, if that was a number that you heard, and would be, if anything, down modestly from a year ago period, but we think driven by the fact that the hotels are full.

是的。我們也看到了這個統計數據，說實話，我們很想知道它從何而來。我給你舉幾個我覺得很有趣的數字。2018 年我們團體預訂的免費飯店數量比 2017 年同期增加了約 2%。如果以飯店總數（包括非免費飯店）來衡量，結果大約是這個數字的兩倍，但——這個數字的兩倍大約是 4% 或個位數中段。說實話，我認為這不是一個公平的衡量標準，因為這樣做的好處是增加了酒店，而一年前酒店實際上並不在基本範圍內。我認為第二點非常重要，4 年前，當我們查看團體預訂窗口時，我們發現當年預訂或隔年預訂的業務佔所有團體預訂的 71%。2017年，這數字下降了整整21分。因此，實際上，我們現在所做的預訂中只有 50% 是未來 24 個月的。這清楚地表明，隨著團體業務從經濟衰退中復蘇，我們看到酒店入住率越來越高，因此，短期預訂的增長速度往往較低，而長期預訂的增長速度則較高。當我們查看第四季度時，會發現 2018 年第四季的預訂量有所下降。2019 年和 2020 年第四季的預訂量均有所成長。這與預訂窗口的節奏完全吻合。公平地說，我們第四季度所有未來時段的預訂量遠沒有達到十幾個百分點的增長（如果你聽到這個數字的話），而且如果說有什麼變化的話，那就是比去年同期略有下降，但我們認為這是由於酒店客滿造成的。

Okay. And then just a quick follow-up on that. When we think about the mix of rate versus occupancy for 2018 on the group part of the business, is that almost entirely -- any growth entirely rate driven?

好的。然後，我再簡單跟進一下。當我們考慮 2018 年團體業務中房價與入住率的組合時，是否幾乎所有成長都完全是由房價驅動的？

It's primarily rate driven, yes.

是的，主要受利率驅動。

Rate, yes.

評分，是的。

Our next question comes from the line of Stephen Grambling with Goldman Sachs.

我們的下一個問題來自高盛的史蒂芬·格林布林。

Two quick follow-ups to Robin and Felicia's earlier questions. I guess, one, what is the sensitivity to incentive management fees to RevPAR and net house profits? And then on credit card fees, can you remind us how a new cardholder spends compared to the spend of a similar customer prior to joining as we think about the potential acceleration from these relaunched programs?

針對 Robin 和 Felicia 先前提出的問題，我還有兩點後續問題。我想問的是，激勵管理費對每間可供出租客房收入 (RevPAR) 和飯店淨利的敏感度如何？關於信用卡費用，您能否提醒我們，新持卡人的消費額與加入前類似客戶的消費額相比如何？因為我們正在考慮這些重新啟動的項目可能帶來的加速發展。

Yes, so a couple of things. On the incentive fees, broadly speaking, we traditionally think that you need RevPAR growth of solidly 3% to be able to maintain margins. Now it's part of why -- how we talked about that we were pleased with the performance in 2017, in particular, and clearly has some synergies related to the Starwood acquisition in that margin performance. We continue to expect additional non-RevPAR growth-related margin improvement in 2018 as well as a result of the merger. So, as we've talked about these numbers of 1% to 2% in the U.S. in 2018, that clearly shows you that from a margin standpoint, it's hard work to try to be able to get higher incentive fees in the U.S. Outside the U.S., however, especially where you don't have owner's priority and we are expecting higher RevPAR growth outside the U.S., you clearly would expect they will more than make up for what could be a tougher incentive fee growth year in the U.S. On the question about credit cards, it's really -- it's not as direct as you described. So there are a whole host of things going on related to the way the credit card companies pay us across a variety of different metrics. So obviously, the more credit card holders there are and the more they spend, that is obviously clearly helpful. But there's not a direct relationship that you can look at that's going to be specific to that. As we talked about before, these are dollars that are coming in to the company, and they support the loyalty program for consumers, for owners as well as for the shareholders. So it's a bit more less direct than the way that you've described.

是的，有兩件事。關於激勵費用，總的來說，我們傳統上認為，要維持利潤率，RevPAR 需要穩定成長 3%。現在，部分原因在於——我們曾談到我們對 2017 年的業績感到滿意，尤其是對喜達屋的收購，這在利潤率表現方面顯然存在一些協同效應。我們持續預期，2018 年非 RevPAR 成長相關的利潤率將進一步提高，合併也將帶來利潤率的提升。正如我們之前討論的，2018年美國市場1%到2%的成長率，清楚地表明，從利潤率的角度來看，在美國獲得更高的激勵費用並非易事。然而，在美國以外，尤其是在沒有業主優先權的情況下，我們預計美國以外地區的每間可供出租客房收入（RevPAR）增長會更高，因此，這些增長顯然足以彌補美國市場激勵費用增長可能面臨的挑戰。至於信用卡的問題，情況其實並不像您描述的那麼直接。因此，與信用卡公司如何根據各種不同的指標向我們支付款項相關的事情有很多。所以很顯然，信用卡持有者越多，他們的消費越多，這顯然是有幫助的。但是，你找不到與此直接相關的具體關係。正如我們之前討論過的，這些都是流入公司的資金，它們支持面向消費者、所有者和股東的忠誠度計劃。所以它比你描述的方式間接一些。

If I can maybe sneak a longer-term question there. As we think about the cumulative cash flow investment or cash flow for investment that you've guided to in 2019, I think it was $9.8 billion to $11 billion cumulative from the Analyst Day, what are the biggest puts, takes across cash from ops, capital recycling and leverage ratios to think about now that 2017 is in the rearview and you've guided to '18?

如果我能順便問一個更長遠的問題的話。當我們回顧您在 2019 年預測的累積現金流投資或投資現金流時（我認為在分析師日上預測的累計金額為 98 億美元至 110 億美元），現在 2017 年已經過去，您也對 2018 年做出了預測，那麼在營運現金流、資本循環利用和槓桿率方面，我們需要考慮哪些最大的弊利？

Sure. Thanks for the question. First and foremost, I'd say we're probably a little ahead of ourselves relative to how you first would look at that about timing from the standpoint that we had terrific asset recycling in 2017. So it's a little bit like some of that share repurchase was fronted in that 3-year plan. I think we clearly are in good shape relative to the metrics that we put out when you see that we repurchased $3 billion in 2017 and you would kind of look at the $2.5 billion that would kind of typically be broken up very broadly in roughly $2 billion for share repurchase and $500 million in the broadest sense in cash dividend, which, again, shows you that we're well on our way. When you think about the EPS, it's a little bit more complicated, given that we've got Rev Rec to deal with. But -- and RevPAR, I think, has broadly been, over the 3 years, we're talking about generally in line. One of the biggest differences is obviously credit card fees, which is different, as well as tax reform. And the tax reform, obviously, adds another 8 points to our effective tax rate, lowers it, and that broadly adds $200 million of net income down at the bottom line. So, I think from an investment standpoint, the other comment I would make is that we are in very good shape relative to the kind of investment parameters that we laid out for you in that 3-year plan.

當然。謝謝你的提問。首先，我認為我們可能有點超前於你最初看待時機的方式，因為我們在 2017 年進行了非常出色的資產回收。所以，這有點像是那項三年計畫中預先安排了一些股票回購。我認為，從我們公佈的指標來看，我們的狀況顯然很好。例如，我們在 2017 年回購了 30 億美元的股票，而這 25 億美元通常會被大致分為兩部分：大約 20 億美元用於股票回購，5 億美元用於現金分紅。這再次表明，我們正走在正確的道路上。當你考慮每股盈餘 (EPS) 時，情況就稍微複雜一些，因為我們還要處理收入確認 (Rev Rec)。但是——而且我認為，在過去三年裡，RevPAR（每間可供出租客房收入）總體上一直保持穩定。最大的區別之一顯然是信用卡費用，這與以往不同，此外還有稅收改革。顯然，稅制改革使我們的實際稅率提高了 8 個百分點，降低了稅率，這大致相當於淨收入減少了 2 億美元。所以，從投資的角度來看，我的另一個看法是，相對於我們在三年計畫中為您制定的投資參數而言，我們的狀況非常好。

Our next question comes from the line of Joe Greff with JPMorgan.

我們的下一個問題來自摩根大通的喬·格雷夫。

First question is on the contribution from the credit cards in 2018. I'm presuming, of the roughly $130 million of incremental fees this year versus last year, the majority of that is coming from the renegotiations of the 2 programs. Can you talk about the ramp of that throughout the course of '18? And is it more second-half weighted, just given the timing of when those new cards roll out?

第一個問題是關於 2018 年信用卡收入的貢獻。我估計，今年比去年增加了約 1.3 億美元的費用，其中大部分來自這兩個項目的重新談判。能談談2018年期間的成長情況嗎？考慮到新卡牌的推出時間，下半年的權重是否更高？

Sure. So first of all, as we were talking about before, it is overwhelmingly from the credit card economics rather than from specifics about kind of an assumption about a big increase in either spend levels or numbers of cards. So it is kind of the vast majority of it is related to the fact that we've got a stronger economic premise and contract that we're working with. So it's not per se going to -- there's not as much variability around the credit card spend amounts in the number that we've given you. Frankly, I should -- I would expect, Joe, with the introduction of the new cards, it's a little bit hard to predict both in terms of exact timing and behavior on the part of the cardholders. But broadly, I would expect that assuming that people are as attracted to these new cards as we think they will be, that you could expect it to see some ramp during the year. But I would not look for -- I think it'll be fairly even with a tendency towards some ramp during the year but not massively so.

當然。首先，正如我們之前討論的那樣，這主要源於信用卡經濟學，而不是源於對消費水平或信用卡數量大幅增長的假設。所以，絕大多數原因都與我們擁有更強大的經濟基礎和合約有關。所以，就我們給的數據而言，信用卡消費金額的波動性並沒有那麼大。坦白說，喬，我預計，隨著新卡的推出，無論是確切的時間還是持卡人的行為，都很難預測。但總的來說，假設人們對這些新卡的喜愛程度和我們預想的一樣，我預計今年內銷量會有所增長。但我不會期待——我認為情況會比較均衡，年內可能會略有上升，但不會大幅上升。

Okay, that's helpful. And then just my second, final question. When I think about your assumptions for '18 and your sources and uses of cash, and let's assume that you return $2.5 billion, where do you end up at the end of the year in terms of absolute leverage levels? How much additional leverage do you put on the balance sheet?

好的，這很有幫助。那麼，我的第二個，也是最後一個問題。當我考慮您對 2018 年的假設以及您的現金來源和用途時，假設您返還了 25 億美元，那麼到年底您的絕對槓桿水平會是多少？您在資產負債表上增加了多少槓桿？

Yes, about $700 million to $800 million, because, remember, we've got -- this year, Joe, we've got a big cash tax bill related to the sale of Avendra. So kind of relative to what you're normally -- I'll just kind of quickly run through it, and that's that you've got roughly $1.9 billion, then you've also got the cash tax and the investment that we've talked about and that gets you down close to $1 billion. And then you've got loyalty growth that you get from the program, let's call it, $300 million to $400 million. You've got D&A of another, call it, $300 million. That gets you up close to $1.8 billion. And then you've got additional leverage, which if you think about it, our EBITDA is going up ever so roughly $200 million. You're able to lever that. That gets you another $700 million to $800 million of cash. That gets us to our $2.5 billion.

是的，大約 7 億到 8 億美元，因為，記住，今年，喬，我們有一筆與出售 Avendra 有關的巨額現金稅單。所以，相對於你通常的情況——我快速概括一下——你大約有 19 億美元，然後還有我們討論過的現金稅和投資，這讓你只剩下接近 10 億美元。此外，該計劃還能帶來忠誠度成長，我們姑且稱之為 3 億至 4 億美元。你還有另一筆，姑且稱之為，3億美元的債務和資產。這樣就接近18億美元了。而且你還有額外的槓桿作用，仔細想想，我們的 EBITDA 將增加約 2 億美元。你可以利用這一點。這樣就能再獲得7億到8億美元的現金。這樣我們就達到了25億美元的目標。

Got it, great. And just to clarify, the cash tax rate of 36% for this year, is that onetime? And what would be the cash tax rate then looking ahead?

明白了，太好了。另外，為了澄清一下，今年的現金稅率為 36%，是一次性的嗎？那麼，展望未來，屆時的現金稅率會是多少呢？

Yes. So if you see normally kind of put apart Avendra. As you heard us talk about, there's about a 3-point hit from the fact that we've got to pay the cash repatriation. So again, in broad terms, if we're talking about a 22% book, you could see that, that would be higher by 3 or 4 percentage points as we pay off this liability over the next number of years. The way that, liability breaks out is for the first 5 years, you pay 8% of it back. And again, we're only paying back net of the available tax credits we have. So that works out to be, call it, $60 million to $70 million a year that kind of is above what you normally would pay compared to your normal book tax.

是的。所以如果你看到通常情況下把Avendra分開的話。正如我們剛才所說，由於我們需要支付現金遣返費用，這造成了約 3 個百分點的損失。所以，總的來說，如果我們談論的是 22% 的帳面價值，你可以看到，隨著我們在未來幾年償還這筆債務，帳面價值還會提高 3 到 4 個百分點。債務償還方式是，前 5 年，你需要償還 8%。再次強調，我們償還的金額只是扣除了我們可獲得的稅收抵免後的淨額。所以算下來，每年大概要多花 6000 萬到 7000 萬美元，這比你通常需要繳納的圖書稅要高一些。

Our next question comes from the line of Rich Hightower with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Rich Hightower。

I want to go back to a comment, I think, you made on the last earnings call, where you said that within the U.S. guidance for '18, select-service hotels were more likely to outperform this year versus full-service. I wonder if that still holds and if you could add a little more color to that.

我想回到您在上次財報電話會議上發表的一個評論，您當時說，在 2018 年美國市場預期中，精選服務酒店今年的表現更有可能優於全服務酒店。我想知道這個說法是否仍然成立，以及你是否可以對此進行更詳細的描述。

You think I said which way, select-service would outperform or full-service would outperform?

你以為我說過哪種方式比較好，精選服務比較好，還是全服務比較好？

Select-service would outperform full-service.

精選服務優於全方位服務。

I guess, I remember the opposite. I think -- I don't know that I've got a schedule actually to look at or forecast by brand. You might pull those up. But the -- as I recall, the -- I think it's going to vary obviously a little bit by destination. I think as we go into 2018, we've got guidance which is fundamentally forecasted on a bit more the same. In other words, what we saw in 2017, with relatively weak corporate demand, with stronger leisure demand. I think at the same time, we've got relatively greater supply growth in the select-service space. And my recollection, and, again, we could go back and take a look at the words, I may have misspoken here. I may be remembering wrong, but my recollection of what I said then and I think our views today would be that given the relatively higher supply growth in select-service, we would expect full-service, which probably also means some urban select-service to be stronger than select-service in 2018. Now you do have some geographic issues here. When you get to a market like Texas, for example, it probably has -- it skews a bit more towards the select-service space than full-service space. Texas is, right now, very strong because of hurricane recovery. Before the hurricane, it was quite weak because of the economic issues in the oil patch. I think in -- they will skew the numbers a little bit, but in the first part of 2018, we should continue to see some benefit from hurricane recovery. I suspect that will dissipate as we get further into the year, and that the fare comparison will favor full-service modestly in 2018.

我想，我記得的情況正好相反。我想——我不知道我是否有按品牌劃分的日程安排可以查看或預測。你可以把那些調出來。但是——我記得——我認為，根據目的地不同，價格顯然會略有差異。我認為，進入 2018 年，我們的業績指引基本預測與目前的情況基本持平。換句話說，就像我們在 2017 年看到的那樣，企業需求相對疲軟，而休閒需求則更為強勁。我認為同時，精選服務領域的供應成長相對更大。依我記憶，而且，我們也可以回頭看看那些話，我可能在這裡說錯了。我可能記錯了，但我當時的記憶以及我認為我們今天的觀點是，鑑於精選服務供應增長相對較高，我們預計全服務（這可能也意味著一些城市精選服務）在 2018 年會比精選服務更強。這裡確實存在一些地理上的問題。例如，當你來到像德克薩斯州這樣的市場時，情況可能就不同了——它更傾向於選擇服務型餐廳而不是全方位服務型餐廳。由於颶風災後重建，德州目前經濟非常強勁。在颶風來臨之前，由於石油業的經濟問題，它本身就很弱。我認為——雖然這些措施可能會稍微扭曲數據，但在 2018 年上半年，我們應該會繼續看到颶風災後重建帶來一些好處。我懷疑隨著時間的推移，這種情況會逐漸消失，2018 年票價比較結果將略微有利於全服務飛機。

All right. There is a chance I have that precisely the opposite, so thanks for the help.

好的。也有可能我的情況正好相反，所以謝謝你的幫忙。

That makes 2 of us.

我們倆的想法一樣。

We're also seeing some support in the resorts where because of some hotels in CALA, for example, that was closed, we're seeing really strong demand in our full-service resorts, for example, in Florida. That's going to again lead you towards Arne's comment about full-service.

我們也看到度假村方面得到了一些支持，例如，由於 CALA 的一些酒店關閉，我們看到我們在佛羅裡達州等地的全方位服務度假村的需求非常強勁。這又會讓你想起阿恩關於全方位服務的評論。

Okay, that's helpful, guys. And then I want to ask you a quick question just about the episode with the China website shut down earlier this quarter. And I know it's a sensitive topic, but just what could you tell us about maybe the financial impact on the first quarter? And then is there a lesson learned there that just in terms of doing business in China that you guys took away from that, that we should be aware of?

好的，這很有幫助，夥計們。然後，我想快速問你一個關於本季早些時候中國網站關閉事件的問題。我知道這是一個敏感話題，但您能否告訴我們第一季可能受到的財務影響？那麼，就你們在中國開展業務而言，從那次經歷中吸取了哪些教訓，是我們應該注意的呢？

Yes, I -- let me take the financial part of this first. We don't expect there to be a measurable impact to our financial results. Now to be fair, that depends on our not making more mistakes in this space, which we're doing everything in our power to avoid doing. But what we went through in January principally probably spilled into a little bit of the first few days of February, was we think not -- didn't really cost us in terms of significant business impact to the hotels. It's a classic story. We relied on a third-party vendor to deliver a customer survey -- online customer survey to us, which listed not just Taiwan, Hong Kong and Macau as separate countries, but also Tibet, extraordinary sensitivity about issues like that in China. We should have caught it even though it was provided by a third party, and we didn't catch it. And we moved quickly to fix that mistake, and of course, we're moving as quickly as we can to look at all of the stuff that we've got exposed out there online to customers in China and customers around the world to make sure that we are not making similar mistakes in the future. It is both -- it is principally something that Chinese social media is looking at. It is not a geopolitical issue fundamentally, and we don't think anybody particularly wants to make it a geopolitical issue. But to state the obvious, we weren't intending in that customer survey to make comments about sovereignty issues in China. It's not our position to really take a political position. And we're going to do what we can in the future to avoid sort of entering into those sort of political conversations. What we want to do is run the hotels as best we can in China for our associates, our guests and our hotel owners, and we remain extraordinarily bullish on prospects for us in China.

是的，我——讓我先談談財務方面的問題。我們預計不會對我們的財務表現產生可衡量的影響。公平地說，這取決於我們在這個領域不再犯更多錯誤，而我們正在盡一切努力避免犯錯。但我們在一月份經歷的事情，可能主要延續到了二月的前幾天，我們認為——並沒有對酒店的業務造成重大影響。這是一個老派的故事。我們委託第三方供應商向我們提供客戶調查——線上客戶調查，其中不僅將台灣、香港和澳門列為單獨的國家，還將西藏列為單獨的國家，這在中國是一個極其敏感的問題。即使病毒是由第三方提供的，我們也應該發現它，但我們卻沒有發現。我們迅速採取行動糾正了這個錯誤，當然，我們也正在盡最大努力盡快審查所有已在網路上洩露給中國和世界各地客戶的內容，以確保我們將來不會再犯類似的錯誤。兩者兼而有之——這主要是中國社交媒體正在關注的問題。從根本上講，這不是一個地緣政治問題，而且我們認為沒有人特別想把它變成一個地緣政治問題。但顯而易見，我們在那次客戶調查中並不打算對中國的主權問題發表評論。我們不宜表明政治立場。今後我們將盡一切努力避免捲入這類政治對話。我們希望盡我們所能，在中國為我們的員工、客人和酒店業主提供最好的酒店營運服務，我們對在中國的發展前景仍然非常樂觀。

Our next question comes from the line of Thomas Allen with Morgan Stanley.

我們的下一個問題來自摩根士丹利的托馬斯艾倫。

Just one question for me. We're halfway through the first quarter. Can you give us any commentary about how trends have been?

我只有一個問題。第一季已經過半了。您能否就目前的趨勢發表一些看法？

Yes, let me talk about -- I'm surprised we're 45 minutes into the Q&A without a question really about the RevPAR guidance and whether it's conservative or aggressive. And this is as close as, I guess, we're getting to that. The -- I'll say a couple of things here. The fourth quarter numbers, obviously, were better than we anticipated. Take note of the statistic we gave you in the prepared remarks, up 3.9%, but we think about 1.5 points of that was holiday and hurricane-driven so it puts you at 2.5%. That is -- or 2.4%, I guess, if you do the math precisely. Even that was a bit better than we anticipated and a principal reason for the really strong Q4 results, which we feel great about. But when you look under the national averages, you see some things which are pretty interesting. New York City was essentially flat in the fourth quarter plus a few tenths of a point. South Florida up almost 17 points, Houston up 25% in the fourth quarter. Both of those markets were driven by the hurricane recovery efforts, which are, obviously, driving demand there. Chicago was down a few points in Q4. But you've got markets like L.A. and San Francisco and DC, which on average, between the 3 of them, were up about 4% so up about the same average as the market. I dragged you through all of that because it tells you something about the hazards of relying on the strong fourth quarter and saying we know, therefore, that this is a sign of sort of a meaningful shift in generic demand across the United States. Now we did better in Q4 than we anticipated. So there's more good news here than negative news, but it is still early in the year. I think we would describe January as off to a really good start and a bit better than we would have anticipated. But again, we're talking about 1 month and we want to see how the rest of the year goes. I think at the moment, we would think there's more upside possibility than downside risk.

是的，讓我談談——我很驚訝問答環節已經進行了 45 分鐘，竟然還沒有人真正問到關於 RevPAR 指導方針是保守還是激進的問題。我想，這就是我們能達到的極限了。我——我在這裡說幾句話。顯然，第四季的數據比我們預期的要好。請注意我們在準備好的發言稿中給出的統計數據，增長了 3.9%，但我們認為其中約有 1.5 個百分點是受假期和颶風影響的，所以實際增長幅度為 2.5%。也就是說——或者說，如果你精確計算的話，應該是 2.4%。即便如此，情況也比我們預期的要好一些，這也是第四季度業績非常強勁的主要原因，我們對此感到非常滿意。但是，當你查看全國平均以下的數據時，你會發現一些非常有趣的事情。紐約市隊在第四節基本上保持穩定，得分僅略微上升了零點幾分。南佛羅裡達隊在第四節領先近17分，休士頓領先25%。這兩個市場都受到了颶風災後重建工作的推動，顯然，這些工作正在推動當地的需求。芝加哥隊在第四節一度落後幾分。但像洛杉磯、舊金山和華盛頓特區這樣的市場，平均而言，這三個城市合計上漲了約 4%，與市場平均漲幅大致相同。我之所以跟你講這些，是因為它告訴你，僅僅依靠強勁的第四季度數據就斷言這是美國通用需求發生某種重大轉變的跡象，是有風險的。我們第四季的業績比預期好。所以好消息比壞消息多，但現在還只是年初。我認為一月份的開局非常好，比我們預期的還要好。但是，我們現在討論的只是一個月的情況，我們想看看今年剩下的時間如何。我認為目前來看，上漲的可能性大於下跌的風險。

Our next question comes from the line of Bill Crow with Raymond James.

我們的下一個問題來自比爾·克勞和雷蒙德·詹姆斯的合作系列。

Arne, this question stems from the investment announcement of the EDITION Hotel in Las Vegas. I'm just curious whether you're seeing more opportunities to invest directly in properties, whether there's more of a need for you to invest in properties and given maybe the Marriott valuation today, whether it might be more appealing to invest directly in opportunities. Can you just talk about your capital allocation decision at this point?

Arne，這個問題源自於拉斯維加斯 EDITION 酒店的投資公告。我只是好奇您是否看到了更多直接投資房地產的機會，您是否更需要投資房地產，以及考慮到萬豪酒店目前的估值，直接投資房地產機會是否會更有吸引力。現在您能談談您的資本配置決策嗎？

Yes, I mean, this is a roughly 4,000-room hotel, principally JW Marriott but also an EDITION Hotel. We're obviously thrilled to beyond measure to be entering into Las Vegas with a big managed hotel platform with about 500,000 square feet of meeting space. So, this is going to be spectacular for us long term. We're investing $50 million over time in the equity in this project, which we're also very pleased to do in the context of a transaction of this size. We think the equity investment is likely to yield good positive returns. But if, in theory, it delivered nothing, it would still be an excellent deal for us because of the strength of the fee stream and the strength of the contribution this hotel will have to our system. And so I wouldn't read our investment in the Las Vegas project as a predictor of more capital investing by us. I think there is still plenty of capital out there. We're willing to invest in good projects. You see that from the 125,000 rooms that we signed last year. And I think we'll see that -- we might see some interest rates move up a little bit this year, obviously, based on what's happened so far. But as long as that is being matched with more optimism about performance, I think we'll see that both we get continued good unit growth and relatively little need for our capital.

是的，我的意思是，這是一家擁有大約 4000 間客房的酒店，主要是 JW 萬豪酒店，但也包括一家 EDITION 酒店。我們非常興奮能夠帶著一個擁有約 50 萬平方英尺會議空間的大型飯店管理平台進入拉斯維加斯市場。所以，從長遠來看，這對我們來說將是件好事。我們將分階段向該專案的股權投資 5,000 萬美元，我們也非常高興能在如此規模的交易中進行這項投資。我們認為這項股權投資很可能帶來良好的正回報。但即便理論上它沒有帶來任何收益，這對我們來說仍然是一筆非常划算的交易，因為飯店的收入來源強大，而且這家飯店將對我們的系統做出巨大貢獻。因此，我不認為我們對拉斯維加斯項目的投資預示著我們將進行更多資本投資。我認為市場上仍然有很多資金。我們願意投資好的項目。從我們去年簽約的 125,000 間客房就能看出這一點。我認為我們會看到——根據目前的情況來看，今年利率很可能會略有上升。但只要人們對業績抱持更樂觀的態度，我認為我們既能繼續獲得良好的銷售成長，又能相對減少對資本的需求。

That's helpful. My follow-up question, Arne, is on international inbound travel and whether you're seeing any reversal of the loss of market share that we've experienced the last 12 or 18 months.

那很有幫助。Arne，我的後續問題是關於國際入境旅遊的，以及您是否看到過去 12 或 18 個月以來我們所經歷的市場份額損失有任何逆轉的跡象。

No, I mean, one of the challenges here is that the data is really hard to get for the industry as a whole. In fact, I was having a conversation yesterday about a couple of government agencies that -- U.S. government agencies that have data which does not seem to be exactly the same. And so it's really hard to get sort of current data as you look at it. I think a couple of things that we would say that a number of different data sources tell us that international arrivals to the U.S. in 2017 were down about 4% to 5% while total international travel around the world was up about 7%. It doesn't take a genius to know that, that means we're losing share. When we look at our data at a market like New York, as an example, we think international arrivals in New York City last year were down, in our system, 7% to 8%. Fred Dixon, who runs NYC & Co., will have probably better industry data than we will. But I think generally, we're seeing that the United States is losing share. We don't believe, and I don't think there's any voice in the industry that believes, it is wrong to focus on security and protecting our borders and those sorts of things. But we do believe that we can do those things politically and still communicate a welcome to the rest of the world and have people come here both to do business and take our vacations. And that's the kind of encouragement we're trying to give to our government and trying to use Brand U.S.A. and other platforms to make sure we deliver that welcome or that invitation to the rest of the world to come here.

不，我的意思是，這裡面臨的挑戰之一是，整個產業的數據真的很難取得。事實上，我昨天正在和人談論幾個政府機構——美國政府機構——的數據似乎並不完全一致。因此，要獲得最新的數據真的很難。我認為有幾點需要說明，許多不同的資料來源告訴我們，2017 年美國國際入境人數下降了約 4% 至 5%，而全球國際旅行總量增加了約 7%。這並不需要天才也能明白，這意味著我們正在失去市場份額。以紐約這樣的市場為例，當我們查看我們的數據時，我們認為去年紐約市的國際遊客到訪量（根據我們的系統統計）下降了 7% 到 8%。NYC & Co. 的負責人 Fred Dixon 可能掌握比我們更好的產業數據。但我認為總體而言，我們看到美國的市場份額正在下降。我們不認為，而且我認為業內也沒有任何人會認為，把重點放在安全和保護邊境等方面是錯誤的。但我們相信，我們可以在政治上做到這些，同時仍然向世界其他國家表達歡迎，並吸引人們來這裡經商和度假。這就是我們試圖給予政府的鼓勵，也是我們試圖利用「美國品牌」來鼓勵政府的。以及其他平台，以確保我們向世界其他地方發出歡迎或邀請，歡迎他們來到這裡。

Our next question comes from the line of Michael Bellisario with Baird.

我們的下一個問題來自貝爾德的邁克爾貝利薩裡奧。

Just wanted to kind of follow up on Bill's question on the capital allocation front. Just as you think about buying back, stock's at 18x EBITDA, has anything changed for you? And then is there or will we ever get to a crossover point when maybe tuck-in deals or more investment in your portfolio make more sense than buying back stock at 18x, 19x, 20x EBITDA?

我只是想就比爾提出的關於資本配置方面的問題做個後續說明。正當你考慮回購股票時，目前的股票市盈率是 18 倍 EBITDA，你的想法有改變嗎？那麼，是否存在或我們是否會達到一個轉折點，屆時，進行補充交易或增加投資組合投資可能比以 18 倍、19 倍、20 倍 EBITDA 的價格回購股票更有意義？

Well, first and foremost, growth in our business of how we want to invest our money -- growth in our business comes first. We will always be seeking opportunities to spend our money in value-added ways for our shareholders, for our system, for our customers first. The reality is we've got tons of owners and franchisees and contracts where they want to be part of our system and aren't looking for capital. And we still are in a position where the vast majority of the contracts that we signed require no capital on our part. However, we are -- we have been robust investors in projects where they make sense and where there's good kind of return above our cost of capital for a long time, and we continue to do it. We talked about that we recycled close to $200 million worth of loans that we made last year. Those are terrific examples, 2 of which were related to our new Moxy brand in the U.S. So there are great opportunities to invest, and we want to always make sure to be doing that first and foremost. However, the reality is we generate well more cash than we need to grow the system organically. We, of course, continue to -- we would take a look at tuck-ins just like we have proven to do and execute on well before. From a share repurchase standpoint, you saw what we did in -- so far in Q1. We continue to be purchasers of our stock. Clearly, the stock moved a lot after the tax reform was passed. And we will continue to be opportunistic. So that means around the edges, we are definitely going to be keeping our eye out on what's going on and how the stock is performing. But when we get down to fundamentals of what we believe long term in the value that we are creating, as we said before, we would expect to return $2.5 billion to our shareholders this year through a combination of share repurchase and dividend.

首先，也是最重要的，是我們業務的成長，以及我們希望如何投資資金——業務成長是第一位的。我們將始終尋求機會，以增值的方式使用資金，首先為我們的股東、我們的系統和我們的客戶創造價值。現實情況是，我們有很多業主、加盟商和合同，他們想成為我們系統的一部分，但並不需要資金。而我們目前的情況仍然是，我們簽署的絕大多數合約都不需要我們投入任何資金。然而，我們一直以來都是——我們一直是那些有意義且能帶來高於我們資本成本的良好回報的項目的堅定投資者，而我們將繼續這樣做。我們談到，我們重新利用了去年發放的價值近 2 億美元的貸款。這些都是非常好的例子，其中兩個與我們在美國的新品牌 Moxy 有關。因此，有很多投資機會，我們希望始終把投資放在首位。然而，現實情況是，我們產生的現金遠遠超過了系統自然成長所需的資金。當然，我們也會繼續下去——我們會像以前那樣仔細研究一下塞進餡料的做法，並做好後續的準備工作。從股票回購的角度來看，你們已經看到了我們在第一季迄今所做的工作。我們將繼續採購我們的庫存。顯然，稅改法案通過後，該股股價波動很大。我們將繼續抓住機會。所以這意味著，我們肯定會密切關注事態發展以及股票的表現。但當我們深入探討我們所創造的長期價值的根本原因時，正如我們之前所說，我們預計今年將透過股票回購和分紅的方式向股東返還 25 億美元。

That's helpful. And then just one follow-up. Could you maybe provide a percentage of deals you signed or opened last year that did include some sort of Marriott investment in them?

那很有幫助。然後只有一次後續跟進。能否提供去年您簽署或達成的交易中，包含萬豪投資的項目所佔的百分比？

I can...

我可以...

A minority.

少數群體。

I was going to say we can get them for you. I mean, obviously, when you think about, I think we signed 750.

我本來想說我們可以幫你弄到。我的意思是，很明顯，仔細想想，我們簽了750份合約。

770 -- 757.

770——757。

750 deals last year. Again, a vast majority of those would not have capital required. Certainly, on the kind of classic limited-service franchise side, you can get up to in the 90s percent not requiring any capital. So we can work on a number, but it's going to be really a small percentage.

去年達成了750筆交易。再說，其中絕大多數人並不需要資金。當然，在經典的有限服務特許經營模式方面，你可以獲得高達 90% 的成功率，而無需任何資本。所以我們可以計算出一個數字，但這只會佔很小的比例。

Our next question comes from the line of Chad Beynon with Macquarie.

我們的下一個問題來自麥格理集團的查德·貝農。

I just had one. As you reflect on 2017 and the merger, Leeny, are you able to quantify the revenue synergies from Starwood or at least kind of help us with the RPI gains? And then going forward, should we expect any revenue synergies to occur in 2018? Or could those maybe be pushed back to 2019 after the loyalty points are merged?

我剛剛吃了一塊。Leeny，在回顧 2017 年和合併時，您能否量化喜達屋帶來的收入綜效，或至少幫我們估算 RPI 的收益？那麼展望未來，我們是否可以預期 2018 年會出現任何收入綜效？或者，這些活動能否延後到 2019 年，等積分合併之後再進行？

Sure. So, certainly from an RPI standpoint, we did gain -- we were pleased with the gain that we had worldwide, system-wide across the portfolio and clearly do believe that we are gaining revenue benefits from the merger as well as from the great work that our teams are doing in the hotels and what we're offering to consumers. But yes, to your point, we do believe there is more to come. We think what's going on with the credit cards and the combination of the loyalty program will be critical pieces to kind of taking a leg up on our share of wallet. And so we would expect more of that in both '18 and '19 and, frankly, for what we hope is for some time to come. In terms of kind of specific timing, I think again, the harmonization and the unification of the program will fold out later this year and into '19, so we look forward to excitement on the part of the customers to know that they'll be able to go have one program to spend their dollars at any of our 6,500 hotels. You've seen us be doing a lot in the way of innovation to try to make the process, the entire travel process seamless with us. So whether it is our PlacePass investment, which will attract people to be able to do more than just choosing a hotel, to the Alibaba work that we have to make it easier for Chinese consumers to book our hotels worldwide, all of those things, we believe, are important additions to what we're doing to make that share of wallet happen.

當然。所以，從 RPI 的角度來看，我們確實取得了增長——我們對全球範圍內整個投資組合的系統性增長感到滿意，並且我們顯然相信，我們正在從合併以及我們團隊在酒店所做的出色工作和我們為消費者提供的服務中獲得收入收益。但是，你說得對，我們相信未來還會有更多精彩內容。我們認為，信用卡的發展以及忠誠度計畫的結合，對於我們提升市場佔有率至關重要。因此，我們預計在 2018 年和 2019 年，以及坦白說，我們希望在未來的一段時間內，這種情況都會更加普遍。至於具體時間安排，我認為該計劃的協調和統一將在今年晚些時候和 2019 年逐步展開，因此我們期待顧客們會感到興奮，因為他們將能夠通過一個計劃在我們 6500 家酒店中的任何一家消費。您已經看到我們做了很多創新工作，力求讓整個旅行過程在我們這裡變得無縫銜接。因此，無論是我們對 PlacePass 的投資（這將吸引人們不僅僅選擇酒店），還是我們與阿里巴巴合作，讓中國消費者更容易預訂我們在全球的酒店，我們相信，所有這些都是我們正在做的重要補充，有助於我們贏得消費者的錢包份額。

I want to add something here, too, just on the strength of the integration so far and give kudos to Leeny and team but also all the operators out there. As we mentioned, we have been really focused on delivering economies of scale to our owners. Loyalty rates have been reduced already twice, and they will be reduced a third time while strengthening the benefits to guests and strengthening Marriott's own P&L contribution from the credit cards. And that's because of the bigger program. Because of that and other things that we've been doing, you can see that in Q4, for example, U.S.-managed hotels, we drove margins up 100 basis points. We gave you the number in the prepared remarks for our global full-year margin improvement. And I am absolutely convinced that our margin performance is leading, and it is leading because of a number of things that we've done around the integration. We had a specific 50 basis point incremental margin target in 2017 because of the integration, so over and above whatever the impact might normally be from RevPAR. We have another 50 basis point target in 2018. And through every tool we can imagine, procurement, OTA contracts, we mentioned in the prepared remarks something about credit card commission, transactional costs and all of that is, I think, moving very well. On the revenue side, the most exciting thing is yet to come, which is the merger of these loyalty programs into one loyalty program. And when you look at the enhanced benefits that the customers will achieve and you look at our portfolio of luxury and lifestyle hotels, particularly, which are the things which motivate people to earn points with you, we think we're going to drive increased share of wallet from our loyalty members, and the revenue lift will be something that, hopefully, we start to see the latter part of this year but certainly as we get into 2019 and beyond.

我也想在這裡補充一點，就目前為止的整合而言，我要向 Leeny 和他的團隊以及所有參與其中的運營商表示讚揚。正如我們所提到的，我們一直非常注重為業主帶來規模經濟效益。忠誠度獎勵率已經降低了兩次，現在還將第三次降低，同時加強對客人的優惠，並提高萬豪信用卡對自身損益表的貢獻。這是因為這個更大的項目。由於這些措施以及我們採取的其他措施，您可以看到，例如在第四季度，美國管理的酒店利潤率提高了 100 個基點。我們在事先準備好的發言稿中已經提供了我們全年全球利潤率提升的具體數字。我完全相信我們的利潤率表現領先，而這領先是因為我們圍繞整合做了一系列工作。由於整合，我們在 2017 年設定了 50 個基點的增量利潤目標，這還不包括 RevPAR 可能帶來的任何正常影響。我們2018年的目標價位是50個基點。透過我們能想到的所有工具，採購、OTA 合同，我們在準備好的發言稿中提到了信用卡佣金、交易成本等等，我認為所有這些都進展得非常順利。在收入方面，最令人興奮的事情還在後面，那就是將這些忠誠度計劃合併成一個忠誠度計劃。當你看到客戶將獲得的增強利益，以及我們豪華生活方式酒店的組合，特別是那些激勵人們在我們這裡賺取積分的因素時，我們認為我們將提高忠誠會員的錢包份額，收入增長有望在今年下半年開始顯現，但肯定會在 2019 年及以後實現。

Our final question comes from the line of Stuart Gordon with Berenberg.

最後一個問題來自斯圖亞特·戈登與貝倫貝格的淵源。

Yes, I have couple of questions, please. First of all, on the leverage, could you tell us how the Avendra cash is being treated? Is that being treated as your cash until you spend it? Or is it being restricted cash? And how does that fit into your leverage target?

是的，我有幾個問題。首先，關於槓桿問題，您能否告訴我們 Avendra 的現金是如何處理的？這筆錢在你花掉之前會一直當作你的現金處理嗎？還是說現金受到限制？那這如何契合你的槓桿目標呢？

Right. It's not restricted cash because we will -- we are likely to spend that over a number of years.

正確的。這筆錢並非受限資金，因為我們——我們很可能會在幾年內花完這筆錢。

Okay. And as a follow-up, could you share with us -- obviously, you've given us some detail on the new credit card deal and what's coming to you. Could you give us a guide on the headline gross revenues that were incrementally added from the deal?

好的。作為後續問題，您能否與我們分享一下——顯然，您已經向我們詳細介紹了新的信用卡交易以及您將獲得的權益。能否提供一下此次交易後新增的總收入概覽？

Yes. It's not really a meaningful -- because of the way it comes in, it's not a meaningful comparison because of a host of different ways that we are paid. We also have the reality that we are still operating under 2 different -- we've got 2 different loyalty programs now. They'll ultimately be harmonized. So it's, frankly, it's not really that relevant a number, so we wouldn't be able to make that available.

是的。這其實沒什麼意義——因為它的計算方式不同，所以我們的薪酬方式多種多樣，因此這種比較沒有意義。現實情況是，我們目前仍在經營兩個不同的會員忠誠度計劃。它們最終會協調一致。坦白說，這個數字其實不重要，所以我們無法提供這個數據。

Thank you. And thanks to all of you for your participation this morning. We'd love your interest in our story. Look forward to talking to you before long.

謝謝。感謝各位今天上午的參與。我們非常希望您能對我們的故事感興趣。期待盡快與您聯繫。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。