Ryman Hospitality Properties Inc (RHP) 2023 Q4 法說會逐字稿

Welcome to Ryman Hospitality Properties Fourth Quarter 2023 Earnings Conference Call. Hosting the call today from Ryman Hospitality Properties are Mr. Colin Reed, Executive Chairman; Mr. Mark Fioravanti, President and Chief Executive Officer; Ms. Jennifer Hutcheson, Chief Financial Officer; Mr. Patrick Chaffin, Chief Operating Officer; and Mr. Patrick Moore, Chief Executive Officer of Opry Entertainment Group. At this time, participants have been placed on listen-only mode. It is now my pleasure to turn the floor over to Ms. Jennifer Hutchison. Ma'am, you may begin.

歡迎參加 Ryman Hospitality Properties 2023 年第四季財報電話會議。今天主持 Ryman Hospitality Properties 電話會議的是執行長 Colin Reed 先生；馬克·菲奧拉萬蒂先生，總裁兼執行長； Jennifer Hutcheson 女士，財務長； Patrick Chaffin 先生，營運長；以及奧普里娛樂集團執行長帕特里克·摩爾先生。此時，參與者已被置於僅聽模式。現在我很高興請詹妮弗·哈奇森女士發言。女士，您可以開始了。

Good morning, and thank you for joining us today. This call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the company's expected financial performance. Any statements we make today that are not statements of historical fact may be deemed to be forward-looking statements. Words such as believes or expects are intended to identify these statements, which may be affected by many factors, including those listed in the company's SEC filings and in today's release. The company's actual results may differ materially from the results we discuss or project today. We will not update any forward-looking statements, whether as a result of new information, future events or any other reason. We will also discuss non-GAAP financial measures today. We reconcile each non-GAAP measure to the most directly comparable GAAP measure in the exhibit to today's release. I will now turn the call over to Colin.

早安，感謝您今天加入我們。本次電話會議可能包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述，包括有關公司預期財務表現的陳述。我們今天發表的任何非歷史事實陳述都可能被視為前瞻性陳述。 「相信」或「期望」等詞彙旨在識別這些陳述，這些陳述可能受到許多因素的影響，包括該公司向 SEC 提交的文件和今天發布的新聞稿中列出的因素。公司的實際結果可能與我們今天討論或預測的結果有重大差異。我們不會因新資訊、未來事件或任何其他原因而更新任何前瞻性陳述。今天我們也將討論非公認會計準則財務指標。我們將每項非 GAAP 衡量標準與今天發布的展覽中最直接可比較的 GAAP 衡量標準進行了協調。我現在將把電話轉給科林。

Thank you, Jen, and good morning, everyone. We've had a very busy start to the year here. So I thought I'd start off our call today on some of those developments. In mid-January, we opened our newest a much anticipated Ole Red in Las Vegas to a very encouraging early start. Super Bowl weekend generated strong results, including an impromptu visit and performance on stage by Blake and Gwen. Our operations continue to ramp there, and we will host our official grand opening celebration in April, and this will be a very hot ticket. At the end of last month, we hosted many of you at our Investor Day here in Nashville, where we also announced the name of our new brand partnership with Luke Combs Category 10. The response from Luke fans and the country music community has been extremely positive, and we look forward to reopening that venue in stages later this year.

謝謝你，Jen，大家早安。我們在這裡度過了一個非常忙碌的一年。所以我想我應該從今天的電話會議開始討論其中的一些進展。一月中旬，我們在拉斯維加斯開設了備受期待的最新一家 Ole Red 餐廳，並取得了令人鼓舞的早期開局。超級盃週末取得了巨大成果，包括布萊克和格溫的即興訪問和舞台表演。我們在那裡的業務繼續擴大，我們將在四月舉辦我們的正式開幕慶典，這將是一個非常熱門的門票。上個月底，我們在納許維爾舉行的投資者日招待了你們中的許多人，我們還宣布了與 Luke Combs Category 10 的新品牌合作夥伴關係的名稱。的，我們期待在今年稍後分階段重新開放該場館。

Both Mark and Jen will get into the earnings discussion in a minute, but I thought I'd revisit some of the more salient points from our Investor Day to help frame how we think about our fourth quarter results, the '24 outlook and why we're so excited as we look forward to the years '25 and beyond. For 20 years, our management team has executed a unique strategy built on our employee-centric model that delivers long-term customer satisfaction with a particular focus on the group customer. We've built and continue to enhance an industry-leading portfolio of hotels to serve that customer and our service model continues to drive high customer retention, rotation and loyalty. Furthermore, group demand has surpassed prior peak levels and is very robust, especially against the backdrop of limited new supply under construction and structural constraints to new ground-up development.

馬克和珍很快就會進入獲利討論，但我想我應該回顧一下投資者日的一些更重要的觀點，以幫助我們如何看待第四季度的業績、24 年的前景以及我們為什麼要這樣做。當我們期待25 年及以後時，我們感到非常興奮。 20 年來，我們的管理團隊執行了一項基於以員工為中心的模式的獨特策略，可提供長期的客戶滿意度，並特別關注集團客戶。我們已經建立並繼續增強行業領先的酒店組合來為客戶提供服務，我們的服務模式繼續提高客戶保留率、輪換率和忠誠度。此外，集團需求已超過先前的峰值水平並且非常強勁，特別是在新開工供應有限以及新的地面開發受到結構性限制的背景下。

As a result, we have significant visibility into the future, a meaningful reoccurring revenue stream, strong pricing power and ample high-return investment opportunities to sustain our growth trajectory. This has been our formula for industry-leading shareholder returns that I think speak for themselves. Through building great relationships with our customers, we've built loyalty and the byproduct being retention that drives overall demand. This, in turn, allows us to expand our product restaurants, hotel rooms, convention space, pool complexes, et cetera. This is an awfully efficient way to generate very high return on investments that drive our superior shareholder returns. And as the team explained in great detail at our Investor Day, the demand we're building in the out years will lead to some very exciting new projects at our existing hotels, thus stimulating further growth in our company.

因此，我們對未來擁有顯著的洞察力、有意義的經常性收入來源、強大的定價能力和充足的高回報投資機會來維持我們的成長軌跡。我認為這就是我們領先業界的股東回報的公式，這是不言而喻的。透過與客戶建立良好的關係，我們建立了忠誠度，副產品是保留率，從而推動了整體需求。這反過來又使我們能夠擴大我們的產品餐廳、酒店客房、會議空間、泳池綜合設施等。這是一種非常有效的方式，可以產生非常高的投資回報，從而推動我們卓越的股東回報。正如該團隊在投資者日上詳細解釋的那樣，我們在未來幾年建立的需求將導致我們現有酒店出現一些非常令人興奮的新項目，從而刺激我們公司的進一步成長。

On top of all of that, we have an incredibly valuable entertainment business built on some of the most iconic brands in the music industry. And recent events, such as Luke Comb performance with Tracy Chapman at the Grammy Awards and Beyonce's recently released country singles continue to highlight the growing popularity of the country music and lifestyle category. For those of you who are fortunate to be at the Investor Day dinner that we hosted on the stage of the Grand Ole Opry. I hope you were as thrilled as I was to get to see Luke up close previewing the incredible Grammys performance of Fast Car. He's an exceptional artist and friend and someone we are proud to be in business with.

最重要的是，我們擁有非常有價值的娛樂業務，建立在音樂產業中一些最具標誌性的品牌之上。最近發生的事件，例如盧克·庫姆(Luke Comb) 與特蕾西·查普曼(Tracy Chapman) 在格萊美頒獎典禮上的表演以及碧昂絲(Beyonce) 最近發行的鄉村單曲繼續凸顯鄉村音樂和生活方式類別的日益普及。對於那些有幸參加我們在大奧普里舞台上舉辦的投資者日晚宴的人來說。我希望您和我一樣興奮地看到盧克近距離預覽《快車》令人難以置信的格萊美表演。他是一位傑出的藝術家和朋友，我們很自豪能與之合作。

Both of our businesses have generated sector-leading returns for our shareholders, and we think this will continue to be the case going forward. I've said this many times before, our business is not based on hope, hope that city-wides return to a particular market hope that a particular city cleans up its image. Our strategy is grounded in the things we know well and can control, extensive knowledge of our customers and delivering what our customers want and thus driving loyalty. And with that, let me turn it over to Mark to review our fourth quarter results and 2024 outlook in more detail.

我們的兩項業務都為股東創造了行業領先的回報，我們認為未來將繼續如此。我已經說過很多次了，我們做生意不是希望，希望全市人回歸某個市場，希望某個城市清理形象。我們的策略立足於我們熟知且可以控制的事物、對客戶的廣泛了解以及提供客戶所需的東西，從而提高客戶忠誠度。接下來，讓我將其交給 Mark，更詳細地回顧我們第四季的業績和 2024 年的前景。

Thanks, Colin. Good morning, everyone. Our record fourth quarter results were in line with the preliminary results we reported in mid-January. So for today's call, I'll simply highlight a few key metrics that drove our financial performance in the quarter. In the fourth quarter, led by the strength of the group segment, our same-store hospitality portfolio generated a record ADR of $260, up 2% compared to last year. Banquet revenue increased 13.5%, driven primarily by higher contribution per group room night, evidence of our continued success with attracting higher-quality groups. Gaylord National and Gaylord Palms achieved particularly strong results in October with the National setting a brand record for monthly banquet revenue and the Palms achieving record monthly banquet revenue for the property.

謝謝，科林。大家早安。我們創紀錄的第四季業績與我們一月中旬報告的初步業績一致。因此，在今天的電話會議中，我將簡單強調一些推動我們本季財務表現的關鍵指標。第四季度，在集團業務實力的帶動下，我們的同店酒店組合創造了創紀錄的日均房價 260 美元，比去年增長 2%。宴會收入成長了 13.5%，主要是由於每晚團體住宿貢獻增加，這證明了我們在吸引更高品質團體方面持續取得成功。蓋洛德國家酒店(Gaylord National) 和蓋洛德棕櫚酒店(Gaylord Palms) 在10 月份取得了特別強勁的業績，國家酒店(National) 創下了每月宴會收入的品牌記錄，而棕櫚酒店(Palms)則創下了酒店每月宴會收入的紀錄。

Our proprietary holiday programming continued to induce leisure demand during the seasonally low period for groups. In the fourth quarter, ICE! admissions equalled last year's record levels, while higher per caps yielded revenues above last year's high watermark with particularly strong results at Gaylord Opryland and Gaylord Texan. The success of our holiday programming initiatives, combined with the strength of banqueting results I just mentioned, resulted in record quarterly same-store total revenue in the fourth quarter. Furthermore, for the month of December, Gaylord Opryland set an all-time monthly brand record for total revenue and Gaylord Texan set an all-time monthly brand record for total RevPAR.

我們專有的假期計劃在季節性淡季期間繼續刺激團體休閒需求。第四季，ICE！入場人數與去年的創紀錄水平持平，而更高的人均收入則高於去年的高水位，蓋洛德奧普里蘭和蓋洛德德克薩斯州的業績尤其強勁。我們的假期計劃計劃的成功，加上我剛才提到的宴會業績的強勁，導致第四季度的季度同店總收入創下歷史新高。此外，12 月份，Gaylord Opryland 創下了總收入的歷史月度品牌記錄，Gaylord Texan 則創造了總 RevPAR 的歷史月度品牌記錄。

Early results from our initial holiday programming at the JW Hill Country were encouraging, and we look forward to activating the full slide device programming there this year.

我們在 JW Hill Country 最初的假期節目的初步結果令人鼓舞，我們期待今年在那裡啟動完整的幻燈片設備節目。

Finally, we continue to command strong pricing power, evident both in the fourth quarter ADR as well as in our group revenue pace. At the beginning of 2024, group rooms revenue on the books for 2024 is pacing up 8% compared to the same time last year for the T+0 period and booking trends through January have remained on pace. This underscores the demand we continue to see in the group meeting segment for the quality meeting experiences like we provide. Demand for live entertainment and country music continues to drive growth in our entertainment business. In the fourth quarter, driven by strong show calendars and higher per caps across the portfolio, revenue grew 4.1% and adjusted EBITDAre grew 15.8%, translating into margin expansion of 340 basis points compared to last year.

最後，我們繼續擁有強大的定價能力，這在第四季度的 ADR 以及我們的集團收入成長中都可見一斑。 2024 年初，T+0 期間的 2024 年團體客房預訂收入較去年同期成長 8%，整個 1 月的預訂趨勢保持不變。這凸顯了我們在團體會議領域繼續看到的對我們提供的高品質會議體驗的需求。對現場娛樂和鄉村音樂的需求繼續推動我們娛樂業務的成長。第四季度，在強勁的展會日曆和整個投資組合較高的人均上限的推動下，收入增長了 4.1%，調整後的 EBITDA 增長了 15.8%，意味著利潤率比去年增長了 340 個基點。

Taken together, the momentum we're seeing in both our business segments supports our confidence to continue to invest in our assets. And as we laid out in our Investor Day presentation, we have ample opportunities to pull capital into high-return projects. In our hospitality business for 2024, we expect to invest approximately $290 million to $360 million in several major projects, including the repositioning of the Grand Lodge and a new group pavilion at Gaylord Rockies, which are already underway and expected to open in phases beginning this summer, transformation of the Governors and Presidential ballrooms and pre-function spaces at Gaylord Opryland and renovation of the lobby and the remaining 1,416 rooms at the Gaylord Palms.

總的來說，我們在兩個業務部門看到的勢頭支持了我們繼續投資資產的信心。正如我們在投資者日演講中所述，我們有充足的機會將資金引入高回報項目。在2024 年的酒店業務中，我們預計將在幾個重大項目上投資約2.9 億至3.6 億美元，包括Grand Lodge 的重新定位和蓋洛德落基山脈的新集團館，這些項目已經在進行中，預計從今年開始分階段開放夏季，改造蓋洛德奧普里蘭(Gaylord Opryland) 的州長和總統宴會廳和迎賓空間，並翻新蓋洛德棕櫚酒店(Gaylord Palms) 的大堂和其餘1,416 間客房。

Additionally, we're analysing and designing rooms and SoundWaves expansion at Gaylord Rockies, a meeting space expansion, a new sports bar and an event lawn at Gaylord Opryland and a rooms renovation at the JW Hill Country and Gaylord Texan. We look forward to being able to give you more details on these rollouts later in the year. In our Entertainment business in 2024, we expect to spend approximately $70 million to $80 million on the major projects already underway, including the opening of Ole Red Las Vegas, the renovation of the W-Austin Hotel and other enhancements at Block 21 and the redevelopment of the Wildhorse Saloon into Category 10 in downtown Nashville.

此外，我們正在分析和設計 Gaylord Rockies 的房間和 SoundWaves 擴建，Gaylord Opryland 的會議空間擴建、新的體育酒吧和活動草坪，以及 JW Hill Country 和 Gaylord Texan 的房間翻新。我們期待能夠在今年稍後向您提供有關這些推出的更多詳細資訊。在2024 年的娛樂業務中，我們預計將花費約7000 萬至8000 萬美元用於已在進行的主要項目，包括拉斯維加斯Ole Red 的開業、W-奧斯汀酒店的翻新以及21 號街區的其他改進和重建納許維爾市中心的 Wildhorse Saloon 進入第 10 類。

Now turning to our outlook for 2024. We are reiterating the full year guidance ranges we presented at our Investor Day, including same-store hospitality RevPAR growth of 3.5% to 5.5%, which reflects approximately 215 basis points of disruption from 2024 capital projects. Same-store Hospitality total RevPAR growth of 3.25% to 5.25%, which reflects approximately 160 basis points of disruption and consolidated adjusted EBITDAre of $740.5 million to $785 million, which reflects $10 million to $11 million of disruption within the same-store hospitality portfolio $8 million to $10 million of disruption within the entertainment business.

現在轉向我們對 2024 年的展望。同店酒店業總RevPAR 成長3.25% 至5.25%，反映了約160 個基點的中斷，綜合調整後EBITDA 為7.405 億美元至7.85 億美元，反映了同店酒店投資組合內1000 萬美元至1100 萬美元的中斷8 美元對娛樂業造成 100 萬至 1000 萬美元的破壞。

Below the line, we expect to generate adjusted funds from operations, or AFFO, of $484.3 million to $527 million, and AFFO per diluted share of $7.60 to $8.20.

在此線之下，我們預計調整後的營運資金（AFFO）為 4.843 億至 5.27 億美元，稀釋後每股 AFFO 為 7.60 美元至 8.20 美元。

Let me provide some color on how we expect the quarterly cadence to play out, which will be a little bit different than what we saw in 2023, but largely in line with our historical trends. In this first quarter, we expect same-store hospitality RevPAR and total RevPAR to decline low single digits compared to last year, due primarily to the timing of Easter, which falls on March 31 this year compared to April 9 last year, shifting group business out of the first quarter and into the second. We expect same-store hospitality adjusted EBITDAre margin in the first quarter to decline 150 to 200 basis points year-over-year due primarily to the Easter shift and the continued normalization of attrition and cancellation fees.

讓我提供一些關於我們預計季度節奏如何發揮的信息，這將與我們在 2023 年看到的情況略有不同，但在很大程度上符合我們的歷史趨勢。在第一季度，我們預計同店飯店RevPAR和總RevPAR將比去年下降低個位數，這主要是由於復活節的時間安排，與去年的4月9日相比，今年的復活節時間為3月31日，集團業務發生了變化走出第一季度，進入第二季度。我們預計第一季同店飯店調整後 EBITDA 利潤率將年減 150 至 200 個基點，主要是由於復活節的轉變以及損耗和取消費用的持續正常化。

As a reminder, the first quarter of 2023 was the highest first quarter adjusted EBITDAre and adjusted EBITDAre margin on record. We expect the remaining 3 quarters to show positive same-store RevPAR and total RevPAR growth and adjusted EBITDAre margin expansion with high single-digit RevPAR and total RevPAR growth in the second and third quarters, followed by low to mid-single-digit growth in the fourth quarter. In our entertainment business, we expect first quarter revenue growth to be tempered modestly by the severe winter weather we experienced in Nashville in January. Consistent with historical trends, we expect the strongest growth in the second and fourth quarters. The third quarter will be heavily impacted by construction disruption.

提醒一下，2023 年第一季是有史以來第一季調整後 EBITDAre 和調整後 EBITDAre 利潤率最高的。我們預計剩餘 3 個季度的同店 RevPAR 和總 RevPAR 將會呈現正成長，調整後的 EBITDA 利潤率也會擴張，第二和第三季的 RevPAR 和總 RevPAR 將實現高個位數成長，隨後在第第四季。在我們的娛樂業務中，我們預計第一季的營收成長將因一月份納許維爾經歷的嚴冬天氣而略有放緩。與歷史趨勢一致，我們預計第二季和第四季將出現最強勁的成長。第三季將受到施工中斷的嚴重影響。

As Colin discussed at the outset, we are incredibly well positioned. We have significant visibility into future bookings. We have a meaningful recurring revenue stream, strong pricing power and ample high-return investment opportunities. These investments that we're making, though disruptive in 2024 will sustain our long-term growth trajectory. And importantly, we can fund this growth plus our dividend from our balance sheet and free cash flow generation. And to that end, I'll turn it over to Jennifer to discuss our balance sheet, liquidity, free cash flow and dividend.

正如科林一開始所討論的那樣，我們處於非常有利的位置。我們對未來的預訂有清晰的了解。我們擁有有意義的經常性收入來源、強大的定價能力和充足的高回報投資機會。我們正在進行的這些投資雖然在 2024 年會帶來顛覆性的影響，但仍將維持我們的長期成長軌跡。重要的是，我們可以為這種成長提供資金，再加上資產負債表中的股息和自由現金流的產生。為此，我將把它交給珍妮佛討論我們的資產負債表、流動性、自由現金流和股息。

Thanks, Mark. We ended the year with $592 million of unrestricted cash on hand, and our $700 million revolving credit facility remained undrawn. OEG's $65 million revolving credit facility had a balance of $5 million outstanding. Taken together, our total available liquidity was approximately $1.3 billion, net of approximately $15 million of outstanding letters of credit. We retained an additional $109 million of restricted cash available for FF&E and other maintenance projects. Our net leverage ratio based on total consolidated net debt to adjusted EBITDAre was 4.1x, below where we ended the year in 2019 and at the low end of our targeted range of 4 to 4.5x.

謝謝，馬克。截至年底，我們手頭上有 5.92 億美元不受限制的現金，而我們的 7 億美元循環信貸額度仍未提取。 OEG 的 6,500 萬美元循環信貸額度仍有 500 萬美元未償餘額。總而言之，我們可用的流動資金總額約為 13 億美元，扣除約 1500 萬美元的未償信用證。我們額外保留了 1.09 億美元的限制性現金，可用於 FF&E 和其他維護項目。我們基於合併淨債務總額與調整後 EBITDA 的淨槓桿率為 4.1 倍，低於 2019 年年底的水平，處於 4 至 4.5 倍目標範圍的低端。

On a pro forma basis, assuming a full year contribution of adjusted EBITDAre from the JW Hill Country, our net leverage ratio was 3.9x. In 2024, we expect to generate free cash flow before payment of dividends and capital expenditures of between $500 million to $550 million, which, together with our unrestricted cash balance of $592 million at year-end and funds available in our FF&E escrow accounts will be more than sufficient to fund the dividend and the capital investment priorities that Mark outlined. At the end of 2024, we expect our total available liquidity to remain above $1 billion and our net leverage ratio to remain well within our target range. As our projections demonstrate our balance sheet and liquidity position continue to be in excellent shape to support the capital deployment opportunities available to us and the continued growth of our businesses. Finally, we are pleased to announce the declaration of our first quarter dividend of $1.10 payable to shareholders of record as of March 29, 2024. It remains our intention to continue to pay 100% of our REIT taxable income through dividends. With that, we can open it up for questions.

根據預估，假設全年調整後 EBITDA 均來自 JW Hill Country，我們的淨槓桿率為 3.9 倍。到 2024 年，我們預計在支付股息和資本支出之前產生 5 億至 5.5 億美元的自由現金流，加上年底 5.92 億美元的無限制現金餘額以及 FF&E 託管帳戶中的可用資金，足以為馬克概述的股息和資本投資優先事項提供資金。到 2024 年底，我們預期可用流動性總額將維持在 10 億美元以上，淨槓桿比率將維持在目標範圍內。我們的預測表明，我們的資產負債表和流動性狀況繼續保持良好狀態，以支持我們可用的資本部署機會和我們業務的持續成長。最後，我們很高興地宣布，我們將向截至 2024 年 3 月 29 日登記在冊的股東派發 1.10 美元的第一季度股息。這樣，我們就可以打開它來提問了。

(Operator Instructions) And we'll take our first question today from Chris Woronka with Deutsche Bank.

（操作員說明）今天我們將回答德意志銀行 Chris Woronka 提出的第一個問題。

Congratulations on another really great year. One of the things you guys mentioned throughout the course of 2023 was that you saw almost all the groups performing in excess of the contract on both tenants and out-of-room spend. I'm curious as to whether you're still seeing that and also whether you're able to negotiating new group contracts every quarter, whether you're continuing to bring up those minimums on things like out of room spend.

祝賀又一個偉大的一年。你們在 2023 年期間提到的一件事是，你們看到幾乎所有團體的租戶和室外支出都超出了合約規定。我很好奇你是否仍然看到這一點，以及你是否能夠每個季度談判新的團體合同，是否繼續提高房間外支出等最低限額。

Chris, it's Patrick Chaffin good to hear from you this morning. To your question, how we're pacing so far in the first quarter. Like the entertainment business, we had a little bit of a setback just from the weather in Nashville in January. But overall, the group trends continue to be encouraging. We are seeing groups that are showing up and signing up for a lot more food and beverage outside the room than they originally had anticipated. I don't know that we'll see quite the outsized performance that we saw last year. But thus far, we are encouraged by what we've seen. As far as how we're contracting going forward, we continue to make sure that the inflationary pressures that we've all been feeling across the industry get priced into our food and beverage in real time. And we are making sure that the pricing is appropriate and always trying to move folks to a higher food and beverage minimum. But I would say there's been no material change in how contracting has gone forward thus far.

克里斯，派崔克‧查芬今天早上很高興收到你的來信。對於你的問題，第一季到目前為止我們的進度如何。就像娛樂業一樣，一月份納許維爾的天氣給我們帶來了一些挫折。但總體而言，集團趨勢持續令人鼓舞。我們看到一些團體出現並在房間外報名購買比他們最初預期的更多的食物和飲料。我不知道我們會看到去年那樣的超大規模表現。但到目前為止，我們所看到的一切讓我們感到鼓舞。就我們未來如何收縮而言，我們將繼續確保整個行業都感受到的通膨壓力即時反映在我們的食品和飲料中。我們確保定價合適，並始終努力讓人們接受更高的食品和飲料最低標準。但我想說，到目前為止，承包的進展並沒有重大變化。

Okay. Super helpful. And then just a quick follow-up. You mentioned it also at the Investor Day, a lot of capital projects on the horizon. How are you thinking about prioritizing those based on whether it's an ROI or just expected performance at a given property or market?

好的。超有幫助。然後進行快速跟進。您在投資者日也提到了這一點，許多資本項目即將出現。您如何考慮根據投資報酬率或特定財產或市場的預期表現來決定優先順序？

The way that we're looking at these, Chris, is, one is based on ROI and the other is based on customer feedback in terms of what's important to the meeting planner and the attendee, the feedback we've gotten through not only primary research, but also the customer satisfaction scores that we receive. And then also, ultimately, managing construction disruption as we look at the various hotels, room renovations, et cetera, some of that timing is determined when is the best time to undertake those projects.

克里斯，我們看待這些問題的方式是，一個基於投資回報率，另一個基於客戶回饋，這些回饋對會議策劃者和與會者來說很重要，我們獲得的回饋不僅是主要的研究，還有我們收到的客戶滿意度評分。最後，當我們考慮各種飯店、房間裝修等時，管理施工中斷，其中一些時間是確定進行這些專案的最佳時間的。

Our next question will come from Dori Kesten with Wells Fargo.

我們的下一個問題將來自富國銀行的 Dori Kesten。

Given the phasing of renovations over the next few years, would you expect this year to be the most disruptive to earnings?

鑑於未來幾年將分階段進行翻修，您預計今年對獲利的影響最大嗎？

I mean if you look at probably the next 2 or 3 years, you'll have about the same level, I think, of disruption as we rotate through the portfolio with the various room renovations. We've got 3 slated, I guess, for the next 2 years. So I think that this year or next year, it would have the most amount of disruption, and I would guess about the same the dollar amount.

我的意思是，如果你看看未來 2 到 3 年，我認為，當我們透過各種房間翻修來輪換投資組合時，你會遇到大約相同程度的破壞。我猜，我們已經在接下來的兩年安排了 3 個專案。所以我認為今年或明年，它會產生最大程度的破壞，我猜美元金額也差不多。

Let me add to this. I mean we can look at disruption, it's half empty, but the half full part of all of this is we're showing enormous growth in our hotel business. And I suspect that we'll see in '25 and '26 as some of these projects start to come online, very, very good growth. But it's just part of the price you have to pay for building superior demand into your business. We have this ability to grow our business materially, and we'll do that. And we'll manage disruption just like we have over the last pick a decade.

讓我補充一下。我的意思是，我們可以看看顛覆，它是一半是空的，但所有這一切的一半是我們的酒店業務顯示出巨大的成長。我懷疑，隨著其中一些項目開始上線，我們將在 25 年和 26 年看到非常非常好的成長。但這只是您為企業建立優質需求所必須付出的一部分代價。我們有能力大幅發展我們的業務，我們也會這麼做。我們將像過去十年那樣管理顛覆。

I would tell you that even on the Palms renovation, which is a 1,400-room renovation slated for this year that will start in a few weeks. We're continuing to massage that schedule to make sure that when we see high demand opportunities to take advantage of, that we manage the design and construction process so that the tail is not wagging the dog and that we're putting value creation first, even in the midst of this disruption.

我想告訴你的是，即使是 Palms 的翻新工程，今年也將進行 1,400 個房間的翻新工程，並將在幾週後開始。我們將繼續調整該時間表，以確保當我們看到需要利用的高需求機會時，我們能夠管理設計和施工流程，這樣我們就不會搖尾乞憐，並且我們將價值創造放在第一位，即使在這種混亂之中。

Yes. There's many, many times this year that at hotel with already its contracted book of business will be basically full and we'll manage around that. And this is the way we've run this business over the last decade. And we know how to do this. But the real exciting thing is the underlying business that we have on the books for T+1, T+2 and Patrick, when we look at things like lead volumes, bookings, I feel like we're going to see very good growth over the next few years. But disruption is going to happen because we're going to be doing these projects.

是的。今年有很多很多次，飯店的合約業務簿基本上已經滿了，我們會圍繞這個問題進行管理。這就是我們過去十年來經營這項業務的方式。我們知道如何做到這一點。但真正令人興奮的是我們在 T+1、T+2 和帕特里克帳簿上擁有的基礎業務，當我們看到潛在客戶量、預訂量等數據時，我覺得我們將看到非常好的成長未來幾年。但顛覆將會發生，因為我們要做這些專案。

Just one other point. On the entertainment side, the projects that are creating the disruption this year will be completed this year. So we shouldn't have any next year in that business.

還有一點。在娛樂方面，今年造成破壞的項目將在今年完成。所以我們明年不應該再涉足這項業務。

Right. And I probably should have said construction. And then on Austin City Limits, can you walk through, I guess, maybe what best practices from your Nashville assets you've been able to instill there to drive results?

正確的。我可能應該說建築。然後，在奧斯汀城市極限賽上，我想，您能否從您的納許維爾資產中灌輸哪些最佳實踐來推動結果？

So in the Investor Day, we outlined sort of our value creation program that we deploy across all of the venues. And when you look at Austin City Limits, there's a number of factors that were sort of pushing both the top and bottom line. For example, we brought food and beverage in-house we are taking over some of the frontline staff that is outsourced. We are improving overall show count and driving sort of demand relative to pricing and dynamic pricing. We are looking at things like block booking and routing from some of the Nashville-based assets into Austin. So there's a number of factors across a range of areas that were driving at ACL. Two other ones that I would mention is, first, we're redeveloping some of the areas between the hotel and Austin City Limits to have private events and other events before the show. And I'd say the second thing is, like we have in other assets, we are driving a tour business that we expect to launch at the end of this year.

因此，在投資者日，我們概述了我們在所有場所部署的價值創造計劃。當你看看奧斯汀城市極限時，有很多因素在某種程度上推動了收入和利潤。例如，我們將食品和飲料引入內部，我們正在接管一些外包的第一線員工。我們正在提高整體演出數量並推動與定價和動態定價相關的需求。我們正在研究諸如批量預訂和從納什維爾的一些資產到奧斯汀的路線之類的事情。因此，ACL 的推動因素涉及一系列領域。我要提到的另外兩個問題是，首先，我們正在重新開發酒店和奧斯汀市範圍之間的一些區域，以便在演出前舉辦私人活動和其他活動。我想說的第二件事是，就像我們在其他資產中一樣，我們正在推動一項旅遊業務，預計將在今年年底推出。

Okay. And if I can keep you, Patrick, would you expect majority of growth at OEG over the next few years to come from your internal growth drivers, what you just talked about and then just the projects that are ongoing? Or is there a likelihood of external growth there?

好的。如果我可以留住你，帕特里克，你是否預計未來幾年 OEG 的大部分增長將來自你的內部增長動力，你剛才談到的內容以及正在進行的項目？或者那裡有外部成長的可能性嗎？

We're putting 3 major projects online, Vegas, Category 10, which is going to be, as Colin outlined, a significant upgrade to that property. And obviously, the improvements both to the W Hotel in Austin and Austin City limits. I would say the short answer is we're looking predominantly at the organic growth of the things that we have because we're putting so much capital into service. That being said, we're always looking for unit growth of our existing brands and other investment opportunities.

我們將把 3 個主要項目上線，拉斯維加斯，類別 10，正如科林概述的那樣，這將是對該項目的重大升級。顯然，奧斯汀 W 酒店和奧斯汀市的改進都受到限制。我想說，簡短的答案是，我們主要關注我們所擁有的東西的有機增長，因為我們在服務中投入瞭如此多的資本。話雖這麼說，我們一直在尋找現有品牌的單位成長和其他投資機會。

Yes. And again, Patrick, I think in conversations yesterday with our Board, we talked about focusing on those new opportunities that are not embedded into our business today. We should see very good growth next year and the year after, just based on what we're doing today on the existing assets, but we're looking at multiple other things here with this business. It's a very interesting business that we have many different avenues to go down to continue to grow it.

是的。派崔克，我想在昨天與董事會的談話中，我們談到了關注那些尚未融入我們今天業務的新機會。僅根據我們今天在現有資產上所做的事情，我們明年和後年應該會看到非常好的成長，但我們正在考慮這項業務的其他多項內容。這是一項非常有趣的業務，我們有許多不同的途徑可以繼續發展它。

Our next question will come from William Crow with Raymond James.

我們的下一個問題將由威廉·克勞和雷蒙德·詹姆斯提出。

Mark, I was wondering if you could address the National. It been slower to ramp post pandemic. And we don't spend a lot of time talking about that asset on these calls. I'm just wondering from a momentum perspective, how is that asset doing relative to the rest of the portfolio?

馬克，我想知道你是否可以向國家會議發表演說。大流行後的成長速度較慢。我們不會在這些電話會議上花很多時間討論該資產。我只是想從動量的角度來看，該資產相對於投資組合的其他部分錶現如何？

I would say, relative to the rest of the portfolio, it has been slower to ramp. But what's really driving that, Bill, is the market. The D.C. market has not recovered as quickly as the other markets that we're participating in. And when you compare the National to itself and how it performed pre-pandemic, that hotel has never performed better. Whether you're looking at how they're performing with groups, group penetration, food and beverage revenues, food and beverage margins, customer satisfaction scores. That team there has really done a terrific job and the investments that we made both in terms of renovations and food and beverage during the pandemic have paid dividends for us. So we're always working to drive better results, but we're pretty happy with where the National is and where it's going. And as that market recovers, that hotel is very well positioned to perform.

我想說，相對於投資組合的其他部分，它的成長速度較慢。但比爾，真正推動這股趨勢的是市場。華盛頓特區市場的復甦速度沒有我們參與的其他市場那麼快。無論您是在關注他們在團體中的表現、團體滲透率、餐飲收入、餐飲利潤、顧客滿意度分數。那裡的團隊確實做得非常出色，我們在大流行期間在裝修和餐飲方面所做的投資為我們帶來了紅利。因此，我們一直在努力取得更好的成績，但我們對國家隊的現狀和發展方向感到非常滿意。隨著市場的復甦，該酒店的表現非常出色。

The other thing that I've noticed with the National, Patrick, you may want to talk about this is that just the pace of bookings that we've seen over the last 12 months, it's been very encouraging. We have a very good 2023 in that hotel in terms of bookings for future years and lead volumes are very attractive at this hotel.

我在 National 上註意到的另一件事，帕特里克，你可能想談談這一點，就我們在過去 12 個月中看到的預訂速度而言，這是非常令人鼓舞的。就未來幾年的預訂而言，我們在 2023 年該酒店的業績非常好，而且這家酒店的銷售量非常有吸引力。

Yes, I would agree. I mean everything Mark and Colin we agree with the hotel, while the market is a bit slower to respond, we've seen tremendous growth on all fronts to both Mark and Colin's point. So one of the things that we told the property a few years ago was that we needed to fix some of the things that had been maybe lagging behind its sister properties, and the hotel has done an outstanding job of getting everything on par with its sister properties, and that allows us to start talking about growth for that hotel long term. And I think we've reached that point now. And so as we talked about at Investor Day, we're prioritizing Opryland, Rockies and then our Texas hotels, we are starting to have conversations around what do we do to stimulate additional growth with investment at Gaylord National because they've done such a great job of really getting the ship righted and much more competitive with the sister hotels.

是的，我同意。我的意思是馬克和科林我們同意酒店的一切，雖然市場的反應有點慢，但我們已經看到馬克和科林的觀點在各個方面都取得了巨大的增長。因此，幾年前我們告訴該酒店的一件事是，我們需要修復一些可能落後於其姊妹酒店的事情，而該酒店做得非常出色，使一切都與它的姊妹酒店持平。我們能夠開始談論該酒店的長期成長。我認為我們現在已經達到了這一點。因此，正如我們在投資者日談到的那樣，我們優先考慮Opryland、落基山脈，然後是德克薩斯州的酒店，我們開始討論如何透過蓋洛德國家酒店的投資刺激額外增長，因為他們已經做了這樣的事情非常棒的工作，真正讓這艘船恢復正常，並且與姐妹酒店相比更具競爭力。

Through COVID Bill, unlike all of our competitors in that market, Patrick, we probably invested I'm thinking almost $100 million. When you think about the rooms refurbishment and to leverage and the food and beverage and repositioning, we put $100 million into that. And as Mark said in his comment to your question, I think this year, we're going to accomplish internally our number for this hotel is the best year we've ever had. And it's a consequence of all of those repositioning. And I've been personally very encouraged by some of the booking trends that we have seen in this hotel over the last few months.

與我們在該市場的所有競爭對手帕特里克不同，透過 COVID Bill，我們可能投資了近 1 億美元。當你考慮房間翻新、槓桿、餐飲和重新定位時，我們投入了 1 億美元。正如馬克在對你的問題的評論中所說，我認為今年，我們將在內部實現這家酒店的數字是我們有史以來最好的一年。這是所有這些重新定位的結果。過去幾個月我們在這家飯店看到的一些預訂趨勢讓我個人深受鼓舞。

That's great color exactly what I was looking for. If I could just do a follow-up, and I can't remember if this was addressed at the Investor Day or not. But I know when you went into Austin, there was originally talked about selling the W, it's now part of the Atairos deal. And does that change the outlook for sale? Or does the closure of the convention center make a sale less likely, at least for the next handful of years?

這顏色太棒了，正是我想要的。如果我能做一個後續行動，我不記得這個問題是否在投資者日解決。但我知道當你進入奧斯汀時，最初有人談論出售 W，現在它是 Atairos 交易的一部分。這會改變銷售前景嗎？或者會議中心的關閉會降低出售的可能性，至少在未來幾年內？

I don't think that the convention center renovation and closure will influence that decision. We were undertaking a full renovation there. And generally, the way that we think about it from an entertainment business perspective is that it's a terrific asset. And the real question for us is how we want to operate that Block 21 complex? And what are the relationships and synergies that we can drive and create between the hotel and the venue. It is an asset that we do have the opportunity to monetize if we would choose to in the future. It is not encumbered by management or brand on sale. So in terms of value creation, there is an opportunity for that hotel to be repositioned if someone want to build a luxury product there. So we have that optionality, Bill, I don't think we know at this point what we want to do with that asset.

我認為會議中心的改造和關閉不會影響這個決定。我們正在那裡進行全面整修。一般來說，我們從娛樂產業的角度來看待它，認為它是一項了不起的資產。對我們來說，真正的問題是我們要如何經營 21 號街區綜合體？我們可以在飯店和場館之間推動和創造哪些關係和協同效應？如果我們將來願意的話，我們確實有機會將其貨幣化。它不受管理或品牌銷售的阻礙。因此，就價值創造而言，如果有人想在那裡打造奢侈品，該酒店就有機會重新定位。所以我們有這種選擇權，比爾，我認為我們目前還不知道我們想用該資產做什麼。

We want to get through the repo and see the consequences of that, which we're excited about.

我們希望完成儲存庫並看到其後果，對此我們感到很興奮。

We'll hear from Jay Kornreich with Wedbush Securities.

我們將聽取韋德布希證券 (Wedbush Securities) 的傑伊·科恩瑞奇 (Jay Kornreich) 的演講。

It looks like your future room bookings in the fourth quarter came in at ADR, it was like 8.5% above the prior year. I'm curious now as we think about into your fourth year bookings in 2024, what kind of rate increases do you expect over 2023? And maybe also just remind us what percent of the total booking that in the year for-the-year segment typically represents?

看來您第四季未來的客房預訂量是按 ADR 計算的，比去年同期成長了 8.5%。我現在很好奇，當我們考慮 2024 年您的第四年預訂時，您預計 2023 年的費率會增加多少？也許只是提醒我們，年度部分通常佔總預訂量的百分比是多少？

So let's start there are a couple of questions there. We typically entered the year with about 50 points of occupancy on the books from a group perspective, and we book somewhere between 15% to 20% in the year for-the-year. We expect that, that will be consistent with this year. From a rate perspective, let me break it down this way and see if this answers your question, our RevPAR for 2024 assumes about 1/3 of our RevPAR growth assumes about 1/3 of that is coming from occupancy and about 2/3 of it is coming from ADR growth. And if you look at our RevPAR growth in total and the guidance we provided, about 45% of that is coming from group ADR growth alone. So we've entered with a great position, and we believe that we will even further that position with some of these in the year for-the-year bookings. Our sales team is doing an outstanding job of pushing group rate with the investments that we're putting into the hotels. It further justifies that we're not just raising and increasing pricing, but that we are enhancing the value proposition and groups are responding in a positive way to that. And we are very, very pleased with where group rate is heading.

讓我們開始吧，有幾個問題。從集團的角度來看，我們進入這一年的入住率通常約為 50%，全年的預訂率在 15% 到 20% 之間。我們預計，這將與今年保持一致。從費率角度來看，讓我這樣分解一下，看看這是否能回答您的問題，我們2024 年的RevPAR 假設約1/3 的RevPAR 增長假設約1/3 來自入住率，約2/3 來自入住率它來自於 ADR 的成長。如果你看看我們的 RevPAR 整體成長以及我們提供的指導，你會發現其中約 45% 的成長僅來自集團 ADR 成長。因此，我們已經進入了一個很好的位置，我們相信我們將透過今年的預訂中的一些進一步鞏固這一位置。我們的銷售團隊在透過我們對飯店的投資來推動團體價格方面做得非常出色。它進一步證明我們不僅提高和提高定價，而且我們正在增強價值主張，而團體正在對此做出積極的反應。我們對團體費率的發展方向感到非常非常滿意。

That's very helpful. And then just one as a follow-up. You referenced fully overlaying the ICE! program on the JW Marriott Hill Country later this year in the fourth quarter. And so I'm just wondering if you can give any context as to the EBITDA contribution upside you believe that can provide?

這非常有幫助。然後只有一個作為後續。您提到完全覆蓋 ICE！計劃將於今年第四季稍後在山地 JW 萬豪酒店推出。所以我只是想知道您是否可以提供有關您認為可以提供的 EBITDA 貢獻優勢的背景資訊？

So when we enter into a market with ICE! for the very first time. It takes a little while to build the customer base, if you will. We see it takes 2 to 3 years. However, given the fact that Dallas is only about 4 hours away, our analysis of the markets and the MSAs indicates to us that this could be a strong performer for us. And so maybe a little bit better than what we would normally see. But I would say that we believe there's somewhere between $3 million to $5 million of revenue and profitability opportunity from putting ICE in at this property in the first year, and we'll see how it goes.

所以當我們進入 ICE 市場時！第一次。如果你願意的話，建立客戶群需要一些時間。我們看到這需要2到3年的時間。然而，鑑於達拉斯距離這裡僅約 4 小時路程，我們對市場和 MSA 的分析表明，這對我們來說可能是一個強勁的表現。所以也許比我們通常看到的要好一些。但我想說的是，我們相信第一年將 ICE 投入該地產將帶來 300 萬至 500 萬美元的收入和盈利機會，我們將拭​​目以待。

Our next question will come from Smedes Rose with Citi.

我們的下一個問題將來自花旗銀行的 Smedes Rose。

I just wanted to circle back on you talked about kind of the cadence of RevPAR growth over the course of the year. So are we right in thinking that the first quarter will maybe be the weakest of the year followed by the fourth quarter with the second and third quarter being your last 2 quarters. Is that the right way to think about just kind of the seasonality of earnings?

我只是想回顧一下您談到的一年中可售房收入 (RevPAR) 增長的節奏。因此，我們認為第一季可能是一年中最弱的季度，然後是第四季度，第二季度和第三季度是最後兩個季度，這是正確的嗎？這是考慮收益季節性的正確方法嗎？

Yes, that's correct, Smedes. You got that right.

是的，這是正確的，斯梅德斯。你說得對。

Okay. And then I was just also kind of wondering, you talked a fair about the capital projects and then you're doing a fair amount of work at the Rockies. And I guess the question is this, the need to go in and kind of make the property more accommodated to groups. It seems like it's relatively new to maybe misunderstood in the market or to misunderstand the kind of groups that were coming. And I'm just wondering what do you ascribe that to? Is it just kind of live and learn and everything you need your open and then you got to figure out what you have to do differently? Or is there something that you are particularly kind of pinpoint this year that you would have to put this much CapEx in when it's still a relatively new property.

好的。然後我也有點想知道，你在公平上談論了資本項目，然後你在落基山脈做了相當多的工作。我想問題是這樣的，需要進去並讓飯店更適合團體入住。它似乎相對較新，可能會被市場誤解或誤解即將到來的群體類型。我只是想知道你把這歸因於什麼？是不是就是生活和學習，你需要開放的一切，然後你必須弄清楚你必須做些什麼不同的事情？或者，今年您是否特別指出某些事情，當它仍然是一個相對較新的財產時，您必須投入這麼多資本支出。

Yes. It's not a misunderstanding of the groups. Keep in mind that we were a minority partner in the Rockies through the construction period and then bought our partners out after opening. And really, what we're doing with the Rockies is that we're taking essentially that Grand Lodge, which is the best real estate in that hotel and converting it from areas that are theming that are not revenue-producing and converting that square footage into space that is sellable that we can generate revenue by servicing groups. So it will allow us to drive profitability, service more groups. So Grand Pavilion is an expansion of meeting space, which really speaks to the demand that we're seeing there versus the original product that was built. So it's not that we misunderstood the market. I think it really is more an issue of design and how that hotel was built and how they use the sellable square footage to maximize the profitability of the asset.

是的。這不是對團體的誤解。請記住，在建設期間我們是落基山脈的少數合作夥伴，然後在開業後收購了我們的合作夥伴。事實上，我們對落基山脈所做的事情是，我們基本上採用了 Grand Lodge，這是該酒店中最好的房地產，並將其從不產生收入的主題區域轉換為該平方英尺。出售的空間，我們可以透過為團體提供服務來創造收入。因此，這將使我們能夠提高獲利能力，為更多群體提供服務。因此，Grand Pavilion 是會議空間的擴展，這確實說明了我們在那裡看到的需求與建造的原始產品的對比。所以這並不是我們誤解了市場。我認為這實際上更多是一個設計問題，以及酒店是如何建造的，以及他們如何利用可銷售的面積來最大化資產的盈利能力。

Do you mind if I add to this. The other thing that our investors need to understand is prior to this hotel arriving in Colorado, there was not another convention resort in that state that drove really any material group room nights into that state. And when we open this hotel, as Mark said, we were a minority partner at the time. When we opened this hotel, we had well over 1 million room nights on the books, of which the vast majority had never been to the State of Colorado before. So what we have discovered is that this market next to this airport is so attractive to the group consumer. And that is why we've been deploying this capital to make sure that this hotel, once it's fully completed-- and by the way, we're looking at potentially adding 300 to 400 hotel rooms here.

你介意我補充一下嗎？我們的投資者需要了解的另一件事是，在這家酒店抵達科羅拉多州之前，該州沒有其他會議度假村能夠真正為該州帶來任何實質性的團體間夜。正如馬克所說，當我們開設這家酒店時，我們當時是少數股東。當我們開設這家酒店時，我們的預訂間夜數遠遠超過 100 萬間，其中絕大多數以前從未去過科羅拉多州。所以我們發現這個機場旁邊的市場對團體消費者來說非常有吸引力。這就是為什麼我們一直在部署這筆資金，以確保這家酒店完全竣工後——順便說一句，我們正在考慮在這裡增加 300 到 400 間酒店客房。

We're looking at a potential SoundWaves here. And it's because of what we have discovered in terms of the appetite and desire of the group meeting planner to frequent this location. And what we're trying to do with this hotel over time is create an asset that looks a little bit like size-wise Opryland that is so competitively superior, and that is what we're doing here. And this is a very exciting asset in a very good market with extraordinary tax benefits that we have that really help generate very high returns on capital. So if there are any members of our investment community that don't understand that, we're happy to help them. But I think, Mark, the folks, Jennifer, the people that we meet understand that what we're doing is repositioning this hotel into something that we believe will be quite extraordinary when it's completed.

我們正在尋找一種潛在的聲波。這是因為我們發現團體會議策劃者經常光顧這個地點的胃口和願望。隨著時間的推移，我們試圖對這家酒店所做的是創造一個看起來有點像奧普里蘭的資產，它具有如此優越的競爭優勢，這就是我們在這裡所做的。這是一個非常令人興奮的資產，在一個非常好的市場中，我們擁有非凡的稅收優惠，確實有助於產生非常高的資本回報。因此，如果我們投資界的任何成員不理解這一點，我們很樂意幫助他們。但我認為，馬克、大家、珍妮佛、我們遇到的人都明白，我們正在做的就是將這家酒店重新定位成一個我們相信建成後將非常非凡的酒店。

That will conclude today's question-and-answer session. I will now turn the call over to our presenters for any additional or closing remarks.

今天的問答環節到此結束。我現在將把電話轉給我們的主持人，請其發表補充或結束語。

We've done this earnings call this morning, but it's on the back of a 1.5 days of investor meetings we had just several weeks ago. So I think if we keep talking, we're just repeating everything that we've said over the last month to thank everyone for being on the call this morning. And if you have any additional questions, please feel free to reach out to our IR folks or Jennifer or Mark. And we look forward to all the conferences that our team will be participating in over the next couple of months. So thank you, everyone.

我們今天早上召開了這次財報電話會議，但這是在幾週前我們剛剛召開了為期 1.5 天的投資者會議之後進行的。因此，我認為，如果我們繼續交談，我們只是在重複上個月所說的一切，以感謝大家今天早上參加電話會議。如果您還有任何其他問題，請隨時聯絡我們的 IR 人員或 Jennifer 或 Mark。我們期待我們的團隊在未來幾個月內參加的所有會議。謝謝大家。

This does conclude today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。