Travel + Leisure Co (TNL) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Travel & Leisure Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加旅遊休閒 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Chris Agnew, Senior Vice President, Investor Relations. Thank you. Please go ahead.

現在我很高興向大家介紹主持人克里斯·阿格紐 (Chris Agnew)，他是投資者關係高級副總裁。謝謝。請繼續。

Thanks, Donna, and good morning to everybody. Before we begin, we'd like to remind you that discussions today will include forward-looking statements. Actual results could differ materially from those indicated in the forward-looking statements. and the forward-looking statements made today are effective only as of today. We undertake no obligation to publicly update or revise these statements.

謝謝，唐娜，大家早上好。在開始之前，我們想提醒您，今天的討論將包括前瞻性陳述。實際結果可能與前瞻性陳述中所示的結果存在重大差異。今天作出的前瞻性陳述僅從今天起生效。我們不承擔公開更新或修改這些聲明的義務。

The factors that could cause actual results to differ are discussed in our SEC filings and in our earnings press release accompanying this earnings call. And you can find a reconciliation of the non-GAAP financial measures discussed in today's call in the earnings press release available on our website at travelandleisureco.com/investors.

我們向 SEC 提交的文件以及本次財報電話會議附帶的財報新聞稿中討論了可能導致實際結果不同的因素。您可以在我們的網站 Travelandleisureco.com/investors 上的收益新聞稿中找到今天電話會議中討論的非 GAAP 財務指標的調節表。

This morning, Michael Brown, our President and Chief Executive Officer, will provide an overview of our second quarter results and full year outlook. And Mike Hug, our Chief Financial Officer, will then provide greater detail on the quarter, our balance sheet and liquidity position. Following our prepared remarks, we look forward to responding to your questions. And with that, I'm pleased to turn the call over to Michael Brown.

今天早上，我們的總裁兼首席執行官邁克爾·布朗將概述我們的第二季度業績和全年展望。我們的首席財務官 Mike Hug 隨後將提供有關本季度、我們的資產負債表和流動性狀況的更多詳細信息。在我們準備好的發言之後，我們期待回答您的問題。至此，我很高興將電話轉給邁克爾·布朗。

Thanks, Chris. Good morning, everyone, and thanks for joining us today. We are pleased to report solid second quarter results and the continued return of capital to shareholders. With our solid results and the forward owner bookings at our resorts, we are reaffirming our full year adjusted EBITDA guidance. For the second quarter, we reported adjusted EBITDA of $236 million, a 3% increase over the prior year and adjusted earnings per share of $1.33, a 5% improvement over Q2 2022. Adjusted EBITDA margin was 25%, which was flat compared to the prior year and reflects headwinds from higher interest expense from ABS transactions and our investment in growing new owner mix.

謝謝，克里斯。大家早上好，感謝您今天加入我們。我們很高興地報告穩健的第二季度業績以及持續向股東回報資本。憑藉我們紮實的業績和度假村的遠期業主預訂，我們重申了全年調整後 EBITDA 指導。第二季度，我們報告調整後EBITDA 為2.36 億美元，比上年增長3%，調整後每股收益為1.33 美元，比2022 年第二季度增長5%。調整後EBITDA 利潤率為25%，與去年同期持平。反映了 ABS 交易利息支出增加以及我們對不斷增長的新所有者組合的投資帶來的不利因素。

In the second quarter, we returned $135 million to shareholders. We paid a $0.45 per share dividend on June 30 and repurchased 2.6 million shares for $100 million. Over the last 12 months, our share count has been reduced by 10 million shares, 12% of the shares outstanding at the end of June 2022.

第二季度，我們向股東返還 1.35 億美元。我們於 6 月 30 日支付了每股 0.45 美元的股息，並以 1 億美元的價格回購了 260 萬股股票。在過去 12 個月中，我們的股份數量減少了 1000 萬股，佔 2022 年 6 月末已發行股份的 12%。

Now let me discuss some of the key performance indicators that we monitor to gauge the health of the travel consumer, forward bookings, volume per guest, or VPG, and the performance of our consumer finance portfolio. First, forward bookings. Owner nights on the books for the second half of the year continue to track ahead of 2019 and providing us good visibility into the remainder of the year. Second is volume per guest. Our Q2 VPG of $3,150 -- was at the top end of our guidance range and 30% above 2019. VPG remains well above our long-term guidance range of $2,700 to $3,000.

現在讓我討論一下我們監控的一些關鍵績效指標，以衡量旅行消費者的健康狀況、遠期預訂、每位客人的數量（VPG）以及我們的消費金融投資組合的績效。首先，提前預訂。 2019 年下半年的業主之夜活動將繼續持續下去，讓我們對今年剩餘時間有良好的了解。其次是每位客人的數量。我們第二季度的 VPG 為 3,150 美元，處於我們指導範圍的上限，比 2019 年高出 30%。VPG 仍遠高於我們 2,700 美元至 3,000 美元的長期指導範圍。

On an absolute basis, VPGs are healthy and reflect a strong value proposition of our product. On a relative basis, we saw a modest reduction in close rates through the quarter, which likely reflects a pullback of pent-up demand in the prior year. Our VPG guidance for the full year is unchanged at $3,050 to $3,150. Sequentially, VPG declined $65 or 2% with 60% of this related to mix impact.

從絕對意義上講，VPG 是健康的，反映了我們產品的強大價值主張。相對而言，我們看到整個季度的成交率略有下降，這可能反映了上一年被壓抑的需求的回落。我們全年的 VPG 指導值保持在 3,050 美元至 3,150 美元不變。隨後，VPG 下跌了 65 美元或 2%，其中 60% 與混合影響有關。

Year-over-year, VPG declined $339 or 10%, with closed rates accounting for 64% of the year-over-year decline. The balance was mix related with new owner transactions increasing to 34% of total transactions in the quarter, up 200 basis points from the prior year. This investment in new owners adds to our pipeline of future upgrade sales opportunities. Turning to our consumer finance portfolio. We saw a similar picture emerge in the second quarter. Delinquencies are performing well on an absolute basis, but we did see further normalization in the quarter. However, there is nothing in these changes that we would expect to impact our full year loan loss provision guidance. The strategic moves we made in 2020 to raise credit standards have positioned us well for the current economic environment.

VPG 同比下降 339 美元，即 10%，其中成交率占同比下降的 64%。與新業主交易相關的混合餘額增加至本季度總交易量的 34%，比上一年增加了 200 個基點。對新業主的投資增加了我們未來升級銷售機會的渠道。轉向我們的消費金融投資組合。我們在第二季度看到了類似的情況。拖欠率在絕對基礎上表現良好，但我們確實看到本季度進一步正常化。然而，我們預計這些變化不會影響我們的全年貸款損失撥備指引。我們在 2020 年為提高信貸標準而採取的戰略舉措使我們在當前的經濟環境中處於有利地位。

At the end of the second quarter, 11% of our portfolio had a FICO below 640 and year-to-date, the average FICO score for originations is 738. The prepaid nature of timeshare ownership is a key differentiator for our business model. 80% of our owners have fully paid for their timeshare, and therefore, the choice to vacation is less dependent on economic conditions. As we've said before, our healthy mix of recurring and predictable revenues is one of the reasons we expect our business will continue to be resilient if we enter a more challenging economic environment. This resilience and demand among timeshare owners has been proven time and time again most recently coming out of COVID.

截至第二季度末，我們投資組合中有11% 的FICO 分數低於640，而年初至今，發起機構的平均FICO 分數為738。分時度假所有權的預付費性質是我們業務模式的一個關鍵差異化因素。我們 80% 的業主已全額支付分時度假費用，因此，度假的選擇較少取決於經濟條件。正如我們之前所說，我們的經常性收入和可預測收入的健康組合是我們預計，如果我們進入更具挑戰性的經濟環境，我們的業務將繼續保持彈性的原因之一。最近的新冠肺炎疫情一次又一次證明了分時度假所有者的這種彈性和需求。

Blue Thread sales, our new owner marketing channel aligned with Wyndham Hotels continues to exceed expectations. Blue Thread tours increased 20% year-over-year in the second quarter compared to 15% growth in overall tours. At Travel and Membership, transaction propensity continues to be a headwind at RCI, with transactions declining 7% year-over-year in the second quarter. This was somewhat offset by a 5% increase in exchange revenue per transaction on the back of mix improvements and price increases. Travel Club transactions declined 9% year-over-year which was consistent with the expectation that we communicated on our first quarter call.

我們與溫德姆酒店合作的新業主營銷渠道 Blue Thread 銷售繼續超出預期。第二季度 Blue Thread 旅遊團同比增長 20%，而整體旅遊團增長 15%。在旅行和會員業務方面，交易傾向仍然是 RCI 的一個阻力，第二季度交易量同比下降 7%。由於組合改進和價格上漲，每筆交易的交易收入增加了 5%，這在一定程度上抵消了這一影響。 Travel Club 交易量同比下降 9%，這與我們在第一季度電話會議上傳達的預期一致。

Shifting to our 2023 outlook. We are reaffirming our adjusted EBITDA guidance range of $925 million to $945 million as well as our expectation for gross VOI sales to be within a range of $2.1 billion to $2.2 billion. We recognize the uncertainties related to the outlook for the economy, but we are optimistic about the company's ability to deliver strong performance. Although we expect consumers will continue to prioritize vacations, we came into the year anticipating some normalization of demand trends. We saw some of this in the second quarter our guidance for the second half of the year reflects a range of outcomes, including at the low-end potential softening of trends.

轉向我們的 2023 年展望。我們重申調整後 EBITDA 指導範圍為 9.25 億美元至 9.45 億美元，以及我們對總 VOI 銷售額的預期為 21 億美元至 22 億美元。我們認識到經濟前景存在不確定性，但我們對公司實現強勁業績的能力持樂觀態度。儘管我們預計消費者將繼續優先考慮度假，但我們預計今年需求趨勢將趨於正常化。我們在第二季度看到了其中的一些情況，我們對下半年的指導反映了一系列結果，包括低端趨勢的潛在疲軟。

For more detail on our performance, I would now like to hand the call over to Mike Hug.

有關我們表現的更多詳細信息，我現在想將電話轉給 Mike Hug。

Thanks, Michael, and good morning to everyone. As well as discussing our second quarter results, I'll provide more color on our balance sheet and cash flow. All my comments will refer to comparisons to the prior year, unless specifically stated. We reported second quarter adjusted EBITDA of $236 million and adjusted diluted earnings per share of $1.33, increases of 3% and 5%, respectively. Adjusted EPS was impacted by approximately $0.03 due to the cumulative impact on our tax rate of income tax legislation passed in certain states during the quarter.

謝謝邁克爾，大家早上好。除了討論我們的第二季度業績外，我還將提供有關我們的資產負債表和現金流的更多信息。除非特別說明，我的所有評論均指與前一年的比較。我們報告第二季度調整後 EBITDA 為 2.36 億美元，調整後攤薄每股收益為 1.33 美元，分別增長 3% 和 5%。由於本季度某些州通過的所得稅立法對我們的稅率產生了累積影響，調整後每股收益受到約 0.03 美元的影響。

Looking at the performance of our two business segments in the second quarter, Vacation Ownership reported segment revenue of $768 million, an increase of 4%, while adjusted EBITDA of $187 million was flat to the prior year. We delivered 170,000 tours in the second quarter, 15% growth year-over-year, and VPG was $3,150 meeting the top end of our expectations.

從第二季度我們兩個業務部門的表現來看，度假所有權報告部門收入為 7.68 億美元，增長 4%，而調整後 EBITDA 為 1.87 億美元，與上年持平。第二季度我們提供了 170,000 場旅遊，同比增長 15%，VPG 為 3,150 美元，符合我們的預期上限。

Adjusted EBITDA growth in the second quarter was primarily impacted by the normalization of the provision as well as higher interest expense on the ABS transactions, which have closed over the past 12 months. Revenue in our Travel and Membership segment was $179 million in the quarter compared to $188 million in the prior year. Adjusted EBITDA was $62 million compared to $64 million in the second quarter of 2022. Exchange member count has started to recover but not enough to offset the reduction in transaction propensity.

第二季度調整後 EBITDA 增長主要受到撥備正常化以及過去 12 個月內完成的 ABS 交易利息支出增加的影響。本季度我們的旅行和會員業務部門的收入為 1.79 億美元，而去年同期為 1.88 億美元。調整後 EBITDA 為 6200 萬美元，而 2022 年第二季度為 6400 萬美元。交易所會員數量已開始恢復，但不足以抵消交易傾向的下降。

Turning to our balance sheet. Our financial position remains strong. And in the second quarter, we continue to return capital to shareholders through share repurchases and our regular quarterly dividend of $0.45 per share. In the first half of the year, we repurchased $202 million of common stock, representing 7% of shares outstanding compared to year-end 2022. We have $275 million remaining under our approved share repurchase program. In July, we closed our second ABS transaction of the year, a $300 million transaction with a weighted average coupon of 6.72%, and an advance rate of 92%. The transaction had solid oversubscription levels, underlying the strength and resiliency of our ABS program and the market's confidence in our business model.

轉向我們的資產負債表。我們的財務狀況依然強勁。在第二季度，我們繼續通過股票回購和每股 0.45 美元的定期季度股息向股東返還資本。今年上半年，我們回購了 2.02 億美元的普通股，佔 2022 年年底已發行股票的 7%。我們已批准的股票回購計劃剩餘 2.75 億美元。 7月份，我們完成了今年第二筆ABS交易，一筆3億美元的交易，加權平均票息為6.72%，預付率為92%。該交易具有穩定的超額認購水平，這是我們 ABS 計劃的實力和彈性以及市場對我們業務模式的信心的基礎。

Adjusted free cash flow was $11 million in the first half of the year compared to $121 million in the same period last year due to higher year-over-year originations in our loan portfolio, certain other working capital items and an increase in interest payments on our corporate debt.

上半年調整後自由現金流為 1100 萬美元，而去年同期為 1.21 億美元，原因是我們的貸款組合、某些其他營運資本項目的同比來源增加以及利息支付的增加我們的公司債務。

Our net corporate leverage ratio for covenant purposes was 3.7x at the end of the second quarter. We continue to expect our leverage ratio to decline by the end of the year to below 3.5x.

截至第二季度末，我們出於契約目的的淨企業槓桿率為 3.7 倍。我們仍然預計我們的槓桿率將在年底前下降至 3.5 倍以下。

Now let me provide some more detail about our expectations for the third quarter. Overall, we expect adjusted EBITDA to be in the range of $245 million to $260 million, with Travel and Membership to be in the range of $60 million to $65 million. Gross VOI sales in the third quarter are expected to be in the range of $580 million to $600 million, with VPG in the range of $3,000 to $3,100. With respect to our provision for loan loss, we continue to expect a range of 18% to 19% for the full year, with the third quarter provision to be over 19%. Historically, it is not unusual for our third quarter provision to be the highest of the year.

現在讓我提供有關我們對第三季度預期的更多細節。總體而言，我們預計調整後的 EBITDA 將在 2.45 億美元至 2.6 億美元之間，其中旅行和會員費將在 6000 萬美元至 6500 萬美元之間。第三季度的 VOI 總銷售額預計在 5.8 億至 6 億美元之間，VPG 在 3,000 至 3,100 美元之間。至於我們的貸款損失準備金，我們繼續預計全年的貸款損失準備金將在18%至19%之間，其中第三季度的準備金將超過19%。從歷史上看，我們第三季度撥備達到全年最高水平並不罕見。

Related to EPS, we are expecting our effective tax rate to be between 27% and 28% for the full year. with stock-based compensation expected to be around $12 million per quarter and net interest expense of approximately $60 million per quarter for the remainder of the year. Overall, our strong second quarter performance drove continued growth in adjusted diluted EPS and return of capital to our shareholders. These results met our expectations and allow us to reaffirm our outlook for the balance of the year.

與每股收益相關，我們預計全年有效稅率在 27% 至 28% 之間。今年剩餘時間內，預計每季度股票薪酬約為 1200 萬美元，淨利息支出約為每季度 6000 萬美元。總體而言，我們強勁的第二季度業績推動了調整後稀釋後每股收益和股東資本回報的持續增長。這些結果符合我們的預期，使我們能夠重申對今年剩餘時間的展望。

With that, Donna, can you please open up the call to take questions.

唐娜，您可以打開電話回答問題嗎？

(Operator Instructions) This morning's first question is coming from Joe Greff of JPMorgan.

（操作員指令）今天上午的第一個問題來自摩根大通的 Joe Greff。

Michael, you talked about the close rates coming down towards the end of the second quarter. Can you talk about close rate trends for both new and existing owners and bucket it in those two categories? What are you seeing there?

邁克爾，您談到了第二季度末收盤價的下降。您能否談談新業主和現有業主的成交率趨勢，並將其歸入這兩類？你在那裡看到什麼？

Absolutely. And I'll bucket it for Q2 and then give you a perspective of how we're looking at that -- those close rates going forward. We saw pretty much across the board, what I'd call normalization because the close rates are still well above our historical norms for owner, our Blue Thread tours and our nonaffinity new owner tours. They normalized throughout the quarter. And then what we saw as we've moved into July and the way we're looking at the remainder of the year is those July -- those June close rates are what we would expect going forward and what we're already seeing in July. So those components, there's been nothing that stood out particularly between the three3 channels, highlighting strength or weakness in any of them. They've just been a slight normalization and then those have continued into July and what we expect for the remainder of this year.

絕對地。我將把它放在第二季度，然後給你一個我們如何看待這個問題的視角——未來的接近利率。我們看到了幾乎全面的情況，我稱之為正常化，因為成交率仍然遠高於我們的業主、藍線之旅和非親和性新業主之旅的歷史標準。他們在整個季度都恢復正常。然後，當我們進入7 月份時，我們看到的是7 月份的情況，我們對今年剩餘時間的看法是7 月份——6 月份的收盤價是我們對未來的預期，也是我們在7 月份已經看到的情況。因此，這些組件在三個通道之間沒有什麼特別突出的地方，可以突出其中任何一個的優勢或劣勢。它們只是輕微的正常化，然後持續到七月以及我們對今年剩餘時間的預期。

Got it. Okay. And then margins were down year-over-year in VO in the second quarter. Can you talk about margin expectations in the 3Q and 4Q.

知道了。好的。第二季度 VO 的利潤率同比下降。您能談談第三季度和第四季度的利潤率預期嗎？

Yes. Joe, this is Mike Hug. As it relates to margins in the second quarter, we talked about the fact that we did invest in the new owner growth. So that's a positive sign for the business. Year-over-year, there was some pressure as it relates to the provision for loan losses in the second quarter of last year compared to the same quarter this year. And then the same thing on the interest expense on the ABS debt, the transactions we've done over the last 12 months have been a little bit more expensive. So overall, for the consolidated business, margins remained strong, but there was some pressure, like I said, on those two items from a year-over-year standpoint as it relates to the Vacation Ownership business.

是的。喬，這是邁克·哈格。由於與第二季度的利潤率相關，我們談到了我們確實投資於新所有者增長的事實。所以這對企業來說是一個積極的信號。與去年同期相比，去年第二季度的貸款損失撥備與今年同季度相比存在一些壓力。同樣，對於 ABS 債務的利息支出，我們在過去 12 個月中進行的交易也更加昂貴。因此，總體而言，對於合併業務而言，利潤率仍然強勁，但正如我所說，從同比的角度來看，這兩個項目存在一些壓力，因為它與度假所有權業務相關。

And then do you expect them to be down similarly in the 3Q and 4Q?

那麼您預計第三季度和第四季度也會出現類似的下降嗎？

Well, I would say that the comparisons become easier when you look at the provision in the second half of last year compared to the second half of this year, and same thing with the interest expense, those kind of start to normalize on a year-over-year basis as we progress throughout the year.

嗯，我想說，當你看看去年下半年和今年下半年的準備金時，比較就變得更容易了，利息支出也是如此，這些在一年內開始正常化——隨著我們全年的進步，我們會以同比為基礎。

So then that means margins would be up then to comparisons -- I mean can you just sort of quantify that?

那麼這意味著利潤率將取決於比較——我的意思是你能量化一下嗎？

Yes, I would comment that you're exactly right. The margins continue to improve, especially in the fourth quarter, think about the timing, right? Third quarter, you have pressure because it's your largest new owner tour volume. And then fourth quarter, I would expect that they'll move back up.

是的，我會評論說你是完全正確的。利潤率持續改善，尤其是第四季度，想想時機吧？第三季度，你有壓力，因為這是你最大的新東家巡演量。然後第四季度，我預計他們會回升。

Yes. Just the interest in the provision were punitive. We're the most punitive earlier in the year. And as the year progresses, they become less punitive to the overall margin and as you look into the fourth quarter, that's one of the reasons our fourth quarter VOI margin accelerates.

是的。僅利息條款就具有懲罰性。我們是今年早些時候懲罰力度最大的。隨著時間的推移，他們對整體利潤率的懲罰性越來越小，當你展望第四季度時，這就是我們第四季度 VOI 利潤率加速的原因之一。

The next question is coming from Chris Woronka of Deutsche Bank.

下一個問題來自德意志銀行的克里斯·沃龍卡。

So maybe we start on the Travel and Membership side. I know you've talked about kind of this structural challenge of lower propensity to transact on the exchange side. Is there anything you can do to try to reverse that? I know it's folks that are exchanging within the networks more often. But is there anything you can do -- I don't know what it might be, but to kind of stimulate that? Or is that a business where this is really just going to be about managing costs and things like that.

所以也許我們從旅行和會員方面開始。我知道您已經談到了交易所方面交易傾向較低的結構性挑戰。你能做些什麼來扭轉這種局面嗎？我知道人們在網絡內的交流更加頻繁。但是你能做些什麼嗎——我不知道會是什麼，但可以刺激這種情況發生？或者說，這個企業實際上只是管理成本之類的事情。

There are a number of things that we can do, Chris. And yes, managing cost is always one component. But we believe this platform which has been actually helped by the Travel Club business allows us a greater suite of options. So there's propensity, there's transaction price, but then there's overall share of wallet. And one of the components that could help the exchange business is to provide a greater suite of travel services simply than the exchange fee. That is one of the initiatives that we have in place.

克里斯，我們可以做很多事情。是的，管理成本始終是其中的一個組成部分。但我們相信這個平台實際上得到了旅行俱樂部業務的幫助，為我們提供了更多的選擇。所以有傾向，有交易價格，還有錢包的總體份額。可以幫助兌換業務的組成部分之一是提供比兌換費更豐富的旅行服務。這是我們採取的舉措之一。

And even if propensity does not bounce back to where it was pre-COVID, there are opportunities along that line. And hopefully, which is a bit more longer term, looking at spaces just outside of pure timeshare to provide same services to. So I think those are two good opportunities for us as we go forward.

即使傾向沒有反彈到新冠疫情之前的水平，沿著這條線也存在機會。希望這是一個更長遠的目標，尋找純粹分時度假之外的空間來提供相同的服務。所以我認為這對我們前進來說是兩個很好的機會。

Okay. And as a follow-up on the timeshare -- on the core VOI piece, I know you guys obviously cover a wide range of customer demographics. But is there any thought to with your brand portfolio? Are there any I guess, white spaces where you might see an opportunity to introduce new brands or something like that. We've seen Wyndham do that on the resort side with all -- new all-inclusive brands. So just any thoughts on whether there could be brand changes coming?

好的。作為分時度假的後續——關於核心 VOI 部分，我知道你們顯然涵蓋了廣泛的客戶群體。但你對你的品牌組合有什麼想法嗎？我猜是否有任何空白區域可以讓您有機會引入新品牌或類似的東西。我們已經看到溫德姆在度假村方面通過所有新的全包品牌做到了這一點。那麼對於品牌是否會發生變化有什麼想法嗎？

Absolutely. I think it's a great question. We've always felt that there were two opportunities for diversification of our business. post-COVID. The first is the Travel Club side, which is allowing us to diversify to a degree on the Travel and Membership side. But we absolutely believe that there's a lot of white space on the VO side of the business to continue to support the great run we're having with Wyndham and continue to grow that in the future. However, there are more white spaces that we feel that there are opportunities to grow into. We communicated that just over 18 months ago at our Investor Day. As we've rolled forward the time line on that, our pipeline is strong in that space as it's ever been. And although we are not ready to announce anything today, we do express confidence in our pipeline and believe that, that is an opportunity for us as we move forward.

絕對地。我認為這是一個很好的問題。我們一直認為我們的業務多元化有兩個機會。新冠疫情后。第一個是旅行俱樂部方面，這使我們能夠在旅行和會員方面實現一定程度的多元化。但我們絕對相信，VO 業務方面有大量的空白空間，可以繼續支持我們與溫德姆的良好發展，並在未來繼續發展。然而，我們認為還有更多的空白空間有機會發展。就在 18 個多月前，我們在投資者日上傳達了這一點。隨著我們將時間線向前推進，我們在該領域的管道一如既往地強大。儘管我們今天還沒有準備好宣布任何消息，但我們確實對我們的管道表示信心，並相信，這對我們前進來說是一個機會。

The next question is coming from Patrick Scholes of Truist Securities.

下一個問題來自 Truist 證券公司的帕特里克·斯科爾斯。

Michael, you talked about owner, I think it was one of the reservations being ahead for the second half. Can you give a little more granularity on that? Is that up 1%? Or is it up 15%? A little more color please.

邁克爾，你談到了老闆，我認為這是下半場的保留之一。您能對此提供更多的粒度嗎？上漲了1%嗎？還是上漲了15%？請再多一點顏色。

Yes, absolutely, which the owner arrivals in length of stay is a critical part of our business. We are on arrivals for our owner base flat to 2019, but on a room night basis, up 4%. It's a reflection that owners are staying longer and the whole work from anywhere environment is still going strong. We really haven't seen an adjustment to the length of stay from this year to last.

是的，絕對如此，業主入住的時間是我們業務的重要組成部分。我們的業主群預計到 2019 年將入住，但按間夜計算，增長 4%。這反映了業主停留的時間更長，而且來自任何地方的整個工作環境仍然強勁。從今年到去年，我們確實沒有看到停留時間的調整。

We also closely watch booking windows because usually when confidence wanes, booking windows compress, and we are at about 120 days booking window, which is very consistent with what we've seen historically. It's just interesting stat. We're starting to see search patterns begin 160 days in advance, which means people are already looking into the end of this year and into next year, which again, just expresses confidence in people's desire to get to travel. And I think we've seen a very similar confidence level come out in the recent consumer sentiment index. It was released, I believe, earlier this week.

我們還密切關注預訂窗口，因為通常當信心減弱時，預訂窗口就會壓縮，而我們的預訂窗口大約為 120 天，這與我們歷史上看到的情況非常一致。這只是一個有趣的統計數據。我們開始看到搜索模式提前 160 天開始，這意味著人們已經在展望今年年底和明年，這再次表達了人們對旅行願望的信心。我認為我們在最近的消費者信心指數中看到了非常相似的信心水平。我相信它是在本週早些時候發布的。

I think one other unique aspect or just granularity is we're not seeing it particularly by region, any particular strength or weakness, that's one of the real benefits of our portfolio. We have 250 resorts around the world, 180 destinations. And therefore, we're not overly reliant on any particular geography. Of course, Orlando, Myrtle Beach, Tennessee, Las Vegas are big markets, but we really don't -- we aren't overly reliant on a particular destination and makes us feel good about the geographies and the diversification we have and in any particular exposures.

我認為另一個獨特的方面或只是粒度是我們沒有特別按地區、任何特定的優勢或劣勢來看待它，這是我們投資組合的真正好處之一。我們在全球擁有 250 個度假村、180 個目的地。因此，我們並不過分依賴任何特定的地理位置。當然，奧蘭多、默特爾比奇、田納西州、拉斯維加斯都是大市場，但我們確實不是——我們並不過分依賴某個特定目的地，這讓我們對我們擁有的地理位置和多元化以及在任何領域都感到滿意。特定的暴露。

Okay. And then -- regarding the Travel and Membership sector, it looks like your guidance for 3Q is below Street expectations, but it's possible 4Q could be above. Is there anything in that 3Q guidance number regarding timing of costs that hurt you in 3Q that you might get back in 4Q or maybe help you in 2Q? Or anything to think about there?

好的。然後，關於旅行和會員行業，您對第三季度的指導似乎低於華爾街的預期，但第四季度可能會高於預期。第三季度指導數字中是否有任何關於第三季度對您造成傷害的成本時間安排的內容，這些成本可能會在第四季度收回，或者可能在第二季度對您有所幫助？或者有什麼需要思考的地方嗎？

Well, actually, I -- there's nothing particular in Q3 or Q4 related to traveler membership. The primary focus that we have in that space is around propensity. And as propensity goes really reflects the outcomes of that segment. I know we get questions on Travel Clubs, but those are -- that segment is less than 5% of our company EBITDA. So moves in that space don't really affect the outcome. It really becomes a matter of our effectiveness on propensity. And we continue to work hard at that, to offset the opportunity, the risk related to propensity. But with our membership growing again and above last year, it is a slight tailwind that we don't have to face in Q1 or Q2 sort of a year-on-year lower membership. So we think as the membership grows, you start to see even more benefit in Q4.

嗯，實際上，我 - 第三季度或第四季度沒有任何與旅行者會員資格相關的特別之處。我們在這個領域的主要關注點是傾向。隨著傾向的變化，真正反映了該細分市場的結果。我知道我們收到了有關旅行俱樂部的問題，但這些問題是——該部分不到我們公司 EBITDA 的 5%。因此，該空間的移動並不會真正影響結果。這實際上是我們對傾向的有效性的問題。我們繼續為此努力，以抵消與傾向相關的機會和風險。但隨著我們的會員數量再次增長並超過去年，我們不必在第一季度或第二季度面臨會員數量同比下降的輕微順風。因此，我們認為隨著會員數量的增加，您將開始在第四季度看到更多的好處。

Okay. And then lastly, related to that, how are you doing with getting organizations to sign up, on the call, you didn't really mention anything new, is that anything accelerating? Is that ahead of schedule, behind schedule? Just some color, please.

好的。最後，與此相關的是，您在讓組織註冊方面做得如何，在電話會議中，您並沒有真正提到任何新內容，是否有任何加速的事情？是提前還是落後？請給我一些顏色。

I assume you mean the Travel Club, is that correct?

我猜你指的是旅遊俱樂部，對嗎？

Yes.

是的。

So we continue to have really good interest and company sign-ups. We didn't mention anything this particular quarter, although we have had plenty of sign-ups. It's really now a matter of driving transactions and our energy is spent around elevating the propensity to transact in that space. We have the necessary population in that area. It is growing, transactions are growing in the second half of this year. So for us, it's around just being intelligent in the marketing dollars and the propensity to transact. And again, it's a profitable piece of our business, which helps to offset propensity. And although it's not growing at the level that we had originally anticipated, it provides a positive offset to the exchange propensity headwind that we talked about, which is the big mover in the T&M space.

因此，我們仍然有很好的興趣和公司註冊。儘管我們有很多註冊用戶，但我們沒有提及本季度的任何內容。現在確實是推動交易的問題，我們的精力都花在提高該領域的交易傾向上。我們在該地區擁有必要的人口。它正在增長，今年下半年的交易量也在增長。因此，對我們來說，關鍵在於明智地利用營銷資金和交易傾向。再說一遍，這是我們業務的一個有利可圖的部分，有助於抵消傾向。儘管它沒有達到我們最初預期的水平，但它為我們談到的交易傾向逆風提供了積極的抵消，這是測試與測量領域的重大推動者。

And sorry, one last I've kind of asked this every quarter, but it's safe to assume that for your long-term guidance, Vacation Ownership tracking ahead, Travel and Membership, not tracking behind, but still overall tracking to that?

抱歉，最後我每個季度都會問這個問題，但可以肯定的是，對於您的長期指導，度假所有權跟踪提前，旅行和會員資格不跟踪落後，但仍然總體跟踪？

Well, that's the best way to characterize it, Patrick. I mean we're only 18 months into a 4-year plan. And the last 6 months have definitely been full of interest rate and macroeconomic uncertainty. But the characterization of Travel and Membership running behind Vacation Ownership ahead, with 2.5 years to go. And I think referencing back to Chris Woronka's question and our ability to diversify on the VO side, which is the vast majority of our EBITDA and where we have some white space. I think as we start to get into next year and some of those things unfold and the uncertainty clears up and turns into more economic and interest rate certainty we'll be able to really start to sharpen our pencil on the 2025 plan. But directionally exactly what you said is the right way to characterize it.

好吧，這是描述它的最好方式，帕特里克。我的意思是，我們的 4 年計劃還剩 18 個月。過去六個月肯定充滿了利率和宏觀經濟的不確定性。但旅行和會員資格的特徵將落後於度假所有權，還有 2.5 年的時間。我想回到克里斯·沃龍卡的問題以及我們在 VO 方面實現多元化的能力，這是我們 EBITDA 的絕大多數，並且我們有一些空白。我認為，隨著我們開始進入明年，其中一些事情逐漸展開，不確定性消失並變得更加經濟和利率確定性，我們將能夠真正開始對 2025 年計劃進行改進。但從方向上來說，你所說的正是描述它的正確方式。

The next question is coming from Ian Zaffino of Oppenheimer.

下一個問題來自奧本海默的伊恩·扎菲諾。

Can you guys maybe talk about as far as like geographic spread of demand, what centers were kind of the strongest, did you see any less strong markets? And then maybe if you were to like just wrap in RCI into that as well, what are you seeing domestically versus international?

你們能否談談需求的地理分佈，哪些中心最為強勁，您是否看到過任何不那麼強勁的市場？然後也許如果您也想將 RCI 納入其中，那麼您對國內和國際的看法如何？

Yes, great question. Just to pull it back up for a second, as I mentioned early, 250 resorts, 90% of our sales are going to happen in North America and our key centers, our key concentrations, Las Vegas, Tennessee, Myrtle Beach, Florida, primarily Central Florida really is where the vast majority of our sales will occur with each -- any of them peaking out at around 10% of our total volume. So again, we're not overly concentrated in any particular market.

是的，很好的問題。稍微拉一下，正如我之前提到的，250 個度假村，我們90% 的銷售額將發生在北美和我們的主要中心、我們的主要集中地，主要是田納西州拉斯維加斯、佛羅里達州默特爾比奇佛羅里達州中部確實是我們絕大多數銷售額發生的地方——其中任何一個銷售額的峰值都占我們總銷量的 10% 左右。再說一次，我們並沒有過度集中於任何特定市場。

And when you look at demand and close rates across our geographies. We're really not seeing particular variation in the last quarter. I think we've all seen the news that Central Florida is a bit down, but our demand remains very consistent in Central Florida, which again speaks to the timeshare model. The beach locations, the Southeast destinations have been very popular as far as bookings. And as it relates to RCI, we serve the Latin community and particularly in Mexico and really seen a resurgence and strength in the Mexican exchange market and just generally the timeshare market there. So that shift from drive to right coming out of COVID to a bit more mid-haul demand is showing up in the Mexican market.

當您查看我們各個地區的需求和成交率時。我們確實沒有看到上個季度有什麼特別的變化。我想我們都已經看到佛羅里達州中部的房價有所下降的消息，但我們在佛羅里達州中部的需求仍然非常一致，這再次說明了分時度假模式。就預訂而言，海灘地點和東南部目的地非常受歡迎。就 RCI 而言，我們為拉丁社區提供服務，特別是在墨西哥，我們確實看到了墨西哥外匯市場以及那裡的分時度假市場的複蘇和實力。因此，墨西哥市場正在顯現出從新冠疫情影響下的駕車需求轉向中途需求增加的趨勢。

And in the end, like I said, the diversification that we have really gives us hedges in -- when there's headwinds in some markets, there's tailwinds in others. And across the board, we're really seeing consistent demand for the second half of this year. Nothing that stands out and really were porting out.

最後，正如我所說，我們所擁有的多元化確實為我們提供了對沖——當某些市場出現逆風時，其他市場也會出現順風。總的來說，我們確實看到今年下半年的需求持續穩定。沒有什麼突出的並且真正被移植的。

Okay. And then maybe talk about the inventory side, I guess, with rates going up, what are you doing in that inventory environment? Do you think there's going to be less inventory being built on -- how you kind of position yourself?

好的。然後也許可以談談庫存方面，我想，隨著利率的上升，您在庫存環境中正在做什麼？您認為庫存會減少嗎？您如何定位自己？

Ian. This is Mike Hug. So as it relates to inventory, we've talked about the fact that we've got 4 years of inventory on our balance sheet. So really, right now, our inventory spend is pretty minimal $100 million or less, and that will continue for the next several years. So as it relates to lack of inventory being built or when it is being built, it being more expensive. One of the things about having that inventory on the balance sheet is we don't have exposure to the increasing costs and things like that. So we're in good spot from an inventory standpoint for the next several years for sure. So we really don't have any pressure as it relates to going out and sourcing inventory.

伊恩.這是邁克·擁抱。因此，就庫存而言，我們已經討論過我們的資產負債表上有 4 年的庫存這一事實。所以說，目前我們的庫存支出實際上只有 1 億美元或更少，而且這種情況將在未來幾年持續下去。因此，由於它與正在建造的庫存不足或正在建造的庫存有關，因此它的成本更高。將庫存列入資產負債表的原因之一是我們不會面臨成本增加之類的問題。因此，從庫存的角度來看，未來幾年我們肯定處於有利位置。所以我們真的沒有任何壓力，因為它涉及到出去和採購庫存。

If the right opportunity came to us, we could do an asset-light deal if there is a market that we really wanted something like that. But for right now, we aren't out looking for a whole lot of inventory because of the nice position we have on our balance sheet.

如果有合適的機會，如果有一個我們真正想要這樣的市場，我們可以進行輕資產交易。但就目前而言，由於我們的資產負債表狀況良好，我們並不會尋找大量庫存。

And I would like to jump back to Joe's question on margin. I think when I first answered the question as it relates to the first part of the question, I was thinking about the year-over-year margins and the pressure related provision and the interest expense. Your second part of the question was basically margins in the second half of the year and kind of what we'd expect for the Vacation Ownership business is to end the year at margins that are comparable to where we ended 2022.

我想回到喬關於保證金的問題。我認為當我第一次回答與問題第一部分相關的問題時，我正在考慮同比利潤率以及與準備金和利息費用相關的壓力。問題的第二部分基本上是下半年的利潤率，我們對分時度假業務的期望是年底的利潤率與 2022 年末的利潤率相當。

Ian, if I could just add, and maybe it's a little promotion of one of our projects is the last project that was delivered for the company was in Atlanta. It was a dual-branded Club Wyndham Margaritaville Vacation Club, two different markets, consumer-wise, one building and maybe one of the finest timeshare resorts in North America. But that was our last in-process construction. It's completed. So when we look at our inventory spend today, it's not as if we're mid-cycle on anything. Our commitments are really aligned to reducing our balance sheet and using sales to burn off. several years of inventory that's sitting there. But for those of you who've not been to our Atlantic project, I'd invite you all to visit next time you're in the city.

伊恩，如果我可以補充一下，也許這是對我們的一個項目的一點宣傳，即為公司交付的最後一個項目是在亞特蘭大。這是一個雙品牌的溫德姆瑪格麗塔維爾度假俱樂部，兩個不同的市場，從消費者角度來看，一棟建築，也許是北美最好的分時度假勝地之一。但這是我們最後一次正在進行的建設。完成了。因此，當我們查看今天的庫存支出時，我們並沒有處於任何事情的中期。我們的承諾確實與減少資產負債表和利用銷售收入相一致。那裡有好幾年的庫存。但對於那些沒有參加過我們的大西洋項目的人，我會邀請你們下次來這座城市時參觀一下。

The next question is coming from Brandt Montour of Barclays.

下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

So a follow-up to Joe's question on the close rates throughout the quarter, loud and clear, Mike, that they sort of subsided into July, you're using that in the back half of your guidance. But I want to dig in a little bit in terms of what -- like how far back we are to 2019 levels in that sort of July close rate level after you adjust out the repeat versus owner mix after you adjust out the channel mix, which I know is which is a big driver, you guys chopping out a lot of the lower efficiency channels. And the point is how defensible are the close rates that you guys have that you're seeing in July on that sort of same-store basis?

因此，喬關於整個季度的收盤率的問題的後續行動，麥克，大聲而清晰，他們在七月份有所下降，你在指導的後半部分使用了它。但我想深入探討一下，比如在調整渠道組合後，調整重複與所有者組合後，我們在 7 月收盤率水平上回到 2019 年的水平有多遠，這我知道這是一個很大的推動因素，你們砍掉了很多效率較低的渠道。關鍵是你們在 7 月份看到的同店基礎上的接近價格有多合理？

So let me start with the statement that if the close rates stay where they are right now, which is a bit of a normalization from last year's pent-up demand that puts us well above the high end of our long-range guidance plan. So we're very satisfied with where close rates ended the quarter and where they continue in July. The answer to your question is they're about 40 -- they're about midway back from the peak point to where they were pre-COVID.

因此，讓我首先聲明，如果收盤價保持在目前的水平，這在某種程度上是去年被壓抑的需求的正常化，這使我們遠高於長期指導計劃的上限。因此，我們對本季度結束時的收盤價以及 7 月份的收盤價繼續感到非常滿意。你的問題的答案是，他們大約 40 歲——大約是從峰值到新冠疫情爆發前的水平的中間位置。

And you heard us lay out of the VPG component, what was due on a sequential basis than what was on a year-on-year basis due to mix and what was due to the normalization. What I just -- these are round numbers, but just to put it -- if our pre-COVID level was 10% and at the peak last year is 13%, we're about at 11.5%, 11.7%. So that is a very positive close rate number. And we've seen that throughout June and throughout July and really, that level of normalization we've incorporated into our outlook for the remainder of this year. Does that answer your question?

你聽到我們列出了 VPG 部分，按順序計算的結果，而不是由於混合而按年計算的結果，以及由於標準化而導致的結果。我只是——這些都是整數，但簡單來說——如果我們在新冠疫情之前的水平是 10%，去年的峰值是 13%，那麼我們的水平大約是 11.5%、11.7%。所以這是一個非常積極的成交率數字。我們在整個六月和整個七月都看到了這種情況，實際上，我們已經將這種正常化水平納入了今年剩餘時間的展望中。這是否回答你的問題？

No. That was super, super clear and very helpful. The second question is about sort of consumer behavior and we don't usually talk about the higher-end consumer, the lower end consumer though sometimes you guys talk about your FICO under 640 set. But when you think about -- or what you see in terms of timeshare purchase or points per transaction or timeshare purchase per closure. Are you seeing softer -- less consumer propensity to purchase a lot of points or sort of larger transactions. Is that something happening under the surface?

不，這非常非常清晰而且非常有幫助。第二個問題是關於消費者行為的類型，我們通常不談論高端消費者，而是低端消費者，儘管有時你們會談論 640 以下的 FICO。但是，當您考慮一下 - 或者您在分時度假購買或每筆交易的積分或每次關閉的分時度假購買方面看到的情況時。您是否看到了更疲軟的情況——消費者購買大量積分或進行較大交易的傾向減少了？這是表面之下發生的事情嗎？

No. The impact of VPG, if you strip out mix because there is a mix effect. It's not an average price per transaction. It is almost solely due to close rate. So there isn't any underlying nuance that should be shared. It's simply we had an incredible pent-up demand in Q2 of last year that followed through the summer season of 2022 and then it began to normalize in the fall of last year. and the primary difference is close rates. What I would say, because we sort of rushed through mix in it. And -- but I think there is an important component of the mix story, which is I've consistently said over the last year, we, over the next few years, we want to get to 35% to 40% of new owner mix.

不會。如果你去掉混合，就會受到 VPG 的影響，因為存在混合效果。這不是每筆交易的平均價格。這幾乎完全是由於成交率。因此，沒有任何值得分享的潛在細微差別。只是去年第二季度我們的需求被壓抑得令人難以置信，一直持續到 2022 年夏季，然後在去年秋季開始正常化。主要區別在於接近率。我想說的是，因為我們有點匆忙地進行了混音。而且 - 但我認為混合故事中有一個重要組成部分，這是我在去年一直說的，在接下來的幾年裡，我們希望新所有者組合的比例達到 35％ 至 40％ 。

And in Q2, we were at 34% already, and my expectation is we will be above that in Q3 because it's summer season. It's our primary new owner quarter. the margins we're achieving, the outlook that we're providing is in light of a new owner mix that is filling the pipeline for future owner sales ahead of the expectations we had laid out over the past year. So again the team is really -- and we said it at the beginning of the year, the team has dedicated itself to growing the new owner side of the equation and investing in our business early in this part of the cycle to set ourselves up for future success. And the 34% that we achieved in Q2 was a very strong result, and I think we're going to see the same strength come out of Q3 as well.

在第二季度，我們已經達到了 34%，我的預期是我們將在第三季度高於這一水平，因為現在是夏季。這是我們的主要新主人季度。我們實現的利潤率和我們提供的前景是基於新的所有者組合，該組合正在填補未來所有者銷售的渠道，超出了我們去年制定的預期。因此，我們在今年年初說過，該團隊確實致力於發展新所有者方面，並在周期的這一部分早期投資於我們的業務，為我們自己做好準備。未來的成功。我們在第二季度取得的 34% 是一個非常強勁的結果，我認為我們也將在第三季度看到同樣的實力。

The next question is coming from David Katz of Jefferies.

下一個問題來自傑富瑞 (Jefferies) 的大衛·卡茨 (David Katz)。

So I wanted to go back to a comment or a discussion point I had with Mike Hug a while back regarding the terms on securitizations and the impact of narrowing credit spreads where those terms could be expected to improve. Can we just have an updated chat about that and where we could see it in some more detail?

因此，我想回到不久前與 Mike Hug 就證券化條款以及信用利差縮小的影響（這些條款有望改善）發表的評論或討論要點。我們能否就此事進行更新的聊天，以及在哪裡可以看到更多細節？

Yes. Sure, happy to do that, and thanks for the question, David. I guess when we look at spreads, they have continued to tighten, which I said they had room to do. If we look at the transaction we just did in July compared to the transaction we did last October spreads on the tranches time anywhere between 25 bps and 105 bps between the April transaction and the July transaction, the spreads were flat to better by 70 bps. So what we need is some certainty in interest rates, right? When there's uncertainty in interest rates, those spreads are wider. So as we progress through the next several months and hopefully, starts to get some certainty as to where interest rates are going to sell.

是的。當然，很高興這樣做，謝謝你的提問，大衛。我想，當我們觀察利差時，它們會繼續收緊，我說過它們還有空間。如果我們看一下我們剛剛在7 月份進行的交易，與我們去年10 月份進行的交易相比，4 月份交易和7 月份交易之間的價差在25 個基點到105 個基點之間，價差持平甚至更好了70 個基點。所以我們需要的是利率的一定確定性，對嗎？當利率存在不確定性時，利差就會更大。因此，隨著我們在接下來的幾個月中取得進展，希望開始對利率的出售方向有一定的確定性。

I would like to think that those spreads continue to have the opportunity to tighten. Obviously, the benchmark had moved up from the April to July transaction, which is why the overall rate came in at 6.72% compared to 6.33% for the April transaction. But overall, good sought execution and good solid demand and like I said, I would like to think that once the interest rate environment starts to become a little more certain, there's still some opportunity for the spreads to tight further.

我認為這些利差有機會繼續收緊。顯然，基準從 4 月交易到 7 月交易有所上升，這就是為什麼整體利率為 6.72%，而 4 月交易為 6.33%。但總體而言，良好的執行力和良好的堅實需求，正如我所說，我認為一旦利率環境開始變得更加確定，利差仍有機會進一步收窄。

So I just want to make sure I'm clear on this, meaning if market interest rates stop going up, right, and stay flat, we could see some other terms within the securitizations improve a little bit, even -- and that includes or excludes the coupon on them?

因此，我只是想確保我清楚這一點，這意味著如果市場利率停止上漲並保持平穩，我們可能會看到證券化中的其他一些條款甚至會有所改善，其中包括或不包括優惠券嗎？

You are correct, and that includes the coupon. I think we have the opportunity on future transactions to come in below 6.7%, which is what the July transaction was at.

你是對的，這包括優惠券。我認為我們未來的交易有機會低於 6.7%，這是 7 月份的交易水平。

(Operator Instructions) The next question is coming from Dany Asad of Bank of America.

（操作員說明）下一個問題來自美國銀行的 Dany Asad。

A question on buybacks. Your current pace of buybacks, if we just run rate that into the rest of the year, what kind of have you delevering slightly from a kind of debt-to-EBITDA perspective, and we are further along in the year now. So I guess my question is just how do we think about capital allocation and the pace of buybacks for the balance of the year?

關於回購的問題。你們目前的回購速度，如果我們只是將其延續到今年剩餘時間，從債務與 EBITDA 的角度來看，你們有多少程度的輕微去槓桿化，我們今年的進展更進一步。所以我想我的問題是我們如何考慮今年剩餘時間的資本配置和回購步伐？

Thanks for the question, Dany. We look at capital allocation basically on a monthly basis. So when we look at our cash flows for this year, we had the guidance out there of 55% to 60%, with 2 ABS transactions having been completed now when you taking account the transaction we did in July coming in at 92% or a little under, I would say the high end of the cash flow guidance is probably out of the picture. However, as it relates to share repurchases, we'll sit down and evaluate that every month, like we've always done, and I would expect that we'll continue to repurchase shares as we progress through the end of the year. once again, that amount, we usually don't give guidance on that because it is a decision we're making really on a monthly basis, depending on other opportunities we have as far as capital and our evaluation of free cash flow on the full year on a continuous basis.

謝謝你的提問，丹妮。我們基本上按月查看資本配置。因此，當我們查看今年的現金流時，我們的指導為 55% 至 60%，如果考慮到我們 7 月份進行的交易，目前已完成 2 筆 ABS 交易，現金流為 92% 或稍微低於一下，我想說現金流量指導的高端可能是不可能的。然而，由於它與股票回購有關，我們每個月都會坐下來進行評估，就像我們一直做的那樣，我預計隨著年底的進展，我們將繼續回購股票。再說一遍，這個數額，我們通常不會給出指導，因為這是我們每月做出的決定，取決於我們在資本方面擁有的其他機會以及我們對自由現金流的全面評估連續一年。

At this time, I'd like to turn the floor back over to management for any additional or closing comments.

此時，我想將發言權交還給管理層，以徵求任何補充意見或結束意見。

Thank you, Donna. We're pleased with how the second quarter finished as our team worked hard to deliver solid results with year-over-year growth in revenue, adjusted EBITDA and earnings per share. I want to thank all of our associates who are working hard during this busy summer travel season to deliver great vacations for owners and guests. Thanks and have a great day.

謝謝你，唐娜。我們對第二季度的業績感到滿意，因為我們的團隊努力工作，實現了收入、調整後 EBITDA 和每股收益同比增長的穩健業績。我要感謝我們所有的員工，他們在這個繁忙的夏季旅行季節努力工作，為業主和客人提供美好的假期。謝謝，祝你有美好的一天。

Ladies and gentlemen, thank you for your participation. This concludes today's conference. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

女士們、先生們，感謝您的參與。今天的會議到此結束。此時您可以斷開線路或註銷網絡廣播，然後享受剩下的一天。