Travel + Leisure Co (TNL) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Travel + Leisure Q1 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Mike Hug, Chief Financial Officer. Please go ahead, Mike.

大家好，歡迎參加《旅遊休閒》2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興將電話轉給財務長 Mike Hug。請繼續，麥克。

Thank you, Kevin. Good morning to everyone. Before we begin, we would like to remind you that our 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.

謝謝你，凱文。大家早安。在我們開始之前，我們想提醒您，我們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有重大差異，並且今天所做的前瞻性陳述僅在今天有效。

We undertake no obligation to publicly update or revise these statements. 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.

我們不承擔公開更新或修改這些聲明的義務。我們向美國證券交易委員會提交的文件以及本次收益電話會議附帶的收益新聞稿中討論了可能導致實際結果不同的因素。您可以在我們網站 travelandleisureco.com/investors 上的收益新聞稿中找到今天電話會議上討論的非 GAAP 財務指標的對帳表。

This morning, Michael Brown, our President and Chief Executive Officer, will provide an overview of our first-quarter results and outlook. And then I will provide greater detail on the quarter, our balance sheet, and outlook for the rest of the year. Following our prepared remarks, we will open up the call for questions.

今天上午，我們的總裁兼執行長邁克爾布朗將概述我們的第一季業績和展望。然後，我將提供有關本季度、我們的資產負債表以及今年剩餘時間的展望的更多詳細資訊。在我們準備好發言之後，我們將開始提問。

With that, I'm pleased to turn the call over to Michael Brown.

說完這些，我很高興將電話轉給麥可布朗。

Good morning, and thank you for joining our first-quarter earnings call. I look forward to expanding on the strong first-quarter results you saw in our press release earlier today, as well as handing the call over to Mike Hug for a review of our financial performance. This will be Mike's last earnings call, and I would like to thank Mike for his 26 years with our company and his last seven as the first and only Travel + Leisure CFO.

早安，感謝您參加我們的第一季財報電話會議。我期待著進一步闡述您在今天早些時候的新聞稿中看到的強勁的第一季業績，並將電話交給 Mike Hug 來審查我們的財務業績。這將是麥克的最後一次財報電話會議，我要感謝麥克在我們公司工作了 26 年，並在過去 7 年裡擔任《旅遊休閒》雜誌第一位也是唯一一位財務長。

During his leadership, Mike has seen us grow revenues from $500 million to $4 billion, has brought the company public, navigated us through the great financial crisis in COVID, and has been integral in ensuring we execute against our operational plans and our capital return strategy with incredible consistency. Thank you, Mike.

在麥克的領導下，我們的收入從 5 億美元增長到 40 億美元，帶領公司上市，帶領我們度過 COVID 帶來的嚴重金融危機，並在確保我們以令人難以置信的一致性執行營運計劃和資本回報策略方面發揮了至關重要的作用。謝謝你，麥克。

In quarter one, we delivered $202 million of adjusted EBITDA at the high end of our guidance range. Our Vacation Ownership business once again fueled our success driven by VPGs well above $3,000. Consolidated adjusted EBITDA margins grew from 21% in the prior year to 22%. We also continue to return capital to shareholders through dividends and share repurchases. Our dividend increased 12% to $0.56 per share, and share repurchases were $70 million or 1.3 million shares in Q1.

第一季度，我們實現了 2.02 億美元的調整後 EBITDA，處於預期範圍的高端。我們的度假所有權業務再次推動了我們的成功，這得益於遠高於 3,000 美元的 VPG。合併調整後 EBITDA 利潤率從上年的 21% 成長至 22%。我們也繼續透過股利和股票回購向股東返還資本。我們的股息成長了 12%，達到每股 0.56 美元，第一季的股票回購金額為 7,000 萬美元，即 130 萬股。

Before I address the question we're asked most often, which is how is the consumer, let me first take a moment to revisit who are 800,000-plus owners actually are. On average, they're 59 years old with a household income in excess of $110,000 and a tenure of about 17 years. 80% have fully paid off their ownership and our newest buyers, 65% of whom are GenX, Millennials, and Gen Z reflect the appeal of our product across generations. In short, our consumer KPIs performed very well in Q1.

在我回答我們最常被問到的問題，即消費者如何之前，讓我先花點時間重新審視一下 80 多萬車主到底是誰。他們的平均年齡為 59 歲，家庭收入超過 11 萬美元，居住期限約為 17 年。 80％ 的人已經全額付清了房貸，而我們的最新買家中，65％ 是 X 世代、千禧一代和 Z 世代，這反映了我們產品對幾代人的吸引力。簡而言之，我們的消費者 KPI 在第一季表現非常好。

Consistent with the broad commentary in the marketplace, we recognize there is incrementally more uncertainty in the macro outlook and the consumer sentiment has fallen progressively in 2025. Our perspective is that we will continue to monitor the available data, however, we have not seen meaningful changes in our company's specific KPIs.

與市場上的普遍評論一致，我們認識到宏觀前景的不確定性日益增加，2025 年消費者信心將逐步下降。我們的觀點是，我們將繼續監控可用數據，但是，我們尚未看到公司具體 KPI 發生有意義的變化。

Our owners showed continued demand for vacation ownership in the first quarter. This was most clearly reflected in our best daily measure volume per guest, or VPG. Our VPG was $3,212, up from 2024 and notably above 3,000.

我們的業主在第一季表現出對度假所有權的持續需求。這最明顯地體現在我們每位客人的每日最佳測量量（VPG）上。我們的 VPG 為 3,212 美元，比 2024 年有所上漲，且明顯高於 3,000 美元。

We also measure consumer demand through our owner's desire to visit our properties as shown in resort bookings. We saw an acceleration of resort bookings as the quarter progressed. Mike will speak to a third important KPI performance of the portfolio during his overview.

我們也透過度假村預訂量所顯示的業主參觀我們房產的意願來衡量消費者需求。隨著本季的進展，我們看到度假村預訂量加速成長。麥克將在概述中談到投資組合的第三個重要 KPI 表現。

Our performance in Q1 is a great reminder of the characteristics of the timeshare business that are often overlooked starting with the reality that our owners continue to prioritize their travel and generally do not view vacations as discretionary. Travel patterns do tend to shift with economic conditions.

我們在第一季的表現很好地提醒了我們分時度假業務的特點，這些特點經常被忽視，首先是我們的業主繼續優先考慮旅行，並且通常不將假期視為可自由支配的時間。旅行模式確實會隨著經濟狀況而改變。

And in that regard, we monitor drive-to versus fly-to arrival percentages as well as booking windows. There has been no change in the percent of owners driving to our resorts, and we have only seen a modest reduction in our booking window.

在這方面，我們監控駕駛到達和飛行到達的百分比以及預訂窗口。開車前往我們度假村的車主比例沒有變化，而且我們的預訂窗口僅略有減少。

Compared to the same time last year, the booking window has decreased from 130 to 116 days. We see strong build for the upcoming months, and our second-quarter reservations on the books are in line with expectations. When you combine VPGs, forward bookings, and travel trends, we currently see our consumer is quite resilient. We also observed that our investments in technology are beginning to yield higher owner satisfaction.

與去年同期相比，預訂窗口期從 130 天減少到 116 天。我們預計未來幾個月將出現強勁成長，並且我們第二季的預訂量符合預期。當您將 VPG、預訂量和旅行趨勢結合起來時，我們目前發現我們的消費者俱有相當強的適應力。我們也發現，我們在技術方面的投資開始帶來更高的業主滿意度。

The Club Wyndham app has now been downloaded by nearly 100,000 owners or approximately 20% of our Club Wyndham owner base. This is up from 40,000 downloads when we last reported. The app is driving a search-to-book conversion rate of 71%, representing a 22% increase compared to the booking conversion on the owner website.

目前，Club Wyndham 應用程式已被近 100,000 名業主下載，約占我們 Club Wyndham 業主群體的 20%。這比我們上次報告的 40,000 次下載量有所增加。該應用程式的搜尋到預訂的轉換率達到 71%，與業主網站上的預訂轉換率相比提高了 22%。

As I mentioned in our last call, we will deploy a similar app to our 200,000-plus WorldMark owners later this year. Additionally, our resort operations team have deployed texting capabilities increasing on-site satisfaction scores to new highs in Q1. All of this is to say, demand was solid in Q1 and our satisfaction rates are increasing.

正如我在上次電話會議中提到的，我們將在今年稍後向超過 20 萬名 WorldMark 用戶部署類似的應用程式。此外，我們的度假村營運團隊已經部署了簡訊功能，將第一季的現場滿意度得分提升至新高。所有這些都表明，第一季的需求強勁，我們的滿意度正在提高。

Moving to Travel and Membership. Industry consolidation continues to drive the migration from external to internal exchanges, putting continued pressure on the segment. Exchange transactions were down in the quarter. However, the business had its strongest exchange year-over-year transaction performance toward the end of the quarter.

轉向旅行和會員資格。產業整合持續推動從外部交易所向內部交易所的遷移，給該領域帶來持續的壓力。本季外匯交易量下降。然而，該業務在本季末實現了最強勁的同比交易表現。

Our Travel Club business showed transaction growth of 3% in the quarter with an expectation of acceleration in Q2, highlighting an opportunity to support the Traveler Membership segment. Q1 is typically the strongest transaction quarter, therefore, transaction trends and margin will remain our focus in Q2. Our VOI strength more than offset weakness in this segment, and we expect a similar dynamic throughout 2025, albeit with different orders of magnitude.

我們的旅行俱樂部業務本季交易量成長了 3%，預計第二季將加速成長，這凸顯了支持旅客會員部門的機會。第一季通常是交易最強勁的季度，因此，交易趨勢和利潤率仍將是我們在第二季度關注的重點。我們的投資價值 (VOI) 優勢足以抵消這一領域的弱點，我們預計 2025 年全年仍將出現類似的動態，儘管數量級有所不同。

Lastly, let me touch on our brand strategy. Starting with our partnership with Wyndham Hotels. Blue Thread performance in Q1 contributed 7% of new owner tours with the VPG more than 20% higher than other new owner channels. Our relationship with the core in Asia Pacific has been performing for a year with good success. Sports Illustrated remains on pace to start sales in 2025, and we have dedicated significant resources to reinvigorate our sales and expansion efforts for Margaritaville.

最後，讓我談談我們的品牌策略。從我們與溫德姆酒店的合作開始。Blue Thread 在第一季的表現為新車主參觀貢獻了 7%，其 VPG 比其他新車主頻道高出 20% 以上。我們與亞太地區核心客戶的關係已經持續了一年並且取得了良好的結果。《體育畫報》仍有望於 2025 年開始銷售，我們已投入大量資源來重振瑪格麗塔維爾的銷售和擴張工作。

We announced the new Margaritaville Resort in Orlando that will open in 2027, placing a Vacation Ownership resort next to the successful 265-room Margaritaville hotel, and 900 Margaritaville cottages on the doorsteps of Disney. We have nearly completed an organizational realignment to marry strategy, economic objectives, and people around our brands. Although it is a subtle change, it is one that ensures we are laser focused on the successful execution of these brands.

我們宣布將於 2027 年在奧蘭多開設新的瑪格麗塔維爾度假村，該度假村將在擁有 265 間客房的成功瑪格麗塔維爾酒店旁設立一個度假所有權度假村，並在迪士尼樂園門口設立 900 間瑪格麗塔維爾小屋。我們已基本完成組織調整，將策略、經濟目標和品牌人才結合。雖然這是一個微妙的變化，但它確保我們專注於這些品牌的成功執行。

As we look to Q2, on the back of the strength from Q1, we are projecting $250 million of adjusted EBITDA with a range of $5 million on either side and are reiterating our full-year adjusted EBITDA outlook. Mike will provide more details on this outlook. And with that, let me hand the call over to Mike.

展望第二季度，由於第一季的強勁表現，我們預計調整後的 EBITDA 將達到 2.5 億美元，上下浮動 500 萬美元，並重申我們對全年調整後 EBITDA 的展望。麥克將提供有關這一前景的更多細節。說完這些，讓我把電話交給麥克。

Thanks, Michael, and also thanks to everyone for joining us this morning. All of my comments will refer to comparisons to the same period of the prior year, unless specifically stated. For the March quarter, we reported adjusted EBITDA of $202 million and adjusted diluted earnings per share of $1.11, increases of 6% and 14%, respectively.

謝謝，邁克爾，也感謝今天早上加入我們的所有人。除非特別說明，我的所有評論都將與去年同期進行比較。3 月季度，我們報告調整後的 EBITDA 為 2.02 億美元，調整後的每股稀釋收益為 1.11 美元，分別成長 6% 和 14%。

Breaking this down into more detail for our two business units, Vacation Ownership reported segment revenue of $755 million, an increase of 4%, while adjusted EBITDA increased 18% to $159 million. VPGs continue to remain strong coming in at the higher end of our range. Tour flow was down 1% for the quarter, but we did see year-over-year tour growth in March, which we expect will continue into the second quarter and the remainder of the year.

對我們的兩個業務部門進行更詳細的分析，度假所有權部門報告的部門收入為 7.55 億美元，增長 4%，而調整後的 EBITDA 增長 18%，達到 1.59 億美元。度假所有權部門繼續保持強勁勢頭，處於我們預期的較高水平。本季旅遊客流量下降了 1%，但 3 月旅遊客流量年增，我們預計這種成長態勢將持續到第二季​​及今年剩餘時間。

As it relates to the loan portfolio, during the quarter, the improvement in portfolio delinquencies we usually see from December to March did not occur. With this in mind, our current full-year EBITDA guidance, which remains unchanged, and reflects a provision rate of 21%, which assumes (inaudible) stay at current elevated levels compared to historical trends.

就貸款組合而言，在本季度，我們通常在 12 月至 3 月期間看到的貸款組合拖欠情況的改善並沒有出現。考慮到這一點，我們目前的全年 EBITDA 指引保持不變，並反映了 21% 的撥備率，假設（聽不清楚）與歷史趨勢相比保持在當前較高的水平。

Revenue in our Travel and Membership segment was $180 million, down 7% and adjusted EBITDA of $68 million for this segment was down 9%, driven by a 13% decline in exchange transactions. While Travel Club transactions were up year over year, the growth in these transactions are not yet sufficient to cover the drop in exchange propensity.

我們的旅遊和會員部門的收入為 1.8 億美元，下降 7%，該部門的調整後 EBITDA 為 6,800 萬美元，下降 9%，因為交易額下降了 13%。雖然旅遊俱樂部交易量較去年同期成長，但這些交易量的成長仍不足以彌補兌換傾向的下降。

Now, let me provide some more detail about expectations for the second quarter and full year. For the second quarter, overall, we expect adjusted EBITDA in the range of $245 million to $255 million. In Vacation Ownership, we expect second-quarter gross VO sales of $620 million to $640 million and VPGs of $3,050 to $3,150. As Michael mentioned, for the full year, we are reiterating our guidance range of $955 million to $985 million for adjusted EBITDA with the range for the Travel Membership segment moving to flat to down 2%.

現在，讓我提供一些有關第二季度和全年預期的更多細節。總體而言，我們預計第二季調整後的 EBITDA 在 2.45 億美元至 2.55 億美元之間。在度假所有權方面，我們預計第二季度假所有權總銷售額為 6.2 億美元至 6.4 億美元，度假所有權總收入為 3,050 美元至 3,150 美元。正如麥可所提到的，對於全年，我們重申調整後 EBITDA 的指導範圍為 9.55 億美元至 9.85 億美元，其中旅行會員部門的指導範圍將持平或下降 2%。

Moving to cash flow and our balance sheet. We generated $121 million of operating cash flow and $152 million of adjusted free cash flow for the quarter. As we previously said, we expect our adjusted EBITDA to free cash flow conversion to be in excess of 50% this year. On the balance sheet, we continue to have access -- consistent access to the capital markets and closed our first ABS transaction of the year.

轉向現金流和資產負債表。本季我們產生了 1.21 億美元的營運現金流和 1.52 億美元的調整後自由現金流。正如我們之前所說，我們預計今年調整後的 EBITDA 至自由現金流轉換率將超過 50%。在資產負債表上，我們繼續能夠持續進入資本市場，並完成了今年的第一筆 ABS 交易。

The $350 million transaction had terms that were identical to our last transaction in 2024, within an advance rate of 98% and an interest rate of 5.2%. We also renewed our $600 million ABS conduit facility in April, pushing the maturity date to August of 2027. Our leverage ratio in the first quarter was 3.3 times. Consistent with prior years, we expect our leverage rate to increase in the next two quarters and then decline in the fourth quarter, ending the year below 3.4 times levered.

這筆 3.5 億美元的交易的條款與我們 2024 年的上一筆交易相同，預付率為 98%，利率為 5.2%。我們也在 4 月續簽了 6 億美元的 ABS 管線融資工具，將到期日延至 2027 年 8 月。我們第一季的槓桿率為3.3倍。與前幾年一致，我們預計槓桿率將在未來兩個季度上升，然後在第四季度下降，到今年年底將低於 3.4 倍。

With the balance sheet in good shape, our capital allocation is focused on growing the business and returning capital to shareholders. As Michael mentioned, in March, we increased our dividend to $0.56 per share for a total of $41 million in the first quarter.

在資產負債表狀況良好的情況下，我們的資本配置重點在於發展業務並向股東返還資本。正如麥可所提到的，3 月份，我們將股息提高至每股 0.56 美元，第一季總計 4,100 萬美元。

This dividend, combined with our share repurchases throughout the quarter resulted in $111 million returned to shareholders through the first three months of the year. We intend to recommend to our Board a second-quarter dividend at the same rate of $0.56 per share.

此次股利加上我們整個季度的股票回購，導致今年前三個月向股東返還了 1.11 億美元。我們打算向董事會建議以每股 0.56 美元的相同比率派發第二季股息。

Before opening up the lines for questions, I would like to thank the entire team at Travel & Leisure for delivering another great quarter, which once again gives us great momentum heading into the busy summer months ahead. With that, Kevin, can you please open up the call to take questions?

在開始提問之前，我想感謝《旅遊與休閒》雜誌的整個團隊，感謝他們又一個出色的季度，這再次為我們即將到來的繁忙夏季提供了巨大的動力。凱文，您能打開電話回答問題嗎？

(Operator Instructions) David Katz, Jefferies.

（操作員指示）David Katz，Jefferies。

Can you talk about what you've seen in April? And then talk about T&M, we'd love to try and figure out where the solid core is for a pressured business. Those two things, please.

能談談四月看到的情況嗎？然後談論 T&M，我們很樂意嘗試找出壓力重重的業務的堅實核心在哪裡。請提供這兩件東西。

Good morning, David. Let me touch on T&M and Vacation Ownership, and then I'll hand it over to Mike just to see what he's seeing in April as it relates to the portfolio. The Vacation Ownership business continues to perform very well in the month of April. There's been no signs of that uncertainty that we're all feeling at the moment, affecting our KPIs as it relates to the business.

早安，大衛。讓我談談 T&M 和度假所有權，然後我將把它交給 Mike，看看他在四月看到與投資組合相關的情況。四月份，度假所有權業務繼續表現良好。目前，我們還沒有感受到任何不確定性的跡象，這會影響我們與業務相關的關鍵績效指標 (KPI)。

We just finished as you're well aware, the Easter weekend, which is the peak of the month, and it was a very good weekend for us that reinforce that our consumer remains committed to travel and performing very well as it relates to the VPGs and overall tour flow.

如您所知，我們剛剛結束復活節週末，這是本月的高峰期，這對我們來說是一個非常好的周末，這進一步證明了我們的消費者仍然致力於旅行，並且在 VPG 和整體旅遊流量方面表現非常出色。

In the Travel and Membership business, we've mentioned on multiple calls that consolidation has continued to drive from external to internal exchange. We anticipate that migration does continue but there does come a floor that we are trying to estimate. What I would say is that as we look forward, we were able to fully cover our shortfall in Q1 and in fact, exceed the midpoint of our guidance, and we've incorporated being slightly down year on year as it relates to exchange as we move through the remainder of this year.

在旅遊和會員業務中，我們在多次電話會議中提到，整合繼續從外部交流轉向內部交流。我們預計移民人數會繼續增加，但會達到一個最低值，我們正在嘗試對此進行估計。我想說的是，展望未來，我們能夠完全彌補第一季的缺口，事實上，超過了我們預期的中點，而且，隨著今年剩餘時間的推進，我們已經將與去年同期相比略有下降的情況納入考量，因為這與匯率有關。

As it relates to the portfolio, let me hand that over to Mike in April.

由於它與投資組合有關，讓我在四月將其交給麥克。

Thanks, Michael, and good morning, David. As it relates to portfolio, as I mentioned in my comments, we did see increased delinquencies at the end of March compared to what we had expected when we had our last call back in February. However, the good news is, in April, we are seeing improvement in collections. Keep in mind that in order to book a reservation, our owners have to be current on both their loan and their maintenance fees. So it serves as a great collection tool.

謝謝，邁克爾，早安，大衛。就投資組合而言，正如我在評論中提到的那樣，與我們 2 月上次電話會議時預期的相比，我們確實看到 3 月底的拖欠率有所增加。然而，好消息是，四月份，我們看到收藏情況有所改善。請記住，為了預訂，我們的業主必須按時支付貸款和維護費。因此它是一種很好的收集工具。

So happy with what we're starting to see in April, but felt it was prudent to go ahead and take the provision in our full-year guidance up to 21% based on the elevated levels we saw at the end of March. And then we'll see, obviously, as bookings continue in the rest of the quarter kind of how it shakes out as far as where we stand at the end of June, but April is off to a good start from a collection standpoint on the portfolio.

我們對 4 月看到的情況感到非常高興，但我們認為，基於 3 月底看到的高水平，繼續將全年指導中的撥備提高到 21% 是明智之舉。然後，我們顯然會看到，隨著本季度剩餘時間的預訂繼續進行，情況會如何變化，就 6 月底的情況而言，但從投資組合的收集角度來看，4 月份開局良好。

Thank you.

謝謝。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯（Patrick Scholes），Truist Securities。

Mike, congratulations. I'm wishing you well on your retirement and future travels and endeavors.

麥克，恭喜你。我祝福您退休後以及未來的旅行和事業一切順利。

Thank you, Patrick.

謝謝你，派崔克。

Great. Let's move on to some questions here. It sounds like the -- your core legacy owners are especially resilient, something we've seen in past economic downturns. Curious if you have any visibility or anything you can share with how your summer rental business for non-owners, if you have anything you can share how that is looking?

偉大的。讓我們繼續討論這裡的一些問題。聽起來——你們的核心遺產所有者特別有韌性，這是我們在過去的經濟衰退中看到的。好奇您是否有任何了解或可以分享任何有關非業主夏季租賃業務的信息，如果您有任何可以分享的情況，請問情況如何？

Let me try to wrap two things in one here, Patrick. First of all, summer demand through our rental program remains consistent with what we would expect at this time of the year. There's no noticeable move either up or down. Summer rentals are very solid. And as everyone is aware, Q2 and Q3 are the peak seasons for us, not only for overall volumes, but also new owner mix.

讓我嘗試將兩件事合而為一，派崔克。首先，透過我們的租賃計劃，夏季的需求與我們對每年這個時候的預期保持一致。沒有明顯的上升或下降趨勢。夏季租賃非常穩定。眾所周知，第二季和第三季是我們的旺季，不僅是整體銷量，而且新業主組合也很多。

As it relates to owner demand, we did want to point out referencing also back to David's question is our forward bookings in April look to be extremely solid for the summertime. So again, it's a good projection. It's why we added the booking window of 116 days. That gives you really a four-month view out of how booking demand is it's right where we expected it to be.

就業主需求而言，我們確實想指出，參考大衛的問題，我們四月份的預訂量對於夏季來說看起來非常穩定。所以，這又是一個很好的預測。這就是我們增加 116 天預訂窗口的原因。這實際上為您提供了四個月的預訂需求情況的視圖，其情況正好符合我們的預期。

So overall, the summer seems to be shaping up in the way we had hoped for, which gives us confidence in our Q2 outlook.

因此總體而言，夏季似乎正按照我們所希望的方式發展，這讓我們對第二季的前景充滿信心。

Okay. Thank you. And then shifting gears a bit here. As far as your -- it implies in your 1Q results, you had better closing rates than, I guess, the [street] expected. What was the mix or trends in the mix of closing to existing owners versus new buyers? Might imply that you're selling more upgrades, and is that your expectation going forward to sell more upgrades, which typically have higher margins than to new owners?

好的。謝謝。然後在這裡稍微改變一下話題。就您的第一季業績而言，我認為您的收盤價比華爾街預期的要好。現有業主和新買家的成交情況或趨勢是怎樣的？這可能意味著您正在銷售更多的升級產品，並且您是否期望未來銷售更多的升級產品（通常比新車主的利潤更高）？

There's a few details in your question, Patrick, that I want to encompass first of all in the more upgrades comment. If you look at our new owner mix in Q1, what happened this year is returned to our historical levels, what we saw in '23 and '22 for Q1 percentage of sales being new owners.

派崔克，你的問題中有一些細節，我想先在更多升級評論中涵蓋這些細節。如果你看我們第一季的新業主組合，你會發現今年的情況已經恢復到了歷史水平，也就是我們在 23 年和 22 年第一季看到的來自新業主的銷售額百分比。

So that was very comforting for us that our mix was right back where we've traditionally seen it in historical years. Last year, if you remember, was an anomaly where we were over 35% because the investments we put in, in '22 and '23 to really reopen our marketing channels. So a lot of tour flow come through in Q1 of last year.

因此，對我們來說，這非常令人欣慰，因為我們的組合又回到了歷史上傳統上看到的狀態。如果你還記得的話，去年是一個異常現象，我們的成長率超過了 35%，因為我們在 2022 年和 2023 年投入了大量投資，真正重新開放了我們的行銷管道。去年第一季有很多旅遊客流湧入。

We generated new owners which led to what always happens after the summer as we evaluated all of those channels. We pulled back on some, eliminated some, and reinvested in others. So as we start this year at the new owner mix, we're very comfortable where that is, and we'd expect that to grow as we move into the summertime.

我們找到了新的所有者，這導致了夏天過後我們評估所有這些管道時總是會發生的情況。我們削減了一些，淘汰了一些，並重新投資於其他項目。因此，當我們今年開始與新東家合作時，我們對現狀感到非常滿意，並且我們預計隨著夏季的到來，這種狀況會有所改善。

As it relates to individual closing percentages, you've read the room very well as it relates to close rates. Our owner business had stronger close rates year on year. And I think that makes a lot of sense as uncertainty or questions arise around travel, owners see the value of their ownership. As we mentioned, 80% have fully paid average 10 years, 17 years, which means people are vacationing for extremely high value and there's no reason for them to defer and they see the value even more when there's uncertainty ahead.

由於它與個人收盤百分比有關，因此您已經很好地了解了與收盤率相關的情況。我們的業主業務成交率去年同期有所提高。我認為這很有道理，因為當旅行中出現不確定性或疑問時，業主會看到其所有權的價值。正如我們所提到的，80% 的人平均已經全額支付了 10 年、17 年的費用，這意味著人們的度假價值極高，他們沒有理由推遲，而且當未來存在不確定性時，他們會更加重視度假的價值。

So our owner close rates were a tad up in Q1. And I think equally on the new owner side, people that haven't enjoyed a decade's worth of tremendous value are a little more hesitant to make the decisions, and our new order close rate was slightly down, sort of similar to how we were slightly up in the owner.

因此，我們的業主成交率在第一季略有上升。我認為，同樣在新業主方面，那些沒有享受過十年巨大價值的人在做決定時會更加猶豫，我們的新訂單成交率略有下降，有點類似於業主方面略有上升的情況。

But our long-term outlook is, as it always is, we want to be in a 35% to 40% newer mix over time, and it doesn't need to hit it every single quarter. But as we look through a year and three-year cadence, we want to be in that 35% to 40% range for new owners.

但我們的長期前景一如既往，我們希望隨著時間的推移，產品更新比例能達到 35% 到 40%，而且不需要每季都達到這個水準。但當我們回顧一年和三年的節奏時，我們希望新業主的比例處於 35% 到 40% 的範圍內。

Okay. Thank you. [I'm all set.]

好的。謝謝。[我準備好了。 ]

Dany Asad, Bank of America.

丹尼·阿薩德，美國銀行。

Maybe one more question on guidance. So if we maintained full-year adjusted EBITDA but we're lowering Travel and Membership, does that mean we're raising the OI segment for the year? And maybe can you just help us walk us through some of the offsets to the lower T&M and higher provision. What is -- what are we raising on the other side?

也許還有一個關於指導的問題。因此，如果我們維持全年調整後的 EBITDA，但降低旅行和會員費用，這是否意味著我們將提高今年的 OI 部分？也許您可以幫助我們了解降低 T&M 和提高撥備的一些抵消措施。我們在另一邊提出了什麼？

It's Mike. Great question. Really, the lowering of the T&M guidance is really just the shortfall we had in the first quarter, which obviously was covered by overperformance on the Vacation Ownership side. So the overall takedown of T&M doesn't really change our expectation for the last three quarters of the year. It's more just the first-quarter flow through, if you will, which once again was covered as we came in above the high end of our midpoint.

我是麥克。好問題。實際上，降低 T&M 指導實際上只是我們在第一季的不足，而這一不足顯然被度假所有權方面的超額表現所彌補。因此，T&M 的整體下滑並沒有真正改變我們對今年最後三個季度的預期。如果你願意的話，這更像是第一季的流量，當我們進入中點的高端時，它再次被覆蓋。

As it relates to the provision, the 21% provision rate that I talked about in my script equates to about $15 million or $16 million if that were to come only from the VPGs, the strong VPGs were [around it] that basically require $50 VPG lift. But also keep in mind that we'll look across the entire organization to make sure that we do the things that we need to do to control our cost to be able to cover that.

就撥備而言，我在腳本中提到的 21% 撥備率相當於約 1500 萬美元或 1600 萬美元（如果這筆錢僅來自 VPG），而強勁的 VPG 則在其周圍，基本上需要 50 美元的 VPG 提升。但也請記住，我們將審查整個組織，以確保我們採取必要措施來控製成本，從而能夠彌補這一損失。

The good thing about identifying that at this point in the year is we've got seven months left. So a lot of time to obviously drive the strong VPGs but just importantly to make sure the organization is focused on covering that.

在今年的這個時候確定這一點的好處是，我們還剩下七個月的時間。因此，顯然需要花費大量時間來推動強大的 VPG，但重要的是確保組織專注於解決這個問題。

So I think it's just, once again, rolling through the first quarter on T&M and then identifying that higher provision early and making sure we, as I mentioned, drive VPGs and control our cost get to the range that we have out there that as you mentioned, we held for the year.

因此，我認為，這只是再次在第一季度進行 T&M 工作，然後儘早確定更高的撥備，並確保我們如我所提到的那樣推動 VPG 並控制我們的成本，使其達到我們所擁有的範圍，正如您所提到的，我們全年都保持這個範圍。

Awesome. Thank you very much. And then the back half of the year has a tour flow acceleration that's implied here. Can you maybe just help us like walk us through the drivers of that? Like how do we get from the run rate of, let's say, the 4% store flow growth in the second quarter? Like maybe what looks like probably a high single-digit tour flow growth like what -- where are we? How do we get there?

驚人的。非常感謝。這意味著下半年的旅遊流量將會加速成長。您能否幫助我們了解其中的驅動因素？比方說，我們如何從第二季 4% 的門市流量成長率中得出這個數字？例如，可能看起來旅遊流量會呈現高個位數成長－我們目前處於什麼水準？我們怎樣才能到達那裡？

Well, I'll circle back around to what I shared with Patrick in the last question as it relates to the cadence over the last three to four years on tour flow. We were down in Q1 simply because we were coming off a really tough comp in Q1 of last year where we had benefited from two years of marketing buildup that culminated in the first half of 2024.

好吧，我將回到上一個問題中我與帕特里克分享的內容，因為它與過去三到四年巡迴演出的節奏有關。我們在第一季的業績下滑，僅僅是因為我們在去年第一季經歷了一場非常艱難的競爭，而我們之前受益於兩年的營銷積累，並在 2024 年上半年達到頂峰。

And if you remember, our tour flow percentage growth came down as the year progressed, and we communicated that. That was really a continued fine-tuning of which marketing programs we thought were sustainable for the long haul. So there's a combination of easier comps as we move through the year, and also some new partnerships and new marketing channels that we started in '24 that will start to play through and we get our full year run rate in '24 -- sorry, 2025.

如果你還記得的話，隨著時間的推移，我們的旅遊流量百分比成長率有所下降，我們也傳達了這個訊息。這實際上是對我們認為可以長期持續的行銷計劃進行持續的微調。因此，隨著我們度過這一年，我們會得到一些更容易的比較，而且我們在 2024 年開始的一些新合作夥伴關係和新行銷管道也將開始發揮作用，我們將在 2024 年（抱歉，是 2025 年）獲得全年的運行率。

So it's a combination of those two items that allow us to have confidence that our tour flow will move up to that sort of mid-single-digit range.

因此，這兩件事的結合讓我們有信心，我們的旅遊流量將上升到中等個位數的水平。

Got it. Thank you very much.

知道了。非常感謝。

Chris Woronka, Deutsche Bank.

德意志銀行的克里斯‧沃倫卡 (Chris Woronka)。

And Mike, really appreciate all the interactions and perspectives over the years. So all the best to you in retirement.

麥克，我非常感謝多年來的所有互動和觀點。祝您退休後一切順利。

Thanks, Chris.

謝謝，克里斯。

I did have a couple of questions. I guess, first on taking up the provision. You guys have already covered off the ground there, but any more color to add? I'm just -- where that -- the slight uptick you mentioned better collections, but the uptick you did see in March, is there any way to break that down a little further and give us some color on where that came from? What type of customer was? Is it the customer you would expect to see defaulting or something else?

我確實有幾個問題。我想，首先要接受這項規定。你們已經把那裡的地面覆蓋好了，但是還有什麼顏色要添加嗎？我只是 - 您提到的略有上升的趨勢，但您在三月確實看到了上升趨勢，有什麼方法可以進一步細分它並讓我們了解其來源嗎？是什麼類型的客戶？您是否希望看到客戶違約或出現其他情況？

Yeah. So really, it was a -- it isn't just the current market's kind of throughout the quarter, we saw kind of higher level of delinquencies and obviously ended up the quarter at a higher than we expected. It's really coming from all channels. I wouldn't say it's -- there's one particular channel we can point to one particular customer we can point to. Obviously, the lower FICOs are impacted a little bit more than the higher FICOs when it comes to the ability to pay. But overall, it's kind of across the board.

是的。所以實際上，這不僅僅是當前市場在整個季度的情況，我們看到了更高的拖欠率，顯然本季的拖欠率高於我們的預期。它確實來自各個管道。我不會說它是－我們可以針對某個特定的客戶制定一個特定的管道。顯然，就支付能力而言，FICO 較低的人受到的影響比 FICO 較高的人要大一些。但總體來說，這是全面的。

Keep in mind, we're talking about, as I mentioned, the number that's $15 million or $16 million as far as the incremental provision. So overall, I think we're pretty happy with where the portfolio is coming in with compared to maybe where some people thought it might.

請記住，正如我所提到的，我們正在討論的增量撥款數字是 1500 萬美元或 1600 萬美元。因此，總體而言，我認為與某些人預想的相比，我們對投資組合的進展感到非常滿意。

And I would also point out that we were able to execute the ABS transaction in March, like we always do, great terms there. And think about the noteholders that are buying into that transaction basically they're buying into a portfolio of loans. So to me, that's always a good reaffirmation that others believe in the quality of our portfolio as well.

我還要指出的是，我們能夠在 3 月執行 ABS 交易，就像我們一直以來所做的那樣，條件非常好。想想那些參與該交易的票據持有人，他們基本上是在購買一組貸款。所以對我來說，這始終是一個很好的證明，表明其他人也相信我們投資組合的品質。

So look, it's 10-year loss curves that we use, seeing some movement up kind of across all the bands. But overall, pretty happy with where it's at. And hopefully, the improvements we're seeing in April will continue through the quarter and throughout the year as people book their vacations.

所以看，我們使用的是 10 年損失曲線，看到所有波段都出現了一些上升趨勢。但總體而言，我對目前的狀況非常滿意。希望隨著人們預訂假期，我們在四月份看到的改善將持續整個季度甚至全年。

Okay. Fair enough. Thanks, Mike. And as a follow up, I appreciate the incremental data point on the booking window. It still sounds pretty healthy, but the question would be that kind of takes us, I guess, on average, into well into August with 116 days now.

好的。很公平。謝謝，麥克。作為後續行動，我很欣賞預訂視窗上的增量資料點。這聽起來仍然很健康，但問題是，我猜，平均而言，這會讓我們進入 8 月份，現在已經 116 天了。

Typically, do you see -- I'm really thinking about Q4, right? And kind of what's left to do? How much of a lift is that to make guidance and when we typically start seeing bookings for Q4 come in? Is there any seasonality to the booking of the tour package in that quarter? Or how should we maybe think about what's left to do in Q4?

通常，你看——我真的在考慮第四季度，對嗎？還有什麼事要做？這對於制定指導意見有多大幫助？我們通常什麼時候開始看到第四季的預訂量？該季度的旅遊套裝預訂有季節性嗎？或者我們應該如何考慮第四季還剩下什麼事情要做？

Yeah. So the average is 116, which means we do have the tail that's well beyond that and into the fourth quarter. And although we say that the summer bookings is at our expectation, we do have a look, and if there's anything showing up with our bookings into Q4 granted, they're fewer and they're further out. But you can already get early trend lines into Q4 now to see if there's anything, any anomalies coming up.

是的。因此平均值是 116，這意味著我們的尾部確實遠遠超出了該值並進入了第四季度。儘管我們說夏季預訂量符合我們的預期，但我們確實進行了觀察，如果第四季度的預訂量出現任何變化，那麼預訂量就會減少，而且預訂時間也會延長。但您現在就可以獲得第四季度的早期趨勢線，以查看是否出現任何異常情況。

And again, there's nothing really, and it's the point of a lot of our commentary is as you'd expect with the uncertainty that's out there, you would expect our business to have tweaks up and down across the enterprise. And that's exactly what we tried to communicate today knowing that as we've had some metrics come in a bit behind where we expected Q1 had areas that, again, covered those shortfalls and even exceeded them. But right now, there's nothing in Q4 that gives us any concern.

再說一次，實際上沒有什麼，我們的許多評論的重點是，正如你所預料的那樣，由於存在不確定性，你會預料到我們的業務會在整個企業中發生上下調整。這正是我們今天試圖傳達的，因為我們的一些指標略微落後於我們的預期，但第一季的某些領域再次彌補了這些不足，甚至超過了這些不足。但目前，第四季還沒有任何讓我們擔心的事情。

The other thing I'd point out about Q4 similar to Q1, is it's our second heaviest owner travel quarter when you look at summer months being the heaviest new owner travels as a percentage. So I think when we think about confidence in Q4 as we saw in Q1, we believe our owners are going to travel. They see the value. They paid for the product in 80% of the cases.

我想指出的另一點是，第四季與第一季類似，如果從夏季新車主出遊佔比來看，第四季是車主出行第二繁忙的季度。因此，我認為，當我們考慮到對第四季度的信心，就像我們在第一季看到的那樣，我們相信我們的業主將會出行。他們看到了價值。在 80% 的情況下，他們都支付了產品費用。

So I think that's the other part about Q4 is it's less reliant on new owner tours, and more reliant on those resilient owners that we have.

所以我認為第四季的另一個特點是，它不再那麼依賴新老闆的參觀，而是更依賴我們現有的那些有韌性的老闆。

Okay. Super helpful. Thanks, guys.

好的。超有幫助。謝謝大家。

Lizzie Dove, Goldman Sachs Asset Management.

高盛資產管理公司的 Lizzie Dove。

I guess first one, there's been a lot of headlines about slowdown in international tourism into the US, some boycott to the US along those lines. I'm curious, just firstly, any disclosure you have around like the percent, particularly for your domestic properties that are -- whether it's Canada, Mexico, just international exposure there? And whether you have seen any slowdown, whether it be on bookings or anything else on the kind of international side?

我想首先，有很多關於美國國際旅遊業放緩的頭條新聞，以及一些抵制美國的言論。我很好奇，首先，您是否披露過有關百分比的信息，特別是針對您的國內資產——無論是加拿大、墨西哥，還是國際資產？您是否發現任何放緩跡象，無論是預訂量還是國際方面的其他方面？

The makeup of our owner base is, or our revenue is about 90% North America and pretty much all in the United States. We do have nearing 10% that's in the Asia Pacific region. So when you look at both sales and bookings, we're not seeing any impact as it relates to the international travel impact. We do have a good number of resorts in Canada and we are seeing a bit more loyalty to the Canadian resorts from our Canadian members, which is very consistent with, I think, what everyone is seeing broadly.

我們的業主基礎組成，或者說我們的收入約 90% 來自北美，而且幾乎全部來自美國。我們確實有接近 10% 的份額來自亞太地區。因此，當您查看銷售額和預訂量時，我們沒有看到與國際旅行影響相關的任何影響。我們在加拿大確實擁有大量的度假村，而且我們看到加拿大會員對加拿大度假村的忠誠度有所提高，我認為這與大家普遍看到的情況非常一致。

We have no exposure really to Europe and minimal resorts in Mexico. So all that's to say that no, it's the international commentary that's out there today is not affecting our business as the Asia Pacific more specifically tends to stay and travel within their region, primarily Australia, Thailand, and New Zealand.

我們實際上沒有接觸過歐洲和墨西哥的少數度假村。所以，總而言之，今天的國際評論不會影響我們的業務，因為亞太地區的人們更傾向於留在自己的地區內旅行，主要是澳洲、泰國和紐西蘭。

Got it. That's helpful. And then I guess when we're in this kind of choppier or more uncertain macro environment, is there any change to how you think about capital allocation? Obviously, you've been pretty consistent with share repurchases, but I'm curious like whether that changes in this kind of environment.

知道了。這很有幫助。那麼我想，當我們處於這種更動盪或不確定的宏觀環境中時，您對資本配置的看法會發生任何變化嗎？顯然，你們一直堅持股票回購，但我很好奇在這種環境下這種情況是否會改變。

Lizzie, this is Mike. Thanks for the question. I think we reiterated both our EBITDA and our free cash flow conversion being at -- over 50% of EBITDA. So as we sit here today, I think we're confident in our business. We're confident on cash flow. Obviously, we executed the ABS transaction. We extended the maturity on the ABS conduit to August 27.

莉齊，這是麥克。謝謝你的提問。我認為我們重申了我們的 EBITDA 和自由現金流轉換率都超過 EBITDA 的 50%。所以今天我們坐在這裡，我想我們對我們的業務充滿信心。我們對現金流充滿信心。顯然，我們執行了ABS交易。我們將 ABS 頻道的到期日延長至 8 月 27 日。

So I think everything we did in the quarter in April really sets us up to continue to be consistent with our capital allocation. Obviously, we increased the dividend and mentioned that we'll recommend that same level of $0.56 per share. And then the share repurchases of $70 million in the first quarter were very consistent with what we've done on quarterly basis the last two years. So I think we remain confident in the business, confident our cash flow. And at this time, I don't see us needing to really make any significant changes as it relates to capital allocation.

因此，我認為我們在四月這個季度所做的一切確實讓我們能夠繼續保持資本配置的一致性。顯然，我們增加了股息，並提到我們將建議每股 0.56 美元的相同水準。第一季 7000 萬美元的股票回購與我們過去兩年每季所做的非常一致。所以我認為我們仍然對業務充滿信心，對我們的現金流充滿信心。目前，我認為我們不需要對資本配置做出任何重大改變。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions) Ben Chaiken, Mizuho Securities.

（操作員指示）瑞穗證券的 Ben Chaiken。

Mike, congratulations and good luck. Two quick ones. I'd love to dig into exchange a little more. I guess the transaction volume declining from industry consolidation, it makes sense but also isn't necessarily new. And I guess, optically, it looks like the decline somewhat accelerated. So was there a comp issue that we can't really see? Or was there a change in the way people are exchanging in the current macro for some reason? Does the question make sense, meaning I totally understand the industry consolidation angle does optically it looks like it stepped down a little more -- a little faster than we would have expected in 1Q?

麥克，祝賀你並祝你好運。兩個簡單的。我很樂意進一步深入了解交流。我認為交易量下降是由於行業整合造成的，這是有道理的，但也不一定是新鮮事。我想，從視覺上看，下降趨勢似乎有所加速。那麼是否存在我們無法真正發現的補償問題？或者由於某種原因，人們在當前宏觀環境中的交換方式發生了變化？這個問題有意義嗎？意思是我完全理解產業整合的角度，從表面上看，它似乎比我們在第一季預期的下降得更快一些？

Well, look, no. In this case, the numbers are what the numbers are. There's not a year-on-year comp issue. I think what we're seeing, both in our business because we're a client of the exchange business as well as many other affiliates out there is. As uncertainty rises, there is a tendency to want to keep your members within your club because the great thing about timeshare is there's a lot of value, satisfaction rates are high, and they see the value of purchasing more.

嗯，看，不是。在這種情況下，數字就是數字。不存在同比問題。我認為，我們所看到的，無論是在我們的業務中，因為我們是交易所業務的客戶，也是許多其他附屬機構的客戶。隨著不確定性的增加，人們傾向於將會員留在俱樂部內，因為分時度假的優點在於它具有很大的價值，滿意度很高，而且他們看到了購買更多產品的價值。

So I think it's a natural phenomenon that we saw within the quarter, there was variation. January and February started slower, and we saw a noticeable pickup of exchange transactions as the quarter ended. We'll see if that which one of those trends continue, we don't know yet. It's too early to say for Q2.

所以我認為這是我們在本季看到的自然現象，存在著變化。一月和二月開始時交易量較慢，但到本季末，我們看到外匯交易量明顯回升。我們將看看哪一個趨勢會持續下去，目前我們還不知道。現在談論第二季度還為時過早。

But candidly, Ben, I think it's just the reality of how the evolution of the space evolved, and we have not tried to sit quietly and just let it happen. As we shared, we launched the Travel Club business. And although it can't offset the exchange reductions, we are seeing growth in that space. We mentioned there'll be an acceleration. And all that's just to sort of flatten the curve and allow the VO business to really shine like it did in Q1.

但坦白說，本，我認為這只是空間演變的現實，我們並沒有試圖靜靜地坐著讓它發生。正如我們所分享的，我們推出了旅行俱樂部業務。儘管它無法抵消匯率的減少，但我們看到該領域正在成長。我們提到過將會有一個加速。所有這些只是為了平整曲線，讓 VO 業務真正像第一季那樣大放異彩。

Understood. That's very helpful. And then a quick question on SI. I guess what's the -- are there any updated timing on Tuscaloosa? And can you start selling the product, I believe, maybe last quarter, you put some inventory into the trust, if I'm not mistaking the EBITDA conversion, if I'm not mistaken.

明白了。這非常有幫助。然後是關於 SI 的一個快速問題。我猜是什麼——塔斯卡盧薩有更新的時間嗎？你能開始銷售產品嗎？我相信，也許上個季度，你將一些庫存放入信託中，如果我沒有記錯的話，EBITDA 轉換。

So I should correct what was understood from last quarter, we will be putting a conversion into the Sports Illustrated trust this year. We are finalizing a deal as we speak. So look forward to sharing that in the near future. It's not finalized. So can't discuss it quite yet. But we will be putting that into the trust, and that will allow us being a conversion to move into sales very quickly, which is why in our prepared remarks, we said: we look forward to being in sales this year on Sports Illustrated.

因此，我應該糾正上個季度的理解，我們今年將將其轉換為體育畫報信託。我們正在敲定一項協議。因此期待在不久的將來分享這一點。尚未最終確定。所以現在還不能討論它。但我們將其放入信託中，這將使我們能夠很快地轉化為銷售，這就是為什麼我們在準備好的演講中說：我們期待今年在《體育畫報》上進行銷售。

Got it. Understood. Thank you very much.

知道了。明白了。非常感謝。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

I guess it's in the past when you've seen a deterioration in demand you typically kind of pivoted to selling to existing owners. I guess how do you think about the opportunity to upgrade existing owners? Or how pulling that lever in today's environment might compare to the past as we look at how your existing owner base looks now versus other instances?

我想，在過去，當你看到需求惡化時，你通常會轉向將房子賣給現有業主。我猜您如何看待升級現有業主的機會？或者，當我們觀察您現有的所有者群體與其他情況相比的情況時，在當今環境中拉動這一槓桿與過去相比有何不同？

Well, I think the optionality we have that you mentioned, Stephen, is absolutely there. We don't view where any -- we're at that point, which is why I think it's important you have to look at our Q1 performance compared to sort of '23 and '22 as being at a normal run rate.

嗯，我認為你提到的我們的可選性是絕對存在的，史蒂芬。我們不認為我們已經處於這個階段，這就是為什麼我認為你必須將我們第一季的表現與 23 年和 22 年的表現進行比較，將其視為正常的運行率。

We're investing the same with new owners. Our owners, to your question, are in very good shape. Our household incomes have moved up. The age category has moved down for new owners and ultimately, are changes that we made coming out of COVID to step up our marketing criteria. I think all in all, puts our owner base in a very good space.

我們正在向新業主進行同樣的投資。回答您的問題，我們的業主狀況非常好。我們的家庭收入增加了。對於新業主來說，年齡類別已經降低，最終，這是我們在 COVID 之後做出的改變，以加強我們的行銷標準。我認為總的來說，這讓我們的業主群體處於一個非常好的空間。

Maybe a little bit of a softer component of that, and it's why we highlighted it in this call is, we are spending a lot of our run rate capital, operating capital, putting it back into the consumer and the Club Wyndham app is reactivating owners. It's getting them to use more, and we're long overdue to update the WorldMark capabilities as well. And we think that's going to be extremely well received.

也許這是其中比較軟性的一個部分，這也是我們在這次電話會議中強調這一點的原因，我們花費了大量的運行資本、營運資本，將其重新投入到消費者身上，而 Club Wyndham 應用程式正在重新激活業主。它讓他們使用更多，而且我們早就應該更新 WorldMark 功能了。我們認為這將會受到熱烈歡迎。

So economically, it's one answer, but ultimately, we always know in this business if your consumers are using their product, they're going to buy more. And our efforts are not -- sorry, are to really get owners using their ownership more and the -- with less friction and the less friction is -- and Mike Hug tells his own anecdote about booking his vacations on our app as well and doing it in a record amount of time.

因此從經濟角度來看，這是一個答案，但最終，我們始終知道，在這個行業中，如果您的消費者正在使用他們的產品，他們就會購買更多。而我們的努力並不是——抱歉，而是真正讓業主更多地使用他們的所有權——減少摩擦，摩擦越少——邁克·哈格 (Mike Hug) 講述了他自己的軼事，他也在我們的應用程序上預訂假期，並在創紀錄的時間內完成。

So we're super excited about where we're going, and we're super excited about our owner base being in a really good place to do what exactly what you indicate, but we're not at that point yet.

因此，我們對我們的發展方向感到非常興奮，我們對我們的所有者群體處於一個非常好的位置來做您所指出的事情感到非常興奮，但我們還沒有到達那個地步。

That's helpful. And maybe one quick follow up, and maybe I missed this, but could you disclose kind of the composition of owner growth in the quarter? And then maybe how that's compared over the past couple of quarters as you think about gross adds, attrition, and getting to kind of a net owner growth?

這很有幫助。也許還有一個快速的跟進，也許我錯過了這一點，但您能否透露一下本季業主成長的組成情況？那麼，當您考慮總增值、流失率以及淨所有者成長時，與過去幾季相比情況如何？

Yeah. I think when you look at the transaction mix, it was 31% new owner sales in the quarter, really right in line with where we expected as tour flow came in, in line with where we expected. We would expect as new owner tours grow throughout Q3 and Q4 and Q2 that we'll get to an increase in the new order mix and kind of end the year in that 35% range.

是的。我認為，當您查看交易組合時，本季新業主銷售額為 31%，這與我們的預期完全一致，因為旅遊流量已經到來，這與我們的預期一致。我們預計，隨著第三季、第四季和第二季新業主參觀數量的增長，新訂單組合將會增加，年底的增幅將達到 35% 左右。

If you look at our account, it would be down a little bit, which it always is in the first quarter just because it's the lowest new owner quarter. But overall, for the full year, we're still expecting to be in that 35% transaction - -new owner transaction range.

如果你看一下我們的帳戶，你會發現它會略有下降，第一季總是如此，因為這是新業主數量最低的季度。但總體而言，就全年而言，我們仍然預計新業主交易率將處於 35% 的範圍內。

Thank you.

謝謝。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Thanks for taking my question. And congrats again to Mike Hug. I will miss you. So on the -- my first question is a different way of asking Stephen's question. I know that you guys don't have a crystal ball on the economy, and I know, Michael, that you guys aren't at that point yet. But what the first thing -- I mean, the first two things that we would expect to see if there was a slowdown in your business would be an uptick in delinquencies and a downtick in new owner close rates, both of which you guys called out today to some extent, even if it's minor.

感謝您回答我的問題。再次恭喜 Mike Hug。我會想念你。因此——我的第一個問題是以不同的方式提出史蒂芬的問題。我知道你們沒有預測經濟的水晶球，而且我知道，邁克爾，你們還沒有到達那個地步。但首先要說的是——我的意思是，如果您的業務出現放緩，我們預計會看到的前兩件事就是拖欠率上升和新業主成交率下降，今天你們都在一定程度上提到了這兩點，儘管影響不大。

And so, I guess the question is summer is a big new owner sales season, new owner close rates or what you called out was a little bit soft towards the end of the quarter. And so you have optionality, you just mentioned that. How quickly could you deploy that optionality? And is there other levers that you'd pull even before that incentives, promotions, hotel points? What does sort of the playbook look like if new owner close rates slow further from here?

所以，我想問題是夏季是新業主銷售旺季，新業主成交率或您所說的在季度末有點疲軟。所以你有選擇權，你剛才提到了這一點。您能多快部署該選項？在激勵措施、促銷和飯店積分之前，您是否還會採取其他措施？如果新業主成交率從現在起進一步放緩，那麼劇本會是什麼樣子？

Well, let me first say that even during COVID, we didn't pull some of those levers you've mentioned of discounting and incremental noticeable incentives. We -- our performance really tends to be our performance. And we were a strong believer at maintaining steady pricing over time. And in the inflationary period that really helped us because people even more saw the value and it's about creating new owners.

好吧，首先我要說的是，即使在 COVID 期間，我們也沒有採取您提到的一些折扣和增量明顯激勵措施。我們——我們的表現其實往往是我們的表現。我們堅信長期內價格能夠維持穩定。在通貨膨脹時期，這確實對我們有幫助，因為更多的人看到了它的價值，而這是為了創造新的主人。

Specific to your question, we can react very quickly, but we think our business has a lot of variables that we as a management team will move very quickly to resolve. And that's not just the owner side of sales, but we have a full cost structure.

具體到您的問題，我們可以非常快速地做出反應，但我們認為我們的業務有很多變數，作為管理團隊，我們會非常迅速地採取行動來解決。這不僅是業主方面的銷售，而且我們還有完整的成本結構。

We also believe that as we move into the second and the third quarter, we have exciting new things coming our way that should propel our business. And ultimately, Q1 was a quarter that saw sentiment decline on study from something like 75, 78, down to 50. And that's a dramatic drop. And in the midst of all that, there were minor adjustments to closing percentages and they were minor.

我們也相信，隨著進入第二季度和第三季度，我們將迎來令人興奮的新事物，推動我們的業務發展。最終，第一季的研究情緒從 75、78 左右下降到 50。這是一個急劇的下降。而在這一切之中，收盤百分比也進行了微小的調整，而且調整幅度很小。

And I just -- I think we have a lot of confidence that there will continue to be minor adjustments up and down to portfolio, to close rates, and ultimately, to VPG. But I think it's all within our grasp as far as management's ability to toggle throughout the summer and into the fall, should there changes to the economy that would warrant it.

我只是——我認為我們非常有信心，投資組合、收盤利率以及最終 VPG 將繼續進行微調。但我認為，只要經濟狀況發生變化，管理階層在整個夏季和秋季都有能力進行調整，這一切都在我們的掌握之中。

Mike and I often comment that we haven't seen a normal pullback since what, 2001? We all sort of imagine the great financial crisis, which we access the market within months. COVID, which we accessed the market within, I think, two months and both times, we came out with a stronger consumer with higher satisfaction rates.

麥克和我經常說，自 2001 年以來我們就沒見過正常的回調了？我們都會想像巨大的金融危機，幾個月後就會進入市場。COVID，我想我們在兩個月內就進入了市場，而且兩次我們都獲得了更強大的消費者和更高的滿意度。

So if this is your normal pullback, I think not only Mike and I, but the entire management team is well within their capabilities to toggle the owner side of the equation, the cost side of the equation and just new initiatives to make sure we get to the other side.

因此，如果這是正常的撤退，我認為不僅邁克和我，而且整個管理團隊都完全有能力切換等式的所有者側、等式的成本側，並採取新舉措以確保我們到達另一側。

And if we do, we really are hopeful that we'll be able to turn around and say to you all and to the buy side, we've been saying it for a long time that this is a highly resilient business where vacations aren't discretionary and we can continue to return a high degree of capital to our shareholders in good times and in trough periods in the economy. But let's hope we don't have to see that this summer.

如果我們這樣做了，我們真的希望我們能夠扭轉局面，對你們所有人和買方說，我們一直在說，這是一項高度有彈性的業務，假期不是可自由支配的，我們可以繼續在經濟繁榮時期和低谷時期向股東返還高額資本。但我們希望今年夏天我們不會看到這種情況。

Okay. That's a great answer. A second follow up would be is the separate to the SI portfolio and the sales that you were mentioning just a minute ago. In Tuscaloosa, one of the things that we hear about deals related to college sports programs and sort of the -- it's really the seasonality that makes it difficult for that model because people all want to stay during football season, right? I mean -- or graduation weekend or et cetera.

好的。這是一個很好的答案。第二個後續問題是，您剛才提到的 SI 投資組合和銷售之間的差異。在塔斯卡盧薩，我們聽到的有關大學體育項目交易的事情之一是——季節性確實使這種模式變得困難，因為人們都想在足球賽季期間留下來，對吧？我的意思是——或者畢業週末等等。

And there's sort of good swathe of the calendar that you don't have people wanting to utilize that capacity from an owner's perspective. And I apologize if you addressed this issue or maybe it's not an issue in past calls, I don't remember. And so I just wanted to make sure I understand. Is that something that is a detractor of this model? And do you think you've sort of gotten past that or figure out a way to smooth that out and making it work from an economic perspective?

從所有者的角度來看，日曆上的大部分時間都沒有人願意利用這種容量。如果您解決了這個問題，或者這在過去的通話中不是問題，我不記得了，我對此表示歉意。所以我只是想確保我理解了。這是否會損害該模型的聲譽？您是否認為您已經解決了這個問題，或者找到了一種從經濟角度解決這個問題並使其發揮作用的方法？

Well, let me tackle that on two different fronts, maybe professionally and personally, professionally, you think about the ski destinations and places like Park City, Breckenridge, Vail, Aspen, the northeast. And the same commentary was always around ski destinations. Park City today, you get great rates during ski season, especially presidents and Christmas New Year. But guess what, you know what they say in Park City is you come for the ski season and you stay for the summer.

好吧，讓我從兩個不同的方面來解決這個問題，也許是從專業和個人的角度，從專業的角度，你會想到滑雪勝地和像帕克城、布雷肯里奇、韋爾、阿斯彭、東北部這樣的地方。關於滑雪勝地的評論也總是相同。今天在帕克城，滑雪季節，尤其是總統假日和聖誕新年期間，您可以享受優惠價格。但你猜怎麼著，你知道帕克城人是怎麼說的嗎？滑雪季來這裡，夏天就在這裡。

And that's what I think is very much the case in college town. There's a reason why Hilton believed in the graduate because -- and I'll maybe transition to the personal side is if you've had a kid that's gone through college, you're not there for only football games, you're there for graduations, you're there for the other sporting events, you're there for parents' weekend. And although it feels like there's only one sport eventually that's going to be in college sports, it's really a year-round calendar that parents are equally as passionate about women's volleyball or men's track as they are about college football just may not be orders of magnitude.

我認為大學城的情況確實如此。希爾頓相信畢業生是有原因的——我可能要從個人角度來說，如果你的孩子上了大學，你不僅會去那裡看足球比賽，你還會去那裡參加畢業典禮，你會去那裡參加其他體育賽事，你會去參加家長週末活動。儘管看起來最終只有一項運動會成為大學體育運動，但實際上，在全年的日程中，家長對女子排球或男子田徑的熱情與對大學橄欖球的熱情可能並不相上下。

So I think that's a very natural reaction similar to what it was in the ski destinations, but ski destinations have proven that they do very well year-round.

所以我認為這是一種非常自然的反應，類似於滑雪勝地的情況，但滑雪勝地已經證明它們全年都表現良好。

Yeah. And I would add, I mean, these college communities are also trying to use the assets they have to drive incremental revenues into their (inaudible), right, European Soccer League is now coming over the summertime and playing in some of these college stadiums. A lot of contracts nowadays are occurring in the summer in the college football stadiums and the (inaudible).

是的。我想補充一點，這些大學社區也在試圖利用他們擁有的資產來增加收入（聽不清楚），對，歐洲足球聯賽現在將在夏季舉行，並在一些大學體育場舉行。如今，很多合約都是在夏天在大學橄欖球場和（聽不清楚）。

So if you look at what Michael mentioned, plus what the towns themselves are doing to try to bring additional attractions, if you will, or entertainment, into their destinations during the off-season, I think that gives us confidence as well that us working with them will be great in terms of just driving additional demand into those communities.

因此，如果你看看邁克爾提到的內容，再加上城鎮本身在淡季為目的地帶來更多景點或娛樂活動的做法，我認為這也給了我們信心，相信我們與他們合作將會很棒，因為這將為這些社區帶來更多需求。

Thank you.

謝謝。

We reach the end of our question-and-answer session. I'd like to turn the floor back over to Michael Brown for any further closing comments.

我們的問答環節已經結束。我想把發言權交還給麥可·布朗，請他進一步發表結束語。

I do. And there's one component I admitted, which I do want to just share with everyone that, as Mike exits, we are at the final stage of our search process and anticipate announcing Mike's replacement very soon, and are pleased that it will allow us for an overlap in a very smooth and orderly transition. Nothing short of what you would expect with Mike.

我願意。我承認有一點，我確實想與大家分享，隨著邁克的退出，我們正處於搜索過程的最後階段，並預計很快宣布邁克的繼任者，並且很高興這將使我們能夠在非常平穩有序的過渡中進行重疊。這與您對 Mike 的期望完全一致。

But before we do wrap up, I definitely want to take a moment and acknowledge once again that this is Mike Hug's final earnings call as the CFO of Travel + Leisure. His leadership and commitment to this company have made a lasting impact. And Mike, on behalf of the entire team, thank you for everything and it's only appropriate that you provide today's closing remarks.

但在我們結束之前，我當然想花點時間再次確認，這是 Mike Hug 作為 Travel + Leisure 財務長的最後一次財報電話會議。他的領導能力和對公司的奉獻精神產生了持久的影響。麥克，我代表整個團隊感謝你所做的一切，你今天做最後的總結發言是非常合適的。

Thanks, again, Michael. As we close out today's call, I just want to take a moment to reflect and express my gratitude. It's been an incredible experience to serve as CFO of Travel + Leisure. Over the years, I've had the privilege of working alongside an exceptional team, navigating both opportunities and challenges and helping shape the company that I truly believe in. I'm proud of the progress we've made, the discipline we maintained, and the resilience we've shown across market cycles.

再次感謝你，麥可。在我們結束今天的電話會議時，我只想花一點時間反思並表達我的感激之情。擔任《Travel + Leisure》的財務長是一次令人難以置信的經歷。多年來，我有幸與一支優秀的團隊一起工作，把握機會和挑戰，幫助塑造我真正相信的公司。我為我們所取得的進步、我們堅持的紀律以及我們在整個市場週期中所表現出的韌性感到自豪。

I want to thank all the Travel + Leisure associates whose hard work and dedication continue to drive this business forward. I also want to thank our investors and analysts for your support, your questions, and your partnership over the years. I'm confident this company is in a strong position, both financially and operationally, and I have faith that the team that we have will carry the torch forward.

我要感謝所有《旅遊休閒》雜誌的同事，他們的辛勤工作和奉獻精神不斷推動這項業務的發展。我還要感謝我們的投資者和分析師多年來的支持、提問和合作。我相信這家公司在財務和營運方面都處於強勢地位，我相信我們現有的團隊將會繼續前進。

Thank you again for your trust you placed in me. It's been an honor.

再次感謝您對我的信任。我很榮幸。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路並享受美好的一天。我們感謝您今天的參與。