Marriott Vacations Worldwide Corp (VAC) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Marriott Vacations Worldwide Second Quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加萬豪度假全球 2024 年第二季財報電話會議。（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, Neal Goldner, Vice President, Investor Relations. Thank you, Neil, you may begin.

現在我很高興向您介紹主持人，投資者關係副總裁尼爾‧戈德納 (Neal Goldner)。謝謝你，尼爾，你可以開始了。

Thank you, Paul, and welcome to the Marriott Vacations Worldwide Second Quarter Earnings Conference Call. I am joined today by John Geller, our President and Chief Executive Officer, and Jason Marino, our Executive Vice President and Chief Financial Officer.

謝謝保羅，歡迎參加萬豪度假全球第二季財報電話會議。今天，我們的總裁兼執行長約翰蓋勒 (John Geller) 和我們的執行副總裁兼財務長傑森馬裡諾 (Jason Marino) 也出席了會議。

I need to remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties, which could cause future results to differ materially from those expressed in or implied by our comments.

我需要提醒大家，我們今天的許多評論都不是歷史事實，根據聯邦證券法被視為前瞻性陳述。這些陳述面臨許多風險和不確定性，可能導致未來結果與我們的評論中表達或暗示的結果有重大差異。

Forward-looking statements in the press release as well as comments on this call are effective only when made and will not be updated as actual events unfold. Throughout the call, we will make references to non-GAAP financial information. You can find a reconciliation of non-GAAP financial measures in the schedules attached to our press release and on our website.

新聞稿中的前瞻性陳述以及對本次電話會議的評論僅在做出後才有效，並且不會隨著實際事件的展開而更新。在整個電話會議中，我們將參考非公認會計準則財務資訊。您可以在我們的新聞稿所附的時間表和我們的網站上找到非公認會計準則財務指標的調節表。

With that, it's now my pleasure to turn the call over to John Geller.

現在，我很高興將電話轉給約翰蓋勒。

Thanks, Neal. Good morning, everyone and thank you for joining our second quarter earnings call. We had a mixed second quarter with re ntals exceeding our expectations and lower VPGs negatively impacting our contract sales. In addition, we have not seen the necessary improvement in our loan delinquencies. So we increased our sales reserve to reflect higher expected defaults, which Jason will provide more color on later in the call.

謝謝，尼爾。大家早安，感謝您參加我們的第二季財報電話會議。我們的第二季業績好壞參半，租金超出了我們的預期，而較低的 VPG 對我們的合約銷售產生了負面影響。此外，我們的貸款拖欠情況尚未得到必要的改善。因此，我們增加了銷售儲備，以反映更高的預期違約率，傑森將在稍後的電話會議中提供更多資訊。

So let's start with contract sales. As we look back at the cadence of the quarter, April VPG was soft, but May was in line with the prior year, which gave us confidence for the rest of the quarter. However, June VPG declined on a year-over-year basis and contract sales declined 1% for the quarter as we were successful growing tours offset by a decline in VPG.

那麼讓我們從合約銷售開始。當我們回顧本季的節奏時，4 月的 VPG 疲軟，但 5 月與去年同期持平，這讓我們對本季剩餘時間充滿信心。然而，6 月 VPG 年減，本季合約銷售額下降 1%，因為我們成功地成長了旅遊團，抵消了 VPG 的下降。

VPG's for owners were flat in the second quarter compared to last year, reflecting the value owners put on their vacations. We were able to grow first time buyer tours by 9%, reflecting our strategy to grow new owners but did see a 12% decline in first-time buyer VPGs.

第二季度業主的 VPG 與去年持平，反映了業主對假期的重視程度。我們的首次購買者人數增加了 9%，這反映了我們培養新業主的策略，但首次購買者的 VPG 確實下降了 12%。

We were able to grow contract sales 3% in the quarter, excluding Maui, this illustrates the quality and location of our upper upscale vacation ownership product, the high premium people put on their vacations, our tour growth and the fact that our owners continue to see long-term value of investing in their future vacations.

本季我們的合約銷售額成長了 3%（不包括毛伊島），這說明了我們高端度假所有權產品的品質和位置、人們在度假時的高溢價、我們的旅遊成長以及我們的業主繼續看到投資未來假期的長期價值。

Given the higher cost environment consumers have been dealing with over the last few years and the uncertain broader macro picture, we have adjusted certain sales promotions recently to combat the softening in VPG.s. Meanwhile, our resort occupancies in the quarter were up more than a point year over year, driven by a four point improvement in rental occupancies as consumers continued to prioritize spending on experiences.

鑑於過去幾年消費者面臨的成本上升環境以及宏觀情勢的不確定性，我們最近調整了某些促銷活動，以應對 VPG 的疲軟。同時，由於消費者繼續優先考慮體驗支出，租賃入住率提高了四個百分點，推動我們本季的度假村入住率年增超過一個百分點。

Our rental results also had a very strong quarter, driving higher revenue from more keys rented and lower costs, primarily from higher premium packages to drive contract sales. As a result, rental profit in our VO segment increased more than 60% compared to last year with margin improving to more than 20%.

我們的季度租賃業績也非常強勁，透過租賃更多鑰匙和降低成本（主要是透過更高的保費套餐來推動合約銷售）推動了更高的收入。因此，我們 VO 業務的租金利潤比去年增長了 60% 以上，利潤率提高到 20% 以上。

In our exchange and third-party management business, Interval International ended the quarter with more than 1.5 million active members while inventory utilization was in the low 90% range consistent with last year. As we look forward, we adjusted full year contract sales guidance to reflect our expectations for lower VPGs for the second half of the year.

在我們的交易所和第三方管理業務中，Interval International 截至本季末擁有超過 150 萬活躍會員，而庫存利用率與去年一樣處於 90% 的低點。展望未來，我們調整了全年合約銷售指引，以反映我們對下半年 VPG 較低的預期。

While July VPGs improved from the softness we saw in June. The midpoint of our guidance for the second half of the year reflects VPGs to be down around 7% compared to the compared to down 6% in the first half and tours to grow around 12% as we lap Maui, implying a 5% contract sales growth in the second half.

雖然 7 月 VPG 較 6 月的疲軟有所改善。我們下半年指引的中位數反映了 VPG 與上半年下降 6% 相比下降了約 7%，隨著我們環遊毛伊島，旅遊增長了約 12%，這意味著合約銷售額增長了 5%下半年增長。

Maui continues to recover, though we now expect contract sales to be down roughly 10 million for the full year as the recovery is turning out to be slower than our original expectations. This should still provide us a two point tailwind in contract sales growth in the second half of the year as our sales centers were closed from mid-August until the end of September last year.

毛伊島繼續復甦，但我們現在預計全年合約銷售額將下降約 1000 萬份，因為復甦速度慢於我們最初的預期。由於我們的銷售中心從去年 8 月中旬到 9 月底關閉，這仍將為我們下半年的合約銷售成長帶來兩個百分點的推動力。

We also expect to generate higher first-time buyer tours, which carry a lower VPG. We ended the quarter with nearly 270,000 packages with roughly 30% of those customers having already confirmed to take their vacation in the second half of the year. While we're disappointed with the additional sales reserve we took we continue to manage the business through the broader macro uncertainty.

我們也預計首次購買者人數會增加，但 VPG 會較低。截至本季末，我們收到了近 27 萬個包裹，其中約 30% 的客戶已確認下半年度假。雖然我們對額外的銷售儲備感到失望，但我們繼續在更廣泛的宏觀不確定性中管理業務。

On one side, consumers appear cautious after two years of inflation, while on the other side, they are still spending on travel and experiences. We're seeing that play out in our resorts, where we ran over 90% occupancy in the second quarter. If we exclude the impacts of the additional sales reserve, the improvement in our rental performance and our other cost management initiatives would have offset most of the impact from the lower contract sales guidance compared to our original full year adjusted EBITDA guidance.

一方面，經過兩年的通貨膨脹，消費者顯得謹慎，另一方面，他們仍在旅行和體驗上花錢。我們的度假村也看到了這種情況，第二季的入住率超過 90%。如果我們排除額外銷售儲備的影響，那麼與我們最初的全年調整後 EBITDA 指導相比，我們的租賃業績和其他成本管理舉措的改善將抵消合約銷售指導較低的大部分影響。

We have also been working through our 2025 maintenance fee budgets and expect the average maintenance fee will increase less than 5% for our Points products after two years of significantly higher increases. We believe this will help restore confidence from both for both recent first-time buyers as well as long-term owners.

我們也一直在製定 2025 年維護費預算，預計積分產品的平均維護費在經歷了兩年的大幅增長後將增長不到 5%。我們相信這將有助於恢復近期首次購屋者和長期業主的信心。

With that, I'll turn it over to Jason to discuss our results in more detail.

這樣，我會將其交給 Jason 更詳細地討論我們的結果。

Thanks, John. Today I'm going to review our second quarter results, our balance sheet and liquidity position and our outlook for the rest of the year.

謝謝，約翰。今天我將回顧我們第二季度的業績、我們的資產負債表和流動性狀況以及我們對今年剩餘時間的展望。

Starting with our Vacation Ownership segment, contract sales declined 1% in the quarter on a year-over-year basis with a 5% increase in tours being offset by the upward pressure. J. and sales grew 3% year over year, excluding Maui. As I mentioned on our last call, we needed the improvements in delinquencies that we saw in March and April to continue, which did not happen.

從我們的度假所有權業務開始，本季合約銷售額年減 1%，但旅行團成長 5% 被上升壓力所抵銷。J. 和銷售額較去年同期成長 3%（不含毛伊島）。正如我在上次電話會議中提到的，我們需要繼續改善三月和四月的拖欠率，但這並沒有發生。

While delinquencies were flat to the first quarter, they were 120 basis points above 2023 levels, driving the need to increase the reserve on the balance sheet by $70 million. Under timeshare accounting rules, we booked a $13 million offset in cost of vacation ownership products. So the net impact to adjusted EBITDA was 57 million.

雖然拖欠率與第一季持平，但比 2023 年的水平高出 120 個基點，因此需要將資產負債表上的準備金增加 7,000 萬美元。根據分時度假會計規則，我們預訂了 1,300 萬美元的度假所有權產品成本抵銷額。因此，調整後 EBITDA 的淨影響為 5,700 萬美元。

We also expect our sales reserve to be 11% to 12% of contract sales for the balance of the year. Several hundred basis points above our historical norms, where I expect we will remain until we see loan performance improve. As John mentioned, we believe lower inflation and a more normalized maintenance fee increase for 2025 will improve our portfolio performance in the future.

我們也預計我們的銷售儲備將佔今年餘下合約銷售額的 11% 至 12%。比我們的歷史標準高出數百個基點，我預計我們將保持這一水平，直到我們看到貸款績效有所改善。正如 John 所提到的，我們相信 2025 年較低的通膨和更規範的維護費上漲將改善我們未來的投資組合表現。

Development margin declined year over year, excluding the increase reserve due primarily to lower VPGs and higher marketing and sales costs, partially offset by lower product costs. Excluding the increase in our sales reserve, development margin would have been 27% in the quarter.

開發利潤率年減，不包括主要由於 VPG 下降以及行銷和銷售成本上升而增加的準備金，但部分被產品成本下降所抵消。如果不考慮銷售儲備的增加，本季的開發利潤率為 27%。

Rental profit in our vacation ownership segment increased $11 million year over year, driven by higher rental revenue and 8 million of incremental costs allocated to marketing and sales expense. Finally, as expected, financing profit declined 10% year over year, driven by higher interest expense, partially offset by increased financing revenue, while resort management profit increased 9%. As a result, adjusted EBITDA in our vacation ownership segment declined 26% year over year.

由於租金收入增加以及分配給行銷和銷售費用的 800 萬增量成本的推動，我們的度假所有權部門的租金利潤同比增加了 1,100 萬美元。最後，正如預期的那樣，由於利息支出增加，融資利潤年減 10%，但部分被融資收入增加所抵消，而度假村管理利潤則增加 9%。因此，我們度假所有權業務的調整後 EBITDA 年比下降 26%。

Moving to our Exchange & Third-Party Management segment, adjusted EBITDA declined $7 million compared to the prior year, driven by lower exchanges and Getaways available and decreased profit at Aqua Aston due to softness in Maui. As a result, total Company adjusted EBITDA declined 29% year over year and would have been roughly in line with our expectations and consensus EBITDA for the quarter, excluding the increase in our sales reserve.

轉向我們的交易所和第三方管理部門，調整後的 EBITDA 與前一年相比下降了 700 萬美元，原因是可用的交易所和度假勝地減少，以及毛伊島疲軟導致 Aqua Aston 利潤下降。因此，公司調整後 EBITDA 總額年減 29%，大致符合我們對本季 EBITDA 的預期和共識，不包括我們銷售儲備的增加。

Moving to the balance sheet, we ended the quarter with net debt to adjusted EBITDA of 4.4 times and a $120 million in liquidity. We also have nearly 1 billion of inventory on our balance sheet, including inventory reported and property and equipment enough to support more than two years of future sales.

轉向資產負債表，本季結束時，我們的淨負債與調整後 EBITDA 比率為 4.4 倍，流動資金為 1.2 億美元。我們的資產負債表上還有近 10 億美元的庫存，包括報告的庫存以及足以支持未來兩年多銷售的財產和設備。

Moving to guidance, for the first half behind us, we are lowering our full year adjusted EBITDA guidance range to between $685million $715 million. We now expect contract sales to grow 1% to 3% for the year, reflecting second quarter results and our updated second half forecast of 3% to 7% growth. We expect second half tours to grow 12% year-over-year at the midpoint, with VPG declining 7%.

轉向指導，在上半年，我們將全年調整後 EBITDA 指引範圍降低至 6.85 億美元至 7.15 億美元之間。我們現在預計今年合約銷售將成長 1% 至 3%，反映了第二季的業績以及我們更新的下半年成長 3% 至 7% 的預測。我們預計下半年巡演人數將年增 12%，其中 VPG 下降 7%。

Three points of the tour growth is expected to come from lapping now this month. Asia Pacific, which will benefit from the reopening of our second Bali sales center, is expected to drive another four points of the growth. Our package pipeline is expected to drive another two to three points of tour growth the second half of the year, while the opening of Waikiki will drive another point, excluding Maui, we expect year-over-year contract sales growth in the second half of the year to be approximately 3% at the midpoint of our revised guidance range and consistent with our first half performance.

本月巡迴賽預計將帶來三個百分點的成長。亞太地區將受益於我們峇裡島第二個銷售中心的重新開放，預計將帶動另外四個百分點的成長。我們的套餐計劃預計將在下半年帶動另外兩到三個點的旅遊增長，而威基基的開業將帶動另一點，排除毛伊島，我們預計下半年合約銷售將同比增長今年的增長率約為3%，位於我們修訂後的指導範圍的中點，與我們上半年的業績一致。

We now expect development margin to be around 22% for the year, including a three point impact from the additional reserve. Our VO rental business had a very strong first half. And transient keys on the books for the second half are up 4% compared to last year. As a result, we now think rental profit could increase by more than $30 million for the year.

我們現在預計今年的開發利潤率約為 22%，其中包括額外儲備帶來的 3 個百分點的影響。我們的 VO 租賃業務上半年表現非常強勁。下半年帳面上的瞬態金鑰比去年增加了 4%。因此，我們現在認為今年的租金利潤可能會增加超過 3,000 萬美元。

We also think resort management profit growth in the second half of the year will be consistent with the first half. In our exchange and third-party management business. We expect Interval members to be down a few points for the year and average revenue per member to be largely unchanged. As a result, we expect adjusted EBITDA to decline in the $11million to $13 million range in the second half of the year, with roughly half of that coming from Aqua Aston due to Maui.

我們也認為下半年度假村管理利潤成長將與上半年保持一致。在我們的交易所和第三方管理業務中。我們預計 Interval 會員今年將下降幾個百分點，而每位會員的平均收入將基本保持不變。因此，我們預計下半年調整後的 EBITDA 將下降 1,100 萬至 1,300 萬美元，其中約一半來自毛伊島的 Aqua Aston。

Finally, G&A is expected to be down $8million to $10 million year over year in the second half, driven by our cost savings initiatives.

最後，在我們的成本節約措施的推動下，下半年的一般管理費用預計將年減 800 萬至 1,000 萬美元。

Moving into cash flow, we now estimate that our adjusted free cash flow will be in the $300million to $340 million range this year, reflecting our updated adjusted EBITDA guidance. Included in this guidance is $10 million of lower inventory spending. Our plan is to deploy our free cash to repay some of our corporate debt as well as return cash to shareholders through dividends and buybacks. While our goal remains to get our leverage back to three times by the end of 2025. With that, we'll be happy to answer your questions. Paul?

談到現金流，我們現在估計今年調整後的自由現金流將在 3 億至 3.4 億美元範圍內，反映了我們更新的調整後 EBITDA 指引。該指導意見包括減少 1000 萬美元的庫存支出。我們的計劃是利用我們的自由現金來償還部分公司債務，並透過股利和回購向股東返還現金。但我們的目標仍然是到 2025 年底將槓桿率恢復到三倍。這樣，我們將很樂意回答您的問題。保羅？

(Operator Instructions) Ben Chaiken, Mizuho.

（操作員指令）Ben Chaiken，Mizuho。

Hey good morning, thanks for taking my questions. You gave us a lot of information on the call, which is super helpful. But stepping back and just simplifying, when you updated the guide in June, it implied 7%-plus growth ex Maui in 2Q.

嘿早安，謝謝你回答我的問題。您在通話中向我們提供了很多信息，這非常有幫助。但退後一步，簡化一下，當您在 6 月更新指南時，它意味著第二季度毛伊島（毛伊島）的增長超過 7%。

And then ex Maui accelerate to plus 10% in the back half of the year. I think from the guide today, based on our math, and I think you confirmed it, Jason, it implies in the back half 3%-plus ex Maui. So can we just like simply walk through a few of the buckets? What are the biggest factors that help you bridge from the 10%-plus that was previously implied in the back half, again, ex Maui to the 3%-plus, which I think is correct? Thanks.

然後，前毛伊島的成長率在今年下半年加速至 10%。我認為從今天的指南來看，根據我們的數學計算，傑森，我想你已經證實了這一點，這意味著後半部分的毛伊島人口超過 3%。那我們可以簡單地走過幾個桶子嗎？幫助您從之前在後半段暗示的 10% 以上（毛伊島前）到 3% 以上（我認為這是正確的）的最大因素是什麼？謝謝。

Yes, Ben. Most of it is just going to be our assumptions around VPG. We -- as we talked about on the call, we did see some softening in VPG on first-time buyers. As I mentioned, we are adjusting promotions and both for owners but also more importantly, for some of the first-time buyers to try and drive that VPG up in the second half of the year.

是的，本。其中大部分只是我們對 VPG 的假設。正如我們在電話會議上談到的，我們確實看到首次購房者的 VPG 有所疲軟。正如我所提到的，我們正在調整促銷活動，不僅是針對業主，更重要的是，針對一些首次購房者，試圖在下半年提高 VPG。

But until we see the improvement, we guided a little bit more conservatively, I'd say, on what we think VPGs are going to do versus our original expectations. So a lot of work getting done. The team is focused on it. But no different than a lot of consumer businesses that you're hearing.

但在我們看到改進之前，我想說的是，我們對 VPG 的預期與我們最初的預期相比會採取更保守的指導。所以很多工作都完成了。團隊專注於此。但這與您聽到的許多消費企業沒有什麼不同。

There's some cautious folks out there on the spend side. The good news for us is people are prioritizing getting on vacation. We're seeing that in our resort occupancies at 90%-plus. People are renting. We're seeing that in our rental business and getting on vacation. So that bodes well to maybe offset some of that uncertainty, but we need to get our VPGs going back the right way.

在支出方面有一些謹慎的人。對我們來說，好消息是人們優先考慮度假。我們的度假村入住率高達 90% 以上。人們正在租房子。我們在租賃業務和度假中看到了這一點。因此，這可能會抵消一些不確定性，但我們需要讓我們的 VPG 回到正確的方向。

Got you. And I guess that inflection you saw was just in the last couple of weeks of June. And then has it gotten continue to get worse.

明白你了。我猜你看到的拐點只是在六月的最後幾週。然後情況繼續變得更糟。

We had a great May. VPGs were in line with last year on a total basis. And as we talked about, VPG for owners were flat year over year, which was great. Owners love the product, prioritize that spend in terms of getting on vacation, where we saw the softness from May to June was more in that first-time buyer. And at the same time, our strategy is, as we talked about, is to grow first-time buyers, right?

我們度過了一個美好的五月。VPG 總體上與去年持平。正如我們所說，業主的 VPG 與去年同期持平，這很好。業主喜歡該產品，優先考慮在度假方面的支出，我們發現 5 月至 6 月的首次購房者表現更為疲軟。同時，正如我們所說，我們的策略是增加首次購屋者，對嗎？

So tours were up 9% to first-time buyers. But you saw that softening in VPG, which once again, given the broader macro, I'm not sure, is a big surprise.

因此，首次購買者的旅行團數量增加了 9%。但你看到 VPG 的疲軟，考慮到更廣泛的宏觀，我不確定，這再次是一個很大的驚喜。

The good news, right, we just obviously closed July yesterday. We don't have all the details. But at a high level, we saw those VPGs improve sequentially, still down a bit year over year, but not what we saw in June.

好消息是，昨天我們剛結束了七月。我們沒有所有細節。但在較高的水平上，我們看到這些 VPG 環比有所改善，但同比仍略有下降，但與 6 月的情況有所不同。

So we already made a few adjustments in the middle of July and some of our owner programs and upgrades, sales, and things like that. So that helped in July. And as I mentioned, we're rolling out other promotions here more broadly for both owners and first-time buyers. So we expect to get some traction with that here going forward as well.

因此，我們已經在 7 月中旬進行了一些調整，包括我們的一些業主計劃、升級、銷售等。所以這對七月有所幫助。正如我所提到的，我們正在為業主和首次購房者更廣泛地推出其他促銷活動。因此，我們預期未來也能在這方面獲得一些牽引力。

Got it. I appreciate it. That’s all for me. Thank you.

知道了。我很感激。這就是我的全部。謝謝。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Hi, good morning, everyone. Thanks for all the information. If we could maybe go one more layer, it is -- if we broke down the inbound new buyer target customers, is there any segmenting we could do where we could point to specific categories or groups or geographies or any further insight on where there's more weakness rather than less?

嗨，大家早安。感謝您所提供的所有資訊。如果我們可以再一層，那就是——如果我們細分入境新買家目標客戶，我們是否可以做任何細分，我們可以指出特定的類別、群體或地理位置，或者對哪裡有更多的進一步洞察弱點而不是少？

Sure. Yeah. I think at a high level, David, to your question, locations like Orlando, Myrtle Beach, where probably a little different customer than today is going to Hawaii, for example, or some of our California locations. You're probably seeing a disproportionate impact on first-time buyers coming from consumers at that location more broadly from last year. But yeah, it is a little bit the consumer -- the mix of the consumer who's showing up.

當然。是的。大衛，對於你的問題，我認為從較高的層面來看，奧蘭多、默特爾比奇等地的客戶可能與今天略有不同，他們會去夏威夷，或者我們在加州的一些地點。與去年相比，您可能會發現該地區的消費者對首次購屋者產生了不成比例的影響。但是，是的，這在一定程度上是消費者——出現的消費者的混合體。

We talked about Maui being softer and recovering slower. You are seeing that in terms of visitors. Occupancies for us are back, still softer than where they were pre wildfires. But the visitors because of the discounting, it's a little bit different, right? And that's a little different customer in terms of buying vacation ownership.

我們談到毛伊島變得更加柔軟並且恢復得更慢。您在訪客方面看到了這一點。我們的入住率又回來了，但仍然比野火發生前的情況要少。但遊客因為打折，就有點不一樣了，對吧？就購買度假所有權而言，這是一個有點不同的客戶。

So we've seen that a little bit in terms of that recovery there in Maui. But yeah, I think a little bit is just the location at times and the consumers that are going to those locations.

所以我們已經看到了毛伊島的一些復甦。但是，是的，我認為有時只是地點以及前往這些地點的消費者。

Perfect. Very helpful. And if I could just follow up and ask about the trajectory through the quarter. And whether -- and you may have touched on this, but whether June was worse than May and May was worse than April, etcetera, whether there's some acceleration or not?

完美的。很有幫助。如果我能跟進並詢問整個季度的發展軌跡。您可能已經談過這一點，但是六月是否比五月更糟糕，五月是否比四月更糟糕，等等，是否有一些加速？

Yeah9. April started off a little bit softer than our expectations. And then we saw May doing very well, flat VPGs as we talked about, and we drove owner and first-time buyer tours. And so when we put that outlook for the second quarter in the beginning of June, the trajectory looked good. And then all of a sudden, we saw some of that softness more on the first-time buyer side, but a little bit even on the owner side in June with VPGs being down a little bit.

是啊9。四月的開局比我們的預期要溫和一些。然後我們看到 May 表現非常好，VPG 持平，正如我們所說，我們還開車帶業主和首次買家參觀。因此，當我們在六月初對第二季度進行展望時，軌跡看起來不錯。然後突然間，我們看到首次購房者方面出現了一些疲軟，但 6 月業主方面也出現了一些疲軟，VPG 略有下降。

Like I said, now moving into July, we've seen those VPGs recover, right, from where we were in June, still down year over year. So we've got some opportunity there. But that's what we're building into the forecast that they are going to be a little bit softer than the first half. But as I mentioned, we're rolling out some programs and things to really try and drive that VPG higher here as we go through the second half of the year.

正如我所說，現在進入 7 月份，我們已經看到這些 VPG 從 6 月份的水平開始恢復，但仍同比下降。所以我們在那裡有一些機會。但這就是我們預測的，他們將比上半年稍微疲軟。但正如我所提到的，我們正在推出一些計劃和事情，以真正嘗試在今年下半年推動 VPG 更高。

And so July is slightly better, right?

所以七月稍微好一點，對吧？

Yeah. July was on an absolute basis. VPGs in July were what we saw overall for the second quarter, maybe a little bit better. Now, there's always some seasonality in things. So you would expect a little bit of an increase. But directionally, it was -- overall, good to see some of the programs that we did roll out in mid-July. But like I said, some of these programs were just getting rolled out here now. So not necessarily reflected in what we're seeing in July.

是的。七月是絕對的。7 月的 VPG 與我們在第二季度看到的整體情況相同，也許更好一些。現在，事情總是有一些季節性。所以你會期望有一點增加。但從方向上來說，總的來說，很高興看到我們在 7 月中旬推出的一些計劃。但就像我說的，其中一些計劃現在剛剛在這裡推出。所以不一定反映在我們七月看到的情況。

Okay. Sorry for the third question. Appreciate it. Thank you.

好的。抱歉第三個問題。欣賞它。謝謝。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯 (Patrick Scholes)，Truist 證券公司。

Good morning, everyone. I really want to talk about the charge that you took really getting to the bottom line here. How can your financial control process rationalize to huge loan loss reserve charges and really just a few short months here. And really in relation to the COVID, it was only a $42 million charge, but much higher now. How do you rationalize that? Thank you.

大家，早安。我真的很想談談你所承擔的真正觸及底線的指控。您的財務控制流程如何合理化以應對巨額貸款損失準備金費用，而實際上只有短短幾個月。事實上，就新冠疫情而言，這筆費用僅為 4,200 萬美元，但現在要高得多。你如何解釋這一點？謝謝。

Yeah. When we took the charge last year, as we talked about, we were seeing higher delinquencies, which obviously leads to higher defaults. But we didn't have as much visibility. So we had to make assumptions. And some of the thought around it was those higher delinquencies were coming from sales to people in 2022 and even 2023 that bought when costs were lower for their own pocketbook in terms of higher inflation.

是的。正如我們所說，當我們去年接受這項指控時，我們發現拖欠率更高，這顯然會導致違約率更高。但我們沒有那麼多的知名度。所以我們必須做出假設。有些人認為，較高的拖欠率來自於 2022 年甚至 2023 年向人們的銷售，這些人在通貨膨脹較高的情況下自己的錢包成本較低時購買。

You did see over those couple of years, interest rates going up, if you had credit card debt, things like that. So that stress on the consumer. And the expectation was that given historically how our notes perform those delinquencies would trend out. And we did start to see that like we saw in the first quarter. Those delinquencies came down -- were trending down in April. But as Jason mentioned in his comments, then they kind of flattened out.

在這幾年裡，你確實看到利率上升，如果你有信用卡債務，諸如此類的事情。從而給消費者帶來壓力。預期的是，考慮到我們的票據的歷史表現，這些拖欠行為將會逐漸消失。我們確實開始看到這一點，就像我們在第一季看到的那樣。這些拖欠率有所下降——四月呈下降趨勢。但正如傑森在評論中提到的那樣，然後他們就變得平淡了。

Those delinquencies from April and May and June, they didn't go up. But as we talked about on the call, we needed to continue to see that improvement. So based on the higher delinquencies and not seeing the improvement that we expected when we took the original charge, we really looked at it. And so going forward, we've taken out a little bit of the risk of those delinquencies happen to continue to come down significantly, right?

四月、五月和六月的拖欠率並沒有增加。但正如我們在電話中談到的那樣，我們需要繼續看到這種改進。因此，基於較高的拖欠率，並且沒有看到我們在最初收取費用時預期的改善，我們確實進行了研究。因此，展望未來，我們已經消除了一些違約風險，這些風險會繼續大幅下降，對嗎？

We do expect that, hopefully, they will get a little bit better here. Part of that is now inflation stabilized on a higher level. We'll see with interest rate cuts and how that impacts consumer debt when those start. But also more importantly, as I mentioned, our maintenance fees, at this point, will only go up more in historical amounts, lower inflationary less than 5% of our product, which also helps for owners and the cost of their vacations going forward.

我們確實希望他們能在這裡變得更好。部分原因是通膨目前穩定在較高水準。我們將看到降息以及降息開始後對消費者債務的影響。但更重要的是，正如我所提到的，我們的維護費在這一點上只會比歷史金額增加更多，將通貨膨脹率降低到我們產品的5% 以下，這也對業主及其未來的假期成本有幫助。

So that gives us some confidence here that this is enough to really cover what we're seeing. And we're going to continue to work like we have been on getting those delinquencies down and collections and hopefully do better than we're expecting.

所以這給了我們一些信心，這足以真正涵蓋我們所看到的內容。我們將繼續努力，就像我們一直在減少這些拖欠和催收一樣，希望做得比我們預期的更好。

Okay. A little more color on what aspects of the loan loss is really driving the charge, specifically what vintage and even more so, whose vintages are we talking about is it Vistana? Is it Welk? Is it Legacy Marriott Vacations?

好的。更詳細地說明貸款損失的哪些方面真正推動了這一指控，特別是哪個年份，更重要的是，我們談論的是誰的年份是維斯塔納（Vistana）？是韋爾克嗎？是傳統的萬豪假期嗎？

Yeah. Patrick, this is Jason. So as we've talked about over the last couple of quarters, it's really a little bit across the board in terms of brands as well as FICO. So it does depend -- the materiality and the amount does depend on which brand to your point as well as the different FICO band. So our above 700s are continuing to perform the best, but they have a little degradation.

是的。派崔克，這是傑森。正如我們在過去幾季中所討論的那樣，就品牌和 FICO 而言，這確實有點全面。所以這確實取決於——重要性和金額確實取決於您的觀點是哪個品牌以及不同的 FICO 等級。所以我們的 700 歲以上的人繼續表現最好，但他們有一點退化。

And then as you go down the FICO bands, you definitely see more stress in the below 700s. And even a little bit in the below 600, you're starting to see even more stress. So as you think about how that looks, that's what we're focused on. And that's really how it segregates.

然後，當您降低 FICO 等級時，您肯定會看到 700 以下的壓力更大。即使稍微低於 600，您也會開始感受到更大的壓力。因此，當您想到它的外觀時，這就是我們關注的重點。這確實是它的隔離方式。

I don't think what you're seeing in our portfolio is frankly different than what you're seeing in the broader finance sector. The lower the FICO scores, the worse they perform. And that's why you are a lot of commentary revolves around whether it's the lower end consumers or not. So I think our performance is relatively consistent on a relative basis with what you're seeing more broadly out in the economy.

坦白說，我認為您在我們的投資組合中看到的與您在更廣泛的金融領域看到的並沒有明顯不同。FICO分數越低，他們的表現就越差。這就是為什麼很多評論都圍繞著是否是低端消費者。因此，我認為我們的表現與您在經濟中看到的更廣泛的情況相對一致。

Okay. Thank you. I’ll hop back in the queue.

好的。謝謝。我會跳回到隊列中。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Good morning, everybody. Thanks for taking my question. So a question on -- first on the demand side. I'm just trying to square the comments, John, of demand for travel being strong. But VPGs for new buyers and close rates being soft. The obvious reason, which we haven't said it, but it's just the rejection or shifting away from large ticket purchases on the consumer.

大家早安。感謝您提出我的問題。首先是需求方面的問題。約翰，我只是想修正旅行需求強勁的評論。但新買家的 VPG 和成交率疲軟。顯而易見的原因我們沒有說出來，但這只是消費者拒絕或放棄大額購買。

Can you just maybe -- let's level set a little bit and try to -- I just want to figure out if this is more cyclical or post-COVID normalization, where are new buyer close -- I know you can't tell me the exact number, but new buyer close rates now versus where the average is throughout the cycle versus where it is generally when it troughs in the cycle, that would probably be helpful just roughly directionally.

你能不能只是也許——讓我們稍微設定一下水平並嘗試——我只是想弄清楚這是更具週期性還是後疫情正常化，新買家在哪裡接近——我知道你不能告訴我確切的數字，但新買家現在的成交率與整個週期的平均水平與週期低谷時的一般水平相比，這可能會在大致方向上有所幫助。

Yeah. I'm not sure I have the kind of historical close rates to walk you through. We can clearly pull some of that analysis. But they're clearly lower than what we saw coming out of COVID, obviously, in 2022.

是的。我不確定我是否有那種歷史收盤價可以引導您了解。我們可以清楚地進行一些分析。但顯然，它們明顯低於我們在 2022 年看到的新冠疫情帶來的影響。

High level, I'd expect that they're probably more in line with what we've seen historically on close rates. It could be a little bit lower. But yeah, what you're seeing is a little bit of the softness with the first-time buyer is that broader macro.

在高水準上，我預計它們可能更符合我們歷史上所看到的接近利率。可能會低一點。但是，是的，你看到的是首次購房者的一些疲軟是因為更廣泛的宏觀因素。

People are traveling, but timeshare is a bigger commitment, right, if you're going to buy into it. And they haven't had the benefit of owning the product. That's where -- the good news is you are seeing notwithstanding a bit of the pressure on the consumer owners continuing to buy. And those closing rates are while lower than 22%, as we've seen some of that normalizations have been pretty steady here.

人們正在旅行，但分時度假是一個更大的承諾，對吧，如果你打算購買的話。而且他們還沒有從擁有該產品中獲益。這就是——好消息是，儘管消費者擁有者繼續購買面臨一些壓力，但你還是看到了這一點。這些成交率雖然低於 22%，但我們已經看到其中一些正常化程度相當穩定。

So we'll continue to work through it. That's where some of the incentives and trying to help with that first-time buyer close and things like that from a value proposition. Those are all the things that we continue to work on.

所以我們將繼續努力解決這個問題。這就是一些激勵措施和試圖幫助首次購買者的地方，以及類似的價值主張。這些都是我們繼續努力的。

Okay. Thanks for that. And then on the consumer loan piece, we're a little bit confused because of second charge in three quarters. And we see one of your peers who's thought to have a slightly worse consumer hasn't had any charges yet. And I know that they reserve a lot higher than you guys do on a run rate basis.

好的。感謝那。然後在消費貸款方面，由於三個季度內的第二次收費，我們有點困惑。我們看到您的一位同行被認為擁有稍差的消費者，但尚未收到任何費用。我知道他們的保留率比你們高得多。

But I guess yours is getting sequentially worse relative to them. And so I want to make sure that I understand, has there been a shift in your lending strategy that has changed the quality of your consumer over time versus your prior run rate? And then a specific stat if we could just -- Jason, give us the percentage of the book that's below $700 million.

但我猜你的情況相對於他們來說越來越糟。因此，我想確保我明白，您的貸款策略是否發生了變化，隨著時間的推移，與您之前的運行利率相比，您的消費者品質發生了變化？然後是具體的統計數據，傑森，請告訴我們這本書中低於 7 億美元的百分比。

Sure. Now in terms of targeting our consumer, our FICO scores, how we target, nothing has changed. If you look at it more historically, obviously, with the acquisitions that we did, first with ILG and Vistana, with the Sheraton customer, probably on average lower quality from a credit than we have seen historically on the legacy Marriott side. And then the same thing with the Welk acquisition, the Legacy Welk customer below in terms of the credit quality of that.

當然。現在，在針對我們的消費者、我們的 FICO 分數、我們的目標定位方面，一切都沒有改變。如果你更歷史地看待它，顯然，透過我們所做的收購，首先是 ILG 和 Vistana，以及喜來登客戶，信用的平均品質可能比我們歷史上在傳統萬豪方面看到的要低。收購 Welk 時也是如此，傳統 Welk 客戶的信用品質如下。

So that mix has changed with some of the acquisitions. But as you talk about the last couple of years and specifically how we target, how we underwrite, really no shift in anything there. It is more -- like I said, some of the macro on the consumer as Jason mentioned, whether it's credit card delinquencies, I think are the highest they've been in 12, 13 years, I think I saw in something. So depending on the consumer, there's more stress on some consumers versus others.

因此，這種組合隨著一些收購而發生了變化。但當你談論過去幾年，特別是我們如何定位、如何承保時，實際上沒有任何變化。就像我說的，正如 Jason 提到的，消費者的一些宏觀情況，無論是信用卡拖欠，我認為是 12、13 年來最高的，我想我看到了一些東西。因此，根據消費者的不同，某些消費者比其他消費者承受更大的壓力。

Yeah. And I think it's also important to remember, this is relative to our expectations. So to your point, our reserves have historically been lower and still remain among the lowest in the industry. And then to your last question, 28% of our loan book is below 700 right now, and that's been pretty consistent over the last couple of years. So no real changes in that stratification.

是的。我認為記住這一點也很重要，這與我們的期望有關。因此，就您而言，我們的儲備金歷來較低，並且仍然處於行業最低水平。關於你的最後一個問題，目前我們的貸款帳簿中有 28% 低於 700，而且在過去幾年中這一情況非常穩定。所以這種分層沒有真正的變化。

Okay. Thanks a lot.

好的。多謝。

Chris Woronka, Deutsche Bank.

克里斯沃龍卡，德意志銀行。

Hey good morning, guys. Thanks for taking the questions. So I did have one follow-up question on the loan loss, but we can take a break on that for a minute. And the first question, if we look at Maui and you guys are not alone in citing that as being slow to recover. I think some of your peers in the hospitality industry have suggested that the marketing efforts by the government maybe could use a little bit of a boost.

嘿，早上好，夥計們。感謝您提出問題。所以我確實有一個關於貸款損失的後續問題，但我們可以暫時休息一下。第一個問題，如果我們看看毛伊島，你們並不是唯一一個認為恢復緩慢的人。我認為酒店業的一些同行已經建議，政府的營銷努力可能會起到一點推動作用。

Is that a fair assessment? Are you guys working with them to try to -- it's not a position they've historically had to be and I get it. But is there anything that would encourage you that they're getting more ramping up their efforts to get folks back?

這是一個公平的評價嗎？你們是否正在與他們一起努力——這不是他們歷史上必須採取的立場，我明白了。但是，有什麼可以鼓勵您看到他們正在加大努力讓人們回來嗎？

Yeah. No, that I would say is kind of a true observation. We continue to work with the local governments. We'd love to see that. But it's a bit of a balance, right, with the Maui residents and people returning to the island.

是的。不，我想說這是一種真實的觀察。我們繼續與地方政府合作。我們很樂意看到這一點。但這是一種平衡，對吧，毛伊島居民和人們返回島上。

So we're going to continue to work that. We're going to be there a long time. We know that's going to be a great the destination like it was over time. So we'll continue to work with the local island governments and do -- and work with them in the right way.

所以我們將繼續努力。我們會在那裡待很久。我們知道隨著時間的推移，這將成為一個很棒的目的地。因此，我們將繼續與當地島嶼政府合作，並以正確的方式與他們合作。

Okay. Fair enough. Thanks, John. And then the follow-up on the -- back to the loan losses. How much data are you collecting from folks? I know you got FICO and you get all the things on the application, but are you getting any feedback from folks about why they're walking away? Is it purely financial? Is it maintenance fees? Is it something else?

好的。很公平。謝謝，約翰。然後是後續的事情——回到貸款損失。您從人們那裡收集了多少數據？我知道您獲得了 FICO，並且您獲得了申請表上的所有內容，但是您是否收到人們關於他們為何放棄的回饋？是純粹的金融嗎？是維護費嗎？難道是別的什麼？

And is there anything that makes you want to change the application process a little bit to collect a little more information on these folks? And maybe also, are these folks just walking away? Are they totally defaulting or are they going through a third party? Or any color on that would be great. Thanks.

有什麼事情讓您想要稍微改變申請流程以收集更多有關這些人的信息嗎？也許還有，這些人只是走開嗎？他們是完全違約還是透過第三方？或者任何顏色都會很棒。謝謝。

Yeah. So first, we have not seen really any evidence that, that any of the defaults are being caused by the third party. We haven't had that really in our entire history, and we don't have it today. So I think that's on the positive side that that activity hasn't picked up for us like it has maybe for some others.

是的。首先，我們還沒有看到任何證據顯示任何違約都是由第三方造成的。在我們的整個歷史中，我們還沒有真正擁有過這樣的東西，今天也沒有。因此，我認為積極的一面是，我們的活動並未像其他一些人一樣有所改善。

In terms of why folks default, most people don't really tell you at the end of the day. We do ask, we do solicit feedback. We capture that feedback. But generally, the number one answer is it's expensive, right? And with given inflation and everything else, this is my words, not necessarily a customer's words, it makes sense.

至於人們違約的原因，大多數人到最後都不會真正告訴你。我們確實詢問，我們確實徵求回饋。我們捕獲該反饋。但一般來說，第一個答案是它很貴，對嗎？考慮到通貨膨脹和其他一切，這是我的話，不一定是客戶的話，這是有道理的。

The overall cost of living out there has increased pretty significantly over the last two years, not just the cost of the timeshare product, but also just everyone's daily living cost, and that seems to be putting more pressure. But most don't really give you a reason and then that would be the number one reason that people do give you if they do give you a reason at all.

過去兩年，那裡的整體生活成本顯著增加，不僅是分時度假產品的成本，還有每個人的日常生活成本，這似乎帶來了更大的壓力。但大多數人並沒有真正給你一個理由，那麼如果人們確實給你一個理由的話，這將是他們給你的第一個理由。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi, good morning, everyone. Thanks for taking my questions. Just wanted to hit on subject of margins a little bit. I think we rewind a bit about mix shift as it relates to a bigger focus on first time in new owners. Obviously, that's what's partially dragging down the VPGs. And then secondarily, John, I think a number of times you mentioned incentives as a way to drive tour flow and probably push the contract sales piece of it.

嗨，大家早安。感謝您回答我的問題。只是想談談利潤率的問題。我認為我們要回顧一下混合轉變，因為它與新主人更加關注第一次有關。顯然，這部分拖累了 VPG 的發展。其次，約翰，我想你多次提到激勵措施是推動旅遊流量並可能推動其中合約銷售部分的一種方式。

So I'm wondering what the implications of that a little bit as it relates to margins. Could you just walk us through sort of the impact of that mix and how you factor that in, be it to your outlook for development margin or your outlook for just broader VOI margin? And am I right in thinking that those should have some negative impact there? Thanks.

所以我想知道這對利潤率有什麼影響。您能否向我們介紹一下這種組合的影響以及您如何將其納入考慮範圍，無論是對發展利潤率的展望還是對更廣泛的 VOI 利潤率的展望？我的想法是否正確，這些應該會產生一些負面影響？謝謝。

You're absolutely right on the first-time buyer mix, as we talked about in the second quarter. Our strategy to grow first-time buyers, package tours, which are focused primarily on first-time buyers. So as that mix or mix of tours goes up, the math would be you get slower or lower VPGs on an overall basis. And yes, we factored that into how we thought about our guidance for the second half of the year. So that's in there.

正如我們在第二季度討論的那樣，您對首次購買者組合的看法絕對正確。我們的策略是增加首次購買者和旅行團，主要針對首次購買者。因此，隨著旅行組合的增加，從數學角度來看，總體上您的 VPG 會變慢或降低。是的，我們將這一點納入了我們對下半年指導的考慮中。所以就在那裡。

And then the other piece, if the incentives work, there could be a little bit more cost. Related to that, that would negatively impact. But the VPG is up to get the flow through, you can offset that or maybe do a little bit better depending on how the VPGs improve. So that's where --

另一方面，如果激勵措施有效，成本可能會更高一些。與此相關，這會產生負面影響。但 VPG 需要讓流量通過，你可以抵消它，或者根據 VPG 的改進做得更好一些。所以這就是地方--

And we've talked about this. We're always making tweaks to the promotions and things based on what we're seeing. So sometimes it's based on particular things that we see and what's going. Like we're seeing now with first-time buyers. So we'll adjust those accordingly. And if we can execute on the VPG side, that hopefully offsets the margin impact of the cost of those higher incentives.

我們已經討論過這一點。我們總是根據我們所看到的情況對促銷活動和其他事情進行調整。所以有時它是基於我們看到的特定事物和正在發生的事情。就像我們現在在首次購屋者身上看到的那樣。所以我們會相應地調整這些。如果我們能夠在 VPG 方面執行，那麼有望抵消這些更高激勵措施成本對利潤率的影響。

And did I calculate correctly that you said 26% development in the quarter if you adjusted for the sales reserve? Was that the right number? And is that -- are we looking at a similar magnitude for the back half, just putting in -- putting all the excess notes together? Is it better than that or worse than that? Just trying to understand the underlying assumption in the guidance. Thanks.

我計算得是否正確，如果您調整了銷售儲備，您所說的本季發展率為 26%？這個數字正確嗎？我們是否會在後半部考慮類似的幅度，只是將所有多餘的音符放在一起？是比那個更好還是比那個更糟？只是想了解指南中的基本假設。謝謝。

Yeah. It was 27% for the second quarter. If you add back that charge we did in our prepared remarks, say, 22% for the year, including 3 points from the charge. So that would be, call it, 25% for the the full year.

是的。第二季為27%。如果你把我們在準備好的評論中所做的費用加回來，比如說，今年的費用為 22%，其中包括 3 個百分點的費用。因此，全年的成長率為 25%。

Okay. 25% for the full year. And just last one for me would be, Jason, can you compare that to where we were --

好的。全年25%。對我來說最後一個問題是，傑森，你能將其與我們當時的情況進行比較嗎--

(multiple speakers) percent on that as a percentage of contract sales going forward, which is a little bit higher. And then we should see some benefit in product cost. Our product cost is coming in lower this year than we had originally expected. So we do have a pickup on that side in the guidance as well.

（多位發言者）佔未來合約銷售額的百分比，略高一些。然後我們應該會看到產品成本方面的一些好處。今年我們的產品成本低於我們最初的預期。因此，我們在指南中也確實擁有這一側的拾音器。

Thank you very much..

非常感謝..

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯 (Patrick Scholes)，Truist 證券公司。

I have a number of follow-up questions here. Have you changed anything in your -- in the last couple of years as far as your new sales writing -- new sales underwriting criteria? And if so, what specifically did you change?

我這裡有一些後續問題。在過去的幾年裡，就新的銷售寫作而言，您是否改變了新的銷售承保標準？如果是這樣，您具體改變了什麼？

And related to that, how is your sales underwriting criteria in your legacy Marriott Vacations product different from that of Welk. And I'm trying to really, you'll see in my further questions trying to sort of drill down more on Welk here. Thank you.

與此相關的是，您的傳統萬豪度假產品的銷售承保標準與 Welk 有何不同。我真的在努力，你會在我進一步的問題中看到，試圖在這裡深入了解韋爾克。謝謝。

Just so I'm clear, when you say sales, are you talking credit underwriting, Patrick?

我想清楚的是，當你說銷售時，你是在談論信用承保嗎，派崔克？

Yes, credit underwriting for this sales.

是的，本次銷售的信用承保。

Yes. Nothing significant in terms of holistic changes. We're always looking at down payment requirements and things like that. We could have had some tweaks to bring those up in certain locations, but nothing holistically. I don't want to say nothing has changed, but I wouldn't say there were any pervasive changes in terms of how we look at our underwriting and the requirements to get the financing.

是的。就整體變化而言，沒有什麼重大變化。我們一直在關注首付要求和類似的事情。我們本來可以進行一些調整，在某些位置上提出這些內容，但整體上沒有什麼。我不想說什麼都沒有改變，但我不會說我們如何看待我們的承保和獲得融資的要求方面有任何普遍的變化。

Okay. Let's talk a little bit about Welk. How is that deal performing versus your expectations at the time of acquisition? And what trends are you seeing within specifically the Welk customers as far as default rates versus your legacy customers? Thank you.

好的。我們來談談韋爾克吧。與您收購時的預期相比，該交易的表現如何？與您的傳統客戶相比，您在 Welk 客戶的違約率方面看到了哪些趨勢？謝謝。

Yeah, from a default rate, we knew this coming in Welk customers had a higher default rate. So that's kind of in our mix, if you will, of the overall higher defaults on the portfolio. I'd say from an overall transaction, we still see the long-term value. I think some of the transition, it's probably taken a little bit longer. We're seeing a lot of good traction this year on our sales performance there, but still a lot of opportunity.

是的，從違約率來看，我們知道 Welk 客戶的違約率更高。如果你願意的話，這就是我們投資組合整體較高違約率的組合。我想說，從整體交易來看，我們仍然看到了長期價值。我認為有些轉變可能需要更長的時間。今年我們在那裡的銷售業績取得了很大的進步，但仍然有很多機會。

We're not where we want to be yet in terms of overall VPGs and things that we're seeing at our Hyatt portfolio products. So a lot of good work there by the team and a lot of good improvement. and we're on a good trajectory there. But like I said, we're -- overall, we're probably not where we wanted to be when we first underwrite it -- underwrote it, but that means there's also good opportunity going forward.

就整體 VPG 以及我們在凱悅投資組合產品中看到的情況而言，我們尚未達到我們想要的目標。因此，團隊做了很多出色的工作，也取得了很多良好的改進。我們正處於良好的軌道上。但就像我說的，總的來說，我們可能沒有達到我們第一次承保時想要的目標，但這意味著未來也有很好的機會。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to management for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給管理階層，以徵求結束語。

Great. Thank you, everyone, for joining our call today. As you heard on our call, second quarter results were mixed with double-digit rental profit growth being offset by lower contract sales. In addition, while Maui is recovering, it's not recovering at the pace we expected.

偉大的。謝謝大家今天加入我們的電話會議。正如您在我們的電話會議上聽到的那樣，第二季度的業績好壞參半，兩位數的租金利潤增長被合約銷售額的下降所抵消。此外，雖然毛伊島正在復甦，但其復甦速度並未達到我們預期。

Our new Waikiki resort is slated to open in early October. This will be our first new US resort opening since the pandemic, adding more exciting vacation destinations for our owners and other guests. We also have a number of new resorts planned to open over the next few years, including our new Westin Resorts in Savannah and Charleston as well as a new Marriott Resort in Thailand and additional units in Bali. And while we're not satisfied with our results, we've fundamentally -- we have a fundamentally strong business.

我們新的威基基度假村預計於 10 月初開幕。這將是我們自疫情爆發以來在美國開設的第一個新度假村，為我們的業主和其他客人增添更多令人興奮的度假目的地。我們還計劃在未來幾年內開設許多新度假村，包括薩凡納和查爾斯頓的新威斯汀度假村、泰國的新萬豪度假村以及峇裡島的其他度假村。雖然我們對結果並不滿意，但從根本上來說，我們擁有強大的業務。

This generates free cash flow, a high percentage of owner sales, which reflect the quality of our product offering, and a team of dedicated associates who go to work every day to provide memorable experiences for our owners and guests. On behalf of all of our associates, owners, members, and customers around the world, I want to thank you for your continued interest in our company, and I hope to see you on vacation soon.

這產生了自由現金流、高比例的業主銷售（這反映了我們產品的品質）以及每天上班的敬業員工團隊，為我們的業主和客人提供難忘的體驗。我謹代表我們世界各地的所有員工、業主、會員和客戶，感謝您對我們公司的持續關注，並希望很快能在度假時見到您。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。