Marriott Vacations Worldwide Corp (VAC) 2024 Q3 法說會逐字稿

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

您好，歡迎參加萬豪國際度假集團 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the call over to your host, Mr. Neal Goldner, Vice President, Investor Relations.

現在我想將電話轉給東道主投資者關係副總裁尼爾‧戈德納先生。

Thanks, Rob, and welcome to the Marriott Vacations Worldwide third-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.

謝謝羅布，歡迎參加萬豪國際度假集團第三季​​財報電話會議。今天，我們的總裁兼執行長約翰蓋勒 (John Geller) 也加入了我的行列。以及我們的執行副總裁兼財務長 Jason Marino。

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. 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.

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。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。

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.

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 third-quarter earnings call.

謝謝，尼爾。大家早安，感謝您參加我們的第三季財報電話會議。

Before we begin, our thoughts go out to all the people in North Carolina, Florida, and elsewhere who were impacted by Hurricanes Helene and Milton. Fortunately, all of our associates are safe, and none of our vacation ownership resorts had significant damage.

在我們開始之前，我們向北卡羅來納州、佛羅裡達州和其他地區所有受颶風海倫和米爾頓影響的人們表示慰問。幸運的是，我們所有的員工都很安全，我們的度假勝地也沒有受到重大損害。

Turning to our results for the quarter. As we've always said, people want to go on vacation, regardless of the economic environment. And that was again evident this quarter, running nearly 90% resort occupancy and increasing contract sales year over year, recognizing that while consumers continue to face economic pressures, they also place high value on experiences offered by our brands.

轉向我們本季的業績。正如我們常說的，無論經濟環境如何，人們都想要去度假。本季這一點再次得到體現，度假村入住率接近 90%，合約銷售額逐年增加，顯示消費者在繼續面臨經濟壓力的同時，也非常看重我們品牌提供的體驗。

That's why we took a series of targeted actions during the quarter focused on driving revenue, expanding our sales reach, and introducing compelling incentives for first-time buyers. For example, we adjusted our promotional strategy, resulting in an improvement in our first-time buyer VPG trends starting in August.

這就是為什麼我們在本季度採取了一系列有針對性的行動，重點是增加收入、擴大銷售範圍以及為首次購買者引入引人注目的激勵措施。例如，我們調整了促銷策略，從而使我們的首次購買者 VPG 趨勢從 8 月開始有所改善。

We continue to leverage virtual tours and nontraditional sales channels, such as our roadshows and owner cruises, to reach more potential customers when they're not vacationing with us. This represented 10% of our tours this quarter, up more than 30% from a year ago. And we've had opportunities to expand this even further.

我們繼續利用虛擬旅遊和非傳統銷售管道（例如我們的路演和船東遊輪）來吸引更多未與我們一起度假的潛在客戶。這佔我們本季旅遊的 10%，比去年同期成長了 30% 以上。我們有機會進一步擴大這一範圍。

And we launched a new first-time buyer financing promotion to make it more affordable to become an owner. These strategies, the continued recovery from last year's Maui wildfires, and the underlying stability in the business, helped us grow contract sales 5% year over year. We grew first-time buyer tours double digits compared to the prior year, while our first-time buyer VPG increased 6% sequentially.

我們也推出了新的首次購屋者融資促銷活動，讓成為業主的成本更實惠。這些策略、去年毛伊島野火的持續復甦以及業務的基本穩定性幫助我們的合約銷售額年增了 5%。與去年相比，我們的首次買家參觀人數增長了兩位數，而我們的首次買家 VPG 則是環比增長了 6%。

First-time buyer sales increased year over year. And first-time buyer tours represented roughly 55% of our total tours, the highest level since 2019, as we continue to work to add new owners to the system. Owner sales also increased compared to a year ago, as tours grew and VPG improved. We ended the quarter with nearly 270,000 preview packages in our pipeline, up 3% from a year ago, which gives us a good start to next year.

首次購屋者銷售額較去年同期成長。隨著我們繼續努力為系統添加新業主，首次買家遊覽約占我們總遊覽的 55%，這是自 2019 年以來的最高水準。隨著旅行團的成長和 VPG 的改善，業主銷售額也較一年前增加。本季結束時，我們的管道中已有近 27 萬個預覽包，比去年同期成長了 3%，這為我們明年開了個好頭。

We advanced our strategy to expand our presence in key markets, opening our new 110-unit Waikiki resort in early October. Our owners are continually asking for new experiences like Waikiki. And this market will appeal to our Japanese customers as well as those from North America.

我們推動了擴大主要市場業務的策略，於 10 月初開設了擁有 110 間客房的威基基度假村。我們的業主不斷尋求像威基基這樣的新體驗。這個市場將吸引我們的日本客戶以及北美客戶。

We also expect the new sales center to generate $30 million to $50 million in annual contract sales within a few years. And under our capital-efficient structure, we'll pay for the inventory over three years, which better matches the anticipated sales ramp. Enthusiasm among owners for this new resort has been very high, and we continue to see strong demand in 2025.

我們也預計新銷售中心將在幾年內實現年合約銷售額 3,000 萬至 5,000 萬美元。在我們的資本效率結構下，我們將在三年內支付庫存費用，這更好地符合預期的銷售成長。業主對這個新度假村的熱情非常高，我們預計 2025 年需求將繼續強勁。

I'm also very excited to announce that we intend to build a new Hyatt Vacation Club resort in Orlando, the first organic addition to the Hyatt Vacation Ownership portfolio in more than a decade and the first Hyatt-branded vacation ownership resort in the Orlando area.

我還非常高興地宣布，我們打算在奧蘭多建造一個新的凱悅度假俱樂部度假村，這是十多年來凱悅度假所有權投資組合的第一個有機補充，也是奧蘭多地區的第一個凱悅品牌度假所有權度假村。

Orlando is the largest timeshare market in the world, and this resort will be a great addition to our Hyatt portfolio when it opens in a few years. And the new sales center that will accompany it will be a nice contributor to contract sales. As with other large projects, to efficiently manage our cash flow, our goal is to build this with a capital-efficient partner.

奧蘭多是世界上最大的分時度假市場，該度假村幾年後開業後將成為我們凱悅酒店組合的重要補充。隨之而來的新銷售中心將為合約銷售做出巨大貢獻。與其他大型專案一樣，為了有效管理我們的現金流，我們的目標是與資本效率高的合作夥伴共同建立。

In our exchange and third-party management business, our Interval International team is already working hard to secure inventory for 2025 to drive transactions. And with the additions over the past few years, Interval is now affiliated with more than 160 all-inclusive resorts, providing even more usage options for our members.

在我們的交易所和第三方管理業務中，我們的 Interval International 團隊已經在努力確保 2025 年的庫存以推動交易。隨著過去幾年的不斷增加，Interval 現已與 160 多家全包式度假村建立了合作關係，為我們的會員提供了更多的使用選擇。

On the IT front, we've made good progress over the last few years updating our legacy systems. While we still have more to do, these are critical steps to enable us to evolve our product offerings. We've also been on a journey to digitize our consumer capabilities, enabling our owners to transact with us the way they want. And we've already made substantial improvements.

在 IT 方面，過去幾年我們在更新舊系統方面取得了良好進展。雖然我們還有更多工作要做，但這些都是讓我們能夠發展產品的關鍵步驟。我們也一直致力於將消費者能力數位化，使我們的所有者能夠以他們想要的方式與我們進行交易。我們已經做出了實質的改進。

For example, the majority of reservations are expected to be booked online this year, up substantially from only a few years ago. We've also expanded the use of low-cost virtual voice assistance throughout the company. And 85% of our users who interact with our chatbot are able to complete their transaction without talking to an agent.

例如，預計今年大部分預訂將在線上預訂，這比幾年前大幅增加。我們也在整個公司範圍內擴大了低成本虛擬語音協助的使用。與我們的聊天機器人互動的 85% 的用戶無需與代理商交談即可完成交易。

And our VO websites are transacting over $1 billion in payments every year, making maintenance fee and loan payments seamless for our owners. In total, nearly 60% of booking and transaction capabilities are available digitally via self-service today. And we believe we still have substantial opportunities to increase this further, driving efficiencies across the organization.

我們的 VO 網站每年處理超過 10 億美元的付款，使我們的業主能夠無縫支付維護費和貸款。目前，近 60% 的預訂和交易功能均可透過自助服務以數位方式實現。我們相信，我們仍然有大量機會進一步提高這一點，從而提高整個組織的效率。

We also have opportunities to unlock the power of data through advanced analytics to improve efficiency and drive top-line growth. And we're making good progress. For example, we continue to improve our first-time buyer propensity models using advanced data and analytics across our marketing channels to improve response rates for our direct marketing offers.

我們還有機會透過進階分析釋放數據的力量，以提高效率並推動收入成長。我們正在取得良好進展。例如，我們在整個行銷管道中使用先進的數據和分析，繼續改進我們的首次購買者傾向模型，以提高我們直接行銷優惠的回應率。

These models are helping enhance our first-time buyer sales by more efficiently targeting the right customer with the right offer in the right channel. Another example is the owner propensity model that the team recently expanded. This model drives sales by enhancing our targeting processes to on-site owners by identifying those owners with the highest likelihood of purchasing.

這些模型透過在正確的管道中以正確的報價更有效地瞄準正確的客戶，幫助提高我們的首次買家銷售。另一個例子是團隊最近擴展的所有者傾向模型。該模型透過識別最有可能購買的業主來增強我們針對現場業主的定位流程，從而推動銷售。

We have also developed a robust model to better forecast and optimize available inventory at Interval. Implementing the use of this information is expected to reduce burn rates and drive incremental transactions.

我們還開發了一個強大的模型，可以更好地預測和優化 Interval 的可用庫存。實施這些資訊的使用預計將降低燃燒率並推動增量交易。

And we are now live on our new Salesforce-enabled enterprise platform for owner data and should incorporate the rest of our VO customer data by the middle of next year. This is an important step to enable us to better service our owners and other customers with personalized products and services.

我們現在正在使用支援 Salesforce 的新企業平台來儲存所有者數據，並且應該在明年年中之前合併我們其餘的 VO 客戶資料。這是重要的一步，使我們能夠透過個人化的產品和服務更好地服務我們的業主和其他客戶。

The common thread across all these initiatives is our focus on enhancing the customer experience and growing the top and bottom lines. Technology is a key enabler. And the reality is that, with most of our businesses 40 years old, we need to ensure that our infrastructure and digital tools keep pace and support our ability to capitalize on the appeal of our iconic brands. While we still have work to do, we've made good progress over the past five years.

所有這些措施的共同點是我們專注於增強客戶體驗並提高收入和利潤。技術是關鍵推動因素。現實情況是，我們的大多數企業已有 40 年歷史，我們需要確保我們的基礎設施和數位工具跟上步伐，並支持我們利用標誌性品牌吸引力的能力。儘管我們仍有工作要做，但過去五年我們取得了良好進展。

While the macroeconomic environment remains dynamic, we believe many of the major headwinds that have impacted our performance are behind us. 15 months after the devastating Maui wildfires, all of our resorts are open, our sales team is appropriately staffed, occupancy is running above 90%, and I'm confident that our business there will fully recover within a few years, if not sooner.

儘管宏觀經濟環境仍然充滿活力，但我們相信影響我們業績的許多主要阻力已經過去。在毀滅性的毛伊島野火發生15 個月後，我們所有的度假村都已開放，我們的銷售團隊配備了適當的人員，入住率超過90%，我相信我們在那裡的業務將在幾年內（甚至更早）完全恢復。

Similarly, we've had to navigate through the pressures of rising interest rates and higher inflation. Despite that, we are proud to have kept maintenance fee increases for our points-based products to the mid-single digits on average over the past five years, while maintaining the same high standards our owners expect from us. And more importantly, we only expect maintenance fees for these products to increase in the low single digits for 2025.

同樣，我們必須應對利率上升和通膨上升的壓力。儘管如此，我們很自豪在過去五年中將基於積分的產品的維護費平均增幅保持在中個位數，同時保持業主對我們的期望相同的高標準。更重要的是，我們預計這些產品的維護費用到 2025 年只會以較低的個位數成長。

These pressures came while we navigated the implementation of our Abound by Marriott Vacation program. As we've discussed in the past, the implementation is now behind us. And more importantly, our Marriott, Westin, and Sheraton Vacation Club owners can now use their points to easily move around our system of more than 90 resorts, providing ease of booking and expanded choice, which is critical for continued contract sales growth.

這些壓力是在我們實施 Abound by Marriott Vacation 計劃時產生的。正如我們過去所討論的，實施現在已經成為過去。更重要的是，我們的萬豪、威斯汀和喜來登度假俱樂部業主現在可以使用他們的積分在我們包含90 多個度假村的系統中輕鬆移動，從而提供輕鬆的預訂和更多的選擇，這對於合同銷售的持續成長至關重要。

As we have navigated these challenges, it's also important to remember that despite a couple of uneven years, we remain a profitable and resilient business with a solid foundation and a bright future. We have the best collection of brands in the vacation ownership business. Our products resonate with today's consumer, combining great accommodations at top tourist destinations with significant flexibility.

在我們應對這些挑戰的過程中，同樣重要的是要記住，儘管經歷了幾年的不平衡，我們仍然是一家盈利能力強、富有彈性的企業，擁有堅實的基礎和光明的未來。我們擁有度假所有權業務中最好的品牌系列。我們的產品與當今的消費者產生共鳴，將頂級旅遊目的地的優質住宿與極大的靈活性結合在一起。

We create our own demand, and roughly 35% of our adjusted EBITDA contribution comes from high-margin recurring revenue streams. We have loyal and highly satisfied owners, who rely on us to provide memorable vacations for their families. And we regularly survey our owners, and they tell us year in and year out how much they love their timeshares.

我們創造自己的需求，大約 35% 的調整後 EBITDA 貢獻來自高利潤的經常性收入流。我們擁有忠誠且高度滿意的業主，他們依靠我們為他們的家人提供難忘的假期。我們定期調查我們的業主，他們年復一年地告訴我們他們有多喜歡他們的分時度假。

That's one of the reasons why nearly 70% of our sales year to date have come from existing owners and why our guest satisfaction scores are higher today than they were last year and in 2022. We've added nearly 16,000 first-time buyers this year and over 80,000 since the start of 2020, despite the pandemic. And based on history, more than 40% of these new owners will buy additional points within (technical difficulty).

這就是為什麼我們今年迄今為止近 70% 的銷售額來自現有業主，也是我們今天的賓客滿意度得分高於去年和 2022 年的原因之一。儘管受到疫情影響，今年我們還是增加了近 16,000 名首次購屋者，自 2020 年初以來增加了 80,000 多名。根據歷史記錄，超過 40% 的新業主會在（技術難度）。

We are adding new resorts with properties coming in Orlando, Savannah, Charleston, Thailand, and Bali. And with the investments we're making in technology and talent to leverage consumer insights and personalize and simplify the guest experience, we are well positioned to realize the benefits in the years ahead.

我們正在奧蘭多、薩凡納、查爾斯頓、泰國和峇裡島增加新的度假村。透過我們在技術和人才方面的投資，以利用消費者洞察並個性化和簡化賓客體驗，我們有能力在未來幾年實現收益。

Looking forward, we believe we have significant opportunities to accelerate our growth and drive additional operating efficiencies by continuing to modernize and evolve our business. To accelerate these initiatives, I recently created the strategic business operations office led by one of our senior leaders who report directly to me.

展望未來，我們相信，透過繼續實現業務現代化和發展，我們擁有加速成長並提高營運效率的重大機會。為了加速這些舉措，我最近創建了策略性​​業務營運辦公室，由一位直接向我報告的高階領導領導。

We believe we can drive an incremental $50 million to $100 million of annual efficiencies over the next two years, which is in addition to existing cost savings we have already achieved. We expect to reinvest some of these savings in the business to further accelerate revenue growth by enhancing our customer, platforms, products, and services.

我們相信，除了我們已經實現的現有成本節約之外，我們還可以在未來兩年內將年效率提高 5,000 萬至 1 億美元。我們希望將部分節省下來的資金再投資於業務，透過增強我們的客戶、平台、產品和服務來進一步加速收入成長。

We also expect to generate additional savings that will benefit our owners' maintenance fees. This effort will touch all parts of the organization, and I look forward to sharing more details with you on our next earnings call.

我們還希望能夠產生額外的節省，這將有利於我們業主的維護費用。這項努力將觸及組織的所有部門，我期待在下一次財報電話會議上與您分享更多詳細資訊。

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 third-quarter results, our balance sheet and liquidity position, and our outlook for the year.

謝謝，約翰。今天，我將回顧我們的第三季業績、資產負債表和流動性狀況，以及我們對今年的展望。

Starting with our vacation ownership segment, contract sales increased 5% in the quarter compared to last year and increased nearly 2%, excluding Maui. While existing owners continue to buy additional points, we also grew first-time buyer sales in the quarter, reflecting our focus on adding new owners.

從我們的度假所有權業務開始，本季合約銷售額與去年同期相比成長了 5%，成長了近 2%（不包括毛伊島）。在現有業主繼續購買額外積分的同時，我們本季的首次買家銷售也有所增長，這反映出我們對增加新業主的關注。

Tours increased 10% year over year, while VPG was 4% lower. And Asia-Pacific sales grew more than 40% year over year. Importantly, owner VPG increased year over year, reflecting the value owners put on vacations.

旅遊量年增 10%，而 VPG 則下降 4%。亞太地區銷售額年增超過40%。重要的是，業主 VPG 逐年增加，反映了業主對度假的重視。

Delinquencies appear to have stabilized and were roughly flat versus our second quarter. And our sales reserve was in line with our previous guidance. As a result, development profit increased year over year to $105 million.

拖欠率似乎已經穩定下來，與第二季度相比大致持平。我們的銷售儲備與我們先前的指導一致。因此，開發利潤年增至 1.05 億美元。

Rental occupancy increased 700 basis points year over year, helping us drive 9% revenue growth in our vacation ownership segment. Rental profit increased $14 million compared to the prior year, driven by higher revenue; and $8 million of additional costs allocated to marketing and sales expense to drive tours.

租賃入住率年增 700 個基點，幫助我們推動度假所有權細分市場的收入成長 9%。由於收入增加，租金利潤比上年增加了 1,400 萬美元； 800 萬美元的額外成本分配給行銷和銷售費用以推動旅遊。

Management profit increased year over year, while financing profit was down due to higher borrowing costs. As a result, we generated $231 million of adjusted EBITDA in our vacation ownership segment in the quarter with a 30% margin.

管理利潤較去年同期成長，而融資利潤因借貸成本上升而下降。因此，本季我們的度假所有權業務部門調整後 EBITDA 為 2.31 億美元，利潤率為 30%。

Moving to our exchange and third-party management segment. Adjusted EBITDA declined $7 million year over year, with roughly half of the decline related to lower profit at Aqua-Aston due to the Maui wildfires and the balance due to lower transactions at Interval.

轉向我們的交換和第三方管理部分。調整後 EBITDA 年減 700 萬美元，其中大約一半的下降與毛伊島野火導致的 Aqua-Aston 利潤下降以及 Interval 交易量下降導致的餘額下降有關。

As a result, total company adjusted EBITDA increased year over year to $198 million. Our balance sheet remains firm, ending the quarter with more than $900 million in liquidity and no corporate debt maturities until 2026.

因此，公司調整後 EBITDA 總額年增至 1.98 億美元。我們的資產負債表依然堅挺，本季結束時流動資金超過 9 億美元，在 2026 年之前沒有企業債務到期。

We also ended the quarter with $1 billion of inventory, which we think is the appropriate level to run the business. Our leverage declined 0.5 turn sequentially to 3.9 times, reflecting our higher LTM adjusted EBITDA and lower debt balances.

本季結束時，我們的庫存為 10 億美元，我們認為這是營運業務的適當水平。我們的槓桿率比上一季下降 0.5 倍至 3.9 倍，反映出我們較高的 LTM 調整後 EBITDA 和較低的債務餘額。

We completed our second securitization of the year, raising $445 million at a blended interest rate of 4.5%, with a 98% advance rate. The interest rate on this transaction was nearly 200 basis points lower than our November 2023 securitization and roughly 100 basis points lower than our March deal.

我們完成了今年的第二次證券化，以 4.5% 的混合利率和 98% 的預付率籌集了 4.45 億美元。此交易的利率比我們 2023 年 11 月的證券化交易低近 200 個基點，比我們 3 月的交易低約 100 個基點。

Looking forward, we increased our full-year adjusted EBITDA guidance to reflect our strong third-quarter results. We still expect contract sales to grow 1% to 3% for the year, driven by increased tours and lower VPG.

展望未來，我們提高了全年調整後 EBITDA 指引，以反映我們強勁的第三季業績。我們仍預計，在旅遊增加和 VPG 下降的推動下，今年合約銷售額將成長 1% 至 3%。

We have a significant presence in Florida. And we lost a few selling days due to Hurricane Milton, which we estimate cost us around $8 million in contract sales and a few million dollars of adjusted EBITDA in the fourth quarter. Our VO rental business had a strong third quarter, and we expect rental profit to increase in the $35 million range for the year.

我們在佛羅裡達州擁有重要的業務。由於米爾頓颶風，我們損失了幾天的銷售時間，我們估計第四季度的合約銷售損失約為 800 萬美元，調整後的 EBITDA 損失為數百萬美元。我們的 VO 租賃業務第三季表現強勁，我們預計今年的租金利潤將增加 3,500 萬美元。

In our exchange and third-party management segment, we now expect adjusted EBITDA to decline approximately $30 million for the year, with roughly half of the decline related to our Aqua-Aston business. Finally, G&A is expected to be down around $20 million for the year, driven by our cost-saving initiatives.

在我們的交易所和第三方管理部門，我們現在預計今年調整後的 EBITDA 將下降約 3000 萬美元，其中大約一半的下降與我們的 Aqua-Aston 業務有關。最後，在我們的成本節約措施的推動下，今年的一般管理費用預計將減少約 2,000 萬美元。

Moving to cash flow. We expect our adjusted free cash flow will be in the $300 million to $340 million range and remain focused on reducing leverage by the end of 2025, while still returning cash to shareholders.

轉向現金流。我們預計調整後的自由現金流將在 3 億至 3.4 億美元範圍內，並繼續致力於在 2025 年底前降低槓桿率，同時仍向股東返還現金。

So to summarize, we had a solid third quarter, growing contract sales, and adjusted EBITDA while reducing our leverage. And while consumers are still facing economic pressures, they also continue to spend on experiences like travel. This puts us in a great position to continue to grow, while supporting the balance sheet and returning cash to shareholders.

總而言之，我們第三季業績強勁，合約銷售額不斷成長，並在降低槓桿率的同時調整了 EBITDA。儘管消費者仍然面臨經濟壓力，但他們也繼續在旅行等體驗上花錢。這使我們處於繼續成長的有利位置，同時支持資產負債表並向股東返還現金。

It's also important to remember that our industry generates its own demand, which you can see in our 10% tour growth this quarter. We took a number of steps during the third quarter focused on driving contract sales growth, adjusting our promotional strategy, increasing our use of nontraditional sales channels, and launching new promotions geared to drive first-time buyer tours.

同樣重要的是要記住，我們的行業會產生自己的需求，您可以從本季 10% 的旅遊成長中看到這一點。我們在第三季採取了一系列措施，重點是推動合約銷售成長、調整促銷策略、增加非傳統銷售管道的使用，以及推出旨在推動首次買家參觀的新促銷活動。

We're also making good progress in updating our legacy IT systems, enabling our customers to transact with us digitally more than ever and unlocking the power of data and analytics to drive efficiencies and growth. And as John mentioned, we believe we have substantial opportunities to modernize and evolve our business and have already started working to achieve this.

我們在更新舊有 IT 系統方面也取得了良好進展，使我們的客戶能夠比以往更多地與我們進行數位化交易，並釋放數據和分析的力量，以推動效率和成長。正如約翰所提到的，我們相信我們有大量機會實現業務現代化和發展，並且已經開始努力實現這一目標。

Our initial analysis shows we can drive an incremental $50 million to $100 million of annual run rate benefits over the next two years by improving our cost structure, streamlining our operations, and driving efficiencies across our company, providing opportunities to invest in attractive growth initiatives, expand margins, and enhance our IT platforms.

我們的初步分析顯示，透過改善成本結構、簡化營運、提高整個公司的效率、提供投資有吸引力的成長計畫的機會，我們可以在未來兩年內將年運行率效益增加 5,000 萬至 1 億美元，擴大利潤並增強我們的IT 平台。

With that, we'll be happy to answer your questions. Rob?

這樣，我們將很樂意回答您的問題。搶？

(Operator Instructions) Brandt Montour, Barclays.

（操作員說明）Brandt Montour，巴克萊銀行。

Good morning, everybody. Thanks for taking my question. So first question. I guess, it's just the first-time buyer financing strategy that you mentioned, John. It doesn't sound like anything that's not sort of normal course of business or sort of minor strategic shifts.

大家早安。感謝您提出我的問題。所以第一個問題。我想，這只是你提到的首次買家融資策略，約翰。這聽起來不像是不正常的業務流程或輕微的策略轉變。

But just curious if that's something that's going to meaningfully alter the sort of the way that we think about loan loss provisions or the mix that then would influence that line. Or anything else that we should be thinking about in terms of you moving in the credit spectrum in new owner sales and the like?

但只是好奇這是否會有意義地改變我們對貸款損失準備金或影響該線的組合的思考方式。或者我們應該考慮您在新業主銷售等方面的信用範圍的變化？

No, no. The underwriting standards didn't change in terms of FICO and all that. So there shouldn't be any impact, to your question, as it relates to loan loss.

不，不。就 FICO 等而言，承保標準並沒有改變。因此，對於您的問題，應該不會有任何影響，因為它與貸款損失有關。

Okay. Great. Thanks for that. And then on the full-year guidance, which was raised modestly at the midpoint of EBITDA -- I think you guys kept contract sales unchanged. The way to -- and then free cash flow was also unchanged, but that was for sort of other reasons.

好的。偉大的。謝謝你。然後，關於全年指引，該指引在 EBITDA 的中點處小幅上調——我認為你們保持了合約銷售額不變。然後自由現金流的方式也沒有改變，但這是出於其他原因。

Is the way to think about the revisions today that there's -- that really sort of -- on the sales side, things are progressing as expected? But you did get some of the efficiencies that you talked about in the third and fourth quarter, maybe the fourth quarter.

思考今天的修訂的方式是——真的是——在銷售方面，事情進展如預期嗎？但你確實獲得了你在第三季和第四季（也許是第四季）談到的一些效率。

And then a follow-up to that question is maybe you could just talk about how much of the savings of the $50 million to $100 million over the next two years, how much of that will be in G&A versus the rest of the business?

這個問題的後續問題是，也許你可以談談未來兩年 5000 萬至 1 億美元的節省中有多少，其中 G&A 與其他業務相比有多少？

Yeah, yeah. So the initiatives we're talking about are really for next year in '25, right? We're always -- coming into this year, we talked about some of the savings initiatives. You see that in our full-year G&A, but those are all things that were in process. This is really building on those incremental, if you will, going forward.

是啊是啊。所以我們正在談論的舉措實際上是針對明年 25 年的，對嗎？進入今年，我們總是談論一些節約舉措。您可以在我們的全年一般管理費用中看到這一點，但這些都是正在進行中的事情。如果你願意的話，這實際上是建立在那些增量的基礎上的。

We'll have more on the February call around the timing, and we're working through all that. The goal is to have the $50 million to $100 million in place, call it, by the end of '26. We're going to accelerate as many of those as we can, but some of them are going to take a little bit more time. And we can give you more color on that, like I said, in February.

我們將在二月份的電話會議上提供更多有關時間的信息，我們正在努力解決所有這些問題。我們的目標是在 26 年底前到位 5,000 萬至 1 億美元。我們將盡可能加速這些工作，但其中一些將需要更多的時間。正如我在二月所說的那樣，我們可以為您提供更多資訊。

And Brandt, the guide up, as you think about it, our third quarter was a little bit better than we had originally contemplated. So not necessarily on the contract sales, but in some of the other parts of the business. And that's what you see, which is why you don't see the change to the contract sales guidance.

布蘭特，指導，正如你所想，我們的第三季比我們最初預期的要好一些。因此不一定是合約銷售，而是業務的其他一些部分。這就是您所看到的，這就是為什麼您看不到合約銷售指導的變化。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, how is it going? Can you hear me all right?

嘿，怎麼樣？你聽得到我說話嗎？

Yeah. Good morning, Ben.

是的。早安，本。

Thanks. Hey, good morning. So nice quarter. When we step back, your contract sales are now higher year over year as we lap Maui. Implied 4Q, a little bit lower year over year.

謝謝。嘿，早安。這麼好的季度。當我們退後一步時，隨著我們環繞毛伊島，你們的合約銷售額現在逐年增加。隱含第四季較去年同期略有下降。

I know it sounds like there's some 4Q hurricane impact as well that you called out. Is there anything else lumpy that we need to consider here just in terms of moving parts as we lap year over year?

我知道聽起來您也提到了第四季颶風的影響。當我們年復一年地運行時，就移動部件而言，還有什麼我們需要考慮的嗎？

No.

不。

Nothing that comes to mind.

什麼也沒有想到。

Okay. Got it. And then -- and I guess, similarly, you had a nice 3Q. Contract sales are ramping. As we just step back, your sales and marketing expense is higher year over year.

好的。知道了。然後 - 我想，同樣，你有一個不錯的第三季。合約銷售正在增加。退一步來說，您的銷售和行銷費用逐年增加。

Can you talk about some of the puts and takes here? And do you see this as an opportunity on a go-forward to bring lower?

您能談談這裡的一些看跌期權嗎？您是否認為這是一個進一步降低價格的機會？

Sure. And you're obviously talking based on reported revenues. So some of it is the higher sales reserve, right, which is a deduct from our contract sales, right? And that's the revenues down. So with our reserves, which we've talked about, we're providing at a higher level. That obviously impacts the marketing and sales costs on a percentage basis.

當然。你顯然是根據報告的收入來談論的。所以其中一些是較高的銷售儲備，對吧，這是從我們的合約銷售中扣除的，對吧？這就是收入的下降。因此，透過我們已經討論過的儲備，我們正在提供更高水準的儲備。這顯然會按百分比影響行銷和銷售成本。

A lot of the initiatives that we're working on and are already in place, whether that's how we target and market and do that more efficiently, those continue to be the opportunities to get the right customers on tour, that are going to drive higher VPGs, which will help your marketing and sales costs.

我們正在製定並已經實施的許多舉措，無論我們是如何定位和營銷並更有效地做到這一點，這些仍然是吸引合適客戶參加巡演的機會，這將推動更高的水平VPG，這將有幫助於您降低行銷和銷售成本。

So that continues to be the way to improve, right, more efficient marketing, better VPGs, to drive marketing and sales costs as a percentage of revenue.

因此，這仍然是改進、更有效、更有效的行銷、更好的 VPG、提高行銷和銷售成本佔收入百分比的方法。

Patrick Scholes, Truist Securities.

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

Thank you. Good morning, John and Jason. A couple of questions here. On the 2Q earnings, you had really highlighted a softening of VPG on first-time buyers and the lower end of the FICO band really underperforming.

謝謝。早上好，約翰和傑森。這裡有幾個問題。在第二季收益方面，您確實強調了首次購房者的 VPG 疲軟，而 FICO 區間的低端確實表現不佳。

Can you give us a little bit more color on what you've observed since 2Q earnings and expectations for those going forward? Thank you.

您能否向我們詳細介紹一下自第二季以來您所觀察到的獲利情況以及對未來的預期？謝謝。

Yeah. Sure, yeah. As we talked about on the second quarter, if you recall, our year-over-year VPG to owners, I think, was flat in the second quarter. So owners still love the product. We weren't seeing the softening. Where we started to see some softening in like May and the second quarter was around first-time buyers, and not surprising given the broader macro.

是的。當然，是的。正如我們在第二季度談到的那樣，如果您還記得的話，我認為我們對業主的同比 VPG 在第二季度持平。所以業主們還是很喜歡這個產品的。我們沒有看到軟化。我們開始看到五月和第二季首次購屋者出現一些疲軟，考慮到更廣泛的宏觀經濟，這並不奇怪。

And when we talked about on the second quarter call in early August, we've rolled out -- we changed our promotional grid that we talk about in terms of how -- the more you buy, obviously, you potentially get a higher first-day benefit and those types of things, and move that around overall as well as change the financing incentive for first-time buyers in that program a little bit.

當我們在八月初的第二季度電話會議上討論時，我們已經推出了——我們改變了我們談論的促銷網格——你買的越多，顯然，你可能會獲得更高的第一— —每日福利和類似的事情，並在整體上改變這一點，並稍微改變該計劃中首次購房者的融資激勵。

And what you saw, as you went through sequentially in the quarter, because we had to put the incentives in place in July, for example, VPGs were still down double digits year over year. After those incentives went in place, we saw the benefit sequentially in August and September, where all of a sudden VPGs were down 3%, 4% year over year, right?

你所看到的，當你在本季度連續經歷時，因為我們必須在 7 月實施激勵措施，例如，VPG 仍同比下降兩位數。這些激勵措施到位後，我們在 8 月和 9 月連續看到了收益，VPG 突然同比下降了 3%、4%，對嗎？

So that's where you saw the traction on some of the adjustments we made on the sales side. And we didn't get a full-quarter benefit of that. But we expect to get that year-over-year and continued improvement here as we go through the fourth quarter.

這就是我們在銷售方面所做的一些調整的吸引力。我們並沒有從中獲得整個季度的收益。但我們預計，隨著第四季的到來，我們將實現年比持續改善。

Thank you. One more question here for Jason. Certainly, on your most recent securitization versus prior over the last 18 months, better terms and net spreads. Certainly, over the last two years, we've seen those net spreads be a headwind to EBITDA growth.

謝謝。還有一個問題要問傑森。當然，與過去 18 個月之前的證券化相比，您最近的證券化有更好的條款和淨利差。當然，在過去兩年中，我們已經看到這些淨利差成為 EBITDA 成長的阻力。

Assuming interest rate trends continue the way they've been going of late, when might you expect those net spread headwinds to possibly turn into a tailwind? Thank you.

假設利率趨勢繼續保持最近的走勢，您預期這些淨利差逆風什麼時候可能會變成順風？謝謝。

Yeah. Thanks, Patrick. So as we've talked about in the past, we expect to have higher financing interest expense here going forward for the next couple of years, as the interest rates that we issued securitizations at over the last few years at, call it, 2% thereabouts for a while roll off, and we put on the higher interest costs going forward.

是的。謝謝，派崔克。因此，正如我們過去討論的那樣，我們預計未來幾年的融資利息支出將會更高，因為過去幾年我們發行證券化的利率為 2%大約有一段時間會下降，我們未來的利息成本會更高。

So from a margin perspective, we're going to continue to see that impact over the next couple of years. But what we've said is that our revenue on the financing side should start to outpace that expense growth. So we do expect here in 2025 to have higher financing profit in the business. But those interest expenses are going to continue to increase here going forward for a little bit longer.

因此，從利潤角度來看，我們將在未來幾年繼續看到這種影響。但我們所說的是，我們在融資方面的收入應該開始超過支出成長。因此，我們確實預期 2025 年該業務的融資利潤將會更高。但這些利息支出將在未來一段時間內持續增加。

Yeah. So on a net basis, it should be -- we should see financing profit grow in '25 versus '24, where it has been a net headwind.

是的。因此，從淨值來看，我們應該會看到 25 年的融資利潤比 24 年有所增長，後者一直是淨逆風。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Hi, good morning. Thanks for taking my question. John, I wanted to go back to some of the prepared remarks about the strategic business operations office. Can you just elaborate a bit on sort of what that is designed to do and sort of how it works, and what we can expect to see and/or hear from it? It's quite interesting.

嗨，早安。感謝您提出我的問題。約翰，我想回到一些準備好的有關策略性業務營運辦公室的評論。您能否詳細說明它的設計用途和工作原理，以及我們可以期望看到和/或聽到什麼？這很有趣。

Sure, sure. Yeah, no, it's a great question, David. A lot of these initiatives and things aren't new, right? They are things that we're working on. The idea with the strategic business operations is create not only new ideas, but add velocity to execution, to accelerate these opportunities over the next couple of years.

當然，當然。是的，不，這是一個很好的問題，大衛。很多這樣的舉措和事情並不新鮮，對吧？它們是我們正在努力的事情。策略性業務營運的理念不僅是創造新想法，而且是提高執行速度，以在未來幾年內加速這些機會。

So I wanted to make sure we had, call it, a hyper focus on growth opportunities, cost efficiencies, with detailed plans on execution, and a team to work with the broader business to deliver. And it's really about adding that velocity to what we're trying to accomplish.

因此，我想確保我們高度關注成長機會、成本效率、詳細的執行計劃，以及一個與更廣泛的業務合作來交付成果的團隊。這實際上是為了增加我們想要實現的目標的速度。

So can I follow that up and just double-click on the growth opportunities part of the answer? What is the -- how would you define the boundaries on what that opportunity set is? Is that more internal, tuck-in acquisitions? What kinds of stuff?

那麼我可以跟進並雙擊答案的成長機會部分嗎？您將如何定義該機會集的界限是什麼？這是更多的內部收購嗎？什麼樣的東西？

Yeah, no, it's going to be a lot on our internal. We've got, I think, great opportunities in our core vacation ownership as well as our exchange business to grow. So it's really those initiatives and moving those along faster and other new ideas and things that we want to get into place.

是的，不，我們內部會有很多事情。我認為，我們在核心度假所有權以及交換業務方面擁有巨大的發展機會。因此，我們真正想要落實的正是這些舉措以及更快的進展以及其他新想法和事物。

So -- but it's also -- we're always going to continue to look at whether it's a tuck-in acquisition, potentially launching new products that are in the vacation ownership, right, different products than we have today. We've got a lot of work going on on that front.

因此，我們始終會繼續關注這是否是一項隱藏式收購，是否有可能推出度假所有權中的新產品，對吧，與我們今天的產品不同的產品。我們在這方面正在進行大量工作。

So it's both, call it, the organic products we have today and growth there. But we are looking at adjacent opportunities; we always are. We've got some good things that we're looking at.

所以，這就是我們今天擁有的有機產品和那裡的成長。但我們正在尋找鄰近的機會；我們一直都是。我們正在尋找一些好的東西。

Okay. Thank you.

好的。謝謝。

Patrick Scholes, Truist Securities.

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

Great, thank you. Just a quick follow-up question regarding your cost-saving initiatives. Marriott Corporation, your former parent company, also just launched a large cost-saving initiative. I'm just curious if your initiative, is this anything in conjunction with them, or is this just purely coincidental?

太好了，謝謝。只是一個關於您的成本節約計劃的快速後續問題。您的前母公司萬豪公司也剛啟動了一項大型成本節約計畫。我只是好奇你的倡議是否與他們有關，或者這純粹是巧合？

No. I think you recall, we spun out of Marriott back in 2011, Patrick. So we -- yes, they're our licensor and stuff. How they run their business and how we run our business, totally coincidental. I guess, that they were looking at, obviously, probably different initiatives for their business than we're doing for our business. But no, totally unrelated.

不。我想你還記得，我們​​是在 2011 年從萬豪酒店分拆出來的，派崔克。所以我們——是的，他們是我們的許可人之類的。他們如何經營他們的業務，我們如何經營我們的業務，完全巧合。我想，顯然，他們為他們的業務考慮的舉措可能與我們為我們的業務所做的不同。但不，完全不相關。

Okay. All right. Just curious. Thank you. I'm all set.

好的。好的。只是好奇。謝謝。我已經準備好了。

Okay. Thank you.

好的。謝謝。

Thanks.

謝謝。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to John Geller for closing comments.

我們的問答環節已經結束。我現在想將電話轉回約翰蓋勒以徵求結束意見。

Thanks, Rob. Thank you, everyone, for joining our call today. We had a solid third quarter, and reservations look strong for the balance of '24 and into next year. Our strategies are working, and we're driving first-time buyer sales, which is good for the system.

謝謝，羅布。謝謝大家今天加入我們的電話會議。我們的第三季業績表現強勁，並且對 24 年剩餘時間和明年的預訂看起來很強勁。我們的策略正在發揮作用，我們正在推動首次買家的銷售，這對系統有利。

We also ended the quarter with nearly 270,000 preview packages in our pipeline, positioning us well going into next year. We kept maintenance fee increases for our points-based products to low single digits for next year, which we think will be well received by owners.

在本季結束時，我們的管道中還有近 27 萬個預覽包，為我們進入明年做好了準備。我們將明年基於積分的產品的維護費漲幅保持在較低的個位數，我們認為這將受到業主的好評。

Delinquencies and defaults have stabilized. We're updating our IT platforms to support our growth, and we're using advanced data and analytics to improve efficiency and drive top-line growth. We've navigated many headwinds over the past few years from a mixed consumer environment to higher interest rates and inflation to the Abound implementation, and came through it with a solid foundation for future growth.

拖欠和違約已趨於穩定。我們正在更新 IT 平台以支援我們的成長，並且我們正在使用先進的數據和分析來提高效率並推動營收成長。在過去的幾年裡，我們克服了許多阻力，從混合的消費環境到利率和通膨上升，再到 Abound 的實施，並為未來的成長奠定了堅實的基礎。

Through it all, we remain a resilient, highly profitable, and cash-generative business. We also have a significant opportunity to continue to leverage our strategic and competitive advantages to drive substantial recurring benefits over the next two years.

經歷這一切，我們仍然是一個有彈性、高利潤和現金產生的企業。我們還有一個重要的機會繼續利用我們的策略和競爭優勢，在未來兩年內帶來可觀的經常性利益。

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 hope to see you on vacation soon. Thank you.

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，並希望很快能在假期見到您。謝謝。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。