Marriott Vacations Worldwide Corporation (VAC) 2025 Q4 法說會逐字稿

Greetings and welcome to the Marriott Vacations Worldwide fourth quarter 2025 earnings call. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Neal Goldner, Vice President of Investor Relations. Thank you, sir. You may begin.

各位來賓，歡迎參加萬豪度假酒店集團2025年第四季財報電話會議。（操作說明）再次提醒，本次會議正在錄影。現在，我榮幸地向大家介紹主持人，投資人關係副總裁尼爾‧戈德納。謝謝您，先生。你可以開始了。

Thank you, Maria, and welcome to the Marriott Vacations Worldwide fourth quarter earnings conference call. I am joined today by Matt Avril, our Chief Executive Officer; Mike Flaskey, our President and Chief Operating Officer; and Jason Marino, our Executive Vice President and Chief Financial Officer. 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.

謝謝瑪麗亞，歡迎參加萬豪度假酒店集團第四季財報電話會議。今天與我一同出席的有：執行長 Matt Avril；總裁兼營運長 Mike Flaskey；以及執行副總裁兼財務長 Jason Marino。我需要提醒大家，我們今天發表的許多評論並非歷史事實，而是聯邦證券法意義上的前瞻性陳述。

These statements are subject to numerous risks and uncertainties which could cause future results that 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.

這些聲明受到許多風險和不確定因素的影響，可能導致未來的結果與我們在評論中明示或暗示的結果有重大差異。新聞稿中的前瞻性陳述以及本次電話會議中的評論僅在作出時有效，不會隨著實際事件的發展而更新。

Throughout the call, we will make references to non-GAAP financial information. You can find a reconciliation on non-GAAP financial measures in the schedules attached to our press release and on our website.

在本次電話會議中，我們將多次提及非GAAP財務資訊。您可以在我們的新聞稿附件和網站上找到非GAAP財務指標的調節表。

With that, it's my pleasure to turn the call over to Matt.

那麼，我很高興把電話交給馬特。

Thank you, Neal, and good morning, everyone. To begin, I want to briefly acknowledge the recent events in Mexico. I'm pleased to report we've had no safety or property instances related to our associates or guests. From a business perspective, our operations in Mexico include four resorts, and last year they generated approximately 3% of our worldwide contract sales.

謝謝你，尼爾，大家早安。首先，我想簡單提及墨西哥最近發生的事件。我很高興地報告，我們沒有發生任何與員工或客人相關的安全或財產事故。從商業角度來看，我們在墨西哥的業務包括四家度假村，去年它們創造了我們全球合約銷售額的約 3%。

So our exposure is relatively small, and we certainly are looking forward to improving dynamics in Mexico. Having made the decision to join Marriott Vacations worldwide in a permanent capacity, I'm truly excited to be part of the management team as we move the organization forward.

因此，我們在墨西哥的風險敞口相對較小，我們當然期待墨西哥市場的發展動態能夠有所改善。我已決定正式加入萬豪度假酒店集團，我非常興奮能夠成為管理團隊的一員，並與大家一起推動公司向前發展。

We appreciate all of you joining us on the call this morning, and I also want to thank Jason and Neil and their teams for all the hard work as we prepared for this particular call. Further, it is my pleasure to welcome Mike Flaskey to the company as our new President and Chief Operating Officer.

感謝各位今天上午參加我們的電話會議，我也要感謝 Jason 和 Neil 以及他們的團隊為準備這次電話會議所做的辛勤工作。此外，我很高興地歡迎 Mike Flaskey 加入公司，擔任我們新的總裁兼營運長。

I've known Mike for many years. He brings a wealth of broad industry experience, energy, and a passion for execution of our commercial operations, particularly in our sales and marketing disciplines. I'm looking forward to working closely with him as we transform our operational effectiveness and begin to realize the full potential of our brands and our company overall.

我認識麥克很多年了。他帶來了豐富的行業經驗、充沛的精力和對執行我們商業運營的熱情，尤其是在銷售和行銷方面。我期待與他密切合作，共同提升營運效率，並開始充分發揮我們品牌和公司的整體潛力。

I'd like to invite Mike to make a few introductory comments.

我想請麥克做幾句開場白。

Thanks, Matt. I'm honored and humbled to be joining Marriott Vacations worldwide at such an important moment for the company. This is a portfolio of iconic brands with a strong foundation. I'm also thrilled to be reconnected with the Westin, Sheraton, and St. Regis brands from my years at Starwood Vacation Ownership.

謝謝你，馬特。能夠在這個對公司如此重要的時刻加入萬豪度假酒店集團，我感到無比榮幸和謙卑。這是一個擁有雄厚基礎的標誌性品牌組合。我也很高興能再次與我在喜達屋度假所有權公司工作期間接觸到的威斯汀、喜來登和瑞吉品牌建立聯繫。

I am excited to work alongside our team to foster a high performance and values-driven culture, all while creating exceptional experiences for our owners and guests. My focus will be on driving commercial performance from growing tour flow at the top of the funnel.

我很高興能與我們的團隊一起努力，培養以高績效和價值觀為導向的企業文化，同時為我們的業主和客人創造卓越的體驗。我的重點將放在透過增加銷售漏斗頂端的巡迴流量來提升商業業績。

To increasing owner engagement, ultimately resulting in revenue and EBITDA growth. These initiatives will position the company for sustainable growth through enhancing both the customer journey and lifetime value proposition for our owners.

提高業主參與度，最終實現收入和 EBITDA 成長。這些措施將透過提升客戶體驗和為業主創造終身價值，使公司實現永續成長。

Thanks, Mike. It's been a busy four months since joining the company in November. During that time, I have been rapidly getting up to speed on about the challenges we face and the opportunities we have. This period has also allowed me to meet many of our shareholders and analysts that cover our company.

謝謝你，麥克。自去年11月加入公司以來，這四個月一直非常忙碌。在那段時間裡，我迅速了解了我們面臨的挑戰和擁有的機會。這段時間也讓我有機會認識了許多股東和關注我們公司的分析師。

Additionally, along with a number of our senior leaders, we have visited more than one dozen of our resorts, including those in Maui, Orlando, Las Vegas, and our Scottsdale markets. This has allowed me to have direct engagement and feedback with our teams in the field throughout all of our operating disciplines. While Jason will cover the numbers in detail, I'll briefly review the fourth quarter and full year results.

此外，我們還與一些高級領導一起參觀了十幾個度假村，包括位於毛伊島、奧蘭多、拉斯維加斯和斯科茨代爾市場的度假村。這使我能夠與我們所有營運領域的現場團隊進行直接互動並獲得回饋。傑森將詳細講解具體數字，我將簡要回顧第四季和全年業績。

As you saw in our release last night, fourth quarter contract sales declined 4% year-over-year, with BPG down 60 basis points, and our adjusted EBITDA was at $186 million. For the year, we generated $1.8 billion in contract sales, which was down 3% from the prior year, due to lower system-wide VPGA. Adjusted EBITDA was $751 million for the year, as we implemented cost saving actions to offset lower sales.

正如您昨晚在我們的新聞稿中看到的那樣，第四季度合約銷售額年減 4%，BPG 下降 60 個基點，我們調整後的 EBITDA 為 1.86 億美元。今年，我們的合約銷售額為 18 億美元，比前一年下降了 3%，原因是系統整體 VPGA 下降。由於我們採取了節約成本的措施來抵銷銷售額的下降，本年度調整後的 EBITDA 為 7.51 億美元。

I'm also aware that two topics drew significant attention on our last earnings call, and I'll touch on them briefly. The first topic we introduced was a loss of sales talent and its effect on our results. It is worth noting that a relatively small number of sales executives can affect our performance in a significant way.

我也注意到，在上次財報電話會議上，有兩個主題引起了廣泛關注，我將簡要地談論它們。我們提出的第一個主題是銷售人才流失及其對我們業績的影響。值得注意的是，少數銷售主管就能對我們的業績產生重大影響。

Immediately following that call, we implemented an initiative to actively recruit high performing sales executives who had left, and adjust certain underlying root cause compensation structure dynamics. As we sit here today, I'm encouraged that many of the top performers who left us previously have returned and are ramping up with our company now. Attracting, training, and retaining top sales talent is an ongoing area of emphasis for our business every day.

通話結束後，我們立即實施了一項計劃，積極招募離職的高績效銷售主管，並調整某些根本原因導致的薪酬結構動態。今天，我感到鼓舞的是，許多之前離開公司的優秀員工已經回歸，並且正在公司裡迅速成長。吸引、培養和留住頂尖銷售人才是我們公司每天持續關注的重點領域。

On the second topic, commercial rentals. This issue isn't unique to us. During 2025, one of our competitors addressed this issue very publicly. On our call, we noted this had also emerged as an issue for us. Accordingly, we recently implemented new reservation procedures which will reduce the problem of commercial rental activity. It will also provide greater inventory access for our owners.

第二個話題是商業租賃。這個問題並非我們獨有。2025年，我們的一位競爭對手公開談到了這個問題。在通話中，我們注意到這也成為了我們面臨的問題。因此，我們最近實施了新的預訂程序，這將減少商業租賃活動帶來的問題。這將為我們的業主提供更方便的庫存查詢途徑。

Frankly, the attention this topic garnered on the last earnings call was greater than its impact on the business. Now let's turn our attention to what's ahead, starting with our priorities. Over the last fourth months, we have emphasized internally the need to return our focus to improving profitability and free cash flow. They are the key components to building a vibrant and growing business, as well as the ability to reinvest and return cash to our shareholders.

坦白說，在上次財報電話會議上，這個話題所受到的關注遠大於它對公司業務的影響。現在讓我們把注意力轉向未來，首先從我們的優先事項開始。在過去的四個月裡，我們內部一直強調需要重新將重點放在提高獲利能力和自由現金流上。它們是建立充滿活力和不斷發展的業務的關鍵要素，也是我們能夠再投資並向股東返還現金的關鍵要素。

As we will discuss this morning, we have taken actions to improve our profitability, lower inventory investment, and other capital spending this year. We are also evaluating organizational alignment, reducing costs, and further resetting our priorities. We have markedly increased the pace of decision making, removing bottlenecks, and I am encouraged by the early progress we're making.

正如我們今天上午將要討論的，我們已經採取措施來提高獲利能力，降低庫存投資和其他資本支出。我們也正在評估組織架構調整、降低成本，並進一步調整工作重點。我們大幅加快了決策速度，消除了瓶頸，我對我們目前的初步進展感到鼓舞。

I want to review three basic ways we have to drive higher cash flow. The first is through better operational performance. Operationally, we all know VPG is the single most important metric in determining profitability in our industry, all other things being equal. Resulting from average sales price and closing efficiency.

我想回顧一下我們提高現金流的三種基本方法。首先是透過提高營運績效。從營運角度來看，我們都知道，在其他條件相同的情況下，VPG 是我們產業中決定獲利能力的最重要指標。由平均售價和成交效率決定。

While VPG is a critical metric, we are looking forward to returning to a growth in our top-line revenue overall. In addition to improving core VPG, we can grow when we generate more tours from our high occupancy resorts. When we look to generate more travel packages, better utilize our existing sales facilities, and close more efficiently, we are intensely focused on each of these.

雖然 VPG 是一個關鍵指標，但我們期待整體營收能恢復成長。除了提高核心每千人利潤 (VPG) 外，我們還可以增加高入住率度假村的旅遊團數量，從而實現成長。當我們尋求創造更多旅遊套餐、更好地利用現有銷售管道並提高成交效率時，我們會高度關注以下每一個方面。

While in past cycles, growth in the industry was typically associated with more doors, i.e., more resorts, we are at a stage where we believe there is significant growth potential in a much more capital efficient manner. We have also made changes in our Asia Pacific business over the past few months. This will reduce our tours this year. But help our profitability and cash flow.

雖然在過去的周期中，產業成長通常與更多的門市（即更多的度假村）相關，但我們現在所處的階段，我們認為以更有效率的資本利用方式，存在著巨大的成長潛力。過去幾個月，我們也對亞太業務進行了一些調整。這將減少我們今年的旅遊團數量。但這有助於提高我們的獲利能力和現金流。

As background, we entered the Asia market 25 years ago, and over the last three years had expanded with new resorts and new sales centers. In our review of our business and our overall plans, we made the decision to deliberately reduce tours this year and adjust our staff accordingly. Having made these adjustments, we are comfortable with the scope of our business in the region.

背景是，我們25年前進入亞洲市場，並在過去三年中透過新建度假村和銷售中心擴大了業務。在對公司業務和整體計劃進行審查後，我們決定今年刻意減少旅遊團數量，並相應地調整員工人數。經過這些調整，我們對在該地區的業務範圍感到滿意。

I want to thank the leadership in Asia Pacific for taking on this reset challenge, which they have already implemented. This brings us to the second way in which we can drive higher cash flow. Discipline, capital allocation. Today, our cumulative inventory expenditures have exceeded the amounts needed to support our future sales. This has resulted in us generating substantially lower free cash flow conversion.

我要感謝亞太地區的領導階層接受這項重塑挑戰，他們已經付諸實行。這就引出了我們可以提高現金流的第二種方法。紀律，資本配置。目前，我們的累計庫存支出已超過支持未來銷售所需的金額。這導致我們的自由現金流轉換率大幅下降。

As part of changing our Asian strategy to drive higher profitability and cash flow, we eliminated one project that was scheduled for 2026, and deferred spending on another for two years. This change will allow us to focus our resources on markets with the greatest potential and drive better profitability and higher cash flow.

為了改變我們在亞洲的策略，提高獲利能力和現金流，我們取消了一個原定於 2026 年啟動的項目，並將另一個項目的支出推遲了兩年。這項改變將使我們能夠把資源集中投入到最具潛力的市場，從而提高獲利能力和現金流。

Additionally, we have also decided not to develop our previously announced Hyatt-branded vacation ownership resort in Orlando at this time, particularly given our overall current inventory levels. We are also reducing overhead across the organization. In total, these actions will reduce capital spending this year by $70 million to $80 million.

此外，鑑於我們目前的整體庫存水平，我們也決定暫不開發先前宣布的在奧蘭多開發的凱悅品牌度假產權度假村。我們還在全公司範圍內削減開支。總計，這些措施將使今年的資本支出減少 7,000 萬至 8,000 萬美元。

The third manner in our ability to generate cash flow is to monetize assets that are no longer strategic to the business. Over the past four months, we have rigorously evaluated our balance sheet for potential dispositions, resulting in substantially higher contribution to free cash flow in 2026.

我們產生現金流的第三種方式是將對企業不再具有策略意義的資產貨幣化。在過去的四個月裡，我們對資產負債表進行了嚴格的評估，以尋找潛在的處置方案，這將使 2026 年的自由現金流大幅增加。

Jason will discuss how we have updated our non-core asset list. These assets bring the total monetizable value to approximately $200 million to $250 million in addition to the $50 million we already raised this year by selling our Westin Cancun hotel.

Jason 將討論我們如何更新非核心資產清單。加上我們今年透過出售坎昆威斯汀酒店籌集的 5,000 萬美元，這些資產使總可變現價值達到約 2 億至 2.5 億美元。

This will enable us to deliver substantially higher free cash flow in the coming years, compared to our recent experience, which we can then use to either reduce debt, and a return cash to shareholders more quickly. I also want to make a few comments about our monetization program. There has been substantial work done under this initiative over the past year with clear benefits to the P&L.

這將使我們能夠在未來幾年實現比近期更高的自由現金流，然後我們可以利用這些現金流更快地減少債務並向股東返還現金。我還想就我們的獲利模式提幾點意見。過去一年來，該計劃已取得了顯著成效，對損益表產生了明顯益處。

Our 2025 results include approximately $35 million of adjusted EBITDA, specifically from these initiatives. And our guidance this year includes additional benefits being realized. Going forward, we're going to provide guidance that includes the revenue and cost benefits of all of our initiatives, without separating them from our core operational improvements or from benefits specifically from this program.

我們 2025 年的業績包括約 3,500 萬美元的調整後 EBITDA，這主要來自這些舉措。我們今年的指導意見還包括實現的其他收益。展望未來，我們將提供指導，其中包括我們所有舉措的收入和成本效益，而不會將它們與我們的核心營運改進或該計劃的具體效益分開。

Consolidating all of our future guidance and our actual results going forward, will simplify how we manage the process improvement activities internally, and how we report them externally. To close my comments, stepping into this role, my simple commitment to the board and our associates was to provide clarity of strategy, prioritization of resources, and quick no yes -- no decision making, and to be intensely engaged in that process.

整合我們未來的所有指導意見和實際結果，將簡化我們內部管理流程改善活動的方式以及我們向外部報告這些活動的方式。最後，我想說，我擔任這個職務後，對董事會和同事們的承諾很簡單：明確策略，優先分配資源，快速做出「不」或「是」的決策，並積極參與這個過程。

We are looking at our business objectively and critically when necessary. We're challenging past assumptions and requiring fresh perspective from our leadership team. Our company has much to be proud of, and we have a long history of success, and I'm personally honored to join it.

我們會客觀、批判地審視我們的業務，並在必要時進行反思。我們正在挑戰過去的假設，並要求領導團隊提出新的觀點。我們公司有很多值得驕傲的地方，我們有著悠久的成功歷史，我個人很榮幸能加入其中。

We also have a responsibility to improve our business operations every day. Growth is the engine that can fuel opportunities for our associates, enhance the experience for our owners and guests, and drive enhanced returns for our shareholders.

我們也有責任每天改善我們的業務運作。成長是推動我們員工發展機會、提升業主和賓客體驗、並為股東帶來更高回報的引擎。

Our immediate focus is simple, improve our profitability, generate increased cash flow, and importantly, return the business to a trajectory of growth. I cannot overstate the importance of fostering an environment of growth throughout the company. We believe we have the best platform in the industry, with exceptional resorts at great locations, a compelling employee career opportunity, substantial recurring revenues. And a commitment to win.

我們眼下的重點很簡單，就是提高獲利能力，增加現金流，更重要的是，讓企業重回成長軌道。營造公司內部的成長氛圍至關重要，這點我怎麼強調都不為過。我們相信我們擁有業內最好的平台，擁有位置優越的優質度假村、極具吸引力的員工職涯發展機會以及可觀的經常性收入。以及必勝的決心。

We have already implemented changes that will drive long-term sustainable shareholder value. And it is important to note at this stage, we are in the early stages of significant transition. I would be personally remiss if I did not acknowledge the impact of the rate of change across the organization.

我們已經實施了一些變革，這些變革將推動股東價值的長期永續成長。值得注意的是，我們目前正處於重大轉型初期。如果我不承認這種變革速度對整個組織的影響，那將是我個人的失職。

I want to take this opportunity to thank our associates for all their hard work. Thus far, and for what remains ahead of us. We are moving with a sense of urgency, and making tough decisions where necessary, all with a focus on improving profitability, cash flow, and long-term growth.

我想藉此機會感謝我們所有同事的辛勤工作。到目前為止，以及我們未來仍需面對的挑戰。我們正以緊迫感推進各項工作，並在必要時做出艱難的決定，所有這些都旨在提高盈利能力、現金流和長期增長。

We expect to see the first half of the year could easily be a little bumpy. We are certainly committed to beginning to see the benefits of our work in the second half of the year. I want to thank all 22,000 of our associates throughout our system who deliver our experiences to our guests and are on the journey for Marriott and for our performance going forward.

我們預計今年上半年可能會有些波折。我們當然致力於在今年下半年開始看到我們工作的成效。我要感謝我們整個系統內的 22,000 名員工，感謝他們為我們的客人提供優質體驗，感謝他們為萬豪的發展和未來的業績所做的貢獻。

With that, I'm going to turn the call over to Jason to discuss our Q4 results and guidance for 2026.

接下來，我將把電話交給傑森，讓他來討論我們第四季的業績以及2026年的業績展望。

Thank you, Matt. Today I'm going to review our fourth quarter results, our balance sheet, and liquidity position, and our outlook for the year. In the fourth quarter we've reported $186 million of adjusted EBITDA. We ran nearly 90% system-wide occupancy.

謝謝你，馬特。今天我將回顧我們第四季的業績、資產負債表和流動性狀況，以及我們對今年的展望。第四季度，我們公佈的調整後 EBITDA 為 1.86 億美元。我們實現了近90%的系統入住率。

Sales were up in Las Vegas, Hilton Head, and Myrtle Beach, but that was offset by declines in Orlando and Hawaii, two of our biggest regions, as well as Asia Pacific, as we started reducing sales to certain customer channels as part of our revised Asia strategy.

拉斯維加斯、希爾頓黑德島和默特爾比奇的銷售額有所增長，但奧蘭多和夏威夷（我們最大的兩個地區）以及亞太地區的銷售額下降抵消了這一增長，因為我們開始減少對某些客戶管道的銷售，這是我們修訂後的亞洲策略的一部分。

As a result, contract sales were down 4% year over year, with international sales down 10%. BPG declined 60 basis points compared to last year, and tours were down 3%. Total owner sales declined 2% year over year, although owner VPG increased for the first time since 2024.

因此，合約銷售額較去年同期下降 4%，國際銷售額下降 10%。與去年相比，BPG下降了60個基點，旅遊收入下降了3%。儘管業主總銷售額比去年同期下降了 2%，但業主每加侖銷售額自 2024 年以來首次增長。

First time buyer sales decreased 9%, primarily due to lower performance in key regions. We ended 2025 with a pipeline of 270,000 packages, with third of these already activated to take their tour this year. We've also added 100,000 new first-time buyers over the past five years, providing us future built-in upgrade potential.

首次購屋者銷售額下降了 9%，主要原因是重點地區的表現不佳。截至 2025 年底，我們共有 27 萬個旅遊套餐正在籌備中，其中三分之一已經激活，將於今年開始旅遊。過去五年，我們也新增了 10 萬名首次購屋者，這為我們未來的升級改造提供了潛在空間。

Delinquencies declined again this quarter compared to last year, and we are close to 2022 levels. Financing propensity increased to 56% in the quarter and sales reserve was 12.7% of contract sales in line with our previous guidance. Product cost as a percentage of development revenue decreased 90 basis points, while marketing and sales costs increased 200 basis points year over year.

本季違約率較去年同期再次下降，已接近 2022 年的水準。本季融資傾向性上升至 56%，銷售儲備金佔合約銷售額的 12.7%，與我們先前預期的一致。產品成本佔開發收入的百分比下降了 90 個基點，而行銷和銷售成本比去年同期上升了 200 個基點。

As a result, development profit declined 8% to $94 million. Total company rental profit declined 26% to $25 million in the quarter due to higher inventory costs. Management and exchange profit increased 9% to $92 million while our financing profit increased 10% to $53 million reflecting the consistent and resilient nature of these high margin revenue streams.

因此，開發利潤下降了 8%，至 9,400 萬美元。由於庫存成本上升，該公司本季租賃總利潤下降 26% 至 2,500 萬美元。管理和匯兌利潤成長 9% 至 9,200 萬美元，而融資利潤成長 10% 至 5,300 萬美元，這反映了這些高利潤收入來源的持續性和韌性。

Moving to the balance sheet, we ended the quarter with $3.2 billion in net corporate debt. In January, we repaid our $575 million convertible notes using available cash and revolver borrowings. We ended the quarter with leverage of 4.2 times above where we want to be long-term, but manageable given our cash flow.

從資產負債表來看，本季末我們的淨公司負債為 32 億美元。1月份，我們利用可用現金和循環信貸額度償還了5.75億美元的可轉換債券。本季末，我們的槓桿比率比我們長期目標高出 4.2 倍，但考慮到我們的現金流，這是可以控制的。

Our next corporate debt maturity isn't until December 2027, so we are in good shape from a maturity perspective. We returned $171 million to shareholders last year in dividends and share repurchases, including $25 million of share repurchases in November and December last year.

我們下一筆公司債務到期日是 2027 年 12 月，所以從到期日來看，我們的狀況良好。去年，我們透過股利和股票回購向股東返還了 1.71 億美元，其中包括去年 11 月和 12 月的 2,500 萬美元股票回購。

As you saw in our release last night, we recorded $546 million in non-cash impairments in the quarter. These impairments relate to three broad areas. First, we recorded $202 million related to inventory and other assets, reflecting the write down of carrying values of future phases of existing projects that we no longer expect to complete.

正如您昨晚在我們的公告中看到的那樣，本季我們提列了 5.46 億美元的非現金減損損失。這些缺陷涉及三個主要方面。首先，我們記錄了與庫存和其他資產相關的 2.02 億美元，這反映了我們不再預期完成的現有項目的未來階段的帳面價值減記。

As well as legacy we inventory and our revised Asia strategy. Second, as part of our plan to monetize $200 to $250 million of excess assets not core to our strategy, we recorded a $160 million charge to reflect their estimated realizable value.

除了傳統策略之外，我們還盤點了庫存和修訂後的亞洲策略。其次，作為我們將 2 億美元至 2.5 億美元非核心資產變現計畫的一部分，我們提列了 1.6 億美元的費用，以反映其估計的可實現價值。

And third, $184 million primarily related to goodwill and intangibles from our acquisition of [ILG]. Looking forward, we expect contract sales to be up 1% at the midpoint of the range this year and adjusted EBITDA to be $755 million to $780 million.

第三，1.84億美元主要與我們收購產生的商譽和無形資產有關。[ILG]。展望未來，我們預計今年合約銷售額將成長 1%（取區間中位數），調整後 EBITDA 為 7.55 億美元至 7.8 億美元。

We expect tours to decline in the mid-single-digits, primarily driven by an intentional 30% reduction in our Asia-Pacific business. Our focus on tour quality and utilization of FICO scores to optimize tours will also impact tour growth this year, but that will be offset by higher BPGs.

我們預計旅遊業務將出現中等個位數的下滑，這主要是由於我們有意將亞太地區的業務縮減了 30%。今年，我們對旅遊品質的重視以及利用 FICO 評分來優化旅遊行程的運用，也將影響旅遊業務的成長，但更高的 BPG 將抵消這一影響。

Based on trends today, we expect contract sales to be down a few percentage points in the first quarter. As Matt mentioned, we have numerous initiatives designed to improve VPG contract sales and revenues this year and expect trends to build as the year progresses.

根據目前的趨勢，我們預計第一季合約銷售額將下降幾個百分點。正如 Matt 所提到的，我們今年制定了多項旨在提高 VPG 合約銷售額和收入的舉措，並預計隨著時間的推移，這些趨勢將會不斷增強。

We also recorded positive reportability in last year's first quarter, and this year we expect it to be negative, which is more typical for the first quarter. We also expect rental profit to be a headwind this year due to increased carrying costs of unsold inventory. And as a result, we expected Justin Ibada to be down in the first quarter compared to last year.

去年第一季我們也錄得了正的業績報告，而今年我們預計業績報告將為負，這在第一季更為常見。由於未售庫存的持有成本增加，我們預計今年的租賃利潤也將面臨不利影響。因此，我們預計賈斯汀·伊巴達第一季的表現會比去年有所下滑。

For the full year, we expect sales reserve to be consistent with last year, product cost to increase, and marketing and sales costs to decline, driving an increase in development profit compared to last year. As we indicated in our press release, beginning in the first quarter, we started including interest expense in our warehouse credit facility as a component of consumer financing interest expense.

預計全年銷售儲備金將與去年持平，產品成本將增加，行銷和銷售成本將下降，推動研發利潤較去年有所成長。正如我們在新聞稿中指出的那樣，從第一季開始，我們將倉儲信貸額度中的利息支出作為消費融資利息支出的一部分納入其中。

This is consistent with how we treat warehouse interests on our securitizations. Interest expense on warehouse borrowings was $13 million last year, and we expect it to be similar this year. As a result, we expect financing profit to decrease year over year, but excluding this change, financing profit would have been flat.

這與我們處理證券化產品中倉儲權益的方式一致。去年倉庫借款的利息支出為 1,300 萬美元，我們預計今年的情況也差不多。因此，我們預計融資利潤將年減，但如果排除此變化，融資利潤將保持不變。

Importantly, while this change will reduce EBITDA, it has no impact on net income or cash flow. Moving on, we expect management and exchange profit to increase compared to last year and for rental profit to declined 15% to 20% due to higher costs of owned inventory in our [VO] business. G&A is expected to be flattened up slightly, and we are taking additional expense actions beginning this quarter which will benefit the second half of the year.

重要的是，雖然這項變更會降低 EBITDA，但對淨收入或現金流量沒有影響。接下來，我們預期管理利潤和匯兌利潤將比去年有所成長，而由於[VO]業務中自有庫存成本較高，租賃利潤將下降15%至20%。預計一般及行政費用將略有下降，我們將從本季開始採取額外的費用控制措施，這將有利於下半年的發展。

Finally, our adjusted EBITDA guidance for the year includes both a $10 million- and [$0.10 million] product cost benefit from our impairments, as well as the negative $10 million to $15 million dollar impact from the change in treatment of warehouse interest expense.

最後，我們調整後的年度 EBITDA 預期包括因減損而產生的 1,000 萬美元和 10 萬美元的產品成本收益，以及因倉儲利息支出處理方式改變而產生的 1,000 萬美元至 1,500 萬美元的負面影響。

Moving to cash flow. We expect our adjusted free cash flow to be $375million to $425 million this year. And for our adjusted free cash flow conversion to be in the 50% to 55% range, including roughly $100 million of cash inflows related to the sale of our hotel in Cancun, and monetization of our dollar denominated Asian notes receivable.

接下來談談現金流。我們預計今年的調整後自由現金流為 3.75 億美元至 4.25 億美元。預計我們調整後的自由現金流轉換率將達到 50% 至 55%，其中包括與出售我們在坎昆的酒店相關的約 1 億美元現金流入，以及我們以美元計價的亞洲應收票據的貨幣化。

We expect inventory spending to be $160 to $170 million this year, which includes $55 million for prior commitments. We had a $14 million inventory commitment due later this year for inventory in Bali that we have eliminated and we deferred another $33 million payment until 2028 for the next phase of our Kwa projects. These changes, taken with additional actions related to inventory, will collectively increase free cash flow by $70 million to $80 million this year versus our prior expectations.

我們預計今年的庫存支出將達到 1.6 億至 1.7 億美元，其中包括 5,500 萬美元的先前承諾。我們原有一筆價值 1400 萬美元的庫存承諾將於今年稍後到期，用於巴厘島的庫存，但我們已經取消了這筆承諾。此外，我們還將 Kwa 專案的下一階段所需的 3,300 萬美元付款推遲到 2028 年。這些變化，加上與庫存相關的其他措施，將使我們今年的自由現金流比先前預期增加 7,000 萬至 8,000 萬美元。

We will continue to incur costs this year that are more one time in nature, that are related to our modernization initiative and non-indicative of our long-term cash generation. And believe it is appropriate to continue to carve that out of our reported results. Our adjusted free cash flow guidance excludes approximately $75 million of one-time after-tax costs, which is a reduction from our original plans, and it's principally technology spending and some severance costs.

今年我們將繼續產生一些一次性成本，這些成本與我們的現代化計劃有關，並不代表我們的長期現金流。我認為繼續從我們公佈的結果中剔除這部分內容是合適的。我們調整後的自由現金流預期不包括約 7500 萬美元的一次性稅後成本，這比我們最初的計劃有所減少，主要包括技術支出和一些遣散費。

As we have talked about in the past, we have a number of assets that we plan to sell, and in January, we took a meaningful step in fulfilling that promise, selling the Western Resort and spa in Cancun for $50 million which will be recorded as a reduction in inventory in the cash flow statement.

正如我們過去所討論過的，我們有一些資產計劃出售。今年一月，我們朝著履行這項承諾邁出了重要一步，以 5000 萬美元的價格出售了坎昆的西部度假村和水療中心，這筆交易將在現金流量表中記錄為庫存。

In connection with the sale, we agreed to acquire 64 purpose-built timeshare units co-located with the Marriott Puerto Vallarta Resort and Spa when construction is complete in late 2028 for $46 million. This transaction provides us two benefits. First, it eliminates our having to invest significant capital to convert the Cancun Hotel into timeshare units, and it adds a new resort in Puerto Vallarta, adding excitement to our Marriott system.

作為此次出售的一部分，我們同意在 2028 年底萬豪巴亞爾塔港度假酒店及水療中心竣工時，以 4600 萬美元的價格收購 64 套專門建造的分時度假單元。這項交易為我們帶來了兩項好處。首先，它省去了我們投入大量資金將坎昆酒店改建成分時度假單元的麻煩，而且在巴亞爾塔港新增了一家度假村，為我們的萬豪系統增添了活力。

And we will open a new sales center there, our first in that market. As part of our broader business review, we have also updated our asset disposition list to include additional properties, and as a result, we now believe we can generate $200 to $250 million of cash over the next two years from asset sales, incremental to the $50 million we generated from the sale of the Westin Cancun.

我們將在那裡開設一個新的銷售中心，這將是我們在市場上的第一個銷售中心。作為我們更廣泛的業務審查的一部分，我們也更新了資產處置清單，納入了其他物業，因此，我們現在相信，在未來兩年內，我們可以透過出售資產產生 2 億至 2.5 億美元的現金，這還不包括我們從出售坎昆威斯汀酒店中獲得的 5000 萬美元。

We always continue to work on optimizing our future inventory spending. To summarize, we closed 2025 on a strong note, and are starting 2026 focused on driving higher profitability and stronger cash flow. Over the past four months, we have taken decisive actions to the right size our Asia-Pacific business, reviewed every asset in the portfolio to maximize our value, begun implementing actions to reduce overhead across the company, and added new leadership to drive long-term growth in our business.

我們始終致力於優化未來的庫存支出。總而言之，我們以強勁的勢頭結束了 2025 年，並​​將在 2026 年伊始專注於提高盈利能力和增強現金流。在過去的四個月裡，我們採取了果斷措施，調整了亞太業務的規模，審查了投資組合中的每一項資產以最大限度地提高我們的價值，開始實施降低公司營運成本的措施，並增加了新的領導層，以推動我們業務的長期成長。

I and many of our associates are energized by the focus Matt has brought to the company and are excited by the opportunity in front of us to grow this great platform.

我和我們許多同事都深受 Matt 為公司帶來的專注精神的鼓舞，並對擺在我們面前發展這個偉大平台的機會感到興奮。

With that, Matt and I will be happy to answer your questions, Maria.

那麼，我和馬特很樂意回答你的問題，瑪麗亞。

(Operator Instructions) Ben Chaiken, Mizuho.

（操作說明）Ben Chaiken，瑞穗。

Hey, good morning. Thanks for taking my question. I'd love to double down on the Salesforce commentary, Matt. Maybe you could talk about where the Salesforce was when you started the role, where you are today, and where do you think you'll be in three months, and then kind of related. What were some of the specific actions you took to rebuild the platform? Thanks.

嘿，早安。謝謝您回答我的問題。馬特，我非常樂意進一步闡述 Salesforce 的相關觀點。或許你可以談談你剛加入 Salesforce 時 Salesforce 的發展狀況，以及你現在的發展狀況，還有你認為三個月後 Salesforce 的發展狀況，然後談談相關的其他話題。為了重建平台，您採取了哪些具體措施？謝謝。

Thanks man. A couple of things. I'll give you some overall comments and then double click as you are asking on some of those specific dynamics. We have roughly 1,000 sales executives today across the system, principally in North of our North America and Mexico operation. We obviously have additional sales, operations internationally that were really unaffected by that particular topic.

謝謝老兄。有幾件事。我會先給一些整體評價，然後根據你提出的具體問題，再進行雙擊回覆。目前我們整個系統大約有 1000 名銷售主管，主要分佈在北美北部和墨西哥的業務部門。顯然，我們還有其他國際銷售和營運業務，這些業務並沒有受到該特定主題的影響。

In some of our conversations and in my comments we indicated it does not take a lot to move that needle, so the, I would literally say in the 35 to 50 range, the impact of top performers leaving shows up in the numbers. It also shows up in just the overall cadence of the gallery itself. We got after that, immediately after that call, we have recruited back in the 35 range now, and they're ramping up.

在我們的一些談話和我的評論中，我們都指出，不需要太多的改變就能改變現狀，所以，我直說，在 35 到 50 人之間，頂尖人才的離職對數字的影響就會顯現出來。這也體現在畫廊本身的整體節奏中。在那通電話之後，我們立即著手行動，現在已經招募了大約 35 人，而且他們正在加緊招募。

Some of them had to complete their year-end obligations, etc. Elsewhere. Some of them had left the industry, others were at competitors, and we reached out to all of them. So we're pleased with the recruiting effort that went on. And, but beyond that, we're out there recruiting every day, so I would sort of stand down on that question at this point, unless you've got further.

他們中的一些人還得完成年終事務等等。他們當中有些人已經離開了這個行業，有些人去了競爭對手公司，我們聯絡了他們所有人。因此，我們對此次招募工作感到滿意。而且，除此之外，我們每天都在進行招聘，所以除非你還有其他問題，否則我現在就不回答這個問題了。

No, maybe just a related, you made a new hire recently at the beginning of the call. You introduced Mike, maybe if you could talk about kind of high level, some of the things you hope to accomplish here and build on and maybe related some of the things that maybe VAC was, kind of lacking is the right word, but the softer on that that might can help with.

不，也許只是個相關的問題，例如在通話開始時，你最近新招了一名員工。您介紹了邁克，也許您可以談談您希望在這裡實現的一些目標，以及您希望在此基礎上發展的一些事情，還可以談談VAC可能存在的一些不足之處，用“不足”這個詞比較貼切，但委婉一些地談談這些可能會有所幫助的事情。

Listen, I, first of all, I appreciate the question and clearly one of my responsibilities early on was to evaluate where I thought we could improve the company overall and, reaching out and identifying and reconnecting with Mike and the cadence, energy, passion, and the experience he has -- Mike obviously has been a CEO in this business.

聽著，首先，我很感謝這個問題。很顯然，我早期的職責之一就是評估我認為我們可以在哪些方面改進公司整體運營，並與邁克聯繫，重新建立聯繫，感受他的節奏、活力、熱情和經驗——邁克顯然是這個行業的首席執行官。

He has a long, rich history. And grew up in the sales and marketing aspect of the business in a way that he brings a, authenticity and energy and a passion for our commercialization activities, very specifically in our sales marketing arena, but overall we think there is a real value to bringing all of those commercial activities in our rental, how we yield all of the opportunities we have in the system.

他有著悠久而豐富的歷史。他在銷售和行銷方面成長起來，因此他為我們的商業化活動帶來了真誠、活力和熱情，尤其是在銷售行銷領域。但總的來說，我們認為將所有這些商業活動融入我們的租賃業務中，能夠真正發揮其價值，讓我們充分利用系統中的所有機會。

So yes, I would tell you that as we look at the execution of our business, across all of our commercialization activities, simply put, where there is a revenue opportunity that needs to be integrated and thought about. Holistically, Mike's role overseeing all of that part of the business, combined with his personal attributes around the energy and the viewing of the challenges that we have in some respects, as he says, nothing but opportunity.

所以，是的，我會告訴你，當我們審視業務執行情況，審視我們所有的商業化活動時，簡而言之，就是要考慮並整合任何潛在的收入機會。從整體上看，麥克負責監督公司所有這部分業務，再加上他個人充滿活力，並且以積極的態度看待我們面臨的挑戰，正如他所說，在某些方面，這其中只有機會。

And so that is in place -- it's been in place for a week now, and I'm really excited about the addition that Mike brings, to our business.

所以這件事已經落實到位——已經落實一周了，我對麥克為我們公司帶來的新成員感到非常興奮。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

Hi there, thanks for taking the question. I appreciate all the detail. Wondering if you could just go on to the, vacation ownership business, you mentioned, tours down mid single-digit, but VPG kind of stronger to offset some of that. Maybe you could talk about some of those initiatives you kind of called out and, to what extent you're thinking new buyers can kind of increase and whether there's any mix shift impact there. Thanks.

您好，感謝您回答這個問題。我很欣賞您提供的所有細節。我想知道您是否可以繼續從事度假所有權業務，您提到旅遊業務下降了個位數百分比，但VPG（每單位銷售額）表現較強，可以抵消部分損失。或許您可以談談您提到的那些舉措，以及您認為新買家能在多大程度上增加，以及這是否會對產品組合產生任何影響。謝謝。

Thanks, Lizzie, this is Matt. Couple of things we have, towards the end of the year, we have implemented investment in our training, particularly of new hires as we bring them onto the system. Certainly mix, is part of it as we looked at improving the quality, as of the tour flow that we had in our pipeline from packages that has been getting implemented through the latter half of 2025.

謝謝莉齊，我是馬特。年底前，我們有幾項舉措，包括增加對新進員工訓練的投入，幫助他們熟悉系統。當然，混合是其中的一部分，因為我們一直在努力提高質量，包括我們正在籌備的旅遊套餐，這些套餐將在 2025 年下半年逐步實施。

And I would say in addition to, the plan that we've got and the guidance that we've got, we will begin looking at immediately how we grow the opportunities. I alluded to this earlier in my comments about how you grow cash flow and the various tools to do it. We are going to be focused on improving the BPG in our core operation, but we are going to immediately begin looking at how we expand.

除了我們已有的計劃和指導之外，我還想說，我們將立即開始研究如何拓展這些機會。我之前在談到如何增加現金流以及實現這一目標的各種工具時，已經提到過這一點。我們將專注於提高核心業務的 BPG，但我們將立即開始考慮如何擴張。

The opportunities to grow our tour flow and take better advantage of our fixed infrastructure today. We've got 770,000 owners. We talked to a lot of them, we can talk to more of them. We have facilities that can take on more package tours, and we're going to be looking at that again immediately. Those take a little longer to bleed into the system.

我們有機會擴大旅遊客流量，並更好地利用我們現有的基礎設施。我們有77萬名業主。我們已經和他們中的許多人談過了，我們還可以和更多的人談。我們有能力接待更多旅行團，我們將立即再次考慮這個問題。這些物質需要更長時間才能滲入體內。

But we are focused on day-to-day core execution in terms of VPG dynamics, but we're also looking to return an overall environment of growth to the business.

但我們專注於日常核心業務的執行，包括 VPG 動態，同時也希望為業務恢復整體成長環境。

Got it. That makes sense. Thank you. And I guess going a little deeper into that, you've been in this role for a few months now, and you know you talked about maybe first half could be a little bumpy, but there's clearly a lot of opportunity here. Like, how do you think about what's kind of low hanging fruit versus what, takes a little bit longer to kind of turn around and specifically kind of on the cost side as well.

知道了。這很有道理。謝謝。我想更深入地探討一下，您擔任這個職位已經幾個月了，您也說過上半年可能會有些坎坷，但顯然這裡有很多機會。例如，你如何考慮哪些事情比較容易實現，哪些事情需要更長的時間才能見效，尤其是在成本方面。

Well, I'll go backwards on your question. Clearly when you look at the cost structure of the business, first thing we have to do is be respectful of what the run rate of the business had been. And those are never easy discussions or decisions to make.

好吧，關於你的問題，我先從倒敘的角度來回答。顯然，在檢視企業的成本結構時，我們首先要做的就是尊重企業過去的營運速度。這些討論和決定從來都不容易做出。

We have been at that, pretty rigorously over the last several months. I alluded to in my comments that we expected to implement further cost reductions, before the end of the quarter. And we'll be doing that. We are looking at prioritizing the activities that we have internally, but simply put, overall, the cadence of the business and what our cost structure had become over the years.

過去幾個月，我們一直在非常認真地研究這個問題。我在評論中提到，我們預計在本季末之前會進一步削減成本。我們會這麼做的。我們正在考慮優先考慮內部活動，但簡而言之，總體而言，要考慮的是業務節奏以及我們多年來的成本結構。

So when I joined the company, I said two things that everything was on the table and everything had to earn its right in our business plan going forward. You heard Jason allude to that in some of our disposition strategies, and you have heard us refer to that, directly and indirectly with regards to better managing our cost structure for the business needs going forward. So, those things have been underway, they are underway, and we look forward to getting them behind us as quickly as possible.

所以當我加入公司時，我說了兩件事：一切都在討論之中，每件事都必須在我們未來的商業計劃中贏得一席之地。你們聽傑森在我們的一些資產處置策略中提到這一點，你們也聽我們直接或間接地提到過這一點，以便更好地管理我們未來業務所需的成本結構。所以，這些事情一直在進行中，現在也正在進行中，我們期待盡快完成這些工作。

Patrick Schultz, Truist Securities.

Patrick Schultz，Truist Securities。

Great. Good morning, everyone. Good morning, Matt and, Mike. Welcome, I guess, to your next, event of a lifetime, as we might say. A couple questions here. First, you have a pretty lofty target here, that was put out a week or two ago to get to that $950 million of EBITDA in, I believe three years. How should we think about. The balance or the mix as far as cost cut versus revenue growth to get there from a high level to start with. Thank you.

偉大的。各位早安。早上好，馬特和麥克。我想，歡迎來到您人生中下一個難忘的盛會。這裡有幾個問題。首先，你們這裡有一個相當遠大的目標，這個目標在一兩週前提出，要在三年內實現 9.5 億美元的 EBITDA。我們該如何思考？從高水準的起點出發，需要在成本削減和收入成長之間找到平衡或組合，才能達到目標。謝謝。

Sure. First of all, thank you, Patrick. Appreciate the question. We certainly recognize that that got, some attention. And when Mike and I, made the decision, I made the decision to, take on the role permanently that I had held on an interim basis, and Mike made the decision to accept our offer to join the company. We were both very motivated, and I've alluded to this a little bit in my answer to Lizzie, with regards to the growth opportunity.

當然。首先，謝謝你，派崔克。感謝您的提問。我們當然意識到這件事引起了一些關注。當我和麥克做出決定時，我決定正式擔任我之前臨時擔任的職位，而麥克則決定接受我們邀請他加入公司。我們兩個都很有幹勁，我在回答莉齊的問題時也稍微提到這一點，也就是關於發展機會的問題。

Certainly, we are after the cost structure right now, as we should be. Going forward, it is certainly going to be rooted far more in the growth opportunities I alluded to, and the efficiency with which we can do that from a cash flow pers perspective.

當然，我們現在關注的是成本結構，我們也應該如此。展望未來，它肯定會更植根於我所提到的成長機會，以及我們從人均現金流角度實現這些機會的效率。

There are, and I alluded to them just a moment ago, innumerable ways we can grow nominal EBITDA by growing the number of tours, the number of people that we can talk to, and we have in place infrastructure to do that.

正如我剛才提到的，我們可以透過增加旅遊團數量、增加我們可以接觸的人數等方式來提高名義 EBITDA，而且我們已經建立了相應的基礎設施。

We have far more owners on site than we talked to over the course of a year, so that's simply increasing the penetration rate with which we do that you alluded to, and I appreciate it, the Mike's personal next event of a lifetime, but clearly to be direct about that, from an overall perspective.

我們網站上的業主數量遠遠超過了我們在過去一年中接觸過的業主數量，所以這只是提高了我們滲透率，正如您所提到的，我很感激，這是邁克一生中最重要的事情之一，但顯然，從整體上看，直截了當地說。

Increasing our engagement with our owners, bringing increased experiential dynamics to them, also increases our opportunity to talk to them in different ways than we have traditionally in our offers to come here more about Marriott, and it's a setting that creates that engagement, they enjoy the experiences and creates more sales opportunity.

加強與業主的互動，為他們帶來更豐富的體驗，也讓我們有機會以不同於以往的方式與他們交流，邀請他們更多地了解萬豪酒店。這種環境能夠創造互動，讓他們享受體驗，並創造更多銷售機會。

Additionally, from a pipeline perspective, there are a lot of underlying building blocks, if you will, how we house our guests, the length of different packages that we may offer, utilizing our existing doors perhaps complemented by offsite facilities, but when you look at the scope of our marketing capabilities, our ability to build even a broader and bigger distribution channel that we're requiring, will require in places, additional sales talent.

此外，從管道建設的角度來看，有很多基礎性要素，例如我們如何接待客人，我們可能提供的不同套餐的長度，利用我們現有的設施，或許輔以場外設施，但是，當你審視我們的營銷能力時，我們構建更廣泛、更大的分銷渠道的能力，就需要在某些方面增加銷售人才。

And, we have facilities that we're not fully maximizing from a sales facility and, distribution now. So, I think the thing that excited both Mike and I, this doesn't require buying five more resorts or opening up eight more resorts in order to drive those kinds of numbers.

而且，我們目前還沒有充分利用銷售設施和分銷設施。所以，我認為讓我和麥克都感到興奮的是，這並不需要再購買五個度假村或再開設八個度假村才能達到這樣的數字。

It is rooted in execution of the business and looking how we can expand and take advantage of the assets we have with a broader lens, and it all comes down to the number of people that we're able to talk to the quality of the product offerings we bring to them, and our ability to grow our sales executives, both nominally and capability wise, to take advantage of those additional opportunities in terms of tour flow, and we're fully committed to doing that.

這一切都根植於業務的執行，以及我們如何以更廣闊的視角拓展業務並利用現有資產。這一切都取決於我們能夠接觸到的人數、我們為他們提供的產品質量，以及我們提升銷售主管的規模和能力，從而抓住巡演流量方面的額外機會。我們正全力以赴地實現這個目標。

Listen, there are costs that should be adjusted and reflected, and we're after that right now. But clearly the way you get there is a culture of growth and waking up every day looking at the commercial and revenue opportunities that are embedded in this business that we are not fully realizing today.

聽著，有些成本需要調整和反映，而我們現在正在努力實現這一點。但很顯然，實現這一目標的途徑是培養一種成長型文化，每天醒來都要審視這個行業中蘊含的、我們今天尚未充分發揮的商業和收入機會。

Thank you. That's actually a great answer. One follow-up question here and then I'll hop back in the queue, concerning the impairment and, expectations for product cost. So we expect that those impairments should, help keep lower product cost for the next several years. Thank you. Any relation between those.

謝謝。這真是個絕妙的答案。這裡還有一個後續問題，關於減損和產品成本預期，然後我會重新排隊。因此我們預計，這些減損損失應該有助於在未來幾年內維持較低的產品成本。謝謝。它們之間是否有任何關聯？

Yeah, Patrick, there's a small relation. We in my prepared remarks, we indicated about $10 million of benefit will be realized in 2026. That's included in our guidance. We do still expect product cost to increase, this year a little bit, but there is about $10 million of benefit reflected in our guidance this year from, some of those inventory impairments that we took.

是的，派崔克，他們之間有點親戚關係。我在事先準備好的演講稿中提到，到 2026 年將實現約 1,000 萬美元的收益。這包含在我們的指導方針中。我們仍預期產品成本今年會略有增加，但由於我們提列了一些庫存減損準備，今年的業績指引中已反映出約 1,000 萬美元的收益。

David Katz, Jefferies.

David Katz，傑富瑞集團。

Morning everybody. Thanks for taking my questions. Appreciate it. Matt, I want, what I wanted to get at is on your to do list, Marriott is -- corporate is going through some, digital transformation. I wanted to get a sense for where on your list, technology initiatives might be for Marriott Vacations. Obviously it takes. A partnership to move those things forward, and that's always been a discussion point. Where does that fit on your to do list?

大家早安。謝謝您回答我的問題。謝謝。馬特，我想說的是，萬豪集團正在經歷數位轉型，而這正是你待辦事項清單上的一個問題。我想了解一下，在萬豪度假酒店的各項計畫中，科技創新措施的優先順序是什麼。顯然需要這樣做。建立合作夥伴關係來推動這些事情向前發展，這始終是一個討論的重點。這件事在你的待辦事項清單中該排在哪裡？

Thank you, David, for the question and for joining us this morning. We alluded to some of our ongoing modernization spending in 2026, and you are right on top of where the majority of that activity is, which is in our technology, from both a digital, we are working on mobile app, dynamics, but a portion of that spend is in fact to better connect with the Marriott platform, and the required capabilities that we have to be part of that system.

謝謝大衛的提問，也感謝他今天早上收看我們的節目。我們提到了 2026 年的一些持續現代化支出，您說的很對，這些活動的大部分都集中在我們的技術方面，包括數位化方面，我們正在開發行動應用程式和動態功能，但其中一部分支出實際上是為了更好地與萬豪平台連接，以及我們成為該系統一部分所需的必要能力。

So, clearly the opportunities, broadly from a technology standpoint, digital in particular, we enjoy a great relationship with the team at Marriott, and in fact, we'll be, meeting with them in the not-too-distant future to better explore all the ways in which.

因此，很明顯，從技術角度來看，尤其是在數位化方面，我們與萬豪團隊保持著良好的關係，事實上，我們將在不久的將來與他們會面，以更好地探討各種合作方式。

We can further create value for both our company and Marriott International overall. So we've got a great relationship. There is technology spend that is the focus of the modernization activity this year. So I appreciate the question and you're right on point.

我們能夠為公司和萬豪國際集團創造更多價值。所以我們關係很好。今年的現代化活動重點在於技術方面的支出。我很感謝你的提問，你說得完全正確。

And if I may, have you, been able to put some dollar opportunity or earnings opportunity, specifically around the technology side of it? I'm really just trying to get a sense for -- how much, catching up there might be. To do, and, or is most of the dollar opportunity that you've laid out other than sort of the asset divestitures and the non-core assets, is most of it really technology driven?

如果可以的話，請問您能否提供一些關於資金投入或盈利機會的信息，特別是關於技術領域的？我其實只是想了解一下──到底有多少需要追趕的地方。除了資產剝離和非核心資產之外，您所列出的大部分美元機會，是否真的主要由技術驅動？

And just to make sure I'm following the question, David, when you say the dollar dollar opportunity, are you talking about in our nearer term cash flow, or are you talking about in our '26 results? I just want to make sure I'm answering the right question.

為了確保我理解你的問題，David，當你提到「美元的機會」時，你指的是我們近期的現金流，還是指我們2026年的表現？我只是想確認一下我回答的是正確的問題。

No, I really intended it from a long-term untimed perspective. Like how much is there really out there if you can just catch your technology up to where you think it should be.

不，我的初衷確實是從長遠角度出發，不考慮時間因素。如果你的技術能夠提升到你認為應有的水平，那麼究竟有多少東西是真正可以挖掘的呢？

I candidly, I would say that is an enabler of the business overall, and I would tell you the primary, the improvement that we can see candidly is at this stage in the core execution and fundamentals of our business rooted in broadening our perspective around growth.

坦白說，我認為這對整個業務來說是一個推動因素，而且我可以坦率地告訴你，我們目前能夠看到的主要改進體現在我們業務的核心執行和基本面方面，而這些改進源於我們拓寬了對增長的視野。

To say that 1% of the growth opportunity, that Patrick referred to earlier, is rooted 1% in the technology spend, I would tell you that's, we certainly expect that to occur, but I would not say, I can bracket X dollars of the growth of belief that we have over these next three years.

如果說派崔克之前提到的 1% 的成長機會源自於 1% 的技術支出，我會告訴你，我們當然預期這種情況會發生，但我不會說，我可以把未來三年我們相信的成長額的 X 美元範圍限定在內。

Yeah David, just to add on a little bit to what Matt's saying, one of our key initiatives this year is on the mobile app. If you, when you look at where our mobile app sits today versus customer expectations of a mobile app, it's not meeting those expectations that allows a lot of additional business benefits.

是的，David，我只是想補充Matt剛才說的，我們今年的重點舉措之一就是行動應用程式。如果你看看我們目前的行動應用程式與客戶對行動應用程式的期望之間的差距，就會發現它並沒有達到客戶的期望，而正是這種差距帶來了許多額外的商業利益。

Hard to quantify, but we know they're real in terms of engagement with the owners when they're on property, near term booking opportunities. Billing extra inventory, things like that, so those capabilities are exist today through the web, but not in that device that we carry it on our pocket and are addicted to.

雖然難以量化，但我們知道，當業主在房產內時，這些活動確實能帶來與業主的互動，並帶來近期預訂機會。例如對額外庫存進行計費等等，這些功能現在可以透過網路實現，但是我們隨身攜帶並離不開的設備卻無法實現。

So, as we can enhance those capabilities, that's more the longer-term future, and we're spending on that this year. So that's one of our key initiatives on the technology side related to that.

所以，隨著我們不斷提升這些能力，這更多的是著眼於長遠的未來，而我們今年也正在這方面投入資金。所以這是我們在技術方面與此相關的一項關鍵措施。

Chris Woronka, Deutsche Bank.

克里斯‧沃隆卡，德意志銀行。

Hey Chris. Hey Mike, you guys with the contract sales guidance, I think, up 4% for the year at the midpoint. Expect Q1 to be down a little bit. Is there any, that, is there anything you can add to give us a little conviction or what's your conviction level and getting to that midpoint?

嘿，克里斯。嘿，麥克，你們的合約銷售預期，我認為，年中位數為成長 4%。預計第一季業績將略有下滑。有沒有什麼，或者說，有沒有什麼可以補充的，讓我們更有信心，或者說，你的信心程度如何，才能達到那個中間點？

Is that a kind of a hard target for you? Is it more aspirational? Is there anything you could point to in terms of, package activations or something like that in the remaining three quarters after Q1 that might add confidence to that?

對你來說，這算是個很難達成的目標嗎？它更具抱負嗎？在第一季之後的剩餘三個季度中，您能否指出一些數據，例如套餐激活量或其他類似數據，以增強人們對這一預測的信心？

Yeah. Just so we're clear, when we do the guide for the year at the midpoint was 1% contract sales increase. I think you may have said four. I just want to clarify that sorry, yeah. Yeah, correct.

是的。為了避免誤解，我們先前給出的年度業績指引中期目標是合約銷售額成長 1%。我想你可能說的是四個。我只是想澄清一下，抱歉，是的。是的，沒錯。

1%. No worries, Chris. We just wanted to make sure we were on the, we were sort of all referring to the same numbers, so. With that target in mind, and recognizing the transition we're in right now, there is clearly a direct -- as I can say it, as we are both focused on this, overall culture of growth, as I, you guys can't see him. I'm looking to my left.

1%。別擔心，克里斯。我們只是想確保我們指的是同一個數字，我們都在談論同樣的數字。考慮到這個目標，並認識到我們目前正處於轉型期，顯然存在一個直接的——正如我所說，因為我們都專注於此，整體成長文化，因為我，你們都看不到他。我正看向左邊。

Mike is sitting here in the room with us, and there's a reason for that. And so the ability to both drive tour flow opportunities and performance throughout the system, I would tell you that that cadence, increased a week ago, and it'll increase tomorrow morning and then it'll increase Saturday and Sunday.

麥克和我們一起坐在這個房間裡，這是有原因的。因此，無論是推動巡迴流程機會還是提升整個系統的效能，我都要告訴你，這種節奏在一周前有所增加，明天早上還會增加，然後週六和週日還會增加。

We're after this in a really intense 7 day a week manner. So that's part of what gives me the confidence in it. And yes, you referred to some of the tools we have. We've got a great pipeline. We do have tools to activate that in different ways.

我們正在以每週7天高強度的方式追求這個目標。這就是我對此充滿信心的部分原因。是的，您提到了我們擁有的一些工具。我們擁有非常優秀的人才儲備。我們確實有多種方法可以激活它。

And I would tell you that is absolutely one of the ways in which we would look to do that. And also we can begin some of the things that we're going, tools that we'll have in place to increase our penetration of our on-site guests.

我可以告訴你，這絕對是我們會考慮的途徑之一。此外，我們還可以開始實施一些計劃，並部署一些工具來提高我們現場客人的滲透率。

Jason had alluded to the fact that our properties run 90% occupied system-wide throughout our resorts. And the opportunity to reach more of them, provide our product features is going to increase. The number of people we'll talk to will go up.

傑森曾暗示，我們旗下所有度假村的入住率都達到了90%。我們將有更多機會接觸更多用戶，並向他們提供我們的產品功能。我們將與更多人交談。

Understood. Thanks. Thanks, Matt. And the follow-up is kind of related to that, which is, I know in the past. There's been a bit of a narrative, and I think it's maybe partly fair that the funnel of customers that Marriott gets to you is maybe changing a little bit in terms of composition based on their push into more select service.

明白了。謝謝。謝謝你，馬特。後續問題與此有點相關，我知道過去曾發生過類似的事情。已經出現了一些說法，我認為這種說法或許有一定道理，萬豪酒店的客戶群組成可能正在發生一些變化，這是因為他們正在朝著更高端的服務方向發展。

So what you're talking about talking to more customers, it sounds like that's coming from maybe non-Marriott, funneled channels. If that makes sense. Can you maybe elaborate a little bit on what some of those newer channels are to talk to more folks?

所以，您說的與更多客戶溝通，聽起來好像是透過非萬豪的管道，也就是管道管道來溝通。如果這樣說你能理解的話。能否詳細介紹一下這些與更多人溝通的新管道有哪些？

I'll answer it a couple of ways. Listen, I will not, say that I can refer to every comment that may have been made in the history of the company with regards to what you're alluding to. What I will say is the Marriott Broad customer base there is runway for us there and how Marriott grows that their member base is nothing ultimately but upside for us.

我會用幾種方式來回答這個問題。聽著，我不會說我可以指出公司歷史上所有與你所暗示的事情相關的評論。我想說的是，萬豪酒店龐大的客戶群對我們來說有很大的發展空間，萬豪酒店會員群的成長最終對我們來說只有好處。

There is more to do in the database that we have access to today. That's number 1. Number 2, are there other databases in the world that we ought to be looking at to be more creative about and look to partner with, explore, to bring into our funnel, as Mike alluded to in his comments. There's no question about it. And then as we look to either grow that package pipeline.

我們目前能存取的資料庫中還有更多內容需要處理。這是第一點。第二，世界上是否還有其他資料庫值得我們關注，以便我們更有創意地尋求合作、探索，並將其引入我們的銷售漏斗，正如麥克在他的評論中提到的那樣。這點毋庸置疑。然後，當我們考慮如何發展這個軟體包管道時。

And or reaching out and accessing our owner base either on site or through some of our direct virtual and telephone oriented, there's owners that we don't see every year or every couple of years and being more strategic about how we activate them, get them to return to our resorts, or reach them in that interim time is a big focus for the business going forward.

此外，我們還可以透過現場或一些直接的虛擬和電話方式聯繫和接觸我們的業主群。有些業主我們一年或每隔幾年都見不到，因此，如何更有策略地激活他們，讓他們回到我們的度假村，或者在這段過渡時期與他們取得聯繫，是公司未來發展的一大重點。

Patrick Schultz, Truist Securities.

Patrick Schultz，Truist Securities。

Great, thank you again. Question for you, Jason, or the team, has there been any, reassessment of what your, specific long-term net debt to EBITDA target is? I know in the past, you've called out trying to reach, 3 times as an ideal, metric. Thank you.

太好了，再次感謝。傑森，或你的團隊，請問你們是否重新評估過具體的長期淨債務與 EBITDA 目標值？我知道你過去曾指出，理想的衡量標準是達到目標的3倍。謝謝。

Yeah, Patrick, I think over the long-term we'd like to be in the threes. Obviously you got to be in the threes before we can get down to kind of the lower threes. So we're really focused on cash flow generation, making sure we deploy that capital effectively.

是的，派崔克，我認為從長遠來看，我們希望能夠進入前三名。顯然，你得先進入前三名，我們才能進入後三名以下的行列。因此，我們真正關注的是現金流的產生，確保我們有效地利用這些資金。

I'd like to see the debt come down a little bit more. It gives us a lot more flexibility in terms of share repurchases and other opportunities that we may have, so. That's kind of the answer there. Just, let's get us under 4 times, be generating that cash flow, show that path, and then we'll have a little bit more flexibility with deploying the cash.

我希望債務能再下降一些。這讓我們在股票回購和其他可能的機會方面擁有更大的靈活性。答案大概就是這樣。我們只要把本益比降到 4 倍以下，產生現金流，展現出發展路徑，然後我們在資金部署上就會有更大的彈性。

Okay, thank you. And then the final question, and any thoughts about, rescheduling that, investor day, or is it too soon to start to think about that? Thank you.

好的，謝謝。最後一個問題，關於重新安排投資者日，您有什麼想法嗎？或者現在開始考慮這個問題為時過早？謝謝。

Yeah, Patrick, you're right, it's a little bit too soon. We've got a lot of work ahead of us, but it's definitely top of mind, but a little too soon right now.

是的，派崔克，你說得對，現在確實有點太早了。我們還有很多工作要做，但這絕對是我們最關心的事情，但現在考慮起來還為時過早。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

Hey, thanks for getting me in here. On your comments about talking to existing owners more, can you perhaps remind us of how many owners have never had an upgrade since their initial purchase? And then secondarily, how do you think about the trajectory of overall owner growth as part of your plans to drive sustainable free cash flow growth long-term?

嘿，謝謝你讓我進來。關於您提到的要多與現有業主溝通，您能否提醒我們一下，有多少業主自最初購買以來從未進行過升級？其次，作為推動長期可持續自由現金流成長計畫的一部分，您如何看待整體所有者成長的軌跡？

Yeah Steven I don't have a number in terms of how many owners in our system have never upgraded. We did, we have sold 100,000 new owners over the last, five years, and so that does have some embedded growth potential there, as we think about. New owner growth, that's key to our future growth.

是的，史蒂文，我沒有確切的數字知道我們系統中有多少用戶從未升級過。確實如此，過去五年我們已經售出了 10 萬輛新車，因此我們認為這其中蘊含著一定的成長潛力。新東家的發展，是我們未來發展的關鍵。

And so obviously as Mike's got on board, that's going to be a key initiative for us going forward, not necessarily in in the guide that we just gave you, but that's top of mind in terms of growing the funnel, growing first time buyers, and really making sure that we have a long-term sustainable growth profile here as we move forward.

顯然，隨著 Mike 的加入，這將是我們未來發展的關鍵舉措，雖然不一定在我們剛才給你的指南中有所體現，但就擴大銷售管道、增加首次購買者而言，這是我們首要考慮的，並且真正確保我們未來能夠實現長期可持續的增長。

And then one other, clarification because I thought that I heard Matt say that, going forward you're going to have kind of clean results, fully kind of embedding some of the costs. So does your guidance, particularly on a free cash flow basis, what just if you can help us understand what that includes or excludes as it relates to. Additional monetization and other costs in any way to help frame maybe you know real cash impact from those things as we look at 2026.

還有一點要澄清，因為我好像聽到 Matt 說，今後你們將會得到比較清晰的結果，完全將一些成本納入考量。所以，您的指導意見，特別是關於自由現金流的指導意見，能否幫助我們理解它包含或排除了哪些內容？額外的貨幣化和其他成本，以任何方式幫助我們了解這些因素對 2026 年的實際現金影響。

Yeah, so I would say simplistically the cash flow guide starts with our adjusted EBITDA that we guided to, which would include any benefits from all of our initiatives that Matt alluded to. It does not include any of the asset sales that we talked about, the $200 million to $250 million of, asset sales that we're working on. And it does not include roughly $75 million of after-tax costs related to technology and severance related to that continuation of that work.

是的，簡單來說，現金流指南從我們預期的調整後 EBITDA 開始，其中包括 Matt 提到的所有舉措帶來的任何收益。它不包括我們討論過的任何資產出售，也就是我們正在進行的 2 億至 2.5 億美元的資產出售。而且，這還不包括與該項工作的延續相關的技術成本和遣散費，稅後約 7,500 萬美元。

So, it's really what we're trying to do is guide the core business operations. I did allude in my comments to call at one time positives, the sale of the Cancun Hotel, which will be reflected as a reduction to inventory, as well as the monetization of our dollar denominated Asian notes, which is about $50 million in that cash flow guide, so it does have those two things in it. Hopefully that's helpful clarification.

所以，我們真正想做的就是指導核心業務運作。我在評論中確實提到了一些積極的方面，例如坎昆酒店的出售（這將反映在庫存減少上）以及我們以美元計價的亞洲票據的貨幣化（在現金流指南中約為 5000 萬美元），所以其中確實包含了這兩件事。希望這樣的解釋對您有幫助。

(Operator Instructions) We have reached the end of our question-and-answer session, as there are no further questions at this time. I would now like to turn the floor back over to Matt Avril for closing comments.

（操作員說明）我們的問答環節到此結束，目前沒有其他問題了。現在我想把發言權交還給馬特艾薇兒，請他做總結發言。

I'd like to thank everyone for joining our call today. There's no question at times it's been a very hectic first four months on the job, but they've been incredibly beneficial and personally rewarding. There's a lot of great people here that I have enjoyed getting the chance to either reconnect with, meet, and spend time with. We have the organization focused on what drives shareholder value, which is profitability, cash flow, and long-term growth.

感謝各位今天參加我們的電話會議。毫無疑問，上任後的前四個月有時非常忙碌，但這四個月也讓我受益匪淺，個人也獲得了極大的滿足感。這裡有很多很棒的人，我很高興有機會與他們重新聯繫、見面並共度時光。我們公司的組織架構專注於驅動股東價值的因素，即獲利能力、現金流量和長期成長。

We made a number of difficult strategic decisions, including changing our scope of our activity in Asia. We brought Mike on board to help transform our operational effectiveness. We've also accelerated our plan to monetize excess inventory and any other assets, which we plan to redeploy in debt reduction and returns to shareholders.

我們做出了一些艱難的策略決策，包括改變我們在亞洲的業務範圍。我們聘請麥克來幫助我們提升營運效率。我們還加快了將過剩庫存和其他資產變現的計劃，並計劃將這些資產重新用於減少債務和回報股東。

The next few months will be critical for the organization as we work through our transition. We fully expect the second half of the year where we'll begin to see improvements in our results. Finally, on behalf of all of our associates, owners, members, and our board of directors and customers around the world, I want to thank you for your continued interest in our company. Thanks for joining us today.

接下來的幾個月對本組織來說至關重要，因為我們將努力完成轉型。我們完全預期下半年業績將開始改善。最後，我謹代表我們所有的員工、所有者、成員、董事會成員以及世界各地的客戶，感謝您一直以來對我們公司的關注。感謝您今天收看我們的節目。

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

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。