Marriott Vacations Worldwide Corporation (VAC) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Marriott Vacations Worldwide first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Marriott Vacations Worldwide 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Neal Goldner, Vice President, Investor Relations. Thank you. You may begin.

現在我很榮幸介紹本次會議主持人：投資人關係副總裁 Neal Goldner。謝謝。您可以開始了。

Thank you, and welcome to the Marriott Vacations Worldwide first 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.

謝謝，歡迎各位參加 Marriott Vacations Worldwide 第一季財報電話會議。今天與我一同出席的有：我們的執行長 Matt Avril、總裁兼營運長 Mike Flaskey，以及執行副總裁兼財務長 Jason Marino。

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.

我需要提醒各位，我們今天的許多評論並非歷史事實，依據聯邦證券法屬於前瞻性陳述。這些陳述受到眾多風險與不確定性影響，可能導致未來結果與我們評論中明示或暗示者存在重大差異。新聞稿中的前瞻性陳述以及本次電話會議中的評論，僅在發表當下有效，且不會隨實際事件發展而更新。

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.

在本次電話會議中，我們將提及非 GAAP 財務資訊。您可在新聞稿所附的附表以及我們的網站上，查閱非 GAAP 財務衡量指標的調節表。

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

接下來，我很榮幸將電話會議交給 Matt。

Thank you, Neal. And good morning, everyone, and thank you for joining us. Each quarter, I will address our prior commitments, progress made, and what lies ahead. So let me start this morning where we left off on our February earnings call.

謝謝你，Neal。各位早安，感謝各位加入我們。每一季，我都會說明我們先前的承諾、已取得的進展，以及接下來的規劃。因此，今天早上我先從我們在 2 月財報電話會議結束時談到的內容開始。

During that call, we laid out a clear set of priorities and how we expected the year to unfold. Our focus was on improving profitability and cash flow, accelerating growth, taking actions to lower costs, and monetizing non-core assets. We also stated that 2026 would be a first half, second half type year.

在那次電話會議中，我們提出了一套清晰的優先事項，以及我們預期今年將如何展開。我們的重點是提升獲利能力與現金流、加速成長、採取降低成本的行動，以及變現非核心資產。我們也表示，2026 年將是一個「上半年、下半年」型態的一年。

Let me begin by updating you on where we stand against those commitments. We talked about aligning our organizational structure and leadership team, reduce the scale of our Asia business, which we've done, benefiting our current year capital spend and future margins, take actions to lower costs, monetize non-core assets, and most significantly, initiate our commitment to revenue growth and operational excellence.

我先向各位更新我們在這些承諾上的進度。我們談到要調整組織架構與領導團隊、縮減我們亞洲業務的規模（我們已完成），以利於本年度資本支出並改善未來利潤率；同時採取降低成本的行動、變現非核心資產；而最重要的是，啟動我們對營收成長與營運卓越的承諾。

In the last two months, we've made demonstrable progress. We've made significant changes across the executive team and in key leadership roles to better drive overall performance, grow revenues, EBITDA, and cash flow. In particular, the process began with hiring Mike as President and Chief Operating Officer. And turn, we've added experienced leaders across sales and marketing.

在過去兩個月，我們已取得可見的進展。我們在高階主管團隊及關鍵領導職位上做出重大調整，以更有效推動整體績效、提升營收、EBITDA 與現金流。尤其是，這個流程從聘任 Mike 擔任總裁兼營運長開始。隨後，我們也在銷售與行銷領域增聘了具豐富經驗的領導人才。

We have also successfully added direct frontline talent in our sales galleries. The leadership decisions taken were deliberate and a priority set when I stepped in early in the year, and they are already beginning to show results in the business. I undertook a full assessment of where we needed to build on the best of our company and also the need to infuse it with new experience and talents from outside. These actions are about positioning the business for more consistent performance and stronger growth over time, now and ongoing, including the initiatives Mike will discuss shortly during the call.

我們也成功在銷售展示中心增補了直接面對客戶的一線人才。這些領導決策是經過審慎規劃的，也是我在年初上任時所設定的優先事項，且已開始在業務上展現成果。我對我們需要在哪些方面延續公司既有優勢，以及在哪些方面需要引入外部的新經驗與人才，進行了全面評估。這些行動旨在讓業務在現在及未來能有更一致的表現與更強勁的成長動能，包括 Mike 稍後在會議中將討論的各項計畫。

We also implemented the workforce reductions we committed to on our last call, and we completed those in the middle of March. They will benefit the balance of the year and are contemplated in our guidance. We closed on the sale of the Westin Cancun hotel in January and listed additional non-core assets targeting more than $125 million gross in additional proceeds this year. And we remain on track to generate $200 million-$250 million from asset sales by the end of 2027.

我們也落實了在上次電話會議中承諾的人力縮減，並於 3 月中完成。這將有利於今年剩餘期間，且已納入我們的財測指引。我們已於 1 月完成 Westin Cancun 飯店的出售交割，並已掛牌出售其他非核心資產，目標在今年額外取得超過 1.25 億美元的總收益。我們仍按計畫在 2027 年底前，透過資產出售累計創造 2 億至 2.5 億美元的收益。

With that context, let me turn to the first quarter. Our first quarter was a period of significant transition. We stated in February that we expected contract sales and adjusted EBITDA to be down in the first quarter. Our results were consistent with that expectation. Adjusted EBITDA declined 16% to $161 million. Contract sales were down 2% versus last year, with VPG increasing 1%. Tours were down 3%.

在此背景下，我接著談第一季表現。第一季是顯著轉型的期間。我們在 2 月表示，預期第一季的合約銷售與調整後 EBITDA 會下滑。我們的結果符合該預期。調整後 EBITDA 下滑 16% 至 1.61 億美元。合約銷售較去年下降 2%，其中 VPG 成長 1%。導覽（tours）下降 3%。

Owner sales increased 3% compared to the prior year, driven by a 4% lift in VPG. Marketing and sales costs increased 300 basis points year over year as a percentage of contract sales reflecting the in-flight operating strategies from late 2025. Product costs increased 110 basis points on the same basis and was in line with our expectations.

業主銷售較去年同期成長 3%，主要由 VPG 提升 4% 所帶動。行銷與銷售成本占合約銷售比重較去年增加 300 個基點，反映 2025 年底啟動且仍在進行中的營運策略。產品成本在相同口徑下增加 110 個基點，符合我們的預期。

Finally, we generated $114 million of adjusted free cash flow, resulting from our deliberate actions to improve our cash generation and capital discipline.

最後，我們創造了 1.14 億美元的調整後自由現金流，這源自我們為提升現金創造能力與資本紀律而採取的審慎行動。

Our focus remains unchanged: consistent execution, improving profitability, strong cash flow generation, disciplined capital allocation, and a clear emphasis on near term and sustainable growth in contract sales, EBITDA, and cash flow. Our financing and management businesses continue to generate stable, recurring, high margin revenue and cash flow, underscoring the durability of our business model.

我們的重點維持不變：穩健且一致的執行、提升獲利能力、強勁的現金流創造、嚴謹的資本配置，以及明確聚焦於短期與可持續的合約銷售、EBITDA 與現金流成長。我們的融資與管理業務持續帶來穩定、經常性且高毛利的營收與現金流，凸顯我們商業模式的韌性。

Importantly, given the nature of our product, our owners have already purchased their future vacations. This provides a high level of visibility for our future tours that fuels our direct-to-consumer sales model and allows us to drive demand on site.

重要的是，鑑於我們產品的特性，我們的業主已經預先購買了他們未來的度假。這為我們未來的導覽（tours）提供高度可視性，支撐我們的直面消費者銷售模式，並使我們能在現場推動需求。

Our forward-looking indicators remain healthy. Resort occupancy is expected to be 88% to 90% in Q2 and for the full year. 96% of our expected owner utilization for the second quarter is already on the books. We expect owner occupancy to increase as our new initiatives we are implementing begin to drive higher owner arrivals. These compelling occupancy levels reflect our strong commitment to delivering outstanding hospitality services and overall memorable vacation experiences to our owners. Lastly, the nature of our preview packages provides a highly predictable source of future tours, totaling approximately 110,000 for 2026 arrivals.

我們的前瞻性指標仍然健康。度假村入住率預期在第二季及全年為 88% 至 90%。第二季預期的業主使用率中，已有 96% 完成預訂入帳。隨著我們正在推行的新計畫開始帶動更多業主到訪，我們預期業主入住率將提升。這些具吸引力的入住水準，反映我們致力於為業主提供卓越的款待服務與整體難忘的度假體驗。最後，預覽套裝（preview packages）的特性為未來導覽提供高度可預測的來源，2026 年到訪的導覽總量約為 11 萬次。

We are confident in what is ahead. We have executed on capital discipline initiatives, taken steps on our costs and operating structure, and more recently, implemented a series of hires in sales and marketing that are already driving results. During today's call, Mike and Jason will detail these initiatives and how they are reflected in our expectations and our April contract sales results.

我們對未來充滿信心。我們已執行資本紀律相關計畫，並在成本與營運架構上採取措施；而近期在銷售與行銷方面的一系列招募，也已開始帶動成果。在今天的電話會議中，Mike 與 Jason 將詳細說明這些計畫，以及它們如何反映在我們的預期與 4 月合約銷售結果之中。

In accepting the appointment to CEO in February of this year, it was important that I identify clear priorities and actions to be taken with respect to them. Principal among those have been the ongoing evaluation of our operating structure and personnel that started day one when I stepped in last November. I very much believe the best companies are able to benefit from continuity and experience in their organization and at the same time, being able to attract talent with different experiences and additive expertise to the business.

在今年 2 月接受執行長任命時，對我而言重要的是要釐清明確的優先事項，以及針對這些事項所需採取的行動。其中最主要的是對我們營運架構與人員配置的持續評估，這項工作自我去年 11 月上任第一天起便已展開。我深信，最優秀的公司能夠從組織內的延續性與經驗中受益，同時也能吸引具不同經歷、並能為業務帶來加值專長的人才。

I have also been committed to driving improvements in our operating culture. Being able to act with speed and commitment and decisiveness is an imperative for our organization. We have dramatically improved the cadence of our decision-making. We have added talent. We are generating improved results, as you will hear more of today.

我也致力於推動我們營運文化的改善。能夠以速度、承諾與果斷行動，對我們組織而言至關重要。我們已大幅改善決策節奏。我們已增補人才。我們正在產生更佳的成果，今天各位也將聽到更多相關內容。

It was also clear that there would be a period of transition, and that was evident in our Q1 earnings. Looking forward, we are very pleased by the significant traction we are seeing in April, during which our contract sales were up 8% year over year. We are increasing our contract sales guidance based on our recent trends and the impact of new initiatives underway.

同時也很明顯會有一段過渡期，而這在我們第一季（Q1）財報中已可見端倪。展望未來，我們對4月所見到的顯著進展感到非常振奮；當月我們的合約銷售額年增8%。基於近期趨勢以及正在推動的新措施所帶來的影響，我們上調合約銷售指引。

As we work through the first half of the year, there are certain expenses being incurred as we transition to our new operating priorities, principally in sales and marketing. Accordingly, we believe it is prudent to reaffirm our existing EBITDA guidance.

在我們推進上半年工作的同時，隨著我們轉向新的營運優先事項，將產生若干費用，主要集中在銷售與行銷方面。因此，我們認為審慎起見，重申既有的EBITDA指引是合理的。

With respect to our future, I'm incredibly excited about what lies ahead for the company. Game-changing initiatives are underway. They are returning us to a path of revenue growth, product enhancement, energy, and optimism that now exists inside our company.

就我們的未來而言，我對公司接下來的發展感到無比興奮。多項具顛覆性的計畫正在推進中。這些計畫正帶領我們重回營收成長、產品強化、活力與樂觀的軌道，而這股氛圍如今已在公司內部形成。

Momentum is an incredibly powerful force in either direction. I will say unequivocally, there is a tremendous positive momentum inside our company. People are energized and committed. It is being built both with the infusion of new talent as well as the reinvigoration of our many associates in the workforce at Marriott Vacations Worldwide.

動能是一股在任何方向都極其強大的力量。我可以毫不含糊地說，公司內部正有非常強勁的正向動能。大家充滿幹勁並且投入承諾。這股動能一方面來自新人才的注入，另一方面也來自萬豪度假會（Marriott Vacations Worldwide）既有眾多同仁的再度振奮。

We have long had the opportunity to represent the best brands in vacation ownership and unbelievably loyal and broad-based customer profile. The company has long enjoyed a premier position in the industry, and we look forward to reasserting that position.

長期以來，我們都有機會代表度假所有權領域中最優秀的品牌，並擁有極其忠誠且覆蓋面廣的客戶輪廓。公司長期以來在產業中享有領先地位，我們期待重新巩固並彰顯這一地位。

With that context, I'll turn the call over to Mike.

在此背景下，我把電話交給Mike。

Thanks, Matt. Good morning, everyone. I joined Marriott Vacations about three months ago. Since then, I have spent my time diving into the business, the team, and the opportunity in front of us. I've been in the field with our associates and in many of our sales centers. I've also spent time speaking with investors.

謝謝，Matt。各位早安。我大約三個月前加入萬豪度假會。自那時起，我把時間投入在深入了解業務、團隊，以及我們面前的機會。我與同仁一起在第一線，也走訪了我們許多銷售中心。我也花時間與投資人交流。

What's clear to me is that we have a strong team, tremendous brands with very meaningful upside. What's encouraged me most is how much of the opportunity ahead of us is within our control. And we have already implemented several initiatives that are driving improvement.

對我而言很清楚的是，我們擁有一支強大的團隊，以及具備非常可觀上行空間的卓越品牌。最令我鼓舞的是，我們面前的許多機會其實都在我們可控範圍之內。而且我們已經落地了幾項正在推動改善的措施。

At a high level, our new operating framework is centered on improving contract sales by growing the right tour flow and strengthening our operating discipline, expanding demand from new sources, and driving incremental tours from our existing infrastructure, all while increasing average sales price. As we look at the opportunities in front of us, we've bifurcated them into both near term and long term.

從宏觀層面來看，我們新的營運框架聚焦於：透過增加正確的導覽（tour）流量並強化營運紀律來提升合約銷售；從新來源擴大需求；並利用既有基礎設施帶動增量導覽，同時提高平均銷售價格。在檢視我們面前的機會時，我們將其分為短期與長期兩類。

In the near term, we have a clear focus on improving our core operations, which are already impacting our results. First, we are building a high-performance organization designed to drive revenue growth by strengthening our sales processes and talent. To achieve that, we hired a new Chief Sales and Marketing Officer with a demonstrated track record of success that I've also worked with for years, and we have several other powerful sales and marketing leaders that we have added to the team. We are also seeing a resurgence of top sales talent returning to the organization alongside exceptional new talent desiring to join us. Our transformation has the company excited, and we are seeing it across the organization.

短期內，我們明確聚焦於改善核心營運，而這已經開始影響我們的成果。第一，我們正在打造一個高績效組織，透過強化銷售流程與人才來推動營收成長。為此，我們聘請了一位新的銷售與行銷長（Chief Sales and Marketing Officer），其成功紀錄有目共睹，我也與他共事多年；此外，我們也延攬了數位強而有力的銷售與行銷領導者加入團隊。我們也看到頂尖銷售人才回流組織，同時也有優秀新人才希望加入我們。公司的轉型讓大家感到振奮，我們在整個組織中都能感受到這一點。

Second, we reorganized our sales and our field marketing organization, positioning us to move faster and more effectively as we execute our growth initiatives. On May 1, we restructured our sales and marketing leadership compensation packages, aligning their incentives to revenue growth and net operating income, which better aligns their compensation with the company's revenue and adjusted EBITDA performance.

第二，我們重整了銷售與第一線行銷組織，使我們在執行成長計畫時能更快速、更有效率。自5月1日起，我們重設銷售與行銷領導團隊的薪酬方案，將其激勵與營收成長及淨營業利益掛鉤，使其薪酬與公司的營收及調整後EBITDA表現更一致。

Third, we launched a new data-driven tour logistics initiative designed to better align tour flow with the right salesperson, improve conversion, and enhance the overall selling experience through more effective use of sales center technology. We are already seeing results from this initiative.

第三，我們推出一項以數據驅動的導覽行程調度（tour logistics）新計畫，旨在更好地將導覽流量與合適的銷售人員匹配、提升轉換率，並透過更有效運用銷售中心科技來改善整體銷售體驗。我們已經看到這項計畫帶來的成果。

I am very happy to report that global contract sales were up 8% in April on a year-over-year basis, as Matt mentioned, powered by North America, where we were up 11%. This is very encouraging on many levels, in particular North America, which is offsetting our planned reductions in Asia. This is a significant indicator that our strategy has taken hold.

我很高興報告，正如Matt提到的，4月全球合約銷售額年增8%，其中北美表現帶動成長，年增11%。這在多個層面都非常令人鼓舞，尤其是北美的成長正在抵消我們在亞洲的計畫性縮減。這是一個重要訊號，顯示我們的策略已經奏效並落地。

We also have several initiatives that will enable long-term sustainable growth that will meaningfully impact EBITDA in the second half of the year. For example, on May 1, we announced changes to our owner loyalty levels, adding two new tiers at the high end of the Marriott program. By the end of May, we will also be introducing a new buyer incentive called Dream Vacation Packages. Through these initiatives, we expect to drive a higher close rate and more predictable and quantifiable pipeline of future tours and higher VPGs company wide.

我們也有數項能夠支持長期、可持續成長的措施，並將在下半年對EBITDA產生顯著影響。例如，5月1日我們宣布調整業主忠誠等級，在萬豪計畫的高端新增兩個等級。在5月底前，我們也將推出一項名為「夢想假期套裝」（Dream Vacation Packages）的新買家激勵方案。透過這些措施，我們預期能提升成交率，並在全公司範圍內建立更可預測、可量化的未來導覽管道（pipeline），以及更高的VPG。

And on June 22, we plan to launch our experiential event marketing program to be called Inner Circle. In my experience, this type of event platform has proven to drive higher quality incremental tour flow and VPG while strengthening engagement across the owner's life cycle. And the team that we now have introduced this concept to our industry, so we feel very confident in our ability to execute on it.

此外，我們計畫於6月22日推出體驗式活動行銷計畫，名為「Inner Circle」。依我的經驗，這類活動平台已被證明能帶來更高品質的增量導覽流量與VPG，同時在業主生命週期各階段強化互動與黏著。而且我們目前的團隊曾將此概念引入本產業，因此我們對執行能力非常有信心。

Importantly, Inner Circle supports our broader lifetime value strategy by enhancing the customer journey, extending owner longevity, and creating opportunities for increased wallet share over time.

重要的是，Inner Circle 透過強化客戶旅程、延長業主持有年限，並隨時間推移創造提高錢包份額（wallet share）的機會，來支持我們更廣泛的終身價值策略。

Let me pause on this for just a moment and explain what this means. The totality of these three programs incentivizes our owners to return to our properties and our sales galleries in a more predictable and managed way, driving higher tours and VPGs through increased average transaction size, thereby driving higher and more profitable contract sales.

我先在這裡稍作停頓，解釋一下這代表什麼。這三項計畫的整體設計，是以更可預測且可管理的方式，激勵業主回到我們的物業與銷售展示中心，透過提高平均交易規模來帶動更高的導覽數與VPG，進而推動更高且更具獲利性的合約銷售。

Finally, we are building a national and local partnership marketing capability to expand our reach beyond our existing databases to drive incremental tour flow. This will also allow us to grow tours through affiliations with the proven Marriott Bonvoy and World of Hyatt loyalty programs. Some of these initiatives are more transformational and will take time to ramp up, with meaningful benefits expected to begin later this year and into 2027.

最後，我們正在建立全國性與在地的合作夥伴行銷能力，以擴大觸及範圍，超越既有資料庫來帶動增量導覽流量。這也將使我們能透過與已被驗證的 Marriott Bonvoy 與 World of Hyatt 忠誠計畫的合作關係來增加導覽。其中部分措施更具轉型性，將需要時間爬坡；預期有意義的效益將自今年稍晚開始顯現，並延續至2027年。

Through the launch of these new initiatives, we are focused on growing our average transaction size and VPGs. We also have a unique opportunity with our points product to create multi-week vacation packages supported by our transformed owner benefit levels and powered by our world-class brands.

透過推出這些新措施，我們聚焦於提升平均交易規模與VPG。我們也在點數型產品上擁有獨特機會，可打造多週的度假套裝，並由我們轉型後的業主權益等級所支持，同時依託我們世界級的品牌。

To support these initiatives, we are applying data-driven tour logistics to better match the right guest with the right sales executive and upgrading our programs to create more compelling reasons for owner engagement while on vacation, particularly through initiatives like the Dream Vacation Packages and Inner Circle.

為了支持這些措施，我們運用數據驅動的導覽行程調度，更好地將合適的賓客與合適的銷售主管配對，並升級我們的方案，在度假期間為業主互動創造更具吸引力的理由，特別是透過「夢想假期套裝」與「Inner Circle」等計畫。

So to wrap up, to say I'm very encouraged by what I've seen so far is an understatement. We have a clear pathway to significantly improve our commercial performance in both the near term and the long term. The power of the talent that we've added to the company and the re-energized disposition of the existing team has improved operational execution across the board. Along with our new owner loyalty levels, the Dream Vacation incentive, and our Inner Circle event platform, they have us set up nicely for a predictable and sustained growth trajectory.

總結來說，若說我對目前所見感到非常鼓舞，其實仍不足以形容。我們在短期與長期都擁有一條清晰的路徑，可大幅改善商業表現。我們新增的人才力量，以及既有團隊重新振作的精神面貌，已全面提升營運執行力。再加上新的業主忠誠等級、「夢想假期」激勵方案，以及「Inner Circle」活動平台，讓我們在可預測且可持續的成長軌跡上具備良好基礎。

With that, I'll turn it over to Jason to walk through the financials and provide more detail on the quarter.

接下來，我把時間交給 Jason，請他帶大家檢視財務表現，並就本季提供更多細節。

Thank you, Mike. This morning, I'll walk through our Q1 results, then touch on the balance sheet, cash flow, and our outlook for the year.

謝謝你，Mike。今天上午，我將先說明我們第一季（Q1）的業績，接著簡要談談資產負債表、現金流，以及我們對全年展望。

First quarter contract sales declined 2% year over year to $411 million. Owner sales increased 3%, offset by lower sales to first-time buyers. Tours declined by 3%, driven primarily by our planned actions in Asia, which was restructured at the end of January to improve profitability and cash flow, as well as our decision to reduce tours to consumers with FICO scores below 640 starting last year. Excluding Asia Pacific, contract sales declined 1%.

第一季合約銷售額年減 2% 至 4.11 億美元。既有業主銷售成長 3%，抵銷了首次購買者銷售下滑的影響。導覽（tours）量下滑 3%，主要原因是我們在亞洲採取的既定行動；該區於 1 月底完成重整，以提升獲利能力與現金流；此外，我們也自去年起決定降低對 FICO 分數低於 640 的消費者安排導覽。若排除亞太地區，合約銷售額年減 1%。

Development profit declined $24 million year over year to $55 million due to lower contract sales, lower reportability, and higher product cost, all of which were in line with our expectations. In addition, marketing and sales costs increased year over year, primarily due to increased training costs and higher salaries, which are being addressed with the initiatives Mike mentioned.

開發利潤年減 2,400 萬美元至 5,500 萬美元，原因包括合約銷售額較低、可報告性（reportability）較低，以及產品成本較高，皆符合我們的預期。此外，行銷與銷售成本年增，主要由訓練成本增加與薪資提高所致；這些正透過 Mike 提到的各項措施加以處理。

Sales reserve was 12.3% of contract sales in the quarter, lower than Q4. 120-day delinquencies were up 17 basis points compared to the prior year and were down 45 basis points compared to 2024 levels. Defaults were unchanged from prior year, and our rigorous reserve process continues to indicate that we are adequately reserved given our overall loan performance.

本季銷售準備金占合約銷售額的 12.3%，低於第四季。120 天逾期率較去年上升 17 個基點，較 2024 年水準下降 45 個基點。違約率與去年持平；而我們嚴謹的準備金提列流程持續顯示，依整體貸款表現而言，我們的準備金提列充足。

Importantly, our more recent 2025 receivable originations are performing in line with our expectations, giving us further confidence in our reserve. As expected, rental profit declined $10 million year over year due to higher inventory levels and associated unsold maintenance fees.

重要的是，我們較近期的 2025 年應收款新增放款（receivable originations）表現符合預期，進一步強化我們對準備金水準的信心。如預期，租賃利潤年減 1,000 萬美元，原因是庫存水位較高及其相關的未售出維護費用。

Management and exchange profit declined $2 million, largely attributable to lower profit at Aqua-Aston. Finally, excluding the change in the presentation of interest expense in our warehouse credit facility, financing profit increased $2 million. As a result, adjusted EBITDA declined 16% year over year to $161 million, and adjusted EBITDA margin declined 370 basis points to 19%.

管理與交換（exchange）利潤下滑 200 萬美元，主要歸因於 Aqua-Aston 的利潤較低。最後，若排除我們倉儲信貸融資（warehouse credit facility）中利息費用呈列方式的變動，融資利潤增加 200 萬美元。因此，調整後 EBITDA 年減 16% 至 1.61 億美元，調整後 EBITDA 利潤率下降 370 個基點至 19%。

Turning to the balance sheet. We finished the quarter with $3.3 billion of net corporate debt and leverage of approximately 4.2 times. From a maturity perspective, we are well-positioned with no corporate debt maturities until December 2027, providing us with meaningful financial flexibility.

接著看資產負債表。本季結束時，我們的公司淨負債為 33 億美元，槓桿倍數約為 4.2 倍。就到期結構而言，我們的布局良好，直到 2027 年 12 月前都沒有公司債務到期，為我們提供了相當可觀的財務彈性。

Our adjusted free cash flow was $114 million in the quarter, an increase of $74 million over last year, driven by lower inventory and capital spending, as well as the $50 million of proceeds we received from the sale of the Westin Cancun.

本季調整後自由現金流為 1.14 億美元，較去年增加 7,400 萬美元，主要受惠於較低的庫存與資本支出，以及我們出售 Westin Cancun 所取得的 5,000 萬美元款項。

In April, in the midst of market volatility and increasing uncertainty, we completed our first securitization of the year, raising $460 million at a blended interest rate of 4.86% and an advance rate of 98%, further strengthening our liquidity and demonstrating continued access to the ABS market.

4 月，在市場波動與不確定性升高之際，我們完成了今年首筆證券化交易，以加權平均利率 4.86% 與 98% 的預支率（advance rate）募集 4.6 億美元，進一步強化流動性，並展現我們持續能進入 ABS 市場。

Before turning to guidance, I want to briefly address capital allocation. We remain focused on reducing leverage over time while continuing to return capital to shareholders. As cash flow from operations and disposition proceeds materialize, we will balance debt reduction, dividends, and opportunistic share repurchases within a framework to reach leverage levels below 4 times.

在談指引之前，我想先簡要說明資本配置。我們仍專注於隨時間降低槓桿，同時持續回饋股東。隨著營運現金流與資產處分收益逐步實現，我們將在以槓桿降至 4 倍以下為目標的框架下，平衡減債、股利，以及機會性庫藏股回購。

Turning to guidance. We now expect contract sales to increase 3% to 7%, which is above our original guidance, driven by the new revenue initiatives Mike discussed. We expect tours to decline in the 1% to 3% range this year, driven by the intentional reduction in Asia, and for VPG to increase in the mid to high single digits.

接著談指引。我們目前預期合約銷售額將成長 3% 至 7%，高於原先指引，主要由 Mike 所提到的新營收措施所帶動。我們預期今年導覽量將下滑 1% 至 3%，主要因為我們有意在亞洲縮減；同時 VPG 預期將以中到高個位數成長。

As we highlighted in our press release this morning, we are reaffirming our EBITDA guidance for the year, reflecting our higher contract sales and higher operating expenses over the short term to support these new initiatives. We expect our operating expenses as a percentage of revenue to decline sequentially over the balance of the year as we leverage growth in our revenues.

如同我們今天上午新聞稿所強調的，我們重申全年 EBITDA 指引，反映合約銷售額提高，以及為支持這些新措施而在短期內增加的營運費用。我們預期，隨著營收成長帶來規模效益，今年剩餘期間營運費用占營收比重將逐季下降。

In terms of quarterly cadence, contract sales and adjusted EBITDA growth remains weighted toward the second half of the year as new revenue initiatives ramp, with our first Inner Circle events targeted for later this quarter. For the second quarter, we expect contract sales to be up 4% to 8% year over year as our new revenue initiatives start to work through the system and adjusted EBITDA to be $187 million to $202 million.

就季度節奏而言，隨著新營收措施逐步放量，合約銷售額與調整後 EBITDA 的成長仍將偏重於下半年；我們首場 Inner Circle 活動目標是在本季稍晚舉行。第二季方面，我們預期合約銷售額年增 4% 至 8%，因新營收措施開始在系統中發揮作用；調整後 EBITDA 預期為 1.87 億至 2.02 億美元。

Finally, our expectations for management and exchange profit, rental profit, and G&A are largely unchanged from our previous guidance. From a cash flow perspective, we continue to expect adjusted free cash flow for the full year to be between $375 million and $425 million compared to $145 million last year. And we expect free cash flow conversion this year to be in the mid 50% range.

最後，我們對管理與交換利潤、租賃利潤以及 G&A 的預期，與先前指引大致不變。就現金流而言，我們仍預期全年調整後自由現金流介於 3.75 億至 4.25 億美元，相較去年為 1.45 億美元。我們也預期今年自由現金流轉換率約在 50% 中段水準。

We continue to make good progress on our non-core asset dispositions, listing multiple assets that we expect to generate more than $125 million of proceeds this year on our way to disposing $200 million to $250 million in total by the end of 2027. Any proceeds from these sales will be excluded from our adjusted free cash flow.

我們在非核心資產處分方面持續取得良好進展，已上架多項資產，預期今年可帶來超過 1.25 億美元的處分收益，並朝著在 2027 年底前累計處分 2 億至 2.5 億美元的目標前進。這些出售所得的任何款項都將排除在我們的調整後自由現金流之外。

As I wrap up our prepared remarks, I couldn't be more optimistic about MVW's long-term future. The organization is energized by a new leadership team, our April sales results, the launch of new programs, and culture of accountability. The transition to EBITDA and profitability growth is beginning. Our momentum is increasing, and we look forward to the second half.

在結束我們的準備發言之際，我對 MVW 的長期未來感到前所未有的樂觀。新的領導團隊、4 月的銷售成果、新方案的推出，以及問責文化，讓整個組織充滿動能。向 EBITDA 與獲利成長的轉型已經開始。我們的動能正在加速，也期待下半年表現。

With that, we will be happy to answer your questions. Operator?

接下來，我們很樂意回答各位的問題。接線員？

David Katz, Jefferies.

David Katz，Jefferies。

I feel like, quite frankly, I have about 10 questions. But what I'd like to just get from the team is really just kind of a, a big picture perspective on how confident are you versus where you were a few months ago when we first started talking about this in the long-term earnings power. I think that's been sort of made clear by the incentives that you've laid out, not just near term, but longer term. And what has to go right for you to achieve that long term big picture earnings power?

坦白說，我覺得我大概有 10 個問題。但我想先請團隊從宏觀角度談談：相較於幾個月前我們剛開始討論這件事、談到長期獲利能力（long-term earnings power）時，你們現在的信心程度如何？我認為你們提出的激勵措施已經某種程度說明了這點，不只是短期，也包含更長期。那麼，要達成那個長期、宏觀的獲利能力，有哪些關鍵必須做對？

Good morning, David. It's Matt. Thanks for the question and for joining us. I think the simple, direct answer is, we have to continue to enhance the experiential value proposition to our owners, drive their engagement, rooted in our guidance for the rest of the year. And things we're already seeing is lifting our tour flow opportunities with our owners at our properties. We have tremendous occupancy levels, and there is a lot of runway for us to do that.

早安，David。我是 Matt。謝謝你的提問，也謝謝你加入我們。我想最簡單直接的答案是：我們必須持續提升提供給業主的體驗式價值主張，並推動他們的參與度，這也奠基於我們對今年剩餘期間的指引。而我們已經看到的一些現象是：在我們的物業中，與業主相關的導覽流量機會正在提升。我們的入住率非常高，這方面仍有很大的成長空間。

Secondly, as I said at the beginning of my remarks today, in any situation, from my perspective, like the one when I stepped in, is you assess who, and then you go assess what. I will tell you that we were -- we are, from my personal perspective, well ahead of where I could have hoped we would be, a little over two months ago, stepping in and taking on the role in a more permanent way.

第二點，如同我今天一開始的發言所說，在任何情況下，從我的角度來看，像我接手時那樣的情境，你會先評估「人」，再去評估「事」。我可以告訴你，就我個人觀點而言，我們目前的進展——相較於兩個多月前我以更長期、更正式的方式接任這個職務時——已經遠遠超出我原本所能期待的程度。

We needed to have an infusion of talent, expertise, and blending that into a terrific in-place workforce in order to accelerate how we put things into play in the field in our business. And as we've alluded to see that take place in the way that it already has in April has been really gratifying and probably faster than I could have expected during that period of time.

為了加速我們在業務現場把各項工作落地推進的速度，我們需要注入人才與專業能力，並將其與現有優秀的一線團隊融合。而且，正如我們先前提到的，看到這些在4月已經以目前這樣的方式發生，確實令人非常欣慰，速度也可能比我在那段期間原先預期的更快。

And then in terms of how you sustain that over time, there is sort of that inherent flywheel, which is as we build and create more value, experientially in particular for our owners, give them more reason for us to have more share of wallet for their travel and their vacation. It's the nature of the product that our best customers do travel and travel more, and we're committed to earning more of that share of wallet. And then over time, we'll continue to add new owners to the top of the funnel as well.

至於如何長期維持這樣的動能，這裡其實有一個內在的飛輪效應：當我們持續打造並創造更多價值，尤其是在體驗層面為我們的業主帶來更多價值，就能給他們更多理由把旅遊與度假的錢包份額（share of wallet）更多地交給我們。就產品本質而言，我們最好的客戶確實會旅行，而且會旅行得更多；我們也致力於爭取並贏得更多的錢包份額。同時，隨著時間推進，我們也會持續在漏斗頂端新增更多新業主。

So the team has been assembled and is being assembled each and every day. So we've been in very good shape on the team. The initiatives to add attractiveness to owning the product and experiencing it. So that's the big picture that I would provide.

因此，團隊已經組建完成，並且每天都在持續完善與擴編。所以我們在團隊方面的狀態非常好。同時也在推動各項措施，提升擁有這項產品以及體驗它的吸引力。以上就是我想提供的整體概況。

Appreciate it. And one, just a very quick follow-up. Since the street is hyper-focused on this and it's -- we always need something to worry about, is there anything noteworthy with respect to loan loss or delinquencies? And it may be difficult to tell at this stage in the turnaround, but just checking in. Thanks.

感謝。另外一個非常快速的追問。由於市場對這點高度關注，而且——我們總得有些事情可以擔心——在貸款損失或逾期方面，有沒有任何值得注意的情況？我知道在這個轉型的階段可能還不容易判斷，但想確認一下。謝謝。

Yeah, David, this is Jason. Thanks for the question. Yeah, at this point, we feel really good about where the portfolio is. We ran through a bunch of metrics on the call in our prepared remarks, and we feel really good with our process and what we're seeing, especially as it relates to the near-term delinquencies, which are the majority of the book in terms of the nearer term vintages. And so we feel good.

好的，David，我是Jason。謝謝你的提問。就目前而言，我們對投資組合的狀況感到非常放心。我們在電話會議的事先準備發言中已經跑過一系列指標；我們對流程以及目前看到的情況都很有信心，特別是與短期逾期相關的部分——就較近的放款批次（vintages）而言，這些占了帳簿的大多數。所以我們感覺很好。

Patrick Scholes, Truist Securities.

Patrick Scholes，Truist Securities。

Question for you regarding expectations for development profit. I believe on the prior earnings call, you had expected development profit for the year to be up. It was down quite a bit in Q1. In light of that, do you still expect it to be up for the full year? Thank you.

我有一個關於開發利潤（development profit）預期的問題。我記得在上一季的財報電話會議上，你們預期今年的開發利潤會成長。但第一季（Q1）下降了不少。在此情況下，你們仍然預期全年會成長嗎？謝謝。

Yeah, Patrick, this is Jason. That's right. As we move through the year, we expect our development profit will grow as we -- based on the implied guidance that we've given. That is the big growth driver in our business. That's what Mike is driving throughout. With the higher contract sales, we expect product costs similar to the guidance we gave on the last call, will be up a bit year over year, but consistent with where we were in Q1. \

好的，Patrick，我是Jason。沒錯。隨著年度推進，基於我們所提供的隱含指引，我們預期開發利潤將會成長。這是我們業務最大的成長驅動力。這也是Mike一直在推動的重點。隨著合約銷售額提高，我們預期產品成本會與上次電話會議所給的指引相近，年對年會略有上升，但與Q1的水準一致。\"

And then as we go through the year, we'll continue to leverage our marketing and sales costs and drive higher development profit as we move through the year. So that is our expectation.

此外，隨著年度推進，我們會持續槓桿化（leveraging）行銷與銷售成本，並在今年接下來的時間推動更高的開發利潤。這就是我們的預期。

Ben Chaiken, Mizuho.

Ben Chaiken，Mizuho。

Would love to hear about some of the changes in sales and marketing, specifically on the event side. I think, Mike, you kind of suggested it actually doesn't launch until later this summer. Is that correct? And then anything you can share here would be helpful.

我很想聽聽銷售與行銷方面的一些變化，特別是在活動（event）端。我想，Mike，你似乎暗示它其實要到今年夏末才會上線。是這樣嗎？另外，你能分享的任何資訊都會很有幫助。

And is it fair to say that the contract sales acceleration you've seen has not even kind of like touched that event/Inner Circle side? I guess the implication being that it's all related to changes in sales personnel, and I guess I'm kind of alluding to the success in April. And then one follow-up. Thanks.

另外，是否可以說你們看到的合約銷售加速，甚至還沒有真正觸及活動／Inner Circle那一塊？我的意思是，這一切都與銷售人員的變動有關；我想我是在指你們4月的成功。然後我還有一個追問。謝謝。

Yeah. Thanks, Ben. So look, from April's standpoint, if you think about it, we need to be great at what we're supposed to be great at. And what you saw and what Matt alluded to and I alluded to in the prepared remarks about our contract sales growth in April was from doing just that, fundamentally going in and being better at operating the business. To use an analogy like a sports team, we had to eliminate the penalties, we had to get in shape to play the fourth quarter, we had to do the basic fundamentals to win a few more games, which is what you saw.

是的。謝謝你，Ben。所以你看，就4月而言，如果你這樣想，我們必須把我們應該擅長的事情做到非常出色。你所看到的——以及Matt提到、我在事先準備發言中也提到的——4月合約銷售成長，正是因為我們做到了這一點：從根本上進場，把營運做得更好。用運動隊伍來比喻，我們必須減少犯規、必須把體能練到能打第四節、必須把基本功做好，才能多贏幾場比賽，而你看到的就是這個結果。

Now as we start introducing the things that we talked about, like the new loyalty levels May 1, the Dream Vacation incentives towards the end of the month, and then specifically your question, Inner Circle coming in June, we should really see that just turbocharge the momentum that we've already built. As you know, and as you've written about, we're -- we know the event business, and we know it very well. The team that's here created the event business for the entire industry, and we've never had brands like this to power it.

接下來，當我們開始導入我們談到的那些事項，例如5月1日的新忠誠等級、月底推出的Dream Vacation獎勵，然後針對你特別問到的Inner Circle在6月上線，我們應該會看到這些把我們已經建立的動能進一步「渦輪增壓」。如你所知、也如你所撰文提到的，我們——我們了解活動業務，而且非常了解。目前在這裡的團隊為整個產業打造了活動業務，而我們過去從未擁有像這樣能為其提供動力的品牌。

So it's incredibly exciting, not only to our first customer, which is our sales and marketing executives, but it's also going to be a big hit with the owners.

所以這非常令人振奮，不僅對我們的第一個客戶——也就是我們的銷售與行銷主管——如此，對業主而言也會是一個大受歡迎的亮點。

Okay. That's helpful. Then I guess on the contract sales guidance, this is maybe a multi-parter, but I guess, A, how much did you bake in, and I guess we have some implication or some inference because you gave us April, but how much did you bake in for these for Inner Circle specifically in broad strokes without getting, like, too hyperspecific?

好的。這很有幫助。那我想在合約銷售指引方面，這可能是個多段式問題，但我想先問A：你們在大方向上（不必講得太過細節）為Inner Circle具體納入了多少貢獻？我們或許可以從你們提供的4月數據推論一些，但想聽你們怎麼看。

And then question two would be, how did you think about the change in contract sales guide and no change in EBITDA? Could you maybe just help us out a little bit? Was there something on the cost side that you're assuming that's different than prior? Or is it just some conservatism? I know in the prepared remarks you mentioned some higher sales and marketing expenses. If we could just open that up a little bit, I think it'd be very helpful. Thanks.

第二個問題是：你們上調了合約銷售指引，但EBITDA沒有變動，這點你們是怎麼思考的？能否再多幫我們解釋一下？是否在成本端你們假設了與先前不同的情況？還是只是比較保守？我知道你在事先準備發言中提到一些較高的銷售與行銷費用。如果可以把這部分再展開一點，我想會非常有幫助。謝謝。

Hey, Ben, this is Matt. Thanks again for the questions. I'll sort of do it in reverse order. From a guidance perspective, you're right. In my prepared comments, I talked about sort of the word prudent. We clearly have terrific momentum, and we've got great traction, raising the guidance level. I acknowledged both some of the transition costs that we're already absorbing relative to the first quarter's performance, some transition costs as we have brought on the new teams and launching the events platform, the Dream Vacations, and the owner benefit levels. There's a lot of internal work that has gotten done at an accelerated rate to support those rollouts.

Ben，你好，我是Matt。再次謝謝你的提問。我會用相反的順序來回答。就指引而言，你說得對。在我事先準備的發言中，我提到了「審慎（prudent）」這個詞。我們顯然有非常好的動能，也有很好的進展，因此上調了指引水準。我也提到了一些我們已經在吸收的轉型成本，這些成本相對於第一季的表現而言已經存在；另外，隨著我們引進新團隊並推出活動平台、Dream Vacations，以及業主福利等級，也會有一些轉型成本。為了支援這些上線，我們在內部以加速的速度完成了大量工作。

So I think our guidance being in the range simply reflects that dynamic to the degree it ultimately may turn out to be conservative. I'll tell you, we're very focused on delivering actual, and the decision on guidance was simply balancing the what we would acknowledge as the more recent trend, but the enthusiasm and optimism and the visibility we have to what's coming on the revenue side, and we're gonna work really hard on the cost side to maximize that flow through. So it was a bit of balancing those two competing forces, if you will.

因此，我認為我們把指引設在一個區間，單純是反映這種動態；至於最終是否會顯得偏保守，確實有可能。我可以告訴你，我們非常專注於交付實際結果（actual），而指引的決策只是要在兩者之間取得平衡：一方面是我們承認近期趨勢的改善；另一方面是我們對收入端即將到來的事項所具備的熱情、樂觀與能見度。同時，我們也會在成本端非常努力，盡可能把增量效益最大化地反映到獲利上。所以可以說是在平衡這兩股相互拉扯的力量。

And your other question, Ben, on the front end, please remind me.

你另一個問題，Ben，關於前端的部分，請提醒我一下。

Yeah. It was basically just how did you think about -- obviously, there's been some acceleration in contract sales from the start of the year. How did you kind of, like, balance that versus layering in the Inner Circle dynamic? I don't know to the extent how much that actually contributes to 2026. Maybe it's a back half. That's kind of the color.

是的。基本上就是，你怎麼看——顯然，從年初開始合約銷售有一些加速。你大概是怎麼在這個情況下，去平衡同時納入 Inner Circle 這個動態？我不確定它實際上對 2026 的貢獻有多少。也許是在下半年。大概想聽聽這方面的補充說明。

Yeah. Fair question. Yeah, fair question, Ben. We feel like we've got a number of factors and certainly events as platform, and the attractiveness of that is part of it. They all combine to drive one of our underlying metrics that are contributing to that contract sales acceleration is our increased tour flow from our owners on property. And increasing the experiential aspect, those events are geared towards our best customers and our owners on site. So it is embedded in that acceleration.

是的。問得很好。是的，Ben，這是個很合理的問題。我們覺得有多項因素，當然也包括以活動作為平台，而其吸引力是其中一部分。這些因素共同推動我們的一項底層指標；而促成合約銷售加速的其中一個因素，是我們在物業現場由業主帶來的參觀（tour）流量增加。而在體驗面向上做強，那些活動是針對我們最好的客戶以及在現場的業主所設計。所以它確實已經內嵌在這波加速之中。

I wouldn't do an attribution waterfall chart, if you will. This much of the increase is this, this, this. It is the totality of all of the things that we're rolling out simultaneously.

我不會去做一個所謂的歸因瀑布圖。例如：增加的這麼多是因為這個、這個、這個。而是我們同時推出的所有事情的整體效果。

Brandt Montour, Barclays.

Brandt Montour，巴克萊。

Can you just maybe break out that April metric and kind of give us a sense of how much of that was close rate, how much of that was expanding purchase price, if there's mixed benefit in terms of repeat versus new owner? Just trying to get a sense for how much of that is sort of blocking and tackling, and how much of that is mixed.

你能不能把 4 月那個指標拆解一下，讓我們大概了解其中多少來自成交率（close rate），多少來自購買價格提升（expanding purchase price）；另外在重複購買者（repeat）相對於新業主（new owner）的組合上，是否也有帶來一些好處？我只是想了解其中多少算是基本功的執行（blocking and tackling），以及多少是組合（mix）帶來的。

Hey, hey, Brandt. It's Mike here. Our VPGs in April were up $450, just over $450 or about 12.7% versus prior year. Our tour flow was exactly as planned with our reduction in Asia. So North America tour flow was right on par. Asia was down as planned. So that's kind of the mix, and average transaction size is a key focus point for us going forward. In the month of April, it was actually a balance of close and average transaction size.

嗨，Brandt。我是 Mike。我們 4 月的 VPG 上升了 450 美元多一點，約 450 美元出頭，或較去年同期增加約 12.7%。我們的參觀流量（tour flow）完全符合計畫，並配合我們在亞洲的縮減。所以北美的參觀流量大致持平。亞洲則如計畫下滑。這就是大概的組合情況；而平均交易規模是我們接下來的重點。在 4 月份，實際上是成交率與平均交易規模兩者的平衡所帶動。

Okay. That's really helpful. Then maybe another one for you, Mike. You spoke about getting the right tours. Take us back a little bit. When you got there, what kind of tours were you guys getting before? And what kind of tours are you getting now? Why do you think it's going to be sort of low-hanging fruit that you can use your assets to sort of hone in on those higher hit rate tours?

了解。這很有幫助。那再問你一個，Mike。你提到要取得「對的」參觀。帶我們回顧一下。你剛到的時候，你們之前拿到的是什麼樣的參觀？現在拿到的又是什麼樣的參觀？你為什麼認為這會是某種低垂的果實，你可以運用你們的資產去更聚焦在那些命中率更高的參觀？

Right. Well, it's a combination of things. First, by far in my career, this is the most robust data pool that we've had to generate leads with the Marriott Bonvoy and the World of Hyatt, and we have significant runway left for first time buyers in those databases. So let's start there.

對。嗯，這是多種因素的組合。首先，就我的職涯而言，這是我們所擁有過最強大的數據池，用來透過 Marriott Bonvoy 和 World of Hyatt 產生潛在客戶（leads）；而在那些資料庫中，我們在首次購買者（first time buyers）方面仍有很長的成長跑道。先從這裡說起。

What I observed when I got here was that this company significantly underperformed versus the industry on owner arrival to tour rates. And so we have a serious opportunity to enhance that, and the flow-through on those for every 1 percentage point is significant. We're very, very excited about that, and that comment about the right tours was tied to that.

我來到這裡後觀察到，這家公司在「業主到訪轉為參觀」的比率（owner arrival to tour rates）上，相較於同業明顯落後。因此我們有很大的機會去提升它，而每提升 1 個百分點的帶動效果（flow-through）都很可觀。我們對此非常、非常興奮；而我提到「對的參觀」就是與這點相關。

But subsequently, when I talk about tour logistics, one of the things that we have worked diligently on in the past and that we're implementing here is kind of our proprietary model where we make sure we understand the VPG by guest type of every tour that's coming into our sales galleries, and then also knowing our individual sales executives, VPGs by guest type, and then using logistics to match that up so that we give ourselves the highest propensity for close. And so that is something that really was just starting to take hold in the month of April and has significant runway for the business.

另外，當我談到參觀的後勤安排（tour logistics）時，我們過去一直很努力、而且現在也正在這裡導入的一件事，是我們的專有模型：確保我們了解每一個進入銷售展示中心（sales galleries）的參觀，按旅客類型（guest type）拆分的 VPG；同時也掌握每位銷售主管（sales executives）按旅客類型拆分的 VPG，然後透過排程與後勤把兩者做匹配，讓我們有最高的成交傾向（propensity for close）。這件事其實在 4 月才剛開始發揮效果，但對業務而言仍有很大的成長空間。

Lizzie Dove, Goldman Sachs.

Lizzie Dove，高盛。

I just wanted to see if you could expand on the new owner side of things, what you're seeing there in terms of new owner VPG versus existing and what you're kind of baking in for contract sales in terms of any mix shift in terms of new owners for the rest of the year.

我想請你們再多談一下新業主（new owner）這一端：你們看到的新業主 VPG 相對於既有業主（existing）的情況如何？以及你們在合約銷售（contract sales）的假設中，對於今年剩餘時間新業主占比是否會有任何組合變化（mix shift）是怎麼納入的？

I'll take the first part, Lizzie. It's Mike, and then I'll let Jason talk about kind of the guidance. As a volume, we were at 28% in the first quarter of first-time buyers as our mix, and on a contract basis, it would be higher than that. We believe that we have significant opportunity within the business to increase first-time buyer tour flow and first-time buyer sales. We're going to be very prudent about how we do that.

我先回答第一部分，Lizzie。我是 Mike，然後我會讓 Jason 談一下指引（guidance）的部分。以量來看，我們第一季首次購買者的占比是 28%；若以合約口徑來看，會高於這個比例。我們相信在業務中有很大的機會去提高首次購買者的參觀流量，以及首次購買者的銷售。我們會非常審慎地推進。

As I just mentioned in answering Brandt's question, we have significant runway in front of us on our owner arrival to tour. So it's really going to be a yield management exercise of being smart about how we grow our tour flow and balancing it as we go forward. Jason?

如同我剛才在回答 Brandt 的問題時提到的，我們在「業主到訪轉為參觀」上仍有很大的成長跑道。所以這會是一個收益管理（yield management）的課題：要聰明地擴大參觀流量，並在往前推進時做好平衡。Jason？

Yeah, Lizzie. We ran, as Mike said, about 70% existing owner sales in Q1. And we've been in that sort of range for a bit. And so I think that's a good range, plus or minus for the rest of the year, depending on some of the things that Mike talked about with trying to drive that owner VPG and the owner capture in driving contract sales.

好的，Lizzie。如 Mike 所說，我們第一季大約 70% 的銷售來自既有業主。而我們在這個區間已經維持一段時間了。所以我認為今年剩餘時間大致也會在這個範圍上下浮動，取決於 Mike 所談到的一些事項：例如提升業主 VPG，以及提升業主捕捉率（owner capture）來帶動合約銷售。

Over the long term, we do expect to grow our first-time buyer tours, and that's something for the long term. But this year, I think that 70-30 mix is probably where we'll wind up.

長期來看，我們確實預期會增加首次購買者的參觀，這是長期的方向。但就今年而言，我認為 70-30 的組合大概就是我們最後會落在的水準。

Got it. Thank you. And then I just wanted to touch on Hawaii. I know there's been some inclement weather there over the last couple of months, and I think you have a reasonable amount of exposure there. Anything that you're kind of seeing there or that we should be noting going forward on that?

了解。謝謝。另外我想談一下夏威夷。我知道過去幾個月那邊天氣不佳，而你們在那邊的曝險似乎也不小。你們那邊有看到什麼情況，或是我們接下來需要特別留意什麼嗎？

Hey, Lizzie. This is Matt. Thanks for the question. And certainly the adverse weather there the last three and a half weeks of March was disruptive. We do have a significant presence on Maui. Candidly, just from a call perspective and how we talk about things internally, the benefit of our business model is our direct marketing and being able to bring people in. And we're going to not lean on weather or disruptions or other things like that when we talk about our results. We certainly prefer better weather.

嗨，Lizzie。我是 Matt。謝謝你的問題。而且確實，3 月最後三個半星期的不利天氣造成了干擾。我們在茂宜島（Maui）有相當大的布局。坦白說，從電話會議的角度，以及我們內部談論事情的方式來看，我們商業模式的優勢在於直效行銷（direct marketing）以及能把人帶進來。因此在談到我們的結果時，我們不會把天氣、干擾或其他類似因素當作依靠或藉口。當然，我們更喜歡好天氣。

Hawaii is a tremendously important market to us, and we think there is for the reasons that Mike has outlined in our system overall are very applicable to Hawaii. So we're excited about what's ahead of us in Maui, and all the islands where we operate out there. And bad weather or those kinds of events are going to happen from time to time, and we get paid to work through them.

夏威夷對我們來說是極其重要的市場；而且我們認為，基於 Mike 所概述的原因，我們整體系統中的做法也非常適用於夏威夷。所以我們對茂宜島以及我們在那裡營運的所有島嶼的未來都感到興奮。而壞天氣或這類事件偶爾會發生，我們的工作就是把它們處理過去。

Trey Bowers, Wells Fargo.

Trey Bowers，富國銀行。

Hey, guys. A couple questions. First one, just a point of clarity. I think you guys said in the prepared remarks that the asset dispositions would not be included in the adjusted free cash flow calcs. But then it looks like there was $50 million of add-back in the adjusted free cash flow in the press release. So just wanted to make sure I understand kind of the build of that line item. Thanks.

嗨，各位。有幾個問題。第一個是釐清一下。我記得你們在事先準備的發言中提到，資產處分不會納入調整後自由現金流的計算。但新聞稿裡看起來在調整後自由現金流有 5,000 萬美元的加回。所以想確認我是否理解這個科目是如何構成的。謝謝。

Yeah, that's right. Going forward, any future dispositions would not be included. When we gave the guidance for this year, we did say that we would include the sale of the Westin Cancun because that was slated as inventory in the future. So that is the way that we did it for that first quarter.

對，沒錯。往後任何未來的處分都不會納入。我們在提供今年的指引時確實說過，會把 Westin Cancun 的出售納入，因為那原本被規劃為未來的庫存。所以第一季我們就是這樣處理的。

In connection with that sale, we also entered into a purchase commitment for future inventory in Puerto Vallarta. And that was another reason that we put it in adjusted free cash flow because that inventory spend in the future will obviously hit free cash flow down the road.

配合那筆出售，我們也簽訂了在 Puerto Vallarta 未來庫存的採購承諾。這也是我們把它納入調整後自由現金流的另一個原因，因為未來的庫存支出顯然會在之後影響自由現金流。

Perfect. Thanks. And then just any update on kind of the modernization efforts? Any change to the expectation for the dollar value there? And then maybe just, if you guys could just dig in a little bit on what about those modernization efforts are kind of transitory in nature as an operating expense. Thanks so much.

了解。謝謝。另外，關於現代化（modernization）工作的進度，有沒有任何更新？對於那部分的金額預期有沒有改變？以及如果可以的話，能否再深入說明一下，這些現代化工作中，哪些部分在營業費用上屬於較具一次性／過渡性（transitory）的性質？非常感謝。

This is Matt. Couple of comments on that. As we chatted last quarter, we are incorporating benefits from modernization as well as management waking up every day how to improve it to the business in our guidance and in our actual results. I would say the other way to also look at modernization, there was a lot of what I would call design and architecture and trying to identify things in last year's work. This year's work is really in the implementation of those that we have identified, and that work is underway. We identify it from both an expense and a capital spend perspective.

我是 Matt。關於這點我補充幾句。如同我們上季討論的，我們已在指引與實際結果中，納入現代化帶來的效益，以及管理團隊每天思考如何改善業務的成果。另外一個看待現代化的方式是：去年很多工作我會稱之為設計與架構，以及嘗試辨識要做哪些事情。今年的工作則主要是在落實我們已辨識出的項目，而這些工作正在進行中。我們會從費用與資本支出兩個角度來辨識。

And so we do not -- we're not going call out separately, those dollars as they're showing up in our P&L, but they are benefiting our business today, and we expect them to benefit going forward. And there will be other initiatives that we're layering into, just call it our project management and improve the business daily mantra. So those are a couple of brief comments I would add.

因此，我們不會——我們不會在損益表上另外單獨揭露這些金額，但它們今天已在為我們的業務帶來效益，且我們預期未來也會持續受益。此外，我們也會再疊加其他計畫，姑且稱之為我們的專案管理，以及每日改善業務的理念。以上是我想補充的幾點簡要說明。

But there's been a big shift from assessment and evaluation to implementation on those initiatives we have emphasized and prioritized. And for those that we have deferred, the benefit to that is reducing the cash flow associated with the deferred items.

不過，這些我們強調並優先排序的計畫，已經從評估與檢視大幅轉向執行落地。而對於我們延後的項目，其好處是能降低與這些延後項目相關的現金流出。

Stephen Grambling, Morgan Stanley.

Stephen Grambling，摩根士丹利。

Actually have two follow-ups. First, peers have culled their management base recently in terms of their -- the properties they're managing. Do you have a similar opportunity that you're looking at? Are there any properties where you still have low occupancy or even pent-up maintenance CapEx that you could look to potentially optimize?

我其實有兩個追問。第一，近期同業在其管理的——所管理的物業方面，已精簡其管理基礎。你們是否也在評估類似的機會？是否有任何物業仍有較低入住率，甚至有累積的維護資本支出（CapEx），你們可能會考慮加以優化？

Hey, Stephen, this is Matt. Fundamentally, that is not an area of focus or need from our perspective. In our portfolio of resorts, we're excited about all of them. We've got one or two that we'll look at from time to time, but from a systemic, we've got a clear demonstrable batch of resorts, if you will.

嗨，Stephen，我是 Matt。從我們的角度來看，這基本上不是我們的重點或需求。在我們的度假村組合中，我們對每一個都很有信心。我們有一兩個會不時檢視，但就系統性而言，我們有一批清楚且可驗證的度假村組合。

And respecting -- each of us have arrived at our portfolios through different mechanisms, whether how much has been purpose-built, how much people may have acquired over time, I can understand why it was a priority elsewhere. I would tell you no, that is not a high priority opportunity for us. Our opportunity is with the quality of our resorts that we have, the high GSS scores, and the high levels of occupancy that we experience throughout our portfolio.

而且——考量到我們每家公司形成投資組合的方式不同，不論是有多少是量身打造（purpose-built）、有多少是隨時間併購而來，我可以理解為何在其他公司那會是優先事項。但我會告訴你，不，那對我們而言不是高優先級的機會。我們的機會在於現有度假村的品質、很高的 GSS 分數，以及我們整體投資組合所呈現的高入住率。

Thanks. As you're thinking about ramping up sales and trying to incentivize owners, I guess, are you changing the way that you underwrite or even as you think about the percentage that you allow people to put down? Is there any change in that requirement, as you look at either existing owners who maybe have built up equity or new?

謝謝。當你們考慮提升銷售並試圖激勵業主時，我想問，你們是否正在改變承作（underwrite）的方式，或是對於允許客戶支付的首付款比例的看法？在這項要求上是否有任何變動——不論是針對可能已累積權益的既有業主，或是新客戶？

Yeah. Stephen, this is Jason. We're not changing any of our financing programs in terms of down payments. We've had the minimum 10% down payment now for a while, consistent with the industry. And so we're not changing anything in that regard. Owners can use their existing upgrade, again, common within the industry to use their existing equity and their existing ownership to use that as partial down payments or full down payments if they have enough in new deals. So that's not a change, though.

是的。Stephen，我是 Jason。我們不會在首付款方面改變任何融資方案。我們維持最低 10% 的首付款已經一段時間了，且與產業一致。因此在這方面我們不會做任何改變。業主可以使用其既有的升級（upgrade）——同樣地，這在產業中很常見——運用其既有權益與既有持有權，作為新交易的部分首付款或（若金額足夠）全額首付款。不過這並不是改變。

Thank you. At this time, I would like to turn the floor back to Matt Avril for closing remarks.

謝謝。此時，我想把時間交回給 Matt Avril 作結語。

Thank you for joining us on our call this morning. It's been six months since I joined, and we've made significant progress executing our plans. During the first quarter, we implemented a series of actions to improve our performance, and as we move forward with our plans, we will begin to see stronger contract sales, profitability, cash flow, and EBITDA growth.

感謝各位今天早上參與我們的電話會議。自我加入以來已經六個月，我們在執行計畫方面取得了顯著進展。在第一季，我們採取了一系列行動以改善表現；隨著我們持續推進計畫，我們將開始看到更強勁的合約銷售、獲利能力、現金流，以及 EBITDA 成長。

I want to specifically thank our Marriott Vacations associates throughout the company. It has been a period of rapid and substantial change, and our teams are rallying to the vision and priorities we have. On behalf of all of our associates, owners, members, and customers around the world, I want to thank you for your continued interest and support of the company.

我也要特別感謝萬豪度假會（Marriott Vacations）在全公司各地的同仁。這段期間變化快速且幅度很大，而我們的團隊正凝聚力量，朝著我們的願景與優先事項前進。我謹代表全球所有同仁、業主、會員與客戶，感謝各位持續關注並支持本公司。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。