Wyndham Hotels & Resorts Inc (WH) 2022 Q4 法說會逐字稿

Good day, and welcome to the Wyndham Hotels & Resorts Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Matt Capuzzi, Senior Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎來到溫德姆酒店及度假村第四季度和 2022 年全年收益電話會議。 （操作員說明）我現在想把電話轉給投資者關係高級副總裁 Matt Capuzzi。請繼續。

Thank you, operator. Good morning, and thank you for joining us. With me today are Geoff Ballotti, our CEO; and Michele Allen, our CFO. Before we get started, I want to remind you that our remarks today will contain forward-looking statements. These statements are subject to risk factors that may cause our actual results to differ materially from those expressed or implied.

謝謝你，運營商。早上好，感謝您加入我們。今天和我在一起的是我們的首席執行官 Geoff Ballotti；和我們的首席財務官 Michele Allen。在我們開始之前，我想提醒您，我們今天的評論將包含前瞻性陳述。這些陳述受風險因素的影響，這些因素可能導致我們的實際結果與明示或暗示的結果存在重大差異。

These risk factors are discussed in detail in our most recent annual report on Form 10-K filed with the Series and Exchange Commission and any subsequent reports filed with the SEC. We will also be referring to a number of non-GAAP measures. Corresponding GAAP measures and a reconciliation of non-GAAP measures to GAAP metrics are provided in our earnings release, which is available on our Investor Relations website at investor.wyndhamhotels.com.

這些風險因素在我們最近向系列交易委員會提交的 10-K 表格年度報告以及向美國證券交易委員會提交的任何後續報告中進行了詳細討論。我們還將提到一些非 GAAP 措施。我們的收益發布中提供了相應的 GAAP 措施和非 GAAP 措施與 GAAP 指標的對賬，可在我們的投資者關係網站 investor.wyndhamhotels.com 上獲取。

We are providing certain measures discussing future impact on a non-GAAP SEC only because without unreasonable efforts, we are unable to provide the comparable GAAP metric. In addition, last evening, we posted an investor presentation containing supplemental information on our Investor Relations website. We may continue to provide supplemental information on our website in the future.

我們提供某些措施來討論未來對非 GAAP SEC 的影響，只是因為沒有不合理的努力，我們無法提供可比的 GAAP 指標。此外，昨晚，我們在投資者關係網站上發布了包含補充信息的投資者介紹。我們將來可能會繼續在我們的網站上提供補充信息。

Accordingly, we encourage investors to monitor our website in addition to our press releases, filings submitted with the SEC and any public conference calls or webcast. With that, I will turn the call over to Geoff.

因此，我們鼓勵投資者除了關注我們的新聞稿、提交給美國證券交易委員會的文件以及任何公開電話會議或網絡廣播之外，還關注我們的網站。有了這個，我會把電話轉給傑夫。

Thanks, Matt, and thanks, everyone, for joining us this morning. We're thrilled to report that our Q4 results finished stronger than our expectations with full year reported global RevPAR growth of over 16%; net room growth of 4%; and adjusted EBITDA of $650 million. We generated $360 million of free cash flow in 2022 and returned over $560 million to our shareholders, which represented 7% of our market cap.

謝謝馬特，也謝謝大家今天早上加入我們。我們很高興地報告我們第四季度的業績好於我們的預期，全年報告的全球 RevPAR 增長超過 16%；客房淨增長 4%；調整後的 EBITDA 為 6.5 億美元。我們在 2022 年產生了 3.6 億美元的自由現金流，並向股東返還了超過 5.6 億美元，占我們市值的 7%。

By all accounts, it was an outstanding year for Wyndham Hotels and Resorts. We grew net rooms by 4%, including 80 basis points of growth from the acquisition of our 23rd brand, Vienna House by Wyndham. Excluding Vienna House, we opened 64,000 rooms for the year, more than 1 hotel each and every day. This represents 20% more rooms than we added last year.

從各方面來看，對於溫德姆酒店及度假村來說，這是傑出的一年。我們的淨客房增長了 4%，其中包括收購我們的第 23 個品牌 Vienna House by Wyndham 帶來的 80 個基點的增長。不包括維也納之家，我們全年新開了 64,000 間客房，每天新開 1 家以上的酒店。這比我們去年增加的房間多 20%。

Here in the United States, we added 27,000 rooms with some great new hotels, like the Stone Hill Lawrence, a AAA 3 diamond hotel outside of Kansas City, who converted to our Trademark Collection brand and the opening of our first two construction, La Quinta Hawthorn Suite hotels in Texas, a combined extended stay and select-service hotel in a mid-scale space designed to streamline development and operational costs by utilizing a share lobby, fitness center, meeting rooms, bar and other amenities.

在美國，我們新增了 27,000 間客房和一些很棒的新酒店，例如堪薩斯城外的 AAA 3 級鑽石酒店 Stone Hill Lawrence，它轉換為我們的 Trademark Collection 品牌以及我們前兩個建築 La Quinta 的開業德克薩斯州的 Hawthorn Suite 酒店是一家位於中等空間的長住酒店和精選服務酒店，旨在通過共享大堂、健身中心、會議室、酒吧和其他便利設施來簡化開發和運營成本。

Internationally, we opened 37% more rooms organically in 2022 than we did last year and 2% more than we did back in 2019. Latin America led the way with 14 luxury resort additions to our Registry Collection brand across the Caribbean and Mexico. And in the fourth quarter, our Latin America team welcomed our first Wyndham Grand in Mexico with the opening of the Beach Front, Wyndham Grand Cancun Resort centrally located in Cancun Hotel zone.

在國際上，我們在 2022 年新開的客房比去年多了 37%，比 2019 年多了 2%。拉丁美洲一馬當先，我們在加勒比海和墨西哥的 Registry Collection 品牌中新增了 14 個豪華度假村。在第四季度，我們的拉丁美洲團隊迎來了我們在墨西哥的第一家溫德姆至尊酒店，位於坎昆酒店區中心的海濱溫德姆至尊酒店 (Wyndham Grand Cancun Resort) 開業。

Our EMEA region also had a tremendous year, opening 57% more rooms organically than they did last year or 6% higher than 2019 with impressive fourth quarter additions like the Bulk and Jewel resort, a trademark collection conversion in the resort town of Razlock near Sofia, Bulgaria, and the Ramada Riyadh King Fahd, the first new Ramada addition since buying back our master license agreement in Saudi Arabia. In Southeast Asia, we grew net rooms by 5%, open 40% more rooms in 2022 than we did in 2021.

我們的歐洲、中東和非洲地區也有出色的一年，有機開放的客房比去年增加了 57%，比 2019 年增加了 6%，第四季度令人印象深刻的新增項目包括 Bulk and Jewel 度假村，這是索非亞附近度假小鎮 Razlock 的商標系列轉換項目, 保加利亞和 Ramada Riyadh King Fahd，這是自回購我們在沙特阿拉伯的主許可協議以來第一家新的華美達酒店。在東南亞，我們的客房淨增長了 5%，2022 年新開的客房比 2021 年多了 40%。

And after many years of development, we welcomed the beautiful new 949 room Wyndham Benin Golden Bay Resort directly on the beach in this former French Colonial port, marking the 14th hotel opening for our Asia Pacific development team in Vietnam. And finally, our China direct development team grew net rooms by another impressive 10%. And despite the sporadic lockdowns and travel restraints, many of our team members continue to face throughout the fourth quarter, which have now thankfully dissipated. The team added more direct franchise rooms than they did in the fourth quarter of 2019.

經過多年的發展，我們在這個前法國殖民地港口的海灘上迎來了美麗的全新 949 間客房的貝寧金海灣溫德姆度假村，這標誌著我們亞太開發團隊在越南開設的第 14 家酒店。最後，我們的中國直接開發團隊將淨客房數量再增加了 10%，令人印象深刻。儘管有零星的封鎖和旅行限制，但我們的許多團隊成員在整個第四季度繼續面對，謝天謝地，現在已經消失了。與 2019 年第四季度相比，該團隊增加了更多的直營特許經營客房。

And nearly twice as many rooms than they did in the fourth quarter of last year. With the opening of hotels, like the Wyndham, the Wyndham Grand and the La Quinta Shanxi, three beautiful new hotels located in the business district in the heart of Shanxi province featuring quite a direct access to Shanxi's International Convention and Expo Center. And this new La Quinta Shanxi represents our second new construction La Quinta to open in China in 2022.

客房數量幾乎是去年第四季度的兩倍。隨著溫德姆酒店、溫德姆至尊酒店和山西拉昆塔酒店等酒店的開業，三座美麗的新酒店位於山西省中心地帶的商業區，可直接通往山西國際會展中心。而這個全新的山西拉昆塔代表著我們將於 2022 年在中國開業的第二個新建築拉昆塔。

On the retention front, we improved for the second consecutive year to a record high global rate of 95.3%, including the first time that our international retention rate has exceeded 95%, an indication of our ever-improving owner-first value proposition. We grew our development pipeline sequentially by 3% and by 12% versus prior year to a record 219,000 rooms and 1,700 hotels. This marks Wyndham's tenth consecutive quarter of sequential pipeline growth.

在保留率方面，我們連續第二年提高到 95.3% 的全球歷史新高，其中包括我們的國際保留率首次超過 95%，這表明我們不斷改進所有者至上的價值主張。與上一年相比，我們的開發計劃依次增加了 3% 和 12%，達到創紀錄的 219,000 間客房和 1,700 家酒店。這標誌著 Wyndham 連續第十個季度的連續管道增長。

Our teams awarded 882 contracts globally for over 113,000 room additions, which is over 3 new contracts awarded each and every business day. The number of domestic contracts signed in the fourth quarter was 40% higher than what we awarded last year and nearly 90% higher than what we awarded in the fourth quarter of 2019, reflecting record developer interest in our brands for the full year.

我們的團隊在全球範圍內授予了 882 份合同，增加了超過 113,000 間客房，即每個工作日授予的新合同超過 3 份。第四季度簽訂的國內合同數量比我們去年授予的合同數量高出 40%，比我們在 2019 年第四季度授予的合同數量高出近 90%，這反映了開發商對我們品牌的全年興趣創歷史新高。

We signed 563 contracts in the U.S. for 62,000 room additions, which is nearly double the amount signed in 2019 and 65% more than last year. Fourth quarter new construction domestic executions increased 95%. Notably, we awarded another 50 Echo Suites by Wyndham contracts this quarter to establish developers and experienced extended stay operators, bringing the total number of contracts awarded to 170 hotels in just 9 short months since launching the brand last March and making Echo the hotel industry's fastest-growing new brand launch of 2022.

我們在美國簽署了 563 份合同，增加了 62,000 間客房，幾乎是 2019 年簽署數量的兩倍，比去年增長了 65%。第四季度國內新建築執行量增長了 95%。值得注意的是，本季度我們又授予溫德姆 Echo Suites 50 份合同，以建立開發商和經驗豐富的長期住宿運營商，使自去年 3 月推出該品牌以來短短 9 個月內授予 170 家酒店的合同總數達到 170 家，使 Echo 成為酒店業最快的品牌- 2022 年推出越來越多的新品牌。

We broke ground on our first 3 ECHO hotels in the last few months of 2022, and we expect to open our first ECHO Suites by Wyndham Hotels later this year as we break ground on another 2 dozen ECHO hotels in 2023. On a full year basis, new construction domestic executions increased 130% year-over-year. While domestic conversion execution increased 30% compared to 2021. Developers are selecting by Wyndham new construction offerings now more than they ever have.

我們在 2022 年的最後幾個月破土動工了我們的前 3 家 ECHO 酒店，我們預計將在今年晚些時候開設我們的第一家 ECHO Suites by Wyndham Hotels，因為我們將在 2023 年破土動工另外 22 家 ECHO 酒店。按全年計算，新建築國內執行量同比增長 130%。雖然與 2021 年相比，國內轉換執行量增加了 30%。開發商現在比以往任何時候都更多地選擇溫德姆新建築產品。

Our economy new construction brand, Microtel, added 2,200 rooms to its domestic pipeline in 2022, driven by developer interest in its cost-efficient motor prototype. While upper mid-scale brands like Wyndham Garden added 1,300 rooms to its domestic new construction pipeline. In the upscale segment, we saw continued strong new construction demand for brands like Wyndham, which grew its U.S. pipeline by 1,700 rooms this year.

我們的經濟型新建築品牌 Microtel 在開發商對其具有成本效益的電機原型的興趣的推動下，於 2022 年在其國內管道中增加了 2,200 個房間。而溫德姆花園等中高端品牌在其國內新建築管道中增加了 1,300 間客房。在高端市場，我們看到對溫德姆等品牌的新建築需求持續強勁，該品牌今年在美國增加了 1,700 間客房。

Consumer demand remains strong. Our middle-class customers continue to spend more on travel than they ever have, and they are staying longer than they were back in 2019, given hybrid work environments. We saw booking windows increase 18% versus prior year to over 14 days with guests planning further ahead given space constraints and the fear of being blocked out as so many were last spring and summer.

消費需求依然強勁。考慮到混合工作環境，我們的中產階級客戶在旅行上的支出繼續比以往任何時候都多，而且他們停留的時間比 2019 年時長。我們看到預訂窗口比去年增加了 18%，達到 14 天以上，考慮到空間限制以及擔心像去年春季和夏季那樣被封鎖，客人會提前計劃。

Thursday and Sunday night occupancies and our guest average length of stays have both continued to climb in the fourth quarter versus where they were back in 2019. All of these trends are giving our franchisees the confidence to continue to yield up in their pricing with the new revenue management tools we're providing to them, combined with the constant messaging that real ADR for the select-service space remains essentially flat to where it was 4 years ago.

與 2019 年的水平相比，週四和周日晚上的入住率以及我們的客人平均入住時間在第四季度都繼續攀升。所有這些趨勢都讓我們的加盟商有信心繼續通過新的價格提高定價我們向他們提供的收入管理工具，以及不斷傳達的信息，即精選服務領域的實際 ADR 與 4 年前基本持平。

We believe that leisure travel remain the #1 priority for the discretionary consumer spend among middle-income Americans in 2023 as so many recent consumer surveys from our organizations such as MNG Wall at the same time, we've seen strong growth in our infrastructure-related revenues, which makes up about 20% of our U.S. royalties. This area has always been a strength for Wyndham.

我們認為，到 2023 年，休閒旅行仍然是中等收入美國人可自由支配的消費者支出的第一要務，因為與此同時，我們的組織（例如 MNG Wall）最近進行的許多消費者調查顯示，我們的基礎設施增長強勁-相關收入，約占我們美國特許權使用費的 20%。這個領域一直是溫德姆的強項。

And with the size of the pies that they grow substantially as the government begins to $1.5 trillion in infrastructure and CHIPS Act spending, we've been making further investments here to grow our share. Those investments have already begun paying off with domestic weekday occupancy in our economy hotels at their highest absolute levels on record. Our general infrastructure related revenues increased double digits in the fourth quarter versus 2019, a trend that began back in the second quarter of 2021.

隨著政府開始投入 1.5 萬億美元的基礎設施和 CHIPS 法案支出，隨著餡餅的規模大幅增長，我們一直在這裡進行進一步投資以增加我們的份額。這些投資已經開始產生回報，我們經濟型酒店的國內工作日入住率達到有記錄以來的最高絕對水平。我們的一般基礎設施相關收入在第四季度比 2019 年增長了兩位數，這一趨勢始於 2021 年第二季度。

And we're confident that it will continue to strengthen throughout 2023, as projects for new roads, bridges, rail, water systems, airports, broadband and public transfer begin. Funneling the hundreds of billions of dollars to the states is a heavy lift that will take time and require coordination from agencies on both the federal and the state levels as these projects commence over the next several years in the markets where our economy and mid-scale small business owners will benefit.

我們相信，隨著新道路、橋樑、鐵路、供水系統、機場、寬帶和公共交通項目的啟動，它會在整個 2023 年繼續加強。將數千億美元匯集到各州是一項艱鉅的任務，需要時間並需要聯邦和州一級機構的協調，因為這些項目將在未來幾年內在我們的經濟和中等規模的市場開始小企業主將受益。

We estimate that this new level of spend represents an opportunity for us to generate over $3.3 billion of incremental revenue for our franchisees and over $150 million of incremental royalties for Wyndham over the spend period. Our award-winning Wyndham Rewards loyalty program recognized as the best hotel loyalty program for the fifth consecutive year by the readers of USA Today, grew its enrollment by 8% over the past 12 months and now stands at 99 million members.

我們估計，這一新的支出水平意味著我們有機會在支出期間為我們的加盟商創造超過 33 億美元的增量收入，並為溫德姆帶來超過 1.5 億美元的增量特許權使用費。我們屢獲殊榮的溫德姆獎賞計劃連續第五年被《今日美國》的讀者評為最佳酒店忠誠度計劃，在過去 12 個月中其註冊人數增加了 8%，目前擁有 9900 萬會員。

Wyndham Rewards helped drive a 23% increase in direct bookings to our brand.com sites, outpacing the rate of growth across all third-party channels and, once again, representing a record high level of contribution for our brand.com sites. Our core values and our connie service culture are at the heart of what drives our growth and what makes Wyndham such a great place to work. There's no better measure of why we are such a great place to work that our most recent team member engagement survey, which generated record high results.

溫德姆獎賞計劃幫助我們的 brand.com 網站的直接預訂量增加了 23%，超過了所有第三方渠道的增長率，並再次代表我們對 brand.com 網站的貢獻創歷史新高。我們的核心價值觀和康妮服務文化是推動我們發展的核心，也是溫德姆成為理想工作場所的原因。沒有比我們最近的團隊成員敬業度調查更能說明為什麼我們是一個如此理想的工作場所，該調查產生了創紀錄的高結果。

And it was no surprise to see Wyndham Hotels & Resorts qualify as a constituent of the 2022 Dow Jones Sustainability Index, a global index consisting of the top 10% of the largest 2,500 companies in the S&P Global Broad Market Index based on sustainability and environmental practices. We sincerely thank our valued team members without whose support, none of this would be possible. And with that, I'll turn the call over to our CFO, Michele Allen. Michele?

溫德姆酒店及度假村有資格成為 2022 年道瓊斯可持續發展指數的成分股也就不足為奇了，該全球指數由標準普爾全球廣泛市場指數中基於可持續性和環境實踐的最大 2,500 家公司中的前 10% 組成.我們衷心感謝我們尊貴的團隊成員，沒有他們的支持，這一切都不可能實現。有了這個，我會把電話轉給我們的首席財務官 Michele Allen。米歇爾？

Thanks, Geoff, and good morning, everyone. I'll begin my remarks today with a detailed review of our fourth quarter and full year results. I'll then review our cash flows and balance sheet, followed by our 2023 outlook. We generated $310 million of fee-related and other revenues and $126 million of adjusted EBITDA in the fourth quarter, bringing our full year fee-related and other revenues to $1.35 billion and adjusted EBITDA to $650 million, both above our expectations.

謝謝，傑夫，大家早上好。今天，我將首先詳細回顧我們的第四季度和全年業績。然後我將回顧我們的現金流和資產負債表，然後是我們的 2023 年展望。我們在第四季度產生了 3.1 億美元的費用相關收入和其他收入以及 1.26 億美元的調整後 EBITDA，使我們全年的費用相關收入和其他收入達到 13.5 億美元，調整後的 EBITDA 達到 6.5 億美元，均高於我們的預期。

Our franchising segment grew fourth quarter revenue by 12% year-over-year, primarily reflecting global RevPAR growth and higher license fees. Adjusted EBITDA increased 8% to $138 million, as the revenue increases were partially offset as expected by the timing of higher marketing spend in the quarter, which unfavorably impacted margin by 200 basis points. Excluding this timing impact, our adjusted EBITDA grew 13% in the fourth quarter, and our adjusted EBITDA margin remained consistent with prior year.

我們的特許經營業務第四季度收入同比增長 12%，主要反映了全球 RevPAR 增長和更高的許可費。調整後的 EBITDA 增長 8% 至 1.38 億美元，因為收入增長部分被本季度較高營銷支出的時機所抵消，這對利潤率產生了 200 個基點的不利影響。排除這一時間影響，我們調整後的 EBITDA 在第四季度增長了 13%，我們調整後的 EBITDA 利潤率與上一年保持一致。

In our Hotel Management segment, fourth quarter revenue and adjusted EBITDA declined, reflected the sale of our select-service management and owned hotel businesses, which collectively contributed approximately $38 million in fee-related and other revenue and $12 million in adjusted EBITDA in 2021. Within our Corporate and Other segment, our fourth quarter expenses were in line with expectations or relatively flat compared to 2021.

在我們的酒店管理部門，第四季度收入和調整後的 EBITDA 有所下降，反映了我們精選服務管理和自有酒店業務的出售，這些業務在 2021 年總共貢獻了約 3800 萬美元的費用相關收入和其他收入以及 1200 萬美元的調整後 EBITDA。在我們的企業和其他部門，我們第四季度的支出符合預期或與 2021 年相比相對持平。

Fourth quarter adjusted diluted EPS was $0.72, a 4% increase year-over-year or approximately 16% on a comparable basis. This increase reflects adjusted EBITDA growth in our Hotel Franchising segment,as well as a benefit from our share repurchase activity. Now turning to full year results. Our franchising segment grew revenue by 16% year-over-year, primarily reflecting global RevPAR growth and higher license fees.

第四季度調整後攤薄每股收益為 0.72 美元，同比增長 4%，可比增長約 16%。這一增長反映了我們酒店特許經營部門調整後的 EBITDA 增長，以及我們的股票回購活動帶來的好處。現在轉向全年業績。我們的特許經營業務收入同比增長 16%，主要反映了全球 RevPAR 增長和更高的許可費。

Adjusted EBITDA increased 15% to $679 million and our adjusted EBITDA margin was consistent with 2021 despite ongoing inflationary pressures. In our Hotel Management segment, full year revenue and adjusted EBIT declines reflected the first half of 2022 exit of our select-service management and owned hotel businesses, which contributed fee-related and other revenue of $50 million during 2022 and $125 million in 2021 and adjusted EBITDA of $18 million during 2022 and $37 million in 2021.

調整後的 EBITDA 增長 15% 至 6.79 億美元，儘管通脹壓力持續存在，但我們調整後的 EBITDA 利潤率與 2021 年持平。在我們的酒店管理部門，全年收入和調整後的息稅前利潤下降反映了我們精選服務管理和自有酒店業務在 2022 年上半年的退出，這些業務在 2022 年貢獻了 5000 萬美元的費用相關收入和其他收入，在 2021 年貢獻了 1.25 億美元， 2022 年調整後的 EBITDA 為 1800 萬美元，2021 年為 3700 萬美元。

Within our Corporate and Other segment, we saw $7 million of higher expenses due to inflationary cost pressures, in line with expectations. Full year adjusted diluted EPS was $3.96, a 25% increase or approximately 29% on a comparable basis. This increase reflects adjusted EBITDA growth in our Hotel Franchising segment, lower net interest expense and a benefit from our share repurchase activity.

在我們的企業和其他部門，由於通脹成本壓力，我們看到 700 萬美元的費用增加，這符合預期。全年調整後攤薄每股收益為 3.96 美元，同比增長 25% 或約 29%。這一增長反映了我們酒店特許經營部門調整後的 EBITDA 增長、淨利息支出減少以及我們的股票回購活動帶來的好處。

Before moving on to free cash flow, let me take a moment to discuss current regional RevPAR performance. Global RevPAR in constant currency grew 15% year-over-year in the fourth quarter, up from 12% in the third quarter. Domestically, RevPAR finished 12% ahead of 2021 and 9% ahead of 2019. U.S. RevPAR growth accelerated to 480 basis points in the fourth quarter from 250 basis points in the third quarter. And for the first 6 weeks of 2023, RevPAR for our brand has continued to accelerate with the U.S. up approximately 600 basis points year-over-year.

在繼續討論自由現金流之前，讓我花點時間討論一下當前的區域 RevPAR 表現。以固定匯率計算的全球 RevPAR 在第四季度同比增長 15%，高於第三季度的 12%。在國內，RevPAR 比 2021 年提前 12%，比 2019 年提前 9%。美國 RevPAR 增長從第三季度的 250 個基點加速到第四季度的 480 個基點。在 2023 年的前 6 週，我們品牌的 RevPAR 繼續加速增長，美國同比增長約 600 個基點。

Internationally, fourth quarter constant currency RevPAR ran 46% ahead of last year and 23% above 2019. All regions, with the exception of Asia Pacific, generated RevPAR well in excess of both 2019 and 2021 levels. Full year international occupancy finished down 21% to 2019 and will continue to provide a meaningful tailwind for us in the coming quarters as demand continues to grow overseas, especially in our Asia Pacific and EMEA regions, which, for the whole of 2022, were only 68% and 88%, respectively, of 2019 levels.

在國際上，第四季度固定貨幣 RevPAR 比去年增長 46%，比 2019 年增長 23%。除亞太地區外，所有地區的 RevPAR 都遠遠超過 2019 年和 2021 年的水平。全年國際入住率到 2019 年下降了 21%，並將在未來幾個季度繼續為我們提供重要的推動力，因為海外需求持續增長，尤其是在我們的亞太地區和 EMEA 地區，這些地區在整個 2022 年僅分別是 2019 年水平的 68% 和 88%。

Now turning to free cash flow. We generated $360 million in 2022 compared to $389 million in 2021, reflecting, as expected, lower cash collected from 2020 COVID-related fee deferrals as well as higher development advances. Importantly, we converted 55% of our adjusted EBITDA to free cash flow, right in line with our target. We successfully executed on our stated capital allocation strategy by investing over $120 million to grow the business while returning a record high $561 million to our shareholders, representing 7% of our market cap through $445 million of share repurchases and $116 million of common stock dividends.

現在轉向自由現金流。與 2021 年的 3.89 億美元相比，我們在 2022 年產生了 3.6 億美元，正如預期的那樣，反映出從 2020 年 COVID 相關費用延期收取的現金減少以及開發預付款增加。重要的是，我們將 55% 的調整後 EBITDA 轉換為自由現金流，這正好符合我們的目標。我們通過投資超過 1.2 億美元來發展業務，同時向股東返還創紀錄的 5.61 億美元，通過 4.45 億美元的股票回購和 1.16 億美元的普通股股息，占我們市值的 7%，從而成功地執行了既定的資本配置戰略。

As we move into 2023, our capital allocation strategy remains unchanged. We will remain disciplined on the core tenets of our M&A strategy and pursue transactions that are accretive from an earnings and net room growth perspective, and complementary to our existing brand portfolio. We will also continue to incentivize franchisees to invest in new brand prototype designs to improve overall brand equity.

隨著我們進入 2023 年，我們的資本配置策略保持不變。我們將繼續遵守我們併購戰略的核心原則，並尋求從收益和淨房間增長的角度來看具有增值作用的交易，並與我們現有的品牌組合形成互補。我們還將繼續激勵加盟商投資於新的品牌原型設計，以提高整體品牌資產。

And based on the success of our new ECHO Suites extended stay brand to date, we expect to begin to deploy a portion of the $100 million of development capital we earmarked as the first ECHO Suite hotels near opening in late 2023. Finally, we expect to maintain our industry-leading dividend payout ratio subject to Board approval and share repurchases will continue to be an integral element of our capital allocation strategy, albeit lower than 2022, given the absence of the onetime proceeds from last year's transaction.

基於我們新的 ECHO Suites 長住品牌迄今為止的成功，我們預計將開始部署我們指定的 1 億美元開發資金的一部分，作為 2023 年底即將開業的首批 ECHO Suite 酒店。最後，我們預計在董事會批准的情況下維持我們行業領先的股息支付率，鑑於去年交易的一次性收益不存在，股票回購將繼續成為我們資本配置戰略的一個組成部分，儘管低於 2022 年。

We ended the quarter with approximately $900 million of total liquidity, and our net leverage ratio was 2.9x, just below the low end of our stated range. Moving on to outlook. For full year 2023, we expect global net room growth of 2% to 4% and global RevPAR growth of 4% to 6%, which translates to 6% to 8% above 2019 levels, a data point that we still consider to be relevant since the select-service space, which represents over 90% of our U.S. portfolio, recovered to pre-COVID levels much faster than the industry's full service base.

本季度結束時，我們的總流動資金約為 9 億美元，淨槓桿率為 2.9 倍，略低於我們規定範圍的低端。繼續展望。對於 2023 年全年，我們預計全球客房淨增長 2% 至 4%，全球 RevPAR 增長 4% 至 6%，這意味著比 2019 年水平高出 6% 至 8%，我們仍然認為這一數據點具有相關性因為占我們美國投資組合 90% 以上的精選服務空間恢復到 COVID 之前的水平比行業的完整服務基礎快得多。

Fee related and other revenues are expected to be $1.38 billion to $1.41 billion. We are projecting adjusted EBITDA of $650 million to $660 million, which reflects comparable basis growth of approximately 5% when neutralizing for the variability in the marketing funds year-over-year, which will contribute approximately $10 million less adjusted EBITDA in 2023 as we expect to completely recapture our 2020 investment. Adjusted net income is projected to be $337 million to $349 million and adjusted diluted EPS is projected at $3.84 to $3.98 based on a diluted share count of $87.7 million, which excludes any potential share repurchases.

費用相關收入和其他收入預計為 13.8 億美元至 14.1 億美元。我們預計調整後的 EBITDA 為 6.5 億美元至 6.6 億美元，這反映了在抵消營銷資金同比變化時約 5% 的可比基礎增長，這將如我們預期的那樣在 2023 年減少約 1000 萬美元的調整後 EBITDA完全收回我們 2020 年的投資。調整後的淨收入預計為 3.37 億美元至 3.49 億美元，調整後的稀釋每股收益預計為 3.84 美元至 3.98 美元，基於 8770 萬美元的稀釋股數，其中不包括任何潛在的股票回購。

Finally, we are expecting free cash flow conversion from adjusted EBITDA of 50% to 55%, which reflects the impact from our expected increase in development advancement from $48 million in 2022 to approximately $60 million in 2023 as well as higher interest expense. As a reminder, we have provided two slides in our investor presentation to help with your modeling. Slide 40 provides the historical financial impact of our select service management business and owned hotels, which will need to be adjusted from your base. And Slide 41 provides revenue sensitivity.

最後，我們預計自由現金流將從調整後的 EBITDA 轉換為 50% 至 55%，這反映了我們預計開發進度從 2022 年的 4800 萬美元增加到 2023 年的約 6000 萬美元以及更高的利息支出的影響。提醒一下，我們在投資者介紹中提供了兩張幻燈片，以幫助您進行建模。幻燈片 40 提供了我們精選的服務管理業務和自有酒店的歷史財務影響，需要根據您的基礎進行調整。 Slide 41 提供收入敏感性。

In closing, we are very pleased with our 2022 performance. We successfully executed on our key business objectives, growing our system, increasing our owners' profitability and simplifying our business model, while generating significant adjusted EBITDA and free cash flow and returning a record amount of capital to our shareholders. We enter 2023 with a strong balance sheet, a record pipeline, tremendous momentum behind our new extended stay brand, ECHO Suites by Wyndham and a great deal of optimism surrounding the largest infrastructure bill in our nation's history. With that, Geoff and I would be happy to take your questions. Operator?

最後，我們對 2022 年的表現感到非常滿意。我們成功地執行了我們的主要業務目標，發展了我們的系統，提高了所有者的盈利能力並簡化了我們的業務模式，同時產生了顯著的調整後 EBITDA 和自由現金流，並向股東返還了創紀錄的資本。進入 2023 年，我們將擁有強勁的資產負債表、創紀錄的管道、我們新的長住品牌 ECHO Suites by Wyndham 背後的巨大動力以及對我們國家歷史上最大的基礎設施法案的極大樂觀。有了這個，傑夫和我很樂意回答你的問題。操作員？

(Operator Instructions) Our first question comes from Joe Greff with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Joe Greff。

Geoff, can you talk about the environment for, I guess, what we characterize as tuck-in acquisitions. How much is out there? Is there anything warm that you're working on? How competitive is the environment today for tuck-in acquisitions versus a year or 2 years ago? And I have a follow-up.

傑夫，你能談談環境嗎，我想，我們將其描述為收購收購。外面有多少？有什麼暖和的東西嗎？與一年或兩年前相比，如今的收購環境競爭激烈嗎？我有一個後續行動。

I think the environment will continue and improve, joe. Vienna House is a good example of that, our latest tuck-in acquisition. And I think when you look at -- domestically and internationally, it will continue to pickup and deals will continue to present themselves. And we'll be strategic. We'll be methodical and evaluating the deals as they come along. We're going to be looking for brands that are both EPS and NRG accretive as Vienna House was the brands that are of high quality and brands with high ROI potential. Four of the last 5 brand launches, though, for us, Trademark, Ultra, Registry and ECHO have all been launched organically. And there's no reason we can't continue to do that, but we now have great brands in every segment of the industry. But better than anyone that M&A is always in our DNA, having covered us for as long as you have with 19 of the 24 brands we have, have been acquired, and we do believe that size matters, scale matters. And we'll continue to look for deals. But we're not going to do a deal just to do a deal. We remain disciplined and ensure that any deal that we do in the next year or 2 to have compelling returns for our shareholders as Vienna House had.

我認為環境會繼續改善，喬。 Vienna House 就是一個很好的例子，我們最近的收購。而且我認為當你看 - 在國內和國際上，它會繼續回升並且交易將繼續出現。我們將具有戰略意義。我們將有條不紊地評估交易。我們將尋找既能增加 EPS 又能增加 NRG 的品牌，因為 Vienna House 是高質量的品牌和具有高投資回報率潛力的品牌。不過，對我們來說，最近 5 個品牌發布中有 4 個是有機推出的，Trademark、Ultra、Registry 和 ECHO。我們沒有理由不能繼續這樣做，但我們現在在行業的每個領域都有偉大的品牌。但比任何人都更好的是，併購始終存在於我們的 DNA 中，只要你擁有我們擁有的 24 個品牌中的 19 個，就已經覆蓋了我們，我們確實相信規模很重要，規模很重要。我們將繼續尋找交易。但我們不會為了達成協議而達成協議。我們保持紀律，並確保我們在明年或兩年內進行的任何交易都能像維也納之家那樣為我們的股東帶來可觀的回報。

And then switching over to ECHO and nice to see the sequential growth to continue here. And I heard both Geoff, your comments and Michele, your comments, it doesn't sound to us that your 2% to 4% 2023 systemwide rooms growth incorporates much from ECHO, is that more of a 2024 contributor? And then is there any pivot, Geoff, on multi-development ECHO deals as yet to single?

然後切換到 ECHO，很高興看到連續增長在這裡繼續。我聽到了 Geoff，你的評論和 Michele，你的評論，在我們看來，你 2023 年全系統客房增長 2% 到 4% 並沒有很大程度上來自 ECHO，這是否更多是 2024 年的貢獻者？然後，Geoff，關於尚未單一的多開發 ECHO 交易，是否有任何關鍵點？

Questions you've asked before offline. Yes, there is a pivot. We have not yet offered ECHO to the thousands of individual franchisees, which we expect to do later this year. And to your direct question, there is no impact really much impacted to 2023 net room growth. We will have our first ECHO openings later this year. We have broken ground and just some phenomenal RevPAR markets: Plano, Texas; Sterling, Virginia; Richmond, Virginia. And the team is unbelievably excited. I mean we said on the Q2 call that we have 100 in the pipeline. We're at 170. And those are, as you say, all with multiunit development agreements with some of the nation's most successful extended stay developers because we want to really open these -- develop these, builds these and open these to have as big an impact as we can.

您離線前提出的問題。是的，有一個支點。我們還沒有向數以千計的個體特許經營商提供 ECHO，我們預計將在今年晚些時候這樣做。對於您的直接問題，對 2023 年淨客房增長沒有太大影響。我們將在今年晚些時候開設我們的第一個 ECHO 職位空缺。我們已經破土動工，還有一些驚人的 RevPAR 市場：得克薩斯州普萊諾；弗吉尼亞州斯特林；弗吉尼亞州里士滿。團隊非常興奮。我的意思是我們在第二季度的電話會議上說我們有 100 個正在籌備中。我們有 170 個。正如你所說，所有這些都與美國一些最成功的長住開發商簽訂了多單元開發協議，因為我們想真正開放這些——開發這些，建造這些並開放這些，以擁有同樣大的盡我們所能的影響。

Our next question comes from Stephen Grambling with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Stephen Grambling。

This first one, maybe a follow-up to those comments on ECHO and just development more broadly. We just hoping to dig into the components of your loan growth guidance in the context of gross additions and attrition especially in the contract pipeline, I guess, it's now up 13% year-over-year in attrition rate that they continue to improve. So any color you can provide kind of splitting out as we think about the guidance in gross adds, attrition and any nuances by geography?

第一個，可能是對 ECHO 和更廣泛的發展的評論的後續。我們只是希望在總增加和減員的背景下深入研究您的貸款增長指導的組成部分，尤其是在合同管道中，我想，他們現在的減員率同比增長 13%，他們繼續改善。因此，當我們考慮按地域劃分的總增加、減員和任何細微差別的指導時，您可以提供任何顏色的分裂嗎？

Yes, sure. So I would say from a net room growth perspective, we don't see significant impact in 2023 from the growth in the pipeline. 80% of the pipeline today is new construction. And in the U.S., construction starts within about a year or 2 of the deal being signed. So on average, there is a 18- to 24-month build from there. So it's typically in the pipeline 4 years. And internationally, it's a little longer. So overall, we would expect the pipeline to be realized over a 4- to 5-year period. So -- and a big part of our pipeline growth is the ECHO brand, and that's not going to have a material impact to 2023, as Geoff just mentioned.

是的，當然。所以我想說，從淨房間增長的角度來看，我們認為 2023 年的增長不會對 2023 年產生重大影響。今天 80% 的管道是新建的。在美國，建設在協議簽署後大約一年或兩年內開始。所以平均而言，從那裡開始需要 18 到 24 個月的構建時間。所以它通常需要 4 年的時間。而在國際上，它要長一點。所以總的來說，我們預計這條管道將在 4 到 5 年的時間內實現。所以——我們管道增長的很大一部分是 ECHO 品牌，正如傑夫剛才提到的那樣，這不會對 2023 年產生實質性影響。

Moving our net room growth, that will also then require -- as we've always talked about improvement and the retention rate. And I think if you look back to pre-2019, we were in 93%, 94% range, and we've been steadily improving at 20 to 30 basis points every year since then, and we're marching toward that 96% target. But when you see us get there, that's when you should expect to see our overall net room growth expectations left.

移動我們的淨房間增長，這也將需要——因為我們一直在談論改進和保留率。我想如果你回顧 2019 年之前，我們處於 93%、94% 的範圍內，從那以後我們每年都在穩步提高 20 到 30 個基點，我們正在朝著 96% 的目標邁進.但是當您看到我們到達那裡時，您應該期望看到我們的整體淨客房增長預期。

Sounds good for '24 and '25 then. Maybe changing gears. You had some good details on China and the direct component there. Can you provide a bit more color on how the reopening there may not only impact domestic RevPAR in the country, but also the broader region as outbound potentially resumes?

聽起來很適合 24 年和 25 年。也許換檔。你對中國和那裡的直接組成部分有一些很好的細節。您能否提供更多關於那裡重新開放如何不僅影響該國國內 RevPAR，而且隨著出境游可能恢復而影響更廣泛地區的顏色？

Yes, we see the -- as outbound resumes a big beneficiary, certainly for our hotels were the Chinese are going to be looking to travel. I mean, we're already seeing and hearing from our teams in South Korea, where we have over 10,000 rooms that they're seeing more Chinese arrivals, Thailand, Indonesia, Australia, Singapore. Those are all big beneficiaries. China represented over 150 million international travelers in '19, Stephen. And that number, as we know, dropped to under 20 for the last 2 years. So we're excited to see that. On the ground, we're just encourages all get out to see the strong rebound during the Chinese New Year. Our last 3 weeks of RevPAR were up 60% in China to last year and 8% to 2019, given that pent-up family holiday travel demand. And our resorts in the vacation destinations, we got big resorts in Hainan and Sanya came back really, really strong. I mean through the last 14 days, after Chinese New Year, our Wyndham Sanya was up 30% to last year. Our hotel in Hainan, our big win gate was up 60% to last year, but importantly, they are up over 10% and 30%, respectively, to 2019. And while that was Chinese New Year driven, it was great to see the results that came out last night from Smith Travel, where overall China last week RevPAR was up 1% in what was almost a clean comp week versus '19, with occupancy running around 90% in '19 levels. So we're really, really excited about what we're hearing from our teams over there and just thrilled with everything our team accomplished despite the challenges with that 10% Q4 net room growth in our direct franchising business and how many more hotels they were able to open in a tough quarter than they were last year.

是的，我們看到了——隨著出境游的恢復，這是一個很大的受益者，當然對於我們的酒店來說，中國人會希望去旅行。我的意思是，我們已經看到並聽到我們在韓國的團隊，我們有超過 10,000 間客房，他們看到更多的中國遊客，泰國，印度尼西亞，澳大利亞，新加坡。這些都是大受益者。斯蒂芬，19 年中國代表了超過 1.5 億國際遊客。正如我們所知，這個數字在過去 2 年裡下降到 20 個以下。所以我們很高興看到這一點。在實地，我們只是鼓勵大家出去看看農曆新年期間的強勁反彈。考慮到被壓抑的家庭假期旅行需求，我們過去 3 週的 RevPAR 在中國比去年增長了 60%，比 2019 年增長了 8%。而我們在度假勝地的度假村，我們在海南和三亞擁有大型度假村，回歸非常非常強勁。我的意思是在過去的 14 天裡，在農曆新年後，我們的三亞溫德姆酒店比去年增長了 30%。我們在海南的酒店，我們的大贏門比去年增長了 60%，但重要的是，到 2019 年，它們分別增長了 10% 和 30% 以上。雖然這是中國新年推動的，但很高興看到昨晚來自 Smith Travel 的結果顯示，與 19 年相比，上週整個中國的 RevPAR 幾乎是一個乾淨的補償週增長了 1%，入住率在 19 年的水平上達到了 90% 左右。因此，我們對從我們的團隊那裡聽到的消息感到非常非常興奮，儘管我們的直接特許經營業務第四季度淨客房增長 10% 以及他們增加了多少家酒店，但我們的團隊所取得的一切都讓我們感到非常興奮能夠在比去年更艱難的季度開業。

Our next question comes from Dany Asad with Bank of America.

我們的下一個問題來自美國銀行的 Dany Asad。

When we look at your 2023 guidance, so if we just look at your unit growth expectations, your RevPAR growth expectations kind of if you combine them, you're looking at like a 6% to 10% fee growth as a whole. But your EBITDA guidance, if we strip out marketing reservation is more like 5% to 6%. So can you maybe just help us understand what's causing a drag on the algorithm for 2023? And how should we think about that dynamic longer term?

當我們查看您的 2023 年指導時，如果我們只查看您的單位增長預期，您的 RevPAR 增長預期，如果您將它們結合起來，您將看到整體費用增長 6% 至 10%。但是你的 EBITDA 指導，如果我們去掉營銷保留更像是 5% 到 6%。那麼，您能否幫助我們了解是什麼導致了 2023 年算法的拖累？從長遠來看，我們應該如何看待這種動態？

Yes, Danny. Your math there is correct. And I think there's two contributing factors: The first one is higher expenses, mostly due to inflation. Some of that we saw roll on in 2022, but we didn't have a full 12 months of it, and we will have a full 12 months in 2023. And then the second impact really is the mix effect of higher RevPAR growth internationally versus RevPAR growth in the U.S., and that really is because the international regions are still in recovery mode in 2023, while the U.S. business had been fully recovered as of the second half of 2021. And how that plays into the long-term growth algorithm? I would say, typically, if all regions are growing at similar rate growth, the algorithm works, but we knew over the last 2 to 3 years with the COVID impact playing out, we knew that there was going to be some differences in the algorithm, which is why when we provide the sensitivities, we provide sensitivity per point of RevPAR for the U.S. business separate and apart from the international business?

是的，丹尼。你的數學是正確的。我認為有兩個促成因素：第一個是更高的支出，主要是由於通貨膨脹。我們看到其中一些在 2022 年會繼續，但我們沒有完整的 12 個月，我們將在 2023 年有完整的 12 個月。然後第二個影響確實是國際上更高的 RevPAR 增長與美國的 RevPAR 增長，這實際上是因為國際地區在 2023 年仍處於復蘇模式，而美國業務截至 2021 年下半年已完全恢復。這如何影響長期增長算法？我想說的是，通常情況下，如果所有地區都以相似的速度增長，那麼該算法是有效的，但我們知道在過去的 2 到 3 年裡，隨著 COVID 的影響逐漸顯現，我們知道算法會有一些差異，這就是為什麼當我們提供敏感性時，我們為美國業務提供每點 RevPAR 的敏感性，與國際業務分開？

Our next question comes from David Katz with Jefferies.

我們的下一個問題來自 Jefferies 的 David Katz。

Following through on some of that, one of the themes we've started to focus on largely one of your peers is revenue intensity. And as you build out internationally, I wonder if you can shed some light on the deals that you're making or the signings that you're making in China, where I think the intensity has historically been a bit lower, but in the other areas of the world, how those compare with the U.S.?

通過其中一些，我們已經開始主要關注你們的一個同行的主題之一是收入強度。當你在國際上擴張時，我想知道你是否可以闡明你正在做的交易或你正在中國做的簽約，我認為歷史上強度一直較低，但在另一個世界上哪些地區與美國相比如何？

And it's good to hear your moms doing better, God bless her. In China, certainly, yes. I mean, where we're growing our rooms. The growth is coming in our direct franchising business, which, as you know, is 3x more revenue-intensive than our master license agreements, which have nowhere near the growth that we're seeing with our direct franchising right now at double digit. And you're correct. And on Slide 9 in the IP that Matt put out last night, you see that over 70% -- 73% of our pipeline are in that higher revenue-generating segments in the midscale and above brands that are driving that. Over 60% of our domestic pipeline are in the midscale and above, and over 85% -- or about 85% of our international pipeline. So what that means for us is that our average deal values per room in the pipeline are increasing there. They're up 800 basis points domestically, which is important and up 240 basis points internationally. And that represents over $100 million of royalty fees for us over the next 4 years. Domestically, as they're more weighted to higher RevPAR, higher segments, upscale brands. And internationally, as they're weighted in higher RevPAR markets, especially notably in Latin America and in Europe with some of our more upper mid-scale brands. Our upscale brands, our Wyndham Hotels and Resorts, full-service brand are Registry Collection, luxury brands. So we're very excited about that.

很高興聽到你媽媽做得更好，上帝保佑她。在中國，當然可以。我的意思是，我們正在擴大我們的房間。我們的直接特許經營業務正在增長，如您所知，它的收入密集度是我們主許可協議的 3 倍，後者遠不及我們目前看到的直接特許經營兩位數的增長。你是對的。在 Matt 昨晚發布的 IP 的幻燈片 9 上，你會看到超過 70% - 73% 的管道在推動這一點的中檔及以上品牌中創收較高的細分市場。我們超過 60% 的國內管道處於中檔及以上，超過 85% - 或者我們國際管道的大約 85%。所以這對我們來說意味著我們在管道中的每個房間的平均交易價值在那裡增加。他們在國內上漲了 800 個基點，這很重要，在國際上上漲了 240 個基點。在接下來的 4 年裡，這意味著我們需要支付超過 1 億美元的特許權使用費。在國內，因為他們更傾向於更高的 RevPAR、更高的細分市場、高檔品牌。在國際上，因為它們在更高的 RevPAR 市場中佔有重要地位，尤其是在拉丁美洲和歐洲，我們的一些中高端品牌。我們的高檔品牌，我們的溫德姆酒店及度假村，全方位服務品牌是 Registry Collection，奢侈品牌。所以我們對此感到非常興奮。

Understood. And if you could just talk a bit more. I think one of the issues we're altering to process is how people are what people people being -- you are factoring into your guidance with respect to the macro environment as the year progresses?

明白了。如果你能多說一點。我認為我們正在改變以處理的問題之一是人們如何成為人們 - 隨著時間的推移，您是否正在考慮宏觀環境方面的指導？

Sure. I would say what we really are factoring into our guidance is -- well, first, our U.S. business has been fully recovered to pre-COVID levels since the second half of 2021, I mentioned. And finished 2022, 9% above 2019. So we're looking to add another 4% to 6% on top of that growth this year. And I would say from a macro perspective, in the U.S., we began to lap more normalized comps in the second half of 2022. We were seeing about 3% year-over-year growth. So we're expecting a continuation of that trend into 2023. And internationally, where not all markets are yet recovered to the pre-pandemic levels, there's a bigger year-over-year growth opportunity. So we're expecting all of our international regions with the exception of Asia Pac to get pretty close back to 2019 occupancy levels. So overall, we're looking for about half of our growth to come from occupancy recovery and the other half to come from some modest ADR growth.

當然。我想說的是，我們在指導中真正考慮的是——好吧，首先，我提到，自 2021 年下半年以來，我們的美國業務已完全恢復到 COVID 之前的水平。到 2022 年結束，比 2019 年高出 9%。因此，我們希望在今年的增長基礎上再增加 4% 至 6%。我想說，從宏觀的角度來看，在美國，我們在 2022 年下半年開始採用更多標準化的組合。我們看到了大約 3% 的同比增長。因此，我們預計這一趨勢將持續到 2023 年。在國際上，並非所有市場都已恢復到大流行前的水平，因此存在更大的同比增長機會。因此，我們預計除亞太地區外，我們所有國際地區的入住率都將非常接近 2019 年的水平。因此，總的來說，我們正在尋找大約一半的增長來自入住率恢復，另一半來自適度的 ADR 增長。

Our next question comes from Michael Bellisario with Baird.

我們的下一個問題來自 Michael Bellisario 和 Baird。

Michele, just one follow-up there. Just the 4 to 6 sort of system-wide globally. Can you give any more specifics on just what the U.S. expectation is versus international, just the spread in the components of the 4 to 6. I know you sort of touched on it a little bit, but any more specifics would be helpful.

米歇爾，只有一個跟進。全球只有 4 到 6 種系統範圍。您能否更具體地說明美國的期望與國際的期望，只是 4 到 6 的組成部分的差異。我知道您有點觸及它，但任何更多的細節都會有所幫助。

U.S. is certainly going to be lower growth overall compared to international since there still be in recovery mode for sure. So like I said, there's probably in the U.S., there's going to be a few points of occupancy growth and a few points of ADR growth. Whereas internationally, we're expecting to see again some modest ADR growth, but a much bigger lift coming out of occupancy.

與國際相比，美國的整體增長肯定會較低，因為肯定仍處於復蘇模式。所以就像我說的，在美國可能會有幾個點的入住率增長和幾個點的 ADR 增長。而在國際上，我們預計 ADR 將再次出現適度增長，但入住率將出現更大的提升。

Okay. And then, Geoff, for you, you have a big competitor now getting into the economy space, maybe big picture. What are the risks to you on the conversion front? And what are you hearing so far from your franchisees?

好的。然後，傑夫，對你來說，你有一個強大的競爭對手現在正在進入經濟領域，也許是大局。在轉換方面，您面臨哪些風險？到目前為止，您從加盟商那裡聽到了什麼？

Congrats to you and Mary on the birth of Lucy, last Tuesday. Andy need to play made a father of four girls, I wish you two more. We talked about that offline. Yes, we're not seeing any impact to your question on our economy brands. We have the most recognized economy brands in the space, and we've been in this space for over 30 years. We know these customers. We know these owners, and we know it's important to both. The one thing that COVID has demonstrated to our economy owner base is that they wish they own more Wyndham product given just how well our brands performed throughout COVID and how well they performed after 9/11 and the great financial crisis. These everyday essential construction and infrastructure workers never stopped traveling and they were staying in our economy brands in record numbers, which was what allowed our franchisees to never have to close down. So we'll continue to provide the most flexible and the most competitively priced economy brands with a focus on what we know is important to our guests and what we also know is important to our owners. And our renovation and our PIP costs run 3 to 5x less than many of our larger brand peers and our technology stack installation. And our technology stack operating costs remain the lowest at 4 to 6x less with just a continued focus on generating the best cash-on-cash returns in the Economy segment.

祝賀你和瑪麗上週二 Lucy 的誕生。安迪需要扮演四個女孩的父親，我希望你們兩個更多。我們離線討論了那個。是的，我們沒有看到您的問題對我們的經濟品牌有任何影響。我們擁有該領域最知名的經濟品牌，並且我們在該領域已有 30 多年的歷史。我們了解這些客戶。我們認識這些所有者，我們知道這對雙方都很重要。 COVID 向我們的經濟所有者群體展示的一件事是，考慮到我們的品牌在整個 COVID 期間的表現以及它們在 9/11 和金融危機後的表現如何，他們希望擁有更多的 Wyndham 產品。這些日常必不可少的建築和基礎設施工人從未停止旅行，他們以創紀錄的數量留在我們的經濟品牌中，這使我們的特許經營商永遠不必關閉。因此，我們將繼續提供最靈活、價格最具競爭力的經濟型品牌，重點關注我們知道對客人重要的東西以及我們也知道對業主重要的東西。我們的翻新和 PIP 成本比我們許多較大的品牌同行和我們的技術堆棧安裝低 3 到 5 倍。我們的技術堆棧運營成本仍然是最低的，降低了 4 到 6 倍，只是繼續專注於在經濟領域產生最佳的現金回報。

Our next question comes from Patrick Scholes of Truist Securities.

我們的下一個問題來自 Truist Securities 的 Patrick Scholes。

One question. You talked in your press release about achieving your goal of retention rate of 95%. Going forward, do you see that as sort of the equilibrium level at this point? Or do you see there's continued opportunity to improve that?

一個問題。您在新聞稿中談到要實現 95% 的保留率目標。展望未來，您認為這是目前的均衡水平嗎？還是您認為還有繼續改進的機會？

Absolute opportunity to continue to improve it, Patrick. We -- as Michele said, we were in the 94s in '19. We moved that to 95% in 2021, and we've moved it to 95.3% in '22. Our teams are incredibly focused on that. You blend that in with what we're doing on the gross unitization side, which we've also been moving up. We achieved 7% gross additions in '21. We moved that organically, take out Vienna House to an 8% organic growth addition in 2022. An all-time record of organic growth room additions for our system, and you blend those two and it's to Michele's point, how we're confident that we could move over time that 2% to 4% to 3$% to 5%.

絕對有機會繼續改進它，帕特里克。我們——正如米歇爾所說，我們在 19 年處於 94 年代。我們在 2021 年將其提高到 95%，並在 22 年將其提高到 95.3%。我們的團隊非常專注於此。您將其與我們在總單位化方面所做的工作相結合，我們也一直在提高。我們在 21 年實現了 7% 的總增幅。我們有機地移動了它，在 2022 年將 Vienna House 的有機增長增加了 8%。我們系統有機增長空間增加的歷史記錄，你將這兩者融合在一起，這就是 Michele 的觀點，我們是多麼有信心隨著時間的推移，我們可以移動 2% 到 4% 到 3$% 到 5%。

Our next question comes from Brandt Montour of Barclays.

我們的下一個問題來自巴克萊銀行的 Brandt Montour。

So maybe on that same theme, Geoff or Michele, the retention goal of just over 95.3% this year versus 95.3% last year. I'm just curious because it seems to me that a lot of folks in the industry think that this is the year where the brands will start pushing back on owners that maybe have some deferred CapEx during COVID that they held off, and this is the year that the brand sort of-- the rubber meets the road on a lot of hotels having to deal with that, and we saw Marriott guide to higher deletion rate this year versus what they had last year. So just curious what you guys think about your system, about your brands and your owners that you think you'll be able to sort of move in the opposite direction of that?

因此，也許在同一主題上，Geoff 或 Michele，今年的保留目標略高於 95.3%，而去年為 95.3%。我只是很好奇，因為在我看來，業內很多人認為，今年品牌將開始反擊所有者，這些所有者可能在 COVID 期間推遲了一些資本支出，而這是那一年，品牌有點——橡膠在許多酒店遇到了道路，不得不處理這個問題，我們看到萬豪指南今年的刪除率比去年高。所以很好奇你們對你們的系統、你們的品牌和你們的所有者的看法，你們認為你們能夠朝著相反的方向發展嗎？

Well, I think the progress that we've been making, Brandt, from the 93% to 94% to 95% to 95.3% to your point, gives us confidence. I think there's still an opportunity out there with the best brand value proposition in the economy and mid-scale space to pick up on the conversion front. And we think transaction volumes are going to continue to accelerate. The stress sales are expected to increase by the second half of this year. So we saw good movement on the adds, as we've said, and we've been really focused over the last few years. We had significant substandard deletions that were very targeted and very focused in 2018 and 2019 when our retention rates were lower than where they are today. And our brand quality and all of the efforts that we're doing on the quality front continue to give us great confidence that we can move that number higher.

嗯，我認為我們一直在取得的進展，Brandt，從 93% 到 94% 到 95% 到 95.3% 到你的觀點，給了我們信心。我認為仍然有機會在經濟和中等規模空間中擁有最佳品牌價值主張，以在轉換方面取得進展。我們認為交易量將繼續加速。預計到今年下半年壓力銷售將增加。因此，正如我們所說，我們在添加方面看到了良好的進展，並且我們在過去幾年中一直非常專注。在 2018 年和 2019 年，當我們的保留率低於今天的水平時，我們進行了非常有針對性和非常集中的重大不合標準刪除。我們的品牌質量和我們在質量方面所做的所有努力繼續給我們很大的信心，我們可以將這個數字提高。

Okay. Okay. Great. And then if we move to the other side of the equation to gross ads because if you say retention might get a little better or stay the same. But if you look at your sort of the midpoint of your net unit growth guidance, would -- maybe we're splitting hairs here, but it would imply not a slight decel versus what you actually did do in '22. So is that just conservatism? Or is there a part regionally? Or part of the chain scales that you would focus on in terms of your gross ads that isn't as strong as last year?

好的。好的。偉大的。然後，如果我們轉到等式的另一邊來計算總廣告，因為如果你說留存率可能會好一點或保持不變。但是，如果你看看你的淨單位增長指導的中點，也許我們會在這里分裂頭髮，但這意味著與你在 22 年實際所做的相比並沒有輕微的減速。那隻是保守主義嗎？還是有部分地區性的？或者你會關注的連鎖規模的一部分，因為你的廣告總額不如去年那麼強勁？

Yes, Brandt, I don't think it's actually a slight decel. I think when you look at the net room growth in 2022, you have to remember, there's 88 basis points of growth in there from the tuck-in acquisition of the Vienna House. So I think we delivered at 3% on an organic basis. And the midpoint of our guide this year would imply 3%. I would say we're looking for 20 to 30 basis points of improvement every year in the retention rate. And then -- and that 3% is a rounded number. So it could be the 3.2%, it could be 3.3%. It could be 2.8%, but we're expecting it to be 3% or better at the midpoint. And so I think if you target a retention rate of, let's say, 95.5% and you're looking at 3% net room growth then that would imply that you're driving somewhere between 8% and 9% in gross opens.

是的，勃蘭特，我不認為這實際上是一個輕微的減速。我認為，當您查看 2022 年的客房淨增長時，您必須記住，對維也納之家的收購帶來了 88 個基點的增長。所以我認為我們在有機基礎上交付了 3%。我們今年指南的中點意味著 3%。我會說我們希望每年的保留率提高 20 到 30 個基點。然後——那 3% 是一個四捨五入的數字。所以它可能是 3.2%，也可能是 3.3%。它可能是 2.8%，但我們預計它會在中點達到 3% 或更好。所以我認為，如果你的目標保留率是，比方說，95.5%，並且你正在尋找 3% 的淨房間增長，那麼這意味著你的總開放率在 8% 到 9% 之間。

Our next question comes from Ian Zaffino with Oppenheimer.

我們的下一個問題來自 Ian Zaffino 和 Oppenheimer。

Just -- you had another question on guidance here. When do we expect the impact of the government spending on the infrastructure build, other bills to kind of flow through in 2023? I don't know if you really can do this, but any kind of magnitude you might be able to give us or at least directionally what we should expect?

只是 - 你在這裡有另一個關於指導的問題。我們預計政府支出對基礎設施建設的影響何時會在 2023 年通過？我不知道你是否真的能做到這一點，但你能給我們帶來什麼樣的影響，或者至少在方向上，我們應該期待什麼？

Sure. We would expect in the back half of the year, if you follow everything that's being put out by the congressional budget office that next round of the $1 trillion will set the fund in late '23. There certainly are many preexisting and time-sensitive projects that have moved forward. The $350 billion highway reauthorization Act is a good example of that with $40 billion already being spent on bridges. In terms of the size, I think we said in our prepared remarks that it's over a $3 billion revenue opportunity for our franchisees over the next 5 to 8 years, which would mean another $150 million-ish of incremental royalties over that period. We're super excited about it. And we have been making investments in people for a while in processes and technologies. We're adding more sellers to win a greater share of these federal and state allocations, and we're creating a dedicated business-to-business sales team to identify the biggest opportunity targets out there. There are 1.8 million infrastructure company businesses in the United States today, and we're leveraging our relationships with our third-party partners. Our travel management companies, like CLC, who have over 1,400 buying centers across the country. And we're sending our teams to events and conventions and conferences that have never been to before like the American Society of Concrete Contractors and calling on companies we haven't called with before. So look, this has been a competitive strength of ours forever. We're continuing to invest heavily in it. The best is yet to come. And for the seventh consecutive quarter, we've seen a pickup in terms of what our franchisees are experiencing. We were up 16% in this business in the third quarter, and that accelerated to 21% in the fourth. So we're really excited about what's to come.

當然。我們預計在今年下半年，如果您遵循國會預算辦公室發布的所有內容，下一輪 1 萬億美元將在 23 世紀末設立該基金。肯定有許多先前存在的和時間敏感的項目已經向前推進。耗資 3500 億美元的高速公路重新授權法案就是一個很好的例子，已經有 400 億美元用於橋樑建設。就規模而言，我認為我們在準備好的評論中說過，在未來 5 到 8 年內，我們的特許經營商將獲得超過 30 億美元的收入機會，這意味著在此期間將再增加 1.5 億美元的特許權使用費。我們對此非常興奮。一段時間以來，我們一直在流程和技術方面對人員進行投資。我們正在增加更多的賣家以贏得這些聯邦和州分配的更大份額，並且我們正在創建一個專門的企業對企業銷售團隊來確定那裡最大的機會目標。今天美國有 180 萬家基礎設施公司，我們正在利用與第三方合作夥伴的關係。我們的差旅管理公司，如 CLC，在全國擁有 1,400 多個採購中心。我們派我們的團隊參加以前從未參加過的活動、會議和會議，比如美國混凝土承包商協會，並拜訪我們以前沒有拜訪過的公司。所以看，這一直是我們的競爭優勢。我們將繼續對其進行大量投資。最好的還在後頭。連續第七個季度，我們看到加盟商的體驗有所好轉。第三季度我們在該業務中增長了 16%，第四季度加速至 21%。所以我們對即將發生的事情感到非常興奮。

Add to that really quick. We're generating about $17 million a year from this part of our business. So if it just continued to increase in the double-digit category would be about $3 million of incremental EBITDA. And of course, we're not looking just for continued share capture, we're looking for an expansion in the size of the pie once the spend actually hits the market.

添加到那個非常快。我們每年從這部分業務中獲得約 1700 萬美元的收入。因此，如果它繼續以兩位數的速度增長，則 EBITDA 的增量約為 300 萬美元。當然，我們不只是在尋求持續的份額捕獲，我們還在尋求在支出真正進入市場後擴大蛋糕的規模。

That's really good color. And then just as a quick follow-up. On the room growth projections, can you give us any of the puts and takes on like what you're assuming with rates going higher, maybe a softening in the economy. How does that algorithm change with those two factors?

這顏色真好然後作為快速跟進。關於房間增長預測，你能給我們任何看跌期權嗎？就像你假設的那樣，利率會上升，經濟可能會走軟。該算法如何隨著這兩個因素而變化？

Yes. So let me start by saying half the rooms in the current pipeline of either conversions or new construction projects that are already in the ground. So that's going to significantly reduced our exposure to the current market dynamics and then we're just seeing with the other half of the pipeline. And that, I'd say, the rapid rise in interest rates have impacted all asset levels in Canadian hotels, but hotels are unique and that they are -- they have value rates and can offset cost side of that equation, whether it be inflation or interest on higher pricing, and they have the ability to do that daily, which is what we saw all during 2022. And developers -- our underwriting sustained increases in ADR, which is either partially, or in some cases, fully offsetting the higher interest expense. So we and the well-capitalized developers that we're working with, we all believe this is the best time to build. Even though interest rates are higher than the historic lows that we've seen over the past decade, we're all expecting that they will decrease a bit once inflation is under control and the economic uncertainty that we're facing to pass this over and these select-service hotels have minimal staffing requirements. They're delivering really high ROI for our owners and offering very attractive rates even in this environment.

是的。因此，讓我首先說一下目前已經在地下的轉換或新建築項目管道中的一半房間。因此，這將大大減少我們對當前市場動態的風險敞口，然後我們只看到另一半管道。而且，我要說的是，利率的快速上升影響了加拿大酒店的所有資產水平，但酒店是獨一無二的，而且它們是 - 它們具有價值率並且可以抵消該等式的成本方面，無論是通貨膨脹或對更高定價的興趣，他們有能力每天都這樣做，這就是我們在 2022 年期間看到的情況。而開發商——我們承保的 ADR 持續增加，這部分或在某些情況下完全抵消了較高的定價利息花費。因此，我們和我們正在合作的資本雄厚的開發商，我們都相信這是建設的最佳時機。儘管利率高於我們在過去十年中看到的歷史低點，但我們都預計一旦通貨膨脹得到控制以及我們面臨的經濟不確定性將過去和這些精選服務酒店的人員配置要求極低。他們為我們的所有者提供了非常高的投資回報率，即使在這種環境下也能提供極具吸引力的價格。

Our next question comes from Dan Wasiolek with Morningstar.

我們的下一個問題來自晨星的 Dan Wasiolek。

So maybe wondering if you give update on your loyalty membership where that's at? How that's grown and the engagement of it pertaining to the number of room nights or percentage of room night is being booked by the loyalty base? And then second question, just I think you mentioned that the direct bookings were up 23%. Was that for 2022? And wondering if you could also give a similar figure for the OTA channel?

所以也許想知道您是否提供有關您的忠誠度會員資格的最新信息？它是如何增長的，以及忠誠度基礎預訂的與間夜數或間夜百分比相關的參與度？然後是第二個問題，我想你提到直接預訂增長了 23%。那是2022年的嗎？想知道您是否也可以為 OTA 渠道提供類似的數字？

Sure. Our enrollments, to the first part of that question, grew 8%, Dan, year-over-year. We're at 99 million members globally. And it is what's driving that double-digit year-on-year percentage quote. Our brand.com growth is at the highest level it's ever been. And to the OTA piece, it is outpacing the OTA growth. Our share of occupancy has increased 500 basis points domestically to where it was pre-pandemic, which is pretty remarkable, nearly 1 out of every 2 check-ins to our economy mid-scale, upper mid-scale, upscale brands are coming through the program. But we've got nearly that same percentage now in the economy space. And we have certain brands, like La Quinta and American that are pushing 60% share of occupancy blended. It's about a 50% share of occupancy domestically.

當然。對於該問題的第一部分，我們的註冊人數同比增長了 8%，Dan。我們在全球擁有 9900 萬會員。這就是推動兩位數同比百分比報價的原因。我們的 brand.com 增長達到了有史以來的最高水平。而對於 OTA 部分，它的增長速度超過了 OTA。我們在國內的入住率增加了 500 個基點，達到大流行前的水平，這是非常了不起的，每 2 次入住我們的經濟體中，就有近 1 次入住中檔、中高檔、高檔品牌來自程序。但我們現在在經濟領域的比例幾乎相同。我們有某些品牌，如拉昆塔和美國，它們正在推動 60% 的混合入住率。它大約佔國內入住率的 50%。

At this time, I show no further questions in queue. I'll turn the call back to Geoff Ballotti for closing remarks.

此時，我不會在隊列中顯示更多問題。我會將電話轉回給 Geoff Ballotti，請他作結束語。

Thanks, Todd, and thanks, everyone, for your questions and your interest in Wyndham Hotels & Resorts. We'd like to, once again, thank our valued team members for their significant accomplishments around the world and for helping us deliver our eighth sequential quarter of organic net room growth along with a 12% growth and at a development pipeline that's never been stronger than it is today.

謝謝托德，也謝謝大家提出的問題和對溫德姆酒店及度假村的關注。我們要再次感謝我們尊貴的團隊成員在世界各地取得的重大成就，並幫助我們實現了連續第八個季度的有機淨房間增長以及 12% 的增長，並且開發管道從未如此強大比今天。

Domestic and global RevPAR growth accelerated to both prior year and 2019 levels and occupancy continues its recovery, providing a meaningful tailwind for us in the year ahead. With consumer travel demand holding steadfast in our iconic and trusted brands delivering record levels of direct contribution through our brand.com channels, we are very enthusiastic about the opportunities that lie ahead in our ability to deliver outstanding value to our shareholders, our guests, our franchisees and our team members. Michele, Matt and I look forward to talking to and seeing many of you in the weeks and months ahead at many of the upcoming investor conferences will be attending. We wish everyone a happy President's Day weekend and look forward to seeing you soon.

國內和全球 RevPAR 增長加速至上一年和 2019 年的水平，入住率繼續復甦，為我們來年提供了重要的推動力。我們的標誌性和值得信賴的品牌通過我們的 brand.com 渠道提供創紀錄的直接貢獻，消費者的旅行需求保持穩定，我們非常熱衷於為我們的股東、我們的客人、我們的客戶提供卓越價值的機會。加盟商和我們的團隊成員。米歇爾、馬特和我期待著在接下來的幾周和幾個月內在即將參加的許多投資者會議上與你們中的許多人交談和見面。我們祝大家總統日週末愉快，並期待很快見到您。

Thank you. This does conclude today's Wyndham Hotels & Resorts Fourth Quarter and Full Year 2022 Earnings Conference Call. Please disconnect your line at this time and have a wonderful day.

謝謝。這確實結束了今天的溫德姆酒店及度假村第四季度和 2022 年全年收益電話會議。請此時斷開您的線路，祝您有美好的一天。