Wyndham Hotels & Resorts Inc (WH) 2023 Q2 法說會逐字稿

Welcome to the Wyndham Hotels & Resorts Second Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Matt Capuzzi, Senior Vice President of Investor Relations.

歡迎參加溫德姆酒店及度假村 2023 年第二季度收益電話會議。 （操作員指示）我現在想將電話轉給投資者關係高級副總裁 Matt Capuzzi。

Thank you, operator. Good morning, and thank you for joining us. With me today are Geoff Ballotti, our CEO; and Michele Allen, our CFO.

謝謝你，接線員。早上好，感謝您加入我們。今天與我在一起的有我們的首席執行官傑夫·巴洛蒂 (Geoff Ballotti)；和我們的首席財務官米歇爾艾倫。

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. These risk factors are discussed in detail in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission and any subsequent reports filed with the SEC.

在開始之前，我想提醒您，我們今天的言論將包含前瞻性陳述。這些陳述受到風險因素的影響，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。這些風險因素在我們向美國證券交易委員會提交的最新 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。

We'll 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. We are providing certain measures discussing future impact on a non-GAAP basis only because without unreasonable efforts, we are unable to provide the comparable GAAP metric.

我們還將提及一些非公認會計原則措施。我們的收益報告中提供了相應的 GAAP 衡量標準以及非 GAAP 衡量標準與 GAAP 指標的調節表，該報告可在我們的投資者關係網站 Investor.wyndhamhotels.com 上獲取。我們提供某些衡量標準來討論非 GAAP 基礎上的未來影響，只是因為如果沒有不合理的努力，我們無法提供可比較的 GAAP 指標。

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. 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 webcasts.

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演示文稿。未來我們可能會繼續在我們的網站上提供補充信息。因此，除了我們的新聞稿、向 SEC 提交的文件以及任何公開電話會議或網絡廣播之外，我們鼓勵投資者關注我們的網站。

With that, I will turn the call over to Geoff.

這樣，我會將電話轉給傑夫。

Thanks, Matt, and thanks, everyone, for joining us this morning for our second quarter earnings call. This quarter marked our fifth year as a public company since our spin-off from Wyndham Worldwide in 2018. Five years later, we're a significantly stronger company with a much more simplified business model. We've moved from a franchise and managed hotel company to a pure-play franchise business, having sold our owned hotels and exited the U.S. hotel management business along with all of our management guarantees and performance commitments.

謝謝馬特，也謝謝大家今天早上參加我們的第二季度財報電話會議。自 2018 年從溫德姆環球酒店集團分拆以來，本季度是我們成為上市公司的第五個年頭。五年後，我們已成為一家實力顯著增強、業務模式更加簡化的公司。我們已經從特許經營和管理酒店公司轉變為純粹的特許經營企業，出售了我們擁有的酒店並退出了美國酒店管理業務以及我們所有的管理保證和績效承諾。

As the world's largest hotel franchise company whose growth continues to accelerate, our teams have so much to be proud of. Over the past 5 years, we've launched, acquired and integrated 5 new brands, bringing our portfolio to 24 brands globally in every segment of the industry from economy to luxury. With the industry's #1 loyalty program as named by U.S. News and World Report just this week, Wyndham Rewards is now driving nearly 1 out of every 2 check-ins domestically for our franchisees.

作為全球最大的酒店特許經營公司，其增長持續加速，我們的團隊有很多值得自豪的地方。在過去 5 年裡，我們推出、收購和整合了 5 個新品牌，使我們的產品組合達到全球 24 個品牌，涉及從經濟型到豪華型的各個行業領域。溫德姆獎賞計劃是本週被《美國新聞與世界報導》評為業界排名第一的忠誠度計劃，目前，我們的加盟商每 2 次簽到就有 1 次來自國內。

Our brands are marketed under the By Wyndham umbrella marketing banner that is searched roughly 2 million times each and every day. We've expanded into over 55 new countries, debuting our brands more than 100 times in countries where they've never been before, while expanding our global development pipeline by over 50% to 228,000 rooms and nearly 1,850 hotels. Despite the impact from COVID, we've driven gross unit additions at an average annual growth rate of over 7% over these past 5 years, and we've improved our franchisee retention rate from 93% to over 95%, with the industry's leading retention rates in the economy segment.

我們的品牌以 By Wyndham 傘式營銷旗幟進行營銷，每天搜索量約為 200 萬次。我們已將業務擴展到超過55 個新國家，在他們從未去過的國家首次亮相我們的品牌超過100 次，同時將我們的全球開發渠道擴大了50% 以上，達到228,000 間客房和近1,850 家酒店。儘管受到新冠肺炎疫情的影響，過去 5 年來，我們的總單位增量仍以年均 7% 以上的速度增長，我們的加盟商保留率從 93% 提高到 95% 以上，處於行業領先地位。經濟領域的保留率。

From an earnings standpoint, we've grown our adjusted EBITDA by over 70%, and we've improved our franchise margin from 65% to over 80%. We've proven ourselves as a company dedicated to the long-term success of our franchisees, team members and shareholders, the latter of whom we've returned over $1.6 billion of capital to since listing on the NYSE or approximately 27% of our market cap at spin.

從收益的角度來看，我們的調整後 EBITDA 增長了 70% 以上，我們的特許經營利潤率從 65% 提高到了 80% 以上。我們已經證明了自己是一家致力於特許經營商、團隊成員和股東長期成功的公司，自在紐約證券交易所上市以來，我們已向股東返還了超過 16 億美元的資本，約占我們市場的 27%旋轉帽。

After 8 strong quarters of consistent earnings growth coming out of COVID and a very strong first quarter of 2023, our second quarter was no exception. Globally, RevPAR grew 7% in constant currency. Net rooms increased 4%. Our development pipeline grew by 1% sequentially and by 10% to prior year. And adjusted EBITDA increased 8% on a comparable basis. We generated $74 million of free cash flow, and we returned another $139 million of capital to our shareholders.

在受新冠疫情影響連續 8 個季度實現強勁的盈利增長以及 2023 年第一季度的強勁增長之後，我們的第二季度也不例外。在全球範圍內，按固定匯率計算，每間可用客房收入增長了 7%。淨客房量增加 4%。我們的開發渠道比上一季度增長 1%，比上年增長 10%。調整後的 EBITDA 在可比基礎上增長了 8%。我們產生了 7400 萬美元的自由現金流，並向股東返還了另外 1.39 億美元的資本。

Demand growth and recovery overseas was especially strong. Occupancy improved 16% year-over-year and RevPAR grew 34%. China is now at 99% of 2019 RevPAR levels, driven by strong leisure bookings over the May Labor Day and Dragon Boat Festival holidays. U.S. RevPAR is now normalizing against the record comps we saw last year, yet growth versus pre-COVID levels has remained strong. We saw growth of 9% in April, moderate to 6% in May and then rebound to 10% in June and July month to date stands at 12%, a 200 basis point acceleration from June.

海外需求增長和復蘇尤其強勁。入住率同比提高 16%，每間可用客房收入 (RevPAR) 增長 34%。受五一勞動節和端午節假期休閒預訂強勁的推動，中國目前的每間可用客房收入水平為 2019 年的 99%。美國每間可出租客房收入 (RevPAR) 目前正與去年創紀錄的比較水平相比趨於正常化，但與新冠疫情爆發前的水平相比，增長仍然強勁。 4 月份增長 9%，5 月份放緩至 6%，然後在 6 月份反彈至 10%，7 月份迄今為 12%，比 6 月份增長了 200 個基點。

Fundamentals remain strong, and our select-service brands continue to outpace their full-service counterparts across the industry by 300 basis points in the second quarter. Recent economic data continues to build our confidence for future demand and booking trends. June's consumer confidence index increased 7 points, showing positive movements in both the present and future expectation components, while at the same time, U.S. unemployment remains at its lowest levels since the 1960s.

基本面依然強勁，第二季度我們的精選服務品牌繼續領先全行業的全方位服務同行 300 個基點。最近的經濟數據繼續增強我們對未來需求和預訂趨勢的信心。 6 月份消費者信心指數上升 7 點，顯示當前和未來預期成分均出現積極變化，而與此同時，美國失業率仍處於 1960 年代以來的最低水平。

Our middle-class guests with average household incomes of over $90,000, nearly 30% above the U.S. median, has seen wage and savings growth of approximately 20% and nearly 30%, respectively, since 2019. And with their wage growth outpacing the rate of inflation since the start of 2019, they continue to allocate a higher share of their wallets to travel. July month-to-date Google search volume for affordable travel is running 8% ahead of last year. When combining these strong leisure travel trends with a double-digit increases versus 2019 that we continue to generate from the infrastructure accounts who drive over 20% of our franchisees' revenues, we remain bullish about our growth prospects in the quarters and years ahead.

我們的中產階級客人平均家庭收入超過 90,000 美元，比美國中位數高出近 30%，自 2019 年以來，他們的工資和儲蓄增長分別約為 20% 和近 30%。自2019 年初以來，隨著通貨膨脹的加劇，他們繼續將更高比例的錢包用於旅行。 7 月至今，Google 經濟實惠旅行搜索量比去年同期增長 8%。將這些強勁的休閒旅遊趨勢與2019 年相比我們繼續從基礎設施賬戶中獲得的兩位數增長相結合，基礎設施賬戶占我們特許經營商收入的20% 以上，我們仍然看好未來幾個季度和幾年的增長前景。

We grew our overall system for the 10th consecutive quarter by 1% sequentially and by 4% versus prior year. With strong conversion and solid new construction activity, we opened nearly 18,000 rooms in the quarter, which was 23% higher than last year and 10% higher than 2019. Year-to-date through June 30, we've opened 198 hotels, opening more than 1 hotel each and every day. We improved our franchisee retention rate by another 20 basis points from where it stood at the same time last year, which when combined with the consistency of our strong openings performance, position us solidly on track to achieve our full year net room growth outlook of 2% to 4%.

我們的整體系統連續第 10 個季度環比增長 1%，與去年同期相比增長 4%。憑藉強勁的改建和紮實的新建築活動，我們在本季度開設了近18,000 間客房，比去年增長23%，比2019 年增長10%。今年迄今，截至6 月30 日，我們已開設198 家酒店，每天超過 1 家酒店。與去年同期相比，我們將特許經營商保留率又提高了 20 個基點，再加上我們強勁的開業表現的一致性，使我們堅定地走在實現全年淨房間增長前景 2 的軌道上。 % 至4%。

Here in the United States, we grew our system for the eighth sequential quarter, including another 100 basis points of sequential growth in the more revenue-intense midscale and above segments this quarter. We added over 6,400 rooms, including the Hawthorn Suites Houston in Kingwood near George Bush Intercontinental Airport and the La Quinta Manchester, Tennessee, near the Jack Daniel's distillery, both new construction openings.

在美國，我們連續第八個季度擴大了我們的系統，包括本季度收入密集型中端及以上細分市場又實現了 100 個基點的連續增長。我們新增了 6,400 多間客房，包括喬治·布什洲際機場附近金伍德的休斯頓 Hawthorn Suites 酒店和傑克丹尼釀酒廠附近田納西州曼徹斯特的 La Quinta 酒店，這兩家酒店都是新開業的酒店。

Internationally, we opened 66 hotels, 14% more than last year, and we grew net rooms by over 9%. Our Latin America team grew net rooms by 2% sequentially and by 17% versus prior year, adding some fantastic new leisure and new business destinations like the new construction trip by Wyndham in the heart of Brazil's capital city, Brasilia.

在國際上，我們開設了 66 家酒店，比去年增加 14%，淨客房增長超過 9%。我們的拉丁美洲團隊的淨客房數量環比增長了2%，與去年相比增長了17%，增加了一些精彩的新休閒和新商務目的地，例如溫德姆酒店在巴西首都巴西利亞市中心的新建築之旅。

Our EMEA region drove over 1% of sequential and over 9% of year-over-year organic net room growth with quality second quarter conversions like our first Ramada Resort in Cypress, our first trademark collection in Turkey at Istanbul Airport and our first Registry Collection resort on the Aegean Sea in Greece.

我們的歐洲、中東和非洲地區憑藉第二季度的優質轉化，帶動了環比1% 以上和同比9% 以上的有機淨客房增長，例如我們在賽普拉斯的第一家華美達度假村、我們在土耳其伊斯坦布爾機場的第一個商標系列以及我們的第一個註冊系列希臘愛琴海的度假勝地。

In Southeast Asia and the Pacific Rim, which increased their system by 7% sequentially and by 12% year-over-year, we opened 6 new hotels this quarter including the Wyndham Grand Phu Quoc, a luxurious 1,400-room newly built conversion hotel on Vietnam's largest island in the Gulf of Thailand, which has seen exponential tourism growth in recent years.

在東南亞和環太平洋地區，系統數量環比增長7%，同比增長12%，本季度我們新開了6 家酒店，其中包括富國島溫德姆大酒店(Wyndham Grand Phu Quoc)，這是一家新建的豪華酒店，擁有1,400 間客房。越南位於泰國灣的最大島嶼，近年來旅遊業呈指數級增長。

And in China, which experienced a 4% sequential and a 13% net room growth in our direct franchising system, we opened 10 new construction hotels, along with 30 conversion hotels, which was 19 more than last year, including the beautiful new Wyndham Garden Shenzhen located in the Central Business District next to Huawei's world headquarters.

在中國，我們的直接特許經營體係經歷了4% 的連續增長和13% 的客房淨增長，我們開設了10 家新建酒店，以及30 家改建酒店，比去年增加了19 家，其中包括美麗的新溫德姆花園酒店深圳位於中央商務區，毗鄰華為全球總部。

We grew our development pipeline 1% sequentially and by 10% versus prior year to a record 228,000 rooms in nearly 1,850 hotels, marking Wyndham's 12th consecutive quarter of sequential pipeline growth. Our teams awarded over 175 contracts for approximately 24,000 room additions, 6% ahead of last year and 7% higher than 2019. Over 70% of our pipeline is the higher revenue generating midscale, upper midscale, upscale, upper upscale and luxury chain segments.

我們的開發項目數量環比增長1%，較去年同期增長10%，近1,850 家酒店的客房數量達到創紀錄的228,000 間客房，這標誌著溫德姆的開發項目數量連續第12 個季度實現環比增長。我們的團隊簽署了超過175 份合同，新增約24,000 間客房，比去年增長6%，比2019 年增長7%。我們超過70% 的管道是收入較高的中檔、中高檔、高檔、高檔和豪華連鎖細分市場。

Finally, on the ECHO Suites Extended Stay front, over the past few weeks, we awarded another 60 new contracts to established and experienced developers, including what will be the brand's first hotels in Canada. Our ECHO Suites by Wyndham brand has now a global pipeline of 265 hotels and approximately 33,000 rooms. Internationally, our teams have executed 21% more rooms in the second quarter than they did in 2019 with similar growth in both conversion and new construction hotel deals led by our Latin America region and our China direct franchising business.

最後，在 ECHO Suites Extended Stay 方面，過去幾週，我們向成熟且經驗豐富的開發商授予了另外 60 份新合同，其中包括該品牌在加拿大的第一家酒店。我們的 ECHO Suites by Wyndham 品牌目前在全球擁有 265 家酒店和約 33,000 間客房。在國際方面，我們的團隊在第二季度執行的客房數量比2019 年增加了21%，在我們的拉丁美洲地區和中國直接特許經營業務的帶動下，改建和新建酒店交易也出現了類似的增長。

For the ninth consecutive quarter, revenue from our general infrastructure-related business accounts increased double digits versus 2019, reflecting both higher ADRs as well as an increase in our capture rate as the earmark spend from the Infrastructure and CHIPS Act is yet to be deployed into market in a meaningful way. As we prepare for the acceleration of infrastructure spending in the months and years ahead, we've expanded our sales teams by 25%.

與2019 年相比，我們的一般基礎設施相關業務賬戶的收入連續第九個季度增長了兩位數，這既反映了ADR 的增加，也反映了我們的捕獲率的提高，因為《基礎設施和CHIPS 法案》的專項支出尚未部署到以有意義的方式進行市場。當我們為未來數月和數年基礎設施支出的加速做好準備時，我們已將銷售團隊擴大了 25%。

We've enhanced our digital capabilities to drive more leads and we've invested in new technology to enable seamless bookings for these infrastructure workers. As a result, we're seeing promising leads generated for our hotels are up 15% year-over-year, and the number of new accounts acquired are up nearly 20%. These investments are paving a way for significant revenue growth from this category over the next handful of years.

我們增強了數字能力，以吸引更多潛在客戶，並投資了新技術，為這些基礎設施工作人員提供無縫預訂。因此，我們看到我們的酒店產生的潛在客戶同比增長了 15%，獲得的新客戶數量增長了近 20%。這些投資正在為未來幾年該類別收入的大幅增長鋪平道路。

In closing, Q2 was another strong quarter that saw continued improvement in global RevPAR, executions, openings, retention and net room growth both domestically and internationally. Of all the accomplishments that our team members have achieved this quarter and throughout each of the last 20 quarters since becoming a public company, there is no greater accomplishment than fostering a more diverse global community while living our core values of integrity, accountability, inclusivity, caring and fun.

最後，第二季度是又一個強勁的季度，全球每間可用客房收入、執行量、空置率、保留率和國內及國際客房淨增長持續改善。自成為上市公司以來，我們的團隊成員本季度以及過去20 個季度取得的所有成就中，沒有比培育更加多元化的全球社區，同時踐行我們的誠信、責任、包容性等核心價值觀更偉大的成就了。關懷和樂趣。

We can now say that at midyear, we have been named for 2023 as one of Newsweek magazine's global most loved workplaces, one of Ethisphere's world's most ethical companies and one of Diversity Inc.'s top 50 companies for diversity. And none of this would be possible without the constant support and engagement of our franchisees and team members, an engagement level which has never been stronger in Wyndham Hotels & Resorts last 5 years as a public company.

現在我們可以說，到了年中，我們已被《新聞周刊》雜誌評為2023 年全球最受歡迎的工作場所之一、Ethisphere 評選的全球最具道德的公司之一以及Diversity Inc. 多元化50 強公司之一。如果沒有我們的特許經營商和團隊成員的持續支持和參與，這一切都是不可能實現的，作為一家上市公司，溫德姆酒店及度假村過去 5 年來的參與水平從未如此之高。

And with that, I'll turn the call over to our CFO, Michele Allen. Michele?

接下來，我會將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 second quarter results. I'll then review our cash flows and balance sheet followed by our outlook.

謝謝杰夫，大家早上好。我今天將首先詳細回顧我們第二季度的業績。然後我將回顧我們的現金流和資產負債表，然後是我們的前景。

Before we get started, let me briefly remind you that the year-over-year comparison of our financial results is impacted by the sale of our owned hotels and the exit of the select-service management business as well as the timing of our marketing fund spend. This year, our marketing spend has returned to a more normalized pace. In contrast, last year's spending pattern was significantly dampened by concerns regarding the potential impact of the Omicron variant on demand.

在開始之前，我先簡單提醒您一下，我們財務業績的同比比較受到我們自有酒店的出售、精選服務管理業務的退出以及我們的營銷基金的時機的影響花費。今年，我們的營銷支出已恢復到更加正常的節奏。相比之下，去年的支出模式因擔心 Omicron 變體對需求的潛在影響而受到嚴重抑制。

Though we have now lapped the owned hotel sales and select-service management business exit, the marketing fund variability will impact the quarterly year-over-year comparisons for the remainder of 2023. To enhance transparency and provide a better understanding of the results of our ongoing operations consistent with last quarter, I will be highlighting our results on a comparable basis, which neutralizes these impacts.

儘管我們現在已經退出了自有酒店銷售和精選服務管理業務，但營銷資金的變化將影響 2023 年剩餘時間的季度同比比較。為了提高透明度並更好地了解我們的結果由於持續運營與上季度保持一致，我將在可比較的基礎上強調我們的業績，從而抵消這些影響。

We generated $358 million of fee-related and other revenues, compared to $354 million last year, which included $12 million from the select-service management business and owned hotels. On a comparable basis, fee-related and other revenues increased 5% year-over-year, which, as expected, included an adverse timing impact of 300 basis points relating to revenue recognition in our loyalty program. Royalties and franchise fees grew 7% while license and ancillary fees grew 10%.

我們產生了 3.58 億美元的收費相關收入和其他收入，而去年為 3.54 億美元，其中包括來自精選服務管理業務和自有酒店的 1200 萬美元。在可比基礎上，費用相關收入和其他收入同比增長 5%，正如預期的那樣，其中包括與我們的忠誠度計劃中的收入確認相關的 300 個基點的不利時間影響。特許權使用費和特許經營費增長了 7%，而許可費和輔助費增長了 10%。

Adjusted EBITDA was $158 million in the second quarter, compared to $175 million last year, which included a $3 million contribution from the select-service management business and owned hotels. The year-over-year change was also impacted by $27 million of marketing fund timing. As I mentioned, with marketing spend returning to a more normalized cadence this year, marketing expenses in the second quarter of 2023 exceeded revenues by $15 million while marketing revenues exceeded expenses by $12 million in the second quarter last year. On a comparable basis, adjusted EBITDA increased 8% year-over-year, primarily reflecting our revenue growth, and our adjusted EBITDA margin improved 40 basis points.

第二季度調整後 EBITDA 為 1.58 億美元，而去年為 1.75 億美元，其中包括來自精選服務管理業務和自有酒店的 300 萬美元貢獻。同比變化還受到 2700 萬美元營銷資金時機的影響。正如我所提到的，隨著今年營銷支出恢復到更加正常化的節奏，2023 年第二季度的營銷支出超過收入 1500 萬美元，而去年第二季度的營銷收入超過支出 1200 萬美元。在可比基礎上，調整後 EBITDA 同比增長 8%，主要反映了我們的收入增長，調整後 EBITDA 利潤率提高了 40 個基點。

Second quarter adjusted diluted EPS was $0.93, up 10% on a comparable basis, reflecting our adjusted EBITDA growth as well as benefits from our share repurchase activity, which were partially offset by higher interest expense.

第二季度調整後攤薄每股收益為 0.93 美元，同比增長 10%，反映了我們調整後的 EBITDA 增長以及股票回購活動帶來的收益，但利息支出的增加部分抵消了這一收益。

In the second quarter, global RevPAR grew 7% on a constant currency basis, driven by continued ADR growth and strong demand recovery overseas, especially in Asia Pacific and EMEA. U.S. RevPAR was down 1% year-over-year and up 8% versus 2019, which is a 30 basis point acceleration from first quarter performance. Second quarter trends in the U.S. represented a moderation of the robust leisure travel growth we saw last year, which largely favored the select-service chain scale.

第二季度，受ADR持續增長和海外需求強勁復甦（尤其是亞太地區和歐洲、中東和非洲地區）的推動，全球每間可出租客房收入（按固定匯率計算）增長了7%。美國的 RevPAR 同比下降 1%，與 2019 年相比增長 8%，較第一季度業績增長 30 個基點。美國第二季度的趨勢表明，去年休閒旅遊的強勁增長有所放緩，這在很大程度上有利於精選服務連鎖店的規模。

Now as travel habits are normalizing, we're seeing a revival in cruise, center city and international vacations, partially counterbalancing the robust summer demand our hotels experienced last year, particularly in Florida and across the South Atlantic region. Our select-service brands continue to be the strongest performing segment in the industry, as Geoff mentioned, outpacing the full service segment by 300 basis points in the second quarter.

現在，隨著旅行習慣的正常化，我們看到遊輪、中心城市和國際度假的複蘇，部分抵消了我們酒店去年經歷的強勁夏季需求，特別是在佛羅里達州和整個南大西洋地區。正如 Geoff 提到的，我們的精選服務品牌仍然是行業中表現最強勁的細分市場，第二季度比全面服務細分市場高出 300 個基點。

Internationally, RevPAR payment stronger than expected, accelerating from a constant currency growth rate of 20% versus 2019 in the first quarter to 33% in the second quarter with over 10 full points of occupancy opportunity ahead for demand to return to pre-COVID levels. In China, RevPAR was at 99% of 2019 levels during the second quarter; Southeast Asia and the Pacific Rim was at 97%; and EMEA, Lat Am and Canada were all meaningfully above 2019 levels. Sequentially, international occupancy improved to 89% of 2019 levels from 84% in the first quarter. This improvement was driven by an acceleration of demand in China, which improved to 83% of 2019 levels from 76% in the first quarter.

在國際上，RevPAR支付強於預期，從第一季度與2019年相比的20%的恆定貨幣增長率加速到第二季度的33%，並且需求將有超過10個整點的入住機會恢復到新冠疫情前的水平。在中國，第二季度的 RevPAR 為 2019 年水平的 99%；東南亞和環太平洋地區為 97%；歐洲、中東和非洲、拉丁美洲和加拿大的價格均顯著高於 2019 年的水平。隨後，國際入住率從第一季度的 84% 升至 2019 年水平的 89%。這一改善是由中國需求加速推動的，中國需求從第一季度的 76% 提高到 2019 年水平的 83%。

Before I move on to cash flow, let me quickly discuss the current financing environment for our franchisees. Financing for well-established borrowers remains generally available, particularly at the community bank level where approximately 70% of our new project starts are financed. And despite more than a 50% decline year-over-year in industry-wide buy-sell transaction volumes, our teams not only opened 23% more rooms this quarter than they did last year, they also executed 6% more rooms year-over-year and 7% more than 2019. We continue to monitor the situation and although it has not had a meaningful impact on our business, we have a variety of programs ready to assist owners if necessary.

在討論現金流之前，讓我快速討論一下我們加盟商當前的融資環境。信譽良好的借款人仍然可以普遍獲得融資，特別是在社區銀行層面，我們大約 70% 的新項目啟動都得到了融資。儘管全行業買賣交易量同比下降了 50% 以上，但我們的團隊本季度開設的客房數量比去年增加了 23%，執行的客房數量也比去年增加了 6%比2019 年增加了7%。我們將繼續監控情況，儘管它沒有對我們的業務產生有意義的影響，但我們準備了各種計劃，以便在必要時為業主提供幫助。

On to free cash flow. We generated $74 million in the second quarter and $158 million year-to-date with a free cash flow conversion rate from adjusted EBITDA of 52%. We are solidly on track to achieve our goal of converting 50% to 55% of full year adjusted EBITDA to free cash flow, which, at the adjusted net income line item, translates to approximately 100%. We returned $139 million to our shareholders during the second quarter of 2023 through $109 million of share repurchases and $30 million of common stock dividends.

自由現金流。我們第二季度創造了 7400 萬美元的收入，年初至今創造了 1.58 億美元的收入，調整後 EBITDA 的自由現金流轉換率為 52%。我們正在穩步實現將全年調整後 EBITDA 的 50% 至 55% 轉換為自由現金流的目標，在調整後的淨利潤項下，自由現金流約為 100%。 2023 年第二季度，我們通過 1.09 億美元的股票回購和 3000 萬美元的普通股股息向股東返還 1.39 億美元。

Given the depressed share price in the second quarter, we opportunistically repurchased twice the amount we bought back in the first quarter. Year-to-date, we have repurchased 2.4 million shares of our stock for $165 million. We ended the quarter with approximately $800 million of total liquidity, and our net leverage ratio of 3.2x was at the lower end of our target range.

鑑於第二季度股價低迷，我們趁機回購了第一季度回購金額的兩倍。今年迄今為止，我們已以 1.65 億美元的價格回購了 240 萬股股票。本季度結束時，我們的總流動資金約為 8 億美元，淨槓桿率為 3.2 倍，處於目標範圍的下限。

In the second quarter, we took advantage of a narrow window to refinance our $1.1 billion Term Loan B facility that was set to mature in May 2025. This debt was replaced with a new Term Loan B facility of the same amount, which will now mature in May 2030 and carries an interest rate of SOFR plus 225 basis points. As a result of this transaction, we moved our next material debt maturity to 2027, increased our weighted average maturity from 3.2 to 6 years and reduced our debt payments to only $125 million over the next 3 years.

第二季度，我們利用狹窄的窗口期為原定於2025 年5 月到期的11 億美元定期貸款B 融資進行再融資。這筆債務已被同等金額的新定期貸款B 融資取代，該融資現已到期於 2030 年 5 月發行，利率為 SOFR 加 225 個基點。通過此次交易，我們將下一個重大債務到期日推遲至 2027 年，將加權平均到期日從 3.2 年延長至 6 年，並將未來 3 年內的債務支付額減少至僅 1.25 億美元。

Our capital allocation strategy is unchanged. We remain disciplined on the core tenets of our M&A strategy and we'll pursue transactions that are complementary to our existing brand portfolio and accretive from an earnings and net room growth perspective. We will also continue to incentivize franchisees to invest in new brand prototype designs to improve our overall brand equity, which in turn helps increase our retention rate. And as usual, any excess cash will be returned to shareholders.

我們的資本配置策略沒有改變。我們仍然恪守併購戰略的核心原則，我們將尋求與我們現有品牌組合互補的交易，並從收益和淨空間增長的角度來看具有增值作用。我們還將繼續激勵加盟商投資新的品牌原型設計，以提高我們的整體品牌資產，從而有助於提高我們的保留率。和往常一樣，任何多餘的現金都將返還給股東。

Now turning to outlook. We're refining our full year 2023 outlook to reflect the impact of second quarter share repurchases as well as higher interest expense resulting primarily from the Term Loan B refinancing. First, our outlook for RevPAR, net room growth, revenue and adjusted EBITDA all remain unchanged. We now expect interest expense to be in the range of $100 million to $102 million, $6 million higher than our prior outlook and, as a result, have reduced our adjusted net income outlook to a range of $336 million to $348 million.

現在轉向展望。我們正在完善 2023 年全年展望，以反映第二季度股票回購的影響以及主要由定期貸款 B 再融資導致的較高利息支出。首先，我們對 RevPAR、淨房間增長、收入和調整後 EBITDA 的展望均保持不變。我們現在預計利息支出將在 1 億美元至 1.02 億美元之間，比我們之前的預期高出 600 萬美元，因此，我們將調整後的淨利潤預期下調至 3.36 億美元至 3.48 億美元之間。

Adjusted diluted EPS is projected to be $3.92 to $4.06, unchanged versus our prior outlook as a result of our second quarter share repurchase activity. This outlook is based on a lower diluted share count of 85.8 million shares and, as usual, excludes any future potential share repurchase activity.

由於我們第二季度的股票回購活動，調整後的攤薄每股收益預計為 3.92 美元至 4.06 美元，與我們之前的預期持平。這一前景基於 8580 萬股的稀釋後股份數量，並且與往常一樣，不包括任何未來潛在的股份回購活動。

Our outlook for free cash flow conversion rate also remains unchanged, as do our expectations for the marketing funds contribution of $10 million on a full year basis. However, I do want to provide some color on the projected quarterly impact. We expect fund revenues will outpace fund expenses by approximately $29 million in the back half of the year at approximately $10 million to $15 million per quarter to arrive at our estimated full year underspend of $10 million, which will complete our recovery of the $49 million investment that we made back in 2020.

我們對自由現金流轉換率的展望也保持不變，我們對全年營銷資金貢獻 1000 萬美元的預期也保持不變。不過，我確實想提供一些有關預計季度影響的信息。我們預計下半年基金收入將超過基金支出約 2,900 萬美元，每季度約 1,000 萬至 1,500 萬美元，從而達到我們預計全年支出不足 1,000 萬美元的目標，這將完成我們收回 4,900 萬美元的投資我們在2020 年製作的。

In closing, our business continues to operate above 2019 levels with additional room for improvement given occupancy levels here in the U.S. and internationally. We produced another quarter of solid adjusted EBITDA and free cash flow, significantly increased capital returns and strengthened our balance sheet and financial flexibility through the refinancing of our Term Loan B facility. As we enter the second half of the year, we are confident that our resilient and simplified business model positions us well to deliver on shareholder commitments in any environment.

最後，考慮到美國和國際的入住率，我們的業務繼續高於 2019 年的水平，還有進一步改進的空間。我們又創造了一個季度穩定的調整後 EBITDA 和自由現金流，顯著提高了資本回報，並通過定期貸款 B 設施的再融資增強了我們的資產負債表和財務靈活性。隨著進入今年下半年，我們相信我們的彈性和簡化的業務模式使我們能夠在任何環境下都能很好地兌現股東的承諾。

With that, Geoff and I would be happy to take your questions. Operator?

傑夫和我很樂意回答您的問題。操作員？

(Operator Instructions) Our first question comes from Patrick Scholes with Truist Securities.

（操作員指令）我們的第一個問題來自 Truist Securities 的 Patrick Scholes。

A couple questions here. First one, you certainly, over the years, made strong progress where the retention rate stands at about 95% right now. Do you see further opportunity to improve that? Or would you think of that as a steady state equilibrium?

這裡有幾個問題。首先，多年來你們確實取得了巨大進步，目前的保留率約為 95%。您認為還有進一步改進的機會嗎？或者你會認為這是穩態平衡嗎？

No, we certainly see opportunity to improve that rate, Patrick. As you point out, it has moved both domestically and internationally in the right direction. And globally, we've moved it from 93% to 94% to over 95%. And just over the last 12 months, we've seen 20 basis points of retention improvement. Our longer term stated goal is to move that to 96%.

不，我們當然看到了提高這一速度的機會，帕特里克。正如您所指出的，無論是國內還是國際，它都朝著正確的方向發展。在全球範圍內，我們已將這一比例從 93% 提高到 94%，再到 95% 以上。就在過去 12 個月裡，我們的保留率提高了 20 個基點。我們的長期既定目標是將該比例提高到 96%。

Okay. And then just 2 other quick questions here. Michele, you had mentioned about programs to assist potential franchisees. Without giving away the secret sauce, if I were a franchisee needing such assistance, what would, at a high level, some of those programs be?

好的。還有另外兩個簡單的問題。米歇爾，您提到了幫助潛在特許經營商的計劃。在不透露秘密武器的情況下，如果我是需要此類幫助的特許經營商，那麼從高層次來看，其中一些計劃會是什麼？

Yes. Well, Patrick, as you know, our business is highly cash generative, and we're always looking for ways to reinvest that cash back into the business. So we're happy to put more money to work when the ROI makes sense for both us and the owner. And typically, that has come in the form of (inaudible), but we could easily adapt that in the current economic environment.

是的。好吧，帕特里克，如你所知，我們的業務具有很高的現金生成能力，我們一直在尋找方法將現金重新投資到業務中。因此，當投資回報率對我們和業主都有意義時，我們很樂意投入更多資金。通常，這會以（聽不清）的形式出現，但我們可以輕鬆地適應當前的經濟環境。

We have a newly implemented program with a reputable lender to source construction financing for example. We won't disclose too many details, obviously, as you mentioned, for competitive reasons, as you can understand. But the program provides a more programmatic approach to financing with Wyndham and, obviously, provides our franchisees very competitive terms.

例如，我們與信譽良好的貸款機構新實施了一項項目，以獲取建築融資。顯然，正如您所提到的，出於競爭原因，我們不會透露太多細節，您可以理解。但該計劃提供了一種更具程序性的溫德姆融資方式，並且顯然為我們的特許經營商提供了非常有競爭力的條款。

Okay. Fair enough. And then just a last quick question. Geoff, you certainly have talked about a positive tailwind from federal infrastructure spending. Is there any way to quantify for your business, what that -- how much that may have helped you so far or possibly helped you for the rest of the year? Maybe not quantifiable, but just curious if you have something.

好的。很公平。最後一個簡單的問題。傑夫，您當然談到了聯邦基礎設施支出的積極推動作用。有沒有什麼方法可以量化您的業務，到目前為止，或者可能在今年剩餘時間裡對您有多大幫助？也許無法量化，但只是好奇你是否有一些東西。

It, absolutely we believed, helped us in the quarter, Patrick. Our economy brand saw 200 basis points of weekday RevPAR index outperformance and it was a mix of both rate and occupancy. We're in, as we've talked about before, the really early innings of what will play out over the next 8 years. And as we've said in our script, we've seen an uptick in inquiries and leads and bookings, but again, it's really early days.

我們絕對相信，它在本季度對我們有所幫助，帕特里克。我們的經濟型品牌的工作日 RevPAR 指數表現優於 200 個基點，這體現在房價和入住率方面。正如我們之前談到的，我們正處於未來 8 年發展的真正早期階段。正如我們在腳本中所說，我們看到查詢、潛在客戶和預訂量有所增加，但同樣，現在還處於早期階段。

The advanced appropriation, I think, for the first $68 billion becomes available to fund starting later this year. So as we've said, we sized this over the next 5 to 8 years is a $3 billion revenue opportunity for our franchisees and our owners, and we begin to see it play out as early as this quarter in terms of that midweek RPI outperformance.

我認為，首批 680 億美元的預付款將從今年晚些時候開始提供資金。因此，正如我們所說，我們預計在未來5 到8 年內，這將為我們的特許經營商和所有者帶來30 億美元的收入機會，並且我們最早在本季度就開始看到它在周中RPI 表現出色方面發揮作用。

Okay. So certainly, sounds like a multiyear tailwind for you folks.

好的。當然，這對你們來說聽起來像是多年的順風車。

Absolutely.

絕對地。

Our next question comes from Joe Greff with JPMorgan.

我們的下一個問題來自摩根大通的喬·格雷夫。

My first question is a two-parter on development. Nice to see ECHO with a chunky hotel signing this month. We look at that as a distinct positive. And obviously, it speaks to developer demand amid increasing limited service brand competition. What is the value proposition of ECHO today versus these competing brands? And are you marketing positioning, supporting it differently than say at the initial launch?

我的第一個問題是關於發展的兩方問題。很高興看到 ECHO 本月與一家厚實的酒店簽約。我們認為這是一個明顯的積極因素。顯然，這反映了開發商在有限服務品牌競爭日益激烈的情況下的需求。與這些競爭品牌相比，ECHO 目前的價值主張是什麼？您的營銷定位和支持是否與最初發佈時不同？

And then my second part, Geoff and Michele, is, can you talk about China new development and new hotel signing activity? Is it back fully? Is it still in recovery mode from a development perspective, not from a RevPAR perspective, and not back fully? And how much of second half gross room additions is coming out of China?

然後我的第二部分，傑夫和米歇爾，你們能談談中國的新發展和新酒店簽約活動嗎？完全恢復了嗎？從發展的角度來看，不是從每間可用房收入的角度來看，它是否仍處於恢復模式，並且沒有完全恢復？下半年新增客房總量中有多少來自中國？

Okay. I'll start with ECHO and the question on competitive extended stay launches and are we marketing it any differently, Joe, we're not. And we're not seeing any impact. These competitive launches are not economy extended stay competitors. They're much bigger midscale boxes. They're over 20% larger with additional elevator banks, more larger public spaces, higher amenity requirements and operating costs.

好的。我將從 ECHO 和有關競爭性長住推出的問題開始，我們的營銷方式是否有所不同，喬，我們沒有。我們沒有看到任何影響。這些競爭性產品並非經濟型長住酒店的競爭對手。它們是更大的中型盒子。它們的面積擴大了 20% 以上，並增加了電梯組、更大的公共空間、更高的便利設施要求和運營成本。

Our ECHO developers continue to believe that ECHO will drive a higher ROI due to much lower cost per key, and that's the way we're marketing it. Lower ongoing operating costs, higher gross operating profits. And they believe, we believe that the 1.8 million companies out there contracting for accommodations for their infrastructure workers are going to be seeking economy average daily rates with average length of stays approaching over 30 nights versus that midscale and above average daily rate. It is a very large and underpenetrated segment, as you know, with 15x fewer hotels in the extended stay space than transient hotels. And we think there's plenty of space for continued room growth there.

我們的 ECHO 開發人員仍然相信，由於每個按鍵的成本大大降低，ECHO 將帶來更高的投資回報率，這就是我們營銷它的方式。持續運營成本更低，營業毛利潤更高。他們相信，我們相信，為基礎設施工人提供住宿的 180 萬家公司將尋求經濟型平均每日房價，平均住宿時間接近 30 晚以上，而不是中檔和高於平均每日房價。如您所知，這是一個規模非常大且滲透率較低的細分市場，長期住宿空間中的酒店數量比短期酒店少 15 倍。我們認為那裡有足夠的空間繼續增長。

Second part on China and China development. We're really pleased with the openings, the executions on the development front. We opened another 3,000 direct China rooms this quarter. And those came in at 3x, as you know, the license fees of our master license agreement. That drove a 4% sequential and a 13% China direct net room growth. We opened 10 new construction hotels and 30 conversion properties.

第二部分關於中國和中國的發展。我們對開發方面的空缺和執行感到非常滿意。本季度我們又開設了 3,000 間直營中國客房。如您所知，這些費用是我們主許可協議許可費的三倍。這帶動了中國直接客房淨增長 4% 和 13%。我們開設了 10 家新建酒店和 30 家改建酒店。

And the 65 new China deals that we signed in the second quarter was 50% more than our record 41 deals signed back in the fourth quarter of last year and 40 were direct franchise contracts, split pretty evenly between new construction and conversion. So we're really pleased with what our teams are seeing there in terms of the pickup of development opportunities in China.

我們第二季度在中國新籤的 65 項交易比去年第四季度創紀錄的 41 項交易多了 50%，其中 40 項是直接特許經營合同，新建和改建合同的比例相當平均。因此，我們對我們的團隊在中國看到的發展機會感到非常滿意。

Did I miss anything, Michele, on Joe's second half?

米歇爾，我在喬的下半場錯過了什麼嗎？

Yes. No, Geoff. I would just say that direct franchising stat, you quoted the 40 new deals in the second quarter, is 90% growth year-over-year.

是的。不，傑夫。我只想說，直接特許經營統計數據，你引用了第二季度的 40 筆新交易，同比增長 90%。

Yes. That -- you sufficiently answered it, Geoff. And then my second question, and this one might be a little bit more difficult to answer. Someone who's going to ask it, so might as well be me. Just over a couple of months ago, the Wall Street Journal reported at that time that Choice had an interest in you guys. Geoff, have they spoken to you and the Board about a combination? Has this potentially generated any other interest from other entities? Have they reached out to you and the Board?

是的。那——你已經充分回答了，傑夫。然後是我的第二個問題，這個問題可能有點難以回答。有人會問這個問題，那也可能是我。就在幾個月前，《華爾街日報》當時報導稱，Choice 對你們感興趣。傑夫，他們有沒有與您和董事會討論合併事宜？這是否可能引起其他實體的任何其他興趣？他們是否曾聯繫過您和董事會？

We saw buyback activity accelerate in the quarter and some insider selling and maybe that gives us, as outsider, some indication of how legit this reporting might be. But then we also had this unusual semi pre-announcement from Choice this month. So any thoughts there would be helpful. I know it might be tough to answer.

我們看到本季度回購活動加速以及一些內部人士拋售，也許這給我們作為局外人提供了一些跡象，表明這份報告的合法性。但本月我們也收到了來自 Choice 的不尋常的半預先公告。所以任何想法都會有幫助。我知道這可能很難回答。

Yes. Thanks, Joe. We never comment on speculative news articles. And look, we're focused on our business as usual and growing our business. And that's all about what we've been talking about in the script. Driving value for our guests, our franchisees and our stakeholders.

是的。謝謝，喬。我們從不對投機性新聞文章發表評論。看，我們像往常一樣專注於我們的業務並發展我們的業務。這就是我們在劇本中討論的全部內容。為我們的客人、加盟商和利益相關者創造價值。

Our next question comes from David Katz wit Jefferies.

我們的下一個問題來自大衛·卡茨·杰弗里斯。

I wanted to just double back on the pipeline because it's a point of focus for all of us. And just making sure that deals, notwithstanding the one larger -- one that you announced that deals are entering the pipeline, at the same rate that they are passing through the pipeline, at the same rate that they're getting financing, et cetera. So any color you can give us on how that backfill is starting progressing for the future would be helpful.

我想加倍努力，因為這是我們所有人關注的焦點。只要確保交易，儘管有一項規模更大的交易——您宣布交易正在進入管道，其通過管道的速度與獲得融資的速度相同，等等。因此，您可以向我們提供有關未來回填工作進展情況的任何顏色都會有所幫助。

Sure. They're entering and exiting the pipeline as they always have. As we've talked before, 2/3 of our openings come out of the pipeline each and every year. We're not seeing any issues there or any changes there. So a larger pipeline, of course, gives us confidence into the future on accelerating our net room growth, as does the improvement as we're just talking about that we continue to make with retention. 80% of the pipeline is now new construction. And from signing to opening, it usually exits after it enters on average 4 years. And the other 1/3, the conversion rooms are averaging less than a year to come out of the pipeline. But this was the 12th consecutive quarter of sequential growth. We were up 10% to last year to a record 230,000 rooms.

當然。他們像往常一樣進出管道。正如我們之前談到的，每年有 2/3 的空缺職位出現。我們沒有看到任何問題或任何變化。因此，當然，更大的管道讓我們對未來加速淨房間增長充滿信心，正如我們剛剛談論的那樣，我們繼續通過保留來實現改善。目前80%的管道是新建的。而從簽約到開業，一般平均進入4年後退出。另外 1/3 的改建室平均不到一年即可完工。但這已是連續第 12 個季度實現環比增長。我們的客房數量比去年增加了 10%，達到創紀錄的 230,000 間。

International signings were up very strongly, up 70% and 5% higher than 2019 and not including the multiunit contract ECHO deals that you referenced. We still increased the pipeline 8% globally. 70% of that pipeline is in the midscale and above; 80% of the pipeline is midscale and above, if you take out the new ECHO product. And we're not seeing any changes or any slowdown. The new construction pipeline increased to prior year and no slowdown in new construction project starts or any drop-off in the percentage of the pipeline rooms now under construction. Actually, we have more rooms now under construction as the pipeline continues to grow sequentially.

國際簽約量增長非常強勁，比 2019 年增長了 70% 和 5%，這還不包括您提到的多單位合同 ECHO 交易。我們仍將全球管道數量增加了 8%。 70% 的管道處於中檔及以上；如果拿出新的ECHO產品的話，80%的產品線是中檔及以上。我們沒有看到任何變化或任何放緩。新開工項目較上年有所增加，新開工項目沒有放緩，在建管房比例沒有下降。事實上，隨著管道的不斷增加，我們現在正在建設更多的房間。

So good growth in conversion pipeline and just really consistent growth across our international regions with the highest growth coming out. If you look back to pre-COVID levels, Europe, Middle East has grown its pipeline by 60% and continues to strengthen. And Latin America has grown 70% since before 2019, especially in Mexico and the DR.

轉換渠道的增長如此之好，而且我們國際地區的增長非常穩定，增長速度最高。如果回顧新冠疫情之前的水平，歐洲和中東的管道數量增加了 60%，並且還在繼續加強。自 2019 年以來，拉丁美洲增長了 70%，尤其是墨西哥和剛果民主共和國。

Understood. And so for my follow-up, we've all seen the RevPAR numbers and limited service. The lower end chain scales have shown some RevPAR weakness relative to the total. I just wonder where you fit into that? And are you -- you feel like you're performing in line, you were able to outperform? And if you are, how you're doing it as much as you can tell us?

明白了。因此，在我的後續行動中，我們都看到了 RevPAR 數字和有限的服務。相對於整體而言，低端連鎖規模已顯示出一些 RevPAR 的弱點。我只是想知道你適合哪個？你是否覺得自己的表現符合預期，能夠超越他人？如果是的話，請告訴我們您是如何做到的？

Yes, I would say -- I don't think the lower end chain scales are showing weakness. I know the year-over-year comps might be a little bit more difficult because they have recovered much faster than their counterparts. If you look actually -- if you look at it versus 2019, neutralizing for all that recovery noise, I think they're still the best-performing segment in the industry. And I would say in the U.S., specifically, we saw growth versus 2019 in the second quarter consistent with what we saw in the first quarter.

是的，我想說——我不認為低端連鎖規模表現出弱點。我知道同比比較可能會更困難一些，因為他們的恢復速度比同行要快得多。如果你實際上看一下——如果你把它與 2019 年相比，消除所有復甦的噪音，我認為它們仍然是行業中表現最好的部分。我想說的是，特別是在美國，我們第二季度的增長與 2019 年相比與第一季度的情況一致。

And then as Geoff mentioned in his prepared remarks that we're seeing July accelerate from those second quarter growth rates. So we feel really confident about travel demand throughout the summer season. All of the leading indicators we look at remain positive. We're seeing a double-digit increase in TSA figures. We're seeing booking windows continue to advance as well and Google search volume remains strong.

然後，正如傑夫在他準備好的講話中提到的那樣，我們看到 7 月份的增長率較第二季度有所加速。因此，我們對整個夏季的旅行需求非常有信心。我們關注的所有領先指標均保持樂觀。我們看到 TSA 數據出現兩位數增長。我們看到預訂窗口也在繼續增加，谷歌搜索量仍然強勁。

So -- I apologize for following up. But is there -- do you think that there's some change in how that industry data is being calculated, reported that may be part of what we're seeing?

所以——我為跟進表示歉意。但是，您是否認為行業數據的計算方式發生了一些變化，報告的情況可能是我們所看到的一部分？

No, not at all.

一點都不。

Our next question comes from Brandt Montour with Barclays.

我們的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

So great to hear those May, June, July stats for the U.S. I'm curious when you, Michele, called out the re-acceleration in July. Just if you could maybe unpack that a little bit. Is it more weekends versus weekdays? Is there particular strength more on the economy versus midscale and above? And any extra color there?

很高興聽到美國 5 月、6 月和 7 月的統計數據，我很好奇米歇爾 (Michele) 何時宣布 7 月經濟重新加速。如果你能稍微解開一下就好了。週末比工作日多嗎？與中檔及以上規模相比，經濟型是否有更多的優勢？還有額外的顏色嗎？

I think we're seeing strength across the board, certainly more weekday strength continuing in from the second quarter, but weekends remain very strong. We're seeing pickup in occupancy as well. And then continued ADR increases consistent with what we had seen in the second quarter.

我認為我們看到了全面的強勁勢頭，當然從第二季度開始，工作日的強勁勢頭仍在繼續，但周末仍然非常強勁。我們也看到入住率有所上升。然後，ADR 持續增長，與我們在第二季度看到的情況一致。

Okay. That's helpful. And then I want to talk about -- I want to unpack the financing commentary as well as Slide #9, which is new. You guys called out not seeing a meaningful impact in terms of availability of capital for new construction financing. Your larger peers have publicly called out a change there, a lack of availability of capital. Your slide looks like you did some extra work here over the last 3 months in terms of the mix of community banks and (inaudible) banks is more cycle agnostic with which they're lending practices.

好的。這很有幫助。然後我想談談——我想解開融資評論以及幻燈片#9，這是新的。你們呼籲在新建築融資的資金可用性方面沒有看到有意義的影響。您的較大同行已公開呼籲進行變革，因為缺乏可用的資金。您的幻燈片看起來您在過去 3 個月中在社區銀行和（聽不清）銀行的組合方面做了一些額外的工作，這些銀行的貸款實踐與週期無關。

I guess if you could just put a finer point on that for us. Is the smaller footprint is the lower chain scale? I guess, do you feel like your brands and your business is essentially a competitive advantage right now versus your broader industry set in terms of acquiring capital for construction?

我想您能否為我們提出更詳細的觀點。佔地面積越小，連鎖規模是否越低？我想，在獲取建設資金方面，與更廣泛的行業相比，您是否覺得您的品牌和業務目前本質上具有競爭優勢？

Yes. I think that's an interesting perspective for sure. I think what really drives the difference between us and some of the peers is the smaller loan size. Those have always been more akin to smaller community banks. And in those banks, it's all about relationships. Our franchisees know their bank presidents by name. These banks have a deep understanding of the local economies and of the specific businesses within their communities.

是的。我認為這肯定是一個有趣的觀點。我認為真正導致我們與一些同行之間存在差異的是較小的貸款規模。這些銀行一直更類似於小型社區銀行。在這些銀行中，一切都與關係有關。我們的加盟商知道他們銀行行長的名字。這些銀行對當地經濟及其社區內的具體業務有著深入的了解。

You see a community bank, you see loan decisions typically made locally, and they're typically made based on a holistic view of the borrower situation, not just one specific project and not just based on standardized criteria, which is more prevalent in larger banks that are servicing larger loan size. I'll give you a quick example.

你會看到一家社區銀行，你會看到通常在當地做出的貸款決策，這些決策通常是基於對借款人情況的整體看法而做出的，而不僅僅是一個特定的項目，也不僅僅是基於標準化標準，這在大型銀行中更為普遍正在為更大的貸款規模提供服務。我給你舉一個簡單的例子。

A few weeks ago, one of our ECHO developers secured a loan from a community bank, I think, out in Kansas. A bank that has lent to him multiple times in the past for different business ventures within and outside of the hotel space. And he was able to get 5-year paper at a 75% loan to cost and a fixed rate of 6.75%. So if you're just reading the headlines, you wouldn't think that, that type of financing exists, but it's very much available at the community bank level.

幾週前，我們的一位 ECHO 開發商從堪薩斯州的一家社區銀行獲得了一筆貸款。一家銀行過去曾多次向他提供貸款，用於酒店內外的不同商業活動。他能夠以 75% 的貸款成本和 6.75% 的固定利率獲得 5 年期票據。因此，如果您只是閱讀頭條新聞，您不會認為存在這種類型的融資，但它在社區銀行層面非常容易獲得。

We'll take our next question from Michael Bellisario with Baird.

我們將回答邁克爾·貝利薩里奧和貝爾德提出的下一個問題。

Just one more on the slide deck on a new slide. You didn't talk about it, but I think it's important that you added back the longer term growth algorithm, the 8% to 14% range, that's unchanged. So maybe you could -- a couple part question here.

幻燈片上只有一張新幻燈片。你沒有談論它，但我認為重要的是你添加了長期增長算法，即 8% 到 14% 的範圍，這一點沒有改變。所以也許你可以——這裡有幾個問題。

How do you think about the drivers today? Why is the range maybe not higher today than it was versus what you last gave in 2019, given all the changes you've made to the business model? And then lastly, the 3% to 5% cash flow deployment, that's a big input there. Maybe how do you handicap and think about the levers within this bucket?

您如何看待今天的司機？考慮到您對業務模式所做的所有改變，為什麼今天的範圍可能不高於您上次在 2019 年給出的範圍？最後，3% 到 5% 的現金流部署，這是一個很大的投入。也許你如何限制和思考這個桶中的槓桿？

So we've done a lot to simplify the business, and we did put the slide back in because we wanted to make sure that everyone understood we're still looking at high single -- high single-digit, low double-digit growth on the EPS line, even though we sold our management -- we've exited our management business and sold our own hotels. So it's a more simple story, same EPS potential.

因此，我們做了很多工作來簡化業務，我們確實將幻燈片放回原位，因為我們希望確保每個人都明白，我們仍在關注高個位數增長、低兩位數增長。 EPS系列，儘管我們出售了我們的管理部門——我們已經退出了我們的管理業務並出售了我們自己的酒店。所以這是一個更簡單的故事，同樣的每股收益潛力。

And then we also wanted to show our longer term growth prospects for net room growth at the accelerated 3% to 5% versus the old 2% to 4% pre-COVID, pre-simplification. When you think about the 3% to 5% capital deployment, risks there, I think, are really low. This business is highly cash generative.

然後，我們還想展示我們的淨房間增長加速 3% 至 5% 的長期增長前景，而疫情前、簡化前的舊水平為 2% 至 4%。當你考慮 3% 到 5% 的資本配置時，我認為那裡的風險真的很低。這項業務的現金產生能力很強。

Even in the darkest days of 2020, we were still free cash flow positive, and we were free cash flow positive without having to do any forward point sales or anything that was taking from our future cash flow generation capabilities. So we feel very confident in our ability to generate cash and redeploy that capital to generate sizable EPS growth.

即使在 2020 年最黑暗的日子裡，我們的自由現金流仍然為正，而且我們的自由現金流為正，無需進行任何遠期點銷售或任何影響我們未來現金流生成能力的事情。因此，我們對產生現金並重新部署資本以實現可觀的每股收益增長的能力非常有信心。

Got it. And then just 1 follow-up on buybacks. Leverage went from 3% to 3.2%. If the stock, plus or minus, remains in the same range, how comfortable are you -- where would you lever up to, to continue buying back stock if it's still at a -- I think you used significant and unwarranted discounted level?

知道了。然後只有 1 次後續回購。槓桿率從3%升至3.2%。如果股票，無論正負，保持在相同的範圍內，你有多舒服 - 如果它仍然處於 - 我認為你使用了顯著且無根據的折扣水平，你會在哪裡槓桿化，繼續回購股票？

We did. I think year-to-date, we've repurchased $165 million and the second quarter repurchases were 2x the amount we repurchased in the first quarter and that was because we were leaning in as the stock was trading at a significant unwarranted discount. And if we continue to see it trade at a significant unwarranted discount like it did in the second quarter, I think it's fair to expect us to lean in on share repurchases.

我們做到了。我認為今年迄今為止，我們已經回購了 1.65 億美元，第二季度的回購金額是第一季度回購金額的 2 倍，這是因為我們在股票交易價格大幅折扣的情況下進行了投資。如果我們繼續看到它像第二季度那樣以毫無根據的大幅折扣進行交易，我認為期望我們傾向於股票回購是公平的。

And we certainly have a tremendous amount of flexibility in the leverage ratio. Where we ended the quarter, I think, implies over $300 million of additional capacity before we even move into the upper half of the stated target range. So I'm not going to make any hard commitment today, but you can be assured that we are willing to lean in further if we continue to see a significant unwarranted discount. And you'll note in our earnings release that our Board just approved another $400 million in authorization.

我們在槓桿率方面當然擁有巨大的靈活性。我認為，本季度末意味著在我們進入既定目標範圍的上半部分之前，產能將增加超過 3 億美元。因此，我今天不會做出任何硬性承諾，但您可以放心，如果我們繼續看到無根據的大幅折扣，我們願意進一步傾斜。您會在我們的收益報告中註意到，我們的董事會剛剛批准了另外 4 億美元的授權。

(Operator Instructions) Our next question comes from Steve Pizzella with Deutsche Bank.

（操作員說明）我們的下一個問題來自德意志銀行的 Steve Pizzella。

The international royalty rate was up nicely year-over-year, I believe, growing 30 basis points. And even the U.S., I think, it was up 10 basis points quarter-over-quarter. Can you talk about some of the drivers there and how we should think about the royalty rate moving forward?

我相信國際特許權使用費同比增長了 30 個基點。我認為，即使是美國，季度環比也上漲了 10 個基點。您能談談其中的一些驅動因素以及我們應該如何考慮未來的特許權使用費率嗎？

Yes, sure, Geoff, I'll start. Our strategy continues to focus on growing the royalty rate within each region to ensure that we're always building on the brand's regional equity in the U.S. Growth on the new construction prototype brands, La Quinta, Microtel and eventually ECHO, will help us move our domestic rate forward. Of course, remembering a system the size of ours will always move a little bit more gradually given how large it is.

是的，當然，傑夫，我要開始了。我們的戰略繼續專注於提高每個地區的特許權使用費率，以確保我們始終以品牌在美國的區域股權為基礎。新建築原型品牌La Quinta、Microtel 以及最終的ECHO 的增長將幫助我們推動我們的品牌戰略國內遠期利率。當然，考慮到我們的系統規模有多大，記住它的大小總是會逐漸移動一些。

Internationally, we see a large opportunity from a royalty rate perspective. We expect the new deals that come into the system will come in at higher royalty rates than the legacy system in that specific region as we continue to build out our footprint in each market. And as you mentioned, we have seen improvement in our international royalty rate year-to-date, and that is a trend we would expect to continue to see.

在國際上，從特許權使用費率的角度來看，我們看到了巨大的機會。隨著我們繼續擴大在每個市場的足跡，我們預計進入該系統的新交易將比該特定地區的舊系統獲得更高的特許權使用費。正如您所提到的，今年迄今為止，我們的國際特許權使用費率有所改善，我們預計這一趨勢將繼續看到。

And there are so many places for us to grow, Steve, overseas. As our brands become more aware in countries and markets like Turkey, for example, where our Ramada was first introduced at a lower royalty rate for sale than it is today, now with 60, 70 hotels in the country. There's tremendous opportunity overseas. We have the most experienced franchise sales team internationally.

史蒂夫，海外有很多地方可以讓我們成長。隨著我們的品牌在土耳其等國家和市場的知名度不斷提高，例如，我們的華美達酒店最初以比現在更低的特許權使用費出售，目前在該國擁有 60、70 家酒店。海外有巨大的機會。我們擁有國際上最有經驗的特許經營銷售團隊。

International continues to be a significant opportunity for us. There's, as we know, roughly 17 million rooms globally and over 50% of those are unbranded. We have a great value proposition, and we're continuing to add countries to our lineup where we did not have brands before. And as, again, they grow in awareness, we have an ability -- continued ability long term to push that royalty rate.

國際化對我們來說仍然是一個重要的機會。據我們所知，全球大約有 1700 萬間客房，其中超過 50% 是無品牌的。我們有一個巨大的價值主張，並且我們將繼續將以前沒有品牌的國家/地區添加到我們的產品陣容中。隨著他們的意識再次增強，我們有能力——長期持續地提高特許權使用費率。

And we're no longer, as we've said before, looking to do master license agreement deals internationally, which were -- these direct franchise deals were always coming in at 3x the royalty rate than the masters were years ago.

正如我們之前所說，我們不再尋求在國際上進行主許可協議交易，這些直接特許經營協議的特許權使用費總是比幾年前的主許可協議高出 3 倍。

That's helpful. And then you talked about launching and acquiring new brands in your opening remarks. With the success of ECHO, can you talk about how you view that balance moving forward from maybe acquiring versus launching? And any white space you still see in the brand lineup?

這很有幫助。然後您在開場白中談到了推出和收購新品牌。隨著 ECHO 的成功，您能否談談您如何看待收購與發布之間的平衡？您在品牌陣容中還看到什麼空白嗎？

Sure. Yes. All of the recent launches, we've been really pleased with. We had white space in the all-inclusive market and with Playa, a great partner, launched Alltra by Wyndham and now have a few thousand rooms in our pipeline there. Registry Collection was a white space for us. And without having to go out and acquire a brand, we launched Registry Collection. We now have 17 hotels open and roughly 3,000 rooms in the pipeline and ECHO Suites.

當然。是的。最近推出的所有產品，我們都非常滿意。我們在全包式市場上有空白，我們與偉大的合作夥伴 Playa 一起推出了 Alltra by Wyndham，現在我們在那裡有幾千間客房。對我們來說，Registry Collection 是一個空白。我們無需出去收購品牌，就推出了Registry Collection。目前，我們已開業 17 家酒店，並正在籌建約 3,000 間客房和 ECHO Suites。

So we'll continue to look for opportunities like that, but we'll also -- where opportunities present themselves, where we have markets that have a tuck-in opportunity for us, as we saw with Vienna House to acquire. And it is a brand that we're -- we've got some really good traction on and are really, really pleased with and is adding some great opportunities for growth for us through Western and Central Europe along with the Middle East.

因此，我們將繼續尋找這樣的機會，但我們也會——機會出現的地方，我們的市場對我們來說有機會，就像我們在維也納大廈收購中看到的那樣。我們對這個品牌有很大的吸引力，我們對此非常非常滿意，並且正在為我們在西歐、中歐以及中東地區的增長提供一些巨大的機會。

We don't need to acquire, but when a deal comes along that's immediately accretive to where we're trading at today, we'll absolutely look at it.

我們不需要收購，但當一項交易出現並立即增加我們今天的交易水平時，我們絕對會考慮它。

At this time, we have no further questions in queue. I will now turn the floor back to Geoff Ballotti for any additional or closing remarks.

目前，我們隊列中沒有其他問題。現在我將請傑夫·巴洛蒂 (Geoff Ballotti) 發表補充或結束語。

Well, thanks, everybody, for your questions and your interest in Wyndham Hotels & Resorts. We were, as Michele said, very pleased with our second quarter where we delivered adjusted EBITDA growth that outperformed expectations. Our teams couldn't be more enthusiastic about the opportunities that lie ahead. And we're very confident in our ability to deliver outstanding value to our shareholders, our guests and our franchisees.

好的，謝謝大家提出的問題以及您對溫德姆酒店及度假村的興趣。正如米歇爾所說，我們對第二季度的業績非常滿意，調整後的 EBITDA 增長超出了預期。我們的團隊對未來的機遇充滿熱情。我們對為股東、客人和加盟商提供卓越價值的能力充滿信心。

Michele, Matt and I look forward to talking to you and seeing many of you in the weeks and the months ahead at many of the upcoming investor conferences that we'll be attending. But before we go, I'd like to remind everybody to please tune into the 84th Annual Wyndham Championship from August 3 through August 6, next week, which will be airing on CBS in the golf channel with live coverage beginning on Thursday of next week. Thanks again, everybody, and have a great day.

米歇爾、馬特和我期待著與你們交談，並在未來幾周和幾個月內在我們即將參加的許多投資者會議上見到你們中的許多人。但在我們出發之前，我想提醒大家，請收看下週8 月3 日至8 月6 日舉行的第84 屆溫德姆錦標賽，該賽事將於下週四開始在CBS 高爾夫頻道播出，並進行現場報導。再次感謝大家，祝您有美好的一天。

Thank you. This does conclude today's Wyndham Hotels & Resorts Second Quarter 2023 Earnings Conference Call. Please disconnect your line at this time, and have a wonderful day.

謝謝。今天的溫德姆酒店及度假村 2023 年第二季度收益電話會議到此結束。此時請斷開您的線路，祝您有美好的一天。