Wyndham Hotels & Resorts Inc (WH) 2024 Q3 法說會逐字稿

Welcome to the Wyndham Hotels & Resorts third-quarter 2024 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.

歡迎參加溫德姆酒店及度假村 2024 年第三季財報電話會議。（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。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 and Head of Strategy.

謝謝你，接線生。早安，感謝您加入我們。今天與我在一起的有我們的執行長傑夫·巴洛蒂 (Geoff Ballotti)；以及我們的財務長兼策略主管 Michele Allen。

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 mature clearly 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.

在我們開始之前，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，這些因素可能導致我們的實際結果與明示或暗示的結果明顯不同。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 and investor presentation, which are 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.

我們也將提及一些非公認會計原則措施。我們的收益發布和投資者簡報中提供了相應的 GAAP 衡量標準以及非 GAAP 衡量標準與 GAAP 衡量標準的調整表，這些資訊可在我們的投資者關係網站 Investor.wyndhamhotels.com 上取得。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. You may continue to provide supplemental information on our website and on our social media channels in the future. Accordingly, we encourage investors to monitor our website and our social media channels 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資訊的投資者簡報。您將來可以繼續在我們的網站和社交媒體頻道上提供補充資訊。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路廣播之外，我們鼓勵投資者關注我們的網站和社交媒體管道。

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

這樣，我會將電話轉給傑夫。

Thanks, Matt. Good morning, everyone, and thanks for joining us today. Q3 illustrates yet another quarter of success in our team's execution against our long-term growth strategy, which we outlined with all of you one year ago this week. Last night, we reported strong earnings with comparable adjusted EBITDA and EPS growth of 7% and 10%, respectively.

謝謝，馬特。大家早安，感謝您今天加入我們。第三季顯示我們團隊在執行長期成長策略方面又取得了成功，這項策略是我們一年前的本週與大家概述的。昨晚，我們報告了強勁的盈利，可比調整後 EBITDA 和每股收益分別增長了 7% 和 10%。

We grew our system 4%. We increased both our US and international royalty rates, and we significantly grew our ancillary fee streams. Year-to-date, we've generated over $265 million of adjusted free cash flow, and we've returned nearly $308 million to our shareholders.

我們的系統成長了 4%。我們提高了美國和國際特許權使用費率，並大幅增加了輔助費用流。今年迄今為止，我們已經產生了超過 2.65 億美元的調整後自由現金流，並向股東返還了近 3.08 億美元。

We sustained strong momentum on the development front, opening over 17,000 rooms, bringing our year-to-date total to more than 48,000 rooms globally, up 13% compared to a year ago. We also improved our global franchisee retention rate by 40 basis points year over year.

我們在發展方面保持強勁勢頭，新開客房超過 17,000 間，使今年迄今全球客房總數超過 48,000 間，較去年同期增長 13%。我們的全球加盟商留任率也較去年同期提高了 40 個基點。

Notably, our franchise sales teams here in the United States signed at an impressive 10% more deals in the quarter than they did last year, contributing to the 17th consecutive quarter of growth in our global development pipeline, which increased nearly 5% year over year to a record 248,000 rooms.

值得注意的是，我們在美國的特許經營銷售團隊在本季度簽署的交易量比去年增加了10%，令人印象深刻，為我們的全球開發渠道連續第17 個季度增長做出了貢獻，該通路年增了近5%客房數量達到創紀錄的 248,000 間。

Domestically, net rooms grew sequentially and year over year, driven by a solid 3% net room growth in our mid-scale and above brands with new conversions like the Wyndham Bloomington adjacent to the Mall of America in Minnesota and the Wyndham Garden Louisville East near Churchill Downs, the home of the Kentucky Derby.

在國內，淨客房量較上年同期成長，主要得益於中檔及以上品牌的淨客房量穩定成長3%，新改建的飯店包括明尼蘇達州美國購物中心附近的溫德姆布魯明頓飯店和靠近明尼蘇達州美國購物中心的溫德姆花園路易斯維爾東酒店。

This quarter, we also opened our second new construction ECHO Suites Hotel located in Plano, Texas, a fast-growing technology hub that's attracted economic investments such as the expansion of plain old Children's Medical Center, the new Wells Fargo campus, which is expected to create over 4,000 new jobs and the growing presence of Toyota North America and Frito-Lay's corporate headquarters.

本季度，我們還在德州普萊諾開設了第二家新建的ECHO 套房飯店，這是一個快速發展的技術中心，吸引了經濟投資，例如擴建普通兒童醫療中心、新的富國銀行園區，預計將創造超過 4,000 個新就業崗位，豐田北美公司和菲多利公司總部的影響力不斷擴大。

We awarded another 10 new ECHO Suites contracts this quarter in markets like Huntsville, Alabama, Greensboro and Raleigh, North Carolina and Myrtle Beach, South Carolina. And we currently have over a dozen ECHO Suites Hotels under construction across the country. Our ECHO Suites owners are telling us that these hotels are performing ahead of their expectations and pro formas.

本季度，我們在阿拉巴馬州亨茨維爾、北卡羅來納州格林斯博羅和羅利以及南卡羅來納州默特爾比奇等市場授予了另外 10 份新的 ECHO Suites 合約。目前，我們在全國有十幾家ECHO Suites酒店正在建設中。我們的 ECHO Suites 業主告訴我們，這些飯店的表現超出了他們的預期和預估。

The Spartanburg property, the first echo suites to welcome guests. Last quarter reach stabilized occupancy levels of over 80% just weeks after opening, while outperforming its competitive set in ADR. Even more promising was that it's extended stay occupancy rate, a key metric in this segment, which finished September at a 63% occupancy with a 55 night average length of stay a clear indicator of the strong demand for this product, along with our ability to generate a corporate negotiated business from day one.

斯巴達堡飯店第一間迴聲套房迎接客人。上季開業僅幾週後，入住率就穩定在 80% 以上，同時在 ADR 方面表現優於競爭對手。更令人鼓舞的是，它的長住入住率是該細分市場的關鍵指標，截至9 月份，入住率為63%，平均入住時間為55 晚，這清楚地表明了對該產品的強勁需求，以及我們的能力從第一天起就產生企業談判業務。

Internationally, we grew net rooms by 2% sequentially and by 8% versus prior year. Our EMEA team grew net rooms by 11%, adding several new destinations like the stunning new Dolce by Wyndham Resort in Spain's renowned Penedès Wine Country outside of Barcelona and the Days in by Wyndham Arnavutkoy near Istanbul's main international airport.

在國際範圍內，我們的淨客房數量較上年同期成長 2%，與前一年相比成長 8%。我們的歐洲、中東和非洲團隊淨客房量成長了11%，增加了多個新目的地，例如巴塞隆納郊外西班牙著名的佩內德斯葡萄酒之鄉令人驚嘆的全新Dolce by Wyndham 度假村，以及伊斯坦堡主要國際機場附近的Days in by Wyndham Arnavutkoy。

Our EMEA team also signed a multi-unit deals to introduce the Microtel brand to India with plans to open 40 new Microtel hotels by 2031. This represents our eighth Wyndham brand in India, where we currently have 60 hotels and expect double digit net room growth over the next slide several years. Our EMEA development pipeline grew 10% year over year and now represents an average fee PAR, 15% above the current portfolio.

我們的 EMEA 團隊還簽署了一項多部門協議，將 Microtel 品牌引入印度，並計劃在 2031 年開設 40 家新的 Microtel 酒店。這是我們在印度的第八個溫德姆品牌，目前我們在印度擁有 60 家酒店，預計未來幾年客房淨增長將達到兩位數。我們的 EMEA 開發管道年增 10%，現在的平均費用 PAR 比目前投資組合高出 15%。

Our Latin America team, similar to our EMEA team grew net rooms by 11% in the third quarter and increased its development pipeline by 16%, with an average fee PAR now nearly 20% higher than its current portfolio. It added several new destinations, our Wyndham Reward members will want to visit, including the spectacular new construction, Wyndham Garden Mazatlan Marina Hotel located on Mexico's Pacific Coast.

與我們的歐洲、中東和非洲團隊類似，我們的拉丁美洲團隊在第三季淨房間成長了 11%，開發管道增加了 16%，平均費用 PAR 現在比目前投資組合高出近 20%。它增加了我們的溫德姆獎賞計劃會員想要參觀的幾個新目的地，包括位於墨西哥太平洋海岸的壯觀的新建築溫德姆花園馬薩特蘭碼頭酒店。

Our Southeast Asia and Pacific Rim region grew net rooms by 10%, entering several new markets with luxury additions like the five-star Wyndham Panbil Batam in Indonesia and the upscale La Vie Dor Hotel, a trademark collection resort adjacent to Samsung and Hyundai's headquarters in the tourism hub of Hwaseong-si, South Korea.

我們的東南亞和環太平洋地區淨客房增長了10%，透過豪華酒店進入了幾個新市場，例如印尼的五星級Wyndham Panbil Batam 和高檔的La Vie Dor Hotel，這是一個毗鄰三星和現代汽車總部的商標集合度假村。

In China, our direct franchising system grew 13% with new openings, including the Wyndham Taian West nestled at the foot of China's Wohu Mountain, as well as the new La Quinta in Renhuai's booming business district and another new La Quinta on Hainan Island. Development activity across China remained robust, increasing 6% with 37 direct franchise agreements awarded this quarter, bringing the region's direct franchise pipeline to nearly 400 hotels at a fee PAR 40% higher than that of our current China system.

在中國，我們的直營特許經營體系成長了13%，新開幕的飯店包括位於中國臥虎山腳下的泰安溫德姆·溫德姆酒店、位於仁懷蓬勃發展的商業區的新拉昆塔飯店以及位於海南島的另一家新拉昆塔飯店。中國各地的開發活動依然強勁，成長了 6%，本季簽訂了 37 份直接特許經營協議，使該地區的直接特許經營管道達到近 400 家酒店，費用比我們當前中國系統高出 40%。

Overall, we expanded our brand presence across the globe, adding five new brands to markets where they hadn't existed previously, including the debut of the newly renovated luxury lifestyle Registry Collection Hotel brand here in the United States, with the historic mining exchange hotel in Colorado Springs, the firm first Wyndham Garden in Malaysia, and the first Wyndham branded hotel in Cluj, Romania, in the heart of Transylvania and the country's second largest city.

總體而言，我們在全球範圍內擴大了品牌影響力，為以前不存在的市場添加了五個新品牌，其中包括在美國首次亮相的新裝修的豪華生活方式Registry Collection酒店品牌，以及歷史悠久的採礦交換酒店位於科羅拉多斯普林斯的溫德姆花園酒店是馬來西亞的第一家溫德姆花園酒店，也是羅馬尼亞克盧日的第一家溫德姆品牌酒店，克盧日位於特蘭西瓦尼亞的中心地帶，也是全國第二大城市。

And importantly, these Q3 additions came into the system with a collective average fee PAR that is expected to be approximately 50% higher than the current system.

重要的是，這些第三季新增的內容進入系統時，其集體平均費用 PAR 預計將比目前系統高出約 50%。

Now turning to RevPAR. In the United States, RevPAR declined 80 basis points this quarter compared to prior year, while economy RevPAR continues to normalize up 260 basis points from the first half of this year, gaining 50 basis points of market share this quarter. Importantly, we're seeing positive momentum in infrastructure-related business.

現在轉向 RevPAR。在美國，本季的 RevPAR 比去年同期下降了 80 個基點，而經濟 RevPAR 繼續正常化，較今年上半年上升了 260 個基點，本季的市佔率增加了 50 個基點。重要的是，我們看到基礎設施相關業務的積極勢頭。

Weekday performance outpaced weekends with RevPAR growing about a point driven by higher demand. This includes an improvement of 250 basis points across our oil and gas markets and sustained year-over-year growth in the five states that have received significant infrastructure funding to date, Texas, California, New York, Illinois, and New Mexico.

工作日表現超過週末，每間可用客房收入在需求增加的推動下增長了約一個百分點。這包括我們的石油和天然氣市場改善了250 個基點，以及迄今為止已獲得大量基礎設施資金的五個州（德克薩斯州、加利福尼亞州、紐約州、伊利諾伊州和新墨西哥州）的持續同比增長。

Our properties in these key markets are well positioned and when coupled with the efforts by our Wyndham sales team captured an additional 300 basis points of weak demand share across our select service chain scales during the quarter. We're encouraged by these results, and we're also encouraged that our brands continue to maintain pricing power.

我們在這些關鍵市場的飯店處於有利地位，再加上我們溫德姆銷售團隊的努力，本季我們在選定的服務鏈規模中將疲軟需求份額額外增加了 300 個基點。我們對這些結果感到鼓舞，也對我們的品牌持續保持定價能力感到鼓舞。

Domestic ADR held steady throughout the quarter at 17% above pre-pandemic levels, which still trails real inflation growth, suggesting that pricing can continue to be flexed in the years ahead. We continue to believe the infrastructure strength we saw in the third quarter, coupled with more favorable comparisons ahead in the fourth quarter will provide positive domestic RevPAR momentum as we exit 2024.

國內 ADR 在整個季度保持穩定，比大流行前的水平高出 17%，仍然落後於實際通膨增長，表明未來幾年定價可以繼續靈活。我們仍然相信，我們在第三季度看到的基礎設施實力，加上第四季度未來更有利的比較，將為 2024 年結束時提供積極的國內 RevPAR 動力。

Internationally, RevPAR increased 7% versus prior year in constant currency and accelerated over 1,300 basis points from Q2 to Q3 when compared to 2019. EMEA and Latin America RevPAR were both especially strong this quarter.

在國際範圍內，以固定匯率計算，每間可出租客房收入比上年增長了 7%，與 2019 年相比，從第二季度到第三季度增長了 1,300 個基點以上。歐洲、中東和非洲地區和拉丁美洲的 RevPAR 本季尤其強勁。

EMEA grew 9% year over year, driven by strength in Greece, Spain and Turkey, and Latin America grew 52% as a result of strength across Brazil, Mexico and the Caribbean as well as the hyperinflationary impact in Argentina, which accounted for 20 points of the regions RevPAR growth. Occupancy, while continuing to recur at varying rates around the globe now stands at 10% behind where it was in 2019 and remains a significant tailwind as we close out this year and we look towards 2025.

歐洲、中東和非洲地區年增9%，主要得益於希臘、西班牙和土耳其的強勁增長；拉丁美洲增長52%，主要得益於巴西、墨西哥和加勒比海地區的強勁增長以及阿根廷惡性通脹的影響（佔20 個百分點）該地區每間可用房收入 (RevPAR) 的成長。儘管全球各地的入住率繼續以不同的速度重複出現，但目前仍比 2019 年落後 10%，在我們今年結束並展望 2025 年時，仍然是一個重要的推動因素。

One of the key drivers of our ancillary fee growth strategy is the expansion of our suite of co-branded credit card products. Earlier this year, we launched Wyndham business aimed at streamlining the direct booking process for all types of business travel.

我們的輔助費用成長策略的關鍵驅動力之一是我們聯合品牌信用卡產品套件的擴展。今年早些時候，我們推出了溫德姆業務，旨在簡化所有類型商務旅行的直接預訂流程。

This initiative has gained significant traction, driving a double-digit year-to-date increase in our corporate contracted business from infrastructure related accounts. In addition, our Wyndham Rewards earner business card has seen a 32% year-over-year increase in new accounts and a 70% lift in purchase volumes contributing to our ancillary fee growth this quarter.

這項舉措獲得了巨大的關注，推動我們基礎設施相關帳戶的企業合約業務今年迄今實現了兩位數的成長。此外，我們的溫德姆獎賞計劃賺取名片的新帳戶數量同比增長了 32%，購買量增長了 70%，為本季度我們的輔助費用增長做出了貢獻。

We're also leveraging technology as part of Wyndham's owner first commitment, which is at the very forefront of everything we do. Our recently launched guest engagement platform Wyndham Connect, is an initiative that was made possible by our best in class technology stack with leading partners like Salesforce, Sabre, Oracle and Amazon, Adobe Ideas and Canary.

我們還將利用科技作為溫德姆「業主至上」承諾的一部分，這是我們所做的一切的最前沿。我們最近推出的賓客參與平台 Wyndham Connect 是一項由我們與 Salesforce、Sabre、Oracle 和 Amazon、Adobe Ideas 和 Canary 等領先合作夥伴合作的一流技術堆疊促成的舉措。

Our technology platform enables personalized guest experiences to boost franchisees bottom lines, while improving guest engagement scores. Franchisees are now digitally and automatically without staff intervention upselling early check ends and late checkouts and they're also pre-selling room upgrades and various in-room amenities online before the guest checks in.

我們的技術平台可實現個人化的賓客體驗，進而提高加盟商的利潤，同時提高賓客參與度。特許經營商現在可以在沒有工作人員幹預的情況下以數位方式自動追加銷售提前退房和延遲退房，並且他們還在客人入住之前在線預售房間升級和各種室內設施。

More than 4,000 of our hotels in North America have adopted this platform with about 40% of those properties, generating over $1,500 in incremental monthly revenue. As we furiously continue to implement guest facing AI tools and services were offloading labor intensive tasks from our franchisees.

我們在北美的 4,000 多家酒店已採用該平台，其中約 40% 的酒店已採用該平台，每月增量收入超過 1,500 美元。隨著我們繼續大力實施面向客人的人工智慧工具和服務，我們的加盟商卸下了勞力密集任務。

We’re reducing their cost and were increasing their bottom lines was the same time, allowing them to focus on guest service and guest satisfaction. Moreover, Wyndham Connect is simplifying the process of enrolling guests in Wyndham Rewards, helping to drive an increase of more than 2 million new members this quarter to over 112 million members globally at quarter end.

我們正在降低他們的成本，同時提高他們的利潤，使他們能夠專注於客戶服務和客戶滿意度。此外，Wyndham Connect 正在簡化賓客加入溫德姆獎賞計畫的流程，有助於推動本季新增超過 200 萬名會員，到季末全球會員數量將超過 1.12 億。

Before Michele takes us through the financials, we want to take a moment to recognize the incredible dedication of our team members around the world. The success of our owner first operating philosophy and our record owner engagement levels reflects their steadfast commitment and support, and we're thrilled that for the 4th year in a row, we've been named to Newsweek America's most loved workplaces list, earning a spot in the top 10.

在米歇爾向我們介紹財務狀況之前，我們想花點時間來認識我們世界各地團隊成員令人難以置信的奉獻精神。我們的業主至上經營理念的成功和我們創紀錄的業主參與水平反映了他們堅定的承諾和支持，我們很高興連續第四年被評為美國新聞周刊最受歡迎的工作場所名單，贏得了進入前10 名。

This achievement is a testament to our team's hard work and commitment that consistently places our owners at the very center of everything it is that we do.

這項成就證明了我們團隊的辛勤工作和承諾，始終將我們的所有者置於我們所做的一切的中心。

In closing this quarter's results underscore our ability to execute on the key pillars of our long-term growth algorithm, including robust development momentum, continued royalty rate expansion, consistent ancillary fee growth and a very early innings of a sustained period of growing infrastructure capture. Our value proposition is stronger than ever powered by our world-class teams around the globe, and we have full conviction that our strategy will create significant value for our shareholders, our guests, our franchisees and our team members for many years to come.

本季的業績突顯了我們執行長期成長演算法關鍵支柱的能力，包括強勁的發展勢頭、持續的特許權使用費率擴張、持續的輔助費用增長以及基礎設施持續增長的早期階段。在我們遍布全球的世界級團隊的推動下，我們的價值主張比以往任何時候都更加強大，我們堅信我們的策略將在未來的許多年裡為我們的股東、我們的客人、我們的特許經營商和我們的團隊成員創造巨大的價值。

And with that, I'll now turn the call over to Michele. Michele?

現在，我將把電話轉給米歇爾。米歇爾？

Thanks, Geoff, and good morning, everyone. I'll begin my remarks today with a detailed review of our third quarter results. I'll then review our cash flow and balance sheet followed by our outlook.

謝謝傑夫，大家早安。我今天將首先詳細回顧我們第三季的業績。然後我將回顧我們的現金流量和資產負債表，然後是我們的前景。

Before we get started, let me briefly remind everyone that the comparability of our financial result is impacted by the timing of our marketing spend. In the third quarter of this year, marketing fund revenue exceeded expenses by $12 million as expected, compared to revenues exceeding expenses by $17 million in the third quarter of last year.

在開始之前，讓我先簡單提醒大家，我們財務表現的可比較性受到行銷支出時間的影響。今年第三季度，行銷基金收入超出支出1,200萬美元，符合預期，去年第三季營收超過支出1,700萬美元。

To enhance transparency and provide a better understanding of the results of our ongoing operations, I will be highlighting our results on a comparable basis, which neutralizes the marketing fund impact. In the third quarter, we generated $394 million of fee related and other revenue and $208 million of adjusted EBITDA.

為了提高透明度並更好地了解我們正在進行的營運結果，我將在可比較的基礎上強調我們的結果，這抵消了行銷基金的影響力。第三季度，我們產生了 3.94 億美元的費用相關收入和其他收入，以及 2.08 億美元的調整後 EBITDA。

Prior periods fee related, and other revenues included $18 million of pass-through revenue from our global franchisee conference conducted in September 2023. Absent which, fee related and other revenues increased 3%, driven by a 5% increase in royalties and franchise fee and 8% growth in ancillary revenues.

前期費用相關收入及其他收入包括 2023 年 9 月舉行的全球加盟商會議帶來的 1,800 萬美元轉手收入。除此之外，在特許權使用費和特許經營費增長 5% 以及輔助收入增長 8% 的推動下，與費用相關的收入和其他收入增長了 3%。

The increase in royalties and franchise fees reflect our global system growth, expansion of our domestic international and global royalty rate, driven by our higher fee part growth strategy and higher and other franchisees.

特許權使用費和特許經營費的增加反映了我們的全球系統的增長，以及我們國內國際和全球特許權費率的擴大，這是由我們較高的費用部分增長戰略以及更高的特許經營費所推動的。

Our ancillary revenue growth was primarily driven by higher credit card and partnership fee, as well as increased license fees. This growth continues the trend from the first half of this year are these fee stream meaningfully outperformed industry RevPAR level.

我們的輔助收入成長主要是由信用卡和合作夥伴費用以及授權費增加所推動的。這種成長延續了今年上半年的趨勢，這些費用流明顯優於產業 RevPAR 水準。

Looking ahead, we have exciting new opportunities on the horizon that will build on our momentum and further enhance these ancillary fee stream. Adjusted EBITDA for a 7% on a comparable basis, primarily reflecting our higher royalty and franchise fees and increased ancillary revenues as well as margin expansion, which was largely driven by operational improvements this quarter.

展望未來，我們即將迎來令人興奮的新機遇，這些機會將增強我們的勢頭並進一步增強這些輔助費用流。調整後的 EBITDA 在可比基礎上增長 7%，主要反映了我們更高的特許權使用費和特許經營費以及輔助收入的增加以及利潤率的擴張，這主要是由本季度營運改善推動的。

Third quarter adjusted diluted EPS was $1.39, up 10% on a comparable basis, reflecting our adjusted EBITDA growth as well as a benefit from our share repurchase activity. These benefits were partially offset by higher interest expense.

第三季調整後攤薄每股收益為 1.39 美元，年增 10%，反映了我們調整後 EBITDA 的成長以及股票回購活動帶來的收益。這些好處被較高的利息支出部分抵消。

Adjusted free cash flow was $96 million in third quarter and $267 million year-to-date, with a conversion rate from adjusted EBITDA of 51%. We continue to expect full year adjusted free cash flow to convert at approximately 60% of adjusted EBITDA. At our current trading level, our adjusted free cash flow yield of over 6% continues to lead the lodging sector.

第三季調整後自由現金流為 9,600 萬美元，年初至今為 2.67 億美元，調整後 EBITDA 轉換率為 51%。我們繼續預計全年調整後自由現金流將約為調整後 EBITDA 的 60%。按照我們目前的交易水平，我們調整後的自由現金流收益率超過 6%，繼續領先住宿行業。

Our capital allocation strategy remains unchanged. Our first preference is to invest in that business, balancing organic growth opportunities with disciplined M&A activity. While we remain focused on pursuing transactions that are accretive from both an earnings and net room growth perspective as well as additive to chain scales up underrepresented in our portfolio, we are equally committed to driving organic growth through development investment.

我們的資本配置策略維持不變。我們的首要選擇是投資該業務，平衡有機成長機會與嚴格的併購活動。雖然我們仍然專注於追求從收益和淨房成長角度來看都具有增值作用的交易，以及在我們的投資組合中代表性不足的連鎖規模擴大，但我們同樣致力於透過開發投資來推動有機成長。

To that end, demand for our brands remains strong, with development advanced spend reaching $24 million in the third quarter, bringing our year-to-date spend to 88 million. This increased investment is attracting higher value properties, as Jeff mentioned, further strengthening our portfolio.

為此，對我們品牌的需求仍然強勁，第三季的開發預付款達到 2,400 萬美元，使我們今年迄今的支出達到 8,800 萬美元。正如傑夫所提到的，這種增加的投資正在吸引更高價值的房產，進一步增強了我們的投資組合。

We returned $126 million for our shareholders during the third quarter through $97 million of share repurchases and $29 million of common stock dividends. Year-to-date, we have repurchased 3.8 million shares of our stock for $285 million. From 2019 through the end of the third quarter, we returned 47% of our market cap to shareholders, which continues to be best-in-class among lodging C-corps and well above our closest competitor.

第三季度，我們透過 9,700 萬美元的股票回購和 2,900 萬美元的普通股股息，為股東回報了 1.26 億美元。今年迄今為止，我們已以 2.85 億美元回購了 380 萬股股票。從 2019 年到第三季末，我們向股東返還了 47% 的市值，這在住宿類 C 型企業中仍然名列前茅，遠高於我們最接近的競爭對手。

We closed the quarter with approximately $750 million and total liquidity and our net leverage ratio at 3.5 times remains as expected at the midpoint of our target range. As we previously highlighted, we continue to expect to finish this year with net leverage at this level with any excess leverage capacity or capital to be either invested in the business to support future growth or return to shareholders in the fourth quarter.

本季結束時，我們的流動資金總額約為 7.5 億美元，淨槓桿率為 3.5 倍，仍符合預期，處於目標範圍的中點。正如我們之前強調的那樣，我們繼續預計今年結束時淨槓桿率將保持在這一水平，任何多餘的槓桿能力或資本都將投資於業務以支持未來成長或在第四季度回報股東。

In September, we opportunistically took advantage of the interest rate environment by successfully executing $350 million of interest rate swap agreements on our existing Term Loan B facility. These four your swaps carry a fixed rate of 3.3% and expire in 2028. As a result of this transaction, we ended the third quarter with approximately 80% of our total debt at a fixed rate and 20% variable.

9 月份，我們趁機利用利率環境，對現有定期貸款 B 設施成功執行了 3.5 億美元的利率掉期協議。這四種掉期的固定利率為 3.3%，將於 2028 年到期。透過此交易，我們在第三季末的債務總額中約 80% 為固定利率，20% 為可變利率。

The fixed portion of our debt carries a blended rate of 4.4%, providing certainty around the majority of our interest expense at very attractive rate, while the remaining 20% affords us an opportunity to capture incremental benefit, should the Fed continued to execute further rate cuts over the coming quarter.

我們債務的固定部分的混合利率為4.4%，以非常有吸引力的利率為我們的大部分利息支出提供了確定性，而如果聯準會繼續執行進一步的利率，剩下的20% 則為我們提供了獲取增量收益的機會削減未來一個季度的開支。

Finally, turning to our full-year outlook, we're increasing our adjusted diluted EPS projection by $0.02 to a range of $4.22 to $4.34 to account for our third quarter share repurchase activity. This outlook is based on a lower diluted share count at $80.1 million shares and as usual, assumes no additional share repurchases or incremental interest expense associated with any potential borrowing activity to maintain our leverage at 3.5 times.

最後，談到我們的全年展望，我們將調整後的稀釋每股收益預測上調 0.02 美元，至 4.22 美元至 4.34 美元的範圍，以考慮到我們第三季度的股票回購活動。這項展望是基於稀釋後的股份數量較低（8010 萬美元），並且與往常一樣，假設沒有額外的股份回購或與任何潛在藉款活動相關的增量利息支出，以將我們的槓桿率維持在3.5 倍。

There are no other changes to the remainder of our outlook. We are expecting more favorable RevPAR comparisons in the fourth quarter, and our outlook reflects this dynamic. With Wyndham stronger concentration in the select service space, you'll recall that domestic RevPAR gradually declined in 2023, starting with a modest 1% decrease in the second quarter, which you then the other hand it to us 4% decline by year end.

我們的其餘展望沒有其他變化。我們預計第四季的 RevPAR 比較會更加有利，我們的前景也反映了這一動態。隨著溫德姆更加集中於精選服務領域，您會記得國內 RevPAR 在 2023 年逐漸下降，從第二季度開始小幅下降 1%，然後到年底您將下降 4%。

We expect to lap this effect in the fourth quarter, which should support better year-over-year performance, especially when coupled with the recent positive trends Geoff mentioned in our infrastructure related business. And even though this ship doesn't occur until the last 10 days of October month-to-date through the first three weeks, US RevPAR is trend being up 3% year over year, and the comps only get easier from here.

我們預計將在第四季度實現這一效應，這應該會支持更好的同比業績，特別是與傑夫在我們的基礎設施相關業務中提到的最近的積極趨勢相結合。儘管這艘船直到 10 月的最後 10 天才出現，從本月至今的前三週，美國 RevPAR 的趨勢是同比增長 3%，從這裡開始，競爭只會變得更加容易。

In closing, our third quarter results reflect strong execution across our strategic priorities from steady system expansion and expanding royalty rate to ancillary fee growth and disciplined capital allocation. We remain confident in our ability to create sustainable value as we capitalize on the best investment opportunity to deliver, meaning total returns for our shareholders.

最後，我們第三季的業績反映了我們策略重點的強勁執行力，從穩定的系統擴張和特許權使用費率的提高到輔助費用的成長和嚴格的資本配置。我們對創造永續價值的能力充滿信心，因為我們利用最佳投資機會來實現這一目標，這意味著為股東帶來總回報。

With a robust pipeline and RevPAR green shoots, particularly on the infrastructure side, we are excited about the opportunities ahead and look forward to building on this momentum as we close out the year and move into 2025.

憑藉強勁的管道和每間可出租客房收入（RevPAR）的新芽，特別是在基礎設施方面，我們對未來的機會感到興奮，並期待在今年結束並進入 2025 年時繼續保持這一勢頭。

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)

（操作員說明）

Joe Greff, JP Morgan.

喬‧格雷夫，摩根大通。

Good morning, everybody. I just wanted to ask a question about on how you're thinking about net rooms growth for next year. How confident are you that next year's room growth rate could exceed what you end up doing this year?

大家早安。我只是想問一下您如何看待明年的淨客房增長。您對明年的客房成長率可能超過今年的成長率有多大信心？

And then when you think about the composition from a brand and geography perspective, obviously ECHO would be stronger next year, I would think than this year. How is next net rooms growth composition different than what we've seen the last couple of years?

然後，當你從品牌和地理的角度考慮組合時，我認為明年的 ECHO 顯然會比今年更強。下一個淨房間成長構成與我們過去幾年所看到的有何不同？

Thanks for the question, Joe. We're very confident about our net room growth driving forward. And I think the most important metric for us to look at is our pipeline and what's been happening in terms of how that record pipeline has been driven. I mean, we believe the most talented and experienced franchise sales team up there in the industry, we've been selling directly to these franchisees longer than anyone else and over 95 countries.

謝謝你的提問，喬。我們對未來的淨房間成長充滿信心。我認為我們要考慮的最重要的指標是我們的管道以及記錄管道的驅動方式方面發生的情況。我的意思是，我們相信業內最有才華和經驗豐富的特許經營銷售團隊，我們直接向這些特許經營商銷售的時間比其他任何人都長，覆蓋超過 95 個國家/地區。

And when we look at it where the breakdown is in terms of what's coming into the pipeline, that will translate into a net room growth next year, we're seeing just again, a record executions are good globally, 197 hotel contracts awarded this quarter. That's up 350 basis points versus where we were back at pre-COVID.

當我們查看即將進入的項目的細目時，這將轉化為明年的客房淨增長，我們再次看到，全球執行情況創紀錄，本季度授予了 197 份酒店合約。與新冠疫情爆發前相比，這一數字上升了 350 個基點。

And we've got a record pipeline of 250,000 rooms, which 85% of which is in the midscale and above or the extended stay segment. In terms of domestically, we're seeing really strong growth, 95 deals executed this quarter, up 10% are new construction prototype brands are selling very, very well.

我們的客房數量達到創紀錄的 25 萬間，其中 85% 屬於中檔及以上或長住客房。就國內而言，我們看到了非常強勁的成長，本季執行了 95 筆交易，成長了 10%，新建築原型品牌的銷售非常非常好。

Our new construction pipeline is at an all-time high. It was up 300 basis points to nearly 1,500 hotels globally. We're seeing growth in terms of ground in the coming years, we had many new accounts has awarded in the quarter.

我們的新建築管道處於歷史最高水準。全球飯店數量上漲 300 個基點，近 1,500 家。我們看到未來幾年的成長，本季我們獲得了許多新客戶。

Our pipeline is up 3% for r La Quinta year on year. Our dual brands are selling very well. Our Hawthorn Suites pipeline is up, our new Wyndham Garden prototype is up. And of course, new brands like ECHO Suites, those hotels are just getting started.

我們的 r La Quinta 管道數量年增 3%。我們的雙品牌賣得很好。我們的 Hawthorn Suites 計畫已經啟動，我們的新溫德姆花園原型也已啟動。當然，像 ECHO Suites 這樣的新品牌，這些飯店才剛起步。

Conversions have been very strong for us, they're going to be very strong for us throughout the remainder of this year and going into next, our conversion pipeline was up 30%. And internationally, that high single digit net room growth, we believe we could continue to drive upwards to 102 deals signed this quarter.

轉換率對我們來說非常強勁，在今年剩餘的時間裡，我們的轉換率也將非常強勁，進入明年，我們的轉換率將成長 30%。在國際範圍內，淨房間淨增長高達個位數，我們相信本季簽署的交易數量可能會繼續增加至 102 筆。

Great growth, really around the world across all regions with and all we need to do this of this week, look at the existing developers like NILE hospitality, who came in with 40 new Microtel in India to be very, very confident in that 3% to 5% long-term algorithm for net loan growth and the progress we're making, the continued retention rate improvements we're making on a global basis. We feel great about the year ahead.

巨大的成長，確實在世界各地所有地區都有，我們本週需要做的就是看看像NILE Hospitality 這樣的現有開發商，他們在印度推出了40 家新的Microtel，對這3% 非常非常有信心淨貸款成長 5% 的長期演算法以及我們正在取得的進展，以及我們在全球範圍內持續提高的保留率。我們對未來的一年感覺很好。

Great. Thank you, Geoff. And then Michelle, on your comment about the most of the US RevPAR growth being up 3%, which will take its many cities to 60 basis points on versus what the Smith Travel data would suggest, which is great on and noting that the comparisons get easier from here. What specifically is that is on the US economy and mid-scale RevPAR performance in the fourth quarter?

偉大的。謝謝你，傑夫。然後米歇爾，關於您關於美國大部分 RevPAR 增長 3% 的評論，這將使許多城市與史密斯旅遊數據顯示的數據相比增長 60 個基點，這非常好，並指出比較得到了從這裡開始更容易。具體來說，這對美國經濟和第四季中等規模的 RevPAR 表現有何影響？

Sure. Good morning, Joe. I guess I would start by saying at the end of last year in the US, our RevPAR declined one point during the third quarter and then in the fourth quarter it was down 4%. So we moved from down one to down four. That's a 300 basis point swing, which does create a much easier comparison this year for the fourth quarter.

當然。早安，喬。我想我首先要說的是，在美國，去年年底，我們的 RevPAR 在第三季下降了一個百分點，然後在第四季下降了 4%。所以我們從下降一變成下降四。這是 300 個基點的波動，這確實使今年第四季的比較變得容易得多。

This is a bit unique to our business due to our heavier concentration in an economy which by the way it was down seven points last year in the fourth quarter compared to only down three in the third quarter. So really large swings here for us and not necessarily for concept for some of the other peers.

這對我們的業務來說有點獨特，因為我們更加集中於一個經濟體，順便說一句，去年第四季度下降了 7 個百分點，而第三季度僅下降了 3 個百分點。對我們來說，這裡的波動確實很大，而對於其他一些同行來說，不一定是概念。

And that is predominantly what is built in to our base case right now for the full year guide. In addition to the infrastructure momentum we saw that we have always expected in the back half of the year. We saw it in the third quarter and obviously haven't reflected in the outlook for the fourth quarter in it.

這主要是我們現在為全年指南構建的基本情況。除了基礎設施的勢頭之外，我們還看到了我們在今年下半年一直預期的勢頭。我們在第三季度看到了這一點，顯然沒有反映在第四季度的前景中。

And I say there is a favorable holiday calendar built into the outlook as well, which should drive increased leisure demand in the fourth quarter, particularly again, in contrast to those more reliant on corporate and group business, where travel windows are a bit tighter from a calendar perspective, we have two extra leisure travel days between the Christmas holiday period this year.

我說，前景中也有一個有利的假期日曆，這應該會推動第四季度的休閒需求增加，尤其是與那些更依賴企業和團體業務的人相比，後者的旅行窗口從從日曆上看，今年聖誕假期我們多了兩個休閒旅遊日。

What's not you get reflected in the outlook. And we see as potential upside are the benefits we're seeing from the hurricane, the most recent hurricanes. There was no material impact in the third quarter given it only impacted the last week of September.

不屬於您的內容會反映在前景中。我們認為潛在的好處是我們從最近的颶風中看到的好處。第三季沒有產生重大影響，因為它只影響了 9 月的最後一周。

But as we moved into October, we have seen much larger impacts with occupancy up over 10% in the impacted states right now. It's already a 40 basis point benefit to our fourth-quarter RevPAR and there's potential for more depending on the duration of the relief efforts, which as we all know, are ongoing.

但隨著進入 10 月份，我們看到了更大的影響，目前受影響州的入住率上升了 10% 以上。這已經使我們第四季度的 RevPAR 提高了 40 個基點，而且還有可能提高更多，具體取決於救援工作的持續時間，眾所周知，救援工作正在進行中。

But remember, when you weight that fourth quarter impact, the 40 basis points or translates to probably about 10 basis points on a full year basis at the global level, so it's going to be at advanced. But what it's not going to be materially different than what's currently at current outlook implies.

但請記住，當你權衡第四季度的影響時，40 個基點或轉化為全球範圍內全年的 10 個基點左右，所以它會處於領先地位。但它與目前的前景不會有本質上的不同。

Thank you.

謝謝。

Thank you.

謝謝。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Thank you. So on slide 6, of the deck you have the 2026 walk on EBITDA. You mentioned competence in the 3% to 5% net room growth. Sounds like RevPAR building back about 2% to 3% range.

謝謝。因此，在投影片 6 上，您可以看到 2026 年的 EBITDA。您提到了 3% 到 5% 淨房間成長的能力。聽起來 RevPAR 回升了大約 2% 到 3% 的範圍。

But would love to get a scorecard of where you feel you're running ahead where you may be behind on this trend line. It's for some of the other buckets that there's any other factors to consider for 2025. Just slight impact from that march to that 2026 number?

但我很想得到一張記分卡，顯示您在這條趨勢線上哪些地方領先，哪些地方可能落後。到 2025 年，還有其他一些因素需要考慮。那次 3 月對 2026 年的數字只有輕微影響嗎？

That's a loaded question. Let me start by saying that we're very confident and in the driver assumptions out on page 6, particularly with respect to growth and continued retention improvement and the RevPAR, it's still early in our budgeting process for us to be getting stuff specific guidance for 2025. You'll have to wait for the February call for that, but we do expect to exit the year with positive momentum given that fourth quarter inflection point I just discussed.

這是一個有內涵的問題。首先我要說的是，我們對第6 頁的驅動因素假設非常有信心，特別是在成長和持續保留改進以及RevPAR 方面，在我們的預算流程中，我們還處於早期階段，無法獲得具體的指導2025 年。你必須等待二月份的電話會議，但考慮到我剛才討論的第四季度拐點，我們確實預計將以積極的勢頭結束今年。

And when we think about the infrastructure, we see that capture, you're just starting to hear happened in the third quarter on and we're going to continue to see that in the fourth quarter, and it's going to continue to increase on as more spend gets out into the economy.

當我們考慮基礎設施時，我們會看到這種捕獲，您剛開始聽說第三季度發生了這種情況，我們將在第四季度繼續看到這種情況，並且它將繼續增加更多支出進入經濟。

And what we're really excited about is the ancillary revenue opportunities where we are exactly where we wanted to be at this point in our plan, up 8% year-to-date. We have a lot of great things happening on that front. And so we feel highly confident in our ability to continue to deliver that growth rate.

我們真正感到興奮的是輔助收入機會，我們目前的計畫正是我們想要達到的目標，今年迄今成長了 8%。我們在這方面發生了很多偉大的事情。因此，我們對繼續實現這一成長率的能力充滿信心。

So from a long-term perspective, this was a three-year plan, capturing '24, '25 and '26. We reaffirm this guidance on page 6 and we have plenty of initiatives planned on to be able to bring that to realization. Not all of which, by the way, we just need a bunch of things to work and in our favor, but not everything.

因此，從長遠來看，這是一個三年計劃，涵蓋「24」、「25」和「26」。我們在第 6 頁重申了這項指導意見，並且我們計劃採取大量舉措來實現這一目標。順便說一句，並不是所有這些，我們只需要一堆對我們有利的東西來發揮作用，但不是所有的東西。

Awesome. And then maybe one unrelated follow-up. Are there any investments needed for project ECHO to ramp from here? Or was there a bit of front-loading things like the development team and our sales team for the demand drivers of that segment?

驚人的。然後也許是一個不相關的後續行動。ECHO 計畫從這裡開始需要任何投資嗎？或者是否有一些前期工作，例如開發團隊和我們的銷售團隊來滿足該細分市場的需求驅動因素？

Yeah.

是的。

We did – oh, Geoff, please.

我們做到了——哦，傑夫，拜託。

Go ahead, Michele.

繼續吧，米歇爾。

We did a remark about $100 million of capital, which we started to deploy and 2024, and that is for deployment of that capital will ramp over '25 and '26 and more properties we get on out of the ground and open it up operating the more of that capital will get deployed.

我們對 1 億美元的資本做了評論，我們從 2024 年開始部署這些資本，這些資本的部署將在 25 年和 26 年以及我們從地面上獲得的更多財產中逐步增加，並開放運營更多的資本將得到部署。

But I think were what Geoff with what's going to comment on is the teams are in place, the operating teams are in place, the sales teams are in place, so that investment is already reflected in our EBITDA.

但我認為傑夫將要評論的是團隊已經就位，營運團隊已經就位，銷售團隊也已經就位，因此投資已經反映在我們的 EBITDA 中。

Exactly and although all the money we spend, Stephen, on the new design prototypes and the support of operationally that we've given to our franchisees, obviously, we'll continue to support them. But nothing incremental.

確實如此，儘管我們把所有的錢都花在了新的設計原型上，並為我們的特許經營商提供了營運支持，但顯然，我們將繼續支持他們。但沒有任何增量。

Perfect. Thank you.

完美的。謝謝。

Thanks, Stephen.

謝謝，史蒂芬。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Thanks. Good morning, everyone.

謝謝。大家早安。

Good morning, Michael. We understand from you thought of Cinderella theme going on in your house and Andy, wanted to address up as Aurora. That is a father of four girls that's Sleeping Beauty. And the witch she wants you to dress up as is not the Wicked Witch of the North?

早上好，麥可。我們從您的想法中了解到您家裡正在進行灰姑娘主題，而安迪想稱呼為奧羅拉。那是四個女孩的父親，就是睡美人。她想讓你打扮成的女巫不是北方邪惡女巫嗎？

Last night, it was Maleficent for me. So a couple more days set aside. Two unrelated questions there for you on developments. Just first on the 10 ECHO deals that you signed.

昨晚，對我來說就是《沉睡魔咒》。於是又預留了幾天時間。有兩個與事態發展無關的問題想問你。首先是您簽署的 10 份 ECHO 交易。

Are those deals with franchisees that are new to Wyndham, new to ECHO, or they just more deals that your original developers are doing? They're trying to understand the composition of where the signings are now.

這些交易是與 Wyndham 的新加盟商、ECHO 的新加盟商簽訂的，還是只是您的原始開發商正在做的更多交易？他們正在試圖了解現在簽約的情況。

You know, they are new institutional development groups who have not done new construction deals with us, previously until now. And it's just a great to see as we called out in our script some of the markets, those dozen or so that we signed this quarter.

你知道，他們是新的機構發展團體，之前直到現在還沒有與我們達成新的建設協議。很高興看到我們在劇本中提到了一些市場，即我們本季簽署的十幾個市場。

That sounds like it's broadening that's going to hear. And then just on a related note than you've historically talked about infrastructure spending, you mentioned oil and gas a couple of times the last few quarters.

聽起來這聽起來像是在擴大。然後，與您歷史上談論基礎設施支出相關的一個相關說明是，您在過去幾個季度中多次提到了石油和天然氣。

Where data centers fit into all that and as all the AI spending and build there is incremental to what you've outlined previously and how might that had RevPAR and unit growth over the intermediate term? Thanks.

資料中心在哪些方面適合所有這些，隨著所有人工智慧支出和建設的增加，您之前概述的內容會增加，以及中期的 RevPAR 和單位成長會如何？謝謝。

Well, yes, data centers are primarily private. There is obviously when it comes to energy, some infrastructure overlap. But look, AI is just as we all know required, increasingly vast amount of data. And as Google is Amazon as Meta all expand their infrastructures. What we're seeing data center construction across the USA is just exploding significant new construction pickup in major markets where centers are concentrated today.

嗯，是的，資料中心主要是私有的。顯然，在能源方面，一些基礎設施存在重疊。但正如我們所知，人工智慧需要的數據量越來越大。正如 Google、Amazon 和 Meta 一樣，它們都在擴展其基礎設施。我們看到，美國各地的資料中心建設在資料中心集中的主要市場中正在爆炸性成長。

In states like to the RevPAR question, Texas, especially around the Dallas-Fort Worth area, I think we're with ECHO now, I think we tipped over 700 hotels in Texas. It's our number one state we're all headed out there this Sunday for AHLA's Annual Hospitality Show. I don't know if you're going to be there. We saw you at lodging.

在像德克薩斯州這樣的RevPAR 問題的州，尤其是達拉斯-沃斯堡地區，我想我們現在已經和ECHO 合作了，我想我們給德克薩斯州的700 多家酒店提供了小費。這是我們的第一州，我們將於本週日前往那裡參加 AHLA 年度酒店展。我不知道你是否會去那裡。我們在住宿處見到了你。

But I mean, what's exciting for us is that our franchise sales team and our corporate contracted sales teams are GSOs, are seeing expansion of these new data center construction is under construction in so many secondary markets and states like Georgia. You think about George and all the proximity to fiber routes, we have 300 hotels in Georgia and our franchise sales teams are all over where those centers are being built.

但我的意思是，令我們興奮的是，我們的特許經營銷售團隊和公司合約銷售團隊都是 GSO，他們看到這些新資料中心建設的擴展正在許多二級市場和喬治亞州等州進行。想想喬治和所有靠近光纖線路的地方，我們在喬治亞州擁有 300 家酒店，我們的特許經營銷售團隊遍布在這些中心正在建設的地方。

In New York and New Jersey obviously, a market really important for data centers close to the financial markets where we have 250 hotels. Florida, we're seeing a pickup in terms of, you know, around the Miami area, especially the gateway to Latin America for AI.

顯然，在紐約和新澤西，這個市場對於靠近金融市場的資料中心來說非常重要，我們在那裡擁有 250 家飯店。佛羅裡達州，我們看到邁阿密地區週邊地區的發展回升，尤其是通往拉丁美洲的人工智慧門戶。

We've got a 300 hotels in Florida. It's our second largest state, and we're seeing increased demand there. Arizona, another state that that people often miss, and we can just a bunch and renewable energy supply with which to your infrastructure question, the Arizona data centers, we believe will benefit from and we're actually seeing that from some of the infrastructure bill spending that's starting to be allocated. We've got over 150 hotels in Arizona.

我們在佛羅裡達州擁有 300 家酒店。這是我們第二大州，我們看到那裡的需求不斷增加。亞利桑那州，另一個人們經常懷念的州，我們可以提供大量可再生能源來解決您的基礎設施問題，亞利桑那州數據中心，我們相信將從中受益，我們實際上從一些基礎設施法案中看到了這一點開始分配的支出。我們在亞利桑那州擁有 150 多家酒店。

So much of what's being built, new construction-wise, what's attracting our franchise sales teams and GSO teams to these sites will continue, we believe, to drive our brands, weekday market share gains, which we saw just starting to really pick up this quarter.

So much of what's being built, new construction-wise, what's attracting our franchise sales teams and GSO teams to these sites will continue, we believe, to drive our brands, weekday market share gains, which we saw just starting to really pick up this四分之一.

We think, as Michele said, it could accelerate into 2025. And especially to Joe's question, fuel are right record development pipeline with the with those new construction prototype brands because there's just a lack of lodging around those centers.

我們認為，正如米歇爾所說，它可能會加速到 2025 年。尤其是對於喬的問題，燃料是這些新建築原型品牌的創紀錄的開發管道，因為這些中心周圍缺乏住宿。

Thank you.

謝謝。

Thanks, Mike.

謝謝，麥克。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Good morning, everyone. Thanks for the detail and for taking my question. Firstly, I just wanted to go a little farther. I know, Michele, you talked about some of the comp benefits that worked your way in 4Q. One of your peers talked yesterday about leisure for a '25 to flood or maybe a little down.

大家早安。感謝您提供詳細資訊並提出我的問題。首先，我只是想走得更遠一點。我知道，米歇爾，您談到了第四季度對您有利的一些補償福利。昨天，你的一位同事談到了 25 歲的休閒生活，可能會氾濫，也可能會有點低落。

I know that's an important part was not all leisure is created equal. If you could just talk about what you're kind of leisure expectation is broadly and how that relates to your system, would be a good place to start.

我知道重要的一點是並非所有的休閒都是一樣的。如果您能大致談談您的休閒期望是什麼以及它與您的系統有何關係，那麼這將是一個很好的起點。

Yeah, we look if leisure demand were to win in any way, and we're not seeing that. We're certainly the beneficiaries as we've been in the past. Our brands have always significantly outperformed the broader lodging market, David, as we've talked about and slowdowns. But we are not seeing any significant softness or any trade down.

是的，我們看看休閒需求是否會以任何方式獲勝，但我們沒有看到這一點。和過去一樣，我們當然是受益者。大衛，正如我們所討論的那樣，我們的品牌一直明顯優於更廣泛的住宿市場。但我們沒有看到任何明顯的疲軟或任何交易下跌。

As those gaps between the chain scales, we continue to strengthen. I mean, think about it, there is no signs yet of any discounting or compression. There hasn't been that $50 gap between the economy segment, the upper midscale segment, our ADR is now increased to $60. At $70 gap between the upper midscale and upper upscale has now grown to $80.

隨著鏈條之間的差距不斷擴大，我們不斷加強。我的意思是，想想看，目前還沒有任何折扣或壓縮的跡象。經濟細分市場和中高端細分市場之間並沒有 50 美元的差距，我們的 ADR 現在已增加至 60 美元。中高檔和高檔之間的差距目前為 70 美元，現已擴大到 80 美元。

And all the leading indicators we look at remain positive, our booking windows continue to tick up 5% to last year-to-date from 16 to 17 days now. We're seeing longer lengths of stay, we're seeing credit card data spending for September, up 200 basis points. And leisure travel sentiments continuing to improve among these everyday blue-collar workers who are more employed their wages and savings or higher, it's creating a very resilient employment backdrop.

我們關注的所有領先指標仍然積極，我們的預訂窗口從去年至今的 16 天到 17 天繼續增加 5%。我們看到住宿時間更長，9 月的信用卡資料支出增加了 200 個基點。這些日常藍領階級的休閒旅遊情緒持續改善，他們的薪資和儲蓄更多或更高，這創造了一個非常有彈性的就業背景。

And it's driving very strong disposable personal income where they've shifted their priorities when coupled with if interest rates do come down, lower mortgage payments and moderating essential spending should drive the improvement in cash flow for our consumers to vacation. And all of the worry around the normalization. I mean, we are seeing things improve, prove were right on trend, we're seeing continued growth momentum.

它推動了非常強勁的可支配個人收入，他們已經改變了他們的優先事項，如果利率確實下降，抵押貸款支付的降低和基本支出的減少應該會推動我們消費者度假的現金流的改善。以及所有圍繞正常化的擔憂。我的意思是，我們看到情況有所改善，證明趨勢是正確的，我們看到持續的成長勢頭。

That economy RevPAR continues to normalize. Each quarter of 2024 has improved in economy. Q2 is better than Q1, Q3 was better than Q2. And economy RevPARs a full point ahead of the overall domestic RevPAR growth to 2019. So pricing power strong, it's still trailing inflation were up, I think 17% to 19% versus 23%. And we think pricing power can continue to be flat for our franchisees.

經濟每間可用房收入持續正常化。2024 年每季經濟都有所改​​善。Q2優於Q1，Q3優於Q2。到 2019 年，經濟 RevPAR 比國內整體 RevPAR 成長整整高出一個百分點。因此定價能力很強，它仍然落後於通貨膨脹率，我認為是 17% 到 19%，而不是 23%。我們認為我們的特許經營商的定價能力可以繼續持平。

As Michele said, when we look at quarter to date for the first three weeks economy being up 330 basis points and mid-scale, I think it was up 450 basis points, coupled with a more favorable year on year comparable, not only for Q3, but for the next four quarters, we believe it will continue to see positive momentum. No waning at leisure travel demand as we head into the Q4 and as we continue into the through the Q4 and throughout 2025, especially as our economy and mid-scale brands continue to gain market share during the midweek. And we picked up on that infrastructure, so we talked about.

正如米歇爾所說，當我們回顧季度迄今前三週經濟增長 330 個基點和中等規模時，我認為增長了 450 個基點，加上更有利的同比可比性，不僅是第三季度，但在接下來的四個季度，我們相信它將繼續看到積極的勢頭。隨著我們進入第四季以及整個第四季和整個 2025 年，休閒旅遊需求並沒有減弱，特別是我們的經濟型和中型品牌在周中繼續獲得市場份額。我們了解了該基礎設施，所以我們進行了討論。

Thank you for that. And as my follow-up, I wanted to touch on the ancillary fees. Should we be, I know that we've seen across the industry, those fees are even for those that may be just a little more mature with them than you are, they are outgrowing the RevPAR-driven fees. My take is that in your case, they're at a much earlier stage of those.

謝謝你。作為後續行動，我想談談輔助費用。如果我們是的話，我知道我們已經在整個行業中看到，這些費用甚至適用於那些可能比您更成熟的人，它們的增長超過了 RevPAR 驅動的費用。我的看法是，就你的情況而言，他們處於早期階段。

And so there's that the ultimate growth and we think about terminal valuing those long-term valuing those, you should be growing at a much higher rate than what kind of the core RevPAR fees would grow out. Is that a fair or contacts. And any color around it would help. Thanks.

因此，最終的成長，我們考慮對那些長期估值的終端進行評估，你的成長速度應該比核心 RevPAR 費用的成長速度高得多。那是公平還是交往。周圍的任何顏色都會有幫助。謝謝。

Yes, we do expect over the longer term in the short term and over the longer term, the growth rate for our ancillary fee streams will outpace the growth rate of the compounded our franchising model.

是的，我們確實預計，從短期和長期來看，我們的輔助費用流的成長率將超過我們的複合特許經營模式的成長率。

Okay, We can leave it there. Thanks.

好的，我們可以把它留在那裡。謝謝。

Thank you.

謝謝。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

Great. Thank you very much. Just wanted to maybe drill down on the market share gains and congratulations on that. Maybe talk about which of the states those were maybe which brands kind of saw the best traction. And also, is that just a function of the location being around infrastructure projects? Are you doing anything different there?

偉大的。非常感謝。只是想深入了解市場份額的成長並對此表示祝賀。也許可以談談哪些州的哪些品牌最受關注。而且，這僅僅是基礎設施項目周圍位置的功能嗎？你在那裡做了什麼不同的事情嗎？

And maybe also versus limit another one as really just topic is, what sort of the sustainability of this do you think the numbers we've seen less than half of the IHRA spend has been dispersed. So kind of any comments or color on the bone should provide there? Thanks.

也許還與限制另一個問題有關，因為真正的主題是，您認為我們看到的 IHRA 支出中不到一半的數字是否具有可持續性。那麼骨頭上應該有什麼評論或顏色嗎？謝謝。

Yeah, a lot there to unpack. We have in terms of where we saw strong by state gains RevPAR, we talked a bit about our oil markets coming back and I just talked about Texas being up 5%, North Dakota being up 6%, Alabama and Louisiana strong oil markets were up strong double digits.

是的，有很多東西要打開。我們看到各州的RevPAR 強勁成長，我們談到了石油市場的復甦，我剛剛談到德州上漲了5%，北達科他州上漲了6%，阿拉巴馬州和路易斯安那州的石油市場強勁上漲強勁的兩位數。

And the infrastructure states that we have always talked about were all pretty much positive, and we're expecting that growth to continue certainly on the oil and gas side as crews continue to come back into these markets and absolutely on the infrastructure side as infrastructure ramps.

我們一直在談論的基礎設施狀況都非常積極，我們預計隨著工作人員繼續返回這些市場，石油和天然氣方面的增長肯定會繼續，並且隨著基礎設施的提升，基礎設施方面的增長絕對會持續。

It is, as we've said before such early days for us. We are seeing that double digit uptick in leads from companies bidding on a federal infrastructure work with a 15% increase in corporate contracted accounts that are Wyndham sales teams are contracting with and that is what has been growing our share gain. Combined infrastructure list lifted our overall domestic weekday RevPAR by 100 basis points.

正如我們在早期就說過的。我們看到競標聯邦基礎設施的公司帶來的銷售線索出現了兩位數的成長，與溫德姆銷售團隊簽訂合約的公司合約客戶增加了 15%，這也是我們份額成長的原因。綜合基礎設施清單將我們國內工作日的整體 RevPAR 提高了 100 個基點。

Occupancy was most of it and demand is every work. But it's again, really early days, less than 20% in terms of how early it is that $1.2 trillion bill, not including the incremental has been allocated. So $400 billion has been allocated, but only $300 billion of it has actually been announced to date. And only $100 billion of that $300 billion is outlaid or at least to date. So think about that.

其中大部分是佔用率，而需求則是每項工作。但這又是一個非常早的時期，就 1.2 兆美元法案（不包括增量撥款）的提前時間而言，還不到 20%。已經分配了 4000 億美元，但迄今為止實際上只宣布了其中 3000 億美元。至少到目前為止，這 3,000 億美元中只有 1,000 億美元被支出。所以想一想。

Only one-twelfth of the $1.2 billion is paid out. So it is a very meaningful multiyear driver for our franchisees over the next 10-plus years. And even beyond that, there's still another $100 billion of annual infrastructure spending ongoing, which is not in the incremental.

12 億美元中僅支付了十二分之一。因此，對於我們的特許經營商來說，這對於未來 10 多年來說是一個非常有意義的多年驅動力。甚至除此之外，每年還有另外 1000 億美元的基礎設施支出正在進行，這並不在增量中。

And we're capturing an outside share that given our investment in technology and tools and teams to your market share question. Domestically our largest brands like Super 8, Days Inn, La Quinta, all overindexing in our most recent FTD filings, there isn't being the strongest having jumped from one 117% to 120% fair market share.

我們正在獲取外部份額，這使我們在技術、工具和團隊方面的投資能夠解決您的市場份額問題。在國內，我們最大的品牌，如 Super 8、Days Inn、La Quinta，在我們最近的 FTD 文件中都索引過高，沒有哪個品牌的公平市場份額從 117% 躍升至 120%。

And specifically in the quarter against their FTR, our competitive sets a Super 8, gained another 10 basis points, Microtel another 50 basis points. And Days Inn has been just really screaming another 80 basis points of market share.

特別是在本季度，相對於他們的 FTR，我們的競爭對手 Super 8 又獲得了 10 個基點，Microtel 又獲得了 50 個基點。戴斯飯店 (Days Inn) 的市佔率又增加了 80 個基點。

Okay, great. And then just a follow-up to that. How do you think about the mix between economy, midscale, ECHO Suites, et cetera? You just given that a lot of these kind of new drugs that come new drivers or recent drivers have popped up?

好的，太好了。然後是後續行動。您如何看待經濟型、中型、ECHO Suites 等之間的組合？您剛剛考慮到新司機或最近的司機出現了很多此類新藥物？

Is it kind of make you rethink maybe that there's other sources of upside here? So maybe any kind of comments on that. Thanks.

這是否讓您重新思考這裡是否有其他上漲空間？也許對此有任何評論。謝謝。

Well in the economy segment and certainly ECHO Suites, which is another upside for us in terms of just the demand that is out there from an extended standpoint, there's not a lot of economy and new construction Extended Stay lodging out there. I mean, Extended Stay lodging is outpacing existing supply by a three to one margin.

在經濟艙領域，當然還有 ECHO Suites，從長遠的角度來看，這對我們來說是另一個好處，因為那裡沒有太多經濟型和新建的長期住宿酒店。我的意思是，長期住宿的供應量比現有供應量多出三比一。

And if you look at Q3 FTR economy extended stay, RevPAR was another 200 basis points higher than the overall economy industry. And it's really no surprises that Extended Stay is 36% of the domestic pipeline supply right now when you look at the FTR. reports, so we're looking at that is certainly incremental.

如果你看看第三季的 FTR 經濟長住，RevPAR 比整體經濟產業高出 200 個基點。從 FTR 來看，長期住宿飯店目前佔國內管線供應量的 36% 並不令人意外。報告，所以我們看到這肯定是增量的。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thanks Ian.

謝謝伊恩。

Patrick Scholes, Truist Securities.

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

Hey, good morning, everyone.

嘿，大家早安。

Good morning Patrick,

早安派崔克，

Geoff, Michele, can you give an update on continued progress with the retention rates. You didn't close to, I believe your target of 96% and is there further opportunity beyond that? And then within that retention rate? No, can you give us a breakout of, what that looks like US versus international? Thank you.

傑夫、米歇爾，您能否介紹一下保留率方面持續進展的最新情況。我相信您沒有接近 96% 的目標，除此之外還有其他機會嗎？然後在這個保留率範圍內呢？不，您能給我們介紹一下美國與國際的情況嗎？謝謝。

Sure. Yeah, we're really pleased with the progress we've made on retention and thus far, and we do expect to continue to improve it. You can see steady improvement over a number of years now and it really is reflective of us and our increasing value proposition as well as our owner first philosophy, we've always said 96% was kind of the first stop on maybe the first based on around and there's room once we get there to continue to push higher.

當然。是的，我們對迄今為止在保留方面取得的進展感到非常滿意，並且我們確實希望繼續改進。您可以看到多年來的穩步改進，這確實反映了我們和我們不斷增長的價值主張以及我們的所有者至上的理念，我們總是說 96% 是第一站，也許是第一站一旦我們到達在那裡，就有空間繼續推高。

In terms of the breakout at the timing, I'd say of terminations is dependent upon and many, many factors, including contractual terms, notice periods tours on default, all of those things. And some culling of the system is necessary from time to time, especially as we bring in higher value property. So on while retention remains our priority across our portfolio, we don't measure it quarterly if measured over time.

就時間的突破而言，我想說，終止取決於很多很多因素，包括合約條款、違約通知期、所有這些因素。有時需要對系統進行一些剔除，特別是當我們引入更高價值的財產時。因此，雖然保留率仍然是我們整個投資組合的首要任務，但如果隨著時間的推移進行衡量，我們不會按季度進行衡量。

And our focus this there has been on improving our global retention rate. We've made great progress on that front domestically, our primary focus is on overall net room growth. And again, especially as we continue to push into these higher value segments.

我們的重點是提高我們的全球保留率。我們在國內這方面已經取得了很大進展，我們的主要關注點是整體淨房間增長。再說一遍，尤其是當我們繼續進軍這些更高價值的細分市場時。

I think this is the 13th consecutive quarter now we've seen positive growth in the US, our teams are really proud of that. And especially in what has been a limited new supply market

我認為這是我們在美國連續第 13 個季度實現正成長，我們的團隊對此感到非常自豪。尤其是在新供應市場有限的情況下

I guess just a bit of a follow-up. When we do think about blended 96% roughly retention rate, how does that percentage break out US versus international, if you can share that?

我想只是一點後續行動。當我們考慮大約 96% 的混合保留率時，這個百分比如何區分美國與國際之間的差異（如果您可以分享）？

I don't, from an outlook perspective, we definitely don't guide to that level of detail.

我不認為，從前景的角度來看，我們絕對不會指導到那麼詳細的程度。

I'm sorry. Not a guide, but where you're currently at now?

對不起。不是指南，但您現在在哪裡？

Yeah, we're currently at 95.7%, Patrick. Our attention on a global basis was up 40 basis points. And our teams, I think the most important thing to Michele's point there successfully swapping these lower value termination rooms for higher value new rooms.

是的，派崔克，我們目前的進度是 95.7%。我們對全球的關注度上升了 40 個基點。對於我們的團隊，我認為對米歇爾的觀點來說最重要的是成功地將這些價值較低的終端房間更換為價值較高的新房間。

For example, the double-digit net room growth that we saw over in Asia Pacific, it's coming in at three times the license fee. And since spin, we've been able to move that 93%, 94% to 95%, 96% to over the last 12 months, which is how we look at this globally another 40 basis points to 95.7%.

例如，我們在亞太地區看到兩位數的淨房間增長，其價格是許可費的三倍。自旋轉以來，我們已經能夠在過去 12 個月內將 93%、94% 提高到 95%、96%，這就是我們在全球範圍內再提高 40 個基點至 95.7% 的方式。

Okay. Thank you.

好的。謝謝。

Thanks, Patrick.

謝謝，派崔克。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Thanks. Good morning, everybody. I wanted to double-click on the hurricane impact and obviously no one's rooting for this release effort to drag on or from become more, agreed is from here. But just objectively speaking, if you could compare this hurricane season and the devastation with the aftermath of the 2017 hurricanes Harvey and Irma.

謝謝。大家早安。我想雙擊颶風的影響，顯然沒有人支持這項發布工作拖延或變得更多，同意是從這裡開始的。但客觀地說，如果你能將本次颶風季節及其造成的破壞與 2017 年颶風「哈維」和「艾爾瑪」的後果進行比較。

And the reason I ask is because those relief efforts trailed into all the way into the second quarter of 2018, and you had a pretty large lift related to that in the order of 200 to 300 basis points in the US. So maybe you could just help us sort of understand compare and contrast the two situations.

我之所以問這個問題，是因為這些救援工作一直持續到 2018 年第二季度，而美國的經濟成長幅度相當大，約 200 到 300 個基點。所以也許你可以幫助我們理解比較和對比這兩種情況。

Yeah, absolutely. And your 100% right now, our select service hotels, they do provide a vital role and accommodating displaced families and on an emergency workers. And so the impact on RevPAR can vary significantly depending on the start to scale. And then our footprint and the affected region.

是的，絕對是。現在，我們100%選擇的服務酒店確實發揮著至關重要的作用，為流離失所的家庭和緊急救援人員提供住宿。因此，根據規模的開始程度，對 RevPAR 的影響可能會大不相同。然後是我們的足跡和受影響的地區。

Here, we had about 500 hotels that were impacted, but we only have one hotel that currently remain close. I think it's our Super 8 in Asheville. So the hotels are open operating and they're accepting emergency crews and displaced families. And that's really that increased demand is really what's driving the 40 basis points I discussed earlier.

在這裡，我們大約有 500 家酒店受到影響，但目前只有 1 家酒店仍處於關閉狀態。我想這是我們在阿什維爾的速8酒店。因此，這些酒店正在開放運營，並接受緊急救援人員和流離失所的家庭。這確實是需求增加推動了我之前討論的 40 個基點。

When you look specifically at 2017, we had two major hurricanes hit our two largest footprint states of Florida and Texas. And we did see a 200 to 300 basis point impact over a two to three quarter period. But in other cases, many other cases, the impacts are not nearly as large and are much shorter duration, typically in the range of 50 to 100 basis points for one quarter only.

當你仔細觀察 2017 年時，我們發現兩次重大颶風襲擊了我們足跡最大的兩個州：佛羅裡達州和德克薩斯州。我們確實看到在兩到三個季度內產生了 200 到 300 個基點的影響。但在其他情況下，許多其他情況下，影響沒有那麼大，而且持續時間也短得多，通常僅在一個季度內影響 50 到 100 個基點。

FEMA has deployed 9,000 personnel into the impacted region. Then we've got over 100 hotels right now that are running occupancy month-to-date greater than 90%. So we are seeing a lot of our hotel filled with crews and lots of large pieces of business.

FEMA 已向受影響地區部署了 9,000 名人員。目前，我們有 100 多家飯店，本月迄今的入住率超過 90%。所以我們看到我們的許多酒店都擠滿了工作人員和很多大型企業。

Yesterday, there was a $0.5 million booked for one specific vendor. And so that's new business coming in and today. So we do think there is going to be continued benefit. It's just really hard to say how long that's going to last for.

昨天，一位特定供應商預訂了 50 萬美元。所以今天就有新業務出現。因此，我們確實認為將會持續受益。真的很難說這種情況會持續多久。

Okay. That's super helpful. Thanks, Michele. And then a follow-up question. You know, yesterday from Hilton called out a greater impact in the election in November than they had originally expected. I assume that they would presumably they were talking about group, and group doesn't really doesn't affect you guys.

好的。這非常有幫助。謝謝，米歇爾。然後是後續問題。要知道，希爾頓昨天喊出了11月選舉的影響比他們原來預期的要大。我認為他們可能正在談論團體，而團體實際上不會影響你們。

But we have heard other smaller operators and different industries call out, swing states specifically, election distraction, sort of keeping people at home and making them to breast with all the commercials and whatnot. I was curious, Geoff or Michele, if there's and I know you don't have the visibility for, well now we're getting to the point where you possibly do have the visibility, any sort of a distraction on sort of leisure travel or anything you think might be keeping people at home that you're sort of baking in?

但我們聽到其他較小的運營商和不同的行業，特別是搖擺州，呼籲分散選舉注意力，讓人們留在家裡，讓他們忍受所有的廣告之類的東西。我很好奇，傑夫或米歇爾，如果有的話，我知道你沒有能見度，現在我們已經到了你可能有能見度的地步，任何一種休閒旅行或休閒旅行的干擾你認為有什麼可能會讓人們待在家裡而你正在烘烤的東西嗎？

You know, I would say on because you referenced Hilton specifically, I would just say, you know, there are a number of different dynamics between our business, particularly in the fourth quarter and what we're going to see and some of these more business oriented brands. And the impact of the presidential election is, we are expecting to be one of those differences. So it's coming happened a few weeks.

你知道，我會說，因為你特別提到了希爾頓，我只想說，你知道，我們的業務之間存在許多不同的動態，特別是在第四季度，以及我們將看到的一些變化商業導向的品牌。總統選舉的影響是，我們期望成為這些差異之一。所以這件事發生了幾週。

It often reduces not just group and conference business, but overall corporate travel. But our business traveler is wearing hard hats and work boots, so we're not expecting it to have to have, it typically would not have an impact on our business. Now this is not a typical election, so it's still remains to be seen.

它通常不僅會減少團體和會議業務，還會減少整體的商務旅行。但我們的商務旅客戴著安全帽和工作靴，因此我們不認為必須如此，它通常不會對我們的業務產生影響。現在這不是典型的選舉，所以還有待觀察。

The second is that Christmas holiday period where again, you're going to be tighter business travel windows, but longer leisure travel windows. So, that's going to be a favorable shift for us in the fourth quarter and may be unfavorable for some of the peers.

第二個是聖誕節假期期間，商務旅行的時間將會更加緊張，但休閒旅行的時間將會更長。因此，這對我們第四季來說將是一個有利的轉變，但對某些同行可能不利。

Perfect. Thanks, everyone.

完美的。謝謝大家。

Thanks, Brendan.

謝謝，布倫丹。

Lizzie Dove, Goldman Sachs.

莉齊·多夫，高盛。

Hi there. Thanks for taking my question. Sounds like you're seeing some really nice green shoots and the economy segment in the fourth quarter. How is the team has been a laggard? Curious to what extent you have seen any impact from some of the newer bonds in the premium economy segment taking any share?

你好呀。感謝您提出我的問題。聽起來你在第四季看到了一些非常好的萌芽和經濟部門。球隊怎麼一直落後？您是否想知道高端經濟艙領域的一些新債券在多大程度上佔據了份額？

You have something like a spot, for example, or especially with the improvements you've seen, do you see those challenges in the economy over the last 18 months is more kind of cyclical it a function of comps?

例如，您有類似的情況，或者特別是您看到的改善，您是否認為過去 18 個月經濟中的挑戰更像是週期性的，它是比較的函數？

Yeah. I'd say more cyclical and the function of comp. I mean, it's been two years and really none of the new brand launches out there. I've been slowing or energy or accelerating development pipeline, especially in the midscale and above segments that are really these brands are playing in according to Smith Travel.

是的。我想說更多的是週期性和comp的功能。我的意思是，已經兩年了，實際上還沒有推出任何新品牌。據史密斯旅遊公司稱，我一直在放慢或加強或加速開發管道，特別是在這些品牌真正參與的中端及以上細分市場。

And where we've been able to accelerate our domestic midscale and above net room growth to 3%-plus, Lizzie over the last several quarters since their introduction. We don't view the reflagging have, the handful, but I think it's 10 of our over 9,200 hotels, incremental in any way to our normal term activity.

自 Lizzie 推出以來，我們已經能夠在過去幾季將國內中檔及以上客房淨增長加速至 3% 以上。我們不認為重新標記的情況很少，但我認為這是我們 9,200 多家酒店中的 10 家，以任何方式增加了我們正常的定期活動。

That's helpful. Thank you. And then just one follow up on China, which I guess is a decent chunk of your international rooms. We have obviously got the stimulus announcement last month or so.

這很有幫助。謝謝。然後是關於中國的後續行動，我想這在你們的國際房間中佔了相當大的一部分。顯然，我們上個月左右就已經宣布了刺激計劃。

How does that change your outlook at all? Is that something you think can have a meaningful impact for China in 2025?

這如何改變你的看法？您認為這會對 2025 年的中國產生有意義的影響嗎？

Hi, Lizzie. I don't think it changes our outlook. It definitely make that a little bit easier. But we've always been expecting member continued recovery in China and that you have not changed just feel a little bit more confident in it with the stimulus coming in.

嗨，莉齊。我不認為這會改變我們的看法。這肯定會讓事情變得更容易。但我們一直期待中國的會員繼續復甦，你們沒有改變，只是隨著刺激措施的到來，對它更有信心了。

Thank you.

謝謝。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Good morning, everyone. On development, I believe slide 15 noted net rooms growth pacing ahead of historical performance. Is that just to pull forward of new rules or should we expect to see historical seasonal net room as in the 4Q this year?

大家早安。在開發方面，我相信投影片 15 指出淨房間成長速度領先於歷史表現。這只是為了提前實施新規則還是我們應該期望看到今年第四季的歷史季節性淨空間？

I think we're pacing and well ahead of where we were last year. We were at 70%, I think last year we were about 50% and the teams have been really productive bringing in our deals earlier in the year. But respect to the fourth quarter, I'd say some of our in our international team pretty large quarters and bringing in some monster opens.

我認為我們的步伐正在加快，並且遠遠領先去年的水平。我們的成功率是 70%，我想去年我們的成功率約為 50%，而且團隊在今年早些時候帶來了我們的交易，效率非常高。但就第四節而言，我想說的是我們的國際隊中的一些人相當大的季度並帶來了一些怪物般的開局。

And until we do think this fourth quarter will be a bit lower than it was last year, as a lot of those openings are already captured in the year a full year and will be up. And we remain confident in our ability to deliver in line with expectation.

直到我們確實認為第四季度的職缺將略低於去年，因為其中許多職缺已經在全年中獲得，並且將會上升。我們對我們按照預期交付的能力仍然充滿信心。

Okay. Thank you. Then, margins continue to show solid year-over-year growth ex the marketing spend. What is driving the expansion from a cost control perspective? Is there any margin benefits embedded in 2026 algorithm? And how should we think about margins going into next year?

好的。謝謝。然後，扣除行銷支出後，利潤率繼續呈現穩健的年成長。從成本控制的角度來看，是什麼推動了擴張？2026 演算法中是否包含任何利潤收益？我們該如何考慮明年的利潤率？

Yeah, so what's driving the margin benefits right now, our ancillary revenue growth and efficiencies, we're gaining there some of the efficiencies we have from an organizational perspective, when we combine -- when we created our commercial organization and then some AI and technology enhancements that we've been deploying in the back end on the back half of the business. All of those are contributing to the margin impact.

是的，所以現在推動利潤率效益的因素是我們的輔助收入成長和效率，當我們結合起來時，我們從組織的角度來看，我們正在獲得一些效率——當我們創建我們的商業組織，然後是一些人工智慧和我們一直在業務後半部分的後端部署技術增強。所有這些都會對利潤率產生影響。

Also on a year-to-date basis and on a full year, we did have about 4 million of insurance proceeds that had a small benefit it on to the margin. Excluding that insurance benefits, the rest of the margin will step moving forward into 2025 and then with respect to where the margin will be for 2025 and hard to say until we get through our budgeting process.

此外，從年初至今和全年來看，我們確實有大約 400 萬美元的保險收益，這對邊際收益來說有一點好處。不包括保險福利，其餘的利潤將向前推進到 2025 年，然後到 2025 年的利潤將在哪裡，在我們完成預算流程之前很難說。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Meredith Jensen, HSBC.

梅雷迪思·詹森，匯豐銀行。

Good morning. Thank you. Quickly on the technology front. I know you spoke quite a bit about your advantage being cloud base versus competitors who may have to rebuild that tech stack to get there. I was wondering if you have kind of any internal targets on the merchandising front like.

早安.謝謝。迅速走上科技前沿。我知道您多次談到您的優勢是雲端基礎，而競爭對手可能需要重建技術堆疊才能實現這一目標。我想知道你們在銷售方面是否有任何內部目標。

How many bookings might add on some of those on sort of build a room options? I do think we got one of the competitors were saying and currently they have low teens percentage of bookings that have some of those additions. And so I was wondering if you have any sort of metrics which we could follow on that?

有多少預訂可能會添加到一些關於建立房間選項的預訂中？我確實認為我們得到了一位競爭對手的說法，目前他們的預訂中添加了一些內容的比例很低。所以我想知道您是否有任何我們可以遵循的指標？

I think Meredith the investments that we've made over the last six years, which is really laid the foundation for us a $300 million investments and spend in our industry leading tech stack is what is really helping us drive from direct contribution standpoint and a Wyndham Rewards standpoint, so much of our success.

我認為梅雷迪思我們在過去六年中所做的投資確實為我們在行業領先的技術堆疊上進行的3 億美元投資和支出奠定了基礎，從直接貢獻的角度來看，真正幫助我們推動了溫德姆的發展從獎勵的角度來看，我們的成功非常重要。

I mean, we're seeing record enrollments in our loyalty program, which is driving a member occupancy up 240 basis points in the Q3 and is now 50% over one out of every two check-ins directly for our guests to our franchisees are coming through our technology stack. And that's really important, it's an all-time high for any Q3 that we've had. It's up 600 basis points to where we were in 2019.

我的意思是，我們的忠誠度計劃註冊人數創歷史新高，這使得第三季度的會員入住率上升了240 個基點，現在每兩次直接為我們的特許經營商登記入住的客人中就有1人的比例超過50%透過我們的技術堆疊。這非常重要，這是我們第三季以來的歷史新高。比 2019 年上漲了 600 個基點。

We're going to continue to invest in technology stack, we're going to continue to, as we said, furiously execute and implement and speed up all aspects of the operation for our franchisees, which is really reducing the labor load on their front desks. It's our ability to allow those hotel teams to interact directly with the guests that through our automation of all of the manual processes and seamlessly offering that that early check-in and check-out.

我們將繼續投資技術堆疊，正如我們所說，我們將繼續大力執行和實施，並加快加盟商營運的各個方面，這確實減輕了他們的勞動力負擔辦公桌。我們有能力讓這些飯店團隊直接與客人互動，透過我們所有手動流程的自動化，並無縫地提供提前入住和退房服務。

That's also helping drive our new net room growth. It's one of the biggest points of differentiation, our franchise sales teams believe when they're out there, selling our value proposition versus our competitor. And so we're huge believers, we're big parts with the sales force. Marc Benioff on CNBC Mad Money.

這也有助於推動我們新的淨房間成長。我們的特許經營銷售團隊相信，當他們在那裡推銷我們與競爭對手相比的價值主張時，這是最大的差異化點之一。所以我們是堅定的信徒，我們是銷售團隊的重要組成部分。馬克貝尼奧夫 (Marc Benioff) 接受 CNBC Mad Money 採訪。

I don't know if you saw it, but my concern you that clip talked about how our technology and did digital teams are really innovating. I mean, coupled with Salesforce's, Data Cloud, we are we are amalgamating the data.

我不知道您是否看到了它，但我擔心您的剪輯談到了我們的技術和數位團隊如何真正進行創新。我的意思是，結合 Salesforce 的資料雲，我們正在合併資料。

We're delivering a lower level of automation that that is Mr. Benioff said, has never been envisioned. And we're taking that ebb and flow of the manual tasks and the customer demand and automating every customer touch points that we can really supercharging our 360 strategy with our data and building much stronger data cloud. And we think the opportunities ahead for us are endless.

我們正在提供較低的自動化，貝尼奧夫先生說，這是從未設想過的。我們正在利用手動任務和客戶需求的潮起潮落，將每個客戶接觸點自動化，這樣我們就可以用我們的數據真正增強我們的 360 度策略，並建立更強大的數據雲。我們認為眼前的機會是無限的。

That's awesome. Thank you. One very quick and addition on the ever-important ancillary fees at just to dig in a little bit more. You mentioned that the business card had this incredible 70% jump year over year in spend. Is that sort of and we'd be able to provide some of those trends going forward and some of the breakdown of ancillary growth that we can sort of look to going forward?

太棒了。謝謝。一個非常快速的附加費用，只是為了進一步挖掘一點。您提到名片支出年增了 70%，令人難以置信。是這樣嗎？ 我們能夠提供一些未來的趨勢以及我們可以期待的一些輔助成長的細目嗎？

Yes, I think (multiple speakers). Go ahead, Michelle. We're both excited about it.

是的，我認為（多個發言者）。來吧，米歇爾。我們都對此感到興奮。

We are very. There is a lot to be excited about here. And I say our credit card program will be the largest contributor to our ancillary fee growth and it has been in '24 will be likely in '25. Growth here is accelerating due to a number of initiatives which helped to generate the higher card holders as well as higher purchase volumes. One of those is Wyndham business that Geoff discussed and has prepared remarks.

我們非常。這裡有很多值得興奮的事情。我說我們的信用卡計劃將成為我們輔助費用增長的最大貢獻者，這種情況在 24 年發生過，很可能在 25 年發生。由於一系列措施有助於增加持卡人數量以及購買量，這裡的成長正在加速。其中之一是傑夫討論並準備好的溫德姆業務。

And there are many opportunities to enhance our marketing and reach a broader base of consumers to increase the number of cardholders, their software, new product opportunities and international on expansion. Wyndham business itself is just ramping now. So we're expecting to see not just the increased cardholders there, but the elevation and in purchase volumes.

還有很多機會可以加強我們的行銷並覆蓋更廣泛的消費者群體，以增加持卡人數量、他們的軟體、新產品機會和國際擴張。溫德姆的業務本身現在才剛開始蓬勃發展。因此，我們預計不僅會看到持卡人的增加，還會看到購買量的增加。

Outside of the credit card, we've got our Blue Thread with the T&L that continuing to drive higher license fees there. We know that consumers value the Wyndham Rewards currency, and we're looking to capitalize on upon that in strategic partnerships.

除了信用卡之外，我們還擁有 T&L 的 Blue Thread，它繼續推高那裡的授權費用。我們知道消費者重視溫德姆獎賞計畫貨幣，我們希望透過策略夥伴關係充分利用這一點。

And then the investments that Geoff mentioned about on mentioned in our back end and on-property technology, those are presenting incremental operating in a 40% of owners that are engaged and opted in to Wyndham Connect are seeing $1,500 a month and incremental revenue that sizable for them, but where earning a portion of that as well.

然後，傑夫提到的在我們的後端和酒店技術方面的投資，這些投資為40% 參與並選擇加入Wyndham Connect 的業主帶來了增量運營，每月收入為1,500 美元，增量收入相當可觀對他們來說，但也能賺取其中的一部分。

So there are numerous opportunities here, other things that we're working on that we're not talking about, and we're really excited about all the product, we're making on this front, and we'll continue to update, as we have more to talk about.

所以這裡有很多機會，我們正在做的其他事情我們沒有談論，我們對我們在這方面所做的所有產品感到非常興奮，我們將繼續更新，因為我們還有更多要談的。

Awesome. Thank you so much.

驚人的。太感謝了。

Thanks, Meredith. Thank you.

謝謝，梅雷迪思。謝謝。

Thank you. At this time, I would like to turn the floor back over to Geoff Ballotti for closing remarks.

謝謝。現在，我想請傑夫‧巴洛蒂 (Geoff Ballotti) 致閉幕詞。

Thanks, Scott, and thanks, everyone, who still with us. We're sorry for going over, but we appreciate everyone's interest in Wyndham Hotels & Resorts. Certainly, Michele and I and Matt look forward to talking to and seeing many of you in the weeks ahead that so many of the upcoming investor conferences that we'll be attending. In the meantime, have a great weekend ahead and happy Halloween, everyone. Thanks again for joining us today.

謝謝斯科特，謝謝仍然和我們在一起的所有人。我們很抱歉過來，但我們感謝大家對溫德姆酒店及度假村的興趣。當然，米歇爾、我和馬特期待在未來幾週內與你們中的許多人交談並見面，我們將參加許多即將舉行的投資者會議。同時，祝大家週末愉快，萬聖節快樂。再次感謝您今天加入我們。

Thank you. This does conclude today's Wyndham Hotels & Resorts third quarter 2024 earnings conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。今天的溫德姆飯店及度假村 2024 年第三季財報電話會議到此結束。請此時斷開您的線路，祝您有美好的一天。