Wyndham Hotels & Resorts Inc (WH) 2024 Q4 法說會逐字稿

Welcome to the Wyndham Hotels & Resorts fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions)

歡迎參加溫德姆酒店及度假村 2024 年第四季和全年財報電話會議。（操作員指令）

I would now like to turn the call over to Mr. Matt Capuzzi, Senior Vice President of Investor Relations. Please go ahead, sir.

現在，我想將電話轉給投資者關係資深副總裁 Matt Capuzzi 先生。先生，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.

謝謝您，接線生。早安，感謝您加入我們。今天和我在一起的是我們的執行長 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 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.

在我們開始之前，我想提醒您，我們今天的評論將包含前瞻性陳述。這些聲明受風險因素影響，可能導致我們的實際結果與明示或暗示的結果有重大差異。我們向美國證券交易委員會提交的最新 10-K 表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詳細討論了這些風險因素。

We will also be referring to a number of non-GAAP measures. Corresponding GAAP measures and a reconciliation of non-GAAP measures to GAAP metrics are provided in our earnings release and investor presentation, which are available on our Investor Relations website at investor.wyndhamhotels.com.

我們也將參考一些非公認會計準則指標。我們的獲利報告和投資者報告中提供了相應的 GAAP 指標以及非 GAAP 指標與 GAAP 指標的對帳表，您可在我們的投資者關係網站 investor.wyndhamhotels.com 上查閱。

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. 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 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.

我們僅在非 GAAP 基礎上提供討論未來影響的某些指標，因為如果不付出合理努力，我們就無法提供可比較的 GAAP 指標。此外，昨晚我們在投資者關係網站上發布了一份包含補充資訊的投資者介紹。我們將來可能會繼續在我們的網站和社交媒體管道上提供補充資訊。因此，我們鼓勵投資者除了關注我們的新聞稿、提交給美國證券交易委員會的文件以及任何公開電話會議或網路廣播之外，還要關注我們的網站和社交媒體管道。

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

說完這些，我會把電話轉給傑夫 (Geoff)。

Thanks, Matt. Good morning, everyone, and thanks for joining us today. We're thrilled to report a very strong finish for the year with net room growth of 4% and comparable adjusted EBITDA and EPS growth of 7% and 10%, respectively, all in line with our expectations. We opened a record 69,000 rooms, the largest number of annual organic room additions in Wyndham's history and 4% more than last year. Our global retention rate improved another 10 basis points to 95.7%, a level of franchisee engagement and satisfaction that's never been higher and a testament to the strength of our owner-first value proposition.

謝謝，馬特。大家早安，感謝大家今天的參與。我們很高興地報告今年的業績非常強勁，淨客房增長率為 4%，調整後 EBITDA 和 EPS 增長率分別達到 7% 和 10%，均符合我們的預期。我們開設了創紀錄的 69,000 間客房，這是溫德姆歷史上年度有機客房新增量最多的一次，比去年同期增長了 4%。我們的全球保留率又提高了 10 個基點，達到 95.7%，特許經營商的參與度和滿意度達到了前所未有的水平，證明了我們業主至上價值主張的實力。

Domestically, net rooms grew sequentially and year over year, including a 4% increase in our mid-scale and above brands, with conversions like the Wyndham Atlanta Buckhead Hotel and Conference Center, along with half a dozen new construction La Quinta hotels, opening in growing infrastructure markets like Dallas, Austin, and San Antonio, Texas.

國內方面，淨客房數量比上一季和上年均有增長，其中中檔及以上品牌客房數量增長 4%，包括亞特蘭大巴克海特溫德姆酒店及會議中心等改建酒店，以及在達拉斯、奧斯汀和德克薩斯州聖安東尼奧等不斷發展的基礎設施市場開業的六家新建拉昆塔酒店。

Our ECHO Suites brand opened in new markets like Nashville, Indianapolis, Madison, Wisconsin, and Richmond, Virginia. And as this new brand stabilizes, operating performance continues to exceed owner expectations from both the market share and an extended stay occupancy standpoint. We also expanded our upscale extended stay segment offerings this quarter with the launch of apartment-style Wyndham Residences in Washington DC and downtown Houston. The extended stay market is predicted to grow nearly 30% from $21 billion in 2024 to $27 billion by 2028. And it's a segment with ECHO Suites, Hawthorn Suites, WaterWalk, and Wyndham Residences that now represents nearly one-third of our growing domestic development pipeline.

我們的 ECHO Suites 品牌在納許維爾、印第安納波利斯、威斯康辛州麥迪遜和維吉尼亞州里士滿等新市場開業。隨著這個新品牌的穩定，從市場佔有率和長期入住率的角度來看，營運表現持續超越業主的預期。本季度，我們也透過在華盛頓特區和休士頓市中心推出公寓式溫德姆公寓，擴大了我們的高檔長住酒店細分市場。預計長住市場規模將從 2024 年的 210 億美元成長近 30% 至 2028 年的 270 億美元。這部分包括 ECHO Suites、Hawthorn Suites、WaterWalk 和 Wyndham Residences，目前占我們不斷成長的國內開發案總數的近三分之一。

Internationally, we grew net rooms 2% sequentially and 7% year over year. In EMEA, net rooms increased 5% with over a dozen conversions and more than half a dozen new construction hotels, including our first Wyndham Garden on the Indian subcontinent and Haryana's popular travel destination of Sonipat, and the Ramada by Wyndham Gaziantep in the sixth most populous city in Turkey, a country where we now have opened over 120 hotels.

在國際方面，我們的淨客房數量較上季增加了 2%，年增了 7%。在歐洲、中東和非洲地區，淨客房數量增長了 5%，其中有十多家酒店進行了改建，還有六家以上的酒店新建，包括我們在印度次大陸和哈里亞納邦熱門旅遊目的地索尼帕特的第一家溫德姆花園酒店，以及位於土耳其第六大人口城市的加濟安泰普溫德姆華美達酒店，目前我們已在土耳其開設了超過 120 家酒店。

Development momentum across EMEA remains robust with our pipeline growing 20% and an average FeePAR 17% higher than the region's current portfolio. In Latin America, our development pipeline grew by 15% and an average FeePAR 23% higher than the current system.

歐洲、中東和非洲地區的發展勢頭依然強勁，我們的產品線成長了 20%，平均 FeePAR 比該地區目前的投資組合高出 17%。在拉丁美洲，我們的開發管道成長了 15%，平均 FeePAR 比現行系統高出 23%。

Net rooms in the region grew by 11%, including a solid mix of conversion hotels, like the Wyndham Puerto Varas, Chile, and new construction additions, like the new Wyndham Tulum, located in the heart of Mexico's Yucatan Peninsula. Our Southeast Asia and Pacific Rim region grew net rooms by an impressive 16%, with over half a dozen new construction openings, including two in Thailand's coastal vacation destination of Pattaya, the trademark Beverly Mountain Bay Resort, and the Howard Johnson's [Joi Chien] Beach, along with the new construction TRYP by Wyndham Southport overlooking Australia's Gold Coast. This region's pipeline stands at over 100 hotels at a FeePAR that is 25% higher than its current portfolio.

該地區的淨客房數量增長了 11%，其中包括改建酒店（如智利的溫德姆巴拉斯港酒店）和新建酒店（如位於墨西哥尤卡坦半島中心的新溫德姆圖盧姆酒店）。我們的東南亞和環太平洋地區客房淨增長了驚人的16%，有超過6家新酒店開業，其中包括泰國海濱度假勝地芭堤雅的兩家酒店、標誌性的貝弗利山灣度假村 (Beverly Mountain Bay Resort) 和霍華德約翰遜 (Howard Johnson) 的 [Joi Chien] 海灘酒店，以及俯瞰澳大利亞黃金海岸的新建酒店 TRYP by Aham TRYPport。該地區正在籌備的酒店超過 100 家，平均每間客房費用 (FeePAR) 比現有酒店組合高出 25%。

And in China, our direct franchising system also grew 16% with over 60 openings in the quarter, half of which were new conversions and half of which were new construction hotels, including the spectacular five-star Wyndham Guangzhou, our 40th Wyndham Garden Hotel in Hangzho, and our 90th Days Inn Hotel in China, the beautiful new construction Days Inn Chenzhou.

在中國，我們的直接特許經營體係也增長了 16%，本季度新開酒店超過 60 家，其中一半是新改建的酒店，一半是新建的酒店，其中包括宏偉的五星級廣州溫德姆酒店、位於杭州的第 40 家溫德姆花園酒店，以及我們在中國的第 90 家酒店的新酒店。

Development activity across China set new records with 150 direct franchise agreements signed last year, pushing the region's direct franchising pipeline to nearly 400 hotels at a FeePAR that is 40% higher than that of our current China direct franchising system. Over the past three years, our direct franchising system in China has grown at a 13% CAGR, while our master franchisees have grown by approximately 1%.

去年，我們在中國各地的發展活動創下了新紀錄，共簽署了 150 份直接特許經營協議，將該地區的直接特許經營渠道推向了近 400 家酒店，平均每間客房費用 (FeePAR) 比我們目前的中國直接特許經營體系高出 40%。在過去三年中，我們在中國的直接特許經營體系的複合年增長率為 13%，而我們的主特許經營商則增長了約 1%。

Were it not for the drag of these legacy master license agreements, which have a nominal impact on EBITDA, our net room growth in 2024 would have been 40 basis points higher, underscoring the importance of and our focus on accelerating the growth of our direct franchising brands internationally, where we continue to build a pipeline of higher quality hotels that deliver stronger FeePAR and greater revenue potential. Looking ahead, we remain confident that our direct franchising model will be the key driver of sustainable growth across our international regions.

如果不是這些對 EBITDA 影響不大的遺留主許可協議的拖累，我們 2024 年的淨客房增長率將會高出 40 個基點，這凸顯了我們加速國際直接特許經營品牌增長的重要性和重點，我們將繼續打造一批更高質量的酒店，提供更高的 FeePAR 和更大的收入潛力。展望未來，我們堅信我們的直接特許經營模式將成為我們國際地區永續發展的關鍵驅動力。

US RevPAR in the fourth quarter grew by 5.3%, including a 140-basis-point contribution from hurricane impacts. Excluding the hurricane lift, RevPAR improved 3.9%, reflecting increased blue collar midweek business demand and leisure transient weekend bookings.

美國第四季 RevPAR 成長 5.3%，其中颶風影響貢獻了 140 個基點。除去颶風的影響，RevPAR 成長了 3.9%，反映出藍領周中商務需求和休閒短暫週末預訂量的增加。

As expected, we continue to see strong weekday performance driven by infrastructure bookings. Throughout 2024, we saw over 2,200 major infrastructure project starts, totaling nearly one quarter of a trillion dollars in value, with nearly 80% of these projects located near at least one and often several Wyndham-branded hotels. Wyndham franchisees in these markets experienced the RevPAR increase of more than 6% in the fourth quarter alone, contributing 140 basis points to our overall fourth-quarter US RevPAR growth.

正如預期，我們繼續看到受基礎設施預訂推動的強勁工作日表現。在整個 2024 年，我們看到超過 2,200 個大型基礎設施項目開工，總價值近 2.5 兆美元，其中近 80% 的項目位於至少一家、通常是幾家溫德姆品牌酒店附近。僅在第四季度，這些市場的溫德姆特許經營商的 RevPAR 就成長了 6% 以上，為我們第四季美國整體 RevPAR 成長貢獻了 140 個基點。

The surge in data center demand and construction has become a defining trend in the digital era, and Wyndham has dozens of hotels within a 10-mile radius of the top 10 data center projects that commenced in 2024 across the United States. These hotels saw an impressive year-over-year Q4 RevPAR premium of nearly 500 basis points compared to the rest of our US portfolio, with about half of this market share gain coming from increased demand and the remainder resulting from improved pricing power driven by occupancy gains.

資料中心需求與建置的激增已成為數位時代的一大趨勢，溫德姆在全美2024年開工的十大資料中心專案10英里範圍內擁有數十家飯店。與我們美國投資組合中的其他酒店相比，這些酒店第四季度的 RevPAR 同比高出近 500 個基點，令人印象深刻，其中約一半的市場份額增長來自需求的增長，其餘部分則來自入住率上升帶來的定價能力的提高。

This performance gives us increased confidence in continued outsized RevPAR improvements for the hundreds of existing and pipeline hotels that we have, not only in top data center markets like Silicon Valley and major metro areas like Dallas, but also in emerging data center markets like Columbus, Ohio; and Jackson, Mississippi, where our sales, development, and marketing teams are focused on for increased growth opportunities.

這項業績讓我們對數百家現有和籌建飯店的 RevPAR 持續大幅提升更有信心，這些飯店不僅分佈在矽谷和達拉斯等頂級資料中心市場和主要大都市區，而且分佈在俄亥俄州哥倫布等新興資料中心市場；以及密西西比州傑克遜，我們的銷售、開發和行銷團隊致力於在這裡尋找更多的成長機會。

Importantly, leisure demand increased 3% over the year during the fourth quarter in non-hurricane affected regions. US leisure, travel intentions for the next six months have increased year over year across all income brackets, according to MMGY's latest survey, reflecting broad-based confidence in both travel and the overall economy. And consumer trends that we're seeing remain healthy. Booking lead times lengthened this quarter by another 4%, while average length of stay improved by another 2%, driving increased spending and higher ancillary revenue for both Wyndham and for our franchisees.

重要的是，第四季未受颶風影響地區的休閒需求年增了 3%。根據 MMGY 的最新調查，未來六個月美國休閒旅遊意圖在所有收入階層中均較去年同期成長，反映出人們對旅遊業和整體經濟的廣泛信心。我們看到的消費趨勢依然健康。本季度，預訂前置時間再延長了 4%，平均入住時間再提高了 2%，從而推動了溫德姆酒店和特許經營商的支出和附加收入的增加。

Just as our domestic business showed strong momentum, international markets were also meaningful contributors with 6% year-over-year RevPAR growth in constant currency. Excluding hyperinflationary Argentina, Latin America RevPAR grew by 32% with both pricing power and higher FeePAR additions in Brazil, Mexico, and the Caribbean. Our EMEA region saw a 7% lift year over year led by strong performance in Spain, Turkey, Austria, and Greece. And our Southeast Asia and Canadian regions each posted 5% growth year over year. These gains were partially offset by continued deflationary pressures in China where RevPAR declined 11%. China ADR still remains 3% ahead of 2019 while occupancy remains at 80% of pre-COVID levels.

正如我們的國內業務表現出強勁勢頭一樣，國際市場也做出了重要貢獻，以固定匯率計算，RevPAR 同比增長了 6%。除了惡性通貨膨脹的阿根廷外，拉丁美洲的 RevPAR 成長 32%，這得益於巴西、墨西哥和加勒比地區定價能力的增強和 FeePAR 的提高。我們的 EMEA 地區年增 7%，其中西班牙、土耳其、奧地利和希臘的表現最為強勁。我們的東南亞和加拿大地區年增了 5%。但這些成長被中國持續的通貨緊縮壓力所部分抵消，中國平均每間可用客房收入下降了 11%。中國的 ADR 仍比 2019 年高出 3%，入住率仍維持在疫情前的 80%。

Royalty rate growth this year was strong, increasing by 10 basis points domestically and 12 basis points internationally, reflecting a deliberate effort to remix the composition of our portfolio to drive higher royalty rate hotels into our system. By enhancing the value proposition and revenue contribution for our hotels, strategically expanding our brands and markets where we have scale, and concentrating openings with higher FeePAR hotels while exiting lower fee par properties, we've been able to push fee structures higher. The FeePAR of 2024 domestic openings represented a 36% premium relative to the rooms that exited the system during the year. And the FeePAR of 2024 international openings represented a 27% premium relative to the international rooms that exited the system last year.

今年特許費率成長強勁，國內成長了 10 個基點，國際成長了 12 個基點，這反映出我們刻意調整投資組合的組成，以將特許費率更高的酒店納入我們的體系。透過增強我們酒店的價值主張和收入貢獻、在具有規模的領域策略性地擴展我們的品牌和市場、集中開設平均收費較高的酒店並退出平均收費較低的酒店，我們能夠提高收費結構。2024 年國內新開幕飯店的 FeePAR 比當年退出該系統的客房高出 36%。2024 年新開幕的國際飯店的 FeePAR 比去年退出該系統的國際客房高出 27%。

Just as our development strategy is targeting significantly higher FeePAR additions to our portfolio, our marketing strategy is targeting both a younger and more affluent customer. Our teams continue to succeed in attracting more Gen Y and Gen Z guests, growing by another 130 basis points versus 2023, while retaining loyalty among retiree and older generations.

正如我們的發展策略旨在大幅提高我們產品組合的 FeePAR 水平一樣，我們的行銷策略也瞄準更年輕、更富裕的客戶。我們的團隊繼續成功吸引更多的 Y 世代和 Z 世代客人，與 2023 年相比又增長了 130 個基點，同時保留了退休人員和老一代人的忠誠度。

Our guests' average household income of $104,000 is over 9% higher than last year, with a growing share of check-ins coming from higher-income guests earning over $200,000. A key driver of this success is Wyndham Rewards, which continues to generate strong engagement and value for franchisees. Membership has now reached 114 million members globally, an 8% increase versus last year. And the program's share of US occupancy increased 200 basis points in 2024, now accounting for more than one out of every two check-ins domestically.

我們的客人平均家庭收入為 104,000 美元，比去年高出 9％ 以上，其中收入超過 200,000 美元的高收入客人所佔比例越來越大。推動這一成功的關鍵因素是溫德姆獎賞計劃，它持續為特許經營者帶來強大的參與和價值。目前全球會員數已達1.14億，較去年成長8%。到 2024 年，該計劃在美國酒店入住率中的份額將增加 200 個基點，目前佔國內酒店入住率的一半以上。

Investments in AI-driven technology and mobile innovations have made it easier for members to book directly, track rewards, and enjoy exclusive offerings including over 300,000 experiential travel opportunities globally through partnerships with Viator, Caesars, Minor League Baseball, and others. From on-field college football game experiences to private VIP tours, show tickets, cooking classes, extreme adventures and more, these experiential offerings continue to cement Wyndham Rewards as the industry's number one ranked loyalty program and the industry's fastest way to earn a free night.

對人工智慧技術和行動創新的投資使會員可以更輕鬆地直接預訂、追蹤獎勵並享受獨家優惠，包括透過與 Viator、Caesars、小聯盟棒球等合作在全球範圍內提供的超過 300,000 個體驗式旅行機會。從現場大學橄欖球比賽體驗到私人 VIP 遊、演出門票、烹飪課程、極限冒險等等，這些體驗式產品繼續鞏固了溫德姆獎賞計劃作為業內排名第一的忠誠度計劃的地位，同時也是業內賺取免費住宿的最快方式。

We delivered strong growth and ancillary fees throughout the year, led by the continued expansion of our co-branded credit card program, as initiatives like Wyndham Connect, our new guest engagement platform that automates upselling of early check-ins and late checkouts, are ramping up well and are expected to contribute incrementally.

我們全年都實現了強勁的成長和附加費用，這得益於我們聯名信用卡計畫的持續擴張，而我們的新客戶參與平台 Wyndham Connect 等計畫正在順利推進，該平台可以自動實現提前入住和延遲退房的追加銷售，預計將帶來增量貢獻。

The primary driver of ancillary fee growth in 2025 remains our suite of co-branded card products. Just last week, we finalized a long-term agreement to renew our US co-branded credit card with our current provider, Barclays. And as a result, through new marketing initiatives, new product opportunities, and program modernization, we expect to accelerate cardholder acquisitions and capture a greater share of member wallet. The improved economics will begin benefiting Wyndham immediately.

2025 年附加費用成長的主要驅動力仍然是我們的聯名卡產品套件。就在上週，我們與目前的供應商巴克萊銀行達成了一項長期協議，以續簽我們的美國聯名信用卡。因此，透過新的行銷舉措、新的產品機會和計劃現代化，我們希望加速持卡人購買並佔據更大的會員錢包份額。經濟情勢的改善將立即使溫德姆受益。

And we also recently finalized an agreement to launch a co-branded debit card, the first of its kind in the United States hospitality sector. In collaboration with our new partner, Galileo Financial Technologies, a platform owned by SoFi, this innovative product is designed to tap into the $4.5 trillion debit card spending market, providing our loyalty members an alternative solution to earn Wyndham Reward points on their everyday purchases. We expect the debit card to be available within our digital ecosystem by the peak of our busy summer travel season.

我們最近也達成協議，推出聯名金融卡，這是美國酒店業首張此類卡。透過與我們的新合作夥伴 SoFi 旗下平台 Galileo Financial Technologies 合作，這款創新產品旨在進軍 4.5 兆美元的借記卡消費市場，為我們的忠誠會員提供在日常消費中賺取溫德姆獎賞積分的替代解決方案。我們預計，在夏季旅遊旺季到來之際，借記卡將在我們的數位生態系統中推出。

Before turning the call over to Michele, we want to take a moment to express our gratitude to our team members around the world. Their hard work and their commitment to our owner-first operating philosophy is critical to the success we continue to achieve. 2024's results underscore Wyndham's ability to execute on the key pillars of our long-term growth algorithm, including strong development momentum, continued royalty rate expansion, sustained ancillary fee growth, and increased weekend demand, highlighting our growing infrastructure spend capture. Our performance represents the building blocks for sustained momentum and successful achievement of our 2025 goals and longer-term growth strategy.

在將電話轉給 Michele 之前，我們想花點時間向世界各地的團隊成員表示感謝。他們的辛勤工作和對我們業主至上經營理念的承諾對於我們繼續取得的成功至關重要。 2024 年的業績凸顯了溫德姆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大、持續的附加費增長和周末需求的增加，凸顯了我們不斷增長的基礎設施支出捕獲。我們的業績是我們持續保持動力以及成功實現2025年目標和長期成長策略的基石。

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

現在，我將把電話轉給 Michele。米歇爾？

Thanks, Geoff, and good morning, everyone. I'll begin my remarks today with a detailed review of our fourth-quarter and full-year results followed by an update on our cash flows and balance sheet. I'll then cover our 2025 outlook.

謝謝，傑夫，大家早安。今天的發言首先我將詳細回顧我們的第四季和全年業績，然後再介紹我們的現金流和資產負債表。然後我將介紹我們的 2025 年展望。

Before we get started, let me briefly remind everyone that the comparability of our financial results is impacted by the timing of our marketing fund spend. In the fourth quarter of this year, marketing fund revenues exceeded expenses by $5 million as expected compared to revenues exceeding expenses by $9 million in the fourth quarter of last year. During full year 2024, marketing funding expenses exceeded revenues by $1 million, while in 2023, marketing fund revenues exceeded expenses by $9 million.

在我們開始之前，讓我簡單提醒大家，我們的財務結果的可比性受到我們行銷基金支出時間的影響。今年第四季度，行銷基金收入超過支出 500 萬美元，符合預期，而去年第四季的收入超過支出 900 萬美元。2024 年全年，行銷資金支出超過收入 100 萬美元，而 2023 年，行銷基金收入超過支出 900 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 fourth quarter, we generated $341 million of fee-related and other revenues and $168 million of adjusted EBITDA. Fee-related and other revenues increased 7% year over year, reflecting higher franchise fees and broad-based momentum across all key drivers, with system growth up 3.6%, RevPAR up 2.9%, including currency [FX], and royalty rates improving 19 basis points globally.

為了提高透明度並更好地理解我們正在進行的營運的結果，我將在可比較的基礎上強調我們的結果，以抵消行銷基金的影響力。第四季度，我們創造了 3.41 億美元的費用相關收入和其他收入以及 1.68 億美元的調整後 EBITDA。費用相關和其他收入同比增長 7%，反映了特許經營費用的提高和所有關鍵驅動因素的廣泛發展勢頭，其中系統增長率為 3.6%，RevPAR 增長率為 2.9%（包括貨幣 [FX]），全球特許權使用費率提高了 19 個基點。

Adjusted EBITDA increased 12% on a comparable basis, driven by our higher fee-related revenues and ongoing margin expansion from operational improvement. Adjusted diluted EPS grew 18% on a comparable basis to $1.04, reflecting our adjusted EBITDA growth and our share repurchase activity partially offset by higher interest expense.

調整後的 EBITDA 在可比基礎上成長了 12%，這得益於我們更高的費用相關收入和營運改善帶來的持續利潤率擴大。調整後攤薄每股收益年增 18% 至 1.04 美元，反映了我們的調整後 EBITDA 成長和股票回購活動，但利息支出增加部分抵銷了這一影響。

For the full year, we generated approximately $1.4 billion of fee-related and other revenues compared to approximately $1.38 billion last year, which included $18 million of pass-through revenues from our Global Franchisee Conference conducted in 2023. Absent this impact, the increase in fee-related and other revenue was driven by higher royalties and franchisees, including net room growth and expansion of our royalty rates. And we also saw ancillary revenues grow 6% this year with strong contributions from both our co-branded credit card program and partnership revenue.

全年我們創造了約 14 億美元的費用相關收入和其他收入，而去年約為 13.8 億美元，其中包括 2023 年舉辦的​​全球特許經營商大會帶來的 1800 萬美元的轉嫁收入。除去這種影響，費用相關收入和其他收入的增長是由特許權使用費和特許經營費的增加所推動的，包括淨客房增長和特許權使用費率的擴大。今年，我們的附加收入也成長了 6%，這主要得益於聯名信用卡計畫和合作夥伴收入的強勁貢獻。

Full-year adjusted EBITDA increased 7% on a comparable basis to $694 million driven by our higher fee-related revenues as well as margin expansion. Our 2024 adjusted EBITDA margin improved 200 basis points with roughly three quarters of this improvement representing scale benefits and operational efficiencies expected to carry into 2025.

全年調整後 EBITDA 年成長 7%，達到 6.94 億美元，這得益於我們更高的費用相關收入以及利潤率的擴大。我們 2024 年的調整後 EBITDA 利潤率提高了 200 個基點，其中約四分之三的增幅代表了規模效益和營運效率，預計將延續到 2025 年。

Adjusted diluted EPS increased 10% on a comparable basis to $4.33, reflecting our EBITDA growth and share repurchase activity partially offset by higher interest expense. Adjusted free cash flow was $130 million in the fourth quarter and $397 million in the full year with a conversion rate from adjusted EBITDA of 57%. Our adjusted free cash flow yield of nearly 5% continues to be best in class within the lodging sector.

調整後稀釋每股盈餘年增 10% 至 4.33 美元，反映出我們的 EBITDA 成長和股票回購活動部分被更高的利息支出所抵銷。第四季調整後自由現金流為 1.3 億美元，全年調整後自由現金流為 3.97 億美元，調整後 EBITDA 轉換率為 57%。我們的調整後自由現金流收益率接近 5%，並持續維持住宿業最佳水準。

Our capital allocation strategy remains unchanged. We're prioritizing strategic investments to grow our system, whether through organic expansion or acquisition, and we're targeting high FeePAR accretive properties. Our goal is to improve the per room contribution to EBITDA, creating a multiplier effect that compounds over time and drives strong, sustainable growth.

我們的資本配置策略維持不變。我們優先考慮策略投資來發展我們的系統，無論是透過有機擴張還是收購，我們的目標是高 FeePAR 增值資產。我們的目標是提高每間客房對 EBITDA 的貢獻，創造隨著時間的推移而復合的乘數效應並推動強勁、可持續的成長。

To that end, demand for our brands is robust, as reflected in the 5% increase in our pipeline Geoff shared earlier. In 2024, we strategically deployed $109 million of investment advances to add new hotels to our system with the FeePAR premium of 38% over our existing portfolio.

為此，我們品牌的需求強勁，正如 Geoff 之前分享的我們的產品線成長 5% 所反映的那樣。2024 年，我們策略性地部署了 1.09 億美元的投資預付款，將新酒店添加到我們的系統中，其 FeePAR 溢價比我們現有的投資組合高出 38%。

This intentional strategy is performing as planned. Over the course of 2024, we added flagship hotels in major markets, such as Miami, Seattle, São Paulo, Paris, and Frankfurt. At the same time, we maintained a disciplined approach to capital deployment, ensuring the deals we underwrite consistently meet our hurdle rates and generate strong returns for our shareholders.

這項有意策略正在按計劃進行。2024 年期間，我們在邁阿密、西雅圖、聖保羅、巴黎和法蘭克福等主要市場增加了旗艦酒店。同時，我們保持了嚴謹的資本配置方式，確保我們承銷的交易始終滿足我們的最低收益率並為股東帶來豐厚的回報。

We returned $430 million to shareholders in 2024, representing 6% of our market cap through $122 million in common stock dividends and $308 million in share repurchases at an average price of $75.63, about 30% lower than trading levels as of last Friday. Over the past five years, we have returned 30% of our market cap to our shareholders, leading all lodging [C-Corps] in capital returns.

我們在 2024 年向股東返還了 4.3 億美元，占我們市值的 6%，其中 1.22 億美元的普通股股息和 3.08 億美元的股票回購，平均價格為 75.63 美元，比上週五的交易水平低約 30%。過去五年來，我們向股東返還了 30% 的市值，在資本回報率方面領先所有銀行（C 類公司）。

Earlier this month, as part of our continued commitment to shareholder returns, our Board of Directors authorized an 8% increase to the quarterly cash dividend, raising it to $0.41 per share, beginning with the dividend expected to be declared in the first quarter of 2025 and reflecting the Board's ongoing confidence in the strength of our business model and our ability to consistently generate strong cash flows. We ended the year with approximately $765 million in total liquidity, and our net leverage ratio of 3.4 times remains as expected near the midpoint of our target range.

本月初，作為我們對股東回報的持續承諾的一部分，我們的董事會批准將季度現金股息增加 8%，至每股 0.41 美元，預計將於 2025 年第一季度宣布派發股息，這反映了董事會對我們業務模式實力和持續產生強勁現金流的能力的持續信心。截至年底，我們的總流動資金約為 7.65 億美元，我們的淨槓桿率為 3.4 倍，仍保持在預期範圍的中點附近。

Now turning to outlook. We expect our global net room growth to accelerate to a range of 3.6% to 4.6% in 2025. We are projecting global RevPAR growth of 2% to 3% on a constant currency basis. For those modeling in currency FX, you'll need to adjust that about 150 basis points.

現在轉向展望。我們預計，到 2025 年，全球淨客房成長率將加速至 3.6% 至 4.6% 之間。我們預計，以固定匯率計算，全球 RevPAR 將成長 2% 至 3%。對於以貨幣 FX 建模的人來說，您需要調整約 150 個基點。

Our expectations reflect several key dynamics that are worth detailing. First, while US RevPAR growth exceeded 5% in the fourth quarter, about 1.5% of that growth was driven by hurricane impacts, which we are adjusting out of our 2025 build. Second, we expect weekdays will continue to outperform weekends driven by blue collar and infrastructure-related demand in the US, which should also provide a modest pricing boost.

我們的預期反映了幾個值得詳細說明的關鍵動態。首先，雖然美國 RevPAR 增幅在第四季度超過 5%，但其中約 1.5% 的增長是受到颶風影響所致，我們正在根據 2025 年的預測調整這一影響。其次，我們預計，在美國藍領和基礎設施相關需求的推動下，工作日的表現將繼續好於週末，這也將帶來適度的價格上漲。

Third, we expect leisure demand to improve this year. In 2024, we saw some leisure demand shift away from US drive-through destinations like national parks and we anticipate part of that demand will return to the US in the upcoming vacation season. We've already seen a meaningful improvement during the fourth quarter, with leisure demand up 340 basis points, excluding hurricane impacts, and this trend continued into January. Taking all these factors into account, our outlook includes 150 to 200 basis points of US growth from infrastructure. slightly above the 140-basis-point lift seen in the fourth quarter, and then along with 50 basis points of ADR growth and another 50 basis points from that stronger leisure demand.

第三，我們預期今年的休閒需求將會改善。2024 年，我們看到一些休閒需求從美國國家公園等自駕遊目的地轉移，我們預計部分需求將在即將到來的假期回歸美國。我們已經看到第四季度出現了顯著改善，剔除颶風影響，休閒需求上漲了 340 個基點，這一趨勢持續到了 1 月。考慮到所有這些因素，我們預計美國基礎設施建設將帶來 150 至 200 個基點的成長。略高於第四季的 140 個基點的增幅，同時 ADR 成長 50 個基點，休閒需求增強也帶來了另外 50 個基點的增幅。

Finally, international RevPAR growth is expected to remain in line with 2024 overall, so the components will likely shift. We anticipate some deceleration in the EMEA growth rate after a strong 2024, while Asia-Pacific is projected to accelerate as China's recovery continues.

最後，預計國際 RevPAR 成長總體將與 2024 年保持一致，因此各個組成部分可能會發生變化。我們預計，在 2024 年強勁成長之後，歐洲、中東和非洲地區的成長率將放緩，而隨著中國經濟持續復甦，亞太地區的成長率預計將加速。

On to the financials, which includes the expected benefits from our renewed co-branded credit card agreement with Barclays. Fee-related and other revenues are expected to be $1.49 billion to $1.51 billion. This includes approximately $15 million of EBITDA-neutral revenue in our marketing reservation and loyalty funds associated with our global franchisee conference, which will be held in May of this year.

關於財務狀況，其中包括我們與巴克萊銀行續約的聯名信用卡協議的預期收益。費用相關收入和其他收入預計為 14.9 億美元至 15.1 億美元。這包括與今年 5 月舉行的全球特許經營商會議相關的營銷預訂和忠誠度基金中約 1500 萬美元的 EBITDA 中性收入。

Adjusted EBITDA is expected to be between $745 million and $755 million, reflecting year-over-year growth of 7% to 9%. Adjusted net income is projected to be $369 million to $379 million, and adjusted diluted EPS is projected at $4.66 to $4.78, an increase of 8% to 10% based on a diluted share count of $79.2 million, which as usual, assumes no share repurchase activity or incremental interest expense associated with any potential borrowing activity. Free cash flow conversion before development advances is expected to range between 57% and 60%.

調整後的 EBITDA 預計在 7.45 億美元至 7.55 億美元之間，年增 7% 至 9%。調整後淨收入預計為 3.69 億美元至 3.79 億美元，調整後稀釋每股收益預計為 4.66 美元至 4.78 美元，基於 7,920 萬美元的稀釋股份數量增長 8% 至 10%，與往常一樣，假設沒有股票回購活動或與任何潛在藉貸活動相關的增量利息支出。預計開發預付款前的自由現金流轉換率在 57% 至 60% 之間。

In addition to the cash we generate from operations, we also benefit from a strong balance sheet. At the midpoint, our adjusted EBITDA growth, when levered, will provide another $550 million of available capital in 2025 to either invest in the business or to return to shareholders. We expect approximately $110 million of this capital will be deployed as development advance spend consistent with 2024.

除了我們從營運中產生的現金之外，我們還受益於強勁的資產負債表。從中點來看，我們的調整後 EBITDA 成長在利用槓桿後將在 2025 年提供另外 5.5 億美元的可用資本，用於投資業務或返還股東。我們預計其中約 1.1 億美元將用作與 2024 年一致的開發預付款。

A few quick notes on seasonality. While we expect our marketing funds to break even on a full-year basis, we will continue to see time and differences in our quarterly results. We expect the funds to unfavorably impact adjusted EBITDA comparability by $3 million to $5 million in both the first and second quarters and then have the reverse favorable impact on comparability in the back half of the year. Including these coming effects, we anticipate roughly 20% of our annual adjusted EBITDA will occur in the first quarter. Finally, we continue to expect a three-year adjusted EBITDA CAGR from 2024 to 2026 of approximately 8.5%

關於季節性的一些簡要說明。雖然我們預計我們的行銷資金將在全年實現收支平衡，但我們的季度業績仍會受到時間和差異的影響。我們預計這些資金將對第一季和第二季的調整後 EBITDA 可比性產生 300 萬至 500 萬美元的不利影響，並在今年下半年對可比性產生相反的有利影響。包括這些即將產生的影響，我們預計年度調整後 EBITDA 的約 20% 將出現在第一季。最後，我們繼續預期 2024 年至 2026 年的三年調整後 EBITDA 複合年增長率約為 8.5%

To close, we're very pleased with our 2024 results, which highlight the strength of our business model and our ability to drive meaningful growth, even amidst a soft RevPAR environment for much of the year. This performance underscores the effectiveness of our strategic plan and the discipline execution that has been critical to our success. We are confident in achieving the targets we set in late 2023, with this year's results marking a strong step towards realizing that plan and laying a solid foundation for the future.

最後，我們對 2024 年的業績非常滿意，這突顯了我們商業模式的實力以及推動有意義增長的能力，即使在一年中大部分時間 RevPAR 環境疲軟的情況下也是如此。這一表現凸顯了我們的策略計劃的有效性以及對我們的成功至關重要的紀律執行。我們有信心實現2023年底設定的目標，今年的業績標誌著我們朝著實現該計劃邁出了堅實的一步，為未來奠定了堅實的基礎。

As we move into 2025, we are well positioned to accelerate growth and create lasting value for our stakeholders. With that, Geoff and I would be happy to take your questions. Operator?

隨著我們邁入 2025 年，我們已準備好加速成長並為利害關係人創造持久價值。因此，傑夫和我很樂意回答您的問題。操作員？

(Operator Instructions) Brandt Montour, Barclays.

(操作員指令) 巴克萊銀行的 Brandt Montour。

Good morning, everybody. Thanks for taking my question. I wanted to start off with a question about development. The net unit growth guidance of 4.1% at the midpoint is a sort of 50 bp lift year-over-year acceleration. Can you help us break that up between a lift in new construction versus a lift in conversions versus the retention improvement? And then if you could also help us understand if it's sort of [pro-RAD] is similar in the US versus international.

大家早安。感謝您回答我的問題。我想先問一個關於發展的問題。中間點的淨單位成長預期為 4.1%，較上年同期加速 50 個基點。您能幫我們分析一下新建築的提升、改建的提升以及保留率的提高嗎？然後，如果您能幫助我們了解美國和國際上 [pro-RAD] 的情況是否相似。

Good morning, Brandt. Thanks for the question. Sure, the net room growth guidance has the low end anchored to our 2024 performance, which is then reflecting our expectation to accelerate growth over this key driver in 2025. And I would say the low end is consistent production levels with 2024. So it's including a 95.7% retention rate and then the growth openings of 7.9%. At the high end, I think we would be looking for retention to improve about 30 basis points and then growth opens to improve 70 basis points. So probably ending somewhere just above 8.5%, closer to 9%.

早安，布蘭特。謝謝你的提問。當然，淨客房成長指引的低端與我們 2024 年的業績掛鉤，這反映了我們對 2025 年這項關鍵驅動力加速成長的預期。我想說最低端是與 2024 年一致的生產水準。因此，其中包括 95.7% 的保留率和 7.9% 的成長空間。在高端，我認為我們會尋求保留率提高約 30 個基點，然後成長開放以提高 70 個基點。因此最終可能略高於 8.5%，接近 9%。

New construction will be a bigger portion of net room growth in 2025, particularly as ECHO continues to ramp, and we should see improved results out of the US compared to 2024. And international will continue to produce at or above 2024 production.

到 2025 年，新建築將佔淨客房成長的更大份額，尤其是隨著 ECHO 的持續成長，我們應該會看到美國的業績比 2024 年有所改善。國際產量將持續維持在2024年或以上的水準。

Michael Bellisario, Beard.

邁克爾·貝利薩裡奧，比爾德。

Thanks. Good morning, everyone. Just want to stick on the developments front but also focus on key money -- two questions here. One, are you seeing higher returns key money investment today, or has that been relatively stable recently?

謝謝。大家早安。只想堅持發展前沿，但也專注於關鍵資金——這裡有兩個問題。第一，您今天的重點資金投資報酬率是否較高，或最近相對穩定？

And then second, just in terms of the dollars that you're investing, understand that it's flat year over year. But broadly speaking, are you doing more dollars in the same amount of deals, or more deals with plus or minus the same amount of dollars invested? Thanks.

其次，就您投資的金額而言，您要明白，其金額與去年同期相比是持平的。但從廣義上講，您是在相同數量的交易中投入了更多的資金，還是在增加或減少相同數量的投資的情況下完成了更多交易？謝謝。

Good morning. Yeah, so we're really excited about our key money strategy and what the teams have been able to produce with this tool in the toolbox. The strategy is working. We're deploying more key money, and by doing that, we're attracting higher FeePAR properties in strategic markets. Less than 20% of our additions this year have key money. And those with key money, we're are bringing in FeePAR premiums of 40% compared to those without.

早安.是的，所以我們對我們的關鍵資金策略以及團隊使用工具箱中的這個工具所能生產的產品感到非常興奮。這一策略正在發揮作用。我們正在投入更多的關鍵資金，透過這樣做，我們在策略市場中吸引了更高 FeePAR 的房產。我們今年新增的學生中，只有不到 20% 有禮金。對於那些擁有禮金的人來說，我們將為他們提供 40% 的 FeePAR 溢價，而對於那些沒有禮金的人來說則不同。

So we're thrilled to be putting some of this excess cash flow to work here. Always judicious in our use of capital, and of course, ensuring deals. We underwrite -- meet our hurdle rates and that there's a healthy return for our shareholders. And as interest rates continue to decline, those returns continue to improve. '25 guidance is consistent with '24, and it assumes a steady approach to capital deployment.

因此，我們很高興能夠將部分多餘的現金流投入這裡。我們始終明智地使用資本，當然，也確保交易。我們承保 - 滿足我們的最低收益率並且為股東帶來豐厚的回報。隨著利率持續下降，這些回報率將繼續提高。 '25 指引與 '24 一致，並假設採取穩定的方式進行資本部署。

Importantly, what we are deploying is predominantly going into that midscale and above space. About -- I'd say about 90% is deployed in the US, and the vast majority of that is for midscale and above and then obviously some for ECHO as well.

重要的是，我們部署的主要是中端及以上的空間。大約 — — 我想說大約 90% 是部署在美國的，其中絕大多數是中型及以上規模的，顯然也有一些是部署在 ECHO 上的。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Hi there, thanks for taking my question. You mentioned an interesting point about the pipeline representing 30% and 40% FeePAR premium to your current US and international system, respectively. Could you maybe talk a little bit more about to what extent is that factoring into this year's guidance or how soon can we start to see that flow through to your results over the next few years?

你好，感謝您回答我的問題。您提到了一個有趣的觀點，即該管道分別代表了您當前美國和國際系統的 30% 和 40% 的 FeePAR 溢價。您能否再詳細談談這在多大程度上影響了今年的業績預期，或者多久我們才能看到這影響到未來幾年的業績？

Hi Lizzie, yes, I think it absolutely is part of this year's guidance when you think about RevPAR and our expectation to outperform the industry. Our brands typically outperform. We saw that in the economy space, 100 basis points in the fourth quarter. In the mid-scale space, it was 300 basis points. This is not a one-quarter anomaly. They consistently outperform STR. And this higher FeePAR strategy is part of that performance as is just kind of the brand halo and what our brands and distribution platform produce. So that is certainly a piece of what we're expecting to see in 2025 from a REVPAR perspective, as well as obviously the largest impact coming from the infrastructure spend category.

嗨，Lizzie，是的，當你考慮 RevPAR 和我們超越行業的期望時，我認為這絕對是今年指導的一部分。我們的品牌通常表現優異。我們看到，在經濟領域，第四季成長了 100 個基點。在中等規模領域，這一比例為 300 個基點。這並非一個季度的異常現象。它們的表現始終優於 STR。這種更高的 FeePAR 策略是這種表現的一部分，就像品牌光環以及我們的品牌和分銷平台所產生的那樣。因此，從 REVPAR 的角度來看，這肯定是我們預計 2025 年將出現的變化，而且顯然這也是來自基礎設施支出類別的最大影響。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林 (Stephen Grambling)。

Thanks. On the non-room fee side, you just talked about the credit card fee stream getting a step up. How should investors be thinking about that segment's growth longer term? And if I can sneak a kind of related question in there on the debit card program, what percentage of your bookings are typically on debit cards?

謝謝。在非房費方面，您剛剛談到信用卡費用流的增加。投資人應該如何看待該領域的長期成長？如果我可以在金融卡計畫中偷偷問一個相關問題，那麼你們的預訂中通常有多少比例是透過金融卡進行的？

Well, it's -- the first part of the question and -- well, let me start with debit card and then I'll pass it to Michele on the credit card. Right now, it is not a material percentage to come across on the debit card. But I mean, we think that this new debit card with SoFi's technology, the first of its kind in the industry, I mean, why we're doing it is really for us to provide an opportunity for credit card ineligible folks to earn Wyndham Reward points, not only for hotel stays but also for everyday purchases.

嗯，這是問題的第一部分，好吧，讓我先從借記卡開始，然後再交給信用卡上的 Michele。目前，簽帳卡上的扣款比例並不大。但我的意思是，我們認為這款採用 SoFi 技術的新借記卡是業內首創，我們這樣做的真正目的是為不符合信用卡資格的人士提供一個賺取溫德姆獎勵積分的機會，不僅用於酒店住宿，還用於日常購物。

It is the industry -- as we know, Stephen, is exploding. I mean, we're seeing it pick up nowhere near as big a piece as our credit cards. Certainly, as we attract more Gen Y and Z, they're using it more and more frequently. But we really, with the rise of digital wallets like Apple Pay and Google Pay, it just makes these debit cards all the more appealing for our younger demographic that we've been attracting so successfully.

正如我們所知，史蒂芬，這個行業正在蓬勃發展。我的意思是，我們看到它的成長幅度遠不如信用卡那麼大。當然，隨著我們吸引越來越多的 Y 世代和 Z 世代，他們會越來越頻繁地使用它。但事實上，隨著 Apple Pay 和 Google Pay 等數位錢包的興起，這些借記卡對於我們成功吸引的年輕群體來說更具吸引力。

I'll let Michele take the credit card. Her team negotiated the deal. But I just start out by saying that Barclays has been an incredibly valuable partner of ours for over a decade. And we've created with Barclays a loyalty card that's already a category killer from a preference and a popularity standpoint.

我會讓 Michele 接受信用卡。她的團隊談判了這筆交易。但我首先要說的是，十多年來巴克萊一直是我們非常寶貴的合作夥伴。我們與巴克萊銀行合作推出了一款會員卡，從偏好和受歡迎程度的角度來看，它已經成為同類產品中的佼佼者。

USA Today readers rank the Wyndham Rewards credit card as the best hotel credit card for the sixth consecutive year in 2024. And this deal, we believe, will keep our card top of mind and top choice for frequent travelers who are looking to maximize their stays through Wyndham Rewards. And I'll pass it over to Michele.

《今日美國》的讀者在 2024 年連續第六年將溫德姆獎勵信用卡評為最佳飯店信用卡。我們相信，這項優惠將使我們的信用卡成為那些希望透過溫德姆獎賞計畫最大程度享受住宿體驗的常旅客的首選。我將把它交給 Michele。

Great. Thank you. Yeah, we're really excited about the new credit card deal. Over the last three years, the program has grown 8% on a compounded basis. And so there's a ton here to be excited about. Naturally, the deal economics are stronger, reflecting not just program growth, but also the scale of the loyalty program today, as well as the potential for continued expansion in the future.

偉大的。謝謝。是的，我們對新的信用卡交易感到非常興奮。過去三年來，該計劃的複合成長率為 8%。這裡有很多值得興奮的事情。當然，交易經濟性更加強勁，這不僅反映了計劃的成長，也反映了當今忠誠度計劃的規模，以及未來持續擴張的潛力。

We'll see digital innovations and marketing investments to drive more cardholders and increase purchase volume. And we'll see new products coming to market to better align with how we're growing our system footprint and meet the evolving expectations of our loyalty members today.

我們將看到數位創新和行銷投資來吸引更多的持卡人並增加購買量。我們將看到新產品進入市場，以更好地適應我們不斷擴大的系統足跡的方式，並滿足當今忠誠會員不斷變化的期望。

So like I said, a lot to really be excited about. While we're restricted from giving certain competitive details as I'm sure you can appreciate, I can tell you that we do expect the ancillary revenue growth to be in the low teens range in 2025 up from the 6% we saw this year. And that implies about $35 million of incremental revenue across all the ancillary revenue line items. That's almost double our prior expectation, and that's in part due to the early renewal of the Barclays card.

所以就像我說的，有很多事情真的很令人興奮。我相信你們也能理解，雖然我們不能透露某些競爭細節，但我可以告訴你們，我們預計到 2025 年輔助收入成長率將從今年的 6% 上升到百分之十幾。這意味著所有輔助收入項目的增量收入約為 3500 萬美元。這幾乎是我們之前預期的兩倍，部分原因是巴克萊卡的提前續約。

David Katz, Jefferies.

傑富瑞（Jefferies）的戴維·卡茨（David Katz）。

Good morning, everybody. My question's largely for Michelle. When we sort of look across the guidance for '25 and then in the context of the longer-term guide you gave through '26, it implies some acceleration from '25 into '26. It begs the question of whether you're being a bit conservative this year and leaving a little bit of headroom or you are predicting more of a back-end loaded kind of long-term guide. If you could help us with that, please.

大家早安。我的問題主要是針對米歇爾的。當我們回顧 25 年的指引，然後結合您給予的 26 年長期指引，我們發現從 25 年到 26 年會出現加速。這就引出了一個問題：今年您是否有點保守並留下一點空間，或者您預測更多的是後端加載的長期指南。如果您能幫助我們的話，請幫忙。

Sure, good morning, David. As I mentioned in my prepared remarks, we still feel really good about achieving that 8.5% longer-term CAGR at the midpoint. So growth has already accelerated in 2024. We're up 100 basis points from what we achieved in '23. And our outlook for '25 does imply further acceleration. I think it's about another 130 basis points at the midpoint of the guide. So clearly, we're already seeing that trajectory. And importantly, everything we can control is performing really well. Systems growth, royalty rate, margin, market share, all in line are better than expectations. And ancillary revenue, as I just mentioned, is poised to meaningfully accelerate in 2025 with the Barclays card renewal and the new debit card launching.

當然，早上好，大衛。正如我在準備好的演講中提到的那樣，我們仍然對實現中期 8.5% 的長期複合年增長率感到非常高興。因此，2024 年的成長已經加速。我們比23年取得了100個基點的成績。我們對 25 年的展望確實暗示著進一步加速。我認為該值大約為指南中點的另外 130 個基點。顯然，我們已經看到了這一軌跡。重要的是，我們能夠控制的一切都運作得非常好。系統成長、專利費率、利潤率、市佔率均優於預期。正如我剛才提到的，隨著巴克萊卡的更新和新借記卡的推出，附加收入將在 2025 年顯著加速。

And so I think when we think about '26, those are -- that momentum is what we expect to continue to build and it does imply a slightly higher growth rate. And particularly as we move into a RevPAR growth cycle, we can then compound growth on top of what we achieved in 2024.

因此，我認為，當我們考慮 26 年時，這些是 — — 我們預計這種勢頭將繼續增強，並且確實意味著略高的增長率。特別是當我們進入 RevPAR 成長週期時，我們可以在 2024 年實現的基礎上實現複合成長。

Patrick Scholes, Truist Securities.

Truist Securities 的 Patrick Scholes。

Hi, good morning, Geoff and Michele. I may have missed this. Did you say that there were -- well, excuse me, will there be any hurricane impact into your RevPAR guidance for this year?

嗨，早上好，傑夫和米歇爾。我可能錯過了這個。您是否說過 - 嗯，打擾一下，颶風會對您今年的 RevPAR 指導產生影響嗎？

We have adjusted the hurricane benefits out of our RevPAR guidance for 2025.

我們已將颶風福利從 2025 年 RevPAR 指引值中調整。

Well, when you say adjusted out, is that from the 4Q that you're adjusting out for the upcoming 4Q or there's some ongoing benefits at the moment? Can you just explain that a little bit more if I say -- what do you mean by adjusting out?

那麼，您說的調整，是從第四季開始針對即將到來的第四季進行調整，還是目前有一些持續的好處？你能再解釋一下嗎？

Sure, sure. The trending -- when we look at the trending that we're moving into 2025, we're looking at it excluding the hurricane benefits. So clearly in the fourth quarter, we will have an unfavorable comp because we have the 140 basis points in 2024. But when we build our 2025 guide, it includes a 30-basis-point headwind for hurricanes. So the 2% to 3% in constant currency is reflective of what we will need to grow over from a hurricane perspective.

當然，當然。趨勢－當我們觀察 2025 年的趨勢時，我們會將其排除颶風福利。因此顯然在第四季度，我們的業績將不利，因為 2024 年我們的利潤為 140 個基點。但是，當我們制定 2025 年指南時，它包括了 30 個基點的颶風逆風。因此，以恆定貨幣計算的 2% 到 3% 反映了我們從颶風角度所需的成長。

Steve Pizzella, Deutsche Bank.

德意志銀行的史蒂夫·皮澤拉。

Hey, good morning everyone. Just wanted to stick with the 8.5% adjusted EBITDA CAGR to get to 2026. What type of RevPAR environment do you need to get there next year? And do you need to see any improvement to FX?

嘿，大家早安。只是想堅持 8.5% 的調整後 EBITDA CAGR 到 2026 年。明年您需要什麼類型的 RevPAR 環境才能達到這個目標？您需要看到 FX 有任何改進嗎？

And then just sticking with 2026 and following up on the credit card. I know some deals do have a step up in year two. So how should we think about 2026 ancillary fees?

然後堅持 2026 並跟進信用卡。我知道有些交易在第二年確實會取得進展。那我們該如何看待2026年的附加費呢？

On the RevPAR, I would say we're moving from flat last year to up about 3 points this year. And next year, we want 3 points or better. I think the math then would imply a CAR over the three-year plan of about 1% to 2%, and that would include currency FX. And with respect, the second question was --

就 RevPAR 而言，我想說，今年我們的 RevPAR 水準將從去年的持平上升到約 3 個百分點。明年，我們想要獲得 3 分或更多。我認為，透過計算可以得出三年計劃中的資本充足率 (CAR) 約為 1% 至 2%，其中包括外匯。第二個問題是--

Had to do with say step up in year two, which I don't think we're at liberty, Michele, to talk about in terms of the RevPAR fee.

與第二年的提升有關，Michele，我認為我們沒有權利談論 RevPAR 費用的問題。

That's right, but --

沒錯，但是--

And how to think about more generally ancillary fees going into 2026, which we feel very good about.

以及如何考慮 2026 年更普遍的附加費用，我們對此感到非常高興。

Yeah, I think 2026 employee revenues, we are expecting to be probably in the mid-teens range, so further acceleration from what we're seeing in 2025.

是的，我認為 2026 年的員工收入，我們預計可能會在十幾歲的中間階段，因此比 2025 年的水平進一步加速。

Okay, that makes sense. So should we think about the ancillary fees throughout the year ramping up as we progress in 2025?

好的，這很有道理。那麼，我們是否應該考慮隨著 2025 年的到來，全年的附加費用也會隨之增加？

I think on an economic basis, that will absolutely work. When you go to model, technically speaking, the way rev rec plays in, you may get a little bit of a different funky result on a quarterly basis. But economically, certainly the ramp would accelerate.

我認為從經濟角度來看，這絕對可行。從技術角度來說，當您進入模型時，按照 rev rec 的運作方式，您可能會在季度基礎上獲得略有不同的結果。但從經濟角度來看，成長速度肯定會加快。

Dany Assad. Bank of America.

丹尼阿薩德。美國銀行。

Hi, good morning everybody. Geoff or Michele, just another development question for you. Can you maybe just give us a little bit more details on kind of your -- in your net rooms, that growth outlook, how do we think about China specifically? That's kind of what's embedded in there.

大家早安。傑夫 (Geoff) 或米歇爾 (Michele)，這只是我要問您的另一個開發問題。您能否向我們詳細介紹您的網路空間的成長前景，以及我們對中國的具體看法？這就是嵌入其中的東西。

And then as -- higher level, but as you've been pushing into all these higher fee part rooms in your development, does your natural retention of the overall system change? And where should we think about that going over the longer term?

然後作為 - 更高的級別，但是隨著您在開發過程中不斷推進所有這些更高費用的部分房間，您對整個系統的自然保留是否會發生變化？那麼從長遠來看，我們該如何考慮這個問題呢？

Yeah, thanks for the question, Dany. They're both great questions. Absolutely. As we move up, you look at our pipeline, and 85% of it being mid-scale, upper mid-scale, upscale, and an upper upscale. Those chain scales, just naturally, if we look at STR, have much higher retention rates than economy where we've seen phenomenal success, obviously. I think STR has an economy chain scale out there in the 92%s. We've moved our economy chain scale retention up to 95%. But we certainly have, as we look in our upper upscale brands like La Quinta, much higher retention rates. So that should help us from a retention rate standpoint moving forward.

是的，謝謝你的提問，丹尼。這兩個問題都非常好。絕對地。隨著我們不斷進步，您會看到我們的管道，其中 85％ 是中檔、中高檔、高檔和超高檔。如果我們從 STR 角度來看，這些連鎖飯店的留存率自然比經濟型飯店高得多，顯然，我們已經看到了經濟型飯店的驚人成功。我認為 STR 擁有 92% 的經濟連鎖規模。我們已將經濟連鎖規模保留率提高到 95%。但從我們高端品牌如 La Quinta 來看，我們的保留率確實要高得多。因此，從保留率的角度來看，這應該會對我們有所幫助。

To China, we are -- I'm actually heading over there tomorrow night for another signing ceremony in our Shanghai office. We cannot express how optimistic things look over there right now on the ground for the team. They're just seeing continued acceleration on openings, on their executions, and on all development fronts, not only in China, but across Asia-Pacific, where we're heading after our Shanghai stopover to Singapore and in Thailand.

對中國來說，我們——實際上，我明天晚上要去我們上海辦公室參加另一場簽約儀式。我們無法表達現在球隊的情況有多樂觀。他們看到酒店的開業、執行以及所有發展方面都在持續加速，不僅在中國，而且在整個亞太地區，我們在上海停留後將前往新加坡和泰國。

In Q4, we opened in China another 4,000 direct China rooms at significantly higher license fees. It was up 43% to last year, and that drove that 16% net room growth in our China direct system. And the team executed another -- I think it was over another 250 new deals, which was 30% more executions than last year.

第四季度，我們在中國又開設了 4,000 間直營客房，許可費用大幅提高。與去年相比，這一數字成長了 43%，推動我們中國直銷系統的淨客房成長率達到 16%。該團隊還執行了另外 250 多項新交易，比去年多了 30％。

So we're not seeing any slowdown. The new construction pipeline is incredibly robust. It's growing. 60% of the contracts awarded our new construction and we're still seeing that happen. We've got a lot of photos in our IP of just some great new construction -- Wyndham, Wyndham Grands that have been opening. And we're also seeing a great pickup on the conversion side.

因此我們沒有看到任何放緩。新的建設管道極為強勁。它正在生長。 60%的合約授予了我們新建築，而且我們仍然看到這種情況發生。我們的 IP 中有很多關於一些很棒的新建築的照片，例如已經開業的溫德姆、溫德姆大酒店。我們也看到轉換率大幅提升。

And I think where we're really making headway on our direct franchising business at higher royalty rates is on those same year sells, those same year opens that continue to pick up. We had 30 direct franchising hotels open in the fourth quarter, which was roughly half of our opening. So the team's feeling great. Wyndham's resonating very well, and we're looking for another good year over there.

我認為，我們在以更高的特許權使用費率開展直接特許經營業務方面真正取得進展的地方在於，同年的銷售額和同年開業的門店數量持續回升。我們在第四季度開設了 30 家直接特許經營酒店，約占我們開業酒店總數的一半。所以球隊的感覺很棒。溫德姆的反應非常好，我們期待在那裡再創豐收年。

Dan Politzer, Wells Fargo.

富國銀行的 Dan Politzer。

Hey, good morning everyone. Thanks for taking my question. The royalty rates stepped up nicely in the quarter. I think in the US, they were at 15 basis points year over year. How best to think about that as we kind of flow through into 2025 and even into 2026? I think you guys had a target out there of about 4.75%. So as we think about that -- getting that 8.5% EBITDA CAGR, how do you think about kind of that acceleration or uptake in your royalty rates in the next couple of years?

嘿，大家早安。感謝您回答我的問題。本季特許權使用費率大幅上漲。我認為在美國，這一數字比去年同期上升了 15 個基點。當我們進入 2025 年甚至 2026 年時，我們該如何最好地思考這個問題？我認為你們的目標大約是 4.75%。所以當我們考慮這一點時 - 獲得 8.5% 的 EBITDA CAGR，您如何看待未來幾年特許權使用費率的加速或上升？

Sure. I'd say we're tracking slightly ahead of schedule. We were 6 basis points this year. We had expected 5. So we're checking all the boxes here. We're seeing significant impact from new development activity. What's coming on is coming in at that 40% higher FeePAR premium. Part of that is showing up in the royalty rate.

當然。我想說我們的進度稍微提早了一點。今年我們上漲了 6 個基點。我們原本預計是 5。所以我們在這裡檢查所有的箱子。我們看到了新開發活動產生的巨大影響。接下來的是 FeePAR 溢價上漲 40%。其中一部分體現在版稅率上。

So today, the expectation is that we would probably be delivering right around that same 5 basis points in 2025 and the same for 2026. It could be a point or two lower or higher in 2025 and a point or two lower or higher in 2026 but overall in line with the plan to deliver 15 basis points of improvement over that three-year period.

所以今天，我們預計 2025 年和 2026 年的利率可能會分別達到同樣的 5 個基點左右。2025 年可能會降低或提高一兩個點，2026 年可能會降低或提高一兩個點，但總體上符合在三年內實現 15 個基點改善的計劃。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾 (Ian Zaffino)，奧本海默。

Hey, good morning. This is Isaac Sellhausen on for Ian. Thanks for taking all the questions. I just had one on ECHO Suites, which looks to have grown to a nice portion of the pipeline. Are you able to provide any update on early performance of the brand, maybe how you're seeing ADR, RevPAR trends in the extended today compared to economy and mid-scale? Thanks.

嘿，早安。這是 Ian 的 Isaac Sellhausen。感謝您回答所有問題。我剛剛在 ECHO Suites 上看到了一個，它看起來已經發展成為管道的一個不錯的部分。您能否提供有關該品牌早期表現的最新消息，例如與經濟型和中型酒店相比，您如何看待當今擴展後的 ADR 和 RevPAR 趨勢？謝謝。

Thanks, Isaac. Any of the developers that we're talking to right now who have opened ECHO Suites and are operating them today would say that they're ramping faster than they anticipated from both -- to your question on average daily rate. And for them, what's really important, the extended stay occupancy standpoint.

謝謝，艾薩克。我們現在正在交談的任何一位已經開設並經營 ECHO Suites 的開發商都會說，他們的成長速度比他們預期的要快——對於您關於平均每日費率的問題。對他們來說，真正重要的是長期入住的觀點。

So they're ahead of schedule. We're seeing many of these fill up during the midweek and guests will check out on the weekend, and they'll remain full but just continued excitement. And those reports obviously embolden the ground breaks of those that have committed to multi-unit ground breaks. And also, they are sharing that faster ramp than they anticipated with the other developers.

因此他們提前完成了任務。我們發現許多酒店在周中就已經客滿了，客人會在周末退房，雖然酒店仍然客滿，但客人的興奮感仍在繼續。這些報告顯然鼓勵了那些致力於多單元破土動工的人。而且，他們正在與其他開發商分享比他們預期的更快的速度。

And that's been a meaningful contributor in terms of the excitement that's out there as we've executed a few more in the quarter. We executed the [17] for the full year. We now have 33,000 in the pipeline and construction going on as we presented in our IP last night across some really important states for us.

就我們在本季執行的一些任務而言，這是一個有意義的貢獻，因為它激發了人們的興奮感。我們全年執行了[17]項任務。正如我們昨晚在 IP 中所介紹的那樣，我們現在有 33,000 個項目正在籌備中，並且正在一些對我們來說非常重要的州進行建設。

Meredith Jensen, HSBC.

匯豐銀行的梅雷迪斯‧詹森 (Meredith Jensen)。

Hi. You just touched upon this a little bit, but I was hoping you might speak more about the booking window and length of stay, sort of as I see the evolution of leisure and infrastructure as well as the growth of the extended stay and how others are kind of moving over time versus recent past where Thursday and Sunday were big days. Thanks.

你好。您剛才稍微談到了這一點，但我希望您能更多地談論預訂窗口和停留時間，因為我看到休閒和基礎設施的發展以及延長停留時間的增長，以及其他人隨著時間的推移而如何變化，而最近週四和周日是重要的日子。謝謝。

Sure, Meredith. Thursday and Sunday are still well ahead of where they were pre-COVID, and we're continuing to see that length of stay lengthen. It was up another 140 basis points in the quarter. And so we're, as Michele said in her prepared remarks and in an earlier question, feeling really good about that leisure demand that's out there. It continues to strengthen.

當然，梅雷迪斯。週四和週日的人數仍遠高於疫情之前，而且我們看到停留時間繼續延長。本季又上漲了 140 個基點。因此，正如 Michele 在準備好的發言和先前的問題中所說的那樣，我們對存在的休閒需求感到非常高興。它還在持續加強。

We talked about the Q4 weekend RevPAR being up, excluding hurricanes, 3%. We saw weekend demand, Thanksgiving and Christmas, those length of stays certainly lengthen as RevPAR was up, excluding hurricanes, 4%. And we're not seeing anything but pickup so far this year with that strength carrying into January. Our Martin Luther King weekend RevPAR was up about that same 4%, excluding hurricanes. And our January RevPAR accelerated to 6% year over year -- with economy RevPAR, in January increasing over 600 basis points as our economy in midweek continues to gain share.

我們談到了第四季週末 RevPAR 上漲的情況（不包括颶風），上漲了 3%。我們看到了週末、感恩節和聖誕節的需求，這些住宿時間當然會延長，因為 RevPAR 上漲了 4%（不包括颶風）。今年到目前為止，我們看到的只是良好的成長勢頭，而且這種勢頭將持續到 1 月。除了颶風外，我們的馬丁路德金周末 RevPAR 增長約 4％。我們的 1 月份 RevPAR 年增至 6%，其中經濟型 RevPAR 在 1 月份增長了 600 多個基點，因為我們的經濟型酒店在周中繼續獲得市場份額。

So we're seeing a lot of pickup from infrastructure in the midweek. That's what's been driving our share gain. And we're feeling really good so far with the first week of February outperforming the industry by another 200 basis points for our hotels here domestically, both economy and midscale.

因此我們看到周中基礎設施出現大量回升。這就是推動我們股價上漲的因素。到目前為止，我們的感覺非常好，二月第一周，我們國內的經濟型和中檔酒店的表現又比行業高出 200 個基點。

Dan Wasiolek, Morningstar.

晨星公司的丹·瓦西奧萊克（Dan Wasiolek）。

Hi, excuse me. Good morning guys. Thanks for taking the questions. Just kind of maybe two longer-term, big picture questions. You're seeing a nice pickup in your infrastructure contribution. Any change to your long-term fee revenue guidance from this segment? I think, unless I missed it, you had talked about that in your marketing deck. And then maybe just a question on AI and how that might influence your direct and indirect distribution mix if you have any thoughts on that. Thank you.

你好，打擾一下。大家早安。感謝您回答這些問題。這只是兩個可能比較長期、更宏觀的問題。您會看到基礎設施貢獻有了良好的成長。您對該部門的長期費用收入預期有任何變化嗎？我想，除非我錯過了，否則你已經在行銷平台中談論過這個問題。然後也許只是一個關於人工智慧的問題，以及如果您對此有任何想法的話，它將如何影響您的直接和間接分銷組合。謝謝。

Sure. We've always sized this at over a $3 billion revenue opportunity for our franchisees over the next decade and years. We're capturing an outside share of what we believe to be out there, and we're feeling really good about what's starting to happen. Around $450 billion or 75% of that incremental $600 billion of the spend has already been dispersed to state coffers. Meaning that these projects are being planned for, but only $100 billion has actually been spent to date, meaning that it's actually been paid out.

當然。我們一直認為，在未來十年和幾年裡，這將為我們的特許經營商帶來超過 30 億美元的收入機會。我們正在捕獲我們認為存在的外部份額，並且對於正在開始發生的事情感到非常高興。在這 6,000 億美元增量支出中，約 4,500 億美元（即 75%）已撥付至國庫。這意味著這些項目正在規劃中，但迄今為止實際上只花費了 1000 億美元，也就是說，這筆錢已經實際支付了。

And we're seeing, as we said in our prepared remarks, the pickup. There are over 68,000, I believe, infrastructure projects that have been announced to date across just so many areas, from transport to energy to broadband. We've identified over 6,000 of those within 10 miles of markets where we have multiple Wyndham hotels.

正如我們在準備好的發言中所說的那樣，我們看到了成長的勢頭。我認為，迄今為止，已經宣布的基礎設施項目超過 68,000 個，涉及交通、能源、寬頻等眾多領域。我們已經確定了距離我們擁有多家溫德姆酒店的市場 10 英里範圍內超過 6,000 家這樣的酒店。

And throughout 2024, as we said earlier, we saw over 2,200 projects start with 80% in those Wyndham markets that we reference. And those franchisees in those markets saw that RevPAR gain of 6% in the 4Q, driving the 140 basis points of domestic RevPAR growth that we've seen. So we're feeling good about what's happening and what we believe will continue to happen moving forward.

正如我們之前所說，在整個 2024 年，我們看到超過 2,200 個專案在我們所​​參考的溫德姆市場中啟動，其中 80% 的專案已啟動。這些市場的特許經營商在第四季度的 RevPAR 成長了 6%，推動了我們所看到的國內 RevPAR 成長 140 個基點。因此，我們對正在發生的事情感到滿意，並相信未來還會繼續發生。

In terms of AI, because we were the first company to really move off of legacy platform native-built CRSs and PMSs, it's enabled us over the last six years to lay down a technology stack and a foundation that is really allowing us to harness AI. We've invested, as we've said from 2018 up through last year, over $300 million. We're working with best-in-class providers like Oracle and Sabre, Amazon and Adobe.

在人工智慧方面，由於我們是第一家真正擺脫傳統平台原生建構的 CRS 和 PMS 的公司，這使得我們在過去六年中奠定了技術堆疊和基礎，真正使我們能夠利用人工智慧。正如我們所說，從 2018 年到去年，我們已經投資了超過 3 億美元。我們正在與 Oracle、Sabre、亞馬遜和 Adob​​e 等一流的供應商合作。

And Canary, we've been talking a lot about Wyndham Connect in terms of how it is enabling us to really innovate faster at a lower cost, allowing us to talk directly with our customers through AI, but more importantly, taking labor-intensive tasks away from our franchisees, which they love, which is why they're all in. They're opting into this, two-thirds of our system opting into this at no cost.

至於 Canary，我們一直在談論 Wyndham Connect 如何使我們能夠以更低的成本實現更快的創新，使我們能夠透過人工智慧直接與客戶交談，但更重要的是，它從我們的特許經營商手中接過勞動密集型任務，他們非常喜歡這一點，這就是他們全力投入的原因。他們選擇加入這項計劃，我們系統中三分之二的人免費選擇加入這項計劃。

And in addition to that, it's really raising the service bar for our customers, and it's allowing these small business owners to actually create monetization by selling early check-ins and late check-outs, by selling room upgrades. and by selling amenities before the guests get to the room. It's delivering a level of automation that I don't think any of us ever before envisioned. And we're really taking the ebb and flow of those manual tasks and that customer demand away from franchisees having to staff for it. And we're automating at every customer touch point we can.

除此之外，它還真正提高了我們客戶的服務標準，並允許這些小企業主透過出售提前入住和延遲退房以及出售客房升級來真正創造利潤。並在客人到達房間之前出售設施。我認為它所達到的自動化程度是我們任何人都未曾想像過的。我們確實正在減少這些手動任務的流動，並讓客戶的需求不再需要加盟商親自負責。我們正在每一個可能的客戶接觸點上自動化。

Alex Brignall, Redburn Atlantic.

亞歷克斯‧布里格納爾 (Alex Brignall)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Hi, thank you so much for taking the question. The pipeline that you -- hey, how are you doing? The pipeline evolution has obviously been incredibly strong, especially perhaps in context of some of the peers, much of their growth coming from kind of bolt-on deals. I wonder if you can talk about opportunities that you've seen. A lot of a lot of your growth has been organic and helped by an improving retention rate. I wonder if you could talk about any opportunities for deals that might come outside of your organic activities.

你好，非常感謝您回答這個問題。你的管道——嘿，你好嗎？管道發展顯然非常強勁，尤其是在一些同行的背景下，他們的大部分成長都來自於附加交易。我想知道您是否可以談談您所看到的機會。你們的成長很大程度上是自然的，並且得益於保留率的提高。我想知道您是否可以談談在您的有機活動之外可能出現的交易機會。

And then let's pretend that it's related -- and definitely you can say in terms of your own relationships and opportunities that have risen as the sort of choice situation moves further and further in the rearview mirror. Thank you.

然後讓我們假設它們是相關的——並且你絕對可以說，隨著這種選擇情況在後視鏡中越來越遠，你自己的關係和機會已經增加。謝謝。

Well, I think with that uncertainty that you referenced towards the end of the question being out of the picture, it has allowed us to really supercharge and fuel that 200-basis-point sequential, that 500-basis-point year-over-year record quarter of a million rooms in our pipeline. And it's doing that not only domestically but also internationally, really strong growth organically here in the US and in EMEA. In Latin America, we -- those mid-scale and above brands are what's driving it.

嗯，我認為，由於您在問題結尾提到的不確定性已經消失，我們能夠真正增強實力，實現連續 200 個基點的增長，同比增長 500 個基點，創下 25 萬間客房的紀錄。它不僅在國內如此，在國際上也是如此，在美國以及歐洲、中東和非洲地區都實現了強勁的有機成長。在拉丁美洲，我們—那些中型及以上的品牌是推動它發展的動力。

85% of our pipeline taking out that one brand, that economy chain scale, ECHO Suites, is in that mid-scale, upper mid-scale, upscale, and luxury segment. And 25% of our pipeline is now upscale and above versus roughly 12% of our system.

除 ECHO Suites 這個經濟型連鎖品牌外，我們的 85% 的飯店產品都屬於中檔、中高檔、高檔和豪華飯店市場。現在我們的管道中有 25% 已經達到了高檔及以上的水平，而我們系統中這一比例大約為 12%。

So that move to upscale is really allowing our upper upscale brands to continue to grow. They're often significantly under-penetrated versus some of our larger peer competitors. And when an owner plugs into the Wyndham Rewards Direct system, where we may be driving over 60%, over 70%, and in some cases over 80% of that Wyndham Rewards share of occupancy, and not having to share it with another Wyndham hotel in that market, that is something very meaningful and really helps their direct contribution and their ROI, which is what's been so exciting to our franchise sales teams that are actually delivering that pipeline growth.

因此，向高端邁進確實讓我們的高端品牌得以繼續發展。與我們的一些規模較大的同行競爭對手相比，他們的滲透率往往明顯不足。當業主連接到溫德姆獎賞計劃直連繫統時，我們可能會獲得超過 60%、超過 70% 甚至在某些情況下超過 80% 的溫德姆獎賞計劃入住率，而且不必與同一市場的其他溫德姆酒店分享，這是非常有意義的事情，確實有助於提高業主的直接貢獻和投資回報率，這對我們的特許經營渠道來說非常令人興奮，因為他們實際上正在實現增長。

Thank you. And that is all the time we have for questions today. Mr. Ballotti, I'll turn things back to you, sir, for any closing comments.

謝謝。今天我們回答問題的時間就到此為止。巴洛蒂先生，先生，我將把話題轉回給您，請您做最後評論。

All right, well, thanks, Bo, and thanks to all of you for your questions and your interest in Wyndham Hotels and Resorts. Michele, Matt, and I look forward to talking to and seeing many of you in the months ahead at many of the upcoming investor conferences that we'll be attending. In the meantime, have a Happy Valentine's Day tomorrow, everybody, and thanks again for joining us.

好的，謝謝博，也謝謝大家的提問和對溫德姆飯店及度假村的關注。Michele、Matt 和我期待在未來幾個月我們將參加的許多投資者會議上與你們中的許多人交談並見面。同時，祝大家明天情人節快樂，再次感謝您的加入我們。

Again, ladies and gentlemen, this does conclude today's Wyndham Hotels & Resorts fourth-quarter and full-year 2024 earnings conference call. Please disconnect your lines at this time and have a wonderful day. Good-bye.

女士們、先生們，今天的溫德姆酒店及度假村第四季和 2024 年全年收益電話會議到此結束。請立即斷開您的線路並祝您有美好的一天。再見。